PANAMA CITY, Panama, Feb. 9,
2022 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA),
today announced financial results for the fourth quarter of 2021
(4Q21) and full year 2021. The terms "Copa Holdings" and "the
Company" refer to the consolidated entity. The following
financial information, unless otherwise indicated, is presented in
accordance with International Financial Reporting Standards (IFRS).
See the accompanying reconciliation of non-IFRS financial
information to IFRS financial information included in the financial
tables section of this earnings release. Unless otherwise stated,
all comparisons with prior periods refer to the fourth quarter of
2019 (4Q19) (which the Company believes are more relevant than
year-over-year comparisons due to the significant impacts in 2020
of the COVID-19 pandemic).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net profit of US$114.4 million for the quarter or US$2.69 per share. Excluding special items, the
Company would have reported a net profit of US$84.1 million or US$1.98 per share. Special items include an
US$8.9 million unrealized
mark-to-market loss related to the Company's convertible notes and
a reversal of US$39.2 million in the
Company's provision related to the return of leased aircraft.
- Copa Holdings reported an operating profit of US$155.0 million for the quarter. Excluding the
US$39.2 million reversal, the Company
would have reported an operating profit of US$115.8 million and a 20.1% operating
margin.
- For full-year 2021, the Company reported a net profit of
US$39.9 million or US$0.94 per share. Excluding special items, which
included a reversal of US$39.2
million in the Company's provision related to the return of
leased aircraft, a US$22.8 million
unrealized mark-to-market loss related to the Company's convertible
notes, and a passenger revenue adjustment of US$20.8 million corresponding to unredeemed
coupons from 2019 and 2020 sales, Copa Holdings would have reported
an adjusted net profit of US$2.7
million or US$0.06 per
share.
- For full-year 2021, the Company reported an operating profit of
US$145.7 million. Excluding special
items, the Company would have reported an operating profit of
US$85.6 million and a 5.8% operating
margin.
- Capacity for 4Q21, measured in terms of available seat miles
(ASMs), was 83.1% of the capacity flown in 4Q19.
- Total revenues for 4Q21 came in at US$575.0 million, reaching 84.3% of 4Q19
revenues. Passenger revenues for 4Q21 reached 82.2% of 4Q19 levels,
while 4Q21 cargo revenues were 61.2% higher than 4Q19. Passenger
yield increased 1.0% to 12.7 cents
and load factors decreased 1.8 percentage points to 83.5%, compared
to 4Q19. Revenue per Available Seat Mile (RASM) came in at
11.3 cents, or 1.5% higher than 4Q19.
- Operating cost per available seat mile (CASM) in 4Q21,
excluding special items (adjusted CASM) decreased 3.8% vs. 4Q19 to
9.0 cents. While adjusted CASM,
excluding fuel, decreased 7.5% to 6.1
cents.
- Cash buildup, defined as cash proceeds minus disbursements,
excluding extraordinary financing activities and asset sales but
including capital expenditures and payment of financial
obligations, was US$84 million for
the quarter.
- The Company ended the quarter with US$1.5 billion in available liquidity, consisting
of approximately US$1.2 billion in
cash, short-term and long-term investments, and US$295 million in committed and undrawn credit
facilities.
- The Company closed the quarter with total debt, including lease
liabilities, of US$1.6 billion.
- During the quarter, the Company took delivery of one Boeing 737
MAX 9, completed the conversion of one Boeing 737-800 into a
freighter, and decided to retain three Boeing 737-700s previously
classified as assets held for sale.
- Including 3 Boeing 737-700 aircraft currently in temporary
storage and one Boeing 737-800 freighter, Copa Holdings ended the
year with a consolidated fleet of 91 aircraft – 68 Boeing 737-800s,
14 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of
102 aircraft prior to the COVID-19 pandemic.
- Copa Airlines had an on-time performance for the quarter of
90.0% and a flight completion factor of 99.54%, once again
positioning the airline among the best in the industry.
Subsequent Events
- In January, Copa Airlines was recognized by Cirium – for the
eighth consecutive year – as the most on-time airline in
Latin America in 2021. Copa
Airlines' on-time performance of 91.1% for the year was the highest
of any carrier in the Americas.
