PANAMA CITY, Feb. 21, 2018 /PRNewswire/ -- Copa Holdings,
S.A. (NYSE: CPA), today announced financial results for the fourth
quarter of 2017 (4Q17) and full year 2017. 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 fourth
quarter of 2016 (4Q16).
The financial information included in this press release is
preliminary as the Company has not yet issued its audited financial
statements and may differ from those results. During the course of
the preparation of the financial statements and related notes and
our year-end audit, additional items that would require material
adjustments to the preliminary financial information included in
this press release may be identified.
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported net income of US$100.8 million for 4Q17 or earnings per share
(EPS) of US$2.38, as compared to net
income of US$90.5 million or earnings
per share of US$2.14 in 4Q16.
Excluding special items, which for 4Q17 include a non-cash gain of
US$0.5 million associated with the
mark-to-market of fuel hedge contracts, the Company would have
reported a net income of US$100.3
million, or adjusted EPS of US$2.36, compared to an adjusted net income of
US$54.7 million or adjusted EPS of
US$1.29 in 4Q16.
- For full year 2017, net income reached US$370.0 million or EPS of US$8.72, compared to a net income of US$334.5 million or earnings per share of
US$7.90 for full year 2016. Excluding
special items, which for 2017 include a non-cash gain of
US$2.8 million associated with the
mark-to-market of fuel hedge contracts, Copa Holdings would have
reported an adjusted net income of US$367.2
million or EPS of US$8.66,
compared to an adjusted net income of US$201.4 million or adjusted EPS of US$4.75 for full year 2016.
- Operating income for 4Q17 came in at US$120.4 million, representing a 70% increase
over operating income of US$70.6
million in 4Q16, as a result of a 2.9% increase in unit
revenue per available seat mile (RASM), and a 4.2% decrease in unit
costs. Operating margin for 4Q17 came in at 17.8%, compared to an
operating margin of 11.7% in 4Q16.
- For full year 2017, the Company reported operating income of
US$440.1 million, representing an
increase of 59% over operating income of US$276.1 million for full year 2016. Operating
margin for full year 2017 came in at 17.4%, compared to an
operating margin of 12.4% in 2016.
- Total revenues for 4Q17 increased 12.4% to US$675.6 million. Yield per passenger mile
increased 1.2% to 12.9 cents and RASM
came in at 11.1 cents, or 2.9% above
4Q16.
- For 4Q17, consolidated passenger traffic grew 11.3% while
consolidated capacity grew 9.2%. As a result, consolidated load
factor for the quarter increased 1.6 percentage points to 83.2%.
For full year 2017, consolidated load factor was also 83.2%, 2.8
percentage points higher than 2016 on 8.8% capacity growth.
- Operating cost per available seat mile (CASM) decreased 4.2%,
from 9.5 cents in 4Q16 to
9.1 cents in 4Q17. CASM excluding
fuel costs decreased 6.7% from 6.9
cents in 4Q16 to 6.5 cents in
4Q17, mainly as a result of a non-cash adjustment in our aircraft
useful life assumptions, which significantly increased the
depreciation expense in 4Q16.
- Cash, short-term and long-term investments ended 2017 slightly
over US$1.0 billion, representing 40%
of the last twelve months' revenues.
- Copa Holdings ended the year with a consolidated fleet of 100
aircraft – 66 Boeing 737-800s, 14 Boeing 737-700s, and 20
Embraer-190s.
- For 2017, Copa Airlines ended the year with a consolidated
on-time performance of 86.7% and a flight-completion factor of
99.4%, maintaining its position among the best in the
industry.
Subsequent Events
- In January 2018, the company took
delivery of one Boeing 737-800, increasing the consolidated fleet
to 101 aircraft.
- Also in January 2018, the company
was recognized by FlightStats – for the fifth consecutive year – as
the most on-time airline in Latin
America, and by OAG as the 4th most on-time
airline in the world.
- On February 1, 2018, the company
announced three new destinations starting in July: Salvador and Fortaleza, our 8th and
9th destinations in Brazil, and Bridgetown, Barbados, our 16th
destination in the Caribbean.
- On February 21, 2018, the Board
of Directors of Copa Holdings approved a 2018 quarterly dividend
payment of 87 cents per share.
Dividends will be distributed during the months of March, June,
September and December. The first quarterly dividend of
87 cents per share will be paid on
March 15 to shareholders on record as
of March 5, 2018.
Consolidated
Financial
& Operating Highlights
|
4Q17
|
4Q16
|
Variance vs.
4Q16
|
3Q17
|
Variance vs.
3Q17
|
FY
2017
|
FY
2016
|
Variance vs.
