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 May 2023
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: 1Q23 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. |
|
Date: 5/11/2023 |
|
|
|
By: |
/s/ José Montero |
|
|
Name: José Montero Title: CFO |
Exhibit 99.1
Copa Holdings Reports Financial Results for the First Quarter of 2023
Panama City, Panama --- May 10, 2023. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2023 (1Q23). 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 first quarter of 2019 (1Q19) (which the Company believes are more relevant than year-over-year comparisons due to the significant impact of the COVID-19 pandemic in 2020, 2021, and 2022).
OPERATING AND FINANCIAL HIGHLIGHTS
1
Subsequent Events
Consolidated Financial |
1Q23 |
|
1Q19 (2) |
|
Variance vs. 1Q19 |
|
4Q22 |
|
Variance vs. 4Q22 |
|
|||||
Revenue Passengers Carried (000s) |
|
2,881 |
|
|
2,588 |
|
|
11.3 |
% |
|
2,813 |
|
|
2.4 |
% |
Revenue Passengers OnBoard (000s) |
|
4,295 |
|
|
3,830 |
|
|
12.1 |
% |
|
4,262 |
|
|
0.8 |
% |
RPMs (millions) |
|
5,723 |
|
|
5,345 |
|
|
7.1 |
% |
|
5,639 |
|
|
1.5 |
% |
ASMs (millions) |
|
6,596 |
|
|
6,415 |
|
|
2.8 |
% |
|
6,509 |
|
|
1.3 |
% |
Load Factor |
|
86.8 |
% |
|
83.3 |
% |
|
3.5 p.p. |
|
|
86.6 |
% |
|
0.1 p.p. |
|
Yield (US$ Cents) |
|
14.6 |
|
|
12.1 |
|
|
20.0 |
% |
|
15.1 |
|
|
-3.6 |
% |
PRASM (US$ Cents) |
|
12.6 |
|
|
10.1 |
|
|
25.0 |
% |
|
13.1 |
|
|
-3.4 |
% |
RASM (US$ Cents) |
|
13.1 |
|
|
10.5 |
|
|
25.5 |
% |
|
13.7 |
|
|
-3.9 |
% |
CASM (US$ Cents) |
|
10.2 |
|
|
8.7 |
|
|
17.2 |
% |
|
10.3 |
|
|
-0.9 |
% |
CASM Excl. Fuel (US$ Cents) |
|
6.2 |
|
|
6.1 |
|
|
2.1 |
% |
|
6.1 |
|
|
1.5 |
% |
Fuel Gallons Consumed (millions) |
|
78.2 |
|
|
81.2 |
|
|
-3.7 |
% |
|
77.7 |
|
|
0.6 |
% |
Avg. Price Per Fuel Gallon (US$) |
|
3.36 |
|
|
2.09 |
|
|
61.4 |
% |
|
3.52 |
|
|
-4.5 |
% |
Average Length of Haul (miles) |
|
1,987 |
|
|
2,065 |
|
|
-3.8 |
% |
|
2,005 |
|
|
-0.9 |
% |
Average Stage Length (miles) |
|
1,281 |
|
|
1,299 |
|
|
-1.4 |
% |
|
1,266 |
|
|
1.2 |
% |
Departures |
|
31,984 |
|
|
33,329 |
|
|
-4.0 |
% |
|
32,112 |
|
|
-0.4 |
% |
Block Hours |
|
104,626 |
|
|
110,089 |
|
|
-5.0 |
% |
|
104,822 |
|
|
-0.2 |
% |
Average Aircraft Utilization (hours) |
|
11.9 |
|
|
11.6 |
|
|
1.9 |
% |
|
11.8 |
|
|
0.8 |
% |
Operating Revenues (US$ millions) |
|
867.3 |
|
|
672.2 |
|
|
29.0 |
% |
|
890.6 |
|
|
-2.6 |
% |
Operating Profit (Loss) (US$ millions) |
|
193.2 |
|
|
112.9 |
|
|
71.2 |
% |
|
219.7 |
|
|
-12.0 |
% |
Operating Margin |
|
22.3 |
% |
|
16.8 |
% |
|
5.5 p.p. |
|
|
24.7 |
% |
|
-2.4 p.p. |
|
Net Profit (Loss) (US$ millions) |
|
121.5 |
|
|
89.4 |
|
|
35.9 |
% |
|
88.3 |
|
|
37.7 |
% |
Adjusted Net Profit (Loss) (US$ millions) (1) |
|
157.8 |
|
|
89.4 |
|
|
76.4 |
% |
|
177.7 |
|
|
-11.2 |
% |
Basic EPS (US$) |
|
3.07 |
|
|
2.11 |
|
|
45.9 |
% |
|
2.23 |
|
|
37.6 |
% |
Adjusted Basic EPS (US$) (1) |
|
3.99 |
|
|
2.11 |
|
|
89.4 |
% |
|
4.49 |
|
|
-11.2 |
