PANAMA CITY, Feb. 15, 2017 /PRNewswire/ — Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter of 2016 (4Q16) and full year 2016. The terms “Copa Holdings” and “the Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the fourth quarter of 2015 (4Q15).
The financial information included in this press release is preliminary as the Company has not yet issued its audited financial statements and may differ from those results. During the course of the preparation of the financial statements and related notes and our year-end audit, additional items that would require material adjustments to the preliminary financial information included in this press release may be identified.
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported net income of US$95.8 million for 4Q16 or earnings per share (EPS) of US$2.26, as compared to net loss of US$408.5 million or loss per share of US$9.44 in 4Q15. Excluding special items, which for 4Q16 include a non-cash gain of US$24.3 million associated with the mark-to-market of fuel hedge contracts, and a US$11.5 million gain related to a non-cash currency translation of Venezuelan Bolivars, the Company would have reported a net income of US$60.0 million, or adjusted EPS of US$1.42, compared to an adjusted net income of US$41.5 million or adjusted EPS of US$0.96 in 4Q15.
- For full year 2016, net income reached US$339.8 million or EPS of US$8.02, compared to a loss of US$225.0 million or loss per share of US$5.13 for full year 2015. Excluding special items, which for 2016 include a non-cash gain of US$111.6 million associated with the mark-to-market of fuel hedge contracts and a US$21.5 million non-cash gain related to currency translation of Venezuelan Bolivars, Copa Holdings would have reported an adjusted net income of US$206.7 million or EPS of US$4.88, compared to adjusted net income of US$226.0 million or adjusted EPS of US$5.15 for full year 2015.
- Operating income for 4Q16 came in at US$71.1 million, representing an 82.1% increase over operating income of US$39.1 million in 4Q15, as a result of a 10.7% increase in unit revenue per available seat mile (RASM), partly offset by a 5.3% increase in unit costs. Operating margin for 4Q16 came in at 11.8%, compared to an operating margin of 7.3% in 4Q15.
- Operating results for the quarter were significantly affected by a US$21.3 million realized fuel hedge loss, compared to US$24.1 million in 4Q15. Excluding these fuel hedge losses, operating margin for the quarter would have been 15.4% for 4Q16 compared to 11.9% for 4Q15.
- For full year 2016, the Company reported operating income of US$276.6 million, representing an increase of 4.0% over operating income of US$266.1 million for full year 2015. Operating margin for full year 2016 came in at 12.4%, compared to an operating margin of 11.8% in 2015.
- Operating results for the year 2016 were significantly affected by a US$93.7 million realized fuel hedge loss, compared to US$95.2 million in 2015. Excluding these fuel hedge losses, operating margin for 2016 would have been 16.7%, compared to 16.1% for 2015.
- Total revenues for 4Q16 increased 12.9% to US$601.3 million. Yield per passenger mile increased 1.3% to 12.6 cents and RASM came in at 10.7 cents, or 10.7% above 4Q15.
- For 4Q16, consolidated passenger traffic grew 11.3% while consolidated capacity grew 2.0%. As a result, consolidated load factor for the quarter increased 6.8 percentage points to 81.6%. For full year 2016, consolidated load factor came in at 80.4%, 5.1 percentage points higher than 2015 on 1.5% capacity growth.
- Operating cost per available seat mile (CASM) increased 5.3%, from 9.0 cents in 4Q15 to 9.5 cents in 4Q16, mostly as a result of a non-cash increase in depreciation expense related to an adjustment in our aircraft useful life assumption from 30 to 27 years, for which the full year 2016 impact was recorded in 4Q16. CASM excluding fuel costs increased 6.7% from 6.5 cents in 4Q15 to 6.9 cents in 4Q16, mainly as a result of this non-cash adjustment in our aircraft useful life assumptions.
- Cash, short-term and long-term investments ended 2016 at US$815.6 million, representing 37% of the last twelve months’ revenues.