- In January, the Company took delivery of one Boeing 737 MAX 9
aircraft, originally scheduled for December
2021.
- Due to the recent surge in COVID-19 cases in Panama and Latin
America, mainly driven by the Omicron variant, which
impacted its crew availability, the Company canceled over 1,000
flights, reducing the 1Q22 published schedule by approximately
4%.
Consolidated
Financial
& Operating Highlights
|
4Q21
|
4Q19
(3)
|
Variance vs.
4Q19
|
3Q21
|
Variance vs.
3Q21
|
FY21
|
FY19
(3)
|
Variance vs.
FY19
|
Revenue Passengers
Carried (000s)
|
2,214
|
2,633
|
-15.9%
|
1,823
|
21.5%
|
6,136
|
10,474
|
-41.4%
|
Revenue Passengers
OnBoard (000)
|
3,369
|
3,838
|
-12.2%
|
2,852
|
18.1%
|
9,452
|
15,424
|
-38.7%
|
RPMs
(millions)
|
4,265
|
5,244
|
-18.7%
|
3,485
|
22.4%
|
11,734
|
21,303
|
-44.9%
|
ASMs
(millions)
|
5,109
|
6,149
|
-16.9%
|
4,396
|
16.2%
|
14,934
|
25,113
|
-40.5%
|
Load
Factor
|
83.5%
|
85.3%
|
-1.8 p.p.
|
79.3%
|
4.2 p.p.
|
78.6%
|
84.8%
|
-6.3 p.p.
|
Yield (US$
Cents)
|
12.7
|
12.5
|
1.0%
|
12.0
|
5.8%
|
12.0
|
12.3
|
-1.9%
|
PRASM (US$
Cents)
|
10.6
|
10.7
|
-1.1%
|
9.5
|
11.4%
|
9.5
|
10.4
|
-9.1%
|
RASM (US$
Cents)
|
11.3
|
11.1
|
1.5%
|
10.1
|
11.2%
|
10.1
|
10.8
|
-6.2%
|
CASM (US$
Cents)
|
8.2
|
10.8
|
-23.9%
|
8.8
|
-6.4%
|
9.1
|
9.4
|
-2.8%
|
Adjusted CASM (US$
Cents) (1)
|
9.0
|
9.3
|
-3.8%
|
8.8
|
2.4%
|
9.4
|
9.0
|
3.9%
|
CASM Excl. Fuel (US$
Cents)
|
5.3
|
8.0
|
-33.8%
|
6.2
|
-14.7%
|
6.6
|
6.6
|
-0.9%
|
Adjusted CASM Excl.
Fuel (US$ Cents) (1)
|
6.1
|
6.6
|
-7.5%
|
6.2
|
-2.4%
|
6.8
|
6.3
|
8.9%
|
Fuel Gallons Consumed
(millions)
|
61.0
|
78.9
|
-22.8%
|
52.0
|
17.1%
|
177.4
|
321.4
|
-44.8%
|
Avg. Price Per Fuel
Gallon (US$)
|
2.43
|
2.16
|
12.5%
|
2.13
|
13.8%
|
2.14
|
2.16
|
-0.6%
|
Average Length of
Haul (miles)
|
1,926
|
1,992
|
-3.3%
|
1,912
|
0.7%
|
1,912
|
2,034
|
-6.0%
|
Average Stage Length
(miles)
|
1,254
|
1,279
|
-2.0%
|
1,213
|
3.4%
|
1,230
|
1,288
|
-4.5%
|
Departures
|
25,458
|
32,441
|
-21.5%
|
22,559
|
12.9%
|
75,755
|
131,819
|
-42.5%
|
Block
Hours
|
80,710
|
105,620
|
-23.6%
|
69,308
|
16.5%
|
235,295
|
431,749
|
-45.5%
|
Average Aircraft
Utilization (Hours) (2)
|
11.3
|
11.3
|
0.8%
|
10.7
|
6.4%
|
9.2
|
11.4
|
-19.7%
|
Operating Revenues
(US$ millions)
|
575.0
|
681.9
|
-15.7%
|
445.0
|
29.2%
|
1509.9
|
2707.4
|
-44.2%
|
Operating Profit
(Loss) (US$ millions)
|
155.0
|
17.8
|
770.5%
|
59.0
|
162.6%
|
145.7
|
346.2
|
-57.9%
|
Adjusted Operating
Profit (Loss) (US$ millions) (1)
|
115.8
|
107.1
|
8.0%
|
48.6
|
138.1%
|
85.6
|
435.5
|
-80.3%
|
Operating
Margin
|
27.0%
|
2.6%
|
24.3 p.p.
