Volaris Reports Financial Results for the Second Quarter 2021
Volaris (NYSE: VLRS) reported robust Q2 2021 results, showcasing a 38% increase in total operating revenue to Ps.11,501 million compared to Q2 2019. Net income surged by 1,188% to Ps.1,538 million, with an improved net margin of 13.4%. The airline's EBITDAR climbed 103% to Ps.4,696 million, achieving a margin of 40.8%. Passenger volume reached 6.2 million, marking a 10% growth. Cash and cash equivalents stood at Ps.10,534 million, which is 44% of the last twelve months' operating revenue. Volaris is on track to enhance its fleet with more A320neo aircraft, aligning with sustainability goals.
- Revenue increase of 38% to Ps.11,501 million.
- Net income rose 1,188% to Ps.1,538 million.
- EBITDAR increased 103% to Ps.4,696 million with a margin of 40.8%.
- Passenger count grew 10% to 6.2 million.
- Strong cash position of Ps.10,534 million, 44% of the last twelve months' operating revenue.
- Operating expenses increased by 15% to Ps.8,850 million.
- CASM ex-fuel rose by 8% to US$ 4.22 cents.
MEXICO CITY, July 15, 2021 /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, and Central America, today announces its financial results for the second quarter 2021[1].
Second Quarter 2021 Highlights
(All metrics are compared to 2Q 2019 unless otherwise noted)
Volaris reported a strong second quarter with double-digit growth in revenue and EBITDAR, driven by a continued recovery of passenger demand in the Company´s markets.
- Total operating revenue of Ps.11,501 million, a
38% increase. Total revenue per available seat mile (TRASM) increased22% to Ps.165 cents. - Operating expenses of Ps.8,850 million, a
15% increase. Operating expenses per available seat mile (CASM) decreased3% to US$ 6.31 cents, while CASM ex-fuel increased8% to US$ 4.22 cents. - Net income of Ps.1,538 million with a net margin of
13.4% . Earnings per share of Ps.1.32 and earnings per ADS of US$ 0.67 . - EBITDAR of Ps.4,696 million, increased
103% with an EBITDAR margin of40.8% , an expansion of 13.1 percentage points. - Cash generation of Ps.2,072 million with a cash and cash equivalents position of Ps.10,534 million or US
$ 532 million , representing44% of the last twelve months operating revenue. - Net debt-to-EBITDAR ratio of 4.5 times, back to pre-pandemic levels.
"I am proud of what our team was able to achieve in the second quarter 2021, delivering considerable improvement in almost all operating and financial metrics. We were able to significantly increase capacity while improving TRASM and maintaining our cost control discipline. This efficient growth allowed us to more than double EBITDAR compared to the second quarter of 2019," said Enrique Beltranena, President & Chief Executive Officer. "We have demonstrated yet again that the Volaris business model is sound and can deliver superior results in various market conditions. Our team has taken the opportunities that presented themselves from the CoVID-19 pandemic and come out stronger in the market." Enrique added.
Second Quarter 2021 Financial and Operations Highlights
(All metrics are compared to 2Q 2019 unless otherwise noted)
Second Quarter | |||
Consolidated Financial Highlights | 2021 | 2019 | % Var. |
Total Revenue (Ps. million) | 11,501 | 8,329 | |
TRASM (Ps. cents) | 165 | 136 | |
ASMs (million, scheduled & charter) | 7,028 | 6,154 | |
Load Factor (scheduled, RPMs/ASMs) | (0.7) pp | ||
Passengers (thousand, scheduled & charter) | 6,202 | 5,654 | |
Fleet (end of period) | 92 | 78 | 14 |
Operating Expenses (Ps. million) | 8,850 | 7,670 | |
CASM (US$ cents) | 6.31 | 6.53 | ( |
CASM excl. fuel (US$ cents) | 4.22 | 3.89 | |
Operating income (EBIT) (Ps. million) | 2,651 | 659 | |
% EBIT Margin | 15.1 pp | ||
Net income (Ps. million) | 1,538 | 119 | 1, |
% Net income margin | 12.0 pp | ||
EBITDAR (Ps. million) | 4,696 | 2,310 | |
% EBITDAR Margin | 13.1 pp | ||
Net debt-to-EBITDAR | 4.5x | 4.4x | 0.1x |
Total operating revenue was Ps.11,501 million, a
Volaris booked 6.2 million passengers in the quarter, an increase of
TRASM of Ps.165 cents, increased
Operating expenses were Ps.8,850 million, a
Comprehensive financing result decreased
Income tax expense was Ps.659 million, compared to Ps.78 million in the second quarter of 2019.