- Copa Holdings ended the year with a consolidated fleet of 99 aircraft ? 64 Boeing 737-800s, 14 Boeing 737-700s, and 21 Embraer-190s.
- For 2016, Copa Holdings reported consolidated on-time performance of 88.4% and a flight-completion factor of 99.8%, maintaining its position among the best in the industry.
Subsequent Events
- In January 2017, the company took delivery of one Boeing 737-800, increasing the consolidated fleet to 100 aircraft.
- Also in January 2017, the company was recognized by FlightStats ? for the fourth consecutive year ? as the most on-time airline in Latin America, and by OAG ? for the second consecutive year? as the second most on-time airline in the world.
- On February 15th, 2017, the Board of Directors of Copa Holdings approved a 2017 dividend payment of 51 cents per share per quarter. Dividends will be distributed quarterly during the months of March, June, September and December. The first quarterly dividend of 51 cents per share will be paid on March 15 to shareholders on record as of February 28th, 2017.
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Consolidated Financial & Operating Highlights |
4Q16 |
4Q15 |
Variance vs. 4Q15 |
3Q16 |
Variance vs. 3Q16 |
FY 2016 |
FY 2015 |
Variance vs. 2015 |
|
Revenue Passengers Carried (‘000) |
2,148 |
2,055 |
4.5% |
2,231 |
-3.7% |
8,508 |
7,875 |
8.0% |
|
RPMs (mm) |
4,568 |
4,103 |
11.3% |
4,637 |
-1.5% |
17,690 |
16,310 |
8.5% |
|
ASMs (mm) |
5,597 |
5,486 |
2.0% |
5,506 |
1.7% |
22,004 |
21,675 |
1.5% |
|
Load Factor |
81.6% |
74.8% |
6.8 p.p. |
84.2% |
-2.6 p.p. |
80.4% |
75.2% |
5.1 p.p. |
|
Yield |
12.6 |
12.5 |
1.3% |
11.8 |
7.5% |
12.1 |
13.3 |
-9.2% |
|
PRASM (US$ Cents) |
10.3 |
9.3 |
10.5% |
9.9 |
4.2% |
9.7 |
10.0 |
-3.0% |
|
RASM (US$ Cents) |
10.7 |
9.7 |
10.7% |
10.3 |
4.1% |
10.1 |
10.4 |
-2.7% |
|
CASM (US$ Cents) |
9.5 |
9.0 |
5.3% |
8.9 |
6.0% |
8.8 |
9.2 |
-3.4% |
|
CASM Excl. Fuel (US$ Cents) |
6.9 |
6.5 |
6.7% |
6.4 |
8.7% |
6.4 |
6.4 |
1.1% |
|
Breakeven Load Factor |
64.8% |
150.9% |
-86.1 p.p. |
70.2% |
-5.4 p.p. |
64.4% |
85.1% |
-20.7 p.p. |
|
Adjusted Breakeven Load Factor (1) |
71.1% |
67.1% |
4.0 p.p. |
73.7% |
-2.6 p.p. |
70.7% |
65.4% |
5.3 p.p. |
|
Fuel Gallons Consumed (Millions) |
72.4 |
70.5 |
2.6% |
70.9 |
2.1% |
284.3 |
277.2 |
2.6% |
|
Avg. Price Per Fuel Gallon (US$ Dollars) |
1.96 |
1.94 |
0.7% |
1.98 |
-1.2% |
1.86 |
2.17 |
-14.6% |
|
Average Length of Haul (Miles) |
2,127 |
1,997 |
6.5% |
2,079 |
2.3% |
2,079 |
2,071 |
0.4% |
|
Average Stage Length (Miles) |
1,244 |
1,222 |
1.8% |
1,192 |
4.4% |
1,213 |
1,236 |
-1.9% |
|
Departures |
30,499 |
31,184 |
-2.2% |
30,737 |
-0.8% |
123,098 |
122,588 |
0.4% |
|
Block Hours |
98,150 |
97,788 |
0.4% |
97,077 |
1.1% |
388,058 |
388,355 |
-0.1% |
|
Average Aircraft Utilization (Hours) |
10.8 |
10.7 |
1.0% |
10.5 |
2.5% |
10.6 |
10.8 |
-2.0% |
|
Operating Revenues (US$ mm) |
601.3 |
532.6 |
12.9% |
569.0 |
5.7% |
2,221.8 |
2250.1 |
-1.3% |
|
Operating Income (US$ mm) |
71.1 |
39.1 |
82.1% |
77.2 |
-7.8% |
276.6 |
266.1 |
4.0% |
|
Operating Margin |
11.8% |
7.3% |
4.5 p.p. |
13.6% |
-1.7 p.p. |
12.4% |
11.8% |
0.6 p.p. |
|
Net Income (US$ mm) |
95.8 |
-408.5 |
n/m |
74.0 |
29.5% |
339.8 |
-225.0 |
n/m |
|
Adjusted Net Income (US$ mm) (1) |
60.0 |
41.5 |
44.6% |
55.3 |
8.5% |
206.7 |
226.0 |
-8.6% |
|
EPS – Basic and Diluted (US$) |
2.26 |
-9.44 |
n/m |
1.75 |
29.5% |
8.02 |
-5.13 |
n/m |
|
Adjusted EPS – Basic and Diluted (US$) (1) |
1.42 |
0.96 |
47.7% |
1.30 |
8.5% |
4.88 |
5.15 |
-5.3% |
|
