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Volaris Reports Fourth Quarter and Full Year 2013 Results: Continues Building Its Market, Growing Revenues and Expanding Margins in 2013

MEXICO CITY, Feb. 25, 2014 /PRNewswire/ -- Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico and the US, today announced its financial results for the fourth quarter and full year of 2013.

Fourth Quarter and Full Year 2013 Highlights: Advancing "The Volaris Ultra-Low-Cost Carrier Model"

The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). Unless otherwise stated, all comparisons with prior periods refer to the fourth quarter or full year of 2012.

  • Total operating revenues was Ps.3,184 million and Ps.13,002 million for the fourth quarter and full year, respectively, a decrease of 1.1% and an increase of 11.3% year over year, respectively.
  • Operating expenses per available seat mile (CASM) decreased to Ps.114.8 cents (US$8.8 cents) and Ps.116.4 cents (US$8.9 cents) for the fourth quarter and full year 2013, respectively, a 6.7% and 4.9% decrease year over year, respectively. CASM excluding fuel decreased 7.3% and 2.0% in the same periods, respectively.
  • Adjusted EBITDAR was Ps.484 million and Ps.2,806 million for the fourth quarter and full year, respectively, resulting in an adjusted EBITDAR margin of 15% and 22%, respectively. Adjusted EBITDAR and net income excluding special items grew by 13% and 86% in the year, respectively.
  • Net loss excluding special items for the fourth quarter was Ps.49 million (Ps.4.8 cents per share / US$3.7 cents per ADS), and net income excluding special items for the full year was Ps.379 million (Ps.44.1 cents per share / US$33.8 cents per ADS).
  • We continued to build our market by transporting 21% more passengers in the year, operated at a 83% load factor, and continued our product unbundling strategy, growing our non-ticket revenues by 25%.

Volaris CEO Enrique Beltranena commented: "Our long term growth opportunity is unprecedented and based on Mexico's bright future – but there are near term challenges to the fare environment because of the combination of a slower economy in general with a rapid growth in the air travel market. 'The Volaris Ultra-Low-Cost Carrier Model' was developed with both our long term opportunity and Mexico's short term volatility in mind; it competes most successfully in this environment, creating sustainable value even in difficult periods, while we continue to build our market in Mexico and the US."

*Controladora Vuela Compania de Aviacion, S.A.B. de C.V.

Macro Factors Impact Results While Volaris Builds its Market and Improves Operations

  • Second Half and Fourth Quarter Macro Factors

    • Slower Mexican economic growth: During the fourth quarter Mexico continued to experience a slow economic environment. The GDP growth estimates for the full year were revised downward each month during the second half of the year, going from 1.8% in August to an actual of 1.1%. Other economic indicators such as consumer confidence decreased 6.4% in the fourth quarter year over year; the Mexican General Economic Activity Indicator (IGAE) average was 0.8% in the fourth quarter of 2013 compared to 3.4% in the fourth quarter of 2012, and same store sales from the National Association of Supermarkets and Department Stores (ANTAD) was only 0.3% in the fourth quarter.
    • Slower passenger market demand reaction: Slower economic growth meant passenger market demand was weak despite a lower fare environment, and as a result our load factor decreased 1.7 pp in the fourth quarter.
    • Non-ticket revenue expansion: Our non-ticket revenue strategy continues to build, in October we amended our baggage policy and in December we initiated on board food and beverage sales.
    • Exchange rate depreciation: The Mexican peso depreciated 0.7% year over year against the US dollar, as the exchange rate devalued from an average of Ps.12.94 pesos per US dollar in the fourth quarter of 2012 to Ps.13.03 pesos per US dollar during the fourth quarter of 2013.
    • Fuel costs decreased: The average economic fuel cost per gallon decreased 3.2% year over year in the fourth quarter of 2013. In addition CASM excluding fuel decreased 7.3% in the fourth quarter of 2013.
  • Building the Mexican ULCC Market in 2013