|
13.3%
|
13.7 p.p.
|
9.6%
|
12.8%
|
-3.1 p.p.
|
Adjusted Operating
Margin (1)
|
20.1%
|
15.7%
|
4.4 p.p.
|
11.2%
|
8.9 p.p.
|
5.8%
|
16.1%
|
-10.3 p.p.
|
Net Profit (Loss)
(US$ millions)
|
114.4
|
2.7
|
4092.8%
|
8.2
|
1287.5%
|
39.9
|
247.0
|
-83.8%
|
Adjusted Net Profit
(Loss) (US$ millions) (1)
|
84.1
|
92.1
|
-8.7%
|
29.9
|
180.8%
|
2.7
|
336.3
|
-99.2%
|
Basic EPS
(US$)
|
2.69
|
0.06
|
4088.2%
|
0.19
|
1291.3%
|
0.94
|
5.81
|
-83.8%
|
Adjusted Basic EPS
(US$) (1)
|
1.98
|
2.17
|
-8.8%
|
0.70
|
181.6%
|
0.06
|
7.92
|
-99.2%
|
Shares for
calculation of Basic EPS (000s)
|
42,533
|
42,487
|
0.1%
|
42,649
|
-0.3%
|
42,533
|
42,487
|
0.1%
|
(1)
Excludes Special Items. This earnings release includes a
reconciliation of non-IFRS financial measures to the comparable
IFRS measures.
(2)
Average Aircraft Utilization is calculated based on the
Company's active fleet, excluding aircraft in storage as well as
those classified as assets held for sale.
(3)
The Company believes that comparisons with 2019 are more
relevant than year-over-year comparisons due to the significant
impacts in 2020 of the COVID-19 pandemic.
|
FULL 4Q21 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:
https://copa.gcs-web.com/financial-information/quarterly-results
4Q21 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
Date:
|
February 10,
2021
|
Time:
|
11:00 AM US ET (11:00
AM Local Time)
|
Conference
telephone number:
|
877-293-5456 (US
Domestic Callers)
|
|
707-287-9357 (International Callers)
|
Webcast:
|
https://copa.gcs-web.com/events-and-presentations
|
Speakers:
|
Pedro Heilbron, Chief
Executive Officer
|
|
José Montero, Chief
Financial Officer
|
About Copa Holdings
Copa Holdings is a leading
Latin American provider of passenger and cargo services. The
Company, through its operating subsidiaries, provides service to
countries in North, Central and South
America and the Caribbean.
For more information visit:
www.copaair.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)
This release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on current plans,
estimates, and expectations, and are not guarantees of future
performance. They are based on management's expectations that
involve several business risks and uncertainties, any of which
could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements. The
Company undertakes no obligation to update or revise any
forward-looking statement. The risks and uncertainties relating to
the forward-looking statements in this release are among those
disclosed in Copa Holdings' filed disclosure documents and are,
therefore, subject to change without prior notice.
