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Sportsbet.io Pen Partnership and Sponsorship Deal With Southampton FC

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Press Release updated: Aug 25, 2020 22:07 EDT


Southampton Football Club is pleased to announce that it has signed a one-year contract with Sportsbet.io to become the new main club partner and front-of-shirt sponsor for the 2020/21 Premier League season.

Sportsbet.io, a sportsbook of the Coingaming Group, are a leading cryptocurrency-based sports betting platform, who pride themselves on an innovative approach to providing a unique service to their customers, both in the UK and abroad.​

The company, who will feature on the front of the first-team and Under-23 shirts, have stepped in at short notice to help support the club ahead of the upcoming season, and we will work closely together in the coming weeks to provide the best possible solution for those fans who wish to show their support to the team with updated replica shirts.

Southampton Football Club’s Chief Commercial Officer, David Thomas, commented: “We are delighted to welcome Sportsbet.io as Main Club Partner.

“Sportsbet.io have redefined the online betting space by combining cutting-edge technology with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience. They are fully committed to providing a safe place where people can enjoy their games responsibly, and have a world-class social responsibility team in place. The club will work with Sportsbet.io and our local community to promote this important social responsibility message over the course of the upcoming year.

“Everyone at the club is looking forward to the start of what we hope will be a strong season for Southampton, and we are very happy that we will be able to share that journey with sportsbet.io.”

Today’s announcement signals the end of the club’s relationship with LD Sports. Over the last week, we have endeavoured to secure confirmation that LD Sports are still an appropriate and viable partner for the club, but have been left with no alternative other than to end the partnership today with immediate effect.

The club has also taken the difficult decision to temporarily halt all sales of home, away and third kits. Fans who have already purchased a 2020/2021 home, away or third shirt with LD Sports on the front are asked for their patience and understanding at this time whilst the club resolves what is an extremely complex situation and sources a solution for updating their shirts.

CEO and co-founder of the Coingaming Group, Tim Heath, had this to say:

“We are absolutely thrilled to announce this sponsorship deal with one of the Premier League’s most ambitious teams. Sportsbet.io shares the club’s desire to disrupt its industry and increase its global reach. We’re proud to be able to contribute to the Saints and support such a prestigious team which has been around for nearly 135 years!”

About Sportsbet.io

Founded in 2016 as part of the Coingaming Group, Sportsbet.io is the leading Bitcoin sportsbook. Sportsbet.io has redefined the online betting space by combining cutting-edge technology, with cryptocurrency expertise and a passion for offering its players with the ultimate fun, fast and fair gaming experience.​

Principal sponsors of English Championship team, Watford FC, Sportsbet.io provides an expansive range of betting action across all major sports and eSports, offering players more than 350,000 pre-match events per year and comprehensive in-play content.

As the first crypto sportsbook to introduce streaming across all major sports, as well as a cash-out function, Sportsbet.io is recognised as a leader in both online sports betting and within the crypto community.

Sportsbet.io prides itself on its secure and trustworthy betting service, with withdrawal times of around 1.5 minutes among the fastest in the industry.

For more information about Sportsbet.io, please visithttps://sportsbet.io

Learn more about Coingaminghttp://coingaming.io

Media Contact Details
Contact name
: Lucy Thomas
Email: press@coingaming.io

Sportsbet is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

Source: Sportsbet.io

Source: https://www.newswire.com/news/sportsbet-io-pen-partnership-and-sponsorship-deal-with-southampton-fc-21199245

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Pomerantz Law Firm Announces the Filing of a Class Action against Las Vegas Sands Corporation and Certain Officers – LVS

NEW YORK, Oct. 22, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Reata Pharmaceuticals, Inc. (“Las Vegas Sands” or the “Company”) (NYSE: LVS) and certain of its officers. The class action, filed in United States District Court for the…

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NEW YORK, Oct. 22, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Reata Pharmaceuticals, Inc. (“Las Vegas Sands” or the “Company”) (NYSE: LVS) and certain of its officers.   The class action, filed in United States District Court for the District of Nevada, and docketed under 20-cv-01958, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Las Vegas Sands securities between February 27, 2016 and September 15, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Las Vegas Sands securities during the class period, you have until December 21, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Las Vegas Sands was founded in 1988 and is based in Las Vegas, Nevada.  The Company, together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the U.S., which offer various amenities.

