Market Overview

Volaris Reports Second Quarter 2017 Results: 26% Adjusted EBITDAR Margin.

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  • Non-Ticket Revenues Reached 29%

Volaris* (NYSE:VLRS), the ultra-low-cost airline serving
Mexico, the United States and Central America, today announced its
financial results for the second quarter 2017.

The following financial information, unless otherwise indicated, is
presented in accordance with International Financial Reporting Standards
(IFRS).

Second Quarter 2017 Highlights

  • Total operating revenues reached Ps.5,982 million for the second
    quarter, an increase of 16.6% year over year.
  • Non-ticket revenues were Ps.1,730 million for the second quarter, an
    increase of 31.4% year over year. Non-ticket revenues per passenger
    were Ps.426 for the second quarter, increasing 17.7% year over year.
    Non-ticket revenues now represent 29% of the total operating revenues.
  • Total operating revenues per available seat mile (TRASM) were Ps.128.9
    cents for the second quarter, at the same level than the same period
    of the previous year.
  • Operating expenses per available seat mile (CASM) were Ps.128.1 cents
    for the second quarter, an increase of 7.5% year over year; with an
    average economic fuel cost per gallon of Ps.32.1, increasing 13.2%
    year-on-year, and an average exchange rate of Ps.18.60, a year-on-year
    increase of 3.0%.
  • Adjusted EBITDAR was Ps.1,556 million for the second quarter, a
    decrease of 14.5% year over year. Adjusted EBITDAR margin was 26.0%
    for the second quarter, a decrease in margin of 9.5 percentage points.
  • Operating income was Ps.38.8 million for the second quarter, with an
    operating margin of 0.6%, equal to a year over year operating margin
    decrease of 6.9 percentage points.
  • At the end of the second quarter, the Mexican peso appreciated 6.4%
    against the U.S. dollar with respect to the end of period exchange
    rate of the previous quarter. The Company booked a foreign exchange
    loss of Ps.558 million as a consequence of our U.S. dollar net
    monetary asset position. Net loss was Ps.520 million (Ps.0.51 per
    share / US$0.29 per ADS) for the second quarter, with a net margin of
    -8.7%.
  • Net cash flow used in operating activities was Ps.215 million for the
    second quarter. As of June 30, 2017, cash and cash equivalents were
    Ps.5,981 million.

Volaris´ CEO Enrique Beltranena commented: "During the second quarter,
we continued to face challenging international market conditions,
although sequentially improving. Volaris responded by prudently managing
capacity and executing its ULCC model to continue stimulating market
demand based on a resilient domestic market and a slow but sustained
recovery in international travel. We remain cautiously optimistic of
recently improving market conditions and thus we will continue managing
capacity accordingly. Going forward, we believe that the Company's
fundamentals remain strong and our solid financial position will enable
us to continue executing our long-term growth plans."

Stable Macroeconomics and Domestic Consumer Demand, Offset by
Exchange Rate and Fuel Price Pressures

  • Stable macroeconomics and domestic consumer demand: The macroeconomic
    indicators in Mexico continue to be solid, with same store sales
    increasing 5%1 during June, remittances increasing 5%2
    year over year in April and May and domestic consumer confidence
    recovering strength towards the end of the quarter.
  • Air traffic volume increase: The Mexican DGAC reported overall
    passenger volume growth for Mexican carriers of 16% year over year in
    April and May; domestic overall passenger volume increased 13%, while
    international overall passenger volume increased 25%.
  • Exchange rate volatility: The Mexican peso depreciated 3.0% year over
    year against the U.S. dollar, from an average exchange rate of
    Ps.18.05 pesos per US dollar in the second quarter 2016 to Ps.18.60
    pesos per U.S. dollar during the second quarter 2017.
  • Higher fuel prices: The average economic fuel cost per gallon
    increased 13.2%, year over year, to Ps.32.1 per gallon (US$1.79) in
    the second quarter 2017.

