Volaris Reports Financial Results for the Fourth Quarter and Full Year 2021
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS) reported strong financial results for Q4 and full-year 2021, demonstrating a disciplined growth strategy. Q4 operating revenue rose 43% to Ps.13,954 million, while EBITDAR increased 45% to Ps.5,161 million. Adjusted net income, excluding a one-time charge, surged 21% to Ps.1,559 million. Despite a net loss of Ps.200 million due to a non-cash charge, the company maintained a cash position of Ps.15,255 million. For 2022, Volaris anticipates capacity growth in the mid-twenties and operating revenue of US$2.6 to US$2.8 billion.
- Total operating revenue increased by 43% in Q4 2021 to Ps.13,954 million.
- Adjusted net income rose 21% to Ps.1,559 million, excluding one-off charges.
- EBITDAR grew by 45% to Ps.5,161 million with a margin of 37.0%.
- Cash and cash equivalents stood at Ps.15,255 million, representing 34% of last twelve months total operating revenue.
- For 2022, Volaris expects a capacity growth of mid-twenties and operating revenue range of US$2.6 to US$2.8 billion.
- Net loss of Ps.200 million in Q4 2021, attributed to a one-off accounting charge of Ps.2,251 million.
- Full-year net income decreased 20% to Ps.2,121 million compared to 2020.
MEXICO CITY, Feb. 24, 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 fourth quarter and full year 2021[1].
Fourth Quarter 2021 Highlights
(All metrics are compared to 4Q 2019 unless otherwise noted)
Volaris, due to its disciplined growth strategy, reported double-digit growth in revenue and EBITDAR in the fourth quarter, built a strong liquidity position and improved its balance sheet.
- Total operating revenue of Ps.13,954 million, a
43% increase. Total revenue per available seat mile (TRASM) increased13% to Ps.176 cents. - Operating expenses of Ps.10,922 million, a
41% increase. Operating expenses per available seat mile (CASM) increased3% to US$6.60 cents, while CASM ex-fuel grew3% to US$4.08 cents. - Net loss of Ps.200 million, impacted by a one-off, non-cash accounting charge of Ps.2,251 million (US
$109 million ) related to the termination of a non-derivative financial instrument as a result of the change in the functional currency. Earnings per share of negative Ps.0.17 and earnings per ADS of negative US$0.08 . - Adjusted net income (excluding the one-off, non-cash accounting charge related to the termination of a non-derivative financial instrument) of Ps.1,559 million, a
21% increase. Adjusted earnings per share of Ps.1.34 and adjusted earnings per ADS of US$0.65 . - EBITDAR of Ps.5,161 million, a
45% increase, with an EBITDAR margin of37.0% , an increase of 0.5 percentage points. - Cash generation of Ps.2,587 million (includes the issuance of VOLARCB 21L) with a cash and cash equivalents position of Ps.15,255 million or US
$741 million , representing34% of the last twelve months total operating revenue. On October 13th, 2021, Volaris issued successfully its first sustainability-linked asset backed trust notes (VOLARCB 21L) for an amount of Ps.1,500 million. - Net debt-to-LTM EBITDAR ratio of 2.5 times, the lowest level in Volaris' history.
- As of December 31st, 2021, the Company changed its functional currency from the Mexican Peso to the US Dollar.
Full Year 2021 Highlights
(All metrics are compared to FY 2019 unless otherwise noted)
Volaris reported a solid 2021, driven by a continued recovery of passenger demand in the Company´s markets, as well as its disciplined growth strategy.
- Total operating revenue of Ps.44,662 million, a
29% increase. Total revenue per available seat mile (TRASM) increased13% to Ps.161 cents. - Operating expenses of Ps.36,596 million, a
20% increase. Operating expenses per available seat mile (CASM) remained unchanged at US$6.45 cents, while CASM ex-fuel increased7% to US$4.25 cents. - Net income of Ps.2,121 million with a net margin of
4.7% . Earnings per share of Ps.1.82 and earnings per ADS of US$0.88 . As a result of the change in the functional currency, the Company recorded a one-off, non-cash accounting charge related to the termination of a non-derivative financial instrument of Ps.2,251 million (US$109 million ). - Adjusted net income (excluding the one-off, non-cash accounting charge related to the termination of a non-derivative financial instrument) of Ps.3,879 million, a
47% increase. Adjusted earnings per share of Ps.3.33 and earnings per ADS of US$1.62 . - EBITDAR of Ps.16,375 million, increased
53% with an EBITDAR margin of36.7% , an increase of 5.9 percentage points. - Cash generation of Ps.5,152 million with a cash and cash equivalents position of Ps.15,255 million or US
$741 million .
