Market Overview

Volaris Reports Fourth Quarter 2017 Results: 8% Net Income Margin and Cash Flow Generation

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

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

Fourth Quarter and Full Year 2017 Highlights

  • Total operating revenues were Ps.6,626 million and Ps.24,845 million
    for the fourth quarter and full year, an increase of 2.4% and 5.7%
    year over year, respectively.
  • Non-ticket revenues were Ps.1,884 million and Ps. 7,054 million for
    the fourth quarter and full year, an increase of 17.4% and 23.3% year
    over year, respectively. Non-ticket revenues per passenger for the
    fourth quarter and full year were Ps.446 and Ps.429, increasing 10.2%
    and 12.6% year over year, respectively. Non-ticket revenues represent
    28.4% of the total operating revenues for the fourth quarter.
  • Total operating revenues per available seat mile (TRASM) were Ps.135.4
    cents and Ps.131.7 for the fourth quarter and full year, a decrease of
    6.0% and 6.4% year over year, respectively.
  • Operating expenses per available seat mile (CASM) were Ps.133.0 cents
    and Ps.131.6 cents for the fourth quarter and full year, a decrease of
    0.4% and increase of 5.8% year over year, respectively; with an
    average economic fuel cost per gallon were Ps.37.0 and Ps.34.5 for the
    fourth quarter and full year, an increase of 6.9% and 18.1% year over
    year, respectively.
  • Operating expenses excluding fuel, per available seat mile (CASM ex
    fuel) were Ps.92.7 cents and Ps.93.2 cents for the fourth quarter and
    full year, a decrease of 1.0% and increase of 3.5% year over year,
    respectively.
  • Operating income was Ps.118 million and Ps.19 million for the fourth
    quarter and full year, a decrease of 75.1% and 99.3% year over year,
    respectively. Operating margin for the fourth quarter and full year
    was 1.8% and 0.1%, a decrease in margin of 5.5 percentage points and
    11.6 percentage points year over year, respectively.
  • Net income was Ps.555 million (Ps.0.55 per share / US$0.28 per ADS)
    and a net loss of Ps.595 million (Ps.(0.59) per share / US$(0.30) per
    ADS) for the fourth quarter and full year, respectively, with a net
    margin of 8.4% and (2.4%) for the fourth quarter and full year,
    respectively.
  • Net increase in cash flow provided by operating activities were
    Ps.1,116 million and Ps.986 million for the fourth quarter and full
    year, respectively. Year over year the cash and cash equivalents for
    the fourth quarter and full year increase Ps.1,578 million and
    decrease Ps.120 million, respectively; despite the net foreign
    exchange differences represent an increase of Ps.448 million and
    decrease of Ps.244 million for the fourth quarter and full year,
    respectively. As of December 31, 2017, unrestricted cash and cash
    equivalents were Ps.6,951 million.

Volaris´ CEO Enrique Beltranena commented: "During 2017, Volaris faced a
challenging year with factors ranging from the macroeconomic environment
to softer demand environment. We continue prudently managing capacity
and executing our ULCC model to stimulate market demand. We are
absolutely committed to continue driving unit costs down which enables
us to offer the most competitive fares in the market".

Stable Macroeconomics and Exchange Rate Appreciation Partially Offset
Fuel Price Pressures

  • Stable macroeconomics and domestic consumer demand: The macroeconomic
    indicators in Mexico during full year are stable, with same store sales1
    increasing 4.5% year over year; remittances2 increasing in
    fourth quarter and full year 8.2% and 6.6% year over year,
    respectively; and the Mexican General Economic Activity Indicator3
    (IGAE) increasing 0.9% and 1.7% year over year in October and November
    of 2017, respectively.
  • Air traffic volume increase: The Mexican DGAC reported overall
    passenger volume growth for Mexican carriers of 6.7% year over year
    for the fourth quarter; domestic overall passenger volume increased
    4.8%, while international overall passenger volume increased 13.3%.
  • Exchange rate volatility: The Mexican peso appreciated 4.5% year over
    year against the U.S. dollar, from an average exchange rate of
    Ps.19.83 pesos per US dollar in the fourth quarter 2016 to Ps.18.93
    pesos per U.S. dollar during the fourth quarter 2017.
  • Higher fuel prices: The average economic fuel cost per gallon
    increased 6.9% and 18.1% year over year to Ps.37.0 per gallon (US$1.9)
    and Ps.34.5 per gallon (US$1.7) in the fourth quarter and full year,
    respectively.

