AEROMEXICO REPORTS 3Q16 RESULTS
Mexico City, October 26, 2016 - Grupo Aeromexico S.A.B. de C.V. (“Aeromexico”) (BMV:
AEROMEX), today reported its unaudited consolidated results for the third quarter of 2016 (3Q16).
KEY FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER 2016
 Grupo Aeromexico’s third quarter 2016 revenues reached $14.5 billion pesos, a 16.5% year-onyear increase. Third quarter Revenue per ASK (RASK) increased by 7.3% compared to the
same period of 2015.
 The quarterly financial results reflect the negative impact of Mexican peso depreciation against
the US Dollar, which more than offsets savings derived from lower USD denominated fuel
prices. Third quarter CASK in pesos increased 6.7% due to the depreciation in the Mexican peso
of 13.9%, while CASK in US dollars decreased 6.4% year-on-year, with CASK excluding fuel in
dollars decreasing by 4.9%, which is a reflection of Grupo Aeromexico’s continued success in
unit cost optimization.
 Grupo Aeromexico reported an operating profit of $1.5 billion pesos, a 31.1% year-on-year
th
increase. This represents the 26 consecutive quarter of positive EBIT results. Operating margin
was 10.2%, 1.1 percentage points higher than the third quarter of 2015 and the highest
operating margin for a third quarter since 2011.
 Third quarter EBITDAR reached $4.1 billion pesos, a 22.2% year-on-year increase. EBITDAR
margin amounted to 28.1%, a 1.3 percentage point increase compared to the third quarter of
2015.
 Net income reached $665 million pesos equating to a 4.6% margin for the third quarter of 2016.
 Grupo Aeromexico´s revenues reached $38.9 billion pesos for the first nine months of 2016, a
13.2% increase compared to the same period of 2015. EBITDAR reached $10.1 billion pesos, a
24.0% increase year-on-year.
 During the first nine months of 2016, Grupo Aeromexico reported an operating profit of $2.5
billion pesos, a 23.7% increase compared to the same period of 2015. Operating margin
reached 6.4%, 0.5 percentage points higher than the first nine months of 2015.
 Third quarter 2016 cash flow generation remained strong with $2.7 billion pesos in incremental
net cash flow generated from operating activities. Aeromexico’s cash position as at September
30, 2016 was $7.3 billion pesos. This brings Grupo Aeromexico’s cash to last-twelve-month
revenue ratio to 14.2%.
 During the third quarter of 2016, the Company added net three aircraft to its fleet compared to
the second quarter of 2016 under operating lease agreements. As at September 30, 2016,
Grupo Aeromexico’s operating fleet comprised 131 aircraft.
Jonathan Wallden
SVP Financial Planning & Investor Relations
[email protected]
Ricardo Sánchez Baker
CFO
[email protected]
3Q16 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 within 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 third quarter
2016 with those of the third quarter 2015.
2
3Q16 RESULTS
Three Months Ended September 30, 2016
Financial Highlights
2016
2015
Var 2016 vs 2015
Total Revenue (MXP million)
14,472
12,419
16.5%
EBITDAR (MXP million)*
4,063
3,326
22.2%
EBITDAR Margin* (% of Revenue)
28.1%
26.8%
1.3 p.p.
Operating Profit (MXP million)*
1,478
1,127
31.1%
Operating Margin (% of Revenue)**
10.2%
9.1%
1.1 p.p.
665
737
-9.8%
Net Margin (% of Revenue)
4.6%
5.9%
(1.3) p.p.
Earnings per share (pesos)
0.93
1.04
-10.6%
Net Profit (MXP million)
Operating Highlights
Total ASKs (millions)
11,176
10,294
8.6%
Total RPKs (millions)
9,442
8,496
11.1%
Load factor on scheduled flights (%)
84.5
82.7
1.8 p.p.
Passengers ('000)
5,258
4,852
8.4%
On-Time departure performance within 15
minutes (%)
79.5
81.4
(1.9) p.p.
