MEXICO
CITY, July 21, 2022 /PRNewswire/ --
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS
and BMV: VOLAR) ("Volaris" or "The Company"), the ultra-low-cost
airline serving Mexico,
the United States of America,
Central and South America,
today announces its financial results for the second quarter
20221.
Second Quarter 2022
Highlights2
(All figures are reported in U.S. dollars and compared to
2Q 2021 unless otherwise noted)
Volaris reported double-digit growth in revenue, kept CASM
ex-fuel controlled at industry-leading levels, and maintained a
strong liquidity position and a healthy balance sheet during the
second quarter. Volaris' EBITDAR margin was impacted by rapidly
rising fuel prices that increased at a rate faster than its
TRASM.
- Total operating revenue of
$691 million, a 20% increase. Total
revenue per available seat mile (TRASM) remained flat at
$8.3 cents.
- Total operating expenses of
$710 million, a 61% increase. Total
operating expenses per available seat mile (CASM) increased
35% to $8.5 cents, while CASM
ex-fuel decreased 1% to $4.2
cents. Average economic fuel cost increased 107% to
$4.4 per gallon.
- Net loss of $49 million. Loss per share of $0.04 and loss per ADS of $0.42.
- EBITDAR of $107 million, a 54% decrease. EBITDAR
margin was 15.5%, a decrease of 25.3 percentage
points.
- Cash generation of $9 million, with. cash, cash equivalents and
restricted cash position of $759
million, representing 30% of the last twelve months total
operating revenue.
- Net debt-to-LTM EBITDAR ratio of 2.9
times, compared to 4.5 times.
"During the quarter, the Company passed on a portion of
higher jet fuel prices through fare increases or, in certain cases,
reallocated flights to more profitable routes, while efficiently
controlling ex-fuel costs. Volaris has always been disciplined
about adding capacity to match passenger demand and has
demonstrated flexibility to adapt capacity," said Enrique Beltranena, Chief Executive Officer. "We
will continue with our strategy of disciplined growth and will
remain nimble and respond decisively to any changes in market
conditions in the coming months. We have grown quickly in the last
two years allowing us to fill the void left by some of our
competitors and, considering we have met our objectives, will
return to our historic growth rate during 2023," Mr. Beltranena
added.
Second Quarter 2022 Financial and Operations
Highlights3
(All figures are reported in U.S. dollars and compared to
2Q 2021 unless otherwise noted)
|
Second Quarter
|
Consolidated Financial
Highlights
|
2022
|
2021
|
Var.
|
Total operating revenue
(millions)
|
691
|
574
|
20 %
|
TRASM
(cents)
|
8.3
|
8.2
|
0 %
|
ASMs (millions,
scheduled & charter)
|
8,361
|
7,028
|
19 %
|
Load factor (scheduled,
RPMs/ASMs)
|
85.6 %
|
86.6 %
|
(1.0) pp
|
Passengers (thousand,
scheduled & charter)
|
7,463
|
6,202
|
20 %
|
Fleet (end of
period)
|
113
|
92
|
21
|
Total operating expenses
(millions)
|
710
|
442
|
61 %
|
CASM (cents)
|
8.5
|
6.3
|
35 %
|
CASM excl. fuel
(cents)
|
4.2
|
4.2
|
(1 %)
|
Operating (loss) income (EBIT)
(millions)
|
(20)
|
132
|
N/A
|
% EBIT margin
|
(2.8 %)
|
23.0 %
|
(25.8) pp
|
Net (loss) income (millions)
|
(49)
|
77
|
N/A
|
% Net (loss) income margin
|
(7.1 %)
|
13.4 %
|
(20.5) pp
|
EBITDAR (millions)
|
107
|
234
|
(54 %)
|
% EBITDAR
margin
|
15.5 %
|
40.8 %
|
(25.3) pp
|
Net debt-to-EBITDAR
|
2.9x
|
4.5x
|
-1.6x
|
*Note: Figures are rounded for convenience
purposes.
