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Disclaimer
The information ("Confidential Information") contained in this presentation is confidential and is provided by ControladoraVuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") confidentially to you solely for your referenceand may not be retransmitted or distributed to any other persons for any purpose whatsoever. The Confidential Informationi bj t t h ith t ti it i t t d it h t b i d d tl ifi d d it tis subject to change without notice, its accuracy is not guaranteed, it has not been independently verified and it may notcontain all material information concerning the Company. The Company, nor any of their respective directors makes anyrepresentation or warranty (express or implied) regarding, or assumes any responsibility or liability for, the accuracy orcompleteness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or anyof their respective directors, officers, employees, stockholders or affiliates nor any other person accepts any liability (innegligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents orotherwise arising in connection therewith. No reliance may be placed for any purposes whatsoever on the information setforth in this presentation or on its completeness.
This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation orinvitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on inconnection with any contract or commitment whatsoever Recipients of this presentation are not to construe the contents ofconnection with any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents ofthis presentation as legal, tax or investment advice and should consult their own advisers in this regard.
This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties.These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers withrespect to the consolidated results of operations and financial condition, and future events and plans of the Company. These
f fstatements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words ofsimilar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differsignificantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautionednot to place undue reliance on these forward looking statements, which are based on the current view of the management ofthe Company on future events. The Company does not undertake to revise forward-looking statements to reflect futureevents or circumstances.
2
Third quarter 2014 highlights and recent developments
Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth only, resulting in yield stabilization, while international ASMs, same period, growth 18%, responding to stronger fare environment
Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth only, resulting in yield stabilization, while international ASMs, same period, growth 18%, responding to stronger fare environmentstronger fare environmentstronger fare environment
Unit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and non-ticket revenues expansionUnit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and non-ticket revenues expansion
Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger increased 58% y-o-y (44% including cargo). Ramp-up of new products and services, while increasing customer acceptance
Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger increased 58% y-o-y (44% including cargo). Ramp-up of new products and services, while increasing customer acceptance
Cost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost producer in the AmericasCost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost producer in the Americas
Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 billion, well funded for future growth
Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 billion, well funded for future growth
3
Notes:(1) Figure calculated at an average exchange rate corresponding for the period, $13.1114
Volaris – Mexico’s largest Ultra-Low-Cost Carrier
Lowest unit cost carrier in the Americas(1)
2008 2013 CAGR
U it t
Volaris’ destinations
Portland
SacramentoSan Francisco/Oakland
Los AngelesSan Diego
San Jose
Fresno
Me icali
Las Vegas
Chicago/Midway/O’Hare
Denver
Unit cost(CASM ex-fuel; cents, USD)(2)
5.5 5.5 0.0%
Passenger demand 3.2 9.0 +23.0%
Ph i
Ontario LTM Int. Pax Revenue 27%LTM Int. Pax
Revenue 27%
Reno
gTijuana
Mexicali
OrlandoHermosilloChihuahua
MonterreyLos Mochis
Ciudad Juárez
(RPMs, bn)
Aircraft(End of Period) 21 44 +15.9%
Passengers %
Phoenix
Ciudad Obregón
San AntonioLTM Dom. Pax Revenue 73%LTM Dom. Pax Revenue 73%
Fort Lauderdale (Miami)
Cancún
La PazLos Cabos
Culiacán
Mérida
PueblaToluca
Tepic
ZacatecasMazatlán
GuadalajaraAguascalientes
Puerto Vallarta
U
Colima
Morelia
LeónQuerétaro
Cd. de México/D.F.
