AEROMEXICO REPORTS 4Q16 RESULTS
Mexico City, February 21, 2017 - Grupo Aeromexico S.A.B. de C.V. (“Aeromexico”) (BMV:
AEROMEX), today reported its unaudited consolidated results for the fourth quarter 2016.
KEY FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER 2016
 Grupo Aeromexico’s fourth quarter 2016 revenues reached $15.0 billion pesos; a 19.5% year
on-year increase. Total revenues in 2016 reached $53.9 billion pesos; a 14.9% increase
compared to 2015.
 Grupo Aeromexico reported a fourth quarter operating profit of $1.1 billion pesos; a 6.0% yearon-year increase. Operating margin reached 7.1%. This represents the twenty-seventh
consecutive quarter of positive EBIT results.
 For the full year 2016, Grupo Aeromexico reported an operating profit of $3.6 billion pesos;
17.8% more than in 2015. Operating margin reached 6.6%; 0.1 percentage points higher than
2015.
 EBITDAR reached $3.7 billion pesos during the quarter; a 15.3% increase compared to the prior
year. EBITDAR margin amounted to 24.6%. For the full year, EBITDAR reached $13.7 billion
pesos; a 21.6% increase year-on-year.
 Net income reached $1.1 billion pesos with a 2.1% margin for 2016.
 These financial results reflect the negative impact of increased fuel prices and of Mexican peso
depreciation against the US dollar. CASK in pesos increased by 10.9%, while CASK in dollars
decreased 6.4% during the quarter. CASK excluding fuel in pesos increased by 6.9% while
CASK excluding fuel in dollars decreased 9.8%, highlighting Grupo Aeromexico´s ongoing focus
on optimizing unit costs.
 Cash flow generation remained strong in 2016, with $9.6 billion pesos incremental net cash flow
generated from operating activities. The total cash balance at the end of the year reached $10.2
billion pesos, equivalent to 18.9% of annual revenues.
 During the quarter, the Company added four aircraft to its fleet under operating lease
agreements: one Boeing 787-9 and three Embraer 190s. Additionally, the Company took
delivery of two Boeing 787-9s under JOLCO (Japanese Operating Lease with Call Option)
agreements. Grupo Aeromexico’s operating fleet comprised 133 aircraft; an increase of eight
aircraft compared to the fourth quarter 2015.
Jonathan Wallden
SVP Financial Planning & Investor Relations
[email protected]
Ricardo Sánchez Baker
CFO
[email protected]
4Q16 RESULTS
MANAGEMENT DISCUSSION AND ANALYSIS
All figures are expressed in millions of pesos unless otherwise indicated. Grupo Aeromexico’s
financial statements are prepared in accordance with International Financial Reporting Standards
(IFRS).
The International Accounting Standard 1 (IAS 1) "Presentation of Financial Statements" establishes
that in the Consolidated Statement of Comprehensive Income additional items, headings and
subtotals can be presented when they are relevant to understanding the financial performance of
the entity.
The following information provides an overview of selected consolidated financial and operating
results, comparing the Company’s unaudited consolidated financial statements for the fourth quarter
2016 with those of the fourth quarter 2015.
2
4Q16 RESULTS
Three Months Ended December 31
st
Financial Highlights
2016
2015
Var 2016 vs 2015
Total Revenue (MXP million)
15,024
12,570
19.5%
EBITDAR (MXP million)*
3,691
3,201
15.3%
EBITDAR Margin* (% of Revenue)
24.6%
25.5%
(0.9) p.p.
Operating Profit (MXP million)*
1,066
1,006
6.0%
Operating Margin (% of Revenue)**
7.1%
8.0%
(0.9) p.p.
Consolidated Net Profit (MXP million)
259
136
90.7%
Controlling Interest Net Margin (% of
Revenue)
1.7%
1.1%
0.6 p.p.
Earnings per share (pesos)
0.37
0.19
94.8%
Operating Highlights
Total ASKs (millions)
11,182
10,351
8.0%
Total RPKs (millions)
8,997
8,151
10.4%
Load factor on scheduled flights (%)
80.5%
78.8%
1.7 p.p.
Passengers ('000)
5,106
4,807
6.2%
On-Time departure performance within 15
minutes (%)
77.3%
78.5%
(1.2) p.p.