Total operating revenue in the quarter
was $691 million, a 20% increase,
driven by higher capacity, healthy load factors, and solid unit
revenue. Moreover, demand has remained relatively strong throughout
the quarter notwithstanding certain headwinds (high inflation,
economic uncertainty, and an increase of COVID-19 cases) registered
in the markets where Volaris operates.
Volaris transported 7.5 million passengers in the quarter,
an increase of 20%. Domestic and international passengers increased
22% and 14%, respectively; while total capacity, in terms of
available seat miles (ASMs), increased 19% to 8.4 billion. Load
factor reached 85.6%, 1.0 percentage point
lower than the same period of 2021.
TRASM remained flat at $8.3
cents in the quarter. Average base fare was $56, an increase of 3%. Ancillary revenue per
passenger was $37, a 6% decrease, due
to lower baggage revenue. Ancillary revenue represented 40% of
total operating revenue, compared to 42% in the same period of
2021. Total operating revenue per passenger decreased 1% to
$93.
Total operating expenses in the
quarter were $710 million, a 61%
increase, driven by higher fuel costs. The average economic fuel
cost increased 107% to $4.4 per
gallon in the period. CASM totaled $8.5
cents, 35% higher when compared to same period of 2021. CASM
ex-fuel decreased 1% to $4.2 cents
due to Volaris' disciplined and efficient cost control, which
offset inflationary pressures.
Comprehensive financing result
represented a loss of $61
million in second quarter of 2022, compared to a loss of
$22 million in the same period of
2021. This result was impacted by an exchange loss and higher
financial costs.
In the second quarter, the Mexican peso remained flat
against the U.S. dollar to an average of Ps.20.04 per U.S. dollar.
At the end of the quarter, the Mexican peso stood at
Ps.19.98 per US dollar, similar level registered
at the end of the first quarter of 2022.
Income tax benefit was $32 million, compared to the $33 million expense posted in the second quarter
of 2021.
Net loss in the quarter was
$49 million, with loss per share of
$0.04 and loss per ADS of
$0.42.
EBITDAR was $107 million, a decrease of 54%, negatively
impacted by higher fuel costs. EBITDAR margin was 15.5%, a decrease
of 25.3 percentage points.
Balance Sheet, Liquidity and Capital
Allocation
During the second quarter, Volaris generated $9 million in cash compared to the first quarter.
As of June 30th, 2022,
cash, cash equivalents and restricted cash position were
$759 million, representing 30% of the
last twelve months total operating revenue. Net cash flow provided
by operating and investing activities were $158 million and $30
million, respectively, while cash outflow from financing
activities was $183 million. Positive
net foreign exchange difference was $4
million.
On June 30th,
2022, net debt was $2,080 million,
which included $203 million of
financial debt, $2,636 million of
leasing liabilities, less cash, cash equivalents and restricted
position of $759 million. The net
debt-to-LTM EBITDAR ratio was 2.9 times, compared to 4.5 times in
the same period of 2021 and 2.3 times in first quarter of
2022.
Full Year 2022 Outlook
Despite the global macroeconomic and geopolitical
challenges, demand remains robust throughout Volaris' network.
Accordingly, Volaris expects to continue with its growth plans
while closely monitoring demand trends.
Given a higher-than-expected increase in fuel
prices compared to its prior forecast, Volaris is updating its full
year 2022 guidance. Of note, the Company:
- Adjusts its capacity growth guidance (ASMs) to 23-25%
compared to 2021.
- Holds its total operating revenue in the range of
$2.8 to $3.0
billion for 2022.
- Continues expecting a full year CASM ex-fuel growth
between 1% and 3% compared to 2021.
- Decreased its EBITDAR margin guidance from high twenties
to low twenties.
- Confirms CAPEX in the range of $140 to $145
million.
This outlook assumes a full year average USD/MXN rate
between Ps.20.50 to Ps.20.70 and an average economic fuel price
between $3.70 to $3.90 per gallon, also it assumes no significant
unexpected disruptions related to COVID-19, macroeconomic factors,
or other negative impacts on its business.