Strengthened ULCC Model with Further Non-Ticket Revenue Expansion

  • Passenger traffic stimulation: Volaris booked 4.1 million
    passengers in the second quarter of 2017, up 11.6% year over year.
    Volaris traffic (measured in terms of revenue passenger miles, or
    RPMs) increased 15.9% for the same period. System load factor during
    the quarter decreased 0.4 percentage points year over year to 85.7%.
  • Weak and competitive market environment pressured yields partially
    offset by volume and non-ticket revenue:
    For the second quarter of
    2017, yield decreased 3.8% year over year, load factor was stable at
    86%, while TRASM remained at the same level as last year, despite the
    seasonality effect from the shift of Holy and Easter weeks to the
    second quarter of this year. During the second quarter, domestic
    capacity, in terms of ASMs, increased 8.5% year over year, while
    international capacity increased 36.1% year over year.
  • Non-ticket revenue growth: Non-ticket revenues and non-ticket
    revenues per passenger for the second quarter of 2017 increased 31.4%
    and 17.7% year over year, respectively. Non-ticket revenue generation
    continues to grow with improved revenues from excess baggage,
    co-branded credit card and better uptakes of ancillary combos. We also
    increased our commission revenues from travel related products, such
    as a new hotel selection step in the purchasing process. Non-ticket
    revenues now represent 29% of the total operating revenues.
  • New routes: In the second quarter 2017, Volaris began
    operations in six new international routes (Managua, Nicaragua – San
    Jose, Costa Rica; Leon, Guanajuato – Ontario, California; Guatemala
    City, Guatemala - Mexico City; Los Angeles, California – Queretaro;
    Midway, Chicago – Queretaro; and Los Angeles, California – Oaxaca).

Exchange Rate and Fuel Price Pressure

In the second quarter 2017, Volaris continued to experience pressure in
U.S. dollar denominated costs, such as aircraft and engine rent
expenses, international airport costs, and maintenance expenses due to
the depreciation of the Mexican peso by 3.0%, year over year. CASM for
the second quarter was Ps.128.1 cents, a 7.5% increase compared to
second quarter 2016, mainly driven by higher fuel prices and foreign
exchange rate pressures. However, at the end of the second quarter, the
Mexican peso appreciated 4.8% with respect to the end of previous
quarter, leading to a net exchange rate loss of Ps.558 million as result
of our U.S. dollar net monetary asset position.

Youngest and Most Fuel Efficient Fleet in Mexico

During the second quarter 2017, the Company did not incorporate any
additional aircraft and two aircraft were redelivered. As of June 30,
2017, Volaris fleet was composed of 66 aircraft (12 A319s, 44 A320s and
10 A321s), with an average age of 4.4 years, the youngest fleet among
Mexican carriers. At the end of the second quarter 2017, Volaris' fleet
had an average of 180 seats, 63% of which were in sharklet-equipped
aircraft.

Solid Balance Sheet and Good Liquidity

Net cash flow used in operating activities was Ps.215 million for the
second quarter. As of June 30, 2017, cash and cash equivalents were
Ps.5,981 million. Volaris registered negative net debt (or a positive
net cash position) of Ps.3,916 million and total equity of Ps.8,598
million.

Active in Fuel Risk Management

Volaris remains active in its fuel risk management program. Volaris
utilized call options to hedge 54% of its second quarter 2017 fuel
consumption, at an average strike price of US $1.61 per gallon, which
combined with the 46% unhedged consumption, resulted in a blended
average economic fuel cost of US$1.79 per gallon.

Investors are urged to carefully read the Company's periodic reports
filed with or furnished to the Securities and Exchange Commission, for
additional information regarding the Company.

Conference Call/Webcast Details:

Presenters for the Company:

 

 

Date:

   

Mr. Enrique Beltranena, CEO

Mr. Fernando Suárez, CFO

 

Friday, July 21, 2017

Time: 10:00 am U.S. EDT (9:00 am Mexico City Time)
United States dial in (toll free): 1-800-311-9408
Mexico dial in (toll free): 0-1-800-847-7666
Brazil dial in (toll free): 0800-282-5781
International dial in: +1-334-323-7224
Participant entry number: 83342
Webcast will be available at:

https://www.webcaster4.com/Webcast/Page/1174/21510

 

About Volaris:

*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ("Volaris" or
the "Company") (NYSE:VLRS), is an ultra-low-cost
carrier, with point-to-point operations, serving Mexico, the United
States and Central America. Volaris offers low base fares to build its
market, providing quality service and extensive customer choice. Since
beginning operations in March 2006, Volaris has increased its routes
from five to more than 164 and its fleet from four to 66 aircraft.
Volaris offers more than 306 daily flight segments on routes that
connect 40 cities in Mexico and 28 cities in the United States and
Central America with the youngest fleet in Mexico. Volaris targets
passengers who are visiting friends and relatives, cost-conscious
business people and leisure travelers in Mexico and to select
destinations in the United States and Central America. Volaris has
received the ESR Award for Social Corporate Responsibility for eight
consecutive years. For more information, please visit: www.volaris.com

Forward-looking Statements:

Statements in this release contain various forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which represent the Company's expectations or beliefs
concerning future events. When used in this release, the words
"expects," "estimates," "plans," "anticipates," "indicates," "believes,"
"forecast," "guidance," "outlook," "may," "will," "should," "seeks,"
"targets" and similar expressions are intended to identify
forward-looking statements. Similarly, statements that describe the
Company's objectives, plans or goals, or actions the Company may take in
the future, are forward-looking statements. Forward-looking statements
include, without limitation, statements regarding the Company's
intentions and expectations regarding the delivery schedule of aircraft
on order, announced new service routes and customer savings programs.
All forward-looking statements in this release are based upon
information available to the Company on the date of this release. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise. Forward-looking statements are subject to a
number of factors that could cause the Company's actual results to
differ materially from the Company's expectations, including the
competitive environment in the airline industry; the Company's ability
to keep costs low; changes in fuel costs; the impact of worldwide
economic conditions on customer travel behavior; the Company's ability
to generate non-ticket revenues; and government regulation. Additional
information concerning these and other factors is contained in the
Company's Securities and Exchange Commission filings.

       

 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Financial and Operating Indicators

 
Unaudited Three months ended June 30, 2017 Three months ended June 30, 2017 Three months ended June 30, 2016 Variance
(In Mexican pesos, except otherwise indicated) (US Dollars)* (%)
Total operating revenues (millions) 334 5,982 5,131 16.6%

Total operating expenses (millions)

332 5,943 4,743 25.3%
EBIT (millions) 2 39 388 (90.0%)
EBIT margin 0.6% 0.6% 7.6% (7.0)pp
Adjusted EBITDA (millions) 10 178 526 (66.1%)
Adjusted EBITDA margin 3.0% 3.0% 10.3% (7.3)pp
Adjusted EBITDAR (millions) 87 1,556 1,819 (14.5%)
Adjusted EBITDAR margin 26.0% 26.0% 35.5% (9.5)pp
Net (loss) income (millions) (29) (520) 935 NA
Net (loss) income margin (8.7%) (8.7%) 18.2% (26.9)pp
Earnings per share:
Basic (pesos) (0.03) (0.51) 0.92 NA
Diluted (pesos) (0.03) (0.51) 0.92 NA
Earnings per ADS:
Basic (pesos) (0.29) (5.14) 9.24 NA
Diluted (pesos) (0.29) (5.14) 9.24 NA
Weighted average shares outstanding:
Basic - 1,011,876,677 1,011,876,677 0.0%
Diluted   -   1,011,876,677   1,011,876,677   0.0%
Available seat miles (ASMs) (millions)(1) - 4,639 3,980 16.6%
Domestic - 3,059 2,819 8.5%
International - 1,580 1,161 36.1%
Revenue passenger miles (RPMs) (millions)(1) - 3,973 3,428 15.9%
Domestic - 2,715 2,421 12.1%
International - 1,257 1,007 24.9%
Load factor(2) - 85.7% 86.1% (0.4)pp
Domestic - 88.8% 85.9% 2.9pp
International   -   79.5%   86.7%   (7.2)pp
Total operating revenue per ASM (TRASM) (cents)(1) 7.2 128.9 128.9 0.0%
Passenger revenue per ASM (RASM) (cents)(1) 5.1 91.7 95.8 (4.4%)
Passenger revenue per RPM (Yield) (cents)(1) 6.0 107.0 111.3 (3.8%)
Average fare(2) 59 1,051 1,052 (0.1%)
Non-ticket revenue per passenger (1) 23.8 426 362 17.7%
Operating expenses per ASM (CASM) (cents)(1) 7.2 128.1 119.2 7.5%
Operating expenses per ASM (CASM) (US cents)(1) - 7.2 6.3 13.6%
CASM ex fuel (cents)(1) 5.1 91.6 85.0 7.8%
CASM ex fuel (US cents)(1)   -   5.1   4.5   13.9%
Booked passengers (thousands)(1) - 4,063 3,640 11.6%
Departures(1) - 26,429 24,919 6.1%
Block hours(1) - 72,035 65,520 9.9%
Fuel gallons consumed (millions) - 52.8 48.0 10.0%
Average economic fuel cost per gallon 1.79 32.1 28.3 13.2%
Aircraft at end of period - 66 64 3.1%
Average aircraft utilization (block hours) - 12.8 12.5 2.4%
Average exchange rate - 18.60 18.05 3.0%
End of period exchange rate   -   17.90   18.91   (5.4%)
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
(1) Includes schedule + chárter
(2) Includes Schedule
       

