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Top-Thema

08:24 Uhr
Aktien Frankfurt Ausblick: Trumps gescheiterte Gesundheitsreform belastet

Copa Holdings Reports Net Income of $95.8 million and EPS of $2.26 for the Fourth Quarter of 2016

Mittwoch, 15.02.2017 23:05 von

PR Newswire

PANAMA CITY, Feb. 15, 2017 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter of 2016 (4Q16) and full year 2016. 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 financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the fourth quarter of 2015 (4Q15).

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$95.8 million for 4Q16 or earnings per share (EPS) of US$2.26, as compared to net loss of US$408.5 million or loss per share of US$9.44 in 4Q15. Excluding special items, which for 4Q16 include a non-cash gain of US$24.3 million associated with the mark-to-market of fuel hedge contracts, and a US$11.5 million gain related to a non-cash currency translation of Venezuelan Bolivars, the Company would have reported a net income of US$60.0 million, or adjusted EPS of US$1.42, compared to an adjusted net income of US$41.5 million or adjusted EPS of US$0.96 in 4Q15.
  • For full year 2016, net income reached US$339.8 million or EPS of US$8.02, compared to a loss of US$225.0 million or loss per share of US$5.13 for full year 2015. Excluding special items, which for 2016 include a non-cash gain of US$111.6 million associated with the mark-to-market of fuel hedge contracts and a US$21.5 million non-cash gain related to currency translation of Venezuelan Bolivars, Copa Holdings would have reported an adjusted net income of US$206.7 million or EPS of US$4.88, compared to adjusted net income of US$226.0 million or adjusted EPS of US$5.15 for full year 2015.
  • Operating income for 4Q16 came in at US$71.1 million, representing an 82.1% increase over operating income of US$39.1 million in 4Q15, as a result of a 10.7% increase in unit revenue per available seat mile (RASM), partly offset by a 5.3% increase in unit costs.  Operating margin for 4Q16 came in at 11.8%, compared to an operating margin of 7.3% in 4Q15.    
  • Operating results for the quarter were significantly affected by a US$21.3 million realized fuel hedge loss, compared to US$24.1 million in 4Q15.  Excluding these fuel hedge losses, operating margin for the quarter would have been 15.4% for 4Q16 compared to 11.9% for 4Q15.
  • For full year 2016, the Company reported operating income of US$276.6 million, representing an increase of 4.0% over operating income of US$266.1 million for full year 2015.  Operating margin for full year 2016 came in at 12.4%, compared to an operating margin of 11.8% in 2015.
  • Operating results for the year 2016 were significantly affected by a US$93.7 million realized fuel hedge loss, compared to US$95.2 million in 2015.  Excluding these fuel hedge losses, operating margin for 2016 would have been 16.7%, compared to 16.1% for 2015.
  • Total revenues for 4Q16 increased 12.9% to US$601.3 million. Yield per passenger mile increased 1.3% to 12.6 cents and RASM came in at 10.7 cents, or 10.7% above 4Q15. 
  • For 4Q16, consolidated passenger traffic grew 11.3% while consolidated capacity grew 2.0%. As a result, consolidated load factor for the quarter increased 6.8 percentage points to 81.6%.  For full year 2016, consolidated load factor came in at 80.4%, 5.1 percentage points higher than 2015 on 1.5% capacity growth. 
  • Operating cost per available seat mile (CASM) increased 5.3%, from 9.0 cents in 4Q15 to 9.5 cents in 4Q16, mostly as a result of a non-cash increase in depreciation expense related to an adjustment in our aircraft useful life assumption from 30 to 27 years, for which the full year 2016 impact was recorded in 4Q16.  CASM excluding fuel costs increased 6.7% from 6.5 cents in 4Q15 to 6.9 cents in 4Q16, mainly as a result of this non-cash adjustment in our aircraft useful life assumptions.
  • Cash, short-term and long-term investments ended 2016 at US$815.6 million, representing 37% of the last twelve months' revenues.
  • Copa Holdings ended the year with a consolidated fleet of 99 aircraft – 64 Boeing 737-800s, 14 Boeing 737-700s, and 21 Embraer-190s.
  • For 2016, Copa Holdings reported consolidated on-time performance of 88.4% and a flight-completion factor of 99.8%, maintaining its position among the best in the industry.

Subsequent Events  

  • In January 2017, the company took delivery of one Boeing 737-800, increasing the consolidated fleet to 100 aircraft.
  • Also in January 2017, the company was recognized by FlightStats – for the fourth consecutive year – as the most on-time airline in Latin America, and by OAG – for the second consecutive year– as the second most on-time airline in the world.
  • On February 15th, 2017, the Board of Directors of Copa Holdings approved a 2017 dividend payment of 51 cents per share per quarter. Dividends will be distributed quarterly during the months of March, June, September and December. The first quarterly dividend of 51 cents per share will be paid on March 15 to shareholders on record as of February 28th, 2017.