387,604
363,335
6.7%
Yield (pesos)***
1.470
1.395
5.4%
Total revenue / ASK (pesos)
1.344
1.214
10.6%
Passenger revenue / ASK (pesos)
1.163
1.080
7.7%
Total cost / ASK (pesos)
1.256
1.133
10.9%
Total cost / ASK (USD)
0.063
0.068
(6.4%)
Total cost / ASK excluding fuel (pesos)
0.953
0.891
6.9%
Total cost / ASK excluding fuel (USD)
0.048
0.053
(9.8%)
Total liters of fuel ('000)
Figures may not sum to total due to rounding.
*
This metric is not defined under IFRS but has been included for reference given its relevance to the Company’s performance. EBITDAR
is defined as earnings before interest, taxes, and depreciation, amortization, and rental costs.
**
Operating Income.
***
Estimated as passenger revenues divided by RPKs of itinerary flights.
3
4Q16 RESULTS
Twelve Months Ended December 31
st
Financial Highlights
2016
2015
Var 2016 vs 2015
Total Revenue (MXP million)
53,925
46,946
14.9%
EBITDAR (MXP million)*
13,742
11,305
21.6%
EBITDAR Margin* (% of Revenue)
25.5%
24.1%
1.4 p.p.
Operating Profit (MXP million)*
3,571
3,031
17.8%
Operating Margin (% of Revenue)**
6.6%
6.5%
0.1 p.p.
Consolidated Net Profit (MXP million)
1,114
1,159
(3.9%)
Controlling Interest Net Margin (% of
Revenue)
2.1%
2.5%
(0.4) p.p.
Earnings per share (pesos)
1.57
1.63
(3.7%)
Operating Highlights
Total ASKs (millions)
43,362
40,374
7.4%
Total RPKs (millions)
34,776
32,115
8.3%
Load factor on scheduled flights (%)
80.3%
79.7%
0.6 p.p.
Passengers ('000)
19,703
18,769
5.0%
On-Time departure performance within 15
minutes (%)
78.2%
80.6%
(2.4) p.p.
1,513,988
1,441,988
5.0%
Yield (pesos)***
1.395
1.337
4.3%
Total revenue / ASK (pesos)
1.244
1.163
7.0%
Passenger revenue / ASK (pesos)
1.100
1.045
5.3%
Total cost / ASK (pesos)
1.173
1.096
7.0%
Total cost / ASK (USD)
0.063
0.069
(9.3%)
Total cost / ASK excluding fuel (pesos)
0.915
0.830
10.2%
Total cost / ASK excluding fuel (USD)
0.049
0.052
(6.5%)
Total liters of fuel ('000)
Figures may not sum to total due to rounding.
*
This metric is not defined under IFRS but has been included for reference given its relevance to the Company’s performance. EBITDAR
is defined as earnings before interest, taxes, depreciation, amortization, and rental costs.
**
Operating Income.
***
Estimated as passenger revenues divided by RPKs of itinerary flights.
4
4Q16 RESULTS
Market Conditions
Grupo Aeromexico operated in an environment characterized by the following during the fourth
quarter 2016:
 Exchange rate depreciation. Compared to the fourth quarter of 2015, the Mexican peso
depreciated an average of 18.5% relative to the U.S. dollar; from an average exchange rate of
$16.75 pesos in 2015 to $19.85 pesos per dollar. By the end of the fourth quarter 2016, the peso
had depreciated by 19.9% year-on-year relative to the dollar; from $17.21 pesos to $20.64
pesos.
 Increase in Mexican peso-denominated fuel prices. Due to a higher dollar denominated fuel
price and the impact of exchange rate depreciation, Grupo Aeromexico’s fourth quarter 2016 fuel
price denominated in pesos increased by 27.4% year-on-year. Full year USD denominated fuel
prices increased by 7.5%.
 Stable economic activity. Mexican economic growth remained consistent with previous
1
quarters. Mexican Gross Domestic Product (GDP) increased by 2.3% during 2016 .
 Increased passenger traffic in Mexican airline industry. Total Mexican market air passenger
traffic increased at a rate of 10.2% during the January-December 2016 period. Domestic
passenger traffic increased 12.5%, while international passenger traffic increased 8.0%
2
compared to 2015 .
Revenues
Fourth quarter 2016 revenues reached $15.0 billion pesos; a 19.5% increase compared to the same
period last year. This was primarily due to an increase in passenger revenues, higher cargo and
other ancillary revenues, partially offset by a decline in charter revenues.