% |
Shares for calculation of Basic EPS (000s) |
|
39,565 |
|
|
42,478 |
|
|
-6.9 |
% |
|
39,554 |
|
|
0.0 |
% |
2
MANAGEMENT’S COMMENTS ON 1Q23 RESULTS
Copa Holdings delivered solid financial results for the first quarter of 2023. The Company’s results were driven by a healthy demand environment in the region, which led to strong unit revenues in the quarter, and by its consistent cost execution strategy.
Operating revenues for the quarter increased 29.0% to US$867.3 million while operating 2.8% more capacity compared to 1Q19. The Company’s load factor came in at 86.8% or 3.5 percentage points above 1Q19 and yields came in at 14.6 cents or 20.0% higher than 1Q19. As a result, passenger revenues per ASM (PRASM) increased 25.0% to 12.6 cents and RASM increased 25.5% to 13.1 cents in the quarter.
Operating expenses for 1Q23 increased 20.5% to US$674.1 million, mainly due to a higher jet fuel cost. Aircraft fuel expenses increased 56.0% or US$95.3 million compared to 1Q19, due to a 61.4% higher jet fuel price, partially offset by 3.7% fewer gallons consumed.
Driven by the increase in fuel cost, cost per available seat mile (CASM) came in at 10.2 cents, an increase of 17.2% compared to 1Q19. Costs excluding fuel (Ex-fuel CASM) came in at 6.2 cents, a 2.1% increase when compared to the same period in 2019.
Copa Holdings closed the quarter with US$ 1.2 billion in cash, short-term and long-term investments, which represent 36.3% of the last twelve months’ revenues.
Total debt at the end of 1Q23 amounted to US$1.7 billion compared to US$1.6 billion at the end of 2022, while our Net Debt to EBITDA ratio ended at 0.6 times, a decrease when compared to the previous quarter.
The Company has a proven 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 2023
For 2023, the Company updates its outlook as follows: consolidated capacity is expected to grow within a range of 12% to 13% over 2022, and operating margin is now expected to come within the range of 22% to 24%.
Financial Outlook |
2023 |
2022 |
Capacity – YOY ASM growth |
12-13% |
63.6% |
Operating Margin |
22-24% |
15.2% |
Factored into this outlook is a load factor of approximately 85%, unit revenues (RASM) of 12.5 cents, unit costs excluding fuel (Ex-Fuel CASM) in the range of 6.1 cents, and an all-in fuel price of US$2.85 per gallon.
CONSOLIDATED FIRST-QUARTER RESULTS
Operating revenue
Consolidated revenue for 1Q23 totaled US$867.3 million, mainly driven by passenger revenue.
Passenger revenue totaled US$834.0 million, a 28.5% increase compared to the same period in 2019, mostly driven by 20.0% higher yields. The first-quarter results are mostly comprised of flown passenger ticket revenue, passenger-related ancillary revenue, and unredeemed ticket revenue.
Cargo and mail revenue which in 2023 includes the operation of one Boeing 737-800 freighter, totaled US$23.3 million, a 51.8% increase compared to the same period in 2019, related to higher cargo volumes and yields.