Fleet
During the second quarter, the Company incorporated 9 new
A320neo family aircraft (5 A320neo and 4 A321neo) to its fleet. As
of June 30th, 2022,
Volaris' fleet was composed of 113 aircraft (6 A319s, 86 A320s and
21 A321s), of which 50% are New Engine Option (NEO) models.
Volaris' fleet had an average of 190 seats per aircraft and an
average age of 5.4 years. The Company plans to end 2022 with
approximately 115 aircraft.
Investors are urged to carefully read the Company's
periodic reports filed with or provided to the Securities and
Exchange Commission, for additional information regarding the
Company
Investor Relations Contact:
Félix
Martínez / Naara Cortés Gallardo /
ir@volaris.com
Media Contact:
Gabriela Fernández
/ gabriela.fernandez@volaris.com
Conference call and webcast
details
Date:
|
Friday, July
22nd, 2022
|
Time:
|
9:00 am Mexico City
(CT) / 10:00 am New York (USA) (ET)
|
United States dial in:
|
+1-844-204-8586
|
Mexico dial in:
|
+52-55-8880-8040
|
International dial in:
|
+1-412-317-6346
|
Participant code:
|
Volaris
|
Webcast & video
presentation:
|
https://webcastlite.mziq.com/cover.html?webcastId=1286ed9c-0a4f-4700-8c64-079315e26517
|
About Volaris:
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an
ultra-low-cost carrier, with point-to-point operations, serving
Mexico, the United States, Central and South America. Volaris offers low base fares
to build its market, providing quality service and extensive
customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from
5 to more than 205 and its fleet from 4 to 113 aircraft. Volaris
offers more than 500 daily flight segments on routes that connect
45 cities in Mexico and 28 cities
in the United States, Central and
South America with the youngest
fleet in Mexico. Volaris targets
passengers who are visiting friends and relatives, cost-conscious
business and leisure travelers in Mexico, the United
States, Central and South
America. Volaris has received the ESR Award for Social
Corporate Responsibility for thirteen consecutive years. For more
information, please visit:
www.volaris.com.
Forward-looking Statements:
Statements in this release contain various forward-looking
statements within the meaning of Section 27A of the US Securities
Act of 1933, as amended, and Section 21E of the US Securities
Exchange Act of 1934, as amended, which represent the Company's
expectations, beliefs or projections concerning future events and
financial trends affecting the financial condition of our business.
When used in this release, the words "expects," "intends,"
"estimates," "predicts," "plans," "anticipates," "indicates,"
"believes," "forecast," "guidance," "potential," "outlook," "may,"
"continue," "will," "should," "seeks," "targets" and similar
expressions are intended to identify forward-looking statements.
Similarly, statements that describe the Company's objectives, plans
or goals, or actions the Company may take in the future, are
forward-looking statements. Forward-looking statements include,
without limitation, statements regarding the Company's intentions
and expectations regarding the delivery schedule of aircraft on
order, announced new service routes and customer savings programs.
Forward-looking statements should not be read as a guarantee or
assurance of future performance or results and will not necessarily
be accurate indications of the times at, or by, which such
performance or results will be achieved. Forward-looking
statements are based on information available at the time those
statements are made and/or management's good faith belief as of
that time with respect to future events and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Forward-looking statements are
subject to several factors that could cause the Company's actual
results to differ materially from the Company's expectations,
including the competitive environment in the airline industry; the
Company's ability to keep costs low; changes in fuel costs; the
impact of worldwide economic conditions on customer travel
behavior; the Company's ability to generate non-ticket revenue; and
government regulation. Additional information concerning these, and
other factors is contained in the Company's US Securities and
Exchange Commission filings. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements set forth
above. Forward-looking statements speak only as of the date of
this release. You should not put undue reliance on any
forward-looking statements. We assume no obligation to update
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable
law. If we update one or more forward-looking statements, no
inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements.
