Excluding special items, adjusted net income
came in at $188.4 million, or
Adjusted EPS of $4.47
PANAMA CITY, Panama, Feb. 7, 2024
/PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today
announced financial results for the fourth quarter of 2023 (4Q23)
and the full year of 2023. 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 2022 (4Q22).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net profit of US$191.8 million for 4Q23 or US$4.55 per share. Excluding special items
comprised of a net gain of US$3.4
million related to the value of financial investments, the
Company would have reported a net profit of US$188.4 million or US$4.47 per share.
- For the full year 2023, the Company reported a net profit
of US$518.2 million or US$12.89 per share. Excluding special items,
comprised of a net loss related to the Company's convertible notes
as well as changes in the value of financial investments totaling
US$156.9 million, Copa Holdings would
have reported an adjusted net profit of US$675.1 million or US$16.79 per share, compared to an adjusted net
profit of US$335.4 million or
earnings per share of US$8.26 in
2022.
- Copa Holdings reported an operating profit of US$218.9 million and a 23.9% operating margin for
the quarter.
- For the full year 2023, the Company reported an operating
profit of US$811.8 million and an
operating margin of 23.5%, compared to an adjusted operating profit
of US$450.4 million and an operating
margin of 15.2% in 2022.
- Passenger traffic for 4Q23, measured in terms of revenue
passenger miles (RPMs), increased by 11.1% compared to 4Q22 in line
with capacity which, measured in available seat miles (ASMs),
increased by 11.0%. As a result, the load factor for the quarter
increased by 0.1 percentage points to 86.7% compared to 4Q22.
- Total revenues for 4Q23 increased 3.0% to US$916.9 million mainly driven by higher
capacity, while yields decreased by 7.1% to 14.0 cents. Consequently, revenue per available
seat mile (RASM) decreased by 7.3% as compared to 4Q22 to
12.7 cents.
- Operating cost per available seat mile (CASM) decreased 6.3%
from 10.3 cents in 4Q22 to
9.7 cents in 4Q23, mainly driven by a
decrease of 12.7% in the price of jet fuel per gallon and lower
sales and distribution costs. CASM excluding fuel (Ex-fuel CASM)
decreased by 1.6% in the quarter to 6.0
cents, when compared to 4Q22.
- The Company ended the quarter with approximately US$1.2 billion in cash, short-term and long-term
investments, which represent 34% of the last twelve months'
revenues.
- The Company closed the quarter with total debt, including lease
liabilities, of US$1.7 billion, while
our Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
- During the quarter, the Company took delivery of three Boeing
737 MAX 9 aircraft, ending the year with a consolidated fleet of
106 aircraft – 67 Boeing 737-800s, 29 Boeing 737 MAX 9s, 9 Boeing
737-700s, and 1 Boeing 737-800
freighter.
- Copa Airlines had an on-time performance for the quarter of
83.8% and a flight completion factor of 99.8%.
Subsequent Events
- In January, Copa Airlines was recognized by Cirium for the
ninth time as the most on-time airline in Latin America in 2023. Copa Airlines' on-time
performance of 89.5% for the year was the highest of any carrier in
the Americas.
- Following the Airworthiness Directive issued by the United
States Federal Aviation Administration (FAA) on January 6, the Company suspended operations of
twenty-one 737 MAX9 aircraft. From January 6
to January 29, a total of 1788 flights were canceled. After
undergoing the technical inspections required by the regulators,
all of these aircraft have returned to Copa Airlines' flight
schedule.
- On February 7, 2024, the Board of
Directors of Copa Holdings approved a 2024 quarterly dividend
payment of US$1.61 per share.
Dividends will be distributed during March, June, September, and
December. The first quarterly dividend of US$1.61 per share will be paid on March 15, 2024, to shareholders on record as of
February 29, 2024.
|
Consolidated Financial
& Operating Highlights
|
4Q23
|
4Q22
|
Variance vs. 4Q22
|
3Q23
|
Variance vs. 3Q23
|
FY23
|
FY22
|
Variance vs. FY22
|
|
Revenue Passengers
Carried (000s)
|
3,310
|
2,813
|
17.7 %
|
3,272
|
1.2 %
|
12,442
|
10,334
|
20.4 %
|
|
Revenue Passengers
OnBoard (000s)
|
4,930
|
4,262
|
15.7 %
|
4,873
|
1.2 %
|
18,566
|
15,724
|
18.1 %
|
|
RPMs
(millions)
|
6,263
|
5,639
|
11.1 %
|
6,239
|
0.4 %
|
24,052
|
20,779
|
15.7 %
|
|
ASMs
(millions)
|
7,228
|
6,509
|
11.0 %
|
7,109
|
1.7 %
|
27,700
|
24,430
|
13.4 %
|
|
Load Factor
|
86.7 %
|
86.6 %
|
0.1 p.p.
