Grupo Aeromexico S.A.B. De C.V. Releases Results for the Third Quarter 2011

MEXICO CITY, Oct. 26, 2011 /PRNewswire/ -- Grupo Aeromexico, S.A.B. DE C.V. (BMV: AEROMEX), the largest intercontinental airline in Mexico, reported its consolidated unaudited results for the third quarter of 2011. The following is a summary of the consolidated financial and operating information from Grupo Aeromexico's financial statements for the quarter ended September 30, 2011

  • Grupo Aeromexico achieved record passenger numbers, revenue, EBITDAR and operating profit, despite pressure related to a 46% increase in fuel prices, year-over-year.
  • Grupo Aeromexico reported a net income of MXP $874 million for the third quarter of 2011, MXP $440 million below 2010. However, a non-recurring revenue of MXP $480 million was received in September 2010 through Groupe Aeroplan's investment in Club Premier (FFP). After excluding the aforementioned, net income for the third quarter 2011 is MXP$ 40 million above that of the third quarter of 2010, despite the increase in fuel prices.
  • Cumulative net income for the first nine months of the year was MXP $1,873 million; 81% higher than that of 2010.
  • Quarterly EBITDAR reached MXP $2,040 million; the greatest quarterly EBITDAR recorded in the Company's history. Year to date EBITDAR was MXP$5,265 million, which represents a 37% increase over 2010.
  • Operating income for the quarter was MXP $1,141 million, with an operating margin of 11.9%. Operating income for the first nine months of the year increased 109% year over year, reaching a total of MXP $2,618 million.
  • The load factor for the Group was 80.8%; the highest level in the Company's history for a quarter.
  • Total revenues were MXP $9,594 million, up 24% year on year. This result was largely due to an increase in passenger traffic and an improvement in cargo revenues.
  • The unit cost or CASK (Cost per Available Seat Kilometer) excluding fuel costs decreased by 3.3% due to the Company's commitment to a policy of expense rationalization and operating efficiency.
  • During the third quarter, the Company disbursed USD$ 53 million from its BNDES credit line as part of the acquisition plan of new Embraer 190 airplanes. In addition, Grupo Aeromexico made pre-delivery payments (PDPs) and deposits of more than USD $25 million as part of the Company's expansion plan and the acquisition of Boeing and Embraer airplanes. This is in line with its plan to improve its fleet portfolio with a balanced mix of owned and leased aircraft.
  • The Company's cash position at the end of September reached MXP $4,608 million, due to higher operating income and proceeds from Grupo Aeromexico's Initial Public Offering, which took place in April 2011.
  • Net financial debt, which deducts the unrestricted cash position from financial debt, ended with a negative balance of MXP$ 1,656 million, decreasing from the positive balance of MXP $1,990 at the end of the third quarter 2010.
  • Controlling Stockholder's equity at September 30, 2011 was MXP $4,839 million; MXP $6,762 million more than the amount recorded on September 30, 2010.
  • On August 10, 2011 Grupo Aeromexico and Delta Airlines signed a Memorandum of Understanding to develop a long-term, exclusive commercial alliance that will leverage each other's strengths while linking Delta's extensive international network with Grupo Aeromexico's largest passenger network in Mexico. As part of the agreement, Delta will invest $65 million in ordinary shares of Grupo Aeromexico, comprised of treasury stock, at a price of $31 pesos per share. Also, in a separate agreement, Delta and Aeromexico will expand their Maintenance, Repair and Overhaul (MRO) agreement, with a new facility scheduled to open in the third quarter of 2013.

To access the full text of this earnings release, please visit our Investor Relations website at: http://www.aeromexico.com/us/ExperienceAeromexico/AeromexicoCorporate/informsAeromexico/Investors-Relations.html

Grupo Aeromexico will hold its third quarter 2011 conference call on Friday, October 28, 2011 at 10:30 am U.S. ET (09:30 am Mexico City Time). The conference call can be accessed by dialing:  +1 (706) 634-0819 (international toll free) and entering passcode:  21122604.

About Grupo Aeromexico

Grupo Aeromexico operates its main hub out of Terminal 2 in the Mexico City International Airport. The Group's airlines operate over 550 daily flights to different cities in Mexico, the United States, Canada, Central and South America, and Europe and Asia. Aeromexico is a founding member of SkyTeam, the global airline alliance comprised of 15 airlines.

Safe Harbor Statement

This release contains forward-looking statements regarding the Company's results and business prospects. The readers should know that the results obtained may differ from that stated on this release. Past performances do not guarantee the behavior of future performances. The Company undertakes no obligation to update any of these statements, either as a result of new information, future actions or other related events.

SOURCE Grupo Aeromexico, S.A.B. DE C.V.



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