CPA-G
Copa Holdings,
S.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement -
IFRS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(US$
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
%
|
Unaudited
|
|
%
|
Unaudited
|
|
Audited
|
|
%
|
|
|
4Q21
|
|
4Q19
|
|
Change
|
3Q21
|
|
Change
|
FY21
|
|
FY19
|
|
Change
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
revenue
|
|
540,571
|
|
657,940
|
|
-17.8%
|
417,466
|
|
29.5%
|
1,412,390
|
|
2,612,605
|
|
-45.9%
|
Cargo and mail
revenue
|
|
25,849
|
|
16,033
|
|
61.2%
|
21,082
|
|
22.6%
|
71,577
|
|
62,460
|
|
14.6%
|
Other operating
revenue
|
|
8,575
|
|
7,955
|
|
7.8%
|
6,451
|
|
32.9%
|
25,964
|
|
32,343
|
|
-19.7%
|
Total Operating
Revenue
|
|
574,995
|
|
681,927
|
|
-15.7%
|
444,999
|
|
29.2%
|
1,509,930
|
|
2,707,409
|
|
-44.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
149,057
|
|
171,314
|
|
-13.0%
|
112,658
|
|
32.3%
|
383,179
|
|
696,249
|
|
-45.0%
|
Wages, salaries,
benefits and other employees' expenses
|
|
80,434
|
|
115,036
|
|
-30.1%
|
68,049
|
|
18.2%
|
258,128
|
|
450,438
|
|
-42.7%
|
Passenger
servicing
|
|
12,204
|
|
24,798
|
|
-50.8%
|
10,576
|
|
15.4%
|
35,869
|
|
102,103
|
|
-64.9%
|
Airport facilities
and handling charges
|
|
42,863
|
|
44,877
|
|
-4.5%
|
39,407
|
|
8.8%
|
131,335
|
|
181,959
|
|
-27.8%
|
Sales and
distribution
|
|
43,706
|
|
53,222
|
|
-17.9%
|
36,077
|
|
21.1%
|
129,877
|
|
210,623
|
|
-38.3%
|
Maintenance,
materials and repairs
|
|
(13,317)
|
|
37,648
|
|
-135.4%
|
24,008
|
|
-155.5%
|
48,191
|
|
127,562
|
|
-62.2%
|
Depreciation and
amortization
|
|
59,828
|
|
70,478
|
|
-15.1%
|
55,702
|
|
7.4%
|
234,505
|
|
282,080
|
|
-16.9%
|
Flight
operations
|
|
19,173
|
|
24,908
|
|
-23.0%
|
16,291
|
|
17.7%
|
55,766
|
|
102,806
|
|
-45.8%
|
Other operating and
administrative expenses
|
|
26,057
|
|
32,506
|
|
-19.8%
|
23,222
|
|
12.2%
|
87,426
|
|
118,090
|
|
-26.0%
|
Fleet
Impairment
|
|
-
|
|
89,334
|
|
-100.0%
|
-
|
|
0.0%
|
-
|
|
89,344
|
|
-100.0%
|
Total Operating
Expense
|
|
420,005
|
|
664,123
|
|
-36.8%
|
385,989
|
|
8.8%
|
1,364,276
|
|
2,361,255
|
|
-42.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
(Loss)
|
|
154,989
|
|
17,804
|
|
770.5%
|
59,010
|
|
162.6%
|
145,655
|
|
346,154
|
|
-57.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
cost
|
|
(18,994)
|
|
(17,154)
|
|
10.7%
|
(18,615)
|
|
2.0%
|
(74,051)
|
|
(57,432)
|
|
28.9%
|
Finance
income
|
|
2,571
|
|
6,289
|
|
-59.1%
|
2,679
|
|
-4.0%
|
10,849
|
|
24,405
|
|
-55.5%
|
Gain (loss) on
foreign currency fluctuations
|
|
(2,508)
|
|
2,406
|
|
-204.3%
|
(2,620)
|
|
-4.3%
|
(6,174)
|
|
(15,408)
|
|
-59.9%
|
Net change in fair
value of derivatives
|
|
(8,922)
|
|
-
|
|
-100.0%
|
(32,092)
|
|
-72.2%
|
(22,778)
|
|
-
|
|
|
Other non-operating
income (expense)
|
|
(1,158)
|
|
(989)
|
|
17.1%
|
(1,573)
|
|
-26.4%
|
(3,291)
|
|
(4,279)
|
|
-23.1%
|
Total
Non-Operating Income/(Expense)
|
|
(29,011)
|
|
(9,448)
|
|
207.1%
|
(52,220)
|
|
-44.4%
|
(95,445)
|
|
(52,715)
|
|
81.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss)
before taxes
|
|
125,978
|
|
8,356
|
|
1407.6%
|
6,790
|
|
1755.4%
|
50,209
|
|
293,439
|
|
-82.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(11,616)
|
|
(5,629)
|
|
106.4%
|
1,453
|
|
-899.7%
|
10,265
|
|
46,437
|
|
-77.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
(Loss)
|
|
114,363
|
|
2,728
|
|
4092.8%
|
8,242
|
|
1287.5%
|
39,945
|
|
247,002
|
|
-83.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
2.69
|
|
0.06
|
|
4088.2%
|
0.19
|
|
1291.3%
|
0.94
|
|
5.81
|
|
-83.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
42,533,036
|
|
42,486,717
|
|
|
42,649,175
|
|
|
42,533,036
|
|
42,486,717
|
|
|
Copa Holdings, S.
