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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 6-K
 
 
Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

Report on Form 6-K dated for the month of May, 2011
 
 
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
 
 
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Complejo Business Park, Torre Norte
Parque Lefevre
Panama City, Panama
 (Address of principal executive offices)
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x    Form 40-F ¨

(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ¨     No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82-             )
 
 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 
 
Copa Holdings, S.A.
 
(Registrant)
     
Date:  05/31/2011
    
 
By:
/s/ Victor Vial
 
Name:
Victor Vial
 
Title:
CFO
 
 
 
 
 
 
COPA HOLDINGS, S.A. DISCLOSES 2010 QUARTERLY
FINANCIAL RESULTS UNDER IFRS

Panama, May 31, 2011 - On May 17 2011, Copa Holdings S.A. filed is audited financial statements related to the period ended December 31, 2010, the Company’s first consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS). Prior to this, on May 4, 2011, the company reported its unaudited 1Q11 financial results under IFRS, translating year over year (1Q10) and quarter over quarter (4Q10) financial statements to IFRS for comparison purposes, as they had previously been reported under USGAAP.

For ease of comparison, and having filed its 2010 audited financial statements, the company is filing its financial results by quarter under IFRS, which includes certain adjustments over previously reported 1Q10 and 4Q10 results.  These unaudited quarterly financial results reconcile with 2010 audited financial statements.
 
 
 
 
 
Copa Holdings, S.A.
Income Statement - IFRS
(US$ Thousands)

   
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
    
Audited
  
   
 1Q10
    
 2Q10
    
 3Q10
    
 4Q10
    
 2010
  
Operating Revenue:
                              
Passenger revenue
   $ 320,390     $ 285,758     $ 344,377     $ 388,056     $ 1,338,581  
Cargo, mail and other
   $ 16,129     $ 18,382     $ 18,682     $ 23,032     $ 76,225  
      336,519       304,140       363,059       411,088       1,414,806  
 
                                        
Operating Expenses:
                                        
Aircraft fuel
     78,155       82,613       91,800       101,859       354,427  
Salaries and benefits
     41,850       42,450       44,669       49,876       178,845  
Passenger servicing
     31,921       30,552       34,793       36,452       133,718  
Commissions
     11,138       9,108       11,671       13,414       45,331  
Maintenance, material and repairs
     13,618       12,374       16,633       19,604       62,229  
Reservations and sales
     14,149       13,453       15,301       15,910       58,813  
Aircraft rentals
     12,069       11,189       11,627       11,449       46,334  
Flight operations
     15,942       16,492       18,943       19,271       70,648  
Depreciation
     14,044       15,291       16,566       17,061       62,962  
Landing fees and other rentals
     9,326       10,080       10,540       10,374       40,320  
Other
     16,158       16,833       16,574       21,966       71,531  
      258,370       260,435       289,117       317,236       1,125,158  
 
                                        
Operating Income
     78,149       43,705       73,942       93,852       289,648  
 
                                        
Non-operating Income (Expense):
                                        
Interest costs
     (7,072 )     (7,482 )     (7,772 )     (7,655 )     (29,981 )
Interest capitalized
     -       -       -       -       -  
Interest income
     1,296       1,149       1,185       1,129       4,759  
Other, net
     (22,986 )     (5,708 )     9,810       14,481       (4,403 )
      (28,762 )     (12,041 )     3,223       7,955       (29,625 )
                                         
Income before Income Taxes
     49,387       31,664       77,165       101,807       260,023  
 
                                        
Provision for Income Taxes
     3,602       2,310       5,627       7,427       18,966  
                                         
Net Income
   $ 45,785     $ 29,354     $ 71,538     $ 94,380     $ 241,057  
                                         
EPS - Basic and Diluted 
    1.04       0.67       1.63       2.15       5.48  
Shares - Basic and Diluted
     43,977,696       43,982,983       43,999,213       43,996,177       43,995,671  
                                         
Financial indicators
                                        
PRASM
     12.8       11.2       11.9       13.0       12.2  
RASM
     13.4       11.9       12.5       13.8       12.9  
Yield
     16.0       15.3       15.7       16.5       15.9  
CASM
     10.3       10.2       10.0       10.6       10.3  
CASM Ex-Fuel
     7.2       6.9       6.8       7.2       7.0  
Operating Margin
     23.2 %     14.4 %     20.4 %     22.8 %     20.5 %
 
 
 
 
 
RECONCILIATION OVER PREVIOUSLY REPORTED 1Q10 AND 4Q10 RESULTS UNDER IFRS
 
   
Adjusted
    
Previously reported
          
Adjusted
    
Previously reported
        
   
 1Q10
    
 1Q10
    
Variance
    
 4Q10
    
 4Q10
    
Variance
  
Operating Revenue:
                                    
Passenger revenue
   $ 320,390     $ 323,029       (2,639 )   $ 388,056     $ 391,407       (3,351 ) (a)
Cargo, mail and other
     16,129       16,129               23,032       23,032          
      336,519       339,158       (2,639 )     411,088       414,439       (3,351 )
 
                                                
Operating Expenses:
                                                
Aircraft fuel
     78,155       78,155               101,859       101,859          
Salaries and benefits
     41,850       41,850               49,876       49,876          
Passenger servicing
     31,921       31,921               36,452       36,452          
Commissions
     11,138       13,777       (2,639 )     13,414       16,765       (3,351 ) (a)
Maintenance, material and repairs
     13,618       13,618               19,604       19,604          
Reservations and sales
     14,149       14,149               15,910       15,910          
Aircraft rentals
     12,069       12,069               11,449       11,449          
Flight operations
     15,942       15,942               19,271       19,271          
Depreciation
     14,044       14,044               17,061       17,061          
Landing fees and other rentals
     9,326       9,326               10,374       10,374          
Other
     16,158       16,158               21,966       21,966          
      258,370       261,008       (2,639 )     317,236       320,587       (3,351 ) (a)
 
                                                
Operating Income
     78,149       78,150               93,852       93,852          
 
                                                
Non-operating Income (Expense):
                                                
Interest costs
     (7,072 )     (7,072 )             (7,655 )     (7,655 )        
Interest capitalized
     -       -               -       -          
Interest income
     1,296       1,296               1,129       1,129          
Other, net
     (22,986 )     (22,986 )             14,481       14,481          
      (28,762 )     (28,762 )             7,955       7,955          
                                                 
Income before Income Taxes
     49,387       49,388               101,807       101,807          
 
                                                
Provision for Income Taxes
     3,602       6,931       (3,329 )     7,427       (560 )     7,987  (b)
                                                 
Net Income
   $ 45,785     $ 42,456       3,329     $ 94,380     $ 102,368       (7,987 )

(a)
Based on IFRIC 13, the Company has changed its reporting of the One Pass Frequent Flier Program to reflect it on a net basis within Operating Revenues.
(b)
Based on IAS 34, the Company has changed the presentation of deferred taxes to recognize it on a quartlery basis using the full year effective tax rate.
 
 
 
 

About Copa Holdings, S.A.
 
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to 52 destinations in 25 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 66 aircraft: 40 Boeing 737NG aircraft and 26 EMBRAER-190s. For more information visit: www.copaair.com.