cpa-6k_20220804.htm

UNITED STATES

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 August 2022

 

 

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

ParqueLefevre

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-             )

 

 

 

 

 

 

 

 

Enclosure: 2Q22 Earnings Release



 

 

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: 8/04/2022

 

 

By: 

/s/ José Montero

 

 

Name: José Montero

Title: CFO

 

 

cpa-ex991_6.htm

Exhibit 99.1

Copa Holdings Reports Financial Results for the Second Quarter of 2022

Adjusted Net Profit for the second quarter came in at US$13.2 million, or Adjusted EPS of US$0.32

 

Panama City, Panama --- August 3, 2022.  Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2022 (2Q22). 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 second quarter of 2019 (2Q19) (which the Company believes are more relevant than year-over-year comparisons due to the significant impacts in 2020 and 2021 of the COVID-19 pandemic).

 

OPERATING AND FINANCIAL HIGHLIGHTS

Copa Holdings’ adjusted net profit, excluding special items, for 2Q22 came in at US$13.2 million or US$0.32 per share, as compared to an adjusted net profit of US$50.9 million or earnings per share of US$1.20 in 2Q19.

Copa Holdings reported an operating profit of US$42.3 million for the quarter and a 6.1% operating margin, compared to an operating profit of US$82.6 million and an operating margin of 12.8% in 2Q19.

Total revenues for 2Q22 came in at US$693.4 million, a 7.5% increase compared to 2Q19 revenues. Passenger revenue for 2Q22 was 5.9% higher than 2Q19, while cargo revenue was 62.4% higher than 2Q19. Yields increased 10.1% to 13.0 cents while load factors decreased 0.4 percentage points to 84.8%, compared to 2Q19, resulting in Revenue per Available Seat Mile (RASM) of 11.6 cents, or 11.3% higher than 2Q19.

Operating cost per available seat mile (CASM) increased 19.9% from 9.1 cents in 2Q19 to 10.9 cents in 2Q22, driven by higher fuel prices. CASM excluding fuel (Ex-fuel CASM) decreased 4.6% in the quarter compared to 2Q19 to 6.0 cents.

Capacity for 2Q22, measured in terms of available seat miles (ASMs), was 96.6% of the capacity flown in 2Q19.

Including special items of US$110.9 million, comprised of an unrealized mark-to-market gain related to the Company’s convertible notes and an unrealized mark-to-market loss related to changes in the value of financial investments, the Company reported a net profit of US$124.1 million for the quarter or US$3.01 per share.

The Company ended the quarter with approximately US$1.1 billion in cash, short-term and long-term investments, which represents 47% of the last twelve months’ revenues.

The Company closed the quarter with total debt, including lease liabilities, of US$1.6 billion.

During the quarter, the Company took delivery of one Boeing 737 MAX 9 aircraft.

Including three Boeing 737-700 aircraft in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 94 aircraft – 68 Boeing 737-800s, 17 Boeing 737 MAX 9s, and 9 Boeing 737-700s.

Copa Airlines had an on-time performance for the quarter of 85.9% and a flight completion factor of 99.8%.

 

 

 

 

 

1


 

 

 

Consolidated Financial

& Operating Highlights

2Q22

 

2Q19 (3)

 

Variance vs. 2Q19

 

1Q22

 

Variance vs. 1Q22

 

YTD22

 

YTD19

 

Variance vs. YTD19

 

Revenue Passengers Carried (000s)

 

2,481

 

 

2,550

 

 

-2.7

%

 

2,285

 

 

8.6

%

 

4,765

 

 

5,138

 

 

-7.3

%

Revenue Passengers OnBoard (000s)

 

3,796

 

 

3,810

 

 

-0.4

%

 

3,476

 

 

9.2

%

 

7,272

 

 

7,640

 

 

-4.8

%

RPMs (millions)

 

5,047

 

 

5,249

 

 

-3.8

%

 

4,585

 

 

10.1

%

 

9,632

 

 

10,594

 

 

-9.1

%

ASMs (millions)

 

5,955

 

 

6,166

 

 

-3.4

%

 

5,623

 

 

5.9

%

 

11,578

 

 

12,581

 

 

-8.0

%

Load Factor

 

84.8

%

 

85.1

%

 

-0.4 p.p.

 

 

81.5

%

 

3.2 p.p.

 

 

83.2

%

 

84.2

%

 

-1.0 p.p.