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Financial and Operating Indicators
Unaudited
(In U.S. dollars, except otherwise indicated)
|
Three months ended June 30,
2022
|
Three months ended June 30,
2021
|
Variance
|
|
|
|
|
Total operating
revenues (millions)
|
691
|
574
|
20.3 %
|
|
|
Total operating
expenses (millions)
|
710
|
442
|
60.7 %
|
|
|
EBIT
(millions)
|
(20)
|
132
|
N/A
|
|
|
EBIT margin
|
(2.8 %)
|
23.0 %
|
(25.8) pp
|
|
|
Depreciation and
amortization (millions)
|
102
|
78
|
30.6 %
|
|
|
Aircraft and engine
variable lease expenses (millions)
|
25
|
24
|
3.7 %
|
|
|
Net (loss) income
(millions)
|
(49)
|
77
|
N/A
|
|
|
Net (loss) income
margin
|
(7.1 %)
|
13.4 %
|
(20.5) pp
|
|
|
(Loss) earnings per share:
|
|
|
|
|
|
Basic
|
(0.04)
|
0.07
|
N/A
|
|
|
Diluted
|
(0.04)
|
0.07
|
N/A
|
|
|
(Loss) earnings per ADS:
|
|
|
|
|
|
Basic
|
(0.42)
|
0.66
|
N/A
|
|
|
Diluted
|
(0.42)
|
0.66
|
N/A
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
Basic
|
1,165,976,677
|
1,165,976,677
|
0.0 %
|
|
|
Diluted
|
1,165,976,677
|
1,165,976,677
|
0.0 %
|
|
|
Available seat miles
(ASMs) (millions) (1)
|
8,361
|
7,028
|
19.0 %
|
|
|
Domestic
|
5,844
|
5,012
|
16.6 %
|
|
|
International
|
2,517
|
2,016
|
24.9 %
|
|
|
Revenue passenger miles
(RPMs) (millions) (1)
|
7,156
|
6,082
|
17.6 %
|
|
|
Domestic
|
5,189
|
4,424
|
17.3 %
|
|
|
International
|
1,967
|
1,658
|
18.6 %
|
|
|
Load factor
(2)
|
85.6 %
|
86.6 %
|
(1.0) pp
|
|
|
Domestic
|
88.8 %
|
88.3 %
|
0.5
pp
|
|
|
International
|
78.1 %
|
82.3 %
|
(4.1) pp
|
|
|
Total operating revenue
per ASM (TRASM) (cents) (1)(4)
|
8.3
|
8.2
|
0.3 %
|
|
|
Total ancillary revenue
per passenger (3)(4)
|
37
|
39
|
(5.9 %)
|
|
|
Total operating revenue
per passenger (4)
|
93
|
93
|
(0.8 %)
|
|
|
Operating expenses per
ASM (CASM) (cents) (1)(4)
|
8.50
|
6.31
|
34.6 %
|
|
|
CASM ex fuel (cents)
(1)(4)
|
4.20
|
4.23
|
(0.7 %)
|
|
|
Booked passengers
(thousands) (1)
|
7,463
|
6,202
|
20.3 %
|
|
|
Departures
(1)
|
46,576
|
38,658
|
20.5 %
|
|
|
Block hours
(1)
|
118,887
|
96,721
|
22.9 %
|
|
|
Fuel gallons consumed
(millions)
|
81.91
|
69.06
|
18.6 %
|
|
|
Average economic fuel
cost per gallon (4)
|
4.39
|
2.13
|
106.5 %
|
|
|
Aircraft at end of
period
|
113
|
92
|
21
|
|
|
Average aircraft
utilization (block hours)
|
13.22
|
12.95
|
2.1 %
|
|
|
Average exchange
rate
|
20.04
|
20.05
|
0.0 %
|
|
|
End of period exchange
rate
|
19.98
|
19.80
|
0.9 %
|
|
|
(1) Includes schedule
and
charter.
(3) Includes "Other passenger revenues" and "non-passenger
revenues".
(2) Includes
schedule.
