Copa Holdings, S.A 6-K, filed May 13, 2022
Copa Holdings, S.A. (CPA)
About this 6-K
Copa Holdings, S.A filed this 6-K on May 13, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Report on Form 6-K dated for the month of May, 2022
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Complejo Business Park, Torre Norte
ParqueLefevre
Panama City, Panama
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes No X
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82- )
Enclosure: Press Release - 1Q22 Earnings Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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Copa Holdings, S.A. |
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Date: 5/12/2022 |
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By: |
/s/ José Montero |
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Name: José Montero |
Exhibit 99.1
Copa Holdings Reports Financial Results for the First Quarter of 2022
Panama City, Panama --- May 11, 2022. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2022 (1Q22). 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 first quarter of 2019 (1Q19) (which the Company believes are more relevant than year-over-year comparisons due to the significant impacts in 2020 and 2021 of the COVID-19 pandemic).
OPERATING AND FINANCIAL HIGHLIGHTS
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Copa Holdings reported an operating profit of US$44.8 million for the quarter and a 7.8% operating margin, compared to an operating profit of US$112.9 million in 1Q19. |
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Total revenues for 1Q22 came in at US$571.6 million, reaching 85.0% of 1Q19 revenues. Passenger revenue for 1Q22 was 83.4% of 1Q19 levels, while cargo revenue was 40.6% higher than 1Q19. Revenue per Available Seat Mile (RASM) came in at 10.2 cents, or 3.0% lower than 1Q19. |
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Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 1.6% in the quarter vs. 1Q19 to 6.0 cents. |
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Capacity for 1Q22, measured in terms of available seat miles (ASMs), was 87.6% of the capacity flown in 1Q19. |
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The Company ended the quarter with approximately US$1.2 billion in cash, short-term and long-term investments, which represents 65% of the last twelve months’ revenues. |
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The Company closed the quarter with total debt, including lease liabilities, of US$1.6 billion. |
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During the quarter, the Company took delivery of 2 Boeing 737 MAX 9 aircraft. |
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Including 3 Boeing 737-700 aircraft currently in temporary storage and one Boeing 737-800 freighter, Copa Holdings ended the quarter with a consolidated fleet of 93 aircraft – 68 Boeing 737-800s, 16 Boeing 737 MAX 9s, and 9 Boeing 737-700s, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic. |
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Copa Airlines had an on-time performance for the quarter of 91.3% and a flight completion factor of 99.3%, once again positioning the airline among the best in the industry. |
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During the quarter, the Company announced two new destinations starting in June 2022 — Santa Marta in Colombia and Barcelona in Venezuela. |
1
Exhibit 99.1
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Consolidated Financial & Operating Highlights |
1Q22 |
1Q19 (3) |
Variance vs. 1Q19 |
4Q21 |
Variance vs. 3Q21 |
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Revenue Passengers Carried (000s) |
2,285 |
2,588 |
-11.7% |
2,214 |
3.2% |
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Revenue Passengers OnBoard (000s) |
3,476 |
3,830 |
-9.2% |
3,369 |
3.2% |
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RPMs (millions) |
4,585 |
5,345 |
-14.2% |
4,265 |
7.5% |
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ASMs (millions) |
5,623 |
6,415 |
-12.4% |
5,109 |
10.1% |
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Load Factor |
81.5% |
83.3% |
-1.8 p.p. |
83.5% |
-1.9 p.p. |
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Yield (US$ Cents) |
11.8 |
12.1 |
-2.7% |
12.7 |
-6.9% |
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PRASM (US$ Cents) |
9.6 |
10.1 |
-4.8% |
10.6 |
-9.0% |
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RASM (US$ Cents) |
10.2 |
10.5 |
-3.0% |
11.3 |
-9.7% |
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CASM (US$ Cents) |
9.4 |