392,262
364,929
7.5%
Yield (pesos)***
1.400
1.361
2.9%
Total revenue / ASK (pesos)
1.295
1.206
7.3%
Passenger revenue / ASK (pesos)
1.161
1.104
5.2%
Total cost / ASK (pesos)
1.177
1.103
6.7%
Total cost / ASK (USD)
0.063
0.067
-6.4%
Total cost / ASK excluding fuel (pesos)
0.905
0.835
8.4%
Total cost / ASK excluding fuel (USD)
0.048
0.051
-4.9%
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.
***
Calculated as passenger revenues divided by RPKs of itinerary flights.
3
3Q16 RESULTS
Nine Months Ended September 30, 2016
Financial Highlights
2016
2015
Var 2016 vs 2015
Total Revenue (MXP million)
38,901
34,377
13.2%
EBITDAR (MXP million)*
10,051
8,105
24.0%
EBITDAR Margin* (% of Revenue)
25.8%
23.6%
2.3 p.p.
Operating Profit (MXP million)*
2,505
2,025
23.7%
Operating Margin (% of Revenue)**
6.4%
5.9%
0.5 p.p.
854
1,023
-16.5%
Net Margin (% of Revenue)
2.2%
3.0%
(0.8) p.p.
Earnings per share (pesos)
1.20
1.44
-16.7%
Net Profit (MXP million)
Operating Highlights
Total ASKs (millions)
32,179
30,023
7.2%
Total RPKs (millions)
25,779
23,964
7.6%
80.2
80.0
0.2 p.p.
14,597
13,962
4.6%
78.5
81.4
(2.9) p.p.
1,126,384
1,078,653
4.4%
Yield (pesos)***
1.368
1.317
3.9%
Total revenue / ASK (pesos)
1.209
1.145
5.6%
Passenger revenue / ASK (pesos)
1.078
1.033
4.3%
Total cost / ASK (pesos)
1.143
1.083
5.5%
Total cost / ASK (USD)
0.062
0.070
-10.3%
Total cost / ASK excluding fuel (pesos)
0.901
0.808
11.5%
Total cost / ASK excluding fuel (USD)
0.049
0.052
-5.2%
Load factor on scheduled flights (%)
Passengers ('000)
On-Time departure performance within 15
minutes (%)
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.
***
Calculated as passenger revenues divided by RPKs of itinerary flights.
4
3Q16 RESULTS
Market Conditions
During the third quarter Grupo Aeromexico operated in an environment characterized by the
following:
 Exchange rate depreciation. The Mexican peso depreciated by an average of 13.9% year-onyear relative to the U.S. dollar, from an average exchange rate of $16.45 pesos in 2015 to
$18.74 pesos per dollar in 2016. By the end of the third quarter 2016, the peso had depreciated
by 14.5% year-on-year relative to the dollar, from $16.93 pesos to $19.38 pesos per dollar.
 Increase in Mexican peso-denominated fuel prices. Grupo Aeromexico’s third quarter 2016
peso-denominated fuel price increased by 2.4% year-on-year, due to the net impact of Mexican
peso depreciation more than offsetting reduced USD fuel prices.
 Stable economic activity. The economic outlook for Mexico remained consistent with previous
quarters. From January-July 2016 Mexico’s Global Economic Activity Indicator (IGAE) grew on
1
average 2.3% year-on-year.
 Increased passenger traffic in the Mexican airline industry. Total air passenger traffic
increased by 9.8% in the Mexican market during the January to September 2016 period
compared to the same period of 2015. Domestic passenger traffic increased 12.0%, with
2
international passenger traffic increasing 7.6% compared to 2015 .
Revenues
Third quarter 2016 revenues reached $14.5 billion pesos, a 16.5% increase compared to the same
period of last year. This was primarily due to an increase in passenger, ancillary and cargo
revenues.
Aeromexico’s capacity, measured in Available Seat Kilometers (ASKs), increased by 8.6% in the
third quarter of 2016 compared to the previous year, primarily driven by the Company’s upgauging
strategy that allows Aeromexico to incorporate more cost efficient aircraft into its fleet with a better
customer experience. As at the end of the third quarter, Aeromexico had made the following
additions to its fleet compared to the same period of 2015: one Boeing 787-8, three Boeing 737800s, four Embraer-190s and four Embraer-170s. These increases were partially offset by three
fewer Embraer-145 aircraft. International ASKs accounted for 65.3% of Grupo Aeromexico’s total
ASKs, in line with the third quarter of 2015.