Las Vegas Sands’ properties include, among others, the Marina Bay Sands resort in Singapore, which operates a casino.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) weaknesses existed in Marina Bay Sands’ casino control measures pertaining to fund transfers; (ii) the Marina Bay Sands’ casino was consequently prone to illicit fund transfers that implicated, among other issues, the transfer of customer funds to unauthorized persons and potential breaches in the Company’s anti-money laundering procedures; (iii) the foregoing foreseeably increased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities; (iv) Las Vegas Sands had inadequate disclosure controls and procedures; (v) consequently, all the foregoing issues were untimely disclosed; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 19, 2020, Bloomberg News reported that Las Vegas Sands had settled a lawsuit brought by a former patron, Wang Xi (“Xi”), meeting his demand for a S$9.1 million ($6.5 million) payment.  Xi reportedly sued the Marina Bay Sands casino in 2019 to recover S$9.1 million of his funds that the casino allegedly transferred to other patrons from his casino deposit accounts in 2015 without his approval, which triggered a probe into the casino by local authorities.  Bloomberg News also reported that the U.S. Department of Justice (“DOJ”) “is also scrutinizing whether anti-money laundering procedures had been breached in the way the Singapore casino handles high rollers.”

On this news, Las Vegas Sands’ stock price fell $1.41 per share, or 2.9%, to close at $47.28 per share on July 20, 2020.

Then, on September 16, 2020, Bloomberg reported that Marina Bay Sands “has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties[.]”  The article quoted the Singapore Casino Regulatory Authority (“CRA”) as stating that “there were weaknesses in [Marina Bay Sands’] casino control measures pertaining to fund transfers[.]”

On this news, Las Vegas Sands’ stock price fell $2.18 per share, or 4.2%, to close at $49.67 per share on September 16, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

SOURCE Pomerantz LLP

Related Links

www.pomerantzlaw.com

Source: https://www.prnewswire.com:443/news-releases/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-las-vegas-sands-corporation-and-certain-officers–lvs-301158509.html

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Volaris reports third quarter 2020 results: Increased capacity drives stronger revenues and lower CASM

MEXICO CITY, Oct. 22, 2020 /PRNewswire/ — Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico, the United States and Central America, today announces its financial results for the third quarter 2020. The following financial information, unless otherwise…

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MEXICO CITY, Oct. 22, 2020 /PRNewswire/ — Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico, the United States and Central America, today announces its financial results for the third quarter 2020.

The following financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).

Third Quarter 2020 Highlights

During the third quarter 2020, Volaris continued to successfully navigate the uncertainties caused by the SARS-CoV-2 (COVID-19) pandemic. The Company has recovered much of the capacity resulting from COVID-19 as measured by available seat miles (ASMs), a result of its strong ultra-low-cost business model focused on the VFR (Visiting Friends and Relatives) and leisure segments in the domestic and US-transborder markets.

As the Company has been able to recover services and add new routes, management has remained focused on ensuring the well-being of its crews, personnel, and passengers.  Volaris has carried more than 4.5 million passengers following its successful biosafety protocol implementation in April 2020. Volaris was recognized with the “Safe travels” stamp, by the World Travel and Tourism Council, as well as the certificates of biosecurity best practices by the governments of Yucatan and Mexico City.

The Company was able to ramp up service to 63% of prior year in July and expanded further to 79% of prior year in August.  September is typically a low travel month so management cautiously increased capacity to 84% of prior year while focusing on increasing total revenue per available seat mile (TRASM). For the full period, Volaris operated 75% of ASMs compared to the same period in 2019. The domestic market led the capacity recovery, where Volaris operated 85% ASMs versus the same period in 2019. In the international market, Volaris operated 54% ASMs compared to the same period in 2019. Central American operations remained closed.

The main effects of the continuing recovery of demand and capacity at the end of the third quarter, are as follows:

  • Total operating revenues were Ps.4,724 million for the third quarter, a decrease of 50.3% year over year.
  • Total ancillary revenues were Ps.2,131 million for the third quarter, a decrease of 29.7% year over year. Total ancillary revenues per passenger for the third quarter reached Ps.614, an increase of 13.9% year over year. However, total ancillary revenues represented 45.1% of total operating revenues for the third quarter 2020, increasing 13.2 percentage points with respect to the same period of last year.
  • Total operating revenues per available seat mile (TRASM) were Ps.102.8 cents for the third quarter, a decrease of 31.6% year over year.
  • In the third quarter 2020, the Company recorded a one-time charge of Ps.746 million.
  • Operating expenses per available seat mile (CASM) were Ps.149.2 cents for the third quarter, an increase of 20.9% year over year; with an average economic fuel cost per gallon of Ps.40.2 for the third quarter, a decrease of 10.5% year over year. Excluding the one-time charge, CASM was Ps.133.5 cents.
  • Operating expenses per available seat mile excluding fuel, (CASM ex-fuel) were Ps.111.3 cents for the third quarter, an increase of 43.6% year over year; with an average exchange rate depreciation of the Mexican peso against the U.S. dollar of 13.9% year over year. Excluding the one-time charge, CASM ex-fuel was Ps.95.7 cents.
  • Operating loss was Ps.2,227 million for the third quarter, a significant decrease compared with the operating income of Ps.1,703 million for the same period of last year. Operating margin for the third quarter was negative 47.1%, a deterioration of 65.0 percentage points year over year. Excluding the one-time charge, operating loss was Ps.1,481 million, a negative operating margin of 31.4%.
  • Net loss was Ps.2,175 million (Ps.2.15 loss per share / U.S.$0.96 loss per ADS), a negative net margin of 46.0% for the third quarter. Excluding the one-time charge, net loss was Ps.1,429 million (Ps.1.41 loss per share / U.S.$0.63 loss per ADS), a negative net margin of 30.3%.
  • At the close of the third quarter, the Mexican peso appreciated 2.2% against the U.S. dollar (Ps.22.46 per U.S. dollar) with respect to the exchange rate at the close of the previous quarter (Ps.22.97 per U.S. dollar). The Company booked a net foreign exchange gain of Ps.186 million derived from our U.S. dollar net monetary liability position. 
  • During the third quarter of 2020, the net cash flow used in operating activities was Ps.113 million. The net cash flow used in investing activities reached Ps.179 million. The net cash flow used in financing activities was Ps.1,357 million, which included Ps.1,724 million of aircraft rental payments. The negative net foreign exchange difference was Ps.163 million, thus leading to a net decrease of cash and cash equivalents in the third quarter of Ps.1,812 million. As of September 30, 2020, cash and cash equivalents were Ps.8,202 million.