"In 2021, despite the demand uncertainty associated with Covid-19, we were able to report a strong performance. This highlights our team's ability to manage and adapt to changing market dynamics. Thanks to our devoted family of ambassadors and our experienced management team, we are now reaping the rewards of our joint effort," said Enrique Beltranena, President & Chief Executive Officer. "Going forward we will continue to focus on executing our growth strategy. This centers upon catering to the travel demands of a large, growing middle class in Mexico, focusing on longer-haul bus substitution, and growth in our international markets. Our resilient ultra-low-cost business model positions us well for success in these markets." Enrique added.
Fourth Quarter and Full Year 2021 Financial and Operations Highlights
(All metrics are compared to 4Q and full year 2019 unless otherwise noted)
Fourth Quarter | Full Year | |||||
Consolidated Financial Highlights | 2021 | 2019 | Var. | 2021 | 2019 | Var. |
Total Operating Revenue (Ps. million) | 13,954 | 9,729 | 44,662 | 34,753 | ||
TRASM (Ps. cents) | 176 | 155 | 161 | 142 | ||
ASMs (million, scheduled & charter) | 8,022 | 6,300 | 28,097 | 24,499 | ||
Load Factor (scheduled, RPMs/ASMs) | -0.8 pp | -1.2 pp | ||||
Passengers (thousand, scheduled & charter) | 7,281 | 5,738 | 24,405 | 21,975 | ||
Fleet (end of period) | 101 | 82 | 19 | 101 | 82 | 19 |
Total Operating Expenses (Ps. million) | 10,922 | 7,762 | 36,596 | 30,397 | ||
CASM (US$ cents) | 6.60 | 6.40 | 6.45 | 6.45 | ||
CASM excl. fuel (US$ cents) | 4.08 | 3.94 | 4.25 | 3.98 | ||
Operating income (EBIT) (Ps. million) | 3,032 | 1,967 | 8,066 | 4,355 | ||
% EBIT Margin | 1.5 pp | 5.5 pp | ||||
Net (loss) income (Ps. million) | (200) | 1,287 | N/A | 2,121 | 2,639 | ( |
% Net (loss) income margin | - | -14.7 pp | -2.8 pp | |||
Adjusted Net income(1) (Ps. million) | 1,559 | 1,287 | 3,879 | 2,639 | ||
% Adjusted Net income margin | -2.0 pp | 1.1 pp | ||||
EBITDAR (Ps. million) | 5,161 | 3,549 | 16,375 | 10,696 | ||
% EBITDAR Margin | 0.5 pp | 5.9 pp | ||||
Net debt-to-LTM EBITDAR | 2.5x | 3.5x | -1.0x | 2.5x | 3.5x | -1.0x |
1) Excludes the one-off, non-cash accounting charge related to the termination of a non-derivative financial instrument.
Total operating revenue in the quarter was Ps.13,954 million, a
Volaris transported 7.3 million passengers in the quarter, an increase of
TRASM of Ps.176 cents represented a
For full year 2021, Volaris reported a total operating revenue of Ps.44,662 million, an increase of
Total operating expenses in the quarter were Ps.10,992 million, a
For full year 2021, Volaris posted total operating expenses of Ps.36,596 million, an increase of
Comprehensive financing result represented a loss of Ps.3,632 million in fourth quarter of 2021, compared to a loss of Ps.164 million in the same period of 2019. This result was significantly impacted by a one-off, non-cash accounting charge related to the termination of a non-derivative financial instrument that generated a foreign exchange loss of Ps.2,251 million or US
In the fourth quarter, the Mexican peso depreciated
For the full year 2021, Volaris reported a comprehensive financing loss of Ps.5,352 million as compared to a loss of Ps.662 million posted in 2019. As mentioned above, in the fourth quarter of 2021, Volaris recorded a one-off, non-cash accounting charge of Ps. 2,251 million related to the termination of a non-derivative financial instrument as a result of the change in the functional currency as of December 31, 2021
Income tax benefit was Ps.400 million, compared to the expense of Ps.516 million posted in the fourth quarter of 2019.