 

Yield (US$ Cents)

 

13.0

 

 

11.8

 

 

10.1

%

 

11.8

 

 

10.3

%

 

12.4

 

 

12.0

 

 

3.8

%

PRASM (US$ Cents)

 

11.0

 

 

10.1

 

 

9.6

%

 

9.6

 

 

14.6

%

 

10.3

 

 

10.1

 

 

2.6

%

RASM (US$ Cents)

 

11.6

 

 

10.5

 

 

11.3

%

 

10.2

 

 

14.6

%

 

10.9

 

 

10.5

 

 

4.4

%

CASM (US$ Cents)

 

10.9

 

 

9.1

 

 

19.9

%

 

9.4

 

 

16.7

%

 

10.2

 

 

8.9

 

 

14.1

%

CASM Excl. Fuel (US$ Cents)

 

6.0

 

 

6.2

 

 

-4.6

%

 

6.0

 

 

0.0

%

 

6.0

 

 

6.2

 

 

-3.1

%

Fuel Gallons Consumed (millions)

 

71.5

 

 

79.3

 

 

-9.9

%

 

66.5

 

 

7.4

%

 

138.0

 

 

160.5

 

 

-14.0

%

Avg. Price Per Fuel Gallon (US$)

 

4.14

 

 

2.22

 

 

86.1

%

 

2.87

 

 

44.4

%

 

3.52

 

 

2.15

 

 

63.7

%

Average Length of Haul (miles)

 

2,034

 

 

2,058

 

 

-1.2

%

 

2,007

 

 

1.4

%

 

2,021

 

 

2,062

 

 

-2.0

%

Average Stage Length (miles)

 

1,273

 

 

1,279

 

 

-0.4

%

 

1,298

 

 

-1.9

%

 

1,285

 

 

1,289

 

 

-0.3

%

Departures

 

29,369

 

 

32,676

 

 

-10.1

%

 

27,190

 

 

8.0

%

 

56,559

 

 

66,005

 

 

-14.3

%

Block Hours

 

95,315

 

 

106,425

 

 

-10.4

%

 

88,474

 

 

7.7

%

 

183,790

 

 

216,515

 

 

-15.1

%

Average Aircraft Utilization (hours) (2)

 

11.5

 

 

11.2

 

 

2.4

%

 

11.0

 

 

5.0

%

 

11.2

 

 

11.4

 

 

-1.8

%

Operating Revenues (US$ millions)

 

693.4

 

 

645.1

 

 

7.5

%

 

571.6

 

 

21.3

%

 

1,265.0

 

 

1,317.3

 

 

-4.0

%

Operating Profit (Loss) (US$ millions)

 

42.3

 

 

82.6

 

 

-48.8

%

 

44.8

 

 

-5.6

%

 

87.0

 

 

195.5

 

 

-55.5

%

Operating Margin

 

6.1

%

 

12.8

%

 

-6.7 p.p.

 

 

7.8

%

 

-1.7 p.p.

 

 

6.9

%

 

14.8

%

 

-8.0 p.p.

 

Net Profit (Loss) (US$ millions)

 

124.1

 

 

50.9

 

 

143.9

%

 

19.8

 

 

527.9

%

 

143.8

 

 

140.3

 

 

2.5

%

Adjusted Net Profit (Loss) (US$ millions) (1)

 

13.2

 

 

50.9

 

 

-74.1

%

 

29.5

 

 

-55.3

%

 

42.7

 

 

140.3

 

 

-69.6

%

Basic EPS (US$)

 

3.01

 

 

1.20

 

 

151.4

%

 

0.47

 

 

540.0

%

 

3.49

 

 

3.30

 

 

5.7

%

Adjusted Basic EPS (US$) (1)

 

0.32

 

 

1.20

 

 

-73.3

%

 

0.70

 

 

-54.5

%

 

1.04

 

 

3.30

 

 

-68.7

%

Shares  for calculation of Basic EPS (000s)

 

41,212

 

 

42,478

 

 

-3.0

%

 

42,006

 

 

-1.9

%

 

41,212

 

 

42,478

 

 

-3.0

%

 

(1)

Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.

(2)

Average Aircraft Utilization is calculated based on the Company’s active fleet, excluding aircraft in storage.

(3)

The Company believes that comparisons with 2019 are more relevant than year-over-year comparisons due to the significant impacts in 2020 and 2021 of the COVID-19 pandemic.


 

2


 

 

MANAGEMENT’S COMMENTS ON 2Q22 RESULTS

Copa Holdings’ second quarter results reflect the impact from the significant increase in jet fuel prices on our operating costs, which was partially offset by higher passenger yields and lower unit costs excluding fuel.