|
87.8 %
|
-1.1 p.p.
|
86.8 %
|
85.1 %
|
1.8 p.p.
|
|
Yield (US$
Cents)
|
14.0
|
15.1
|
-7.1 %
|
13.4
|
5.1 %
|
13.8
|
13.6
|
1.6 %
|
|
PRASM (US$
Cents)
|
12.2
|
13.1
|
-7.1 %
|
11.7
|
3.8 %
|
12.0
|
11.6
|
3.7 %
|
|
RASM (US$
Cents)
|
12.7
|
13.7
|
-7.3 %
|
12.2
|
3.9 %
|
12.5
|
12.1
|
3.0 %
|
|
CASM (US$
Cents)
|
9.7
|
10.3
|
-6.3 %
|
9.3
|
3.6 %
|
9.6
|
10.3
|
-7.1 %
|
|
CASM Excl. Fuel (US$
Cents)
|
6.0
|
6.1
|
-1.6 %
|
5.8
|
3.9 %
|
6.0
|
6.0
|
-0.3 %
|
|
Fuel Gallons Consumed
(millions)
|
85.6
|
77.7
|
10.2 %
|
83.9
|
2.1 %
|
327.6
|
291.4
|
12.4 %
|
|
Avg. Price Per Fuel
Gallon (US$)
|
3.07
|
3.52
|
-12.7 %
|
3.00
|
2.6 %
|
3.02
|
3.60
|
-16.0 %
|
|
Average Length of Haul
(miles)
|
1,892
|
2,005
|
-5.6 %
|
1,907
|
-0.8 %
|
1,933
|
2,011
|
-3.9 %
|
|
Average Stage Length
(miles)
|
1,229
|
1,266
|
-2.9 %
|
1,238
|
-0.8 %
|
1,251
|
1,275
|
-1.9 %
|
|
Departures
|
36,207
|
32,112
|
12.8 %
|
35,468
|
2.1 %
|
137,044
|
120,155
|
14.1 %
|
|
Block Hours
|
115,118
|
104,822
|
9.8 %
|
112,114
|
2.7 %
|
438,913
|
390,639
|
12.4 %
|
|
Average Aircraft
Utilization (hours)
|
11.9
|
11.8
|
1.3 %
|
11.9
|
0.0 %
|
11.9
|
11.3
|
5.0 %
|
|
Operating Revenues (US$
millions)
|
916.9
|
890.6
|
3.0 %
|
867.7
|
5.7 %
|
3,461.1
|
2,965.0
|
16.7 %
|
|
Operating Profit (Loss)
(US$ millions)
|
218.9
|
219.7
|
-0.4 %
|
205.0
|
6.8 %
|
811.8
|
450.4
|
80.2 %
|
|
Operating
Margin
|
23.9 %
|
24.7 %
|
-0.8 p.p.
|
23.6 %
|
0.2 p.p.
|
23.5 %
|
15.2 %
|
8.3 p.p.
|
|
Net Profit (Loss) (US$
millions)
|
191.8
|
88.3
|
117.2 %
|
187.4
|
2.4 %
|
518.2
|
348.1
|
48.9 %
|
|
Adjusted Net Profit
(Loss) (US$ millions) (1)
|
188.4
|
177.7
|
6.0 %
|
174.4
|
8.0 %
|
675.1
|
335.4
|
101.3 %
|
|
Basic EPS
(US$)
|
4.55
|
2.23
|
103.9 %
|
4.72
|
-3.5 %
|
12.89
|
8.58
|
50.3 %
|
|
Adjusted Basic EPS
(US$) (1)
|
4.47
|
4.49
|
-0.5 %
|
4.39
|
1.8 %
|
16.79
|
8.26
|
103.2 %
|
|
Shares for calculation
of Basic EPS (000s)
|
42,150
|
39,554
|
6.6 %
|
39,730
|
6.1 %
|
40,201
|
40,582
|
-0.9 %
|
(1) Excludes Special Items. This earnings
release includes a reconciliation of non-IFRS financial measures to
the comparable IFRS measures.