    • Air traffic volume increases: Among Mexican carriers, Volaris generated 43% of the passenger volume growth in 2013 and increased market share to 23% in both domestic and international markets, effectively becoming the second largest operator among Mexican carriers, according to the Mexican DGAC (Direccion General de Aeronautica Civil). The DGAC reported an overall passenger increase for the Mexican carriers of 10% for the same period.
    • New routes and operations: During the fourth quarter, Volaris launched 14 new routes, 11 domestic and three international, and started operations to Phoenix, San Antonio and Chicago-O´Hare in the US. Total departures increased 16.0% year over year.
    • Successful bus switching initiatives: Volaris continues to launch concrete initiatives that target bus passengers through actions in product and network, revenue management, distribution and payment with strategic partners, and through marketing and communication efforts.
    • Increase in Mexico City airport slots: Through the process managed by the Mexican DGAC and the Mexico City airport authorities, Volaris has been able to achieve a 9.3% increase in weekly slots compared to Winter 2012/2013.
    • New Monterrey base: Volaris announced the opening of a new base in the city of Monterrey, Nuevo Leon. Eight new destinations will be served to reach a total of 11 destinations throughout Mexico. New direct non-stop flights will now be available from Monterrey to Chihuahua, Ciudad Juarez, Culiacan, Puerto Vallarta, Los Cabos, Veracruz, Merida, and Cancun.
    • Incisive capacity management: During the first quarter we are carefully managing capacity closely observing the economic recovery. As a result, we expect to decrease capacity in the first quarter of 2014 compared to the fourth quarter of 2013. However this will still represent a capacity increase in the first quarter year over year.

2013 Operating Revenue: Growth Despite Macro Headwinds/Key-Market Price Competition

For the fourth quarter and full year 2013, Volaris' total operating revenue was Ps.3,184 million and Ps.13,002 million, respectively, which represented a decrease of 1.1% and an increase of 11.3% year over year in the same periods, respectively.

Volaris booked 2.3 and 8.9 million passengers in the fourth quarter and full year 2013, respectively. This equates to an 18.9% and 20.7% growth rate in the fourth quarter and full year of 2012, respectively. This increase in passengers was a result of building our market by targeting passengers who travel by bus and by offering lower base fares, which were lowered 16.7% and 9.5% year over year in the fourth quarter and full year of 2012, respectively.

As compared to the fourth quarter and full year 2012, passenger revenue per available seat mile (RASM) was 16.6% and 7.3% lower, and total operating revenue per available seat mile (TRASM) was 16.7% and 5.6% lower, respectively, resulting from our lower fare structure combined with a slower economic environment and an increase in the domestic competitive market that put additional pressure on our base fares in certain key markets.

Volaris traffic, measured in terms of revenue passenger miles (RPMs), increased 16.2% and 17.4% year over year in the fourth quarter and full year 2013 respectively. Volaris added three net new aircraft to its fleet in 2013.

During the fourth quarter and full year, our non-ticket revenue reached Ps.452 and Ps.1,885 million, respectively.

Continued Cost Discipline Strengthens "Lowest Cost Operator in the Americas" Position

CASM for the fourth quarter and full year 2013 were Ps.114.8 and Ps.116.4 cents, a 6.7% and 4.9% reduction compared to the fourth quarter and full year of 2012, respectively, primarily driven by efficiency benefits and sustained cost control discipline. CASM excluding fuel also decreased 7.3% and 2.0% year over year in the fourth quarter and full year 2013. We remain the lowest CASM operator in the Americas.

Reflecting our strategy to further reduce our unit cost, Volaris has continued to take deliveries of larger A320 aircraft, bringing our mix of A320/A319 to a 55/45 percent split. We further reduced sales, marketing and distribution expenses mainly due to our reservations system change. Also, maintenance expenses were reduced due to better maintenance planning and execution.

As a result of the Mexican fiscal reform, the airlines operating in Mexico obtained a special CO2 tax (IEPS) waiver that was supposed to be implemented January 1, 2014.

Strong Balance Sheet and Liquidity Supports Expansion Plans for 2014 and Beyond

As of December 31, 2013, Volaris had Ps.2,451 million in unrestricted cash and cash equivalents. The Company recorded negative net debt (or a positive net cash position) of Ps.1,888 million and total equity reached Ps.3,962 million.