 

Copa Holdings’ adjusted net profit excluding special items came in at US$13.2 million or US$0.32 per share. These results compare to an adjusted net profit of US$50.9 million or earnings per share of US$1.20 in 2Q19. Special items for the quarter totaled US$110.9 million comprised of an unrealized mark-to-market gain related to the Company’s convertible notes and an unrealized mark-to-market loss related to changes in the value of financial investments. Including special items, the Company reported a net profit of US$124.1 million or US$3.01 per share.

Copa Holdings reported an operating profit of US$42.3 million, and an operating margin of 6.1% for the quarter, compared to an operating profit of US$82.6 million and an operating margin of 12.8% in 2Q19.

The Company operated 96.6% of its 2Q19 ASMs during the quarter, compared to 87.6% of its 1Q19 capacity in 1Q22.

Total revenues for 2Q22 came in at US$693.4 million, or 7.5% higher than 2Q19 revenues. Passenger revenue for 2Q22 came in 5.9% higher than 2Q19, while cargo revenue was 62.4% higher than 2Q19. Yields increased 10.1% to 13.0 cents while load factors decreased 0.4 percentage points to 84.8%, resulting in Revenues per Available Seat Mile (RASM) of 11.6 cents, or 11.3% higher than 2Q19.

Unit cost (CASM) came in at 10.9 cents, an increase of 19.9% compared to 2Q19, driven by a higher fuel cost. Excluding fuel, CASM came in at 6.0 cents, a decrease of 4.6% when compared to 2Q19, while operating at 96.6% of 2Q19 capacity.

The Company ended the quarter with a cash balance of US$1.1 billion, which represents 47% of the last twelve months’ revenues.

The Company has a proven and very strong business model, which is built on operating the best and most convenient network for intra-Latin America travel from its Hub of the Americas® based on Panama’s advantageous geographic position, low unit costs, best on-time performance, and a strong balance sheet. Going forward, the Company expects to leverage its strong balance sheet, leading liquidity position, and lower cost base to continue strengthening its long-term competitive position by implementing initiatives that will further reinforce its network, product, and cost competitiveness.

 


 

3


 

 

OUTLOOK FOR 2022

 

As a result of the current volatility in the economic environment, the Company will provide financial guidance only for the third quarter of 2022 and update its preliminary capacity and CASM ex-fuel guidance for the full-year 2022.

 

Mainly driven by a quarter-over-quarter increase in unit revenues, the Company expects its operating margin to be within a range of approximately 16% to 18% for 3Q22, or 10 to 12 percentage points higher than 2Q22. The Company expects capacity in 3Q22 to reach approximately 6.4 billion ASMs or 100% of 3Q19 ASMs.

 

Financial Outlook

3Q22
Guidance

2Q22

Capacity (% of 2019)

~100%

96.6%

Operating Margin

~16-18%

6.1%

 

Factored in this outlook is a load factor of approximately 86%, Unit Revenues (RASM) of approximately 12.7 cents, unit costs excluding fuel (Ex-Fuel CASM) of approximately 6.0 cents, and an all-in fuel price of US$3.80 per gallon.

 

For full-year 2022, the Company expects to operate approximately 98% of 2019 ASMs and deliver a CASM ex-fuel of approximately 5.9 cents.

CONSOLIDATED SECOND-QUARTER RESULTS

Operating revenue

Consolidated revenue for 2Q22 totaled US$693.4 million, mainly driven by passenger revenue.

 

Passenger revenue totaled US$656.9 million, a 5.9% increase compared to the same period in 2019, driven by 10.1% higher yields. The second-quarter results are mostly comprised of flown passenger ticket revenue, passenger-related ancillary revenue, and unredeemed tickets revenue.

 

Cargo and mail revenue totaled US$26.7 million, a 62.4% increase compared to the same period in 2019, related to higher cargo volumes and yields.

  

Other operating revenue totaled US$9.7 million, mainly revenues from non-air ConnectMiles partners.

 

Operating expenses

 

Fuel totaled US$296.0 million, an increase of 67.0% compared to the same period in 2019, on 9.9% fewer gallons consumed and an 86.1% higher effective fuel price.

 

Wages, salaries, benefits, and other employee expenses totaled US$89.0 million, representing a 17.9% decrease compared to the same period in 2019, mainly driven by a reduced headcount.