# of Shares – Basic and Diluted (‘000) |
42,383 |
43,286 |
-2.1% |
42,372 |
0.0% |
42,358 |
43,861 |
-3.4% |
(1) Adjusted Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 4Q16, 4Q15, 3Q16, 2016 and 2015 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges and shares repurchased, and the impact of the Argentinean and Venezuelan currency devaluations.
Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
FULL 4Q16 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: https://investor.shareholder.com/copa/results.cfm
4Q16 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
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Date: |
Feb 16, 2017 |
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Time: |
11:00 AM US ET (11:00 AM Local Time) |
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Conference telephone number: |
877-293-5456 (US Domestic Callers) |
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707-287-9357 (International Callers) |
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Webcast: |
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Speakers: |
Pedro Heilbron, Chief Executive Officer |
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José Montero, Chief Financial Officer |
About Copa Holdings Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to 73 destinations in 31 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 100 aircraft: 79 Boeing 737NG aircraft and 21 EMBRAER-190s. For more information visit: www.copa.com.
CONTACT: Copa Holdings S.A. Investor Relations: Ph: (507) 304-2774 www.copa.com (IR section)
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
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Copa Holdings, S.A. |
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Income Statement – IFRS |
||||||||||||||||
|
(US$ Thousands) |
||||||||||||||||
|
Unaudited |
Unaudited |
% |
Unaudited |
% |
Unaudited |
Audited |
% |
|||||||||
|
4Q16 |
4Q15 |
Change |
3Q16 |
Change |
2016 |
2015 |
Change |
|||||||||
|
Operating Revenues |
||||||||||||||||
|
Passenger Revenue |
577,493 |
512,150 |
12.8% |
545,066 |
5.9% |
2,133,186 |
2,166,727 |
-1.5% |
||||||||
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Cargo, mail and other |
23,810 |
20,451 |
16.4% |
23,959 |
-0.6% |
88,663 |
83,336 |
6.4% |
||||||||
|
Total Operating Revenue |
601,303 |
532,601 |
12.9% |
569,025 |
5.7% |
2,221,849 |
2,250,063 |
-1.3% |
||||||||
|
Operating Expenses |
||||||||||||||||
|
Aircraft fuel |
141,743 |
136,881 |
3.6% |
140,366 |
1.0% |
527,918 |
602,776 |
-12.4% |
||||||||
|
Salaries and benefits |
77,102 |
70,407 |
9.5% |
73,194 |
5.3% |
293,044 |
289,512 |
1.2% |
||||||||
|
Passenger servicing |
69,854 |
63,689 |
9.7% |
65,612 |
6.5% |
259,524 |
258,303 |
0.5% |
||||||||
|
Commissions |
21,496 |
19,556 |
9.9% |
20,862 |
3.0% |
83,981 |
88,557 |
-5.2% |
||||||||
|
Reservations and sales |
26,029 |
24,882 |
4.6% |
23,970 |
8.6% |
99,918 |
88,051 |
13.5% |
||||||||
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Maintenance, material and repairs |
34,861 |
31,528 |
10.6% |
32,410 |
7.6% |
122,873 |
111,181 |
10.5% |
||||||||
|
Depreciation |
54,548 |
34,083 |
60.0% |
35,525 |
53.5% |
159,277 |
134,887 |
18.1% |
||||||||
|
Flight operations |
32,413 |
34,028 |
-4.7% |
32,893 |
-1.5% |
127,777 |
130,930 |
-2.4% |
||||||||
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Aircraft rentals |
28,917 |
31,530 |
-8.3% |
30,282 |
-4.5% |
120,842 |
122,218 |
-1.1% |
||||||||
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Landing fees and other rentals |
