-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, REU7YJMKapNypwqR1b5BI56PLV8d3VS7/xi7bMgJDWn8yOIBd5T6USP2jYDAgJB0 dOvH4QEVMs2+6QnylyrLnQ== 0001144204-10-006526.txt : 20100210 0001144204-10-006526.hdr.sgml : 20100210 20100210172230 ACCESSION NUMBER: 0001144204-10-006526 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100210 FILED AS OF DATE: 20100210 DATE AS OF CHANGE: 20100210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Copa Holdings, S.A. CENTRAL INDEX KEY: 0001345105 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 000000000 STATE OF INCORPORATION: R1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32696 FILM NUMBER: 10588680 BUSINESS ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 BUSINESS PHONE: 011 507 227 2522 MAIL ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 6-K 1 v173797_6k.htm Unassociated Document
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
 
Report of Foreign Issuer
 
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
 
Report on Form 6-K dated for the month of February, 2010
 
 
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
 
 
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Parque Lefevre
Panama City, Panama
 (Address of principal executive offices)
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
 
Form 20-F  x       Form 40-F ¨
 
(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
Yes ¨     No x
 
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82-             )
 
 Enclosure: Press Release - -Copa Holdings Reports Net Income of US$70.4 Million for the Fourth Quarter of 2009 and US$240.4 Million for Full Year 2009
 
 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
Copa Holdings, S.A.
 
(Registrant)
Date: 2/11/2010
  
 
By:
/s/ Victor Vial
 
Name:  Victor Vial
 
Title:    CFO

 
 
 
 
Copa Holdings Reports Net Income of US$70.4 Million for the Fourth Quarter of 2009 and US$240.4 Million for Full Year 2009

Panama City, Panama — February 10, 2010.  Copa Holdings, S.A. (NYSE: CPA), parent company of Copa Airlines and Aero Republica, today announced financial results for the fourth quarter of 2009 (4Q09) and full year 2009. The terms “Copa Holdings" or "the Company" refers to the consolidated entity, whose operating subsidiaries are Copa Airlines and Aero Republica. The following financial and operating information, unless otherwise indicated, is presented in accordance with US GAAP.  See the accompanying reconciliation of non-GAAP financial information to GAAP 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 2008 (4Q08).
 
OPERATING AND FINANCIAL HIGHLIGHTS
·
Copa Holdings reported net income of US$70.4 million for 4Q09 or diluted earnings per share (EPS) of US$1.61, as compared to net income of US$25.8 million or diluted EPS of US$0.59 in 4Q08.  Excluding special items, which for 4Q09 include a special charge of US$4.8 million related to the accrual of costs associated with the retirement of four MD-80 aircraft as a result of Aero Republica’s transition to an all Embraer-190 fleet and a US$9.6 million non-cash gain associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of US$65.7 million, compared to an adjusted net income of US$65.2 million in 4Q08.
 
·
Net income for full year 2009 reached US$240.4 million or diluted EPS of US$5.50, compared to US$118.7 million or diluted EPS of US$2.73 for full year 2008.  Excluding special items, which for 2009 include a special charge of US$19.4 million related to the accrual of costs associated with the retirement of four MD-80 aircraft as a result of Aero Republica’s transition to an all Embraer-190 fleet and a US$58.0 million non-cash gain associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of US$201.7 million compared to an adjusted net income of US$173.5 for full year 2008, representing an increase of 16.3%.
 
·
Operating income for 4Q09 came in at US$71.8 million, representing an operating margin of 20.9%, as compared to operating income for 4Q08 of US$84.0 million.  Excluding special fleet charges of US$4.8 million, operating income would have been US$76.6 million, which would have represented an operating margin of 22.3% for the quarter, down from 24.3% in 4Q08.
 
·
The Company reported operating income of US$223.3 million for full year 2009, representing an operating margin of 17.8%, as compared to 17.4% in 2008.  However, excluding special fleet charges of US$19.4 million recorded in 2009, the adjusted operating margin for 2009 stood at 19.4%.
 
·
Total revenues for 4Q09 decreased 0.9% to US$343.0 million. Yield per passenger mile decreased 11.7% to 16.4 cents and operating revenue per available seat mile (RASM) decreased 5.8% to 13.7 cents.
 
·
For 4Q09 consolidated passenger traffic grew 12.7% while capacity increased 5.2%.  As a result, consolidated load factor for the quarter increased 5.3 percentage points to 79.4%.  For full year 2009 consolidated capacity increased 12%.
 
·
Operating cost per available seat mile (CASM) decreased 1.6%, from 11.0 cents in 4Q08 to 10.9 cents in 4Q09.  CASM, excluding fuel costs and special items, increased 5.2% from 7.2 cents in 4Q08 to 7.6 cents in 4Q09, mainly due to higher salaries and benefits and passenger related costs.
 
·
Cash, short term and long term investments ended 2009 at US$358.5 million, representing 29% of the last twelve months’ revenues.  During 2009 the Company funded from cash US$120 million in pre-delivery payments related to aircraft to be delivered between 2010 and 2011.
 
·
During the fourth quarter, Copa Airlines took delivery of one Boeing 737-800, ending the year with a consolidated fleet of 56 aircraft.
 
·
For 2009, Copa Airlines reported on-time performance of 87.6% and a flight-completion factor of 99.4%, maintaining its position among the best in the industry.  Additionally, Aero Republica’s on-time performance came in at 90.1%, leading the Colombian market both in domestic and international on-time performance.
 