The Company´s capacity, measured in Available Seat Kilometers (ASKs), increased by 8.0%
compared to the fourth quarter of 2015, driven primarily by the addition of three Boeing 787-9s and
three Embraer 190s during fourth quarter of 2016. International ASKs increased by 7.3%, while
domestic capacity increased by 9.4%
Fourth quarter passenger revenues reached $13.0 billion pesos; a 16.7% increase, year-on-year.
Grupo Aeromexico transported 5 million 106 thousand passengers; a 6.2% increase compared to
the fourth quarter of 2015. The number of passengers on international routes increased by 9.7%,
while the number of passengers on domestic routes increased by 4.6% compared to fourth quarter
of 2015. Fourth quarter 2016 passenger revenue on international flights represented 56.5% of total
passenger revenue, with domestic passenger revenues representing 43.5%.
Fourth quarter cargo revenues increased by 21.2% year-on-year to $940 million pesos, due to an
increase in capacity, the continuous improvement of the cargo load factor and the Mexican peso
depreciation. The incorporation of three additional Boeing 787 aircraft provided a 5.0% increase in
3
capacity in terms of ATKs compared to fourth quarter 2015. The Mexican air cargo market reported
a 5.4% increase in tons transported during the fourth quarter 2016, while Aeromexico increased by
7.0%, compared to the same period in 2015.
Aeromexico’s fourth quarter 2016 charter flight revenues totaled $11 million pesos; a 78.7%
decrease from the fourth quarter 2015. This is in line with Aeromexico´s increased focus on
scheduled operations.
Revenue per ASK increased by 10.6% compared to the fourth quarter of 2015, reflecting the
increased attractiveness of Aeromexico´s global network and connecting proposition as Mexico´s
1
2
3
INEGI. February 2017.
DGAC. February 2017.
ATK: Available Tons per Kilometer.
5
4Q16 RESULTS
only full service network carrier. Both load factors and yield increased compared to the same period
of 2015, with load factor growing by 1.7 percentage points from 78.8% to 80.5% and yields growing
from 1.395 to 1.470 Mexican pesos per Revenue Passenger Kilometer; a 5.4% increase.
Fourth quarter 2016 other complementary revenues totaled $1.1 billion pesos; a 75.9% increase
from the fourth quarter of 2015 due to higher ancillary revenues, which include upgrades, cobrand
related revenues, ticketing-related service fees and administrative fees, among others.
During 2016, total revenues reached $53.9 billion pesos; a 14.9% increase compared to the same
period of 2015. This was due to increases in passenger revenues, excess baggage, ancillary
revenues and cargo revenues, partially offset by a decrease in charter revenues.
Operating Expenses
Fourth quarter 2016 operating expenses, including aircraft leases, depreciation and amortization,
totaled $14.0 billion pesos; a 20.7% year-on-year increase. During the quarter, several cost items
were negatively impacted by the depreciation of the peso of 18.5% and increasing fuel prices in
dollars of 7.5%. Nevertheless, Aeromexico’s continued focus on cost management partially
mitigated this impact.
Fourth quarter 2016 unit costs (CASK) in pesos increased 10.9% year-on-year. CASK in US dollars
decreased 6.4% year-on-year. Fourth quarter 2016 dollar denominated CASK, excluding fuel,
decreased 9.8% year-on-year and CASK excluding fuel in peso terms, increased by 6.9%, reflecting
Grupo Aeromexico’s commitment to maintaining strict cost control despite the negative impact from
Mexican Peso depreciation.
Fourth quarter fuel expenses reached $3.4 billion pesos; a 36.0% year-on-year increase mainly
driven by the 27.4% increase in peso-denominated fuel prices per liter and the increase in capacity.
In order to mitigate the risk of fuel price increases, Grupo Aeromexico had approximately 50% of
expected fuel consumption hedged through a mix of call and call spread options during 2016.
Coverage levels started at US $1.75 per gallon, hedged up to US $2.35 per gallon. Across time the
positive impact of this hedging policy has been reflected in Grupo Aeromexico’s financial results, as
the Company has benefited from reductions in market prices of fuel while maintaining the maximum
loss of the hedging policy capped to the value of the premiums paid for said options.
Fourth quarter 2016 salaries and related expenses increased by 9.1%, year-on-year. This is
primarily related to company expansion which resulted in an 8.0% increase in ASKs, as well as the
negative impact of exchange rate depreciation on crew training costs, travel and hotel expenses.
