PANAMA
CITY, Panama,
Feb. 15,
2023 /PRNewswire/ -- February 15, 2023. Copa Holdings, S.A.
(NYSE: CPA), today announced financial results for the fourth
quarter of 2022 (4Q22) and the full year of 2022. 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 2019 (4Q19) (which the Company believes are more
relevant than year-over-year comparisons due to the significant
impact of the COVID-19 pandemic in 2020 and 2021).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net profit of US$88.3 million for 4Q22 or US$2.23 per share, mainly driven by the continued
effect of high fuel prices as well as the negative mark-to-market
effect of the Company's convertible notes.
- Excluding special items, comprised of the unrealized
mark-to-market net loss of US$89.4
million mentioned above related to the Company's convertible
notes, as well as changes in the value of financial investments,
the Company would have reported a net profit of US$177.7 million or US$4.49 per share.
- For the full-year 2022, the Company reported a net profit
of US$348.1 million or US$8.58 per share. Excluding special items,
comprised of an unrealized mark-to-market net gain of US$12.7 million related to the Company's
convertible notes as well as changes in the value of financial
investments, Copa Holdings would have reported an adjusted net
profit of US$335.4 million or
US$8.26 per share, compared to a net
profit of US$336.3 million or
earnings per share of US$7.92 in
2019.
- In 4Q22, Copa Holdings reported an operating profit of
US$219.7 million and a 24.7%
operating margin.
- For the full-year 2022, the Company reported an operating
profit of US$450.4 million and an
operating margin of 15.2%, compared to an adjusted operating profit
of US$435.5 million and an operating
margin of 16.1% in 2019.
- Total revenues for 4Q22 increased 30.6% to US$890.6 million, as compared to 4Q19 revenues.
Yields increased 20.4% to 15.1 cents
and revenue per available seat mile (RASM) increased 23.4% to
13.7 cents.
- Adjusted operating cost per available seat mile (Adjusted
CASM) increased 10.3% from 9.3 cents
in 4Q19 to 10.3 cents in 4Q22, driven
by an increase of 63.1% in the price of fuel per gallon. Adjusted
CASM excluding fuel (Adjusted Ex-fuel CASM) decreased 7.0% in the
quarter to 6.1 cents, as compared to
4Q19.
- Passenger traffic, measured in terms of revenue passenger
mile (RPMs), increased by 7.5% compared to 4Q19, while capacity
(ASMs) increased by 5.9%. As a result, load factors for the quarter
increased by 1.4 percentage points to 86.6%.
- The Company ended the quarter with approximately
US$1.1 billion in cash, short-term
and long-term investments, which represent 38.3% of the last twelve
months' revenues, compared to US$1.2
billion held at the end of 2021.
- The Company closed the quarter with total debt, including
lease liabilities, of US$1.7 billion,
compared to US$1.6 billion at the end
of 2021.
- During the quarter, the Company took delivery of two
Boeing 737 MAX 9 aircraft, ending the year with a consolidated
fleet of 97 aircraft – 67 Boeing 737-800s, 20 Boeing 737 MAX 9s, 9
Boeing 737-700s, and 1 Boeing 737-800
freighter, compared to a fleet of 102 aircraft prior to the
COVID-19 pandemic.
- Copa Airlines had an on-time performance for the quarter
of 86.1% and a flight completion factor of 99.6%.
Subsequent Events
- In January, the Company took delivery of one Boeing 737
MAX 9 and expects to receive one additional aircraft by the end of
the first quarter.
- In January, Copa Airlines was recognized by OAG as the
most on-time airline in Latin
America in 2022. Copa Airlines' on-time performance of 87.5%
for the year was the highest of any carrier in the
Americas.
- In February, the Company announced the commencement of
services to Manta, Ecuador,
Baltimore-Washington International Airport, and Austin, Texas, bringing the total number of
destinations in our network to 80. All new services are scheduled
to start between June and July of 2023.
Consolidated
Financial
& Operating Highlights
|
4Q22
|
4Q19 (2)
|
Variance vs.
3Q19
|
3Q22
|
Variance vs.
2Q22
|
FY22
|
FY19 (2)
|
Variance vs.
