Third Quarter 2017 Highlights

Size: px
Start display at page:

Download "Third Quarter 2017 Highlights"

Transcription

1 Avianca Holdings Reports Third Quarter 2017 Adjusted Operating Income 1 of $131.5 Million Bogota, Colombia, November 14, 2017 Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today reported its financial results for the third quarter of 2017 (3Q 2017). All figures are expressed in millions of US dollars unless otherwise stated. The information within is presented in accordance with International Financial Reporting Standards (IFRS). The reconciliation between IFRS and non-ifrs financial information can be seen in the financial tables section of this report. Except when noted, all comparisons refer to third quarter 2016 (3Q 2016) numbers. Figures and operating metrics of Avianca Holdings S.A. ( Avianca Holdings or the Company ) are presented on a consolidated basis. Third Quarter 2017 Highlights On September 20, 2017, approximately 700 pilot members of the ACDAC Colombian pilots union made the unilateral decision to strike, thereby impacting Avianca s operations. The following results therefore reflect third quarter 2017 results on an adjusted basis. Adjusting for the pilot strike, 3Q2017 results were primarily driven by a 12.3% increase in total operating revenues 1 as the Company benefited from increased traffic, strong load factors and continued yield recovery. Moreover, Cargo and Other revenues 1 increased 26.2% year-on-year, primarily driven by an increase in transported tons as well as increased revenues from mile redemption and other services. This was offset by an 8.4% increase in operating expenses 1. Adjusted Net Income excluding special items totaled $78.9 million, compared to a gain of $ 47.6 million in 3Q Adjusted net income margin 1 for 3Q 2017 therefore reached 6.6%; a 213 bps year-on-year increase. Operating income (EBIT 1 ) adjusted for the pilot strike reached $131.5 million, with an operating margin 1 of 11.0%. Further, operating revenues reached $1.19 billion for the quarter; a 12.3% year-on-year increase 1. For the third quarter 2017, yields 1 reached 9.2 cents; a 4.3% increase when compared to 3Q This trend was supported by a 4.9% year-on-year increase in third quarter 2017 traffic numbers (RPKs) as well as an average fare increase of 8.2%. Cost per available seat kilometer (CASK 1 ) increased 4.8%, to 8.56 cents, in the 3Q 2017, compared to 8.2 cents in 3Q This was primarily driven by higher effective jet fuel prices, which on average increased by 23.1% in the third quarter of 2017, as well as by a 34.5% year-on-year increase in General, Administrative and Others and a 17.7% increase in Maintenance and Repairs expenses. The latter was partially offset by a -11.2% decrease in Aircraft Rental expenses. 3Q2017 CASK ex-fuel 1 therefore increased 2.7%, to 6.6 cents. EBITDAR 1 for the 3Q 2017 was $278.6 million, while the EBITDAR margin 1 reached 23.4%; a 180 bps year-on-year increase. 3Q 2017 capacity, measured in Available Seat Kilometers (ASKs), increased by 3.5% during 3Q 2017, despite a pilot strike which began on September 20. This was primarily due to the effect of the international capacity deployed to Europe and a capacity increase from our Home Markets to North America in during the third quarter Passenger traffic, measured in Revenue Passenger Kilometers (RPKs), increased by 4.9% in the third quarter 2017, reaching a strong consolidated load factor of 84.6% across the network. AVIANCA HOLDINGS S.A. NYSE: AVH BVC: PFAVH Financial Highlights (9 months ended September 30 th) ($millions) 9M-16 9M-17 Revenues 3.03Bn 3.32Bn EBITDAR EBIT EBITDAR EBIT Net Income Net income* *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 (3 months ended September 30 th) ($millions) Revenues 1.06Bn 1.16Bn EBITDAR EBIT EBITDAR EBIT Net Income Net income* *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 Profitability (9 months ended September 30 th) 9M-16 9M-17 EBITDAR% 20.1% 20.6% EBIT % 6.0% 7.1% EBITDAR % % 21.1% EBIT % 1 6.5% 7.9% Net income % 0.6% 2.0% Net Income%* 1 2.2% 3.4% *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 (3 months ended September 30 th) EBITDAR% 21.6% 22.0% EBIT % 7.9% 9.2% EBITDAR % % 23.4% EBIT % 1 7.9% 11.0% Net income % 3.6% 3.1% Net Income%* 1 4.5% 6.6% *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 Operational Highlights (9 months ended September 30 th) 9M-16 9M-17 Passengers 21.81M 22.84M ASKs 35.05Bn 37.19Bn RPKs 28.09Bn 30.8Bn Load Factor 80.2% 82.8% RASK CASK Avianca incorporated its first brand new A321 NEO Aircraft in the third quarter 2017, in accordance with the Company s fleet plan. The NEO technology provides fuel efficiencies of up to 20% with significant reduction in CO2 and noise emission. Avianca Holdings S.A. and its subsidiaries ended the quarter with a consolidated operating fleet of 180 aircraft. (3 months ended September 30 th) Passengers 7.61M 7.62M ASKs 11.97Bn 12.39Bn RPKs 10Bn 10.48Bn LoadFactor 83.5% 84.6% RASK CASK Contact Information: Avianca Holdings S.A. Investor Relations Office 1. When indicated the figures are adjusted by the following one-time items:$-31,580m: Foregone Revenues; $-14,530M: ACDAC s

2 CEO Message Dear Shareholders, This proved to be an extraordinary quarter for Avianca in many ways. From a business perspective, our ongoing focus on operational efficiency, combined with strong demand patterns across our network, were reflected in Avianca transporting the highest number of passengers in the Company s history for a third consecutive quarter. We are also very proud to mention that Avianca was selected to be the Vatican s airline of choice during Pope Francis s visit to Colombia from the 8th through the 10th of September. We experienced particularly strong customer demand during this summer vacation season, in line with a strengthening economic environment throughout the region. Traffic measured in RPK to Central America and the Caribbean leisure destinations increased by 11.9% year on year, reaching a 78.5% consolidated load factor, while demand to Europe and North America continued its strong trend with RPKs growing 12.2% and 6.2%, respectively. As a result, Avianca achieved an 84.6% consolidated Load Factor for the third quarter 2017; the highest in the Company s history. Avianca customers loyalty resulted in another profitable third quarter for the Company, as yields 1 continued to recover, reflected in an upward sequential trend and a 4.33% year over year increase in yields. I am therefore pleased to let you know that we achieved operating revenues of almost USD $1.2 billion, as well as a 11.0% EBIT margin 1 for the third quarter; the second highest in company history as can be seen in a 12.3%, or 318 basis point increase, respectively. In addition to robust numbers from our passenger business, we continued to see strong operational performance at Avianca s Cargo and other business in the third quarter. Improvements to our top line were driven by the cargo business unit, with an 8.8% year over year increase in transported tons, as well as by increased demand related to the code share agreement signed between Avianca and Etihad in the second quarter of Avianca Cargo recorded a consolidated load factor of 58.4% for the quarter, while Avianca s LifeMiles LTD subsidiary also generated strong results, with an increase in revenues of 8.8% year on year. Further, LifeMiles grew its cobranded credit card business by 21.7%, reaching a total of 626,000 credit cards while it continued to expand its customer base by 9%, to 7.5 million members. As we have commented in the past, we remain committed to improving Avianca s capital structure, and again made important progress this quarter. Avianca s LifeMiles subsidiary raised a total of USD $300 million through a private placement completed in the third quarter of this year. Avianca s leverage ratio, measured as Net Debt/ EBITDAR, therefore came in at 5.6X for the quarter. I d like to take this opportunity to comment on developments related to the contract and labor negotiations between Avianca S.A. and the ACDAC (Asociación Colombiana de Aviadores Civiles) Colombian Pilots union. As most of you know, despite tireless efforts to reach a mutually acceptable agreement, Avianca s various proposals to the pilot s union have been rejected and, regrettably, no agreement has been reached to date. Unfortunately, on September 20, 2017, nearly 700 pilot members of the ACDAC made the unilateral decision to strike, which is deemed illegal by the Colombian constitution as air travel is considered an essential public service. In response, Avianca quickly enacted its emergency plan. This plan entailed operating larger capacity aircraft in our domestic market, which is a more efficient use of our staff while also ensuring service to key domestic hubs. As a result, we successfully mitigated the strike s negative impact on our operations and customers, and today are operating at 80% of Avianca s pre-strike capacity measured in ASK. Because of the strike has Colombia s Ministry of Labor decided to convene a labor tribunal to resolve the conflict. Avianca is confident that this tribunal, as established by Colombia s Labor Code, is the appropriate forum to settle any ongoing labor disputes. We look forward to the tribunal s ruling, which will establish working conditions that will govern its relationship with the ACDAC moving forward. As of November 10, the Pilot union officially declared the end to their strike. All pilots pertaining to the ACDAC syndicate will resume work starting November 13. Looking ahead to the fourth quarter s peak season, we are committed to further reducing the strike s potential impact on our passengers, with a focus on maintaining the best in class service and product quality that our customers have come to expect. In summary, while Avianca experienced certain challenges, we were nevertheless able to deliver record results for the third quarter of The Pilot strike will have an adverse effect on our 4 th Quarter results. However, as we position Avianca for long-term success, the Pilot strike will not have a material impact. Our Company remains well positioned to generate further efficiencies going forward. As such, we maintain our full year EBIT margin guidance of 7%-9%. We expect to close 2017 with a solid foundation, leveraging our significant success this quarter to maintain sustainable growth as demand in our markets continues to strengthen. Sincerely, Hernán Rincón Chief Executive Officer

