BOGOTA, Colombia--(BUSINESS WIRE)--Avianca Holdings S.A, (BVC:PFAVTA), the following results pertain to the first quarter of 2013. Financial and operational information is provided in millions of US dollars, except when noted, and in accordance with International Financial Reporting Standards (IFRS). See the additional reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this report. Except when noted, all comparisons refer to first quarter 2012 (1Q-12) numbers. Avianca Holding S.A. (“AviancaTaca”, “the Company”, “Issuer Entity” o “Issuer”) corresponds to figures and operating metrics of the consolidated entity.
First Quarter 2013 Highlights
- Avianca Holdings earns a Net Income of USD$ 75.3 million for 1Q-13, an increase of more than USD$ 75 million over the profit recorded for the same period in 2012.
- First quarter operating revenues increased to USD$ 1.11 billion, up 5.9% from 1Q 2012 due mainly to a 6.5% increase in passenger revenues driven by an 8.6% growth in passenger traffic over 1Q 2012 figures. Cargo and other revenue increased by 2.5%, primarily as a result of an increase in our Freight and Loyalty revenues.
- Operating Cost per available seat kilometer (CASK) decreased by 1.5% from 10.98 cents in 1Q-12 to 10.81 cents in 1Q-13 and CASK excluding Fuel decreased by 1.8% from 7.31 cents in 1Q-12 to 7.17 cents in 1Q-13.
- Operating Income (EBIT) increased to USD$ 108.1 million, a 31.1% increase from USD$ 82.4 million in 1Q-12. Excluding special items in 1Q-12 operating income increased by 48.5%. Operating Margin for 1Q-13 rose to 9.7% compared to 7.8% in 1Q-12, primarily as a result of lower unit costs.
- Capacity, measured in ASK’s (available seat kilometers), increased by 5.4% during 1Q 2013, mostly due to expansion in our domestic operations in Colombia and Peru. In addition, passenger traffic, measured in RPK’s (revenue passenger kilometers) grew 7.8%, reaching a consolidated Load Factor of 80.8%, surpassing 1Q-12 Load Factor by 2.3 percentage points.
- In Line with the fleet renewal program, the company continues to incorporate new aircraft. During the first quarter, one (1) Airbus A330-Freighter, one (1) Airbus A330 and two (2) Airbus A320 passenger aircraft (one of which is equipped with sharklets) were incorporated.
- During the first quarter the Company inaugurated its new VIP lounge in Terminal Eldorado International Airport in Bogotá. Lifemiles members can now enjoy over 2,000 square meters of services and innovations in different environments. The lounge has capacity to simultaneously serve nearly 670 travelers, 505 Gold Elite and 165 Diamond Elite members.
| Consolidated Performance Indicators | 1Q-12 | 1Q-13 |
∆ Vs. 1Q-12 |
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| ASK's (mm) | 8,876 | 9,351 | 5.4 | % |
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| RPK's (mm) | 7,012 | 7,559 | 7.8 | % |
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| Total Passengers (in thousands) | 5,501 | 5,993 | 8.9 | % |
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| Load Factor | 79.0 | % | 80.8 | % | 1.8 | % |
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| Aircraft Utilization (BH/Day) | 9.60 | 9.62 | 0.2 | % |
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| Departures | 60,449 | 63,418 | 4.9 | % |
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| Block Hours | 114,938 | 117,767 | 2.5 | % |
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| Stage length (km) | 1,261 | 1,234 | -2.1 | % |
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| Fuel Consumption Gallons (000's) | 94,737 | 97,543 | 3.0 | % |
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| Yield (cents) | 12.6 | 12.4 | -1.2 | % |
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| RASK (cents) | 11.9 | 12.0 | 0.5 | % |
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| PRASK (cents) | 9.9 | 10.1 | 1.1 | % |
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| CASK (cents) | 11.0 | 10.8 | -1.5 | % |
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| CASK ex. Fuel (cents) | 7.3 | 7.2 | -1.8 | % |
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| CASK Adjusted (cents) (1) | 11.1 | 10.8 | -2.6 | % |
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| CASK ex. Fuel Adjusted (cents) (1) | 7.4 | 7.2 | -3.4 | % |
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| Foreign exchange (average) COP/US$ | $ | 1,800.8 | $ | 1,791.3 | -0.5 | % |
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| Foreign exchange (end of period) COP/US$ | $ | 1,792.1 | $ | 1,832.2 | 2.2 | % |
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| WTI (average) per barrel | $ | 102.9 | $ | 94.3 | -8.3 | % |