For full year 2021, Volaris reported an income tax expense of Ps.594 million, compared to the expense of Ps.1,095 registered in 2019.
Net loss in the quarter stood at Ps.200 million, impacted by the aforementioned one-off accounting charge related to the termination of a non-derivative financial instrument of Ps.2,251 million or US
For the full year 2021, Volaris posted a net income of Ps.2,121 million, equivalent to a
EBITDAR was Ps.5,161 million, an increase of
For full year 2021, Volaris registered an EBITDAR of Ps.16,375 million, an increase of
Balance Sheet, Liquidity and Capital Allocation
During the fourth quarter, Volaris generated Ps.2,587 million in cash, including the issuance of its first sustainability-linked asset backed trust notes (VOLARCB 21L). As of December 31st, cash and cash equivalents were Ps.15,255 million or US
For full year 2021, Volaris generated Ps.5,152 million in cash. Net cash flow provided by operating activities was Ps.15,869 million, while cash outflows in investing and financing activities were Ps.2,731 million and Ps.8,828 million, respectively. Positive net foreign exchange difference was Ps.842 million.
As of the year, net debt was Ps.40,672 million, which included Ps.6,277 million of financial debt, Ps.49,650 million of leasing liabilities, less cash and cash equivalents of Ps.15,255 million. The net debt-to-LTM EBITDAR ratio was 2.5 times, compared to 3.5 times in the same period of 2019 and 2.8 times in third quarter of 2021.
As of December 31st, 2021, Volaris and its main subsidiary have changed their functional currency from the Mexican Peso to the US Dollar. According to IAS 21 the functional currency is the currency of the primary economic environment in which the entity operates; in other words, the currency in which Volaris measures and records its transactions. As a result of the recent developments in the Company's operational environment, the way it measures its business performance, the determination of the selling fares based on US Dollar, the increase of operations in the international market, and that most of Volaris´ cost is determined and denominated in US dollars, the Company concluded that the currency that most reflects its operations is the US Dollar. The change of this new functional currency was made on a prospectively basis with no restatement of previous periods.
Volaris believes the measurement of the financial information with the new functional currency will mitigate the impact of the Mexican Peso volatility over its financial results and improves the comparability with other companies in the market.
2022 Outlook
Volaris expects to continue with its disciplined growth strategy for the rest of the year. Assuming no significant unexpected disruptions related to COVID-19 or other macroeconomics impacts to the business, the Company expects to grow capacity (ASMs) in the mid-twenties compared to 2021. Furthermore, it expects total operating revenue in the range of US
Fleet
During the fourth quarter, the Company incorporated seven new A320neo aircraft to its fleet. As of December 31, 2021, Volaris' fleet was composed of 101 aircraft (6 A319s, 79 A320s and 16 A321s), with an average age of 5.4 years. Volaris' fleet had an average of 187 seats per aircraft.
On November 15th, 2021, Volaris signed a new purchase order with Airbus for 39 A321neo aircraft, in order to secure its growth in the second half of the decade. In addition to the acquisition of these 39 aircraft, Volaris agreed with Airbus to convert 20 aircraft in its current order contract from A320neo to A321neos.