 

Consolidated Financial &
Operating Highlights

4Q16

4Q15

Variance
vs. 4Q15

3Q16

Variance
vs. 3Q16

FY 2016

FY 2015

Variance
vs. 2015

Revenue Passengers Carried ('000)

2,148

2,055

4.5%

2,231

-3.7%

8,508

7,875

8.0%

RPMs (mm)

4,568

4,103

11.3%

4,637

-1.5%

17,690

16,310

8.5%

ASMs (mm)

5,597

5,486

2.0%

5,506

1.7%

22,004

21,675

1.5%

Load Factor

81.6%

74.8%

6.8 p.p.

84.2%

-2.6 p.p.

80.4%

75.2%

5.1 p.p.

Yield

12.6

12.5

1.3%

11.8

7.5%

12.1

13.3

-9.2%

PRASM (US$ Cents)

10.3

9.3

10.5%

9.9

4.2%

9.7

10.0

-3.0%

RASM (US$ Cents)

10.7

9.7

10.7%

10.3

4.1%

10.1

10.4

-2.7%

CASM (US$ Cents)

9.5

9.0

5.3%

8.9

6.0%

8.8

9.2

-3.4%

CASM Excl. Fuel (US$ Cents)

6.9

6.5

6.7%

6.4

8.7%

6.4

6.4

1.1%

Breakeven Load Factor

64.8%

150.9%

-86.1 p.p.

70.2%

-5.4 p.p.

64.4%

85.1%

-20.7 p.p.

Adjusted Breakeven Load Factor (1)

71.1%

67.1%

4.0 p.p.

73.7%

-2.6 p.p.

70.7%

65.4%

5.3 p.p.

Fuel Gallons Consumed (Millions)

72.4

70.5

2.6%

70.9

2.1%

284.3

277.2

2.6%

Avg. Price Per Fuel Gallon (US$ Dollars)

1.96

1.94

0.7%

1.98

-1.2%

1.86

2.17

-14.6%

Average Length of Haul (Miles)

2,127

1,997

6.5%

2,079

2.3%

2,079

2,071

0.4%

Average Stage Length (Miles)

1,244

1,222

1.8%

1,192

4.4%

1,213

1,236

-1.9%

Departures

30,499

31,184

-2.2%

30,737

-0.8%

123,098

122,588

0.4%

Block Hours

98,150

97,788

0.4%

97,077

1.1%

388,058

388,355

-0.1%

Average Aircraft Utilization (Hours)

10.8

10.7

1.0%

10.5

2.5%

10.6

10.8

-2.0%

Operating Revenues (US$ mm)

601.3

532.6

12.9%

569.0

5.7%

2,221.8

2250.1

-1.3%

Operating Income (US$ mm)

71.1

39.1

82.1%

77.2

-7.8%

276.6

266.1

4.0%

Operating Margin

11.8%

7.3%

4.5 p.p.

13.6%

-1.7 p.p.

12.4%

11.8%

0.6 p.p.

Net Income (US$ mm)

95.8

-408.5

n/m

74.0

29.5%

339.8

-225.0

n/m

Adjusted Net Income (US$ mm) (1)

60.0

41.5

44.6%

55.3

8.5%

206.7

226.0

-8.6%

EPS - Basic and Diluted (US$)

2.26

-9.44

n/m

1.75

29.5%

8.02

-5.13

n/m

Adjusted EPS - Basic and Diluted (US$) (1)

1.42

0.96

47.7%

1.30

8.5%

4.88

5.15

-5.3%

# of Shares - Basic and Diluted ('000)

42,383

43,286

-2.1%

42,372

0.0%

42,358

43,861

-3.4%

 (1) Adjusted Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 4Q16, 4Q15, 3Q16, 2016 and 2015 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges and shares repurchased, and the impact of the Argentinean and Venezuelan currency devaluations.

Note:  Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.

FULL 4Q16 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: http://investor.shareholder.com/copa/results.cfm

4Q16 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST

Date:

Feb 16, 2017



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 73 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 100 aircraft: 79 Boeing 737NG aircraft and 21 EMBRAER-190s. For more information visit: www.copa.com. 

CONTACT: Copa Holdings S.A. 
Investor Relations: 
Ph: (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.

Copa Holdings, S.A.

