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| Jet Fuel Crack (average) per barrel | $ | 30.8 | $ | 35.6 | 15.4 | % |
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| US Gulf Coast ( Jet Fuel average) per barrel | $ | 133.7 | $ | 129.9 | -2.8 | % |
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| Fuel price per Gallon | $ | 3.44 | $ | 3.48 | 1.3 | % |
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| Operating Revenues ($M) | $ | 1,056.9 | $ | 1,118.8 | 5.9 | % |
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| EBITDAR ($M) | $ | 179.6 | $ | 205.2 | 14.2 | % |
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| EBITDAR Margin | 17.0 | % | 18.3 | % | 1.3 | % |
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| EBITDA ($M) | $ | 115.7 | $ | 139.3 | 20.4 | % |
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| EBITDA Margin | 10.9 | % | 12.4 | % | 1.5 | % |
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| Operating Income ($M) | $ | 82.4 | $ | 108.1 | 31.1 | % |
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| Operating Margin ($M) | 7.8 | % | 9.7 | % | 1.9 | % |
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| Net Income ($M) | $ | (0.0 | ) | $ | 75.3 | +100 | % |
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| Net Income Margin | 0.0 | % | 6.7 | % | 6.7 | % |
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| EBITDAR (Adjusted) (1) ($M) | $ | 170.9 | $ | 206.6 | 20.9 | % |
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| EBITDAR Margin (Adjusted) (1) | 16.2 | % | 18.5 | % | 2.3 | % |
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| EBITDA (Adjusted) (1) ($M) | $ | 107.1 | $ | 140.7 | 31.5 | % |
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| EBITDA Margin (Adjusted) (1) | 10.1 | % | 12.6 | % | 2.4 | % |
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| Operating Income ($M) (Adjusted) (1) | $ | 73.7 | $ | 109.5 | 48.5 | % |
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| Operating Margin (Adjusted) (1) | 7.0 | % | 9.8 | % | 2.8 | % |
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| Adjusted Net Income ($M) (2) | $ | 46.4 | $ | 75.9 | 63.4 | % |
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| Net Income Margin (Adjusted) (2) | 4.4 | % | 6.8 | % | 2.4 | % |
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Note: (1) Excluding gain on sale of property and equipment in operating expenses: 1Q-12 gain: $8.7M vs. 1Q-13 loss: $1.5M, (2) excluding gain on sale of property and equipment, derivative instruments and foreign exchange. |
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MANAGEMENT COMMENTS ON 1Q-13 RESULTS
The net income in 1Q 2013 reflects the continued implementation of our integration strategy aimed at capturing revenue synergies as a result of our enhanced network, improved connectivity through our hubs, our revamped LifeMiles loyalty program and improved customer service. During 1Q 2013, our net income was USD$ 75.3 million, an increase of more than USD$ 75 million over the profit recorded for the same period in 2012.
The financial results reported by Avianca Holdings, S.A. for 1Q-13, reflect a sustained growth as a result of the strategy implemented by the organization. Operating revenues increased to USD$ 1.11 billion during the period. This represents an increase of 5.9% over the same period in 2012.
These results are primarily due to the growth in passenger revenues from ticket sales, which increased 6.5% during the period. This increase was mainly driven by an 8.9% increase in the number of total passengers, passing from 5.5 million passengers in the first quarter of 2012 to nearly 6.0 million passengers in first quarter of 2013.
Avianca continued with its market penetration strategy in the Peruvian domestic market where the Company experience an increase in the number of carried passengers of 29.0% when compared to the first quarter of 2012.
During the quarter, the company maintained its leadership in the Colombian domestic market with a 55% market share, while in Peru it increased its domestic market participation to 15.0% from 11.7%, an increase of 3.3 percentage points compared to the first quarter of 2012
Avianca increased during the first quarter of 2013 more than 40 weekly frequencies on its international and domestic routes which include: Bogota-Miami (+ 7), Bogota, Santo Domingo (+1), Bogota, Havana (+1), Cali - Guayaquil (+2), Bogota – Guayaquil (+4), San Salvador – Quito (+3), among others. In Line with the fleet renewal program, the company continues to incorporate new aircraft. During the first quarter, one (1) Airbus A330-Freighter, one (1) Airbus A330 and two (2) Airbus A320 passenger aircraft (one of which is equipped with sharklets) were incorporated.