Subsequent Events
·
On January 8, 2010, the Venezuelan government announced its decision to implement new fixed exchange rates effective January 11, 2010, which resulted in a significant devaluation of the Bolivar against the U.S. dollar.  The new regime applies two distinct official rates depending on the applicable sector of the economy. The first exchange rate, applicable to imported goods characterized as essential, will be VEB 2.60 per U.S. dollar, and the rate applicable to all other imported goods and services, including the aviation sector, will be VEB 4.30 per U.S. dollar.  The Venezuelan government, however, has announced that it will apply the exchange rate of VEB 2.60 per U.S. dollar to all authorization requests pending approval by the Venezuela Central Bank through January 8, 2010.  We estimate that the Company will incur losses related to the devaluation of these funds of approximately US$21 million, which will be recorded in the first quarter of 2010 in accordance with US GAAP.
 
·
On February 10, our Board of Directors approved the modification of the Company’s dividend policy, which had provided for an annual payment of approximately 10% of our annual consolidated net income to our shareholders. Effective immediately, the new dividend policy provides for annual dividend payments in amounts up to 20% of our annual consolidated net income to be paid pro rata among all our shareholders. The determination of the annual dividend payment each year will remain subject to approval by our Board of Directors and compliance with applicable legal requirements.
 
 
 
 
 
 
·
On February 10, our Board of Directors approved the modification of the Company’s dividend policy, which had provided for an annual payment of approximately 10% of our annual consolidated net income to our shareholders.  Effective immediately, the new dividend policy provides for annual dividend payments in amounts up to 20% of our annual consolidated net income to be paid pro rata among all our shareholders. The determination of the annual dividend payment each year will remain subject to approval by our Board of Directors and compliance with applicable legal requirements.
 
Consolidated Financial &
        
Variance
    
Variance
          
Variance
  
Operating Highlights
    
4Q09
    
vs. 4Q08
    
vs. 3Q09
    
FY 2009
    
vs. 2008
  
RPMs (millions)
     1,984       12.7 %     2.8 %     7,397       10.1 %
ASMs (mm)
     2,498       5.2 %     -1.9 %     9,911       12.1 %
Load Factor
     79.4 %     5.3 p.p.     3.6 p.p.     74.6 %     -1.3 p.p.
Yield
     16.4       -11.7 %     2.7 %     16.0       -11.5 %
PRASM (cents)
     13.0       -5.3 %     7.5 %     12.0       -13.0 %
RASM (cents)
     13.7       -5.8 %     8.0 %     12.6       -13.2 %
CASM (cents)
     10.9       -1.6 %     -0.5 %     10.4       -13.7 %
Adjusted CASM (cents) (1)
     10.7       -3.3 %     3.1 %     10.2       -15.3 %
CASM Excl. Fuel (cents)
     7.7       7.9 %     0.1 %     7.4       -1.5 %
Adjusted CASM Excl. Fuel (cents) (1)
     7.6       5.2 %     5.4 %     7.2       -4.1 %
Breakeven Load Factor (3)
     60.0 %     -1.0 p.p.     -4.5 p.p.     59.2 %     -3.8 p.p.
Operating Revenues (US$ mm)
     343.0       -0.9 %     5.9 %     1,253.1       -2.8 %
EBITDAR (US$ mm) (2)
     109.6       64.5 %     37.6 %     391.8       47.1 %
Adjusted EBITDAR (US$ mm) (2)(3)
     104.9       -1.2 %     17.8 %     353.2       10.0 %
EBITDAR Margin (2)
     32.0 %     12.7 p.p.     7.4 p.p.     31.3 %     10.6 p.p.
Adjusted EBITDAR Margin (2)(3)
     30.6 %     -0.1 p.p.     3.0 p.p.     28.2 %     3.3 p.p.
Operating Income (US$ mm)
     71.8       -14.6 %     56.3 %     223.3       -0.3 %
Adjusted Operating Income (US$ mm) (1)
     76.6       -8.8 %     26.6 %     242.7       8.4 %
Operating Margin
     20.9 %     -3.4 p.p.     6.7 p.p.     17.8 %     0.4 p.p.
Adjusted Operating Margin (1)
     22.3 %     -1.9 p.p.     3.6 p.p.     19.4 %     2.0 p.p.
Net Income (US$ mm)
     70.4       173.5 %     63.3 %     240.4       102.6 %
Adjusted Net Income (US$ mm) (3)
     65.7       0.7 %     25.0 %     201.7       16.3 %
EPS - Basic (US$)
     1.63       171.2 %     63.3 %     5.55       101.8 %
Adjusted EPS - Basic (US$) (3)
     1.52       0.3 %     24.7 %     4.66       15.8 %
EPS - Diluted (US$)
     1.61       171.8 %     63.3 %     5.50       101.5 %
Adjusted EPS - Diluted (US$) (3)
     1.50       -0.1 %     24.6 %     4.62       15.7 %
Weighted Avg. # of Shares - Basic (000)
     43,344       0.3 %     0.0 %     43,308       0.4 %
Weighted Avg. # of Shares - Diluted (000)
     43,763       0.8 %     0.1 %     43,672       0.5 %

 (1) Adjusted Operating Income, Adjusted Operating Margin and Adjusted CASM for 4Q09, 3Q09 and 2009 exclude special charges related to the accrual of costs associated with the retirement of four MD-80 aircraft as a result of Aero Republica’s transition to an all Embraer-190 fleet.
(2) EBITDAR means earnings before interest, taxes, depreciation, amortization and rent.
(3) Adjusted EBITDAR, Adjusted EBITDAR Margin, Breakeven Load Factor, Adjusted Net Income and Adjusted EPS (Basic and Diluted) exclude:  a) For 4Q09, 3Q09 and 2009 exclude special charges related to the accrual of costs associated with the retirement of four MD-80 aircraft as a result of Aero Republica’s transition to an all Embraer-190 fleet and b) For 4Q09, 4Q08, 3Q09, 2009 and 2008 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges.
Note:  Attached to this press release is a reconciliation of non-GAAP financial measures to the comparable US GAAP measures.