Third quarter passenger revenues reached $12.9 billion pesos, a 14.5% year-on-year increase.
Grupo Aeromexico transported 5 million 258 thousand passengers, an 8.4% increase compared to
the third quarter of 2015. The number of passengers on international routes increased by 9.1%,
while the number of passengers on domestic routes increased by 8.0% compared to the third
quarter of 2015. Third quarter 2016 passenger revenue on international flights represented 57.3%
of total passenger revenue, with domestic passenger revenues representing 42.7%.
Third quarter 2016 cargo revenue increased by 17.8% year-on-year to $838 million pesos. The
Mexican air cargo market reported a 1.0% increase in the number of tons transported compared to
the same period in 2015.
Aeromexico’s third quarter 2016 charter flight revenues totaled $67 million pesos, a 20.5%
decrease from the third quarter of 2015. This decrease in charter flight revenues is in line with the
Company’s continuing focus on its core business of optimizing scheduled operations.
1
2
IGAE.INEGI. July. 2016.
Source: DGAC September 2016.
5
3Q16 RESULTS
Third quarter 2016 Other Revenues totaled $641 million pesos, a 91.4% increase compared to the
third quarter of 2015, driven by Aeromexico’s new cobranded credit card partnership with Santander
which was launched during the first quarter of 2016, as well as by higher ancillary revenues from
additional services, such as upgrades and preferred seating.
Revenue per ASK increased by 7.3% compared to the third quarter of 2015, reflecting the
continuing strength of the Mexican domestic market as well as the increased attractiveness of
Aeromexico’s global network and connecting proposition as Mexico’s only full service network
carrier. Both load factors and yields increased compared to the same period of 2015, with load
factors growing by 1.8 percentage points from 82.7% to 84.5% and yields growing from 1.361 to
1.400 Mexican pesos per Revenue Passenger Kilometer, a 2.9% increase.
During the first nine months of 2016, total revenues reached $38.9 billion pesos, a 13.2% increase
compared to the same period of 2015. This was primarily due to an increase in passenger, ancillary
and cargo revenues, partially offset by reduced charter operations.
Operating Expenses
Third quarter 2016 operating expenses, including aircraft leases and depreciation and amortization,
totaled $13.0 billion pesos, a 15.1% year-on-year increase primarily due to the negative impact of
peso depreciation on several U.S. dollar cost items as well as the increase in capacity. Fuel prices
in Mexican pesos increased by 2.4% from 7.57 to 7.75 pesos per litre.
Third quarter consolidated unit cost (CASK) in Mexican pesos increased 6.7% year-on-year and
CASK excluding fuel increased by 8.4%, primarily due to the 13.9% Mexican peso depreciation.
CASK in US dollars decreased by 6.4% year-on-year, while CASK excluding fuel decreased by
4.9% year-on-year. This reflects Grupo Aeromexico’s commitment to maintaining strict cost control.
Third quarter fuel expenses reached $3.0 billion pesos, a 10.0% year-on-year increase, driven by
the increased operation and by the increase in Mexican peso denominated fuel prices.
In order to mitigate the risk of fuel price increases, Grupo Aeromexico maintains a hedging policy
with call type and call spread options equivalent to 50% of the Company’s estimated fuel
consumption for the next 12 months. Coverage levels start at US $1.75 per gallon, hedged up to US
$2.49 per gallon. The positive impact of this hedging policy has been reflected in Grupo
Aeromexico’s financial results, since the Company 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.
Third quarter 2016 salaries and related expenses increased by 8.2%, year-on-year. This is related
primarily to company capacity growth of 8.6% in ASKs and the negative impact of exchange rate
depreciation on crew travel and hotel expenses.
Third quarter maintenance expenses increased 44.4% year-on-year. This was primarily driven by a
combination of exchange rate depreciation, capacity growth, plus the phasing of maintenance costs
which have been evenly distributed throughout 2016, compared to 2015 when maintenance costs
were heavily loaded in the fourth quarter.