3 Consolidated Financial and Operational Highlights 1 3Q16 3Q17 Vs. 3Q16 ASK's (mm) ,5% RPK's (mm) ,9% Total Passengers (in millions) ,1% Load Factor 83,5% 84,6% 112 bp Departures ,0% Block Hours ,3% Stage length (km) ,7% Fuel Consumption Gallons (000's) ,6% Yield (cents) 8,8 8,9 0,9% RASK (cents) 8,9 9,4 5,6% PRASK (cents) 7,4 7,5 2,3% CASK (cents) 8,18 8,51 4,1% CASK ex. Fuel (cents) 6,43 6,60 2,7% CASK (Adjusted) (cents) 8,18 8,56 4,8% CASK ex. Fuel (Adjusted) (cents) 6,43 6,60 2,8% Foreign exchange (average) COP/US$ $ 2946,2 $ 2976,3 1,0% Foreign exchange (end of period) COP/US$ $ 2880,0 $ 2936,7 2,0% WTI (average) per barrel $ 44,9 $ 48,2 7,4% Jet Fuel Crack (average) per barrel $ 9,6 $ 18,7 95,2% US Gulf Coast (Jet Fuel average) per barrel $ 54,4 $ 66,9 22,9% Fuel price per Gallon (including hedge) $ 1,69 $ 1,83 8,1% Operating Revenues ($M) $ 1062,2 $ 1161,0 9,3% EBITDAR ($M) $ 229,1 $ 255,0 11,3% EBITDAR Margin 21,6% 22,0% 39 bp EBITDA ($M) $ 149,8 $ 184,5 23,2% EBITDA Margin 14,1% 15,9% 179 bp Operating Income ($M) $ 83,4 $ 106,6 27,8% Operating Margin ($M) 7,9% 9,2% 133 bp Net Income ($M) $ 37,8 $ 36,1-4,5% Net Income Margin 3,6% 3,1% -45 bp EBITDAR (Adjusted) ($M) $ 229,1 $ 278,6 21,6% EBITDAR Margin (Adjusted) 21,6% 23,4% 180 bp EBITDA (Adjusted) ($M) $ 149,8 $ 209,4 39,8% EBITDA Margin(Adjusted) 14,1% 17,6% 394 bp Operating Income (Adjusted) ($M) $ 83,4 $ 131,5 57,7% Operating Margin ($M) (Adjusted) 7,9% 11,0% 318 bp Adjusted Net Income ($M) $ 47,6 $ 78,9 65,6% Net Income Margin (Adjusted) 4,5% 6,6% 170 bp (Adjusted: Excluding non-cash Fx charges, gain or loss on derivative instruments and special items associated to one-time expenses described in footnote (1))

4 Management Comments on 3Q 2017 Results Avianca Holdings reached an operating income (EBIT 1 ) of $131.5 million, with an 11.0% operating income (EBIT 1 ) margin. These results were primarily driven by a 12.3% increase in total operating revenues 1 as the Company benefited from record load factors and strong passenger traffic as well as ongoing yield recovery. Passenger revenues 1 therefore increased by 9.4%; while Non-Passenger Revenues 1 increased 26.2%, in part due to strong performance in the Cargo business line as well as to higher revenues from mile redemption and other services. The latter was partially offset by an increase in operational expenses 1, primarily driven by higher fuel costs and an 8.5% increase in Salaries Wages and Benefits expenses resulting from a 3.5% increase in relocation costs associated with Avianca s MRO facility in Rio Negro. Total operating revenues 1 amounted to approximately $1.19 billion during 3Q This represents the strongest third quarter revenue since the Company s integration with TACA, with a 12.3% year-on-year increase, mainly due to a 9.4% increase in passenger revenues 1. In addition to increased traffic and strong load factors, Avianca also benefited from an 8.2% increase in average fare this quarter, resulting in further yield recovery. Moreover, Cargo and Other revenues 1 increased 26.2%, primarily driven by increased revenues from mile redemption and other services as well as an 8.8% increase in transported tons. Cargo and other revenues 1 represented 19.2% of total revenues in the third quarter The LifeMiles Loyalty Company continued to deliver strong results during the 3Q 2017, with an 8.8% yearon-year increase in revenues. LifeMiles expanded its membership by 9.0% since the third quarter 2016, ending this quarter with almost 7.6 million members. The retail partnership program also continued to expand, reaching 322 partners this quarter; a 6.3% increase from the third quarter of last year. Finally, LifeMiles active co-branded cards ended the quarter with more than 626,000 cards; a 21.7% year-on-year increase. Avianca transported more than 7.6 million passengers in the third quarter of 2017; a 0.1% year-on-year increase due to the effects of the pilot strike which began on September 20. Despite the strike, traffic figures (RPKs) continued to increase well above capacity (ASKs), resulting in a consolidated load factor of 84.6%, the highest load factor on record since the Company s merger with TACA. In particular, routes to Europe reached an average consolidated load factor of 87.8%, while domestic routes in Colombia reached a healthy 84.8% during the third quarter Q 2017 operating expenses 1 were $1.06 billion; an 8.4% year-on-year increase. This was primarily driven by a 13.0% increase in Fuel Expenses associated with increased jet fuel prices as the Company s effective jet fuel prices increased by 23.0%, from an average of US$1.69 in the third quarter 2016 to US$1.83 per gallon. Further, Maintenance and Repair expenses increased 17.7% primarily driven by an increase in preventive engine repairs as well as the reclassification of engine reserves to non-recoverable due to a change in engine repair staggering. Salaries, Wages and Benefits expenses increased 8.5%, primarily driven by a 3.5% increase in relocation costs associated with Avianca s MRO facility in Rio Negro. These results were partially offset by an 11.2% decrease in Aircraft Rental Costs for the third quarter 2017, mainly due to the change from an operational lease to a financial lease for Avianca s A318 fleet. As part of the Company s ongoing fuel hedging strategy, a total of 68.2 million gallons of fuel were hedged at the end of the third quarter 2017, out of which 39.5 million gallons correspond to approximately 35.0% of the total expected volume to be consumed over The remaining volume represents approximately 6.3% of the total expected fuel consumption for Coverage levels were set at approximately $1.46 per gallon. In accordance with the Company s fleet plan, Avianca incorporated its first brand new A321 NEO Aircraft between June and September The NEO technology allows for fuel efficiencies of up to 20% and a significant reduction in CO2 and noise emissions. Avianca Holdings S.A. and its subsidiaries therefore ended the quarter with a consolidated operating fleet of 180 aircraft.

