Acerca de Avianca Holdings SA

Transcripción

EXHIBIT E
(Part 1)
Declaration of Eduardo Bruera
1. My name is Eduardo Bruera. I am an Associate at the law firm of Kellogg, Huber,
Hansen, Todd, Evans & Figel, P.L.L.C. I am over the age of 18 and am competent to make this
declaration. The facts set forth in this declaration are based on my personal knowledge, except
where otherwise indicated. If called as a witness, I could and would testify competently to these
statements.
2. I am submitting this declaration in support of the joint comments of Delta Air Lines,
Inc. (“Delta”), Hawaiian Airlines, Inc. (“Hawaiian”), and the Air Line Pilots Association,
International (“ALPA”), in response to the Export-Import Bank of the United States’ (“Bank”)
recent notice of an application by Avianca Holdings S.A. and TACA International Airlines, S.A.
(collectively, “Avianca”) for a final commitment for a loan guarantee supporting the purchase of
Boeing 787 aircraft, dated August 19, 2014.
3. Attached hereto as Exhibit 1 is a true and correct copy of Avianca’s 2013 Annual
Report. As of the date of this declaration, the report can be found online at
http://www.aviancaholdings.com/en/images/informes_anuales/Informe_Anual_2013_AVH_FIN
AL.pdf.
4. Attached hereto as Exhibit 2 is a true and correct copy of a document available on
Avianca’s website entitled “Fact Sheet 2014.” As of the date of this declaration, the report can
be found online at: http://www.aviancaholdings.com/en/images/kit_inv/140724_Ficha_tecnica_
ENG.pdf.
5. Attached hereto as Exhibit 3 is a true and correct copy of an article by Edward
Russell, published by Flightglobal, dated August 19, 2014, entitled “Avianca seeks Ex-Im
guarantee for 787 financing.” As of the date of this declaration, the article may be found
online at:
http://www.flightglobal.com/news/articles/avianca-seeks-ex-im-guarantee-for-787-financing402831/.
6. Attached hereto as Exhibit 4 is a true and correct copy of a table summarizing
information on Avianca’s quarterly financials taken from Avianca’s financial statements.
7. Attached hereto as Exhibit 5 is a true and correct copy of an article by Jens Flottau,
published by Aviation Week, dated April 22, 2013, entitled “Avianca Plans To Expand
Capacity.” As of the date of this declaration, the article may be found online at:
http://aviationweek.com/awin/avianca-plans-expand-capacity.
8. Attached hereto as Exhibit 6 is a true and correct copy of an article by Richard
Maslen, published by Aviation Week, dated February 24, 2014, entitled “Avianca Prepares for
September Dreamliner Delivery.” As of the date of this declaration, the article may be found
online at: http://www.routesonline.com/news/29/breaking-news/239887/routes-americasavianca-prepares- for-september-dreamliner-delivery/.
9. Attached hereto as Exhibit 7 is a true and correct copy of a webpage generated from
the website of The Boeing Company listing all orders from Avianca. As of the date of this
declaration, this webpage may be generated online at: http://active.boeing.com/
commercial/orders/index.cfm?content=userdefinedselection.cfm&pageid=m15527.
10. Attached hereto as Exhibit 8 is a true and correct copy of the Export-Import Bank of
the United States’ Response Two to the Remand Order of the United States Court of Appeals for
the District of Columbia Circuit, dated November 26, 2013. As of the date of this declaration,
the Response can be found online at: http://www.exim.gov/about/library/reports/otherreports/
upload/Option_2_Memo-OGC-11-22-13-accessible.pdf.
11. Attached hereto as Exhibit 9 is a true and correct copy of the Export-Import Bank of
the United States’ remand memorandum and analyses in Delta Air Lines, Inc. v. Export-Import
Bank of the United States, No. 13-424 (RC) (D.D.C. filed Apr. 3, 2013) (“Delta III”), dated
December 9, 2013, entitled “Economic Impact Implications of Transactions Referenced in the
Delta III Complaint.”
12. Attached hereto as Exhibit 10 is a true and correct copy of a report produced by ICF
SH&E, dated March 19, 2013, entitled “Evaluation of Structural Oversupply in Global Airline
Industry.”
13. Attached hereto as Exhibit 11 is a presentation by the Brian Pearce, Chief Economist
of the International Air Transport Association, dated June 2014, entitled “Adding value despite
difficult business conditions.” As of the date of this declaration, the presentation may be found
online at: https://www.iata.org/whatwedo/Documents/economics/Economic-Performance-of-theAirline-Industry-mid-year%202014-slides.pdf.
14. Attached hereto as Exhibit 12 is a true and correct copy of an article by Oliver W.
Wojahn published in the Journal of Air Transportation Management, dated March 2012, entitled
“Why does the airline industry over-invest?”
15. Attached hereto as Exhibit 13 is a true and correct copy of excerpts from a
presentation given by Brian Pearce, Chief Economist at International Air Transport Association
(“IATA”), dated September 2012, entitled “Downward pressures may ease but risks to outlook
remain high – Industry Outlook – September 2012.”
16. Attached hereto as Exhibit 14 is a true and correct copy of a report by David E.
Strauss, Darryl Genovesi, Matthew Akers, and Charles Armitage (of UBS’s U.S. Aerospace
group), dated April 30, 2014, entitled “Airbus and Boeing Backlogs 20% Over-Ordered.”
17. Attached hereto as Exhibit 15 is a true and correct copy of an article by Tim
Hepher, published by Reuters, dated August 2, 2014, entitled “Airbus, Boeing wide-body jet
battle triggers warnings of oversupply.” As of the date of this declaration, the article may be
found online at: http://in.reuters.com/article/2014/08/01/aircraft-competitionidINL6N0Q731B20140801/.
18. Attached hereto as Exhibit 16 is a true and correct copy of a webpage on the
Boeing Company’s website entitled “Commercial Airplanes – Jet Prices.” As of the date of
this declaration, the webpage can be found online at:
http://www.boeing.com/boeing/commercial/ prices/.
19.
Attached hereto as Exhibit 17 is a true and correct copy of a document
produced by Avianca entitled “Boeing 787-8 Dreamliner – Características Tecnológicas.”
As of the date of this declaration, the document may be found online at:
http://avianca.files.wordpress.com/ 2007/04/datosb787.pdf.
20.
Attached hereto as Exhibit 18 is a true and correct copy of calculations, dated
August 25, 2014, made by Delta Air Lines comparing recent enhanced equipment trust
certificate offerings by U.S. airlines to the rates those airlines would have received under
the most recent iteration of the Aircraft Sector Understanding.
21.
Attached hereto as Exhibit 19 is a true and correct copy of an article by
Sean Williams, published on The Motley Fool website, dated April 12, 2014, entitled
“How Old Is Your Plane? These Airline Fleet Age Rankings May Surprise You.” As of
the date of this declaration, the article may be found online at: www.fool.com/investing
/general/2014/04/12/how-old-is-yourplane-these-airline-fleet-age-rank.aspx.
22.
Attached hereto as Exhibit 20 is a true and correct copy of an article
published by the Airfinance Journal, dated November 7, 2013, entitled “Avianca launches
$408.5mn IPO.” As of the date of this declaration, the article may be found online at:
http://www.airfinancejournal.com/Article/3276154/Search/Results/Avianca-launches4085mn-IPO.html.
EXHIBIT 1
2013
Table of Contents
Acerca de Avianca Holdings S.A.
About Avianca Holdings S.A.
Historia de las Aerolíneas de la Holding
History of the Avianca Holdings’ Airlines
Norte Estratégico
Strategic Focus
Países donde están incorporadas las Aerolíneas
Countries where Airlines are incorporated
Junta Directiva
Board of Directors
9
Carta del Presidente a los Señores Accionistas
CEO’s Letter to Shareholders
31
Informe de Gestión 2013
2013 Management Report
Entorno mundial del mercado
Global Market Environment
35
Desempeño 2013 Avianca Holdings S.A.
Avianca Holdings S.A.’s 2013 Performance
Resultados Financieros y Operativos
Financial and Operating Results
Indicadores operacionales de las Aerolíneas de Pasajeros
Passenger airlines’ operational metrics
Resultados de la línea de inversión en aerolíneas de pasajeros
Passenger Airlines’ Investment Results
Renovación de flota
Fleet Renovation
Seguridad – Nuestro Compromiso
Safety – Our Commitment
Talento Humano
Human Resources
Las Aerolíneas integradas mejoran su posición en los mercados
Airline Integration Improves Market Positioning
Destinos, Red de Rutas y Alianzas
Destinations, Network of Routes and Alliances
Avances en la homologación de procesos
Standardization Improvements
Resultados de la línea de inversión en aerolíneas de transporte de
carga y mensajería
Cargo Transportation and Courier Airlines’ Investment Results
39
11
19
21
22
35
39
40
40
42
44
45
47
48
52
56
5
Informe Anual / Annual Report
Índice
Transporte de Carga
Cargo Transportation
Deprisa
Deprisa
Resultados en otras líneas del negocio
Results for Other Lines of Business
LifeMiles Corp.
LifeMiles Corp.
Avianca Tours
Avianca Tours
Avianca Services
Avianca Services
56
Responsabilidad Social & Sostenibilidad
Social Responsibility & Sustainability
Gestión Social
Social Management
Gestión Ambiental
Environmental Management
67
59
61
62
63
64
67
69
Gobierno Corporativo
73
Corporate Governance
Composición Accionaria
76
Capital Structure
Principales Accionistas
77
Main Stockholders
Situación Jurídica
Legal Situation
79
Perspectivas 2014
2014 Outlook
81
Informe de Auditor Independiente
Report of Independent Registered Public Accounting Firm
85
Estado Consolidado de Posición Financiera
Consolidated Statement of Financial Position
87
Estados Consolidados de Resultados Integrales
Consolidated Statement of Comprehensive Income
89
Estados Consolidados de Cambios en el Patrimonio
Consolidated Statement of Changes in Equity
91
Estados Consolidados de Flujos de Efectivo
Consolidated Statement of Cash Flows
92
Notas a los Estados Financieros Consolidados
Notes to the Consolidated Financial Statements
94
6
Informe Anual / Annual Report 2013
7
2013
8
2013
About Avianca Holdings S.A.
Avianca Holdings S.A, en adelante la
Holding, es una compañía panameña que actúa
como controlante de varias empresas aéreas que
operan nacional e internacionalmente: Aerovías
del Continente Americano S.A. (Avianca), Tampa
Cargo S.A constituida en Colombia, Aerolíneas
Galápagos S.A (AeroGal) constituida en Ecuador, y
las compañías del Grupo TACA: TACA Internacional
Airlines S.A, constituida en El Salvador, Líneas
Aéreas Costarricenses S.A. (LACSA) constituida en
Costa Rica, TransAmerican Airlines S.A. constituida
en Perú, Servicios Aéreos Nacionales S.A. (SANSA)
constituida en Costa Rica, Aerotaxis La Costeña S.A,
constituida en Nicaragua e Isleña de Inversiones
C.A. de C.V. (ISLEÑA) constituida en Honduras.
Las principales inversiones de la Holding
incluyen: aerolíneas de pasajeros, carga y
actividades conexas relacionadas con los servicios
de transporte aéreo, a través de las cuales presta
servicios turísticos y servicios de ingeniería,
mantenimiento y atención especializada a la
operación de otros transportadores. En 2013,
las aerolíneas suscritas a la Holding continuaron
desarrollando el trabajo de expansión de la red
de rutas y servicios aéreos para los viajeros
y clientes con origen y destino en América y
Europa. Para ello cuentan con el soporte de:
» Una flota operativa para el transporte
de pasajeros constituida por 150 aeronaves de
última generación para rutas de corto, mediano y largo
alcance y 5 aviones dedicados en forma exclusiva al
transporte de carga. Los aviones de la flota Avianca
se caracterizan por su diseño interior y aditamentos
para el confort y el entretenimiento a bordo. De igual
forma, esta flota, integrada por equipos Airbus, ATR y
Embraer, se destaca por su eficiencia y rendimiento,
Avianca Holdings S.A, hereinafter the
Holding, is a Panamanian Company that
acts as the controlling company of several
airline companies that operate nationally
and internationally: Aerovías del Continente
Americano S.A. (Avianca), Tampa Cargo S.A
constituted in Colombia, Aerolíneas Galápagos
S.A (AeroGal) constituted in Ecuador, and the
Companies of Grupo TACA: TACA Internacional
Airlines S.A, constituted in El Salvador, Líneas
Aéreas Costarricenses S.A. (LACSA) constituted
in Costa Rica, TransAmerican Airlines S.A.
constituted in Perú, Servicios Aéreos Nacionales
S.A. (SANSA) constituted in Costa Rica, Aerotaxis
La Costeña S.A, constituted in Nicaragua e
Isleña de Inversiones C.A. de C.V. (ISLEÑA)
constituted in Honduras.
The Holding’s main investments include:
passenger airlines, cargo and activities related
to air transport services, through which it
provides travel services and engineering
services, maintenance and specialized care
to the operation of other carriers. In 2013,
the airlines conforming the Holding continued
expanding its routes and air services for
travelers and clients traveling to and from
America and Europe. For its operations, the
Company has the support of:
» An operational fleet for passenger
transport consisting of 150 aircrafts of the
latest generation for short, medium, and long
routes, and 5 aircrafts exclusively dedicated to
cargo transport. The aircrafts in Avianca’s fleet
are characterized by their interior design, and
accessories for comfort and entertainment on
board. Similarly, this fleet, composed of Airbus,
ATR and Embraer, stands out for its efficiency
and performance, resulting from its advanced
9
Acerca de Avianca Holdings S.A.
resultado de la avanzada tecnología de sus motores
y lo último en componentes para la aeronavegación.
engine technology and its latest components for
air navigation.
» Tres centros de conexiones para
pasajeros localizados en Bogotá, Colombia;
San Salvador, El Salvador y Lima, Perú, a
través de los cuales se ofrecen conexiones ágiles
a destinos locales e internacionales. Además de
estos hubs, para la operación de carga se cuenta
con centros de operaciones en Miami, Estados
Unidos, y Quito, Ecuador.
» Three hubs for passengers are
located in Bogotá, Colombia, San Salvador,
El Salvador and Lima, Peru, which offer
agile connections to local and international
destinations. In addition to these hubs, there
are cargo hubs in Miami, in the United States,
and Quito, Ecuador.
» Vuelos directos a 98 destinos
integrados a través de la red de rutas Avianca,
a los que se adicionan más de 1.300 ciudades
alrededor del mundo servidas en código compartido
e interlínea con aerolíneas socias y miembros de
Star Alliance.
» Una red de 23 rutas exclusivas de
carga que complementa la red de pasajeros,
la cual es atendida con una flota operativa de cuatro
Airbus A330-200F y un Boeing 767-300.
» Más de 19 mil colaboradores directos e
indirectos, debidamente capacitados y entrenados
en las diferentes labores y oficios especializados que
demanda el servicio y la actividad aérea en general.
» Un programa de lealtad de viajero
frecuente, LifeMiles, con más de 5.4 millones
socios, catalogado por los expertos como uno de
los programas de fidelidad que ofrece mayores
beneficios y facilidades.
» Un mercado integrado compuesto por
más de 24 millones de pasajeros que eligieron sus
servicios de viaje en 2013 y que continúan volando
con las Aerolíneas de la Holding en el año 2014.
10
» Direct flights to 98 destinations
are integrated through Avianca’s route
network, to which 1,300 additional cities
around the world are added and serviced
through its code-share agreements and
interlining with partner airlines and Star
Alliance members.
» A network of 23 exclusive cargo
routes that complements the passenger
network, which is serviced by an operational
fleet of four Airbus A330-200F’s and one
Boeing 767-300.
» More than 19 thousand direct and
indirect employees, properly qualified and
trained in different jobs and tasks, which are
needed to provide the service and general air
activities.
» A loyalty program for frequent
flyers, LifeMiles, with more than 5.4 million
members, and recognized by experts for its
superior benefits and facilities amongst other
loyalty programs.
» An integrated market composed of
over 24 million passengers that chose the
Company’s travel services in 2013, and will
continue flying with the Holding’s Airlines in
2014.
History of
the Holding’s
Airlines
1910s
1910s
1919 La Aerolínea bandera de Colombia fue
fundada el 5 de diciembre de 1919 bajo la
razón social Sociedad Colombo Alemana
de Transporte Aéreo, SCADTA.
1919 Colombia’s flagship Airline was founded
on December 5, 1919, with the corporate
name Sociedad Colombo Alemana de
Transporte Aéreo, SCADTA.
1920s
1920s
1920 Llegaron los primeros aviones Junkers
para SCADTA, que llegó a operar
posteriormente 25 aeronaves del tipo
F-13, un Junker W33 y un W34. En
septiembre: con Fritz Hammer como
piloto, Wilhem Schnurrbush como copiloto
y Stuart Hosie como pasajero, SCADTA
realizó el primer vuelo entre Barranquilla
y Puerto Berrío, en Colombia.
1921 Se establecieron las rutas de SCADTA entre
las ciudades de Barranquilla, Girardot y Neiva.
1929 El 23 de julio se establecieron las rutas
regulares entre Girardot y Bogotá.
1920 The first Junkers planes joined SCADTA,
which subsequently came to operate
25 F-13 aircrafts, a Junker W33,
and a W34. In September: with Fritz
Hammer as pilot, Wilhem Schnurrbush
as co-pilot, and Stuart Hosie as the
passenger, SCADTA made the first
flight between Barranquilla and Puerto
Berrío, in Colombia.
1921
established
routes
among
SCADTA
Barranquilla, Girardot, and Neiva.
1929Regular routes between Girardot and
Bogota were established on July 23rd.
1930s
1930s
1931 Fue fundada en Tegucigalpa, Honduras,
la
aerolínea
Transportes
Aéreos
Centroamericanos (TACA).
1934 TACA se expandió hacia Centroamérica,
estableciéndose
en
El
Salvador,
Guatemala, Nicaragua, Costa Rica y
Panamá y volando con una flota de 14
aeronaves, 10 pilotos y 80 colaboradores.
1939 TACA comenzó a posicionarse como un
jugador fuerte en el mercado de carga al
transportar 10.000 toneladas de carga y
200 toneladas de correo/año.
1931
The
airline
Transportes
Aéreos
Centroamericanos (TACA) was founded in
Tegucigalpa, Honduras.
1934TACA expanded to Central America,
establishing
itself
in
El
Salvador,
Guatemala, Nicaragua, Costa Rica, and
Panama and flying with a fleet of 14
aircraft, 10 pilots, and 80 employees.
1939 TACA became a strong player in the cargo
market, transporting 10,000 metric tons
of cargo and 200 metric tons of mail per
year.
1940s
1940s
1940 El 14 de junio de 1940 se constituyó
Aerovías Nacionales de Colombia S.A.–
Avianca, razón social que resultó de la
1940 Aerovías Nacionales de Colombia S.A. –
Avianca was incorporated on June 14, as
a result of the integration of SCADTA and
11
2013
Historia de las
Aerolíneas de
la Holding
integración de SCADTA y la compañía
Servicio Aéreo Colombiano – SACO.
1943 Para ese año, TACA ya tenía presencia
en Colombia y Venezuela, uniendo a
las Américas desde los Estados Unidos
hasta Argentina.
1946 » Avianca expandió sus alas a cielos
internacionales. Hasta Quito, Lima,
Panamá, Miami, Nueva York y Europa
llegaron los aviones DC4 y C54 operados
por la Aerolínea colombiana.
» TACA centralizó sus operaciones en
Nueva Orleans.
the company Servicio Aéreo Colombiano –
SACO.
1943 By this year TACA was already present
in Colombia and Venezuela, integrating
the Western Hemisphere from the United
States to Argentina.
1946 » Avianca spread its wings to
international skies. The Colombian
Airline flew its DC4 and C54 aircrafts to
Quito, Lima, Panama, Miami, New York,
and Europe.
» TACA centralized its operations in New
Orleans.
1950s
1950s
1956 Avianca llevó a la delegación colombiana
que participaba en los Juegos Olímpicos de
Melbourne, en Australia. Fueron 61 horas
de operación, con escalas exclusivas para
suministrar combustible a la aeronave.
1956 Avianca took the Colombian delegation
to participate in the Olympic Games in
Melbourne, Australia. The flight took 61
hours with stops exclusively to provide
fuel for the aircraft.
1960s
1960s
1960 » Avianca operó su primer jet, el Boeing
707-120. En los 8 años siguientes se
incorporaron los aviones Boeing 720B,
727-100 y 727-200 y 737-100.
» El salvadoreño Ricardo Kriete obtuvo el
control de la aerolínea TACA.
1966TACA se incorporó a la era del jet
adquiriendo
la
aeronave
BAC1-11,
originaria de Inglaterra.
1960 » Avianca operated its first jet, the Boeing
707-120. During the following eight years
the Boeing 720B, 727-100, 727-200 and
737-100 aircrafts were incorporated.
» Salvadorean Ricardo Kriete took over
the airline TACA.
1966 TACA enters the jet era by acquiring the
BAC1-11 aircraft from England.
1970s
1970s
1973 Se creó Transportes Aéreos Mercantiles
Panamericanos – Tampa Cargo S.A., la
cual comenzó su operación transportando
flores hacia Estados Unidos.
1974 Tampa Cargo incursionó en rutas fuera
de Estados Unidos y realizó el primer
vuelo
Medellín-México–Medellín.
La
Aeronáutica Civil autorizó también la
operación de la ruta Medellín-BogotáMedellín.
1976Siempre a la vanguardia, Avianca
se convirtió en la primera aerolínea
latinoamericana en operar el Jumbo 747
que, hasta 1994 (en sus modelos -100 y
-200B), hizo parte de su flota.
1979 Se adquirieron dos Boeing 707–320C para
Tampa Cargo.
1973 The Company created Transportes Aéreos
Mercantiles Panamericanos – Tampa
Cargo S.A., which started its operations
transporting flowers to the United States.
1974 Tampa Cargo started operating routes
outside the United States and carried out
the first Medellin-Mexico–Medellin flight.
The Colombian Civil Aeronautics Agency
(Aerocivil) also authorized the operation
of the Medellin-Bogotá-Medellin route.
1976 Always at the forefront, Avianca became
the first Latin American airline to operate
a Jumbo 747 aircraft that was part of its
fleet until 1994 (747-100 and 747-200B
models).
1979 Tampa Cargo acquired two Boeing 707–
320C’s.
12
1981 Las posibilidades de servicio en tierra para
los pasajeros en Bogotá se ampliaron
con la construcción y puesta en servicio
del moderno Terminal Puente Aéreo
de Avianca, desde donde se sirvieron
inicialmente las rutas a Miami, Nueva
York, Cali, Medellín, Pasto y Montería.
1982 » TACA inició operaciones a Houston
y Los Ángeles y retomó la operación a
Honduras, específicamente a Tegucigalpa.
» Tampa Cargo inauguró las bases de
Barranquilla y Cali e ingresó a la flota dos
nuevos aviones B-707.
1983 En un año de transición, TACA estableció
su estación de mantenimiento en San
Salvador, dejó de operar en Guatemala y
Costa Rica e inició operaciones hacia San
Francisco.
1986 AeroGal inició operaciones con dos aviones
Dornier DO-28-D2 el 15 de agosto de
1986, prestando servicios de transporte
aéreo de pasajeros y de carga entre el
continente y Galápagos.
1988 Ingresó el primer avión Douglas DC8 a
Tampa Cargo.
1989 A finales de la década de los 80 y comienzos
de los 90, TACA lideró la consolidación de
la industria aérea en la región a través de
la adquisición de operadoras como LACSA
de Costa Rica, Aviateca de Guatemala,
Nica de Nicaragua, Sansa de Honduras, y
cinco regionales más.
1981 Ground services for passengers in Bogota
expanded as a result of the construction
and start-up of the modern Avianca Air
Terminal, from where the routes to Miami
and New York in the United States and
to Cali, Medellin, Pasto, and Monteria in
Colombia were initially operated.
1982 » TACA started operations to Houston and
Los Angeles, and reinitiated operations to
Honduras, specifically to Tegucigalpa.
» Tampa Cargo inaugurated the Barranquilla
and Cali bases, and incorporated two new
B-707 aircrafts into the fleet.
1983 A year of transition, TACA established
its maintenance station in San Salvador,
ceased its operations in Guatemala and
Costa Rica, and started operations to San
Francisco.
1986AeroGal started operations using two
Dornier DO-28-D2 aircrafts on August
15, providing passenger and cargo air
transportation services to and from the
continent, including Galapagos Island.
1988 Tampa Cargo incorporated the first Douglas
DC8 aircraft.
1989 By the end of the 1980s and the beginning
of the 1990s, TACA led the consolidation
of the region’s air industry by acquiring
operators such as Lacsa from Costa Rica,
Aviateca from Guatemala, Nica from
Nicaragua, Sansa from Honduras, and
five other regional airlines.
1990s
1990s
1990 » Avianca adquirió dos de los aviones
más modernos del mundo: Boeing 767200 ER, los cuales fueron bautizados con
los nombres de Cristóbal Colón y Américo
Vespucio.
» Tampa Cargo fue condecorada con la
Cruz al Mérito Aeronáutico, que otorga el
Gobierno colombiano.
1991 Llegaron los primeros aviones Douglas
DC8-71 F para Tampa Cargo.
1992 Se incorporó a la flota de Avianca el primer
McDonnell Douglas MD83 de pasajeros.
1994Se estableció la alianza estratégica
que vinculaba a las tres empresas más
importantes del sector aéreo colombiano:
Avianca, SAM (Sociedad Aeronáutica
1990 » Avianca acquired two of the most
modern aircrafts in the world: the Boeing
767-200 ER, they were given the name of
Cristóbal Colón (Christopher Columbus)
and Américo Vespucio (Amerigo Vespucci).
» Tampa Cargo was awarded with the Cruz
al Mérito Aeronáutico (Aeronautics Merit
Award) by the Colombian Government.
1991 Tampa Cargo acquired the first Douglas
DC8-71 F aircraft.
1992 Avianca incorporated the first McDonnell
Douglas MD83 passenger aircraft into its
fleet.
1994 The strategic alliance that joined the
three most important companies in the
Colombian air sector, namely Avianca,
13
2013
1980s
1980s
1995
1996
1997
1998
1999
de Medellín) y HELICOL (Helicópteros
Nacionales de Colombia), lo que dio
vida al Sistema Avianca. Los Fokker
50 se incorporaron a la flota para rutas
regionales.
Entre 1993 y 1995, AeroGal adquirió 3
aviones Fairchild F27 de 40 pasajeros
para servir las rutas de Quito a Cuenca,
Lago Agrio y Coca.
Tampa Cargo firmó acuerdo de accionistas
con
Martinair,
aerolínea
holandesa
perteneciente al reconocido grupo KLM.
El grupo de aerolíneas (Aviateca, LACSA,
Nica, TACA de Honduras y TACA de El
Salvador) se consolidó oficialmente bajo
el nombre Grupo TACA.
TACA Airlines adquirió los primeros Airbus
A319 y A320 e inició sus servicios en
Clase Ejecutiva.
A finales de los 90’s, la DAC de Ecuador
acreditó la operación de AeroGal bajo
estándares 121, permitiendo que la
Aerolínea obtuviera el certificado de
Operador Aéreo AGL–121–004.
Sociedad Aeronáutica of Medellín (SAM),
and Helicópteros Nacionales of Colombia
(HELICOL), was created and it was called
Sistema Avianca. Fokker 50 aircrafts were
incorporated into the fleet to operate
regional routes.
1995 From 1993 to 1995, AeroGal acquired
three 40-passenger Fairchild F27 aircrafts
to serve the routes from Quito to Cuenca,
Lago Agrio, and Coca.
1996 Tampa Cargo entered into a shareholder
agreement with Martinair, a Dutch airline
that belonged to the famous KLM group.
1997 The group of airlines (Aviateca, Lacsa,
Nica, TACA from Honduras, and TACA
from El Salvador) officially consolidated
under the name of Grupo TACA.
1998 TACA Airlines acquired the first A319
and A320 aircrafts and started providing
Business Class services.
1999 By the end of the 1990s, the Ecuadorian
Civil Aeronautics Agency (DAC) accredited
AeroGal’s operation under Standard 121,
thus allowing the Airline to obtain the
AGL–121–004 Air Operator Certificate.
2000s
2000s
2000 » En el año 2000, TACA se expandió a
Suramérica con la marca TACA Perú y la
operación del Centro de Conexiones en Lima.
» Se construyó en Rionegro, Antioquia, el
hangar para Tampa Cargo, convirtiéndose en
uno de los más modernos de Latinoamérica.
2001 Como consecuencia de la crisis de la
industria aérea de 2001, TACA inició un
plan de transformación enfocado en la
renovación de su flota, la optimización
de la estructura de ingresos y costos y la
excelencia operativa.
2002 » El 20 de mayo, Avianca y SAM conformaron
junto con ACES (Aerolíneas Centrales de
Colombia) la Alianza Summa. En noviembre
de 2003 los accionistas decidieron iniciar la
liquidación de la Sociedad Alianza Summa y
encaminar sus esfuerzos al fortalecimiento
de la marca Avianca.
» Llegó el primer Boeing 727-200 Advance
para AeroGal de origen estadounidense,
con capacidad para 149 pasajeros.
2003 » La conquista de nuevos cielos en América
llegó para TACA con la apertura de vuelos
hacia varios destinos en Estados Unidos.
2000 » In this year, TACA expanded to South
America under the TACA Peru brand and
operating a Hub in Lima.
» The hangar for Tampa Cargo was built
in Rionegro, Colombia; it was one of the
most modern in Latin America.
2001As a result of the 2001 airline
industry crisis, TACA implemented
a transformation plan focused on
renovating its fleet, optimizing the
revenue
and
cost
structure
and
improving operating excellence.
2002 » On May 20th, Avianca and SAM, along
with Aerolíneas Centrales of Colombia
(ACES) created Alianza Summa. In
November 2003, the shareholders
decided to initiate the settlement of
Alianza Summa and aimed their efforts
at strengthening the Avianca brand.
» AeroGal acquired the first American
Boeing 727-200 Advance with a capacity
for 149 passengers.
2003 » TACA started conquering new skies in the
Western Hemisphere, opening new flights
to various destinations in the United States.
14
2004
2005
2006
2008
2009
» Tampa Cargo celebrated its 30th
anniversary. Both its corporate image and its
fleet were renovated. Four Boeing 767-200
aircrafts were incorporated into the fleet.
» AeroGal incorporated a second Boeing
aircraft, a 118-passenger 737-200. The
Airline was granted the route to Baltra
Island, thus becoming the first private
Airline to operate that route with a
frequency of five flights per week.
» In June, AeroGal incorporated the third
Boeing aircraft, a 129-passenger B737200 and the second of its kind. One month
later, a third aircraft of the same kind
joined the fleet (the fourth Boeing aircraft
in the fleet).
» In December, Avianca successfully
completed its restructuring process
conducted under United States Law
Chapter 11. Grupo Synergy became the
majority shareholder of the Airline.
» With the goal of becoming the regional
leader, Avianca changed its corporate
name to Aerovías del Continente
Americano S.A.
» AeroGal incorporated its fourth B737200 aircraft, for a total of five Boeing
aircrafts in the fleet.
»AeroGal received its fifth B737-200
aircraft, for a total of six Boeing aircrafts
in the fleet. In May, the Ecuadorian Civil
Aviation Council granted operations for
international flights in the Caribbean
region – South America and North
America. Upon the authorization, three
more aircrafts were incorporated for a
total of nine aircrafts, which made it the
Airline with the largest fleet in Ecuador.
» On February 21st, Avianca acquired its
first Airbus A320.
» In July, Tampa Cargo became part
of Grupo Synergy, also the owner of
Avianca. In November it started handling
the operations of the Avianca aircraft
bellies assigned to international flights.
» In November, AeroGal incorporated its
first Boeing 757 aircraft.
» In June, Avianca returned to the stock
exchange by successfully placing a
significant amount of bonds.
» On October 7, the intention to unite
Avianca and TACA Airlines was officially
made public, in order to consolidate
15
2013
» Tampa Cargo celebró 30 años. Fue
renovada tanto su imagen corporativa
como su flota, a la que se adhirieron 4
aeronaves Boeing 767-200.
» AeroGal incorporó un segundo avión
Boeing, un 737-200 para 118 pasajeros.
Se entregó la concesión para volar a la
Isla Baltra, convirtiéndose en la primera
Aerolínea privada en operar esa ruta con
5 vuelos semanales.
2004 » En junio se incorporó el tercer avión
Boeing, un B737-200 -el segundo de este
tipo- a la flota de AeroGal con capacidad para
129 pasajeros. Un mes después se sumó un
tercer avión de las mismas características (el
cuarto avión Boeing a la flota).
» En diciembre, Avianca emergió con éxito
del proceso de reestructuración adelantado
al amparo del Capítulo 11 de las leyes
estadounidenses. El Grupo Synergy asumió
el control accionario de la Aerolínea.
2005 » En línea con su propósito de alcanzar el
liderazgo en la región, Avianca modificó su
razón social y se registró como Aerovías
del Continente Americano S.A.
» AeroGal incorporó la cuarta aeronave
B737-200, sumando así cinco aviones
Boeing en la flota.
2006 » AeroGal recibió la quinta aeronave
B737-200, totalizando así seis aviones
Boeing en la flota. En mayo, el Consejo
de Aviación Civil otorgó la concesión de
operación para vuelos internacionales
en la región Caribe-Suramérica y
Norteamérica. Tras esta autorización, se
incorporan tres aeronaves más, sumando
9 en total y ubicando a la aerolínea con la
flota más grande del país.
2008 » El 21 de febrero llegó a Avianca el primer
Airbus A320.
» En julio, Tampa Cargo pasó a formar
parte del grupo Synergy, al cual también
pertenece
Avianca;
en
noviembre,
asumió la operación de la capacidad de
bellies de los aviones asignados a vuelos
internacionales de Avianca.
» En noviembre se incorporó el primer
Boeing 757 a AeroGal.
2009 » Avianca retornó al mercado de valores a
través de una importante colocación de Bonos
adelantada con éxito en el mes de junio.
» El 7 de octubre se hizo oficialmente
pública la intención de unir a Avianca y
TACA Airlines para afianzar su posición
estratégica en la región y potenciar su
capacidad de crecimiento.
» A finales del año, TACA incluyó en su
oferta vuelos desde y hacia las capitales y
ciudades secundarias más importantes de
Sudamérica.
» AeroGal incorpora un Boeing 767 en
diciembre.
their strategic position in the region and
boost their growth capability.
» At the end of the year, TACA started
offering flights to and from South
American capitals and large cities.
» AeroGal incorporated a Boeing 767
aircraft in December.
2010s
2010s
2010 » En febrero, los inversionistas de Avianca
y TACA oficializaron la unión estratégica
de sus negocios. Por parte del Grupo
TACA se incluyeron a las aerolíneas
TACA International, y su participación en
LACSA, Taca Perú, Aviateca, Sansa, La
Costeña, e Isleña. Por parte de Avianca:
Avianca, Tampa Cargo y AeroGal.
» Tras oficializar la integración de las
aerolíneas del grupo, se dio marcha a
un riguroso proceso de reorganización
administrativa, así como de integración
de sus redes de rutas, homologación de
procesos y captura de sinergias.
» En abril, se anunció la intención de
compra de AeroGal por parte de la Holding
y en noviembre, concretó la incorporación
de la aerolínea al grupo.
2011 » En marzo se lanzó el programa de
viajero frecuente unificado, LifeMiles.
» El 28 de marzo, AviancaTaca Holding S.A.
emitió acciones por 500.000 millones de pesos
colombianos. La demanda de acciones, con
dividendo preferencial y sin derecho a voto,
superó los 2.8 billones de pesos, equivalentes
a 5 veces el monto base ofrecido.
» A lo largo del año se dio marcha a un
completo plan de expansión que incluyó la
incursión en 12 nuevas rutas y la adición
de 155 frecuencias de vuelo, llegando de
manera directa con las Aerolíneas a más
de 100 destinos en las Américas y Europa,
sumando más de 4.000 vuelos semanales.
» AeroGal renovó su flota, la cual se unificó
con los equipos del resto de las aerolíneas
de la Holding. La Aerolínea ecuatoriana
cuenta así con dos Airbus A320 y seis Airbus
A319 para el transporte de pasajeros.
» Se dio inició a la ejecución del plan para
el fortalecimiento del negocio de carga:
ampliación de la capacidad de bodegas en
2010 » In February, the Avianca and TACA
investors made their strategic alliance
official. Grupo TACA included the airline
TACA International, and its holdings in
Lacsa, Taca Perú, Aviateca, Sansa, La
Costeña, and Isleña. Avianca included
Avianca, Tampa Cargo, and AeroGal.
» After the integration of the group airlines
was made official, they started a thorough
administrative reorganization process, as
well as a process to integrate their route
networks, standardize processes, and
capture synergies.
» In April 2010, AviancaTaca Holdings,
established on February 2010, announced
its intention to purchase AeroGal and
incorporated the airline into the group in
November.
2011 » In March, the unified frequent flyer
program, LifeMiles, was launched.
» On March 28th, AviancaTaca Holdings
S.A. issued shares in the amount of COP 500
Billion. The demand for preferential shares,
with a dividend but without voting rights,
surpassed COP 2.8 Trillion, equivalent to
five times the base amount offered.
» A complete expansion plan was carried
out throughout the year, which included 12
new routes and the addition of 155 flight
frequencies, reaching directly more than 100
destinations in the Americas and Europe,
adding more than 4,000 flights per week.
» AeroGal renovated its fleet, and
standardized its equipment with the
rest of the Company Airlines. Thus, the
Ecuadorian Airline boasted two Airbus
A320 aircrafts and six Airbus A319 aircrafts
for the transportation of passengers.
» The cargo business strengthening
plan began: expanding the capacity of
warehouses on the ground and cargo
16
17
2013
compartments in the air; and also
announcing the acquisition of four A330200 Freighters, with an individual capacity
of up to 68 metric tons, to become
effective as of December 2012. The
offices were relocated to new warehouses
in the International Cargo Terminal of the
ElDorado International Airport, in Bogota.
2012 » Avianca signed a purchase order for 51
last generation Airbus A320 Neo aircrafts.
» On June 21st, Avianca and TACA
Airlines officially became members of Star
Alliance, the world’s most significant global
airline network in terms of daily flights,
coverage, and services; this enabled
multiplying options and advantages for
their travelers.
» AeroGal became incorporated into the
loyalty program called LifeMiles.
» On October 10th, the Company
announced its decision to adopt the
name Avianca as the sole trademark
across all of the AviancaTaca Holding S.A.
subsidiaries, being Avianca, TACA Airlines,
TACA International, TACA Regional,
Tampa Cargo, and AeroGal. That was
implemented in 2013.
» In December, Tampa Cargo received
its first Airbus A330-200F exclusively
devoted to cargo transportation.
2013 » In March, the Assembly of Shareholders
approved a change in the name of the
Holding Company, from AviancaTaca
Holding S.A. to Avianca Holdings S.A.
» In May, Avianca Holdings S.A.
successfully finalized the issuance of
bonds in the international market for an
amount of US$ 300 million.
» In June, the integrated airlines under
Avianca Holdings S.A. presented their
single trademark, Avianca.
» In November, following a round
of successful meetings between the
Holding Company’s executives along
with JP Morgan and Citigroup and
qualified
institutional
investors
in
diverse money centers of America and
Europe, the Company firmly entered
the international capital markets with
the listing of its shares on the New York
Stock Exchange, having obtained a
demand of more than US$ 2.3 billion in
its offering.
tierra y aire; también se anunció la compra
de cuatro aviones cargueros A330-200F
Freighter, con capacidad individual de
68 toneladas, para hacerse efectiva a
partir de diciembre 2012. Las oficinas
se trasladaron a las nuevas bodegas en
la Terminal Internacional de Carga del
Aeropuerto ElDorado, de Bogotá.
2012 » Avianca firmó una orden de compra por
51 aeronaves Airbus A320 Neo, de última
generación.
» El 21 de junio, Avianca y TACA Airlines
ingresaron oficialmente a Star Alliance, la
red global de aerolíneas más importante
del mundo en términos de vuelos diarios,
cubrimiento, servicios, multiplicando las
opciones y ventajas para sus viajeros.
» AeroGal se incorporó al programa de
lealtad: LifeMiles
» El 10 de octubre se anunció la adopción
del nombre Avianca como marca comercial
única para las aerolíneas subsidiarias
de AviancaTaca Holding S.A., Avianca,
TACA Airlines, TACA International, TACA
Regional, Tampa Cargo y AeroGal. La
implementación de dicho anuncio se
ejecutó en 2013.
» En diciembre, Tampa Cargo recibió
su primer Airbus A330-200F dedicado
exclusivamente al transporte de carga.
2013 » En marzo, se aprobó en la Asamblea
de Accionistas de realizar un cambio
en el nombre de la Holding, pasando
de AviancaTaca Holding S.A. a Avianca
Holdings S.A.
» En mayo, Avianca Holdings finalizó con
éxito la emisión de bonos en el mercado
internacional por un monto de US$ 300
millones de dólares.
» En junio, las aerolíneas integradas bajo
Avianca Holdings S.A presentaron su
marca comercial única Avianca.
» En noviembre, tras una exitosa ronda de
encuentros encaminados a la consecución
de
inversionistas
institucionales
calificados, realizada por ejecutivos de la
Holding y las firmas JP Morgan y Citigroup
en diversas capitales de América y Europa,
la compañía entró con paso firme en el
mercado de capitales internacionales a la
Bolsa de Nueva York, al haber obtenido
una demanda por más de USD 2,3 billones
en su oferta de bonos.
18
Strategic
Focus
El norte estratégico de la Holding es el
mismo trazado para las Aerolíneas de pasajeros
y carga en las cuales tiene su inversión más
importante. Dicho norte enmarca su gestión
administrativa como empresa controlante.
The Holding Company’s strategic focus is the
same strategic focus of the passenger and cargo
Airlines, which is its most significant investment. That
strategy is implemented through the administrative
management as the controlling company.
Misión
Mission
Volamos y servimos con pasión para
ganar tu lealtad.
We fly and serve with passion to earn
your loyalty.
Visión
Vision
Ser la Aerolínea líder de América Latina
preferida en el mundo.
To be the leading Latin American
Airline preferred around the world.
» El mejor lugar para trabajar
» La mejor opción para los clientes
» Valor excepcional para los accionistas
» The best place to work
» The best option for customers
» Exceptional value for shareholders
Valores
Values
»
»
»
»
»
»
»
»
»
»
Seguridad
Honestidad
Pasión y Calidez
Un equipo
Excelencia
Safety
Honesty
Warmth and Passion
Teamwork
Excellence
19
2013
Norte
Estratégico
Objetivos
Corporativos 2013
Corporate
Goals 2013
Los objetivos corporativos 2010-2015,
trazados por la Holding para las Aerolíneas en las
cuales tiene sus inversiones más importantes, son:
The 2010-2015 corporate goals set by
the Holding Company for the Airlines in which
it has its most significant investments are:
»En rentabilidad: Mejorar los niveles de
EBIT1 y diversificar las unidades de negocio
para mejorar la rentabilidad.
»Profitability: To improve EBIT1 and
diversify its business units to improve
profitability.
»En posición estratégica: Fortalecer y
optimizar los centros de conexiones y la red
de rutas a través de los mercados domésticos
de Colombia, Centroamérica, Perú y Ecuador.
Incrementar la productividad operacional,
simplificando e integrando la operación bajo
los requisitos regulatorios.
»Strategic Position: To strengthen and
optimize the hubs and network routes
throughout the domestic markets in
Colombia, Central America, Peru, and
Ecuador. To increase operating productivity
by simplifying and integrating operations
under legal and regulatory requirements.
»Con los clientes: Consolidar el servicio al
cliente, logrando la diferenciación a través
de un servicio con Excelencia Latina y
actuando como una sola empresa de cara
al cliente.
»Customers: To consolidate customer
service, offering differentiation through our
service based on Latin American Excellence,
and acting as one sole company for our
customers.
»Con los colaboradores: Convertir a Avianca
en el mejor lugar para trabajar. Para ello se
busca adoptar los valores de la empresa como
pilares de nuestra labor. El objetivo final es
consolidar una cultura interna centrada en las
necesidades de los clientes.
»Collaborators: To make Avianca the best
place to work. To do so, the Company
seeks to adopt the Company values
as our work pillars. The final goal is to
consolidate an in-house culture focused
on customer needs.
1 EBIT: Ingresos antes de Interés e Impuestos.
1 EBIT: Earnings before interest and taxes.
20
2013
Airlines’
Countries
of Organization
Países donde
estás incorporadas
las Aerolíneas
21
Junta
Directiva
Board of
Directors
En el período marzo de 2013 a marzo
de 2014 actuaron como miembros de la Junta
Directiva:
The following persons acted as members of
the Board of Directors for the period from March
2013 through March 2014:
»Germán Efromovich
»Roberto José Kriete
»José Efromovich
»Alexander Bialer
»Marco Baldocchi
»Isaac Yanovich
»Álvaro Jaramillo
»Juan Guillermo Serna
»Ramiro Valencia
»Mónica Aparicio Smith
»Oscar Darío Morales
»
»
»
»
»
»
»
»
»
»
»
Presidente de la Junta Directiva
Chairman of the Board of Directors
» Germán Efromovich
Presidente Ejecutivo (CEO) y
Representante Legal
»Fabio Villegas Ramírez
Chief Executive Officer and Legal
Representative
» Fabio Villegas Ramírez
Auditor Externo
»Ernst & Young Audit S.A.S.
External Auditor
» Ernst & Young Audit S.A.S.
Sobre los Miembros
de la Junta Directiva
About the Members
of the Board of Directors
Boliviano de nacimiento, educado en Brasil
y colombiano por convicción. Graduado en
Ingeniería Mecánica de la Universidad de
Brasil, FEI, de Sao Paulo. Inició sucarrera
profesional en 1976 en el Grupo SGS.
Desde 1977 ha desarrollado múltiples
negocios alrededor del mercado petrolero
en Brasil. Apalancado en el desarrollo y
expansión de compañías en diferentes
sectores productivos, hace más de 35
años conformó lo que hoy se conoce como
Grupo Synergy, conglomerado empresarial
con negocios diversificados. Actualmente,
22
Germán Efromovich
Roberto José Kriete
José Efromovich
Alexander Bialer
Marco Baldocchi
Isaac Yanovich
Álvaro Jaramillo
Juan Guillermo Serna
Ramiro Valencia
Mónica Aparicio Smith
Oscar Darío Morales
Born in Bolivia, educated in Brazil, and
Colombian by conviction. He graduated
in mechanical engineering from the
University of Brasil, FEI, in São Paulo, and
began his professional career in 1976 with
Grupo SGS. Since 1977 he has developed
multiple businesses surrounding the
Brazilian petroleum market. Leveraged
in the development and expansion of
companies in different productive sectors,
more than 35 years ago he formed what is
now known as Grupo Synergy, a managerial
conglomerate with diversified businesses.
Salvadoreño. Licenciado en Economía de
University of Santa Clara, California y MBA
de Boston College, Boston, Massachusetts.
Presidente de la Compañía de Inversiones
del
Grupo
Kriete,
que
administra
inversiones locales e internacionales en
aviación, bienes raíces, agroindustria y
hoteles, entre otros. Se ha desempeñado
también como Director de la Escuela
Superior de Economía y Negocios (ESEN)
en El Salvador, Director Suplente del
Consejo de Administración del Hotel Real
Intercontinental de El Salvador, Presidente
de la Fundación Gloria de Kriete y de
Agape. Miembro del Consejo Directivo de
TELMEX Internacional y del Instituto Carso
para la Salud de la Fundación Carlos Slim.
Fundador y miembro del Consejo Directivo
de la línea aérea Volaris, de México,
Presidente de la Junta Directiva y CEO del
Grupo TACA y Presidente de la Asociación
Latinoamericana y del Caribe de Transporte
Aéreo (ALTA).
Salvadorean. An Economist graduated from
the University of Santa Clara, California,
with an MBA from Boston College, in
Massachusetts, USA.
Roberto Kriete is the President of Compañía
de Inversiones of Grupo Kriete, which
manages domestic and international
investments in aviation, real estate,
agribusiness,
and
hotels,
amongst
others. He was also the Director of
Escuela Superior de Economía y Negocios
(ESEN) in El Salvador, Deputy Director
of the Administration Board of Hotel Real
Intercontinental of El Salvador, President of
Fundación Gloria de Kriete and of Agape,
and member of the TELMEX International
Board of Directors and of Instituto Carso
para la Salud de la Fundación Carlos.
He was also the founder of the Mexican
airline Volaris and a member of its Board
of Directors; the CEO and Chairman of the
Board of Directors of Grupo TACA; and
President of Asociación Latinoamericana
and of Caribe de Transporte Aéreo (ALTA).
»José Efromovich
Nacido en Bolivia, educado en Brasil,
obtuvo la nacionalidad colombiana en
2008. Se graduó como Ingeniero Civil
en la Escuela de Ingeniería Mackenzie
de Sao Paulo, Brasil, e inició su carrera
profesional en Inca, una compañía de
construcción brasileña. En 1977 se
independizó e involucró en diferentes
actividades empresariales, principalmente
relacionadas con el campo de la medicina,
en la producción y comercialización de
materiales radioactivos para el diagnóstico
de enfermedades oncológicas. Desde
hace 35 años participa en el desarrollo y
expansión de diferentes compañías de lo
que hoy se conoce como Grupo Synergy,
compañía que tiene sus inversiones
hacia sectores como el aeronáutico, la
generación de energía, la ingeniería naval
y los hidrocarburos.
»José Efromovich
Born in Bolivia, educated in Brasil, and
obtained Colombian nationality in 2008.
He graduated as a Civil Engineer from
the Mackenzie School of Engineering
in São Paulo, Brazil, and began his
professional career in Inca, a Brazilian
construction company. In 1977 he
became independently engaged in various
business activities, mainly related to the
field of medicine, in the production and
commercialization of radioactive materials
for the diagnosis of oncological illnesses.
In the past 35 years he has participated
in the development and expansion of
the various companies of what is known
today as Grupo Synergy, a company that
invests in sectors such as aerospace,
power generation, marine engineering,
and hydrocarbons.
23
2013
Currently, the Group has investments in
oil and energy, shipbuilding, oil services
and technical inspections, radiochemistry,
radio-pharmaceuticals, agriculture, and
aviation.
el Grupo cuenta con inversiones en
hidrocarburos y energía, construcción
naval, servicios de petróleo e inspecciones
técnicas, radioquímica, radio-fármacos,
agricultura y aviación.
»Alexander Bialer
Brasilero. Ingeniero Mecánico del Instituto
Tecnológico de Aeronáutica – ITA – de
Brasil, con postgrado en Administración de
Sistemas de la Fundación Getulio Vargas
del mismo país. Su experiencia laboral
suma más de 40 años en implementación
de sistemas, planeación estratégica,
mercadeo, fusiones y adquisiciones, y
gobierno corporativo.
»Marco Baldocchi
Salvadoreño. Licenciado en Economía del
Vanderbilt University en Nashville, TN,
conmaestría en Administración de Empresas
otorgada por el Kellogg School of Management
en Evanston, Illinois.
Ha sido Presidente de diversas empresas
con actividades en el sector de
agroalimentos como el Grupo Prestomar,
Pesquera del Sur, S.A. de C.V.; TEFEX
S.A. de C.V. y Matas de El Salvador,
S.A. de C.V. De igual forma se ha
desempeñado como Presidente de Desco
S.A. de C.V., empresa desarrolladora de
bienes raíces; Director de Aliprac, S.A. de
C.V., proveedora de servicios alimenticios
institucionales con operaciones en varios
países de Centro América; Director de
Transactel Inc., dedicada a servicios
de BPO y call center en el mercado de
Estados Unidos. También se desempeñó
como Directivo del Banco Agrícola;
vicepresidente del Grupo Prestomar y
Gerente del Citibank, N.A
»Alexander Bialer
Brazilian. A Mechanical Engineer graduated
from
the
Aeronautics
Technological
Institute – ITA – in Brazil, with a Master’s
Degree in Systems Administration from
the Getulio Vargas Foundation in Brazil.
Alexander
Bialer’s
work
experience
includes over 40 years implementing
systems and doing strategic planning,
marketing, mergers and acquisitions, and
corporate governance.
»Marco Baldocchi
Salvadorean. An Economist graduated
from Vanderbilt University in Nashville,
Tennessee, USA with a Master’s Degree in
Business Administration from the Kellogg
School of Management in Evanston,
Illinois, USA.
Marco A. Baldocchi Kriete has been
President of several companies in the
food and agriculture sector, such as
Grupo Prestomar, Pesquera del Sur, S.A.
de C.V.; TEFEX S.A. de C.V., and Matas
de El Salvador, S.A. de C.V. Likewise, he
was President of Desco S.A. de C.V., a
real estate company; Director of Aliprac,
S.A. de C.V., an institutional food service
provider with operations in several
countries in Central America; Director of
Transactel Inc., a company devoted to
BPO and call center services in the United
States market. He was also a Director of
Banco Agrícola; a Vice President of Grupo
Prestomar, and Manager of Citibank, N.A.
»Isaac Yanovich*
Colombiano. Ingeniero Industrial de la
Universidad de los Andes de Colombia y de
la Universidad de Pittsburgh, Pensilvania
– USA, con estudios adicionales en
M.S. Industrial MGMT Institute of
Technology M.I.T. de Massachussets,
USA. En su historia laboral se destacan
sus ejecuciones como socio fundador y
director de Banca de Inversión Betainvest
S.A.,
vicepresidente
Ejecutivo
de
Tecnoquímicas S.A., presidente de Invesa
S.A., Lloreda Grasas S.A. y Ecopetrol.
»Isaac Yanovich*
Colombian. An Industrial Engineer graduated
from Universidad de los Andes in Colombia and
from Pittsburgh University in Pennsylvania,
USA, with an M.S. in Industrial Management
from the Massachussetts Institute of
Technology (M.I.T.) in Massachusetts, USA.
Isaac Yanovich Farbaiarz was a founding
partner and Investment Banking Director
of Betainvest S.A., the Executive Vice
President of Tecnoquímicas S.A., as well as
the President of Invesa S.A., Lloreda Grasas
S.A., and Ecopetrol.
»Álvaro Jaramillo*
Colombiano. Administrador de Empresas
»Álvaro Jaramillo*
Colombian. A Business
24
Administrator
»Juan Guillermo Serna*
Colombiano. Administrador de Empresas,
Economista y Máster en Economía de la
Universidad Nacional de Colombia.
Su carrera profesional se ha desarrollado
en diferentes cargos y empresas de los
sectores público y privado, entre los que se
destacan la Presidencia de la Organización
Terpel SA, la Dirección del Fondo de
Garantías para las Instituciones Financieras,
la Secretaría Económica de la Presidencia de
la República, la Vicepresidencia Financiera
de la Organización Corona S.A., la Dirección
Nacional del Presupuesto, la Auditoría ante la
Federación de Cafeteros en Nueva York, y la
Secretaria General de la Comisión Nacional
de Valores.
»Juan Guillermo Serna*
Colombian. A Business Administrator
and Economist with a Master’s Degree in
Economics from Universidad Nacional de
Colombia.
Juan Guillermo Serna V. has held different
positions in various public and private
sector companies. He was the President of
Organización Terpel S.A., Director of Fondo de
Garantías para las Instituciones Financieras,
Economic Secretary of the President of the
Republic’s Office, Financial Vice President
of Organización Corona S.A., the National
Budget Director, Auditor for Federación de
Cafeteros in New York, and Secretary General
of Comisión Nacional de Valores.
»Ramiro Valencia*
Colombiano. Abogado y Humanista de
la Universidad Pontificia Bolivariana y
Universidad Javeriana, respectivamente.
»Ramiro Valencia*
law
graduate
from
Colombian.
A
Universidad Pontificia Bolivariana and a
graduate in humanities from Universidad
Javeriana.