Fuel Price reduction and Peso Depreciation

  • Fuel price reduction: The average economic fuel cost per gallon decreased 10.5% in the third quarter of 2020, year over year, reaching Ps.40.2 per gallon (U.S.$1.8).
  • Peso depreciation: The Mexican peso depreciated 13.9% against the U.S. dollar year over year, from an average exchange rate of Ps.19.42 per U.S. dollar in the third quarter of 2019 to Ps.22.11 per U.S. dollar during the third quarter of 2020. At the end of the third quarter of 2020, the Mexican peso (Ps.22.46 per U.S. dollar) depreciated 14.4% with respect to the exchange rate at the end of the same period of the last year (Ps.19.64 per U.S. dollar).

Passenger Traffic Contraction, Ancillary Revenue Reduction, and TRASM decrease

  • Passenger traffic contraction: Volaris had 3.4 million passengers booked in the third quarter of 2020, a decrease of 38.3% year over year. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) decreased 35.2% year over year. System load factor during the third quarter decreased 11.7 percentage points year over year to a level of 73.4%.
  • Total ancillary revenue reduction: For the third quarter of 2020, total ancillary revenue decreased 29.7% year over year. However, total ancillary revenue per passenger in the third quarter of 2020 increased 13.9% year over year. The total ancillary revenue generation continues to grow with new and mature products, appealing to customers’ needs, representing 45.1% of total operating revenue of the third quarter, an increase of 13.2 percentage points year over year.
  • TRASM decrease: For the third quarter of 2020, TRASM decreased 31.6% year over year. During the third quarter of 2020, the total capacity, measured by ASMs, decreased 24.9% year over year.

Total Unit Cost Increase and Peso Depreciation  

  • CASM and CASM ex fuel in the third quarter of 2020 reached Ps.149.2 (U.S.$6.64 cents) and Ps.111.3 cents (U.S.$4.96), respectively. This represented an increase of 20.9% for CASM and an increase of 43.6% for CASM ex fuel, year over year; mainly driven by the capacity reduction as measured by available seat miles (ASMs), and the depreciation of the Mexican peso against the U.S. dollar by 13.9%. Excluding the one-time charge, CASM was Ps.133.5 cents and CASM ex-fuel was Ps.95.7 cents.

Young and Fuel-Efficient Fleet

  • During the third quarter of 2020, the Company returned one A320 aircraft and incorporated three new A320 NEO aircraft to its fleet. As of September 30, 2020, Volaris’ fleet comprised 84 aircraft (7 A319s, 61 A320s and 16 A321s), with an average age of 5.4 years. At the end of the third quarter of 2020, Volaris’ fleet had an average of 187 seats per aircraft 77% of our aircraft were sharklet-equipped, and 32% were NEOs.

Liquidity Preservation Plan with a Net Cash Flow Generated by Operating Activities

  • Since the COVID-19 pandemic started, the Company’s main objective has been to preserve its liquidity position. Specifically, for the third quarter, our liquidity preservation plan brought $1.9 billion pesos in benefits; of which $406 million pesos were cost reductions.
  • During the third quarter of 2020, the net cash flow used in operating activities was Ps.113 million. The net cash flow used in investing activities was Ps.179 million. The net cash flow used in financing activities was Ps.1,357 million, which included Ps.1,724 million of aircraft rental payments. The negative net foreign exchange difference was Ps.163 million.  As a result, there was a net decrease of cash and cash equivalents in the third quarter of Ps.1,812 million. As of September 30, 2020, cash and cash equivalents were Ps.8,202 million, representing 34.5% of last twelve months of the operating revenue. Volaris registered a negative net debt (or a positive net cash position) of Ps.2,387 million (excluding lease liability recognized under the IFRS16 adoption).