5 The Company recorded other non-operating expenses of $64.3 million for the 3Q 2017, compared to a nonoperating expense of $47.8 million for the same quarter of Interest expenses increased by $5.2 million as the Company increased the number of its aircraft under financial lease contracts. The Company also recorded a $13.5 million loss related to the non-cash foreign exchange translation adjustments, as compared to a $10.0 million expense for the same period of This effect is primarily due foreign exchange translation adjustments, consisting of the net non-cash gain (or loss) from monetary assets and liabilities denominated in Colombian Pesos and Argentinian Pesos subject to the USD exchange rate. The Company ended the quarter with cash and cash equivalents and available-for-sale securities, in the amount of $515.4 million. Including short-term certificates and bank deposits, restricted cash and cash equivalents and available-for-sale securities, (other current assets) were $537.2 million, equivalent to approximately 12.1% of revenues for the last twelve months. With regards to the Company s operation to Venezuela, due to Avianca s decision in 2015to discontinue sales in local currency (VEF) in Venezuela, cash balances held in this country have been significantly reduced, as of September 2017 representing an amount of $0.2 million which has been classified as restricted cash. Further, the company suspended its operations to Venezuela as of July 25, Going forward Avianca s exposure to the Venezuelan market is therefore not considered to be material. In line with the Company s deleveraging strategy, as of September 30, 2017, the Company s leverage position (Net Adjusted debt to EBITDAR 2 ) decreased to 5.6x, from 5.99x on September 30, The Company s total long-term debt amounted to $2.98 billion, while total liabilities were $5.35 billion. Full Year 2017 Outlook In light of the illegal cessation of activities by a minority of Avianca Holdings pilots who are members of the ACDAC pilots union, the Company remains focused on minimizing the impact of the strike on its customers and stakeholders. Looking ahead to the fourth quarter peak travel season, Avianca is committed to optimizing its operations while executing the many cost savings and revenue-enhancing initiatives it currently has in place, in order to deliver profitable long-term growth. Avianca therefore maintains its 2017 full year guidance as follows: Outlook Summary Full Year 2017 Total Passenger Increase 4.5% 6.5% Capacity (ASK) Increase 7% 9% Load Factor 80.0% 82.0% EBIT Margin 7.0% 9.0%

6 Analysis by ASKs (in U.S. cents) 3Q Q 2017 Var% Operating revenue: Passenger % Cargo and other % Total Operating Revenues % Operating expenses: Flight Operations % Aircraft fuel % Ground Operations % Aircraft rentals % Passenger services % Maintenance and repairs % Air traffic % Sales and marketing % General, administrative, and other % Salaries, wages and benefits % Depreciation and amortization % Total Operating Expense % Operating Income % Total CASK % CASK ex. Fuel % Total Cask (Adjusted) % CASK ex. Fuel (Adjusted) % Yield % Non-IFRS Financial Measure Reconciliation In USD Millions 3Q2016 3Q2017 Var% Net Income as Reported $ 37.8 $ % Special items (adjustments): (+) Pilots Union Strike $ 17.1 (+) Engines Incidents B787 $ 1.4 (+) Aerogal's Reservs Adjust $ 6.5 (-) Derivative Instruments $ 0.3 $ 4.2 (-) Foreign Exchange Gain (loss) $ 10.0 $ 13.6 Net Income Adjusted $ 47.6 $ % Reconciliation of Operating Cost per ASK excluding special items in US$ cents 3Q16 3Q17 Vs. 3Q16 Total CASK as reported % Aircraft Fuel % Total CASK excluding Fuel as reported % (-) Pilots Union Strike (+) Engines Incidents B (+) Aerogal's Reservs Adjust Total CASK excluding Fuel and special items %

7 Interim Condensed Consolidated Statement of Comprehensive Income for the Threemonth period ended September 30, 2016 and 2017 (In USD thousands) 2016 (Unaudited) 2017 (Unaudited) Operating revenue: Passenger $ 880,386 $ 931,648 Cargo and other 181, ,349 Total operating revenue 1,062,171 1,160,997 Operating expenses: Flight Operations 14,932 15,883 Aircraft fuel 209, ,837 Ground operations 110, ,667 Aircraft rentals 79,294 70,447 Passenger services 39,485 43,012 Maintenance and repairs 69,339 81,622 Air traffic 56,558 54,472 Sales and marketing 130, ,782 General, administrative, and other 31,965 42,992 Salaries, wages and benefits 170, ,775 Depreciation, amortization 66,367 77,901 Total Operating expenses 978,773 1,054,390 Operating Profit 83, ,606 Other non-operating income (expense): Interest expense (42,192) (47,422) Interest income 4, Derivative instruments 264 (4,230) Foreign Exchange (10,048) (13,562) Profit before income tax 35,631 42,324 Income tax expense- current Income tax expense- deferred 2191 (6187) Total income tax expense 0 0 Net profit for the period $ 37,822 $ 36,137

8 Interim Condensed Consolidated Statement of Financial Position (in USD thousands) As of September 30, 2017 As of December 31, 2016 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $515,401 $375,753 Restricted cash 7,272 5,371 Accounts receivable, net of provision for doubtful accounts 359, ,868 Accounts receivable from related parties 19,843 19,283 Expendable spare parts and supplies, net of provision for 101,997 obsolescence 82,362 Prepaid expenses 80,151 59,725 Deposits and other assets 184, ,124 Total current assets 1,268,676 1,016,486 Non-current assets: Available-for-sale securities Deposits and other assets 109, ,033 Accounts receivable, net of provision for doubtful accounts 142,482 92,048 Intangible assets 416, ,918 Deferred tax assets 13,778 5,845 Property and equipment, net 4,732,484 4,649,929 Total non-current assets 5,415,311 5,334,849 Total assets $ 6,683,987 $ 6,351,335 Interim Condensed Consolidated Statement of Financial Position (in USD thousands) As of September 30, 2017 As of December 31, 2016 Liabilities and equity Current liabilities: Current portion of long-term debt $481,527 $406,739 Accounts payable 586, ,106 Accounts payable to related parties 3,406 9,072 Accrued expenses 143, ,797 Provisions for legal claims 15,817 18,516 Provisions for return conditions 28,042 53,116 Employee benefits 39,270 39,581 Air traffic liability 642, ,190 Other liabilities 13,035 11,085 Total current liabilities 1,954,059 1,691,202 Non-current liabilities: 2,983,817 2,867,496 Long-term debt 1. When indicated the figures are adjusted by the following one-time items:$-31,580m: Foregone Revenues; $-14,530M: ACDAC s