14,322 |
13,481 |
6.2% |
13,828 |
3.6% |
55,498 |
56,703 |
-2.1% |
||||||||
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Other |
28,869 |
33,458 |
-13.7% |
22,893 |
26.1% |
94,585 |
100,855 |
-6.2% |
||||||||
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Total Operating Expense |
530,154 |
493,523 |
7.4% |
491,835 |
7.8% |
1,945,235 |
1,983,974 |
-2.0% |
||||||||
|
Operating Income |
71,150 |
39,077 |
82.1% |
77,191 |
-7.8% |
276,614 |
266,089 |
4.0% |
||||||||
|
Non-operating Income (Expense): |
||||||||||||||||
|
Interest expense |
(8,894) |
(8,922) |
-0.3% |
(9,683) |
-8.1% |
(37,024) |
(33,155) |
11.7% |
||||||||
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Interest income |
3,479 |
8,155 |
-57.3% |
3,506 |
-0.8% |
13,000 |
25,947 |
-49.9% |
||||||||
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Other, net |
33,181 |
(440,284) |
n/m |
15,658 |
111.9% |
120,226 |
(451,096) |
n/m |
||||||||
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Total Non-Operating Income/(Expense) |
27,766 |
(441,051) |
n/m |
9,481 |
192.8% |
96,202 |
(458,305) |
n/m |
||||||||
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Income before Income Taxes |
98,915 |
(401,973) |
n/m |
86,672 |
14.1% |
372,816 |
(192,215) |
n/m |
||||||||
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Provision for Income Taxes |
3,071 |
6,499 |
-52.7% |
12,654 |
-75.7% |
32,971 |
32,759 |
0.6% |
||||||||
|
Net Income |
95,844 |
(408,472) |
n/m |
74,018 |
29.5% |
339,845 |
(224,974) |
n/m |
||||||||
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EPS – Basic and Diluted |
2.26 |
-9.44 |
-124.0% |
1.75 |
29.5% |
8.02 |
-5.13 |
n/m |
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Shares – Basic and Diluted |
42,382,757 |
43,285,727 |
-2.1% |
42,371,617 |
0.0% |
42,358,091 |
43,861,084 |
-3.4% |
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Copa Holdings, S. A. |
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Balance Sheet – IFRS |
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(US$ Thousands) |
December 31 |
December 31 |
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2016 |
2015 |
|||
|
(Unaudited) |
(Audited) |
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ASSETS |
||||
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Current Assets: |
||||
|
Cash and cash equivalents |
$ 331,687 |
$ 204,715 |
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|
Restricted cash and cash equivalents |
– |
64,228 |
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Short-term investments |
483,002 |
416,005 |
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Total cash, cash equivalents and short-term investments |
814,689 |
684,948 |
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Accounts receivable, net of allowance for doubtful accounts |
113,664 |
105,135 |
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Accounts receivable from related parties |
479 |
642 |
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Expendable parts and supplies, net of allowance for obsolescence |
74,502 |
62,247 |
||
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Prepaid expenses |
58,407 |
48,667 |
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Other current assets |
7,650 |
5,946 |
||
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Total Current Assets |
1,069,391 |
907,585 |
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Long-term investments |
953 |
861 |