Communications and traffic expenses increased by 15.0% year-on-year, due to the impact of
exchange rate depreciation and capacity increase.
Third quarter 2016 sales and administrative expenses increased by 19.4% due to the impact of
exchange rate depreciation and passenger growth.
Third quarter associated company income reached $101 million pesos, a 43.0% year-on-year
increase. 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 as well as the improved performance from Aeromexico’s
Queretaro Aeromexico/Delta joint venture maintenance facility.
6
3Q16 RESULTS
Third quarter aircraft leasing expenses totaled $1.8 billion, a 23.3% increase compared to the third
quarter of 2015, primarily due to fleet upgauging plus the net addition of nine aircraft to
Aeromexico’s fleet, as well as exchange rate depreciation.
Third quarter depreciation and amortization totaled $749 million, a 5.5% increase compared to the
third quarter of 2015 due to peso depreciation and increased operations.
During the first nine months of 2016, total operating expenses including leases and depreciation
reached $36.4 billion pesos, a 12.5% year-on-year increase, due to increased operations and
exchange rate depreciation of 17.6%.
For the January to September period, CASK in US dollars decreased by 10.3% year-on-year while
US dollar denominated CASK excluding fuel decreased 5.2% year-on-year. CASK in peso terms,
increased 5.5%, while CASK excluding fuel in peso terms increased by 11.5% year-on-year,
reflecting the negative impact of exchange rate depreciation.
EBITDAR
3
Third quarter 2016 EBITDAR reached $4.1 billion pesos, a 22.2% year-on-year increase. Third
quarter EBITDAR margin reached 28.1%, a 1.3 percentage point year-on-year increase.
For the nine months ended September 30, 2016, EBITDAR reached $10.1 billion pesos, a 24.0%
increase year-on-year. EBITDAR margin reached 25.8%, 2.3 percentage points higher than the first
nine months of 2015.
EBITDAR and EBITDAR Margin
(In millions of pesos and as a percentage of income)
Operating Income
Third quarter 2016 operating income reached $1.5 billion pesos, 31.1% higher than the reported
operating income during the third quarter of 2015. Third quarter operating margin reached 10.2%.
For the nine months ended September 30, 2016, operating profit reached $2.5 billion pesos, a
23.7% year-on-year increase compared to the first nine months of 2015. Operating margin reached
6.4%, 0.5 percentage points higher than the first nine months of 2015.
IFRS regulations do not define the “Operating Income” metric. However, this indicator has been
included within Aeromexico’s financial results due to its relevance when analyzing the Company’s
operating performance.
3
EBITDAR: earnings before interest, taxes, depreciation, amortization, and rental costs.
7
3Q16 RESULTS
Operating Income and Operating Margin
(In millions of pesos and as percentage of revenue)
Net Income
Grupo Aeromexico reported a $665 million peso net profit for the third quarter of 2016 with a margin
of 4.6%.
During the quarter the Company registered a negative net foreign exchange impact of $106 million
pesos due to the negative impact of operating exchange rate fluctuations that were greater than
functional currency adjustments.
During the quarter, Grupo Aeromexico realized a $9 million peso mark-to-market gain in its fuel
hedging position.
During the nine months ended September 30 2016, net income reached $854 million pesos
equating to a 2.2% margin.
8
3Q16 RESULTS
Comments to the Consolidated Statements of Financial Position and Cash
Flow
At the end of the third quarter Grupo Aeromexico’s cash balances amounted to $7.3 billion pesos,
almost identical to the end of the second quarter 2016, despite the negative seasonality effects on
cash flow that are customary during this quarter. This brings Grupo Aeromexico’s cash to revenue
ratio for the last twelve months to 14.2%.
Cash flow generation remained strong during the quarter, with $2.7 billion pesos incremental net
cash flow generated from operating activities. In the same period, net cash flow used for investing
activities amounted to $1.9 billion pesos.