During the fourth quarter 2013, Volaris incurred capital expenditures of Ps.287.7 million. The Company paid Ps.249.4 million in pre-delivery payments for future deliveries of aircraft net of refunds, and recorded additional purchases of rotable spare parts, furniture and equipment totaling Ps.38.3 million.

Young and Fuel Efficient Fleet Underpins Long Term Growth/Increasing Cost Efficiency

As of December 31, 2013, the Company´s fleet was comprised of 44 aircraft (24 Airbus A320 and 20 Airbus A319), with an average age of 4.2 years. During the fourth quarter of 2013 Volaris received two new Airbus A320 aircraft equipped with sharklets. Additionally we have started planning for a retrofit program with our A320's to further increase density from 174 to 179 seats, in order to further reduce our unit costs by approximately 2.7%.

On February 13, 2014 Volaris executed operating leases with a leading aircraft lessor for 16 aircraft, comprised of ten new A320neo and six new A321neo, driving fleet growth while significantly enhancing efficiency and more seats per aircraft. These NEO aircraft, powered by Pratt Whitney's PW1100G engines, will be delivered between 2016 and 2018. These 16 aircraft together with the existing orders underpin the Volaris growth strategy by having a young, efficient and uniform fleet. Early delivery of next generation, fuel efficient Airbus A320neo and A321neo will allow us to maximize the use of airport slots in key markets and continue to further reduce our operating costs. According to the aircraft manufacturer, Airbus S.A.S., the A321neo provides a reduction of approximately 18% in operating cost per seat versus the existing A320 with sharklets in Volaris' high density configuration.

Investors are urged to read carefully the Company's periodic reports filed with or furnished to the Securities and Exchange Commission, for additional information regarding the Company.

Conference Call/Webcast Details:
Volaris will conduct a conference call to discuss these results tomorrow, February 26, 2014, at 10:00 a.m. ET. A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.volaris.com 

About Volaris:
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. ("Volaris" or the "Company") (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier (ULCC), with "point to point" service, serving Mexico and the US. "The Volaris Ultra-Low-Cost Carrier Model" offers low base fares to build its market, providing quality service and extensive customer choice. Since beginning operations in March 2006, Volaris has increased its routes from five to 104 and its fleet from four to 44 aircraft. Volaris offers more than 200 daily flight segments on routes that connect 33 cities in Mexico and 13 cities in the United States with the youngest aircraft fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business people and leisure travelers in Mexico and to select destinations in the United States. Volaris, proudly Mexican, is recognized as one of the leading new companies in the country. Among other awards it has received the ESR Award for Social Corporate Responsibility for three 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 or beliefs concerning future events. When used in this release, the words "expects," "estimates," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "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. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to a number of 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 revenues; and government regulation. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings.

 

 

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries

Financial and Operating Indicators

Unaudited
(In Mexican pesos, except otherwise indicated)

Three months
ended December
31, 2013
(US Dollars)*

Three months
ended December
31, 2013

Three months
ended
December 31, 2012

Var
(%)

Total operating revenues (millions)

243

3,184

3,220

(1.1%)

Total operating expenses (millions)

259

3,381

3,051

10.8%

EBIT (millions)

(15)

(197)

169

NA

EBIT margin

(6.2%)

(6.2%)

5.3%

NA

Adjusted EBITDA (millions)

(9)

(111)

239

NA

Adjusted EBITDA margin

(3.5%)

(3.5%)

7.4%

NA

Adjusted EBITDAR (millions)

37

484

726

(33.3%)

Adjusted EBITDAR margin

15.2%

15.2%

22.5%

(7.3pp)

Net income (loss) (millions)

(7)

(97)

130

NA

Net margin

(3.1%)

(3.1%)

4.0%

NA

Net income (loss) excluding special items (millions)**

(4)

(49)

130

NA

Net margin excluding special items**

(1.5%)

(1.5%)

4.0%

NA

Earnings per share:





