fluctuations (2,491) (1,566) 59.1% (16,097) (84.5%)
Net change in
fair value of
derivatives (762) 77,058 (101.0%) 2,533 (130.1%)
Other
non-operating
income
(expense) 6,787 1,867 263.6% 1,766 284.4%
-------- -------- --------
Total
Non-Operating
Income/(Expense) (4,425) 9,540 (146.4%) (18,892) (76.6%)
Profit before
taxes 169,285 214,555 (21.1%) 140,615 20.4%
Income tax
expense (23,259) (27,179) (14.4%) (20,362) 14.2%
Net Profit/(Loss) 146,026 187,375 (22.1%) 120,253 21.4%
------------------- -------- -------- ------ -------- ------
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of financial position
(In US$ thousands)
September 2024 December 2023
ASSETS (Unaudited) (Audited)
Cash and cash equivalents 275,245 206,375
Short-term investments 758,560 708,809
--------------------------------------- ------------- ------------
Total cash, cash equivalents and
short-term investments 1,033,805 915,184
Accounts receivable, net 201,327 156,720
Accounts receivable from related
parties 2,782 2,527
Expendable parts and supplies,
net 123,571 116,604
Prepaid expenses 40,422 44,635
Prepaid income tax 5,802 66
Other current assets 23,708 32,227
--------------------------------------- ------------- ------------
397,612 352,780
-------------------------------------- ------------- ------------
TOTAL CURRENT ASSETS 1,431,416 1,267,963
Long-term investments 219,731 258,934
Long-term prepaid expenses 8,849 9,633
Property and equipment, net 3,363,353 3,238,632
Right of use assets 337,684 281,146
Intangible, net 94,097 87,986
Net defined benefit assets 6,442 5,346
Deferred tax assets 22,729 30,148
Other Non-Current Assets 24,053 17,048
--------------------------------------- ------------- ------------
TOTAL NON-CURRENT ASSETS 4,076,938 3,928,872
--------------------------------------- ------------- ------------
TOTAL ASSETS 5,508,354 5,196,836
LIABILITIES
Loans and borrowings 205,144 222,430
Current portion of lease
liability 59,779 68,304
Accounts payable 175,443 182,303
Accounts payable to related
parties 1,312 1,228
Air traffic liability 639,211 611,856
Frequent flyer deferred revenue 136,520 124,815
Taxes Payable 41,535 44,210
Accrued expenses payable 50,085 64,940
Income tax payable 7,331 26,741
Other Current Liabilities 1,320 1,403
--------------------------------------- ------------- ------------
TOTAL CURRENT LIABILITIES 1,317,680 1,348,229
Loans and borrowings long-term 1,298,106 1,240,261
Lease Liability 295,777 215,353
Deferred tax Liabilities 57,297 36,369
Other long-term liabilities 223,541 234,474
--------------------------------------- ------------- ------------
TOTAL NON-CURRENT LIABILITIES 1,874,721 1,726,457
--------------------------------------- ------------- ------------
TOTAL LIABILITIES 3,192,400 3,074,685
EQUITY
Class A - 34,195,954 issued and
30,654,831 outstanding 23,244 23,201
Class B - 10,938,125 7,466 7,466
Additional Paid-In Capital 212,877 209,102
Treasury Stock (254,532) (204,130)
Retained Earnings 1,893,880 1,581,739
Net profit 442,345 514,098
Other comprehensive loss (9,326) (9,326)
--------------------------------------- ------------- ------------
TOTAL EQUITY 2,315,953 2,122,150
--------------------------------------- ------------- ------------
TOTAL EQUITY LIABILITIES 5,508,354 5,196,836
======================================= ============= ============
Copa Holdings, S. A. and Subsidiaries
Consolidated statement of cash flows
For the nine months ended
(In US$ thousands)
2024 2023 2022
(Unaudited) (Unaudited) (Unaudited)
----------- ----------- -------------
Cash flow from
operating
activities 659,392 764,586 543,471
Cash flow (used in)
investing
activities (322,575) (274,166) (387,334)
Cash flow (used in)
financing
activities (267,947) (375,966) (168,474)
Netincrease
(decrease)in cash and
cash equivalents 68,870 114,454 (12,337)
--------- --------- ---------
Cash and cash
equivalents on
January 1 206,375 122,424 211,081
--------- --------- ---------
Cash and cash
equivalents at
September 30 $ 275,245 $ 236,878 $ 198,744
Short-term
investments 758,560 754,799 752,812
Long-term investments 219,731 177,835 168,114
--------- --------- ---------
Total cash and cash
equivalents and
investments at
September 30 $1,253,536 $1,169,512 $1,119,670
========= ========= =========
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 3Q24 3Q23 2Q24
-------- --------- ----------
Net Profit as Reported $146,026 $187,375 $120,253
Interest expense related to
the settlement of the
convertible notes $ -- $ 64,894 $ --
Net change in fair value of
derivatives $ -- $(77,058) $ --
Net change in fair value of
financial investments $ -- $ (810) $ --
------- ------- -------
Adjusted Net Profit $146,026 $174,401 $120,253
======= ======= =======
Reconciliation of Adjusted
Basic EPS 3Q24 3Q23 2Q24
-------- --------- ----------
Adjusted Net Profit $146,026 $174,401 $120,253
Shares used for calculation
of Basic EPS 41,728 39,730 41,715
------- ------- -------
Adjusted Basic Earnings per
share (Adjusted Basic EPS) $ 3.50 $ 4.39 $ 2.88
======= ======= =======
Reconciliation of Operating
Costs per ASM
Excluding Fuel (CASM Excl.
Fuel) 3Q24 3Q23 2Q24
-------- --------- ----------
Operating Costs per ASM as
Reported (in US$ Cents) 8.7 9.3 8.9
Aircraft Fuel Cost per ASM
(in US$ Cents) 3.1 3.5 3.3
------- ------- -------
Operating Costs per ASM
excluding fuel (in US$ Cents) 5.7 5.8 5.6
======= ======= =======
(END) Dow Jones Newswires
November 20, 2024 17:00 ET (22:00 GMT)
Comments