 
2
 

 
MANAGEMENT’S COMMENTS ON 4Q09 RESULTS
 
Copa Holdings delivered another quarter of solid financial results with fourth quarter operating income coming in at US$71.8 million and net income at US$70.4 million.  Excluding US$4.8 million in special charges at Aero Republica related to the accrual of costs associated with the retirement of four MD-80 aircraft and a $9.6 million non-cash gain associated with the mark-to-market of fuel hedge contracts, operating income and net income reported would have been US$76.6 million and US$65.7 million, respectively.
 
Total revenues decreased 0.9% during the quarter, while capacity increased 5.2%, which resulted in a 5.8% decrease in revenues per ASM (RASM) from 14.6 cents to 13.7 cents.  Passenger revenues, which represented 95% of total revenues, decreased 0.4% to US$324.4 million, due to a 5.3% decline in passenger revenue per ASM (PRASM), driven by an 11.7% drop in yield, which was offset by a 7.2 percentage point increase in consolidated load factor from 74.1% to 79.4%.
 
In 4Q09, Copa Airlines’ yields came in at 15.7 cents, representing a 10.0% decline compared to 4Q08 and a 3.6% increase over 3Q09.  Copa Airlines’ yields declined year-over-year mainly as a result of lower average fares due to a less robust demand environment.  During the same period, Aero Republica’s yields decreased 19.2% to 20.2 cents, as a result of a more competitive fare environment.  Nevertheless, the effect of lower yields at Aero Republica was partially offset by increased traffic, which for the quarter increased 16.7% and resulted in a load factor of 75%, or 9.9 percentage points above 4Q08.
 
Consolidated operating expenses for 4Q09 increased 3.5% to US$271.2 million, while consolidated operating expenses per ASM (CASM) decreased 1.6% to 10.9 cents.  CASM, excluding fuel costs and special charges, increased 5.2% from 7.2 cents in 4Q08 to 7.6 cents in 4Q09, mainly due to higher salaries and benefits and passenger related costs.
 
Aircraft fuel expense decreased 15.1% or US$13.8 million compared to 4Q08, despite a 5.9% increase in available seat miles (ASMs).  The Company’s effective jet fuel price, which includes a US$1.2 million negative fuel hedge effect in 4Q09 and a US$8.8 million negative fuel hedge effect in 4Q08, decreased from an average of US$2.73 in 4Q08 to US$2.21 in 4Q09. 
 
For 4Q09, the Company had fuel hedges in place representing 19% of its consolidated volume.  Continuing with the execution of its fuel hedge policy, the Company currently has hedged approximately 19% and 9% of its consolidated volume for 2010 and 2011, respectively.
 
The Company recorded non-operating income of US$6.4 million for 4Q09 compared to a US$50.1 million non-operating expense for 4Q08.  Non-operating income for 4Q09 included a fuel hedge mark-to-market gain of US$9.6 million, compared to a fuel hedge mark-to-market loss of US$39.5 million in 4Q08.
 
Copa Holdings closed the quarter with US$358.5 million in cash, short term and long term investments, representing approximately 29% of last twelve months´ revenues.  During 2009 the Company funded from cash $120 million in pre-delivery payments related to aircraft to be delivered between 2010 and 2011.  Total debt at the end of 4Q09 amounted to US$845.5 million, most of which relates to aircraft and equipment financing.  
 
 
3
 

 
For 4Q09, Aero Republica recorded operating income, excluding special fleet charges, of US$7.0 million, representing an operating margin of 10.6% compared an operating margin of 19.7% in 4Q08.  For full year 2009, Aero Republica recorded an adjusted operating margin of 11.2%.
 
Aero Republica continues to benefit from its international expansion and fleet transition strategy aimed at replacing its MD-80 fleet with modern and fuel-efficient Embraer-190 aircraft.  For 4Q09, Aero Republica’s capacity, in terms of ASMs flown in Embraer-190 aircraft as a percentage of its total capacity, increased from 72.5% in 4Q08 to 92.4% in 4Q09.  Having returned its last MD-80 aircraft on January 31, 2010, Aero Republica now operates an all Embraer-190 fleet with an average age of approximately 2.2 years, one of the youngest in the industry.  Additionally, as part of its international expansion, during 4Q09 Aero Republica’s international capacity represented 19.5% of total capacity.
 
Copa Holdings’ fourth quarter and full year 2009 results highlight the Company’s ability to operate and grow profitably in a challenging environment.  In 2010, the Company expects to increase its consolidated fleet by seven aircraft.  Copa Airlines is expected to receive eight Boeing 737-800 aircraft, while Aero Republica completes its fleet renovation program with the return of one remaining MD-80 aircraft.  Consolidated capacity for 2010 is expected to increase approximately 10%, with most of this growth coming from Copa Airlines capacity.  Copa Holdings’ consolidated fleet is expected to end the year at 63 aircraft, composed of 20 Boeing 737-700s, 17 Boeing 737-800s and 26 Embraer-190s.
 
Copa Holdings continues to deliver industry leading results, despite negative factors that have affected the industry as a whole.  This is the result of a solid and well executed business model based on developing the most comprehensive and convenient network for intra Latin America travel.  In 2010, the Company will seek to continue strengthening its long term competitive position, with the advantage of maintaining a flexible fleet plan and a strong balance sheet.