Basic (cents)

(0.7)

(9.6)

17.3

NA

Diluted (cents)

(0.7)

(9.6)

17.3

NA

Earnings per share excluding special items:





Basic (cents)**

-

(4.8)

17.3

NA

Diluted (cents)**

-

(4.8)

17.3

NA

Earnings per ADS***:





Basic (cents)

(7.3)

(96.0)

173.0

NA

Diluted (cents)

(7.3)

(96.0)

173.0

NA

Earnings per ADS excluding special items***:





Basic (cents)

(3.7)

(48.4)

173.0

NA

Diluted (cents)

(3.7)

(48.4)

173.0

NA

Weighted average shares outstanding:





Basic

-

1,011,876,677

746,820,703

35.5%

Diluted

-

1,011,876,677

746,820,703

35.5%

Available seat miles (ASMs) (millions)

-

2,946

2,481

18.7%

Revenue passenger miles (RPMs) (millions)

-

2,329

2,004

16.2%

Load factor

-

79.1%

80.8%

(1.7pp)

Total operating revenue per ASM (TRASM) (cents)

8.3

108.1

129.8

(16.7%)

Passenger revenue per ASM (RASM) (cents)

7.1

92.8

111.2

(16.6%)

Passenger revenue per RPM (yield) (cents)

9.0

117.3

137.7

(14.8%)

Average fare

90.0

1,177

1,414

(16.7%)

Non-ticket revenue per passenger

14.9

195

236

(17.5%)

Operating expenses per ASM (CASM) (cents)

8.8

114.8

123.0

(6.7%)

CASM ex fuel (cents)

5.2

68.3

73.7

(7.3%)

Booked passengers (thousands)

-

2,321

1,952

18.9%

Departures

-

18,274

15,756

16.0%

Block hours

-

48,966

42,415

15.4%

Fuel gallons consumed (millions)

-

34.5

29.8

15.6%

Average economic fuel cost per gallon

3.0

39.8

41.0

(3.2%)

Aircraft at end of period

-

44

41

7.3%

Average aircraft utilization (block hours)

-

12.9

12.4

4.2%

Average exchange rate

-

13.0

12.9

0.7%

*Peso amounts were converted to U.S. dollars at the rate of Ps.13.0765 for convenience purposes only

**Excludes reservation system migration costs and other non-recurring items of Ps.48 million

***Each ADS represents ten CPOs, and each CPO represents a financial interest in one Series A share

 

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries

Financial and Operating Indicators

Unaudited
(In Mexican pesos, except otherwise indicated)

For the years
ended

December 31,
2013
(US Dollars)*

For the years
ended

December 31,
2013

For the years
ended
December 31,
2012

Var
 (%)

Total operating revenues (millions)

994

13,002

11,686

11.3%

Total operating expenses (millions)

970

12,685

11,308

12.2%

EBIT (millions)

24

317

378

(16.1%)

EBIT margin

2.4%

2.4%

3.2%

(0.8pp)

Adjusted EBITDA (millions)

47

619

589

5.0%

Adjusted EBITDA margin

4.8%

4.8%

5.0%

(0.2pp)

Adjusted EBITDAR (millions)

215

2,806

2,475

13.4%

Adjusted EBITDAR margin

21.6%

21.6%

21.2%

0.4pp

Net income (millions)

20

265

203

30.5%

Net margin

2.0%

2.0%

1.7%

0.3pp

Net income excluding special items (millions)**

29

379

203

86.2%

Net margin excluding special items**

2.9%

2.9%

1.7%

1.2pp

Earnings per share:





Basic (cents)

2.4

31.0

29.4

5.6%

Diluted (cents)

2.4

31.0

29.4

5.6%

Earnings per share excluding special items:





Basic (cents)**

3.4

44.1

29.4

50.2%

Diluted (cents)**

3.4

44.1

29.4

50.2%

Earnings per ADS***:





Basic (cents)

24

310.4

293.9

5.6%

Diluted (cents)

24

310.4

293.9

5.6%

Earnings per ADS excluding special items***:





Basic (cents)