8.7 |
7.5% |
8.1 |
15.7% |
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Adjusted CASM (US$ Cents) (1) |
9.4 |
8.7 |
7.5% |
9.0 |
4.2% |
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CASM Excl. Fuel (US$ Cents) |
6.0 |
6.1 |
-1.6% |
5.2 |
15.2% |
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Adjusted CASM Excl. Fuel (US$ Cents) (1) |
6.0 |
6.1 |
-1.6% |
6.1 |
-1.7% |
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Fuel Gallons Consumed (millions) |
66.5 |
81.2 |
-18.1% |
61.0 |
9.1% |
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Avg. Price Per Fuel Gallon (US$) |
2.87 |
2.09 |
37.4% |
2.43 |
18.0% |
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Average Length of Haul (miles) |
2,007 |
2,065 |
-2.8% |
1,926 |
4.2% |
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Average Stage Length (miles) |
1,298 |
1,299 |
0.0% |
1,254 |
3.5% |
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Departures |
27,190 |
33,329 |
-18.4% |
25,458 |
6.8% |
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Block Hours |
88,474 |
110,089 |
-19.6% |
80,710 |
9.6% |
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Average Aircraft Utilization (hours) (2) |
11.1 |
11.6 |
-4.5% |
11.3 |
-1.9% |
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Operating Revenues (US$ millions) |
571.6 |
672.2 |
-15.0% |
575.0 |
-0.6% |
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Operating Profit (Loss) (US$ millions) |
44.8 |
112.9 |
-60.3% |
161.3 |
-72.2% |
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Adjusted Operating Profit (Loss) (US$ millions) (1) |
44.8 |
112.9 |
-60.3% |
115.8 |
-61.3% |
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Operating Margin |
7.8% |
16.8% |
-9.0 p.p. |
28.1% |
-20.2 p.p. |
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Adjusted Operating Margin (1) |
7.8% |
16.8% |
-9.0 p.p. |
20.1% |
-12.3 p.p. |
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Net Profit (Loss) (US$ millions) |
19.8 |
89.4 |
-77.9% |
118.3 |
-83.3% |
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Adjusted Net Profit (Loss) (US$ millions) (1) |
29.5 |
89.4 |
-67.0% |
81.7 |
-63.9% |
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Basic EPS (US$) |
0.47 |
2.11 |
-77.7% |
2.78 |
-83.1% |
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Adjusted Basic EPS (US$) (1) |
0.70 |
2.11 |
-66.7% |
1.92 |
-63.4% |
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Shares for calculation of Basic EPS (000s) |
42,006 |
42,478 |
-1.1% |
42,533 |
-1.2% |
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(1) |
Excludes Special Items. This earnings release includes a reconciliation of non-IFRS financial measures to the comparable IFRS measures. |
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(2) |
Average Aircraft Utilization is calculated based on the Company’s active fleet, excluding aircraft in storage. |
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(3) |
The Company believes that comparisons with 2019 are more relevant than year-over-year comparisons due to the significant impacts in 2020 of the COVID-19 pandemic. |
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Exhibit 99.1
MANAGEMENT’S COMMENTS ON 1Q22 RESULTS
Thanks to the recovery in demand following the impact of the COVID-19 Omicron variant, and despite higher fuel prices, Copa Holdings reported a profitable quarter. These results also reflect the Company’s ability to increase capacity while operating with low unit costs.
During the first quarter, the Company reported a net profit of US$19.8 million, an operating profit of US$44.8 million, and an operating margin of 7.8%. Excluding special items, comprised of US$9.7 million in unrealized mark-to-market losses related to the Company’s convertible notes as well as changes in the value of financial investments, the Company would have reported a net profit of US$29.5 million.
Despite the cancellation of approximately 4% of the Company’s planned departures for the quarter due to the impact of the Omicron variant on the number of available crews, the Company operated 87.6% of its 1Q19 ASMs, compared to 83.1% of its 4Q19 capacity in 4Q21.
Total revenues for 1Q22 came in at US$571.6 million, reaching 85.0% of 1Q19 revenues. Passenger revenue for 1Q22 reached 83.4% of 1Q19 levels, while 1Q22 cargo revenue was 40.6% higher than 1Q19. Driven mainly by the impact of the Omicron variant to passenger demand, yields decreased 2.7% to 11.8 cents and load factors decreased 1.8 percentage points to 81.5%, compared to 1Q19, resulting in Revenues per Available Seat Mile (RASM) of 10.2 cents, or 3.0% lower than 1Q19.