Passengers (mm)(3) 3.5 8.9 +20.5%
Operating revenue (mm, USD)(2) 397 1,018 +20.7%
Adj EBITDAR
San Luis Potosí
Veracruz Villahermosa
Tampico
Tuxtla GutiérrezAcapulco
UruapanOaxaca
Adj. EBITDAR(mm. USD)(2) 67 220 +26.8%
Adj. ROIC (pre-tax) 11.0% 15.1% +4.1pp Domestic market share (4)
TapachulaHuatulco
12 2%20.7% 22.7% 23.5%
Notes:(1) Based on CASM among the publicly-traded airlines(2) Converted to USD at average annual exchange rate(3) Corresponds to the number of booked passengers(4) Based on number of passengersSource: Company data, SCT-DGAC
4
12.2%
2008 2012 2013 Aug YTD 2014
Volaris’ low base fares stimulate demand and drive continuing growth
Since its launch, Volaris has stimulated new demand in the Mexican market through an aggressive revenue management strategy that drives lower fares and higher load factors
Stimulationof
demand
Lower base fares
Resilient ULCC business model driving high,
fi bl hMore
ancillary revenue
profitable growthLower cost
More capacity
5
Volaris’ ULCC business model is clearly differentiated from legacies, hybrids and other LCCs
Aeromexico Interjet VivaAerobus Volaris
CASM 3Q14 ? (1)(cents, USD)(1) 14.0 14.2 - 8.9
Low ticket prices 3Q14 ≈
Average Fare (USD)(1) 171.8 104.5 - 94.1
Non-ticket rev. exc. Cargo 3Q14
Non-ticket rev. exc. Cargo per pax (USD)(1) 4.9 4.1 - 19.9
Modern Fleet ≈
Average age fleet (years) 9.8 (2) 6.0 (2) 20.6 (2) 4.3
High daily utilization
Block hours per day 13.6(3) 9.1(3) 9.9(3) 12.5
Other/ eg. (No GDS) ≈
Legacy <Hybrid/LCC < ULCC
Notes; (1) Figures converted to USD at an average exchange rate corresponding for the period $13.1114(2) Figures updated as per DGAC report as of June 2014(3) Estimated information as of August 2014. Narrow body aircraft only.Source: Company data, data airlines public information, DGAC reports, MI DIIO
6
Volaris has a best-in-class unit cost structure
Lowest unit cost in the Americas(1)
CASM and CASM ex-fuel (September YTD 2014, USD cents)(3)
1 4 15.1
10 6
15.4
13.613.9
10.7
13.3
5.3
4 8
4.5
10.010.6
8.9
10.7
3.5
4.85.6 4.7
4.1 4.5 4.0
5.4
10.19.1
8.0 8.56.6 6.0 6.0
10.6
Denotes fuel cost per ASM
Latin American Carriers US Network Carriers(2)
Best-In-Class US LCCs
LatAm (4) Aeromexico Gol (4) Interjet Copa (4) Allegiant Spirit DCOMPS
p S
7
Notes:(1) Based on CASM among the publicly-traded airlines(2) DCOMPS= Direct Competitors: Average CASM and CASM ex-fuel; US network carriers include: Delta, United, Alaska Airlines, American Airlines(3) Non-USD data converted to USD at an average exchange rate corresponding for the period, $13.1167(4) Figures calculated as of June YTD 2014Source: Company data, Airlines public information
Focus on fleet utilization and efficiency drives higher revenue and lower cost
Load factor(Sept YTD 2014)
Implied passengersper aircraft(1)Volaris A320
174 seats per aircraft
High density configuration(3)
82%
80%
143
128
Interjet A320
Aeromexico 737-800160 seats per aircraft
p
Aeromexico
Young, fuel efficient fleet (3)
Interjet 72% 108Interjet A320150 seats per aircraft
High daily utilization(3)
Bl k h d (S t b YTD 2014) (2) A (Y S t b YTD 2014)Block hours per day (September YTD 2014) (2) Average age (Yrs, September YTD 2014)
10.39.4
6.0
12.4 11.8
8.7 8.8 8.1
4.3
Mexican Aeromexico InterjetAeromexico Interjet Global A320
Global A319
(4) (4) (4) (4)(4)
Notes:(1) Implied passengers per aircraft is calculated as available seats per aircraft multiplied by the load factor(2) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period)(3) Aeromexico and Interjet represent domestic competitors of Volaris(4) Block hours and fleet average age updated as per DGAC report as of June 2014Source: Company data, airlines public information, DGAC, Airbus, miDiio