Income Statement - IFRS

















(US$ Thousands)




































Unaudited


Unaudited


%


Unaudited


%


Unaudited


Audited


%



4Q16


4Q15


Change


3Q16


Change


2016


2015


Change

Operating Revenues

















Passenger Revenue


577,493


512,150


12.8%


545,066


5.9%


2,133,186


2,166,727


-1.5%

Cargo, mail and other


23,810


20,451


16.4%


23,959


-0.6%


88,663


83,336


6.4%

Total Operating Revenue


601,303


532,601


12.9%


569,025


5.7%


2,221,849


2,250,063


-1.3%


















Operating Expenses

















Aircraft fuel


141,743


136,881


3.6%


140,366


1.0%


527,918


602,776


-12.4%

Salaries and benefits


77,102


70,407


9.5%


73,194


5.3%


293,044


289,512


1.2%

Passenger servicing


69,854


63,689


9.7%


65,612


6.5%


259,524


258,303


0.5%

Commissions


21,496


19,556


9.9%


20,862


3.0%


83,981


88,557


-5.2%

Reservations and sales


26,029


24,882


4.6%


23,970


8.6%


99,918


88,051


13.5%

Maintenance, material and repairs


34,861


31,528


10.6%


32,410


7.6%


122,873


111,181


10.5%

Depreciation


54,548


34,083


60.0%


35,525


53.5%


159,277


134,887


18.1%

Flight operations


32,413


34,028


-4.7%


32,893


-1.5%


127,777


130,930


-2.4%

Aircraft rentals


28,917


31,530


-8.3%


30,282


-4.5%


120,842


122,218


-1.1%

Landing fees and other rentals


14,322


13,481


6.2%


13,828


3.6%


55,498


56,703


-2.1%

Other


28,869


33,458


-13.7%


22,893


26.1%


94,585


100,855


-6.2%

Total Operating Expense


530,154


493,523


7.4%


491,835


7.8%


1,945,235


1,983,974


-2.0%


















Operating Income


71,150


39,077


82.1%


77,191


-7.8%


276,614


266,089


4.0%


















Non-operating Income (Expense):

















Interest expense


(8,894)


(8,922)


-0.3%


(9,683)


-8.1%


(37,024)


(33,155)


11.7%

Interest income


3,479


8,155


-57.3%


3,506


-0.8%


13,000


25,947


-49.9%

Other, net


33,181


(440,284)


n/m


15,658


111.9%


120,226


(451,096)


n/m

Total Non-Operating Income/(Expense)


27,766


(441,051)


n/m


9,481


192.8%


96,202


(458,305)


n/m


















Income before Income Taxes


98,915


(401,973)


n/m


86,672


14.1%


372,816


(192,215)


n/m


















Provision for Income Taxes


3,071


6,499


-52.7%


12,654


-75.7%


32,971


32,759


0.6%


















Net Income


95,844


(408,472)


n/m


74,018


29.5%


339,845


(224,974)


n/m



































EPS - Basic and Diluted


2.26


-9.44


-124.0%


1.75


29.5%


8.02


-5.13


n/m

Shares - Basic and Diluted


42,382,757


43,285,727


-2.1%


42,371,617


0.0%


42,358,091


43,861,084


-3.4%

   

   

Copa Holdings, S. A.





Balance Sheet - IFRS





(US$ Thousands)


December 31


December 31



2016


2015



 (Unaudited)


 (Audited)

ASSETS





Current Assets:





Cash and cash equivalents


$                               331,687


$                               204,715

Restricted cash and cash equivalents


-


64,228

Short-term investments


483,002


416,005

Total cash, cash equivalents and short-term investments


814,689


684,948






Accounts receivable, net of allowance for doubtful accounts


113,664


105,135

Accounts receivable from related parties


479


642

Expendable parts and supplies, net of allowance for obsolescence


74,502


62,247

Prepaid expenses


58,407


48,667

Other current assets


7,650


5,946

Total Current Assets


1,069,391


907,585






Long-term investments


953


861






Property and Equipment:





Owned property and equipment:





Flight equipment


3,118,316


3,030,361

Other equipment


129,577


121,205



3,247,893


3,151,565

Less: Accumulated depreciation


(874,377)


(743,982)



2,373,516


2,407,583

Purchase deposits for flight equipment


250,166


243,070

Total Property and Equipment


2,623,682


2,650,653






Other Assets:





Long term account receivable


1,957


-

Net pension asset


8,826


6,050

Goodwill


20,380


20,380

Intangible asset


49,122


49,046

Deferred tax Assets


18,339


12,708

Other assets


53,463


68,193

Total Other Assets


152,087


156,377

Total Assets


$                            3,846,113


$                            3,715,476











LIABILITIES AND SHAREHOLDER'S EQUITY





Current Liabilities:





Current maturities of long-term debt


$                               222,718


$                               245,514

Accounts payable


104,174


94,741

Accounts payable to related parties


8,683


5,605

Air traffic liability


396,237


352,110

Frequent flyer deferred revenue


35,368


18,884

Taxes and interest payable


69,884


67,242

Accrued expenses payable


77,796


82,948

Other current liabilities


7,580


118,623

Total Current Liabilities


922,440


985,667






Non-Current Liabilities:





Long-term debt


961,414


1,055,183

Other long-term liabilities


75,014


54,339

Deferred tax liabilities


39,674


32,865

Total Non-Current Liabilities


1,076,102


1,142,387






Total Liabilities


1,998,542


2,128,054






Shareholders' Equity:





Class A - 33,731,823 issued and  31,111,310 outstanding


20,988


20,924

Class B - 10,938,125 shares issued and outstanding


7,466


7,466

Additional paid in capital


64,986


57,455

Treasury Stock


(136,388)


(136,388)

Retained earnings


1,892,391


1,638,733

Accumulated other comprehensive income (loss)


(1,872)


(768)

Total Shareholders' Equity


1,847,571


1,587,422

Total Liabilities and Shareholders' Equity


$                            3,846,113


$                            3,715,476






   

  

Copa Holdings, S. A. and subsidiaries







Consolidated Statement of Cash Flows







For the twelve months ended December 31,







(In US$ thousands)

















2016


2015


2014










(Unaudited)


(Audited)


(Audited)

Cash flow from operating activities


586,590


316,863


384,892

Cash flow (used in) from investing activities


(171,909)


32,384


21,147

Cash flow used in financing activities


(248,625)


(357,466)


(316,420)

Net increase (decrease) in cash and cash equivalents


166,056


(8,219)


89,619

Cash and cash equivalents at January 1


204,715


221,443


139,110

Cash and cash equivalents at December 31


$               331,687


$               204,715


$               221,443















Short-term investments *


483,002


416,005


492,735

Long-term investments **


953


861


396,802

Restricted cash and cash equivalents ***


-


64,228


52,425

Total cash and cash equivalents and investments at December 31


$               815,642


$               685,809


$            1,163,405















* Short-term investments include $135.7 million of cash in Venezuela at December 2014. 





** Long-term investments include $322.9 million of cash in Venezuela at December 2014.





*** Restricted cash correspond to a 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 Net Income







Excluding Special Items


4Q16


4Q15


3Q16








Net income as Reported


$95,844


-$408,472


$74,018








Special Items (adjustments):







     Unrealized gain (loss) on fuel hedging instruments


24,341


(15,296)


19,225

     (Loss) gain due to devaluation of Venezuelan Bolivar


11,501


(430,073)


(484)

     (Loss) gain due to devaluation of Argentinian Pesos


0


(6,901)


0

     Unrealized gain (loss) on Shares Repurchased


0


2,296


0

Adjusted Net Income


$60,002


$41,501


$55,278








Shares used for Computation (in thousands)







     Basic and Diluted


42,383


43,286


42,372








Adjusted earnings per share - Basic and Diluted


1.42


0.96


1.30








Reconciliation of Operating Costs per ASM







Excluding Fuel and Special Items


4Q16


4Q15


3Q16








Operating Costs per ASM as Reported


9.5


9.0


8.9

Aircraft fuel per ASM


(2.5)


(2.5)


(2.5)

Operating Costs per ASM excluding fuel


6.9


6.5


6.4








Reconciliation of Breakeven Load Factor







Excluding Special Items


4Q16


4Q15


3Q16








Total Operating Expenses, Non-Operating Results
and Provision for Income Taxes


505,459


941,073


495,007








Breakeven Load Factor


64.8%


150.9%


70.2%








Special Items (adjustments):







     Unrealized gain (loss) on fuel hedging instruments


24,341


(15,296)


19,225

     (Loss) gain due to devaluation of Venezuelan Bolivar


11,501


(430,073)


(484)

     (Loss) gain due to devaluation of Argentinian Pesos


0


(6,901)


0

     Unrealized (gain) loss on Shares Repurchased


0


2,296


0

Total Operating Expenses, Non-Operating Results
and Provision for Income Taxes excluding special items


$541,302


$491,100


$513,748








Adjusted Breakeven Load Factor (Excluding Special items)


71.1%


67.1%


73.7%








 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/copa-holdings-reports-net-income-of-958-million-and-eps-of-226-for-the-fourth-quarter-of-2016-300408148.html

SOURCE Copa Holdings, S.A.