Unit cost (CASM) came in at 9.4 cents, an increase of 7.5% versus 1Q19, driven by a higher fuel cost. Excluding fuel, CASM came in at 6.0 cents, a decrease of 1.6% when compared to 1Q19, while operating at 87.6% of 1Q19 capacity.
The Company ended the quarter with a cash balance of US$1.2 billion, which represents 65% of the last twelve months’ revenues.
Despite the positive financial results during 1Q22 and the recovering demand environment, the Company expects lower second-quarter margins due to the significant increase in jet fuel prices in what is historically a low season quarter.
The Company has a proven and very strong business model, which is built on operating the best and most convenient network for intra-Latin America travel from its Hub of the Americas® based on Panama’s advantageous geographic position, low unit costs, best on-time performance, and strongest balance sheet. Going forward, the Company expects to leverage its strong balance sheet, leading liquidity position, and lower cost base to continue strengthening its long-term competitive position by implementing initiatives that will further reinforce its network, product and cost competitiveness.
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Exhibit 99.1
OUTLOOK FOR 2022
As a result of the continued uncertainty related to outbreaks of COVID-19 and its variants, the Company will provide financial guidance only for the second quarter of 2022 and preliminary capacity and CASM ex-fuel guidance for the full-year 2022.
Given the impact of higher fuel prices, among other factors, the Company expects its operating margin to be within a range of approximately 3% to 5% for 2Q22. The Company expects capacity in 2Q22 to reach approximately 5.9 billion ASMs or 96% of 2Q19 ASMs.
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Financial Outlook |
2Q22 |
1Q22 |
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Capacity (% of 2019) |
~96% |
87.6% |
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Operating Margin |
~3-5% |
7.8% |
Factored in this outlook is a load factor of approximately 86%, Unit Revenues (RASM) of approximately 11.3 cents, unit costs excluding fuel (Ex-Fuel CASM) of approximately 6.0 cents, and an all-in fuel price of US$4.00 per gallon.
For full-year 2022, the Company expects to operate approximately 98% of 2019 ASMs and deliver a CASM ex-fuel of approximately 5.9 cents.
CONSOLIDATED FIRST-QUARTER RESULTS
Operating revenue
Consolidated revenue for 1Q22 totaled US$571.6 million, mainly driven by passenger revenue.
Passenger revenue totaled US$541.3 million, a 16.6% decrease compared to the same period in 2019, on 12.4% less capacity. The first-quarter results are mostly comprised of flown passenger ticket revenue and passenger-related ancillary revenue.
Cargo and mail revenue totaled US$21.5 million, a 40.6% increase compared to the same period in 2019, related to higher cargo volume and yields.
Other operating revenue totaled US$8.8 million, mainly revenues from non-air ConnectMiles partners.
Operating expenses
Fuel totaled US$191.3 million, an increase of 12.4% compared to the same period in 2019, on 18.1% fewer gallons consumed and a 37.4% higher effective fuel price.
Wages, salaries, benefits, and other employee expenses totaled US$89.8 million, representing a 21.0% decrease compared to the same period in 2019, mainly driven by a reduced headcount.
Passenger servicing totaled US$15.6 million, a decrease of 39.0% compared to the same period in 2019, as a result of 9.2% fewer passengers and a simplified onboard product offering due to temporary COVID-19 biosafety protocols.
Airport facilities and handling charges totaled US$45.8 million, an increase of 0.9% compared to the same period in 2019, mostly related to higher airport fees, mainly in the US.
Sales and distribution totaled US$46.0 million, a decrease of 13.4% compared to the same period in 2019, due to lower sales in the quarter compared to 1Q19.
4
Exhibit 99.1
Maintenance, materials, and repairs totaled US$23.4 million, a decrease of 16.7% compared to the same period in 2019, driven by 19.4% fewer flight hours and lower materials and component repairs related to a simplified fleet.
Depreciation and amortization totaled US$63.3 million, mostly comprised of owned and leased flight equipment, maintenance events, and IT systems amortizations, a decrease of 7.2% compared to 1Q19, mainly due to a reduction in fleet size.
Flight operations mostly related to overflight fees, totaled US$22.0 million, a decrease of 14.8% compared to the same period in 2019, driven by 18.4% fewer departures.