2016
|
Revenue Passengers
Carried ('000)
|
2,460
|
2,199
|
11.9%
|
2,518
|
-2.3%
|
9,504
|
8,560
|
11.0%
|
RPMs
(mm)
|
5,086
|
4,568
|
11.3%
|
5,330
|
-4.6%
|
19,914
|
17,690
|
12.6%
|
ASMs
(mm)
|
6,111
|
5,597
|
9.2%
|
6,221
|
-1.8%
|
23,936
|
22,004
|
8.8%
|
Load
Factor
|
83.2%
|
81.6%
|
1.6 p.p.
|
85.7%
|
-2.4 p.p.
|
83.2%
|
80.4%
|
2.8 p.p.
|
Yield
|
12.9
|
12.8
|
1.2%
|
12.0
|
7.5%
|
12.4
|
12.2
|
1.5%
|
PRASM (US$
Cents)
|
10.8
|
10.4
|
3.2%
|
10.3
|
4.5%
|
10.3
|
9.8
|
5.0%
|
RASM (US$
Cents)
|
11.1
|
10.7
|
2.9%
|
10.6
|
4.7%
|
10.6
|
10.1
|
4.6%
|
CASM (US$
Cents)
|
9.1
|
9.5
|
-4.2%
|
8.6
|
5.0%
|
8.7
|
8.8
|
-1.4%
|
CASM Excl. Fuel (US$
Cents)
|
6.5
|
6.9
|
-6.7%
|
6.3
|
2.7%
|
6.3
|
6.4
|
-1.7%
|
Fuel Gallons Consumed
(Millions)
|
78.7
|
72.4
|
8.8%
|
80.0
|
-1.6%
|
307.0
|
284.3
|
8.0%
|
Avg. Price Per Fuel
Gallon (US$ Dollars)
|
2.03
|
1.96
|
3.5%
|
1.82
|
11.0%
|
1.87
|
1.86
|
0.5%
|
Average Length of
Haul (Miles)
|
2,067
|
2,078
|
-0.5%
|
2,117
|
-2.3%
|
2,095
|
2,067
|
1.4%
|
Average Stage Length
(Miles)
|
1,292
|
1,244
|
3.9%
|
1,300
|
-0.6%
|
1,282
|
1,213
|
5.7%
|
Departures
|
32,183
|
30,499
|
5.5%
|
32,593
|
-1.3%
|
126,963
|
123,098
|
3.1%
|
Block
Hours
|
106,750
|
98,150
|
8.8%
|
108,930
|
-2.0%
|
419,610
|
388,058
|
8.1%
|
Average Aircraft
Utilization (Hours)
|
11.6
|
10.8
|
7.7%
|
11.7
|
-1.2%
|
11.4
|
10.6
|
7.9%
|
Operating Revenues
(US$ mm)
|
675.6
|
601.3
|
12.4%
|
657.2
|
2.8%
|
2,527.6
|
2,221.8
|
13.8%
|
Operating Income (US$
mm)
|
120.4
|
70.6
|
70.4%
|
119.1
|
1.1%
|
440.1
|
276.1
|
59.4%
|
Operating
Margin
|
17.8%
|
11.7%
|
6.1 p.p.
|
18.1%
|
-0.3 p.p.
|
17.4%
|
12.4%
|
5.0 p.p.
|
Net Income (US$
mm)
|
100.8
|
90.5
|
11.4%
|
103.8
|
-2.8%
|
370.0
|
334.5
|
10.6%
|
Adjusted Net Income
(US$ mm) (1)
|
100.3
|
54.7
|
83.4%
|
100.8
|
-0.5%
|
367.2
|
201.4
|
82.4%
|
EPS - Basic and
Diluted (US$)
|
2.38
|
2.14
|
11.3%
|
2.45
|
-2.8%
|
8.72
|
7.90
|
10.4%
|
Adjusted EPS - Basic
and Diluted (US$) (1)
|
2.36
|
1.29
|
83.2%
|
2.38
|
-0.5%
|
8.66
|
4.75
|
82.1%
|
# of Shares - Basic
and Diluted ('000)
|
42,430
|
42,383
|
0.1%
|
42,430
|
0.0%
|
42,419
|
42,358
|
0.1%
|
(1) Adjusted Net Income and
Adjusted EPS for 4Q17, 4Q16, 3Q17, 2017 and 2016 exclude non-cash
charges/gains associated with the mark-to-market of fuel hedges and
the impact of the Venezuelan currency devaluations.
Note: Attached to this press release is a
reconciliation of non-IFRS financial measures to the comparable
IFRS measures.