8
averageA320 A319
Bus passenger shift to air travel
Air travel time and cost savingsSignificant upside for air travel
Fare (USD)(2,3)Travel time (Hrs)
Mexico City – TijuanaTotal air travel trips(mm)
Total bus trips(mm)
145
( )( )
40.5
36 5 h l 24% t i
2,781
110
36.5 hours less 24% cost savings2,706
4.0 30
60
75
Bus (1)Bus Air
• Mexico is almost three times the size of the state of Texas
• The distance between Tijuana and Cancún is similar to the distance between New York City and San Francisco
30
2013
International Domestic
2013Executive & luxury
First, economy and other
Notes:(1) Executive and luxury class(2) Fare figures calculated with average prices for September 2014(3) Non-USD data converted to USD at an average exchange rate corresponding for the period for convenience purposes onlySource: Company data, Secretaría de Comunicaciones y Transportes (SCT)
y
9
and other
Unbundled strategy: “Tú decides” – You decide
Pre-flight(1) Flightplanning
At theairport
Onboardaircraft Post-flight
• Excess baggage
• Checked bag limited
• V-Club subscription (94k active suscriptions)
• Advertising
• Food and beverage
• Hotel rooms
• Car rentals
• Seat assignment
• Change / booking fees bag limited
to 1 piece (25kgs.)
• Carry-on (oversized)
• Co-branded credit cards (80k active cardholders)
• Airport shuttle
booking fees
• Insurance
• Packages
Additional forms• Strollers
• Priority boarding
• Manage my booking
• VEmpresa
•Additional forms of payment
• Check-in
Notes:(1) V-Club & Co-branded credit cards figures as of September 30th,2014 10
Acceleration of Volaris’ non-ticket revenues
Increased contribution of non-ticket revenue to the top line
2009 – 2013 CAGR: +57.6%
enue
1)enue
1)
148 181
Non
-tick
et re
ve(U
SD
mm
)(1N
on-ti
cket
reve
(US
D m
m)(1
24 39 68
115
2009 2010 2011 2012 2013 LTM Sep 14
Non-ticket revenue per passenger
B t i l US LCC
Contribution to Operating Revenue
7% 7% 9% 13% 14% 18%2009 2010 2011 2012 2013 LTM Sep 14
Volaris (USD)(1)Best-in class US LCCs
(3Q14, USD)
2009 – 2013 CAGR: +24.0% 45 54
All i t S i it
7.0 8.9 11.4 15.5 16.5 19.0
2009 2010 2011 2012 2013 LTM S 14
Notes:(1) Non-USD data converted to the corresponding average period exchange rate , for convenience purposes onlySource: Company data, Airlines public information
11
Allegiant Spirit2009 2010 2011 2012 2013 LTM Sep 14
Attractive growth opportunities in Mexico and throughout the Americas
99
Domestic – growth potential of nearly 160 routes (4)
International – growth potential of about 154 routes (4)
Number of routes(1) Number of routes(2)
48 48
41 403840
45
50 99
80
90
100
20
25
30
35
48
40
50
60
70
13
5
10
15
20 32
10
20
30
40
0
5
0
10
USA (Leisure) USA (VFR) CAM, SAM, Canada,
Caribbean
(3)
R t d G th t ti lNotes:(1) Minimum stage length of 170 miles(2) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America(3) South and northbound leisure routes(4) Figures calculated as of August 2014.Source: Company data and DIIO MI Market Intelligence for the Aviation Industry
Routes served Growth potential
12
Substantial growth opportunity in the US-Mexico VFR / leisure travel market
SanFrancisco
0.7mm Denver0.5mmSacramento
0 3
Chicago1.5mm
Bakersfield0.4mm
New York0 5mm
Portland0.2mm
San Jose0.4mm
0.3mmFresno0.5mm Las Vegas
0.4mm
Phoenix
Albuquerque0.2mm
San Antonio
Dallas1.5mm Atlanta
0.3mm
Washington0.1mm
0.5mmPhiladelphia
0.1mm
Orlando0 1mm
Los Angeles4.6mm
San
Phoenix1.2mm
Tucson0.3mm El Paso
0.6mm
0.9mm
Austin0.4mm
Houston1.5mm