FULL 4Q23 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:
https://copa.gcs-web.com/financial-information/quarterly-results
4Q23 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
|
Date:
|
February 8,
2024
|
|
|
|
Time:
|
11:00 AM US ET (11:00
AM Local Time)
|
|
|
|
Join by
phone:
|
https://register.vevent.com/register/BI4cf2c550166242c38d9f247f0fa590a7
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated statement of profit or
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(US$ Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
%
|
Unaudited
|
|
%
|
Unaudited
|
|
Audited
|
|
%
|
|
|
|
4Q23
|
|
4Q22
|
|
Change
|
3Q23
|
|
Change
|
FY23
|
|
FY22
|
|
Change
|
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
revenue
|
|
879,351
|
|
852,291
|
|
3.2 %
|
833,306
|
|
5.5 %
|
3,320,455
|
|
2,824,719
|
|
17.5 %
|
|
|
Cargo and mail
revenue
|
|
26,534
|
|
27,095
|
|
-2.1 %
|
23,431
|
|
13.2 %
|
97,105
|
|
1,01,765
|
|
-4.6 %
|
|
|
Other operating
revenue
|
|
11,049
|
|
11,226
|
|
-1.6 %
|
10,973
|
|
0.7 %
|
43,538
|
|
38,549
|
|
12.9 %
|
|
|
Total Operating Revenue
|
|
916,933
|
|
890,612
|
|
3.0 %
|
867,711
|
|
5.7 %
|
3,461,098
|
|
2,965,033
|
|
16.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
264,166
|
|
273,901
|
|
-3.6 %
|
252,077
|
|
4.8 %
|
995,862
|
|
1,052,637
|
|
-5.4 %
|
|
|
Wages, salaries,
benefits and other employees' expenses
|
|
119,669
|
|
105,019
|
|
14.0 %
|
108,416
|
|
10.4 %
|
436,526
|
|
380,385
|
|
14.8 %
|
|
|
Passenger
servicing
|
|
24,148
|
|
19,518
|
|
23.7 %
|
23,147
|
|
4.3 %
|
89,146
|
|
70,080
|
|
27.2 %
|
|
|
Airport facilities and
handling charges
|
|
59,010
|
|
49,734
|
|
18.7 %
|
58,243
|
|
1.3 %
|
2,21,878
|
|
1,92,584
|
|
15.2 %
|
|
|
Sales and
distribution
|
|
55,111
|
|
61,498
|
|
-10.4 %
|
54,058
|
|
1.9 %
|
2,27,171
|
|
2,24,465
|
|
1.2 %
|
|
|
Maintenance, materials
and repairs
|
|
31,276
|
|
28,875
|
|
8.3 %
|
29,528
|
|
5.9 %
|
1,32,531
|
|
1,04,114
|
|
27.3 %
|
|
|
Depreciation and
amortization
|
|
79,815
|
|
70,251
|
|
13.6 %
|
78,359
|
|
1.9 %
|
3,05,668
|
|
2,67,704
|
|
14.2 %
|
|
|
Flight
operations
|
|
27,987
|
|
25,667
|
|
9.0 %
|
29,476
|
|
-5.1 %
|
1,09,892
|
|
97,256
|
|
13.0 %
|
|
|
Other operating and
administrative expenses
|
|
36,875
|
|
36,492
|
|
1.0 %
|
29,394
|
|
25.5 %
|
1,30,656
|
|
1,25,424
|
|
4.2 %
|
|
|
Total Operating Expense
|
|
698,058
|
|
670,954
|
|
4.0 %
|
662,697
|
|
5.3 %
|
2,649,331
|
|
2,514,648
|
|
5.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit/(Loss)
|
|
218,875
|
|
219,657
|
|
-0.4 %
|
205,014
|
|
6.8 %
|
811,767
|
|
450,384
|
|
80.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
cost
|
|
(20,408)
|
|
(23,388)
|
|
-12.7 %
|
(82,926)
|
|
-75.4 %
|
(1,58,216)
|
|
(87,631)
|
|
80.5 %
|
|
|
Finance
income
|
|
14,289
|
|
7,413
|
|
92.8 %
|
15,108
|
|
-5.4 %
|
50,209
|
|
18,030
|
|
178.5 %
|
|
|
Gain (loss) on foreign
currency fluctuations
|
|
(272)
|
|
(2,560)
|
|
-89.4 %
|
(1,566)
|
|
-82.6 %
|
3,076
|
|
(9,812)
|
|
-131.3 %
|
|
|
Net change in fair
value of derivatives
|
|
-
|
|
(91,305)
|
|
-100.0 %
|
77,058
|
|
-100.0 %
|
(98,347)
|
|
17,189
|
|
-672.2 %
|
|
|
Other non-operating
income (expense)
|
|
3,126
|
|
1,221
|
|
156.0 %
|
1,867
|
|
67.5 %
|
7,153
|
|
70
|
|
10065.6 %
|
|
|
Total Non-Operating
Income/(Expense)
|
|
(3,264)
|
|
(1,08,619)
|
|
-97.0 %
|
9,540
|
|