9 Accounts payable 7,110 2,734 Provisions for return conditions 150, ,822 Employee benefits 118, ,569 Deferred tax liabilities 24,430 20,352 Air traffic liability 97,905 98,088 Other liabilities non-current 15,341 14,811 Total non-current liabilities 3,397,423 3,239,872 Total liabilities $ 5,351,482 $ 4,931,074 Equity: Common stock 82,600 82,600 Preferred stock 42,023 42,023 Additional paid-in capital on common stock 234, ,567 Additional paid-in capital on preferred stock 469, ,273 Retained earnings 548, ,681 Revaluation and other reserves 27,365 27,365 Total equity attributable to the Company 1,404,222 1,400,509 Non-controlling interest (71,717) 19,752 Total equity $ 1,332,505 1,420,261 Total liabilities and equity $ 6,683,987 $ 6,351,335 Notes with regard to the statement of future expectations This report contains statements of future expectations. These may include words such as expect, estimate, anticipate forecast, plan, believe and similar expressions. These statements and the statements regarding the Company s beliefs and expectations do not represent historical facts and are based on current plans, projections, estimates, forecasts and therefore you should not place undue reliance on them. Statements regarding future expectations involve certain risks and uncertainties. Forward-looking statements involve inherent known and unknown risks, uncertainties and other factors, many of which are outside of the Company s control and difficult to predict. Avianca Holdings S.A. warns that a significant number of factors may cause the actual results to be materially different from those contained in any statement with regard to future expectations. Statements of this kind refer only to the date on which they are made, and the Company does not take responsibility for publicly updating any of them due to the occurrence of future or other events.

10 Glossary of Operating Performance Terms This report contains terms relating to operating performance that are commonly used in the airline industry and are defined as follows: A ASK: Available seat kilometers represents aircraft seating capacity multiplied by the number of kilometers the seats are flown. ATK: Available ton kilometers represents cargo ton capacity multiplied by the number of kilometers the cargo is flown. B Block Hours: Refers to the elapsed time between an aircraft leaving an airport gate and arriving at an airport gate. C CASK: Cost per available seat kilometer represents operating expenses divided by available seat kilometers (ASKs). CASK ex-fuel: Represents operating expenses other than fuel divided by available seat kilometers (ASKs). Cargo Discount: The cargo discount is the incremental revenue under Cargo and Other Revenue, which recorded the difference between the selling price charged by third party agencies to final customers and the price Avianca Cargo charged third party agencies. The cargo discount was then subsequently discounted as an incremental expense under Sales and Marketing having no impact on nominal profitability. Commencing third quarter 2016 the company no longer records cargo discount. Code Share Agreement: refers to our code share agreements with other airlines with whom we have business arrangements to share the same flight. A seat can be purchased on one airline but is actually operated by a cooperating airline under a different flight number or code. The term code refers to the identifier used in flight schedules, generally the two-character IATA airline designator code and flight number. Code share alliances allow greater access to cities through a given airline s network without having to offer extra flights, and makes connections simpler by allowing single bookings across multiple planes. L Load Factor: Represents the percentage of aircraft seating capacity that is actually utilized and is calculated by dividing revenue passenger kilometers by available seat kilometers (ASKs). R RASK: Operating revenue per available seat kilometer represents operating revenue divided by available seat kilometers.

11 Revenue Passenger: Represents the total number of paying passengers (which do not include passengers redeeming LifeMiles, frequent flyer miles or other travel awards) flown on all flight segments (with each connecting segment being considered a separate flight segment). RPK: Revenue passenger kilometers represent the number of kilometers flown by revenue passengers. RTK: Revenue ton kilometers represents the total cargo tonnage uplifted multiplied by the number of kilometers the cargo is flown. T Technical Dispatch Reliability: Represents the percentage of scheduled flights that are not delayed at departure more than 15 minutes or cancelled, in each case due to technical problems. Y Yield: Represents the average amount one passenger pays to fly one kilometer, or passenger revenue divided by revenue passenger kilometers (RPKs).

Fourth Quarter 2017 Highlights

Fourth Quarter 2017 Highlights Avianca Holdings Reports Fourth Quarter 2017 Adjusted Operating Income 1 of $169.1 Million Bogota, Colombia, February 27, 2018 Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today reported its financial

More information

FILED: NEW YORK COUNTY CLERK 03/27/ :34 PM INDEX NO /2017 NYSCEF DOC. NO. 69 RECEIVED NYSCEF: 03/27/2017. Exhibit 13

FILED: NEW YORK COUNTY CLERK 03/27/ :34 PM INDEX NO /2017 NYSCEF DOC. NO. 69 RECEIVED NYSCEF: 03/27/2017. Exhibit 13 Exhibit 13 Avianca Holdings Reports Fourth Quarter 2016 Adjusted Operating Profit 1 of $102.1 Million Bogota, Colombia, February 28, 2017 Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today reported its

More information

FOURTH QUARTER RESULTS 2017

FOURTH QUARTER RESULTS 2017 FOURTH QUARTER RESULTS 2017 KEY RESULTS In the 4Q17 Interjet total revenues added $5,824.8 million pesos that represented an increase of 10.8% over the revenue generated in the 4Q16. In the 4Q17, operating

More information

THIRD QUARTER RESULTS 2018

THIRD QUARTER RESULTS 2018 THIRD QUARTER RESULTS 2018 KEY RESULTS In the 3Q18 Interjet total revenues added $ 6,244.8 million pesos that represented an increase of 7.0% over the revenue generated in the 3Q17. In the 3Q18, operating

More information

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events Copa Holdings Reports Financial Results for the First Quarter of 2016 Excluding special items, adjusted net income came in at US$69.9 million, or EPS of US$1.66 per share Panama City, Panama --- May 5,

More information

FIRST QUARTER RESULTS 2016

FIRST QUARTER RESULTS 2016 FIRST QUARTER RESULTS 2016 KEY RESULTS In 1Q16 Interjet total revenues added $3,850.8 million pesos that represented an increase of 21.9% over the income generated in the 1Q15. In 1Q16 total passengers

More information

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events Copa Holdings Reports Net Income of $103.8 million and EPS of $2.45 for the Third Quarter of 2017 Excluding special items, adjusted net income came in at $100.8 million, or EPS of $2.38 per share Panama

More information

Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018

Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018 Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018 Panama City, Panama --- Aug 8, 2018. Copa Holdings, S.A. (NYSE: CPA), today announced financial results

More information

Copa Holdings Reports Fourth Quarter and Full Year 2007 Results

Copa Holdings Reports Fourth Quarter and Full Year 2007 Results Copa Holdings Reports Fourth Quarter and Full Year 2007 Results Panama City, Panama --- February 21, 2008. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa Airlines and Aero Republica, today announced

More information

FIRST QUARTER RESULTS 2017

FIRST QUARTER RESULTS 2017 FIRST QUARTER RESULTS 2017 KEY RESULTS In the 1Q17 Interjet total revenues added $4,421.5 million pesos that represented an increase of 14.8% over the income generated in the 1Q16. In the 1Q17, operating

More information

Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006

Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Panama City, Panama --- March 7, 2007. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa

More information

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings Reports Financial Results for the Fourth Quarter of 2015 Excluding special items, adjusted net income came in at $31.7 million, or EPS of $0.73 per share Panama City, Panama --- February

More information

THIRD QUARTER RESULTS 2017

THIRD QUARTER RESULTS 2017 THIRD QUARTER RESULTS 2017 KEY RESULTS In the 3Q17 Interjet total revenues added $5,835.1 million pesos that represented an increase of 22.0% over the revenue generated in the 3Q16. In the 3Q17, operating

More information

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS Copa Holdings Reports Net Income of US$6.2 Million and EPS of US$0.14 for the Third Quarter of 2015 Excluding special items, adjusted net income came in at $37.4 million, or EPS of $0.85 per share Panama

