Le Lézard
Classified in: Tourism and vacations, Transportation, Business
Subjects: ERN, CCA

Copa Holdings Reports Net Profit of $104.0 million and EPS of $2.45 for the Third Quarter of 2019


PANAMA CITY, Nov. 13, 2019 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2019 (3Q19). 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 the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2018 (3Q18).

OPERATING AND FINANCIAL HIGHLIGHTS

Subsequent Events  

 

Consolidated Financial
& Operating Highlights

3Q19

3Q18*

Variance vs. 3Q18*

2Q19

Variance vs. 2Q19

Revenue Passengers Carried ('000)

2,703

2,591

4.3%

2,550

6.0%

RPMs (mm) 

5,466

5,587

-2.2%

5,249

4.1%

ASMs (mm) 

6,383

6,629

-3.7%

6,166

3.5%

Load Factor 

85.6%

84.3%

1.4 p.p.

85.1%

0.5 p.p.

Yield

12.5

11.6

7.9%

11.8

6.0%

PRASM (US$ Cents) 

10.7

9.8

9.7%

10.1

6.7%

RASM (US$ Cents) 

11.1

10.1

9.4%

10.5

6.0%

CASM (US$ Cents) 

9.0

9.0

0.5%

9.1

-1.2%

CASM Excl. Fuel (US$ Cents) 

6.2

5.9

5.5%

6.2

-0.3%

Fuel Gallons Consumed (Millions) 

82.0

84.2

-2.7%

79.3

3.3%

Avg. Price Per Fuel Gallon (US$ Dollars)

2.16

2.40

-10.2%

2.22

-3.0%

Average Length of Haul (Miles)

2,022

2,156

-6.2%

2,058

-1.8%

Average Stage Length (Miles)

1,295

1,331

-2.7%

1,279

1.3%

Departures

33,373

33,775

-1.2%

32,676

2.1%

Block Hours

109,614

114,009

-3.9%

106,425

3.0%

Average Aircraft Utilization (Hours)

11.5

12.3

-6.2%

11.2

2.2%

Operating Revenues (US$ mm) 

708.2

672.4

5.3%

645.1

9.8%

Operating Profit (US$ mm)

132.9

77.8

70.9%

82.6

60.9%

Operating Margin 

18.8%

11.6%

7.2 p.p.

12.8%

6.0 p.p.

Net Profit (US$ mm)

104.0

57.6

80.6%

50.9

104.4%

EPS - Basic and Diluted (US$)

2.45

1.36

80.5%

1.20

104.4%

# of Shares - Basic and Diluted ('000) 

42,487

42,469

0.0%

42,478

0.0%

*Restated for the retrospective adoption of IFRS16.

 Notes: 

FULL 3Q19 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:

https://copa.gcs-web.com/financial-information/quarterly-results

3Q19 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST

 

Date:

November 14, 2019



Time:

11:00 AM US ET (11:00 AM Local Time)



Conference telephone number: 

877-293-5456 (US Domestic Callers)




707-287-9357 (International Callers)



Webcast:

https://copa.gcs-web.com/events-and-presentations



Speakers:

Pedro Heilbron, Chief Executive Officer




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 80 destinations in 33 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 102 aircraft: 6 Boeing 737 MAX9s, 82 Boeing 737NG aircraft and 14 EMBRAER-190s. For more information visit: www.copa.com. 

CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
https://copa.gcs-web.com/

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.

CPA-G

Copa Holdings, S.A.

Income Statement - IFRS

(US$ Thousands)




Unaudited


Unaudited


%


Unaudited


%



3Q19


3Q18*


Change


2Q19


Change

Operating Revenues











Passenger revenue


685,337


649,110


5.6%


620,538


10.4%

Cargo and mail revenue


14,647


15,919


-8.0%


16,464


-11.0%

Other operating revenue


8,226


7,375


11.5%


8,100


1.6%

Total Operating Revenue


708,210


672,405


5.3%


645,102


9.8%












Operating Expenses











Fuel


177,603


203,121


-12.6%


177,169


0.2%

Wages, salaries, benefits and other employees' expenses


113,398


109,814


3.3%


108,342


4.7%

Passenger servicing


26,204


26,487


-1.1%


25,530


2.6%

Airport facilities and handling charges


47,022


47,415


-0.8%


44,698


5.2%

Sales and distribution


52,980


51,832


2.2%


51,289


3.3%

Maintenance, materials and repairs


30,632


24,626


24.4%


31,235


-1.9%

Depreciation and amortization


72,876


71,149


2.4%


70,549


3.3%

Flight operations


26,572


27,434


-3.1%


25,450


4.4%

Other operating and administrative expenses


28,047


32,762


-14.4%


28,240


-0.7%

Total Operating Expense


575,334


594,640


-3.2%


562,502


2.3%












Operating Profit


132,876


77,765


70.9%


82,601


60.9%












Non-operating Income (Expense):











Finance cost


(12,696)


(12,718)


-0.2%


(13,573)