Mission 0.1mm
SanDiego0.9mm
San Bernardino
1.7mm
0 6
San Benito0.3mm
Mission0.6mm Tampa
0.1mmMiami0.1mm
Denotes Volaris presence(1)
Denotes other cities with large Mexican origin populations(1,2)
Significant Mexican origin population(2) of 33.7 million
in the US
Significant Mexican origin population(2) of 33.7 million
in the US
Notes:(1) Represents Mexican origin population figures as per population data released on May 26, 2011(2) Mexican origin is based on self-described ancestry, lineage, heritage, nationality group or country of birth.Source: Pew Research Hispanic Center
13
Positive expansion, managing capacity and diversification of routes
Solid expansion for Volaris
Volaris flown domestic routes Volaris flown international routes
More than 2x More than 1.5x
1723 26 28
5078 89
A significant portion of our capacity faces no competition(1)
17
Dec '11 Dec '12 Dec '13 Sep '14
39 50
Dec '11 Dec '12 Dec '13 Sep '14
Percentage of Volaris’ 4Q14 domestic capacity competing with:
A significant portion of our capacity faces no competition( )
68%
54%
34%20%
Aeromexico Interjet Vivaaerobus Non-competed
Notes:(1) Capacity measured by ASM’sSource: Data company, SCT-DGAC, DIIO MI 14
A higher density fleet generates more incremental capacity with fewer additional aircraft
Projected fleet under current contracts (number of aircraft)(1)
18%29% 47%
5559
9 1423
223
5055
44
24 23 2219
20 18 17 12
FY13 FY14 FY15 FY16
A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets % % of year‐end fleetA319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets % % of year end fleet w/Sharklets
Backlog of 64 Aircraft to support growth(2)Seat growth 7% 13% 14%
Notes: (1) Net fleet after additions and returns(2) Figure calculated as of the end of September 2014Source: Company data
g pp g
16
Solid financial performance
Operating revenues(1) Adj. EBITDAR(1)
714887
1,018 1,013 1,000
1,200
188 220
178 200
250
374 536
714
0
200
400
600
800
(US
D m
m)
117 140
100
0
50
100
150
(US
D m
m)
Operating Revenues CAGR 2009 - 2013 LTM September 2014 Adj. EBITDAR margin
02009 2010 2011 2012 2013 LTM
Sep 14
02009 2010 2011 2012 2013 LTM
Sep 14
28%
20%20%
30%
17.5%
28.9%
18.1% 17.8%20.0%
30.0%
14%
10%10% 10.0%
0%Copa GOL LATAM
Note:(1) Figures converted to USD at an average exchange rate corresponding for the period, for convenience purposes only(2) Figures calculated as of June LTM 2014Source: Company data, airlines public information
17
0.0%Copa Gol AM(2)(2)
Solid balance sheet and liquidity, well funded for growth
LTM Liquidity – Cash and Equivalents / Op. Revenue
• IPO provided sufficient liquidity / capital
for growth over the next yearsg y
• Minimal on-balance sheet debt
• USD $68mm(1) of financial debt as
of September 2014
32.4%
28.7%
• Strong cash position
• USD $135mm of cash and
equivalents as of September 2014 13.7%
• Fully financed pre-delivery payments and
executed sale-leasebacks for all
deliveries in 2015 and 2016
8.2% 7.7%
Copa Gol LatAm AM(2) (2) (2)
Note:(1) Principal + interest debt (2) Figures calculated as of 1H 2014Source: Company data, Airlines public information 18
Non-IFRS Terms Glossary
• Available seat miles (ASMs): Number of seats available for passengers multiplied by the number of miles the seats are flown.
• Block hours: Number of hours during which the aircraft is in revenue service, measured from the time it leaves the gate until the
time it arrives to the gate at destination.
• Revenue passenger miles (RPMs): Means the number of miles flown by passengers.
• TRASM: Total revenue divided by ASMs.
• RASM: Passenger revenue divided by ASMs.
