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Published Feb 08, 2024 08:08
Excluding special items, adjusted net income came in at
OPERATING AND FINANCIAL HIGHLIGHTS
Subsequent Events
Consolidated Financial | 4Q23 | 4Q22 | Variance vs. 4Q22 | 3Q23 | Variance vs. 3Q23 | FY23 | FY22 | Variance vs. FY22 |
Revenue Passengers Carried (000s) | 3,310 | 2,813 | 17.7 % | 3,272 | 1.2 % | 12,442 | 10,334 | 20.4 % |
Revenue Passengers OnBoard (000s) | 4,930 | 4,262 | 15.7 % | 4,873 | 1.2 % | 18,566 | 15,724 | 18.1 % |
RPMs (millions) | 6,263 | 5,639 | 11.1 % | 6,239 | 0.4 % | 24,052 | 20,779 | 15.7 % |
ASMs (millions) | 7,228 | 6,509 | 11.0 % | 7,109 | 1.7 % | 27,700 | 24,430 | 13.4 % |
Load Factor | 86.7 % | 86.6 % | 0.1 p.p. | 87.8 % | -1.1 p.p. | 86.8 % | 85.1 % | 1.8 p.p. |
Yield (US$ Cents) | 14.0 | 15.1 | -7.1 % | 13.4 | 5.1 % | 13.8 | 13.6 | 1.6 % |
PRASM (US$ Cents) | 12.2 | 13.1 | -7.1 % | 11.7 | 3.8 % | 12.0 | 11.6 | 3.7 % |
RASM (US$ Cents) | 12.7 | 13.7 | -7.3 % | 12.2 | 3.9 % | 12.5 | 12.1 | 3.0 % |
CASM (US$ Cents) | 9.7 | 10.3 | -6.3 % | 9.3 | 3.6 % | 9.6 | 10.3 | -7.1 % |
CASM Excl. Fuel (US$ Cents) | 6.0 | 6.1 | -1.6 % | 5.8 | 3.9 % | 6.0 | 6.0 | -0.3 % |
Fuel Gallons Consumed (millions) | 85.6 | 77.7 | 10.2 % | 83.9 | 2.1 % | 327.6 | 291.4 | 12.4 % |
Avg. Price Per Fuel Gallon (US$) | 3.07 | 3.52 | -12.7 % | 3.00 | 2.6 % | 3.02 | 3.60 | -16.0 % |
Average Length of Haul (miles) | 1,892 | 2,005 | -5.6 % | 1,907 | -0.8 % | 1,933 | 2,011 | -3.9 % |
Average Stage Length (miles) | 1,229 | 1,266 | -2.9 % | 1,238 | -0.8 % | 1,251 | 1,275 | -1.9 % |
Departures | 36,207 | 32,112 | 12.8 % | 35,468 | 2.1 % | 137,044 | 120,155 | 14.1 % |
115,118 | 104,822 | 9.8 % | 112,114 | 2.7 % | 438,913 | 390,639 | 12.4 % | |
Average Aircraft Utilization (hours) | 11.9 | 11.8 | 1.3 % | 11.9 | 0.0 % | 11.9 | 11.3 | 5.0 % |
Operating Revenues (US$ millions) | 916.9 | 890.6 | 3.0 % | 867.7 | 5.7 % | 3,461.1 | 2,965.0 | 16.7 % |
Operating Profit (Loss) (US$ millions) | 218.9 | 219.7 | -0.4 % | 205.0 | 6.8 % | 811.8 | 450.4 | 80.2 % |
Operating Margin | 23.9 % | 24.7 % | -0.8 p.p. | 23.6 % | 0.2 p.p. | 23.5 % | 15.2 % | 8.3 p.p. |
Net Profit (Loss) (US$ millions) | 191.8 | 88.3 | 117.2 % | 187.4 | 2.4 % | 518.2 | 348.1 | 48.9 % |
Adjusted Net Profit (Loss) (US$ millions) (1) | 188.4 | 177.7 | 6.0 % | 174.4 | 8.0 % | 675.1 | 335.4 | 101.3 % |
Basic EPS (US$) | 4.55 | 2.23 | 103.9 % | 4.72 | -3.5 % | 12.89 | 8.58 | 50.3 % |
Adjusted Basic EPS (US$) (1) | 4.47 | 4.49 | -0.5 % | 4.39 | 1.8 % | 16.79 | 8.26 | 103.2 % |
Shares for calculation of Basic EPS (000s) | 42,150 | 39,554 | 6.6 % | 39,730 | 6.1 % | 40,201 | 40,582 | -0.9 % |
(1) Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
FULL 4Q23 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:
https://copa.gcs-web.com/financial-information/quarterly-results
4Q23 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
Date: | |||
Time: | |||
Join by phone: | https://register.vevent.com/register/BI4cf2c550166242c38d9f247f0fa590a7 | ||
Webcast (listen-only): | https://copa.gcs-web.com/events-and-presentations | ||
Speakers: | |||
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
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.