Su carrera profesional la ha adelantado en
los sectores público y privado, destacándose
como: Gerente General de Empresas
Públicas de Medellín, Gerente de la Fábrica
de Licores de Antioquia, Presidente
del Consejo Directivo de Comfamiliar Camacol y Presidente del Consejo Superior
de la Universidad de Antioquia. Ministro de
Minas y Energía, durante el Gobierno del
Presidente Andrés Pastrana, Embajador en
Nueva Zelandia, Gobernador de Antioquia,
Alcalde de Medellín (e) y Secretario de
Educación de Medellín.
Ramiro Valencia Cossio has worked in both
the public sector and the private sector as
the General Manager of Empresas Públicas
de Medellín, Manager of Fábrica de Licores
de Antioquia, Chairman of the Comfamiliar
- Camacol Board of Directors, and President
of the Universidad de Antioquia High Council.
He was the Mines and Energy Minister under
former President Andrés Pastrana, the
Colombian Ambassador in New Zealand,
the Governor of the Provincial Department
of Antioquia, the Mayor of Medellín, and
Secretary of Education of Medellín.
»Mónica Aparicio Smith*
Colombiana. Economista graduada en la
Universidad de los Andes.
»Mónica Aparicio Smith*
Colombian. An Economist graduated from
Universidad de los Andes. Es consultora independiente de organismos
multilaterales. Se desempeñó como
Directora Ejecutiva del Fondo de Garantías
Mónica is an independent consultant of
multilateral agencies. She served as the
Executive Director of Fondo de Garantías
25
2013
graduated from Universidad del Norte.
Alvaro Jaramillo Buitrago was President of
Invercrédito, Avianca, and Bancolombia.
In 1997, he founded IQ Outsourcing S.A.,
a service company devoted to Operations
Processing Management, using imagebased technology.
de la Universidad del Norte. Se ha
desempeñado
como
presidente
en
Invercrédito, Avianca y Bancolombia.
En 1997 fundó IQ Outsourcing S.A., una
compañía de servicios enfocada en Gestión
para el Procesamiento de Operaciones, con
tecnología basada en imágenes.
de Instituciones Financieras, Jefe de País y
CEO del Banco Santander en Puerto Rico y
en Colombia, Vicepresidente Internacional
y Monetaria del Banco de la República,
Representante ante el Banco Mundial del
Gobierno de Colombia, Jefe de la Unidad
de Inversiones Públicas del Departamento
Nacional de Planeación, Economista
adjunta de la Oficina de Asesores para
Asuntos Cafeteros del Gobierno Nacional
en la Federación Nacional de Cafeteros,
entre otros.
de Instituciones Financieras, the CEO and
Head of the Country of Santander Bank in
Puerto Rico and in Colombia, International
Vice President and Monetary of the Bank
of the Republic, Representative of Banco
Mundial of the Colombian government,
Head of Unidad de Inversiones Públicas
del Departamento Nacional de Planeación,
Economist of Oficina de Asesores for
Asuntos Cafeteros del Gobierno Nacional
in the Federación Nacional de Cafeteros,
among others.
»Oscar Darío Morales*
Colombiano. Contador Público egresado de
la Universidad Javeriana de Cali, Colombia,
con Especialización en Finanzas de la
misma Universidad.
»Oscar Darío Morales*
Colombian. A Public Accountant graduated
from Universidad Javeriana in Cali,
Colombia, with a specialization in Finance
from the same university.
Se desempeñó como Vicepresidente
Financiero Corporativo de CARVAJAL
S.A. Entre otros cargos, ha ocupado los
siguientes: Managing Partner Colombia &
Presidente de la Junta Directiva de Deloitte
América Latina (Colombia), Managing
Partner, Centroamérica y el Caribe, Costa
Rica & Panamá en Deloitte & Touche
(2001–2007); Managing Partner Colombia
y Managing Partner Cali y Gerente de
Auditoría y Consultoría Tributaria en
Arthur Andersen (1995–2001); Gerente
Financiero de Riopaila Castilla (1992–
1995) y Gerente Financiero de Wyeth
(1982–1991).
Oscar Darío Morales Rivera currently works
as CARVAJAL S.A.’s Corporate Financial
Vice President. Among others positions,
he has held the following: Managing
Partner Colombia & Chairman of the Board
of Directors of Deloitte Latin America
(Colombia), Managing Partner, Central
America and the Caribbean, Costa Rica
& Panama in Deloitte & Touche (2001–
2007); Managing Partner of Colombia and
Managing Partner of Cali, and Audit Manager
and Tax Consultant in Arthur Andersen
(1995–2001); Financial Manager of Riopaila
Castilla (1992–1995) and Financial Manager
of Wyeth (1982–1991).
*Miembros independientes de la Junta Directiva
*Independent Members of the Board of Directors
Principales Ejecutivos
Main Executives
Presidente Ejecutivo/CEO
Chief Executive Officer/CEO
Colombiano. Economista de la Universidad
Jorge Tadeo Lozano de Bogotá, con Máster
en Planeación y Desarrollo de London
University y Máster en Economía del
London School of Economics.
Colombian. An Economist graduated from
Universidad Jorge Tadeo Lozano in Bogotá
with a Master’s Degree in Planning and
Development from the London University,
and a Master’s Degree in Economics from
the London School of Economics.
After a productive career in both public
and private sectors, Fabio Villegas Ramírez
became President of Avianca in March
Tras una fructífera trayectoria en los
sectores público y privado, se vinculó
aAvianca como Presidente en marzo de
2005, pasando a desempeñarse como
26
»Gerardo Grajales
Vicepresidente Ejecutivo Financiero/CFO
»Gerardo Grajales
Chief Financial Officer/CFO
Colombiano. Administrador de Empresas
de la Universidad ICESI de Cali, con un
Máster en Finanzas de la Universidad
de Baltimore y una Especialización en
Mercadeo de EAFIT.
Colombian. A Business Administrator
graduated from Universidad ICESI in Cali
with a Master’s Degree in Finance from
the University of Baltimore in Maryland,
USA and a Specialization in Marketing
from EAFIT.
Ingresó a Avianca el 20 de mayo de 2002
como Vicepresidente Financiero y desde
febrero de 2010 ejerce como Vicepresidente
Ejecutivo Financiero de Avianca Holdings
S.A. Antes de su vinculación al sector
aéreo, ejerció como directivo en Gillette de
Colombia, Laboratorios Baxter y Centrales
Térmicas de Cartagena.
Gerardo Grajales started working at
Avianca on May 20, 2002, as Financial
Vice President, and since february 2010 he
has been the Avianca Holdings S.A. Chief
Financial Officer. Before working in the
airlines sector, he was a Director of Gillette
in Colombia, of Laboratorios Baxter, and of
Centrales Térmicas of Cartagena.
»Estuardo Ortiz
Vicepresidente Ejecutivo de Ingresos/CRO
Ingeniero
Químico
Guatemalteco.
Industrial de la Universidad Rafael Landívar
(Guatemala) con MBA y especialización en
Productividad de la Universidad Francisco
Marroquín (Guatemala).
Previo a la fusión de Avianca y TACA, se
desempeñó como Chief Operating Officer
de TACA Airlines (2009), Vicepresidente
Comercial (2006-2008) y Vicepresidente
de Ventas (2005). Entre febrero de 2010
y diciembre de 2013 se desempeñó como
Vicepresidente Ejecutivo de Operaciones
de Avianca Holdings S.A. Actualmente
ejerce como Vicepresidente Ejecutivo de
Ingresos, CRO de la Organización.
»Estuardo Ortiz
Chief Revenue Officer/CRO
Guatemalan. An Industrial Chemical
Engineer graduated from Universidad
Rafael Landívar (Guatemala) with an
MBA and a Specialization in Productivity
from Universidad Francisco Marroquín
(Guatemala).
»Santiago Diago
Vicepresidente Ejecutivo de Operaciones/
COO.
Colombiano. Abogado con énfasis en Ciencias
Socioeconómicas de la Universidad Javeriana
(Colombia) y Piloto Comercial del Aerocentro
de Colombia. Inició su carrera como copiloto
de Líneas Aéreas del Caribe, LAC. En 1995
ingresó a Avianca como abogado del área de
negociación de aeronaves, desempeñándose
» Santiago Diago
Chief Operating Officer/COO
Before the merger of Avianca and TACA,
Estuardo Ortiz was TACA Airlines Chief
Operating Officer (2009), Commercial Vice
President (2006-2008), and Sales Vice
President (2005). Between February 2010
and December 2013 he was the Executive
Vice President of Operations for Avianca
Holdings S.A. He currently serves as the
Chief Revenue Officer, CRO of the Company.
Colombian. Attorney with an emphasis on
Socio-economic Sciences from Universidad
Javeriana (Colombia) and Commercial
Pilot of Aerocentro of Colombia. He began
his career as a copilot of Líneas Aéreas del
Caribe, LAC. In 1995 he joined Avianca
as an Attorney of aircraft negotiations,
serving later as the International Legal
27
2013
2005. Since February 2010 he has been
the CEO of Avianca Holdings S.A.
Presidente Ejecutivo de Avianca Holdings
S.A. en febrero de 2010, cargo en el que
permanece a la fecha.
luego como Director Jurídico Internacional.
Fue gerente general de Avianca en México
(1998-1999), gerente general de LAN para
México y Cuba (1999-2001). En 2001 se
reincorporó a Avianca como Vicepresidente
de Operaciones de Vuelo y en 2009 asumió
como Presidente de Ocean Air (Avianca
Brasil). Desde el 15 de diciembre 2013,
ejerce como Vicepresidente Ejecutivo de
Operaciones, COO, de Avianca Holdings S.A.
Director. He was a general manager of
Avianca in Mexico (1998-1999), general
manager of LAN for Mexico and Cuba
(1999-2001). In 2001 he rejoined Avianca
as Vice President of Flight Operations and
in 2009 he took over as the President
of Ocean Air (Avianca Brasil). Since
December 15, 2013, he served as the
Chief Operating Officer, COO, of Avianca
Holdings S.A.
»Elisa Murgas de Moreno
General Counsel
»Elisa Murgas de Moreno
General Counsel
Colombiana. General Counsel y Representante
Legal Avianca y Avianca Holdings S.A.
Doctora en Derecho de la Universidad
Santo Tomás de Aquino, con especialización
en Derecho Comercial de la Pontifica
Universidad Javeriana, de Bogotá. Ingresó
a Avianca en 1986 como Abogada adscrita
a la Vicepresidencia Legal, desempeñándose
luego como Jefe del Departamento
Laboral
(1986-1995),Directora
Jurídica
Laboral (1995-1999), Secretaria General
(Encargada) y Secretaria General en
propiedad (2010). Desde marzo 2010 actúa
como Secretaria de Avianca Holdings S.A. y
desde marzo de 2011 como Representante
Legal de dicha compañía.
Colombian. An Attorney graduated from
Universidad Santo Tomás de Aquino with
a Specialization in Commercial Law from
Pontificia Universidad Javeriana in Bogotá,
Elisa Murgas de Moreno is the General
Counsel and Legal Representative of
Avianca and AviancaTaca Holding S.A. She
joined Avianca in 1986 as an Attorney for
the Legal Vice President’s Office and then
worked as the Chief of the Labor Division
(1986-1995), Labor Legal Director (19951999), Secretary General, and Secretary
General (2010). Since March 2010 she has
been the Secretary of Avianca Holdings
S.A. and since March 2011 she has been
its Legal Representative.
Comités de Junta Directiva
Board of Directors Committees
La Junta Directiva ha establecido los
siguientes Comités de Junta:
The Board of Directors established the
following Committees:
Comité de Auditoría: Constituido por
»
miembros independientes de la Junta
Directiva; su labor consiste en apoyar a la Junta
Directiva en la supervisión de la efectividad
de los sistemas de control financiero interno,
de control interno y de evaluación de
riesgos de la Sociedad y de sus relaciones
con sus subordinadas. De igual forma,
apoya a la Junta en labores encaminadas
a garantizar la integridad de los estados
financieros, el cumplimiento de los requisitos
legales establecidos en las regulaciones del
mercado público de valores, la idoneidad e
independencia de la Auditoría Externa, la
aprobación de los procedimientos de auditoría
interna y la vigilancia de su cumplimiento.
»Audit Committee:
Constituted by independent members of
the Board of Directors; its task is to support
the Board of Directors in monitoring the
effectiveness of internal financial control
systems, of internal control, and of the
risk assessment of the Company and its
relationships with subordinates. Similarly,
they support the Board in guaranteeing
the integrity of the financial statements,
the compliance with legal requirements
established within the regulation of
the stock exchange, the adequacy and
independence of the External Auditor, the
approval of Internal Audit procedures, and
the vigilance of its compliance.
28
»Comité Financiero: Constituido para
hacer seguimiento detallado al desempeño
financiero de la sociedad, así como a
la gestión del riesgo asociado. Es el
encargado de analizar y recomendar a la
Junta Directiva la estructura de capital y
de endeudamiento.
Integrantes:
• Germán Efrómovich
• Álvaro Jaramillo
• Juan Guillermo Serna
»
Comité
de
Talento
Humano
y
Compensación:
Constituido
para
establecer el modelo y la estrategia de
desarrollo y manejo del talento humano
y para recomendar la filosofía básica y
los objetivos y metas corporativas con
relación a la compensación del personal de
la Sociedad.
Integrantes:
• Ramiro Valencia
• Marco Baldocchi
• Roberto Kriete
• José Efrómovich
»Financial Committee: Established to follow
up on the Company’s financial performance
as well as its associated risk management.
It is responsible for analyzing the capital
and indebtedness structure, and for giving
recommendations to the Board of Directors
thereon.
Members:
• Germán Efrómovich
• Álvaro Jaramillo
»
Committee of Human Resources
and Compensation: Constituted to
establish the model and strategy to
develop and manage human resources,
and to recommend the basic philosophy
and objectives and corporate goals with
regards to personal compensation of the
Company.
Members:
• Ramiro Valencia
• Marco Baldocchi
• Roberto Kriete
• José Efrómovich
29
2013
Members:
• Oscar Darío Morales - President
• Isaac Yanovich
• Monica Aparicio Smith
Integrantes:
• Oscar Darío Morales - Presidente
• Isaac Yanovich
• Monica Aparicio Smith
30
2013
CEO’s Letter to the Shareholders
Respetados Señores:
A través de este informe me permito dar
cuenta de la gestión y los logros obtenidos a lo
largo de 2013 en las diferentes líneas de inversión
reunidas bajo Avianca Holdings S.A.
El año que pasó estuvo marcado por los
avances en la homologación y simplificación de
procesos, así como por los esfuerzos en pro de
la consolidación de una cultura de servicio única,
que nos permita proyectarnos ante los clientes
como una misma empresa. Este objetivo se
fortaleció en mayo de 2013, tras la adopción de
Avianca como marca comercial de las aerolíneas
del grupo, englobando también las diferentes
unidades de negocios y servicios conexos de la
Holding.
Este informe presenta, por tanto, una
síntesis de la evolución en los sistemas de
gestión y los principales hechos en el proceso
de expansión, modernización y mejoramiento
del servicio integrado, todo lo cual nos facilitó
el cumplimiento de los objetivos corporativos
trazados para el período en materia de
calidad operacional, transporte de pasajeros,
diversificación de ingresos, rentabilidad y
preferencia de los clientes.
Así, entre los logros del año registramos
la consolidación de los centros de conexiones
ubicados en Bogotá, San Salvador y Lima, a
través de los cuales hemos generado para el
mercado Latinoamericano, nuevas oportunidades
de acceso a la vasta red de rutas Avianca. En línea
con esto, avanzamos en el fortalecimiento de las
unidades de negocio adscritas a Avianca Holdings,
que afianzaron su oferta en nichos específicos y
que, como producto de ello, al cierre del período
Dear Shareholders:
Through this report I would like to
acknowledge
the
management
and
the
achievements obtained throughout 2013 within
the different lines of investments gathered under
Avianca Holdings S.A.
This past year was marked by improvements
in our standardization and simplification of
processes, as well as efforts to consolidate a
unique service culture that permits us to project
ourselves to our clients as a single Company.
This goal was strengthened in May 2013 with
the adoption of Avianca as a trademark for all
the airlines in the Group, encompassing the
different business units and related services of
the Holding.
This report presents, therefore, a synthesis
of the evolution in the management systems
and the key milestones reached through this
expansion process, modernization, and integral
service improvement, all of which allowed us
to fulfill the corporate objectives set for the
period in terms of operational quality, passenger
transport, revenue diversification, profitability,
and customer preference.
As
such,
amongst
the
year’s
achievements we have the consolidation of
hubs located in Bogotá, San Salvador and
Lima, through which we have generated
new opportunities for the Latin American
market to access the vast network of
Avianca’s routes. In line with this, we further
strengthened Avianca Holding’s business
units, and bolstered our product offering in
specific niche markets, which, as a result,
at the end of the period allowed us to gain
31
Carta del Presidente a
los Señores Accionistas
nos permitieron registrar importantes avances en
participación en los mercados de carga, correo y
encomiendas, servicios de mantenimiento técnico
y productos turísticos, entre otros.
additional market share in the cargo, mail
and parcels markets, as well as technical
maintenance services, and tourism products,
amongst others.
Un hito particular lo constituyó el ingreso oficial
de la compañía a la Bolsa de Valores de Nueva York
(New York Stock Exchange, NYSE), proyectándose
como una organización de alto rendimiento junto a
sus pares de la industria aérea global.
A
particular
milestone
was
the
Company’s official listing on the New York
Stock Exchange (NYSE), projecting Avianca
Holdings as a high performance company at
par with its global industry peers.
Fruto de la dedicación y el trabajo de más
de 19 mil colaboradores que en forma directa
e indirecta hacemos parte de la compañía,
cerramos el periodo manteniendo el liderazgo en
mercados locales e internacionales claves.
As a result of the dedication and work
of more than 19 thousand collaborators, that
are part of the Company both directly and
indirectly, we closed the year maintaining
our leadership position in key local and
international markets.
Finalmente, con Avianca recertificada
en calidad y reconocida por los expertos de la
industria como ‘Mejor Aerolínea en Suramérica’,
asumimos el año 2014 plenos de optimismo y
con la certeza de que sabremos hacer frente a
cada uno de los retos que se nos plantean en el
camino a la excelencia.
De los señores Accionistas, atentamente.
Finally, with Avianca recertified in
quality and recognized by industry experts as
the ‘Best Airline in South America,’ we assume
2014 full of optimism and with certainty that
we will effectively manage any challenges that
we may face on the road to excellence.
My best regards to all shareholders. Kindly.
Fabio Villegas Ramírez
Presidente Ejecutivo - CEO / Executive President - CEO
32
33
2013
34
2013
Management Report 2013
Informe de la Junta Directiva, el Presidente
y demás Administradores a la Asamblea
General Ordinaria de Accionistas.
Señores Accionistas:
Report of the Board of Directors, CEO and
Board Members to the General Shareholders
Assembly
Dear Shareholders:
La Junta Directiva, el Presidente y demás
administradores, nos permitimos presentar el
informe sobre las actividades adelantadas durante
el año 2013 y los resultados obtenidos por la
Compañía en los diferentes frentes de inversión.
The Board of Directors, the CEO, and other
board members hereby, present the report of the
activities conducted during 2013 as well as the
results obtained by the Company in its different
investment businesses.
Entorno mundial del mercado2
De acuerdo con el reporte de la Asociación
Internacional de Transporte Aéreo, IATA, los
resultados del año 2013 muestran un incremento
de 5.2% en la demanda de pasajeros con
respecto al año anterior.
World Market Environment2
Pursuant to the report by the International
Air Transportation Association (IATA), results
for 2013 showed a 5.2% increase in passenger
demand with respect to the previous year.
Este crecimiento va en línea con la tasa
de crecimiento anual promedio en los últimos 30
años. La capacidad aumentó 4.8% y el factor de
ocupación promedio se ubicó en 79.5%.
Demanda Internacional de Pasajeros
La demanda en los mercados internacionales
(5.4%) se expandió un poco más rápido que la
demanda de los viajes domésticos (4.9%) y todas
las regiones registraron incremento en el número
de viajeros. El crecimiento general más fuerte
(combinando doméstico e internacional) fue registrado
por las aerolíneas del Medio Oriente (11.4%) seguido
de Asia Pacífico (7.1%), Latinoamérica (6.3%) y
África (5.2%). El crecimiento más bajo lo registraron
Europa (3.8%) y Norteamérica (2.3%).
This increase is in line with the average
annual growth rate over the past 30 years. The
capacity grew 4.8% and the average occupancy
factor stood at 79.5%.
International Passenger Demand
The demand in international markets
(5.4%) expanded a little faster than the
demand for domestic travels (4.9%) and all
of the regions registered an increase in the
number of passengers. The overall stronger
growth (domestic and international combined)
was reported by the airlines of the Middle East
(11.4%) followed by Asia Pacific (7.1%), Latin
America (6.3%) and Africa (5.2%). The smallest
increase was reported by Europe (3.8%) and
North America (2.3%).
2 IATA (6 de febrero de 2014). Passenger Demand Maintains Historic Growth Rates in 2013. Recuperado el 6 de febrero de
2014 desde http://www.iata.org/pressroom/pr/Pages/2014-02-06-01.aspx
2 IATA (February 6, 2014). Passenger Demand Maintains Historic Growth Rates in 2013. Retrieved February 6, 2014 from
http://www.iata.org/pressroom/pr/Pages/2014-02-06-01.aspx
35
Informe de Gestión 2013
»Las aerolíneas latinoamericanas reportaron
un incremento de 8.1% en la demanda de
2013 sobre 2012, porcentaje ligeramente
inferior al 8.4% del año anterior. Este
desempeño estuvo respaldado por la sana
expansión de las economías de Colombia,
Perú y Chile. La capacidad se expandió
7.4%
llevando el factor de ocupación
a 79.2%, 1.3 puntos por encima del
resultado de 2012.
»
Latin American airlines reported an
increase of 8.1% in 2013 demand
compared to 2012, a percentage slightly
lower than the 8.4% reported for the
previous year. This performance was
supported by the healthy expansion of
the economies of Colombia, Peru, and
Chile. The capacity expanded 7.4%,
bringing the load factor to 79.2%, 1.3
points below 2012 results.
»Los transportadores europeos registraron
un incremento en el tráfico de 3.8%, muy
inferior al 5.3% de 2012. La capacidad
subió 2.8% y el factor de ocupación se
ubicó en 81%, el segundo más alto entre
las regiones. Las modestas mejoras
económicas en la Eurozona desde el
segundo semestre y el aumento de la
confianza de consumidores y empresas
han empezado a generar una base de
mayor demanda de viajes internacionales.
»European Carriers reported an increase
in traffic of 3.8%, much lower than the
5.3% of 2012. Capacity increased 2.8%
and the occupancy factor stood at 81%,
the second highest amongst the regions.
The modest economic improvements in
the Eurozone since the second quarter
and the increase in consumer and
companies’ confidence have begun to
generate a basis of greater demand for
international travel.
»Las aerolíneas norteamericanas reportaron
el más bajo crecimiento de las regiones
con un 3.0%, pero tuvieron una mejora
sobre el 1.3% de 2012. La capacidad se
incrementó 2.2% y el load factor subió 0.8
puntos y se ubicó en 82.8%, el más alto de
todas las regiones.
»
North American airlines reported the
lowest growth amongst the regions
with a rate of 3.0%, but showed an
improvement from the 1.3% of 2012.
Capacity increased 2.2% and the load
factor increased 0.8 points and stood
at 82.8%, the highest amongst all the
regions.
»Las aerolíneas del Medio Oriente registraron
el más fuerte incremento en el tráfico de
pasajeros, con un alza de 12.1% frente
al año anterior, pero por debajo del
incremento de 15.4% de 2012 versus 2011.
Los transportadores de la región se han
beneficiado del fortalecimiento continuo de
las economías regionales, particularmente
de Arabia Saudita y Emiratos Árabes
Unidos, así como del sólido crecimiento
de los viajes Premium relacionados con
negocios, especialmente al desarrollar
mercados como África. Sin embargo, en
tanto que la capacidad creció 12.8%, el
factor de ocupación disminuyó 0.1 puntos y
se ubicó en 77.3%.
»La demanda en las aerolíneas africanas se
incrementó en 5.5%, ligeramente por encima
del promedio global pero por debajo del
crecimiento de 7.5% registrado en 2012. La
expansión de 5.2% en capacidad dinamizó
36
»
Middle East airlines reported the
strongest growth in passenger traffic,
with a rise of 12.1% over the previous
year, but below the increase of 15.4%
in 2012 versus 2011. The carriers
of the region have benefited from
the continuous strengthening in the
economic regions, particularly of Saudi
Arabia and The United Arab Emirates,
as well as the solid growth of Premium
trips related to business, especially
in developing markets such as Africa.
However, while capacity grew 12.8%,
the occupancy factor decreased 0.1
points and stood at 77.3%.
»The demand in African airlines increased
5.5%,
slightly
above
the
global
average, but below the growth of 7.5%
reported in 2012. The 5.2% expansion
in capacity stimulated occupation,
El mercado de carga3
Por su parte, el mercado de carga
aérea, registra en 2013 una mejoría lenta pero
constante, con un repunte en su crecimiento
durante el segundo semestre del año. Las
toneladas por kilómetro movilizadas, FTKs, a
nivel mundial, crecieron 1,4% frente a 2012.
The Cargo Market 3
Meanwhile, the air cargo market
reported a slow yet steady recovery in 2013,
with a rebound in growth during the second
quarter of the year. The freight tons per
kilometer mobilized, FTKs, at the global
level, increased 1.4% compared to 2012.
En general, 2013 proporcionó un nivel
de demanda relativamente favorable para
los mercados de carga aérea, en un marco
de crecimiento de las economías avanzadas,
incluyendo la recuperación de Europa y la
aceleración, más reciente, en el crecimiento del
comercio mundial. Los indicadores de confianza
de negocios ahora son los más altos registrados
desde el primer trimestre de 2011.
In general, 2013 provided a level
of relatively favorable demand for the air
cargo markets, in a framework of growth
within the developed economies, including
the recovery of Europe and the most recent
acceleration in the growth of international
trade. Business confidence indicators are
currently the highest reported since the first
quarter of 2011.
3 IATA (5 de febrero de 2014). Moderte Growth for Air Cargo in 2013. Recuperado el 5 de febrero de 2014 desde
http://www.iata.org/whatwedo/Documents/economics/Freight-Analysis-Dec-2013.pdf
3 IATA (February 5, 2014). Moderte Growth for Air Cargo in 2013. Retrieved February 5, 2014 from
http://www.iata.org/whatwedo/Documents/economics/Freight-Analysis-Dec-2013.pdf
37
2013
which grew 1.9 points, reaching 69%.
In general, the demand in the region
is strengthening as a result of local
economies’ growth and the increase of
international trade. Notwithstanding
the foregoing, zones like South Africa
that recently experienced a deceleration
in their economy, show weakness, with
the corresponding impact on the basis
of international air travel.
la ocupación que creció 1.9 puntos, llegando
a 69%. En general, la demanda en la región
va tomando fuerza como fruto de crecimiento
de las economías locales y el incremento del
comercio internacional. No obstante lo anterior,
zonas como Sudáfrica, que recientemente
experimentó una desaceleración en su
economía, muestran debilidad, con el
correspondiente impacto en la base de la
demanda de transporte aéreo internacional.
38
2013
2013 Performance of Avianca Holdings S.A.
A continuación se presentan los resultados
de la gestión adelantada por las Aerolíneas de la
Holding a lo largo del año 2013.
The 2013 results of the management of
the Company Airlines are presented below.
Resultados Financieros y Operativos
Financial and Operating Results
Al cierre de 2013, Avianca Holdings S.A.,
registró un crecimiento en ingresos del 8.0%,
pasando de US$ 4,269.7 millones a US$ 4,609.6
millones. Los costos operacionales –excluyendo
el efecto de combustible– se incrementaron en
8.0%, pasando de US$ 2,683.3 millones a US$
2,898.9 millones. Este valor recoge tanto lo
concerniente al crecimiento operacional como los
gastos derivados del cambio de flota. En línea con
el incremento de rutas y frecuencias, así como
de los precios internacionales de referencia, el
costo del combustible ascendió a US$ 1,325.8
millones, superior en 1.6% al costo de 2012.
At the end of 2013, Avianca Holdings S.A.
reported a growth in revenue of 8.0%, from
US$ 4,269.7 million to US$ 4,609.6 million.
The operational costs –excluding the effect
of fuel– increased 8.0%, from US$ 2,683.3
million to US$ 2,898.9 million. These results
already include the operational growth and the
expenses derived from the fleet change. In line
with the increase of routes and frequencies, as
well as international reference prices, the cost
of fuel grew to US$ 1,325.8 million, which is
1.6% higher than the cost recorded in 2012.
La utilidad neta del ejercicio 2013 ascendió
a US$ 248.8 millones, denotando un incremento
de US$ 210.6 millones frente a la utilidad neta
registrada en 2012. Este resultado, incluye un
efecto neto de ganancia en diferencia en cambio
de US$ 23.5 millones y refleja la consolidación
de las mejoras implementadas en los diferentes
mercados donde la compañía opera.
La posición financiera de Avianca Holdings
S.A., mostró mejoras sustanciales con respecto
a los resultados de 2012. Su capital de trabajo4
4
4
The net income for 2013 amounted to
US$ 248.8 million, increasing US$ 210.6 million
over the net income reported in 2012. This
result includes the foreign exchange gain of
US$ 23.5 million and reflects the consolidation
derived from the improvements implemented
within the different markets in which the
Company operates.
The financial position of Avianca Holdings
S.A. showed substantial improvements with
respect to the results of 2012. Working capital4
increased 100%, the capacity to meet short term
Para el cálculo del Capital de Trabajo se excluyen del pasivo corriente los ingresos recibidos por anticipado para ambos años,
por concepto de tiquetes no volados ya que no se trata de un pasivo sujeto a desembolso de efectivo.
To calculate working capital it is worth noting that current liabilities are excluded from anticipated revenues collected for both
years, related to tickets purchased not flown as it is not a liability subject to cash disbursement.
39
Desempeño 2013 Avianca Holdings S.A.
aumentó en 100%, su capacidad para afrontar
deudas de corto plazo (Razón Circulante5) mejoró
en US$0.36 (43%), en tanto que su razón de
endeudamiento mejoró un 7,3% en comparación
con los niveles de mejora alcanzados en 2012.
»Indicadores operacionales de las
Aerolíneas de Pasajeros
Como resultado de las acciones encaminadas
a lograr la complementariedad de la red de
rutas, la optimización de la flota y la integración
de los centros de conexión, la compañía
mantuvo el equilibrio en el desempeño
operacional. Así, de forma paralela con
un aumento del 6,1% en la capacidad en
ASK’s (Available Seat per Kilometer -Sillas
disponibles por kilómetro volado), el volumen
de las operaciones creció 2.7% (En ciclos)
y los pasajeros transportados crecieron en
6.6%. El factor de ocupación promedio (Load
Factor) se ubicó en 80,5%
El CASK exfuel (costo promedio por silla
por kilómetro volado excluyendo los costos
de combustible) de Avianca Holdings S.A.
aumentó 1.9 % incluyendo gastos generados
por la implementación de la estrategia de
crecimiento operacional y cambio de flota.
Por su parte, el RASK (revenue available seat
per kilometer - ingreso por silla por kilómetro
volado) registro un incremento de 1.8%.
debts (Current Liabilities5) improved by US$
0.36 (43%), while the debt ratio improved 7.3%
in comparison with the levels of improvement
achieved in 2012.
»
Operating
Airlines
Indicators
of
Passenger
As a result of the actions aimed to
achieve complementarity in the route
network, optimization of the fleet,
and integration of hubs, the Company
maintained a balance in operational
performance.
As such, in parallel
with the increase of 6.1% in the ASK’s
capacity (Available Seat per Kilometer),
the volume of operations grew 2.7%
(in cycles) and transported passengers
grew 6.6%. The average occupancy
factor (Load Factor) stood at 80.5%.
The CASK ex-fuel (average cost per
available seat per kilometer excluding
the costs of fuel) of Avianca Holdings
S.A. grew 1.9%, including costs
generated
for
implementing
the
operational growth strategy and fleet
change. On the other hand, the RASK
(revenue available seat per kilometer)
reported an increase of 1.8%.
Resultados de la línea de inversión en
aerolíneas de pasajeros
Results of the line
passenger airlines
Esta línea de inversión está conformada
por varias aerolíneas subsidiarias con una flota
operativa de 150 aeronaves, con las cuales
atienden 98 destinos en 26 países. El transporte
de pasajeros representa el 83,8% de los ingresos
consolidados de la compañía Avianca Holdings
S.A. Las principales subsidiarias de esta línea de
inversión son: Aerovías del Continente Americano
S.A. (Avianca), Taca International Airlines S.A.,
Aerolíneas Galápagos S.A. (AeroGal), Líneas
Aéreas Costarricenses S.A. (LACSA), Trans
American Airlines S.A., Aviateca S.A, Aerotaxis
This investment line is composed of
various subsidiary airlines with an operating
fleet of 150 aircrafts, with which they serve
98 destinations in 26 countries. Passengers
transport represents 83.8% of the consolidated
revenues of the Company Avianca Holdings S.A.
The main subsidiaries captured in this investment
line are: Aerovías del Continente Americano
S.A. (Avianca), Taca International Airlines S.A.,
Aerolíneas Galápagos S.A. (AeroGal), Líneas
Aéreas Costarricenses S.A. (LACSA), Trans
American Airlines S.A., Aviateca S.A, Aerotaxis La
5
5
of
investment
in
Para el cálculo de la Razón Circulante se excluyen del pasivo corriente los ingresos recibidos por anticipado para ambos años,
por concepto de tiquetes no volados ya que no se trata de un pasivo sujeto a desembolso de efectivo.
To calculate Current Ratio it is worth noting that the current liabilities are excluded anticipated revenues collected for both
years, related to tickets purchased not flown as it is not a liability subject to cash disbursement.
40
Se destaca la incorporación a las Aerolíneas
de pasajeros de la Holding, de 12 nuevas aeronaves
de las familias Airbus y ATR72-600. Con estos
equipos, la organización continúa avanzando en
el proceso de homologación de estándares para el
mantenimiento, la operación y el servicio al cliente.
Particularly noteworthy is the incorporation
to the Holding of 12 new aircraft from Airbus
and ATR72-600 families. With this equipment,
the Company continues to move forward in
its standardization relative to maintenance,
operations and customer service.
Las aerolíneas integradas se han enfocado
en marcar una diferencia en el servicio a los
viajeros a través de la homologación de las
políticas y procesos de cara al cliente, así como
de la entrega de una asistencia personalizada a
lo largo del ciclo de atención.
The integrated airlines have focused on
differentiating service to travelers through the
standardization of policies and processes when
it comes to clients, as well as the delivering
personalized assistance throughout the cycle.
En 2013, se abrieron siete nuevas
rutas, cuya operación complementa la red de
conexiones al interior de América Latina. Entre
ellas una nueva ruta al interior de Colombia y
cuatro nuevas rutas de Colombia a El Salvador,
México, Puerto Rico y Guatemala así como dos
nuevas rutas desde El Salvador a Estados Unidos.
Entre los premios y reconocimientos
obtenidos por la compañía en 2013, se destacan:
In 2013, seven new routes opened,
whose operations complement the network of
connections within Latin America. These include
a new route within Colombia and four new routes
of Colombia to El Salvador, Mexico, Puerto
Rico and Guatemala, as well as two new routes
between El Salvador to the United States.
Among the awards and recognitions
obtained by the Company in 2013, highlights
include:
•
El reconocimiento a la ‘Excelencia en el
Servicio en Suramérica´ otorgado por los
viajeros que participaron en la encuesta
Skytrax realizada anualmente.
• The
•
La exaltación de la revista Business
Traveler que en el marco de los premios
‘Best of the Best 2013’ eligió también a
Avianca como la ‘Mejor Aerolínea en Sur
América’.
• The reference in Business Traveler
•
La inclusión de los nuevos uniformes
Avianca en el Top 10 Airline Uniforms
of 2013 The Design Air que evalúa
la funcionalidad y la belleza de las
prendas utilizadas por el personal de las
aerolíneas alrededor del mundo.
• The inclusion of the new Avianca
•
El Primer lugar en asistencia y servicio
a través de las redes sociales, categoría
‘Socially Devoted Facebook Brand in
Colombia’. En este ranking se analiza la
capacidad y efectividad de respuesta a
los requerimientos de los usuarios.
• First place in assistance and service
recognition of ‘Excellence in
Service in South American´ awarded
by the travelers who participated in the
Skytrax survey conducted annually.
magazine, which in the award
framework ‘Best of the Best 2013’ also
chose Avianca as the ‘Best Airline in
South America’.
uniforms within the ‘Top 10 Airline
Uniforms of 2013’ by DesignAir, which
evaluates the functionality and beauty
of the clothing used by airline staff
around the world.
through social networks, or the ‘Socially
Devoted Facebook Brand in Colombia’
category, according to Socialbakers
website. This ranking analyzes the
capacity and effectiveness of response
to users’ requirements.
41
2013
Costeña S.A., Isleña de Inversiones S.A. de C.V
and Servicios Aéreos Nacionales S.A. (SANSA).
La Costeña S.A., Isleña de Inversiones S.A. de
C.V y Servicios Aéreos Nacionales S.A. (SANSA).
•
La ratificación de Avianca por segundo
año consecutivo en el Congreso
Iberoamericano de Social Media, como la
Aerolínea con ‘Mejor Atención al Cliente
en Redes Sociales’.
• The ratification of Avianca, for the
•
El premio otorgado en el marco de
los Passenger Choice Awards a las
publicaciones institucionales ‘Avianca en
revista’, y ‘Avianca Entretenimiento’, las
cuales fueron galardonadas como ‘Mejor
Publicación a Bordo’ tras la votación online realizada entre pasajeros alrededor
del mundo. Adicionalmente, la compañía
estuvo entre las empresas nominadas
en las categorías ‘Mejor Experiencia en
Tierra’ y ‘Mejor Aerolínea de la Región’.
• The award granted by Passenger
•
Finalmente, en los e-Commece Awards
Colombia, se premió a Avianca y sus redes
sociales en la categoría de ‘Líderes del
Comercio Electrónico en Turismo en Colombia’.
• Finally, in the Colombian e-Commece
Renovación de flota
Durante 2013 la compañía a través de
sus aerolíneas subsidiarias continuó dando
cumplimiento a la estrategia de modernización
de flota. En el período se incorporaron 12 equipos
de vuelo, así: un Airbus A330-200, cinco Airbus
de la familia A320, un Airbus A319, un ATR 42 y
cuatro ATR 72-600.
En paralelo, y siguiendo la estrategia de
optimización de recursos y adecuación de la
oferta, se transfirió un Airbus A320 de TACA
International a Avianca S.A.
second consecutive year, in the Latin
American Congress of Social Media,
as the airline with ‘Best Social Media
Customer Service’.
Choice
Awards
to
institutional
publications for ‘Avianca en revista’
and ‘Avianca entretenimiento’ as ‘Best
inflight publication’, selected through
an online survey among passengers
around the world. Additionally, the
Company was amongst the nominated
companies in the ‘Best Experience
on ground’ and ‘Best Airline of the
Region’ categories.
Awards, they awarded Avianca and
its social networks in the ‘Leaders of
e-Commerce in Colombian Tourism’
category.
Fleet Renovation
During 2013, the Company continued its
fleet modernization strategy across its subsidiary
airlines. In the period it incorporated: an Airbus
A330-200, five Airbus A320’s, an Airbus A319,
an ATR 42, and four ATR 72-600’s.
In parallel, and following the Company’s
resources and adequacy optimization strategy, the
Company transferred an Airbus A320 from TACA
International to Avianca S.A.
En el mes de julio se inició el proceso de
incorporación de las aeronaves ATR 72-600, que
ingresaron para reemplazar la flota Fokker 50. Los
ATR72-600, adecuados con 68 plazas, son aviones
de última generación que permiten ofrecer mejoras
sustanciales en confort a nuestros pasajeros, al
tiempo que la compañía se beneficia de su alto
rendimiento, así como de eficiencias significativas en
consumo de combustible y costos de mantenimiento.
In the month of July, the Company
initiated the process of incorporating the ATR
72-600 aifrcraft to replace the Fokker 50
fleet. The ATR72-600’s, which accommodate
68 seats, are planes of the latest generation
that offer substantial improvements in comfort
to our passengers, while the Company
benefits from its high performance, as well as
significant efficiencies in fuel consumption and
maintenance costs.
A diciembre de 2013, las aerolíneas
vinculadas a la Holding contaban con 164 aeronaves
de pasajeros pertenecientes a las familias: Fokker
50, Cessna, ATR42, ATR72, Embraer y Airbus.
De éstas, 150 estaban en operación al finalizar el
As of December 2013, the airlines linked
to the Holding have 164 passenger aircrafts
belonging to the following families: Fokker 50,
Cessna, ATR42, ATR72, Embraer, and Airbus. Of
these, 150 were operating at the end of the period.
42
At the end of the year, the fleet was then formed in
the following manner:
2013
período. Al cierre del año, la flota estaba entonces
conformada de la siguiente manera:
Lease Operativa
Operational Lease
Total / Total
Airbus A318
-
10
10
Airbus A319
14
17
31
Airbus A320
31
25
56
Airbus A321
1
4
5
Aeronave / Aircraft
Airbus A330
1
9
10
ATR 42
6
5
11
ATR 72
4
-
4
CESSNA Grand Caravan
10
-
10
Embraer E-190
10
2
12
Fokker100
5
-
5
Fokker 50
10
-
10
92
72
164
TOTAL / TOTAL
*De las aeronaves detalladas en la tabla
anterior, tres Airbus A319 y cinco Fokker 100
están subarrendadas a Ocean Air, en tanto que
cuatro Fokker 50 y dos ATR 42 se encontraban en
tierra, quedando así 150 aeronaves de pasajeros
operativas al final del período.
*Of the aircrafts listed in the previous
table, three Airbus A319’s and five Fokker
100’s are sublet to Ocean Air, while four Fokker
50’s and two ATR 42’s are on the ground, thus
leaving 150 operating passenger aircrafts at
the end of the period.
Flota Operativa de Pasajeros / Operating Fleet of Passengers
Cantidad / Quantity
Aerolínea / Airline
CESSNA
Aeronaves / Aircrafts
10
TACA
ATR 42
9
TACA
ATR 72
4
Avianca
Fokker 50
6
Avianca
Embraer 190
12
TACA
Airbus A318
10
Avianca
Airbus A319
6
AeroGal
11
Avianca
11
TACA
Airbus A320
2
AeroGal
34
Avianca
20
TACA
Airbus A321
5
TACA
Airbus A330
9
Avianca
1
TACA
150
Aeronaves en operación / Aircrafts in operation
TOTAL / TOTAL
43
Flota Total de Pasajeros / Total Passenger Fleet
Propias / Lease Financiero
Owned/ Financial Lease
Seguridad – Nuestro Compromiso
Buscando mantener la Seguridad como valor
primordial de la industria y prerrequisito de cualquier
actividad, las aerolíneas adscritas a Avianca
Holdings S.A., hicieron efectiva la implementación
de las cuatro fases del Sistema de Gestión de
Seguridad Operacional (Safety Management
System) de acuerdo a los estándares de OACI
(Organización de Aviación Civil Internacional).
Safety – Our Commitment
Seeking to maintain safety as the
paramount value of the industry and the
prerequisite for any activity, the airlines linked
to Avianca Holdings S.A. implemented the four
phases of the Safety Management System
in accordance with the standards of OACI
(Organización de Aviación Civil Internacional).
En este marco, se definieron y promovieron
tanto la política como los objetivos de seguridad.
Se trazaron los deberes y las responsabilidades de
Seguridad Operacional, los parámetros para generar
una gestión sistemática, transversal y efectiva del
riesgo operacional, así como las garantías de la
seguridad y la consolidación de una cultura para la
preservación de los bienes y las personas.
In this framework, the Company
defined and promoted both the policy and
security objectives. It outlined the duties and
responsibilities of Operational Security, the
parameters to generate a management that
is systematic, transverse, and effective in
operational risk, as well as security assurances
and the consolidation of a culture for the
preservation of goods and persons.
Dentro de los logros obtenidos con la
gestión del sistema se cuentan:
Amongst the achievements obtained by
the system management are:
»Documentación del Sistema de Gestión de
Seguridad Operacional: Se definieron los
manuales para los sistemas de gestión de
Seguridad Operacional de las aerolíneas.
De igual forma, se trazaron las guías de
capacitación en Seguridad Operacional y sus
programas de entrenamiento. Se definieron
los procedimientos para la identificación
de peligros y evaluación de riesgos, y se
establecieron los lineamientos, políticas,
deberes, responsabilidades y actividades a
ejecutar en materia de seguridad.
»Documentation of the Management
System of Operational Safety: The
manuals were defined for the airline’s
management systems of Operational
Safety. Likewise, training guides for
Operational Safety have been outlined
as well as training programs. They
defined procedures for the identification
of dangers and assessment of risks, and
they established the guidelines, policies,
duties, responsibilities, and activities to
execute security.
»Programa de reportes de Seguridad
Operacional: Con un incremento del 15%
en los reportes de seguridad y un récord
histórico de cerca de 5.000 reportes/
año -la mayoría clasificados dentro de la
zona aceptable y tolerable de riesgo-, la
compañía registra un importante avance
en cultura de prevención.
»Program of Operational Safety Reports:
With an increase of 15% in the security
reports and a historical record of about
5,000 reports/year – of which most were
classified within the acceptable and
tolerable risk -, a major breakthrough in
the Company’s prevention culture.
»Programa Flight Data Analysis: Se continuó
con el monitoreo a las aproximaciones
desestabilizadas, las cuales presentan una
disminución en la tendencia, aún en medio
del incremento de las operaciones de las
aerolíneas. Gracias al monitoreo permanente,
se han logrado identificar situaciones
inusuales a través del FDA (Food and Drug
Administration), creando e implementando
44
»Flight Data Analysis Program: The
Company continued the monitoring
of destabilized landings, which are
a decreasing tendency, even in the
midst of a larger airline operation. As a
result of the permanent monitoring, the
Company has succeeded in identifying
unusual situations through the FDA
(Food and Drug Administration), creating
and implementing risk mitigation plans
»Análisis de Riesgos Operacionales: Se
analizaron diversos proyectos y se pusieron
en marcha iniciativas encaminadas a
identificar y mitigar peligros potenciales
en la operación. En este mismo sentido, se
desarrollaron inspecciones aeroportuarias
orientadas a identificar y gestionar ante
las autoridades aeronáuticas, aquellas
condiciones de riesgo para la operación.
»Analysis of Operational Risks: The
Company analyzed various projects and
put in effect initiatives aimed to identify
and mitigate potential dangers in the
operation. In this sense, they developed
airport inspections aimed at identifying
and managing operational risks before the
aeronautical authorities.
»Medición del desempeño y monitoreo
de la gestión de riesgos operacionales:
Se desarrolló el Tablero de Control de
Seguridad Operacional, cuyos indicadores
permiten medir y controlar la evolución y
cumplimiento de los Objetivos de Seguridad
Operacional en la Holding, así como la
gestión de las áreas operacionales frente a
la toma de acciones para disminuir el riesgo
al nivel más bajo posible en la organización.
Measurement
and
»Performance
Monitoring
of
Operational
Risk
Management: The Company developed
the
Board
of
Operational
Safety
Control, of which indicators allow to
measure and control the evolution and
compliance of the Holding’s Operational
Security Objectives, and to manage the
operational areas to reduce risk to the
lowest possible level in the organization.
»Promoción de la Seguridad Operacional:
Además de impartir entrenamientos iniciales
y recurrentes en Seguridad Operacional
en todos los niveles de la organización, se
establecieron canales de comunicación con
miras a identificar riesgos operacionales
y mantener una conciencia situacional
constante frente a la Seguridad Operacional.
Con el mismo objetivo, se estructuraron
los Comités de Seguridad a través de toda
la organización, logrando un flujo efectivo
de comunicación de doble vía entre el
personal de línea y la alta gerencia. De esta
manera se tiene una revisión constante del
cumplimiento de los objetivos de Seguridad
y se facilita la toma decisiones frente a la
asignación de recursos para la gestión de
riesgos de Seguridad en la Operación.
»Promotion of Operational Security: In
addition to providing initial and recurrent
training in Operational Security at all
levels of the organization, the Company
established
several
communication
channels in order to identify operational
risks and maintain a constant situational
awareness
against
Operational
Safety. With the same objective, the
Company structured Safety Committees
throughout the whole organization,
achieving an effective flow of two-way
communication between line staff and
senior management. In this way, it
has a constant review of compliance
with security objectives, and facilitates
decision making against the allocation
of resources for the management of
Operational Safety risks.
Talento Humano
En 2013 se dio continuidad a los procesos
orientados a velar por el aprendizaje, desarrollo,
lealtad y compromiso de los colaboradores. En
coherencia con el trabajo adelantado en este
frente, las aerolíneas registraron importantes
avances en la gestión y profesionalización del
recurso humano, así:
Human Resources
In 2013, the Company continued the
processes aimed to ensure the learning,
development, loyalty, and commitment of
employees. In coherence with the work previously
done on this front, the airlines reported key
areas of progress in terms of operations and
professionalization of human resources, such as:
»Bienestar: La organización mantuvo a lo
»Well-being: The Company maintained
45
2013
that have shown effective results in the
following months.
planes de mitigación del riesgo, que han
resultado efectivos en los meses siguientes.
largo del período la dinámica encaminada
a fortalecer el espíritu de confianza
y camaradería que caracteriza a los
colaboradores de las diferentes áreas y
estaciones. En el marco de este objetivo, se
efectuaron 530 certámenes encaminados a
atender las necesidades del talento humano
en materia de salud, adquisición de vehículos,
útiles escolares y productos financieros.
De igual modo, se celebraron de manera
especial fechas conmemorativas claves,
como día de los pilotos, de las secretarias,
del despachador de vuelos, del técnico, entre
otros. Como es ya tradicional, se impulsó
la participación de los colaboradores en la
fiesta de talentos y las fiestas navideñas.
throughout the year a dynamic aimed
to strengthen the trust and camaraderie
among employees at different areas
and stations. To build on this objective,
it carried out 530 contests aimed
to meet human resources’ needs in
terms of health, car purchases, school
supplies,
and
financial
products.
Similarly, the Company celebrated key
commemorative dates, such as the day
of pilots, secretaries, flight dispatchers,
and technicians amongst others. This
is already a tradition and promotes
the participation of employees in the
celebration of talent festivities and the
holiday season.
Además de los certámenes anteriores, la
compañía lanzó ‘AViajar’ –el programa de
beneficio para viajes personales de los
colaboradores- y el sistema correspondiente
para la emisión de sus boletos. En 2014 se
lanzará la fase II del proyecto.
In addition to the aforementioned
contests, the company launched ‘AViajar’
–the benefit program for employees’
personal travels – and the corresponding
system for the issuing tickets. In 2014 it
will launch phase II of the Project.
»Capacitaciones: En 2013 se continuaron los
programas de desarrollo de liderazgo. Más de
3.000 líderes participaron en 10 programas
orientados a mejorar las habilidades y
adquirir herramientas para la gestión de sus
equipos. Entre los principales programas
se destacan: ‘Construcción de Liderazgo’,
‘Taller Journey’, junto con Great Place to
Work, Construyendo la Excelencia Latina,
CEL; ‘En Poder Ando’, ‘Fortalecimiento de
Liderazgo’, ‘Habilidades Gerenciales/ Anclas
Desempeño’, ‘Manejo de Emociones y
Estrés’, ‘Soy Líder’, ‘Comunicación Efectiva
y Asertiva’ e ‘Inteligencia Emocional’. Más
de 17.000 colaboradores, es decir un 95%
del total del talento humano de la Holding
tomó parte activa en el taller de cultura de
servicio SeR.
»Training: In 2013 the Company continued
with its leadership development programs.
More than 3,000 leaders participated in
ten programs aimed to improve skills
and acquire tools to better manage their
teams.
Amongst the main programs
they highlighted: ‘Leadership Building,
‘Journey Seminar’, together with Great
Place to Work, Building Latin Excellence,
CEL; ‘Walking on Power’, ‘Leadership
Strengthening’,
‘Management
Skills/
Performance Anchors’, ‘Managing Emotions
and Stress’, ‘I am a Leader’, ‘Effective
and
Assertive
Communication’
and
‘Emotional Intelligence’. More than 17,000
collaborators, that are 95% of the Holding’s
total employees, actively participated in the
SeR service culture workshop.
Además de los programas presenciales
anotados, se activaron el Centro de
Recursos y el Centro Estratégico de
Aprendizaje, enfocados en el aprendizaje
a través del sistema e-Learning.
In addition to these noted programs, the
Company activated the Resource Center
and Strategic Learning Center, focused
on learning through the e-Learning
system.
Un hito particular del período en materia de
capacitación lo constituyó el cumplimiento
de
los
entrenamientos
regulatorios
requeridos por parte del personal encargado
A particular milestone this period, in terms
of training, was the compliance with the
required regulatory training of the staff
that is responsible for the operation and
46
»Comunicaciones:
Conscientes
de
la
importancia del conocimiento y entendimiento
de los proyectos corporativos por parte de
los colaboradores, se continuo con el proceso
de implementación del sistema integrado de
comunicaciones internas, en cuyo marco se
generaron medios globales y específicos por
grupos de colaboradores. En este sentido
se destaca la Red de Comunicadores en
Lima, Perú, conformada por un Champion
o líder de cada área reunidos para discutir
temas prioritarios de la operación y replicar
la información compartida en sus áreas.
De igual forma, se destacan los esfuerzos
corporativos encaminados al despliegue
oportuno al 100% de los colaboradores de la
adopción de Avianca como marca comercial
y la difusión del Código de Ética que rige la
actuación de los colaboradores Avianca.
»Relaciones Laborales: La compañía reportó
con el International Finance Corporation
(IFC), institución internacional de desarrollo
que centra su labor en el sector privado
de los países en desarrollo, el cierre de
temas alusivos al talento humano de la
organización, tales como las negociaciones
con pilotos en Colombia, proceso con
sindicatos en Lima y trabajo con las
cooperativas de asociados, entre otros.
»Great Place To Work: Tras la ejecución de
los planes de desarrollo y seguimiento
encaminados a la mejora del clima laboral, se
realizó de nuevo la encuesta de Great Place to
Work, obteniendo un 92,4% de participación.
Las Aerolíneas integradas mejoran
su posición en los mercados
Buscando ofrecer mayores opciones de
conectividad y cobertura, durante 2013 la Holding
– a través de las aerolíneas - incrementó la oferta
»Communications: Being conscious of
the importance of the knowledge and
understanding of collaborated corporate
projects,
the
Company
continued
implementing the integrated internal
communication system, which generated
global and specific mediums according
to employees’ groups. It is worth noting
Communication Network in Lima, Peru,
conformed by on Champion or leader by
area which met to discuss key operating
issues and share information relevant
to their respective areas. Similarly, the
Company highlighted the corporate efforts
among employees to timely deploy 100%
adoption of Avianca trademark, and
disseminate the Code of Ethics that governs
the actions of Avianca’s employees.
The
Company
»Labor
Relations:
reported
with
the
International
Finance Corporation (IFC), a national
development institution that focuses on
the developing countries’ private sector,
issues regarding companies’ human
resources, negotiations with pilots
in Colombia, the process with unions
in Lima, and work with cooperative
partners, amongst others.
»Great Place to Work: After executing
development and monitoring plans aimed
to improve the working environment, the
Company conducted the Great Place to
Work survey again, obtaining a 92.4% rate
of participation.