Fourth quarter maintenance expenses increased by 1.0% year-on-year. Maintenance costs were
more evenly distributed across 2016 compared to 2015 when the maintenance schedule was
weighted towards the back half of the year. For the full year 2016 maintenance expenses increased
28.6% driven by exchange rate depreciation of 17.9% and increased capacity of 7.4%.
Communications and traffic expenses increased by 22.4% year-on-year due to the exchange rate
depreciation impact and the 8.0% increase in ASKs.
Fourth quarter 2016 sales and administrative expenses increased 42.8% driven by increases in
sales as well as costs associated with the launch of our new AM.com website.
Associated company income reached $109 million pesos; a $90 million peso increase compared to
the fourth quarter of 2015. This is due to increased profits from Grupo Aeromexico’s Club Premier
loyalty program and the increasing attractiveness of the Company’s frequent flyer offering,
particularly the launch of the new Santander cobranded credit card and the renewal of the American
Express cobranded card, as well as improved performance from Aeromexico’s Queretaro
Aeromexico/Delta joint venture maintenance facility.
6
4Q16 RESULTS
Fourth quarter aircraft lease expenses totaled $1.9 billion pesos; a 26.5% increase compared to the
same period in 2015, primarily due to exchange rate depreciation and the incorporation of four net
aircraft into the fleet, under operating leases.
During 2016, total operating expenses including leases and depreciation reached $50.4 billion
pesos; a 14.7% increase year-on-year. CASK in dollars decreased by 9.3% year-on-year with
CASK excluding fuel decreasing 6.5% year-on-year. CASK in peso terms increased by 7.0% yearon-year, while CASK excluding fuel increased by 10.2% year-on-year, reflecting the negative impact
of exchange rate depreciation.
EBITDAR
4
Fourth quarter 2016 EBITDAR reached $3.7 billion pesos, a 15.3% year-on-year increase. Fourth
quarter EBITDAR Margin reached 24.6%.
For the twelve months to December 31, 2016, EBITDAR reached $13.7 billion pesos; a 21.6% yearon-year increase. EBITDAR Margin reached 25.5%; 1.4 percentage points higher than the same
period of 2015.
EBITDAR
(In millions of pesos)
21.6%
15.3%
OPERATING INCOME
Fourth quarter 2016 operating income reached $1.1 billion pesos; a 6.0% year on year increase.
Fourth quarter operating margin reached 7.1%.
For the twelve months ended December 31, 2016, operating profit reached $3.6 billion pesos; a
17.8% year on year increase. Operating margin reached 6.6%; 0.1 percentage points higher than
the same period of 2015.
1
EBITDAR: earnings before interest, taxes, depreciation, amortization, and rental costs.
7
4Q16 RESULTS
Operating Income
(In millions of pesos)
17.8%
6.0%
Net Income
Grupo Aeromexico reported a $259 million peso net income for the fourth quarter of 2016; a 90.7%
increase versus fourth quarter 2015 net income of $136 million pesos.
During the quarter the Company recorded $189 million pesos of exchange rate losses due to the
negative exchange rate impact on operational adjustments being greater than the benefits of
functional currency adjustments.
During the quarter Aeromexico realized $112 million pesos of mark to market gains on fuel hedges.
Net income reached $1.1 billion pesos with a 2.1% margin for 2016.
8
4Q16 RESULTS
Comments to the Consolidated Statements of Financial Position and Cash
Flow
During 2016, cash flow generation remained strong with $9.6 billion pesos in incremental net cash
flow generated from operating activities. For the same period, net cash flow used for investing
activities amounted to $6.5 billion pesos.
Cash flow summary (figures in millions of pesos)
4Q16
Full Year
December
2016
Cash and cash equivalents at the beginning
of the period
7,317
6,203
Net cash flow from operating activities
2,357
9,608
Net cash flow from investing activities
(2,316)
(6,455)
Net cash flow from financing activities
3,201
1,811
Increase in cash and cash equivalents
3,242
4,964
Effect of exchange rate changes on cash
and cash equivalents
(353)
(961)
Net increase/(decrease) in cash and cash
equivalents
2,889
4,003
10,206
10,206
Description
Cash and cash equivalents at the end of
period
Aeromexico’s cash position as of December 31, 2016, including short term investments, was $10.2
billion pesos, equivalent to 18.9% of total annual revenues. Majority stockholder´s equity was $14.3
billion pesos at the end of December 2016.