Non-Derivative Financial Instruments                                       

  • During 2019, the Company established hedges on its U.S. dollar denominated revenues through a non-derivative financial instrument, using the lease liabilities denominated in U.S. dollar as a hedge instrument. This hedging relationship was designated as a cash flow hedge of forecasted revenues to mitigate the volatility of the foreign exchange variation arising from the revaluation of the lease liabilities. During the third quarter 2020, the impact of these hedges was Ps.171 million, which has been included as part of the total operating revenue.
  • Additionally, during 2019, the Company established hedges on a portion of its forecasted fuel expense, through a non-derivative financial instrument, using as a hedge instrument a portion of its U.S. dollar denominated monetary assets. This hedging relationship was designated as a cash flow hedge of forecasted fuel expense to mitigate the volatility of the foreign exchange variation arising from the revaluation of this portion of U.S. dollar denominated monetary asset. During the third quarter 2020, the impact of these hedges was Ps.154 million, which has been presented as part of the total fuel expense.
  • For the hedging relationships described, the effective portion of the hedging instrument’s change in fair value is recognized in Other Comprehensive Income or OCI. The accounting records corresponding to the recycling of the OCI are made in accordance with IFRS 9. Under this Standard, the portion recorded in OCI is recognized in the results in the same period in which the expected hedging for cash flows affect the result of the period. As of September 30, 2020, OCI includes a negative foreign exchange effect of Ps.5,265 million. As of December 31, 2019, OCI includes a positive foreign exchange effect of Ps.14 million.

Investors are urged to carefully read the Company’s periodic reports filed with or provided to the Securities and Exchange Commission, for additional information regarding the Company.

Conference Call/Webcast Details:

Presenters for the Company:

 

 

 

Date:

 

Mr. Enrique Beltranena, President & CEO

Mr. Holger Blankenstein, Airline  Commercial and Operation EVP

Mr. Jaime Pous,  Senior Vice President Chief Legal Officer and Corporate Affairs and Interim CFO

Friday, October 23, 2020

Time:

10:00 am U.S. EDT (9:00 am Mexico City Time)

United States dial in (toll free):

1-877-830-2576

Mexico dial in (toll free):

001-800-514-6145

Brazil dial in (toll free):

0800-891-6744

International dial in:

+ 1-785-424-1726

Participant passcode:

VOLARIS

Webcast will be available at:

https://services.choruscall.com/links/vlrs201023S5hzfKlM.html

 

About Volaris:
*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris” or the “Company”) (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States and Central America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from five to more than 142 and its fleet from four to 84 aircraft. Volaris offers more than 300 daily flight segments on routes that connect 44 cities in Mexico and 20 cities in the United States and Central America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States and Central America. Volaris has received the ESR Award for Social Corporate Responsibility for eleven consecutive years. For more information, please visit: www.volaris.com.

Forward-looking Statements:
Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company’s expectations, beliefs or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words “expects,” “intends,” “estimates,” “predicts,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “potential,” “outlook,” “may,” “continue,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company’s objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company’s intentions and expectations regarding the delivery schedule of aircraft on order, announced new service routes and customer savings programs. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved.  Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to a number of factors that could cause the Company’s actual results to differ materially from the Company’s expectations, including the competitive environment in the airline industry; the Company’s ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company’s ability to generate non-ticket revenues; and government regulation. Additional information concerning these, and other factors is contained in the Company’s Securities and Exchange Commission filings. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above.  Forward-looking statements speak only as of the date of this release.  You should not put undue reliance on any forward-looking statements.  We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law.  If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Investor Relations Contact:
Maria Elena Rodríguez & Andrea González / Investor Relations /[email protected] +52 55 5261 6444

Media Contact:
Gabriela Fernández / [email protected] / +52 55 5246 0100

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Financial and Operating Indicators


Unaudited

 

Three months ended September 30, 2020

Three months
ended September 30, 2020

 

Three months
ended September 30, 2019

Variance

(In Mexican pesos, except otherwise indicated)

(US Dollars)*

(%)

Total operating revenues (millions)

210

4,724

9,502

(50.3%)

Total operating expenses (millions)

310

6,951

7,799

(10.9%)

EBIT (millions)

(99)

(2,227)

1,703

NA

EBIT margin

(47.1%)

(47.1%)

17.9%

(65.0) pp

Depreciation and amortization

67

1,509

1,363

10.7%

Aircraft and engine variable lease expenses

24

537

226

>100%

Net (loss) income (millions)

(97)

(2,175)

713

NA

Net (loss) income margin

(46.0%)

(46.0%)