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Property and Equipment: |
||||
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Owned property and equipment: |
||||
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Flight equipment |
3,118,316 |
3,030,361 |
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Other equipment |
129,577 |
121,205 |
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3,247,893 |
3,151,565 |
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Less: Accumulated depreciation |
(874,377) |
(743,982) |
||
|
2,373,516 |
2,407,583 |
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Purchase deposits for flight equipment |
250,166 |
243,070 |
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Total Property and Equipment |
2,623,682 |
2,650,653 |
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Other Assets: |
||||
|
Long term account receivable |
1,957 |
– |
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|
Net pension asset |
8,826 |
6,050 |
||
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Goodwill |
20,380 |
20,380 |
||
|
Intangible asset |
49,122 |
49,046 |
||
|
Deferred tax Assets |
18,339 |
12,708 |
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|
Other assets |
53,463 |
68,193 |
||
|
Total Other Assets |
152,087 |
156,377 |
||
|
Total Assets |
$ 3,846,113 |
$ 3,715,476 |
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LIABILITIES AND SHAREHOLDER’S EQUITY |
||||
|
Current Liabilities: |
||||
|
Current maturities of long-term debt |
$ 222,718 |
$ 245,514 |
||
|
Accounts payable |
104,174 |
94,741 |
||
|
Accounts payable to related parties |
8,683 |
5,605 |
||
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Air traffic liability |
396,237 |
352,110 |
||
|
Frequent flyer deferred revenue |
35,368 |
18,884 |
||
|
Taxes and interest payable |
69,884 |
67,242 |
||
|
Accrued expenses payable |
77,796 |
82,948 |
||
|
Other current liabilities |
7,580 |
118,623 |
||
|
Total Current Liabilities |
922,440 |
985,667 |
||
|
Non-Current Liabilities: |
||||
|
Long-term debt |
961,414 |
1,055,183 |
||
|
Other long-term liabilities |
75,014 |
54,339 |
||
|
Deferred tax liabilities |
39,674 |
32,865 |
||
|
Total Non-Current Liabilities |
1,076,102 |
1,142,387 |
||
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Total Liabilities |
1,998,542 |
2,128,054 |
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|
Shareholders’ Equity: |
||||
|
Class A – 33,731,823 issued and 31,111,310 outstanding |
20,988 |
20,924 |
||
|
Class B – 10,938,125 shares issued and outstanding |
7,466 |
7,466 |
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|
Additional paid in capital |
64,986 |
57,455 |
||
|
Treasury Stock |
(136,388) |
(136,388) |
||
|
Retained earnings |
1,892,391 |
1,638,733 |
||
|
Accumulated other comprehensive income (loss) |
(1,872) |
(768) |
||
|
Total Shareholders’ Equity |
1,847,571 |
1,587,422 |
||
|
Total Liabilities and Shareholders’ Equity |
$ 3,846,113 |
$ 3,715,476 |
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|
Copa Holdings, S. A. and subsidiaries |
|||||||||||||
|
Consolidated Statement of Cash Flows |
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|
For the twelve months ended December 31, |
|||||||||||||
|
(In US$ thousands) |
|||||||||||||
|
2016 |
2015 |
2014 |
|||||||||||
|
(Unaudited) |
(Audited) |
(Audited) |
|||||||||||
|
Cash flow from operating activities |
586,590 |
316,863 |
384,892 |
||||||||||
|
Cash flow (used in) from investing activities |
(171,909) |
32,384 |
21,147 |