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, February 25th, 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=423f690b-ffe2-401e-9603-561864dcb46d |
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 184 and its fleet from 4 to 102 aircraft. Volaris offers more than 500 daily flight segments on routes that connect 43 cities in Mexico and 27 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 eleven 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
(All metrics are compared to 2019 unless otherwise noted)
Unaudited | Three months ended December 31, 2021 (US Dollars)* | Three months ended December 31, 2021 | Three months ended December 31, 2019 | Variance | ||
Total operating revenues (millions) | 678 | 13,954 | 9,729 | |||
Total operating expenses (millions) | 531 | 10,922 | 7,762 | |||
EBIT (millions) | 147 | 3,032 | 1,967 | |||
EBIT margin | 1.5 pp | |||||
Depreciation and amortization (millions) | 89 | 1,823 | 1,389 | |||
Aircraft and engine variable lease expenses (millions) | 15 | 306 | 193 | |||
Net (loss) income (millions) | (10) | (200) | 1,287 | N/A | ||
Net (loss) income margin | ( | ( | -14.7 pp | |||
(Loss) earnings per share: | ||||||
Basic | (0.01) | (0.17) | 1.27 | N/A | ||
Diluted | (0.01) | (0.17) | 1.27 | N/A | ||
(Loss) earnings per ADS: | ||||||
Basic | (0.08) | (1.71) | 12.72 | N/A | ||
Diluted | (0.08) | (1.71) | 12.72 | N/A | ||
Weighted average shares outstanding: | ||||||
Basic | - | 1,165,976,677 | 1,011,876,677 | |||
Diluted | - | 1,165,976,677 | 1,011,876,677 | |||
Available seat miles (ASMs) (millions) (1) | - | 8,022 | 6,300 | |||
Domestic | - | 5,652 | 4,343 | |||
International | - | 2,370 | 1,957 | |||
Revenue passenger miles (RPMs) (millions) (1) | - | 6,968 | 5,521 | |||
Domestic | - | 5,076 | 3,888 | |||
International | - | 1,892 | 1,633 | |||
Load factor (2) | - | -0.8 pp | ||||
Domestic | - | 0.3 pp | ||||
International | - | -3.6 pp | ||||
Total operating revenue per ASM (TRASM) (cents) (1)(5) | 8.5 | 175.6 | 155.0 | |||
Total ancillary revenue per passenger (4)(5) | 39.3 | 810 | 557 | |||
Total operating revenue per passenger (5) | 94.0 | 1,935 | 1,701 | |||
Operating expenses per ASM (CASM) (cents) (1)(5) | 6.6 | 136.8 | 123.5 | |||
Operating expenses per ASM (CASM) (US cents) (1)(3)(5) | - | 6.60 | 6.40 | |||
CASM ex fuel (cents) (1)(5) | 4.1 | 84.6 | 76.0 | |||
CASM ex fuel (US cents) (1)(3)(5) | - | 4.08 | 3.94 | |||
Booked passengers (thousands) (1) | - | 7,281 | 5,738 | |||
Departures (1) | - | 44,473 | 35,261 | |||
Block hours (1) | - | 111,656 | 89,714 | |||
Fuel gallons consumed (millions) | - | 79.0 | 65.2 | |||
Average economic fuel cost per gallon (5) | 2.58 | 53.1 | 45.8 | |||
Aircraft at end of period | - | 101 | 82 | |||
Average aircraft utilization (block hours) | - | 13.31 | 12.8 | |||
Average exchange rate | - | 20.75 | 19.28 | |||
End of period exchange rate | - | 20.58 | 18.85 | |||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Financial and Operating Indicators
(All metrics are compared to 2020 unless otherwise noted)
Unaudited | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Variance | ||
Total operating revenues (millions) | 678 | 13,954 | 8,086 | |||
Total operating expenses (millions) | 531 | 10,922 | 7,126 | |||
EBIT (millions) | 147 | 3,032 | 960 | |||
EBIT margin | 9.9 pp | |||||
Depreciation and amortization (millions) | 89 | 1,823 | 1,546 | |||
Aircraft and engine variable lease expenses (millions) | 15 | 306 | 507 | ( | ||