Strengthened ULCC Model with Further Non-Ticket Revenue Growth

  • Passenger traffic stimulation: Volaris booked 4.2 million
    passengers in the fourth quarter 2017 and 16.4 million passengers in
    full year 2017, up 6.5% and 9.5% year over year. Volaris traffic
    (measured in terms of revenue passenger miles, or RPMs) increased 7.1%
    and 11.1% for the same period, respectively. System load factor during
    the quarter and full year decreased 1.5 percentage points and 1.4
    percentage points to 82.6% and 84.4% year over year, respectively.
  • Non-ticket revenue growth: Non-ticket revenues for the fourth
    quarter and full year 2017 increased 17.4% and 23.3% year over year,
    respectively. Non-ticket revenues per passenger for the fourth quarter
    of 2017 and full year increased 10.2% and 12.6% year over year,
    respectively. Non-ticket revenue generation continues to grow with
    improved revenues from first checked bag fees for international
    flights, and better uptakes of ancillary combos. Non-ticket revenues
    represent 28.4% of the total operating revenues for the quarter.
  • Competitive market environment pressured yields partially offset by
    non-ticket revenue:
    For the fourth quarter and full year, yield
    decreased 9.0% and 10.0% year over year, respectively. For the fourth
    quarter and full year, TRASM decreased 6.0% and 6.4% year over year,
    respectively. During the fourth quarter and full year, the total
    capacity, in terms of ASMs, increased 9.0% and 12.9% year over year,
    respectively.
  • New routes: In the fourth quarter 2017, Volaris began
    operations in four new domestic routes ( Huatulco, Oaxaca to
    Monterrey, Nuevo Leon; Cozumel, Quintana Roo to Monterrey, Nuevo Leon;
    Monterrey, Nuevo Leon to Mexicali Baja California and Morelia,
    Michoacan to Mexicali, Baja California) and nine new international
    routes (Chicago O'Hare to Huatulco, Oaxaca; Chicago O'Hare to
    Zihuatanejo, Guerrero; Los Angeles, California to Puerto Vallarta,
    Jalisco; Ciudad de Guatemala, Guatemala to Tijuana, Baja California;
    San Salvador, El Salvador to Tijuana, Baja California; Fresno,
    California to Morelia Michoacan; San Jose, California to Morelia
    Michoacan; San Jose, California to Zacatecas, Zacatecas and Los
    Angeles, California to Acapulco, Guerrero).

Cost Control and Discipline, Despite Fuel Price Pressure

  • CASM and CASM ex fuel for the fourth quarter were Ps. 133.0 (US$6.7
    cents) and Ps.92.7 cents (US$4.7 cents), respectively. These
    represented decreases of 0.4% and 1.0%, respectively; mainly driven by
    tightening cost controls and average exchange rate appreciation of
    4.5%. At the end of the fourth quarter, the Mexican peso also
    depreciated 8.4% with respect to the end of previous quarter, leading
    to a net exchange rate gain of Ps.784 million as result of our U.S.
    dollar net monetary asset position.

Youngest and Most Fuel-efficient Fleet in Mexico

  • During the fourth quarter 2017, the Company incorporated four A320NEO
    to its fleet. As of December 31, 2017, Volaris' fleet was composed of
    71 aircraft (12 A319s, 49 A320s and 10 A321s), with an average age of
    4.6 years, the youngest fleet among Mexican carriers and one of the
    youngest fleet in the Americas. At the end of the fourth quarter 2017,
    Volaris' fleet had an average of 180 seats, 65% of which were in
    sharklet-equipped aircraft.

Solid Balance Sheet and Good Liquidity

  • As of December 31, 2017, cash and cash equivalents were Ps.6,951
    million, representing 28% of last twelve months operating revenues.
    Volaris registered negative net debt (or a positive net cash position)
    of Ps.3,468 million and total equity of Ps.10,163 million.

Active in Fuel Risk Management

  • Volaris' fuel risk management program provided protection from fuel
    prices increases, with 59% of its fourth quarter fuel consumption
    hedged, at an average strike price of US$1.40 per gallon, and
    resulting in a positive net settlement of Ps.102.9 million for the
    quarter. This hedged portion, combined with the 41% unhedged
    consumption, resulted in a blended average economic fuel cost of
    US$1.87 per gallon.