CPA-G
Copa Holdings, S.A. | |||||||||||||||
Consolidated statement of profit or loss | |||||||||||||||
(US$ Thousands) | |||||||||||||||
Unaudited | Unaudited | % | Unaudited | % | Unaudited | Audited | % | ||||||||
4Q23 | 4Q22 | Change | 3Q23 | Change | FY23 | FY22 | Change | ||||||||
Operating Revenues | |||||||||||||||
Passenger revenue | 879,351 | 852,291 | 3.2 % | 833,306 | 5.5 % | 3,320,455 | 2,824,719 | 17.5 % | |||||||
Cargo and mail revenue | 26,534 | 27,095 | -2.1 % | 23,431 | 13.2 % | 97,105 | 1,01,765 | -4.6 % | |||||||
Other operating revenue | 11,049 | 11,226 | -1.6 % | 10,973 | 0.7 % | 43,538 | 38,549 | 12.9 % | |||||||
Total Operating Revenue | 916,933 | 890,612 | 3.0 % | 867,711 | 5.7 % | 3,461,098 | 2,965,033 | 16.7 % | |||||||
Operating Expenses | |||||||||||||||
Fuel | 264,166 | 273,901 | -3.6 % | 252,077 | 4.8 % | 995,862 | 1,052,637 | -5.4 % | |||||||
Wages, salaries, benefits and other employees' expenses | 119,669 | 105,019 | 14.0 % | 108,416 | 10.4 % | 436,526 | 380,385 | 14.8 % | |||||||
Passenger servicing | 24,148 | 19,518 | 23.7 % | 23,147 | 4.3 % | 89,146 | 70,080 | 27.2 % | |||||||
Airport facilities and handling charges | 59,010 | 49,734 | 18.7 % | 58,243 | 1.3 % | 2,21,878 | 1,92,584 | 15.2 % | |||||||
Sales and distribution | 55,111 | 61,498 | -10.4 % | 54,058 | 1.9 % | 2,27,171 | 2,24,465 | 1.2 % | |||||||
Maintenance, materials and repairs | 31,276 | 28,875 | 8.3 % | 29,528 | 5.9 % | 1,32,531 | 1,04,114 | 27.3 % | |||||||
Depreciation and amortization | 79,815 | 70,251 | 13.6 % | 78,359 | 1.9 % | 3,05,668 | 2,67,704 | 14.2 % | |||||||
Flight operations | 27,987 | 25,667 | 9.0 % | 29,476 | -5.1 % | 1,09,892 | 97,256 | 13.0 % | |||||||
Other operating and administrative expenses | 36,875 | 36,492 | 1.0 % | 29,394 | 25.5 % | 1,30,656 | 1,25,424 | 4.2 % | |||||||
Total Operating Expense | 698,058 | 670,954 | 4.0 % | 662,697 | 5.3 % | 2,649,331 | 2,514,648 | 5.4 % | |||||||
Operating Profit/(Loss) | 218,875 | 219,657 | -0.4 % | 205,014 | 6.8 % | 811,767 | 450,384 | 80.2 % | |||||||
Non-operating Income (Expense): | |||||||||||||||
Finance cost | (20,408) | (23,388) | -12.7 % | (82,926) | -75.4 % | (1,58,216) | (87,631) | 80.5 % | |||||||
Finance income | 14,289 | 7,413 | 92.8 % | 15,108 | -5.4 % | 50,209 | 18,030 | 178.5 % | |||||||
Gain (loss) on foreign currency fluctuations | (272) | (2,560) | -89.4 % | (1,566) | -82.6 % | 3,076 | (9,812) | -131.3 % | |||||||
Net change in fair value of derivatives | - | (91,305) | -100.0 % | 77,058 | -100.0 % | (98,347) | 17,189 | -672.2 % | |||||||
Other non-operating income (expense) | 3,126 | 1,221 | 156.0 % | 1,867 | 67.5 % | 7,153 | 70 | 10065.6 % | |||||||
Total Non-Operating Income/(Expense) | (3,264) | (1,08,619) | -97.0 % | 9,540 | -134.2 % | (196,126) | (62,155) | 215.5 % | |||||||