Operating expenses for the first quarter of 2013 increased 3.7% to USD$ 1.01 billion, including a 4.3% increase in fuel costs associated with a larger consumption of fuel gallons as a result of the capacity expansion. Excluding fuel cost, total operating expenses grew 3.4%, below the increase of consolidated operating revenues recorded for the period. Operating expenses excluding fuel costs, for the first quarter of 2012, were affected by a credit of USD$ 8.7 million related to a gain on sale of property and flight equipment compared to a loss of $1.5 million recorded in first quarter 2013. Excluding these items, operating expenses excluding fuel grew 1.8%.
Consequently operating profit between January and March 2013, reached USD$ 108.1 million, 31.1% higher than that recorded in the same period of 2012.
At the end of first quarter of 2013, the company has hedged approximately 25% of the consolidated volume for the next twelve months as follows: approximately 28% for 2Q-13, 24% for 3Q-13, 23% for 4Q-13 and 25% for 1Q-14.
The company recorded for first quarter 2013, other non-operating expenses of USD$ 19.8 million compared to USD$ 76.0 million for the same period of 2012. Non-operating expenses include the change in fair value for derivative instruments (mark-to-market loss) of USD $4.7 million compared to loss of USD $8.1 million in first quarter 2012, including also a net gain related to the foreign exchange adjustment of USD $5.6 million (including loss related to devaluation of Venezuelan Bolivar) compared to a net loss of USD$ 47.0 million for the same period of 2012.
2013 - OUTLOOK
During 2013, Avianca expects to continue with a capacity expansion in its key markets, as a result the company forecasts ASK growth between 8% and 10%, in line with a net increase of 7 new aircraft for passenger operations.
In terms of passenger traffic, the company expects a sustained growth during 2013. Passenger numbers are expected to increase between 11% and 13%, as a result the load factor should stand between 77% and 79%.
In terms of operating profitability the company expects to maintain operating margins between 6.5% and 7.5%, slightly above 2012 levels despite the incremental investments related to the implementation of different initiatives related to the brand unification and operational standardization.
| Outlook Summary | FY13 | |
| Capacity (ASK'S) | Between 8% and 10% | |
| Total Passengers | Between 11% and 13% | |
| Load Factor | Between 77% and 79% | |
| EBIT Margin | Between 6.5% and 7.5% |
CONSOLIDATED FINANCIAL RESULTS
Operating revenue
Our operating income was USD$ 1.11 billion in 1Q 2013, a 5.9 % increase over USD$ 1.06 billion in 1Q 2012, as a result of a USD$ 57.6 million increase in passenger revenue, and a USD$ 4.3 million increase in revenue from cargo and other revenues. Our operating revenue per ASK was US$ 12.0 cents in 1Q 2013, a 0.5% increase from US$ 11.9 cents in 1Q 2012, primarily as a result of the implementation of improvements and consolidation of our combined network.
Passenger revenue. Our passenger revenue was USD$ 940.3 million in 1Q 2013, a 6.5% increase over US$ 882.7 million in 1Q 2012, primarily as a result of an 8.9% increase in passengers carried in 1Q 2013, from 5.5 million in 1Q 2012 to nearly 6.0 million in 1Q 2013, reflecting our 5.4% capacity increase (consisting of a 2.9% increase in international capacity and a 15.7% increase in our domestic capacity) in terms of ASKs in 1Q 2013. Our passenger load factor increased 2.3 percentage points to 80.8%. Our passenger yield slightly decreased 1.2% from US$ 12.6 cents in 1Q 2012 to US$ 12.4 cents in 1Q 2013.
Cargo and other. Our revenue from cargo and other was USD$ 178.5 million in 1Q 2013, a 2.5% increase over USD$ 174.3 million in 1Q 2012, primarily as a result of incremental revenues from Loyalty program LifeMiles and other revenues related to administrative fees and complimentary services provided to third parties.
Operating expenses
Operating expenses were US$ 1.01 billion in 1Q 2013, a 3.7% increase over US$ 974.5 million in 1Q 2012, primarily as a result of a US$ 14.1 million increase in aircraft fuel expenses, a US$ 6.8 million increase in ground operations, a USD$ 4.5 million increase in salaries, wages and benefits. Operating expenses excluding fuel costs, for the first quarter of 2012, were affected by a credit of USD$ 8.7 million related to a gain on sale of property and flight equipment compared to a loss of $1.5 million recorded in first quarter 2013. Excluding these items, operating expenses excluding fuel costs grew 1.8%. As a percentage of operating revenue, operating expenses decreased from 92.2% in 1Q 2012 to 90.3% in 1Q 2013.