YTD19
|
Revenue Passengers
Carried (000s)
|
2,813
|
2,633
|
6.9 %
|
2,755
|
2.1 %
|
10,334
|
10,474
|
-1.3 %
|
Revenue Passengers
OnBoard (000s)
|
4,262
|
3,838
|
11.1 %
|
4,190
|
1.7 %
|
15,724
|
15,424
|
1.9 %
|
RPMs
(millions)
|
5,639
|
5,244
|
7.5 %
|
5,508
|
2.4 %
|
20,779
|
21,303
|
-2.5 %
|
ASMs
(millions)
|
6,509
|
6,149
|
5.9 %
|
6,344
|
2.6 %
|
24,430
|
25,113
|
-2.7 %
|
Load
Factor
|
86.6 %
|
85.3 %
|
1.4 p.p.
|
86.8 %
|
-0.2 p.p.
|
85.1 %
|
84.8 %
|
0.2 p.p.
|
Yield (US$
Cents)
|
15.1
|
12.5
|
20.4 %
|
14.1
|
7.5 %
|
13.6
|
12.3
|
10.8 %
|
PRASM (US$
Cents)
|
13.1
|
10.7
|
22.4 %
|
12.2
|
7.3 %
|
11.6
|
10.4
|
11.1 %
|
RASM (US$
Cents)
|
13.7
|
11.1
|
23.4 %
|
12.8
|
7.2 %
|
12.1
|
10.8
|
12.6 %
|
CASM (US$
Cents)
|
10.3
|
10.8
|
-4.6 %
|
10.5
|
-1.8 %
|
10.3
|
9.4
|
9.5 %
|
Adjusted CASM (US$
Cents) (1)
|
10.3
|
9.3
|
10.3 %
|
10.5
|
-1.8 %
|
10.3
|
9.0
|
13.8 %
|
CASM Excl. Fuel (US$
Cents)
|
6.1
|
8.0
|
-23.9 %
|
5.9
|
3.4 %
|
6.0
|
6.6
|
-9.7 %
|
Adjusted CASM Excl.
Fuel (US$ Cents) (1)
|
6.1
|
6.6
|
-7.0 %
|
5.9
|
3.4 %
|
6.0
|
6.3
|
-4.6 %
|
Fuel Gallons Consumed
(millions)
|
77.7
|
78.9
|
-1.6 %
|
75.7
|
2.7 %
|
291.4
|
321.4
|
-9.4 %
|
Avg. Price Per Fuel
Gallon (US$)
|
3.52
|
2.16
|
63.1 %
|
3.81
|
-7.5 %
|
3.60
|
2.16
|
66.9 %
|
Average Length of Haul
(miles)
|
2,005
|
1,992
|
0.7 %
|
1,999
|
0.3 %
|
2,011
|
2,034
|
-1.1 %
|
Average Stage Length
(miles)
|
1,266
|
1,279
|
-1.0 %
|
1,265
|
0.1 %
|
1,275
|
1,288
|
-1.0 %
|
Departures
|
32,112
|
32,441
|
-1.0 %
|
31,484
|
2.0 %
|
120,155
|
131,819
|
-8.8 %
|
Block Hours
|
104,822
|
105,620
|
-0.8 %
|
102,027
|
2.7 %
|
390,639
|
431,749
|
-9.5 %
|
Average Aircraft
Utilization (hours)
|
11.8
|
11.3
|
4.7 %
|
11.7
|
0.6 %
|
11.3
|
11.4
|
-0.7 %
|
Operating Revenues (US$
millions)
|
890.6
|
681.9
|
30.6 %
|
809.4
|
10.0 %
|
2,965.0
|
2,707.4
|
9.5 %
|
Operating Profit (Loss)
(US$ millions)
|
219.7
|
17.8
|
1133.7 %
|
143.7
|
52.9 %
|
450.4
|
346.2
|
30.1 %
|
Adjusted Operating
Profit (Loss) (US$ millions) (1)
|
219.7
|
107.1
|
105.0 %
|
143.7
|
52.9 %
|
450.4
|
435.5
|
3.4 %
|
Operating
Margin
|
24.7 %
|
2.6 %
|
22.1 p.p.
|
17.8 %
|
6.9 p.p.
|
15.2 %
|
12.8 %
|
2.4 p.p.