Cash flow summary (figures in millions of pesos)
3Q16
YTD
September
2016
Cash and cash equivalents at the beginning
of the period
7,348
6,202
Net cash flow from operating activities
2,661
7,252
Net cash flow from investing activities
(1,913)
(4,139)
Net cash flow from financing activities
(465)
(1,390)
Increase in cash and cash equivalents
283
1,723
Effect of exchange rate changes on cash
and cash equivalents
(314)
(608)
Net increase/(decrease) in cash and cash
equivalents
(31)
1,115
Cash and cash equivalents at the end of
period
7,317
7,317
Description
Majority stockholders’ equity was $13.0 billion pesos at the end of September 2016.
As at September 30, 2016, Grupo Aeromexico had a total of 710,544,233 common shares
outstanding, with 20,305,860 shares repurchased by the company as part of its share repurchase
program. The Company also has a total of 239,598,549 treasury shares outstanding.
9
3Q16 RESULTS
Fleet
Grupo Aeromexico added three net aircraft to its fleet under operating lease agreements during the
third quarter of 2016: two Boeing 737-800s and two Embraer 190s. During the same period
Aeromexico returned one Embraer 145. As at September 30, 2016, Grupo Aeromexico’s operating
fleet comprised 131 aircraft.
Aeromexico received its first 787-9 aircraft in October 2016, financed through a Japanese Operating
Lease with Call Option (JOLCO) agreement. Aeromexico has also secured financing for a further
couple of JOLCO agreements for 787-9 aircraft which will be delivered across the coming months.
As at September 30, 2016 the average age of Grupo Aeromexico’s operating fleet was 8.3 years.
Operating Fleet
Fleet
3Q15
1Q16
2Q16
3Q16
B-777
4
4
4
4
B-787
8
9
9
9
B-737-700
19
19
19
19
B-737-800
31
31
32
34
Aeromexico
62
63
64
66
ERJ-145
18
17
16
15
E-170/175
12
15
16
16
E-190
30
31
32
34
Aeromexico
Connect
60
63
64
65
Grupo Aeromexico
122
126
10
128
131
3Q16 RESULTS
CONFERENCE CALL DETAILS
 DATE
October 27, 2016.
 SPEAKERS
11:00 AM ET
10:00 AM Mexico City & Central Time
 DIAL-IN
Toll Free US:
+1 866 932 0173
NUMBERS
Toll International: +1 785 424 1630
11
Andrés Conesa Labastida
CEO
Ricardo Sánchez Baker
CFO
3Q16 RESULTS
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12
3Q16 RESULTS
Consolidated Statement of Comprehensive Income
Three Months Ended September 30th
Millions of pesos
2016
%
2015
%
VAR
Revenues
14,472
100.0%
12,419
100.0%
16.5%
Domestic Passengers
International Passengers
Air Cargo
Charter Flights
Other Revenues
5,524
7,402
838
67
641
38.2%
51.1%
5.8%
0.5%
4.4%
4,955
6,334
712
84
335
39.9%
51.0%
5.7%
0.7%
2.7%
11.5%
16.9%
17.8%
-20.5%
91.4%
Operating Costs
Salaries and Related Costs
Aircraft Fuel
Maintenance
Aircraft, Communication and Traffic Services
Passenger Services
Selling and Administrative Expenses
9,075
2,673
3,042
1,087
1,935
339
1,435
62.7%
18.5%
21.0%
7.5%
13.4%
2.3%
9.9%
7,962
2,470
2,764
753
1,683
292
1,202
64.1%
19.9%
22.3%
6.1%
13.6%
2.4%
9.7%
14.0%
8.2%
10.0%
44.4%
15.0%
16.0%
19.4%
Effects from Associated Companies
(101)
-0.7%
(70)
-0.6%
43.0%
