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Aeromexico Reports 4Q20 Results

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MEXICO CITY, Feb. 16, 2021 /PRNewswire/ -- Grupo Aeromexico S.A.B. de C.V. ("Aeroméxico") (BMV: AEROMEX), today reported its unaudited consolidated results for the fourth quarter 2020.

KEY FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER 2020

  • On June 30th Aeromexico announced that it and certain of its affiliates had filed voluntary Chapter 11 petitions in the United States ("Chapter 11") to implement a financial restructuring, while continuing to serve customers. The Company intends to use the Chapter 11 process to strengthen its financial position and liquidity, protect and preserve its operations and assets, and implement necessary operational changes to address the impact of the ongoing COVID-19 pandemic.

  • Grupo Aeromexico's fourth quarter capacity, measured in available seat kilometers (ASKs), increased by 39.6% compared to third quarter 2020, primarily driven by a sequential recovery in domestic market recovery. Total ASKs for the fourth quarter decreased by 47.6% year-on-year due to the impact of the COVID-19 pandemic.

  • Grupo Aeromexico's fourth quarter 2020 revenue reached $7.2 billion pesos, a 53.5% increase compared to the third quarter of 2020 and a 58.4% year-on-year decrease. During the quarter, revenue per ASK (RASK) in pesos increased by 10.0% compared to third quarter 2020 and decreased by 20.6% year-on-year.

  • During the quarter, Aeromexico recognized restructuring costs and total one-off adjustments of $4.9 billion pesos (most of them non-cash adjustments) from which $2.4 billion pesos impacted operating profit, mainly associated with restructuring costs, impairment and accelerated depreciation and amortization of property and equipment, among others.

  • EBITDAR for the period amounted to negative $1.9 billion pesos. Excluding restructuring costs and one-off items EBITDAR was positive $83 million pesos, an improvement of $2.0 billion pesos versus third quarter of 2020 and a year-on-year decrease of $4.6 billion pesos. Fourth quarter 2020 operating loss amounted to $6.4 billion pesos. Operating loss excluding restructuring costs and special items reached $3.9 billion pesos, an improvement of $669 million pesos compared to third quarter 2020 and a year-on-year decrease of $5.7 billion pesos.

  • Cost per ASK (CASK) in pesos, excluding restructuring costs and one-off items, was $1.709 pesos, a 3.8% decrease compared to third quarter 2020 and a year-on-year increase of $0.459 pesos, equivalent to 36.7%, mainly due to the reduced operations derived from the impact of the COVID 19 pandemic. CASK in dollars, excluding restructuring costs and one-off items, reached $0.083 dollars, a 2.9% increase compared to third quarter 2020 and a year-on-year increase of $0.018 dollars, equivalent to 27.6%

  • Aeromexico's cash position as of December 31st, 2020, amounted to $8.2 billion pesos, equivalent to approximately $399 million dollars.

  • As December 31st, 2020, Grupo Aeromexico's operating fleet comprised 106 aircraft including five Boeing 737 MAX that resumed operations during December.

Grupo Aeroméxico confirms that its voluntary process of financial restructuring under Chapter 11 of the legislation of the United States of America, will be carried out in an orderly manner while it continues operating and offering services to its customers with the same quality that characterizes it, and will continue contracting from its suppliers the goods and services required for its operation. The Company will use the advantages of Chapter 11 to strengthen its financial position and liquidity, protect and preserve its operations and assets, and implement the necessary adjustments to face the impact of COVID-19.

This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as "believe," "anticipate," "plan," "expect,", "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeroméxico, Mexico's global airline, has its main operations center in Terminal 2 of the Mexico City International Airport. Its destination network has reach in Mexico, the United States, Canada, Central America, South America, Asia and Europe. The Group's current operating fleet include Boeing 787 and 737 aircraft, as well as the latest generation Embraer 190. Aeroméxico is a founding partner of SkyTeam, an alliance that celebrates 20 years and offers connectivity in more than 170 countries, through the 19 partner airlines. Aeroméxico created and implemented a Health and Hygiene Management System (SGSH) to protect its clients and collaborators at all stages of its operation.
www.aeromexico.com
www.skyteam.com

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SOURCE Grupo Aeromexico S.A.B. de C.V.