Other operating revenue totaled US$10.0 million, a 24.0% increase compared to the same period in 2019, mainly revenues from non-air ConnectMiles partners.
Operating expenses
Fuel totaled US$265.5 million, an increase of 56.0% compared to the same period in 2019, due to a 61.4% higher effective fuel price, partially offset by 3.7% fewer fuel gallons consumed.
Wages, salaries, benefits, and other employee expenses totaled US$102.7 million, representing a 9.7% decrease compared to the same period in 2019, mainly driven by a reduced administrative headcount as well as more subcontracted services in stations outside of Panama.
Passenger servicing totaled US$20.4 million, a decrease of 20.3% compared to the same period in 2019, driven by a simplified onboard product offering.
Airport facilities and handling charges totaled US$50.5 million, an increase of 11.3% compared to the same period in 2019, mostly related to higher airport costs mainly in the US, as well as outsourced airport services in stations outside of Panama.
Sales and distribution totaled US$61.4 million, an increase of 15.6% compared to the same period in 2019, due to an increase in ticket sales compared to 1Q19.
4
Maintenance, materials, and repairs totaled US$40.3 million, an increase of 43.7% compared to 1Q19, mainly due to an increase in engine maintenance costs, changes in supplemental rent provisions related to aircraft utilization and new leased aircraft, as well as one-time maintenance costs.
Depreciation and amortization totaled US$72.7 million, mostly comprised of owned and leased flight equipment, maintenance events, and IT systems amortizations, an increase of 6.6% compared to 1Q19, mainly due to an increase in the amortization of aircraft maintenance events compared to the same period of 2019.
Flight operations mostly related to overflight fees, totaled US$27.4 million, an increase of 6.0% compared to the same period in 2019, mostly due to an increase in overflight rates in certain countries.
Other operating and administrative expenses totaled US$33.2 million, an increase of 13.4% compared to the same period in 2019, mainly related to engine rentals required to compensate for longer induction and turnaround times at third-party maintenance facilities.
Non-operating Income (Expense)
Consolidated non-operating income (expense) totaled (US$51.0) million.
Finance cost totaled (US$24.4) million, mostly comprised of US$11.3 million of convertible notes interest expenses, which included $7.4 million related to a non-cash interest expense due to the amortization of the debt principal and debt issuance costs associated with the convertible notes; US$8.6 million related to aircraft loan interest and commission expenses; and US$4.5 million related to our aircraft leases.
Finance income totaled US$8.8 million in proceeds from investments.
Gain (loss) on foreign currency fluctuations resulted in a gain of US$1.2 million, mainly driven by the appreciation of the Colombian peso and the Mexican peso during the quarter.
Net change in fair value of derivatives totaled a net (US$37.9) million unrealized mark-to-market loss related to the value of the Company’s convertible notes.
Other non-operating income (expense) totaled a net of US$1.2 million, which includes an unrealized mark-to-market gain of US$1.7 million related to changes in the value of financial investments.
5
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information visit: www.copaair.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
6
Copa Holdings, S.A.