Total Operating Expenses
10,409
71.9%
9,093
73.2%
14.5%
EBITDAR
Aircraft Leasing
EBITDA
Depreciation & Amortization
Total Expenses
4,063
1,836
2,227
749
12,994
28.1%
12.7%
15.4%
5.2%
89.8%
3,326
1,488
1,838
710
11,292
26.8%
12.0%
14.8%
5.7%
90.9%
22.2%
23.3%
21.2%
5.5%
15.1%
Operating Profit (loss) Before Financial Expenses
1,478
10.2%
1,127
9.1%
31.1%
495
106
(9)
591
887
222
665
3.4%
0.7%
-0.1%
4.1%
6.1%
1.5%
4.6%
423
(392)
123
154
973
236
737
3.4%
-3.2%
1.0%
1.2%
7.8%
1.9%
5.9%
16.8%
-127.0%
-107.6%
283.4%
-8.9%
-6.0%
-9.8%
Financial Income and Losses
Exchange Rate Impact
Derivate Fair Market Value
Financial Net Cost
Income Before Taxes
Taxes
Net Income
13
3Q16 RESULTS
Consolidated Statement of Comprehensive Income
Nine Months Ended September 30th
Millions of pesos
2016
%
2015
%
VAR
Revenues
38,901
100.0%
34,377
100.0%
13.2%
Domestic Passengers
International Passengers
Air Cargo
Charter Flights
Other Revenues
15,235
19,119
2,420
400
1,726
39.2%
49.1%
6.2%
1.0%
4.4%
13,860
16,754
2,105
452
1,206
40.3%
48.7%
6.1%
1.3%
3.5%
9.9%
14.1%
15.0%
-11.4%
43.1%
Operating Costs
Salaries and Related Costs
Aircraft Fuel
Maintenance
Aircraft, Communication and Traffic Services
Passenger Services
Selling and Administrative Expenses
25,114
7,898
7,787
2,936
5,544
948
4,073
64.6%
20.3%
20.0%
7.5%
14.3%
2.4%
10.5%
23,052
7,286
8,256
2,005
4,684
823
3,428
67.1%
21.2%
24.0%
5.8%
13.6%
2.4%
10.0%
8.9%
8.4%
-5.7%
46.5%
18.4%
15.3%
18.8%
(338)
-0.9%
(208)
-0.6%
62.5%
Total Operating Expenses
28,849
74.2%
26,272
76.4%
9.8%
EBITDAR
Aircraft Leasing
EBITDA
Depreciation & Amortization
Total Expenses
10,051
5,221
4,831
2,326
36,396
25.8%
13.4%
12.4%
6.0%
93.6%
8,105
4,249
3,856
1,831
32,352
23.6%
12.4%
11.2%
5.3%
94.1%
24.0%
22.9%
25.3%
27.0%
12.5%
Operating Profit (loss) Before Financial Expenses
2,505
6.4%
2,025
5.9%
23.7%
Financial Income and Losses
Exchange Rate Impact
Derivate Fair Market Value
Financial Net Cost
Income Before Taxes
Taxes
Net Income
1,457
(82)
(9)
1,366
1,139
285
854
3.7%
-0.2%
0.0%
3.5%
2.9%
0.7%
2.2%
1,281
(752)
141
670
1,355
331
1,023
3.7%
-2.2%
0.4%
1.9%
3.9%
1.0%
3.0%
13.8%
-89.1%
-106.5%
103.8%
-15.9%
-14.1%
-16.5%
Effects from Associated Companies
14
3Q16 RESULTS
Consolidated Statement of Financial Position
ITEMS
Assets
Cash and Equivalents
Financial Assets
Derivable Financial Instruments
Accounts Receivable Net
Related Parties
Prepaid Expenses
Inventories Net
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
As at
September
30th
As at
December
31st
2016
2015
$
%
6,267
1,050
172
4,854
257
1,226
1,344
15,170
26,269
19,038
60,477
5,054
1,149
11
3,529
204
1,159
1,237
12,343
23,545
13,996
49,884
1,213
-99
161
1,325
53
67
107
2,827
2,724
5,042
10,593
24.0
(8.6)
1,463.6
37.5
26.0
5.8
8.6
22.9
11.6
36.0
21.2
9,704
20,699
30,403
4,401
15,019
19,420
5,303
5,680
10,983
120.5
37.8
56.6
13,154
3,936
17,090
47,493
3
12,981
12,984
60,477
16,029
3,661
19,690
39,110
3
10,771
10,774
49,884
-2,875
275
-2,600
8,383
0
2,210
2,210
10,593
(17.9)
7.5
(13.2)
21.4
0.0
20.5
20.5
21.2
Millions of Pesos.
15
VAR