The Integrated Airlines Improved
their Market Position
Seeking to offer superior connecting
options and coverage, during 2013 the Holding
– across all of the airlines – increased the seat
supply in the international market through the
47
2013
maintenance of the ATR 72-600 fleet for
internal flights in Colombia. Similarly, the
Company provided the required trainings
for obtaining certificates to operate the
Airbus A330 in Miami and Sao Paulo, the
Airbus A318 in Chile, and the Embraer
E190 in Washington, Chicago, Cancun, San
Juan (Puerto Rico), Guatemala, Santa Cruz
(Bolivia), Leticia (Colombia) and Newark.
de la operación y el mantenimiento de
la flota de ATR 72-600 para los vuelos
internos en Colombia. De igual forma, se
impartieron los entrenamientos requeridos
para la obtención de las certificaciones para
la operación del Airbus A330 en Miami y Sao
Paulo, el Airbus A318 en Chile y el Embraer
E190 en Washington, Chicago, Cancún, San
Juan (Puerto Rico), Guatemala, Santa Cruz
(Bolivia), Leticia (Colombia) y Newark.
de sillas en el mercado internacional a través de
la apertura de nuevas rutas, a saber: Bogotá Cancún, San Salvador - Chicago, San Salvador Medellín, y Bogotá - San Juan de Puerto Rico, entre
otras. También se adelantaron importantes ajustes
en la oferta al interior del mercado colombiano,
dándole un nuevo impulso a la dinámica comercial
y turística del país y de la región.
Como
producto
de
las
estrategias
encaminadas al posicionamiento del servicio en
nichos estratégicos y de los ajustes en capacidad,
las aerolíneas del grupo registraron la movilización
de 24’625.062 pasajeros en el período enerodiciembre de 2013, lo que denota un incremento
del 6,6% en número de viajeros movilizados frente
a 2012, cuando se transportaron 23’092.533
pasajeros. Los ASK’s ascendieron a 38.762
millones, con un aumento del 6,1% frente al año
anterior, para un Load Factor promedio de 80,5%.
»Mercado internacional
Entre enero y diciembre de 2013, el número
de pasajeros movilizados por las aerolíneas de
la Holding en rutas internacionales ascendió
a 10’332.760, un 5,0% superior a los
9’837.031 pasajeros transportados en 2012.
La capacidad, medida en ASK’s creció 4.2%.
»Mercados domésticos (Colombia,
Perú y Ecuador)
De enero a diciembre de 2013, el total de
viajeros en rutas al interior de Colombia,
Perú y Ecuador ascendió a 14’292.302,
registrando un incremento del 7,8% frente
al número de pasajeros transportados en
dichos mercados en 2012, cuando la cifra
fue de 13’255.502.
Destinos, Red de Rutas y Alianzas
A lo largo del año, se fortaleció la red
conjunta mediante operaciones directas punto a
punto y a través de enlaces entre los Centros de
Conexiones propios. De esta manera, se logró la
ejecución de más de 4.685 vuelos por semana
hacia más de 98 destinos en 26 países. La oferta
de conexiones a puntos en los cinco continentes
se vio reforzada con la red de rutas a cientos
de destinos operados mediante acuerdos
comerciales (de código compartido e interlínea)
con otras aerolíneas de reconocimiento
internacional así como la red de rutas de las
aerolíneas miembro de Star Alliance.
48
opening of new routes, namely: Bogotá - Cancún,
San Salvador - Chicago, San Salvador - Medellín,
and Bogotá - San Juan of Puerto Rico, amongst
others. It also included major adjustments in the
internal Colombian market, pushing a new focus
for stronger commercial dynamism and tourism
in the country and the region.
As a result of the strategies to position the
service in strategic niches, and of the adjustments
in capacity, the airlines within the Group reported
the mobilization of 24,625.062 passengers in
the period of January-December 2013, which
denotes an increase of 6.6% in the number of
transported travelers compared to 2012, when
23,092.533 passengers were transported. The
ASK’s grew to 38.762 million, with an increase
of 6.1% compared to the previous year, for an
average Load Factor of 80.5%.
»International Market
Between January and December of 2013,
the Holding’s passenger Airlines transported
10,332.760 passengers within their international
routes, representing a 5.0% increase from the
9,837.031 passengers transported in 2012.
Capacity, measured in ASK’s, grew 4.2%.
»Domestic Markets (Colombia,
Peru and Ecuador)
From January to December of 2013,
the total number of travelers on routes
within Colombia, Peru and Ecuador grew
to 14,292.302, registering an increase
of 7.8% compared to the number of
passengers transported in those markets
in 2012, when the figure was 13,255.502.
Destinations, Network of Routes,
and Alliances
Throughout the year, the Company
strengthened the joint network through direct
point-to-point operations and through links
between its own hubs. As such the Company
executed more than 4,685 weekly flights to
more than 98 destinations in 26 countries.
The offer of connections to points in the
five continents was reinforced by the route
network to hundreds of destinations operated
through trade agreements (codeshare and
interline) with other internationally recognized
airlines as well as the network of routes of
Star Alliance airlines.
Incursión con Nuevos Servicios en Mercados Domésticos
New Services in Domestic Markets
Colombia
Bogotá - Leticia
7 Frecuencias / 7 Frequencies
En rutas internacionales - (En cada caso,
trayecto indicado y regreso
On International Routes - (In each case
both ways)
Ampliación de Frecuencias en Mercados Internacionales
Extended Frequencies in International Markets
Ruta / Route
Frecuencia
Frequencies
Cali, Colombia – Lima, Perú / Cali, Colombia – Lima, Peru
3
Medellín, Colombia – Lima, Perú / Medellín, Colombia – Lima, Peru
3
Porto Alegre, Brasil – Lima, Perú / Porto Alegre, Brasil – Lima, Peru
4
Ciudad de México, México – Lima, Perú / Mexico City, México – Lima, Peru
3
Guayaquil, Ecuador – Lima, Perú / Guayaquil, Ecuador – Lima, Peru
2
La Habana, Cuba – Lima, Perú / Havana, Cuba – Lima, Peru
1
Santo Domingo, República Dominicana – Lima, Perú / Santo Domingo, República Dominicana – Lima, Peru
1
Ciudad de Guatemala, Guatemala – San Salvador, El Salvador / Guatemala City, Guatemala – San Salvador, El Salvador
10
San José, Costa Rica- San Salvador, El Salvador / San José, Costa Rica- San Salvador, El Salvador
7
Los Ángeles, EEUU – San Salvador, El Salvador / Los Angeles, US – San Salvador, El Salvador
8
Washington, EEUU – San Salvador, El Salvador / Washington, US – San Salvador, El Salvador
6
La Habana, Cuba – Bogotá, Colombia / Havana, Cuba – Bogotá, Colombia
1
Bogotá , Colombia – Punta Cana, República Dominicana / Bogotá , Colombia – Punta Cana, República Dominicana
3
Bogotá, Colombia – San Salvador, El Salvador / Bogotá, Colombia – San Salvador, El Salvador
5
New York (JFK), EEUU – San Salvador, El Salvador / New York (JFK), US – San Salvador, El Salvador
7
Ciudad de Panamá, Panamá – San Salvador, El Salvador / Panama City, Panamá – San Salvador, El Salvador
5
Ciudad de México, México – San Salvador, El Salvador / Mexico City, México – San Salvador, El Salvador
7
Miami, EEUU – San Salvador, El Salvador / Miami, US – San Salvador, El Salvador
7
Quito, Ecuador – San Salvador, El Salvador / Quito, Ecuador – San Salvador, El Salvador
4
Cali, Colombia – San Salvador, El Salvador / Cali, Colombia – San Salvador, El Salvador
4
Guayaquil, Ecuador – San Salvador, El Salvador / Guayaquil, Ecuador – San Salvador, El Salvador
4
La Habana, Cuba – San Salvador, El Salvador / Havana, Cuba – San Salvador, El Salvador
3
Bogotá, Colombia – Guayaquil, Ecuador / Bogotá, Colombia – Guayaquil, Ecuador
7
Cali, Colombia – Guayaquil, Ecuador / Cali, Colombia – Guayaquil, Ecuador
2
Bogotá, Colombia – Madrid, España / Bogotá, Colombia – Madrid, Spain
4
49
2013
The
following
tables
show
the
destinations that benefited from extended
flight frequencies and/or from new Group
airline services.
En los siguientes cuadros se detallan
los destinos beneficiados con la ampliación de
frecuencias de vuelo y/o con la incursión de los
servicios de las aerolíneas del grupo.
Incursión de Nuevos Servicios en Rutas Internacionales
New Services on International Routes
Frecuencia
Frequencies
Ruta / Route
New Jersey (EWR), EEUU –San Salvador, El Salvador / New Jersey (EWR), US –San Salvador, El Salvador
7
Chicago, EEUU –San Salvador, El Salvador / Chicago, US –San Salvador, El Salvador
7
Medellín, Colombia –San Salvador, El Salvador / Medellín, Colombia –San Salvador, El Salvador
7
Bogotá, Colombia – Cancún, México / Bogotá, Colombia – Cancún, México
7
Bogotá, Colombia – San Juan, Puerto Rico / Bogotá, Colombia – San Juan, Puerto Rico
3
Bogotá, Colombia – Ciudad de Guatemala, Guatemala / Bogotá, Colombia – Guatemala City, Guatemala
4
Centros de Conexiones
En 2013 se continuó con la consolidación de
los tres centros de conexiones de las aerolíneas de
pasajeros de la Holding en: Bogotá, Colombia; San
Salvador, El Salvador; y Perú, Lima. Las mejoras
en los horarios y en los tiempos de conexión
entre rutas de una y otra aerolínea, redundaron
en una mejor ocupación y en una optimización de
la experiencia de viaje para los usuarios en rutas
que incluyen diversos trayectos a lo largo del
continente americano y hacia España.
Bogotá, Colombia
La operación a través del Centro de
Conexiones en Bogotá sumó 3.059 salidas
semanales a 24 ciudades en Colombia, 5
en Norteamérica, 10 en Suramérica, 12 en
Centroamérica, México y el Caribe y 2 en Europa,
conectando así diariamente a cientos de viajeros
nacionales e internacionales con diferentes
destinos en estas regiones.
San Salvador, El Salvador
A través del hub en San Salvador se operaron
más de 725 salidas semanales desde y hacia 11
destinos en Norteamérica, 6 en Suramérica, 12 en
México, Centroamérica y el Caribe.
Lima, Perú
El hub ubicado en la capital de Perú opera
527 salidas semanales a 15 puntos en Suramérica,
5 en México, Centroamérica y El Caribe, 1 en
Norte América y 9 destinos domésticos.
Alianzas y códigos compartidos
En 2013 las Aerolíneas de pasajeros del
grupo continuaron con su operación a través
de los acuerdos de código compartido vigentes
50
Hubs
In 2013, the Company continued
consolidating the three passenger hubs
located in: Bogotá, Colombia, San Salvador, El
Salvador, and Peru, Lima. Improved schedules
and connection times between the routes of
different airlines resulted in better occupancy
and in optimized travel experiences for users
on routes that included different segments in
the Western Hemisphere and to Spain.
Bogotá, Colombia
The operation through the hub in
Bogotá totaled 3,059 weekly departures to 24
destinations in Colombia, 5 in North America,
10 in South America, 12 in Central America,
Mexico, and the Caribbean, and 2 in Europe,
thus connecting hundreds of domestic and
international travelers to different destinations
in those regions every day.
San Salvador, El Salvador
The hub in San Salvador operated more
than 725 weekly departures to and from 11
destinations in North America, 6 in South
America, 12 in Mexico, Central America, and
the Caribbean.
Lima, Peru
The hub located in the capital of Peru
operates 527 weekly departures to 15 destinations
in South America, 5 in Mexico, Central America,
and the Caribbean, 1 in North America and 9 in
domestic destinations.
Alliances and Code-Sharing
In 2013, the Group passenger Airlines
continued their operations using effective code-
A los acuerdos anteriores se suman más de
100 convenios de operación interlínea vigentes
con otras aerolíneas de los cinco continentes
y un acuerdo intermodal con la compañía de
trenes Renfe en España. Así mismo, a través
de Avianca y TACA Airlines se dio cumplimiento
a los contratos de reciprocidad de programas
de viajero frecuente con 26 aerolíneas de la
red de Star Alliance, entre las que figuran
United Airlines, Air Canada, Singapore Airlines,
Lufthansa, a los que se suma el intercambio
de beneficios con los programas de viajero
frecuente de Iberia y Aeroméxico.
In addition to the above-mentioned
agreements, there are more than 100 interline
operation agreements with other airlines
on the five continents and an intermodal
agreement with the train company called Renfe
in Spain. Likewise, Avianca and TACA Airlines
entered into frequent flyer programs with 26
Star Alliance member airlines, such as United
Airlines, Air Canada, Singapore Airlines, and
Lufthansa, which also means an exchange of
benefits with the frequent flyer programs of
Iberia and Aeroméxico.
Star Alliance
Desde junio de 2012, Avianca y TACA
Airlines ingresaron a Star Alliance, la red
global de aerolíneas más grande del mundo,
en términos de vuelos diarios, red de rutas,
excelencia en el servicio y número de compañías
aéreas asociadas. A través de esta Alianza,
Avianca y TACA Airlines ofrecen a sus viajeros
la posibilidad de acceder a esta red mundial,
que reúne a 28 aerolíneas de talla internacional
y que juntas operan más de 4.700 aeronaves
de última generación, con las cuales sirven más
de 21.900 vuelos diarios a 1.328 aeropuertos
en 195 países.
Star Alliance
Since June of 2012, Avianca and TACA
Airlines joined Star Alliance, the largest and
most important global network of airlines in
the world, in terms of daily flights, network
of routes, excellence in service, and number
of member airlines. Through this Alliance,
Avianca and TACA Airlines offer their travelers
access to this worldwide network, which
unites 28 international airlines and together
operates more than 4,700 aircrafts of the
latest generation, with which they serve more
than 21,900 daily flights to 1,328 airports in
195 countries.
Durante 2013 Aviateca ingresó a la red
de Star Alliance después de un proceso de
homologación de procesos y adopción de los
más altos estándares de operación, renovando
el compromiso de colaboración con Star Alliance.
During 2013, Aviateca joined the Star
Alliance network after the standardization
of processes and adoption of the highest
standards
for
operation,
renewing
the
commitment to collaborate with Star Alliance.
Como producto de todo esto, los viajeros
frecuentes LifeMiles de Avianca y TACA Airlines
tienen acceso a toda la red de vuelos de la Alianza
de las Estrellas y con ello a más de 1.000 salas
VIP, con posibilidades, además, de acumular
millas para mejorar su estatus Élite y redimirlas
en los mejores programas de lealtad del mundo.
Due to all of the above, the LifeMiles
frequent flyers of Avianca and TACA Airlines
have access to the whole Star Alliance flight
network and, therefore, to more than 1,000
VIP lounges. In addition, they can accrue miles
to improve their elite status and redeem miles
in one of the world’s best loyalty programs.
51
2013
share agreements with eleven international
airlines, thus offering broad coverage in
countries in addition to those in Latin America.
In this manner, the Company offers links to
the United States and to Canada with United
Airlines, US Airways and Air Canada; to Mexico
with Aeroméxico; to the Caribbean with
Cubana de Aviación; to other points in South
America with Satena, Sky Airlines, OceanAir
(Avianca Brasil) and AeroGal; and to Europe
with Lufthansa and Iberia.
con once aerolíneas internacionales, ofreciendo
así una amplia cobertura en países más allá de
Latinoamérica. De este modo, la organización
ofrece enlaces a Estados Unidos y Canadá,
servidos por United Airlines, US Airways y Air
Canada; a México, con Aeroméxico; al Caribe, en
vuelos de Cubana de Aviación; a otros puntos de
Suramérica, con Satena, Sky Airlines, OceanAir
(Avianca Brasil) y AeroGal; y a Europa, con
Lufthansa e Iberia.
Avances en la homologación de
procesos
Standardization Process
Progress
AeroGal
En 2013, la gestión en AeroGal se
centró en la optimización y estandarización
de los procesos operativos, comerciales y de
planeación, de acuerdo a los lineamientos
corporativos de Avianca Holdings S.A. para esta
aerolínea. En línea con esto, se hicieron ajustes
sistemáticos en la estructura y a través de un
ejercicio de planeación estratégica se definieron
estrategias y acciones claves para tener un
mejor control del mercado, de la operación y de
la administración de la aerolínea en general.
AeroGal
In
2013,
the
management
of
AeroGal focused on the optimization and
standardization of operational, commercial,
and planning processes, according to the
corporate guidelines of Avianca Holdings S.A.
for this airline. In line with this, they made
systematic adjustments in the structure and,
through a strategic planning exercise, to
define key strategies and actions to have a
better control of the market, operations, and
management of the airline in general.
Todas las acciones adelantadas en el período
estuvieron enfocadas en el logro de los objetivos
que permitan avanzar hacia el cumplimiento
de la Visión de Avianca Ecuador 2015: Darle
continuidad a un negocio eficiente, apalancado
en una operación internacional significativa
y doméstica rentable. Todo ello a través del
crecimiento, aumento de la productividad y la
participación de mercado. A continuación se
detallan los principales frentes de acción:
All of the actions implemented in
the period were focused on achieving the
objectives that would allow the fulfillment of
Avianca’s Ecuador Vision 2015: To continue an
efficient business, leveraged in a significant
international
and
profitable
domestic
operation. All of which are met through
growth, productivity increase, and market
share. Below are the main initiatives:
»Planes estratégicos y desarrollo del negocio
Centrados en la expansión de rutas, con el
fin de ofrecer mejores y más convenientes
horarios, y de paso mejorar la experiencia
del cliente en todos los puntos de contacto.
En este marco, la aerolínea trabajo de
manera particular en:
• Flota: La renovación y modernización
de las aeronaves realizada en 2011,
se ha visto reflejada en los indicadores
de eficiencia operacional, resultados
óptimos en el on time performance
(OTP), cumplimiento de itinerarios,
intercambiabilidad de tripulaciones,
eficiencia en costos de mantenimiento
y mejoras en la experiencia de viaje en
general.
• Estandarización de procesos, sistemas
y marca: se inició el proyecto ETP
(Enterprise Transformation Project)
encaminado a homologar los procesos
y mejorar la red de distribución. En
2013, se logró la publicación de vuelos
52
»Strategic plans and business development
Focused on the expansion of routes, in order
to provide better and more convenient
schedules, and therefore enhance the
clients’ experience in all respects. Within
this framework, the Airline particularly
focused on:
• Fleet:
The
renovation
and
modernization
of
the
aircrafts
done in 2011 has been reflected in
operational
efficiency
indicators,
with optimal results in on time
performance (OTP), fulfillment of
itineraries,
interchangeability
of
crews, maintenance costs efficiency
and improvements in the travel
experience in general.
• Standardization
of
processes,
systems,
and
trademark:
The
Company initiated the ETP (Enterprise
Transformation Project) project aimed
to standardize the processes and
improve the distribution network.
In 2013, it achieved the publication
• Liderazgo en Galápagos: Se fortaleció
• Leadership
• Sede: En julio de 2013, se centralizó
• Headquarters: In July of 2013,
la oferta de servicio a las islas con
itinerarios acordes con las necesidades
de los viajeros. De esta manera se
facilitaron las conexiones a través
de los hubs en Perú, Colombia y San
Salvador, manteniendo buenos horarios
y servicio. Actualmente se trabaja en
la identificación de oportunidades de
mejora específicas en el producto de
Galápagos, ofreciendo tarifas para
volar desde Baltra y San Cristóbal
con conexiones desde Europa, Norte,
Centro y Sur América.
la gestión de la aerolínea en un
edificio único en Quito, ofreciendo
mayores
facilidades
de
acceso
a clientes y colaboradores. Allí
funcionan la dirección general, así
como las áreas de talento humano,
finanzas,
comercial,
puntos
de
ventas, tecnología e informática,
entrenamiento y gestión de calidad
para Avianca y AeroGal, lo cual
ha permitido una optimización de
recursos y mayor eficiencia en las
actividades inter-áreas.
»Operaciones
• Traslado NAIQ: En febrero se realizó el
traslado de las operaciones de AeroGal
al Nuevo Aeropuerto Internacional
de Quito –NAIQ. El cambio generó
dificultades
operacionales
que
redundaron en el proceso de adaptación
de
operadores
y
Autoridades
(Controladores, DGAC, Operador NAIQ,
etc.) impactando el OTP y el servicio.
A raíz de esta situación se adoptó un
plan de acción correctivo encaminado
in Galápagos: The
Company strengthened its service
offering in the islands following
travelers’ needs. As a result, it
facilitated connections through
the hubs in Peru, Colombia, and
El Salvador, maintaining good
schedules and service. Currently,
the Company is working to identify
specific improvement opportunities
in Galápagos, offering fares to fly
from Baltra and San Cristóbal with
connections from Europe, North,
Central, and South America.
the Airline’s management was
centralized in a single building in
Quito, offering a more accessible
facility to clients and collaborators.
The
headquarters
include
management, in addition to human
resources, finance, the commercial
area, points of sales, information
technology, training and quality
management
for
Avianca
and
AeroGal, enabling the optimization
of resources and better efficiency
in overlapping areas of activity.
»Operations
• Transfer to NAIQ: In February, the
Company
transferred
AeroGal’s
operations
to
Nuevo
Aeropuerto
Internacional in Quito –NAIQ-. The
change generated difficulties in the
operations related to the adaptation
process of operators and Authorities
(Controlers, DGAC, NAIQ Operator,
etc.), impacting the operations and the
service. As a result of this situation, a
corrective action plan was implemented
53
2013
of flights with the single AV code,
pending the development stages of
joining AeroGal within Star Alliance
and unifying sales on Avianca’s
website. Presently, the Company
is working on aligning to the brand
by June 2014 and consequentially
unifying the travel experience with
other airlines in the Group.
con el código único AV, quedando
pendiente desarrollar las etapas de
inclusión de AeroGal a Star Alliance
y ventas unificadas en el sitio web
Avianca. En el momento se avanza
de cara a la alineación de la marca
en junio 2014 con la consecuente
unificación de la experiencia de viaje
con las aerolíneas del grupo.
a recuperar y mantener los estándares
operacionales y la calidad del servicio.
• Optimización de costos: Se certificó
el centro de entrenamiento Interjet
para reducir las tarifas en el simulador
recurrente y, en consecuencia, reducir
los costos de entrenamiento para
tripulaciones. De igual forma, se negoció
con Airbus el mantenimiento de las tarifas
en entrenamientos, logrando costos
competitivos frente a otros centros.
• Transporte de Mercancías Peligrosas:
Se adoptaron los lineamientos emitidos
por casa matriz para la gestión
de mercancías peligrosas en rutas
internacionales, logrando la certificación
de las autoridades en esta materia.
»Comercial
• Unificación
del equipo comercial
Avianca y AeroGal: Se unificaron los
equipos comerciales de Avianca y
AeroGal. De este modo, la compañía
cuenta con una estructura comercial
única en Ecuador, a la cual reportan las
Jefaturas de Venta Directa, Indirecta,
Turismo, Publicidad y LifeMiles.
• Unificación de puntos de venta: El proceso
incluyó el cierre de puntos de venta
AeroGal en Cuenca y Quito, así como de
una oficina TACA en la capital ecuatoriana,
dando paso a un punto de ventas principal
en Quito, lo que ha generado una reducción
en los costos de ventas y un incremento
importante en rentabilidad.
• Productos comerciales: Se creó el
producto ´vacaciones AeroGal´ que
ofrece paquetes de boletos aéreos y
tours en el destino, y se dio marcha a
la unificación del programa corporativo
Avianca y AeroGal, con miras a
potencializar los ingresos de las cuentas
corporativas y crecer en este segmento.
»Experiencia del cliente
A lo largo del año 2013, AeroGal continuo
desarrollando el plan encaminado a
54
to recover and maintain the operational
standards and quality of service.
• Cost
Optimization: the Company
certified the Interjet training center
to reduce the rates in the recurrent
simulator and, consequently, reduce
the training costs for crew. Similarly,
it negotiated with Airbus in the
maintenance of training rates, achieving
competitive costs against other centers.
• Transportation of Dangerous Goods:
The Company adopted guidelines
issued by the headquarters for the
management of dangerous goods in
international routes, achieving the
authorities’ certification in this matter.
»Commercial
• Unifying the commercial teams of
Avianca and AeroGal: The Company
unified the commercial teams of
Avianca and AeroGal. As a result, the
Company has a single commercial
structure in Ecuador, to which all
units Direct Sales, Indirect, Tourism,
Advertising and LifeMiles report.
• Unifying points of sale: The process
included the closing of AeroGal’s
points of sale in Cuenca and Quito,
as well as a TACA office in the
Ecuadorian capital, giving way to a
main point of sales in Quito, which
has reduced the costs of sales and
significantly increased profitability.
• Commercial products: The Company
created
the
ÁeroGal
vacations´
product, which offers airline ticket
packages and destination tours. This also
allowed for the unification of Avianca and
AeroGal’s corporate programs, which
may maximize income from corporate
accounts and grow this segment.
»Client Experience
Throughout 2013, AeroGal continued
developing a plan aimed towards the
standardization of processes and adoption
aeroportuarios: Siguiendo
la guía de procedimientos de casa
matriz, se ajustaron y documentaron
los procesos de la cadena de valor
de Aeropuertos: backoffice, lobby,
check-in, embarque, recepción de
vuelos y atención de irregularidades,
quedando homologados los procesos
de aeropuertos, servicio al cliente y
servicio a bordo.
• Homologación de servicios en tierra:
En adición a la homologación de los
procesos aeroportuarios, se creó la ´Guía
de Procedimientos de Aeropuerto´,
donde se consignan cada uno de los
detalles relativos a la gestión y manejo
de Servicios Adicionales como menores
no acompañados, mascotas en cabina,
servicio de silla de ruedas, servicio de
comidas especiales, y procesos de
equipaje, procesos relacionados con
el programa LifeMiles y beneficios
aplicables en Aeropuertos, entre otros.
• Homologación
2013
• Procesos
of the highest standards in the key points
of attention, registering the following
achievements:
• Airport
la homologación de los procesos y la
adopción de los más altos estándares en
los puntos clave de atención, registrando
los siguientes logros:
Processes: Following the
procedures of the headquarters, the
Company adjusted and documented
the processes of the Airports’ value
chains: backoffice, lobby, checkin, boarding, reception of flights
and
attention
of
irregularities,
standardization of airport processes,
customer service, and in-flight
service.
• Standardization of land services:
In
addition
to
the
Airports’
standardization
processes,
the
Company
created
the
Áirport
Procedures
Guide´,
where
it
records every detail relative to the
management
and
maintenance
of
additional
Services
like
unaccompanied minors, pets in the
cabin, wheelchair service, special
foods service, luggage processes,
processes related with the LifeMiles
program, and benefits applicable in
Airports, amongst others.
de
servicios
de
alimentación y entretenimiento
a
bordo: En paralelo con la homologación
de procesos en tierra, se dio marcha a la
adopción de las prácticas definidas por
Avianca para el servicio a bordo, entre
las cuales se cuentan: el servicio de
comida en Clase Ejecutiva, servicio de
comida especial para clientes que así lo
han solicitado al momento de hacer su
reserva, productos de entretenimiento
por demanda en los Airbus A320
equipados con sistema AVOD (Audio
and Video On Demand) y en los Airbus
A319 con Over Head, Revista a bordo
Avianca, guía de entretenimiento y
cuaderno para niños.
• Standardization of food services and
Resultados de la línea de inversión en
aerolíneas de transporte de carga y mensajería
Cargo Transportation and Courier Airlines
Investment Results
En esta línea de inversión se consolida
la operación de Tampa Cargo S.A.S. aerolínea
In this line of investment, the Company
consolidates the operation of Tampa Cargo
on-board entertainment: In parallel
with the standardization of land
services, the company launched
the adoption of defined practices
for Avianca in terms of on-board
service. These include: food service
in
Business Class, special food
service for clients that made requests
upon completing reservations, ondemand entertainment in the Airbus
A320’s equipped with AVOD (Audio
and Video On Demand) systems, and
on Airbus A319’s with Over Head,
an on-board Avianca magazine,
entertainment guide, and booklet
for children.
55
exclusiva de carga, así como la operación de
carga efectuada en aviones combinados de
pasajeros y carga. A esto se suma la operación
adelantada por Avianca S.A. a través de su
unidad de negocio Deprisa, relacionada con
servicios de mensajería expresa, transporte
de paquetes y mercadería. En su totalidad,
esta línea representa el 10,5% de los ingresos
consolidados de Avianca Holdings S.A.
S.A.S.’s exclusive cargo airline, as well as
the cargo operation carried out in aircrafts
with both passengers and cargo. In addition,
the operation being carried out by Avianca
S.A. through its business unit called Deprisa,
related with express courier services, transport
of packages and merchandise. In its entirety,
this line represents 10.5% of the consolidated
revenues of Avianca Holdings S.A.
Transporte de Carga
Como se anotó, la organización cuenta
con una línea de negocios de carga que se
identifica bajo la marca comercial Avianca Cargo.
Su misión se centra en la movilización de bienes
y mercancías, bien sea en aviones cargueros
(operados por Tampa Cargos S.A.S.) y/o
utilizando la capacidad disponible en los barrigas
(bellies) de los vuelos de pasajeros. Entre los
logros de 2013 se destacan:
Cargo Transportation
As noted, the Company has a line of
cargo business that is identified under the
trademark Avianca Cargo. Its mission focuses
on the mobilization of assets and goods, either
in cargo aircrafts (operated by Tampa Cargos
S.A.S.) and/or utilizing the available capacity
in the bellies of the passenger flights. Amongst
the achievements of 2013, the Company
highlights:
»Capacidad y Flota
Avianca Cargo tuvo un crecimiento en
capacidad de ATKs (Available Ton per Kilometer
-Toneladas por Kilómetro Disponibles)
del 18% respecto a 2012. Esto se debió
principalmente a la incorporación de cuatro
aeronaves Airbus A330-200F exclusivas para
carga que se sumaron a la operación de
un Boeing B767-300 y un incremento en la
operación de wide bodies de pasajeros. La
flota de A330-200F especialmente diseñados
para el transporte de carga y con capacidad
de hasta 68 toneladas, permiten transportar
diferentes tipos de productos en forma
simultánea, gracias a su sistema de control
de temperatura por zonas. Actualmente
Tampa Cargo S.A.S. es la única aerolínea
en el continente americano que opera estas
aeronaves con tecnología de vanguardia,
caracterizada por su eficiencia y rendimiento
operacional.
»Capacity and Fleet
»Volúmenes de carga
»Cargo Volumes
The volumes of transported cargo by the
cargo business in RTKs (Revenue Ton
per Kilometer) reported an increase of
12% mainly focused in the Lima-Miami
and Madrid-Bogotá routes, as well as
the markets of Colombia, Miami and
Brazil, in which it has strengthened
Los volúmenes de carga transportada por
el negocio de carga en RTKs (Revenue Ton
per Kilometer -toneladas de carga paga
por kilómetro) registró un crecimiento del
12% concentrado principalmente en las
rutas Lima-Miami y Madrid-Bogotá, así
como en los mercados de Colombia, Miami
56
Avianca Cargo had an increase in
capacity of ATKs (Available Ton
per Kilometer) of 18% compared
to 2012. This was mainly due to the
incorporation of four Airbus A330200F exclusive aircrafts for cargo,
which joined a Boeing B767-300, and
an increase in the operations of wide
bodies of passengers. The A330-200F
fleet is especially designed for cargo
transport and has a capacity of 68 tons,
permitting to carry different types of
products simultaneously, given its
zone temperature control system.
Currently, Tampa Cargo S.A.S. is the
only airline in the American continent
that operates these aircrafts with
cutting-edge technology, characterized
by its efficiency and operational
performance.
»Estrategias de Mercado
»Market Strategies
Red de rutas
• Como parte del plan de expansión
en mercados del Cono Sur, se dio
inicio a la operación entre Santiago
de Chile y Bogotá con dos frecuencias
semanales, lo que le permitió al negocio
de carga incrementar la participación
en el mercado de exportación de Chile
durante la temporada de fruta de fin de
año. Para 2014, se proyecta continuar
con esta operación con ajustes según la
estacionalidad de este mercado. De igual
forma, se incrementó una frecuencia
a Montevideo durante la temporada
alta de arándanos de Uruguay y se
modificaron los permisos de operación
en el sur con el fin de realizar una
triangulación de vuelos más eficiente
entre carga NorthBound (ruta hacia el
norte) y SouthBound (ruta hacia el sur),
sobre todo involucrando Lima y Quito.
Network of Routes
• As a part of the plan to expand in
Southern Cone markets, the Company
initiated
operations
between
Santiago of Chile and Bogotá with
two weekly frequencies, allowing the
cargo business to grow in the Chilean
export market during the fruit season
at the end of the year. For 2014,
the Company plans to continue this
operation with adjustments according
to the seasonality of this market.
Similarly, this increased frequency to
Montevideo during the high season
of blueberries in Uruguay, and they
modified the operation permits in
the south in order to make a more
efficient
triangulation
of
flights
between north-bound and southbound cargo, mostly involving Lima
and Quito.
• Se
incrementó
el
número
de
frecuencias para la temporada alta
de Perú, pasando de tres a siete
frecuencias de carga a la semana en
la ruta Lima-Miami lo que sumado a la
operación de wide bodies de pasajeros,
representó un incremento de 376% en
los ATKs disponibles en la ruta en el
cuarto trimestre en comparación con el
mismo trimestre del año anterior. Esto
se vio reflejado en un incremento en la
participación de mercado Lima-Miami,
pasando de 4% en el cuarto trimestre
de 2012 al 17% en el mismo período
de 2013.
• Dada la crítica situación de Venezuela,
en el segundo semestre del año se
disminuyó en 34% los ATKs disponibles
en este mercado.
• Finalmente.
se implementó con
éxito en Bogotá, Medellín y Quito,
el nuevo modelo de cobro para los
embarques de flor, de Gross Weight
a Chargeable Weight. Este ajuste
• The Company increased the number
of frequencies for the high season
of Peru, from three to seven cargo
frequencies per week in the LimaMiami
route,
which
added
to
the operation of wide bodies of
passengers. This represented an
increase of 376% ATKs available in
the route during the fourth quarter
in comparison with the same quarter
of last year. This was reflected in an
increase of participation in the LimaMiami market, going from 4% in the
fourth quarter of 2012 to 17% in the
same quarter of 2013.
• Given
the critical situation in
Venezuela,
during
the
second
quarter of the year there was a 34%
decrease in available ATKs in this
market.
• Finally, the Company successfully
implemented, in Bogotá, Medellín and
Quito, a new model of charging for
flower shipments, of Gross Weight to
57
2013
the presence of the Avianca Cargo
trademark.
y Brasil, donde se ha venido fortaleciendo
la presencia de la marca Avianca Cargo.
generó el crecimiento del load factor
y de revenue.
Chargeable Weight. This adjustment
increased the load factor and revenue.
Portafolio de servicios
• Buscando complementar y satisfacer
las necesidades de nichos específicos
de mercado, se lanzaron tres nuevos
productos de alto margen, a saber:
carga sobredimensionada y pesada,
equinos y animales de corral y CoolCare (transporte de carga en contenedores fríos para mantener la temperatura
en todo el proceso, desde la recepción
hasta la llegada al destino final). Este
último incluye envíos que requieren un
control y monitoreo estricto de temperatura a través del uso de contenedores activos. El lanzamiento de CoolCare convirtió a Avianca Cargo en el
primer negocio de carga de latinoamericana en ofrecer un producto estructurado para el manejo de ULDs (Unit
Load Device) con temperatura controlada, cuyos procedimientos cuentan
con el aval de los proveedores.
Portfolio of Services
• Seeking to compliment and satisfy
the needs of specific niche markets,
the Company launched three new
high-margin
products,
namely:
oversized and heavy cargo, horses
and farm animals, and CoolCare
(cargo transport in cold containers
to
maintain
the
temperature
throughout the process, from their
receipt until their final destination
arrival).
The
latter
includes
shipments that require a strong
control and strict temperature
monitor throughout the use of active
containers. The launch of CoolCare
transformed Avianca Cargo as the
first Latin American cargo business
to offer a structured product for the
management of ULDs (Unit Load
Device) with controlled temperature
guaranteed by its suppliers.
Infraestructura.
• Al cierre del año, la compañía
incrementó la capacidad en la bodega
de Miami, logrando un aumento de
la capacidad instalada del 41% en
importación, del 40% en exportación y
del 70% en el Cooler.
Infrastructure.
• At the end of the year, the Company
increased the capacity in the Miami
warehouse, achieving an increase in
installed capacity of 41% in imports,
of 40% in exports, and of 70% in
CoolCare.
»Alianzas interlíneas
»Interline Partnerships
Durante 2013 Avianca Cargo concretó
acuerdos con: Finnair (opción GSA),
Alitalia (opción GSA), AeroVIP (opción
wide body en la ruta Buenos AiresMontevideo), Etihad Airways (mayores
oportunidades a Medio Oriente y Asia).
De igual forma negoció el Partner Plus
con International Airlines Group (British
Airways–Iberia) para ampliar las opciones
de envío de carga a Europa y Asia.
During 2013, Avianca Cargo finalized
agreements with: Finnair (option GSA),
Alitalia (option GSA), AeroVIP (wide body
option in the Buenos Aires-Montevideo
route), and Etihad Airways (greater
opportunities to the Middle East and
Asia). Similarly, the Company negotiated
Partner Plus with the International
Airlines Group (British Airways–Iberia)
to expand cargo shipping options to
Europe and Asia.
La flota de carga al 31 de diciembre de
2013, está conformada en total por 7 aeronaves,
de las cuales 5 están operativas como se detalla
a continuación:
58
The cargo fleet as of December 31,
2013, consists in total of 7 aircrafts, of which
5 are operating as detailed below:
Lease Operativa
Operational Lease
Total / Total
4
-
4
Airbus A330F
Boeing 767F
TOTAL / TOTAL
2
1
3
6
1
7
* De las aeronaves detalladas en la tabla
anterior, dos Boeing 767F se encontraban en
tierra, dejando así 5 aeronaves operativas para
carga al final del período.
* Of these aircrafts listed in the previous
table, two Boeing 767F’s are on the ground, thus
leaving 5 operating aircrafts for cargo at the end
of the period.
Flota Operativa de Carga / Operating Cargo Fleet
Aeronaves / Aircrafts
Cantidad / Quantity
Aerolínea / Airline
1
Tampa Cargo
4
Tampa Cargo
Boeing B767F
Airbus A330-200F
TOTAL / TOTAL
Deprisa
Durante 2013, la unidad de negocio Deprisa
se concentró en dar continuidad a la transformación
del negocio mediante la modernización de la
infraestructura, la incorporación de tecnología
y el perfeccionamiento de los procesos. Todo
ello orientado a mejorar su competitividad en el
mercado:
»Infraestructura
Buscando mejorar la productividad en
la operación, Deprisa modernizó su hub
de operaciones en Bogotá, equipándolo
con tecnología de punta y un sistema
automatizado de clasificación, facilitando
con ello la conexión del 90% de los envíos
en Colombia. Con el fin de prestar un mejor
servicio a los clientes en Estados Unidos,
Deprisa Miami trasladó su operación a
una bodega con espacios óptimos para la
recepción y el despacho de documentos
y encomiendas. Se adquirieron más
de 500 dispositivos móviles, bandas
transportadoras, estibadores eléctricos,
tractores eléctricos, básculas dinámicas y
equipos de rayos X que facilitan la entrega
oportuna de los envíos y la carga. En adición,
se puso en marcha el Centro de Control
5
Deprisa
During 2013, the Deprisa business unit
focused on continuing the transformation of business
through the modernization of infrastructure, the
incorporation of technology, and the perfection of
the processes. All of this is aimed at improving the
Company’s competitiveness in the market:
»Infrastructure
Seeking to improve productivity in
operations, Deprisa modernized its hub
of operations in Bogotá, equipping it with
state of the state-of-the-art technology
and an automated classification system,
thereby facilitating the connection of
90% of the shipments in Colombia. In
order to offer a better service to clients
in the United States, Deprisa Miami
moved its operations to a warehouse
with optimal space for the receipt and
dispatch of documents and parcels.
The Company acquired more than
500 mobile devices, conveyor belts,
electric
dockers,
electric
tractors,
dynamic scales, and X-ray equipment
that facilitate the timely delivery of
shipments and cargo. In addition, the
Company launched the Security Control
59
2013
Aeronave / Aircraft
Flota Total de Carga / Total Cargo Fleet
Propias/ Lease Financiero
Financial Lease
de Seguridad, desde donde es posible
monitorear, con el apoyo de sistemas de
posicionamiento global GPS, la ubicación de
los vehículos y observar remotamente las
operaciones en diferentes bases.
Center, from where it may monitor,
with the assistance of global positioning
systems (GPS), the location of vehicles,
and remotely observes operations in
different bases.
»Talento Humano
»Human Resources
Para garantizar el éxito de la transformación
y evolución de Deprisa, se contó con un
equipo de líderes conformado por 90
colaboradores encargados de brindar
soporte a los Entrenadores y Líderes del
proyecto de implementación.
To ensure the successful transformation
and evolution of Deprisa, the Company
designated a team of leaders composed
of
90
employees
responsible
for
providing support to the trainers and
leaders of the deployment project.
In order to ensure the alignment of
the collaborators of processes with
the implemented projects, Deprisa
maintained the recurrent technical
training programs, adding 93.505 hours/
trainee and a total of 9,128 participants.
And as a particular milestone in terms
of extended management practices,
Deprisa expanded the coverage to
measure the labor condition ranking
of a Great Place to Work to five of its
strategic alliances.
Con el fin de asegurar la alineación de los
colaboradores con los procesos y proyectos
puestos en marcha, Deprisa mantuvo
los programas de entrenamiento técnico
recurrente para sus colaboradores, sumando
93.505 horas/hombre de capacitación y un
total de 9.128 participantes. Y en lo que
constituye un hito particular en materia de
extensión de prácticas de gestión, Deprisa
amplió la cobertura de medición de Clima
Laboral de Great Place to Work a cinco de
sus aliados estratégicos.
»Proyecto Conecta2
Con el fin de optimizar el proceso de
entrega de información a los clientes sobre
el estado general de sus envíos, Deprisa
desarrolló el proyecto Conecta2. El sistema
implementado al interior de Colombia
y mercados internacionales atendidos
por Deprisa, cuenta con más de 6.000
clientes corporativos, los cuales tienen la
posibilidad de acceder a la información
disponible sobre los envíos adelantados
con la unidad de correo de Avianca.
»“Deprisa Es”
En línea con los planes de modernización e
innovación emprendidos durante el año, la
unidad de negocios desarrolló la campaña
“Deprisa Es” en cuyo marco se comunicaron
los avances en materia de desarrollo
tecnológico, infraestructura y beneficios del
nuevo sistema de información, mejorando
en forma significativa los niveles de
awereness de la marca.
60
»The Conecta2 Project
In order to optimize the process
of delivering information to clients
regarding the status of their shipments,
Deprisa developed the Conecta2 project.
The system already implemented within
Colombia and the international markets
served by Deprisa, has more than
6,000 corporate clients, which have
the possibility of accessing available
information regarding mailings through
Avianca’s mail unit.
»“Deprisa Es”
In line with the modernization and
innovation plans undertaken during the
year, the business unit developed the
“Deprisa Es” campaign within which
the Company showed progressed in
terms of technological development,
infrastructure, and additional benefits
through its new information system,
which significantly improved the brand
awareness level.
Finalmente, y tras cumplir con los
requerimientos, prácticas de control y
gestión de las operaciones logísticas, un
grupo de auditores expertos representantes
de la firma Bureau Veritas confirmó el
riguroso cumplimiento de los procesos de
Deprisa bajo los parámetros de las normas
ISO 28000 en materia de seguridad e ISO
9001 en materia de calidad integral. De
esta manera, Deprisa - unidad de Negocios
de Avianca - está habilitada para mantener
las prácticas de calidad y seguridad en
la cadena de suministros, las cuales le
permiten ofrecer un vasto portafolio de
productos y servicios para el transporte de
encomiendas, documentos y mercancías.
De igual forma, dado el rigor en los
procedimientos técnicos y operacionales,
Deprisa obtuvo la renovación del Registro
Mundial de Seguridad Aérea de IATA, IOSA
– (IATA Operational Safety Audit).
Finally,
and
after
fulfilling
the
requirements, control and management
practices of the logistic operations,
a group of expert auditors from the
Bureau Veritas firm confirmed the
rigorous
compliance
of
Deprisa’s
processes under the normal parameters
of ISO 18000 in terms of security and
ISO 9001 in terms of internal quality.
As a result, Deprisa – a business unit of
Avianca – is enabled to maintain quality
and security practices through its
supply chain, which allows them to offer
a vast portfolio of products and services
for the transport of parcels, documents,
and goods. Similarly, given the rigor in
technical and operational procedures,
Deprisa had its permit renovated by the
Global Registry of Aviation Safety of
IATA, IOSA – (IATA Operational Safety
Audit).
»Resultados
»Results
Como resultado de los anteriores logros e
iniciativas, Deprisa registró un crecimiento
en ventas del 4,9%, en tanto la rentabilidad
del negocio creció un 29.8%. De igual
forma, Deprisa mantuvo el liderazgo en
el mercado de carga nacional Colombia,
registrando una participación del 40,2% a
noviembre6, y un crecimiento del 10% en
toneladas transportadas.
As a result of the previous achievements
and initiatives, Deprisa reported an
increase in sales of 4.9%, and the
profitability of the business grew 29.8%.
Similarly, Deprisa maintained leadership
in the national cargo market of Colombia,
reporting a market share of 40.2% to
November6, and an increase of 10% in
transported tons.
Resultados en otras líneas del negocio
Results in Other Lines of Business
En este frente se incluye LifeMiles Corp.,
compañía panameña que administra los servicios
del Programa de Viajero Frecuente LifeMiles de
las aerolíneas de pasajeros del grupo. En esta
categoría también se encuentra Ávianca Services´
a través de la cual se comercializan los servicios
de mantenimiento y de atención aeroportuaria a
otros transportadores. Finalmente está Ávianca
Tours´, la unidad dedicada a la estructuración y
comercialización de paquetes turísticos, cuyos
ingresos representan el 5,7% de los ingresos
consolidados de Avianca Holdings S.A.
On this front, the Company included
LifeMiles Corp., a Panamanian Company that
administers the services of the LifeMiles Frequent
Flyer Program of the Group’s passenger Airlines.
In this area the Company also founded Avianca
Services, through which they commercialize
the maintenance and airport services to other
transporters. Finally, Avianca Tours, the unit
dedicated to the structuring and marketing of
tourist packages, has revenues representing
5.7% of the consolidated revenues of Avianca
Holdings S.A.
6 Fuente AeroCivil (Kilogramos trasportados a noviembre de 2013).
6 Source: AeroCivil (Kilograms transported to November of 2013).
61
2013
»Quality Certifications
»Certificaciones de calidad
LifeMiles Corp.
LifeMiles Corp.
LifeMiles Corp. es la compañía subsidiaria
dueña del programa de viajero frecuente de las
aerolíneas adscritas a Avianca Holdings S.A. y
responsable de la comercialización del valor de
las millas otorgadas al programa de lealtad.
LifeMiles Corp. is the subsidiary company
in charge of the frequent flyer program of the
airlines affiliated with Avianca Holdings S.A.
and is responsible for marketing the value of
the miles awarded to the loyalty program.
En 2013 se trabajó en la estructuración del
proyecto LifeMiles Corp. orientado a la creación
de una unidad de negocios autónoma y cuya
misión se centre en el perfeccionamiento de los
beneficios exclusivos ofrecidos a los viajeros
frecuentes, así como a la consolidación de una
red de aliados comerciales que permita mejorar
los servicios a los socios y optimizar los resultados
en todos los frentes de la actividad.
In 2013 the Company worked in the
structuring of the LifeMiles Corp. project
oriented to the creation of an autonomous
business unit and whose mission centers
on the perfection of the exclusive benefits
offered to frequent travelers, as well as the
consolidation of a network of commercial
alliances that permits improving the services
to members and optimizing the results on all
fronts of the activity.
»Mejoras en la red de acumulación y
redención
Buscando ofrecer cada vez más beneficios a
los socios LifeMiles, se cristalizaron nuevas
alianzas y se incorporaron herramientas
para la óptima utilización de las millas.
Así, a la posibilidad de acumular y redimir
boletos para volar por los cinco continentes
y disfrutar de los servicios en cualquiera
de las 28 aerolíneas que integran Star
Alliance, en 2013 se adicionó la posibilidad
de acumular y redimir las millas LifeMiles
en más de 100.000 hoteles alrededor del
mundo a través de Hotels around the
World. De esta manera, los socios tienen
la posibilidad de seleccionar tanto sus
trayectos de vuelo como los lugares donde
se alojarán, obteniendo con ello más millas
o disfrutando de las que ya han acumulado.
Buscando ofrecer una experiencia más
ágil, efectiva y amigable, se renovó el
portal LifeMiles. A través de un diseño
más práctico y nuevas funcionalidades,
los socios tienen la posibilidad de acceder
con un solo clic a las múltiples opciones de
redención de sus millas en vuelos, noches
de hotel y una variedad de actividades de
recreación, turismo y aventura alrededor
del mundo. De igual modo, allí podrán
ubicar fácilmente información sobre ofertas
y promociones de los aliados comerciales,
así como tips y guías para una óptima
utilización de las millas.
62
»Improvements in the network
accumulation and redemption
of
Seeking to offer more benefits to the
LifeMiles members, the Company formed
new alliances and incorporated tools for
the optimal utilization of miles. As such,
members now have the possibility of
accumulating and redeeming tickets to fly
within the five continents and enjoy the
services in any of the 28 member airlines
of Star Alliance, and then in 2014 the
Company added the possibility of accruing
and redeeming the LifeMiles miles in more
than 100,000 hotels around the world
through Hotels around the World. In this
manner, the members have the possibility
to select their flight routes according to the
places they will stay, this way obtaining
more miles and enjoying what they have
accrued. Seeking to offer a more agile,
effective, and friendly experience, the
Company renovated the LifeMiles portal.
Through a more practical design and new
features, the members can access with one
click the multiple options to redeem their
miles in flights, hotel stays, and a variety
of recreational, tourism, and adventure
travel around the world. Similarly, they will
be able to easily locate information about
offers and promotions of the commercial
alliances, as well as tips and guides for the
optimal utilization of miles.
As a result of the implementation of
commercial strategies and services,
in 2013 LifeMiles reported an increase
of 10.1% over 2012, reaching 5.4
million members. On the other hand,
the index of Net Promoter Score (NPS)
for LifeMiles grew to 59%, reaching a
record in the program’s history. The
total accumulated miles grew 9.9%
compared to 2012 and the number of
redemptions grew 18.2%, including an
increase of 71.5% in redemptions with
external commercial alliances. The total
of co-branded credit cards (in alliance
with the different banks of the region)
grew 28.3% compared to 2012.
»Reconocimientos
»Recognitions
En el año que pasó, el programa LifeMiles
fue exaltado con el premio por ‘Mejor
Habilidad de Redención de las Américas’ en
los Freddie Awards 2013 – que desde 1988
viene galardonando los programas de lealtad
y de viajes reconocidos por su excelencia.
En este marco, LifeMiles fue destacado
por la funcionalidad del proceso para la
redención de millas, la amplia disponibilidad
de opciones de productos, sillas y premios
que ofrece, así como por la valoración de las
millas a la hora de la redención de éstas por
viajes y otros servicios.
In the past year, the LifeMiles program
was recognized with the award for ‘Best
Redemption Ability of the Americas’ in
the 2013 Freddie Awards – which since
1988 has come to recognize loyalty and
travel programs for their excellence. In
this framework, LifeMiles was recognized
for the functional process for redeeming
miles, the wide availability of product
options, seats, and awards offered, as
well as for the miles valuation at the
time of redemption for trips and other
services.
Avianca Tours
Con el fin de optimizar el modelo de negocio
dedicado a la comercialización del producto
turístico, se revisó la propuesta de valor que se
estaba ofreciendo a los viajeros y se adelantó
una segmentación de los paquetes turísticos,
adecuando el producto a las necesidades
particulares de los clientes.
En este sentido, se mantuvo la diversificación
de productos en el portafolio de Avianca Tours, el
cual incluye más de 50 mil hoteles y más de 100
mil actividades turísticas y de entretenimiento en
diversos lugares del mundo. Buscando diferenciar
el modelo de empaquetamiento dinámico de los
competidores, se adicionó la acumulación de millas
tanto en la porción aérea como en la porción terrestre.
Avianca Tours
To optimize the commercialization
of tourism products business model, the
Company reviewed the value proposition that
was being offered to travelers and created
tourism packages, adapting the product to the
particular needs of the clients.
As a result, the Company maintained the
products portfolio diversification of Avianca Tours,
which includes more than 50 thousand hotels and
more than 100 thousand tourist and entertainment
activities in diverse locations around the world. Also,
and with the goal of differentiating the dynamic
packaging model offered by its competitors, the
Company added the possibility to accrue miles
both by air and by land.
63
2013
Gracias a la implementación de estrategias
comerciales y de servicio puestas en marcha,
LifeMiles registró en 2013 un crecimiento
de 10,1% frente a 2012, llegando a 5.4
millones de socios. Por su parte, el índice
de Net Promoter Score (NPS) para LifeMiles
se incrementó a 59%, alcanzando así
un récord en la historia del programa. El
total de millas acumuladas se incrementó
en 9,9% respecto a 2012 y el número de
redenciones creció 18,2%, incluyendo un
incremento de 71,5% en redenciones con
aliados comerciales externos. El total de
tarjetas de crédito co-branded (en alianza
con diversos bancos de la región) aumentó
un 28,3% respecto a 2012.
»Operation and Service Performance
»Desempeño de la operación y el servicio
Durante 2013, los ingresos de Avianca
Tours ascendieron a USD 51,8 millones, con un
crecimiento del 3% en pasajeros y un 1 % en
valores respecto al año anterior.
Avianca Services
During 2013, the revenues of Avianca
Tours grew to US$ 51.8 million dollars, with an
increase of 3% in passengers and 1% in value
with respect to the previous year.
Avianca Services
Avianca Services, la unidad de negocios
especializada en la prestación y comercialización
de servicios aeronáuticos industriales, continuó
obteniendo importantes logros en 2013:
Avianca Services, the business unit
specialized in the presentation and marketing of
industrial aviation services, continued achieving
relevant milestones in 2013:
En lo referente a Servicios Aeroportuarios,
se adhirieron a la lista de clientes tres nuevas
compañías: la aerolínea Interjet de México, la
aerolínea Conviasa de Venezuela y la aerolínea
Air Transat basada en Canadá. Además, se
obtuvo el contrato para la prestación de servicios
de rampa de Iberia (ya se contaba con el contrato
de Check-In) y el contrato de Check-In y rampa
para la nueva operación de JetBlue en Rionegro.
Se reactivó la comercialización de la sala VIP
de Avianca en la nueva terminal de Eldorado,
atendiendo a los pasajeros de Iberia, Delta y
Aerolíneas Argentinas.
In terms of Airport Services, three new
companies joined the list of clients: the airline
Interjet of Mexico, the airline Conviasa of
Venezuela and the airline Air Transat based in
Canada. Additionally, the Company obtained the
contract to sell ramp services by Iberia (already
had the contract of Check-In) and the contract
of Check-In and the ramp for the new operation
of JetBlue in Rionegro. The Company reactivated
the commercialization of Avianca’s VIP lounge
in the new terminal of Eldorado International
Airport, attending to the passengers of Iberia,
Delta and Aerolíneas Argentinas.
A pesar de no contar con slots para la
comercialización de Servicios Mayores, se logró
la ejecución de tres de estos servicios, dos de
ellos a la compañía Santa Bárbara Airlines y uno a
Aserca Airlines. Además, se continuó atendiendo
el Boeing B767 Tanquero de la Fuerza Aérea
Colombiana.
Despite not having slots for the
commercialization of Larger Services, the
Company achieved the execution of three
of these services, two of which to the Santa
Bárbara Airlines Company and one to Aserca
Airlines. Additionally, the Company continued
attending the B767 Tanquero of the Colombian
Air Force.
En Mantenimiento en Línea se incorporaron
dos nuevos clientes: la aerolínea Interjet de
México y la aerolínea Conviasa de Venezuela. Así
mismo, se activó la comercialización de servicios
en Perú, logrando el primer contrato con JetBlue
para la atención de sus vuelos en Lima.