A. and subsidiaries
|
|
|
Consolidated
statement of financial position
|
|
|
(US$
Thousands)
|
|
|
|
December
2021
|
December
2020
|
ASSETS
|
(Unaudited)
|
(Audited)
|
Current
Assets
|
|
|
Cash and cash
equivalents
|
211,081
|
119,065
|
Short-term
investments
|
806,340
|
770,816
|
Total cash, cash
equivalents and short-term investments
|
1,017,421
|
889,881
|
|
|
|
Accounts receivable,
net
|
90,618
|
63,206
|
Accounts receivable
from related parties
|
1,832
|
1,429
|
Expendable parts and
supplies, net
|
74,778
|
74,319
|
Prepaid
expenses
|
31,148
|
30,473
|
Prepaid income
tax
|
882
|
16,716
|
Other current
assets
|
6,054
|
7,805
|
|
205,312
|
193,948
|
Asset held for
sale
|
-
|
135,542
|
TOTAL CURRENT
ASSETS
|
1,222,733
|
1,219,371
|
|
|
|
Long-term
investments
|
199,670
|
119,617
|
Long-term accounts
receivable
|
(0)
|
1,054
|
Long-term prepaid
expenses
|
22,783
|
6,066
|
Property and
equipment, net
|
2,512,704
|
2,147,486
|
Right of use
assets
|
166,328
|
214,279
|
Intangible,
net
|
81,749
|
95,568
|
Deferred tax
assets
|
28,417
|
35,595
|
Other Non-Current
Assets
|
14,098
|
14,348
|
TOTAL NON-CURRENT
ASSETS
|
3,025,749
|
2,634,013
|
|
|
|
TOTAL
ASSETS
|
4,248,482
|
3,853,385
|
|
|
|
LIABILITIES
|
|
|
Loans and
borrowings
|
196,602
|
127,946
|
Current portion of
lease liability
|
73,917
|
83,605
|
Accounts
payable
|
112,596
|
63,461
|
Accounts payable to
related parties
|
7,948
|
2,970
|
Air traffic
liability
|
557,331
|
470,695
|
Frequent flyer
deferred revenue
|
95,114
|
91,213
|
Taxes
Payable
|
32,599
|
13,400
|
Employee benefits
obligations
|
32,767
|
33,995
|
Income tax
payable
|
3,835
|
1,023
|
Other Current
Liabilities
|
785
|
252
|
TOTAL CURRENT
LIABILITIES
|
1,113,493
|
888,560
|
|
|
|
Loans and borrowings
long-term
|
1,229,031
|
1,035,954
|
Lease
Liability
|
104,734
|
146,905
|
Net Defined Benefit
Liability
|
7,670
|
14,332
|
Derivative financial
instruments
|
268,338
|
245,560
|
Deferred tax
Liabilities
|
18,782
|
22,190
|
Other long - term
liabilities
|
210,933
|
216,325
|
|
|
|
TOTAL NON-CURRENT
LIABILITIES
|
1,839,487
|
1,681,265
|
TOTAL
LIABILITIES
|
2,952,981
|
2,569,824
|
|
|
|
EQUITY
|
|
|
Issued
Capital
|
|
|
Class A - 33,998,654
issued and 30,995,120 outstanding
|
21,290
|
21,199
|
Class B -
10,938,125
|
7,466
|
7,466
|
Additional Paid-In
Capital
|
98,348
|
91,341
|
Treasury
Stock
|
(176,902)
|
(136,388)
|
Retained
Earnings
|
1,324,025
|
1,931,086
|
Net profit
(loss)
|
39,945
|
(607,062)
|
Other comprehensive
income (loss)
|
(18,670)
|
(24,082)
|
|
|
|
TOTAL
EQUITY
|
1,295,501
|
1,283,561
|
TOTAL EQUITY
LIABILITIES
|
4,248,482
|
3,853,385
|
|
|
|
|
|
|
Copa Holdings, S.