Our operating expenses excluding fuel cost increased at a slower pace, 3.4%, compared to the increase in our operating revenue, 5.9%, reflecting our efforts to optimize controllable costs. As a result, our CASK excluding fuel decreased 1.8% in 1Q 2013. The breakdown of operating expenses per available seat kilometer (CASK) is as follows:
| First Quarter Ended March 31, | ||||||
| 1Q 2012 | 1Q 2013 | % Change | ||||
| (in US cents) | ||||||
| Operating expenses per ASK (CASK): | ||||||
| Flight Operations | 0.26 | 0.27 | 2.1% | |||
| Aircraft Fuel | 3.67 | 3.63 | -1.0% | |||
| Ground Operations | 0.85 | 0.88 | 3.5% | |||
| Aircraft rentals | 0.72 | 0.70 | -2.1% | |||
| Passenger services | 0.36 | 0.35 | -2.0% | |||
| Maintenance and repairs | 0.64 | 0.52 | -18.5% | |||
| Air Traffic | 0.50 | 0.49 | -0.7% | |||
| Sales and marketing | 1.49 | 1.39 | -6.7% | |||
| General, administrative, and other | 0.52 | 0.56 | 7.7% | |||
| Salaries, wages and benefits | 1.68 | 1.65 | -2.2% | |||
| Depreciation and amortization | 0.38 | 0.33 | -11.1% | |||
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Gain/loss on property and equipment (special item) |
(0.10) |
0.02 |
+115.9% |
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| Total | 10.98 | 10.81 | -1.5% | |||
| Total (excluding fuel) | 7.31 | 7.17 | -1.8% | |||
| Total (excluding fuel and special item) | 7.41 | 7.16 | -3.4% | |||
Flight operations. Flight operations expense was USD$ 25.3 million in 1Q 2013, a 7.5% increase over US$ 23.5 million in 1Q 2012, primarily as a result of a 2.5% increase in block hours, and the growth in domestic operations in Peru and Colombia. In terms of unit cost per ASK flight operations increased 2.1% from 0.26 in 1Q 2012 to 0.27 in 1Q 2013.
Fuel. Fuel expense was USD$ 339.8 million in 1Q 2013, a 4.3% increase over USD$ 325.7 million in 1Q 2012, primarily as a result of a 3.0% growth in fuel consumption during 1Q 2013 reflecting a 2.5% increase in our block hours and a 1.3% increase in our average “into-plane” fuel cost (fuel price plus taxes and distribution costs), which increased from US$3.44 per gallon in 1Q 2012 to US$3.48 per gallon in 1Q 2013. The cost of fuel per ASK decreased 1.0% in 1Q 2013 as a result of the foregoing.
Ground operations. Ground operations expense was USD$ 82.5 million in 1Q 2013, a 9.0% increase over US$ 75.6 million in 1Q 2012, primarily as a result of a 4.9% increase in departures in 1Q 2013 compared to 1Q 2012, including incremental prices for navigation services in Colombia and incremental landing and ramp services unit prices in certain South American airports. In terms of unit cost per ASK, ground operations increased 3.5% from 0.85 in 1Q 2012 to 0.88 in 1Q 2013.
Aircraft rentals. Aircraft rentals expense was US$ 65.9 million in 1Q 2013, a 3.2% increase over US$ 63.9 million in 1Q 2012, primarily as a result of incorporation of six new aircraft (four A320s and two A330s) under operating leases in 1Q 2013, partially offset by the return during the last twelve months of four aircraft (two A320s, one A319 and one B737). In terms of unit cost per ASK, aircraft rentals decreased from 0.72 in 1Q 2012 to 0.70 in 1Q 2013.
Passenger services. Passenger services expense was US$ 32.7 million in 1Q 2013, a 3.2% increase over US$ 31.8 million in 1Q 2012, primarily as a result of an 8.9% increase in passengers carried.. In terms of unit cost per ASK, passenger services expense slightly decreased from 0.36 in 1Q 2012 to 0.35 in 1Q 2013.
Maintenance and repairs. Maintenance and repairs expense was US$49.1 million in 1Q 2013, a 14.2% decrease over US$ 57.2 million in 1Q 2012, primarily as a result of benefits related to the fleet modernization program. In terms of unit cost per ASK, maintenance and repairs decreased 18.5% from 0.64 in 1Q 2012 to 0.52 in 1Q 2013.