FULL 4Q17 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:
http://investor.shareholder.com/copa/results.cfm
4Q17 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
Date:
|
Feb 22,
2018
|
|
|
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:
|
http://investor.shareholder.com/copa/events.cfm
|
|
|
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 75
destinations in 31 countries in North, Central and South America and the Caribbean with one of the youngest and most
modern fleets in the industry, consisting of 101 aircraft: 81
Boeing 737NG aircraft and 20 EMBRAER-190s. For more information
visit: www.copa.com.
CONTACT: Copa Holdings S.A.
Investor Relations
Ph: 011 507 304-2774
www.copa.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 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
|
|
%
|
|
Unaudited
|
Audited
|
|
%
|
|
|
4Q17
|
|
4Q16*
|
|
Change
|
|
3Q17
|
|
Change
|
|
2017
|
2016*
|
|
Change
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
revenue
|
|
658,001
|
|
584,250
|
|
12.6%
|
|
641,244
|
|
2.6%
|
|
2,462,419
|
2,155,167
|
|
14.3%
|
Cargo and mail
revenue
|
|
14,841
|
|
14,063
|
|
5.5%
|
|
13,600
|
|
9.1%
|
|
55,290
|
53,989
|
|
2.4%
|
Other operating
revenue
|
|
2,735
|
|
2,995
|
|
-8.7%
|
|
2,325
|
|
17.7%
|
|
9,847
|
12,697
|
|
-22.4%
|
Total Operating
Revenue
|
|
675,578
|
|
601,308
|
|
12.4%
|
|
657,169
|
|
2.8%
|
|
2,527,556
|
2,221,852
|
|
13.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
159,556
|
|
142,087
|
|
12.3%
|
|
145,968
|
|
9.3%
|
|
572,746
|
528,996
|
|
8.3%
|
Wages, salaries,
benefits and other employees' expenses
|
|
110,952
|
|
97,454
|
|
13.9%
|
|
103,775
|
|
6.9%
|
|
415,147
|
370,190
|
|
12.1%
|
Passenger
servicing
|
|
26,481
|
|
25,320
|
|
4.6%
|
|
27,008
|
|
-2.0%
|
|
99,447
|
86,329
|
|
15.2%
|
Airport facilities
and handling charges
|
|
42,238
|
|
41,616
|
|
1.5%
|
|
45,222
|
|
-6.6%
|
|
171,040
|
159,772
|
|
7.1%
|
Sales and
distribution
|
|
51,474
|
|
50,626
|
|
1.7%
|
|
50,157
|
|
2.6%
|
|
200,413
|
193,984
|
|
3.3%
|
Maintenance,
materials and repairs
|
|
31,932
|
|
34,452
|
|
-7.3%
|
|
39,777
|
|
-19.7%
|
|
124,709
|
121,781
|
|
2.4%
|
Depreciation and
amortization
|
|
42,151
|
|
54,548
|
|
-22.7%
|
|
41,847
|
|
0.7%
|
|
164,345
|
159,277
|
|
3.2%
|
Flight
operations
|
|
25,082
|
|
22,394
|
|
12.0%
|
|
26,535
|
|
-5.5%
|
|
101,647
|
88,188
|
|
15.3%
|
Aircraft rentals and
other rentals
|
|
33,313
|
|
33,728
|
|
-1.2%
|
|
33,382
|
|
-0.2%
|
|
134,539
|
138,885
|
|
-3.1%
|
Cargo and courier
expenses
|
|
2,218
|
|
1,764
|
|
25.8%
|
|
1,801
|
|
23.2%
|
|
7,375
|
6,099
|
|
20.9%
|
Other operating and
administrative expenses
|
|
29,790
|
|
26,679
|
|
11.7%
|
|
22,569
|
|
32.0%
|
|
96,087
|
92,215
|
|
4.2%
|
Total Operating
Expense
|
|
555,186
|
|
530,668
|
|
4.6%
|
|
538,041
|
|
3.2%
|
|
2,087,494
|
1,945,716
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
120,392
|
|
70,640
|
|
70.4%
|
|
119,128
|
|
1.1%
|
|
440,062
|
276,136
|
|
59.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
cost
|
|
(8,725)
|
|
(8,894)
|
|
-1.9%
|
|
(8,639)
|
|
1.0%
|
|
(35,223)
|
(37,023)
|
|
-4.9%
|
Finance
income
|
|
5,443
|
|
3,479
|
|
56.5%
|
|
4,801
|
|
13.4%
|
|
17,939
|
13,000
|
|
38.0%
|
Gain (loss) on
foreign currency fluctuations
|
|
(5,676)
|
|
9,738
|
|
-158.3%
|
|
593
|
|
n/m
|
|
(5,218)
|
13,042
|
|
-140.0%
|
Net change in fair
value of derivatives
|
|
539
|
|
24,341
|
|
-97.8%
|
|
2,946
|
|
-81.7%
|
|
2,801
|
111,642
|
|
-97.5%
|
Other non-operating
income (expense)
|
|
(917)
|
|
(389)
|
|
136.0%
|
|
(616)
|
|
48.9%
|
|
(2,337)
|
(3,982)
|
|
-41.3%
|
Total
Non-Operating Income/(Expense)
|
|
(9,335)
|
|
28,276
|
|
-133.0%
|
|
(916)
|
|
919.2%