(4) Excludes non-derivative financial instruments.
|
|
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Financial and Operating Indicators
Unaudited
(In U.S. dollars, except otherwise indicated)
|
Six months ended June 30, 2022
|
Six months ended June 30, 2021
|
Variance
|
|
|
|
|
Total operating
revenues (millions)
|
1,258
|
889
|
41.5 %
|
|
|
Total operating
expenses (millions)
|
1,309
|
793
|
65.0 %
|
|
|
EBIT
(millions)
|
(51)
|
96
|
N/A
|
|
|
EBIT margin
|
(4.0 %)
|
10.8 %
|
(14.8) pp
|
|
|
Depreciation and
amortization (millions)
|
197
|
155
|
27.5 %
|
|
|
Aircraft and engine
rent expenses (millions)
|
58
|
47
|
22.8 %
|
|
|
Net (loss) income
(millions)
|
(98)
|
41
|
N/A
|
|
|
Net (loss) income
margin
|
(7.8 %)
|
4.6 %
|
(12.4) pp
|
|
|
(Loss) earnings per share:
|
|
|
|
|
|
Basic
|
(0.08)
|
0.03
|
N/A
|
|
|
Diluted
|
(0.08)
|
0.03
|
N/A
|
|
|
(Loss) earnings per ADS:
|
|
|
|
|
|
Basic
|
(0.84)
|
0.35
|
N/A
|
|
|
Diluted
|
(0.84)
|
0.35
|
N/A
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
Basic
|
1,165,976,677
|
1,165,976,677
|
0.0 %
|
|
|
Diluted
|
1,165,976,677
|
1,165,976,677
|
0.0 %
|
|
|
Available seat miles
(ASMs) (millions) (1)
|
16,422
|
12,407
|
32.4 %
|
|
|
Domestic
|
11,526
|
9,050
|
27.4 %
|
|
|
International
|
4,896
|
3,357
|
45.8 %
|
|
|
Revenue passenger miles
(RPMs) (millions) (1)
|
13,884
|
10,284
|
35.0 %
|
|
|
Domestic
|
10,084
|
7,680
|
31.3 %
|
|
|
International
|
3,800
|
2,604
|
45.9 %
|
|
|
Load factor
(2)
|
84.5 %
|
82.9 %
|
1.7 pp
|
|
|
Domestic
|
87.5 %
|
84.9 %
|
2.6
pp
|
|
|
International
|
77.6 %
|
77.5 %
|
0.1
pp
|
|
|
Total operating revenue
per ASM (TRASM) (cents) (1)(4)
|
7.7
|
7.3
|
5.6 %
|
|
|
Total ancillary revenue
per passenger (3)(4)
|
36
|
39
|
(6.9 %)
|
|
|
Total operating revenue
per passenger (4)
|
87
|
86
|
1.3 %
|
|
|
Operating expenses per
ASM (CASM) (cents) (1)(4)
|
7.97
|
6.43
|
23.9 %
|
|
|
CASM ex fuel (cents)
(1)(4)
|
4.30
|
4.46
|
(3.6 %)
|
|
|
Booked passengers
(thousands) (1)
|
14,452
|
10,474
|
38.0 %
|
|
|
Departures
(1)
|
91,514
|
67,620
|
35.3 %
|
|
|
Block hours
(1)
|
232,300
|
169,893
|
36.7 %
|
|
|
Fuel gallons consumed
(millions)
|
159.13
|
119.86
|
32.8 %
|
|
|
Average economic fuel
cost per gallon (4)
|
3.79
|
2.04
|
85.7 %
|
|
|
Aircraft at end of
period
|
113
|
92
|
21
|
|
|
Average aircraft
utilization (block hours)
|
13.24
|
11.82
|
12.0 %
|
|
|
Average exchange
rate
|
20.28
|
20.18
|
0.5 %
|
|
|
End of period exchange
rate
|
19.98
|
19.80
|
0.9 %
|
|
|
(1) Includes schedule
and
charter.