 

Passenger servicing totaled US$16.1 million, a decrease of 37.0% compared to the same period in 2019, as a result of a simplified onboard product offering due to temporary COVID-19 biosafety protocols.

 

Airport facilities and handling charges totaled US$47.3 million, an increase of 5.8% compared to the same period in 2019, mostly related to higher airport fees, mainly in the US.

 

Sales and distribution totaled US$56.2 million, an increase of 9.6% compared to the same period in 2019, due to higher sales compared to 2Q19.

 

4


 

 

Maintenance, materials, and repairs totaled US$28.3 million, a decrease of 9.4% compared to the same period in 2019, driven by 10.6% fewer flight hours.

 

Depreciation and amortization totaled US$65.3 million, mostly comprised of owned and leased flight equipment, maintenance events and IT systems amortizations, a decrease of 7.4% compared to 2Q19, mainly due to a reduction in fleet size.

 

Flight operations mostly related to overflight fees, totaled US$24.1 million, a decrease of 5.4% compared to the same period in 2019, driven by 10.1% fewer departures, partially offset by an increase in overflight fees due to a different fleet and route mix.

 

Other operating and administrative expenses totaled US$28.9 million, an increase of 2.3% versus 2Q19, mainly comprised of IT systems expenses, aircraft engine rentals, aircraft insurance and cargo expenses, as well as other overhead expenses.

 

Non-operating Income (Expense)

 

Consolidated non-operating income (expense) resulted in a net income of US$86.4 million.

 

Finance cost totaled (US$21.3) million, mostly comprised of convertible notes interest expenses of US$10.5 million, US$7.4 million related to loan interest and commission expenses, and US$1.4 million in interest charges related to operating leases.

 

Finance income totaled US$3.5 million in proceeds from investments.

 

Gain (loss) on foreign currency fluctuations totaled (US$6.8) million, mainly driven by the devaluation of the Brazilian real, Colombian peso, and Chilean peso.

 

Net change in fair value of derivatives totaled a US$113.7 million unrealized mark-to-market gain related to the Company’s convertible notes.

 

Other non-operating income (expense) totaled (US$2.7) million due to an unrealized mark-to-market loss related to changes in the value of financial investments.


 

5


 

 

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 countries in North, Central and South America and the Caribbean. For more information visit: www.copaair.com.

 

CONTACT: Copa Holdings S.A.

Investor Relations:

Ph: 011 507 304-2774

www.copaair.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 several 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.


 

6


 

 

 

Copa Holdings, S.A.

Income Statement - IFRS

(US$ Thousands)

 

 

 

Unaudited

 

 

Unaudited

 

 

%

 

Unaudited

 

 

%

 

Unaudited

 

 

Unaudited

 

 

%

 

 

 

2Q22

 

 

2Q19

 

 

Change

 

1Q22

 

 

Change

 

YTD22

 

 

YTD19

 

 

Change

 

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Passenger revenue

 

 

656,943

 

 

 

620,538

 

 

 

5.9

%

 

541,255

 

 

 

21.4

%

 

1,198,198

 

 

 

1,269,328

 

 

 

-5.6

%

Cargo and mail revenue

 

 

26,734

 

 

 

16,464

 

 

 

62.4

%

 

21,537

 

 

 

24.1

%

 

48,270

 

 

 

31,780

 

 

 

51.9

%

Other operating revenue

 

 

9,718

 

 

 

8,100

 

 

 

20.0

%

 

8,790

 

 

 

10.6

%

 

18,508

 

 

 

16,163

 

 

 

14.5

%

Total Operating Revenue

 

 

693,394

 

 

 

645,102

 

 

 

7.5

%

 

571,582

 

 

 

21.3

%

 

1,264,976

 

 

 

1,317,271

 

 

 

-4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel

 

 

295,952

 

 

 

177,169

 

 

 

67.0

%

 

191,256

 

 

 

54.7

%

 

487,208

 

 

 

347,332

 

 

 

40.3

%

Wages, salaries, benefits and other employees' expenses

 

 

88,995

 

 

 

108,342

 

 

 

-17.9

%

 

89,759

 

 

 

-0.9

%

 

178,754

 

 

 

222,004

 

 

 

-19.5

%

Passenger servicing

 

 

16,074

 

 

 

25,530

 

 

 

-37.0

%

 

15,607

 

 

 

3.0

%

 

31,681

 

 

 

51,101

 

 

 

-38.0

%

Airport facilities and handling charges

 

 

47,280

 