|
Adjusted Operating
Margin (1)
|
24.7 %
|
15.7 %
|
9.0 p.p.
|
17.8 %
|
6.9 p.p.
|
15.2 %
|
16.1 %
|
-0.9 p.p.
|
Net Profit (Loss) (US$
millions)
|
88.3
|
2.7
|
3136.5 %
|
115.9
|
-23.9 %
|
348.1
|
247.0
|
40.9 %
|
Adjusted Net Profit
(Loss) (US$ millions) (1)
|
177.7
|
92.1
|
93.0 %
|
115.1
|
54.4 %
|
335.4
|
336.3
|
-0.3 %
|
Basic EPS
(US$)
|
2.23
|
0.06
|
3376.5 %
|
2.93
|
-23.8 %
|
8.58
|
5.81
|
47.5 %
|
Adjusted Basic EPS
(US$) (1)
|
4.49
|
2.17
|
107.3 %
|
2.91
|
54.5 %
|
8.26
|
7.92
|
4.4 %
|
Shares for
calculation of Basic EPS (000s)
|
39,554
|
42,487
|
-6.9 %
|
39,589
|
-0.1 %
|
40,582
|
42,483
|
-4.5 %
|
- Excludes Special Items. This earnings release includes
a reconciliation of non-IFRS financial measures to the comparable
IFRS measures.
- 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.
FULL 4Q22 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD
AT:
https://copa.gcs-web.com/financial-information/quarterly-results
4Q22 EARNINGS RESULTS CONFERENCE CALL AND
WEBCAST
Date:
|
February 16,
2023
|
Time:
|
11:00 AM US ET (11:00
AM Local Time)
|
Join by phone:
|
https://register.vevent.com/register/BI8567059673b04e0e952de6002edc9803
|
Webcast (listen-only):
|
https://copa.gcs-web.com/events-and-presentations
|
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 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.
CPA-G
Copa Holdings,
S.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement -
IFRS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(US$
Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
%
|
Unaudited
|
|
%
|
Unaudited
|
|
Audited
|
|
%
|
|
|
4Q22
|
|
4Q19
|
|
Change
|
3Q22
|
|
Change
|
FY22
|
|
FY19
|
|
Change
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
revenue
|
|
852,291
|
|
657,940
|
|
29.5 %
|
774,230
|
|
10.1 %
|
2,824,719
|
|
2,612,605
|
|
8.1 %
|
Cargo and mail
revenue
|
|
27,095
|
|
16,033
|
|
69.0 %
|
26,400
|
|
2.6 %
|
101,765
|
|
62,460
|
|
62.9 %
|
Other operating
revenue
|
|
11,226
|
|
7,955
|
|
41.1 %
|
8,815
|
|
27.4 %
|
38,549
|
|
32,343
|
|
19.2 %
|
Total Operating
Revenue
|
|
890,612
|
|
681,927
|
|
30.6 %
|
809,445
|
|
10.0 %
|
2,965,033
|
|
2,707,409
|
|
9.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
273,901
|
|
171,314
|
|
59.9 %
|
291,528
|
|
-6.0 %
|
1,052,637
|
|
696,249
|
|
51.2 %
|
Wages, salaries,
benefits and other employees' expenses
|
|
105,019
|
|
115,036
|
|
-8.7 %
|
96,612
|
|
8.7 %
|
380,385
|
|
450,438
|
|
-15.6 %
|
Passenger
servicing
|
|
19,518
|
|
24,798
|
|
-21.3 %
|
18,881
|
|
3.4 %
|
70,080
|