Profit before taxes | 215,611 | 111,039 | 94.2 % | 214,555 | 0.5 % | 615,641 | 388,229 | 58.6 % | |||||||
Income tax expense | (23,830) | (22,758) | 4.7 % | (27,179) | -12.3 % | (97,456) | (40,176) | 142.6 % | |||||||
Net Profit/(Loss) | 191,780 | 88,280 | 117.2 % | 187,375 | 2.4 % | 518,185 | 348,054 | 48.9 % | |||||||
EPS | |||||||||||||||
Basic | 4.55 | 2.23 | 103.9 % | 4.72 | -3.5 % | 12.89 | 8.58 | 50.3 % | |||||||
Shares used for calculation: | |||||||||||||||
Basic | 42,149,854 | 39,554,071 | 6.6 % | 39,730,180 | 6.1 % | 40,200,947 | 40,581,616 | -0.9 % |
Copa Holdings, S. A. and subsidiaries | ||
Consolidated statement of financial position | ||
(US$ Thousands) | ||
ASSETS | (Unaudited) | (Audited) |
Cash and cash equivalents | 206,375 | 122,424 |
Short-term investments | 708,809 | 812,323 |
Total cash, cash equivalents and short-term investments | 915,184 | 934,747 |
Accounts receivable, net | 156,720 | 135,415 |
Accounts receivable from related parties | 2,527 | 2,168 |
Expendable parts and supplies, net | 116,604 | 93,332 |
Prepaid expenses | 44,635 | 52,322 |
Prepaid income tax | 66 | 798 |
Other current assets | 32,227 | 17,043 |
352,779 | 301,078 | |
TOTAL CURRENT ASSETS | 1,267,963 | 1,235,825 |
Long-term investments | 258,934 | 202,056 |
Long-term prepaid expenses | 9,633 | 7,770 |
Property and equipment, net | 3,239,078 | 2,883,524 |
Right of use assets | 281,146 | 234,380 |
Intangible, net | 87,986 | 78,555 |
Net defined benefit assets | 5,346 | 504 |
Deferred tax assets | 30,136 | 30,743 |
Other Non-Current Assets | 17,048 | 17,005 |
TOTAL NON-CURRENT ASSETS | 3,929,307 | 3,454,537 |
TOTAL ASSETS | 5,197,270 | 4,690,362 |
LIABILITIES | ||
Loans and borrowings | 2,22,430 | 1,42,484 |
Current portion of lease liability | 68,304 | 80,084 |
Accounts payable | 182,303 | 166,660 |
Accounts payable to related parties | 1,228 | 1,004 |
Air traffic liability | 605,900 | 651,805 |
Frequent flyer deferred revenue | 126,677 | 111,526 |
Taxes Payable | 44,210 | 43,878 |
Accrued expenses payable | 64,940 | 44,913 |
Income tax payable | 26,956 | 6,276 |
Other Current Liabilities | 1,403 | 1,175 |
TOTAL CURRENT LIABILITIES | 1,344,351 | 1,249,805 |
Loans and borrowings long-term | 1,240,261 | 1,301,819 |
Lease Liability | 215,353 | 158,289 |
Derivative financial instruments | - | 251,150 |
Deferred tax Liabilities | 36,594 | 16,571 |
Other long - term liabilities | 234,474 | 220,618 |
TOTAL NON-CURRENT LIABILITIES | 1,726,682 | 1,948,447 |
TOTAL LIABILITIES | 3,071,033 | 3,198,252 |
EQUITY | ||
Class A - 34,075,142 issued and 31,090,299 outstanding | 21,367 | 21,327 |
Class B - 10,938,125 | 7,466 | 7,466 |
Additional Paid-In Capital | 210,936 | 103,465 |
Treasury Stock | (204,130) | (344,541) |
Retained Earnings | 1,581,739 | 1,367,784 |