Air traffic. Air traffic expense was USD$ 46.2 million in 1Q 2013, a 4.6% increase over USD$ 44.1million in 1Q 2012, primarily as a result of an 8.9% increase in passengers carried and also a 4.9% increase in departures in 1Q 2013 compared to 1Q 2012. In terms of unit cost per ASK, air traffic expense decreased from 0.50 in 1Q 2012 to 0.49 in 1Q 2013, primarily as a result of initiatives implemented to increase cost efficiency in 1Q 2013.
Sales and marketing. Sales and marketing expenses were US$ 129.8 million in 1Q 2013, an 1.7% decrease over US$ 132.1 million in 1Q 2012, primarily as a result of a USD$ 3.5 million decrease in advertising and promotions costs. In terms of unit cost per ASK, sales and marketing expenses decrease from 1.49 in 1Q 2012 to 1.39 in 1Q 2013.
General, administrative and other. General, administrative and other expenses were US$ 54.2 million in 1Q 2013, $16.4M above 1Q 2012, including a credit of $8.7 million recorded related to a gain on sale of property and flight equipment in 2012 compared with a loss of $1.5 million recorded in first quarter 2013.In terms of unit cost per ASK, general, administrative and other expenses increased 7.7% from 0.52 in 1Q 2012 to 0.56 in 1Q 2013.
Salaries, wages and benefits. Salaries, wages and benefits expenses were USD$ 154.1 million in 1Q 2013, a 3.0% increase over USD$ 149.6 million in 1Q 2012, primarily as a result of a 4.7% increase in total personnel, mainly related to growth of our operations during 1Q 2013, particularly as a result of the growth in our domestic Peruvian operations and average salary inflation adjustments. In terms of unit cost per ASK, salaries, wages and benefits decreased by 2.2% from 1.68 in 1Q 2012 to 1.65 in 1Q 2013.
Depreciation and amortization. Depreciation and amortization expense was USD$ 31.2 million in 1Q 2013, a 6.3% decrease over USD$ 33.3 million in 1Q 2012. In terms of unit cost per ASK, depreciation and amortization expense decreased 11.1% from 0.38 in 1Q 2012 to COP 0.33 in 1Q 2013.
Operating profit and operating margin
Our operating income was USD$ 108.1 million in 1Q 2013, a 31.1% increase from USD$ 82.4 million in 1Q 2012. Our operating margin increased from 7.8% in 1Q 2012 to 9.7% in 1Q 2013 as a result of the lower increase rate in operating expenses of 3.7% relative to our total operating revenues of 5.9%, primarily due to a 6.5% increase in passenger revenue, a 2.5% increase in cargo and other revenue, and a 3.4% increase in operating expenses excluding fuel.
EBITDAR Calculation
| in US$ Millions | 1Q-12 | 1Q-13 | Var % | |||
| Operating Revenues | 1,056.9 | 1,118.8 | ||||
| Operating Expenses | 648.8 | 670.9 | ||||
| Aircraft Fuel | 325.7 | 339.8 | ||||
| Operating Income as reported | 82.4 | 108.1 | 31.1% | |||
| (+) Depreciation and amortization | 33.3 | 31.2 | ||||
| EBITDA | 115.7 | 139.3 | 20.4% | |||
| Margin | 10.9% | 12.4% | ||||
| (+) Aircraft Rentals | 63.9 | 65.9 | ||||
| EBITDAR | 179.6 | 205.2 | 14.2% | |||
| Margin | 17.0% | 18.3% |
Results of Operations for the First Quarter Ended March 31, 1Q 2012 and March 31, 1Q 2013
The following table sets forth certain income statement data for the periods indicated:
| 1Q-12 | 1Q-13 | 1Q-12 | 1Q-13 |
From 1Q- 12 to 1Q-13 |
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| (In US$ thousands) |
(As a percentage of total revenue) |
(% change) | ||||||||
| Operating revenue: | ||||||||||
| Passenger | 882,653 | 940,280 | 83.5% | 84.0% | 6.5% | |||||
| Cargo and other | 174,237 | 178,508 | 16.5% | 16.0% | 2.5% | |||||
| Total operating revenues | 1,056,890 | 1,118,788 | 100.0% | 100.0% | 5.9% | |||||
| Operating expenses: | ||||||||||
| Flight Operations | 23,489 | 25,260 | 2.2% | 2.3% | 7.5% | |||||