Income Statement - IFRS
(US$ Thousands)
|
|
Unaudited |
|
|
Unaudited |
|
|
% |
|
Unaudited |
|
|
% |
|
|||||
|
|
1Q23 |
|
|
1Q19 |
|
|
Change |
|
4Q22 |
|
|
Change |
|
|||||
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Passenger revenue |
|
|
834,018 |
|
|
|
648,790 |
|
|
|
28.5 |
% |
|
852,291 |
|
|
|
-2.1 |
% |
Cargo and mail revenue |
|
|
23,252 |
|
|
|
15,316 |
|
|
|
51.8 |
% |
|
27,095 |
|
|
|
-14.2 |
% |
Other operating revenue |
|
|
9,995 |
|
|
|
8,063 |
|
|
|
24.0 |
% |
|
11,226 |
|
|
|
-11.0 |
% |
Total Operating Revenue |
|
|
867,264 |
|
|
|
672,169 |
|
|
|
29.0 |
% |
|
890,612 |
|
|
|
-2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fuel |
|
|
265,498 |
|
|
|
170,163 |
|
|
|
56.0 |
% |
|
273,901 |
|
|
|
-3.1 |
% |
Wages, salaries, benefits and other employees' expenses |
|
|
102,652 |
|
|
|
113,662 |
|
|
|
-9.7 |
% |
|
105,019 |
|
|
|
-2.3 |
% |
Passenger servicing |
|
|
20,391 |
|
|
|
25,571 |
|
|
|
-20.3 |
% |
|
19,518 |
|
|
|
4.5 |
% |
Airport facilities and handling charges |
|
|
50,479 |
|
|
|
45,362 |
|
|
|
11.3 |
% |
|
49,734 |
|
|
|
1.5 |
% |
Sales and distribution |
|
|
61,406 |
|
|
|
53,133 |
|
|
|
15.6 |
% |
|
61,498 |
|
|
|
-0.1 |
% |
Maintenance, materials and repairs |
|
|
40,296 |
|
|
|
28,047 |
|
|
|
43.7 |
% |
|
28,875 |
|
|
|
39.6 |
% |
Depreciation and amortization |
|
|
72,677 |
|
|
|
68,187 |
|
|
|
6.6 |
% |
|
70,251 |
|
|
|
3.5 |
% |
Flight operations |
|
|
27,424 |
|
|
|
25,875 |
|
|
|
6.0 |
% |
|
25,667 |
|
|
|
6.8 |
% |
Other operating and administrative expenses |
|
|
33,228 |
|
|
|
29,297 |
|
|
|
13.4 |
% |
|
36,492 |
|
|
|
-8.9 |
% |
Total Operating Expense |
|
|
674,053 |
|
|
|
559,296 |
|
|
|
20.5 |
% |
|
670,954 |
|
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Profit/(Loss) |
|
|
193,212 |
|
|
|
112,873 |
|
|
|
71.2 |
% |
|
219,657 |
|
|
|
-12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-operating Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Finance cost |
|
|
(24,365 |
) |
|
|
(14,010 |
) |
|
|
73.9 |
% |
|
(23,388 |
) |
|
|
4.2 |
% |
Finance income |
|
|
8,842 |
|
|
|
5,954 |
|
|
|
48.5 |
% |
|
7,413 |
|
|
|
19.3 |
% |
Gain (loss) on foreign currency fluctuations |
|
|
1,201 |
|
|
|
(5,960 |
) |
|
|
-120.2 |
% |
|
(2,560 |
) |
|
|
-146.9 |
% |
Net change in fair value of derivatives |
|
|
(37,933 |
) |
|
|
- |
|
|
|
-100.0 |
% |
|
(91,305 |
) |
|
|
-58.5 |
% |
Other non-operating income (expense) |
|
|
1,235 |
|
|
|
(825 |
) |
|
|
-249.7 |
% |
|
1,221 |
|
|
|
1.1 |
% |
Total Non-Operating Income/(Expense) |
|
|
(51,020 |
) |
|
|
(14,841 |
) |
|
|
243.8 |
% |
|
(108,619 |
) |
|
|
-53.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Profit before taxes |
|
|
142,192 |
|
|
|
98,032 |
|
|
|
45.0 |
% |
|
111,039 |
|
|
|
28.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income tax expense |
|
|
(20,671 |
) |
|
|
(8,600 |
) |
|
|
140.4 |
% |
|
(22,758 |
) |
|
|
-9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Profit/(Loss) |
|
|
121,521 |
|
|
|
89,431 |
|
|
|
35.9 |
% |
|
88,280 |
|
|
|
