PANAMA CITY, Panama, Feb. 10, 2021 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter of 2020 (4Q20). 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 2019 (4Q19).
The financial information included in this press release is preliminary, as the Company has not yet issued its audited financial statements. This information presented herein may differ from those results. During the preparation of the financial statements and related notes and our year-end audit, additional items that would require material adjustments to the preliminary financial information included in this press release may be identified.
Due to the continued effects of the Covid-19 pandemic on the aviation industry, the Company operated on average, at approximately 27% of the capacity for the same period in 2019. Therefore, this earnings release will focus on the financial results and metrics that are relevant in these circumstances and will omit certain financial ratios, unit metrics and operational indicators that are usually provided, since they are either not measurable, not meaningful or not material on such a limited operational base.
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported a net loss of US$168.8 million for the quarter, or US$3.97 per share. Excluding special items, the Company would have reported a net loss of US$85.2 million, or US$2.00 per share. Special items for the quarter include an US$80.1 million unrealized mark-to-market loss related to the Company's convertible notes, a US$4.4 million asset impairment charge on the Boeing 737-700 fleet, and a US$0.9 million gain on the Embraer assets held for sale.
- Copa Holdings reported an operating loss of US$95.1 million for the quarter. Excluding special items, the Company would have reported an operating loss of US$91.5 million.
- For the full year 2020, Copa Holdings reported a net loss of US$598.6 million, or US$14.08 per share. Excluding special items, the Company would have reported a net loss of US$259.5 million, or US$6.11 per share. Special items for the full year include a US$191.2 million in total impairment charges related to the Boeing 737-700 fleet, a US$98.7 million unrealized mark-to-market loss on to the Company's convertible notes, and a US$49.2 million expected loss on the Embraer assets held for sale.
- For the full year 2020, Copa Holdings reported an operating loss of US$460.9 million. Excluding special items, the Company would have reported an operating loss of US$220.6 million for 2020.
- Cash consumption, defined as cash disbursements less proceeds, excluding extraordinary financing activities and asset sales, averaged approximately US$6 million per month during the quarter. Cash consumption for the quarter benefited from changes in working capital, as cash proceeds increased ahead of capacity growth, while cash outflows lagged given the timing of certain accounts payable.
- The Company ended the quarter with US$1.3 billion of available liquidity, consisting of approximately US$1.0 billion in cash, short-term and long-term investments, and committed and undrawn credit facilities of US$305 million.
- The Company closed the quarter with total debt, including lease liabilities, of US$1.4 billion.
- The Company's flight operations, measured in terms of available seat miles (ASMs), represented 15% in October, 28% in November, and 39% in December, as compared to the same periods in 2019. For the quarter, the Company's ASMs were approximately 27% of ASMs in the same period in 2019.
- During the quarter, the Company completed the delivery of 5 Embraer 190 aircraft that were previously sold to a third party. As of December 31, 2020, there were 8 Embraer 190 aircraft sold and pending to be delivered.
- In December, The Export-Import Bank of the United States authorized a final commitment for a guaranteed loan in an amount up to US$327.9 million, related to 7 737 MAX 9 aircraft to be delivered to the Company during 2020 and 2021.
- In December, the Company took delivery of 1 Boeing 737 MAX 9. Excluding the aircraft classified as assets held for sale, Copa Holdings ended the year with a consolidated fleet of 75 aircraft – 68 Boeing 737-800s and 7 Boeing 737 MAX 9s, compared to a total fleet of 102 aircraft by year end 2019.
Subsequent Events
- In January, the Company delivered 1 Embraer 190 aircraft, out of 14 that were sold to a third party.
- In January and the first week of February, the Company took delivery of 3 Boeing 737 MAX 9s and expects to receive 3 additional Boeing 737 MAX 9s by the end of the first quarter.
- During the month of February, the company added new credit facility commitments for an aggregate amount of US$40 million, bringing the total of undrawn committed credit facilities to US$345 million.
- The Company has reached an agreement with Boeing regarding compensation related to the Boeing 737 MAX grounding. Terms remain confidential.