As of December 31, 2016, Grupo Aeromexico had a total of 708,744,637 common shares
outstanding; with 22,225,456 shares repurchased by the Company as part of its share repurchase
program. The Company also has a total of 239,478,549 treasury shares outstanding.
9
4Q16 RESULTS
Fleet
Grupo Aeromexico added four aircraft under operating lease agreements to its fleet during the
fourth quarter of 2016: one Boeing 787-9 and three Embraer 190s. Additionally, Grupo Aeromexico
took delivery of two Boeing 787-9s under JOLCO (Japanese Operating Lease with Call Option)
agreements, for a total of six net additions.
Aeromexico also retired one Boeing 777 and three Embraer 175s. Grupo Aeromexico’s operating
fleet comprised 133 aircraft, an increase of eight aircraft compared to the fourth quarter of 2015.
As at December 31, 2016, the average age of Grupo Aeromexico’s operating fleet was 8.4 years.
Operating Fleet
Fleet
4Q15
1Q16
2Q16
3Q16
4Q16
B-777
4
4
4
4
3
B-787
9
9
9
9
12
B-737-700
19
19
19
19
19
B-737-800
31
31
32
34
34
Aeromexico
63
63
64
66
68
ERJ-145
18
17
16
15
15
E-170/175
14
15
16
16
13
E-190
30
31
32
34
37
62
63
64
65
65
131
133
Aeromexico
Connect
Grupo
Aeromexico
125
126
10
128
4Q16 RESULTS
CONFERENCE CALL DETAILS
 DATE
 SPEAKERS
February 22, 2017
11:00 am ET / 10:00 am Mexico City
time/ 10:00 AM Central Time
 DIAL-IN
Toll Free US:
1-866-682-6100
NUMBERS
Toll International: 1-862-255-5401
11
Andrés Conesa Labastida
CEO
Ricardo Sánchez Baker
CFO
4Q16 RESULTS
Analyst Coverage
Bank
Analyst
E-mail
Actinver
Mauricio Arellano Sampson
Barclays
Gilberto Garcia
Bradesco
Victor Mizusaki
Deutsche Bank
Michael Linenberg
GBM
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HSBC
Ravi Jain
Itaú BBA
Renato Salomone
Morgan Stanley
Josh Milberg
[email protected]
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[email protected]
12
4Q16 RESULTS
Consolidated Statement of Comprehensive Income
Three Months Ended December 31st
Millions of pesos
2016
%
2015
%
VAR
Revenues
15,024
100.0%
12,570
100.0%
19.5%
Domestic Passengers
International Passengers
Air Cargo
Charter Flights
Other Revenues
5,658
7,336
940
11
1,080
37.7%
48.8%
6.3%
0.1%
7.2%
5,181
5,950
776
49
614
41.2%
47.3%
6.2%
0.4%
4.9%
9.2%
23.3%
21.2%
-78.7%
75.9%
Operating Costs
Salaries and Related Costs
Aircraft Fuel
Maintenance
Aircraft, Communication and Traffic Services
Passenger Services
Selling and Administrative Expenses
9,829
2,760
3,395
1,306
2,019
350
1,613
65.4%
18.4%
22.6%
8.7%
13.4%
2.3%
10.7%
8,258
2,529
2,498
1,293
1,649
290
1,130
65.7%
20.1%
19.9%
10.3%
13.1%
2.3%
9.0%
19.0%
9.1%
36.0%
1.0%
22.4%
20.6%
42.8%
Effects from Associated Companies
(109)
-0.7%
(19)
-0.2%
470.7%
Total Operating Expenses
11,333
75.4%
9,369
74.5%
21.0%
EBITDAR
Aircraft Leasing
EBITDA
Depreciation & Amortization
Total Expenses
3,691
1,914
1,777
711
13,958
24.6%
12.7%
11.8%
4.7%
92.9%
3,201
1,512
1,688
682
11,564
25.5%
12.0%
13.4%
5.4%
92.0%
15.3%
26.5%
5.2%
4.2%
20.7%
Operating Profit (loss) Before Financial Expenses
1,066