OUTLOOK FOR 2010
 
For 2010, the Company’s guidance calls for consolidated capacity growth of approximately 10%.  Load factors are expected to come in at 76%, above 2009 levels; while unit revenues (RASM) are expected to increase approximately 3% mainly as a result an improved demand environment which we expect will result in both higher load factors and yields.  Unit costs excluding fuel, CASM ex-fuel, are expected to come in at 7.1 cents, slightly below 2009 levels.  The estimated effective price per gallon of jet fuel, including the effect of current hedge contracts and into plane costs for 2010 is US$2.26.  As a result, the Company is projecting an operating margin in the range of 20.0% to 22.0% for 2010.
 
Financial Outlook (US GAAP)
  
2010 - Full Year
  
ASMs (billion)
     +/-10.9  
Average Load Factor
     +/-76 %
RASM (cents)
     +/-13.0  
CASM Ex-fuel (cents)
     +/- 7.1  
Operating Margin
     20-22 %

 
4
 

 
CONSOLIDATED FOURTH QUARTER RESULTS
 
Operating revenue
 
Consolidated revenue for 4Q09 totaled US$343.0 million, a 0.9% or US$3.1 million decline from operating revenue of US$346.1 million in 4Q08, mainly due to a 4.2% or US$2.9 million decrease in in Aero Republica’s operating revenue.

Copa Airlines operating revenue

Copa Airlines operating revenue for 4Q09 totaled US$280.9 million, a 0.7% increase over operating revenue of US$278.9 million in 4Q08.  This increase was primarily due to a 0.8% or US$2.2 million increase in passenger revenue.

Passenger revenue. For 4Q09, passenger revenue totaled US$263.7 million, an increase of 0.8%  from passenger revenue of US$261.6 million in 4Q08.  Passenger yield decreased 10% to 15.7 cents, while load factor increased 4.4 percentage points from 75.9% in 4Q08 to 80.3% in 4Q09.

Cargo, mail and other. Cargo, mail and other revenue totaled US$17.2 million in 4Q09, a 0.8% decline from cargo, mail and other of US$17.3 million in 4Q08.

Aero Republica operating revenue

During 4Q09, Aero Republica generated operating revenue of US$66.0 million, representing a 4.2% decline from 4Q08.  This decrease resulted mainly from a US$3.6 million or 5.7% decline in passenger revenue.  During the quarter, Aero Republica’s capacity (ASMs) increased by 1.2%, while traffic (RPMs) increased 16.7%, resulting in a load factor of 75.0% or 9.9 percentage point above 4Q08.  Yields decreased by 19.2% primarily due to lower fuel surcharges, a more competitive domestic environment and a weaker Colombian currency compared to the same period in 2008.

Operating expenses

For 4Q09, consolidated operating expenses increased 3.5% to US$271.2 million, representing operating cost per available seat mile (CASM) of 10.9 cents.  Operating expenses, excluding special charges, totaled US$266.4 million, a 1.7% increase over operating expenses of US$262.0 million for 4Q08.  Operating cost per available seat mile (CASM), excluding fuel costs and special charges, increased 6.6% from 7.2 cents in 4Q08 to 7.6 cents in 4Q09.  An overview of the major variances on a consolidated basis follows:

Aircraft fuel. For 4Q09, aircraft fuel totaled US$77.6 million, a US$13.8 million or 15.1% decrease from aircraft fuel of US$91.4 million in 4Q08. This decline was primarily a result of an 18.8% decrease in the average price per gallon of jet fuel (all-in), which averaged US$2.21 in 4Q09 as compared to US$2.73 in 4Q08, offset by a 4.3% increase in gallons consumed resulting from increased capacity.  The all-in average price per gallon of jet fuel for 4Q09 includes a US$1.2 million realized fuel hedge loss compared to an US$8.8 million loss in 4Q08.
Salaries and benefits. For 4Q09, salaries and benefits totaled US$43.9 million, a 17.0% increase over salaries and benefits of US$37.5 million in 4Q08. This increase was mostly a result of an overall increase in operating headcount to support additional capacity and a stronger Colombian Currency.
Passenger servicing. For 4Q09, passenger servicing totaled US$30.8 million, a 17.1% increase over passenger servicing of US$26.3 million in 4Q08. This increase was primarily a result of an increase in capacity and passengers carried.

 
5
 


Commissions. For 4Q09, commissions totaled US$15.8 million, a 6.5% increase over commissions of US$14.8 million in 4Q08. This increase was primarily a result of a higher average commission rates at both Copa Airlines and Aero Republica.
Reservations and sales. Reservations and sales totaled US$14.1 million, a 6.9% increase over reservation and sales of US$13.2 million in 4Q08.  This increase was primarily a result of 13.7% more passengers carried.
Maintenance, material and repairs. For 4Q09, maintenance, material and repairs totaled US$20.1 million, a 13.4% increase over maintenance, material and repairs of US$17.7 million in 4Q08. This increase was primarily a result of increased capacity and the timing of major overhaul events at Copa Airlines.
Depreciation. Depreciation totaled US$11.3 million in 4Q09, a 0.5% decline from depreciation of US$11.3 million in 4Q08.
Flight operations, aircraft rentals. landing fees and other rentals. Combined, flight operations, aircraft rentals, landing fees and other rentals increased 5.9% from US$33.1 million in 4Q08 to US$35.0 million in 4Q09.
Other. Other expenses totaled US$17.8 million in 4Q09, an increase of US$1.1 million.
Special charges. During 4Q09, the Company registered a US$4.8 million charge related to the accrual of costs associated with the retirement of four MD-80 aircraft  as a result of Aero Republica’s ongoing transition to an all Embraer-190 fleet.