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Financial and Operating Indicators

 
Unaudited Six months ended June 30, 2017 Six months ended June 30, 2017 Six months ended June 30, 2016 Variance
(In Mexican pesos, except otherwise indicated) (US Dollars)* (%)
Total operating revenues (millions) 650 11,637 10,313 12.8%
Total operating expenses (millons) 691 12,371 9,089 36.1%
EBIT (millions) (41) (733) 1,224 NA
EBIT margin (6.3%) (6.3%) 11.9% (18.2)pp
Adjusted EBITDA (millions) (26) (466) 1,482 NA
Adjusted EBITDA margin (4.0%) (4.0%) 14.4% (18.4)pp
Adjusted EBITDAR (millions) 146 2,611 3,994 (34.6%)
Adjusted EBITDAR margin 22.4% 22.4% 38.7% (16.3)pp
Net (loss) income (millions) (105) (1,881) 1,536 NA
Net (loss) income margin (16.2%) (16.2%) 14.9% (31.1)pp
Earnings per share:
Basic (pesos) (0.10) (1.86) 1.52 NA
Diluted (pesos) (0.10) (1.86) 1.52 NA
Earnings per ADS:
Basic (pesos) (1.04) (18.59) 15.18 NA
Diluted (pesos) (1.04) (18.59) 15.18 NA
Weighted average shares outstanding:
Basic - 1,011,876,677 1,011,876,677 0.0%
Diluted   -   1,011,876,677   1,011,876,677   0.0%
Available seat miles (ASMs) (millions)(1) - 9,186 7,872 16.7%
Domestic - 6,139 5,549 10.6%
International - 3,047 2,323 31.2%
Revenue passenger miles (RPMs) (millions)(1) - 7,756 6,735 15.2%
Domestic - 5,313 4,739 12.1%
International - 2,443 1,996 22.4%
Load factor(2) - 84.5% 85.6% (1.1)pp
Domestic - 86.5% 85.4% 1.1pp
International   -   80.2%   85.9%   (5.7)pp
Total operating revenue per ASM (TRASM) (cents)(1) 7.1 126.7 131.0 (3.3%)
Passenger revenue per ASM (RASM) (cents)(1) 5.0 90.1 98.1 (8.1%)
Passenger revenue per RPM (Yield) (cents)(1) 6.0 106.7 114.6 (6.9%)
Average fare(2) 58 1,036 1,095 (5.5%)
Non-ticket revenue per passenger (1) 23.4 419 367 14.2%
Operating expenses per ASM (CASM) (cents)(1) 7.5 134.7 115.5 16.6%
Operating expenses per ASM (CASM) ( US cents)(1) - 7.5 6.1 23.2%
CASM ex fuel (cents)(1) 5.3 95.6 85.3 12.1%
CASM ex fuel (US cents)(1)   -   5.3   4.5   18.5%
Booked passengers (thousands)(1) - 8,028 7,070 13.5%
Departures(1) - 53,183 48,980 8.6%
Block hours(1) - 143,837 130,389 10.3%
Fuel gallons consumed (millions) - 103.8 93.8 10.6%
Average economic fuel cost per gallon 1.93 34.6 25.3 36.6%
Aircraft at end of period - 66 64 3.1%
Average aircraft utilization (block hours) - 12.7 12.8 (0.8%)
Average exchange rate - 19.49 18.03 8.1%
End of period exchange rate   -   17.90   18.91   (5.4%)
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only.
(1) Includes schedule + charter
(2) Includes schedule
       