||||||||||
|
Cash flow used in financing activities |
(248,625) |
(357,466) |
(316,420) |
||||||||||
|
Net increase (decrease) in cash and cash equivalents |
166,056 |
(8,219) |
89,619 |
||||||||||
|
Cash and cash equivalents at January 1 |
204,715 |
221,443 |
139,110 |
||||||||||
|
Cash and cash equivalents at December 31 |
$ 331,687 |
$ 204,715 |
$ 221,443 |
||||||||||
|
Short-term investments * |
483,002 |
416,005 |
492,735 |
||||||||||
|
Long-term investments ** |
953 |
861 |
396,802 |
||||||||||
|
Restricted cash and cash equivalents *** |
– |
64,228 |
52,425 |
||||||||||
|
Total cash and cash equivalents and investments at December 31 |
$ 815,642 |
$ 685,809 |
$ 1,163,405 |
||||||||||
|
* Short-term investments include $135.7 million of cash in Venezuela at December 2014. |
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|
** Long-term investments include $322.9 million of cash in Venezuela at December 2014. |
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|
*** Restricted cash correspond to a margin calls to secure derivative financial instruments transactions. |
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Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non IFRS financial measures: CASM Excluding Fuel, Adjusted Net Income and Adjusted EPS. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation, and should be considered together with comparable IFRS measures, in particular operating income and net income. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
|
Reconciliation of Net Income |
||||||
|
Excluding Special Items |
4Q16 |
4Q15 |
3Q16 |
|||
|
Net income as Reported |
$95,844 |
-$408,472 |
$74,018 |
|||
|
Special Items (adjustments): |
||||||
|
Unrealized gain (loss) on fuel hedging instruments |
24,341 |
(15,296) |
19,225 |
|||
|
(Loss) gain due to devaluation of Venezuelan Bolivar |
11,501 |
(430,073) |
(484) |
|||
|
(Loss) gain due to devaluation of Argentinian Pesos |
0 |
(6,901) |
0 |
|||
|
Unrealized gain (loss) on Shares Repurchased |
0 |
2,296 |
0 |
|||
|
Adjusted Net Income |
$60,002 |
$41,501 |
$55,278 |
|||
|
Shares used for Computation (in thousands) |
||||||
|
Basic and Diluted |
42,383 |
43,286 |
42,372 |
|||
|
Adjusted earnings per share – Basic and Diluted |
1.42 |
0.96 |
1.30 |
|||
|
Reconciliation of Operating Costs per ASM |
||||||
|
Excluding Fuel and Special Items |
4Q16 |
4Q15 |
3Q16 |
|||
|
Operating Costs per ASM as Reported |
9.5 |
9.0 |
8.9 |
|||
|
Aircraft fuel per ASM |
(2.5) |
(2.5) |
(2.5) |
|||
|
Operating Costs per ASM excluding fuel |
6.9 |
6.5 |
6.4 |
|||
|
Reconciliation of Breakeven Load Factor |
||||||
|
Excluding Special Items |
4Q16 |
4Q15 |
3Q16 |
|||
|
Total Operating Expenses, Non-Operating Results and Provision for Income Taxes |
505,459 |
941,073 |
495,007 |
|||
|
Breakeven Load Factor |
64.8% |
150.9% |
70.2% |
|||
|
Special Items (adjustments): |
||||||
|
Unrealized gain (loss) on fuel hedging instruments |
24,341 |
(15,296) |
19,225 |
|||
|
(Loss) gain due to devaluation of Venezuelan Bolivar |
11,501 |
(430,073) |
(484) |
|||
|
(Loss) gain due to devaluation of Argentinian Pesos |
0 |
(6,901) |
0 |
|||
|
Unrealized (gain) loss on Shares Repurchased |
0 |
2,296 |
0 |
|||
|
Total Operating Expenses, Non-Operating Results and Provision for Income Taxes excluding special items |
$541,302 |
$491,100 |
$513,748 |
|||
|
Adjusted Breakeven Load Factor (Excluding Special items) |
71.1% |
67.1% |
73.7% |
|||
SOURCE Copa Holdings, S.A.
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