37.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
3.07 |
|
|
|
2.11 |
|
|
|
45.9 |
% |
|
2.23 |
|
|
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shares used for calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
39,565,223 |
|
|
|
42,477,761 |
|
|
|
-6.9 |
% |
|
39,554,071 |
|
|
|
0.0 |
% |
7
Copa Holdings, S. A. and subsidiaries
Consolidated statement of financial position
(US$ Thousands)
|
March 2023 |
|
December 2022 |
|
||
ASSETS |
(Unaudited) |
|
(Audited) |
|
||
Cash and cash equivalents |
|
242,314 |
|
|
122,424 |
|
Short-term investments |
|
773,493 |
|
|
812,323 |
|
Total cash, cash equivalents and short-term investments |
|
1,015,807 |
|
|
934,747 |
|
|
|
|
|
|
||
Accounts receivable, net |
|
165,111 |
|
|
135,415 |
|
Accounts receivable from related parties |
|
1,833 |
|
|
2,168 |
|
Expendable parts and supplies, net |
|
101,680 |
|
|
93,332 |
|
Prepaid expenses |
|
49,917 |
|
|
52,322 |
|
Prepaid income tax |
|
370 |
|
|
798 |
|
Other current assets |
|
23,665 |
|
|
17,043 |
|
|
|
342,576 |
|
|
301,078 |
|
TOTAL CURRENT ASSETS |
|
1,358,383 |
|
|
1,235,825 |
|
|
|
|
|
|
||
Long-term investments |
|
166,481 |
|
|
202,056 |
|
Long-term prepaid expenses |
|
6,494 |
|
|
7,770 |
|
Property and equipment, net |
|
2,967,611 |
|
|
2,883,524 |
|
Right of use assets |
|
238,269 |
|
|
234,380 |
|
Intangible, net |
|
80,765 |
|
|
78,555 |
|
Net defined benefit assets |
|
1,048 |
|
|
504 |
|
Deferred tax assets |
|
31,636 |
|
|
30,743 |
|
Other Non-Current Assets |
|
16,277 |
|
|
17,005 |
|
TOTAL NON-CURRENT ASSETS |
|
3,508,581 |
|
|
3,454,537 |
|
|
|
|
|
|
||
TOTAL ASSETS |
|
4,866,964 |
|
|
4,690,362 |
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
||
Loans and borrowings |
|
144,203 |
|
|
142,484 |
|
Current portion of lease liability |
|
77,412 |
|
|
80,084 |
|
Accounts payable |
|
163,236 |
|
|
166,660 |
|
Accounts payable to related parties |
|
1,944 |
|
|
1,004 |
|
Air traffic liability |
|
611,437 |
|
|
651,805 |
|
Frequent flyer deferred revenue |
|
114,976 |
|
|
111,526 |
|
Taxes Payable |
|
67,122 |
|
|
43,878 |
|
Employee benefits obligations |
|
31,534 |
|
|
44,913 |
|
Income tax payable |
|
12,414 |
|
|
6,276 |
|
Other Current Liabilities |
|
1,366 |
|
|
1,175 |
|
TOTAL CURRENT LIABILITIES |
|
1,225,644 |
|
|
1,249,805 |
|
|
|
|
|
|
||
Loans and borrowings long-term |
|
1,327,441 |
|
|
1,301,819 |
|
Lease Liability |
|
162,029 |
|
|
158,289 |
|
Derivative financial instruments |
|
289,083 |
|
|
251,150 |
|
Deferred tax Liabilities |
|
25,783 |
|
|
16,571 |
|
Other long - term liabilities |
|
232,941 |
|
|
220,618 |
|
TOTAL NON-CURRENT LIABILITIES |
|
2,037,277 |
|
|
1,948,447 |
|
|
|
|
|
|
||
TOTAL LIABILITIES |
|
3,262,921 |
|
|
3,198,252 |
|
|
|
|
|
|
||
EQUITY |
|
|
|
|
||
Class A - 34,064,142 issued and 28,388,261 outstanding |
|
21,362 |
|
|
21,327 |
|
Class B - 10,938,125 |
|
7,466 |
|
|
7,466 |
|
Additional Paid-In Capital |
|
104,606 |
|
|
103,465 |
|
Treasury Stock |
|
(357,087 |
) |
|
(344,541 |
) |
Retained Earnings |
|
1,717,620 |
|
|
1,367,784 |
|
Net profit |