Codeshare Agreement with Frontier

  • On January 16, 2018, Volaris and Frontier Airlines (Frontier) signed
    the first codeshare agreement in history between two ultra-low-cost
    airlines. Volaris customers will gain access to new cities in the U.S.
    beyond our current destinations, and Frontier customers will gain
    first-time access to new destinations in Mexico. Volaris currently
    serves 24 destinations in the U.S. and 40 in Mexico, of which 21
    coincide with Frontier destinations in both countries. With this
    codeshare, Volaris and Frontier will offer customers the ability to
    purchase the lowest fares across an extensive and well-served network.

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:

       

Mr. Enrique Beltranena, CEO

Mr. Fernando Suárez, EVP & CFO

 

Date:

Thursday, February 22, 2018

Time: 10:00 am U.S. EDT (9:00 am Mexico City Time)
United States dial in (toll free): 1-877-888-4291
Mexico dial in (toll free): 00-1-800-514-6145
Brazil dial in (toll free): 0800-891-6744
International dial in: +1-785-424-1878
Participant passcode: VOLARIS (8652747)
Webcast will be available at:

https://www.webcaster4.com/Webcast/Page/1174/24185

 

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 173 and its fleet from four to 71 aircraft. Volaris offers
more than 323 daily flight segments on routes that connect 40 cities in
Mexico and 27 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
(In Mexican pesos, except otherwise
indicated)

Three months
ended December
31, 2017
(US
Dollars)*

Three months
ended December
31, 2017

Three months
ended December
31, 2016

Varianc
(%)

 
Total operating revenues (millions) 336 6,626 6,469 2.4%
Total operating expenses (millions) 330 6,508 5,995 8.5%
Operating income (millions) 6 118 473 (75.1%)
Operating margin 1.8% 1.8% 7.3% (5.5) pp
Depreciation and amortization 7 131 142 (7.8%)
Aircraft and engine rent expense 82 1,612 1,592 1.3%
Net income (millions) 28 555 973 (42.9%)
Net income margin 8.4% 8.4% 15.0% (6.6) pp
Earnings per share:
Basic (pesos) 0.03 0.55 0.96 (42.9%)
Diluted (pesos) 0.03 0.55 0.96 (42.9%)
Earnings per ADS:
Basic (pesos) 0.28 5.49 9.62 (42.9%)
Diluted (pesos) 0.28 5.49 9.62 (42.9%)
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) - 4,895 4,490 9.0%
Domestic - 3,361 3,083 9.0%
International - 1,533 1,407 9.0%
Revenue passenger miles (RPMs) (millions) (1) - 4,042 3,773 7.1%
Domestic - 2,889 2,634 9.7%
International - 1,153 1,139 1.2%
Load factor (2) - 82.6% 84.1% (1.5) pp
Domestic - 85.9% 85.5% 0.4 pp
International     -     75.2%     81.0%     (5.8) pp
Total operating revenue per ASM (TRASM) (cents) (1) 6.9 135.4 144.1 (6.0%)
Passenger revenue per ASM (RASM) (cents) (1) 4.9 96.9 108.3 (10.6%)
Passenger revenue per RPM (Yield) (cents) (1) 5.9 117.3 128.9 (9.0%)
Average fare (2) 57 1,123 1,228 (8.5%)
Non-ticket revenue per passenger (1) 22.6 446 404 10.2%
Operating expenses per ASM (CASM) (cents) (1) 6.7 133.0 133.5 (0.4%)
Operating expenses per ASM (CASM) (US cents) (1) - 6.7 6.5 4.3%
CASM ex fuel (cents) (1) 4.7 92.7 93.6 (1.0%)
CASM ex fuel (US cents) (1)     -     4.7     4.5     3.7%
Booked passengers (thousands) (1) - 4,226 3,967 6.5%
Departures (1) - 27,878 26,650 4.6%
Block hours (1) - 76,079 71,305 6.7%
Fuel gallons consumed (millions) - 53.3 51.9 2.8%
Average economic fuel cost per gallon 1.87 37.0 34.6 6.9%
Aircraft at end of period - 71 69 2.9%
Average aircraft utilization (block hours) - 12.8 12.6 1.8%
Average exchange rate - 18.93 19.83 (4.5%)
End of period exchange rate     -     19.74     20.66     (4.5%)
*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

Financial and Operating Indicators

 

Unaudited
(In Mexican pesos, except otherwise
indicated)

Twelve months
ended December
31, 2017
(US
Dollars)*

Twelve
months ended
December 31,
2017

Twelve
months ended
December 31,
2016

Variance
(%)