Net income was Ps.1,538 million with a net margin of
EBITDAR was Ps.4,696 million, an increase of
Balance Sheet, Liquidity and Capital Allocation
During the second quarter 2021 Volaris generated cash flow of Ps.2,072 million. As of June 30, cash and cash equivalents were Ps.10,534 million or US
As of June 30, 2021, the Company had only
As of the quarter end, net debt was Ps.39,849 million, which included Ps.5,332 million of financial debt, Ps.45,051 million of leasing liabilities, less cash and cash equivalents of Ps.10,534 million. The Company registered a negative adjusted net debt of Ps.5,202 million (excluding lease liability recognized under the IFRS16). The net debt-to-EBITDAR ratio was 4.5 times, in line with 2Q 2019.
Fleet
During the second quarter, the Company incorporated 5 new A320neo aircraft to its fleet. As of June 30, 2021, Volaris' fleet was composed of 92 aircraft (6 A319s, 70 A320s and 16 A321s), with an average age of 5.4 years. Volaris' fleet had an average of 188 seats per aircraft.
The Company plans to incorporate 25 A320neo family aircraft to its fleet in the next 18 months, ending 2021 with 101 aircraft and closing the year 2022 with 113 aircraft. Volaris anticipates the percentage of A320neo family aircraft of its fleet to be
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:
María Elena Rodríguez / Félix Martínez / ir@volaris.com
Media Contact:
Gabriela Fernández / gabriela.fernandez@volaris.com/ +52 55 3104 5264
Conference call and webcast details
Date: | Friday, July 16, 2021 |
Time: | 9:00 am Mexico City (CT) / 10:00 am New York (USA) (ET) |
United States dial in: | +1-412-317-6378 or +1-844-204-8586 |
Mexico dial in: | +52-55-8880-8040 |
International dial in: | +1-412-317-6378 |
Participant code: | Volaris |
Webcast & video presentation: | https://webcastlite.mziq.com/cover.html?webcastId=fb8ba57c-7f6d-42fa-abb0-7c4b8acdd791 |
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 and Central 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 180 and its fleet from 4 to 93 aircraft. Volaris offers more than 450 daily flight segments on routes that connect 43 cities in Mexico and 28 cities in the United States and Central 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 and Central 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 Securities Act of 1933, as amended, and Section 21E of the 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 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 June 30, 2021 | Three months |
Three months | Variance |
(Mexican pesos, except otherwise indicated) | (US Dollars)* | (%) | ||
Total operating revenue (millions) | 581 | 11,501 | 8,329 | |
Total operating expenses (millions) | 447 | 8,850 | 7,670 | |
EBIT (millions) | 134 | 2,651 | 659 | |
EBIT margin | 15.1 pp | |||
Depreciation and amortization (millions) | 79 | 1,563 | 1,335 | |
Aircraft and engine variable lease expenses (millions) | 24 | 482 | 316 | |
Net income (millions) | 78 | 1,538 | 119 | 1, |
Net income margin | 12.0 pp | |||
Earnings per share: | ||||
Basic (pesos) | 0.07 | 1.32 | 0.12 | 1, |
Diluted (pesos) | 0.07 | 1.32 | 0.12 | 1, |
Earnings per ADS: | ||||
Basic (pesos) | 0.67 | 13.19 | 1.18 | 1, |
Diluted (pesos) | 0.67 | 13.19 | 1.18 | 1, |