|
102,103
|
|
-31.4 %
|
Airport facilities and
handling charges
|
|
49,734
|
|
44,877
|
|
10.8 %
|
49,783
|
|
-0.1 %
|
192,584
|
|
181,959
|
|
5.8 %
|
Sales and
distribution
|
|
61,498
|
|
53,222
|
|
15.5 %
|
60,712
|
|
1.3 %
|
224,465
|
|
210,623
|
|
6.6 %
|
Maintenance, materials
and repairs
|
|
28,875
|
|
37,648
|
|
-23.3 %
|
23,577
|
|
22.5 %
|
104,114
|
|
127,562
|
|
-18.4 %
|
Depreciation and
amortization
|
|
70,251
|
|
159,812
|
|
-56.0 %
|
68,813
|
|
2.1 %
|
267,704
|
|
371,424
|
|
-27.9 %
|
Flight
operations
|
|
25,667
|
|
24,908
|
|
3.0 %
|
25,483
|
|
0.7 %
|
97,256
|
|
102,806
|
|
-5.4 %
|
Other operating and
administrative expenses
|
|
36,492
|
|
32,506
|
|
12.3 %
|
30,363
|
|
20.2 %
|
125,424
|
|
118,090
|
|
6.2 %
|
Total Operating
Expense
|
|
670,954
|
|
664,123
|
|
1.0 %
|
665,752
|
|
0.8 %
|
2,514,648
|
|
2,361,255
|
|
6.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit/(Loss)
|
|
219,657
|
|
17,804
|
|
1133.7 %
|
143,692
|
|
52.9 %
|
450,384
|
|
346,154
|
|
30.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance cost
|
|
(23,388)
|
|
(17,154)
|
|
36.3 %
|
(22,528)
|
|
3.8 %
|
(87,631)
|
|
(57,432)
|
|
52.6 %
|
Finance
income
|
|
7,413
|
|
6,289
|
|
17.9 %
|
4,546
|
|
63.1 %
|
18,030
|
|
24,405
|
|
-26.1 %
|
Gain (loss) on foreign
currency fluctuations
|
|
(2,560)
|
|
2,406
|
|
-206.4 %
|
(3,335)
|
|
-23.2 %
|
(9,812)
|
|
(15,408)
|
|
-36.3 %
|
Net change in fair
value of derivatives
|
|
(91,305)
|
|
-
|
|
-100.0 %
|
1,575
|
|
-5897.1 %
|
17,189
|
|
-
|
|
-100.0 %
|
Other non-operating
income (expense)
|
|
1,221
|
|
(989)
|
|
-223.4 %
|
4,230
|
|
-71.1 %
|
70
|
|
(4,279)
|
|
-101.6 %
|
Total Non-Operating
Income/(Expense)
|
|
(108,619)
|
|
(9,448)
|
|
1049.7 %
|
(15,513)
|
|
600.2 %
|
(62,155)
|
|
(52,715)
|
|
17.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
taxes
|
|
111,039
|
|
8,356
|
|
1228.8 %
|
128,179
|
|
-13.4 %
|
388,229
|
|
293,439
|
|
32.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(22,758)
|
|
(5,629)
|
|
304.3 %
|
(12,241)
|
|
85.9 %
|
(40,176)
|
|
(46,437)
|
|
-13.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit/(Loss)
|
|
88,280
|
|
2,728
|
|
3136.5 %
|
115,939
|
|
-23.9 %
|
348,054
|
|
247,002
|
|
40.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
2.23
|
|
0.06
|
|
3376.5 %
|
2.93
|
|
-23.8 %
|
8.58
|
|
5.81
|
|
47.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
39,554,071
|
|
42,486,717
|
|
-6.9 %
|
39,588,984
|
|
-0.1 %
|
40,581,616
|
|
42,483,048
|
|
-4.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S. A.