(3) Includes "Other passenger revenues" and "non-passenger
revenues".
(2) Includes
schedule.
(4) Excludes non-derivative financial instruments.
|
|
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Consolidated Statement of Operations
Unaudited
(In millions of U.S. dollars)
|
Three months ended June 30,
2022
|
Three months ended June 30,
2021
|
Variance
|
|
|
|
|
Operating revenues:
|
|
|
|
|
|
Passenger revenues
|
664
|
556
|
19.4 %
|
|
|
Fare
revenues
|
416
|
336
|
23.8 %
|
|
|
Other
passenger revenues
|
248
|
220
|
12.7 %
|
|
|
|
|
|
|
|
|
Non-passenger revenues
|
27
|
23
|
17.8 %
|
|
|
Other
non-passenger revenues
|
23
|
20
|
18.1 %
|
|
|
Cargo
|
3
|
3
|
15.9 %
|
|
|
|
|
|
|
|
|
Non-derivative
financial instruments
|
-
|
(5)
|
(100.0 %)
|
|
|
|
|
|
|
|
|
Total operating revenues
|
691
|
574
|
20.3 %
|
|
|
|
|
|
|
|
|
Other operating
income
|
(13)
|
(2)
|
496.5 %
|
|
|
Fuel expense,
net (1)
|
359
|
145
|
147.9 %
|
|
|
Landing, take-off and
navigation expenses
|
92
|
76
|
19.8 %
|
|
|
Depreciation of right
of use assets
|
80
|
66
|
21.6 %
|
|
|
Salaries and
benefits
|
66
|
58
|
13.0 %
|
|
|
Sales, marketing and
distribution expenses
|
28
|
24
|
17.6 %
|
|
|
Maintenance
expenses
|
26
|
24
|
6.2 %
|
|
|
Aircraft and engine
rent expense
|
25
|
24
|
3.7 %
|
|
|
Other operating
expenses
|
26
|
15
|
78.3 %
|
|
|
Depreciation and
amortization
|
22
|
12
|
78.8 %
|
|
|
Operating expenses
|
710
|
442
|
60.7 %
|
|
|
|
|
|
|
|
|
Operating (loss) income
|
(20)
|
132
|
N/A
|
|
|
|
|
|
|
|
|
Finance
income
|
2
|
1
|
62.4 %
|
|
|
Finance cost
|
(44)
|
(32)
|
39.4 %
|
|
|
Exchange (loss) gain,
net
|
(18)
|
8
|
N/A
|
|
|
Comprehensive financing result
|
(61)
|
(22)
|
172.5 %
|
|
|
|
|
|
|
|
|
Loss (income) before income tax
|
(81)
|
110
|
N/A
|
|
|
Income tax benefit
(expense)
|
32
|
(33)
|
N/A
|
|
|
Net (loss) income
|
(49)
|
77
|
N/A
|
|
|
|
|
|
|
|
|
(1) 2Q 2021 figures
include a benefit from non-derivatives financial instruments by an
amount of $2 million.