Por su parte, la expansión de los servicios
del Laboratorio de Calibración a otros mercados
continuó arrojando resultados positivos. Al
cierre del año, se contabilizaron servicios a
200 clientes de diferentes sectores, entre los
que sobresalen el aeronáutico, hidrocarburos,
farmacéutico y laboratorios de calibración. Entre
los nuevos clientes vinculados al portafolio se
encuentran Baker Hugues de Colombia, CEPTIS,
Centro Aguas, Maco Ingeniería, Avioingeniería,
entre otros.
64
The Company incorporated two new
clients in On line Maintenance: the Interjet
Airline of Mexico and the Conviasa Airline
of Venezuela. Likewise, they activated
the commercialization of services in Peru,
achieving the first contract with JetBlue for the
attention of their flights in Lima.
On the other hand, the expansion of the
Laboratorio de Calibración services to other
markets continued generating positive results.
At the end of the year, the Company serviced
200 clients of different sectors, including
aeronautics, hydrocarbons, pharmaceutical,
and calibration laboratories. Amongst the new
clients linked to the portfolio are Baker Hugues
of Colombia, CEPTIS, Centro Aguas, Maco
Ingeniería, Avioingeniería, amongst others.
Para 2014, la unidad de negocio se
propone alinear su estrategia de Servicio de
Mantenimiento Mayor al MRO (Maintenance,
Repair & Overhaul – Mantenimiento, Reparación y
Revisión), consolidar las demás líneas de negocio
en otras bases de Suramérica y Centroamérica
y comercializar activamente los simuladores de
vuelo de Airbus A320 y ATR72-600. De igual
forma, se propone obtener la aprobación por
parte de la Aeronáutica Civil de Colombia del
Programa Técnico de Línea de Aviones (TLA), con
miras a iniciar su comercialización en el segundo
semestre del año.
For 2014, the business unit is proposed
to align its strategy with Mayor Maintenance
Service to MRO (Maintenance, Repair &
Overhaul), consolidate the rest of the lines of
business in other areas of South America and
Central America, and actively commercialize
the flight stimulators of Airbus A320 and
ATR72-600. Similarly, the Company intends
to obtain the approval of the Civil Aeronautics
of Colombia for the Technical Line Airline
Program (TLA), with views to initiate its
commercialization in the second quarter of
the year.
65
2013
The Company also highlighted the
excellent results obtained in the ‘Program
for On-board and Airport Service Assistants’,
which exceeded all the expectations in its first
year in operations. A total of 232 students
were trained through 10 courses, exceeding
the projection of 131 students and six courses
planned for the year.
Se destacan también los excelentes
resultados obtenidos en el ‘Programa para
Auxiliares de Servicio a Bordo y Aeroportuarios’,
el cual superó todas las expectativas previstas
en su primer año de funcionamiento. Un total de
232 alumnos fueron capacitados a través de 10
cursos, superando la proyección de 131 alumnos
y seis cursos previstos para el año.
66
2013
Social Responsibility & Sustainability
Fiel a su compromiso con el desarrollo
sostenible, en 2013 Avianca Holdings S.A.
continúo desarrollando a través de sus
subsidiarias, un Plan de Acción encaminado a
contribuir con el bienestar y la calidad de vida
de los colaboradores, clientes, proveedores,
accionistas y comunidad en general.
Following its commitment of sustainable
development, in 2013 Avianca Holdings S.A.
continued developing through its subsidiaries,
an Action Plan aimed to contribute to the wellbeing and quality of life of its collaborators,
clients, suppliers, shareholders, and community
in general.
La idea es imprimirle sostenibilidad al
negocio mediante la ejecución de proyectos
e iniciativas de desarrollo compatibles con el
transporte aéreo de personas y carga. Para ello,
la organización trabaja en los frentes social,
ambiental y económico.
The idea is to imprint sustainability upon
the business through the implementation of
development projects and initiatives that are
compatible with the air transport of persons and
cargo. As such, the Company is working on the
social, environmental, and economic fronts.
Los objetivos específicos de este plan son:
The specific objectives of this plan are:
»Promover una convivencia enmarcada en la
ética y los valores corporativos, que facilite
la inclusión y participación de los grupos de
interés en pro de los objetivos de la Holding.
»Crear y mantener relaciones de mutua
colaboración con los públicos estratégicos,
mediante el diseño y la ejecución de
iniciativas compatibles con los objetivos
del Plan de Responsabilidad Social &
Sostenibilidad de la organización.
»Trabajar por el respeto y el reconocimiento
de los derechos humanos, a través de
condiciones de trabajo dignas, el cuidado
del medio ambiente, prácticas justas
de marketing y acciones en beneficio de
comunidades vulnerables.
Gestión Social
»Banco de Millas
Gracias a los aportes de millas de los
»
To promote coexistence, framed by
corporate ethics and values, that
facilitates the inclusion and participation
of the groups of interest to meet the
Holding’s objectives.
»
To create and maintain mutually
beneficial relationships with the strategic
audiences, through the design and
execution of compatible initiatives with
the Company’s Social Responsibility &
Sustainability Plan objectives.
»To work for the respect and recognition
of human rights, through worthy working
conditions, the care for the environment,
fair marketing practices and actions to
benefit vulnerable communities.
Social Management
»Miles Bank
As a result of the miles contribution
67
Responsabilidad Social & Sostenibilidad
socios del programa de viajero frecuente
LifeMiles, el Banco de Millas benefició
en 2013 a 338 personas de escasos
recursos que requirieron asistencia médica
especializada en lugares diferentes a su
ciudad personal de origen.
from LifeMiles frequent flier program
members, in 2013 the Miles Bank
benefited 389 persons with limited
resources
who
required
medical
assistance not available where they
lived.
»Traslado de médico y ayudas humanitarias
A través de las aerolíneas adscritas a
Avianca Holdings y en unión con diversas
organizaciones locales e internacionales,
se dio continuidad al programa de traslado
de ayudas humanitarias para poblaciones
vulnerables de diferentes países de
Latinoamérica. En aeronaves del grupo
se trasladaron más de 14 toneladas de
ayuda humanitaria entre destinos de
Estados Unidos, Aruba, España, Honduras,
Colombia, Costa Rica, Perú, El Salvador,
Argentina, Ecuador, Cuba y Guatemala, y
se movilizó personal médico especializado
encargado de brindar asistencia en salud.
»Medical Personnel and Humanitarian Aid
Transportation
Through the Airlines affiliated with
Avianca Holdings and in allegiance
with the diverse local and international
organizations, the Company continued
the program for the transportation
of humanitarian aid to vulnerable
populations of different Latin American
countries. The aircrafts of the Group
transferred more than 14 tons of
humanitarian aid between destinations
within the United States, Aruba, Spain,
Honduras,
Colombia,
Costa
Rica,
Peru, El Salvador, Argentina, Ecuador,
Cuba and Guatemala, and mobilized
specialized medical staff to provide
assistance in health.
»Niños por América
En apoyo a los programas encaminados
a impulsar el rendimiento escolar de
los niños de Latinoamérica, este año la
organización en alianza con entidades
públicas y privadas benefició a 104
menores, quienes fueron reconocidos por
su desempeño académico con un viaje a
un destino Avianca en la región.
»Apoyo a través de los grupos de
voluntariado
Apoyada en la vocación de servicio de los
colaboradores, la compañía participó en
30 proyectos de asistencia humanitaria
adelantados en Colombia, El Salvador,
Guatemala, Costa Rica, Perú, Ecuador
y Estados Unidos. De igual forma, y
consciente del potencial de su grupo
humano, la organización continuó con
el programa de acompañamiento a los
grupos interdisciplinarios de voluntarios,
integrados por colaboradores de diferentes
oficios y estaciones que de manera
autónoma se han organizado para brindar
asistencia y soporte a comunidades en
situaciones de riesgo.
»Apoyo a la gestión cultural
En 2013 la compañía continuó con el
68
»Children for America
In support of the programs aimed to
boost the school performance among
children in Latin America, this year the
Company, in Alliance with public and
private entities, benefitted 104 minors,
who were recognized for their academic
performance with a trip to an Avianca
destination in the region.
»Support through voluntary groups
To support collaborators’ services, the
Company participated in 30 humanitarian
assistance projects in Colombia, El
Salvador, Guatemala, Costa Rica, Peru,
Ecuador and the United States. Similarly,
and being conscious of the potential of
its people, the Company continued the
program
supporting
interdisciplinary
groups of volunteers, integrated by
employees of different trades and stations
that have been autonomously organized
to provide assistance and support to
communities in risky situations.
»Cultural Management Support
De igual forma, la compañía apoyó el
desarrollo de proyectos culturales dirigidos
a comunidades específicas de la región,
mediante el transporte de 24,31 toneladas
de obras provenientes de Estados Unidos y
México para países de Centro y Suramérica.
Similarly, the Company supported
the development of cultural projects
directed to specific communities of the
region, through the transport of 24.31
tons of work from the United States
and Mexico for countries of Central and
South America.
Finalmente, buscando ampliar el aporte al
desarrollo de América Latina, se adelantaron
alianzas con instituciones líderes en
proyectos sociales, educativos y culturales
en la región. Un total de 156 proyectos de
igual número de organizaciones se vieron
beneficiados en 2013 con patrocinios
sobre el valor de la tarifa de los pasajes
aéreos, los cuales fueron utilizados por sus
gestores y/o miembros de las comunidades
beneficiadas por sus actividades.
Gestión Ambiental
»Renovación de flota
En 2013, la Holding continuó con el
proceso de renovación, simplificación y
modernización de la flota de aeronaves,
incorporando tecnología amigable con el
medio ambiente. En este frente se concretó
el ingreso de 15 nuevas aeronaves de las
familias Airbus y ATR72-600, de las cuales
14 están equipadas con mejoras en las
cámaras de combustión, reduciendo así
las emisiones de CO2. Dichos equipos, con
paneles acústicos y góndolas de motor,
han representado también una importante
reducción de los niveles de ruido.
Como complemento a la renovación
de los equipos de vuelo, la Holding
mantuvo la implementación de estrategias
operacionales encaminadas a la reducción
del uso del combustible, tales como la
utilización de un solo motor en los procesos
de taxeo y optimización de la utilización
del APU (Auxiliary Power Unit – Unidad
Auxiliar de Energía), entre otras acciones
Finally,
seeking
to
expand
its
contribution to the development of
Latin America, the Company created
alliances with leading institutions
in social, educational, and cultural
projects in the region. A total of
156 projects of equal number of
organizations in 2013 benefited with
sponsorships on the value of airfares,
which were utilized by its managers
and/or members of the communities
benefitted by its activities.
Environmental Management
»Fleet Renovation
In 2013, the Holding continued the
process of renovation, simplification,
and modernization of its aircraft fleet,
incorporating environmentally friendly
technology. On this front, the Company
acquired 15 new aircrafts of the Airbus
and ATR72-600 families, of which 14
are equipped with improvements in
the combustion chambers, therefore
reducing
CO2
emissions.
This
equipment, with acoustic panels and
engine nacelles, has also contributed
with an important reduction in noise
levels.
To complement the flight equipment
renovation, the Company continued
implementing operational strategies
aimed at reducing fuel consumption,
such as the use of only one engine
during taxying and of the Auxiliary
69
2013
program of traveling expositions of
the Avianca Art Collection, which was
delivered to the Museum of Modern
Art of Bogotá, and in a joint program
with Avianca Colombia it is exhibited in
Museums of Art of the most emblematic
Airline destinations in the country.
programa de exposiciones itinerantes de
la Colección de Arte Avianca, la cual fue
entregada en comodato al Museo de Arte
Moderno de Bogotá, y en un programa
conjunto con Avianca Colombia es exhibida
en los Museos de Arte de los destinos más
emblemáticos de la Aerolínea en el país.
orientadas a una disminución de la
utilización de combustible en la trayectoria
del vuelo.
Power Unit (APU) optimization, among
other actions for reducing fuel usage
during flight trajectories.
»Homologación de estándares para la
gestión ambiental
En
2013
se
continuó
con
la
estandarización de los procedimientos
ambientales enfocados en la reducción
de la emisión de gases de efecto
invernadero, el aumento del potencial
de aprovechamiento de residuos y el uso
eficiente de los recursos naturales. Todo
lo anterior bajo el concepto de producción
más limpia. Una estrategia de carácter
preventivo encaminada a la adopción de
la mejor tecnología y la implementación
de prácticas operacionales óptimas.
»Harmonization
of
environmental
management standards
standardization of the environmental
procedures focused on reducing the
emission of greenhouse gasses, the
increased potential of waste usage, and
the efficient use of natural resources. All of
the above are under the concept of cleaner
production and correspond to a preventive
strategy aimed at the adoption of better
technology and the implementation of
optimal operational practices.
En el periodo
desarrollo de
sensibilizar y
de cada uno
compañía con
70
también se continuó con el
actividades encaminadas a
lograr el empoderamiento
de los colaboradores de la
la gestión ambiental.
During this period, the Company also
continued with the development of
activities aimed to raise awareness and
achieve empowerment of each and every
one of the employees of the Company
with the environmental management.
71
2013
72
2013
Corporate Governance
En materia de Gobierno Corporativo, la
organización mantuvo activos los mecanismos
orientados a garantizar la vivencia de los valores
corporativos por parte de los colaboradores,
así como una gestión transparente por parte
de los administradores, que permita la entrega
oportuna de información al mercado y registros
contables fidedignos.
Entre las gestiones de mayor impacto en
materia de Gobierno Corporativo en 2013, se
cuentan:
Ajustes para cumplimiento de requisitos
del mercado de valores americano
Como parte de los procesos de registro
de la Compañía ante la Comisión de Vigilancia
del Mercado de Valores en los Estados Unidos
(Securities and Exchange Commission- SEC) y
de emisión y colocación de los ADSs (American
Depositary Shares) representativos de acciones
preferenciales en la Bolsa de Valores de New
York (New York Stock Exchange–NYSE), la
Compañía ajustó la estructura corporativa a los
requerimientos de estas entidades, para lo cual
se adelantaron las siguientes acciones:
Reformas al Pacto Social para reflejar
»
la obligación de tener la mayoría de los
miembros de Junta como miembros
independientes bajo los criterios requeridos.
Diseño de la Política y Programa
»
Anticorrupción, encaminada a complementar
las disposiciones contenidas en el Código
de Ética y Normas de Conducta de los
Negocios y orientada al cumplimiento de
Ley de Prevención de Prácticas Corruptas en
el Extranjero (Foreign Corrupt Practices Act
In terms of Corporate Governance,
the Company actively maintained the
mechanisms to guarantee the employees’
experience of the corporate values, as well
as a transparent management that allows
timely delivery of information to the market
and reliable accounting records.
Among the key highlights in terms of
Corporate Government during 2013 are:
Settings for compliance with
requirements of the American
stock market
As part of the reporting processes
of the Company to comply with the United
States’ Securities and Exchange Commission
(SEC) and the issuance and placement of
the American Depository Shares (ADS’s)
of preferred stock on the New York Stock
Exchange (NYSE), the Company adjusted
its
corporate
structure
according
the
requirements of these entities, to which came
the following actions:
Social Pact Reforms to reflect the
»
obligation of having the majority of
members of the Board as independent
members under the required criteria.
»Design of the Anti-corruption Program
and Policy, aimed to complement the
provisions contained in the Code of
Ethics and Standards of business conduct
and aimed to comply with Anticorruption
Practices Law for Foreigners in the
Foreign Corrupt Practices Act (FCPA) and
with the standards of anti-corruption
73
Gobierno Corporativo
FCPA) y de las normas anticorrupción que le
sean aplicables a la organización en los países
donde operan las compañías que integran
la Holding. Los lineamientos de la Política
y el Programa próximos a ser adoptados
y divulgados, incluyen entrenamiento a la
alta dirección y a los colaboradores, con
una certificación inicial y una certificación
anual recurrente. Allí se describen las
responsabilidades asignadas en materia de
vigilancia y control y el fortalecimiento de la
línea de denuncias.
that are applicable to the Company in
the countries where they operate the
Companies linked to the Holding. The
guidelines of the Policy and Program
next-to-be adopted and disseminated,
including training of top management
and
employees,
with
an
initial
certification and an annual recurrent
certification. They describe the assigned
responsibilities in terms of monitoring,
control, and strengthening of the line of
denunciations.
»
Fortalecimiento de los procesos de
comunicación con los accionistas e
inversionistas, incluyendo un correo
electrónico a través del cual
pueden
formular preguntas y solicitar información
relacionada con la gestión y las actividades
de la compañía. Esto incluye la modificación
de la página web de la compañía, creando
una herramienta más amigable.
»
Strengthening of the communication
processes with the shareholders and
investors, including an email through
which they can formulate questions
and request information relating to
the management and the Company’s
activities. This includes the modification
of the Company’s website, creating a
more user-friendly tool.
»Celebración de las conferencias de resultados
trimestrales con la participación de la alta
dirección ejecutiva, bajo la coordinación de la
Dirección de Relaciones con Inversionistas.
»
of
the
quarterly
results
Hosting
conferences with the participation of
senior executive management, under the
coordination of the investor relations.
Control Interno
Internal Control
A través del Departamento de Control
Interno se completó la documentación de
Matrices de Riesgos y Controles para Procesos
con impacto material en estados financieros.
Through the Internal Control Department,
the Company documented a Matrix of Risks
and Controls for Processes that have a material
impact on the financial statements.
La metodología utilizada es la recomendada
por el PCAOB (Public Company Accounting
Oversight
Board):
Top-Down
approach,
levantando controles a nivel entidad, hasta llegar
a Controles en Procesos identificados como críticos
con base en un análisis de materialidad que
abarca las compañías subsidiarias catalogadas
como relevantes para la Holding. Asimismo, se
finalizó la documentación de controles generales
de tecnología de la información y toda la
plataforma tecnológica y sistemas de información
que soporta la información crítica del negocio. En
cumplimiento con la Ley SOX, se llevó a cabo
un levantamiento de matrices de segregación de
funciones para los procesos con alcance SOX.
The utilized methodology is the one
recommended by the Public Company Accounting
Oversight Board (PCAOB): Top-Down approach,
lifting controls at entity levels, until coming
to Controls in Processes identified as critical
based on an analysis of materiality that covers
the subsidiary companies listed as relevant to
the Holding. Likewise, the Company finalized
documenting the general controls of information
technology and all of the technology platforms
and information systems that support the
information critical to business. In compliance
with the SOX Law, the Company carried out a
survey that included function segregation for
the processes in the line with SOX requirements.
Por otro lado, se han seguido realizando
auditorías y monitoreos permanentes a procesos
On the other hand, the Company has
continued carrying out permanent audits and
74
Control Riesgo
La organización continúa trabajando en
el diseño del Sistema de Gestión de Riesgos
Corporativos (SGR) a través de la identificación,
valoración, control y tratamiento de los
diferentes tipos de riesgos que pueden afectar
el cumplimiento del Norte Estratégico de la
compañía, con el fin de proteger los activos de
la organización y apoyar el logro de los Objetivos
Corporativos. La primera fase de implementación
del SGR culminó en el 2013. En ese marco
se diseñó la Política de Gestión de Riesgos
Corporativos, se construyó el primer mapa de
riesgos estratégicos, y se definieron los planes
de acción para mitigar los riesgos más críticos.
Asimismo, se inició el proceso para estandarizar
y alinear las distintas metodologías y tipos
de gestión de riesgos con los que cuenta la
organización.
Código de Ética y Normas de
Conducta de los Negocios
Risk Control
The Company continues working on the
design of the Corporate Risk Management
System (SGR) through the identification,
valuation, control and treatment of the different
types of risks that can affect the fulfillment of
the Company’s Strategic Direction, in order to
protect the Company’s activities and support the
achievement of the corporate objectives. The
first implementation phase of SGR culminated
in 2013. As a result, the Company designed
the Corporate Risk Management Policy, and
built the first map to outline strategic risks,
while defining the action plan to mitigate the
most critical risks. In addition, the Company
initiated the process to standardize and align
the different methodologies and types of risk
management that the Company has.
Business Code of Ethics and
Standards of Conduct
En febrero de 2013 Avianca Holdings S.A.
adoptó su Código de Ética y Normas de Conducta
de los Negocios aplicable a toda la organización,
incluyendo las compañías subsidiarias.
In February of 2013, Avianca Holdings
S.A. adopted its Code of Ethics and Standards
of Conduct for the businesses that were
applicable to the entire Company, including
the subsidiary companies.
El Código contiene los valores, principios
y normas que guían la actuación recíproca de la
organización y de sus colaboradores entre sí, y
frente a los clientes y a la comunidad en general,
lo que incluye las obligaciones que se derivan de
las leyes y regulaciones locales e internacionales
que les sean exigibles a las compañías, así como
a los colaboradores en cada uno de los países
donde se tiene presencia, y se prestan servicios.
The Code contains the values, principals,
and standards that guide the reciprocal action
of the Company and of its collaborators,
and the clients and communities in general,
including the obligations derived from the law
and local and international regulations that
are requested for companies, as well as the
collaborators in each of the countries in which
the Company is present and provides services.
La adopción incluyó un programa de
divulgación liderado por el área de Talento Humano
con el apoyo de las áreas de Comunicaciones y
de la Línea de Denuncias. El mismo se enfocó en
el fortalecimiento de las herramientas de control
interno dispuestas por la organización para
atender las inquietudes, sugerencias así como las
quejas y denuncias que voluntariamente quieran
ser presentadas por parte de sus directivos,
empleados, colaboradores, contratistas, clientes
The adoption included an outreach
program led by Human Resources with the
support of the areas of communication and
complaints. It focused on the strengthening
of the internal control tools created by the
Company to address concerns, suggestions,
as
well
as
complaints
presented
by
management,
employees,
collaborators,
contractors, customers, and third parties
in general, in relation with the conducts/
75
2013
monitoring key business processes, in order
to ensure a proper environment of Internal
Control in the Company.
claves en el negocio, con el fin de asegurar un
adecuado ambiente de Control Interno en la
organización.
y terceros en general, en relación con las
actuaciones que se consideren o puedan ser
consideradas como no éticas o contrarías a la
ley, o a los estatutos sociales, o a las políticas
establecidas por las organización. Por solicitud del
Comité de Auditoria de la Junta Directiva se tomó
la decisión de contratar con un tercero el manejo
de la Línea Ética, proyecto que será implementado
en el curso del primer semestre de 2014.
behaviors that they consider or they
can consider as unethical or contrary to
the law, or to the social status, or to the
policies established by the Company. Upon
the request of the Audit Committee of the
Board of Directors, the Company decided to
contract a third party to manage the Ethics
Line, a project that will be implemented
during the first half of 2014.
Composición Accionaria
Capital Structure
El resumen de la composición accionaria 2012 y
2013, incluyendo acciones ordinarias y preferenciales,
se presentan en los siguientes gráficos:
Following is a summary of the capital
structure for 2012 and 2013, including ordinary and
preferential shares, as shown in the graphs below:
76
2012
Accionista / Shareholder
2013
Total %
Participación
% Total Share
Accionista / Shareholder
Total %
Participación
% Total Share
Synergy Aerospace Corp.
58.59%
Synergy Aerospace Corp.
52.03%
Kingsland Holdings LTDA
27.70%
Avianca Holdings S.A. ADS Program
19.09%
14.46%
Fondo de Pensiones Obligatorias
COLFONDOS Moderado
1.01%
Kingsland Holdings LTDA
FPO. BBVA Horizonte - Moderado
0.68%
Fdo. de Pensiones Obligatorias
PROTECCIÓN Moderado
0.99%
FIDUBOGOTA - PA Plan Incenti
Avianca Taca Holding
0.46%
COLFONDOS Moderado
0.72%
PORVENIR Moderado
0.39%
Fdo. Pensiones Obligatorias
HORIZONTE - Moderado
0.62%
Joaquín Alberto Palomo
0.36%
FIDUBOGOTA - PA Plan Incenti
Avianca Taca Holding
0.43%
Fondo Bursátil ISHARES COLCAP
0.35%
Fondo Bursátil ISHARES COLCAP
0.37%
Alfredo Daniel Ratti Vásquez
0.31%
Porvenir Moderado
0.36%
Fondo de Cesantías PORVENIR
0.19%
Mediterráneo Fonde de Inversión Privado
0.33%
Fondo Especial de Retiro
Programado BBVA Horizonte
0.19%
PROTECCIÓN Retiro
0.25%
Fdo. de Pensiones Obligatorias
PROTECCIÓN Moderado
0.18%
PR - Fondo 3
0.24%
Fdo. de Pens. Obligatorias
COLFONDOS Retiro Programa
0.17%
Inversiones MEGEVE DOS S.A.S.
0.23%
Fdo. De Pensiones Voluntarias
MULTIFUND SKANDIA
0.16%
PROTECCIÓN Mayor R
0.23%
Inversiones MEGEVE Capital
Colombia LTDA
0.13%
Fondo Especial de Retiro
Programado Horizonte
0.17%
Government of Norway
0.13%
Norges Bank
0.16%
Fondo de Pens. Obligatorias
COLFONDOS Conservador
0.12%
FDO. Abierto P C C PAC de PER BTG
PAC Acciones COL
0.15%
PROTECCIÓN Mayor R
0.11%
Fondo de Cesantías PORVENIR
0.15%
Fondo Pensiones Obligatorias
PORVENIR Conservador
0.10%
CCC CG Small CAPS Colombia
0.14%
FPO. BBVA HORIZONTE Conservador
0.10%
Fondo de Cesantías PROTECCIÓNLargo Plazo
0.14%
Fondo de Cesantías BBVA
HORIZONTE - Largo Plazo
0.09%
Otros
8.73%
Fondo de Cesantías PROTECCIÓNLargo Plazo
0.08%
Otros Accionistas
8.42%
% Total Acciones en Circulación
% Total Outstanding Shareholders
100%
% Total Acciones en Circulación
% Total Outstanding Shareholders
100.00%
77
2013
Main Shareholders
The main shareholders of the Company
as of December 2012 and December 2013, are
shown in the following table:
Principales Accionistas
Los principales accionistas de la sociedad,
con corte diciembre 2012 y diciembre 2013, se
muestran en los siguientes listados:
78
2013
Legal Situation
La Organización ha adoptado políticas para
garantizar el cumplimiento de las normas de
propiedad intelectual y de protección de derechos
de autor en relación con el uso del software
instalado por sus compañías subsidiarias en los
países donde operan. Además, En cumplimiento
de las normas legales que rigen su actividad,
Avianca Holdings S.A. atendió las exigencias que
le fueron formuladas por las diferentes entidades
de vigilancia y control.
The Company has adopted policies to
guarantee the fulfillment of the standards of
intellectual property and copyright protection
related to the use of software installed by its
subsidiary companies in the countries in which
they operate. Additionally, in compliance with
the legal standards that govern its activity,
Avianca Holdings S.A. responded to the demands
made by the different entities of surveillance
and control.
79
Situación Jurídica
80
2013
Legal Situation
A continuación se detallan las perspectivas
para 2014 de Avianca Holdings S.A.:
Following below is Avianca Holdings S.A.
outlook 2014:
»
Se espera, un margen EBIT (Earnings
before interest and taxes - Ingresos antes
de Interés e Impuestos) consolidado para el
2014 entre 8,75% y 9,25%.
»It expects, a consolidated EBIT margin
(Earnings before interest and taxes)
between 8.75% and 9.25% for 2014.
»En este periodo la compañía, a través
de sus filiales operativas, espera un
incremento en capacidad, medido en
ASKs, entre 7,0% y 8,0%
»
Las estimaciones internacionales para el
2014 de la industria aérea en América Latina
indican que la capacidad, medida en ASKs
(asientos disponibles por kilómetro volado),
crecerá cerca de un 6,5%7. Para este mismo
período, Avianca Holdings S.A. a través de sus
aerolíneas afiliadas estima un incremento en
capacidad, medida en ASKs, entre un 7,0%
y 8,0%. Lo anterior, como resultado del plan
renovación y modernización de flota, así
como de la expansión de la red de rutas en
los mercados internacionales y nacionales de
Perú y Colombia. En línea con el crecimiento
económico de los mercados domésticos
donde Avianca Holdings S.A. opera a través
de sus subsidiarias, se estima que el número
de pasajeros transportados crecerá entre un
8,0% y 9,0%. Como resultado se espera un
incremento en el TRASK (ingreso por silla
disponible kilometro volado) entre un 1,5%
y 2,5%.
»During this period, the Company, through
its operating subsidiaries, expects an
increase in capacity, measured in ASKs,
between 7.0% and 8.0%.
»
International estimate for the aviation
industry in Latin America for 2014
indicate that capacity, measured in ASKs
(available seats per kilometer), will grow
approximately 6.5%7. For this same
period, Avianca Holdings S.A., through
its affiliated airlines, estimate an increase
in capacity, measured in ASKs, between
7.0% and 8.0%. The estimate is a result of
the fleet’s renovation and modernization,
as well as the expansion of the route
network in the international and national
markets of Peru and Colombia. In line with
the economic increase of the domestic
markets in which Avianca Holdings S.A.
operates through its subsidiaries, it
estimates that the number of transported
passengers will grow between 8.0% and
9.0%. As a result, it expects an increase
in the TRASK (total revenue for available
seats per kilometer) of between 1.5% and
2.5%.
7 IATA, Financial Forecast, Diciembre 2013, p. 1
7 IATA, Financial Forecast, December 2013, p. 1
81
Perspectivas 2014
»
Finalmente, el factor de ocupación
estimado para el año se ubicara entre
un 79% y 81%.
De los Señores Accionistas,
atentamente.
»Finally, the occupancy factor estimated
for the year will stand between 79% and
81%.
My best regards to the Company
Shareholders.
Fabio Villegas Ramírez
Presidente Ejecutivo / Executive President
Los miembros de la Junta Directiva acogen
y hacen suyo el presente informe:
»
»
»
»
»
»
»
»
»
»
»
Germán Efromovich
José Efromovich
Alexander Bialer
Marco Baldocchi
Isaac Yanovich
Álvaro Jaramillo
Ramiro Valencia
Bogotá, Colombia, marzo de 2014.
82
This report has been accepted by the
members of the Board of Directors:
»
»
»
»
»
»
»
»
»
»
»
Germán Efromovich
José Efromovich
Alexander Bialer
Marco Baldocchi
Isaac Yanovich
Álvaro Jaramillo
Ramiro Valencia
Bogotá, Colombia, March 2014.
2013
Consolidated Financial Statements
AVIANCA HOLDINGS, S.A. Y SUBSIDIARIAS
(República de Panamá)
AVIANCA HOLDINGS, S.A. AND
SUBSIDIARIES (Republic of Panamá)
Estados Financieros Consolidados al 31 de
diciembre de 2013 y 2012 y para cada año en
el período de tres años terminados el 31 de
diciembre de 2013.
Consolidated Financial Statements as of
December 31, 2013 and 2012 and for each of the
years in the three-year period ended December
31, 2013.
83
Estados Financieros Consolidados
84
2013
Independent Auditor’s Report
A la Junta Directiva y Accionistas de Avianca
Holdings, S.A.
To The Board of Directors and Shareholders
of Avianca Holdings, S.A.
Hemos efectuado la auditoría de los estados
consolidados de posición financiera de Avianca
Holdings, S.A. y subsidiarias al 31 de diciembre
de 2013 y de 2012, y los estados consolidados
de resultados integrales, de cambios en el
patrimonio y de flujos de efectivo por los tres años
terminados el 31 de diciembre de 2013, 2012
y 2011 y el resumen de las políticas contables
significativas y otras notas explicativas.
We have audited the accompanying
consolidated statements of Avianca Holdings, S.A.
and subsidiaries, which comprise the consolidated
statements of financial position as os December
31, 2013 and 2012, and the related consolidated
statements of comprehensive income, changes
in equity and cash flows for each of the three
years in the period ended December 31, 2013,
and a summary of significant accounting policies
and other explanatory information.
La Administración es responsable por
la preparación y correcta presentación de
los estados financieros de conformidad con
las Normas Internacionales de Información
Financiera emitidas por el Consejo de Normas
Internacionales de Contabilidad; y por el control
interno que la Administración determine relevante
para la preparación y correcta presentación de
estados financieros libres de errores materiales,
bien sea por fraude o error.
Nuestra responsabilidad es la de expresar
una opinión sobre los mencionados estados
financieros fundamentada en nuestras auditorías.
Obtuvimos la información necesaria para cumplir
con nuestras funciones y efectuamos nuestras
auditorías de acuerdo con normas internacionales
de auditoría. Las citadas normas requieren que una
auditoría se planifique y lleve a cabo para obtener
seguridad razonable en cuanto a si los estados
financieros están libres de errores materiales.
Una
auditoría
incluye
desarrollar
procedimiento para obtener la evidencia que
respalda las cifras y las revelaciones en los
estados financieros.
Los procedimientos
seleccionados dependen del juicio del auditor,
Management is responsible for the
preparation and fair presentation of these
consolidated financial statements in accordance
with International Financial Reporting Standards
as issued by the International Accounting
Standards Board, and for such internal control
as Management determines is necessary
to enable the preparation of consolidated
financial statement that are free from material
misstatement, whether due to fraud or error.
Our responsibility is to express an opinion
on these consolidated financial statement
based on our audir. We conducted our audit
in accordance with International Standards on
Auditing. Those standards require that we comply
with ethical requirements and plan and perform
the audit to obtain reasonable assurance about
whether the consolidated financial statements
are free from material misstatement.
An audit involves performing procedures
to obtain audit evidence about the amounts
and disclosures in the consolidated financial
statements. The procedures selected depend
on the auditor´s judgment, including the
85
Informe de Auditor Independiente
incluyendo la evaluación del riesgo de errores
materiales en los estados financieros, sean por
fraude o error. En el proceso de evaluar riesgos,
el auditor considera los controles internos
relevantes para la preparación y presentación
de los estados financieros, con el fin de diseñar
procedimientos de auditoría que sean apropiados
en las circunstancias, pero no para el propósito
de expresar una opinión sobre la efectividad del
control interno de la Compañía. Asimismo, una
auditoría incluye una evaluación de las políticas
de contabilidad adoptadas y de las estimaciones
de importancia efectuadas por la Administración,
así como de la presentación en su conjunto de los
estados financieros.
assessment of the risks of material misstatement
of the consolidated financial statements, whether
due to fraud or error. In making those risk
assessments, the auditor considers internal
control relevant to the entity´s preparation of
the consolidated financial statements in order
to design audit procedures that are appropiate
in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness
of the entity´s internal control. An audit also
includes evaluating the appropriateness of
accounting policies used and the reasonableness
of accounting estimates made by management,
as well as evaluating the overall presentation of
the consolidated financial statements.
Consideramos que nuestras auditorías
proporcionan una base para emitir nuestra opinión.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion.
En nuestra opinión los estados financieros
presentan razonablemente, en todos sus
aspectos importantes, la posición financiera
consolidada de Avianca Holdings, S.A. y
subsidiarias al 31 de diciembre de 2013 y de
2012, y de su desempeño financiero y flujos
de efectivo por los años terminados al 31 de
diciembre de 2013, 2012 y 2011, de conformidad
con las Normas Internacionales de Información
Financiera emitidas por el Consejo de Normas
Internacionales de Contabilidad.
Bogotá, Colombia. 25 de febrero de 2014
In our opinion, the consolidated financial
statements present fairly, in all material
respects, the consolidated financial position
of Avianca Holdings, S.A. and subsidiaries as
of December 31, 2013 and 2012, and of its
financial performance and its cash flows for each
of the three years in the period ended December
31, 2013, in accordance with International
Financial Reporting Standards as issued by the
International Accounting Standards Board.
Bogotá, Colombia. February 25, 2014
Jorge O. Piñeiro
Auditor Independiente / Independent Auditor
Tarjeta Profesional 169584-T / T. P. No. 169584-T
Designado por Ernst & Young Audit S.A.S. TR-530 / Designated by Ernst & Young Audit S.A.S. TR-530
86
(En miles de USD, excepto las acciones y los valores por acción)
(In USD thousands, except share and per share data)
Al 31 de Diciembre de,
As of December 31,
Notas
Notes
Activo / Assets:
2013
2012
Activos corrientes: / Current assets:
Efectivo y equivalentes de efectivo / Cash and cash equivalents
7
Efectivo restringido / Restricted cash
7
$
735.577
$
402.997
23.538
6.547
—
19.460
Inversiones disponibles para la venta / Available-for-sale securitie
Cuentas por cobrar, neto de estimación para cuentas de cobro dudoso
Accounts receivable, net of provision for doubtful accounts
8
276.963
202.962
Cuentas por cobrar con partes relacionadas
Accounts receivable from related parties
9
26.425
29.427
Repuestos no reparables y suministros, neto de provisión por
obsolescencia
Expendable spare parts and supplies, net of provision for
obsolescence
10
53.158
48.796
Gastos pagados por anticipado / Prepaid expenses
11
46.745
54.512
Activos mantenidos para la venta / Assets held for sale
12
7.448
9.832
Depósitos y otros activos / Deposits and other assets
13
125.334
105.028
1.295.188
879.561
Total activos corrientes / Total current asset
Activos no corrientes: / Non-current assets:
Inversiones disponibles para la venta / Available-for-sale securities
13
14.878
13.165
189.176
221.558
8
32.441
64.540
Cuentas por cobrar con partes relacionadas
Accounts receivable from related parties
9
—
24.001
Activos intangibles / Intangible assets
15
363.103
344.908
Impuesto diferido activo / Deferred tax assets
30
50.893
73.644
Propiedades y equipo, neto / Property and equipment, net
14
Total activos no corrientes / Total non-current assets
Total activos / Total assets
3.233.358
2.699.546
3.883.849
3.441.362
$ 5.179.037
$ 4.320.923
Véanse las notas adjuntas a los Estados Financieros Consolidados
See accompanying notes to Consolidated Financial Statements
87
2013
Pasivos y patrimonio / Liabilities and equity
Porción corriente de deuda a largo plazo / Current portion of long-term debt
17
Cuentas por pagar / Accounts payable
18
Cuentas por pagar con partes relacionadas / Accounts payable to related parties
Gastos acumulados / Accrued expenses
Al 31 de Diciembre de,
As of December 31,
Notas
Notes
2013
$
314.165
282.145
509.129
488.568
7.553
7.309
134.938
181.802
9
19
2012
$
Provisión para litigios / Provisions for legal claims
31
14.984
7.903
Provisión para condiciones de retorno / Provisions for return conditions
20
33.033
7.598
Beneficios de empleados / Employee benefits
21
52.392
57.241
Ingresos diferidos por transporte no devengado / Air traffic liability
22
564.605
468.789
Otros pasivos / Other liabilities
Total pasivos corrientes / Total current liabilities
27.432
29.470
1.658.231
1.530.825
1.951.330
1.572.299
Pasivos no corrientes: / Non-current liabilities:
Deuda a largo plazo / Long-term debt
17
18
2.735
3.041
Provisión para condiciones de retorno / Provisions for return conditions
20
56.065
59.297
21
276.284
400.831
Pasivo por impuesto diferido / Deferred tax liabilities
30
7.940
2.528
Otros pasivos no corrientes / Other liabilities non-current
Total pasivos no corrientes / Total non-current liabilities
Total pasivos / Total liabilities
Patrimonio: / Equity:
Acciones comunes / Common stock
Acciones preferentes / Preferred stock
11.706
—
2.306.060
2.037.996
3.964.291
3.568.821
83.225
92.675
24
41.398
19.473
Capital adicional pagado en acciones comunes
Additional paid-in capital on common stock
236.342
263.178
Capital adicional pagado en acciones preferentes
Additional paid-in capital on preferred stock
467.498
270.061
Utilidades retenidas / Retained earnings
351.102
68.153
28.857
25.418
1.208.422
738.958
Revaluación y otras reservas / Revaluation and other reserves
Total de patrimonio atribuible a la Compañía
Total equity attributable to the Company
Participación no controladora / Non-controlling interest
Total patrimonio / Total equity
Total pasivos y patrimonio / Total liabilities and equity
6.324
13.144
1.214.746
752.102
$ 5.179.037
$ 4.320.923
88
Notas
Notes
Por el año terminado el 31 de diciembre
For the year ended December 31,
2013
2012
2011
$ 3.862.397
$ 3.550.559
$ 3.182.953
Ingresos operacionales: / Operating revenue:
Pasajeros / Passenger
25
Carga y otros / Cargo and other
25
747.207
719.097
611.475
4.609.604
4.269.656
3.794.428
Operaciones de vuelo / Flight operations
82.872
84.774
79.934
Combustible de aeronaves / Aircraft fuel
1.325.763
1.305.396
1.123.547
343.812
321.552
279.607
Total ingresos operacionales / Total operating revenue
Gastos operacionales: / Operating expenses:
Operaciones terrestres / Ground operations
Arrendamiento de aeronaves / Aircraft rentals
273.643
255.566
214.861
Servicios a pasajeros / Passenger services
143.512
132.823
115.049
Mantenimiento y reparaciones / Maintenance and repairs
188.659
222.705
228.280
Tráfico aéreo / Maintenance and repairs
180.140
169.650
177.407
Mercadeo y ventas / Sales and marketing
584.468
522.645
500.822
Generales, administrativos y otros
General, administrative and other
257.273
206.666
184.700
Salarios, sueldos y beneficios / Salaries, wages and benefits
674.951
644.901
561.331
169.580
122.080
126.507
Depreciación, amortización y deterioro
Depreciation, amortization, and impairment
14,15
4.224.673
3.988.758
3.592.045
Utilidad de operación / Operating profit
Total gastos operacionales / Total operating expenses
384.931
280.898
202.383
Gastos por intereses / Interest expense
(113.330)
(122.112)
(90.778)
11.565
25.006
33.649
(11.402)
(24.042)
(3.164)
Ingresos por intereses / Interest income
Instrumentos derivados / Derivative instruments
Diferencial cambiario / Foreign exchange
Utilidad antes de impuesto de renta
Profit before income tax
23.517
(56.788)
1.600
295.281
102.962
143.690
Gasto de impuesto sobre la renta – corriente
Income tax expense - current
30
(40.296)
(49.884)
(31.881)
Gasto de impuesto sobre la renta – diferido
Income tax expense - deferred
30
(6.164)
(14.821)
(11.933)
(46.460)
(64.705)
(43.814)
Total gasto por impuesto sobre la renta
Total income tax expense
Utilidad neta del año / Net profit for the year
$
248.821
$
38.257
$
99.876
89
2013
Notas
Notes
2013
2012
2011
$ 248.821
$ 38.257
$ 99.876
Otros resultados integrales (pérdida):
Other comprehensive income (loss):
Rubros que no serán reclasificados a resultados en
períodos futuros: / Items that will not be reclassified to
profit or loss in future periods:
Revaluación de propiedad Administrativa
Revaluation of administrative property
24
3.439
(1.641)
1.549
Ganancias actuariales (pérdidas) / Actuarial gains (losses)
24
66.277
(55.012)
(34.702)
Impuesto sobre la renta / Income tax
30
(14.525)
10.701
7.434
55.191
(45.952)
(25.719)
Rubros que serán reclasificados a resultados en períodos futuros:
Items that will be reclassified to profit or loss in future periods:
Porción efectiva de cambios en el valor razonable de
instrumentos de cobertura / Effective portion of changes in
fair value of hedging instruments
24
10.654
3.697
—
Cambio neto en el valor razonable de inversiones disponibles para
la venta / Net change in fair value of available for-sale securities
24
2.028
3.775
3.970
Impuesto sobre la renta / Income tax
30
(1.852)
(726)
(738)
10.830
6.746
3.232
66.021
(39.206)
(22.487)
$ 314.842
$
(949)
$ 77.389
$ 257.493
$ 35.141
$ 98.886
Otros resultados integrales (pérdida), neto de
impuesto sobre la renta / Other comprehensive income
(loss), net of income tax
Total resultados integrales (pérdida), neto de impuesto sobre
la renta / Total comprehensive income (loss) net of income tax
Utilidad (pérdida) atribuible a: / Profit (loss) attributable to:
Tenedores de acciones de la matriz / Equity holders of the parent
Utilidad neta / Net profit
(8.672)
3.116
990
$ 248.821
$ 38.257
$ 99.876
$ 323.514
$ (4.065)
$ 76.399
(8.672)
3.116
990
$ 77.389
Total resultados integrales (pérdida) atribuibles a:
Total comprehensive income (loss) attributable to:
Tenedores de acciones de la matriz / Equity holders of the parent
Total resultados integrales (pérdida) / Total comprehensive income (loss)
$ 314.842
$
(949)
Acciones comunes / Common stock
$
0,27
$
0,04
$
0,11
Acciones preferentes / Preferred stock
$
0,27
$
0,04
$
0,11
Utilidades básicas y diluidas, por acción
Basic and diluted earnings per share
16
Véanse las notas adjuntas a los Estados Financieros Consolidados / See accompanying notes to Consolidated Financial Statements
90
Acciones comunes
Common stock
Acciones preferentes
Preferred stock
Capital adicional
pagado
Additional paid-in capital
Acciones
Shares
Monto
Amount
Acciones
comunes
Common
stock
Acciones
preferentes
Preferred
stock
$
$284.444
$
Notas
Notes
Saldos al 1 de enero de 2011
Balance at January 1, 2011
Utilidad neta del año / Net profit
Acciones
Shares
Monto
Amount
801.307.920
$100.163
—
—
—
Revaluación y
otras
reservas
Revaluation
and other
reserves
Utilidades
retenidas
y reservas
OCI
Retained
earnings
and OCI
reserves
Patrimonio
atribuible a
la compañía
Equity
attributable
to equity
holders of the
parent
Participación
no
controladora
Noncontrolling
interest
$ 25.510
$ 21.317
$ 431.434
$ 11.926
Total
patrimonio
Total
equity
$ 443.360
—
—
—
—
—
—
—
98.886
98.886
990
99.876
Otros resultados integrales
Other comprehensive income for
the period
24
—
—
—
—
—
—
1.549
(24.036)
(22.487)
—
(22.487)
Emisión de acciones preferentes
Issue of preferred stock
24
—
—
100.000.000
12.500
—
257.846
—
—
270.346
—
270.346
Conversión de acciones comunes a
acciones preferentes
24
(59.907.920)
(7.488)
59.907.920
7.488
(21.266)
21.266
—
—
—
—
—
741.400.000
$ 92.675
159.907.920
$19.988
$263.178
$279.112
$ 27.059
$ 96.167
$ 778.179
$ 12.916
$ 791.095
—
Conversion of common stock to
preferred stock
Saldos al 31 de diciembre de 2011
Balance at December 31, 2011
—
—
—
—
—
—
—
—
—
—
—
—
35.141
35.141
3.116
38.257
(37.565)
(39.206)
—
(39.206)
—
(25.590)
(25.590)
—
(25.590)
—
—
(9.566)
—
(9.566)
—
—
—
—
(2.888)
(2.888)
$263.178
$270.061
$ 25.418
$ 68.153
$ 738.958
$ 13.144
$ 752.102
—
—
—
—
257.493
257.493
(8.672)
248.821
—
—
—
—
3.439
62.582
66.021
—
66.021
—
(36.921)
(36.921)
—
(36.921)
—
(197.141)
(25)
—
(452)
—
—
(477)
—
(477)
—
—
100.000.000
12.500
171.053
—
—
183.553
—
183.553
(75.599.997)
(9.450)
75.599.997
9.450
26.836
—
—
—
—
—
the period
24
Dividendos pagados / Dividends paid
24
—
—
—
—
—
—
Compra de acciones en tesorería
Purchase of treasury stock
24
—
—
(4.123.491)
(515)
—
(9.051)
—
—
—
—
—
741.400.000
$ 92.675
155.784.429
$19.473
—
—
—
—
—
—
(1.641)
Otros / Other
the period
24
24
Compra de acciones en tesorería
Purchase of treasury stock
24
Emisión de acciones preferentes
Preferred Stock Issuance
Conversión de acciones comunes
a acciones preferentes
Conversion of common stock to
preferred stock
Otros / Other
(26.836)
—
—
—
—
—
—
—
(205)
(205)
1.852
1.647
665.800.003
$ 83.225
331.187.285
$41.398
$236.342
$467.498
$ 28.857
$351.102
$1.208.422
$ 6.324
$1.214.746
Véanse las notas adjuntas a los Estados Financieros Consolidados / See accompanying notes to Consolidated Financial Statements
91
2013
Estados Consolidados de Cambios en el Patrimonio
Consolidated Statement of Changes in Equity
Estados Consolidados de Flujos en Efectivo
Consolidated Statement of Cash Flows
(En miles de USD)
(In USD thousands)
2013
2012
2011
Flujos de efectivo por actividades de operación:
Cash flows from operating activities:
$
248.821
$
38.257
$
99.876
Ajustes por: / Adjustments for:
Depreciación, amortización y deterioro
Depreciation, amortization and impairment
169.580
122.080
126.507
(355)
4.032
—
(2.555)
(18.383)
(8.832)
9.688
24.042
3.164
Ingresos por intereses / Interest income
(11.565)
(25.006)
(33.649)
Gastos por intereses / Interest expense
113.330
122.112
90.778
Impuesto diferido / Deferred tax
6.164
14.821
11.933
Impuesto corriente / Current tax
40.296
49.884
31.881
(23.517)
(25.959)
3.932
(43.769)
(40.647)
(78.939)
(4.362)
(11.003)
2.845
6.592
(2.909)
(8.270)
Pagos basados en acciones / Share-based payment expense
Pérdida (ganancia) por disposición de activos
Loss (gain) on disposal of assets
Valuación de instrumentos derivados
Fair value adjustment of financial instruments
Diferencial cambiario por conversión / Currency translation adjustment
Cambios en: / Changes in:
Cuentas por cobrar / Accounts receivable
Repuestos no reparables y suministros
Expendable spare parts and supplies
Gastos pagados por anticipado / Prepaid expenses
(11.543)
62.658
(15.313)
Cuentas por pagar y gastos acumulados
Accounts payable and accrued expenses
(23.801)
(10.796)
82.685
Ingresos diferidos por transporte no devengado / Air traffic liability
95.820
51.042
27.787
Provisiones para condiciones de retorno
Provision for return conditions
22.203
(1.884)
30.033
(25.207)
54.648
(16.506)
Impuesto sobre la renta pagado / Income tax paid
(21.178)
(15.763)
(19.600)
Efectivo neto provisto por actividades de operación
Net cash provided by operating activities
544.642
391.226
330.312
19.460
(2.573)
1.571
(16.991)
(4.732)
5.938
10.070
21.872
18.061
Flujos de efectivo por actividades de inversión:
Cash flows from investing activities:
Títulos valores disponibles para la venta
Available-for-sale securities
Intereses cobrados / Interest received
sigue / continue
92
2013
2013
2012
2011
Anticipos en contratos de compra de aeronaves
Advance payments on aircraft purchase contracts
(320.289)
(161.337)
(133.157)
Adquisición de propiedades y equipo
Acquisition of property and equipment
(264.700)
(370.479)
(209.817)
29.619
154.930
(103.756)
(15.769)
(11.986)
Redención de (inversión en) certificados de depósitos bancarios
Investment in (Redemption of) certificates of bank deposits
Adquisición de activos intangibles / Acquisition of intangible assets
Procedente de la venta de propiedades y equipo
Proceeds from sale of property and equipment
Procedente de la venta de inversiones
Proceeds from sale of investments
Efectivo neto (usado en) actividades de inversión
Net cash (used in) investing activities
(26.728)
$
83.938
$
74.037 $
57.950
2.362
3.246
4.017
(483.259)
(300.805)
(371.179)
238.639
465.074
229.943
Flujos de efectivo por actividades de financiamiento:
Cash flows from financing activities:
Procedente de nuevos préstamos / Proceeds from loans and borrowings
Procedente de emisión de bonos / Proceeds from issuance of bonds
Pago de préstamos / Repayments of loans and borrowings
Pago de obligaciones por arrendamiento financiero
Payments of financial lease liabilities
298.626
—
—
(292.640)
(285.754)
(331.425)
(4.410)
(9.785)
(26.054)
(36.921)
(25.590)
—
Compra de acciones en tesorería / Purchase of treasury stock
(477)
(9.566)
—
Emisión de acciones preferentes / Issuance of preferred stock
183.553
—
270.346
1.647
(7.741)
—
Intereses pagados / Interest paid
(98.723)
(109.894)
(85.809)
Efectivo neto provisto por actividades de financiamiento
Net cash provided by financing activities
289.294
16.744
57.001
Incremento neto en efectivo y equivalentes de efectivo
Net increase in cash and cash equivalents
350.677
107.165
16.134
Efecto del tipo de cambio sobre el efectivo
Net foreign exchange difference
(18.097)
7.106
(1.579)
Efectivo y equivalentes de efectivo al inicio del año
Cash and cash equivalents at beginning of year
402.997
288.726
274.171
402.997
$ 288.726
Otros / Other
Efectivo y equivalentes de efectivo al final del año
Cash and cash equivalents at end of year
$ 735.577
$
93
viene / continued
Notas en los Estados Financieros Consolidados
Notes to Consolidated Financial Statements
(En miles de USD / In USD thousands)
(1)
Entidad informante
(1)
Reporting entity
Avianca Holdings, S.A. (la “Compañía” o
“Avianca Holdings S.A.”), sociedad panameña
con domicilio legal en Calle Aquilino de la
Guardia No. 8, Edificio IGRA, Ciudad de Panamá,
República de Panamá, constituida el 5 de octubre
de 2009 con el nombre SK Holdings Limited, de
conformidad con las leyes de la Mancomunidad
de las Bahamas. Posteriormente, el 10 de marzo
de 2010 la Compañía cambió su razón social a
AviancaTaca Limited y el 28 de enero de 2011
volvió a cambiarlo a AviancaTaca Holding, S.A.
y luego el 3 de marzo de 2011 la Compañía
cambió su domicilio legal a Panamá. En 2011,
AviancaTaca Holding, S.A. cotizó sus acciones
en la Bolsa de Valores de Colombia (BVC) donde
aparecía enlistada como PFAVTA: CB. El 21 de
marzo de 2013 la Compañía cambió su nombre
legal de AviancaTaca Holding, S.A. a Avianca
Holdings S.A., y el 22 de julio de 2013 cambió
su código en la Bolsa a PFAVH: CB. El 6 de
noviembre de 2013, la Compañía enlistó sus
acciones en New York Stock Exchange (NYSE), y
está enlistada como AVH:US.
Avianca Holdings, S.A. (the “Company”
or “Avianca Holdings S.A.”) a Panamanian
corporation whose registered address is
at Calle Aquilino de la Guardia No. 8 IGRA
Building, Panama City, Republic of Panama,
was incorporated on October 5, 2009 under
the name SK Holdings Limited and under the
laws of the Commonwealth of the Bahamas.
Subsequently, on March 10, 2010 the Company
changed its corporate name to AviancaTaca
Limited, and, on January 28, 2011 the Company
changed its name to AviancaTaca Holding S.A
and thereafter on March 3, 2011 the company
changed its registered offices to Panama. In
2011 AviancaTaca listed its shares in the Bolsa
de Valores de Colombia (BVC) and was listed as
PFAVTA: CB. On March 21, 2013 the Company
changed its legal name from AviancaTaca
Holding S.A. to Avianca Holdings, S.A. and its
listing name to PFAVH: CB. On November 6,
2013, the Company listed its shares in the New
York Stock Exchange (NYSE) and is listed as
AVH:US.
La Compañía, a través de sus subsidiarias,
proporciona servicios de transporte nacional e
internacional de pasajeros y de carga, tanto en
los mercados locales de Colombia, Ecuador y
Perú como en rutas internacionales con destino
a Centroamérica, Sudamérica, Norteamérica, el
Caribe y Europa. La Compañía ha establecido
varias alianzas bilaterales de código compartido
con otras aerolíneas (mediante las cuales los
asientos designados en una aerolínea pueden ser
comercializados bajo la marca de la otra aerolínea),
ampliando las opciones de viaje para los clientes
en todo el mundo. Por lo general, las alianzas
comerciales incluyen: participación conjunta en
programas de viajero frecuente; coordinación de
reservas, emisión de boletos aéreos, registro de
pasajeros y manejo de equipaje; transferencia
de pasajeros y equipaje en cualquier punto de
conectividad, entre otros. Los acuerdos de códigos
compartidos incluyen Air Canada; Ocean Air Linhas
The Company through its subsidiaries
is provider of domestic and international,
passenger and cargo air transportation,
both in the domestic markets of Colombia,
Ecuador and Peru and international routes
serving North, Central and South America,
Europe, and the Caribbean. The Company
has entered into a number of bilateral code
share alliances with other airlines (whereby
selected seats on one carrier’s flights can
be marketed under the brand name of
the other), expanding travel choices to
customers worldwide. Marketing alliances
typically include: joint frequent flyer program
participation; coordination of reservations,
ticketing, passenger check in and baggage
handling; transfer of passenger and baggage
at any point of connectivity, among others.