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) | - | 7,028 | 6,154 | |
Domestic | - | 5,012 | 4,250 | |
International | - | 2,016 | 1,904 | |
Revenue passenger miles (RPMs) (millions) (1) | - | 6,082 | 5,370 | |
Domestic | - | 4,424 | 3,812 | |
International | - | 1,658 | 1,558 | |
Load factor (2) | - | (0.7) pp | ||
Domestic | - | (1.4) pp | ||
International | - | 0.4 pp | ||
Total operating revenue per ASM (TRASM) (cents) (1) (5) | 8.3 | 165.0 | 135.5 | |
Total ancillary revenue per passenger (4) (5) | 39.6 | 785 | 514 | |
Total operating revenue per passenger (5) | 94.4 | 1,870 | 1,475 | |
Operating expenses per ASM (CASM) (cents) (1) (5) | 6.4 | 126.4 | 124.9 | |
Operating expenses per ASM (CASM) (US cents) (1) (3) (5) | - | 6.3 | 6.5 | ( |
CASM ex fuel (cents) (1) (5) | 4.3 | 84.6 | 74.5 | |
CASM ex fuel (US cents) (1) (3) (5) | - | 4.2 | 3.9 | |
Booked passengers (thousands) (1) | - | 6,202 | 5,654 | |
Departures (1) | - | 38,658 | 34,848 | |
Block hours (1) | - | 96,721 | 87,686 | |
Fuel gallons consumed (millions) | - | 69.1 | 63.4 | |
Average economic fuel cost per gallon (5) | 2.2 | 42.6 | 48.9 | ( |
Aircraft at end of period | - | 92 | 78 | |
Average aircraft utilization (block hours) | - | 12.9 | 13.1 | ( |
Average exchange rate | - | 20.05 | 19.12 | |
End of period exchange rate | - | 19.80 | 19.17 | |
*Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. (1) Includes scheduled and chartered. (3) Dollar amounts were converted at average exchange rate of each period. | ||||
(2) Includes scheduled. (4) Includes "Other passenger revenue" and "Non-passenger revenue". (5) Excludes non-derivatives financial instruments. |
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 June 30, | Three months |
Three months | Variance |
(Mexican pesos, except otherwise indicated) | (US Dollars)* | (%) | ||
Total operating revenue (millions) | 581 | 11,501 | 1,526 | |
Total operating expenses (millions) | 447 | 8,850 | 3,820 | |
EBIT (millions) | 134 | 2,651 | (2,294) | NA |
EBIT margin | ( | 173.4 pp | ||
Depreciation and amortization (millions) | 79 | 1,563 | 1,451 | |
Aircraft and engine variable lease expenses (millions) | 24 | 482 | 426 | |
Net income (loss) (millions) | 78 | 1,538 | (1,523) | NA |
Net income (loss) margin | ( | 113.2 pp | ||
Earnings (loss) per share: | ||||
Basic (pesos) | 0.07 | 1.32 | (1.50) | NA |
Diluted (pesos) | 0.07 | 1.32 | (1.50) | NA |
Earnings (loss) per ADS: | ||||
Basic (pesos) | 0.67 | 13.19 | (15.05) | NA |
Diluted (pesos) | 0.67 | 13.19 | (15.05) | NA |
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) | - | 7,028 | 1,437 | |
Domestic | - | 5,012 | 1,202 | |
International | - | 2,016 | 235 | |
Revenue passenger miles (RPMs) (millions) (1) | - | 6,082 | 1,138 | |
Domestic | - | 4,424 | 936 | |
International | - | 1,658 | 202 | |
Load factor (2) | - | 7.3 pp | ||
Domestic | - | 10.4 pp | ||
International | - | (4.0) pp | ||
Total operating revenue per ASM (TRASM) (cents) (1) (5) | 8.3 | 165.0 | 108.9 | |
Total ancillary revenue per passenger (4) (5) | 39.6 | 785 | 644 | |
Total operating revenue per passenger (5) | 94.4 | 1,870 | 1,417 | |
Operating expenses per ASM (CASM) (cents) (1) (5) | 6.4 | 126.4 | 274.4 | ( |