Net (loss) income (millions) | (10) | (200) | 897 | N/A | ||
Net (loss) income margin | ( | ( | (12.5 pp) | |||
(Loss) earnings per share: | ||||||
Basic | (0.01) | (0.17) | 0.85 | N/A | ||
Diluted | (0.01) | (0.17) | 0.85 | N/A | ||
(Loss) earnings per ADS: | ||||||
Basic | (0.08) | (1.71) | 8.54 | N/A | ||
Diluted | (0.08) | (1.71) | 8.54 | N/A | ||
Weighted average shares outstanding: | ||||||
Basic | - | 1,165,976,677 | 1,050,401,677 | |||
Diluted | - | 1,165,976,677 | 1,050,401,677 | |||
Available seat miles (ASMs) (millions) (1) | - | 8,022 | 5,979 | |||
Domestic | - | 5,652 | 4,307 | |||
International | - | 2,370 | 1,673 | |||
Revenue passenger miles (RPMs) (millions) (1) | - | 6,968 | 4,797 | |||
Domestic | - | 5,076 | 3,594 | |||
International | - | 1,892 | 1,203 | |||
Load factor (2) | - | 6.6 pp | ||||
Domestic | - | 6.4 pp | ||||
International | - | 7.9 pp | ||||
Total operating revenue per ASM (TRASM) (cents) (1)(5) | 8.5 | 175.6 | 138.1 | |||
Total ancillary revenue per passenger (4)(5) | 39.3 | 810 | 798 | |||
Total operating revenue per passenger (5) | 94.0 | 1,935 | 1,699 | |||
Operating expenses per ASM (CASM) (cents) (1)(5) | 6.6 | 136.8 | 120.6 | |||
Operating expenses per ASM (CASM) (US cents) (1)(3)(5) | - | 6.60 | 5.84 | |||
CASM ex fuel (cents) (1)(5) | 4.1 | 84.6 | 85.3 | ( | ||
CASM ex fuel (US cents) (1)(3)(5) | - | 4.08 | 4.13 | ( | ||
Booked passengers (thousands) (1) | - | 7,281 | 4,861 | |||
Departures (1) | - | 44,473 | 31,652 | |||
Block hours (1) | - | 111,656 | 80,163 | |||
Fuel gallons consumed (millions) | - | 79.0 | 56.8 | |||
Average economic fuel cost per gallon (5) | 2.6 | 53.1 | 37.2 | |||
Aircraft at end of period | - | 101 | 86 | |||
Average aircraft utilization (block hours) | - | 13.3 | 11.8 | |||
Average exchange rate | - | 20.75 | 20.63 | |||
End of period exchange rate | - | 20.58 | 19.95 | |||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Financial and Operating Indicators
(All metrics are compared to 2020 unless otherwise noted)
Unaudited | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2020 | Variance | ||
(US Dollars) * | ||||||
Total operating revenues (millions) | 2,170 | 44,662 | 22,160 | |||
Total operating expenses (millions) | 1,778 | 36,596 | 25,413 | |||
EBIT (millions) | 392 | 8,066 | (3,254) | N/A | ||
EBIT margin | ( | 32.7 pp | ||||
Depreciation and amortization (millions) | 322 | 6,622 | 5,947 | |||
Aircraft and engine rent expenses (millions) | 82 | 1,687 | 1,845 | ( | ||
Net income (loss) (millions) | 103 | 2,121 | (4,294) | N/A | ||
Net income (loss) margin | ( | 24.1 pp | ||||
Earnings (loss) per share: | ||||||
Basic | 0.09 | 1.82 | (4.20) | N/A | ||
Diluted | 0.09 | 1.82 | (4.20) | N/A | ||
Earnings (loss) per ADS: | ||||||
Basic | 0.88 | 18.19 | (42.03) | N/A | ||
Diluted | 0.88 | 18.19 | (42.03) | N/A | ||
Weighted average shares outstanding: | ||||||
Basic | - | 1,165,976,677 | 1,021,560,557 | |||
Diluted | - | 1,165,976,677 | 1,021,560,557 | |||
Available seat miles (ASMs) (millions) (1) | - | 28,097 | 18,275 | |||
Domestic | - | 20,099 | 13,446 | |||
International | - | 7,997 | 4,829 | |||
Revenue passenger miles (RPMs) (millions) (1) | - | 23,802 | 14,597 | |||
Domestic | - | 17,470 | 10,900 | |||
International | - | 6,332 | 3,696 | |||
Load factor (2) | - | 4.8 pp | ||||
Domestic | - | 5.9 pp | ||||
International | - | 2.6 pp | ||||
Total operating revenue per ASM (TRASM) (cents) (1)(5) | 7.8 | 160.5 | 123.5 | |||