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Consolidated Statement of Operations

 
Unaudited Three months ended June 30, 2017 Three months ended June 30, 2017 Three months ended June 30, 2016 Variance
(In millions of Mexican pesos) (US Dollars)* (%)
Operating revenues:
Passenger 238 4,252 3,814 11.5%
Non-ticket 97 1,730 1,317 31.4%
334 5,982 5,131 16.6%
 
Other operating income (1) (10) (174) (94.1%)
Fuel 95 1,694 1,360 24.5%
Aircraft and engine rent expense 77 1,378 1,293 6.5%
Landing, take-off and navigation expenses 56 1,006 724 38.9%
Salaries and benefits 40 717 580 23.7%
Sales, marketing and distribution expenses 22 387 300 28.9%
Maintenance expenses 20 362 306 18.4%
Other operating expenses 15 271 216 25.1%
Depreciation and amortization 8 139 138 1.0%
Operating expenses 332 5,943 4,743 25.3%
 
Operating income 2 39 388 (90.0%)
 
Finance income 1 21 20 10.0%
Finance cost (1) (22) (8) >100%
Exchange (loss) gain, net (31) (558) 923 NA
Comprehensive financing result (31) (559) 935 NA
 
(Loss) income before income tax (29) (520) 1,323 NA
Income tax expense - - (388) NA
Net (loss) income (29) (520) 935 NA
                 
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only.
       

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Consolidated Statement of Operations

 
Unaudited Six months ended June 30, 2017 Six months ended June 30, 2017 Six months ended June 30, 2016 Variance
(In millions of Mexican pesos) (US Dollars)* (%)
Operating revenues:
Passenger 462 8,277 7,720 7.2%
Non-ticket 188 3,361 2,593 29.6%
650 11,637 10,313 12.8%
 
Other operating income (1) (11) (369) (97.1%)
Fuel 200 3,586 2,374 51.1%
Aircraft and engine rent expense 172 3,077 2,513 22.5%
Landing, take-off and navigation expenses 114 2,040 1,514 34.7%
Salaries and benefits 79 1,413 1,143 23.6%
Sales, marketing and distribution expenses 42 744 595 25.1%
Maintenance expenses 40 713 646 10.5%
Other operating expenses 30 540 416 29.8%
Depreciation and amortization 15 268 258 3.8%
Operating expenses 691 12,371 9,089 36.1%
 
Operating (loss) income (41) (733) 1,224 NA
 
Finance income 2 43 54 (20.6%)
Finance cost (2) (43) (15) >100%
Exchange (loss) gain, net (95) (1,703) 932 NA
Comprehensive financing result (95) (1,703) 971 NA
 
(Loss) income before income tax (136) (2,436) 2,195 NA
Income tax benefit (expense) 31 556 (658) NA
Net (loss) income   (105)   (1,881)   1,536   NA
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Adjusted EBITDAR Reconciliation

The Company is providing a reconciliation of GAAP financial information
to non-GAAP financial information as it believes that non-GAAP financial
measures provide management and investors the ability to measure the
performance of the Company on a consistent basis. These non-GAAP
financial measures have limitations as an analytical tool.

Unaudited   Three months ended June 30, 2017   Three months ended June 30, 2017   Three months ended June 30, 2016   Variance
(In millions of Mexican pesos) (US Dollars)* (%)
Reconciliation:
Net (loss) income (29) (520) 935 NA
Plus (minus):
Finance cost 1 22 8 >100%
Finance income (1) (21) (20) 10.0%
Provision for income tax - - 388 NA
Depreciation and amortization 8 139 138 1.0%
EBITDA (21) (380) 1,449 NA
Exchange loss (gain), net 31 558 (923) NA
Adjusted EBITDA 10 178 526 (66.1%)
Aircraft and engine rent expense 77 1,378 1,293 6.5%
Adjusted EBITDAR   87   1,556   1,819   (14.5%)
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
       