A. and subsidiaries
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
|
|
For the twelve
months ended December 31,
|
|
|
|
|
|
|
(In US$
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Audited)
|
Cash flow from (used
in) operating activities
|
|
462,612
|
|
(39,515)
|
|
740,776
|
Cash flow used in
investing activities
|
|
(373,040)
|
|
(93,761)
|
|
(192,868)
|
Cash flow from (used
in) financing activities
|
|
2,444
|
|
93,609
|
|
(545,334)
|
Net increase
(decrease) in cash and cash equivalents
|
|
92,016
|
|
(39,667)
|
|
2,574
|
Cash and cash
equivalents at January 1
|
|
119,065
|
|
158,732
|
|
156,158
|
Cash and cash
equivalents at December 31
|
|
$
211,081
|
|
$
119,065
|
|
$
158,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
806,340
|
|
770,816
|
|
692,403
|
Long-term
investments
|
|
199,670
|
|
119,617
|
|
134,347
|
Total cash and
cash equivalents and investments at December 31
|
|
$
1,217,091
|
|
$
1,009,498
|
|
$
985,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial
measures: Adjusted Operating Profit, Adjusted Net Profit, Adjusted
Basic EPS, Operating CASM Excluding Fuel, and Cash Buildup. This
supplemental information is presented because we believe it is a
useful indicator of our operating performance and is useful in
comparing our performance with other companies in the airline
industry. These measures should not be considered in isolation and
should be considered together with comparable IFRS measures, in
particular operating profit, and net profit. The following is a
reconciliation of these non-IFRS financial measures to the
comparable IFRS measures:
Reconciliation of
Adjusted Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and Adjusted Net
Profit
|
|
4Q21
|
|
4Q20
|
|
3Q21
|
|
4Q19
|
|
FY21
|
|
FY19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit as
Reported
|
|
$
154,989
|
|
$
(95,057)
|
|
$
59,010
|
|
$
17,804
|
|
$
145,655
|
|
$
346,171
|
|
Subtract: Unredeemed Ticket Revenue provision reversal
|
|
|
|
|
|
$
10,395
|
|
|
|
$
20,790
|
|
|
|
Subtract: Leased Aircraft Return provision
|
|
$
39,217
|
|
|
|
|
|
|
|
$
39,217
|
|
|
|
Add:
Fleet Impairment loss
|
|
|
|
$
4,400
|
|
|
|
$
89,344
|
|
|
|
$
89,344
|
|
Add:
Expected loss (gain) on Embraer assets held for sale
|
|
|
|
$
(877)
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Profit
|
|
$
115,773
|
|
$
(91,533)
|
|
$
48,615
|
|
$
107,148
|
|
$
85,648
|
|
$
435,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit as
Reported
|
|
$
114,363
|
|
$
(168,805)
|
|
$
8,242
|
|
$
2,728
|
|
$
39,945
|
|
$
247,002
|
|
Subtract: Unredeemed Ticket Revenue provision reversal
|
|
|
|
|
|
$
10,395
|
|
|
|
$
20,790
|
|
|
|
Subtract: Leased Aircraft Return provision
|
|
$
39,217
|
|
|
|
|
|
|
|
$
39,217
|
|
|
|
Add:
Fleet Impairment loss
|
|
|