and subsidiaries
|
|
|
|
Consolidated
statement of financial position
|
|
|
|
(US$
Thousands)
|
|
|
|
|
December
2022
|
December
2021
|
December
2019
|
ASSETS
|
(Unaudited)
|
(Audited)
|
(Audited)
|
Cash and cash
equivalents
|
122,424
|
211,081
|
158,732
|
Short-term
investments
|
812,323
|
806,340
|
692,403
|
Total cash, cash
equivalents and short-term investments
|
934,747
|
1,017,421
|
851,135
|
|
|
-
|
|
Accounts receivable,
net
|
135,354
|
90,618
|
129,634
|
Accounts receivable
from related parties
|
2,229
|
1,832
|
147
|
Expendable parts and
supplies, net
|
93,332
|
74,778
|
69,100
|
Prepaid
expenses
|
43,933
|
31,148
|
49,034
|
Prepaid income
tax
|
798
|
16,938
|
1,181
|
Other current
assets
|
17,044
|
6,054
|
14,206
|
|
292,689
|
221,368
|
263,302
|
Asset held for
sale
|
|
|
120,006
|
TOTAL CURRENT
ASSETS
|
1,227,436
|
1,238,789
|
1,234,443
|
|
|
|
|
Long-term
investments
|
202,056
|
199,670
|
134,347
|
Long-term accounts
receivable
|
|
|
2,139
|
Long-term prepaid
expenses
|
7,770
|
6,727
|
17,743
|
Property and equipment,
net
|
2,883,524
|
2,512,704
|
2,532,402
|
Right of use
assets
|
234,380
|
166,328
|
290,843
|
Intangible,
net
|
78,555
|
81,749
|
108,116
|
Net defined benefit
assets
|
504
|
-
|
249
|
Deferred tax
assets
|
30,743
|
28,196
|
19,215
|
Other Non-Current
Assets
|
17,005
|
14,098
|
17,881
|
TOTAL NON-CURRENT
ASSETS
|
3,454,539
|
3,009,472
|
3,122,935
|
|
|
|
|
TOTAL
ASSETS
|
4,681,975
|
4,248,261
|
4,357,378
|
|
|
|
|
LIABILITIES
|
|
|
|
Loans and
borrowings
|
142,484
|
196,602
|
122,582
|
Current portion of
lease liability
|
80,084
|
73,917
|
97,732
|
Accounts
payable
|
155,378
|
112,596
|
119,332
|
Accounts payable to
related parties
|
12,287
|
7,948
|
14,086
|
Air traffic
liability
|
651,804
|
557,331
|
497,374
|
Frequent flyer deferred
revenue
|
111,526
|
95,114
|
80,326
|
Taxes
Payable
|
35,489
|
32,600
|
46,267
|
Employee benefits
obligations
|
44,913
|
32,767
|
55,373
|
Income tax
payable
|
6,276
|
3,835
|
9,683
|
Other Current
Liabilities
|
1,176
|
786
|
84
|
TOTAL CURRENT
LIABILITIES
|
1,241,416
|
1,113,496
|
1,042,839
|
|
|
|
|
Loans and borrowings
long-term
|
1,301,819
|
1,229,031
|
938,183
|
Lease
Liability
|
158,289
|
104,734
|
206,832
|
Net defined benefit
liabilities
|
-
|
7,670
|
-
|
Derivative financial
instruments
|
251,150
|
268,338
|
-
|
Deferred tax
Liabilities
|
16,571
|
18,782
|
43,397
|
Other long - term
liabilities
|
220,618
|
206,813
|
191,221
|
TOTAL NON-CURRENT
LIABILITIES
|
1,948,446
|
1,835,368
|
1,379,633
|
|
|
|
|
TOTAL
LIABILITIES
|
3,189,862
|
2,948,864
|
2,422,472
|
|
|
|
|
EQUITY
|
|
-
|
|
Class A - 34,033,575
issued and 28,477,704 outstanding
|
21,327
|
21,289
|
21,142
|
Class B -
10,938,125
|
7,466
|
7,466
|
7,466
|
Additional Paid-In
Capital
|
103,466
|
98,348
|
86,135
|
Treasury
Stock
|
(344,541)
|
(176,902)
|
(136,388)
|
Retained
Earnings
|
1,367,786
|
1,324,022
|
1,718,177
|
Net
profit
|
348,054
|
43,844
|
247,002
|
Other comprehensive
loss
|
(11,445)
|
(18,670)
|
(8,628)
|
|
|
|
|
TOTAL
EQUITY
|
1,492,113
|
1,299,397
|
1,934,906
|
TOTAL EQUITY
LIABILITIES
|
4,681,975
|
4,248,261
|
4,357,378
|
|
|
|
|
Copa Holdings, S. A.