Copa Airlines operating expenses

Copa Airlines’ operating expenses increased 2.1% to US$212.8 million from US$208.4 million in 4Q08, on a 5.2% increase in capacity.  Operating expenses per available seat mile decreased 3.6% to 10.1 cents in 4Q09 from 10.5 cents in 4Q08.  Excluding fuel costs, operating expenses per available seat mile increased 5.4% from 6.8 cents in 4Q08 to 7.2 cents in 4Q09.

Aircraft fuel. For 4Q09, aircraft fuel totaled US$62.1 million, a 15.5% decrease from aircraft fuel expense of US$73.5 million in the same period in 2008. This decrease was primarily a result of a 20.3% decline in the average price per gallon of jet fuel (all-in), which averaged US$2.16 in 4Q09 as compared to US$2.72 in 4Q08.
Salaries and benefits. For 4Q09, salaries and benefits totaled US$34.5 million, a 14.2% increase over salaries and benefits of US$30.2 million in the same period in 2008. This increase was mainly a result of an overall increase in operating headcount to support additional capacity.
Passenger servicing. Passenger servicing totaled US$25.7 million for 4Q09, a 15.0% increase over passenger servicing of US$22.3 million in 4Q08.  This increase was primarily the result of an increase in capacity and passengers carried.
Commissions. Commissions totaled US$13.2 million for 4Q09, an 11.9% increase over commissions of US$11.8 million in 4Q08. This increase was primarily a result of a higher average commission rate.
Reservations and sales. Reservations and sales totaled US$9.8 million, a 2.7% increase over reservation and sales of US$9.5 million in 4Q08.  This increase was primarily a result of an increase in passengers carried.
Maintenance, materials and repairs. Maintenance, materials and repairs totaled US$17.6 million in 4Q09, an 18.5% increase over maintenance, materials and repairs of US$14.9 million in 4Q08. This increase was a result of increased capacity and the timing of major overhaul events.
Depreciation. Depreciation totaled US$10.6 million in 4Q09, a 3.3% increase over depreciation of US$10.2 million in 4Q08, primarily related to depreciation of new aircraft and spare parts.
Flight operations, aircraft rentals, landing fees and other rentals. Combined, flight operations, aircraft rentals, landing fees and other rentals increased 2.7% from US$25.5 million in 4Q08 to US$26.2 million in 4Q09.
Other. Other expenses increased US$2.6 million from US$10.5 million in 4Q08 to US$13.1 million in 4Q09.

 
6
 
 

Aero Republica operating expenses

Aero Republica’s operating expenses increased 15.4% to US$63.9 million in 4Q09 from US$55.4 million in 4Q08. Operating expenses per available seat mile (CASM) increased 13.9% to 16.0 cents in 4Q09 from 14.0 cents in 4Q08. CASM, excluding fuel costs and special charges, increased 14.8% from 9.5 cents in 4Q08 to 10.9 cents in 4Q09.

Non-operating income (expense)

Consolidated non-operating income (expense) totaled a gain of US$6.4 million in 4Q09, compared to a loss of US$50.1 million in 4Q08.

Interest expense.  Interest expense totaled US$7.4 million in 4Q09, a 32.1% decrease from interest expense of US$10.9 million in 4Q08, primarily as a result of lower rates on variable rate debt.
Interest income. Interest income totaled US$2.2 million, a 23.4% decrease from interest income of US$2.9 million in 4Q08, mostly a result of lower interest rates.
Other, net.  Other net totaled a gain of US$11.6 million in 4Q09, mainly related to a US$9.6 million non-cash gain related to the mark-to-market of fuel hedge contracts.

About Copa Holdings:
Copa Holdings, through its Copa Airlines and Aero Republica operating subsidiaries, is a leading Latin American provider of passenger and cargo services. Copa Airlines currently offers approximately 152 daily scheduled flights to 45 destinations in 24 countries in North, Central and South America and the Caribbean. In addition, Copa Airlines provides passengers with access to flights to more than 120 other international destinations through code share agreements with Continental Airlines and other airlines. Aero Republica provides service to 12 cities in Colombia as well as international connectivity with Copa Airlines' Hub of the Americas through flights from Barranquilla, Bogota, Bucaramanga, Cali, Cartagena, Medellin and Pereira. Additionally, Aero Republica has international flights from Colombia to Caracas and Quito. For more information, visit www.copaair.com.
 
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: (507) 304-2677
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 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.
 
 
7
 

Copa Holdings, S.A.
Operating data

   
Unaudited
    
Unaudited
    
%
    
Unaudited
    
%
    
Unaudited
    
Audited
    
%
  
     
4Q09
      
4Q08
    
Change
      
3Q09
    
Change
    
2009
    
2008
    
Change
  
                                                       
Copa Holdings (Consolidated)
                                                      