Total ancillary revenue per passenger (4)(5) | 38.6 | 795 | 659 | |||
Total operating revenue per passenger (5) | 89.8 | 1,848 | 1,534 | |||
Operating expenses per ASM (CASM) (cents) (1)(5) | 6.4 | 130.9 | 141.3 | ( | ||
Operating expenses per ASM (CASM) (US cents) (1)(3)(5) | - | 6.45 | 6.57 | ( | ||
CASM ex fuel (cents) (1)(5) | 4.2 | 86.2 | 102.7 | ( | ||
CASM ex fuel (US cents) (1)(3)(5) | - | 4.25 | 4.78 | ( | ||
Booked passengers (thousands) (1) | - | 24,405 | 14,712 | |||
Departures (1) | - | 153,913 | 97,819 | |||
Block hours (1) | - | 386,752 | 248,952 | |||
Fuel gallons consumed (millions) | - | 273.5 | 176.6 | |||
Average economic fuel cost per gallon (5) | 2.2 | 45.9 | 39.9 | |||
Aircraft at end of period | - | 101 | 86 | |||
Average aircraft utilization (block hours) | - | 12.5 | 11.3 | |||
Average exchange rate | - | 20.28 | 21.50 | ( | ||
End of period exchange rate | - | 20.58 | 19.95 | |||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations
(All metrics are compared to 2020 unless otherwise noted)
Unaudited | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Variance | ||
Operating revenues: | ||||||
Passenger revenues | 660 | 13,577 | 7,863 | |||
Fare revenues | 398 | 8,195 | 4,382 | |||
Other passenger revenues | 261 | 5,382 | 3,481 | |||
Non-passenger revenues | 25 | 513 | 397 | |||
Other non-passenger revenues | 22 | 444 | 327 | |||
Cargo | 3 | 69 | 70 | ( | ||
Non-derivatives financial instruments | (7) | (136) | (174) | ( | ||
Total operating revenues | 678 | 13,954 | 8,086 | |||
Other operating income | (3) | (65) | (162) | ( | ||
Fuel expense, net (1) | 201 | 4,137 | 2,027 | |||
Landing, take-off and navigation expenses | 85 | 1,754 | 1,148 | |||
Salaries and benefits | 72 | 1,487 | 983 | |||
Depreciation of right of use assets | 70 | 1,433 | 1,297 | |||
Sales, marketing, and distribution expenses | 27 | 549 | 335 | |||
Maintenance expenses | 26 | 537 | 454 | |||
Aircraft and engine variable lease expenses | 15 | 306 | 507 | ( | ||
Depreciation and amortization | 19 | 390 | 249 | |||
Other operating expenses | 19 | 394 | 288 | |||
Operating expenses | 531 | 10,922 | 7,126 | |||
Operating income | 147 | 3,032 | 960 | |||
Finance income | 1 | 18 | 8 | |||
Finance cost | (43) | (882) | (495) | |||
Exchange (loss) gain, net (2) | (134) | (2,768) | 889 | N/A | ||
Comprehensive financing result | (176) | (3,632) | 403 | N/A | ||
(Loss) income before income tax | (29) | (600) | 1,362 | N/A | ||
Income tax benefit (expense) | 19 | 400 | (465) | N/A | ||
Net (loss) income | (10) | (200) | 897 | N/A | ||
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Operations
(All metrics are compared to 2020 unless otherwise noted)
Unaudited | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2020 (Audited) | Variance | ||
(In millions of Mexican pesos) | (US Dollars) * | |||||
Operating revenues: | ||||||
Passenger revenues | 2,103 | 43,297 | 21,487 | |||
Fare revenues | 1,249 | 25,703 | 12,873 | |||
Other passenger revenues | 855 | 17,594 | 8,613 | |||
Non-passenger revenues | 87 | 1,799 | 1,084 | |||
Other non-passenger revenues | 76 | 1,558 | 882 | |||
Cargo | 12 | 241 | 202 | |||
Non-derivatives financial instruments | (21) | (435) | (411) | |||
Total operating revenues | 2,170 | 44,662 | 22,160 | |||
Other operating income | (11) | (218) | (730) | ( | ||
Fuel expense, net (1) | 601 | 12,376 | 6,641 | |||
Landing, take-off and navigation expenses | 293 | 6,021 | 4,091 | |||
Depreciation of right of use assets | 265 | 5,463 | 5,049 | |||