 

 

44,698

 

 

 

5.8

%

 

45,787

 

 

 

3.3

%

 

93,067

 

 

 

90,060

 

 

 

3.3

%

Sales and distribution

 

 

56,222

 

 

 

51,289

 

 

 

9.6

%

 

46,033

 

 

 

22.1

%

 

102,255

 

 

 

104,421

 

 

 

-2.1

%

Maintenance, materials and repairs

 

 

28,311

 

 

 

31,235

 

 

 

-9.4

%

 

23,350

 

 

 

21.2

%

 

51,662

 

 

 

59,282

 

 

 

-12.9

%

Depreciation and amortization

 

 

65,337

 

 

 

70,549

 

 

 

-7.4

%

 

63,303

 

 

 

3.2

%

 

128,640

 

 

 

138,736

 

 

 

-7.3

%

Flight operations

 

 

24,068

 

 

 

25,450

 

 

 

-5.4

%

 

22,039

 

 

 

9.2

%

 

46,106

 

 

 

51,325

 

 

 

-10.2

%

Other operating and administrative expenses

 

 

28,894

 

 

 

28,240

 

 

 

2.3

%

 

29,674

 

 

 

-2.6

%

 

58,568

 

 

 

57,537

 

 

 

1.8

%

Total Operating Expense

 

 

651,133

 

 

 

562,502

 

 

 

15.8

%

 

526,809

 

 

 

23.6

%

 

1,177,942

 

 

 

1,121,798

 

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Profit/(Loss)

 

 

42,261

 

 

 

82,601

 

 

 

-48.8

%

 

44,774

 

 

 

-5.6

%

 

87,035

 

 

 

195,474

 

 

 

-55.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-operating Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance cost

 

 

(21,270

)

 

 

(13,573

)

 

 

56.7

%

 

(20,445

)

 

 

4.0

%

 

(41,715

)

 

 

(27,583

)

 

 

51.2

%

Finance income

 

 

3,526

 

 

 

6,041

 

 

 

-41.6

%

 

2,545

 

 

 

38.6

%

 

6,071

 

 

 

11,995

 

 

 

-49.4

%

Gain (loss) on foreign currency fluctuations

 

 

(6,834

)

 

 

(2,213

)

 

 

208.8

%

 

2,917

 

 

 

-334.2

%

 

(3,916

)

 

 

(8,173

)

 

 

-52.1

%

Net change in fair value of derivatives

 

 

113,670

 

 

 

-

 

 

 

-100.0

%

 

(6,752

)

 

 

-1783.6

%

 

106,918

 

 

 

-

 

 

 

-100.0

%

Other non-operating income (expense)

 

 

(2,717

)

 

 

(2,115

)

 

 

28.5

%

 

(2,664

)

 

 

2.0

%

 

(5,381

)

 

 

(2,940

)

 

 

83.0

%

Total Non-Operating Income/(Expense)

 

 

86,375

 

 

 

(11,859

)

 

 

-828.3

%

 

(24,398

)

 

 

-454.0

%

 

61,977

 

 

 

(26,700

)

 

 

-332.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit before taxes

 

 

128,636

 

 

 

70,742

 

 

 

81.8

%

 

20,376

 

 

 

531.3

%

 

149,012

 

 

 

168,773

 

 

 

-11.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(4,560

)

 

 

(19,876

)

 

 

-77.1

%

 

(617

)

 

 

639.5

%

 

(5,177

)

 

 

(28,476

)

 

 

-81.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Profit/(Loss)

 

 

124,076

 

 

 

50,866

 

 

 

143.9

%

 

19,759

 

 

 

527.9

%

 

143,835

 

 

 

140,297

 

 

 

2.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

3.01

 

 

 

1.20

 

 

 

151.4

%

 

0.47

 

 

 

540.0

%

 

3.49

 

 

 

3.30

 

 

 

5.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used for calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,211,540

 

 

 

42,478,415

 

 

 

-3.0

%

 

42,006,022

 

 

 

-1.9

%

 

41,211,540

 

 

 

42,478,415

 

 

 

-3.0

%

 


 

7


 

 

Copa Holdings, S. A. and subsidiaries

Consolidated statement of financial position

(US$ Thousands)

 

 

June 2022

 

December 2021

 

ASSETS

(Unaudited)

 

 

 

 

Cash and cash equivalents

 

134,125

 

 

211,081

 

Short-term investments

 

801,132

 

 

806,340

 

Total cash, cash equivalents and short-term investments

 