Revenue passengers carried (thousands)
     1,521       1,338       13.7 %     1,475       3.1 %     5,553       5,026       10.5 %
Revenue passengers miles (RPMs) (mm)
     1,984       1,760       12.7 %     1,930       2.8 %     7,397       6,717       10.1 %
Available seat miles (ASMs) (mm)
     2,498       2,375       5.2 %     2,545       -1.9 %     9,911       8,845       12.1 %
Load factor
     79.4 %     74.1 %     5.3 p.p.     75.8 %     3.6 p.p.     74.6 %     75.9 %     -1.3 p.p.
Break-even load factor
     60.0 %     56.9 %     3.1 p.p.     59.7 %     0.3 p.p.     59.2 %     63.0 %     -3.8 p.p.
Yield (cents)
     16.4       18.5       -11.7 %     15.9       2.7 %     16.0       18.1       -11.5 %
RASM (cents)
     13.7       14.6       -5.8 %     12.7       8.0 %     12.6       14.6       -13.2 %
CASM (cents)
     10.9       11.0       -1.6 %     10.9       -0.5 %     10.4       12.0       -13.7 %
Adj.CASM - excl. special charges and fuel (cents)
     7.6       7.2       5.2 %     7.2       5.4 %     7.2       7.5       -4.1 %
Fuel gallons consumed (mm)
     34.8       33.4       4.3 %     35.6       -2.2 %     138.0       125.1       10.4 %
Average price of Fuel - Net of Hedges (US$)
     2.21       2.73       -18.8 %     2.24       -1.4 %     2.17       3.21       -32.4 %
                                                                 
Copa Segment
                                                                
Revenue passengers miles (RPMs) (mm)
     1,684       1,503       12.0 %     1,643       2.5 %     6,323       5,789       9.2 %
Available seat miles (ASMs) (mm)
     2,098       1,981       5.9 %     2,136       -1.8 %     8,319       7,342       13.3 %
Load factor
     80.3 %     75.9 %     4.4 p.p.     76.9 %             76.0 %     78.8 %     -2.8 p.p.
Break-even load factor
     57.7 %     55.7 %     2.0 p.p.     58.1 %     -0.4 p.p.     58.6 %     62.2 %     -3.6 p.p.
Yield (US$ cents)
     15.7       17.4       -10.0 %     15.1       3.6 %     15.3       16.8       -9.3 %
RASM (cents)
     13.4       14.1       -4.9 %     12.4       8.0 %     12.3       14.1       -12.7 %
CASM (cents)
     10.1       10.5       -3.6 %     9.8       3.6 %     9.7       11.3       -13.6 %
Adj.CASM - excl. special charges and fuel (cents)
     7.2       6.8       5.4 %     6.6       8.8 %     6.7       6.9       -2.8 %
Fuel gallons consumed (mm)
     28.5       26.9       5.6 %     29.1       -2.2 %     112.4       100.3       12.1 %
Average price of Fuel - Net of Hedges (US$)
     2.16       2.72       -20.3 %     2.26       -4.2 %     2.20       3.14       -29.9 %
                                                                 
Aero Republica Segment
                                                                
Revenue passengers miles (RPMs) (mm)
     300       257       16.7 %     287       4.3 %     1,074       928       15.7 %
Available seat miles (ASMs) (mm)
     399       395       1.2 %     409       -2.4 %     1,592       1,503       5.9 %
Load factor
     75.0 %     65.0 %     9.9 p.p.     70.2 %     6.9 %     67.5 %     61.7 %     5.7 p.p.
Break-even load factor
     69.7 %     58.8 %     10.9 p.p.     65.6 %     4.1 p.p.     60.6 %     61.4 %     -0.8 p.p.
Yield (cents)
     20.2       25.0       -19.2 %     20.6       -1.6 %     20.7       26.3       -21.3 %
RASM (cents)
     16.5       17.5       -5.4 %     15.7       5.5 %     15.1       17.6       -14.3 %
CASM (cents)
     16.0       14.0       13.9 %     18.1       -11.6 %     14.6       16.6       -11.8 %
Adj.CASM - excl. special charges and fuel (cents)
     10.9       9.5       14.8 %     11.1       -1.5 %     10.2       10.8       -6.2 %
Fuel gallons consumed (mm)
     6.4       6.4       -1.3 %     6.5       -2.1 %     25.6       24.8       3.3 %
Average price of Fuel - Net of Hedges (US$)
     2.44       2.78       -12.3 %     2.18       11.9 %     2.02       3.49       -42.0 %

 
8
 


Copa Holdings, S.A.
Income Statement - USGAAP
(US$ Thousands)

   
Unaudited
    
Unaudited
    
%
    
Unaudited
    
%
    
Unaudited
    
Audited
    
%
  
     
4Q09
      
4Q08
    
Change
      
3Q09
    
Change
    
2009
    
2008
    
Change
  
Operating Revenues
                                                      
Passenger Revenue
     324,384       325,849       -0.4 %     307,438       5.5 %     1,186,717       1,217,311       -2.5 %
Cargo, mail and other
     18,573       20,210       -8.1 %     16,298       14.0 %     66,370       71,478       -7.1 %
Total Operating Revenue
     342,957       346,059       -0.9 %     323,736       5.9 %     1,253,088       1,288,789       -2.8 %
                                                                 
Operating Expenses
                                                                
Aircraft fuel
     77,643       91,408       -15.1 %     80,812       -3.9 %     300,816       404,669       -25.7 %
Salaries and benefits
     43,863       37,484       17.0 %     39,059       12.3 %     157,879       139,431       13.2 %
Passenger servicing
     30,781       26,280       17.1 %     28,839       6.7 %     110,768       98,775       12.1 %
Commissions
     15,753       14,798       6.5 %     15,889       -0.9 %     57,565       67,177       -14.3 %
Reservations and sales
     14,098       13,187       6.9 %     15,993       -11.8 %     56,280       54,996       2.3 %
Maintenance, material and repairs
     20,118       17,737       13.4 %     18,195       10.6 %     76,732       66,438       15.5 %
Depreciation
     11,264       11,326       -0.5 %     11,926       -5.6 %     47,079       42,891       9.8 %
Flight operations
     15,356       14,680       4.6 %     15,511       -1.0 %     60,873       56,425       7.9 %
Aircraft rentals
     10,774       10,078       6.9 %     11,911       -9.5 %     46,538       43,008       8.2 %
Landing fees and other rentals
     8,897       8,305       7.1 %     8,557       4.0 %     33,628       32,467       3.6 %
Other
     17,835       16,766       6.4 %     16,545       7.8 %     62,187       58,520       6.3 %
Special fleet charges
     4,818       -       n/a       14,599               19,417       0       n/a  
Total Operating Expense
     271,200       262,049       3.5 %     277,836       -2.4 %     1,029,762       1,064,797       -3.3 %
                                                                 