Other operating and administrative expenses totaled US$30.0 million, an increase of 1.3% versus 1Q19 mainly comprised of IT systems expenses, aircraft engine rentals, aircraft insurance and cargo expenses, as well as other overhead expenses.
Non-operating Income (Expense)
Consolidated non-operating income (expense) resulted in a net expense of (US$24.4) million.
Finance cost totaled (US$20.4) million, mostly comprised of convertible notes interest expenses of US$10.2 million, US$6.2 million related to loan interest and commission expenses, and US$1.1 million in interest charges related to operating leases.
Finance income totaled US$2.5 million in proceeds from investments.
Gain (loss) on foreign currency fluctuations resulted in a US$2.9 million gain, mainly driven by the revaluation of the Brazilian real and the Colombian peso.
Net change in fair value of derivatives totaled a net (US$6.8) million unrealized mark-to-market loss related to the Company’s convertible notes.
Other non-operating income (expense) totaled a (US$2.7) million unrealized mark-to-market loss related to changes in the value of financial investments.
5
Exhibit 99.1
About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central and South America and the Caribbean. For more information visit: www.copaair.com.
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: 011 507 304-2774
www.copaair.com (IR section)
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
6
Exhibit 99.1
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Copa Holdings, S.A. |
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Income Statement - IFRS |
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(US$ Thousands) |
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Unaudited |
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Unaudited |
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% |
Unaudited |
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% |
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1Q22 |
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1Q19 |
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Change |
4Q21 |
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Change |
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Operating Revenues |
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Passenger revenue |
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541,255 |
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648,790 |
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-16.6% |
540,571 |
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0.1% |
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Cargo and mail revenue |
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21,537 |
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15,316 |
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40.6% |
25,849 |
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-16.7% |
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Other operating revenue |
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8,790 |
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8,063 |
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9.0% |
8,575 |
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2.5% |
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Total Operating Revenue |
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571,582 |
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672,169 |
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-15.0% |
574,995 |
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-0.6% |
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Operating Expenses |
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Fuel |
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191,256 |
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170,163 |
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12.4% |
149,057 |
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28.3% |
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Wages, salaries, benefits and other employees' expenses |
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89,759 |
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113,662 |
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-21.0% |
80,434 |
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11.6% |
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Passenger servicing |
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15,607 |
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25,571 |
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-39.0% |
12,204 |
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27.9% |
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Airport facilities and handling charges |
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45,787 |
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45,362 |
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0.9% |
42,863 |
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6.8% |
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Sales and distribution |
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46,033 |
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53,133 |
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-13.4% |
43,706 |
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5.3% |
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Maintenance, materials and repairs |
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23,350 |
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28,047 |
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-16.7% |
(19,620) |
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-219.0% |
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Depreciation and amortization |
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63,303 |
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68,187 |
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-7.2% |
59,828 |
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5.8% |
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Flight operations |
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22,039 |
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25,875 |