935,257

 

 

1,017,421

 

 

 

-

 

 

-

 

Accounts receivable, net

 

155,322

 

 

90,618

 

Accounts receivable from related parties

 

1,767

 

 

1,832

 

Expendable parts and supplies, net

 

88,980

 

 

74,778

 

Prepaid expenses

 

42,029

 

 

31,148

 

Prepaid income tax

 

15,832

 

 

16,938

 

Other current assets

 

8,127

 

 

6,054

 

 

 

312,057

 

 

221,368

 

TOTAL CURRENT ASSETS

 

1,247,314

 

 

1,238,789

 

 

 

 

 

 

 

 

Long-term investments

 

140,374

 

 

199,670

 

Long-term prepaid expenses

 

9,785

 

 

6,727

 

Property and equipment, net

 

2,755,741

 

 

2,512,704

 

Right of use assets

 

137,339

 

 

166,328

 

Intangible, net

 

77,302

 

 

81,749

 

Deferred tax assets

 

29,874

 

 

28,196

 

Other Non-Current Assets

 

15,045

 

 

14,098

 

TOTAL NON-CURRENT ASSETS

 

3,165,461

 

 

3,009,472

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

4,412,774

 

 

4,248,261

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Loans and borrowings

 

148,158

 

 

196,602

 

Current portion of lease liability

 

75,494

 

 

73,917

 

Accounts payable

 

142,711

 

 

112,596

 

Accounts payable to related parties

 

27,400

 

 

7,948

 

Air traffic liability

 

711,135

 

 

557,331

 

Frequent flyer deferred revenue

 

100,230

 

 

95,114

 

Taxes Payable

 

43,650

 

 

32,600

 

Employee benefits obligations

 

29,933

 

 

32,767

 

Income tax payable

 

4,993

 

 

3,835

 

Other Current Liabilities

 

592

 

 

786

 

TOTAL CURRENT LIABILITIES

 

1,284,295

 

 

1,113,496

 

 

 

 

 

 

 

 

Loans and borrowings long-term

 

1,350,239

 

 

1,229,031

 

Lease Liability

 

72,745

 

 

104,734

 

Net Defined Benefit Liability

 

7,006

 

 

7,670

 

Derivative financial instruments

 

161,420

 

 

268,338

 

Deferred tax Liabilities

 

18,919

 

 

18,782

 

Other long - term liabilities

 

221,480

 

 

206,813

 

TOTAL NON-CURRENT LIABILITIES

 

1,831,810

 

 

1,835,368

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

3,116,105

 

 

2,948,864

 

 

 

 

 

 

 

 

EQUITY

 

-

 

 

-

 

Class A - 34,012,213  issued and 28,770,135 outstanding

 

21,326

 

 

21,289

 

Class B - 10,938,125

 

7,466

 

 

7,466

 

Additional Paid-In Capital

 

100,945

 

 

98,348

 

Treasury Stock

 

(326,239

)

 

(176,902

)

Retained Earnings

 

1,367,868

 

 

1,324,022

 

Net profit

 

143,835

 

 

43,844

 

Other comprehensive loss

 

(18,531

)

 

(18,670

)

 

 

 

 

 

 

 

TOTAL EQUITY

 

1,296,669

 

 

1,299,397

 

TOTAL EQUITY LIABILITIES

 

4,412,774

 

 

4,248,261

 

 


 

8


 

 

Copa Holdings, S. A. and subsidiaries

Consolidated Statement of Cash Flows

For the six months ended June 30,

(In US$ thousands)

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Cash flow from (used in) operating activities

 

 

327,833

 

 

 

149,669

 

 

 

(56,632

)

Cash flow used in investing activities

 

 

(262,743

)

 

 

(119,776

)

 

 

(48,009

)

Cash flow (used in) from financing activities

 

 

(142,046

)

 

 

107,806

 

 

 

253,205

 

Net (decrease) increase in cash and cash equivalents

 

 

(76,956

)

 

 

137,699

 

 

 

148,564

 

Cash and cash equivalents at January 1

 

 

211,081

 

 

 

119,065

 

 

 

158,733

 

Cash and cash equivalents at June 30

 

$

134,125

 

 

$

256,764

 

 

$

307,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

801,132

 

 

 

925,680

 

 

 

740,887

 

Long-term investments

 

 

140,374

 

 

 

99,235

 

 

 

95,540

 

Total cash and cash equivalents and investments at June 30

 

$

1,075,631