7.5%

(53.5) pp

(Loss) income per share:





Basic (pesos)

(0.10)

(2.15)

0.70

NA

Diluted (pesos)

(0.10)

(2.15)

0.70

NA

(Loss) income per ADS:





Basic (pesos)

(0.96)

(21.50)

7.05

NA

Diluted (pesos)

(0.96)

(21.50)

7.05

NA

Weighted average shares outstanding:





Basic

1,011,876,677

1,011,876,677

0.0%

Diluted

1,011,876,677

1,011,876,677

0.0%

Available seat miles (ASMs) (millions) (1)

4,763

6,341

(24.9%)

     Domestic

3,685

4,328

(14.9%)

     International

1,078

2,014

(46.5%)

Revenue passenger miles (RPMs) (millions) (1)

3,496

5,398

(35.2%)

     Domestic

2,711

3,785

(28.4%)

     International

785

1,613

(51.3%)

Load factor (2) 

73.4%

85.1%

(11.7) pp

     Domestic

73.6%

87.5%

(13.9) pp

     International

72.8%

80.1%

(7.3) pp

Total operating revenue per ASM (TRASM) (cents) (1) (5)  

4.6

102.8

150.3

(31.6%)

Total ancillary revenue per passenger (4) (5)

27.3

614

539

13.9%

Total operating revenue per passenger (5)

62.8

1,411

1,696

(16.8%)

Operating expenses per ASM (CASM) (cents) (1) (5)

6.64

149.2

123.4

20.9%

Operating expenses per ASM (CASM) (US cents) (1) (3) (5)

6.75

6.36

6.1%

CASM ex fuel (cents) (1) (5) 

4.96

111.3

77.5

43.6%

CASM ex fuel (US cents) (1) (3) (5)

5.03

3.99

26.1%

Booked passengers (thousands) (1)

3,470

5,620

(38.3%)

Departures (1)

24,721

35,777

(30.9%)

Block hours (1)

62,678

90,323

(30.6%)

Fuel gallons consumed (millions)

44.9

64.9

(30.8%)

Average economic fuel cost per gallon (5)

1.8

40.2

44.9

(10.5%)

Aircraft at end of period

84

80

5.0%

Average aircraft utilization (block hours)

10.6

13.2

(19.8%)

Average exchange rate

22.11

19.42

13.9%

End of period exchange rate

22.46

19.64

14.4%

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

(1) Includes schedule and charter.                                                                    (3) Dollar amounts were converted at average exchange rate of each period.

(2) Includes schedule.                                                                                       (4) Includes “Other passenger revenues” and “Non-passenger revenues”.

(5) Excludes non-derivatives financial instruments.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Financial and Operating Indicators


Unaudited

 

Nine months

ended September 30, 2020

Nine months
ended September 30, 2020

 

Nine months ended

September 30, 2019

Variance

(In Mexican pesos, except otherwise indicated)

(US Dollars)*

(%)

Total operating revenues (millions)

627

14,074

25,023

(43.8%)

Total operating expenses (millions)

814

18,287

22,635

(19.2%)

EBIT (millions)

(188)

(4,213)

2,388

NA

EBIT margin

(29.9%)

(29.9%)

9.5%

(39.4) pp

Depreciation and amortization

196

4,402

3,990

10.3%

Aircraft and engine variable lease expenses

60

1,338

769

74.1%

Net (loss) income (millions)

(231)

(5,191)

1,352

NA

Net (loss) income margin

(36.9%)

(36.9%)

5.4%

(42.3) pp

(Loss) income per share:





Basic (pesos)

(0.23)

(5.13)

1.34

NA

Diluted (pesos)

(0.23)

(5.13)

1.34

NA

(Loss) income per ADS:





Basic (pesos)

(2.28)

(51.30)

13.36

NA

Diluted (pesos)

(2.28)

(51.30)

13.36

NA

Weighted average shares outstanding:





Basic

1,011,876,677

1,011,876,677

0.0%

Diluted

1,011,876,677

1,011,876,677

0.0%

Available seat miles (ASMs) (millions) (1)

12,295

18,199

(32.4%)

     Domestic

9,140

12,549

(27.2%)

     International

3,156

5,650

(44.2%)

Revenue passenger miles (RPMs) (millions) (1)

9,800

15,511

(36.8%)

     Domestic

7,307

10,983

(33.5%)

     International

2,493

4,528

(44.9%)

Load factor (2) 

79.7%

85.3%

(5.6) pp

     Domestic

79.9%

87.5%

(7.6) pp

     International

79.0%

80.2%

(1.2) pp

Total operating revenue per ASM (TRASM) (cents) (1) (5)  

5.2

116.4

137.7

(15.5%)

Total ancillary revenue per passenger (4) (5)

26.3

591

524

12.8%

Total operating revenue per passenger (5)

64.7

1,453

1,544

(5.9%)