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-14.8% |
19,173 |
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14.9% |
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Other operating and administrative expenses |
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29,674 |
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29,285 |
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1.3% |
26,057 |
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13.9% |
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Total Operating Expense |
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526,809 |
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559,284 |
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-5.8% |
413,703 |
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27.3% |
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Operating Profit/(Loss) |
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44,774 |
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112,885 |
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-60.3% |
161,292 |
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-72.2% |
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Non-operating Income (Expense): |
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Finance cost |
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(20,445) |
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(14,022) |
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45.8% |
(21,177) |
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-3.5% |
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Finance income |
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2,545 |
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5,954 |
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-57.3% |
2,571 |
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-1.0% |
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Gain (loss) on foreign currency fluctuations |
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2,917 |
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(5,960) |
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-149.0% |
(2,508) |
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-216.3% |
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Net change in fair value of derivatives |
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(6,752) |
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- |
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-100.0% |
(8,922) |
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-24.3% |
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Other non-operating income (expense) |
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(2,664) |
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(825) |
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223.0% |
(1,158) |
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130.0% |
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Total Non-Operating Income/(Expense) |
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(24,398) |
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(14,853) |
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64.3% |
(31,194) |
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-21.8% |
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Profit before taxes |
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20,376 |
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98,032 |
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-79.2% |
130,098 |
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-84.3% |
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Income tax expense |
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(617) |
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(8,600) |
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-92.8% |
(11,837) |
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-94.8% |
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Net Profit/(Loss) |
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19,759 |
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89,431 |
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-77.9% |
118,261 |
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-83.3% |
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EPS |
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Basic |
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0.47 |
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2.11 |
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-77.7% |
2.78 |
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-83.1% |
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Shares used for calculation: |
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Basic |
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42,006,022 |
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42,477,761 |
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42,533,036 |
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7
Exhibit 99.1
Copa Holdings, S. A. and subsidiaries
Consolidated statement of financial position
(US$ Thousands)
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March 2022 |
December 2021 |
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ASSETS |
(Unaudited) |
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Current Assets |
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Cash and cash equivalents |
249,014 |
211,081 |
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Short-term investments |
771,074 |
806,340 |
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Total cash, cash equivalents and short-term investments |
1,020,088 |
1,017,421 |
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- |
- |
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Accounts receivable, net |
125,989 |
90,618 |
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Accounts receivable from related parties |
1,598 |
1,832 |
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Expendable parts and supplies, net |
80,690 |
74,778 |
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Prepaid expenses |
34,268 |
31,148 |