|
|
(22,039)
|
96,679
|
|
-122.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
taxes
|
|
111,057
|
|
98,915
|
|
12.3%
|
|
118,212
|
|
-6.1%
|
|
418,023
|
372,815
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
10,212
|
|
8,371
|
|
22.0%
|
|
14,416
|
|
-29.2%
|
|
48,000
|
38,271
|
|
25.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit
|
|
100,844
|
|
90,544
|
|
11.4%
|
|
103,796
|
|
-2.8%
|
|
370,022
|
334,544
|
|
10.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Basic and
Diluted
|
|
2.38
|
|
2.14
|
|
11.3%
|
|
2.45
|
|
-2.8%
|
|
8.72
|
7.90
|
|
10.4%
|
Shares - Basic and
Diluted
|
|
42,429,821
|
|
42,382,757
|
|
0.1%
|
|
42,429,841
|
|
0.0%
|
|
42,418,773
|
42,358,091
|
|
0.1%
|
* During 2017, the Company implemented a business, planning and
financial consolidation system, which resulted in a new
classification of the chart of accounts. Prior periods have
been reclassified for ease of comparison.
Copa Holdings, S.
A. and subsidiaries
|
|
|
Balance Sheet -
IFRS
|
|
|
(US$
Thousands)
|
December
31
|
December
31
|
|
2017
|
2016
|
|
(Unaudited)
|
Audited*
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets
|
|
|
Cash and cash
equivalents
|
238,792
|
331,687
|
Restricted cash and
cash equivalents
|
-
|
-
|
Short-term
investments
|
705,108
|
483,002
|
Total cash, cash
equivalents and short-term investments
|
943,900
|
814,689
|
|
|
|
Accounts receivable,
net
|
115,323
|
113,408
|
Accounts receivable
from related parties
|
318
|
499
|
Expendable parts and
supplies, net
|
81,825
|
74,502
|
Prepaid
expenses
|
45,421
|
58,370
|
Other current
assets
|
11,701
|
7,650
|
TOTAL CURRENT
ASSETS
|
1,198,488
|
1,069,118
|
|
|
|
Long-term
investments
|
65,953
|
953
|
Long-term accounts
receivable
|
2,444
|
1,957
|
Long-term prepaid
expenses
|
26,130
|
26,398
|
Property and
equipment, net
|
2,825,904
|
2,623,682
|
Intangible,
net
|
81,115
|
69,502
|
Net pension
asset
|
3,185
|
8,826
|
Deferred tax
assets
|
18,571
|
18,339
|
Other Non-Current
Assets
|
31,140
|
27,064
|
TOTAL NON-CURRENT
ASSETS
|
3,054,442
|
2,776,721
|
|
|
|
TOTAL
ASSETS
|
4,252,930
|
3,845,839
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
Current maturities of
long-term debt
|
298,462
|
222,718
|
Accounts
payable
|
125,613
|
104,590
|
Accounts payable to
related parties
|
12,880
|
8,680
|
Air traffic
liability
|
470,692
|
395,580
|
Frequent flyer
deferred revenue
|
13,186
|
9,044
|
Taxes and interest
payable
|
81,440
|
68,483
|
Employee benefits
obligations
|
51,262
|
41,707
|
Income tax
payable
|
3,700
|
1,401
|
Other Current
Liabilities
|
1,156
|
4,385
|
TOTAL CURRENT
LIABILITIES
|
1,058,391
|
856,588
|
|
|
|
Long-term
debt
|
876,119
|
961,414
|
Frequent flyer
deferred revenue long term
|
33,115
|
26,324
|
Other long - term
liabilities
|
123,182
|
114,268
|
Deferred tax
Liabilities
|
50,628
|
44,974
|
TOTAL NON-CURRENT
LIABILITIES
|
1,083,044
|
1,146,980
|
|
|
|
TOTAL
LIABILITIES
|
2,141,435
|
2,003,568
|
|
|
|
EQUITY
|
|
|
Issued
Capital
|
|
|
Class A - 33,776,480
issued and 31,185,641 outstanding
|
21,030
|
20,988
|
Class B - 10,938,125
shares issued and outstanding
|
7,466
|
7,466
|
Additional Paid-In
Capital
|
72,953
|
64,986
|
Treasury
Stock
|
(136,388)
|
(136,388)
|
Retained
Earnings
|
1,780,299
|
1,552,547
|
Net Income
|
370,023
|
334,544
|
Other Comprehensive
Income
|
(3,888)
|
(1,872)
|
TOTAL
EQUITY
|
2,111,495
|
1,842,271
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
4,252,930
|
3,845,839
|
* During 2017, the Company implemented a business, planning and
financial consolidation system, which resulted in a new
classification of the chart of accounts. Prior periods have
been reclassified for ease of comparison.