-6.5%

Finance income


6,121


6,228


-1.7%


6,041


1.3%

Gain (loss) on foreign currency fluctuations


(9,641)


(2,446)


n/m


(2,213)


n/m

Other non-operating income (expense)


(350)


40


n/m


(2,115)


-83.4%

Total Non-Operating Income/(Expense)


(16,567)


(8,897)


86.2%


(11,859)


39.7%












Profit before taxes


116,309


68,868


68.9%


70,742


64.4%












Income tax expense


12,332


11,298


9.2%


19,876


-38.0%












Net Profit


103,978


57,570


80.6%


50,866


104.4%























EPS - Basic and Diluted


2.45


1.36


80.5%


1.20


104.4%

Shares - Basic and Diluted


42,487,355


42,469,122


0.0%


42,478,415


0.0%












 *  Restated for retrospective adoption of IFRS 16 











Copa Holdings, S. A. and subsidiaries 



Consolidated statement of financial position 



(US$ Thousands)

September 30

December 31


2019

2018


 (Unaudited) 

 (Restated) * 

 ASSETS 






 Current Assets 



Cash and cash equivalents

225,289

156,158

Short-term investments

536,084

566,200

Total cash, cash equivalents and short-term investments

761,374

722,359




Accounts receivable, net

138,249

115,831

Accounts receivable from related parties

2,850

223

Expendable parts and supplies, net

93,081

86,530

Prepaid expenses

53,430

74,384

Prepaid income tax

916

10,357

Other current assets

19,156

54,387

TOTAL CURRENT ASSETS

1,069,057

1,064,071




Long-term investments

124,169

138,846

Long-term accounts receivable

1,942

1,177

Long-term prepaid expenses

16,551

25,637

Property and equipment, net

2,738,111

2,701,322

Right of use assets

317,423

361,993

Intangible, net

108,474

101,168

Net pension asset

6,145

5,091

Deferred tax assets

17,617

16,041

Other Non-Current Assets

17,422

33,899

TOTAL NON-CURRENT ASSETS

3,347,855

3,385,174




TOTAL ASSETS

4,416,912

4,449,245




Current maturities of long-term debt

135,982

311,965

Current portion of lease liability

99,838

102,452

Accounts payable

101,108

129,851

Accounts payable to related parties

14,002

14,674

Air traffic liability

504,921

471,676

Frequent flyer deferred revenue

78,021

67,814

Taxes and interest payable

45,278

44,749

Employee benefits obligations

44,454

42,890

Income tax payable

4,683

-

Other Current Liabilities

203

604

TOTAL CURRENT LIABILITIES

1,028,490

1,186,674


-


Long-term debt

965,500

975,283

Lease Liability

231,079

273,231

Other long - term liabilities

178,920

161,571

Deferred tax Liabilities

44,761

48,940

TOTAL NON-CURRENT LIABILITIES

1,420,260

1,459,025




TOTAL LIABILITIES

2,448,750

2,645,700




 EQUITY 



 Issued Capital 



Class A -33,825,130 issued and 31,328,697  outstanding

21,139

21,087

Class B common stock - 10,938,125

7,466

7,466

Additional Paid-In Capital

84,338

80,041

Treasury Stock

(136,388)

(136,388)

Retained Earnings

1,752,710

1,835,566

Net profit 

244,275

-

Other comprehensive loss

(5,378)

(4,227)




TOTAL EQUITY

1,968,162

1,803,545




TOTAL EQUITY LIABILITIES

4,416,912

4,449,245




*Restated for the retrospective adoption of IFRS 16.



Consolidated Statement of Cash Flows







For the nine months ended September 30, 







(In US$ thousands)



















2019


2018


2017











(Unaudited)


(Unaudited)


(Unaudited)

Cash flow from operating activities 


548,947


377,941


603,995

Cash flow used in investing activities 


(32,863)


(129,541)


(344,088)

Cash flow used in financing activities 


(446,953)


(316,461)


(342,001)

Net increase (decrease) in cash and cash equivalents 


69,131


(68,061)


(82,094)

Cash and cash equivalents at January 1


156,158


238,792


331,687

Cash and cash equivalents at September 30


$               225,289


$               170,731


$               249,593
















Short-term investments 



536,084


579,246


565,994

Long-term investments 



124,169


165,865


155,953

Total cash and cash equivalents and investments at September 30


$               885,542


$               915,842


$               971,540
















 

Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION

This press release includes the following non IFRS financial measures: Operating CASM Excluding Fuel. 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. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:

Reconciliation of Operating Costs per ASM







Excluding Fuel (CASM Excl. Fuel)


3Q19


3Q18*


2Q19








Operating Costs per ASM as Reported (in US$ Cents)


9.0


9.0


9.1

Aircraft fuel per ASM  (in US$ Cents)


(2.8)


(3.1)


(2.9)

Operating Costs per ASM excluding fuel  (in US$ Cents)


6.2


5.9


6.2








 *  Restated for retrospective adoption of IFRS 16 







 

 

SOURCE Copa Holdings, S.A.


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