Operating expenses per ASM (CASM) (US cents) (1) (3) (5) | - | 6.3 | 11.7 | ( |
CASM ex fuel (cents) (1) (5) | 4.3 | 84.6 | 234.3 | ( |
CASM ex fuel (US cents) (1) (3) (5) | - | 4.2 | 10.0 | ( |
Booked passengers (thousands) (1) | - | 6,202 | 1,105 | |
Departures (1) | - | 38,658 | 7,785 | |
Block hours (1) | - | 96,721 | 19,472 | |
Fuel gallons consumed (millions) | - | 69.1 | 13.1 | |
Average economic fuel cost per gallon (5) | 2.2 | 42.6 | 43.8 | ( |
Aircraft at end of period | - | 92 | 82 | |
Average aircraft utilization (block hours) | - | 12.9 | 7.7 | |
Average exchange rate | - | 20.05 | 23.37 | ( |
End of period exchange rate | - | 19.80 | 22.97 | ( |
*Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. (1) Includes scheduled and chartered. (3) Dollar amounts were converted at average exchange rate of each period. | ||||
(2) Includes scheduled. (4) Includes "Other passenger revenue" and "Non-passenger revenue". (5) Excludes non-derivatives financial instruments. |
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
|
Six months ended June 30, 2021 | Six months ended |
Six months ended | Variance
|
(Mexican pesos, except otherwise indicated) | (US Dollars)* | (%) | ||
Total operating revenues (millions) | 904 | 17,904 | 9,350 | |
Total operating expenses (millions) | 808 | 15,992 | 11,337 | |
EBIT (millions) | 97 | 1,912 | (1,986) | NA |
EBIT margin | ( | 31.9 pp | ||
Depreciation and amortization (millions) | 157 | 3,118 | 2,893 | |
Aircraft and engine rent expenses (millions) | 48 | 950 | 801 | |
Net income (loss) (millions) | 41 | 805 | (3,016) | NA |
Net income (loss) margin | ( | 36.7 pp | ||
Earnings (loss) per share: | ||||
Basic (pesos) | 0.03 | 0.69 | (2.98) | NA |
Diluted (pesos) | 0.03 | 0.69 | (2.98) | NA |
Earnings (loss) per ADS: | ||||
Basic (pesos) | 0.35 | 6.90 | (29.80) | NA |
Diluted (pesos) | 0.35 | 6.90 | (29.80) | NA |
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) | - | 12,407 | 7,533 | |
Domestic | - | 9,050 | 5,455 | |
International | - | 3,357 | 2,078 | |
Revenue passenger miles (RPMs) (millions) (1) | - | 10,284 | 6,304 | |
Domestic | - | 7,680 | 4,596 | |
International | - | 2,604 | 1,708 | |
Load factor (2) | - | (0.8) pp | ||
Domestic | - | 0.6 pp | ||
International | - | (4.7) pp | ||
Total operating revenue per ASM (TRASM) (cents) (1)(5) | 7.4 | 146.0 | 125.0 | |
Total ancillary revenue per passenger (4)(5) | 39.3 | 778 | 578 | |
Total operating revenue per passenger (5) | 87.3 | 1,730 | 1,475 | |
Operating expenses per ASM (CASM) (cents) (1)(5) | 6.5 | 129.7 | 152.8 | ( |
Operating expenses per ASM (CASM) (US cents) (1)(3)(5) | - | 6.4 | 7.1 | ( |
CASM ex fuel (cents) (1)(5) | 4.5 | 90.0 | 111.1 | ( |
CASM ex fuel (US cents) (1)(3)(5) | - | 4.5 | 5.1 | ( |
Booked passengers (thousands) (1) | - | 10,474 | 6,382 | |
Departures (1) | - | 67,620 | 41,446 | |
Block hours (1) | - | 169,893 | 106,110 | |
Fuel gallons consumed (millions) | - | 119.9 | 75.0 | |
Average economic fuel cost per gallon (5) | 2.1 | 41.1 | 41.8 | ( |
Aircraft at end of period | - | 92 | 82 | |
Average aircraft utilization (block hours) | - | 11.8 | 11.4 | |
Average exchange rate | - | 20.18 | 21.62 | ( |
End of period exchange rate | - | 19.80 | 22.97 | ( |
*Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. (1) Includes scheduled and chartered. (3) Dollar amounts were converted at average exchange rate of each period. | ||||
(2) Includes scheduled. (4) Includes "Other passenger revenue" and "Non-passenger revenue". (5) Excludes non-derivatives financial instruments. |
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 | Three months ended June 30, 2021 |
Three months ended June 30, 2020 | Variance |
(In millions of Mexican pesos) | (US Dollars) * | (%) | ||
Operating revenue: | ||||
Passenger revenue | 563 | 11,145 | 1,436 | |
Fare revenue | 340 | 6,729 | 854 | |
Other passenger revenue | 223 | 4,416 | 582 | |
Non-passenger revenue | 23 | 453 | 129 | |
Other non-passenger revenue | 20 | 394 | 102 | |
Cargo | 3 | 59 | 27 | |
Non-derivatives financial instruments | (5) | (98) | (39) | |
Total operating revenue | 581 | 11,501 | 1,526 | |
Other operating income | (3) | (50) | (180) | ( |
Fuel expense, net (1) | 147 | 2,907 | 452 | |
Depreciation of right of use assets | 67 | 1,318 | 1,240 | |
Landing, take-off, and navigation expenses | 77 | 1,528 | 438 | |
Sales, marketing, and distribution expenses | 24 | 481 | 179 | |
Salaries and benefits | 59 | 1,162 | 665 | |
Aircraft and engine variable lease expenses | 24 | 482 | 426 | |
Maintenance expenses | 25 | 485 | 166 | |
Other operating expenses | 15 | 292 | 224 | |
Depreciation and amortization | 12 | 245 | 210 | |
Operating expenses | 447 | 8,850 | 3,820 | |
Operating income (loss) | 134 | 2,651 | (2,294) | NA |
Finance income | 1 | 21 | 27 | ( |
Finance cost | (32) | (639) | (1,137) | ( |
Exchange gain, net | 8 | 164 | 1,229 | ( |
Comprehensive financing result | (23) | (454) | 119 | NA |
Income (loss) before income tax | 111 | 2,197 | (2,175) | NA |
Income tax (expense) benefit | (33) | (659) | 653 | NA |
Net income (loss) | 78 | 1,538 | (1,523) | NA |
* Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. (1) 2Q 2021 and 2Q 2020 figures include a benefit from non-derivatives financial instruments by an amount of Ps.34.7 million and Ps.123.2 million, respectively. |
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
|
Six months ended June 30, | Six months ended June 30, 2021 |
Six months ended June 30, 2020 | Variance
|
(In millions of Mexican pesos) | (US Dollars) * | (%) | ||
Operating revenues: | ||||
Passenger revenues | 872 | 17,275 | 8,984 | |
Fare revenues | 503 | 9,966 | 5,727 | |
Other passenger revenues | 369 | 7,309 | 3,257 | |
Non-passenger revenues | 42 | 839 | 433 | |
Other non-passenger revenues | 37 | 725 | 350 | |
Cargo | 6 | 115 | 83 | |
Non-derivatives financial instruments | (11) | (210) | (66) | |
Total operating revenues | 904 | 17,904 | 9,350 | |
Other operating income | (5) | (109) | (301) | ( |
Depreciation of right of use assets | 132 | 2,620 | 2,474 | |
Salaries and benefits | 108 | 2,134 | 1,605 | |
Fuel expense, net (1) | 244 | 4,829 | 2,965 | |
Landing, take-off, and navigation expenses | 138 | 2,739 | 1,915 | |
Aircraft and engine variable lease expenses | 48 | 950 | 801 | |
Sales, marketing, and distribution expenses | 42 | 836 | 542 | |
Maintenance expenses | 46 | 908 | 399 | |
Other operating expenses | 30 | 586 | 517 | |
Depreciation and amortization | 25 | 499 | 419 | |