Salaries and benefits | 236 | 4,857 | 3,453 | |||
Sales, marketing, and distribution expenses | 95 | 1,962 | 1,841 | |||
Maintenance expenses | 95 | 1,952 | 1,168 | |||
Aircraft and engine variable lease expenses | 82 | 1,687 | 1,845 | ( | ||
Other operating expenses | 65 | 1,337 | 1,157 | |||
Depreciation and amortization | 56 | 1,159 | 898 | |||
Operating expenses | 1,778 | 36,596 | 25,413 | |||
Operating income (loss) | 392 | 8,066 | (3,254) | N/A | ||
Finance income | 3 | 72 | 102 | ( | ||
Finance cost | (138) | (2,832) | (3,018) | ( | ||
Exchange (loss) gain, net (2) | (126) | (2,591) | 471 | N/A | ||
Comprehensive financing result | (260) | (5,352) | (2,446) | |||
Income (loss) before income tax | 132 | 2,714 | (5,700) | N/A | ||
Income tax (expense) benefit | (29) | (594) | 1,406 | N/A | ||
Net income (loss) | 103 | 2,121 | (4,294) | N/A | ||
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | ||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Reconciliation of total ancillary revenue per passenger
(All metrics are compared to 2020 unless otherwise noted)
The following table shows quarterly additional detail about the components of total ancillary revenue:
Unaudited | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2020 | Variance | ||
(In millions of Mexican pesos) | ||||||
Other passenger revenues | 261 | 5,382 | 3,481 | |||
Non-passenger revenues | 25 | 513 | 397 | |||
Total ancillary revenues | 286 | 5,895 | 3,877 | |||
Booked passengers (thousands) (1) | - | 7,281 | 4,861 | |||
Total ancillary revenue per passenger | 39 | 810 | 798 | |||
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. (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
(All metrics are compared to 2020 unless otherwise noted)
The following table shows the twelve months of the year additional detail about the components of total ancillary revenue:
Unaudited | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2021 | Twelve months ended December 31, 2020 (Audited) | Variance | ||
(In millions of Mexican pesos) | ||||||
Other passenger revenues | 855 | 17,594 | 8,613 | |||
Non-passenger revenues | 87 | 1,799 | 1,084 | |||
Total ancillary revenues | 942 | 19,394 | 9,698 | |||
Booked passengers (thousands) (1) | - | 24,405 | 14,712 | |||
Total ancillary revenue per passenger | 39 | 795 | 659 | |||
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. (1) Includes schedule and charter. | ||||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Financial Position
(All metrics are compared to 2020 unless otherwise noted)
(In millions of Mexican pesos) | December 31, | December 31, | December 31, | ||
Assets | |||||
Cash and cash equivalents | 741 | 15,255 | 10,103 | ||
Accounts receivable, net | 106 | 2,184 | 2,027 | ||
Inventories | 14 | 296 | 279 | ||
Prepaid expenses and other current assets | 40 | 823 | 850 | ||
Financial instruments | - | - | - | ||
Guarantee deposits | 79 | 1,626 | 1,142 | ||
Total current assets | 981 | 20,184 | 14,402 | ||
Rotable spare parts, furniture and equipment, net | 455 | 9,357 | 7,281 | ||
Right of use assets | 1,917 | 39,463 | 34,316 | ||
Intangible assets, net | 13 | 260 | 192 | ||
Financial instruments | 1 | 29 | - | ||
Deferred income taxes | 141 | 2,908 | 3,129 | ||
Guarantee deposits | 455 | 9,373 | 8,425 | ||
Other assets | 5 | 106 | 119 | ||
Other long- term assets | 21 | 423 | 325 | ||
Total non-current assets | 3,008 | 61,919 | 53,787 | ||
Total assets | 3,988 | 82,103 | 68,189 | ||