• CASM: Total operating expenses, net divided by ASMs.
• CASM ex fuel: Total operating expenses, net excluding fuel expense divided by ASMs.
• Load factor: RPMs divided by ASMs and expressed as a percentage.
• EBITDA: Earnings before interest, taxes, depreciation and amortization.
• EBITDAR: Earnings before interest, taxes, depreciation, amortization and aircraft rent expense.
• Adj. EBITDAR: EBITDAR adjusted by non-cash and non-recurring items.
• Adj. Debt: Financial debt plus seven times the aircraft rent expense.
• Adj. Net debt: Adj. Debt minus cash and cash equivalents.
• VFR: Passengers who are visiting friends and relatives.
20
% of total
Consolidated statements of operations summary
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013ASeptemberYTD 2014A
SeptemberYTD 2014A (1)
% of total operating revenues
(USD millions)
Passenger 6,278 8,036 10,177 11,117 8,163 607 81.0Non-ticket 499 842 1,510 1,885 1,915 142 19.099 8 ,5 0 ,885 ,9 5 9 0Total operating revenues 6,777 8,878 11,687 13,002 10,078 749 100Fuel 2,146 3,823 4,730 5,086 4,088 304 40.6Aircraft and engines rent expense 1,197 1,508 1,886 2,187 1,860 138 18.5Salaries and benefits 852 1,120 1,303 1,563 1,174 87 11.6Landing, take off and navigation expenses 868 1,282 1,640 1,924 1,577 117 15.7Sales, marketing and distribution expenses 615 750 752 704 590 44 5.9Sales, marketing and distribution expenses 615 750 752 704 590 44 5.9Maintenance expenses 276 380 499 572 473 35 4.7Other operating expense 255 285 288 347 333 25 3.3Depreciation and amortization 57 103 211 302 205 15 2.0Total operating expenses 6,266 9,251 11,309 12,685 10,301 766 102.26
EBIT 511 (373) 378 317 (222) (17) (2.2)Operating margin (%) 7 5 (4 2) 3 2 2 4 (2 2) (2 2)Operating margin (%) 7.5 (4.2) 3.2 2.4 (2.2) (2.2)Finance income 5 6 14 25 17 1 0.2Finance cost (56) (58) (90) (126) (23) (2) (0.2)Exchange (loss) gain, net (56) 110 (95) 66 112 8 1.1Income tax benefit (expense) 239 0 (3) (17) 18 1 0.2Net income (loss) 643 (315) 203 265 (98) (7) (1.0)Net margin (%) 9 5 (3 6) 1 7 2 0 (1 0) (1 0)Net margin (%) 9.5 (3.6) 1.7 2.0 (1.0) (1.0)Net income (loss) excluding special items (3) 643 (315) 203 379 (98) (7) (1.0)Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137 18.3Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 18.3 18.3EPS Basic and Diluted (cents) 31.0 (9.7) (0.7)EPADS Basic and Diluted (cents) 310.4 (96.5) (7.2)( ) ( ) ( )
21
Notes:(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(2) Audited financial information 2010A – 2013A(3) Excludes debt prepayment of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million.Source: Company data
Consolidated statements of financial position summary
MXN millions unless otherwise stated (5) 2010A 2011A 2012A 2013ASeptember
2014ASeptember
2014A (1)
(USD millions)Cash and cash equivalents 677 441 822 2,451 1,814 135 Current guarantee deposits 330 170 238 499 651 48 Other current assets 390 520 755 1 050 900 67Other current assets 390 520 755 1,050 900 67 Total current assets 1,397 1,131 1,815 4,000 3,365 250 Rotable spare parts, furniture and equipment, net 921 1,517 1,195 1,341 1,992 148 Non-current guarantee deposits 1,041 2,002 2,245 2,603 2,881 214 Other non-current assets 342 412 447 434 463 34 Total assets 3 701 5 062 5 702 8 378 8 701 647Total assets 3,701 5,062 5,702 8,378 8,701 647 Unearned transportation revenue 505 825 1,259 1,393 1,495 111 Short-term financial debt 251 687 527 268 271 20 Other short-term liabilities 1,171 1,667 1,936 2,211 2,256 168 Total short-term liabilities 1,927 3,179 3,722 3,872 4,022 299 Long-term financial debt 384 725 633 294 621 46 Other long-term liabilities 164 298 272 250 211 16Other long term liabilities 164 298 272 250 211 16 Total liabilities 2,475 4,202 4,627 4,416 4,854 361