and subsidiaries
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
For the twelve
months ended December 31,
|
|
|
|
|
(In US$
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
(Audited)
|
(Audited)
|
Cash flow from (used
in) operating activities
|
|
740,948
|
462,612
|
(39,515)
|
Cash flow used in
investing activities
|
|
(555,911)
|
(459,135)
|
(93,761)
|
Cash flow (used in)
from financing activities
|
|
(273,694)
|
88,539
|
93,609
|
Net (decrease)
increase in cash and cash equivalents
|
|
(88,657)
|
92,016
|
(39,667)
|
Cash and cash
equivalents at January 1
|
|
211,081
|
119,065
|
158,732
|
Cash and cash
equivalents at December 31
|
|
$
122,424
|
$
211,081
|
$
119,065
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
812,323
|
806,340
|
770,816
|
Long-term
investments
|
|
202,056
|
199,670
|
119,617
|
Total cash and cash
equivalents and investments at December 31
|
$
1,136,803
|
$
1,217,091
|
$
1,009,498
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE
RECONCILIATION
This press release includes the following non-IFRS
financial measures: Adjusted Operating Profit, 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 Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
and Adjusted Net
Profit
|
|
4Q22
|
|
4Q21
|
|
3Q22
|
|
4Q19
|
|
FY22
|
|
FY19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit as
Reported
|
|
$
219,657
|
|
$
154,989
|
|
$
143,692
|
|
$ 17,804
|
|
$
450,384
|
|
$
346,154
|
Subtract:
Leased Aircraft Return provision
|
|
|
|
$ 39,217
|
|
|
|
|
|
|
|
|
Add: Fleet
Impairment loss
|
|
|
|
|
|
|
|
$ 89,344
|
|
|
|
$ 89,344
|
Adjusted Operating
Profit
|
|
$
219,657
|
|
$
115,773
|
|
$
143,692
|
|
$
107,148
|
|
$
450,384
|
|
$
435,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit as
Reported
|
|
$ 88,280
|
|
$
114,363
|
|
$
115,939
|
|
$
2,728
|
|
$
348,054
|
|
$
247,002
|
Subtract:
Leased Aircraft Return provision
|
|
|
|
$ 39,217
|
|
|
|
|
|
|
|
|
Add: Fleet
Impairment loss
|
|
|
|
|
|
|
|
$ 89,344
|
|
|
|
$ 89,344
|
Add: Net
change in fair value of derivatives
|
|
$ 91,305
|
|
$
8,922
|
|
$ (1,575)
|
|
|
|
$
(17,189)
|
|
|
Add: Net
change in fair value of financial investments
|
|
$ (1,924)
|
|
|
|
$
699
|
|
|
|
$
4,516
|
|
|
Adjusted Net
Profit
|
|
$
177,661
|
|
$ 84,068
|
|
$
115,062
|
|
$ 92,072
|
|
$
335,381
|
|
$
336,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Basic EPS
|
|
4Q22
|
|
4Q21
|
|
3Q22
|
|
4Q19
|
|
FY22
|
|
FY19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Profit
|
|
$
177,661
|
|
$ 84,068
|
|
$
115,062
|
|
$ 92,072
|
|
$
335,381
|
|
$
336,346
|
Shares used for
calculation of Basic EPS
|
|
39,554
|
|
42,533
|
|
39,589
|
|
42,487
|
|
40,582
|
|
42,483
|
Adjusted Basic
Earnings per share (Adjusted Basic EPS)
|
|
$
4.49
|
|
$
1.98
|
|
$
2.91
|
|
$
2.17
|
|
$
8.26
|
|
$
7.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Costs per ASM
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Fuel (CASM
Excl. Fuel)
|
|
4Q22
|
|
4Q21
|
|
3Q22
|
|
4Q19
|
|
FY22
|
|
FY19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs per ASM
as Reported (in US$ Cents)
|
|
10.3
|
|
8.2
|
|
10.5
|
|
10.8
|
|
10.3
|
|
9.4
|
Return of leased
aircraft provision per ASM (in US$ Cents)
|
|
|
|
(0.8)
|
|
|
|
|
|
|
|
|
Fleet Impairment per
ASM (in US$ Cents)
|
|
|
|
|
|
|
|
1.5
|
|
|
|
0.3
|
Aircraft Fuel Cost per
ASM (in US$ Cents)
|
|
4.2
|
|
2.9
|
|
4.6
|
|
2.8
|
|
4.3
|
|
2.8
|
Operating Costs per
ASM excluding fuel (in US$ Cents)
|
|
6.1
|
|
6.1
|
|
5.9
|
|
6.6
|
|
6.0
|
|
6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/copa-holdings-reports-financial-results-for-the-fourth-quarter-and-full-year-2022-301748040.html
SOURCE Copa Holdings, S.A.