More information

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS Copa Holdings Reports Financial Results for the Third Quarter of 2016 Excluding special items, adjusted net income came in at $55.3 million, or adjusted EPS of $1.30 per share Panama City, Panama --- November

More information

THIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS

THIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS THIRD QUARTER AND NINE MONTHS OF 2014 KEY RESULTS In 3Q14 INTERJET total revenues were $ 3,643.4 million, representing an increase of 9.9% on revenues generated in the 3Q13. Accumulated 9M14 INTERJET total

More information

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events Copa Holdings Reports Net Income of US$113.1 Million and EPS of US$2.57 for the First Quarter of 2015 Excluding special items, adjusted net income came in at US$106.0 million, or EPS of US$2.41 per share

More information

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings Reports Net Income of US$32.0 Million and EPS of US$0.72 for the Second Quarter of 2012 Excluding special items, adjusted net income came in at $58.6 million, or EPS of $1.32 per share Panama

More information

Copa Holdings Reports Net Income of US$113.9 Million for the Fourth Quarter of 2013

Copa Holdings Reports Net Income of US$113.9 Million for the Fourth Quarter of 2013 Copa Holdings Reports Net Income of US$113.9 Million for the Fourth Quarter of 2013 Panama City, Panama --- February 12, 2014. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the

More information

Copa Holdings Reports Net Income of US$51.9 Million for the Fourth Quarter of 2008 and US$152.2 Million for Full Year 2008

Copa Holdings Reports Net Income of US$51.9 Million for the Fourth Quarter of 2008 and US$152.2 Million for Full Year 2008 Copa Holdings Reports Net Income of US$51.9 Million for the Fourth Quarter of 2008 and US$152.2 Million for Full Year 2008 Panama City, Panama --- February 19, 2009. Copa Holdings, S.A. (NYSE: CPA), parent

More information

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings Reports Net Income of US$18.6 Million and EPS of US$0.42 for the Second Quarter of 2010 Excluding special items, adjusted net income came in at $26.3 million, or $0.60 per share Panama City,

More information

SECOND QUARTER RESULTS 2018

SECOND QUARTER RESULTS 2018 SECOND QUARTER RESULTS 2018 KEY RESULTS In the 2Q18 Interjet total revenues added $ 5,781.9 million pesos that represented an increase of 9.6% over the revenue generated in the 2Q17. In the 2Q18, operating

More information

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings Reports Financial Results for the Fourth Quarter of 2018 Excluding special items, adjusted net profit came in at $44.0 million, or Adjusted EPS of $1.04 Panama City, Panama --- February 13,

More information

Copa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018

Copa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018 Copa Holdings Reports Net Income of $57.7 million and EPS of $1.36 for the Third Quarter of 2018 November 14, 2018 PANAMA CITY, Nov. 14, 2018 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced

More information

Copa Holdings Reports Earnings of US$30.3 Million and EPS of US$0.70 for 3Q08

Copa Holdings Reports Earnings of US$30.3 Million and EPS of US$0.70 for 3Q08 Copa Holdings Reports Earnings of US$30.3 Million and EPS of US$0.70 for 3Q08 Panama City, Panama --- November 13, 2008. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa Airlines and Aero Republica,

More information

Copa Holdings Reports Net Income of $136.5 million and EPS of $3.22 for the First Quarter of 2018

Copa Holdings Reports Net Income of $136.5 million and EPS of $3.22 for the First Quarter of 2018 Copa Holdings Reports Net Income of $136.5 million and EPS of $3.22 for the First Quarter of 2018 May 9, 2018 PANAMA CITY, May 9, 2018 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial

More information

Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin

Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin Mexico City, Mexico, April 22, 2015 Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving

More information

Azul Increases Net Income by R$152 Million in 1Q18 Operating margin was a record 12.5% despite the 21% increase in oil year over year

Azul Increases Net Income by R$152 Million in 1Q18 Operating margin was a record 12.5% despite the 21% increase in oil year over year Azul Increases Net Income by R$152 Million in 1Q18 Operating margin was a record 12.5% despite the 21% increase in oil year over year São Paulo, May 10, Azul S.A., Azul, (B3:AZUL4, NYSE:AZUL) the largest

More information

Avianca Holdings S.A. 1Q 2018 Earnings Presentation 2018

Avianca Holdings S.A. 1Q 2018 Earnings Presentation 2018 Avianca Holdings S.A. 1Q 2018 Earnings Presentation 2018 Disclaimer The present document consolidates information from Avianca Holdings S.A. and its subsidiaries, including unaudited financial figures,

More information

El Al Israel Airlines announced today its financial results for the year 2016 and the fourth quarter of the year:

El Al Israel Airlines announced today its financial results for the year 2016 and the fourth quarter of the year: El Al Israel Airlines announced today its financial results for the year 2016 and the fourth quarter of the year: The Company's revenues in 2016 amounted to approx. USD 2,038 million, compared to approx.

More information

2Q 2016 Earnings Results Presentation. B787 Dreamliner

2Q 2016 Earnings Results Presentation. B787 Dreamliner 2Q 2016 Earnings Results Presentation B787 Dreamliner 2 The present document consolidates information from Avianca Holdings SA and its subsidiaries, including unaudited financial figures, operational managerial

More information

Third Quarter Results

Third Quarter Results 1 Third Quarter 2010-11 Results Highlights of the Third Quarter Passenger business affected by significant disruptions Dynamic cargo activity Strong improvement in results Decline in ex-fuel unit costs

More information

PRESS RELEASE Financial Results. Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue

PRESS RELEASE Financial Results. Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue PRESS RELEASE 2016 Financial Results Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue Kifissia, 23 March 2017 AEGEAN reports full year 2016 results with consolidated revenue at 1,020m,

More information

MIRAMAR, Fla., April 29, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported first quarter 2015 financial results.

MIRAMAR, Fla., April 29, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported first quarter 2015 financial results. April 29, 2015 Spirit Airlines Announces First Quarter 2015 Results; Adjusted Net Income Increases 87.1 Percent to $70.7 Million and Pre-Tax Margin Increases 900 Basis Points to 22.7 Percent MIRAMAR, Fla.,

More information

CONTACT: Investor Relations Corporate Communications

CONTACT: Investor Relations Corporate Communications NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Fourth Quarter 2017

More information

Spirit Airlines Reports First Quarter 2017 Results

Spirit Airlines Reports First Quarter 2017 Results Spirit Airlines Reports First Quarter 2017 Results MIRAMAR, Fla., April 28, 2017 - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported first quarter 2017 financial results. GAAP net income for the first

More information

Finnair Q Result

Finnair Q Result Finnair Q2 2015 Result 14 August 2015 CEO Pekka Vauramo, Interim CFO Mika Stirkkinen 1 Market environment shows signs of improvement There were signs of a recovery in the demand for consumer and business

More information

2Q Earnings Results Presentation

2Q Earnings Results Presentation 2Q Earnings Results Presentation SAFE HARBOR The present document consolidates information from Avianca Holdings S.A. and its subsidiaries, including unaudited financial figures, operational managerial

More information

FIRST QUARTER 2017 RESULTS. 4 May 2017

FIRST QUARTER 2017 RESULTS. 4 May 2017 FIRST QUARTER 2017 RESULTS 4 May 2017 A resilient start of the year, traffic up 4.2% 20.9 million passengers carried, up 5.2%, traffic (RPK) up 4.2%, capacity (ASK) up 3.3% and load factor up 0.7pts Confirmation

More information

AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter

AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter MONTRÉAL, November 4, 2010 Air Canada today reported operating income

More information

3Q 2016 Earnings Results Presentation. B787 Dreamliner

3Q 2016 Earnings Results Presentation. B787 Dreamliner 3Q 2016 Earnings Results Presentation B787 Dreamliner 2 The present document consolidates information from Avianca Holdings SA and its subsidiaries, including unaudited financial figures, operational managerial