Consolidated Financial
& Operating Highlights | 4Q20 | 4Q19 | Variance
vs. 4Q19 | 3Q20 | Variance
vs. 3Q20 | 2020 | 2019 | Variance
vs. 2019 |
Revenue Passengers Carried (000s) | 696 | 2,633 | -73.6% | 30 | 2256.3% | 2,852 | 10,474 | -72.8% |
RPMs (millions) | 1,267 | 5,244 | -75.8% | 57 | 2130.0% | 5,812 | 21,303 | -72.7% |
ASMs (millions) | 1,684 | 6,149 | -72.6% | 95 | 1667.7% | 7,301 | 25,113 | -70.9% |
Load Factor | 75.3% | 85.3% | -10.0 p.p. | 59.7% | 15.6 p.p. | 79.6% | 84.8% | -5.2 p.p. |
Fuel Gallons Consumed (millions) | 20.75 | 78.94 | -73.7% | 1.32 | 1469.1% | 92.8 | 321.4 | -71.1% |
Avg. Price Per Fuel Gallon (US$) | 1.41 | 2.16 | -34.7% | 1.41 | -0.3% | 1.81 | 2.16 | -16.0% |
Average Length of Haul (miles) | 1,822 | 1,992 | -8.5% | 1,925 | -5.4% | 2,038 | 2,034 | 0.2% |
Average Stage Length (miles) | 1,211 | 1,279 | -5.4% | 1,081 | 12.0% | 1,278 | 1,288 | -0.8% |
Departures | 8,795 | 32,441 | -72.9% | 559 | 1473.3% | 37,865 | 131,819 | -71.3% |
Block Hours | 26,870 | 105,620 | -74.6% | 1,710 | 1471.8% | 122,968 | 431,749 | -71.5% |
Average Aircraft Utilization (hours) (2) | 5.2 | 11.3 | -53.8% | 0.9 | 477.8% | 7.5 | 11.4 | -70.8% |
Operating Revenues (US$ millions) | 158.6 | 681.9 | -76.7% | 32.4 | 389.9% | 801.0 | 2,707.4 | -70.4% |
Operating Profit (Loss) (US$ millions) | -95.1 | 17.8 | -633.9% | -107.0 | -11.1% | -460.9 | 346.2 | -233.2% |
Adjusted Operating Profit (Loss) (US$ millions) (1) | -91.5 | 107.1 | -185.4% | -107.0 | -14.4% | -220.6 | 435.5 | -150.6% |
Net Profit (Loss) (US$ millions) | -168.8 | 2.7 | n/m | -118.1 | 43.0% | -598.6 | 247.0 | -342.3% |
Adjusted Net Profit (Loss) (US$ millions) (1) | -85.2 | 92.1 | n/m | -121.6 | -30.0% | -259.5 | 336.3 | -177.2% |
Basic EPS (US$) | -3.97 | 0.06 | n/m | -2.78 | 43.0% | -14.08 | 5.81 | -342.2% |
Adjusted Basic EPS (US$) (1) | -2.00 | 2.17 | n/m | -2.86 | -30.0% | -6.11 | 7.92 | -177.1% |
Shares for calculation of Basic EPS (000s) | 42,511 | 42,487 | 0.1% | 42,510 | 0.0% | 42,508 | 42,483 | 0.1% |
(1) Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
(2) Average Aircraft Utilization is calculated based on the Company's active fleet, excluding aircraft in storage as well as those classified as assets held for sale.