| Aircraft Fuel | 325,653 | 339,798 | 30.8% | 30.4% | 4.3% | |||||
| Ground Operations | 75,643 | 82,450 | 7.2% | 7.4% | 9.0% | |||||
| Aircraft rentals | 63,867 | 65,905 | 6.0% | 5.9% | 3.2% | |||||
| Passenger services | 31,754 | 32,772 | 3.0% | 2.9% | 3.2% | |||||
| Maintenance and repairs | 57,166 | 49,061 | 5.4% | 4.4% | -14.2% | |||||
| Air Traffic | 44,127 | 46,178 | 4.2% | 4.1% | 4.6% | |||||
| Sales and Marketing | 132,098 | 129,806 | 12.5% | 11.6% | -1.7% | |||||
| General, administrative, and other | 37,806 | 54,202 | 3.6% | 4.8% | 43.4% | |||||
| Salaries, wages and benefits | 149,561 | 154,076 | 14.2% | 13.8% | 3.0% | |||||
| Depreciation and Amortization | 33,334 | 31,225 | 3.2% | 2.8% | -6.3% | |||||
| Total operating expense | 974,498 | 1,010,733 | 92.2% | 90.3% | 3.7% | |||||
| Operating Income | 82,392 | 108,055 | 7.8% | 9.7% | 31.1% | |||||
| Other non-operating income (expense): | ||||||||||
| Interest Expense | (27,589) | (24,585) | -2.6% | -2.2% | -10.9% | |||||
| Interest Income | 6,739 | 3,923 | 0.6% | 0.4% | -41.8% | |||||
| Derivative instruments | (8,126) | (4,719) | -0.8% | -0.4% | -41.9% | |||||
| Foreign Exchange | (46,988) | 5,626 | -4.4% | 0.5% | -112.0% | |||||
| Total other non-operating income (expense) | (75,964) | (19,755) | -7.2% | -1.8% | -74.0% | |||||
| Profit before income taxes | 6,428 | 88,300 | 0.6% | 7.9% | 1273.7% | |||||
| Provision for income tax expense | -6,430 | -12,962 | -0.6% | -1.2% | 101.6% | |||||
| Net Income | -2 | 75,338 | 0.0% | 6.7% | +100% | |||||
NON IFRS FINANCIAL MEASURE RECONCILIATION
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Reconciliation of Net Income excluding Special Items |
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| In USD$ Millions | 1Q-12 | 1Q-13 | Var % | |||
| Net Income as Reported | $ (0.0) | $ 75.3 | +100% | |||
| Special items (adjustments): | ||||||
| Gain on sale of property and equipment | $ (8.7) | $ 1.5 | ||||
| Derivative Instruments loss in fair value | $ 8.1 | $ 4.7 | ||||
| Foreign exchange (gain) / loss | $ 47.0 | $ (5.6) | ||||
| Net Income Adjusted | $ 46.4 | $ 75.9 | 63.4% | |||
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Reconciliation of Operating Cost per ASK excluding special items |
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| in US$ cents | 1Q-12 | 1Q-13 | Var % | |||
| Total CASK as reported | 11.0 | 10.8 | -1.5% | |||
| Aircraft Fuel | 3.7 | 3.6 | ||||
| Total CASK excluding Fuel as reported | 7.3 | 7.2 | -1.8% | |||
| Gain on sale of property and equipment | 0.1 | (0.0) | ||||
| Total CASK excluding Fuel and special items | 7.4 | 7.2 | -3.4% | |||
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EBITDAR Calculation excluding special items |
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| in US$ Millions | 1Q-12 | 1Q-13 | Var % | |||
| Operating Revenues as reported | 1,056.9 | 1,118.8 | ||||
| Operating Expenses | 648.8 | 670.9 | ||||
| Aircraft Fuel | 325.7 | 339.8 | ||||
| Operating Income as reported | 82.4 | 108.1 | 31.1% | |||
| Gain on sale of property and equipment | (8.7) | 1.5 | ||||
| Operating Income adjusted | 73.7 | 109.5 | 48.5% | |||
| (+) Depreciation and amortization | 33.3 | 31.2 | ||||
| EBITDA Adjusted | 107.1 | 140.7 | 31.5% | |||
| Margin | 10.1% | 12.6% | ||||
| (+) Aircraft Rentals | 63.9 | 65.9 | ||||
| EBITDAR Adjusted | 170.9 | 206.6 | 20.9% | |||
| Margin | 16.2% | 18.5% | ||||
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 the plans, current projects, estimates, forecasts and therefore should not be overestimated. Statements regarding future expectations involve certain risks and uncertainties. AviancaTaca Holding S.A. warns that a significant number of factors may cause the current 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.