Operating expenses | 808 | 15,992 | 11,337 | |
Operating income (loss) | 97 | 1,912 | (1,986) | NA |
Finance income | 2 | 33 | 76 | ( |
Finance cost | (61) | (1,206) | (1,794) | ( |
Exchange gain (loss), net | 21 | 411 | (605) | NA |
Comprehensive financing result | (38) | (762) | (2,322) | ( |
Income (loss) before income tax | 58 | 1,150 | (4,308) | NA |
Income tax (expense) benefit | (17) | (345) | 1,292 | NA |
Net income (loss) | 41 | 805 | (3,016) | NA |
* Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. (1) June YTD 2021 and June YTD 2020 figures include a benefit from non-derivatives financial instruments by an amount of Ps.100.5 million and Ps.171.4 million, respectively. |
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 (US Dollars)* | Three months |
Three months | Variance (%) |
(In millions of Mexican pesos) | ||||
Other passenger revenue | 223 | 4,416 | 582 | |
Non-passenger revenue | 23 | 453 | 129 | |
Total ancillary revenue | 246 | 4,869 | 711 | |
Booked passengers (thousands) | - | 6,202 | 1,105 | |
Total ancillary revenue per passenger | 40 | 785 | 644 | |
* Peso amounts were converted to US 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 the first one half of the year additional detail about the components of total ancillary revenue:
Unaudited | Six months (US Dollars)* | Six months ended |
Six months ended | Variance
(%) |
(In millions of Mexican pesos) | ||||
Other passenger revenues | 369 | 7,309 | 3,257 | |
Non-passenger revenues | 42 | 839 | 433 | |
Total ancillary revenues | 411 | 8,148 | 3,689 | |
Booked passengers (thousands) | - | 10,474 | 6,382 | |
Total ancillary revenue per passenger | 39 | 778 | 578 | |
* Peso amounts were converted to US 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 Financial Position
(All metrics are compared to 2020 unless otherwise noted)
(In millions of Mexican pesos) | June 30, 2021 Unaudited | June 30, 2021 | December 31, 2020 | |||
(US Dollars)* | ||||||
Assets | ||||||
Cash and cash equivalents | 532 | 10,534 | 10,103 | |||
Accounts receivable, net | 144 | 2,861 | 2,027 | |||
Inventories | 13 | 264 | 279 | |||
Prepaid expenses and other current assets | 61 | 1,212 | 850 | |||
Financial instruments | - | - | - | |||
Guarantee deposits | 79 | 1,567 | 1,142 | |||
Total current assets | 830 | 16,438 | 14,402 | |||
Rotable spare parts, furniture and equipment, net | 400 | 7,921 | 7,281 | |||
Right of use assets | 1,857 | 36,782 | 34,316 | |||
Intangible assets, net | 9 | 169 | 192 | |||
Financial instruments | - | 2 | - | |||
Deferred income taxes | 140 | 2,775 | 3,129 | |||
Guarantee deposits | 470 | 9,308 | 8,425 | |||
Other assets | 4 | 80 | 119 | |||
Other long- term assets | 16 | 319 | 325 | |||
Total non-current assets | 2,896 | 57,357 | 53,787 | |||
Total assets | 3,727 | 73,795 | 68,189 | |||
Liabilities | ||||||
Unearned transportation revenue | 413 | 8,180 | 5,851 | |||
Accounts payable | 70 | 1,382 | 2,365 | |||
Accrued liabilities | 175 | 3,462 | 2,356 | |||
Lease liabilities | 266 | 5,276 | 6,484 | |||
Other taxes and fees payable | 160 | 3,161 | 2,236 | |||
Income taxes payable | - | 2 | 4 | |||
Financial instruments | - | - | 10 | |||
Financial debt | 168 | 3,322 | 1,559 | |||