FULL 4Q20 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT:
https://copa.gcs-web.com/financial-information/quarterly-results
4Q20 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
Date: | Feb 11, 2021 |
Time: | 11:00 AM US ET (11:00 AM Local Time) |
Conference telephone number: | 877-293-5456 (US Domestic Callers) |
| 707-287-9357 (International Callers) |
Webcast: | 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 80 destinations in 33 countries in North, Central and South America and the Caribbean. For more information visit: www.copa.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copa.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 a number of 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement - IFRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(US$ Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unaudited |
| Unaudited |
| % |
| Unaudited |
| % |
| Unaudited |
| Audited |
| % |
|
| 4Q20 |
| 4Q19 |
| Change |
| 3Q20 |
| Change |
| 2020 |
| 2019 |
| Change |
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger revenue |
| 147,535 |
| 657,940 |
| -77.6% |
| 27,619 |
| 434.2% |
| 760,594 |
| 2,612,605 |
| -70.9% |
Cargo and mail revenue |
| 7,243 |
| 16,033 |
| -54.8% |
| 596 |
| 1114.3% |
| 21,002 |
| 62,460 |
| -66.4% |
Other operating revenue |
| 3,858 |
| 7,955 |
| -51.5% |
| 4,167 |
| -7.4% |
| 19,407 |
| 32,343 |
| -40.0% |
Total Operating Revenue |
| 158,636 |
| 681,927 |
| -76.7% |
| 32,382 |
| 389.9% |
| 801,003 |
| 2,707,409 |
| -70.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel |
| 28,346 |
| 171,314 |
| -83.5% |
| 1,287 |
| 2102.7% |
| 166,723 |
| 696,249 |
| -76.1% |
Wages, salaries, benefits and other employees' expenses |
| 63,599 |
| 115,036 |
| -44.7% |
| 44,241 |
| 43.8% |
| 256,327 |
| 450,438 |
| -43.1% |
Passenger servicing |
| 4,180 |
| 24,798 |
| -83.1% |
| 1,095 |
| 281.9% |
| 27,567 |
| 102,103 |
| -73.0% |
Airport facilities and handling charges |
| 16,914 |
| 44,877 |
| -62.3% |
| 1,752 |
| 865.2% |
| 59,536 |
| 181,959 |
| -67.3% |
Sales and distribution |
| 18,646 |
| 53,222 |
| -65.0% |
| 5,985 |
| 211.6% |
| 70,395 |
| 210,623 |
| -66.6% |
Maintenance, materials and repairs |
| 33,221 |
| 37,648 |
| -11.8% |
| 9,079 |
| 265.9% |
| 76,948 |
| 127,562 |
| -39.7% |
Depreciation and amortization |
| 67,850 |
| 159,812 |
| -57.5% |
| 63,022 |
| 7.7% |
| 502,433 |
| 371,424 |
| 35.3% |
Flight operations |
| 5,925 |
| 24,908 |
| -76.2% |
| 454 |
| 1206.5% |
| 30,028 |
| 102,806 |
| -70.8% |
Other operating and administrative expenses |
| 15,011 |
| 32,506 |
| -53.8% |
| 12,435 |
| 20.7% |
| 71,977 |
| 118,072 |
| -39.0% |
Total Operating Expense |
| 253,693 |
| 664,123 |
| -61.8% |
| 139,349 |
| 82.1% |
| 1,261,934 |
| 2,361,238 |
| -46.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) |
| (95,057) |
| 17,804 |
| n/m |
| (106,966) |
| n/m |
| (460,931) |
| 346,171 |
| -233.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance cost |
| (18,360) |
| (17,154) |
| 7.0% |
| (16,264) |
| 12.9% |
| (73,045) |
| (57,450) |
| 27.1% |
Finance income |
| 3,571 |
| 6,289 |
| -43.2% |
| 4,394 |
| -18.7% |
| 19,963 |
| 24,405 |
| -18.2% |
Net change in fair value of derivatives |
| (80,076) |
| 2,406 |
| n/m |
| 3,591 |
| n/m |
| (8,459) |
| (15,408) |
| -45.1% |
Gain (loss) on foreign currency fluctuations |
| 2,361 |
| - |
| n/m |
| (370) |
| n/m |
| (98,683) |
| - |
| n/m |
Other non-operating income (expense) |
| 1,026 |
| (989) |
| n/m |
| (2,631) |
| n/m |
| (1,169) |
| (4,279) |
| -72.7% |
Total Non-Operating Income/(Expense) |
| (91,478) |
| (9,448) |
| 868.2% |
| (11,278) |
| 711.1% |