The code share agreements include Aerosur,
Air Canada, Ocean Air Linhas Aereas, S.A.,
94
La Compañía también lleva a cabo
operaciones de carga mediante la disponibilidad
de espacio en vuelos de pasajeros y aeronaves
de carga. En algunos aeropuertos principales, la
Compañía también realiza operaciones en tierra
para aerolíneas de terceros.
The Company also undertakes cargo
operations through the use of hold space
on passenger flights and dedicated freight
aircraft. In certain of the hub airports, the
Company also performs ground operations for
third-party airlines.
La Compañía opera un programa de
viajero frecuente (“LifeMiles”) que otorga
premios de viaje y de otro tipo a los miembros
del programa, con base en los créditos por
millas acumuladas. El programa apoya el
crecimiento y garantiza mayor flexibilidad
operativa, al maximizar el número de socios e
incrementar el atractivo del programa para una
mayor cantidad de miembros.
The Company operates a frequent flyer
program, (“LifeMiles”) that provides travel
and other awards to members of the program
based on accumulated mileage credits.
The program supports growth and ensures
greater operational flexibility by maximizing
the number of partners and increasing the
program’s attractiveness for a greater number
of members.
Al 31 de diciembre de 2013 Avianca
Holdings, S.A. tiene una flota de 171 aeronaves,
que puede detallarse como sigue:
At December 31, 2013, Avianca Holdings,
S.A. has a fleet of 171 aircraft consisting of:
Aeronave / Aircraft
Propia/
Arrendamiento
financiero
Owned/
Financial Lease
Arrendamiento
Operativo
Operating
Lease
Total
Total
Airbus A 318
—
10
10
Airbus A 319
14
17
31
Airbus A 320
31
25
56
Airbus A 321
1
4
5
Airbus A 330
1
9
10
Airbus A330F
4
—
4
ATR 42
6
5
11
ATR-72
4
—
4
Boeing 767F
2
1
3
Cessna Grand Caravan
10
—
10
Embraer E-190
10
2
12
5
—
5
Fokker 100
Fokker 50
10
—
10
98
73
171
95
2013
Delta Airlines, Iberia, Lufthansa, SATENA,
Sky Airlines, United Airlines and US Airways.
Avianca and Taca International are members
of Star Alliance which give customers of the
Company access to the routes, destinations
and services of the Star Alliance network.
Aéreas, S.A.; Iberia; Lufthansa; SATENA; Sky
Airlines; United Airlines; Aeromexico y US Airways.
Avianca, S.A. y Taca International Airlines, S.A.
(y sus aerolíneas afiliadas) son miembros de Star
Alliance, lo cual les brinda a sus clientes acceso a las
rutas, destinos y servicios de la red de Star Alliance.
(2)
Bases de preparación
(a)
Declaración de cumplimiento
Los Estados Financieros Consolidados
de la Compañía han sido preparados de
acuerdo con las Normas Internacionales de
Información Financiera (“NIIF”), promulgadas
por el Consejo de Normas Internacionales de
Contabilidad (“IASB”).
Los
Estados
Financieros
fueron
aprobados por la Junta Directiva el 25 de
febrero de 2014.
(b)
Bases de la medición
Los Estados Financieros Consolidados
han sido preparados sobre la base del costo
histórico, excepto ciertos activos y pasivos,
que se han medido al valor razonable, como se
indica en los principios contables específicos
para dichos activos y pasivos.
(c)
Moneda funcional y de presentación
Estos Estados Financieros Consolidados
se presentan en dólares estadounidenses,
que es la moneda funcional de la Compañía.
Toda la información financiera que se presenta
se ha redondeado a los miles más cercanos,
excepto cuando se indica lo contrario.
(d)
Utilización de estimaciones
y juicios contables
La
preparación
de
los
Estados
Financieros Consolidados de conformidad con
las NIIF requiere que la administración realice
juicios, estimaciones y supuestos que afectan
la aplicación de las políticas contables y los
importes de los activos, pasivos, ingresos y
gastos. Los valores reales podrían diferir de
estas estimaciones.
Las estimaciones y los supuestos
subyacentes se revisan periódicamente. Las
revisiones de las estimaciones contables se
reconocen en el período en que se revisan y
en cualquier otro período que pudiera verse
afectado en el futuro.
96
(2)
Basis of preparation
(a)
Statement of compliance
The Consolidated Financial Statements of
the Company have been prepared in accordance
with International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting
Standards Board (“IASB”).
The Consolidated Financial Statements
were authorized for issue by the Board of
Directors on February 25, 2014.
(b)
Basis of measurement
The Consolidated Financial Statements
have been prepared on the historical cost basis,
except certain assets and liabilities, which are
measured at fair value, as set out in the specific
accounting policy for such assets and liabilities.
(c)
Functional and
presentation currency
These Consolidated Financial Statements
are presented in US dollars, which is the Company’s
functional currency. All financial information
presented has been rounded to the nearest
thousands, except when otherwise indicated.
Use of estimates and
(d)
judgments
The preparation of the Consolidated
Financial Statements in conformity with IFRS
requires management to make judgments,
estimates and assumptions that affect the
application of accounting policies and the
reported amounts of assets, liabilities, income
and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions
to accounting estimates are recognized in the
period in which the estimates are revised and in
any future periods affected.
•La Compañía ha firmado contratos de
arrendamiento operativo en relación
con 73 aeronaves. Con base en los
términos y condiciones de esos acuerdos,
la Compañía ha determinado que los
principales riesgos y ventajas inherentes
a la propiedad de estas aeronaves no han
sido transferidos por el arrendador, por lo
que los arreglos contractuales se registran
como arrendamientos operativos.
•The Company has entered into operating
lease contracts with respect to 73 aircraft.
The Company has determined, based on the
terms and conditions of the arrangements,
that the significant risks and rewards of
ownership of all these leased aircraft have
not been transferred from the lessor, so
it accounts for these lease contracts as
operating leases.
•La Compañía reconoce ingresos por
tiquetes que se espera que caduquen
sin haber sido utilizados. Para definir la
caducidad esperada, la administración
debe hacer estimaciones informadas
sobre la experiencia histórica, la cual es
una indicación del comportamiento futuro
de los clientes. Como lo señalan los datos
acumulados, la administración evalúa los
datos históricos una vez al año o con más
frecuencia de acuerdo a la experiencia, y
realiza los ajustes necesarios.
•The Company recognizes revenue from tickets
that are expected to expire unused based
on historical data and experience. Defining
expected breakage requires management
to make informed estimates about, among
other things, the extent to which historical
experience is an indication of the future
customer behavior. Annually, or more
frequently as the experience data suggests,
the management reassesses the historical
data and makes required adjustments.
•La Compañía tiene algunas aeronaves
que operan bajo una estructura de
financiamiento que implica la creación
de entidades estructuradas que compran
aeronaves con financiamiento bancario y
de terceros. Esto aplica a 31 aeronaves
de las familias ATR72, A320 y A330. La
Compañía ha determinado, con base
en los términos y condiciones de los
arreglos contractuales, que la Compañía
ejerce el control de estas entidades de
propósito específico y por lo tanto, esas
entidades de propósito específico han
sido consolidadas por la Compañía y
las aeronaves aparecen en los Estados
Consolidados de Posición Financiera,
bajo Propiedades y Equipo, y la deuda
correspondiente aparece señalada como
un pasivo.
•The Company operates certain aircraft
under a financing structure which involves
the creation of structured entities that
acquire aircraft with bank and third party
financing. This relates to 31 aircraft from
the ATR72, A320 and A330 families. The
Company has determined, based on the
terms and conditions of the arrangements,
that the Company controls these special
purpose entities (“SPE”) and therefore,
SPEs are consolidated by the Company
and these aircraft are shown in the
Consolidated Statement of Financial
Position as part of Property and Equipment
with the corresponding debt shown as a
liability.
97
2013
The following are critical judgments used
in applying accounting policies that may have the
most significant effect on the amounts recognized
in the Consolidated Financial Statements:
Los siguientes son los juicios críticos
en la aplicación de políticas contables que
pueden tener un efecto significativo sobre los
montos reconocidos en los Estados Financieros
Consolidados:
Los
siguientes
supuestos
e
incertidumbres de estimación pueden tener
un efecto significativo sobre los montos que
se reconozcan en los Estados Financieros
Consolidados el próximo año financiero:
The following assumptions and estimation
uncertainties may have the most significant effect
on the amounts recognized in the Consolidated
Financial Statements within the next financial year:
•La Compañía considera que las posiciones
fiscales adoptadas son razonables. Sin
embargo, las autoridades fiscales podrían
cuestionar esas posiciones luego de
auditorías fiscales, lo cual puede resultar
en nuevos pasivos por impuestos y por
intereses, pagaderos en próximos años.
Las posiciones fiscales que se adopten
suponen la evaluación cuidadosa por
parte de la administración, y se revisan
y ajustan en respuesta a circunstancias
como caducidad en la aplicación de la
legislación, cierre de auditorías fiscales,
revelaciones adicionales ocasionadas por
algún tema legal o alguna decisión de la
Corte en un tema tributario en particular.
La Compañía crea provisiones con base
en la estimación de la posibilidad de una
decisión negativa que pueda surgir de
una auditoría fiscal en los países en los
que opera. El monto de estas provisiones
depende de factores como experiencia
previa en auditorías fiscales y diferentes
interpretaciones de normas tributarias
por las entidades contribuyentes y de
la autoridad tributaria. Los resultados
reales pueden diferir de las estimaciones.
•The Company believes that the tax
positions taken are reasonable. However,
tax authorities by audits proceedings may
challenge the positions taken resulting in
additional liabilities for taxes and interest
that may become payable in future years.
Tax positions involve careful judgment on
the part of management and are reviewed
and adjusted to account for changes in
circumstances, such as lapse of applicable
statutes of limitations, conclusions of
tax audits, additional exposures derived
from new legal issues or court decisions
on a particular tax matter. The Company
establishes provisions, based on their
estimation on feasibility of a negative
decision derived from an audit proceeding
by the tax authorities of the respective
countries in which it operates. The amount
of such provisions is based on various
factors, such as experience of previous tax
audits and different interpretations of tax
regulations by the taxable entity and the
responsible tax authority. Actual results
could differ from estimates.
•Se reconocen como impuestos diferidos
todas las pérdidas fiscales no utilizadas
en la medida en que sea probable que
en el futuro haya un ingreso imponible
que pueda compensarse contra esas
pérdidas.
La
administración
debe
emplear
juicio
significativo
para
determinar el monto del activo por
impuesto diferido que debe reconocer y
las tasas impositivas a utilizar, con base
en el posible plazo y montos de futuros
ingresos gravables junto con futuras
estrategias fiscales y tasas impositivas
promulgadas en las jurisdicciones donde
operan las entidades de la Compañía.
•Deferred tax assets are recognized for
all unused tax losses to the extent that
it is probable that taxable profit will be
available against which the losses can be
utilized. Significant management judgment
is required to determine the amount of
deferred tax assets that can be recognized
and the tax rates used, based upon the
likely timing and the level of future taxable
profits together with future tax planning
strategies, and the enacted tax rates in the
jurisdictions in which the entity operates.
98
•La Compañía evalúa si hay indicadores
de deterioro en cualquiera de los
activos no financieros a la fecha de
cada reporte. El crédito mercantil y los
activos intangibles de vida indefinida se
evalúan por deterioro anualmente y en
cualquier otro momento, si hay indicios
de deterioro. Para analizar el posible
deterioro, la Compañía debe estimar el
valor en uso de las unidades generadoras
de efectivo a las que el crédito mercantil
ha sido asignado.
•El costo de los planes de pensiones
definidos y el de otros beneficios
médicos
posteriores
al
empleo,
así como el valor presente de las
obligaciones por pensión, se determinan
mediante valuaciones actuariales. La
valuación actuarial trabaja con base
en estimaciones que pueden diferir de
las situaciones que se presenten en el
futuro. Entre las estimaciones están la
determinación de la tasa de descuento,
la tasa de incremento salarial, las tasas
de mortalidad y los posibles incrementos
a las pensiones. Debido a la complejidad
de la valuación y los supuestos en que
se basa, así como su naturaleza de largo
plazo, las obligaciones que se definan
son muy sensibles a cualquier cambio
en estos supuestos. Todos los supuestos
deben revisarse al final de cada período
sobre el que se informa.
•The Company assesses whether there are
any indicators of impairment for all nonfinancial assets at each reporting date.
Goodwill and indefinite-lived intangible
assets are tested for impairment annually
and at other times when such indicators
exist. Impairment analysis requires the
Company to estimate the value in use of
the cash generating units to which goodwill
is assigned.
•The cost of defined benefit pension plans
and other post employment medical
benefits and the present value of the
pension obligation are determined using
actuarial valuations. An actuarial valuation
involves making various assumptions which
may differ from actual developments in the
future. These include the determination of
the discount rate, future salary increases,
mortality rates and future pension
increases. Due to the complexity of the
valuation, the underlying assumptions
and its long term nature, a defined benefit
obligation is highly sensitive to changes in
these assumptions. All assumptions are
reviewed at each reporting date.
In determining the appropriate discount
rate for pension plans in Colombia,
management refers to market yields on
Colombian Government bonds, since it
99
2013
•The Company measures administrative
land and buildings primarily in Bogota,
San Jose, and San Salvador at revalued
amounts with changes in fair value being
recognized in other comprehensive income.
The Company engaged independent
valuation specialists to determine fair
value as of December 31, 2013 and 2012.
The valuation techniques used by these
specialists require estimates about market
conditions at the time of the report.
•La Compañía mide los terrenos y
edificios administrativos principalmente
en Bogotá, San José y San Salvador a
montos revaluados y los cambios en el
valor razonable se reconocen en otros
resultados integrales. La Compañía
contrató
especialistas
avaluadores
independientes para determinar el valor
razonable 31 de diciembre de 2013
y 2012. Las técnicas de valoración
empleadas por los especialistas se
apoyan en estimaciones sobre las
condiciones de mercado al momento de
preparar el informe.
Para determinar la tasa de descuento de
los planes de pensiones en Colombia,
la administración toma como referencia
la rentabilidad de los bonos del Estado
Colombiano, ya que a su juicio no
hay un mercado local sólido de bonos
corporativos de alta calidad.
is management’s judgment that there
is no deep local market for high quality
corporate bonds.
The mortality rate is based on publicly
available mortality tables in Colombia.
Future salary increases and pension
increases are based on expected future
inflation rates in Colombia.
La tasa de mortalidad se calcula con base
en las tasas de mortalidad disponibles
públicamente en Colombia. Los incrementos
en los salarios y en las pensiones se basan
en las tasas de inflación esperadas para
Colombia en el futuro.
•The Company estimates the fair value of
miles awarded under the LifeMiles program
by applying statistical techniques. Inputs
to the models include making assumptions
about expected redemption rates, the
mix of products that will be available for
redemption in the future and customer
preferences.
•La Compañía estima el valor razonable
de las millas otorgadas por el programa
LifeMiles aplicando técnicas estadísticas.
Los modelos toman en cuenta insumos
como tarifas de redención, productos
que podrán redimirse en el futuro y las
preferencias de los clientes.
(3)
Principales políticas contables
Las políticas contables que se exponen a
continuación se han aplicado consistentemente
en todos los Estados Financieros Consolidados,
y han sido aplicadas consistentemente por
todas las entidades de la Compañía.
Significant accounting policies
The accounting policies set out below have
been applied consistently to all periods presented
in these Consolidated Financial Statements,
and have been applied consistently by all the
Company’s entities.
(a)
Bases de consolidación
Las subsidiarias son entidades controladas
por Avianca Holdings, S.A. Los estados
financieros de las subsidiarias se incluyen en
los Estados Financieros Consolidados desde el
momento en que empieza el control y hasta que
éste termina. El control se establece después
de evaluar la capacidad de la Compañía
para dirigir las actividades relevantes de la
participada, así como su exposición y sus
derechos a rendimientos variables, además de
su capacidad para utilizar su poder para influir
en los rendimientos de la misma. Cuando
ha sido necesario, las políticas contables de
las subsidiarias han sido alineadas con las
políticas adoptadas por la Compañía.
Basis of consolidation
(a)
Subsidiaries are entities controlled by
Avianca Holdings, S.A. The financial statements
of subsidiaries are included in the Consolidated
Financial Statements from the date that control
commences until the date that control ceases.
Control is established after assessing the
Company’s ability to direct the relevant activities
of the investee, its exposure and rights to
variable returns, and its ability to use its power
to affect the amount of the investee’s returns.
The accounting policies of subsidiaries have been
aligned when necessary with the policies adopted
by the Company.
(3)
100
Nombre de la subsidiaria
Name of Subsidiary
are
the
significant
within these financial
País de
constitución
Ownership
Interest%
% de participación
Ownership Interest%
2013
2012
Aerolíneas Galápagos Aerogal, S.A. / Aerolíneas Galápagos Aerogal, S.A.
Ecuador
99,62%
99,62%
Aerovias del Continente Americano, S.A. / Aerovias del Continente Americano, S.A.
Colombia
99,98%
99,98%
Líneas Aéreas Costarricenses, S.A. / Líneas Aéreas Costarricenses, S.A.
Costa Rica
92,40%
92,37%
Nicaragüense de Aviación, S.A. / Nicaragüense de Aviación, S.A.
Nicaragua
99,61%
99,61%
Taca International Airlines, S.A. / Taca International Airlines, S.A.
El Salvador
96,84%
96,84%
Tampa Cargo S.A.S. / Tampa Cargo S.A.S.
Colombia
100%
100%
Trans American Airlines, S.A. / Trans American Airlines, S.A.
Perú
100%
100%
Aerotaxis La Costeña, S.A. / Aerotaxis La Costeña, S.A.
Nicaragua
68,08%
51%
Isleña de Inversiones, S.A. de C.V. / Isleña de Inversiones, S.A. de C.V.
Honduras
100%
100%
Servicios Aéreos Nacionales, S.A. / Servicios Aéreos Nacionales, S.A.
Costa Rica
100%
100%
Aerospace Investments, Limited / Aerospace Investments, Limited
Bahamas
100%
100%
Aviation Leasing Services (ALS), Inc. / Aviation Leasing Services (ALS), Inc.
Panamá
100%
100%
Aviation Leasing Services Investments (ALS), S.A.
Aviation Leasing Services, Investments (ALS), S.A.
Panamá
100%
100%
AVSA Properties II, Inc. / AVSA Properties II, Inc.
Panamá
100%
100%
AVSA Properties, Inc. / AVSA Properties, Inc.
Panamá
100%
100%
Intercontinental Equipment Corp. / Intercontinental Equipment Corp.
Bahamas
100%
100%
Little Plane Five, Limited / Little Plane Five, Limited
Bahamas
Disuelta
100%
Little Plane, Limited / Little Plane, Limited
Bahamas
100%
100%
Little Plane Six, Limited / Little Plane Six, Limited
Bahamas
100%
100%
Little Plane Two, Limited / Little Plane Two, Limited
Bahamas
100%
100%
Southern Equipment Corp. / Southern Equipment Corp.
Bahamas
100%
100%
Turboprop Leasing Company, Limited / Turboprop Leasing Company, Limited
Bahamas
68%
68%
Technical & Training Services, S.A. de C.V.
Technical & Training Services, S.A. de C.V.
El Salvador
99%
99%
Grupo Taca Holdings, Limited / Grupo Taca Holdings, Limited
Bahamas
100%
100%
Ronair N.V. / Ronair N.V.
Curaςao
100%
100%
Avianca Inc. / Avianca Inc.
EE UU
100%
100%
LifeMiles Corp. / LifeMiles Corp.
Panamá
100%
100%
Tampa Cargo Logistics, Inc. / Tampa Cargo Logistics, Inc.
EE UU
100%
100%
Getcom International Investments, SL / Getcom International Investments, SL
España
50%
—
Avianca Leasing, LLC / Avianca Leasing, LLC
EE UU
0%
—
Turbo Aviation Two, Limited / Turbo Aviation Two, Limited
Irlanda
0%
—
101
2013
The
following
subsidiaries included
statements:
A continuación se citan las subsidiarias
significativas
incluidas
en
estos
estados
financieros:
El 19 de abril de 2013, Avianca Leasing,
LLC fue constituida en el estado de Delaware,
Estados Unidos. El 10 de mayo del 2013, Avianca
Holdings, S.A. culminó una emisión privada de
bonos por $300.000 en virtud de la Ley 144A y
la Regulación S, según la Ley de Títulos Valor de
1993 de los Estados Unidos y sus modificaciones.
Dos de las subsidiarias de Avianca Holdings, S.A.,
Grupo Taca Holdings, Limited y Avianca Leasing,
LLC, son mancomunada y solidariamente
responsables de los bonos, como co-emisores.
Avianca Leasing, LLC no participará en ninguna
actividad comercial material diferente a la compra,
arrendamiento o de otra forma la adquisición
y/o financiamiento de aeronaves para uso de
Avianca, S.A. y sus subsidiarias, la adquisición
de obligaciones relacionadas con este fin,
incluyendo estos bonos o actividades incidentales
y complementarias. Por lo tanto, la Compañía
determina que tiene control sobre Avianca
Leasing, LLC después de evaluar la capacidad de
la Compañía para dirigir las actividades relevantes
de Avianca Leasing, LLC, así como su exposición
y sus derechos a rendimientos variables, además
de su capacidad para utilizar su poder para influir
en los rendimientos de Avianca Leasing, LLC,
y por lo tanto, ha consolidado la compañía de
acuerdo a la NIIF 10.
El 31 de octubre de 2013, Turbo Aviation
Two, Limited fue constituida como sociedad
limitada privada conforme a las leyes de la
República de Irlanda. Turbo Aviation Two, Limited
es un vehículo de financiamiento que será
utilizado para adquirir aeronaves tipo ATR72, que
serán operados por las subsidiarias de Avianca
Holdings, S.A. Turbo Aviation Two, Limited
está consolidada en los Estados Financieros
Consolidados de conformidad con lo dispuesto
en las NIIF 10. La Compañía determina que
tiene control sobre Turbo Aviation Two, Limited
después de evaluar la capacidad de la Compañía
para dirigir las actividades relevantes de Turbo
Aviation Two, Limited, así como su exposición y
sus derechos a rendimientos variables, además
de su capacidad para utilizar su poder para
influir en los rendimientos de Turbo Aviation Two,
Limited.
Además, los Estados Financieros Consolidados
también incluyen 43 entidades con propósito
especial que se relacionan principalmente con las
actividades de arrendamiento de aeronaves de la
102
On April 19, 2013, Avianca Leasing, LLC
was incorporated in the State of Delaware, United
States. On May 10, 2013, Avianca Holdings, S.A.
completed a $300,000 private offering of Senior
Notes under Rule 144A and Regulation S under
the U.S. Securities Act of 1933, as amended.
Two subsidiaries of Avianca Holdings, Grupo
Taca Holdings, Limited and Avianca Leasing, LLC,
are jointly and severally liable under the Senior
Notes as co-issuers. Avianca Leasing, LLC will not
engage in any material business activity other
than purchasing, leasing or otherwise acquiring
and/or financing aircraft for use by Avianca, S.A.
and its subsidiaries, the incurrence of obligations
in connection therewith, including the notes,
and activities incidental or ancillary thereto.
Therefore, the Company determines it has
control over Avianca Leasing, LLC after assessing
the Company’s ability to direct the relevant
activities of Avianca Leasing, LLC, its exposure
and rights to variable returns, and its ability to
use its power to affect the amount of the Avianca
Leasing, LLC’s returns and so has consolidated
the entity in accordance with IFRS 10.
On October 31, 2013, Turbo Aviation
Two Limited was incorporated as a private
limited company under the laws of the
Republic of Ireland. Turbo Aviation Two,
Limited is a finance vehicle which will be
used to acquire ATR72 aircraft for operation
by Avianca Holdings, S.A.’s subsidiaries.
Turbo Aviation Two, limited is consolidated
in the Consolidated Financial Statements
in accordance with IFRS 10. The Company
determines it has control over Turbo Aviation
Two, Limited after assessing the Company’s
ability to direct the relevant activities of Turbo
Aviation Two, Limited, its exposure and rights
to variable returns, and its ability to use its
power to affect the amount of Turbo Aviation
Two, Limited’s returns.
In addition, the Consolidated Financial
Statements also include 43 special purpose
entities that relate primarily to the Company’s
aircraft leasing activities.
These special
(b)
Transacciones eliminadas
en la consolidación
Los saldos y transacciones intercompañía,
así como los ingresos y gastos no realizados
producto de transacciones intercompañía se
eliminan al momento de preparar los Estados
Financieros Consolidados. Las pérdidas no
realizadas se eliminan del mismo modo que las
ganancias no realizadas, pero sólo en la medida
en que no hay evidencia de deterioro.
(c)
Moneda extranjera
Transacciones en moneda
extranjera
Los Estados Financieros Consolidados se
presentan en dólares estadounidenses, que es la
moneda funcional de la Compañía.
(b)
Transactions eliminated
on consolidation
Intercompany balances and transactions,
and any unrealized income and expenses arising
from intercompany transactions, are eliminated in
preparing the Consolidated Financial Statements.
Unrealized losses are eliminated in the same way
as unrealized gains, but only to the extent that
there is no evidence of impairment.
(c)
Foreign currency
Foreign currency transactions
These Consolidated Financial Statements
are presented in US dollars, which is the
Company’s functional currency.
Las transacciones en moneda extranjera
se registran inicialmente en la moneda funcional,
al tipo de cambio vigente al momento de realizar
la transacción.
Transactions in foreign currencies are
initially recorded in the functional currency at
the respective spot rate of exchange ruling at the
date of the transaction.
Los
activos
y
pasivos
monetarios
denominados
en
moneda
extranjera
se
convierten al tipo de cambio vigente a la fecha
del reporte. Las diferencias se llevan a ganancias
o pérdidas. Los activos no monetarios que
son valorizados al costo histórico en moneda
extranjera se convierten usando el tipo de cambio
vigente a la fecha de la transacción inicial. Los
activos no monetarios que son valorizados a su
monto revaluado en una moneda extranjera se
convierten usando el tipo de cambio a la fecha en
que se determinó el valor razonable.
Monetary assets and liabilities denominated in
foreign currencies are translated to the spot rate of
exchange ruling at the reporting date. All differences
are taken to profit or loss. Non-monetary items
that are measured at historical cost in a foreign
currency are translated using the exchange rate at
the date of the initial transaction. Non-monetary
items measured at a revalued amount in a foreign
currency are translated using the exchange rates at
the date when the fair value was determined.
Actividades en el extranjero
Los activos y pasivos procedentes de
actividades en el extranjero que se incluyen en
los Estados Consolidados de Posición Financiera
se convierten usando el tipo de cambio de cierre
Foreign operations
Assets
and
liabilities
of
foreign
operations included in Consolidated Statement
of Financial Position are translated using the
closing exchange rate on the date of the
103
2013
purpose entities are created in order to
facilitate financing of aircraft with each SPE
holding a single aircraft or asset. The Company
determines it has control over these special
purpose entities after assessing the Company’s
ability to direct their relevant activities, its
exposure and rights to variable returns, and
its ability to use its power to affect the amount
of the special purpose entities’ returns.
Compañía. Estas entidades con propósito especial
fueron creadas para facilitar el financiamiento de las
aeronaves, y cada una de ellas está en posesión de
una aeronave o un activo. La Compañía determina
que tiene control sobre estas entidades con propósito
especial después de evaluar la capacidad de la
Compañía para dirigir sus actividades relevantes, así
como su exposición y sus derechos a rendimientos
variables, además de su capacidad para utilizar
su poder para influir en los rendimientos de las
entidades con propósito especial.
en la fecha del Estado Consolidado de Posición
Financiera correspondiente. Los ingresos y
gastos de cada cuenta del estado de resultados
se convierten a tasas mensuales promedio; y
todas las diferencias de cambio resultantes se
reconocen como un componente aparte en otros
resultados integrales.
Consolidated Statement of Financial Position.
The revenues and expenses of each income
statement account are translated at monthly
average rates; and all the resultant exchange
differences are shown as a separate component
in other comprehensive income.
(d)
Combinaciones de negocios
Las combinaciones de negocios se
contabilizan aplicando el método de adquisición,
de conformidad con la NIIF 3, “Combinaciones
de negocios”. La contraprestación por una
adquisición se mide al valor razonable en la fecha
de adquisición de la contraprestación transferida,
incluido el monto de cualquier participación
no controladora en la adquirida. Los costos de
adquisición se llevan a gastos en el momento en
que se incurre en ellos y se incluyen en gastos
administrativos.
Business combinations
(d)
Business combinations are accounted
for using the acquisition method in accordance
with IFRS 3 “Business Combinations”. The
consideration for an acquisition is measured
at acquisition date fair value of consideration
transferred including the amount of any noncontrolling interests in the acquiree. Acquisition
costs are expensed as incurred and included in
administrative expenses.
Cuando la Compañía adquiere un negocio,
mide al valor razonable los activos financieros
adquiridos y las obligaciones asumidas para
clasificarlos y designarlos apropiadamente, según
los términos contractuales, las circunstancias
económicas y las condiciones imperantes a la
fecha de adquisición. Esto incluye la separación
de los derivados implícitos del contrato principal.
El crédito mercantil se mide inicialmente
como la diferencia entre la suma de la
contraprestación transferida, incluido el monto
reconocido de cualquier participación no
controladora, y el valor razonable de los activos
adquiridos y las obligaciones asumidas.
Luego del reconocimiento inicial, el crédito
mercantil se mide al costo menos cualquier
pérdida por deterioro de valor acumulada.
Para probar el deterioro de valor, a partir de
la fecha de adquisición, el crédito mercantil
adquirido se asigna a cada una de las unidades
generadoras de efectivo de la Compañía que
se espera se beneficien con la adquisición,
independientemente de que otros de los activos
o pasivos de la adquirida hayan sido asignados a
esas unidades.
Reconocimiento de ingresos
(e)
De acuerdo con la NIC 18, los ingresos se
reconocerán en la medida en que sea probable
que la Compañía tenga beneficios económicos
104
When the Company acquires a business,
it measures at fair value the financial assets
acquired and liabilities assumed for appropriate
classification and designation in accordance with
the contractual terms, economic circumstances
and pertinent conditions as at the acquisition
date. This includes the separation of embedded
derivatives in host contracts.
Goodwill is initially measured as excess of
the aggregate of the consideration transferred to
the seller for the acquire, including the amount
recognized for non controlling interest over the
fair value of identifiable assets acquired and
liabilities assumed.
After initial recognition, goodwill is measured
at cost less any accumulated impairment losses.
For the purposes of impairment testing, goodwill
acquired is, from the acquisition date, allocated
to each of the Company’s cash generating units
that are expected to benefit from the acquisition,
irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
Revenue recognition
(e)
In accordance with IAS 18, revenue is
recognized to the extent that it is probable that
economic benefits will flow to the Company and
(i)
Transporte de pasajeros y de
carga
La Compañía reconoce los ingresos por
transporte de pasajeros y transporte de
carga como ganancias una vez que se ha
prestado el servicio.
(i)
Passenger and cargo
transportation
The Company recognizes revenue from
passenger and cargo transportation as
earned when the service is rendered.
A la Compañía se le exige que, en sus
tiquetes, cobre y recaude ciertos impuestos
y recargos, entre los que están impuestos
de transporte, impuestos a los pasajeros por
uso de aeropuerto, e impuestos de entrada
y salida. Estos impuestos y recargos son
gravámenes legales que se imponen al
cliente. Estos montos no se incluyen dentro
de los ingresos por transporte de pasajeros
porque la Compañía tiene la obligación
legal de actuar como agente recaudador.
La Compañía registra un pasivo cuando los
importes se recaudan y lo da de baja en
las cuentas cuando se le paga a la agencia
gubernamental o a la compañía área.
Una porción significativa de los tiquetes
que se venden se procesan con tarjeta de
crédito, lo que genera cuentas por cobrar
que normalmente son de corto plazo y por lo
general se recaudan antes de que los ingresos
sean reconocidos. El riesgo asociado al crédito
con estas cuentas por cobrar es mínimo.
El servicio de transporte de carga se presta
en aviones de carga y, si la capacidad lo
permite, en el área de carga (“bellies”) de
los aviones de pasajeros.
(ii)
Arrendamiento operativo de
aeronaves
Los ingresos por arrendamiento operativo
de aeronaves se reconocen como otros
ingresos en el Estado Consolidado de
Resultados Integrales, cuando se realizan,
de conformidad con las condiciones de
cada contrato de arrendamiento.
The Company is required to charge
and collect certain taxes and fees on its
passenger tickets. These taxes and fees
include transportation taxes, airport
passenger facility charges and arrival and
departure taxes. These taxes and fees are
legal assessments on the customer. As the
Company has a legal obligation to act as a
collection agent with respect to these taxes
and fees, such amounts are not included
within passenger revenue. The Company
records a liability when the amounts are
collected and derecognizes the liability
when payments are made to the applicable
government agency or operating carrier.
A significant portion of the ticket sales
are processed through major credit card
companies, resulting in accounts receivable
which are generally short-term in duration
and typically collected prior to the recognition
of revenue. Credit risk associated with these
receivables is minimal.
Cargo is carried out in a dedicated freighter
fleet and, to the extent of excess capacity,
in the bellies of passenger aircraft.
(ii)
Aircraft operating leases
Aircraft operating lease income is
recognized as other revenue in the
Consolidated Statement of Comprehensive
Income when it is earned, according to the
terms of each lease agreement.
105
2013
revenue can be reliably measured. Revenue is
measured at the fair value of the consideration
received or receivable, taking into account
contractually defined terms of payment and
excluding taxes or duty. The following specific
recognition criteria must also be met before
revenue is recognized:
futuros y que estos beneficios se puedan
medir de manera confiable. Los ingresos son
reconocidos al valor por recibir, tomando en
cuenta las condiciones de pago contractuales
y excluyendo los impuestos y obligaciones.
Antes de contabilizar los ingresos, deben
cumplirse los siguientes criterios específicos de
reconocimiento:
(iii)
Viajero frecuente
La Compañía opera un programa de viajero
frecuente conocido como “LifeMiles”, cuya
finalidad es conservar y aumentar la
lealtad de los viajeros ofreciendo incentivos
por su preferencia. Con el programa
LifeMiles, se otorgan millas cuando se
viaja en las aerolíneas de la Compañía o
de sus socios aliados o cuando se usan los
servicios que prestan algunos socios del
programa: tarjetas de crédito, estadía en
hoteles, alquiler de automóviles y otras
actividades. Las millas adquiridas pueden
ser intercambiadas por vuelos u otros
productos o servicios de los socios aliados.
El valor razonable de la contraprestación
recibida, con respecto a la venta inicial
del tiquete, se asigna entre las millas y
otros componentes de la venta, incluido el
reconocimiento anticipado por caducidad,
de conformidad con lo establecido en
la Interpretación del Comité de NIIF 13
“Programas de Fidelización de Clientes”.
Los ingresos asignados a las millas se
difieren dentro de “Ingresos diferidos por
transporte no devengado” (véase Nota 22)
hasta que los premios sean redimidos. El
monto de los ingresos diferidos se mide
aplicando técnicas estadísticas basadas en
el enfoque de mercado, usando información
observable, de conformidad con la NIIF 13
Medición del Valor Razonable. Los datos de
los modelos incluyen estimados basados
en las tasas de redención anticipadas por
la administración y las preferencias de los
clientes.
(f)
Ingresos diferidos por
transporte no devengado
Los ingresos por transporte de pasajeros
se reconocen una vez que se proporcione
el transporte, no al momento de vender el
boleto. Los ingresos procedentes de la venta de
tiquetes que no se han utilizado o los ingresos
correspondientes a la porción no utilizada de un
boleto vendido se difieren y el importe respectivo
se consigna en los Estados Consolidados de
Posición Financiera como “Ingresos diferidos por
transporte no devengado”.
Las tarifas por tiquetes no utilizados que se
espera que expiren se reconocen como ingresos, con
106
(iii)
Frequent flyer
The Company operates a frequent flyer
loyalty program known as “LifeMiles” which
is designed to retain and increase travelers’
loyalty by offering incentives to travelers
for their continued patronage. Under the
LifeMiles program, miles are earned by
flying on the Company’s airlines or its
alliance partners and by using the services
of program partners for such things as
credit card use, hotel stays, car rentals,
and other activities. Miles earned can be
exchanged for flights or other products or
services from alliance partners.
The fair value of consideration in respect
of initial sale is allocated between the
miles and other components of the sale
including breakage in accordance with IFRS
Interpretations Committee 13 Customer
loyalty programs. Revenue allocated to the
reward credits is deferred within “Air traffic
liability” (see Note 22) until redemption.
The amount of revenue deferred is
measured by applying statistical techniques
based
on
market
approach
using
observable information in accordance with
IFRS 13 Fair Value Measurements. Inputs
to the models include assumptions based
on management’s expected redemption
rates and customer preferences.
Air traffic liability
(f)
Passenger revenue is recognized when
transportation is provided rather than when
a ticket is sold. Revenue from the sale of
passenger tickets that have not been used,
or the amount of revenue attributable to the
unused portion of a ticket sold, is deferred,
and the respective amount is reflected as “Air
traffic liability” in the Consolidated Statement
of Financial Position.
Fares for unused tickets that are
expected to expire are recognized as revenue
based on historical data and experience. The
(g)
Impuesto sobre la renta
Los gastos por impuesto sobre la renta
incluyen los impuestos corrientes y los impuestos
diferidos y se contabilizan de conformidad con la
NIC 12, “Impuesto a las ganancias”.
(i)
corriente
Los activos y pasivos por impuesto sobre
la renta corriente para el período vigente
se miden como el importe que se espera
recuperar de las autoridades fiscales
o que se tendría que pagar. La tasa
impositiva y las leyes fiscales que se usan
para contabilizar el importe son aquellas
vigentes, o nominalmente vigentes, a la
fecha del informe en los países donde opera
y genera renta gravable la Compañía.
El impuesto sobre la renta corriente
relacionado con partidas que se reconocen
directamente en el patrimonio o en otros
resultados integrales se reconoce en los
Estados Consolidados de Cambios en el
Patrimonio o en los Estados Consolidados
de Resultados Integrales, respectivamente.
La administración evalúa periódicamente la
posición adoptada en las declaraciones de
renta, por ejemplo, con respecto a situaciones
en las que las regulaciones fiscales que se
aplican están sujetas a interpretación y crea
las provisiones del caso.
(ii)
Impuesto sobre la renta diferido
El impuesto sobre la renta diferido se
reconoce por diferencias temporarias
existentes entre la base fiscal de los activos
y los pasivos y su valor en los libros para
propósitos de reporte financiero.
(g)
Income tax
Income tax expense comprises current
and deferred taxes and is accounted for in
accordance with IAS 12 “Income Taxes”.
(i)
Current income tax
Current income tax assets and liabilities
for the current period are measured at the
amount expected to be recovered from
or paid to the taxation authorities. The
tax rates and tax laws used to compute
the amount are those that are enacted or
substantively enacted, at the reporting
date in the countries where the Company
operates and generates taxable income.
Current income tax relating to items
recognized directly in equity or in other
comprehensive income is recognized in
the Consolidated Statement of Changes
in Equity or Consolidated Statement of
Comprehensive
Income,
respectively.
Management
periodically
evaluates
positions taken in the tax returns with
respect to situations in which applicable tax
regulations are subject to interpretation and
establishes provisions where appropriate.
(ii)
Deferred income tax
Deferred tax is recognized for temporary
differences between the tax bases of assets
and liabilities and their carrying amounts
for financial reporting purposes.
107
2013
Company performs periodic evaluations of
this liability, and any resulting adjustments,
which can be significant, are recorded in the
Income. These adjustments relate primarily
to the differences arising from actual events
and circumstances such as historical fare sale
activity and customer travel patterns which
may result in refunds, exchanges or forfeited
tickets differing significantly from estimates.
The Company evaluates its estimates and
assumptions and adjusts air traffic liability
and passenger revenues as necessary.
base en datos históricos y la experiencia. La Compañía
evalúa periódicamente este pasivo y cualquier ajuste
significativo se registra en los Estados Consolidados
de Resultados Integrales. Estos ajustes se deben
principalmente a diferencias entre eventos reales y
circunstancias como tarifas históricas de ventas y
patrones de viaje de los clientes que puede resultar
en reembolsos, cambios o expiración de tiquetes
que difieren sustancialmente de los estimados. La
Compañía evalúa sus estimaciones y ajusta los
ingresos diferidos por transporte no devengado y
los ingresos por transporte de pasajeros cuando es
necesario.
El impuesto diferido se reconoce para todas
las diferencias temporarias imponibles,
excepto:
•Si la obligación tributaria diferida surge
del reconocimiento inicial del crédito
mercantil o de un activo o un pasivo
provenientes de una transacción que no es
una combinación de negocios y al momento
de la transacción no afectó la ganancia
contable ni a la ganancia (pérdida) fiscal.
•Respecto de las diferencias temporarias
imponibles asociadas a inversiones en
subsidiarias, si se puede controlar el
momento de reversión de las diferencias
temporarias y si es probable que las
diferencias temporales no se reviertan en
un futuro previsible.
Los impuestos diferidos son valorizados a
la tasa impositiva que se espera aplicar a
las diferencias temporarias cuando estas
sean revertidas, con base en las leyes que
han sido aprobadas o que están a punto de
ser aprobadas a la fecha del informe.
Los activos y pasivos por impuestos diferidos
se compensan si existe un derecho exigible
para compensar los activos y pasivos por
impuestos corrientes, y cuando los activos
y pasivos por impuestos diferidos se
derivan de impuestos sobre las ganancias
correspondientes a la misma autoridad
fiscal y recaen sobre la misma entidad
o contribuyente fiscal, o en diferentes
entidades o contribuyentes fiscales, pero
la Compañía pretende liquidar los activos y
pasivos fiscales corrientes por su importe
neto, o bien, realizar simultáneamente sus
activos y pasivos fiscales.
Deferred tax is recognized for all taxable
temporary differences, except:
•Where the deferred tax liability arises
from the initial recognition of goodwill
or of an asset or liability in a transaction
that is not a business combination and,
at the time of the transaction, affects
neither the accounting profit nor taxable
profit or loss.
•In respect of taxable temporary
differences associated with investments
in subsidiaries, where the timing of the
reversal of the temporary differences can
be controlled and it is probable that the
temporary differences will not reverse in
the foreseeable future.
Deferred tax is measured at the tax
rates that are expected to be applied
to temporary differences when they
reverse, using tax laws enacted or
substantively enacted at the reporting
date.
Deferred tax assets and liabilities are
offset if there is a legally enforceable
right to offset current tax liabilities
and assets, and they relate to taxes
levied by the same tax authority on the
same taxable entity, or on different tax
entities, but the Company intends to
settle current tax liabilities and assets
on a net basis or their tax assets and
liabilities will be realized simultaneously.
(h)
Propiedades y equipo
(i)
Reconocimiento y medición
El equipo aéreo, las propiedades y otros
equipos son valorizados a su costo menos
la depreciación acumulada y las pérdidas
por deterioro del valor acumuladas, de
conformidad con la NIC 16, “Propiedades,
planta y equipo”.
Property and equipment
(h)
(i)
Recognition and measurement
Flight equipment, property and other
equipment are measured at cost less
accumulated depreciation and accumulated
impairment losses in accordance with IAS
16 “Property, Plant and Equipment”.
Las propiedades, equipo operativo y
mejoras que se estén desarrollando o
Property, operating equipment, and
improvements that are being built or
108
Un elemento de propiedades y equipo se
da de baja cuando se retira o cuando no se
espera obtener más beneficios económicos
futuros de él. Las pérdidas o ganancias
que se generan al eliminar un elemento
de propiedades y equipo se determina
comparando los ingresos por el retiro con
su valor en libros.
(ii)
Costos subsecuentes
costos
que
se
derivan
del
Los
mantenimiento del fuselaje y los motores
de una aeronave se capitalizan y se
deprecian por el período que resulte más
corto entre el próximo mantenimiento
programado o la devolución del activo. La
tasa de depreciación depende de la vida
útil estimada del activo, la cual se basa en
los ciclos proyectados y en las horas de
vuelo. Los gastos que se incurren por el
mantenimiento rutinario de las aeronaves
y los motores se registran como gastos en
la medida que se incurre en ellos.
(iii)
Depreciación
La depreciación se calcula sobre el monto
depreciable, que corresponde al costo de
un activo, u otro monto que se substituye
por el costo, menos su valor residual.
La depreciación se reconoce en los Estados
Consolidados de Resultados Integrales
con base en el método de depreciación
en línea recta, a lo largo de la vida útil
económica estimada para el equipo aéreo,
las propiedades y otro equipo, pues es el
método que refleja con mayor exactitud
el patrón esperado de consumo de los
beneficios económicos futuros asociados
al activo.
Los repuestos rotables del equipo aéreo se
deprecian según el método de línea recta,
distribuyendo los costos de los activos a
lo largo de su vida útil. Los terrenos no se
deprecian.
An item of property and equipment is
derecognized upon disposal or when no
future economic benefits are expected
from its use or disposal. Gain and
losses on disposal of an item of flight
equipment, property and equipment are
determined by comparing the proceeds
from disposal with the carrying amount.
(ii)
Subsequent costs
The costs incurred for major maintenance of an
aircraft’s fuselage and engines are capitalized
and depreciated over the shorter period to
the next scheduled maintenance or return of
the asset. The depreciation rate is determined
according to the asset’s expected useful life
based on projected cycles and flight hours.
Routine maintenance expenses of aircraft and
engines are charged to income as incurred.
(iii)
Depreciation
Depreciation is calculated over the
depreciable amount, which is the cost
of an asset, or other amount substituted
for cost, less its residual value.
Depreciation
is
recognized
in
the
Income on a straight line basis over the
estimated useful lives of flight equipment,
property and other equipment, since this
method most closely reflects the expected
pattern of consumption of the future
economic benefits embodied in the asset.
Rotable spare parts for flight equipment are
depreciated on the straight line method,
using rates that allocate the cost of these
assets over the estimated useful life of the
related aircraft. Land is not depreciated.
109
2013
developed for future use by the Company
are recorded at cost as under construction
assets. When under construction assets
are ready for use, the accumulated cost
is reclassified to the respective property
and equipment category.
construyendo para ser aprovechados en un
futuro por la Compañía se registran al costo
como activos en construcción. Cuando los
activos en construcción estén listos para
su uso, el costo acumulado se traspasa a
la categoría de propiedad y equipo.
Debido a una mayor utilización de la flora
Airbus A320, la Compañía revisó su vida útil
estimada y el valor residual, y ajustó dichos
estimados de 30 a 25 años y del 15% al
20%, respectivamente. De acuerdo con la
NIC 8, los cambios en las estimaciones se
aplican prospectivamente. Al 31 de diciembre
de 2013, el efecto de este cambio en las
estimaciones asciende a $7.706.
Due to higher usage of the Airbus A320
family aircraft, the Company reviewed its
estimated useful life and residual value of the
fleet adjusting such estimates from 30 to 25
years and from 15% to 20%, respectively.
In accordance with IAS 8, changes in
estimates are applied prospectively. As
of December 31, 2013, the effect of this
change in estimates amounted to $7,706.
Las vidas útiles estimadas son las siguientes:
Estimated useful lives are as follows:
Vida útil estimada (en años)
Estimated useful life (years)
Equipo aéreo: / Flight equipment:
Aviones para distancias cortas y medias / Short and medium-haul aircraft
Aviones para distancias largas / Long-haul aircraft
30
Motores de avión y otros componentes / Aircraft components and engines
Mantenimiento mayor a aeronaves / Aircraft major repairs
Mejoras a la propiedad arrendada / Leasehold improvements
Propiedades / Property
Edificios administrativos / Administrative buildings
25-30
Vida útil de la flota asociada con
componentes o motores
Useful life of fleet associated
with component or engines
4 – 12
El menor entre el plazo restante
del arrendamiento y la vida útil
estimada de la mejora realizada
Lesser of remaining lease term
and estimated useful life of the
leasehold improvement
20
50
Vehículos / Vehicles
4 – 10
Maquinaria y equipo / Machinery and equipment
4 – 10
Los valores residuales, los métodos de
amortización y la vida útil de los activos son
revisados en cada fecha de reporte y se ajustan
de ser necesario.
Residual values, amortization methods
and useful lives of the assets are reviewed
and adjusted, if appropriate, at each reporting
date.
El importe en libros del equipo aéreo, de
las propiedades y de otros equipos se revisa
por deterioro cuando algún suceso o cambio en
las circunstancias indican que el valor en libros
podría no ser recuperable, entonces el importe
en libros se disminuye a su importe recuperable,
si el importe en libros del activo es mayor al
importe recuperable estimado.
The carrying value of flight equipment,
property and other equipment is reviewed
for impairment when events or changes in
circumstances indicate that the carrying value
may not be recoverable and the carrying amount
is written down immediately to its recoverable
amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
Al adquirir ciertos motores y aeronaves,
la Compañía recibe créditos que pueden
utilizarse para pagar servicios de capacitación
en mantenimiento, adquisición de repuestos,
The Company receives credits from
manufacturers on acquisition of certain aircraft
and engines that may be used for the payment
110
(iv)
Revaluación y otras reservas
Las propiedades administrativas en Bogotá,
El Salvador y San José se registran al valor
razonable menos la depreciación acumulada
de los edificios y las pérdidas por deterioro
reconocidas al momento de la revaluación.
Las valuaciones se llevan a cabo con
suficiente frecuencia para asegurar que
el valor razonable de un activo revaluado
no difiera significativamente del importe
en libros. Una reserva por revaluación se
registra en otros resultados integrales y
se acredita a reservas de revaluación de
activos, en el patrimonio. No obstante, en
la medida en que revierta una disminución
por
devaluación
del
mismo
activo
reconocida previamente en ganancias y
pérdidas, el incremento se reconocerá
en ganancias y pérdidas. Un déficit de
revaluación se reconocerá en el estado de
resultados, excepto que esté compensando
un superávit del mismo activo reconocido
en la reserva de revaluación de activos. La
diferencia entre la depreciación basada en
el monto revaluado en libros del activo y la
depreciación basada en el costo histórico
del activo se transfiere anualmente de
la cuenta de reserva para revaluación
de activos a la cuenta de utilidades
retenidas. La depreciación acumulada
a la fecha de la revaluación se elimina
contra el valor bruto del activo en libros,
y el valor neto resultante se reestructura
al monto revaluado del activo. En caso de
enajenación, las reservas para revaluación
del activo que se está vendiendo se
transfieren a utilidades retenidas.
Activos arrendados
(i)
Los arrendamientos en los que la
Compañía
asume
sustancialmente
todos
los riesgos y beneficios de la propiedad se
(iv)
Revaluation and other reserves
Administrative property in Bogota, El
Salvador, and San Jose is recorded at fair
value less accumulated depreciation on
buildings and impairment losses recognized
at the date of revaluation. Valuations are
performed with sufficient frequency to
ensure that the fair value of a revalued
asset does not differ materially from its
carrying amount. A revaluation reserve is
recorded in other comprehensive income
and credited to the asset revaluation
reserve in equity. However, to the extent
that it reverses a revaluation deficit of the
same asset previously recognized in profit
or loss, the increase is recognized in profit
and loss. A revaluation deficit is recognized
in the income statement, except to the
extent that it offsets an existing surplus
on the same asset recognized in the asset
revaluation reserve. An annual transfer from
the asset revaluation reserve to retained
earnings is made for the difference between
depreciation based on the revalued carrying
amount of the asset and depreciation based
on the asset’s original cost. Additionally,
accumulated depreciation as at the
revaluation date is eliminated against the
gross carrying amount of the asset and
the net amount is restated to the revalued
amount of the asset. Upon disposal, any
revaluation reserve relating to the particular
asset being sold is transferred to retained
earnings.
Leased assets
(i)
Leases in terms of which the Company
assumes substantially all the risks and rewards
111
2013
of maintenance services, training, acquisition
of spare parts and others. These credits are
recorded as a reduction the cost of acquisition
of the related aircraft and engines and against
other accounts receivable. These amounts are
then charged to expense or recorded as an asset,
when the credits are used to purchase additional
goods or services. These credits are recorded
within other liabilities in the Consolidated
Statement of Financial Position when awarded by
manufacturers.
entre otros. Estos créditos se registran como
una reducción del costo de adquisición de las
aeronaves y motores correspondientes contra
otras cuentas por cobrar. Los montos se cargan
luego a gastos o se registran como un activo,
si el crédito es utilizado para adquirir nuevos
bienes o servicios. Estos créditos se registran
en otros pasivos en los Estados Consolidados de
Posición Financiera cuando son adjudicados por
los fabricantes.
clasifican como arrendamientos financieros, de
conformidad con la NIC 17, “Arrendamientos”.
En su reconocimiento inicial, el activo arrendado
se valoriza al menor entre el valor razonable del
bien o el valor presente de los pagos mínimos por
arrendamiento.
of ownership are classified as finance
leases in accordance with IAS 17 “Leases”.
Upon initial recognition the leased asset is
measured at an amount equal to the lower
of its fair value and the present value of the
minimum lease payments.
Los pagos por arrendamiento se distribuyen
entre las cargas financieras y la reducción del
pasivo por arrendamiento, de manera que se
obtenga una tasa de interés constante sobre
el saldo de la deuda pendiente. Los pagos se
consignan como ingresos (gastos) por intereses
en el estado de resultados.
Lease
payments
are
apportioned
between finance charges and reduction of
the lease liability so as to achieve a constant
rate of interest on the remaining balance of
the liability. Finance charges are recognized
in interest (expense) income in the income
statement.
Los
arrendamientos
financieros
se
deprecian a lo largo de la vida útil del activo. Sin
embargo, si no se tiene certeza razonable de que
la Compañía va a obtener la propiedad al término
del arrendamiento, el activo será depreciado
totalmente al menor entre la vida útil o el plazo
del arrendamiento.
A leased asset is depreciated over the
useful life of the asset. However, if there is
no reasonable certainty that the Company
will obtain ownership by the end of the lease
term, the asset is depreciated over the
shorter of the estimated useful life of the
asset and the lease term.
El pago de arrendamientos operativos
se reconoce como un gasto operacional en los
por el método de línea recta sobre el plazo del
arrendamiento.
Las ganancias o pérdidas relacionadas con
transacciones de venta con arrendamiento posterior
que resulten en arrendamientos operativos
posteriores a su venta se contabilizan como sigue:
(i)
Se reconocen de forma inmediata
como otros ingresos (gastos), cuando está
claro que la transacción se estableció al
valor razonable.
Operating
lease
payments
are
recognized as an operating expense in the
Income on a straight-line basis over the
lease term.
Gains or losses related to saleleaseback transactions classified as an
operating lease after the sale are accounted
for as follows:
are
immediately
(i) They
recognized as other (expense) income
when it is clear that the transaction is
established at fair value.
(ii)
Si el precio de venta es inferior
al valor razonable, los resultados se
reconocerán inmediatamente en otros
ingresos (gastos); excepto si la pérdida se
compensa con cuotas por arrendamiento
por debajo de los precios de mercado, en
cuyo caso se diferirán y amortizarán en
proporción a las cuotas que se paguen
durante el período contractual.
(ii)
If the sale price is below fair
value, any profit or loss is immediately
recognized as other (expense) income,
however, if the loss is compensated by
future lease payments at below market
price, it is deferred and amortized in
proportion to the lease payments over
the contractual lease term.