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Prepaid income tax |
16,095 |
16,938 |
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Other current assets |
6,497 |
6,054 |
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265,137 |
221,368 |
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TOTAL CURRENT ASSETS |
1,285,225 |
1,238,789 |
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Long-term investments |
204,810 |
199,670 |
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Long-term accounts receivable |
- |
- |
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Long-term prepaid expenses |
6,195 |
6,727 |
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Property and equipment, net |
2,625,393 |
2,512,704 |
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Right of use assets |
149,230 |
166,328 |
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Intangible, net |
78,381 |
81,749 |
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Deferred tax assets |
30,911 |
28,196 |
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Other Non-Current Assets |
15,497 |
14,098 |
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TOTAL NON-CURRENT ASSETS |
3,110,417 |
3,009,472 |
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TOTAL ASSETS |
4,395,642 |
4,248,261 |
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LIABILITIES |
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Loans and borrowings |
151,234 |
196,602 |
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Current portion of lease liability |
74,571 |
73,917 |
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Accounts payable |
126,899 |
112,596 |
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Accounts payable to related parties |
19,113 |
7,948 |
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Air traffic liability |
625,309 |
557,331 |
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Frequent flyer deferred revenue |
97,040 |
95,114 |
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Taxes Payable |
40,557 |
32,600 |
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Employee benefits obligations |
28,487 |
32,767 |
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Income tax payable |
4,293 |
3,835 |
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Other Current Liabilities |
1,206 |
786 |
|
TOTAL CURRENT LIABILITIES |
1,168,709 |
1,113,496 |
|
|
|
|
|
Loans and borrowings long-term |
1,329,125 |
1,229,031 |
|
Lease Liability |
86,787 |
104,734 |
|
Net Defined Benefit Liability |
7,547 |
7,670 |
|
Derivative financial instruments |
275,090 |
268,338 |
|
Deferred tax Liabilities |
18,885 |
18,782 |
|
Other long - term liabilities |
216,979 |
206,813 |
|
|
|
|
|
TOTAL NON-CURRENT LIABILITIES |
1,934,413 |
1,835,368 |
|
TOTAL LIABILITIES |
3,103,122 |
2,948,864 |
|
|
|
|
|
EQUITY |
- |
- |
|
|
|
|
|
Class A - 34,012,597 issued and 30,643,923 outstanding |
21,324 |
21,289 |
|
Class B - 10,938,125 |
7,466 |
7,466 |
|
Additional Paid-In Capital |
99,849 |
98,348 |
|
Treasury Stock |
(205,074) |
(176,902) |
|
Retained Earnings |
1,367,866 |
1,324,022 |
|
Net profit |
19,759 |
43,844 |
|
Other comprehensive loss |
(18,670) |
(18,670) |
|
|
|
|
|
TOTAL EQUITY |
1,292,520 |
1,299,397 |
|
TOTAL EQUITY LIABILITIES |
4,395,642 |
4,248,261 |
8
Exhibit 99.1
|
Copa Holdings, S. A. and subsidiaries |
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows |
|
|
|
|
|
|
|
For the three months ended March 31, |
|
|
|
|
|
|
|
(In US$ thousands) |
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Cash flow from (used in) operating activities |
|
169,336 |
|
(892) |
|
106,340 |
|
Cash flow (used in) from investing activities |
|
(120,515) |
|
(86,697) |
|
19,795 |
|
Cash flow (used in) from financing activities |
|
(10,888) |
|
162,325 |
|
55,058 |
|
Net increase in cash and cash equivalents |
|
37,933 |
|
74,736 |
|
181,193 |
|
Cash and cash equivalents at January 1 |
|
211,081 |
|
119,065 |
|
158,732 |
|
Cash and cash equivalents at March 31 |
|
$249,014 |
|
$193,801 |
|
$339,925 |
|
|
|
|
|
|
|
|
|
Short-term investments |
|
771,074 |
|
898,453 |
|
672,721 |
|
Long-term investments |
|
204,810 |
|
111,001 |
|
114,277 |
|
Total cash and cash equivalents and investments at March 31 |
|
$1,224,898 |
|
$1,203,255 |
|
$1,126,923 |
9
Exhibit 99.1
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, Operating CASM Excluding Fuel, and Cash Buildup. 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 |
|
1Q22 |
|
1Q21 |
|
4Q21 |
|
1Q19 |
|
|
|
|
|
|
|
|
|
|
|
Operating Profit as Reported |
|
$44,774 |
|
$(77,081) |
|
$161,292 |
|
$112,873 |
|
Subtract: Leased Aircraft Return provision |
|
|
|
|
|
$45,519 |
|
|
|
Adjusted Operating Profit |
|
$44,774 |
|
$(77,081) |
|
$115,773 |
|
$112,873 |
|
|
|
|
|
|
|
|
|
|
|
Net Profit as Reported |
|
$19,759 |
|
$(110,733) |
|
$118,261 |
|
$89,431 |
|
Subtract: Leased Aircraft Return provision |
|
|
|
|
|
$45,519 |
|
|
|
Add: Net change in fair value of derivatives |
|
$6,752 |
|
$15,663 |
|
$8,922 |
|
|
|
Add: Net change in fair value of financial investments |
|
$2,979 |
|
|
|
|
|
|
|
Adjusted Net Profit |
|
$29,490 |
|
$(95,070) |
|
$81,664 |
|
$89,431 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Basic EPS |
|
1Q22 |
|
1Q21 |
|
4Q21 |
|
1Q19 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Profit |
|
$29,490 |
|
$(95,070) |
|
$81,664 |
|
$89,431 |
|
Shares used for calculation of Basic EPS |
|
42,006 |
|
42,571 |
|
42,533 |
|
42,478 |
|
Adjusted Basic Earnings per share (Adjusted Basic EPS) |
|
$0.70 |
|
$(2.23) |
|
$1.92 |
|
$2.11 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Operating Costs per ASM |
|
|
|
|
|
|
|
|
|
Excluding Fuel (Adjusted CASM Excl. Fuel) |
|
1Q22 |
|
1Q21 |
|
4Q21 |
|
1Q19 |
|
|
|
|
|
|
|
|
|
|
|
Operating Costs per ASM as Reported (in US$ Cents) |
|
9.4 |
|
9.0 |
|
8.2 |
|
8.7 |
|
Return of leased aircraft provision per ASM (in US$ Cents) |
|
- |
|
- |
|
(0.8) |
|
- |
|
Adjusted Operating Costs per ASM (in US$ Cents) |
|
9.4 |
|
9.0 |
|
9.0 |
|
8.7 |
|
|
|
|
|
|
|
|
|
|
|
Aircraft Fuel Cost per ASM (in US$ Cents) |
|
3.4 |
|
2.5 |
|
2.9 |
|
2.7 |
|
Adjusted Operating Costs per ASM excluding fuel (in US$ Cents) |
|
6.0 |
|
6.6 |
|
6.1 |
|
6.1 |
10