| (161,392) |
| (52,732) |
| 206.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss) before taxes |
| (186,535) |
| 8,356 |
| n/m |
| (118,245) |
| n/m |
| (622,323) |
| 293,439 |
| -312.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
| (17,731) |
| 5,629 |
| n/m |
| (188) |
| n/m |
| (23,717) |
| 46,437 |
| -151.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit (Loss) |
| (168,805) |
| 2,728 |
| n/m |
| (118,057) |
| n/m |
| (598,606) |
| 247,002 |
| -342.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| -3.97 |
| 0.06 |
| n/m |
| -2.78 |
| n/m |
| -14.08 |
| 5.81 |
| n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| 42,510,573 |
| 42,486,717 |
|
|
| 42,509,959 |
|
|
| 42,508,448 |
| 42,483,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S. A. and subsidiaries |
|
|
Consolidated statement of financial position |
|
|
(US$ Thousands) | December | December |
| 2020 | 2019 |
| (Unaudited) | (Audited) |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash equivalents | 119,065 | 158,733 |
Short-term investments | 770,816 | 692,403 |
Total cash, cash equivalents and short-term investments | 889,881 | 851,136 |
|
|
|
Accounts receivable, net | 63,206 | 129,634 |
Accounts receivable from related parties | 1,429 | 147 |
Expendable parts and supplies, net | 74,319 | 69,100 |
Prepaid expenses | 30,473 | 49,034 |
Prepaid income tax | 16,716 | 1,181 |
Other current assets | 7,805 | 14,206 |
| 193,948 | 263,301 |
Assets held for sale | 135,542 | 120,006 |
|
|
|
TOTAL CURRENT ASSETS | 1,219,371 | 1,234,442 |
|
|
|
Long-term investments | 119,617 | 134,347 |
Long-term accounts receivable | 1,054 | 2,139 |
Long-term prepaid expenses | 6,066 | 17,743 |
Property and equipment, net | 2,147,486 | 2,532,402 |
Right of use assets | 214,279 | 290,843 |
Intangible, net | 95,568 | 108,116 |
Net employee defined benefit assets | - | 249 |
Deferred tax assets | 35,595 | 19,216 |
Other Non-Current Assets | 14,348 | 17,881 |
TOTAL NON-CURRENT ASSETS | 2,634,013 | 3,122,935 |
|
|
|
TOTAL ASSETS | 3,853,384 | 4,357,377 |
|
|
|
LIABILITIES |
|
|
Loans and borrowings | 127,946 | 122,581 |
Current portion of lease liability | 83,605 | 97,732 |
Accounts payable | 63,461 | 119,332 |
Accounts payable to related parties | 2,970 | 14,086 |
Air traffic liability | 470,695 | 497,374 |
Frequent flyer deferred revenue | 91,213 | 80,325 |
Taxes Payable | 13,400 | 46,267 |
Employee benefits obligations | 33,995 | 55,373 |
Income tax payable | 1,023 | 9,683 |
Other Current Liabilities | 252 | 83 |
TOTAL CURRENT LIABILITIES | 888,561 | 1,042,836 |
|
|
|
Loans and borrowings long-term | 1,035,954 | 938,182 |
Lease Liability | 146,905 | 206,832 |
Derivative financial instruments | 237,104 | - |
Net employee defined benefit liabilities | 14,332 | - |
Other long - term liabilities | 216,325 | 191,221 |
Deferred tax Liabilities | 22,190 | 43,397 |
TOTAL NON-CURRENT LIABILITIES | 1,672,810 | 1,379,633 |
|
|
|
TOTAL LIABILITIES | 2,561,371 | 2,422,469 |
|
|
|
EQUITY |
|
|
Issued Capital |
|
|
Class A -33,861,872 issued and 31,421,265 outstanding | 21,199 | 21,142 |
Class B common stock - 10,938,125 | 7,466 | 7,466 |
Additional Paid-In Capital | 91,341 | 86,135 |
Treasury Stock | (136,388) | (136,388) |
Retained Earnings | 1,931,084 | 1,718,179 |
Net profit | (598,606) | 247,002 |
Other comprehensive loss | (24,082) | (8,628) |
|
|
|
TOTAL EQUITY | 1,292,014 | 1,934,908 |
|
|
|
TOTAL EQUITY & LIABILITIES | 3,853,384 | 4,357,377 |
|
|
|
|
|
|
Copa Holdings, S. A. and subsidiaries |
|
|
|
|
|
|
Consolidated Statement of Cash Flows |
|
|
|
|
|
|
For the twelve months ended December 31, |