Operating Income
     71,757       84,010       -14.6 %     45,900       56.3 %     223,326       223,991       -0.3 %
                                                                 
Non-operating Income (Expense):
                                                                
Interest expense
     (7,392 )     (10,891 )     -32.1 %     (8,090 )     -8.6 %     (32,938 )     (42,071 )     -21.7 %
Interest capitalized
     1       525       -99.8 %     141       -99.3 %     693       1,921       -63.9 %
Interest income
     2,194       2,863       -23.4 %     2,217       -1.0 %     9,185       11,130       -17.5 %
Other, net
     11,568       (42,639 )     -127.1 %     6,139       88.4 %     59,703       (58,843 )     -201.5 %
Total Non-Operating Income/(Expense)
     6,371       (50,142 )     -112.7 %     407       1466.1 %     36,642       (87,863 )     -141.7 %
                                                                 
Income before Income Taxes
     78,128       33,868       130.7 %     46,307       68.7 %     259,968       136,128       91.0 %
                                                                 
Provision for Income Taxes
     7,686       8,113       -5.3 %     3,168       142.6 %     19,610       17,469       12.3 %
                                                                 
Net Income
     70,442       25,755       173.5 %     43,139       63.3 %     240,358       118,659       102.6 %
                                                                 
Basic EPS
     1.63       0.60       172.6 %     1.00       63.3 %     5.55       2.75       101.8 %
Basic Shares
     43,344,371       43,194,566       0.3 %     43,344,371       0.0 %     43,307,534       43,142,515       0.4 %
                                                                 
Diluted EPS
     1.61       0.59       171.4 %     0.99       63.1 %     5.50       2.73       101.5 %
Diluted Shares
     43,763,430       43,425,896       0.8 %     43,710,245       0.1 %     43,672,171       43,439,879       0.5 %

 
9
 


Copa Holdings, S.A.
Balance Sheet - USGAAP
(US$ Thousands)
  
December 31,
    
September 30,
    
December 31,
  
   
2009
    
2009
    
2008
  
   
(Unaudited)
    
(Unaudited)
    
(Audited)
  
ASSETS
                  
Current Assets:
                  
Cash and cash equivalents
   $ 262,656     $ 264,976     $ 220,808  
Short-term investments
     89,412       102,778       176,018  
Total cash, cash equivalents and short-term investments
     352,068       367,754       396,826  
                         
Accounts receivable, net of allowance for doubtful accounts
     76,392       90,722       70,609  
Accounts receivable from related parties
     4,399       5,425       4,592  
Expendable parts and supplies, net of allowance for obsolescence
     23,327       23,138       18,405  
Prepaid expenses
     32,314       22,277       26,694  
Other current assets
     13,654       5,465       5,338  
Total Current Assets
     502,154       514,781       522,464  
                         
Long-term investments
     6,407       8,577       11,145  
                         
Property and Equipment:
                        
Owned property and equipment:
                        
Flight equipment
     1,439,759       1,436,216       1,372,352  
Other equipment
     61,339       61,379       55,291  
      1,501,098       1,497,595       1,427,643  
Less: Accumulated depreciation
     (218,108 )     (210,067 )     (174,835 )
      1,282,990       1,287,528       1,252,808  
Purchase deposits for flight equipment
     198,697       165,370       84,861  
Total Property and Equipment
     1,481,687       1,452,898       1,337,669  
                         
Other Assets:
                        
Net pension asset
     2,227       2,003       1,486  
Goodwill
     23,852       25,369       21,732  
Intangible asset
     34,973       37,197       31,865  
Other assets
     41,569       34,413       27,864  
Total Other Assets
     102,621       98,982       82,947  
Total Assets
   $ 2,092,869     $ 2,075,238     $ 1,954,225  
                         
LIABILITIES AND SHAREHOLDER'S EQUITY
                        
Current Liabilities:
                        
Current maturities of long-term debt
   $ 94,550     $ 129,315     $ 115,833  
Accounts payable
     51,343       49,825       54,066  
Accounts payable to related parties
     14,103       9,060       11,510  
Air traffic liability
     183,344       186,985       182,490  
Taxes and interest payable
     43,227       41,761       37,194  
Accrued expenses payable
     49,058       45,490       40,642  
Other current liabilities
     10,957       18,924       60,349  
Total Current Liabilities
     446,582       481,360       502,084  
                         
Non-Current Liabilities:
                        
Long-term debt
     750,971       771,184       800,196  
Post employment benefits liability
     2,370       2,326       2,072  
Other long-term liabilities
     13,908       12,844       8,694  
Deferred tax liabilities
     13,410       10,685       8,747  
Total Non-Current Liabilities
     780,659       797,039       819,709  
                         
Total Liabilities
     1,227,241       1,278,399       1,321,793  
                         
Shareholders' Equity:
                        
Class A - 31,136,619 shares issued and 30,566,853 shares outstanding
     20,864       20,858       20,761  
Class B - 12,778,125 shares issued and outstanding
     8,722       8,722       8,722  
Additional paid in capital
     18,658       17,292       13,481  
Retained earnings
     817,649       747,597       594,004  
Accumulated other comprehensive income (loss)
     (265 )     2,372       (4,536 )
Total Shareholders' Equity
     865,628       796,841       632,432  
Total Liabilities and Shareholders' Equity
   $ 2,092,869     $ 2,075,239     $ 1,954,225  

 
10
 


Copa Holdings, S.A.
 