|
121,521 |
|
|
348,054 |
|
Other comprehensive loss |
|
(11,445 |
) |
|
(11,445 |
) |
|
|
|
|
|
||
TOTAL EQUITY |
|
1,604,043 |
|
|
1,492,110 |
|
TOTAL EQUITY LIABILITIES |
|
4,866,964 |
|
|
4,690,362 |
|
8
Copa Holdings, S. A. and subsidiaries
Consolidated Statement of Cash Flows
For the three months ended March 31,
(In US$ thousands)
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|||
Cash flow from (used in) operating activities |
|
|
203,419 |
|
|
|
169,336 |
|
|
|
(892 |
) |
Cash flow used in investing activities |
|
|
(62,868 |
) |
|
|
(120,515 |
) |
|
|
(86,697 |
) |
Cash flow (used in) from financing activities |
|
|
(20,661 |
) |
|
|
(10,888 |
) |
|
|
162,325 |
|
Net increase in cash and cash equivalents |
|
|
119,890 |
|
|
|
37,933 |
|
|
|
74,736 |
|
Cash and cash equivalents at January 1 |
|
|
122,424 |
|
|
|
211,081 |
|
|
|
119,065 |
|
Cash and cash equivalents at March 31 |
|
$ |
242,314 |
|
|
$ |
249,014 |
|
|
$ |
193,801 |
|
|
|
|
|
|
|
|
|
|
|
|||
Short-term investments |
|
|
773,493 |
|
|
|
771,074 |
|
|
|
898,453 |
|
Long-term investments |
|
|
166,481 |
|
|
|
204,810 |
|
|
|
111,001 |
|
Total cash and cash equivalents and investments at March 31 |
|
$ |
1,182,288 |
|
|
$ |
1,224,898 |
|
|
$ |
1,203,255 |
|
9
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: Adjusted Net Profit, Adjusted Basic EPS, and 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, in particular operating profit, and net profit. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
Reconciliation of Adjusted Net Profit |
|
1Q23 |
|
|
1Q22 |
|
|
4Q22 |
|
|
1Q19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Profit as Reported |
|
$ |
121,521 |
|
|
$ |
19,759 |
|
|
$ |
88,280 |
|
|
$ |
89,431 |
|
Add: Net change in fair value of derivatives |
|
$ |
37,933 |
|
|
$ |
6,752 |
|
|
$ |
91,305 |
|
|
|
|
|
Add: Net change in fair value of financial investments |
|
$ |
(1,655 |
) |
|
$ |
2,979 |
|
|
$ |
(1,924 |
) |
|
|
|
|
Adjusted Net Profit |
|
$ |
157,798 |
|
|
$ |
29,490 |
|
|
$ |
177,661 |
|
|
$ |
89,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Adjusted Basic EPS |
|
1Q23 |
|
|
1Q22 |
|
|
4Q22 |
|
|
1Q19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Net Profit |
|
$ |
157,798 |
|
|
$ |
29,490 |
|
|
$ |
177,661 |
|
|
$ |
89,431 |
|
Shares used for calculation of Basic EPS |
|
|
39,565 |
|
|
|
42,006 |
|
|
|
39,554 |
|
|
|
42,478 |
|
Adjusted Basic Earnings per share (Adjusted Basic EPS) |
|
$ |
3.99 |
|
|
$ |
0.70 |
|
|
$ |
4.49 |
|
|
$ |
2.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Operating Costs per ASM |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Excluding Fuel (CASM Excl. Fuel) |
|
1Q23 |
|
|
1Q22 |
|
|
4Q22 |
|
|
1Q19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Costs per ASM as Reported (in US$ Cents) |
|
|
10.2 |
|
|
|
9.4 |
|
|
|
10.3 |
|
|
|
8.7 |
|
Aircraft Fuel Cost per ASM (in US$ Cents) |
|
|
4.0 |
|
|
|
3.4 |
|
|
|
4.2 |
|
|
|
2.7 |
|
Operating Costs per ASM excluding fuel (in US$ Cents) |
|
|
6.2 |
|
|
|
6.0 |
|
|
|
6.1 |
|
|
|
6.1 |
|
10