-134.2 %
|
(196,126)
|
|
(62,155)
|
|
215.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxes
|
|
215,611
|
|
111,039
|
|
94.2 %
|
214,555
|
|
0.5 %
|
615,641
|
|
388,229
|
|
58.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(23,830)
|
|
(22,758)
|
|
4.7 %
|
(27,179)
|
|
-12.3 %
|
(97,456)
|
|
(40,176)
|
|
142.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/(Loss)
|
|
191,780
|
|
88,280
|
|
117.2 %
|
187,375
|
|
2.4 %
|
518,185
|
|
348,054
|
|
48.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
4.55
|
|
2.23
|
|
103.9 %
|
4.72
|
|
-3.5 %
|
12.89
|
|
8.58
|
|
50.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
42,149,854
|
|
39,554,071
|
|
6.6 %
|
39,730,180
|
|
6.1 %
|
40,200,947
|
|
40,581,616
|
|
-0.9 %
|
|
|
Copa Holdings, S. A.
and subsidiaries
|
|
|
|
Consolidated
statement of financial position
|
|
|
|
(US$
Thousands)
|
|
|
|
December
2023
|
December
2022
|
|
ASSETS
|
(Unaudited)
|
(Audited)
|
|
Cash and cash
equivalents
|
206,375
|
122,424
|
|
Short-term
investments
|
708,809
|
812,323
|
|
Total cash, cash
equivalents and short-term investments
|
915,184
|
934,747
|
|
|
|
|
Accounts receivable,
net
|
156,720
|
135,415
|
|
Accounts receivable
from related parties
|
2,527
|
2,168
|
|
Expendable parts and
supplies, net
|
116,604
|
93,332
|
|
Prepaid
expenses
|
44,635
|
52,322
|
|
Prepaid income
tax
|
66
|
798
|
|
Other current
assets
|
32,227
|
17,043
|
|
352,779
|
301,078
|
|
TOTAL CURRENT
ASSETS
|
1,267,963
|
1,235,825
|
|
|
|
|
Long-term
investments
|
258,934
|
202,056
|
|
Long-term prepaid
expenses
|
9,633
|
7,770
|
|
Property and equipment,
net
|
3,239,078
|
2,883,524
|
|
Right of use
assets
|
281,146
|
234,380
|
|
Intangible,
net
|
87,986
|
78,555
|
|
Net defined benefit
assets
|
5,346
|
504
|
|
Deferred tax
assets
|
30,136
|
30,743
|
|
Other Non-Current
Assets
|
17,048
|
17,005
|
|
TOTAL NON-CURRENT
ASSETS
|
3,929,307
|
3,454,537
|
|
|
|
|
TOTAL
ASSETS
|
5,197,270
|
4,690,362
|
|
|
|
|
LIABILITIES
|
|
|
|
Loans and
borrowings
|
2,22,430
|
1,42,484
|
|
Current portion of
lease liability
|
68,304
|
80,084
|
|
Accounts
payable
|
182,303
|
166,660
|
|
Accounts payable to
related parties
|
1,228
|
1,004
|
|
Air traffic
liability
|
605,900
|
651,805
|
|
Frequent flyer deferred
revenue
|
126,677
|
111,526
|
|
Taxes
Payable
|
44,210
|
43,878
|
|
Accrued expenses
payable
|
64,940
|
44,913
|
|
Income tax
payable
|
26,956
|
6,276
|
|
Other Current
Liabilities
|
1,403
|
1,175
|
|
TOTAL CURRENT
LIABILITIES
|
1,344,351
|
1,249,805
|
|
|
|
|
Loans and borrowings
long-term
|
1,240,261
|
1,301,819
|
|
Lease
Liability
|
215,353
|
158,289
|
|
Derivative financial
instruments
|
-
|
251,150
|
|
Deferred tax
Liabilities
|
36,594
|
16,571
|
|
Other long - term
liabilities
|
234,474
|
220,618
|
|
TOTAL NON-CURRENT
LIABILITIES
|
1,726,682
|
1,948,447
|
|
|
|
|
TOTAL
LIABILITIES
|
3,071,033
|
3,198,252
|
|
|
|
|
EQUITY
|
|
|
|
Class A - 34,075,142
issued and 31,090,299 outstanding
|
21,367
|
21,327
|
|
Class B -
10,938,125
|
7,466
|
7,466
|
|
Additional Paid-In
Capital
|
210,936
|
103,465
|
|
Treasury
Stock
|
(204,130)
|
(344,541)
|
|
Retained
Earnings
|
1,581,739
|
1,367,784
|
|
Net
profit
|
518,185
|
348,054
|
|
Other comprehensive
loss
|
(9,326)
|
(11,445)
|
|
|
|
|
TOTAL
EQUITY
|
2,126,237
|
1,492,110
|
|
TOTAL EQUITY
LIABILITIES
|
5,197,270
|
4,690,362
|
|
Copa Holdings, S. A.