Other liabilities | 9 | 183 | 101 | |||
Total short-term liabilities | 1,261 | 24,967 | 20,966 | |||
Financial debt | 102 | 2,010 | 3,796 | |||
Accrued liabilities | 14 | 269 | 67 | |||
Lease liabilities | 2,009 | 39,775 | 37,646 | |||
Other liabilities | 148 | 2,921 | 2,668 | |||
Employee benefits | 3 | 56 | 51 | |||
Deferred income taxes | 10 | 199 | 200 | |||
Total long-term liabilities | 2,284 | 45,231 | 44,427 | |||
Total liabilities | 3,545 | 70,198 | 65,393 | |||
Equity | ||||||
Capital stock | 173 | 3,426 | 3,426 | |||
Treasury shares | (10) | (204) | (224) | |||
Contributions for future capital increases | - | - | - | |||
Legal reserve | 15 | 291 | 291 | |||
Additional paid-in capital | 237 | 4,691 | 4,720 | |||
Retained losses | (154) | (3,050) | (3,855) | |||
Accumulated other comprehensive losses (1) | (79) | (1,558) | (1,562) | |||
Total equity | 182 | 3,597 | 2,796 | |||
Total liabilities and equity | 3,727 | 73,795 | 68,189 | |||
Total shares outstanding fully diluted | 1,165,976,677 | 1,165,976,677 | ||||
* Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. (1) As of June 30, 2021, and December 31, 2020, the figures include a negative foreign exchange effect of Ps.1,594 million and negative foreign exchange effect of Ps.1,577 million, respectively, related to non-derivative financial instruments. |
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 June 30, 2021 | Three months ended June 30, 2021 |
Three months |
(In millions of Mexican pesos) | (US Dollars)* | ||
Net cash flow generated by operating activities | 293 | 5,807 | 584 |
Net cash flow (used in) provided by investing activities | (39) | (776) | 71 |
Net cash flow used in financing activities** | (149) | (2,959) | (1,179) |
Increase (decrease) in cash and cash equivalents | 105 | 2,072 | (524) |
Net foreign exchange differences | (13) | (255) | (120) |
Cash and cash equivalents at beginning of period | 440 | 8,718 | 10,658 |
Cash and cash equivalents at end of period | 532 | 10,534 | 10,013 |
* Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. |
**Includes aircraft rental payments of Ps.2,901 million and Ps.806 million for the three months ended period June 30, 2021, and 2020, respectively.
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 |
Six months ended June 30, 2021 | Six months ended |
Six months |
(In millions of Mexican pesos) | (US Dollars)* | ||
Net cash flow generated by operating activities | 331 | 6,559 | 3,403 |
Net cash flow (used in) provided by investing activities | (49) | (966) | 34 |
Net cash flow used in financing activities** | (260) | (5,141) | (3,048) |
Increase in cash and cash equivalents | 23 | 452 | 389 |
Net foreign exchange differences | (1) | (21) | 1,645 |
Cash and cash equivalents at beginning of period | 510 | 10,103 | 7,980 |
Cash and cash equivalents at end of period | 532 | 10,534 | 10,013 |
* Peso amounts were converted to US dollars at end of period exchange rate for convenience purposes only. **Includes aircraft rental payments of Ps.5,037 million and Ps.2,626 million for the six months ended period June 30, 2021, and 2020, respectively. |
[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-second-quarter-2021-301335320.html
SOURCE Volaris