Net profit | 518,185 | 348,054 |
Other comprehensive loss | (9,326) | (11,445) |
TOTAL EQUITY | 2,126,237 | 1,492,110 |
TOTAL EQUITY LIABILITIES | 5,197,270 | 4,690,362 |
Copa Holdings, S. A. and subsidiaries | |||||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
For the twelve months ended | |||||||||||||
(In US$ thousands) | |||||||||||||
2023 | 2022 | 2021 | |||||||||||
(Unaudited) | (Audited) | (Audited) | |||||||||||
Cash flow from operating activities | 1,020,974 | 740,948 | 462,612 | ||||||||||
Cash flow (used in) investing activities | (542,995) | (555,911) | (459,135) | ||||||||||
Cash flow (used in) from financing activities | (394,028) | (273,694) | 88,539 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 83,951 | (88,657) | 92,016 | ||||||||||
Cash and cash equivalents at | 122,424 | 211,081 | 119,065 | ||||||||||
Cash and cash equivalents at | $ 206,375 | $ 122,424 | $ 211,081 | ||||||||||
Short-term investments | 708,809 | 812,323 | 806,340 | ||||||||||
Long-term investments | 258,934 | 202,056 | 199,670 | ||||||||||
Total cash and cash equivalents and investments at | $ 1,174,118 | $ 1,136,803 | $ 1,217,091 | ||||||||||
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 | 4Q23 | 4Q22 | 3Q23 | FY23 | FY22 | |||||
Net Profit as Reported | $ 191,780 | $ 88,280 | $ 187,375 | $ 518,185 | $ 348,054 | |||||
Interest expense related to the settlement of the convertible notes | $ - | $ - | $ 64,894 | $ 64,894 | $ - | |||||
Net change in fair value of derivatives | $ - | $ 91,305 | $ (77,058) | $ 98,347 | $ (17,189) | |||||
Net change in fair value of financial investments | $ (3,372) | $ (1,924) | $ (810) | $ (6,349) | $ 4,516 | |||||
Adjusted Net Profit | $ 188,409 | $ 177,661 | $ 174,400 | $ 675,077 | $ 335,381 | |||||
Reconciliation of Adjusted Basic EPS | 4Q23 | 4Q22 | 3Q23 | FY23 | FY22 | |||||
Adjusted Net Profit | $ 188,409 | $ 177,661 | $ 174,400 | $ 675,077 | $ 335,381 | |||||
Shares used for calculation of Basic EPS | 42,150 | 39,554 | 39,730 | 40,201 | 40,582 | |||||
Adjusted Basic Earnings per share (Adjusted Basic EPS) | $ 4.47 | $ 4.49 | $ 4.39 | $ 16.79 | $ 8.26 | |||||
Reconciliation of Operating Costs per ASM | ||||||||||
Excluding Fuel (CASM Excl. Fuel) | 4Q23 | 4Q22 | 3Q23 | FY23 | FY22 | |||||
Operating Costs per ASM as Reported (in US$ Cents) | 9.7 | 10.3 | 9.3 | 9.6 | 10.3 | |||||
Aircraft Fuel Cost per ASM (in US$ Cents) | 3.7 | 4.2 | 3.5 | 3.6 | 2.8 | |||||
Operating Costs per ASM excluding fuel (in US$ Cents) | 6.0 | 6.1 | 5.8 | 6.0 | 7.2 | |||||
View original content:https://www.prnewswire.com/news-releases/copa-holdings-reports-net-income-of-191-8-million-and-eps-of-4-55-for-the-fourth-quarter-of-2023--302056773.html
SOURCE Copa Holdings, S.A.
Written By: Investing.com
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