Copa Holdings, S.
A. and subsidiaries
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
|
|
For the twelve
months ended December 31,
|
|
|
|
|
|
|
(In US$
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Audited)
|
Cash flow from
operating activities
|
|
727,333
|
|
594,590
|
|
316,863
|
Cash flow (used in)
from investing activities
|
|
(578,159)
|
|
(179,909)
|
|
32,384
|
Cash flow used in
financing activities
|
|
(204,757)
|
|
(248,625)
|
|
(357,466)
|
Net increase
(decrease) in cash and cash equivalents
|
|
(55,583)
|
|
166,056
|
|
(8,219)
|
Cash and cash
equivalents at January 1
|
|
331,687
|
|
204,715
|
|
221,443
|
Cash and cash
equivalents at December 31
|
|
$
238,792
|
|
$
331,687
|
|
$
204,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
705,108
|
|
483,002
|
|
416,005
|
Long-term
investments
|
|
65,953
|
|
953
|
|
861
|
Restricted cash and
cash equivalents *
|
|
-
|
|
-
|
|
64,228
|
Total cash and
cash equivalents and investments at December 31
|
|
$
1,009,853
|
|
$
815,642
|
|
$
685,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Restricted cash
corresponds to margin calls to secure derivative financial
instruments transactions.
|
|
|
|
|
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE
RECONCILIATION
This press release includes the following non IFRS financial
measures: CASM Excluding Fuel, Adjusted Net Income and Adjusted
EPS. 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 income and net income. The following is a
reconciliation of these non-IFRS financial measures to the
comparable IFRS measures:
Reconciliation of
Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
and Adjusted
EPS
|
|
4Q17
|
|
4Q16
|
|
3Q17
|
|
FY17
|
|
FY16
|
|
|
|
|
|
|
|
|
|
|
|
Net profit as
Reported
|
|
$
100,844
|
|
$
90,544
|
|
$
103,796
|
|
$
370,022
|
|
$
334,544
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(adjustments):
|
|
|
|
|
|
|
|
|
|
|
Gain due to
devaluation of Venezuelan Bolivar
|
|
|
|
$
(11,501)
|
|
|
|
|
|
$
(21,543)
|
Net change in fair
value of derivatives
|
|
$
(539)
|
|
$
(24,341)
|
|
$
(2,946)
|
|
$
(2,801)
|
|
$
(111,642)
|
Adjusted Net
Income
|
|
$
100,305
|
|
$
54,702
|
|
$
100,850
|
|
$
367,222
|
|
$
201,359
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
Computation (in thousands)
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
|
|
$
42,430
|
|
$
42,383
|
|
$
42,430
|
|
$
42,419
|
|
$
42,358
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Basic and Diluted
|
|
$
2.36
|
|
$
1.29
|
|
$
2.38
|
|
$
8.66
|
|
$
4.75
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Costs per ASM
|
|
|
|
|
|
|
|
|
|
|
Excluding Fuel
(CASM Excl. Fuel)
|
|
4Q17
|
|
4Q16
|
|
3Q17
|
|
FY17
|
|
FY16
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs per
ASM as Reported (in US$ Cents)
|
|
9.1
|
|
9.5
|
|
8.6
|
|
8.7
|
|
8.8
|
Aircraft fuel per
ASM (in US$ Cents)
|
|
(2.6)
|
|
(2.5)
|
|
(2.3)
|
|
(2.4)
|
|
(2.4)
|
Operating Costs per
ASM excluding fuel (in US$ Cents)
|
|
6.5
|
|
6.9
|
|
6.3
|
|
6.3
|
|
6.4
|
View original
content:http://www.prnewswire.com/news-releases/copa-holdings-reports-net-income-of-1008-million-and-eps-of-238-for-the-fourth-quarter-of-2017-300602186.html
SOURCE Copa Holdings, S.A.