|
|
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Consolidated Statement of Operations
Unaudited
|
Six months ended June 30, 2022
|
Six months ended June 30, 2021
|
Variance
|
(In millions of U.S. dollars)
|
Operating revenues:
|
|
|
|
Passenger revenues
|
1,206
|
858
|
40.6 %
|
Fare
revenues
|
738
|
495
|
49.1 %
|
Other
passenger revenues
|
468
|
363
|
29.0 %
|
|
|
|
|
Non-passenger revenues
|
52
|
42
|
24.8 %
|
Other
non-passenger revenues
|
45
|
36
|
26.2 %
|
Cargo
|
7
|
6
|
16.3 %
|
|
|
|
|
Non-derivative
instruments
|
-
|
(10)
|
(100.0 %)
|
|
|
|
|
Total operating revenues
|
1,258
|
889
|
41.5 %
|
|
|
|
|
Other operating
income
|
(16)
|
(5)
|
189.2 %
|
Fuel expense,
net (1)
|
603
|
240
|
151.6 %
|
Landing, take-off and
navigation expenses
|
183
|
136
|
34.9 %
|
Depreciation of right
of use assets
|
155
|
130
|
19.1 %
|
Salaries and
benefits
|
133
|
106
|
25.5 %
|
Aircraft and engine
rent expense
|
58
|
47
|
22.8 %
|
Sales, marketing and
distribution expenses
|
53
|
41
|
27.6 %
|
Maintenance
expenses
|
51
|
45
|
14.2 %
|
Other operating
expenses
|
46
|
29
|
59.1 %
|
Depreciation and
amortization
|
42
|
25
|
71.3 %
|
Operating expenses
|
1,309
|
793
|
65.0 %
|
|
|
|
|
Operating (loss) income
|
(51)
|
96
|
N/A
|
|
|
|
|
Finance
income
|
2
|
2
|
45.6 %
|
Finance cost
|
(91)
|
(60)
|
53.3 %
|
Exchange (loss) gain,
net
|
(5)
|
20
|
N/A
|
Comprehensive financing result
|
(94)
|
(38)
|
149.0 %
|
|
|
|
|
Loss (income) before income tax
|
(145)
|
58
|
N/A
|
Income tax benefit
(expense)
|
47
|
(17)
|
N/A
|
Net (loss) income
|
(98)
|
41
|
N/A
|
|
|
|
|
(1) June YTD 2021
figures include a benefit from non-derivative financial instruments
by an amount of $5 million.
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Reconciliation of total ancillary revenue per
passenger
The following table shows quarterly additional detail
about the components of total ancillary revenue:
Unaudited
|
Three months ended June 30,
2022
|
Three months ended June 30,
2021
|
Variance
|
(In millions of U.S. dollars)
|
|
|
|
|
Other passenger
revenues
|
248
|
220
|
12.7 %
|
Non-passenger
revenues
|
27
|
23
|
17.8 %
|
Total ancillary revenues
|
275
|
243
|
13.2 %
|
|
|
|
|
Booked passengers
(thousands) (1)
|
7,463
|
6,202
|
20.3 %
|
|
|
|
|
Total ancillary revenue per
passenger
|
37
|
39
|
(5.9 %)
|
|
|
|
|
(1) Includes schedule
and charter.
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Reconciliation of total ancillary revenue per
passenger
The following table shows the first one half of the year
additional detail about the components of total ancillary
revenue:
Unaudited
|
Six months ended June 30, 2022
|
Six months ended June 30, 2021
|
Variance
(%)
|
(In millions of U.S. dollars)
|
|
|
|
|
Other passenger
revenues
|
468
|
363
|
29.0 %
|
Non-passenger
revenues
|
52
|
42
|
24.8 %
|
Total ancillary revenues
|
520
|
404
|
28.5 %
|
|
|
|
|
Booked passengers
(thousands) (1)
|
14,452
|
10,474
|
38.0 %
|
|
|
|
|
Total ancillary revenue per
passenger
|
36
|
39
|
(6.9 %)
|
|
|
|
|
(1) Includes schedule
and charter.