Operating expenses per ASM (CASM) (cents) (1) (5)

6.7

151.4

124.6

21.5%

Operating expenses per ASM (CASM) (US cents) (1) (3) (5)

6.9

6.5

7.4%

CASM ex fuel (cents) (1) (5) 

5.0

111.2

76.8

44.8%

CASM ex fuel (US cents) (1) (3) (5)

5.10

3.99

27.9%

Booked passengers (thousands) (1)

9,852

16,237

(39.3%)

Departures (1)

66,167

102,823

(35.6%)

Block hours (1)

168,789

260,858

(35.3%)

Fuel gallons consumed (millions)

119.9

186.6

(35.7%)

Average economic fuel cost per gallon (5)

1.8

41.2

46.6

(11.6%)

Aircraft at end of period

84

80

5.0%

Average aircraft utilization (block hours)

11.1

13.0

(14.7%)

Average exchange rate

21.79

19.26

13.1%

End of period exchange rate

22.46

19.64

14.4%

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

(1) Includes schedule and charter.                                                                    (3) Dollar amounts were converted at average exchange rate of each period.

(2) Includes schedule.                                                                                       (4) Includes “Other passenger revenues” and “Non-passenger revenues”.

(5) Excludes non-derivatives financial instruments.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations


Unaudited

 

Three months ended September 30, 2020

Three months

ended

September 30,

2020

 

Three months

ended

September 30,

 2019

Variance

(In millions of Mexican pesos)

(US Dollars) *

(%)

Operating revenues:





Passenger revenues

207

4,640

9,271

(50.0%)

 Fare revenues

123

2,764

6,501

(57.5%)

 Other passenger revenues

84

1,876

2,770

(32.3%)






Non-passenger revenues

11

255

260

(1.8%)

 Other non-passenger revenues

9

206

208

(1.3%)

 Cargo

2

49

51

(3.8%)






 Non-derivatives financial instruments

(8)

(171)

(29)

>100%






Total operating revenues

210

4,724

9,502

(50.3%)






Other operating income

(12)

(267)

(141)

89.5%

Fuel expense, net (1)

73

1,648

2,884

(42.8%)

Depreciation of right of use assets

57

1,278

1,186

7.7%

Landing, take-off and navigation expenses

46

1,028

1,304

(21.2%)

Sales, marketing and distribution expenses

43

964

417

>100%

Salaries and benefits

39

865

909

(4.8%)

Aircraft and engine variable lease expenses

24

537

226

>100%

Maintenance expenses

14

315

406

(22.4%)

Other operating expenses

16

352

432

(18.4%)

Depreciation and amortization

10

231

177

30.8%

Operating expenses

310

6,951

7,799

(10.9%)






Operating (loss) income

(99)

(2,227)

1,703

NA






Finance income

1

17

79

(79.0%)

Finance cost (2)

(32)

(730)

(591)

23.5%

Exchange gain (loss), net

8

186

(173)

NA

Comprehensive financing result

(23)

(527)

(684)

(22.9%)






(Loss) income before income tax

(123)

(2,754)

1,019

NA

Income tax benefit (expense)

26

579

(306)

NA

Net (loss) income

(97)

(2,175)

713

NA






* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

(1) 3Q 2020 and 3Q 2019 figures include a benefit from non-derivatives financial instruments by an amount of Ps.153.5 million and Ps.26.4 million, respectively.

 (2) During third quarter 2020, as a result of the capacity reduction due to COVID-19, the Company recorded the ineffective portion related to the derivative financial instruments by an amount of Ps.19.6 million, which is presented as part of the financial costs.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations


Unaudited

 

Nine months ended September 30,

2020

Nine months

ended

September 30,

2020

 

Nine months

ended

September 30,

 2019

Variance

(In millions of Mexican pesos)

(US Dollars) *

(%)

Operating revenues:





Passenger revenues

607

13,624

24,286

(43.9%)

 Fare revenues

378

8,491

16,562

(48.7%)

 Other passenger revenues

229

5,133

7,724

(33.5%)






Non-passenger revenues

31

688

778

(11.6%)

 Other non-passenger revenues

25

555

613

(9.4%)

 Cargo

6

132

165

(19.8%)






 Non-derivatives financial instruments

(11)

(237)

(40)

>100%






Total operating revenues

627

14,074

25,023

(43.8%)






Other operating income

(25)

(568)

(264)

>100%

Fuel expense, net (1)

205

4,614

8,654

(46.7%)

Depreciation of right of use assets

167

3,752

3,522

6.5%

Landing, take-off and navigation expenses

131

2,943

3,725

(21.0%)

Salaries and benefits

110

2,470

2,648

(6.7%)

Sales, marketing and distribution expenses

67

1,506

1,038

45.0%

Aircraft and engine variable lease expenses

60

1,338

769

74.1%

Maintenance expenses

32

714

1,128

(36.7%)