33.8

441.3

293.9

50.2%

Diluted (cents)

33.8

441.3

293.9

50.2%

Weighted average shares outstanding:





Basic

-

865,579,397

732,441,337

18.2%

Diluted

-

865,579,397

732,441,337

18.2%

Available seat miles (ASMs) (millions)

-

10,899

9,244

17.9%

Revenue passenger miles (RPMs) (millions)

-

9,003

7,668

17.4%

Load factor

-

82.6%

82.9%

(0.3pp)

Total operating revenue per ASM (TRASM) (cents)

9.1

119.3

126.4

(5.6%)

Passenger revenue per ASM (RASM) (cents)

7.8

102.0

110.1

(7.3%)

Passenger revenue per RPM (yield) (cents)

9.4

123.5

132.7

(7.0%)

Average fare

95.1

1,243

1,374

(9.5%)

Non-ticket revenue per passenger

16.1

211

204

3.5%

Operating expenses per ASM (CASM) (cents)

8.9

116.4

122.3

(4.9%)

CASM ex fuel (cents)

5.3

69.7

71.2

(2.0%)

Booked passengers (thousands)

-

8,942

7,408

20.7%

Departures

-

68,716

58,806

16.9%

Block hours

-

183,211

158,361

15.7%

Fuel gallons consumed (millions)

-

129.1

112.2

15.0%

Average economic fuel cost per gallon

3.0

39.4

42.1

(6.5%)

Aircraft at end of period

-

44

41

7.3%

Average aircraft utilization (block hours)

-

12.5

12.4

0.5%

Average exchange rate

-

12.8

13.2

(3.0%)

*Peso amounts were converted to U.S. dollars at the rate of Ps.13.0765 for convenience purposes only

**Excludes debt prepayment penalty of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million

***Each ADS represents ten CPOs, and each CPO represents a financial interest in one Series A share

 

 

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

 

Unaudited
(In millions of Mexican pesos)

Three months
ended
December 31,
2013
(US Dollars)*

Three months
ended
December 31,
2013

Three months
ended
December 31,
2012

Var
 (%)

Operating revenues:





Passenger

209

2,732

2,760

(1.0%)

Non-ticket

35

452

461

(2.0%)


243

3,184

3,220

(1.1%)






Other operating income

(6)

(79)

(11)

>100%

Fuel

105

1,370

1,223

12.0%

Aircraft and engine rent expense

45

595

486

22.3%

Salaries and benefits

32

420

366

14.7%

Landing, take-off and navigation expenses

39

507

456

11.2%

Sales, marketing and distribution expenses

14

179

199

(10.3%)

Maintenance expenses

11

142

154

(7.9%)

Other operating expenses

12

161

107

50.7%

Depreciation and amortization

7

86

70

22.7%

Operating expenses

259

3,381

3,051

10.8%






Operating (loss) income

(15)

(197)

169

NA






Finance income

-

5

2

>100%

Finance cost

-

(5)

(23)

(76.3%)

Exchange gain (loss), net

2

21

(17)

NA

Comprehensive financing result

2

21

(38)

NA






Income  before income tax

(13)

(176)

131

NA

Income tax (expense) benefit

6

79

(2)

NA

Net (loss) income

(7)

(97)

129

NA






Attribution of net income (loss):





Equity holders of the parent

(7)

(97)

129

NA

Non-controlling interest

-

-

-

0.0%

Net (loss) income

(7)

(97)

129

NA

*Peso amounts were converted to U.S. dollars at the rate of Ps.13.0765 for convenience purposes only

 

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

Unaudited
(In millions of Mexican pesos)

For the years
ended

December 31,
2013
(US Dollars)*

For the years
ended

December 31,
2013

For the years
ended
December 31,
2012

Var
 (%)

Operating revenues:





Passenger

850

11,117

10,177

9.2%

Non-ticket

144

1,885

1,510

24.9%


994

13,002

11,686

11.3%






Other operating income

(9)

(111)

(69)