(iii)
Si el precio de venta es superior
al valor razonable, ese exceso se diferirá
y amortizará a lo largo de la vida del
contrato. La amortización de la utilidad se
(iii)
In the event of the sale price
is higher than the fair value of the
asset, the value exceeding the fair
value is deferred and amortized during
112
En los ejercicios que finalizaron el 31 de
diciembre de 2013 y 2012, la Compañía
reconoció una ganancia neta de $3,694
y $6,568 en transacciones de venta con
arrendamiento posterior, las cuales se
presentan en los Estados Consolidados de
Resultados Integrales. Todas las transacciones
de venta con arrendamiento posterior
resultaron en arrendamientos operativos.
2013
Si una venta con arrendamiento posterior
resulta en un arrendamiento financiero,
cualquier exceso del importe de la venta
sobre el importe en libros se diferirá y
amortizará en el plazo del arrendamiento.
the period when the asset is expected to
be used. The amortization of the gain is
recorded as a reduction in lease expenses.
If the sale-leaseback transactions result in
financial lease, any excess proceeds over
the carrying amount shall be deferred and
amortized over the lease term.
registra como una reducción del gasto por
arrendamiento.
During the years ended December 31,
2013 and 2012, the Company recognized
a net gain of $3,694 and $6,568 related
to
sale-and-leaseback
transactions,
which are recognized in the Statement
of Comprehensive Income. All sale
transactions
resulted
in
operating
leasebacks.
(j)
Costos de endeudamiento
Los costos de endeudamiento directamente
atribuibles a la compra, construcción o producción
de activos calificables que tardan un tiempo
considerable en estar listos para ser usados o
vendidos se capitalizan como parte del costo de esos
activos, de conformidad con la NIC 23, “Costos por
préstamos”. Todos los otros costos de endeudamiento
se registran como gasto en el período en que se
incurren. Los costos de endeudamiento incluyen los
intereses y otros costos que la entidad debe cubrir
en relación con el préstamo de fondos. Al 31 de
diciembre de 2013 y 2012, la Compañía capitalizó
costos de endeudamiento por un monto de $12,171
y $3,466, respectivamente.
(j)
Borrowing costs
Borrowing costs directly attributable to
the acquisition, construction or production
of a qualifying asset that necessarily takes
a substantial period of time to get ready for
its intended use or sale are capitalized as
part of the cost of the respective assets in
accordance with IAS 23 “Borrowing Costs”.
All other borrowing costs are expensed in the
period they occur. Borrowing costs consist of
interest and other costs that an entity incurs
in connection with the borrowing of funds. As
of December 31, 2013 and 2012, the Company
capitalized borrowing costs amounting of
$12,171 and $3,466 respectively.
(k)
Activos intangibles
Los activos intangibles que se compran por
separado se miden inicialmente al costo, como lo
señala la NIC 38, “Activos intangibles”. El costo
de los activos intangibles adquiridos en una
combinación de negocios es su valor razonable
a la fecha de adquisición. Los activos intangibles
que se generan internamente no se capitalizan,
salvo los costos de desarrollo capitalizables, y los
gastos se reflejan en los Estados Consolidados
de Resultados Integrales, en el período en que se
incurrió en los mismos.
(k)
Intangible assets
Intangible assets acquired separately
are initially measured at cost in accordance
with IAS 38 “Intangible Assets”. The cost
of intangible assets acquired in a business
combination is their fair value as at the date
of acquisition. Internally generated intangible
assets, excluding capitalized development
costs, are not capitalized and expenditure is
reflected in the Consolidated Statement of
Comprehensive Income in the year in which
the expenditure is incurred.
Las vidas útiles de los activos intangibles
se valoran como finita o como indefinida.
The useful lives of intangible assets are
assessed as either finite or indefinite.
Los activos intangibles con vidas finitas
son amortizados a lo largo de su vida útil
Intangible assets with finite lives are
amortized over their useful economic lives
113
económica y evaluados por deterioro cuando
haya un indicio de que su valor podría estar
deteriorado. El período de amortización y el
método de amortización de un activo intangible
con una vida útil finita se revisan, como mínimo,
al final de cada período. Los cambios en la
vida útil esperada o en el patrón esperado de
generación de beneficios económicos futuros del
activo se reflejan en los cambios en el período
de amortización o en el método de amortización,
según corresponda y se tratan como cambios
en las estimaciones contables. Los gastos de
amortización de activos intangibles con una
vida útil finita se reconocen en los Estados
Consolidados de Resultados Integrales, en la
cuenta de depreciación y amortización.
and assessed for impairment whenever there
is an indication that the intangible asset may
be impaired. The amortization period and the
amortization method for an intangible asset
with a finite useful life is reviewed at least at
the end of each reporting period. Changes in the
expected useful life or in the expected pattern
of consumption of future economic benefits
embodied in the asset are accounted for by
changing the amortization period or method,
as appropriate, and are treated as changes in
accounting estimates. The amortization expense
on intangible assets with finite lives is recognized
in the Consolidated Statement of Comprehensive
Income within depreciation and amortization.
Los activos intangibles con una vida útil
indefinida no se amortizan, pero su deterioro se
evalúa anualmente, en forma individual o como
unidades generadoras de efectivo. La valoración
de un activo como de vida indefinida se revisa
anualmente para determinar si ésta sigue
siendo sostenible; de no ser así, el cambio de la
vida útil de indefinida a finita se hará de forma
prospectiva.
Intangible assets with indefinite useful
lives are not amortized, but are tested for
impairment annually, either individually or at
the cash generating unit level. The assessment
of indefinite life is reviewed annually to
determine whether the indefinite life continues
to be supportable. If not, the change in useful
life from indefinite to finite is made on a
prospective basis.
Las ganancias y las pérdidas que se
ocasionan al dar de baja en las cuentas a un activo
intangible se determinan como la diferencia entre
el producto neto de su disposición y el importe en
libros del activo y se reconocen en los Estados
Consolidados de Resultados Integrales, cuando
la partida es dada de baja en las cuentas.
Gains and losses arising from the derecognition of an intangible asset are measured
as the difference between the net disposal
proceeds and the carrying amount of the
asset and are recognized in the Consolidated
Statement of Comprehensive Income when
the asset is derecognized.
Los activos intangibles de la Compañía son
los siguientes:
The Company’s intangible assets include
the following:
(i)
Software
Las licencias de software se capitalizan
sobre la base de los costos en que se
incurrió al adquirirlas, implementarlas y
ponerlas en funcionamiento. Los costos
asociados al mantenimiento de los
programas de software se registran como
gastos conforme se incurre en ellos. En los
casos de desarrollo o mejora de sistemas
que podrían generar beneficios económicos
futuros, la Compañía capitaliza los costos
del desarrollo del software, incluidos los
atribuibles a materiales, mano de obra y
otros costos directos.
(i)
Software
Acquired computer software licenses are
capitalized on the basis of cost incurred
to acquire, implement and bring the
software into use. Costs associated
with maintaining computer software
programs are expensed as incurred. In
case of development or improvement
to systems that will generate probable
future economic benefits, the Company
capitalizes
software
development
costs, including directly attributable
expenditures on materials, labor, and
other direct costs.
114
Los derechos sobre licencias y software
tienen una vida útil finita y se amortizan
por el método de línea recta durante
por el plazo del contrato. El cargo por
amortización se reconoce en los Estados
Consolidados de Resultados Integrales.
(ii)
Rutas y marcas
Las rutas y marcas se registran al costo,
menos la amortización acumulada y las
pérdidas por deterioro del valor. La vida
útil de los activos intangibles asociados
a las rutas y derechos de marca se
contabiliza con base en las estimaciones
de la administración sobre sus posibles
beneficios económicos futuros. Estos
activos intangibles se amortizan a lo largo
de su vida útil, que oscila entre 2 y 13 años.
(iii) Activos intangibles asociados
a derechos y obligaciones contractuales
La vida útil de los activos intangibles
asociados a derechos y obligaciones
contractuales se calcula con base en el
plazo del contrato y se registra al costo,
menos las amortizaciones acumuladas y
las pérdidas por deterioro del valor.
(l)
Instrumentos financieros
– reconocimiento inicial y
valoración posterior
(iii) Contract based intangible assets
The useful life of intangible assets
associated with contract rights and
obligations is based on the term of the
contract and are carried at cost, less
accumulated amortization and related
impairment.
(l)
Financial instruments –
initial recognition and
subsequent measurement
(i)
Activos financieros
Los instrumentos financieros incluidos en
el alcance de la NIC 39, “Instrumentos
financieros: reconocimiento y valoración”,
se pueden clasificar en cuatro categorías
en su reconocimiento inicial: (a) activos
financieros al valor razonable con cambios en
otros resultados integrales, (b) préstamos
y cuentas por cobrar, (c) inversiones
mantenidas hasta el vencimiento (d) activos
financieros disponibles para la venta.
(i).
Financial assets
Financial assets within the scope of IAS
39 “Financial Instruments: Recognition
and Measurement” are classified into one
of the following categories upon initial
recognition: (a) financial assets at fair
value through profit or loss, (b) loans
and receivables, (c) held to maturity
investments, (d) available for sale financial
assets.
La compra o venta de activos financieros
que requiere que estos sean entregados
en un plazo de tiempo establecido por las
Purchases or sales of financial assets
that require delivery of assets within
a time frame established by regulation
115
2013
Acquired software cost is amortized on
a straight line basis over its useful life,
with a maximum of three years.
Licenses and software rights acquired
by the Company have finite useful lives
and are amortized on a straight-line
basis over the term of the contract.
Amortization expense is recognized
in the Consolidated Statement of
Comprehensive Income.
(ii)
Routes and trademarks
Routes and trademarks are carried at
cost, less any accumulated amortization
and impairment. The useful life of
intangible
assets
associated
with,
routes and trademark rights are based
on
management’s
assumptions
of
estimated future economic benefits.
These intangible assets are amortized
over their useful lives of between two
and thirteen years.
Los costos del software adquiridos se
amortizan por el método de línea recta
durante la vida útil estimada del activo,
por un período máximo de 3 años.
regulaciones o convenciones del mercado
(negociaciones habituales) se reconocen
en la fecha de la negociación; es decir, la
fecha en la que la Compañía se compromete
a comprar o vender el activo.
or convention in the market place
(regular way trades) are recognized on
the trade date, i.e., the date that the
Company commits to purchase or sell
the asset.
Activos financieros a valor razonable con
cambios en otros resultados integrales
Los activos financieros a valor razonable
con cambios en otros resultados integrales
incluyen los activos financieros mantenidos
para negociar y los activos designados desde el
reconocimiento inicial como al valor razonable
con cambios en otros resultados integrales.
Los activos financieros se clasifican como
mantenidos para negociar si se adquieren
con el propósito de venderlos o comprarlos
nuevamente en un futuro cercano. Esta
categoría incluye los instrumentos financieros
derivados que administra la Compañía
que no clasifican como instrumentos de
cobertura, según lo define la NIC 39. Los
derivados, incluidos aquellos designados
como instrumentos de cobertura, también se
clasifican al valor razonable con cambios en
resultados, salvo que hayan sido designados
como instrumentos de cobertura efectivos.
Los activos financieros al valor razonable con
efecto en otros resultados integrales se miden
al valor razonable y los cambios relacionados,
que incluyen los ingresos por dividendos,
se reconocen en los Estados Financieros
Consolidados de Resultados Integrales, como
ingresos o gastos financieros.
Financial assets at fair value through
profit or loss
Financial assets at fair value through
profit or loss include financial assets
held for trading and financial assets
designated upon initial recognition
at fair value through profit or loss.
Financial assets are classified as held
for trading if they are acquired for the
purpose of selling or repurchasing in
the near term. This category includes
derivative financial instruments entered
into by the Company that are not
designated as hedging instruments
in hedge relationships as defined by
IAS 39. Derivatives, including those
designated as hedging instruments in
hedge relationships are also classified as
fair value through profit or loss unless
they are designated as effective hedging
instruments. Financial assets at fair
value through profit or loss are measured
at fair value and changes therein, which
take place into account any dividend
income, are recognized in Consolidated
Statement of Comprehensive Income as
financial income or financial costs.
The Company does not hold or issue
derivative
instruments
for
trading
purposes, however, certain derivative
contracts are not designated as hedges
for accounting purposes. Such derivative
instruments are designated as financial
instruments at fair value through profit
or loss.
Loans and receivables
Loans and receivables are financial assets
with fixed or determinable payments that
are not quoted in an active market. Such
assets are recognized initially at fair value
plus any directly attributable transaction
costs. Subsequent to initial recognition
receivables are measured at amortized
cost using the effective interest rate
La Compañía no mantiene o emite
instrumentos derivados para efectos
de negociación; sin embargo, ciertos
contratos de derivados no clasifican como
coberturas para efectos contables. Tales
instrumentos derivados están designados
como instrumentos financieros al valor
razonable con cambios en resultados.
Préstamos y cuentas por cobrar
Los préstamos y las cuentas por cobrar
son activos financieros con pagos fijos o
determinables que no se cotizan en los mercados
activos. Dichos activos son reconocidos
inicialmente al valor razonable con efectos
en otros resultados integrales, más cualquier
costo de transacción que se les pueda atribuir
directamente. Luego del reconocimiento inicial
116
Los préstamos y las cuentas por cobrar
incluyen el efectivo y otros activos equivalentes
a efectivo, depósitos y partidas por cobrar.
Activos financieros mantenidos hasta
el vencimiento
Si la Compañía tiene la intención efectiva y,
además, la capacidad de conservar un título
de deuda hasta su vencimiento, entonces
este instrumento califica como activo
financieros mantenido hasta el vencimiento.
Las inversiones mantenidas hasta el
vencimiento se registran inicialmente
al valor razonable, más los costos de
transacción. Luego del reconocimiento
inicial, las inversiones mantenidas hasta el
vencimiento se miden al costo amortizado,
utilizando el método de la tasa de interés
efectivo, menos las pérdidas por deterioro.
La Compañía no tiene activos financieros
mantenidos hasta el vencimiento.
Activos financieros disponibles para la venta
Los activos financieros disponibles para la venta
son activos financieros no derivados que se
designan como disponibles para la venta y que
no se clasifican en ninguna de las categorías
anteriores. Las inversiones de la Compañía en
títulos valores y algunos títulos de deuda se
clasifican como activos financieros disponibles
para la venta. Luego del reconocimiento inicial,
estos activos se miden al valor razonable y los
cambios que ocurran a partir de ahí, salvo las
pérdidas por deterioro, se reconocen en otros
resultados integrales dentro de patrimonio.
Cuando una inversión es dada de baja en las
cuentas, la ganancia o pérdida acumulada en
otros resultados integrales se transfiere a los
Estados Consolidados de Resultados Integrales.
(ii)
Deterioro del valor de los
activos financieros
Activos financieros contabilizados al
costo amortizado
Con respecto a los activos financieros
llevados al costo amortizado, la Compañía
primero evalúa si hay evidencia objetiva de
deterioro de valor, ya sea individualmente,
Loans and receivables comprise cash
and cash equivalents, deposits and
trade and other receivables.
Held-to-maturity financial assets
If the Company has the positive intent
and ability to hold debt securities to
maturity, then such financial assets
are classified as held-to-maturity.
Held-to-maturity financial assets are
recognized initially at fair value plus
any directly attributable transaction
costs. Subsequent to initial recognition,
held-to-maturity financial assets are
measured at amortized cost using the
effective interest method, less any
impairment losses.
The Company does not have any heldto-maturity financial assets.
Available for sale financial assets
Available for sale financial assets are
non derivative financial assets that are
designated as available for sale and that
are not classified in any of the previous
categories. The Company’s investments
in equity securities and certain debt
securities are classified as available
for sale financial assets. Subsequent
to initial recognition, such assets are
measured at fair value and changes
therein, other than impairment losses,
are recognized in other comprehensive
income and included within equity.
When an investment is derecognized,
the cumulative gain or loss in other
comprehensive income is transferred
to the Consolidated Statement of
(ii).
Impairment of financial assets
Financial assets carried at amortized
cost
For financial assets carried at amortized
cost, the Company first assesses whether
objective evidence of impairment exists
either individually for financial assets
117
2013
method, less a provision for impairment, if
any.
se miden al costo amortizado utilizando el
método de la tasa de interés efectivo, menos
una estimación para deterioro, si la hubiera.
en el caso de activos que son significativos
de manera individual o colectivamente
en el caso de activos financieros que no
son individualmente significativos. Si la
Compañía considera que no hay indicios de
deterioro en un activo financiero evaluado
individualmente, el activo se agrupará con
otros activos financieros con características
similares con respecto al riesgo de crédito,
y la evaluación por deterioro se hará en
forma colectiva. Los activos evaluados
individualmente por deterioro no se incluyen
en las evaluaciones colectivas por deterioro.
that are individually significant, or
collectively for financial assets that
are not individually significant. If the
Company determines that no objective
evidence of impairment exists for
an
individually
assessed
financial
asset, the asset is grouped with other
financial assets with similar credit risk
characteristics and collectively assessed
for
impairment.
Assets
that
are
individually assessed for impairment are
not included in a collective assessment
of impairment.
Si existen pruebas objetivas de que se ha
incurrido en una pérdida por deterioro del
valor, el importe de la pérdida se medirá
como la diferencia entre el importe en
libros del activo y el valor presente de los
flujos de efectivo futuros estimados del
activo (excluyendo las pérdidas crediticias
futuras en las que no se haya incurrido).
El valor presente de los flujos de efectivo
futuros es descontado al tipo de interés
efectivo computado en el momento del
reconocimiento inicial. Si un préstamo
tiene una tasa de interés variable, la tasa
de descuento para contabilizar cualquier
pérdida por deterioro es la tasa de interés
efectivo (TIE).
If there is objective evidence that an
impairment loss has been incurred,
the amount of the loss is measured as
the difference between the assets’s
carrying amount and the present value
of estimated future cash flows (excluding
future expected credit losses that have
not yet been incurred). The present value
of the estimated future cash flows is
discounted at the financial asset’s original
effective interest rate. If a loan has a
variable interest rate, the discount rate
for measuring any impairment loss is the
current effective interest rate (“EIR”).
El valor en libros del activo se reduce
mediante una estimación y el importe
de la pérdida se reconoce en los Estados
Se siguen devengando intereses sobre el
importe en libros reducido y se acumulan
usando el tipo de interés efectivo para
descontar los flujos de efectivo futuros con
el fin de valorar las pérdidas por deterioro.
Los ingresos por intereses se registran
como parte de los ingresos financieros en
los Estados Consolidados de Resultados
Integrales.
Si en un período posterior, el importe de
la pérdida por deterioro de valor llegara a
disminuir a causa de un suceso posterior
al reconocimiento del deterioro, la pérdida
por deterioro reconocida previamente
será objeto de reversión y el importe de
la reversión se reconocerá en los Estados
Consolidados de Resultados Integrales
118
The carrying amount of the asset is
reduced through the use of an allowance
account and the amount of the loss
is recognized in the Consolidated
Statement of Comprehensive Income.
Interest income continues to be accrued
on the reduced carrying amount and is
accrued using the rate of interest used to
discount the future cash flows for purpose
of measuring the impairment loss. The
interest income is recorded as part of
financial income in the Consolidated
If, in a subsequent year, the amount
of the estimated impairment loss
decreases because of an event occurring
after the impairment was recognized,
the previously recognized impairment
loss is reversed with the amount of the
reversal recognized in the Consolidated
Si en un período posterior se incrementa
el valor razonable de un instrumento de
deuda clasificado como disponible para la
venta, y este incremento se puede relacionar
objetivamente con un suceso posterior al
reconocimiento de la pérdida por deterioro, tal
pérdida se revierte reconociendo el importe
de la reversión en los Estados Consolidados
de Resultados Integrales. Sin embargo,
cualquier recuperación posterior en el valor
razonable de un título valor disponible para la
venta que ha sufrido un deterioro en su valor
se reconoce en otros resultados integrales.
Baja en cuentas de instrumentos
financieros
Un activo (o si procede, una parte del
activo financiero o una parte de un grupo
de activos financieros similares) es dado
de baja en las cuentas cuando:
•Los derechos contractuales sobre los
flujos de efectivo provenientes del activo
financiero expiran;
•The rights to receive cash flows from
the asset have expired
•La Compañía transfiere sus derechos a
recibir los flujos de efectivo provenientes
del activo, o asume una obligación para
pagar los flujos de efectivo recibidos en
su totalidad sin demoras a un tercero
mediante un acuerdo de transferencia de
activos (passthrough arrangement); y bien
(a) la compañía transfiere sustancialmente
todos los riesgos y beneficios del activo, o
(b) no transfiere ni retiene sustancialmente
•The Company has transferred its rights
to receive cash flows from the asset
or has assumed an obligation to pay
the received cash flows in full without
material delay to a third party under
a ‘pass through’ arrangement; and
either (a) the Company has transferred
substantially all the risks and rewards of
the asset, or (b) the Company has neither
transferred nor retained substantially all
119
2013
Available-for-sale financial assets
Impairment losses on available for
sale financial assets are recognized by
reclassifying the losses accumulated in
the fair value reserve in equity to profit
or loss. The cumulative loss that is
reclassified from equity to profit or loss
is the difference between the acquisition
cost, net of any principal repayment and
amortization, and the current fair value,
less any impairment loss recognized
previously. Changes in cumulative
impairment
losses
attributable
to
application of the effective interest
method are reflected as a component of
interest income.
If, in a subsequent period, the fair
value of an impaired available for sale
debt security increases and the increase
can be related objectively to an event
occurring after the impairment loss was
recognized, then the impairment loss
is reversed, with the amount of the
reversal recognized in the Consolidated
However, any subsequent recovery in
the fair value of an impaired available
for sale equity security is recognized in
other comprehensive income.
Derecognition
A financial asset (or, where applicable
a part of a financial asset or part of a
group of similar financial assets) is
derecognized when:
Activos financieros disponibles para la
venta
Las pérdidas por deterioro de los activos
financieros disponibles para la venta se
reconocen reclasificando las pérdidas
acumuladas de la reserva de valor razonable
en el patrimonio a ganancias o pérdidas.
La pérdida acumulada reclasificada es la
diferencia entre el costo de adquisición,
neto de cualquier reembolso o amortización
del principal, y el valor razonable actual,
menos cualquier pérdida por deterioro del
valor de ese activo reconocida previamente.
Los cambios en las pérdidas acumuladas
por deterioro, atribuibles a la aplicación del
tipo de interés efectivo, se reflejan como
un componente de ingreso por intereses.
los riesgos y beneficios del activo, sino que
transfiere el control del activo.
the risks and rewards of the asset, but
has transferred control of the asset.
Cuando la Compañía ha transferido sus
derechos a recibir los flujos de efectivo de un
activo o suscrito un acuerdo de transferencia
de activos (passthrough arrangement), y no
ha transferido ni retenido sustancialmente
todos los riesgos y beneficios del activo,
ni transferido el control sobre éste,
entonces continuará reconociendo el activo
transferido, en la medida que la Compañía
mantenga la relación.
When the Company has transferred
its rights to receive cash flows from
an asset or has entered into a pass
through arrangement, and it has neither
transferred nor retained substantially
all of the risks and rewards of the
asset nor transferred control of it, the
asset is recognized to the extent of the
Company’s continuing involvement in it.
Cuando la relación tome la forma de una
garantía del activo transferido, el importe se
medirá al menor entre el valor en libros del
activo y el monto máximo de la contraprestación
que tendría que reembolsarse.
In that case, an associated liability is
also recognized. The transferred asset
and the associated liability are measured
on a basis that reflects the rights and
obligations which have been retained.
Continuing involvement that takes the
form of a guarantee over the transferred
asset is measured at the lower of the
original carrying amount of the asset and
the maximum amount of consideration
that could be required to be repaid.
(i).
Pasivos financieros
Los pasivos financieros incluidos en el
alcance de la NIC 39 se miden al costo
amortizado aplicando la tasa de interés
efectivo, excepto los pasivos que se clasifican
como pasivos financieros a valor razonable
con cambios en otros resultados integrales,
compromisos por préstamos y contratos de
garantía financiera. La Compañía determina
la clasificación de sus pasivos financieros en
el reconocimiento inicial.
(i).
Financial liabilities
Financial liabilities within the scope of IAS
39 are measured at measure all financial
liabilities at amortized cost using the
effective interest method, except for
liabilities classified as financial liabilities
at fair value through profit or loss, loan
commitments, and financial guarantee
contracts. The Company determines the
classification of its financial liabilities at
initial recognition.
Todos los pasivos financieros se reconocen
inicialmente al valor razonable, entre ellos
los costos de transacción directamente
atribuibles.
All financial liabilities are recognized
initially at fair value including directly
attributable transaction costs.
Los pasivos financieros de la Compañía
incluyen cuentas por pagar, sobregiros
bancarios,
préstamos,
contratos
de
garantía financiera, derivados y pasivos
por arrendamiento financiero.
The
Company’s
financial
liabilities
include trade and other payables,
bank overdrafts, loans and borrowings,
financial guarantee contracts, derivative
financial instruments and finance lease
obligations.
En ese caso, también reconocerá un pasivo
asociado. El activo transferido y el pasivo
asociado se medirán sobre una base que
refleje los derechos y obligaciones que se
han retenido.
120
Los pasivos financieros a valor razonable
con cambios en otros resultados integrales
incluyen los pasivos financieros mantenidos
para negociar y los pasivos financieros
designados en su reconocimiento inicial
a valor razonable con cambios en otros
resultados integrales. Esta categoría incluye
los instrumentos financieros derivados
de la Compañía que no clasifican como
instrumentos de cobertura. Los derivados
implícitos contabilizados por separado
también se clasifican como mantenidos
para negociar, a menos que se señalen
como instrumentos de cobertura eficaz.
Financial liabilities at fair value through
profit or loss include financial liabilities
held for trading and financial liabilities
designated upon initial recognition as
at fair value through profit or loss. This
category includes derivative financial
instruments entered into by the Company
that are not designated as hedging
instruments in hedge relationships.
Separated embedded derivatives are
also classified as held for trading unless
they are designated as effective hedging
instruments.
Las ganancias o pérdidas en los pasivos
mantenidos para negociar se reconocen
en los Estados Consolidados de Resultados
Integrales.
Gains or losses on liabilities held for
trading are recognized in the Consolidated
The Company has not designated any
financial liabilities upon initial recognition
as at fair value through profit or loss.
La Compañía no designó ningún pasivo
financiero al valor razonable con cambios
en otros resultados integrales en su
reconocimiento inicial.
Préstamos llevados a costo amortizado
Luego del reconocimiento inicial, los
préstamos por los que hay que pagar
intereses se miden a costo amortizado
usando el método de la tasa de interés
efectivo. Las ganancias y las pérdidas se
reconocen en los Estados Consolidados de
Resultados Integrales, cuando el pasivo es
dado de baja en las cuentas.
El costo amortizado se calcula tomando
en cuenta los descuentos o primas en la
adquisición, o bien, los costos inherentes a
la tasa de interés efectivo. La amortización
de la tasa de interés efectivo se incluye
en gastos por intereses, en los Estados
Baja en cuentas de instrumentos
financieros
Un pasivo financiero se da de baja en las
cuentas cuando la obligación se liquida, se
cancela o expira. Si un pasivo financiero es
reemplazado por otro, del mismo acreedor,
value
Loans and borrowings carried at
amortized cost
After initial recognition, interest bearing
loans and borrowings are subsequently
measured at amortized cost using the
effective interest rate method. Gains and
losses are recognized in the Consolidated
Statement of Comprehensive Income
when the liabilities are derecognized.
Amortized cost is calculated by taking
into account any discount or premium
on acquisition and fees or costs that
are an integral part of the EIR. The
EIR amortization is included in interest
expense in the Consolidated Statement
of Comprehensive Income.
Derecognition
A financial liability is derecognized when the
obligation under the liability is discharged
or cancelled or expires. When an existing
financial liability is replaced by another
121
2013
Subsequent measurement
Financial liabilities at fair
through profit or loss
Medición posterior
Pasivos financieros a valor razonable con
cambios en otros resultados integrales
pero en condiciones sustancialmente
diferentes, o las condiciones del pasivo
financiero son modificadas sustancialmente,
se registra la baja del pasivo financiero
original y se reconoce el nuevo pasivo
financiero. La diferencia en los respectivos
valores en libros se reconoce en los Estados
(ii).
Compensación de activos y
pasivos financieros
Los activos y pasivos financieros se
compensan y el importe neto se registra
en los Estados Consolidados de Posición
Financiera, si y solo si, se tiene el derecho
legal para compensar los importes
reconocidos y exista la intención de
cancelarlos sobre una base neta, o bien, de
realizar los activos y cancelar los pasivos
simultáneamente.
(iii).
Valor razonable de los
instrumentos financieros
El valor razonable de los instrumentos
financieros que se negocian en los
mercados activos en cada fecha de reporte
se basa en los precios que se cotizan en el
mercado (en las cotizaciones de los precios
de compra y venta en la bolsa), sin incluir
deducciones por costos de transacción.
En el caso de los instrumentos financieros
que no se negocian en los mercados
activos, el valor razonable se determina
usando técnicas de valoración. Dichas
técnicas pueden incluir transacciones
recientes de compra y de venta a precios
de plena competencia, referencia al
valor razonable de otros instrumentos
financieros básicamente idénticos, hacer
un análisis del flujo de caja descontado,
o bien, recurrir a otros modelos de
valoración.
La nota 29 incluye un análisis de los valores
razonables de los instrumentos financieros
y más detalles sobre cómo se valorizan.
(m)
Derivados financieros y
contabilidad de cobertura
La Compañía utiliza instrumentos financieros
derivados, como compra-venta de divisas,
contratos sobre tipos de interés y contratos de
122
from the same lender on substantially
different terms, or the terms of an existing
liability are substantially modified, such
an exchange or modification is treated
as a derecognition of the original liability
and the recognition of a new liability, and
the difference in the respective carrying
amounts is recognized in the Consolidated
(ii).
Offsetting of financial assets
and financial liabilities
Financial assets and financial liabilities are
offset and the net amount reported in the
if, and only if, there is a currently enforceable
legal right to offset the recognized amounts
and there is an intention to settle on a net
basis, or to realize the assets and settle the
liabilities simultaneously.
(iii).
Fair value of financial instruments
The fair value of financial instruments
that are traded in active markets at each
reporting date is determined by reference
to quoted market prices or dealer price
quotations (bid price for long positions
and ask price for short positions), without
any deduction for transaction costs.
For financial instruments not traded
in an active market, the fair value is
determined using appropriate valuation
techniques.
Such
techniques
may
include using recent arm’s length market
transactions; reference to the current
fair value of another instrument that is
substantially the same; a discounted cash
flow analysis or other valuation models.
An analysis of fair values of financial
instruments and further details as to
how they are measured are provided in
Note 29.
(m)
Derivative financial instruments and hedge accounting
The Company uses derivative financial
instruments such as forward currency
contracts, interest rate contracts and
Los contratos de futuros de productos
básicos que se realizan con la finalidad de
recibir o entregar bienes no financieros, según
las necesidades de compra, de venta o de uso
de dichos activos por parte de la Compañía, se
mantienen al costo.
Commodity contracts that are entered
into and continue to be held for the purpose of
the receipt or delivery of a non-financial item
in accordance with the Company’s expected
purchase, sale or usage requirements are held
at cost.
Las ganancias o pérdidas ocasionadas por
cambios en el valor razonable de los derivados se
llevan directamente a los Estados Consolidados
de Resultados Integrales, excepto la porción
efectiva de los derivados que se designan como
coberturas de flujos de efectivo, la cual se
reconoce en otros resultados integrales.
Coberturas de flujos de efectivo
Al iniciar una relación de cobertura, la
Compañía designa y documenta formalmente la
relación de cobertura a la que la desea aplicar
la contabilidad de cobertura y la estrategia
de manejo de riesgos que va a aplicar al
emprender la cobertura, así como sus objetivos.
La documentación incluye la identificación del
instrumento de cobertura, el activo o transacción
cubierta, la naturaleza del riesgo que se va a
cubrir y la forma en que la entidad evaluará la
efectividad de la cobertura para compensar los
cambios en el valor razonable o en los flujos
de efectivo de la partida cubierta, atribuibles al
riesgo cubierto. Se espera que estas coberturas
sean altamente efectivas para compensar las
variaciones en los flujos de efectivo, de ahí que
su efectividad se evalúe constantemente a lo
largo de todos los períodos para los cuales han
sido diseñadas.
Si una cobertura de flujos de efectivo
cumple las condiciones de contabilidad de
cobertura, se contabilizará como sigue:
Any gains or losses arising from changes
in the fair value of derivatives are taken
directly into the Consolidated Statement
of Comprehensive Income, except for the
effective portion of derivatives assigned as
cash flow hedges, which is recognized in other
comprehensive income.
Cash flow hedges
At the inception of a hedge relationship,
the
Company
formally
designates
and
documents the hedge relationship to which the
Company wishes to apply hedge accounting and
the risk management objective and strategy
for undertaking the hedge. The documentation
includes
identification
of
the
hedging
instrument, the hedged item or transaction,
the nature of the risk being hedged and
how the entity will assess the effectiveness
of changes in the hedging instrument’s fair
value in offsetting the exposure to changes
in the hedged item’s cash flows attributable
to the hedged risk. Such hedges are expected
to be highly effective in achieving offsetting
changes in cash flows and are assessed on an
ongoing basis to determine that they actually
have been highly effective throughout the
financial reporting periods for which they were
designated.
Cash flow hedges which meet the strict
criteria for hedge accounting are accounted
for as follows:
123
2013
forward commodity contracts to hedge its
foreign currency risks, interest rate risks and
commodity price risks, respectively. Such
derivative financial instruments are initially
recognized at fair value on the date on
which a derivative contract is entered into.
Subsequent to initial recognition, derivatives
are carried at fair value as financial assets
when the fair value is positive and as financial
liabilities when the fair value is negative.
futuros de productos básicos para cubrir riesgos
en el tipo de cambio, en las tasas de interés y en el
precio de los productos básicos, respectivamente.
Estos derivados se reconocen inicialmente al
valor razonable a la fecha en que se suscribe
el contrato. Posterior al reconocimiento inicial,
los derivados se llevan al valor razonable como
activos financieros, cuando el valor razonable es
positivo, o como pasivos financieros, cuando el
valor razonable es negativo.
La parte eficaz de la pérdida o ganancia
del instrumento de cobertura se reconocerá
directamente en el patrimonio en otros resultados
integrales, mientras que cualquier parte ineficaz de
las coberturas de flujos de efectivo relacionados con
las actividades de operación y de financiamiento
se reconocerá inmediatamente en los Estados
The effective portion of the gain or
loss on the hedging instrument is recognized
directly as other comprehensive income in the
equity, while any ineffective portion of cash
flow hedge related to operating and financing
activities is recognized immediately in the
Income.
Los montos que se reconocen como otros
ingresos compresivos se transfieren a los Estados
Consolidados de Resultados Integrales cuando
la transacción cubierta afecta las utilidades, por
ejemplo, cuando se contabilizan los ingresos
financieros o los gastos financieros cubiertos, o
cuando se concreta una venta prevista. Cuando
el elemento cubierto es el costo de un activo
no financiero o de un pasivo no financiero,
los importes reconocidos en otros resultados
integrales se transfieren a la valoración inicial de
ese activo o pasivo no financieros.
Amounts
recognized
as
other
comprehensive income are transferred to the
Income when the hedged transaction affects
earnings, such as when the hedged financial
income or financial expense is recognized or
when a forecast sale occurs. Where the hedged
item is the cost of a non financial asset or non
financial liability, the amounts recognized as
other comprehensive income are transferred to
the initial carrying amount of the nonfinancial
asset or liability.
Si ya no se espera que la transacción
prevista o el compromiso en firme se concreten,
la ganancia o la pérdida acumulada previamente
reconocidas en el patrimonio se transfieren
a los Estados Consolidados de Resultados
Integrales. Si el instrumento de cobertura
expira, o es suspendido, vendido o ejercido, sin
ser reemplazado o renovado, o si su designación
como cobertura se revoca, cualquier ganancia o
pérdida acumulada reconocida previamente en
otros resultados integrales se mantiene en otros
resultados integrales hasta que la transacción
prevista o el compromiso en firme afecten los
beneficios o las pérdidas.
If the forecast transaction or firm
commitment is no longer expected to occur, the
cumulative gain or loss previously recognized
in equity is transferred to the Consolidated
Statement of Comprehensive Income. If
the hedging instrument expires or is sold,
terminated or exercised without replacement
or rollover, or if its designation as a hedge is
revoked, any cumulative gain or loss previously
recognized in other comprehensive income
remains in other comprehensive income until
the forecast transaction or firm commitment
affects profit or loss.
e
The Company uses forward currency
contracts as hedges of its exposure to foreign
currency risk in forecasted transactions
and firm commitments, as well as forward
commodity contracts for its exposure to
volatility in the commodity prices. Refer to
Note 27 for more details.
Current versus non current classification
Los instrumentos derivados que no han sido
designados como instrumentos de cobertura eficaz
se clasifican como corrientes o no corrientes, o
Derivative instruments that are not
designated as effective hedging instruments
are classified as current or non current or
separated into a current and non current
La Compañía suscribe contratos de divisas
para cubrirse de riesgos por diferencial cambiario
en transacciones previstas o compromisos en
firme; también suscribe contratos futuros de
productos básicos, por la volatilidad de los precios
de estos productos. Para más detalles, véase la
nota 27.
Instrumentos derivados corrientes
instrumentos derivados no corrientes
124
Los derivados implícitos se separan del
contrato principal y se contabilizan por separado,
si y solo si, las características económicas y los
riesgos económicos del derivado implícito no
están estrechamente relacionados con el contrato
principal, un instrumento independiente con las
mismas condiciones del derivado implícito cumple los
requisitos de la definición de instrumento derivado
y si el instrumento combinado no se mide al valor
razonable con efecto en otros resultados integrales.
2013
En los casos en que la Compañía utilice un
derivado como cobertura económica (y no aplique
la contabilidad de coberturas) por un período
mayor a 12 meses luego de la fecha a la que se
presenta el reporte, el derivado se clasifica como
no corriente (o se separa en partes corrientes y
partes no corrientes), conforme a la clasificación
del elemento subyacente.
portion based on an assessment of the facts
and circumstances (i.e., the underlying
contracted cash flows).
Where the Company will hold a
derivative as an economic hedge (and does
not apply hedge accounting) for a period
beyond 12 months after the reporting date,
the derivative is classified as non current
(or separated into current and non current
portions) consistent with the classification of
the underlying item.
bien, pueden separarse en una porción corriente y
otra no corriente, según lo determinen los hechos
y las circunstancias (esto es, los flujos de efectivo
que se esperan de su contratación).
Embedded derivatives are separated
from the host contract and accounted for
separately if the economic characteristics
and risks of the host contract and the
embedded derivative are not closely related,
a separate instrument with the same terms
as the embedded derivative would meet the
definition of a derivative, and the combined
instrument is not measured at fair value
through profit or loss.
Los instrumentos derivados que se designan
como instrumentos de cobertura eficaz, se
clasifican, siempre, con la clasificación de la partida
subyacente cubierta. El instrumento derivado se
separa en una porción corriente y otra no corriente,
solo si se puede hacer una distribución confiable.
Derivative
instruments
that
are
designated as, and are effective hedging
instruments, are classified consistently with
the classification of the underlying hedged
item. The derivative instrument is separated
into a current portion and a non current portion
only if a reliable allocation can be made.
(n)
Repuestos no reparables y
suministros
Los repuestos y accesorios relacionados
con el equipo aéreo que no se puedan reparar se
miden al valor más bajo entre el costo promedio
y el valor neto realizable. El valor neto realizable
es el precio estimado de venta menos los gastos
de venta. Los suministros se cargan a los Estados
Consolidados de Resultados Integrales, una vez
utilizados.
(n)
Expendable spare parts
and supplies
Expendable spare parts relating to
flight equipment are measured at the lower
of average cost or net realizable value. Net
realizable value is the estimated selling price,
less selling expenses. Supplies are charged to
the Consolidated Statement of Comprehensive
Income when used.
(o)
Deterioro de los activos no
financieros
En cada fecha de reporte, la Compañía
comprueba, de acuerdo con la NIC 36, “Deterioro de
Activos”, si hay indicios de deterioro en un activo. Si
hay indicios de deterioro, o si la prueba anual por
deterioro así lo indica, la Compañía hace un estimado
del importe recuperable del activo. El importe
recuperable de un activo es el mayor entre el valor
razonable de un activo o de una unidad generadora
(o)
Impairment of non
financial assets
The Company assesses in accordance
with IAS 36 “Impairment of Assets” at each
reporting date whether there is an indication
that an asset may be impaired. If any indication
exists, or when annual impairment testing for
an asset is required, the Company estimates
the asset’s recoverable amount. An asset’s
recoverable amount is the higher of an asset’s
125
de efectivo (“UGE”), menos los costos de venta
y su valor en uso, y se determina para un activo
individual, a menos que el activo no genere entradas
de efectivo que sean altamente independientes de
aquellas procedentes de otros activos o grupos de
activos. Cuando el importe en libros de un activo o de
una unidad generadora de efectivo exceda su valor
recuperable, el activo se considera deteriorado y se
registra a su importe recuperable.
or cash generating unit’s (“CGU”) fair value
less costs to sell and its value in use and is
determined for an individual asset, unless the
asset does not generate cash inflows that are
largely independent of those from other assets
or groups of assets. Where the carrying amount
of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and
is written down to its recoverable amount.
Al calcular el valor en uso, los flujos de
efectivo futuros estimados se descuentan a su
valor presente usando una tasa de descuento
antes de impuestos que refleje las evaluaciones
actuales de mercado del valor del dinero en el
tiempo y los riesgos específicos del activo. Para
determinar el valor razonable menos los costos
de venta, se consideran las transacciones de
mercado recientes, de estar disponibles. Si
dichas transacciones no pueden identificarse,
se utiliza un modelo de valoración apropiada.
Estos cálculos se corroboran mediante el uso de
múltiplos de valoración u otros indicadores de
valor razonable disponibles.
In assessing value in use, the estimated
future cash flows are discounted to their
present value using a pre-tax discount rate
that reflects current market assessments of
the time value of money and the risks specific
to the asset. In determining fair value less
costs to sell, recent market transactions are
taken into account, if available. If no such
transactions can be identified, an appropriate
valuation model is used. These calculations
are corroborated by valuation multiples, or
other available fair value indicators.
Las pérdidas por deterioro de las
operaciones continuas, incluido el deterioro de los
inventarios, se reconoce en el Estado Consolidado
de Resultados Integrales en esas categorías de
gastos que sean coherentes con la naturaleza del
activo deteriorado, excepto por una propiedad
revaluada previamente, en la que la revaluación
se trasladó a otros resultados integrales. En este
caso, el deterioro también se reconoce en otros
resultados integrales hasta llegar a la cantidad de
cualquier reevaluación anterior.
Los activos, a excepción del crédito
mercantil, se evalúan en la fecha de presentación
del informe para revisar si hay algún indicio
de que las pérdidas por deterioro reconocidas
previamente ya no existen o han disminuido. De
haber tal indicio, la Compañía estima el monto
recuperable del activo o de la unidad generadora
de efectivo. Una pérdida por deterioro que se
haya reconocido previamente se reversa sólo si
ha habido un cambio en los supuestos utilizados
para determinar el monto recuperable del activo
desde el reconocimiento de la última pérdida
por deterioro. La reversión se limita de manera
que el valor en libros del activo no supere su
valor recuperable, ni exceda el valor en libros
que se determinaría, neto de la depreciación,
126
Impairment
losses
of
continuing
operations,
including
impairment
on
inventories, are recognized in the Consolidated
Statement of Comprehensive Income in those
expense categories consistent with the nature
of the impaired asset, except for a property
previously revalued where the revaluation
was taken to other comprehensive income. In
this case, the impairment is also recognized
in other comprehensive income up to the
amount of any previous revaluation.
For assets excluding goodwill, an
assessment is made at each reporting date
as to whether there is any indication that
previously recognized impairment losses may
no longer exist or may have decreased. If such
indication exists, the Company estimates the
asset’s or cash generating unit’s recoverable
amount. A previously recognized impairment
loss is reversed only if there has been a
change in the assumptions used to determine
the asset’s recoverable amount since the last
impairment loss was recognized. The reversal
is limited so that the carrying amount of the
asset does not exceed its recoverable amount,
nor exceed the carrying amount that would
have been determined, net of depreciation,
Los siguientes criterios también se
aplican en la evaluación del deterioro de activos
específicos:
The following criteria are also applied in
assessing impairment of specific assets:
Crédito mercantil
El crédito mercantil se prueba por deterioro
en forma anual al final del período y cuando las
circunstancias indican que el valor en libros
de la unidad generadora de efectivo a la que
pertenece puede estar deteriorado. El deterioro
en el crédito mercantil se determina al evaluar
el monto recuperable de cada unidad generadora
de efectivo (o grupo de unidades generadoras de
efectivo) al que se relaciona el crédito mercantil.
En los casos en los que el monto recuperable de
la unidad generadora de efectivo sea menor que
su valor en libros, se reconoce una pérdida por
deterioro. Las pérdidas por deterioro relacionadas
con el crédito mercantil no pueden reversarse en
períodos futuros.
(p)
Efectivo y equivalentes de
efectivo
El efectivo y los equivalentes de efectivo
en el Estado de Posición Financiera comprenden
efectivo en caja y en bancos y depósitos a corto
plazo con vencimientos de tres meses o menos.
Para propósitos del Estado Consolidado de
Flujos de Efectivo, el efectivo y los equivalentes
de efectivo consisten en efectivo y depósitos a
corto plazo como se definió anteriormente, neto de
sobregiros bancarios pendientes, de haber alguno.
Depósitos de
(q)
mantenimiento
Los
depósitos
de
mantenimiento
corresponden a depósitos pagados a arrendadores,
los cuales se basan en ciclos, horas de vuelo o
cantidades fijas mensuales según la naturaleza
específica de cada reserva. Las tasas utilizadas
para el cálculo y las cantidades mensuales se
especifican en cada contrato. Ciertos depósitos
de mantenimiento pagados a los arrendadores
de los aviones se registran como “Depósitos y
otros activos” en la medida en que se espera que
Goodwill
Goodwill is tested for impairment
annually as of the year end and when
circumstances indicate that the carrying
value of the cash generating unit to which
is pertains may be impaired. Impairment
is determined for goodwill by assessing the
recoverable amount of each cash generating
unit (or group of cash generating units)
to which the goodwill relates. Where the
recoverable amount of the cash generating
unit is less than their carrying amount, an
impairment loss is recognized. Impairment
losses relating to goodwill cannot be reversed
in future periods.
(p)
Cash and cash
equivalents
Cash and cash equivalents in the
statement of financial position comprise cash
at banks and on hand and short term deposits
with original maturity of three months or less.
For the purpose of the Consolidated
Statement Cash Flows, cash and cash
equivalents consist of cash and short term
deposits as defined above, net of outstanding
bank overdrafts, if any.
(q)Maintenance
deposits
Maintenance deposits correspond to
deposits paid to lessors based on cycles, flight
hours, or fixed monthly amounts, depending
on the specific nature of each provision. Rates
used for the calculation and monthly amounts
are specified in each lease agreement. Certain
maintenance deposits paid to aircraft lessors
are recorded within “Deposits and other assets”
to the extent that such amounts are expected to
be used to fund future maintenance activities.
127
2013
had no impairment loss been recognized for
the asset in prior years. Such reversal is
recognized in the income statement unless the
asset is carried at a revalued amount, in which
case the reversal is treated as a revaluation
increase.
de no haberse reconocido ninguna pérdida por
deterioro para el activo en años anteriores. Tal
reversión se reconoce en el estado de resultados
a menos que el activo se registre a un monto
revaluado, en cuyo caso la reversión se trata
como un incremento de revaluación.
tales montos se utilicen para financiar actividades
de mantenimiento futuro. Los depósitos que
probablemente no se utilicen para financiar las
actividades de mantenimiento futuro se cargan a
gastos cuando se incurren.
Los depósitos de mantenimiento se refieren
a los pagos que hace la Compañía a las entidades
de arrendamiento para utilizarse en el futuro
en trabajos de mantenimiento de aviones y de
motores. La administración revisa periódicamente
la recuperación de los depósitos de mantenimiento
y considera que los valores reflejados en el
Estado Consolidado de Posición Financiera son
recuperables. Estos depósitos se utilizan para pagar
el mantenimiento realizado y podrían reembolsarse
a la Compañía después de la terminación de los
contratos. Algunos de los contratos de arrendamiento
establecen que los depósitos existentes, en exceso a
los costos de mantenimiento, no son reembolsables.
Tal exceso se produce cuando los montos usados
en los servicios de mantenimiento futuros son
inferiores a las cantidades depositadas. Cualquier
monto en exceso que se espere que el arrendador
retenga a la fecha de la terminación del contrato
de arrendamiento, que no se considera sean
materiales, se reconocen como gastos adicionales
de arrendamiento de aeronaves. Los pagos
relacionados con el mantenimiento que la Compañía
no espera realizar se reconocen cuando se pagan
como gasto adicional de arrendamiento. Algunos
de los contratos de arrendamiento de aeronaves no
requieren depósitos de mantenimiento.
(r)
Depósitos en garantía para
aeronaves y motores
La Compañía debe pagar depósitos en
garantía para ciertos contratos de arrendamiento
de
motores
y
aviones.
Los
depósitos
reembolsables de aviones se registran al costo.
Deposits that are not probable of being used
to fund future maintenance activities are
expensed as incurred.
The maintenance deposits refer to
payments made by the Company to leasing
companies to be used in future aircraft and
engine maintenance work. Management
performs regular reviews of the recovery
of maintenance deposits and believes that
the values reflected in the Consolidated
Statement of Financial Statement are
recoverable. These deposits are used to pay
for maintenance performed, and might be
reimbursed to the Company after termination
of the contracts. Certain lease agreements
establish that the existing deposits, in excess
of maintenance costs are not refundable.
Such excess occurs when the amounts used
in future maintenance services are lower than
the amounts deposited. Any excess amounts
expected to be retained by the lessor upon
the lease contract termination date, which are
not considered material, are recognized as
additional aircraft lease expense. Payments
related to maintenance that the Company
does not expect to perform are recognized
when paid as additional rental expense.
Some of the aircraft lease agreements do not
require maintenance deposits.
(r)
Security deposits for
aircraft and engines
The Company must pay security
deposits for certain aircraft and engine lease
agreements. Reimbursable aircraft deposits
are stated at cost.
Los depósitos que tienen pagos fijos o que se
pueden determinar y que no cotizan en un mercado
activo se clasifican como “documentos y cuentas por
cobrar”. Tales activos se miden al costo amortizado
con el método de interés efectivo, menos cualquier
deterioro. Los ingresos por intereses se reconocen al
aplicar una tasa de interés efectiva.
that
have
fixed
or
Deposits
determinable payments that are not quoted
in an active market are classified as ‘loans
and receivables’. Such assets are measured
at amortized cost using the effective interest
method, less any impairment. Interest income
is recognized by applying the effective interest
rate.
Depósitos de garantía y garantía real de
los contratos de arrendamiento
Deposits for guarantee and collateral for
lease agreements
Los depósitos de garantía y garantía real
Deposits for guarantee and collateral
128
(s)Provisiones
Se reconoce una provisión si, como
resultado de un evento pasado, la Compañía
tiene una obligación legal presente o contractual
que pueda estimarse de manera confiable, y
existe una mayor probabilidad de que se requiera
desembolsar un flujo económico para cancelar tal
obligación según la NIC 37 “Provisiones, activos
contingentes y pasivos contingentes”.
(s)Provisions
A provision is recognized if, as a result
of a past event, the Company has a present
legal or constructive obligation that can be
estimated reliably, and it is more likely than
not that an outflow of economic benefits will be
required to settle the obligation in accordance
with IAS 37 “Provisions, Contingent Liabilities
and Contingent Assets”.
La Compañía establece provisiones para
todas las demandas legales relacionadas con
juicios para las que existe alta probabilidad
de que se requiera un desembolso de fondos
para pagar dichas obligaciones y se pueda
hacer una estimación razonable. Al evaluar la
probabilidad de pérdida se debe considerar la
evidencia disponible, la jerarquía de las leyes,
la jurisprudencia disponible, el fallo judicial más
reciente y su relevancia en el sistema jurídico, así
como la evaluación de un asesor legal.
Provisions are set up for all legal claims
related to lawsuits for which it is probable that
an outflow of funds will be required to settle
the legal claims obligation and a reasonable
estimate can be made. The assessment of
probability of loss includes assessing the
available evidence, the hierarchy of laws,
available case law, the most recent court
decision and their relevance in the legal
system, as well as the assessment of legal
counsel.
Si el efecto del valor del dinero en el
tiempo es material, las provisiones se descuentan
utilizando una tasa actual antes de impuestos que
refleje, donde se estime conveniente, los riesgos
específicos del pasivo. En los casos en que se
utiliza el descuento, el aumento en la provisión
debido al paso del tiempo se reconoce como un
costo financiero.
If the effect of the time value of money
is material, provisions are discounted using
a current pre tax rate that reflects, where
appropriate, the risks specific to the liability.
Where discounting is used, the increase in
the provision due to the passage of time is
recognized as a financial cost.
Para ciertos arrendamientos operativos,
la Compañía tiene la obligación contractual
de devolver las aeronaves según condiciones
predefinidas. La Compañía acumula los costos por
condiciones de retorno relacionados con aeronaves
bajo arrendamiento operativo en el momento en
que el activo no cumple con los criterios de condición
de retorno y a lo largo del plazo del contrato de
arrendamiento. Los costos por condiciones de
retorno se basan en el valor presente neto de
los costos promedio estimados de devolver las
aeronaves y se reconocen en el Estado Consolidado
de Resultados Integrales bajo “Mantenimiento y
reparaciones”. Estos costos se revisan anualmente
y se ajustan según corresponda.
For certain operating leases, the
Company is contractually obligated to return
aircraft in a defined condition. The Company
accrues for restitution costs related to aircraft
held under operating leases at the time the
asset does not meet the return conditions
criteria and throughout the remaining duration
of the lease. Restitution costs are based on the
net present value of the estimated average
costs of returning the aircrafts and are
recognized in the Consolidated Statement of
Comprehensive Income in “Maintenance and
repairs.” These costs are reviewed annually
and adjusted as appropriate.
129
2013
are represented by amounts deposited with
lessors, as required at the inception of the
lease agreements. The deposits are typically
denominated in U.S. Dollars, do not bear
interest and are reimbursable to the Company
upon termination of the agreements.
están representados por las cantidades depositadas
a los arrendadores, tal como se establece al inicio
de los contratos de arrendamiento. Normalmente,
los depósitos están denominados en dólares
estadounidenses, no tienen intereses y son
reembolsados a la Compañía al finalizar los contratos.
(t)
Beneficios de empleados
La Compañía tiene planes definidos de
pensiones, los cuales requieren aportes a fondos
administrados por separado. La Compañía también
ha acordado proporcionar ciertos beneficios
adicionales posteriores al empleo para los
empleados senior en Colombia. Estos beneficios
no cuentan con un fondo. El costo de proporcionar
beneficios bajo los planes definidos se determina
por separado para cada plan utilizando el método
basado en las unidades de crédito proyectadas. Las
pérdidas y ganancias actuariales para los planes
definidos de pensiones se reconocen en su totalidad
bajo otros resultados integrales en el período en
que ocurren.
El activo o pasivo por beneficios definidos
comprende el valor presente de las obligaciones por
beneficios definidos (utilizando una tasa de descuento
basada en bonos del gobierno colombiano) menos
el valor razonable de los activos del plan de donde
provienen las obligaciones que se deben cancelar.
Los activos del plan son activos que se mantienen
con el Instituto de Seguros Sociales y fondos
privados de pensiones. Los activos del plan no están
disponibles para los acreedores de la Compañía, ni
pueden pagarse directamente a la Compañía. El
valor razonable se basa en información sobre los
precios del mercado y, en el caso de los valores
cotizados, en el precio de oferta publicado. El valor
de cualquier activo por beneficios definidos que haya
sido reconocido está restringido y el valor presente
de cualquier beneficio económico disponible en
forma de reembolsos del plan o reducciones en las
contribuciones futuras al plan.
