Aeromexico Reports 2Q20 Results

Grupo Aeromexico's second quarter 2020 revenue reached $2.6 billion pesos, an 84.5% year-on-year decrease. During the quarter, revenue per ASK (RASK) in pesos decreased by 30.3% while yield decreased by 7.2%.

Grupo Aeromexico S.A.B. de C.V. (BMV: AEROMEX), today reported its unaudited consolidated results for the second quarter 2020.

KEY FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER 2020

  • Aeromexico announced on June 30th that it and certain of its affiliates have filed voluntary Chapter 11 petitions in the United States 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 second quarter capacity, measured in available seat kilometers (ASKs) decreased by 77.8% year-on-year, resulting from the impact of the COVID-19 pandemic.
  • Grupo Aeromexico’s second quarter 2020 revenue reached $2.6 billion pesos, an 84.5% year-on-year decrease. During the quarter, revenue per ASK (RASK) in pesos decreased by 30.3% while yield decreased by 7.2%.
  • During the quarter, Aeromexico recognized total one-off non-cash adjustments of $20.0 billion pesos from which $16.8 billion pesos impacted operating profit, mainly associated to impairment and accelerated depreciation and amortization of property and equipment and intangible assets, early redeliveries of flight equipment and deferred taxes reserve of tax loss carryforwards. As a result, second quarter 2020 operating loss amounted to $23.4 billion pesos. EBITDAR for the period amounted to negative 5.0 billion pesos. Excluding one-off non-cash items operating loss amounted to $6.6 billion pesos, while EBITDAR was negative $2.7 billion pesos.
  • Cost per ASK (CASK) in pesos reached $9.18 pesos, a year-on year increase of $7.86 pesos. CASK in dollars reached $0.393, a year-on-year increase of $0.323 dollars. Excluding one-off non-cash items CASK in pesos increased by $1.93 pesos, while CASK in dollars increased by $0.07 dollars, mainly due to the reduced operations derived from the impact of the COVID-19 pandemic.
  • Aeromexico´s cash position as of June 30th, 2020, including restricted cash, amounted to $5.8 billion pesos equivalent to approximately $250 million dollars. Aeromexico´s cash including restricted cash to last-twelve-month revenue ratio was 11.0%. Excluding restricted cash, Aeromexico´s cash position was $3.7 billion pesos, equivalent to $160 million dollars. As of June 30th, 2020, Grupo Aeromexico’s operating fleet comprised 118 aircraft excluding the six Boeing 737 MAX aircraft temporarily grounded.

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