61.7%

Fuel

389

5,086

4,730

7.5%

Aircraft and engine rent expense

167

2,187

1,886

16.0%

Salaries and benefits

120

1,563

1,303

20.0%

Landing, take-off and navigation expenses

147

1,924

1,640

17.3%

Sales, marketing and distribution expenses

54

704

752

(6.4%)

Maintenance expenses

44

572

499

14.7%

Other operating expenses

35

459

357

28.6%

Depreciation and amortization

23

302

211

42.9%

Operating expenses

970

12,685

11,308

12.2%






Operating income

24

317

378

(16.1%)






Finance income

2

25

14

82.0%

Finance cost

(10)

(126)

(90)

40.1%

Exchange gain (loss), net

5

66

(95)

NA

Comprehensive financing result

(3)

(35)

(171)

(79.9%)






Income  before income tax

22

283

207

36.8%

Income tax (expense) benefit

(1)

(18)

(3)

>100%

Net income

21

265

203

30.5%






Attribution of net income (loss):





Equity holders of the parent

21

269

215

24.8%

Non-controlling interest

-

(3)

(12)

(71.6%)

Net income

21

265

203

30.5%

*Peso amounts were converted to U.S. dollars at the rate of Ps.13.0765 for convenience purposes only

 

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Financial Position

(In millions of Mexican pesos)

December 31,
2013 Unaudited
(US Dollars)*

December 31,
2013 Unaudited

December 31,
2012 Audited
(Restated)

Assets




Cash and cash equivalents

187

2,451

822

Accounts receivable

46

602

387

Inventories

9

114

97

Prepaid expenses and other current assets

25

323

268

Financial instruments

1

11

2

Guarantee deposits

38

499

238

Total current assets

306

4,000

1,815

Rotable spare parts, furniture and equipment, net

103

1,341

1,195

Intangible assets

6

79

60

Deferred income tax

23

305

320

Guarantee deposits

199

2,603

2,245

Other assets

4

49

54

Assets classified as held for sale 

-

-

12

Total assets

641

8,378

5,702

Liabilities




Unearned transportation revenue

107

1,393

1,259

Accounts payable

41

537

524

 Accrued liabilities

79

1,033

806

Taxes payable

46

599

560

Financial instruments

2

32

37

Financial debt

21

268

527

Other liabilities

1

9

9

Total short-term liabilities

296

3,872

3,722

Accrued liabilities

11

138

140

Financial instruments

6

74

111

Financial debt

22

294

633

Other liabilities

1

11

7

Employee benefits

-

5

4

Deferred income taxes

2

22

11

Total liabilities

337

4,415

4,627

Equity




Capital stock

227

2,974

2,376

Treasury shares

(8)

(108)

(134)

Legal reserve

3

38

38

Additional paid-in capital

137

1,786

(191)

Accumulated losses

(51)

(661)

(930)

Other accumulated comprehensive losses

(5)

(66)

(108)

Total equity attributable to equity holders of the parent

303

3,962

1,052

Non-controlling interest

-

-

22

Total equity

303

3,962

1,075

Total liabilities and equity

640

8,378

5,702





Total shares outstanding fully diluted


1,011,876,677

 1,977,460**

*Peso amounts were converted to U.S. dollars at the rate of Ps.13.0765 for convenience purposes only

**Pre-split shares. A share split of 403 to 1 was done in June 2013 in connection to the IPO

 

 

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Cash Flows

Unaudited
(In millions of Mexican pesos)

For the years
ended

December 31,
2013
(US Dollars)*

For the years
ended
December 31,
2013

For the years
ended

December 31,
2012





Net cash flow provided by operating activities

3

39

497

Net cash flow (used in) provided by investing activities

(24)

(312)

187

Net cash flow provided by (used in) financing activities

142

1,861

(272)

Increase in cash and cash equivalents

121

1,587

413

Net foreign exchange differences

3

41

(32)

Cash and cash equivalents at beginning of period

63

822

441

Cash and cash equivalents at end of period

187

2,451

822

*Peso amounts were converted to U.S. dollars at the rate of Ps.13.0765 for convenience purposes only

 

 


SOURCE Volaris

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