|
|
|
|
|
|
(In US$ thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2020 |
| 2019 |
| 2018 |
|
|
|
|
|
|
|
|
|
| (Unaudited) |
| (Audited) |
| (Audited) |
Cash flow (used in) from operating activities |
| (39,515) |
| 740,776 |
| 497,153 |
Cash flow used in investing activities |
| (93,761) |
| (192,868) |
| (149,596) |
Cash flow from (used in) financing activities |
| 93,609 |
| (545,334) |
| (430,191) |
Net (decrease) increase in cash and cash equivalents |
| (39,667) |
| 2,574 |
| (82,634) |
Cash and cash equivalents at January 1 |
| 158,732 |
| 156,158 |
| 238,792 |
Cash and cash equivalents at December 31 |
| $ 119,065 |
| $ 158,732 |
| $ 156,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term investments |
|
| 770,816 |
| 692,403 |
| 566,200 |
Long-term investments |
|
| 119,617 |
| 134,347 |
| 138,846 |
Total cash and cash equivalents and investments at December 31 |
| $ 1,009,498 |
| $ 985,482 |
| $ 861,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non-IFRS financial measures: Adjusted Operating Profit, Adjusted Net Profit, Adjusted Basic EPS and Monthly Cash Consumption. 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 Operating Profit |
|
|
|
|
|
|
|
|
|
|
and Adjusted Net Profit |
| 4Q20 |
| 4Q19 |
| 3Q20 |
| FY20 |
| FY19 |
|
|
|
|
|
|
|
|
|
|
|
Operating Profit as Reported |
| $ (95,057) |
| $ 17,804 |
| $ (106,966) |
| $ (460,931) |
| $ 346,171 |
Add: Fleet Impairment charges |
| $ 4,400 |
| $ 89,344 |
|
|
| $ 191,207 |
| $ 89,344 |
Add: Expected loss (gain) on Embraer assets held for sale |
| $ (877) |
|
|
|
|
| $ 49,171 |
|
|
Adjusted Operating Profit |
| $ (91,533) |
| $ 107,148 |
| $ (106,966) |
| $ (220,552) |
| $ 435,515 |
|
|
|
|
|
|
|
|
|
|
|
Net Profit as Reported |
| $ (168,805) |
| $ 2,728 |
| $ (118,057) |
| $ (598,606) |
| $ 247,002 |
Add: Fleet Impairment charges |
| $ 4,400 |
| $ 89,344 |
|
|
| $ 191,207 |
| $ 89,344 |
Add: Expected loss (gain) on Embraer assets held for sale |
| $ (877) |
|
|
|
|
| $ 49,171 |
|
|
Add: Net change in fair value of derivatives |
| $ 80,076 |
|
|
| $ (3,591) |
| $ 98,683 |
|
|
Adjusted Net Profit |
| $ (85,205) |
| $ 92,071 |
| $ (121,648) |
| $ (259,545) |
| $ 336,346 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Basic EPS |
| 4Q20 |
| 4Q19 |
| 3Q20 |
| FY20 |
| FY19 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Profit |
| $ (85,205) |
| $ 92,071 |
| $ (121,648) |
| $ (259,545) |
| $ 336,346 |
Shares used for calculation of Basic EPS |
| 42,511 |
| 42,487 |
| 42,510 |
| 42,508 |
| 42,483 |
Adjusted Basic Earnings per share (Adjusted Basic EPS) |
| $ (2.00) |
| $ 2.17 |
| $ (2.86) |
| $ (6.11) |
| $ 7.92 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Monthly Cash Consumption for 2020 |
| 4Q20 |
| 3Q20 |
| 2Q20 |
|
|
|
|
Beginning Cash balance |
| $ 1,006 |
| $ 1,143 |
| $ 1,127 |
|
|
|
|
Ending Cash balance |
| $ 1,009 |
| $ 1,006 |
| $ 1,143 |
|
|
|
|
Net cashflows in the quarter |
| $ 4 |
| $ (137) |
| $ 16 |
|
|
|
|
Substract: Proceeds from Convertible Notes Offering |
| $ - |
| $ - |
| $ 343 |
|
|
|
|
Substract: Others proceeds (assets sold and other non-op proceeds) |
| $ 23 |
| $ 22 |
|
|
|
|
|
|
Add: Repayment of short term credit lines |
| $ - |
| $ 50 |
| $ 95 |
|
|
|
|
Cash Consumption excluding extraordinary activities |
| $ (19) |
| $ (109) |
| $ (232) |
|
|
|
|
Monthly Cash Consumption excluding extraordinary activities |
| $ (6) |
| $ (36) |
| $ (77) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:http://www.prnewswire.com/news-releases/copa-holdings-reports-financial-results-for-the-fourth-quarter-of-2020-301226312.html
SOURCE Copa Holdings, S.A.