Unaudited Six months ended June 30, 2017 Six months ended June 30, 2017 Six months ended June 30, 2016 Variance
(In millions of Mexican pesos) (US Dollars)* (%)
Reconciliation:
Net (loss) income (105) (1,881) 1,536 NA
Plus (minus):
Finance cost 2 43 15 >100%
Finance income (2) (43) (54) (20.6%)
Provision for income tax (31) (556) 658 NA
Depreciation and amortization 15 268 258 3.8%
EBITDA (121) (2,169) 2,414 NA
Exchange loss (gain), net 95 1,703 (932) NA
Adjusted EBITDA (26) (466) 1,482 NA
Aircraft and engine rent expense 172 3,077 2,513 22.5%
Adjusted EBITDAR   146   2,611   3,994   (34.6%)
 
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
     

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Consolidated Statement of Financial Position

 
(In millions of Mexican pesos) June 30, 2017 Unaudited June 30, 2017 Unaudited December 31, 2016 Audited
(US Dollars)*
Assets
Cash and cash equivalents 334 5,981 7,071
Accounts receivable 63 1,125 963
Inventories 15 261 244
Prepaid expenses and other current assets 71 1,272 1,563
Financial instruments 9 168 544
Guarantee deposits 61 1,097 1,167
Total current assets 553 9,904 11,551
Rotable spare parts, furniture and equipment, net 174 3,117 2,525
Intangible assets, net 8 145 114
Financial instruments 4 79 324
Deferred income taxes 32 581 559
Guarantee deposits 329 5,891 6,560
Other assets 7 134 148
Total non-current assets 556 9,947 10,231
Total assets 1,109 19,851 21,782
Liabilities
Unearned transportation revenue 184 3,296 2,154
Accounts payable 47 844 927
Accrued liabilities 94 1,679 1,785
Other taxes and fees payable 86 1,547 1,476
Income taxes payable 2 33 196
Financial instruments 1 11 14
Financial debt 72 1,281 1,051
Other liabilities 17 300 284
Total short-term liabilities 502 8,991 7,888
Financial instruments - - -
Financial debt 44 784 943
Accrued liabilities 8 138 170
Other liabilities 9 156 137
Employee benefits 1 15 13
Deferred income taxes 65 1,170 1,837
Total long-term liabilities 126 2,262 3,100
Total liabilities 629 11,253 10,988
Equity
Capital stock 166 2,974 2,974
Treasury shares (5) (83) (83)
Contributions for future capital increases - - -
Legal reserve 16 291 38
Additional paid-in capital 101 1,805 1,801
Retained earnings 212 3,794 5,928
Accumulated other comprehensive losses (10) (183) 137
Total equity 480 8,598 10,794
Total liabilities and equity 1,109 19,851 21,782
 
Total shares outstanding fully diluted       1,011,876,677   1,011,876,677
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and
Subsidiaries

Consolidated Statement of Cash Flows – Cash Flow Data Summary

Unaudited   Three months ended June 30, 2017   Three months ended June 30, 2017   Three months ended June 30, 2016
(In millions of Mexican pesos) (US Dollars)*
 
Net cash flow (used in) provided by operating activities (12) (215) 194
Net cash flow (used in) provided by investing activities (28) (502) 331
Net cash flow provided by (used in) financing activities 5 91 (370)
(Decrease) increase in cash and cash equivalents (35) (625) 155
Net foreign exchange differences (13) (232) 409
Cash and cash equivalents at beginning of period 382 6,839 6,366
Cash and cash equivalents at end of period   334   5,981   6,930
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
     
Unaudited Six months ended June 30, 2017 Six months ended June 30, 2017 Six months ended June 30, 2016
(In millions of Mexican pesos) (US Dollars)*
 
Net cash flow provided by operating activities 14 254 1,523
Net cash flow (used in) provided by investing activities (47) (844) 766
Net cash flow provided by (used in) financing activities 15 265 (919)
(Decrease) increase in cash and cash equivalents (18) (325) 1,371
Net foreign exchange differences (43) (765) 402
Cash and cash equivalents at beginning of period 395 7,071 5,157
Cash and cash equivalents at end of period   334   5,981   6,930
 
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only

1 Source: Asociación Nacional de Tiendas de Autoservicio y
Departamentales, A. C. (ANTAD)

2 Source: Banco de México (BANXICO)

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