More information

Finnair Q Result

Finnair Q Result Finnair Q1 2015 Result 7 May 2015 CEO Pekka Vauramo, Interim CFO Mika Stirkkinen 1 Turbulent market environment The weakness of the Finnish economy continued to be reflected in the demand in the first

More information

In 2Q18, Brazil s #1 airline achieves a 2% EBIT margin and grows net revenues by 9%

In 2Q18, Brazil s #1 airline achieves a 2% EBIT margin and grows net revenues by 9% In 2Q18, Brazil s #1 airline achieves a 2% EBIT margin and grows net revenues by 9% Operating Income for the second quarter doubled, reaching R$43 million São Paulo, August 2, 2018 - ( GOL or Company ),

More information

SkyWest, Inc. Announces First Quarter 2018 Profit

SkyWest, Inc. Announces First Quarter 2018 Profit NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces First Quarter 2018

More information

FIRST QUARTER 2014 RESULTS

FIRST QUARTER 2014 RESULTS FIRST QUARTER 2014 RESULTS Mexico City, April 29, 2014 - Grupo Aeromexico S.A.B de C.V. ( Aeromexico ) (BMV: AEROMEX), the largest airline in Mexico, today reported its unaudited consolidated results for

More information

AEROFLOT ANNOUNCES FY 2017 IFRS FINANCIAL RESULTS

AEROFLOT ANNOUNCES FY 2017 IFRS FINANCIAL RESULTS AEROFLOT ANNOUNCES FY 2017 IFRS FINANCIAL RESULTS Moscow, 1 March 2018 Aeroflot Group ( the Group, Moscow Exchange ticker: AFLT) today publishes its audited financial statements in accordance with International

More information

Earnings Report 1 st Quarter 2016 Grupo Viva Aerobus

Earnings Report 1 st Quarter 2016 Grupo Viva Aerobus Earnings Report 1 st Quarter 2016 Grupo Viva Aerobus Grupo Viva Aerobus announces results for the first quarter of 2016 Mexico City, Mexico, April 29, 2016- Grupo Viva Aerobus S.A. de C.V. ( Grupo Viva

More information

Grupo Viva Aerobus announces results for the third quarter of 2016

Grupo Viva Aerobus announces results for the third quarter of 2016 Earnings Earnings Report Report 3 rd rd Quarter Quarter 2016 2016 Grupo Grupo Viva Viva Aerobus Aerobus Grupo Viva Aerobus announces results for the third quarter of 2016 Mexico City, Mexico, October 27,

More information

Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1

Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1 Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1 Summary of H1 FY18 Group Outcomes 2 Group Underlying Profit Before Tax of $102.5 million up 142.3% Group Statutory Profit After Tax of $4.4

More information

4Q15 and 2015 Results Presentation. March 30, 2016

4Q15 and 2015 Results Presentation. March 30, 2016 4Q15 and 2015 Results Presentation March 30, 2016 Highlights Paulo Kakinoff CEO Highlights Macro Environment Even more adverse environment for the Brazilian economy, with a GDP drop of 3.8% in 2015 Devaluation

More information

Spirit Airlines Reports Third Quarter 2017 Results

Spirit Airlines Reports Third Quarter 2017 Results Spirit Airlines Reports Third Quarter 2017 Results MIRAMAR, Fla., October 26, 2017 - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported third quarter 2017 financial results. GAAP net income for the third

More information

Spirit Airlines Reports Fourth Quarter and Full Year 2016 Results

Spirit Airlines Reports Fourth Quarter and Full Year 2016 Results Spirit Airlines Reports Fourth Quarter and Full Year 2016 Results MIRAMAR, FL. (February 7, 2017) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported fourth quarter and full year 2016 financial results.

More information

LATAM AIRLINES GROUP RECORDS A 50.1% INCREASE IN OPERATING INCOME AND A US$93.9 MILLION NET PROFIT IN THE FIRST QUARTER OF 2018

LATAM AIRLINES GROUP RECORDS A 50.1% INCREASE IN OPERATING INCOME AND A US$93.9 MILLION NET PROFIT IN THE FIRST QUARTER OF 2018 LATAM AIRLINES GROUP RECORDS A 50.1% INCREASE IN OPERATING INCOME AND A US$93.9 MILLION NET PROFIT IN THE FIRST QUARTER OF 2018 Santiago, Chile, May 8, 2018 LATAM Airlines Group S.A. (NYSE: LTM; IPSA:

More information

3Q Earnings Results Presentation

3Q Earnings Results Presentation 3Q Earnings Results Presentation SAFE HARBOR The present document consolidates information from Avianca Holdings S.A. and its subsidiaries, including unaudited financial figures, operational managerial

More information

AIR CANADA REPORTS THIRD QUARTER RESULTS

AIR CANADA REPORTS THIRD QUARTER RESULTS AIR CANADA REPORTS THIRD QUARTER RESULTS THIRD QUARTER OVERVIEW Operating income of $112 million compared to operating income of $351 million in the third quarter of 2007. Fuel expense increased 49 per

More information

El Al Israel Airlines announced today its financial results for the second quarter and the first half of 2017.

El Al Israel Airlines announced today its financial results for the second quarter and the first half of 2017. August 16, 2017 El Al Israel Airlines announced today its financial results for the second quarter and the first half of 2017. The Company's revenues in the second quarter of 2017 amounted to approx. USD

More information

LATAM AIRLINES GROUP REPORTS A 25.8% IMPROVEMENT IN OPERATING INCOME AND NET INCOME OF US$155.3 MILLION FOR FULL YEAR 2017

LATAM AIRLINES GROUP REPORTS A 25.8% IMPROVEMENT IN OPERATING INCOME AND NET INCOME OF US$155.3 MILLION FOR FULL YEAR 2017 LATAM AIRLINES GROUP REPORTS A 25.8% IMPROVEMENT IN OPERATING INCOME AND NET INCOME OF US$155.3 MILLION FOR FULL YEAR 2017 Santiago, Chile, March 14, 2017 LATAM Airlines Group S.A. (NYSE: LTM; IPSA: LTM),

More information

LATAM AIRLINES GROUP REPORTS CONSOLIDATED OPERATING INCOME OF US$175.0 MILLION FOR THIRD QUARTER 2018

LATAM AIRLINES GROUP REPORTS CONSOLIDATED OPERATING INCOME OF US$175.0 MILLION FOR THIRD QUARTER 2018 LATAM AIRLINES GROUP REPORTS CONSOLIDATED OPERATING INCOME OF US$175.0 MILLION FOR THIRD QUARTER 2018 Santiago, Chile, November 20, 2018 LATAM Airlines Group S.A. (NYSE: LTM; IPSA: LTM), the leading airline

More information

American Airlines Group Reports Second-Quarter Profit

American Airlines Group Reports Second-Quarter Profit NEWS RELEASE American Airlines Group Reports Second-Quarter Profit 7/28/2017 FORT WORTH, Texas American Airlines Group Inc. (NASDAQ:AAL) today reported its second-quarter 2017 results, including these

More information

Spirit Airlines Reports Second Quarter 2018 Results

Spirit Airlines Reports Second Quarter 2018 Results Spirit Airlines Reports Second Quarter 2018 Results MIRAMAR, Fla., July 25, 2018 - Spirit Airlines, Inc. (NYSE: SAVE) today reported second quarter 2018 financial results. GAAP net income for the second

More information

CONTACT: Investor Relations Corporate Communications

CONTACT: Investor Relations Corporate Communications NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2017