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Consolidated Statement of Financial Position
(In millions of U.S. dollars)
|
June 30,
2022
Unaudited
|
December 31,
2021 *
|
|
|
|
|
Assets
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
759
|
741
|
|
|
Accounts receivable,
net
|
275
|
106
|
|
|
Inventories
|
15
|
14
|
|
|
Prepaid expenses and
other current assets
|
44
|
38
|
|
|
Guarantee
deposits
|
67
|
79
|
|
|
Total current assets
|
1,160
|
978
|
|
|
Rotable spare parts,
furniture and equipment, net
|
402
|
455
|
|
|
Right of use
assets
|
2,160
|
1,917
|
|
|
Intangible assets,
net
|
12
|
13
|
|
|
Derivatives Financial
Instruments
|
2
|
1
|
|
|
Deferred income
taxes
|
194
|
141
|
|
|
Guarantee
deposits
|
456
|
455
|
|
|
Other long- term
assets
|
31
|
23
|
|
|
Total non-current assets
|
3,257
|
3,005
|
|
|
Total assets
|
4,417
|
3,983
|
|
|
Liabilities
|
|
|
|
|
Unearned transportation
revenue
|
418
|
304
|
|
|
Accounts
payable
|
155
|
119
|
|
|
Accrued
liabilities
|
265
|
178
|
|
|
Lease
Liabilities
|
281
|
284
|
|
|
Other taxes and fees
payable
|
260
|
131
|
|
|
Income taxes
payable
|
12
|
4
|
|
|
Financial
debt
|
49
|
197
|
|
|
Other
liabilities
|
21
|
35
|
|
|
Total short-term liabilities
|
1,461
|
1,252
|
|
|
Financial
debt
|
154
|
108
|
|
|
Accrued
liabilities
|
-
|
1
|
|
|
Lease
Liabilities
|
2,355
|
2,128
|
|
|
Other
liabilities
|
223
|
167
|
|
|
Employee
benefits
|
4
|
4
|
|
|
Deferred income
taxes
|
10
|
11
|
|
|
Total long-term liabilities
|
2,746
|
2,419
|
|
|
Total liabilities
|
4,207
|
3,671
|
|
|
Equity
|
|
|
|
|
Capital
stock
|
248
|
248
|
|
|
Treasury
shares
|
(10)
|
(9)
|
|
|
Contributions for
future capital increases
|
-
|
-
|
|
|
Legal
reserve
|
17
|
17
|
|
|
Additional paid-in
capital
|
283
|
281
|
|
|
Accumulated
deficit
|
(174)
|
(76)
|
|
|
Accumulated other
comprehensive loss
|
(154)
|
(149)
|
|
|
Total equity
|
210
|
312
|
|
|
Total liabilities and equity
|
4,417
|
3,983
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
1,165,976,677
|
1,165,976,677
|
|
|
(*) Unaudited USD
figures.
|
|
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data
Summary
Unaudited
(In millions of U.S. dollars)
|
Three months ended June 30,
2022
|
Three months ended June 30,
2021
|
|
|
|
|
|
|
|
|
|
Net cash flow provided
by operating activities
|
158
|
314
|
|
|
Net cash flow provided
by (used in) investing activities
|
30
|
(40)
|
|
|
Net cash flow used in
financing activities**
|
(183)
|
(154)
|
|
|
Increase in cash, cash equivalents and restricted
cash
|
5
|
120
|
|
|
Net foreign exchange
differences
|
4
|
(11)
|
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
750
|
423
|
|
|
Cash, cash equivalents and restricted cash at end of
period
|
759
|
532
|
|
|
**Includes aircraft
rental payments of $138 million and $151 million for the three
months ended June 30, 2022, and 2021, respectively.
|
|
|
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data
Summary
Unaudited
|
Six months ended June 30, 2022
|
Six months ended June 30, 2021
|
(In millions of U.S. dollars)
|
|
|
|
Net cash flow provided
by operating activities
|
353
|
331
|
Net cash flow provided
by (used in) investing activities
|
24
|
(49)
|
Net cash flow used in
financing activities **
|
(366)
|
(259)
|
Increase in cash, cash equivalents and restricted
cash
|
11
|
23
|
Net foreign exchange
differences
|
7
|
(1)
|
Cash, cash equivalents
and restricted cash at beginning of period
|
741
|
510
|
Cash, cash equivalents and restricted cash at end of
period
|
759
|
532
|
**Includes aircraft
rental payments of $251 million and $254 million for the six months
ended June 30, 2022, and 2021, respectively.
|
1 The financial information,
unless otherwise indicated, is presented in accordance with the
International Financial Reporting Standards (IFRS).
2 As of January 1, 2022, all figures are reported in U.S.
dollars.
3 As of January 1, 2022, all figures are reported in U.S.
dollars.
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SOURCE Controladora Vuela Compania de Aviacion, S.A.B. de C.V. -
Volaris