Liabilities | |||||
Unearned transportation revenue | 304 | 6,257 | 5,851 | ||
Accounts payable | 119 | 2,444 | 2,365 | ||
Accrued liabilities | 178 | 3,666 | 2,356 | ||
Lease Liabilities | 284 | 5,842 | 6,484 | ||
Other taxes and fees payable | 131 | 2,700 | 2,236 | ||
Income taxes payable | 4 | 86 | 4 | ||
Financial instruments | - | - | 10 | ||
Financial debt | 197 | 4,053 | 1,559 | ||
Other liabilities | 35 | 713 | 101 | ||
Total short-term liabilities | 1,252 | 25,761 | 20,966 | ||
Financial debt | 108 | 2,224 | 3,796 | ||
Accrued liabilities | 1 | 30 | 67 | ||
Lease Liabilities | 2,128 | 43,808 | 37,646 | ||
Other liabilities | 167 | 3,436 | 2,668 | ||
Employee benefits | 4 | 82 | 51 | ||
Deferred income taxes | 11 | 230 | 200 | ||
Total long-term liabilities | 2,419 | 49,810 | 44,427 | ||
Total liabilities | 3,671 | 75,571 | 65,393 | ||
Equity | |||||
Capital stock | 166 | 3,426 | 3,426 | ||
Treasury shares | (10) | (209) | (224) | ||
Contributions for future capital increases | - | - | - | ||
Legal reserve | 14 | 291 | 291 | ||
Additional paid-in capital | 230 | 4,741 | 4,720 | ||
Retained losses | (84) | (1,735) | (3,855) | ||
Accumulated other comprehensive income (loss) (1) | 1 | 18 | (1,562) | ||
Total equity | 317 | 6,532 | 2,796 | ||
Total liabilities and equity | 3,988 | 82,103 | 68,189 | ||
Weighted average shares outstanding | 1,165,976,677 | 1,165,976,677 | |||
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | |||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data Summary
(All metrics are compared to 2020 unless otherwise noted)
Unaudited | Three months ended December 31, 2021 | Three months ended December 31, 2021 | Three months ended December 31, 2020 | ||
Net cash flow provided by operating activities | 247 | 5,090 | 1,070 | ||
Net cash flow (used in) provided by investing activities | (67) | (1,385) | 77 | ||
Net cash flow (used in) provided by financing activities ** | (88) | (1,812) | 1,364 | ||
Increase in cash and cash equivalents | 92 | 1,893 | 2,511 | ||
Net foreign exchange differences | 34 | 694 | (609) | ||
Cash and cash equivalents at beginning of period | 615 | 12,668 | 8,202 | ||
Cash and cash equivalents at end of period | 741 | 15,255 | 10,103 | ||
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | |||||
Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Consolidated Statement of Cash Flows – Cash Flow Data Summary
(All metrics are compared to 2020 unless otherwise noted)
Unaudited | Twelve months ended December 31, 2021 |
Twelve months ended December 31, 2021 |
Twelve months ended December 31, 2020 (Audited) |
(In millions of Mexican pesos) | (US Dollars) * | ||
Net cash flow provided by operating activities | 771 | 15,869 | 4,359 |
Net cash flow used in investing activities | (133) | (2,731) | (68) |
Net cash flow used in financing activities ** | (429) | (8,828) | (3,041) |
Increase in cash and cash equivalents | 209 | 4,310 | 1,251 |
Net foreign exchange differences | 41 | 842 | 873 |
Cash and cash equivalents at beginning of year | 491 | 10,103 | 7,980 |
Cash and cash equivalents at end of year | 741 | 15,255 | 10,103 |
* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. | |||
[1] The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
View original content:https://www.prnewswire.com/news-releases/volaris-reports-financial-results-for-the-fourth-quarter-and-full-year-2021-301490306.html
SOURCE Volaris
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