More information

Conference Call 1Q14 Results. Investor Relations May 15, 2014

Conference Call 1Q14 Results. Investor Relations May 15, 2014 Conference Call Results Investor Relations May 15, 2014 1 Highlights 2 Highlights Net revenues of R$2.5 billion in the quarter, an increase of 20% or R$411 million quarter-over-quarter; EBIT totaled R$144

More information

Management Discussions and Analysis for the three-month period ended 31 March 2014 and Executive Summary

Management Discussions and Analysis for the three-month period ended 31 March 2014 and Executive Summary Executive Summary Overview of the global economy during the first quarter of 2015 (Q1/2015) are as following; the US economy has been in recovery mode while rapidly dollar appreciation weighs on net exports

More information

CONTACT: Investor Relations Corporate Communications

CONTACT: Investor Relations Corporate Communications NEWS RELEASE CONTACT: Investor Relations Corporate Communications 435.634.3200 435.634.3553 Investor.relations@skywest.com corporate.communications@skywest.com SkyWest, Inc. Announces Second Quarter 2016

More information

LATAM AIRLINES GROUP REPORTS OPERATING INCOME OF US$267 MILLION FOR FOURTH QUARTER 2014 AND US$513 FOR FULL YEAR 2014

LATAM AIRLINES GROUP REPORTS OPERATING INCOME OF US$267 MILLION FOR FOURTH QUARTER 2014 AND US$513 FOR FULL YEAR 2014 LATAM AIRLINES GROUP REPORTS OPERATING INCOME OF US$267 MILLION FOR FOURTH QUARTER 2014 AND US$513 FOR FULL YEAR 2014 Santiago, Chile, March 17, 2015 (NYSE: LFL; IPSA: LAN; BOVESPA: LATM33), the leading

More information

Adjusted net income of $115 million versus an adjusted net loss of $7 million in the second quarter of 2012, an improvement of $122 million

Adjusted net income of $115 million versus an adjusted net loss of $7 million in the second quarter of 2012, an improvement of $122 million Air Canada Reports Record Second Quarter 2013 Results Highest Adjusted Net Income, Operating Income and EBITDAR Results for Second Quarter in Air Canada s History Adjusted net income of $115 million versus

More information

SKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS

SKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS NEWS RELEASE For Further Information Contact: Investor Relations Telephone: (435) 634-3203 Fax: (435) 634-3205 FOR IMMEDIATE RELEASE: October 29, 2014 SKYWEST, INC. ANNOUNCES THIRD QUARTER 2014 RESULTS

More information

Spirit Airlines Reports First Quarter 2018 Results

Spirit Airlines Reports First Quarter 2018 Results Spirit Airlines Reports First Quarter 2018 Results MIRAMAR, Fla., April 26, 2018 - Spirit Airlines, Inc. (NYSE: SAVE) today reported first quarter 2018 financial results. For the first quarter 2018, Spirit

More information

Air China Limited Interim Results. August Under IFRS

Air China Limited Interim Results. August Under IFRS Air China Limited 21 Interim Results Under IFRS August 21 1 Agenda 21 Interim Results Overview Business Overview Financial Overview Outlook 2 2 2 21 Interim Results 3 21 Interim Results Overview 4 4 4

More information

LAN AIRLINES REPORTS NET INCOME OF US$88.3 MILLION FOR THE FIRST QUARTER OF 2010

LAN AIRLINES REPORTS NET INCOME OF US$88.3 MILLION FOR THE FIRST QUARTER OF 2010 FOR IMMEDIATE RELEASE LAN AIRLINES REPORTS NET INCOME OF US$88.3 MILLION FOR THE FIRST QUARTER OF 2010 Santiago, Chile, April 27, 2010 LAN Airlines S.A. (NYSE: LFL), one of Latin America s leading passenger

More information

WestJet announces 18th consecutive quarter of profitability Airline reports third quarter net earnings of $31.4 million

WestJet announces 18th consecutive quarter of profitability Airline reports third quarter net earnings of $31.4 million FOR IMMEDIATE RELEASE WestJet announces 18th consecutive quarter of profitability Airline reports third quarter net earnings of $31.4 million CALGARY, ALBERTA. November 4, 2009. WestJet (TSX:WJA) today

More information

NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 [This document is a translation from the original Norwegian version]

NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 [This document is a translation from the original Norwegian version] NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 SECOND QUARTER IN BRIEF had earnings before tax of MNOK 24.8 (20.6) in the second quarter. The operating revenue increased by 44 % this quarter,

More information

PRESS RELEASE. First Half 2017 Financial Results Higher Load Factors and traffic lead to a significant rebound in second quarter profitability

PRESS RELEASE. First Half 2017 Financial Results Higher Load Factors and traffic lead to a significant rebound in second quarter profitability PRESS RELEASE First Half 2017 Financial Results Higher Load Factors and traffic lead to a significant rebound in second quarter profitability Kifissia, 12 September 2017 AEGEAN announces first half 2017

More information

In 1Q18, Brazil s #1 airline achieves a 17% EBIT margin and grows net revenues by 14%

In 1Q18, Brazil s #1 airline achieves a 17% EBIT margin and grows net revenues by 14% In 1Q18, Brazil s #1 airline achieves a 17% EBIT margin and grows net revenues by 14% Operating income for the first quarter doubled, reaching R$504 million São Paulo, May 9, 2018 - ( GOL or Company ),

More information

LAN AIRLINES REPORTS NET INCOME OF US$4.2 MILLION FOR THE SECOND QUARTER OF 2009

LAN AIRLINES REPORTS NET INCOME OF US$4.2 MILLION FOR THE SECOND QUARTER OF 2009 FOR IMMEDIATE RELEASE LAN AIRLINES REPORTS NET INCOME OF US$4.2 MILLION FOR THE SECOND QUARTER OF 2009 Santiago, Chile, July 28, 2009 LAN Airlines S.A. (NYSE: LFL), one of Latin America s leading passenger

More information

Analysts and Investors conference call. Q results. 15 May 2013

Analysts and Investors conference call. Q results. 15 May 2013 Analysts and Investors conference call Q1 2013 results 15 May 2013 Management summary Key messages of Q1 2013 +6% +9% +3.3%p. Q1 2013 operational KPIs are in line with 109.7 116.2 6.5 7.1 82.3 85.6 expectations,

More information

Q Fast growth continued, Comparable operating result at record high levels Pekka Vauramo

Q Fast growth continued, Comparable operating result at record high levels Pekka Vauramo 2018 Fast growth continued, Comparable operating result at record high levels 17.7.2018 Pekka Vauramo 2 A good - Comparable operating result increased to new seasonal high Revenue Comparable operating

More information

First Quarter Results August 31 st, 2006

First Quarter Results August 31 st, 2006 First Quarter Results 2006-07 August 31 st, 2006 Key features of the First Quarter Market context Sustained global economic growth, and a recovery in Europe Average jet fuel price of 691 $/t, up 25% year-on-year

More information

RECORD Q3 PROFITABILITY ON 23% PASSENGER GROWTH, FULL YEAR PROFIT GUIDANCE RAISED TO BETWEEN 200M AND 210M

RECORD Q3 PROFITABILITY ON 23% PASSENGER GROWTH, FULL YEAR PROFIT GUIDANCE RAISED TO BETWEEN 200M AND 210M RECORD Q3 PROFITABILITY ON 23% PASSENGER GROWTH, FULL YEAR PROFIT GUIDANCE RAISED TO BETWEEN 200M AND 210M LSE Ticker: WIZZ Geneva, 27 January 2016: Wizz Air Holdings Plc ( Wizz Air or the Company ), the