NON-GAAP FINANCIAL MEASURE RECONCILIATION

This press release includes the following non GAAP financial measures: Adjusted CASM, Adjusted CASM Excluding Fuel, Adjusted EBITDAR, Adjusted Operating Income, Adjusted Net Income and Adjusted EPS.   This supplemental information is presented because we believe they are useful indicators of our operating performance and are 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 US GAAP measures, in particular operating income and net income. The following is a reconciliation of these non-GAAP financial measures to the comparable US GAAP measures:

Reconciliation of EBITDAR
                              
Excluding Special Items
     4Q09       4Q08       3Q09    
2009
    
2008
  
                                     
Net income as Reported
   $ 70,442     $ 25,755     $ 43,139     $ 240,358     $ 118,659  
                                         
Interest Expense
     (7,392 )     (10,891 )     (8,090 )     (32,938 )     (42,071 )
Capitalized Interest
     1       525       141       693       1,921  
Interest Income
     2,194       2,863       2,217       9,185       11,130  
Income Taxes
     (7,686 )     (8,113 )     (3,168 )     (19,610 )     (17,469 )
EBIT
     83,325       41,371       52,039       283,029       165,148  
                                         
Depreciation and Amortization
     11,264       11,326       11,926       47,079       42,891  
EBITDA
     94,589       52,697       63,965       330,108       208,039  
                                         
Aircraft Rent
     10,774       10,078       11,911       46,538       43,008  
Other Rentals
     4,267       3,873       3,772       15,196       15,293  
EBITDAR
   $ 109,631     $ 66,648     $ 79,648     $ 391,841     $ 266,341  
                                         
Special Items (adjustments):
                                        
Unrealized (gain) loss on fuel hedging instruments (1)
     (9,593 )     39,462       (5,214 )     (58,040 )     54,846  
Special Items (2)
     4,818       -       14,599       19,417       -  
Adjusted EBITDAR
   $ 104,855     $ 106,111     $ 89,032     $ 353,218     $ 321,187  

Reconciliation of Operating Income
                              
Excluding Special Items
    
4Q09
      
4Q08
      
3Q09
    
2009
    
2008
  
                                     
Operating Income as Reported
   $ 71,757     $ 84,010     $ 45,900     $ 223,326     $ 223,991  
                                         
Special Items (adjustments):
                                        
Special Items, net (2)
     4,818       -       14,599       19,417       -  
Adjusted Operating Income
   $ 76,575     $ 84,010     $ 60,499     $ 242,743     $ 223,991  

 
11
 


Reconciliation of Net Income
                              
Excluding Special Items
    
4Q09
      
4Q08
      
3Q09
    
2009
    
2008
  
                                     
Net income as Reported
   $ 70,442     $ 25,755     $ 43,139     $ 240,358     $ 118,659  
                                         
Special Items (adjustments):
                                        
Unrealized (gain) loss on fuel hedging instruments (1)
     (9,593 )     39,462       (5,214 )     (58,040 )     54,846  
Special Items, net (2)
     4,818       -       14,599       19,417       -  
Adjusted Net Income
   $ 65,667     $ 65,217     $ 52,523     $ 201,735     $ 173,505  
                                         
Shares used for Computation (in thousands)
                                        
Basic
     43,344       43,195       43,344       43,308       43,143  
Diluted
     43,763       43,426       43,710       43,672       43,440  
                                         
Adjusted earnings per share
                                        
Basic
     1.52       1.51       1.21       4.66       4.02  
Diluted
     1.50       1.50       1.20       4.62       3.99  

Reconciliation Operating Costs per ASM
                              
Excluding Fuel and Special Items
    
4Q09
      
4Q08
      
3Q09
    
2009
    
2008
  
                                     
Operating Costs per ASM as Reported
     10.9       11.0       10.9       10.4       12.0  
Aircraft fuel per ASM
     (3.1 )     (3.8 )     (3.2 )     (3.0 )     (4.6 )
Operating Costs per ASM excluding fuel
     7.7       7.2       7.7       7.4       7.5  
Special Items (adjustments):
                                        
Special Items per ASM, net (2)
     (0.2 )     -       (0.6 )     (0.2 )     -  
Operating expenses excluding fuel and special items
     7.6       7.2       7.2       7.2       7.5  

FOOTNOTES:
(1)
Include unrealized (gains) losses resulting from the mark-to-market accounting for changes in the fair value of fuel hedging instruments.  For 4Q09, 3Q09 and full year 2009 the Company recorded unrealized fuel hedge gains of US$9.6 million, US$5.2 million and US$58.0 million, respectively. For 4Q08 and full year 2008 the Company recorded unrealized fuel hedge losses of US$39.5 million and US$54.8 million, respectively.
(2)
Special items include for 4Q09, 3Q09 and 2009 exclude special charges related to the accrual of costs associated with the retirement of four MD-80 aircraft as a result of Aero Republica’s transition to an all Embraer-190 fleet

 
12
 
 
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