Total equity 1,226 860 1,075 3,962 3,847 286
Total liabilities and equity 3,701 5,062 5,702 8,378 8,701 647
Net debt (2) (42) 971 338 (1,889) (992) (69)
Nota:
Adjusted debt (3) 9,014 11,969 14,360 15,874 18,073 1,343
Adjusted net debt (4) 8,337 11,528 13,538 13,423 16,259 1,208
(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(2) Net debt = financial debt - cash and cash equivalents(3) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt(4) Adjusted net debt = adjusted debt - cash and cash equivalents(5) Audited financial information 2010A – 2013A Source: Company data
22
Consolidated statements of cash flows summarySeptember SeptemberMXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A SeptemberYTD 2014A
SeptemberYTD 2014A (1)
(USD millions)Cash flow from operating activitiesIncome (loss) before income tax 404 (315) 207 283 (116) (9)Depreciation and amortization 62 103 211 302 205 15 Guarantee deposits (316) (801) (311) (620) (430) (32)Guarantee deposits (316) (801) (311) (620) (430) (32)Unearned transportation revenue 207 321 433 135 101 8 Changes in working capital and provisions 182 544 (43) (61) 104 8 Net cash flows provided by (used in) operating activities 539 (148) 497 39 (136) (10)
Cash flow from investing activitiesAcquisitions of rotable spare parts furniture equipment (321) (1 21 ) (8 6) (1 161) (1 090) (81)Acquisitions of rotable spare parts, furniture, equipment and intangible assets
(321) (1,215) (856) (1,161) (1,090) (81)
Proceeds from disposals of rotable spare parts, furniture and equipment
- 587 1,043 849 277 21
Net cash flows (used in) provided by investing activities (321) (628) 187 (312) (813) (60)
Cash flow from financing activitiesCash flow from financing activitiesLegal costs incurred on behalf of shareholders (76) - - - - -Net proceeds from initial public offering - - - 2,578 - -Transaction costs on issue of shares - - - (38) - -Proceeds from exercised treasury shares - - - 26 - -Interest paid (60) (55) (127) (65) (16) (1)Other financing costs - - - - (7) -g ( )Payments of financial debt - (261) (694) (1,084) (268) (20)Proceeds from financial debt 46 879 550 444 571 42 Net cash flows (used in) provided by financing activities (90) 562 (272) 1,861 280 21
Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 (669) (50)Net foreign exchange differences (25) (22) (31) 41 32 2Cash and cash equivalents at beginning of period 575 677 441 822 2,451 182 Cash and cash equivalents at end of period 677 441 822 2,451 1,814 135
Notes:(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(2) Audited financial information 2010A - 2013ASource: Company data
23
Adj. EBITDA and Adj. EBITDAR reconciliation
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September YTD 2014A
September YTD 2014A (1)
(USD millions)
Net income (loss) 643 (315) 203 265 (98) (7)
Plus (minus):Finance costs 52 58 90 126 23 2Finance income (5) (6) (14) (25) (17) (1) (Benefit)/provision for income taxes (239) 0 3 17 (18) (1) Depreciation and amortization 57 103 211 302 205 15 Business alliance amortization 5 - - - - -EBITDA 513 (160) 494 685 95 7
E h ( i ) l t 56 (110) 95 (66) (112) (8)Exchange (gain) loss, net 56 (110) 95 (66) (112) (8)Other financing cost (income), net 3 - - - - -Adjusted EBITDA 573 (270) 589 619 (17) (1)
Aircraft and engine rent expense 1,197 1,508 1,886 2,187 1,860 138 Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137
Notes:(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(2) Audited financial information 2010A - 2013ASource: Company data 24