More information

Volaris Reports Second Quarter 2017 Results: 26% Adjusted EBITDAR Margin. Non-Ticket Revenues Reached 29%

Volaris Reports Second Quarter 2017 Results: 26% Adjusted EBITDAR Margin. Non-Ticket Revenues Reached 29% Volaris Reports Second Quarter 2017 Results: 26% Adjusted EBITDAR Margin. Non-Ticket Revenues Reached 29% Mexico City, Mexico, July 21, 2017 Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline

More information

2012 Result. Mika Vehviläinen CEO

2012 Result. Mika Vehviläinen CEO 2012 Result Mika Vehviläinen CEO 1 Agenda Market environment in Q4 Business performance and strategy execution Outlook Financials 2 Market Environment According to IATA, Global air travel continues to

More information

1Q 2017 Earnings Call. April 18, 2017

1Q 2017 Earnings Call. April 18, 2017 1Q 2017 Earnings Call April 18, 2017 Safe Harbor Statement Certain statements included in this presentation are forward-looking and thus reflect our current expectations and beliefs with respect to certain

More information

Analyst and Investor Conference Call Q Ulrik Svensson, CFO and Member of the Executive Board

Analyst and Investor Conference Call Q Ulrik Svensson, CFO and Member of the Executive Board Analyst and Investor Conference Call Q2 2017 Ulrik Svensson, CFO and Member of the Executive Board Frankfurt, 2 August 2017 Disclaimer The information herein is based on publicly available information.

More information

Spirit Airlines Reports Third Quarter 2015 Pre-Tax Margin of 26.9 Percent

Spirit Airlines Reports Third Quarter 2015 Pre-Tax Margin of 26.9 Percent October 27, 2015 Spirit Airlines Reports Third Quarter 2015 Pre-Tax Margin of 26.9 Percent MIRAMAR, Fla., Oct. 27, 2015 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (NASDAQ:SAVE) today reported third quarter

More information

AMR CORPORATION REPORTS THIRD QUARTER 2011 RESULTS. Net Loss of $162 Million; Operating Earnings of $39 Million

AMR CORPORATION REPORTS THIRD QUARTER 2011 RESULTS. Net Loss of $162 Million; Operating Earnings of $39 Million CONTACT: Sean Collins Corporate Communications Fort Worth, Texas 817-967-1577 mediarelations@aa.com FOR RELEASE: Wednesday, REPORTS THIRD QUARTER 2011 RESULTS Net Loss of $162 Million; Operating Earnings

More information

Volaris Reports First Quarter 2017 Results: 19% Adjusted EBITDAR Margin

Volaris Reports First Quarter 2017 Results: 19% Adjusted EBITDAR Margin Volaris Reports First Quarter 2017 Results: 19% Adjusted EBITDAR Margin Mexico City, Mexico, April 20, 2017 Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico, the United States

More information

AIR CANADA REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS

AIR CANADA REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS AIR CANADA REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS Record annual EBITDAR of $1.386 billion, 104 per cent improvement Operating income improvement of $677 million Employees to receive special

More information

First Half 2013 Results. 16 mai 2013

First Half 2013 Results. 16 mai 2013 First Half 2013 Results 16 mai 2013 26 July 2013 Results Increasing effects of Transform 2015 Highlights of the First Half A difficult global economic environment Transform 2015 plan roll-out on track

More information

Earnings Release Second Quarter 2006

Earnings Release Second Quarter 2006 GOL Reports Net Revenues of R$844mm and EPS of R$0.54 for 2Q06 Brazil s Low-cost, Low-fare Airline Reports Quarterly Net Income of R$107mm 56% increase in Earnings per ADS São Paulo, July 20, 2006 GOL

More information

44th Consecutive Profitable Quarter Fourth Quarter Fully Diluted Earnings per Share of $0.94 Full Year Fully Diluted Earnings per Share of $4.

44th Consecutive Profitable Quarter Fourth Quarter Fully Diluted Earnings per Share of $0.94 Full Year Fully Diluted Earnings per Share of $4. Allegiant Travel Company Fourth Quarter and Full Year 2013 Financial Results January 29, 2014 1:00 PM PT 44th Consecutive Profitable Quarter Fourth Quarter Fully Diluted Earnings per Share of $0.94 Full

More information

IAG results presentation. Quarter One th May 2018

IAG results presentation. Quarter One th May 2018 IAG results presentation Quarter One 2018 4 th May 2018 Highlights Willie Walsh, Chief Executive Officer Highlights Another strong quarter performance with an operating profit of 280m (5.6% margin, +2.3pts)

More information

Air China Limited Announces 2009 Annual Results

Air China Limited Announces 2009 Annual Results Air China Limited Announces 2009 Annual Results Record Operating Profit in Complex Market Environment Strengthened Position to Capture Growth Opportunities Hong Kong April 22, 2010 Air China Limited (

More information

Investor Update Issue Date: April 9, 2018

Investor Update Issue Date: April 9, 2018 Investor Update Issue Date: April 9, 2018 This investor update provides guidance and certain forward-looking statements about United Continental Holdings, Inc. (the Company or UAL ). The information in

More information

1.3% millionn euros. Net debt of 5.4 improvement. euros to. Financial Year. the Air. operating. equipped. ness and. also focus on.

1.3% millionn euros. Net debt of 5.4 improvement. euros to. Financial Year. the Air. operating. equipped. ness and. also focus on. 25 th July 2014 Financial Year 2014: First Half results SECOND QUARTER Revenues of 6.45 billion euros, upp 1.7% like-for-like; passenger unit revenue up 1.3% at constant currency thanks to strict capacity

More information

Corporate Presentation November 2017

Corporate Presentation November 2017 Corporate Presentation November 2017 Disclaimer The material that follows comprises information about Avianca Holdings S.A. (the Company ) and its subsidiaries, as of the date of the presentation. It has

More information

Investor Relations Update January 25, 2018

Investor Relations Update January 25, 2018 General Overview Investor Relations Update Accounting Changes On January 1, 2018, the company adopted two new Accounting Standard Updates: (ASUs): ASU 2014-9: Revenue from Contracts with Customers (the

More information

Vueling improves its result in 4 points for the first quarter 2009

Vueling improves its result in 4 points for the first quarter 2009 Vueling improves its result in 4 points for the first quarter 2009 Improvement in costs was the most important factor for the improvement in EBIT margin Synergies in revenue due to the merger offset the

More information

Results 2Q17. August 9, 2017

Results 2Q17. August 9, 2017 Results 2Q17 August 9, 2017 2Q17 Highlights Indicators 2Q17 Var. x 2Q16 ASK (BN) 10.4-3.0% Traffic (000) 7,261-1.3% RPK (BN) 8.1 +0.5% Load Factor 77.9% +2.7 p.p. Yield (R$ cents) 23.2 +4.8% Pax Revenue

More information

Ref. PE004/ May Subject: Management Discussion and Analysis for the First Quarter of 2018

Ref. PE004/ May Subject: Management Discussion and Analysis for the First Quarter of 2018 Ref. PE004/2561 10 May 2018 Subject: Management Discussion and Analysis for the First Quarter of 2018 Attention: President The Stock Exchange of Thailand According to the financial reports of Nok Airlines

More information

Volaris Reports Third Quarter 2018 Results: Ancillary Revenue Expansion And Reduction Of Unit Cost Excluding Fuel

Volaris Reports Third Quarter 2018 Results: Ancillary Revenue Expansion And Reduction Of Unit Cost Excluding Fuel Volaris Reports Third Quarter 2018 Results: Ancillary Revenue Expansion And Reduction Of Unit Cost Excluding Fuel Mexico City, Mexico, October 25, 2018 Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost

More information