7.1%
1,006
8.0%
6.0%
Financial Income and Losses
Exchange Rate Impact
Derivate Fair Market Value
Financial Net Cost
Income Before Taxes
Taxes
Net Income
642
189
(112)
720
346
87
259
4.3%
1.3%
-0.7%
4.8%
2.3%
0.6%
1.7%
481
246
78
805
202
66
136
3.8%
2.0%
0.6%
6.4%
1.6%
0.5%
1.1%
33.5%
-22.9%
-243.9%
-10.5%
71.8%
32.6%
90.7%
13
4Q16 RESULTS
Consolidated Statement of Comprehensive Income
Twelve Months Ended December 31st
Millions of pesos
2016
%
2015
%
VAR
Revenues
53,925
100.0%
46,946
100.0%
14.9%
Domestic Passengers
International Passengers
Air Cargo
Charter Flights
Other Revenues
20,893
26,455
3,360
411
2,806
38.7%
49.1%
6.2%
0.8%
5.2%
19,041
22,703
2,880
501
1,820
40.6%
48.4%
6.1%
1.1%
3.9%
9.7%
16.5%
16.7%
-18.1%
54.2%
Operating Costs
Salaries and Related Costs
Aircraft Fuel
Maintenance
Aircraft, Communication and Traffic Services
Passenger Services
Selling and Administrative Expenses
34,944
10,658
11,183
4,242
7,563
1,298
5,686
64.8%
19.8%
20.7%
7.9%
14.0%
2.4%
10.5%
31,311
9,815
10,753
3,298
6,333
1,112
4,558
66.7%
20.9%
22.9%
7.0%
13.5%
2.4%
9.7%
11.6%
8.6%
4.0%
28.6%
19.4%
16.7%
24.8%
(447)
-0.8%
(227)
-0.5%
96.8%
Total Operating Expenses
40,183
74.5%
35,641
75.9%
12.7%
EBITDAR
Aircraft Leasing
EBITDA
Depreciation & Amortization
Total Expenses
13,742
7,134
6,608
3,037
50,354
25.5%
13.2%
12.3%
5.6%
93.4%
11,305
5,762
5,544
2,513
43,916
24.1%
12.3%
11.8%
5.4%
93.5%
21.6%
23.8%
19.2%
20.8%
14.7%
Operating Profit (loss) Before Financial Expenses
3,571
6.6%
3,031
6.5%
17.8%
Financial Income and Losses
Exchange Rate Impact
Derivate Fair Market Value
Financial Net Cost
Income Before Taxes
Taxes
Net Income
2,100
107
(121)
2,086
1,485
372
1,114
3.9%
0.2%
-0.2%
3.9%
2.8%
0.7%
2.1%
1,762
(506)
219
1,475
1,556
397
1,159
3.8%
-1.1%
0.5%
3.1%
3.3%
0.8%
2.5%
19.1%
-121.1%
-155.3%
41.4%
-4.6%
-6.4%
-3.9%
Effects from Associated Companies
14
4Q16 RESULTS
Consolidated Statement of Financial Position
ITEMS
As at
December
31st
2016
As at
December
31st
2015
$
%
8,989
281
936
215
5,114
306
1,029
1,429
18,299
35,306
17,909
71,514
4,821
233
1,149
11
3,529
204
1,159
1,237
12,343
23,545
13,996
49,884
4,168
48
-213
204
1,585
102
-130
192
5,956
11,761
3,913
21,630
86.5
20.6
(18.5)
1,854.5
44.9
50.0
(11.2)
15.5
48.3
50.0
28.0
43.4
7,007
22,499
29,506
4,401
15,019
19,420
2,606
7,480
10,086
59.2
49.8
51.9
24,367
3,323
27,690
57,196
3
14,315
14,318
71,514
16,029
3,661
19,690
39,110
3
10,771
10,774
49,884
8,338
(338)
8,000
18,086
0
3,544
3,544
21,630
52.0
(9.2)
40.6
46.2
0.0
32.9
32.9
43.4
Assets
Cash & Cash Equivalents
Restricted Cash
Financial Assets & Short Term Investments
Derivable Financial Assets
Accounts Receivable Net
Related Parties
Prepaid Expenses
Inventories
Total Current Assets
Net Fixed Assets
Others
Total Assets
Liabilities
Current Liabilities
Financial
Operating
Total Current Liabilities
Long Term
Financial
Operating
Total Long Term
Total Liabilities
Non Controlling Interest
Controlling Interest
Total Stockholder´s equity
Total Liabilities and Shareholders
15
VAR