Bajo la NIC 19 (2011), la Compañía determina
el gasto (ingreso) por intereses neto sobre el pasivo
(activo) por beneficios definidos neto para el período
al aplicarle la tasa de descuento utilizada para medir
la obligación por beneficios definidos al principio
del período anual al pasivo (activo) por beneficios
definidos neto al principio del período anual. La
Compañía toma en cuenta cualquier cambio en el
pasivo (activo) por beneficios definidos neto durante
el período como resultado de las contribuciones y
los pagos de beneficios. El interés neto en el pasivo
(activo) por beneficios definidos neto incluye:
•
•
130
El costo por intereses sobre las
obligaciones por beneficios definidos y
Los ingresos por intereses sobre los
activos del plan.
(t)
Employee benefits
The Company sponsors defined benefit
pension plans, which require contributions to
be made to separately administered funds.
The Company has also agreed to provide
certain additional post employment benefits
to senior employees in Colombia. These
benefits are unfunded. The cost of providing
benefits under the defined benefit plans is
determined separately for each plan using the
projected unit credit cost method. Actuarial
gains and losses for defined benefit plans are
recognized in full in the period in which they
occur in other comprehensive income.
The defined benefit asset or liability
comprises the present value of the defined
benefit obligation (using a discount rate
based on Colombian Government bonds), and
less the fair value of plan assets out of which
the obligations are to be settled. Plan assets
are held by the Social Security Institute
and private pension funds are not available
to the creditors of the Company, nor can
they be paid directly to the Company. Fair
value is based on market price information
and in the case of quoted securities on the
published bid price. The value of any defined
benefit asset recognized is restricted and
the present value of any economic benefits
available in the form of refunds from the
plan or reductions in the future contributions
to the plan.
Under IAS 19 (2011), the Company
determines the net interest expense (income)
on the net defined benefit liability (asset) for
the period by applying the discount rate used
to measure the defined benefit obligation at
the beginning of the annual period to the
net defined benefit liability (asset) at the
beginning of the annual period. It takes
into account any changes in the net defined
benefit liability (asset) during the period as a
result of contributions and benefit payments.
The net interest on the net defined benefit
liability (asset) comprises:
•
•
Interest cost on the defined benefit
obligation; and
Interest income on plan assets.
Additionally the company offers the following employee benefits:
(i).
Planes de contribuciones definidas
Las obligaciones relacionadas con las
contribuciones a los planes de pensiones
con contribuciones definidas se registran
como gastos en el Estado Consolidado de
Resultados Integrales en su vencimiento.
(i).
Defined contribution plans
Obligations for contributions to defined
contribution pension plans are recognized
as an expense in the Consolidated
Statement of Comprehensive Income
when they are due.
(ii).
Beneficios al momento de la
terminación laboral
Los beneficios al momento de la terminación
laboral se reconocen como gastos en la fecha
que ocurra primero, entre el momento en que
la entidad ya no puede retirar la oferta de los
beneficios al momento de la terminación, o
cuando la entidad reconoce cualquier costo
de reestructuración relacionado.
(ii).
Termination benefits
Termination benefits are recognized
as an expense at the earlier of when
the entity can no longer withdraw the
offer of the termination benefit and
when the entity recognizes any related
restructuring costs.
Pagos basados en acciones
(u)
Desde marzo de 2012, la Compañía ha
mantenido un plan de pagos con base en acciones
(el “Plan Accionario”), en el que los beneficiarios
elegibles reciben pagos en efectivo si se cumplen
con ciertas condiciones dentro y fuera del mercado.
La Compañía registra el Plan Accionario como un
pago basado en acciones en efectivo de acuerdo
con las disposiciones de la NIIF 2 “Pagos basados en
acciones”, por medio del cual la Compañía acumula
un pasivo al final de cada período de reporte con
base en el valor razonable estimado de los premios
que se espera redimir, como se determina en el
modelo de precios Turnbull-Wakeman.
(v)
Gastos pagados por anticipado
(i)
Comisiones pagadas por anticipado
Las comisiones que se pagan por los tiquetes
vendidos se registran como gastos pagados
por anticipado y se cargan a resultados cuando
se utilizan los tiquetes.
(ii)
Alquiler pagado por anticipado
El alquiler pagado por anticipado por los
aviones corresponde a montos contractuales
pagados por anticipado que se aplicarán
a pagos futuros del arrendamiento en un
plazo menor a un año.
(u)
Share based payments
Since March 2012, the Company has
operated a share based payments plan (the
“Share Plan”) whereby eligible participants
receive cash payments if certain market
and non-market vesting conditions are met.
The Company accounts for the Share Plan
as a cash-settled share based payment
in accordance with the provisions of IFRS
2 “Share-based payments”, whereby the
Company accrues a liability at the end of each
reporting period based on the estimated fair
value of the awards expected to be redeemed,
as determined using the Turnbull-Wakeman
pricing model.
(v)
Prepaid expenses
(i)
Prepaid commissions
Commissions paid for tickets sold are
recorded as prepaid expenses and
expensed when the tickets are used.
(ii)
Prepaid rent
Prepaid rent for aircraft corresponds to
prepaid contractual amounts that will be
applied to future lease payments over a
term of less than one year.
131
2013
los
Además, la Compañía les ofrece
siguientes beneficios a empleados:
(w)
Ingresos y gastos por intereses
Los ingresos por intereses se componen
de los ingresos por intereses en fondos
invertidos (incluidos los activos financieros
disponibles para la venta), cambios en el valor
razonable de los activos financieros a valor
razonable con cambios en el Estado Consolidado
de Resultados Integrales y ganancias en los
instrumentos de cobertura de tasa de interés
que se reconocen en el Estado Consolidado
de Resultados Integrales. Los ingresos por
intereses se reconocen como devengados en
el Estado Consolidado de Resultados Integrales
bajo el método de interés efectivo.
(w)
Interest income and
interest expense
Interest income comprises interest income
on funds invested (including available
for sale financial assets), changes in the
fair value of financial assets at fair value
through the Consolidated Statement of
Comprehensive Income and gains on
interest rate hedging instruments that are
recognized in the Consolidated Statement
of Comprehensive Income. Interest income
is recognized as accrued in the Consolidated
Statement of Comprehensive Income, using
the effective interest rate method.
Los gastos por intereses comprenden
los gastos por intereses sobre préstamos, el
descuento en las provisiones, cambios en el
valor razonable de los activos financieros a valor
razonable con cambios en el Estado Consolidado
de Resultados Integrales y pérdidas en los
instrumentos de cobertura de tasa de interés
que se reconocen en el Estado Consolidado
de Resultados Integrales. Los costos por
préstamos que no se atribuyen directamente a
la adquisición, construcción o producción de un
activo se reconocen en el Estado Consolidado de
Resultados Integrales mediante el método del
interés efectivo.
Interest expense comprises interest
expense on borrowings, unwinding of the
discount on provisions, changes in the
fair value of financial assets at fair value
through the Consolidated Statement of
Comprehensive Income, and losses on
interest rate hedging instruments that are
recognized in the Consolidated Statement
of Comprehensive Income. Borrowing
costs that are not directly attributable to
the acquisition, construction or production
of a qualifying asset are recognized in the
Income using the effective interest method.
(4)
Normas e interpretaciones
nuevas y modificadas
(4)
New and amended standards and
interpretations
La Compañía ha aplicado, por primera vez,
ciertas normas y enmiendas, incluidas la NIIF 7
Instrumentos Financieros: Información a Revelar,
NIIF 10 Estados Financieros Consolidados, NIIF
11 Acuerdos Conjuntos, NIIF 12 Información a
Revelar sobre Participaciones en Otras Entidades,
NIIF 13 Medida del Valor Razonable, y enmiendas
a la NIC 1 Presentación de Estados Financieros.
Varias otras enmiendas se aplican por primera
vez en el 2013. Sin embargo, estas no afectan
los Estados Financieros Consolidados de la
Compañía o los Estados Financieros Consolidados
Condensados Interinos de la Compañía. La
naturaleza y el efecto de cada nueva norma y
enmienda se describen a continuación:
The Company applied, for the first time,
certain standards and amendments including
IFRS 7 Financial Instruments: Disclosures, IFRS
10 Consolidated Financial Statements, IFRS
11 Joint Arrangements, IFRS 12 Disclosure of
Interests in Other Entities, IFRS 13 Fair Value
Measurement, and amendments to IAS 1
Presentation of Financial Statements. Several
other amendments apply for the first time in 2013.
However, they do not impact the Consolidated
Financial Statements of the Company or the
Interim Condensed Consolidated Financial
Statements of the Company. The nature and the
impacts of each new standards and amendments
are described below:
NIC 1 Presentación de partidas de
otros resultados integrales – modificaciones
a la NIC 1
IAS 1 Presentation of Items of Other
Comprehensive Income – Amendments to IAS 1
132
NIC
1
Clarificación
de
los
requerimientos de información comparativa
(Enmienda)
Estas enmiendas aclaran la diferencia entre
información comparativa voluntaria adicional y la
información comparativa mínima requerida. Una
entidad debe incluir información comparativa en
las notas relacionadas con los estados financieros
cuando ofrece de forma voluntaria información
comparativa más allá del período comparativo
mínimo requerido. Las enmiendas aclaran que
los Estados Financieros de Posición Financiera
de apertura, presentados como resultado de la
actualización o reclasificación retrospectiva de
los rubros en los estados financieros, no deben
estar acompañados de información comparativa
en las notas relacionadas. Las modificaciones
solamente afectan la presentación y no tienen
ningún impacto sobre la posición financiera o
los resultados de la Compañía, ya que esta no
ha realizado actualizaciones o reclasificaciones
retrospectivas de los rubros en los Estados
Financieros Consolidados.
NIIF 7 Instrumentos financieros:
Información a revelar
La modificación de la NIIF 7 requiere que
se revele información sobre los derechos de
compensación de instrumentos financieros y arreglos
relacionados (por ejemplo, acuerdos de garantías).
Las nuevas revelaciones les proporcionarían a los
usuarios información útil para evaluar el efecto del
grupo de acuerdos de compensación sobre la posición
financiera de la entidad. Las nuevas revelaciones
son necesarias para todos los instrumentos
IAS
1
Clarification
of
the
requirement for comparative information
(Amendment)
These amendments clarify the difference
between voluntary additional comparative
information and the minimum required
comparative information. An entity must
include comparative information in the related
notes to the financial statements when it
voluntarily provides comparative information
beyond the minimum required comparative
period. The amendments clarify that the
opening Consolidated Statement of Financial
Position, presented as a result of retrospective
restatement or reclassification of items in
financial statements does not have to be
accompanied by comparative information in
the related notes. The amendments affect
presentation only and have no impact on the
Company’s financial position or performance
since the Company does not have retrospective
restatements or reclassifications of items in
the Consolidated Financial Statements.
IFRS
7
Financial
Instruments:
Disclosures
The amendment to IFRS 7 requires an
entity to disclose information about rights
to set-off financial instruments and related
arrangements (e.g., collateral agreements).
The newly-required disclosures would provide
users with information that is useful in
evaluating the effect of netting arrangements
on an entity’s financial position. The new
disclosures are required for all recognized
133
2013
The amendments to IAS 1 modify
the grouping of items presented in other
comprehensive income (OCI). Items that
could be reclassified (or recycled) to profit or
loss at a future point in time (e.g. exchange
differences on translation of foreign operations,
net movement on cash flow hedges and net
loss or gain on available-for-sale financial
assets) have to be presented separately from
items that will never be reclassified (e.g.,
actuarial gains and losses on defined benefit
plans and revaluation of land and buildings).
The adoption of these amendments to IAS
1 only impacts presentation and has had no
impact on the Company’s financial position or
result of operations.
Las modificaciones a la NIC 1 cambian la
agrupación de las partidas presentadas en otros
resultados integrales (”OCI”, por sus siglas en
inglés). Las partidas que podrían reclasificarse
(o reciclarse) como ganancia o pérdida en
un momento futuro (por ejemplo, diferencias
de cambio en la conversión de operaciones
extranjeras, movimiento neto de coberturas de
flujos de efectivo y pérdida o ganancia neta en
los activos financieros disponibles para la venta)
deben presentarse por separado de las partidas que
nunca van a reclasificarse (por ejemplo, ganancias
y pérdidas actuariales de los planes de beneficios
definidos y revaluación de terrenos y edificios). La
adopción de estas modificaciones en la NIC 1 solo
afecta la presentación y no tiene ningún impacto en
la posición financiera o resultados de la Compañía.
financieros reconocidos, cuya compensación se
realice de acuerdo con la NIC 32. Las revelaciones
también se aplican a los instrumentos financieros
reconocidos que estén sujetos a un acuerdo
marco de compensación de saldos o un acuerdo
similar, exigibles, independientemente de si la
compensación de los instrumentos financieros se
realizó de acuerdo con la NIC 32. La adopción de la
NIIF 7 no tuvo ningún impacto significativo sobre los
estados financieros de la Compañía; se suministra
información adicional en la Nota 28.
financial instruments that are set-off in
accordance with IAS 32. The disclosures also
apply to recognized financial instruments that
are subject to an enforceable master netting
arrangement or similar agreement, irrespective
of whether the financial instruments are setoff pursuant to IAS 32. The adoption of IFRS
7 had no material impact on the Company´s
financial statements, additional disclosures
are provided in Note 28.
NIIF
10
Estados
financieros
consolidados y NIC 27 Estados financieros
individuales
La NIIF 10 establece un modelo único de
control que se aplica a todas las entidades, incluidas
las entidades de cometido específico. La NIIF 10
sustituye las partes anteriores de la NIC 27 “Estados
financieros consolidados e individuales” que se
ocupaban de los estados financieros consolidados y
la SIC 12 “Consolidación - Entidades de propósito
especial”. La NIIF 10 cambia la definición de
control de modo que un inversionista controla una
relacionada cuando éste se encuentra expuesto, o
tiene derechos, a rendimientos variables a raíz de
su involucramiento con la participada y tiene la
capacidad de afectar tales rendimientos a través
de su poder sobre la misma. Para cumplir con la
definición de control de la NIIF 10, los siguientes tres
criterios deben cumplirse: (a) un inversionista tiene
poder sobre una participada; (b) el inversionista está
expuesto o tiene derechos, a rendimientos variables
a raíz de su involucramiento con la participada y
(c) el inversionista tiene la capacidad de usar su
poder sobre la participada para afectar el monto
de los rendimientos del inversionista. La adopción
de la NIIF 10 no tuvo ningún impacto significativo
sobre la posición financiera de la Compañía y sus
resultados de operaciones.
IFRS 10 Consolidated Financial
Statements and IAS 27 Separate Financial
Statements
IFRS 10 establishes a single control model
that applies to all entities including special
purpose entities. IFRS 10 replaces the parts
of previously existing IAS 27 Consolidated
and Separate Financial Statements that
dealt with consolidated financial statements
and SIC-12 Consolidation – Special Purpose
Entities. IFRS 10 changes the definition of
control such that an investor controls an
investee when it is exposed, or has rights, to
variable returns from its involvement with the
investee and has the ability to affect those
returns through its power over the investee.
To meet the definition of control in IFRS 10,
all three criteria must be met, as follows:
(a) an investor has power over an investee;
(b) the investor has exposure, or rights, to
variable returns from its involvement with
the investee; and (c) the investor has the
ability to use its power over the investee to
affect the amount of the investor’s returns.
The adoption of IFRS 10 had no significant
impact on the Company’s financial position
and results of operations.
NIIF 11 Acuerdos conjuntos y NIC
28 Inversiones en asociadas y negocios
conjuntos
La NIIF 11 sustituye a la NIC 31
“Participaciones en negocios conjuntos” y la
SIC 13 “Entidades controladas conjuntamente aportaciones no monetarias de los participantes”.
La NIIF 11 elimina la opción de contabilizar
entidades controladas conjuntamente (ECC)
usando la consolidación proporcional. Por el
contrario, las ECC que cumplan con la definición
de un negocio conjunto según la NIIF 11
134
IFRS 11 Joint Arrangements and IAS
28 Investment in Associates and Joint
Ventures
IFRS 11 replaces IAS 31 Interests in
Joint Ventures and SIC-13 Jointly-controlled
Entities — Non-monetary Contributions by
Venturers. IFRS 11 removes the option to
account for jointly controlled entities (JCEs)
using proportionate consolidation. Instead,
JCEs that meet the definition of a joint venture
La adopción de la NIIF 11 no ha tenido ningún
impacto significativo sobre la posición financiera de
la Compañía y sus resultados de operaciones.
The adoption of IFRS 11 has not had a
material impact on the Company’s position
and results of operations.
NIIF 12 Información a revelar sobre
participaciones en otras entidades
La NIIF 12 establece los requisitos para las
revelaciones que se relacionan con los intereses de
una entidad en subsidiarias, acuerdos conjuntos,
entidades asociadas y entidades estructuradas. Los
requisitos en la NIIF 12 son más inclusivos que los
requisitos previos relacionados con la información a
revelar de las subsidiarias, por ejemplo, en caso de
que una subsidiaria sea controlada con menos de la
mayoría de los derechos a voto. Si bien la Compañía
tiene subsidiarias con participación no controladora
significativa, no existen entidades estructuradas no
consolidadas. La información a revelar relacionada
con la NIIF 12 se encuentra en la Nota 3a.
IFRS 12 Disclosure of Interests in
Other Entities
IFRS 12 sets out the requirements for
disclosures relating to an entity’s interests in
subsidiaries, joint arrangements, associates
and structured entities. The requirements in
IFRS 12 are more comprehensive than the
previously existing disclosure requirements
for subsidiaries. For example, where a
subsidiary is controlled with less than a
majority of voting rights. While the Company
has subsidiaries with material non-controlling
interests, there are no unconsolidated
structured entities. IFRS 12 disclosures are
provided in Note 3a.
NIIF 13 Medición del valor razonable
La NIIF 13 establece una sola fuente de
orientación bajo la NIIF para todas las mediciones
del valor razonable. La NIIF 13 no cambia cuando
una entidad debe utilizar el valor razonable, sino
que proporciona una guía de cómo medir el valor
razonable según la NIIF cuando se requiere o se
permite el valor razonable. La aplicación de la
NIIF 13 no ha tenido ningún impacto significativo
sobre la posición financiera de la Compañía y sus
resultados de operaciones.
La NIIF 13 también exige revelar información
específica sobre los valores razonables; algunas
de estas revelaciones reemplazan los requisitos de
revelación existentes en otras normas, entre ellas
la NIIF 7 Instrumentos financieros: Información
a revelar. Algunas de estas revelaciones son
requisitos específicos para los instrumentos
financieros, tal como lo requiere la NIC 34.16A
(j), y de esta manera, afectan el período de los
Estados Financieros Consolidados Condensados
Interinos. La Compañía releva dicha información
en la Nota 29.
Información a Revelar sobre el Importe
Recuperable de Activos no Financieros –
Enmiendas a la NIC 36 Deterioro del valor
de los activos
Estas enmiendas eliminan las consecuencias
IFRS 13 Fair Value Measurement
IFRS 13 establishes a single source
of guidance under IFRS for all fair value
measurements. IFRS 13 does not change
when an entity is required to use fair value,
but rather provides guidance on how to
measure fair value under IFRS when fair value
is required or permitted. The application of
IFRS 13 has had no material impact on the
Company’s financial position or results of
operations.
IFRS 13 also requires specific disclosures
on fair values, some of which replace existing
disclosure requirements in other standards,
including IFRS 7 Financial Instruments:
Disclosures. Some of these disclosures are
specifically required for financial instruments
by IAS 34.16A (j), thereby affecting the
interim condensed consolidated financial
statements period. The Company provides
these disclosures in Note 29.
Recoverable Amount Disclosures for
Non-Financial Assets – Amendments to
IAS 36 Impairment of Assets
These
amendments
remove
the
unintended consequences of IFRS 13 on the
135
2013
under IFRS 11 must be accounted for using
the equity method.
deben contabilizarse utilizando el método de
participación.
imprevistas que tiene la NIIF 13 sobre la información
a revelar requerida de conformidad con la NIC 36.
Además, estas enmiendas requieren que se revele
el importe recuperable de los activos o unidades
generadoras de eººfectivo para las cuales se
reconoció o revirtió una pérdida por deterioro durante
el período. Estas enmiendas son válidas con efecto
retroactivo para los períodos anuales que comiencen
a partir del 1 de enero de 2014, y se permite la
aplicación anticipada, siempre y cuando se aplique
así mismo la NIIF 13. La Compañía no reconoció o
revirtió la pérdida por deterioro al 31 de diciembre
de 2013. En consecuencia, estas enmiendas serán
consideradas para las revelaciones futuras, pero no
tienen efecto alguno sobre la posición financiera o
los resultados de operación de la Compañía.
La Compañía no ha adoptado de forma
anticipada ninguna otra norma, interpretación o
modificación que haya sido emitida pero que aún
no entre en vigor.
Normas emitidas aún no vigentes
NIIF 9 Instrumentos Financieros:
La NIIF 9, en la forma en que fue emitida,
refleja la primera etapa del trabajo de reemplazo
de la NIC 39 hecho por el IASB, y es aplicable a la
clasificación y medición de los activos y pasivos
financieros, según se definen en la NIC 39. La
norma fue válida inicialmente para los períodos
anuales que comiencen a partir del 1 de enero de
2013, pero las enmiendas a la NIIF 9.
La fecha de Aplicación Obligatoria de la
NIIF 9 y Desgloses en la Transición, emitidas
en diciembre de 2011, cambiaron la fecha de
aplicación obligatoria al 1 de enero de 2015.
disclosures required under IAS 36. In addition,
these amendments require disclosure of the
recoverable amounts for the assets or CGUs for
which impairment loss has been recognized or
reversed during the period. These amendments
are effective retrospectively for annual periods
beginning on or after 1 January 2014 with earlier
application permitted, provided IFRS 13 is also
applied. The Company has not recognized or
reversed impairment loss as of December 31,
2013. Accordingly, these amendments will be
considered for future disclosures but has no
impact on the Company’s financial position or
results of operations.
The Company has not early adopted
any other standard, interpretation or
amendment that has been issued but is not
yet effective.
Standards issued but not yet
effective
IFRS 9 Financial Instruments
IFRS 9, as issued, reflects the first
phase of the IASB’s work on the replacement
of IAS 39 and applies to classification and
measurement of financial assets and financial
liabilities as defined in IAS 39. The standard
was initially effective for annual periods
beginning on or after 1 January 2013, but
Amendments to IFRS 9.Mandatory Effective
Date of IFRS 9 and Transition Disclosures,
issued in December 2011, moved the
mandatory effective date to 1 January 2015.
En las fases posteriores, el IASB abordará
la contabilidad aplicada a la cobertura y la
desvalorización de los activos financieros. La
adopción de la primera fase de la NIIF 9 afectará la
clasificación y la medición de los activos financieros
de la Compañía, pero no tendrá ningún impacto
sobre la clasificación y las mediciones de los pasivos
financieros de la misma. La Compañía cuantificará el
impacto durante las demás fases, cuando se emita
la norma definitiva que incluye todas las fases.
In subsequent phases, the IASB is
addressing hedge accounting and impairment
of financial assets. The adoption of the
first phase of IFRS 9 will have an effect on
the classification and measurement of the
Company’s financial assets, but will not have
an impact on classification and measurements
of the Company’s financial liabilities. The
Company will quantify the effect in conjunction
with the other phases, when the final standard
including all phases is issued.
Entidades de Inversión (Enmiendas a
la NIIF 10, NIIF 12 y NIC 27)
Estas enmiendas son válidas para los
Investment Entities (Amendments
to IFRS 10, IFRS 12 and IAS 27)
These
amendments
are
effective
136
NIC 32 Compensación de Activos
Financieros
y
Pasivos
Financieros
Enmiendas a la NIC 32
Estas enmiendas aclaran el significado
de “actualmente tiene un derecho legal de
compensación” y los criterios para que los
mecanismos de liquidación brutos que no son
simultáneos califiquen para la compensación. Estas
enmiendas son válidas para los períodos anuales
que comiencen a partir del 1 de enero de 2014.
No se espera que estas enmiendas sean relevantes
para la Compañía.
Interpretación IFRIC 21 Gravámenes
(IFRIC 21)
La IFRIC 21 aclara que una entidad
contabiliza un pasivo para pagar un gravamen
cuando ocurre la actividad que produce el pago,
tal como se define en la legislación pertinente.
En el caso del pago de un gravamen que se
genera cuando se alcanza un umbral mínimo,
la interpretación aclara que no se contabilizará
ningún pasivo antes de que se alcance el umbral
mínimo. La IFRIC 21 es válida para los períodos
anuales que comiencen a partir del 1 de enero
de 2014. La Compañía no espera que la IFRIC 21
tenga un impacto financiero significativo sobre
los estados financieros futuros.
NIC 39 Renovación de Derivados
y Continuación de la Contabilidad de
Cobertura – Enmiendas a la NIC 39
Estas enmiendas permiten que no se
suspenda la contabilidad de cobertura cuando
la renovación de un derivado designado como
instrumento de cobertura cumple con ciertos
criterios. Estas enmiendas son válidas para
períodos anuales que comiencen a partir del 1.ro
de enero de 2014. La Compañía no ha renovado
ningún derivado en los períodos presentados,
IFRIC Interpretation 21 Levies
(IFRIC 21)
IFRIC 21 clarifies that an entity
recognizes a liability for a levy when the
activity that triggers payment, as identified
by the relevant legislation, occurs. For a levy
that is triggered upon reaching a minimum
threshold, the interpretation clarifies that
no liability should be anticipated before the
specified minimum threshold is reached.
IFRIC 21 is effective for annual periods
beginning on or after 1 January 2014. The
Company does not expect that IFRIC 21
will have material financial impact in future
financial statements.
IAS 39 Novation of Derivatives
and Continuation of Hedge Accounting –
Amendments to IAS 39
These amendments provide relief from
discontinuing hedge accounting when novation
of a derivative designated as a hedging
instrument meets certain criteria. These
amendments are effective for annual periods
beginning on or after 1 January 2014. The
Company has not novated any derivatives in
137
2013
for annual periods beginning on or after 1
January 2014 provide an exception to the
consolidation requirement for entities that
meet the definition of an investment entity
under IFRS 10. The exception to consolidation
requires investment entities to account for
subsidiaries at fair value through profit or
loss. It is not expected that this amendment
would be relevant to the Company, since
none of the entities in the Company would
qualify to be an investment entity under
IFRS 10.
IAS 32 Offsetting Financial Assets
and Financial Liabilities - Amendments to
IAS 32
These amendments clarify the meaning
of “currently has a legally enforceable right to
set-off” and the criteria for non-simultaneous
settlement mechanisms of clearing houses
to qualify for offsetting. These are effective
for annual periods beginning on or after 1
January 2014. These amendments are not
expected to be relevant to the Company.
períodos anuales que comiencen a partir del 1
de enero de 2014; establecen una excepción al
requisito de consolidación para las entidades que
cumplen con la definición de entidad de inversión,
según lo dispuesto en la NIIF 10. La excepción
a la consolidación requiere que las entidades de
inversión contabilicen las subsidiarias al valor
razonable con cambios en resultados. No se
espera que esta enmienda sea relevante para
la Compañía, ya que ninguna de las entidades
en la Compañía calificaría como una entidad de
inversión, según lo dispuesto en la NIIF 10.
pero considerará este beneficio en caso de
cualquier renovación futura.
(5) Información de segmentos
the periods presented but will consider this
relief in the event of any future novations.
La Compañía ha determinado que tiene un
sólo segmento operativo: transporte aéreo.
The Company has determined that it has
a single operating segment: air transportation.
Los ingresos de la Compañía por área
geográfica para los años terminados el 31 de
diciembre de 2013, 2012 y 2011 son los siguientes:
The Company’s revenues by geographic
area for the years ended December 31, 2013,
2012 and 2011 are as follows:
(5)
Segment information
31 de diciembre de
December 31,
2013
América del Norte / North America
$
Centroamérica y el Caribe / Central America and the Caribbean
650.374
2012
$
596.783
2011
$
574.478
619.851
613.942
601.549
Colombia / Colombia
1.841.984
1.765.642
1.510.916
América del Sur (excepto Colombia) / South America (ex-Colombia)
1.167.728
1.075.801
915.350
329.667
217.488
192.135
$4.609.604
$4.269.656
$3.794.428
Otros / Other
Total ingresos operacionales
Total operating revenue
La Compañía asigna ingresos por zona
geográfica con base en el punto de origen
del vuelo. Los activos no corrientes incluyen
principalmente equipo de aeronaves y equipo
aeronáutico, que se utilizan en diferentes
países y que, por lo tanto, no son asignables a
ninguna área geográfica particular.
The Company allocates revenues by
geographic area based on the point of origin
of the flight. Non-current assets are composed
primarily of aircraft and aeronautical equipment,
which are used throughout different countries
and are therefore not assignable to any particular
geographic area.
(6)
(6)
Administración de riesgos
financieros
La Compañía tiene exposición a diferentes
riesgos por el uso de instrumentos financieros,
particularmente, riesgo crediticio, riesgo de
liquidez y riesgo de mercado.
Esta nota presenta información sobre la
exposición de la Compañía a cada uno de los
riesgos mencionados, sus objetivos, políticas y
procesos para la medición y gestión de riesgos
y su administración de capital. Se incluyen en
estos estados financieros consolidados otras
revelaciones cuantitativas adicionales.
(a)
Marco de la administración
de riesgo
La Junta Directiva tiene la responsabilidad
general de establecer y supervisar el marco de la
administración de riesgo de la Compañía. La Junta ha
138
Financial risk management
The Company has exposure to different
risks from its use of financial instruments, namely
credit risk, liquidity risk, and market risk.
This note presents information about
the Company’s exposure to each of the above
risks, the Company’s objectives, policies and
processes for measuring and managing risk, and
the Company’s management of capital. Further
quantitative disclosures are included throughout
these Consolidated Financial Statements.
(a)
Risk management
framework
The Board of Directors has overall
responsibility for the establishment and
oversight of the Company’s risk management
framework. The Board has established
Las políticas de administración de riesgo
de la Compañía se establecen para identificar y
analizar los riesgos que enfrenta la Compañía para
fijar límites y controles de riesgo apropiados y para
monitorear los riesgos y el cumplimiento de los
límites. Los sistemas y políticas de la administración
de riesgo se revisan periódicamente para reflejar
los cambios en las condiciones del mercado y las
actividades de la Compañía. La Compañía, a través
de su capacitación y sus normas y procedimientos de
administración, pretende desarrollar un entorno de
control disciplinado y constructivo en el que todos los
empleados entienden sus funciones y obligaciones.
The Company’s risk management policies
are established to identify and analyze the risks
faced by the Company, to set appropriate risk
limits and controls, and to monitor risks and
adherence to limits. Risk management policies
and systems are reviewed regularly to reflect
changes in market conditions and the Company’s
activities. The Company, through its training and
management standards and procedures, aims
to develop a disciplined and constructive control
environment in which all employees understand
their roles and obligations.
(b)
Riesgo crediticio
El riesgo crediticio es el riesgo de pérdida
financiera que enfrenta la Compañía si un cliente
o una contraparte de un instrumento financiero
no cumple sus obligaciones contractuales y se
origina principalmente por sus cuentas por cobrar
a clientes e inversiones en títulos.
(b)
Credit risk
Credit risk is the risk of financial loss to
the Company if a customer or counterparty
to a financial instrument fails to meet its
contractual obligations, and arises principally
from
the
Company’s
receivables
from
customers and investment in securities.
La Compañía minimiza el riesgo crediticio
de la contraparte en instrumentos derivados
al realizar transacciones con contrapartes con
las que ha firmado “Acuerdos Maestros de la
Asociación International de Permutas (Swaps) y
Derivados” (Acuerdos maestros ISDA). Dada su
alta calificación crediticia, la administración no
espera que ninguna contraparte incumpla con
sus obligaciones contractuales.
The Company minimizes counterparty
credit risk in derivative instruments by entering
into transactions with counterparties with
which the Company has signed “International
Swaps and Derivatives Association Master
Agreements”. Given their high credit ratings,
management does not expect any counterparty
to fail to meet its contractual obligations.
El valor en libros de los activos financieros
representa la máxima exposición crediticia. La
máxima exposición al riesgo de crédito al final
del período fue la siguiente:
The carrying amount of financial assets
represents the maximum credit exposure. The
maximum exposure to credit risk at the end of
the reporting period was as follows:
Al 31 de diciembre
December 31,
Notas
Notes
Inversiones disponibles para la venta / Available-for-sale securities
2013
$
14.878
2012
$
32.625
8
309.404
267.502
7
735.577
402.997
Efectivo restringido corriente / Current restricted cash
7
23.538
6.547
Efectivo restringido no corriente / Non - current restricted cash
13
42.951
47.406
Valor razonable de instrumentos derivados – activos
Fair value of derivative instruments – assets
13
16.598
10.085
Total / Total
$
1.142.946
$
767.162
139
2013
mechanisms for developing and monitoring
the Company’s risk management policies.
establecido mecanismos para desarrollar y monitorear
las políticas de la gestión de riesgos de la Compañía.
Cuentas por cobrar, neto
(c)
La
exposición
al
riesgo
crediticio
de la Compañía está influenciada por las
características individuales de cada cliente. Los
datos demográficos de la base de clientes de la
Compañía, incluidos el riesgo inherente de la
industria y el país en los que operan los clientes,
tienen menos influencia en el riesgo crediticio.
Adicionalmente, la Compañía no está
expuesta a concentraciones significativas de
riesgo crediticio puesto que la mayoría de las
cuentas por cobrar surgen de la venta de tiquetes
de avión a personas individuales a través de
agencias de viajes en varios países, incluidas
las agencias virtuales y otras aerolíneas. Estas
cuentas por cobrar son a corto plazo por su
naturaleza y generalmente se cancelan poco
después de que se realizan las ventas a través de
las principales compañías de tarjeta de crédito.
Las cuentas por cobrar relacionadas con carga
presentan un mayor riesgo crediticio que las ventas a
pasajeros, dada la naturaleza del procesamiento de
pago para estas ventas. La Compañía ha continuado
con la implementación de algunas medidas para
reducir este riesgo crediticio, por ejemplo, reducir
los términos de pago y afiliar las agencias de carga
a los Sistemas de Liquidación de Cuentas de Carga
(CASS, por sus siglas en inglés) de la Asociación
Internacional de Transporte Aéreo (IATA, por
sus siglas en inglés). El CASS está diseñado para
simplificar la facturación y el pago de cuentas entre
compañías aéreas y transportistas autorizados.
Opera a través de una avanzada solución global de
facturación en línea habilitada para la web.
(c)
Receivables, net
The Company’s exposure to credit risk
is influenced by the individual characteristics
of each customer. The demographics of
the Company’s customer base, including
the default risk of the industry and country
in which customers operate, has less of an
influence on credit risk.
Additionally, the Company is not
exposed to significant concentrations of credit
risk since most accounts receivable arise from
sales of airline tickets to individuals through
travel agencies in various countries, including
virtual agencies and other airlines. These
receivable are short term in nature and are
generally settled shortly after the sales are
made through major credit card companies.
Cargo-related receivables present a
higher credit risk than passenger sales given the
nature of processing payment for these sales.
The Company is continuing its implementation
of measures to reduce this credit risk for
example by reducing the payment terms and
affiliating cargo agencies to the IATA Cargo
Account Settlement Systems (“CASS”). CASS
is designed to simplify the billing and settling
of accounts between airlines and freight
forwarders. It operates through an advanced
global web-enabled e-billing solution.
No hay concentraciones significativas de
riesgo crediticio a la fecha del Estado Consolidado de
Posición Financiera. La máxima exposición al riesgo
crediticio está representada por el monto en libros de
cada activo financiero.
There are no significant concentrations
of credit risk at the Consolidated Statement
of Financial Position date. The maximum
exposure to credit risk is represented by the
carrying amount of each financial asset.
Riesgo de liquidez
(d)
El riesgo de liquidez es el riesgo de que la
Compañía no pueda cumplir con sus obligaciones
financieras al momento de su vencimiento. El
enfoque de la Compañía para administrar el
riesgo de liquidez es asegurar, en lo posible, que
siempre tendrá suficiente liquidez para cumplir
con sus obligaciones cuando vencen, bajo
condiciones normales y situaciones de tensión,
sin incurrir en pérdidas inaceptables o arriesgar
la reputación de la Compañía.
Liquidity risk
(d)
Liquidity risk is the risk that the Company
will not be able to meet its financial obligations
as they fall due. The Company’s approach to
managing liquidity risk is to ensure, as far as
possible, that it will always have sufficient
liquidity to meet its liabilities when due, under
both normal and stressed conditions, without
incurring unacceptable losses or risking
damage to the Company’s reputation.
140
Al 31 de diciembre de 2013 / As of December 31, 2013
Años / Years
Valor en
libros
Carrying
amount
Préstamos a corto plazo
Short-term borrowings
$
$
—
$
—
Cinco y
posteriores
Five and
thereafter
284.713
269.263
234.563
213.430
907.344
558.120
793.450
84.250
83.597
80.316
81.752
463.535
5.379
6.363
5.775
588
—
—
—
2.265.495
2.747.739
413.351
353.448
314.879
295.182
1.370.879
511.864
511.864
509.129
156
759
910
910
$2.777.359
$3.259.603
$922.480
$353.604
$315.638
$296.092
$1.371.789
Cuentas por pagar
Accounts payable
—
Cuatro
Four
1.909.313
Total deuda
Total debt
$
Tres
Three
1.663.827
Pasivos por arrendamiento financiero
Finance lease liabilities
Vencimientos contractuales
Contractual maturities
Dos
Two
$ 38.613
Bonos / Bonds
$
Uno
One
38.613
Deuda a largo plazo
Long-term debt
38.169
Flujos de efectivo contractuales
Contractual
cash flows
$
—
Al 31 de diciembre de 2012 / As of December 31, 2012
Años / Years
Valor en
libros
Carrying
amount
Deuda a largo plazo
Long-term debt
Bonos / Bonds
Pasivos por arrendamiento financiero
Finance lease liabilities
Total deuda
Total debt
Cuentas por pagar
Accounts payable
Vencimientos contractuales
Contractual maturities
$
45.021
Flujos de efectivo contractuales
Contractual
cash flows
$
Uno
One
Dos
Two
$
Tres
Three
—
$
Cuatro
Four
—
$
—
Cinco y
posteriores
Five and
thereafter
45.413
$ 45.413
$
—
1.516.869
1.740.321
239.545
251.619
232.054
187.164
829.939
282.769
399.132
26.332
67.843
66.558
62.470
175.929
9.785
13.262
6.899
5.775
588
—
—
1.854.444
2.198.128
318.189
325.237
299.200
249.634
1.005.868
491.609
491.609
488.568
159
848
1.017
1.017
$2.346.053
$2.689.737
$806.757
$325.396
$300.048
$250.651
$1.006.885
141
2013
The following are the contractual
maturities of non derivative financial liabilities,
including
estimated
interest
payments.
Amounts under the “Years” columns represent
the contractual undiscounted cash flows of
each liability.
Los siguientes son los vencimientos
contractuales de los pasivos financieros no
derivados, entre ellos los pagos estimados de
intereses. Los montos bajo las columnas de
“Años” representan los flujos de efectivo, sin
descontar, contractuales de cada pasivo.
Análisis de sensibilidad
Al 31 de diciembre de 2013 y 2012, se
espera que un aumento promedio del 1% en
las tasas de interés sobre la deuda a largo plazo
disminuya los ingresos de la Compañía en $4.597
y $5.822, respectivamente.
Sensitivity analysis
As of December 31, 2013 and 2012,
an average increase 1% in interest rates on
long-term debt would be expected to decrease
the Company’s income by $4,597 and $5,822
respectively.
Las tasas de interés para las obligaciones
financieras que devengan intereses son las siguientes:
Interest rates for interest bearing financial
obligations are as follows:
Al 31 de diciembre de 2013
December 31, 2013
Tasa de interés de
promedio ponderado
Weighted average
interest rate
Total
Total
2,66%
Deuda a largo plazo y arrendamientos financieros
Long term debt and financial leases
3,25%
1.669.206
Bonos- Colombia
Bonds- Colombia
8,10%
259.494
Bonos- Luxemburgo
Bonds- Luxembourg
8,38%
298.626
Total / Total
$
38.169
$2.265.495
December 31, 2012
Tasa de interés de
promedio ponderado
Weighted average
interest rate
Total
Total
3,31%
Deuda a largo plazo y arrendamientos financieros
Long term debt and financial leases
3,26%
1.526.654
Bonos- Colombia
Bonds- Colombia
9,25%
282.769
Total / Total
(e)
Riesgo de mercado
El riesgo de mercado es el riesgo de que los
cambios en los precios de mercado, tales como las
tasas de cambio, las tasas de interés y los precios de
las acciones afecten los ingresos de la Compañía o el
valor de los instrumentos financieros que mantiene.
El objetivo de la administración para el manejo
del riesgo de mercado es administrar y vigilar la
exposición al riesgo y mantenerla dentro de los
parámetros aceptables optimizando el retorno.
142
$
45.021
$ 1.854.444
(e)
Market risk
Market risk is the risk that changes in
market prices, such as foreign currency rates,
interest rates and equity prices will affect the
Company’s income or value of its holdings
of financial instruments. The objective of
market risk management is to manage and
control market risk exposure within acceptable
parameters, while optimizing the return.
(f)
Riesgo de productos básicos
La Compañía mantiene una estrategia de
administración de riesgo relacionada con el precio
de los productos básicos que utiliza instrumentos
derivados para minimizar las fluctuaciones de
ganancias significativas no previstas causadas
por la volatilidad de los precios de los productos
básicos. Las operaciones de la Compañía requieren
un volumen significativo de compras de combustible
jet, (jet fuel). Las fluctuaciones de precios en el
petróleo, las cuales están directamente relacionadas
con las fluctuaciones de precios del combustible jet,
hacen que los valores de mercado del combustible
jet difieran de su costo y que el precio real de compra
de combustible jet difiera del precio anticipado.
(f)
Commodity risk
The Company maintains a commodity
price risk management strategy that uses
derivative instruments to minimize significant,
unanticipated earnings fluctuations caused
by commodity price volatility. The operations
of the Company require a significant volume
of jet fuel purchases. Price fluctuations of
oil, which are directly related with price
fluctuations of jet fuel, cause market values
of jet fuel to differ from its cost and cause the
actual purchase price of jet fuel to differ from
the anticipated price.
Todas esas transacciones se llevan a cabo
dentro de los lineamientos establecidos por el
Comité de administración de riesgo.
La Compañía suscribe contratos de
instrumentos financieros derivados donde se
utiliza el combustible para calefacción reducir
la exposición a los riesgos de los precios del
combustible para jet Dichos instrumentos
derivados se consideran coberturas altamente
eficaces, debido a que los cambios en su valor
razonable se compensan con las variaciones
en los precios del combustible para jet. La
Compañía determina el valor razonable de
los contratos con base en las curvas futuras
teóricas observadas en el mercado; las pérdidas
o ganancias de los instrumentos de cobertura se
reconocen directamente en el patrimonio neto,
a través de otros resultados integrales (OCI),
con base en los procedimientos de Contabilidad
de Cobertura.
Un cambio del 1% en los precios del
combustible jet habría aumentado/disminuido las
ganancias o pérdidas del año en $13.258 (2012:
$13.127 y 2011: $11.235). Este cálculo asume
All such transactions are carried
out within the guidelines set by the Risk
Management Committee.
The Company enters into derivative
financial instruments using heating oil to
reduce the exposure to jet fuel price risks.
Such financial instruments are deemed to
be highly effective hedge because changes
in their fair value are closely correlated with
variations in jet fuel prices. The Company
determines fair value of the contracts based
on the notional future curves as observed in
the market; gain or loss of hedge instruments
are recognized directly in net equity, through
other comprehensive income (OCI), based on
Hedge Accounting procedures.
A change in 1% in jet fuel prices would
have increased/decreased profit or loss for the
year by $13,258 (2012: $13,127 and 2011:
$11,235). This calculation assumes that the
143
2013
The Company enters into derivative
contracts, and also incurs financial liabilities,
in order to manage market risk. The market
risk associated with commodity price and
interest rate contracts is managed by
establishing and monitoring parameters that
limit the types and degree of market risk that
may be undertaken.
La Compañía participa en contratos
de derivados y a la vez incurre en pasivos
financieros, con el fin de administrar el riesgo
de mercado. El riesgo de mercado asociado
con los contratos de precios de productos
básicos y de tasa de interés se administra al
establecer y monitorear los parámetros que
limitan el tipo y el grado de riesgo de mercado
que se pueda tomar.
que el cambio se produjo en la fecha del informe
y que había sido aplicado a las exposiciones de
riesgo existentes en esa fecha. Este análisis
asume que todas las otras variables se mantienen
constantes y considera el efecto de los cambios
en el precio del combustible jet y los contratos
de coberturas relacionados. El análisis se realiza
sobre la misma base para 2012 y 2011.
change occurred at the reporting date and
had been applied to risk exposures existing at
that date. This analysis assumes that all other
variables remain constant and considers the
effect of changes in jet fuel price and underlying
hedging contracts. The analysis is performed
on the same basis for 2012 and 2011.
(i)
Riesgo de moneda extranjera
El riesgo de tipo de cambio se origina
cuando la Compañía realiza transacciones
y mantiene activos y pasivos monetarios
en divisas distintas a la moneda funcional
de la Compañía. Los activos y pasivos en
moneda extranjera se convierten a los tipos
de cambio al final del período, con excepción
de los activos y pasivos no monetarios que
se convierten al costo equivalente del dólar
estadounidense en la fecha de adquisición
y se mantienen a la tasa histórica. Los
resultados de las operaciones se convierten
a los tipos de cambio promedio vigentes
durante el período.
(i)
Foreign currency risk
Foreign currency risk is originated when
the Company performs transactions and
maintains monetary assets and liabilities
in currencies that are different from the
functional currency of the Company.
Assets and liabilities in foreign currency
are converted with the exchange rates
at the end of the period, except for non
monetary assets and liabilities that are
converted at the equivalent cost of the
US dollar at the acquisition date and
maintain at the historical rate. The
results of operations are converted with
the average exchange rates that were in
place during the period.
La moneda funcional utilizada por la
Compañía para establecer los precios de
sus servicios es el dólar estadounidense.
La Compañía vende la mayoría de sus
servicios a precios equivalentes al
dólar estadounidense y gran parte de
sus gastos se denominan en dólares
estadounidenses o están indexados a esa
moneda, particularmente los costos del
combustible, costos de mantenimiento,
arrendamientos de aeronaves, pagos de
arrendamiento de aeronaves, seguros y
componentes y accesorios de aeronaves.
Los gastos de remuneración se denominan
en monedas locales.
La Compañía mantiene sus tarifas de carga
y pasajeros en dólares estadounidenses.
A pesar de que las ventas en los mercados
nacionales se realizan en monedas locales,
los precios están indexados al dólar
estadounidense.
Debido a los controles cambiarios en
Venezuela, la Compañía experimenta a
menudo retrasos adicionales al convertir
el efectivo generado por sus operaciones
locales en Venezuela.
144
The functional currency used by the
Company is the US dollar in terms
of setting prices for its services. The
Company sells most of its services
in prices equivalent to the US dollar
and a large part of its expenses are
denominated in US dollars or are
indexed to the US dollar, particularly
fuel costs, maintenance costs, aircraft
leases,
aircraft
lease
payments,
insurance and aircraft components and
accessories. Remuneration expenses are
denominated in local currencies.
The Company maintains its cargo and
passenger fares in US dollars. Even
though sales in domestic markets are
made in local currencies, prices are
indexed to the US dollar.
Due to exchange controls in Venezuela,
however, the Company often experiences
additional delays converting cash generated
from its local operations in Venezuela.
We submit monthly requests to the
Venezuelan authorities for the remittance
in US dollars of the cash generated in
local currency by our Venezuelan branch.
Since September 2013, we have not been
able to obtain approval for remittances in
US dollars of funds held as local currency
cash deposits in Venezuela. Despite our
efforts to negotiate with the government,
we believe it is uncertain if we will be able
to repatriate any of the funds through
the requests we have filed. It could take
a considerable amount of time before we
obtain approvals for US dollar remittances
abroad. A summary of our monetary
assets holdings in Venezuela is shown
below, together with remittance status:
December 31, 2013
Bolívares
Bolivares
Tasa
Rate
USD
US$
2012 presentado pero pendiente de envío
2012 submitted but remittance pending
VEF 83.446
4,3
2013 presentado pero pendiente de envío
2013 submitted but remittance pending
1.746.132
6,3
277.164
82.264
6,3
13.058
102.478
6,3
16.266
Diciembre 2013 – sin presentar
December 2013 – not yet submitted
Otros montos / Other amounts
Total / Total
En negociaciones recientes, el gobierno
expuso sus intenciones de pagar la deuda con
instrumentos financieros o combustible; sin
embargo, la Compañía aún no ha obtenido una
VEF 2.014.320
$
$
19.406
325.894
In recent negotiations, the Venezuelan
government has suggested the possibility of
converting our local currency cash balances
into fuel or government bonds rather than US
145
2013
The Company has a significant cash
balance in Bolivares, which currency
is subject to Venezuelan exchange
controls.
In
Venezuela,
effective
2003,
the
authorities
determined
that all remittances abroad had to be
approved by the Currency Management
Commission or, CADIVI. Despite having
availability of Bolivares in Venezuela,
we have certain restrictions that limit
us from freely remitting such funds
outside of Venezuela. As of December
31, 2013 and 2012, the total amount
of funds requested and pending to be
authorized was $296,570 and $103,019,
respectively.
La Compañía tiene un importante saldo
de efectivo en Bolívares, cuya moneda
está sujeta a controles de cambio
venezolanos. En Venezuela a partir de
2003, las autoridades determinaron
que todos los envíos al exterior debían
contar con la aprobación de la Comisión
de Administración de Divisas (CADIVI).
A pesar de tener la disponibilidad de
Bolívares en Venezuela, la Compañía
tiene ciertas restricciones que la limitan a
enviar libremente dichos fondos fuera de
Venezuela. Al 31 de diciembre de 2013 y
2012, el monto total de fondos solicitados
y pendientes de autorización era de
$296.570 y $103.019, respectivamente.
Presentamos solicitudes mensuales ante
las autoridades venezolanas para que
se autoricen hacer el envío en dólares
estadounidenses de efectivo que nuestras
sucursales en Venezuela generan en moneda
local. Desde septiembre del 2013, no ha
sido posible obtener las autorizaciones para
hacer remesas de fondos desde Venezuela.
A pesar de nuestros esfuerzos por negociar
con el gobierno, no existe la certeza sobre
si podremos repatriar los fondos por
medio de las solicitudes que hemos hecho.
La obtención de las autorizaciones para
hacer las remesas al exterior podría tardar
una considerable cantidad de tiempo. A
continuación se muestra un resumen de los
activos monetarios disponibles en Venezuela:
solución concreta.
Por esta razón, creemos
además que no existe certeza sobre los medios
de pago con que el gobierno autorizará las
remesas al exterior. La Compañía, en aras de
reducir su exposición a los riesgos, ha reducido
de forma importante su capacidad de vuelos en
este mercado y ha tomado medidas adicionales
para restringir la venta de tiquetes en Venezuela.
Al 31 de diciembre de 2013, los envíos de
diciembre de 2012 y de enero a noviembre de
2013 estaban pendientes. Estas remesas aún
no han sido autorizadas; sin embargo, según la
Providencia No 6.122 del 23 de enero de 2014, la
tasa de cambio de CADIVI a la fecha de la solicitud
(US$1:VEF4,3 para el 2012 y US$1:VEF6,3
para el 2013) seguirá siendo utilizada para las
remesas futuras en dólares estadounidenses.
La posibilidad de remesar los fondos pendientes
fuera de Venezuela depende de la disponibilidad
de dólares estadounidenses en el país.
Presentamos nuestra solicitud para el
envío del efectivo de diciembre de 2013 en enero
de 2014. Si bien este monto ha sido convertido
a dólares estadounidenses usando la tasa de la
CADIVI del 31 de diciembre de 2013, los anuncios
por parte de las autoridades venezolanas en enero
del 2014 indicaban que este monto, al igual que
los montos posteriores, sería remesado a través
del proceso de subasta del SICAD. El proceso
más reciente de subasta del SICAD produjo una
tasa de cambio de US$1:VEF11,8, que podría
producir una pérdida por cambio de divisas de
US$6.086. Adicionalmente, notamos que la tasa
del cambio durante la subasta del SICAD puede
llegar a variar en el tiempo.
Los demás montos se relacionan con saldos
en efectivo que fueron acumulados en Venezuela
por VEF102.478 que aún no han sido aprobados
para remesa por parte de las autoridades, ya que
tienen que ver con ingresos diferentes a tarifas de
pasajes aéreos. Estos montos han sido convertidos
a dólares estadounidenses usando la tasa de la
CADIVI al 31 de diciembre de 2013; sin embargo,
si estos montos hubieran sido convertidos en la
subasta más reciente de la SICAD, que redundó en
una tasa de cambio de US$1:VEF11,8, la Compañía
tendría una pérdida por cambio de divisas de
US$7.581. Como se señaló anteriormente, la tasa
del cambio durante la subasta del SICAD puede
llegar a variar en el tiempo.
146
dollars, however no concrete solution has been
proposed to the Company. For this reason, we
also believe there is uncertainty regarding the
means of payment that the government will
use to approve remittances abroad of local cash
balances. To reduce its exposure to losses, the
Company has substantially reduced capacity to
serve this market and has taken other actions
to restrict the sale of tickets in Venezuela.
As at December 31, 2013, remittances
were outstanding for December 2012 and for
January to November 2013. These remittances
have not yet been approved; however, as per
Providencia No. 6,122 from January 23, 2014,
the CADIVI exchange rate at the date the
request was submitted (US$1: VEF4.3 for 2012
and US$1: VEF6.3 for 2013) will continue to
be used on eventual remittance in US dollars.
Our ability to remit the outstanding funds
outside Venezuela depends on the country´s
availability of US Dollars.
We submitted our request for the
remittance of December 2013 cash in January
2014. While this amount has been translated
into US dollars using the CADIVI rate at
December 31, 2013, announcements from
the Venezuelan authorities in January 2014
indicated that this amount as well as future
amounts shall be remitted via the SICAD
auction process.
The most recent SICAD
auction process resulted in an exchange rate
of US$1:VEF11.8, which would result in an
exchange loss of US$6,086. In addition, we
note that the exchange rate at the SICAD
auction process may fluctuate over time.
Other amounts relate to cash balances
which have accumulated in Venezuela for
VEF102,478 which have not been approved for
remittance by the authorities as they relate to
revenues other than passenger airfares. These
amounts has been translated into US dollars
using the CADIVI rate at December 31, 2013;
however, if such amounts were converted at
the most recent SICAD auction process, which
resulted in an exchange rate of US$1:VEF11.8,
the Company would incur an exchange loss of
US$7,581. As noted above, the exchange rate
at the SICAD auction process may fluctuate
over time.