Other operating expenses

39

869

948

(8.3%)

Depreciation and amortization

29

650

468

38.9%

Operating expenses

814

18,287

22,635

(19.2%)






Operating (loss) income

(188)

(4,213)

2,388

NA






Finance income

4

93

153

(39.0%)

Finance cost (2)

(112)

(2,523)

(1,594)

58.3%

Exchange (loss) gain, net

(19)

(419)

985

NA

Comprehensive financing result

(127)

(2,849)

(457)

>100%






(Loss) income before income tax

(314)

(7,062)

1,931

NA

Income tax benefit (expense)

83

1,872

(579)

NA

Net (loss) income

(231)

(5,191)

1,352

NA






* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

(1) 3Q YTD 2020 and 3Q YTD 2019 figures include a benefit from non-derivatives financial instruments by an amount of Ps.324.9 million and Ps.40.4 million, respectively.

(2) During third quarter 2020, as a result of the capacity reduction due to COVID-19, the Company recorded the ineffective portion related to the derivative financial instruments by an amount of Ps.448.6 million, which is presented as part of the financial costs.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Reconciliation of total ancillary revenue per passenger

The following table shows quarterly additional detail about the components of total ancillary revenue:

Unaudited

Three months ended September 30, 2020

(US Dollars)*

Three months ended September 30, 2020

 

Three months ended September 30, 2019

Variance

(%)

(In millions of Mexican pesos)






Other passenger revenues

84

1,876

2,770

(32.3%)

Non-passenger revenues

11

255

260

(1.8%)

Total ancillary revenues

95

2,131

3,030

(29.7%)






Booked passengers (thousands)

3,470

5,620

(38.3%)






Total ancillary revenue per passenger

27

614

539

13.9%






* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

The following table shows the September YTD additional detail about the components of total ancillary revenue:

Unaudited

Nine months ended September 30, 2020

(US Dollars)*

Nine months ended September 30, 2020

 

Nine months ended September 30, 2019

Variance

(%)

(In millions of Mexican pesos)






Other passenger revenues

229

5,133

7,724

(33.5%)

Non-passenger revenues

31

688

778

(11.6%)

Total ancillary revenues

259

5,820

8,502

(31.5%)






Booked passengers (thousands)

9,852

16,237

(39.3%)






Total ancillary revenue per passenger

26

591

524

12.8%






* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Financial Position


(In millions of Mexican pesos)

September 30, 2020
Unaudited

September 30, 2020 Unaudited

December 31, 2019 Audited

(US Dollars)*

Assets




Cash and cash equivalents

365

8,202

7,980

Accounts receivable

108

2,416

2,320

Inventories

11

254

302

Prepaid expenses and other current assets

36

803

781

Financial instruments

1

134

Guarantee deposits

64

1,444

600

Total current assets

584

13,120

12,117

Rotable spare parts, furniture and equipment, net

334

7,498

7,385

Right of use assets

1,512

33,957

34,129

Intangible assets, net

7

167

167

Financial instruments

1

3

Deferred income taxes

160

3,596

1,543

Guarantee deposits

388

8,709

7,644

Other assets

5

106

166

Other long- term assets

12

278

141

Total non-current assets

2,418

54,311

51,178

Total assets

3,003

67,430

63,295

Liabilities




Unearned transportation revenue

293

6,572

3,680

Accounts payable

120

2,700

1,656

Accrued liabilities

105

2,359

2,532

Lease liabilities

334

7,498

4,721

Other taxes and fees payable

106

2,383

2,102

Income taxes payable

2

141

Financial instruments

19

429

Financial debt

104

2,328

2,086

Other liabilities

3

75

407

Total short-term liabilities

1,084

24,346

17,324

Financial debt

155

3,486

2,890

Accrued liabilities

3

70

91

Lease liabilities

1,875

42,096

35,797

Other liabilities

117

2,638

1,470

Employee benefits

2

46

38

Deferred income taxes

7

156

156

Total long-term liabilities

2,159

48,493

40,441

Total liabilities

3,243

72,839

57,765

Equity




Capital stock

132

2,974

2,974

Treasury shares

(9)

(198)

(170)

Contributions for future capital increases

Legal reserve

13

291

291

Additional paid-in capital

82

1,839

1,880

Retained (losses) earnings

(212)

(4,752)

438

Accumulated other comprehensive income (losses) (1)

(248)

(5,562)

116

Total equity

(241)

(5,409)

5,530

Total liabilities and equity

3,003

67,430

63,295





Total shares outstanding fully diluted


1,011,876,677

1,011,876,677

* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

(1) As of September 30, 2020 and as of December 31, 2019 the figures include a negative foreign exchange effect of Ps.5,265 million and a positive foreign exchange effect of Ps.14 million, respectively, related to non-derivatives financial instruments. 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Cash Flows – Cash Flow Data Summary