 
Total operating revenues (millions) 1,259 24,845 23,512 5.7%
Total operating expenses (millions) 1,258 24,827 20,773 19.5%
Operating income (millions) 1 19 2,740 (99.3%)
Operating margin 0.1% 0.1% 11.7% (11.6) pp
Depreciation and amortization 28 549 537 2.3%
Aircraft and engine rent expense 308 6,073 5,590 8.6%
Net (loss) income (millions) (30) (595) 3,519 NA
Net (loss) income margin (2.4%) (2.4%) 15.0% (17.4) pp
(Loss) earnings per share:
Basic (pesos) (0.03) (0.59) 3.48 NA
Diluted (pesos) (0.03) (0.59) 3.48 NA
(Loss) earnings per ADS:
Basic (pesos) (0.30) (5.88) 34.78 NA
Diluted (pesos) (0.30) (5.88) 34.78 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) - 18,861 16,704 12.9%
Domestic - 12,740 11,595 9.9%
International - 6,121 5,109 19.8%
Revenue passenger miles (RPMs) (millions) (1) - 15,917 14,326 11.1%
Domestic - 11,054 10,008 10.5%
International - 4,863 4,318 12.6%
Load factor (2) - 84.4% 85.8% (1.4) pp
Domestic - 86.8% 86.3% 0.5 pp
International     -     79.4%     84.5%     (5.1) pp
Total operating revenue per ASM (TRASM) (cents) (1) 6.7 131.7 140.8 (6.4%)
Passenger revenue per ASM (RASM) (cents) (1) 4.8 94.3 106.5 (11.4%)
Passenger revenue per RPM (Yield) (cents) (1) 5.7 111.8 124.2 (10.0%)
Average fare (2) 55 1,086 1,189 (8.6%)
Non-ticket revenue per passenger (1) 21.8 429 381 12.6%
Operating expenses per ASM (CASM) (cents) (1) 6.7 131.6 124.4 5.8%
Operating expenses per ASM (CASM) (US cents) (1) - 6.7 6.0 10.8%
CASM ex fuel (cents) (1) 4.7 93.2 90.0 3.5%
CASM ex fuel (US cents) (1)     -     4.7     4.4     8.4%
Booked passengers (thousands) (1) - 16,427 15,005 9.5%
Departures (1) - 108,060 101,811 6.1%
Block hours (1) - 293,642 271,204 8.3%
Fuel gallons consumed (millions) - 210.5 196.7 7.0%
Average economic fuel cost per gallon 1.75 34.5 29.2 18.1%
Aircraft at end of period - 71 69 2.9%
Average aircraft utilization (block hours) - 12.6 12.8 (1.8%)
Average exchange rate - 18.93 18.66 1.5%
End of period exchange rate     -     19.74     20.66     (4.5%)
*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
(In millions of Mexican pesos)

Three months ended
December 31, 2017
(US
Dollars)*

Three months
ended December
31, 2017

Three months
ended December
31, 2016

Variance
(%)

 
Operating revenues:
Passenger 240 4,742 4,864 (2.5%)
Non-ticket 95 1,884 1,604 17.4%
336 6,626 6,469 2.4%
 
Other operating income (4) (78) (127) (38.5%)
Fuel 100 1,972 1,794 9.9%
Aircraft and engine rent expense 82 1,612 1,592 1.3%
Landing, take-off and navigation expenses 50 981 866 13.3%
Salaries and benefits 36 715 672 6.5%
Sales, marketing and distribution expenses 24 479 437 9.6%
Maintenance expenses 20 396 340 16.4%
Other operating expenses 15 300 280 7.2%
Depreciation and amortization 7 131 142 (7.8%)
Operating expenses 330 6,508 5,995 8.5%
 
Operating income 6 118 473 (75.1%)
 
Finance income 2 33 22 52.5%
Finance cost (1) (24) (11) >100%
Exchange gain, net 40 784 855 (8.3%)
Comprehensive financing result 40 793 866 (8.4%)
 
Income before income tax 46 911 1,339 (32.0%)
Income tax expense (18) (356) (366) (2.8%)
Net income 28 555 973 (42.9%)
                         
*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
(In millions of Mexican pesos)

Twelve months
ended December
31, 2017
(US
Dollars)*

Twelve months
ended December
31, 2017

Twelve months
ended December
31, 2016

Variance
(%)