and subsidiaries
|
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
|
|
|
For the twelve
months ended December 31,
|
|
|
|
|
|
|
|
(In US$
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Audited)
|
|
Cash flow from
operating activities
|
|
1,020,974
|
|
740,948
|
|
462,612
|
|
Cash flow (used in)
investing activities
|
|
(542,995)
|
|
(555,911)
|
|
(459,135)
|
|
Cash flow (used in)
from financing activities
|
|
(394,028)
|
|
(273,694)
|
|
88,539
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
83,951
|
|
(88,657)
|
|
92,016
|
|
Cash and cash
equivalents at January 1
|
|
122,424
|
|
211,081
|
|
119,065
|
|
Cash and cash
equivalents at December 31
|
|
$
206,375
|
|
$
122,424
|
|
$
211,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments
|
|
708,809
|
|
812,323
|
|
806,340
|
|
Long-term
investments
|
|
258,934
|
|
202,056
|
|
199,670
|
|
Total cash and cash
equivalents and investments at December 31
|
|
$
1,174,118
|
|
$
1,136,803
|
|
$
1,217,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
4Q23
|
|
4Q22
|
|
3Q23
|
|
FY23
|
|
FY22
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit as
Reported
|
|
$
191,780
|
|
$
88,280
|
|
$
187,375
|
|
$
518,185
|
|
$
348,054
|
|
Interest
expense related to the settlement of the convertible
notes
|
|
$
-
|
|
$
-
|
|
$
64,894
|
|
$
64,894
|
|
$
-
|
|
Net change
in fair value of derivatives
|
|
$
-
|
|
$
91,305
|
|
$ (77,058)
|
|
$
98,347
|
|
$ (17,189)
|
|
Net change
in fair value of financial investments
|
|
$
(3,372)
|
|
$
(1,924)
|
|
$
(810)
|
|
$
(6,349)
|
|
$
4,516
|
|
Adjusted Net
Profit
|
|
$
188,409
|
|
$
177,661
|
|
$
174,400
|
|
$
675,077
|
|
$
335,381
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Basic EPS
|
|
4Q23
|
|
4Q22
|
|
3Q23
|
|
FY23
|
|
FY22
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Profit
|
|
$
188,409
|
|
$
177,661
|
|
$
174,400
|
|
$
675,077
|
|
$
335,381
|
|
Shares used for
calculation of Basic EPS
|
|
42,150
|
|
39,554
|
|
39,730
|
|
40,201
|
|
40,582
|
|
Adjusted Basic
Earnings per share (Adjusted Basic EPS)
|
|
$
4.47
|
|
$
4.49
|
|
$
4.39
|
|
$
16.79
|
|
$
8.26
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Costs per ASM
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Fuel (CASM
Excl. Fuel)
|
|
4Q23
|
|
4Q22
|
|
3Q23
|
|
FY23
|
|
FY22
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs per ASM
as Reported (in US$ Cents)
|
|
9.7
|
|
10.3
|
|
9.3
|
|
9.6
|
|
10.3
|
|
Aircraft Fuel Cost per
ASM (in US$ Cents)
|
|
3.7
|
|
4.2
|
|
3.5
|
|
3.6
|
|
2.8
|
|
Operating Costs per
ASM excluding fuel (in US$ Cents)
|
|
6.0
|
|
6.1
|
|
5.8
|
|
6.0
|
|
7.2
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/copa-holdings-reports-net-income-of-191-8-million-and-eps-of-4-55-for-the-fourth-quarter-of-2023--302056773.html
SOURCE Copa Holdings, S.A.