Unaudited

 

Three
months

ended
September 30, 2020

Three months

 ended September 30, 2020

 

Three months ended September 30, 2019

(In millions of Mexican pesos)

(US Dollars)*





Net cash flow (used in) generated by operating activities

(5)

(113)

2,207

Net cash flow used in investing activities

(8)

(179)

(1,072)

Net cash flow used in financing activities**

(60)

          (1,357) 

(1,606)

Decrease in cash and cash equivalents

(73)

(1,649)

(470)

Net foreign exchange differences

(7)

(163)

156

Cash and cash equivalents at beginning of period

446

10,013

8,124

Cash and cash equivalents at end of period

365

8,202

7,810

* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

**Includes aircraft rental payments of Ps.1,724 million and Ps.1,657 million for the three months ended period September 30, 2020 and 2019, respectively.






Unaudited

 

Nine months

ended September 30, 2020

Nine months

 ended September 30, 2020

 

Nine months ended September 30, 2019

(In millions of Mexican pesos)

(US Dollars)*





Net cash flow generated by operating activities

146

3,290

7,465

Net cash flow used in investing activities

(6)

(145)

(1,280)

Net cash flow used in financing activities**

(196)

          (4,405) 

(4,239)

(Decrease) increase in cash and cash equivalents

(56)

(1,260)

1,946

Net foreign exchange differences

66

1,482

453

Cash and cash equivalents at beginning of period

355

7,980

5,863

Cash and cash equivalents at end of period

365

8,202

7,810

* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

**Includes aircraft rental payments of Ps.4,350 million and Ps.4,787 million for the nine months ended period September 30, 2020 and 2019, respectively.






SOURCE Volaris

Source: https://www.prnewswire.com:443/news-releases/volaris-reports-third-quarter-2020-results-increased-capacity-drives-stronger-revenues-and-lower-casm-301158535.html

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Press Releases

Davood Roostaei’s Cryptorealism Described ‘As a Kind of Magical Eclecticism’ by Albert Boime

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Published

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Press Release updated: Oct 22, 2020 20:00 PDT


The renowned American art historian and critic, Albert Boime, described Cryptorealism as a kind of magical eclecticism, which is also a game of hide-and-seek that Roostaei plays with the viewer in his Cryptorealistic paintings.

Davood Roostaei, a U.S. based artist, has brought a new definition of innovation with his unique style – Cryptorealism. In 1987, he developed a new technique and a way of thinking inspired by both his political and artistic experiences. Originally referred to as abstract Surrealism, it was aptly bestowed the name, Cryptorealism, in 1990. This concept involves the overlaying of levels of images in order to foster multiple perspectives on different issues.

Roostaei’s paintings are often covered by a veil which the observer must drawback.  The physical eye alone is doomed to failure – the inner eye must also engage to fully appreciate his work. Roostaei does not aim simply to afford the observers of his paintings a few minutes of pleasure. Each piece is thoughtfully created to inspire deeper contemplation, leaving a strong and lasting impact on the viewer.

Cryptorealism offers a novel perspective of both art and reality. It distinguishes the two aspects and directs the viewer to consider alternate perspectives. According to a highly acclaimed German art historian and critic, Hanns Theodor Flemming, Cryptorealism is a technique that reconciles the major currents of contemporary art, realism, and abstraction, from both traditional and present-day aspects, into an original state of unity with individual identification. At first glance, it conveys the impression of being an abstract-tachist painting, but its core has a clear meaning and message. Cryptorealism is an art form of enigmatic expression having realistic motifs taken from a wide range of themes from antiquity to the present and future. Roostaei illustrate the problems of time and transience, the everlasting metamorphosis of nature and life, as well as his humane message to all fellow beings in his work.

According to Boime, Roostaei paints compositions from eccentric angles and viewpoints and often depicts forms that metamorphose in a twinkling of an eye. His work consistently discloses disguised and reversible imagery that sends the viewer on an optical steeplechase. Roostaei’s energetic spatial fields fairy explode with dense imagery and spattered paint, combining a kind of Jackson Pollock approach with the Old Masters and Popular Imagery.

​Cryptorealism goes beyond all variations of traditional Realism and of Post-Modernism. In the depiction of the reality visible to the naked eye, the artist mirrors the higher realities which are not perceived by the eye. Roostaei makes the invisible visible in his Cryptorealistic paintings. He combines physical and metaphysical dimensions and overlays different layers of significance one upon another in order to foster boundless and multi-dimensional perspectives on different issues.

Bianca Leon Rodriguez
​Phone: +1 (469) 815-7866
Email: biancalrodr@gmail.com

Source: Davood Roostaei

Source: https://www.newswire.com/news/davood-roostaeis-cryptorealism-described-as-a-kind-of-magical-21240862

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