 
Operating revenues:
Passenger 901 17,791 17,790 0.0%
Non-ticket 357 7,054 5,722 23.3%
1,259 24,845 23,512 5.7%
 
Other operating income (5) (97) (497) (80.5%)
Fuel 368 7,256 5,741 26.4%
Aircraft and engine rent expense 308 6,073 5,590 8.6%
Landing, take-off and navigation expenses 203 4,010 3,272 22.6%
Salaries and benefits 143 2,824 2,420 16.7%
Sales, marketing and distribution expenses 86 1,692 1,413 19.7%
Maintenance expenses 73 1,433 1,344 6.6%
Other operating expenses 55 1,088 952 14.3%
Depreciation and amortization 28 549 537 2.3%
Operating expenses 1,258 24,827 20,773 19.5%
 
Operating income 1 19 2,740 (99.3%)
 
Finance income 5 106 103 3.1%
Finance cost (4) (86) (35) >100%
Exchange (loss) gain, net (40) (794) 2,170 NA
Comprehensive financing result (39) (774) 2,237 NA
 
(Loss) income before income tax (38) (756) 4,977 NA
Income tax benefit (expense) 8 161 (1,457) NA
Net (loss) income     (30)     (595)     3,519     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 Financial Position

 
(In millions of Mexican pesos)

December 31, 2017
Unaudited
(US
Dollars)*

December 31, 2017
Unaudited

December 31, 2016

Audited

 
Assets
Cash and cash equivalents 352 6,951 7,071
Accounts receivable 73 1,449 963
Inventories 15 295 244
Prepaid expenses and other current assets 39 768 1,563
Financial instruments 25 497 544
Guarantee deposits 69 1,353 1,167
Total current assets 573 11,313 11,551
Rotable spare parts, furniture and equipment, net 222 4,376 2,525
Intangible assets, net 10 190 114
Financial instruments - - 324
Deferred income taxes 28 562 559
Guarantee deposits 309 6,098 6,560
Other assets 6 126 148
Total non-current assets 575 11,353 10,231
Total assets 1,149 22,666 21,782
Liabilities
Unearned transportation revenue 110 2,162 2,154
Accounts payable 57 1,118 927
Accrued liabilities 104 2,051 1,785
Other taxes and fees payable 63 1,245 1,476
Income taxes payable 6 111 196
Financial instruments - - 14
Financial debt 122 2,404 1,051
Other liabilities 14 281 284
Total short-term liabilities 475 9,372 7,888
Financial debt 55 1,079 943
Accrued liabilities 10 200 170
Other liabilities 11 217 137
Employee benefits 1 19 13
Deferred income taxes 82 1,616 1,837
Total long-term liabilities 159 3,131 3,100
Total liabilities 634 12,503 10,988
Equity
Capital stock 151 2,974 2,974
Treasury shares (4) (85) (83)
Contributions for future capital increases - - -
Legal reserve 15 291 38
Additional paid-in capital 91 1,805 1,801
Retained earnings 257 5,080 5,928
Accumulated other comprehensive losses 5 99 137
Total equity 515 10,163 10,794
Total liabilities and equity 1,149 22,666 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
December 31, 2017

Three months
ended
December 31,
2017

Three months
ended
December 31,
2016

(In millions of Mexican pesos) (US Dollars)*
 
Net cash flow provided by (used in) operating activities 57 1,116 (522)
Net cash flow used in investing activities (43) (852) (526)
Net cash flow provided by financing activities 44 865 785
Increase (decrease) in cash and cash equivalents 57 1,130 (263)
Net foreign exchange differences 23 448 341
Cash and cash equivalents at beginning of period 272 5,373 6,993
Cash and cash equivalents at end of period     352     6,951     7,071
*Peso amounts were converted to U.S. dollars at end of period
exchange rate for convenience purposes only
 
           
Unaudited
(In millions of Mexican pesos)

Twelve months
ended December 31,
2017
(US
Dollars)*

Twelve months
ended
December 31,
2017

Twelve months
ended December
31, 2016

 
 
Net cash flow provided by operating activities 50 986 979
Net cash flow used in investing activities (115) (2,260) (28)
Net cash flow provided by financing activities 71 1,398 11
Increase in cash and cash equivalents 6 124 962
Net foreign exchange differences (12) (244) 952
Cash and cash equivalents at beginning of period 358 7,071 5,157
Cash and cash equivalents at end of period     352     6,951     7,071
*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)
3 Source: Instituto Nacional de
Estadística y Geografía
(INEGI)

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