|
$
4,400
|
|
|
|
$
89,344
|
|
|
|
$
89,344
|
|
Add:
Expected loss (gain) on Embraer assets held for sale
|
|
|
|
$
(877)
|
|
|
|
|
|
|
|
|
|
Add: Net
change in fair value of derivatives
|
|
$
8,922
|
|
$
80,076
|
|
$
32,092
|
|
|
|
$
22,779
|
|
|
|
Adjusted Net
Profit
|
|
$
84,068
|
|
$
(85,205)
|
|
$
29,939
|
|
$
92,072
|
|
$
2,717
|
|
$
336,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Basic EPS
|
|
4Q21
|
|
4Q20
|
|
3Q21
|
|
4Q19
|
|
FY21
|
|
FY19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Profit
|
|
$
84,068
|
|
$
(85,205)
|
|
$
29,939
|
|
$
92,072
|
|
$
2,717
|
|
$
336,346
|
|
Shares used for
calculation of Basic EPS
|
|
42,533
|
|
42,511
|
|
42,649
|
|
42,487
|
|
42,508
|
|
42,478
|
|
Adjusted Basic
Earnings per share (Adjusted Basic EPS)
|
|
$
1.98
|
|
$
(2.00)
|
|
$
0.70
|
|
$
2.17
|
|
$
0.06
|
|
$
7.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Operating Costs per ASM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Fuel
(Adjusted CASM Excl. Fuel)
|
|
4Q21
|
|
|
|
3Q21
|
|
4Q19
|
|
FY21
|
|
FY19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs per
ASM as Reported (in US$ Cents)
|
|
8.2
|
|
|
|
8.8
|
|
10.8
|
|
9.1
|
|
9.4
|
|
Return of leased
aircraft provision per ASM (in US$ Cents)
|
|
(0.8)
|
|
|
|
-
|
|
-
|
|
(0.3)
|
|
-
|
|
Fleet Impairment per
ASM (in US$ Cents)
|
|
-
|
|
|
|
-
|
|
1.5
|
|
-
|
|
0.4
|
|
Adjusted Operating
Costs per ASM (in US$ Cents)
|
|
9.0
|
|
|
|
8.8
|
|
9.3
|
|
9.4
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft Fuel Cost
per ASM (in US$ Cents)
|
|
2.9
|
|
|
|
2.6
|
|
2.8
|
|
2.6
|
|
2.8
|
|
Adjusted Operating
Costs per ASM excluding fuel (in US$ Cents)
|
|
6.1
|
|
|
|
6.2
|
|
6.6
|
|
6.8
|
|
6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Monthly Cash Buildup (Burn) for 2021
|
|
4Q21
|
|
3Q21
|
|
2Q21
|
|
1Q21
|
|
|
|
|
|
Beginning Cash
balance
|
|
$
1,289
|
|
$
1,282
|
|
$
1,203
|
|
$
1,009
|
|
|
|
|
|
Ending Cash
balance
|
|
$
1,217
|
|
$
1,289
|
|
$
1,282
|
|
$
1,203
|
|
|
|
|
|
Net cashflows in the
quarter
|
|
$
(72)
|
|
$
7
|
|
$
79
|
|
$
194
|
|
|
|
|
|
Subtract: Proceeds from Lines of Credit
|
|
$
50
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
Subtract: Net Proceeds from new Aircraft Financing minus Pre
Delivery Payments
|
|
$
(181)
|
|
$
(57)
|
|
$
(21)
|
|
$
241
|
|
|
|
|
|
Subtract: Others proceeds (assets sold and other non-op
proceeds)
|
|
$
14
|
|
$
11
|
|
$
36
|
|
$
20
|
|
|
|
|
|
Add:
Share repurchase
|
|
$
39
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
Cash Buildup
(Burn) excluding extraordinary activities
|
|
$
84
|
|
$
54
|
|
$
64
|
|
$
(68)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/copa-holdings-reports-financial-results-for-the-fourth-quarter-and-full-year-2021-301479053.html
SOURCE Copa Holdings, S.A.