Los datos cuantitativos sobre la exposición al
riesgo de moneda extranjera de la Compañía, como
se informó a la administración de la Compañía, con
base en su política de administración de riesgo se
resumen a continuación:
The summary quantitative data about the
Company’s exposure to currency risk as reported
to the Management of the Company based on its
risk management policy was as follows:
Al 31 de diciembre de 2013 / December 31, 2013
Pesos
Colombianos
Colombian
Pesos
Bolívares
Venezuelan
Bolivares
Pesos
Argentinos
Argentinean
Pesos
Reales
Brasileños
Brazilian
Reals
93.104
$ 311.016
$ 15.016
$ 8.292
$ 15.109
$ 735.577
—
—
14.878
—
—
—
14.878
85.330
77.816
9.657
6.750
32.914
96.937
309.404
(1.519.912)
(276.827)
—
—
—
(28.685)
(1.825.424)
Deuda sin garantía / Unsecured debt
(434.654)
(5.417)
—
—
—
—
(440.071)
(239.966)
(182.424)
(13.440)
(9.377)
(7.003)
(59.654)
(511.864)
$ (1.816.162)
$ (293.748)
$ 322.111
$ 12.389
$ 34.203
$ 23.707
$(1.717.500)
$
$
$
USD
USD
Efectivo y equivalentes de efectivo
Cash and cash equivalents
$
Inversiones disponibles para la venta
Available for sale securities
Cuentas por cobrar, neto de estimación
para cuentas de cobro dudoso
Accounts receivable, net of provision for
doubtful accounts
Deuda garantizada y bonos
Secured debt and bonds
Exposición de la posición financiera neta
Net financial position exposure
293.040
$
Otros
Others
Total
Total
Efectivo y equivalentes de efectivo
Cash and cash equivalents
3.504
$ 3.930
$ 9.946
32.625
—
—
—
32.625
111.778
5.025
7.076
24.023
20.000
267.502
(1.450.185)
(311.198)
—
—
—
(29.630)
(1.791.013)
Deuda sin garantía / Unsecured debt
(63.431)
—
—
—
—
—
(63.431)
(337.111)
(80.764)
(16.527)
(8.655)
(6.677)
(41.875)
(491.609)
$ (1.564.763)
$ (206.580)
$ 146.772
1.925
$ 21.276
$(41.559)
$(1.642.929)
Available for sale securities
Cuentas por cobrar, neto de estimación
Accounts receivable, net of provision for
doubtful accounts
Deuda garantizada y bonos
Secured debt and bonds
Exposición de la posición financiera neta
Net financial position exposure
186.364
73.604
$ 125.649
—
—
99.600
$
$
402.997
147
2013
We continue to maintain close dialogue
with the Venezuelan authorities regarding
the timing of the remittances of these cash
balances. See Note 34, Subsequent events for
further details on the 2014 developments in
the Venezuelan exchange system.
Seguimos en estrechos diálogos con las
autoridades venezolanas respecto al momento
de la remesa de estos saldos en efectivo. Véase
la Nota 34, Hechos posteriores, para conocer
más información sobre los avances en el sistema
cambiario de Venezuela durante el 2014.
La Compañía administra su exposición
al riesgo cambiario con coberturas de saldos
seleccionados
mediante
coberturas
de
contratos a futuro de moneda y swaps de
divisas cruzadas.
The Company manages its exposure to
foreign currency risk through hedging selected
balances using forward exchange contracts and
cross currency swaps.
(ii) Riesgo de tasa de interés
La Compañía incurre en riesgo de tasa
de interés principalmente en obligaciones
financieras con bancos y arrendadores de
aeronaves. El riesgo de tasas de interés
se administra a través de una mezcla de
tasas fijas y flotantes sobre préstamos y
contratos de arrendamiento, combinados
con swaps de tasas de interés.
A change in 1% in the exchange rate
from Colombian Pesos to US Dollars would have
increased/ decreased profit or loss for the year
by $2,915 (2012: $2,066). This calculation
assumes that the change occurred at the
reporting date and had been applied to risk
exposures existing at that date. This analysis
assumes that all other variables remain
constant and considers the effect of changes in
the spot exchange rate on the Colombian Peso
to the US Dollar which is the rate that could
materially affect the Company’s Consolidated
(ii) Interest rate risk
The Company incurs interest rate risk
mainly on financial obligations with
banks and aircraft lessors. Interest rate
risk is managed through a mix of fixed
and floating rates on loans and lease
agreements, combined with interest rate
swaps.
La Compañía evalúa el riesgo de tasas
de interés al monitorear e identificar los
cambios en las exposiciones de tasa de
interés que puedan afectar negativamente
los flujos de efectivo futuros esperados y
al evaluar oportunidades de coberturas. La
Compañía mantiene sistemas de control de
administración de riesgo para monitorear
el riesgo de tasa de interés atribuible a
las obligaciones de deuda pendientes o
previstas de la Compañía.
The Company assesses interest rate
risk by monitoring and identifying
changes in interest rate exposures that
may adversely impact expected future
cash flows and by evaluating hedging
opportunities. The Company maintains
risk management control systems to
monitor interest rate risk attributable
to both the Company’s outstanding or
forecasted debt obligations.
A la fecha de la presentación del informe, el
perfil de la tasa de interés de los instrumentos
financieros de la Compañía que devengan
intereses es el siguiente:
At the reporting date the interest rate
profile of the Company’s interest bearing
financial instruments was:
Un cambio del 1% en la tasa de cambio de
pesos colombianos a dólares estadounidenses
habría aumentado/disminuido los resultados
del año en $2.915 (2012: $2.066). Este cálculo
asume que el cambio se produjo en la fecha
del informe y que había sido aplicado a las
exposiciones de riesgo existentes en esa fecha.
Este análisis asume que todas las otras variables
se mantienen constantes y considera el efecto
de las variaciones en la tasa de cambio spot de
pesos colombianos a dólares estadounidenses,
que es la tasa que podría afectar de forma
sustancial
los
Estados
Consolidados
de
Resultados Integrales de la Compañía.
148
2013
2012
2013
Al 31 de diciembre / December 31,
Valor en libros-activos (pasivos)
Carrying amount – asset/(liability)
Activos financieros / Financial assets
$
Pasivos financieros / Financial liabilities
Swaps de tasas de interés / Interest rate swaps
Total / Total
$
203.332
$
63.969
(1.584.127)
(999.563)
(7.698)
(27.848)
(1.388.493)
$
(963.442)
Instrumentos de tasa flotante / Floating rate instruments
Activos financieros / Financial assets
Pasivos financieros / Financial liabilities
Total / Total
$
103.020
393.076
(681.368)
(854.881)
(578.348)
$
(461.805)
El riesgo de tasa de interés se origina
principalmente de los pagos de deudas de
aeronaves a largo plazo. Estos pagos de
arrendamiento a largo plazo a tasas de interés
flotantes exponen a la Compañía al riesgo de
flujo de efectivo. El riesgo de tasa de interés se
administra mediante una mezcla de tasas fijas y
flotantes sobre préstamos y sobre contratos de
deudas, junto con opciones y swaps de tasas de
interés.
The interest rate risk is originated mainly
from long term aircraft lease payments. These
long term loan payments at floating interest
rates expose the Company to cash flow risk.
Interest rate risk is managed through a mix
of fixed and floating rates on loans and lease
agreements, combined with interest rate
swaps and options.
Al 31 de diciembre de 2013, las tasas de
interés varían de 0,00% a 9,86% (31 de diciembre
de 2012: 2,10% a 9,00%) y la principal tasa
flotante está vinculada a la tasa LIBOR más un
margen según las condiciones de cada contrato.
At December 31, 2013, the interest
rates vary from 0.00% to 9.86% (December
31, 2012: 2.10% to 9.00%) and the main
floating rate are linked to LIBOR plus a spread
according to the terms of each contract.
Administración del capital
La política de la Compañía en relación con
la administración del capital es mantener una
base de capital sólida con el fin de salvaguardar
la capacidad de la Compañía de continuar como
negocio en marcha y, al hacerlo, enfrentar sus
obligaciones actuales y a largo plazo, proporcionar
beneficios para sus accionistas y mantener una
estructura de capital óptima para reducir el costo
del capital. La Compañía monitorea el capital
teniendo en cuenta la relación deuda a capital.
La deuda se calcula como deuda neta, la cual
consiste en préstamos totales (entre ellos los
préstamos corrientes y no corrientes, como se
muestra en el Estado Consolidado de Posición
Financiera) menos efectivo, equivalentes de
efectivo y efectivo restringido. El capital total
se calcula como la suma del total de patrimonio
atribuible a la Compañía como se muestra en el
Capital management
The Company’s capital management policy
is to maintain a sound capital base in order to
safeguard the Company’s ability to continue as a
going concern, and in doing so, face its current
and long term obligations, provide returns for its
shareholders, and maintain an optimal capital
structure to reduce the cost of capital. The
Company monitors capital on the basis of the debt
to capital ratio. Debt is calculated as Net Debt,
which consists of total borrowings (including
current and non-current borrowings as shown in
the Consolidated Statement of Financial Position)
less cash, cash equivalents and restricted cash.
Total capital is calculated as the sum of total
equity attributable to the Company as shown in
149
Instrumentos de tasa fija / Fixed rate instruments
Estado Consolidado de Posición Financiera más el
total de la deuda neta.
La relación deuda/capital de la Compañía
se resume a continuación:
the Consolidated Statement of Financial Position
plus total net debt.
Following is summarized the debt to
capital ratio of the Company:
Deuda / Debt
2013
2012
Menos: efectivo y equivalentes de efectivo y efectivo restringido
Less: cash and cash equivalents and restricted cash
(759.115)
(409.544)
Total deuda neta / Total net debt
1.506.380
1.444.900
Total patrimonio atribuible a la Compañía
Total Equity attributable to the Company
1.208.422
738.958
Total capital / Total capital
$
2.714.802
Relación deuda neta/capital
Net debt-to capital ratio
$
2.183.858
55%
66%
No hubo cambios en el enfoque de la
Compañía en relación con la administración del
capital durante el año.
There were no changes in the Company’s
approach to capital management during the
year.
(7)
(7)
Efectivo y equivalentes de
efectivo y efectivo restringido
El efectivo, equivalentes de efectivo y el
efectivo restringido al 31 de diciembre de 2013 y
2012 son como sigue:
Cash and cash equivalents and
restricted cash
Cash and cash equivalents and restricted
cash as of December 31, 2013 and 2012 are as
follows:
2013
Efectivo en caja y depósitos bancarios
Cash on hand and bank deposits
$
Depósitos a la vista y a plazo / Demand and term deposits
Efectivo y equivalentes de efectivo y efectivo restringido
Cash and cash equivalents and restricted cash
Al 31 de diciembre de 2013 y 2012, los
equivalentes de efectivo ascendieron a $39.464
y $68.376, respectivamente. El uso de los
depósitos a plazo depende de los requerimientos
de efectivo de la Compañía y tales depósitos
devengan tasas de interés anuales entre 0,7% y
8,31% al 31 de diciembre de 2013 y entre 0,07%
y 6,60% al 31 de diciembre de 2012.
150
$
2012
696.113
$
334.621
39.464
68.376
735.577
402.997
23.538
6.547
759.115
$
409.544
As of December 31, 2013 and 2012 cash
equivalents amounted to $39,464 and $68,376,
respectively. The use of the term deposits
depends on the cash requirements of the
Company and such deposits bear annual interest
rates ranging between 0.7% and 8.31% as of
December 31, 2013, and between 0.07% and
6.60% as of December 31, 2012.
(8) Cuentas por cobrar, neto de estimación
Las cuentas por cobrar al 31 de diciembre
de 2013 y 2012 son las siguientes:
(8)
Accounts Receivables, net of provision
for doubtful accounts
Receivables as of December 31, 2013 and
2012 are as follows:
2013
Comerciales / Trade
$
Créditos tributarios indirectos / Indirect tax credits
2012
216.160
$
179.825
65.360
54.505
Créditos de fabricantes / Manufacturer credits
7.193
18.454
Adelantos a empleados (1) / Employee advances (1)
7.218
6.537
27.582
21.463
Otros / Others
$
Menos: estimación para cuentas de cobro dudoso
Less provision for doubtful accounts
323.513
$
280.784
(14.109)
(13.282)
Total / Total
$
309.404
$
267.502
Neto corriente / Net current
$
276.963
$
202.962
Neto no corriente / Net non-current
32.441
Total / Total
$
309.404
64.540
$
267.502
(1) Los adelantos a empleados se relacionan principalmente con adelantos para gastos proporcionados a las tripulaciones antes
de viajar.
(1) Employee advances mainly relate to per diem allowances provided to crew prior to traveling.
Los cambios en la estimación para
cuentas de cobro dudoso durante el año, son los
siguientes:
Changes during the year in the allowance
for doubtful accounts are as follows:
2013
Saldo al inicio del año
Balance at beginning of year
$
Gasto por incobrables
Bad debt expense
Castigos contra la estimación
Write offs against the allowance
Saldo al final del año
Balance at end of year
$
2012
13.282
$
10.707
7.119
10.000
(6.292)
(7.425)
14.109
$
13.282
151
2013
As of December 31, 2013 and 2012 the cash
or bank balance with carrying amount of $23,538
and $6,547, respectively, has been pledged as
collateral for certain current borrowings. In the
event the Company defaults under the loan
agreement, the bank has the right to receive the
cash balance.
Al 31 de diciembre de 2013 y 2012 el saldo
en caja o el disponible en bancos con un valor
en libros de $23.538 y $6.547, respectivamente,
había sido dado como garantía para ciertos
préstamos corrientes. En caso de que la Compañía
incumpla con el acuerdo de préstamo, el banco
tiene el derecho de recibir el saldo en caja.
La antigüedad de las cuentas por cobrar
al final del período de reporte, que no estaban
deterioradas, es la siguiente:
The aging of accounts receivables at the
end of the reporting period that were not impaired
was as follows.
2013
Ni vencidas ni deterioradas / Neither past due nor impaired
$
2012
228.269
$
219.058
Vencidas 1–30 días / Past due 1–30 days
62.355
Vencidas 31-90 días / Past due 31–90 days
17.150
4.401
Vencidas más de 91 días / Past due 91 days
15.739
26.372
Total / Total
$
Estimación para cuentas de cobro dudoso / Provision for doubtful accounts
Saldos y transacciones con
partes relacionadas
El siguiente es el resumen de las transacciones
con partes relacionadas para los años terminados
el 31 de diciembre de 2013 y 2012:
323.513
$
280.784
(14.109)
Cuentas por cobrar netas / Net accounts receivable
(9)
30.953
$
(13.282)
309.404
$
267.502
(9)
Balances and transactions
with related parties
The following is a summary of related
party transactions for the years ended
December 31, 2013 and 2012:
Al 31 de diciembre de / December 31
Compañía
Company
País
Country
Synergy Group Corp. (1)
Panamá
Oceanair Linhas Aereas, S.A.
Brasil
Corp Hotelera Internac., S.A.
Corp Hotelera Internac., S.A.
El Salvador
Empresariales S.A.S.
Colombia
Aeroman, S.A.
Aeroman, S.A.
El Salvador
Transportadora del Meta S.A.S.
Colombia
Otras / Others
Subtotal / Subtotal
2013
Cuentas
por cobrar
Cuentas
por pagar
Receivables
Payables
2012
Ingresos
Revenues
$ 24.057
$ 1.262
$ 1.331
1.494
1.618
—
Gastos
Expenses
$
Cuentas
por cobrar
Cuentas
por pagar
Receivables
Payables
—
$ 46.490
10.614
5.235
181
—
1
1.486
229
$
$ 3.664
6.255
1.654
19.411
2.138
352
—
—
—
—
7
11.951
—
1.818
12
12.952
574
7
2.684
—
858
40
6.836
24
1.946
3
10.457
—
1.548
26
10.874
620
486
74
1.964
683
1.431
45
656
$26.425
$ 7.553
$ 12.036
$32.643
$ 53.428
$ 7.309
$ 23.198
$ 33.456
Cuentas
por cobrar
Cuentas
por pagar
Cuentas
por cobrar
Cuentas
por pagar
Receivables
Payables
Receivables
Payables
Corto plazo / Short term
$ 26.425
$ 7.553
$ 29.427
$ 7.309
—
—
24.001
—
$ 26.425
$ 7.553
$ 53.428
$ 7.309
152
Gastos
Expenses
—
Largo plazo / Long-term
Total saldos con partes relacionadas
Total balance with related parties
Ingresos
Revenues
$
—
Parte Relacionada
Related party
Naturaleza de los servicios
Nature of Services
Avianca, S.A. y Synergy Group Corp. (“Synergy”) firmaron una
novación de obligación de las cuentas por cobrar de Oceanair Linhas
Aereas, S.A. (“Oceanair”) por medio de la cual Synergy se convierte
en el nuevo deudor.
Avianca, S.A. and Synergy Group Corp. (“Synergy”) signed a
novation of the receivables from Oceanair Linhas Aereas, S.A.
(“Oceanair”) whereby Synergy would be the new debtor.
La Compañía presta y recibe de Oceanair Linheas Aereas, S.A. los
servicios de logística, mercadeo y publicidad, mantenimiento y
capacitación. La Compañía ha firmado un acuerdo de licencia con
Oceanair para el uso de la anterior marca Avianca en Brasil. Además,
la Compañía arrienda aeronaves a Oceanair Linheas Aereas, S.A.
The Company provides to and receives from Oceanair Linheas Aereas,
S.A., logistic services, marketing and advertising, maintenance
services, and training services. The Company has entered into a
licensing agreement with Oceanair for the use of the former Avianca
trademark in Brazil. Additionally, the Company leases aircraft to
Oceanair Linheas Aereas, S.A.
Servicios de transporte para los empleados de Avianca, S.A.
Transportation services for Avianca, S.A.’s employees.
Aeroman, S.A.
Aeroman, S.A.
Compañía de mantenimiento de aeronaves que proporciona servicios
de overhaul de aeronaves a las subsidiarias.
Aircraft maintenance company which provides aircraft overhaul
services to the Company.
Le proporciona a Avianca, S.A. servicios de transporte terrestre para
los envíos de carga/courier.
Provides road transportation services for cargo / courier deliveries to
Avianca, S.A.
Corporación Hotelera Internacional,
S.A. Hotelera Los Pozos, S.A.
Corporación Hotelera Internacional.
S.A. Hotelera Los Pozos, S.A.
Servicios de alojamiento para tripulaciones y los empleados de la
Compañía.
Accommodation services for crew and employees of the Company.
(1) En diciembre de 2011, se firmó un acuerdo con “Synergy” por el saldo vencido de las cuentas por cobrar. Las cuentas por
cobrar renegociadas generan intereses basados en Libor a 90 días más 550 puntos básicos. El plan de pagos es el siguiente:
(1) On December 2011, an agreement was signed with Synergy for the past due balance of the receivable. The renegotiated
accounts receivable generated interest based on 3 month Libor plus 550 basis points. The following is the payment schedule:
Año / Year
2013
2013
—
$
22.644
2014
Total / Total
2012
$
$
15.866
$
38.864
22.644
22.998
153
2013
All
related
parties
are
companies
controlled by the same ultimate shareholder that
controls Avianca Holdings, S.A. The following is
a description of the nature of services provided
by and to related parties. These transactions
include:
Todas las partes relacionadas son
empresas controladas por el mismo accionista
final que controla Avianca Holdings, S.A. La
siguiente es una descripción de la naturaleza
de los servicios prestados por las relacionadas.
Estas transacciones incluyen:
Gasto por compensación del
personal gerencial clave
El gasto por compensación del personal
gerencial clave registrado dentro de “Salarios,
sueldos y beneficios” en el Estado Consolidado
de Resultados Integrales por los años terminados
el 31 de diciembre de 2013, 2012 y 2011 está
compuesto por lo siguiente:
Key management personnel
compensation expense
Key management personnel compensation
expense recognized within “Salaries, wages,
and benefits” in the Consolidated Statement
of Comprehensive Income for the years ended
December 31, 2013, 2012, and 2011comprised
the following:
2013
Gastos de personal
Personnel expenses
$
2012
31.425
Otros
Others
$
31
Total / Total
(10) Repuestos no reparables y
suministros, neto de provisión
por obsolescencia
Los repuestos no reparables y suministros
al 31 de diciembre de 2013 y 2012 son los
siguientes:
$
31.456
2011
24.882
$
25.285
377
$
25.259
397
$
25.682
(10) Expendable spare parts and
supplies, net of provision for
obsolescence
Expendable spare parts and supplies
as of December 31, 2013 and 2012, are as
follows:
2013
Repuestos no reparables
Expendable spare parts
$
Suministros
Supplies
2012
45.160
$
7.998
Total / Total
$
53.158
47.129
1.667
$
48.796
Por los años terminados el 31 de
diciembre de 2013 y 2012, repuestos no
reparables y suministros por $48.774 y $34.711,
respectivamente, se reconocieron como gastos
de mantenimiento.
For the years ended December 31,
2013 and 2012 expendable spare parts and
supplies in the amount of $48,774 and $34,711,
respectively, were recognized as maintenance
expense.
(11) Gastos pagados por anticipado
Estos gastos se relacionan principalmente
con anticipos de comisiones a agencias de
viajes para futuros servicios, pagos anticipados
para el alquiler de aeronaves y seguros. Al
31 de diciembre de 2013 y 2012, los saldos
pagados por anticipado fueron los siguientes:
(11) Prepaid expenses
These primarily relate to advance
commission payments to travel agencies for
future services, prepayments for aircraft
rentals and prepaid insurance. As of December
31, 2013 and 2012 prepaid balances were as
follows:
154
2013
2013
$
13.476
Anticipos en arrendamientos operacionales de aeronaves
Advance payments on operating aircraft leases
Primas para pólizas de seguros
Premiums for insurance policies
Otros / Others
12.149
12.219
11.511
2.236
8.892
18.814
Total / Total
(12) Activos mantenidos para la venta
Los activos mantenidos para la venta
consisten en activos fijos que la administración
ha destinado para la venta, que es altamente
probable y se espera que la venta se realice en
los próximos 12 meses. Al 31 de diciembre de
2013 y 2012, los activos mantenidos para la
venta fueron los siguientes:
$
$
21.960
46.745
$
54.512
(12) Assets held for sale
Assets held for sale consist of fixed
assets for which management has committed
to a plan to sell, the completion of the sale
is highly probable, and the sale is expected
to take place over the next 12 months. As of
December 31, 2013 and 2012 the assets held
for sale were as follows:
2013
Aeronaves y equipo de vuelo
Aircraft and flight equipment
$
2012
1.256
Terrenos e inmuebles
Land and buildings
(13) Depósitos y otros activos
Los depósitos y otros activos al 31 de
diciembre de 2013 y 2012 son los siguientes:
$
—
5.547
2.512
645
7.320
Maquinaria y otro equipo
Machinery and other equipment
Total / Total
$
7.448
$
9.832
(13) Deposits and other assets
Deposits and other assets as of December
31, 2013 and 2012 are as follows:
2013
2012
Corto plazo: / Short term:
Depósitos con arrendadores / Deposits with lessors
$
Certificados de depósitos bancarios / Certificates of bank deposits
Depósitos por llamadas a margen / Margin call deposits
Otros / Others
Subtotal / Sub-total
Valor razonable de instrumentos derivados
Fair value of derivative instruments
Total / Total
$
59.434
$
14.033
44.326
73.945
4.976
6.231
—
734
108.736
94.943
16.598
10.085
125.334
$
105.028
155
Comisiones pagadas por anticipado
Prepaid commissions
2012
2013
2012
A largo plazo: / Long term:
Depósitos con arrendadores / Deposits with lessors
$
113.253
$
80.664
Depósitos en garantía / Warranty deposits
8.500
47.485
Alquileres / Rental
2.962
5.177
Proveedores / Vendors
Otros / Others
Total / Total
2.489
7.680
42.951
47.406
19.021
$
189.176
33.146
$
221.558
Los depósitos con arrendadores son
principalmente depósitos de mantenimiento
para las aeronaves arrendadas. Estos depósitos
se aplican a los costos de mantenimiento
futuros y se calculan con base en una medida
de uso, tales como horas de vuelo o ciclos. La
intención específica es que garanticen eventos de
mantenimiento en aeronaves arrendadas.
Deposits with lessors refer mainly to
maintenance deposits in connection with leased
aircrafts. These deposits are applied to future
maintenance event costs, and are calculated
on the basis of a performance measure, such
as flight hours or cycles. They are specifically
intended to guarantee maintenance events on
leased aircraft.
Los depósitos de mantenimiento pagados no
transfieren la obligación de darle mantenimiento
a la aeronave o los costos asociados con las
actividades de mantenimiento.
Maintenance deposits paid do not transfer
the obligation to maintain aircraft or the costs
associated with maintenance activities.
Los depósitos de mantenimiento se
reembolsan a la Compañía al finalizar el evento
de mantenimiento por el monto menor entre
(1) el monto de los depósitos de mantenimiento
que tenga el arrendador asociado con un evento
de mantenimiento específico o (2) los costos
correspondientes relacionados con un evento de
mantenimiento específico. Durante los 12 meses que
finalizaron el 31 de diciembre de 2013, la Compañía
hizo pagos a los arrendadores por $37.841 (31
de diciembre de 2012: $10.686) por concepto de
depósitos de mantenimiento, netos de reembolsos.
(14)
Propiedades y equipo, neto
El
equipo
de
vuelo,
las
propiedades y otros equipos al 31 de diciembre
de 2013 y 2012 es el siguiente:
156
Maintenance deposits are reimbursable
to the Company upon completion of the
maintenance event in an amount equal to the
lesser of (1) the amount of the maintenance
deposits held by the lessor associated with the
specific maintenance event or (2) the qualifying
costs related to the specific maintenance event.
During the 12 months ended December 31,
2013 the Company has paid lessors $37,841
(December 31, 2012: $10,686) in maintenance
deposits, net of reimbursements.
(14)
Property and equipment, net
Flight equipment, property and
other equipment as of December 31, 2013 and
2012 is as follows:
Repuestos
rotables
Aircraft
predelivery
payments
Anticipos de
aeronaves
Aircraft
predelivery
payments
$
$
2013
Mantenimiento
capitalizado
Capitalized
maintenance
Propiedades
administrativas
Administrative
property
Otros
Others
Total
Total
Saldos brutos: / Gross:
December 31, 2011
$ 2.010.221
$
184.828
112.537
262.456
$
94.936
$
168.254
$ 2.833.232
Adiciones / Additions
326.181
8.042
8.811
161.337
4.182
23.263
531.816
Transferencias / Transfers
140.631
—
—
(140.631)
—
—
—
Retiros / Disposals
(64.697)
(12.613)
(4.725)
—
(5.506)
(14.830)
(102.371)
176.687
$ 3.262.677
December 31, 2012
$ 2.412.336
$
180.257
$
116.623
$
283.162
$
93.612
$
270.537
75.760
39.865
320.289
2.102
60.693
769.246
Transferencias / Transfers
194.137
—
—
(194.137)
—
—
—
Retiros / Disposals
(63.800)
(46.263)
(17.397)
—
—
(7.667)
(135.127)
$ 3.896.796
December 31, 2013
$ 2.813.210
$
209.754
$
139.091
$
409.314
$
95.714
$
229.713
$ 277.850
$
123.252
$
19.784
$
—
$
4.173
$
98.696
Depreciación acumulada:
Accumulated depreciation:
December 31, 2011
Retiros / Disposals
December 31, 2012
Retiros / Disposals
$
523.755
76.202
17.559
4.849
—
1.899
10.214
110.723
(22.353)
(17.614)
(10.399)
—
—
(20.981)
(71.347)
$ 331.699
$
123.197
$
14.234
$
—
$
6.072
$
87.929
$
563.131
88.260
49.437
5.174
—
1.032
15.970
159.873
(23.925)
(19.896)
(2.732)
—
—
(13.013)
(59.566)
$ 396.034
$
152.738
$
16.676
$
—
$
7.104
$
90.886
$
December 31, 2011
$ 1.732.371
$
61.576
$
92.753
$
262.456
$
90.763
$
69.558
$ 2.309.477
December 31, 2012
$ 2.080.637
$
57.060
$
102.389
$
283.162
$
87.540
$
88.758
$ 2.699.546
December 31, 2013
$ 2.417.176
$
57.016
$
122.415
$
409.314
$
88.610
$
138.827
$ 3.233.358
December 31, 2013
663.438
Saldos netos:
Net balances:
157
Equipo
aéreo
Flight
equipment
Al 31 de diciembre de 2013 y 2012,
algunas aeronaves con un valor en libros neto de
$2.303.384 y $1.938.032, respectivamente, se han
comprometido para garantizar deuda a largo plazo.
certain aircraft with a net carrying value of
$2,303,384, and $1,938,032 respectively,
have been pledged to secure long term debt.
Al 31 de diciembre de 2013 y 2012, el
valor en libros neto de propiedades y equipos
arrendados bajo arrendamiento financiero fue de
$2.226 y $4.242, respectivamente.
As of December 31, 2013 and 2012 the
net carrying amount of leased property and
equipment under financial leases was $2,226
and $4,242 respectively
Propiedades administrativas
La Compañía utiliza el modelo de
revaluación para medir sus terrenos y edificios,
que componen las propiedades administrativas.
La administración ha determinado que esto
constituye una clase de activo, sujeto a las
provisiones de la NIIF 13, con base en la
naturaleza, características y riesgo de la
propiedad. Los valores razonables de las
propiedades se determinaron usando métodos
comparables de mercado. Esto quiere decir
que las valoraciones realizadas por los avalúos
están basadas en precios activos de mercado,
ajustados por la diferencia en la naturaleza,
ubicación o condición de la propiedad específica.
La Compañía contrató valoraciones de expertos
independientes acreditados para determinar el
valor razonable de sus terrenos e inmuebles.
Los terrenos y edificios fueron revaluados al 31
de diciembre de 2013 y 2012.
Administrative property
The Company uses the revaluation
model to measure its land and buildings
which are composed of administrative
properties. Management determined that
this constitutes one class of asset under
IFRS 13, based on the nature, characteristics
and risks of the property. The fair values
of the properties were determined by using
market comparable methods. This means that
valuations performed by the appraisals are
based on active market prices, adjusted for
difference in the nature, location or condition
of the specific property. The Company
engaged accredited independent appraisals,
to determine the fair value of its land and
buildings. Land and buildings were revaluated
at December 31, 2013 and 2012.
Si los terrenos y edificios se midieran
utilizando el modelo de costo, el valor en libros
sería el siguiente:
If land and buildings were measured
using the cost model, the carrying amounts
would be as follows:
2013
Costo
Cost
$
Depreciación acumulada:
Accumulated depreciation
Valor en libros neto
Net carrying amount
158
2012
68.470
$
(4.430)
$
64.040
68.193
(5.577)
$
62.616
2013
Rutas
Routes
$
2012
22.223
Marcas
Trademarks
22
39.429
21.648
2.762
328
64.436
46.241
298.667
298.667
Otros
Other
Subtotal
Subtotal
Totales activos intangibles
Total Intangible Assets
$
El crédito mercantil adquirido a través de
las combinaciones de negocios e intangibles de
vida indefinida ha sido asignado a tres unidades
generadoras de efectivo (“UGE”):
24.243
22
Software y páginas web
Software and webpages
Crédito mercantil
Goodwill
$
363.103
$
344.908
Goodwill
acquired
through
business
combinations and intangibles with indefinite lives
has been allocated to three Cash Generating
Units (“CGU”):
•
Aerolíneas Galápagos Aerogal, S.A.
(“Aerogal”)
•
Aerolíneas Galápagos Aerogal, S.A.
(“Aerogal”)
•
Grupo Taca Holdings, Limited
•
Grupo Taca Holdings, Limited.
•
Tampa Cargo S.A.S.
•
Tampa Cargo S.A.S.
El valor en libros de los créditos mercantiles
e intangibles asignados a cada una de las UGE,
son los siguientes:
Grupo Taca Holdings,
Limited
Aerogal
2013
The carrying amount of goodwill and
intangibles allocated to each of the CGUs:
2012
2013
2012
Tampa Cargo S.A.S
2013
2012
Crédito mercantil
Goodwill
32.979
32.979
234.779
234.779
30.909
30.909
Intangibles
Intangibles
22.223
24.243
—
—
—
—
159
2013
(15) Intangible Assets
Intangible assets as of December 31, 2013
and 2012 are follows:
(15) Activos intangibles
Los activos intangibles al 31 de diciembre
de 2013 y 2012 son los siguientes:
La Compañía realizó su prueba anual de
deterioro en diciembre de 2013 y de 2012. La
Compañía tiene en cuenta la relación entre el valor
en uso de la UGE y su valor en libros, entre otros
factores, al momento de revisar los indicadores de
deterioro. Al 31 de diciembre de 2013 y 2012, la
Compañía no identificó un deterioro potencial del
crédito mercantil y de los activos de la UGE.
The Company performed its annual
impairment test in December 2013 and 2012.
The Company considers the relationship between
the value in use of the CGU and its book value,
among other factors, when reviewing for
indicators of impairment. As of December 31,
2013 and 2012, the Company did not identify
potential impairment of goodwill and of assets of
CGU.
UGE Aerogal
El monto recuperable de la UGE Aerogal,
$490.604 al 31 de diciembre de 2013, ha sido
determinado con base el cálculo del valor en uso
que utiliza las proyecciones de flujos de efectivo con
base en los presupuestos financieros aprobados por
la alta gerencia para un período de cinco años. Los
flujos de efectivo proyectados se han actualizado
para reflejar la demanda estimada de los servicios
y los costos de operación. La tasa de descuento
antes de impuestos aplicada a las proyecciones de
flujos de efectivo es 6,86% y los flujos de efectivo
más allá del período de cinco años son extrapolados
usando una tasa de crecimiento del 4,0%, que es
igual a la tasa de crecimiento promedio a largo
plazo del país en el que la Compañía tiene su base
de operaciones. Se concluyó que no es necesario
un cargo por deterioro, ya que el valor en uso
excede el valor en libros.
Aerogal CGU
The recoverable amount of Aerogal
CGU, $490,604 as of December 31, 2013,
has been determined based on a value in
use calculation using cash flow projections
from financial budgets approved by senior
management covering a five-year period. The
projected cash flows have been updated to
reflect the estimated demand for services and
costs to operate. The pre-tax discount rate
applied to cash flow projections is 6.86% and
cash flows beyond the five-year period are
extrapolated using a 4.0% growth rate that
is the same as the long-term average growth
rate for the country where the Company has
its base of operation. It was concluded that no
impairment charge is necessary as the value
in use exceeds book value.
UGE Grupo TACA Holdings, Limited
El monto recuperable de la UGE Grupo TACA
Holdings, Limited, $1.913.520 al 31 de diciembre de
2013, ha sido determinado con base al cálculo del
valor en uso que utiliza las proyecciones de flujos de
efectivo con base en los presupuestos financieros
aprobados por la alta gerencia para un período de
cinco años. Los flujos de efectivo proyectados se
han actualizado para reflejar la demanda estimada
de los servicios y los costos de operación. La tasa
de descuento antes de impuestos aplicada a las
proyecciones de flujos de efectivo es 6,86% y los
flujos de efectivo más allá del período de cinco años
son extrapolados usando una tasa de crecimiento
del 2,90%, que es igual a la tasa de crecimiento
promedio a largo plazo de América Latina. Se
concluyó que no es necesario un cargo por deterioro,
ya que el valor en uso excede el valor en libros.
Grupo TACA Holdings, Limited CGU
The recoverable amount of Grupo TACA
Holdings, Limited CGU, $1,913,520 as of
December 31, 2013, has been determined
based on a value in use calculation using
cash flow projections from financial budgets
approved by senior management covering a
five-year period. The projected cash flows
have been updated to reflect the estimated
demand for services and costs to operate.
The pre-tax discount rate applied to cash
flow projections is 6.86% and cash flows
beyond the five-year period are extrapolated
using a 2.90% growth rate that is the same
as the long-term average growth rate for
Latin America.
It was concluded that no
impairment charge is necessary as the value
in use exceeds book value.
160
El cálculo del valor en uso de las UGE es
más sensible a los siguientes supuestos:
The calculation of value in use for
the CGUs is most sensitive to the following
assumptions:
•
Precio del galón de combustible para jet.
•
Tasas de descuento
•
Crecimiento en los ingresos
•
Inversiones en CAPEX
•
•
Jet fuel price per gallon
•
Discount rates
•
Revenue growth
Las tasas de crecimiento utilizadas para
•
CAPEX expenditure
extrapolar los flujos de efectivo más allá
•
Growth rates used to extrapolate cash
flows beyond the forecast period
del período previsto
•
Capital de trabajo
Precio del galón de combustible para jet: se
obtienen estimados a partir de datos publicados
relacionados con el insumo específico. Se
utilizan las cifras proyectadas si los datos están
disponibles al público; de otro modo se utilizan
las variaciones reales en el precio como indicador
de las variaciones futuras en el precio.
Tasas de descuento: las tasas de descuento
representan la valoración actual del mercado de
los riesgos de la Compañía controladora de cada
•
Working capital
Jet fuel price per gallon - Estimates
are obtained from published data relating to
the specific commodity. Forecast figures are
used if data is publicly available, otherwise
past actual price movements are used as an
indicator of future price movements.
Discount rates - Discount rates represent
the current market assessment of the risks
of the holding Company of each CGU, taking
into consideration the time value of money
161
2013
Tampa Cargo S.A.S. CGU
The recoverable amount of Tampa Cargo
S.A.S. CGU, $1,246,029 as of December 31,
2013, has been determined based on a value
in use calculation using cash flow projections
from financial budgets approved by senior
management covering a five-year period.
The projected cash flows have been updated
to reflect the estimated demand for services
and costs to operate. The pre-tax discount
rate applied to cash flow projections is 6.86%
and cash flows beyond the five-year period
are extrapolated using a 4.40% growth rate
that is the same as the long-term average
growth rate for Colombia where the Company
has its base of operation. It was concluded
that no impairment charge is necessary as
the value in use exceeds book value.
UGE Tampa Cargo S.A.S.
El monto recuperable de la UGE Tampa Cargo,
S.A., $1.246.029 al 31 de diciembre de 2013, ha
sido determinado con base el cálculo del valor en
uso que utiliza las proyecciones de flujos de efectivo
con base en los presupuestos financieros aprobados
por la alta gerencia para un período de cinco años.
Los flujos de efectivo proyectados se han actualizado
para reflejar la demanda estimada de los servicios
y los costos de operación. La tasa de descuento
antes de impuestos aplicada a las proyecciones de
flujos de efectivo es 6,86% y los flujos de efectivo
más allá del período de cinco años son extrapolados
usando una tasa de crecimiento del 4,40%, que es
igual a la tasa de crecimiento promedio a largo plazo
de Colombia, donde la Compañía tiene su base de
operaciones. Se concluyó que no es necesario un
cargo por deterioro, ya que el valor en uso excede
el valor en libros.
UGE, teniendo en cuenta el valor del dinero en
el tiempo y los riesgos individuales de los activos
subyacentes que no se han incorporado en los
estimados de los flujos de efectivo. El cálculo de las
tasas de descuento se basa en las circunstancias
específicas de la Compañía y se deriva de su
costo medio ponderado de capital (WACC, por sus
siglas en inglés). El WACC tiene en cuenta tanto la
deuda como el patrimonio. Los coeficientes beta
se evalúan anualmente, con base en los datos de
mercado disponibles al público.
Crecimiento
en
los
ingresos:
la
administración evalúa sus estimados del
crecimiento de pasajeros o de carga. La
administración espera que la Compañía tenga un
crecimiento estable durante el período previsto.
Inversiones en CAPEX: la administración
estima la inversión en CAPEX, incluidas
aeronaves, mantenimiento y venta de activos,
entre otros, para determinar los flujos de efectivo
libres de deudas.
Estimados de tasas de crecimiento: las
tasas se basan en los pronósticos publicados
para las regiones o países donde operan las UGE.
Capital de trabajo: la administración evalúa
las necesidades de capital de trabajo de cada
UGE, de acuerdo con su necesidad de inversión
para continuar con las operaciones.
El siguiente es un detalle de los activos
intangibles a diciembre de 2013 y 2012:
162
and individual risks of the underlying assets
that have not been incorporated in the cash
flow estimates. The discount rate calculation
is based on the specific circumstances of the
Company and is derived from its weighted
average cost of capital (WACC). The WACC
takes into account both debt and equity. The
beta factors are evaluated annually based on
publicly available market data.
Revenue
growth
–
Management
evaluates its estimates on passenger growth
or cargo growth. Management expects the
Company to have a stable growth over the
forecast period.
CAPEX expenditure – Management
estimates investment in CAPEX including
aircraft, maintenance, and sale of assets,
among others to estimate debt free cash
flows.
Growth rate estimates - Rates are based
on published forecasts for the regions or
countries where the CGUs operate.
Working capital – Management evaluates
the working capital needs of each CGU in
accordance with its needs for investments to
continue operations.
The following is a rollforward of
intangibles assets from December, 2013 and
2012:
Software y
páginas web
Software &
Webpages
Otros
Others
Total
Total
Costo: / Cost:
$ 301.814
$ 29.018
—
—
—
301.814
29.018
—
—
$ 301.814
$ 29.018
$
809
$
—
$ (2.571)
$ (424)
Otras adquisiciones/desarrollos internos
Other Acquisitions/ Internally developed
Otras adquisiciones/desarrollos internos
Other Acquisitions/ Internally developed
$
809
$
12.713
$
328
$ 344.682
15.769
—
15.769
809
28.482
328
360.451
—
24.801
3.101
27.902
$
53.283
$ 3.429
$ 388.353
$
(1.191)
$
—
$ (4.186)
Amortización acumulada y pérdidas por deterioro:
Accumulated Amortization and Impairment Losses:
—
(2.204)
(363)
(5.643)
—
(8.210)
Pérdida por deterioro / Impairment loss
Amortización del año / Amortization for the year
(3.147)
—
—
—
—
(3.147)
(3.147)
(4.775)
(787)
(6.834)
—
(15.543)
—
(2.020)
—
(7.020)
(667)
(9.707)
$ (3.147)
$ (6.795)
$ (787)
$ (13.854)
$ (667)
$ (25.250)
At December 31, 2011
$ 301.814
$ 26.447
$
385
$
11.522
$
328
$ 340.496
$ 298.667
$ 24.243
$
22
$
21.648
$
328
$ 344.908
$ 298.667
$ 22.223
$
22
$
39.429
$ 2.762
$ 363.103
Amortización del año
Amortization for the year
Valor en libros: / Carrying Amounts:
En 2011, la Compañía obtuvo el control
de Vuelos Internos Privados, S.A. (“VIPSA”), la
cual es una empresa ecuatoriana que operaba
viajes chárter y vuelos domésticos. En 2012, se
reconoció el deterioro relacionado con el crédito
mercantil de VIPSA después de que cesaron sus
operaciones.
In 2011 the Company obtained control of
Vuelos Internos Privados, S.A. (“VIPSA”) which
is an Ecuadorian Company that operated charter
and domestic flights. In 2012, impairment was
recognized related to the goodwill of VIPSA after
operations ceased.
163
2013
Marcas
comerciales
Trade-marks
Rutas
Routes
Crédito
mercantil
Goodwill
(16) Utilidades por acción
El cálculo de las utilidades básicas por
acción al 31 de diciembre de 2013 y 2012 se
hace de la siguiente forma:
(16) Earnings per Share
The calculation of basic earnings per share
at December 31, 2013 and 2012 is as follows:
2013
Utilidad neta atribuible a Avianca Holdings, S.A.
Net profit attributable to Avianca Holdings, S.A.
$
2012
248.821
$
2011
38.257
$
99.876
Promedio ponderado de acciones
(en miles de acciones)
Weighted average number of ordinary shareholders
(in thousands of shares)
Acciones comunes
Common stock
728.800
741.400
761.369
Preferred stock
184.854
158.081
114.939
Utilidades por acción
Earnings per share
Acciones comunes
Common stock
$
0,27
$
0,04 $
0,11
Preferred stock
$
0,27
$
0,04 $
0,11
No hay acciones dilutivas, ya que la
Compañía no tiene acciones preferentes u
obligaciones convertibles.
There are no dilutive shares as the
Company has no convertible preferred shares or
convertible debentures.
(17) Deuda a largo plazo
préstamos se miden al costo amortizado de la
siguiente manera:
(17) Long-term debt
Loans and borrowings are measured at
amortized cost, as of December 31, 2013 and
2012 are summarized as follows:
2013
2012
Corrientes: / Current:
Préstamos a corto plazo y porción corriente de deuda a largo plazo
Short-term borrowings and current portion of long – term debt
$
Bonos a corto plazo / Short-term bonds
270.498
$
38.852
Pasivos de arrendamiento financiero / Finance lease liabilities
—
4.815
$
314.165
277.746
4.399
$
282.145
No corrientes: / Non-current:
Deuda a largo plazo / Long-term debt
$
Bonos / Bonds
Pasivos de arrendamiento financiero / Finance lease liabilities
$
164
1.431.498
$
1.284.144
519.268
282.769
564
5.386
1.951.330
$
1.572.299
Vence hasta
Due through
Promedio
ponderado
de tasas de
interés
Weighted
average
interest rate
Valor en
libros
Carrying
Amount
Valor
nominal
Face Value
2014
2,66%
Deuda a largo plazo
Long-term debt
2025
3,16%
2.409.588
1.663.827
Bonos- Colombia
Bonds- Colombia
2019
8,10%
259.494
259.494
Bonos- Luxemburgo
Bonds- Luxembourg
2020
8,38%
300.000
298.626
Pasivos por arrendamiento financiero (1)
Finance lease liabilities (1)
2015
2,61%
22.300
5.379
Total / Total
$
38.169
$ 3.029.551
$
$
38.169
2.265.495
Vence hasta
Due through
Promedio
ponderado
de tasas de
interés
Weighted
average
interest rate
Valor en
libros
Carrying
Amount
Valor
nominal
Face Value
2013
3,31%
Deuda a largo plazo
Long-term debt
2024
3,26%
1.982.325
1.516.869
Bonos- Colombia
Bonds- Colombia
2019
9,25%
282.769
282.769
Pasivos por arrendamiento financiero (1)
Finance lease liabilities (1)
2015
2,61%
22.300
9.785
Total / Total
$
45.021
$ 2.332.415
$
$
45.021
1.854.444
(1) Tasa promedio mensual.
(1) Average monthly rate.
La mayoría de los pasivos con intereses
están denominados en dólares estadounidenses
a excepción de los bonos y de ciertos pasivos
financieros para capital de trabajo, los cuales
están denominados en pesos colombianos y una
aeronave denominada en Euros.
The majority of interests bearing
liabilities are denominated in US dollars except
for bonds and certain financing liabilities for
working capital which are denominated in
Colombian Pesos, and one aircraft denominated
in Euros.
165
2013
Terms and conditions of the Company’s
outstanding
obligations
for
years
ended
December 31, 2013 and 2012 are as follows:
Los términos y condiciones de las obligaciones
pendientes de la Compañía por los años terminados el
31 de diciembre de 2013 y 2012, son los siguientes:
Al 31 de diciembre de 2013 y 2012,
$1.516.779 y $1.376.926, respectivamente, eran
los saldos pendientes de préstamos a corto plazo
y deuda a largo plazo con diferentes instituciones
financieras para financiar adquisiciones de
aeronaves. La mayoría de estas deudas están bajo
acuerdos financieros garantizados por Agencias
de Crédito a la Exportación. Adicionalmente, la
Compañía mantuvo un balance pendiente de
préstamos a corto plazo y deuda a largo plazo con
diferentes instituciones financieras que ascienden
a $185.217 y $194.749, respectivamente, para
capital de trabajo.
$1,516,779 and $1,376,926, respectively,
were outstanding balances of short-term
borrowings and long-term debt with different
financial institutions to finance aircraft
acquisitions. Most of these borrowings are
under financing arrangements guaranteed
by the Export Credit Agencies. Additionally,
the Company had an outstanding balance of
short-term borrowing and long-term debt
with different financial institutions amounting
to $185,217 and $194,749, respectively, for
working capital purposes.
En 2012, la Compañía obtuvo préstamos
que ascienden a $198.788 para financiar una
aeronave A330, uno A320, dos A319 y dos
B767F. Además, la Compañía obtuvo $60.750 del
Banco Davivienda, de los cuales $20.750 fueron
utilizados para refinanciar un préstamo con Credit
Suisse y $40.000 para propósitos generales del
capital de trabajo.
In 2012, the Company obtained loans
amounting to $198,788 to finance one
A330, one A320, two A319’s, and two B767F
aircraft. Also the Company obtained $60,750
from Banco Davivienda, $20,750 to refinance
a Credit Suisse loan, and $40,000 for general
working capital purposes.
En 2013, la Compañía obtuvo préstamos
que ascienden a $316.926 para financiar la
compra de tres aeronaves A330F, un A320, un
A319 y dos ATR72. Así mismo, la Compañía obtuvo
$16.600 del Banco de Bogotá para refinanciar
el pago único relacionado con la reorganización
bajo Capítulo II, pagadero en junio de 2013. La
Compañía también obtuvo $38.000 de Bladex
para el pago anticipado de un préstamo con IFC,
y para financiar la compra de un simulador de
vuelo de ATR72. La Compañía obtuvo además
$14.551 para efectos generales relacionados con
capital de trabajo.
El 10 de mayo de 2013, la Compañía
emitió bonos en una emisión que está exenta de
registro, de conformidad con la Ley 144A y la
Regulación S de la Ley de Títulos Valores de los
Estados Unidos de 1933 y sus modificaciones.
Los bonos se vencen en el 2020 y devengan
intereses a una tasa de 8,375% anual, pagaderos
semestralmente a término vencido el 10 de
mayo y el 10 de noviembre, empezando el 10 de
noviembre del 2013.
166
During 2013, the Company obtained
loans amounting to $316,926 in order to
finance the purchase of three A330F, one
A320, one A319, and two ATR72. Also the
Company obtained $16,600 from Banco
de Bogota to refinance the Chapter-11
single payment that was due on June,
2013. The company also obtained $38,000
from Bladex for the prepayment of a loan
with IFC, and to finance the purchase of
an ATR72 flight simulator. The company
also obtained $14,551 for general working
capital purposes.
On May 10, 2013, the Company issued
Senior Notes in an offering exempt from
registration under Rule 144A and Regulation
S under the U.S. Securities Act of 1933, as
amended. The Senior Notes are due in 2020
and bear interest at the rate of 8.375%
per year, payable semi-annually in arrears
on May 10 and November 10, beginning on
November 10, 2013.
Los
bonos
están
completa
e
incondicionalmente garantizados por tres de
nuestras subsidiarias: Taca International Airlines,
S.A., Líneas Aéreas Costarricenses, S.A. y Trans
American Airlines, S.A. Las obligaciones de
Avianca Leasing LLC, en calidad de co-emisor de
los bonos, serán garantizadas incondicionalmente
por nuestra subsidiaria Aerovías del Continente
Americano- Avianca S.A., por un monto
equivalente a $200.000. Los bonos y las
garantías son obligaciones no asegurados de los
co-emisores y de los garantes respectivamente,
y están clasificados por igual en derecho de pago
con todas sus otras obligaciones no aseguradas
presentes y futuras que no estén expresamente
subordinadas en derecho de pago a los bonos y
los garantes.
The Notes are fully and unconditionally
guaranteed by three of our subsidiaries: Taca
International Airlines S.A., Líneas Aéreas
Costarricenses, S.A., and Trans American
Airlines S.A. Avianca Leasing LLC’s obligations
as a co-issuer of the Notes will be unconditionally
guaranteed by our subsidiary Aerovias del
Continente Americano S.A-Avianca, in an
amount equal to $200,000. The Notes and
guarantees are senior unsecured obligations of
the co-issuers and the guarantors, respectively,
and rank equally in right of payments with all
of their other respective present and future
unsecured obligations that are not expressly
subordinated in right of payment to the Notes
or the Guarantees.
Avianca Leasing, LLC y Grupo Taca
Holdings Limited como co-emisor, ofrecieron
bonos cotizados en la Lista Oficial de la Bolsa de
Valores de Luxemburgo, para ser negociados en
el mercado Euro MTF de la Bolsa de Valores de
Luxemburgo. Al 31 de diciembre de 2013 y 2012,
los bonos emitidos y los saldos correspondientes
son los siguientes:
Avianca Leasing, LLC and Grupo Taca
Holdings, Limited as co-issuer, offered Notes
listed on the Official List of the Luxembourg
Stock Exchange and for trading on the
Euro MTF market of the Luxembourg Stock
Exchange. As of December 31, 2013 and
2012, Notes issued and the corresponding
balances are as follows:
Entidad emisora
Issuing entity
Moneda
origen
Original
currency
Avianca Leasing, LLC y Grupo Taca Holdings, Limited
Avianca Leasing, LLC and Grupo Taca Holdings Limited
USD Dólares
USD Dollar
Total colocado
en moneda
origen
Total placed
in original
currency
300.000
Saldo al 31 de
diciembre de
Balance as of
December 31,
2013 US$
2013 In US
Dollars
2012 US$
2012 In
US Dollars
$
298.626
$
—
$ 298.626
$
—
167
2013
The subsidiaries Grupo Taca Holdings,
Limited, and Avianca Leasing, LLC are jointly
and severally liable under the Notes as coissuers on $300,000 in aggregate principal
amount.
Las subsidiarias Grupo Taca Holdings,
Limited y Avianca Leasing, LLC son responsables
mancomunada y solidariamente de los Títulos
como co-emisores por un monto de $300.000 de
capital total.
Emisores:
Issuers:
Avianca Leasing, LLC, Grupo Taca Holdings, Limited
Avianca Leasing, LLC, and Grupo Taca Holdings, Limited
Garantes:
Guarantors:
Líneas Aéreas Costarricenses, S.A., Transamerican Airlines, S.A. y Taca
International Airlines, S.A. garantizarán de forma incondicional el total de los
bonos emitidos. Aerovías del Continente Americano- Avianca, S.A. garantizará de
forma incondicional las obligaciones de Avianca Leasing, LLC de acuerdo con los
Bonos en un monto igual a 200 millones de dólares.
Líneas Aéreas Costarricenses, S.A., Transamerican Airlines, S.A., and Taca International
Airlines, S.A. will fully and unconditionally guarantee the total Notes. Aerovías del
Continente Americano – Avianca, S.A. will unconditionally guarantee the obligations of
Avianca Leasing, LLC under the Notes in an amount equal to US$200 million.
Bonos ofrecidos:
Notes offered:
US$300.000 monto capital agregado de 8,375% Bonos pagaderos en el 2020.
US$300,000 aggregate principal amount of 8.375% Senior Notes due 2020.
Precio de emisión:
Issue Price:
98,706%
98.706%
Fecha de emisión:
Issue date:
Al 10 de mayo de 2013
May 10, 2013
Intereses:
Interest:
Los bonos devengarán intereses a una tasa fija anual de 8,375%, pagaderos
semestralmente por anticipado el 10 de mayo y el 10 de noviembre de cada año,
a partir del 10 de noviembre de 2013. Los intereses se devengarán a partir del 10
de mayo de 2013.
The Notes will bear interest at a fixed rate of 8.375% per year, payable
semiannually in arrears on May 10 and November 10 of each year, commencing
on November 10, 2013. Interest will accrue from May 10, 2013.
Fecha de vencimiento:
Maturity date:
10 de mayo de 2020.
The Notes will mature on May 10, 2020.
bonos emitidos y los saldos correspondientes son
los siguientes:
Moneda
origen
Original
currency
As of December 31, 2013 and 2012, bonds
issued and the corresponding balances are as
follows:
Total colocado
en moneda
origen
Total placed
in original
currency
Saldo al 31 de diciembre de
Balance as of December 31,
2013
2012
Entidad emisora
Issuing entity
Emisión
Issue
Avianca
Avianca
Serie A
Series A
Pesos
colombianos
Colombian
Pesos
75.000 millones
75,000 million
75.000
millones
75,000
million
$38.924
$38,924
75.000
millones
75,000
million
$42.415
$42,415
Avianca
Avianca
Serie B
Series B
Pesos
colombianos
Colombian
Pesos
158.630
millones
158,630 million
158.630
millones
158,630
million
82.327
82,327
158.630
millones
158,630
million
89.712
89,712
Avianca
Avianca
Serie C
Series C
Pesos
colombianos
Colombian
Pesos
266.370
millones
266,370 million
266.370
millones
266,370
million
138.243
138,243
266.370
millones
266,370
million
150.642
150,642
Total / Total
168
Moneda
origen
Original
currency
USD
In US
Dollars
$259.494
Moneda
origen
Original
currency
USD
In US
Dollars
$282.769
The specific conditions of the 2009 bond
issue in Colombia are as follows:
Representante de los tenedores:
Representative of bondholders:
Helm Trust, S.A.
Helm Trust, S.A.
Monto de la emisión:
Amount of issue
$500.000 millones de pesos colombianos
$500,000 million Colombian Pesos
Agente administrador:
Managing agent:
Fiduciaria Bogotá, S.A.
Fiduciaria Bogotá, S.A.
Series:
Series:
Serie A: emisión autorizada de $100.000 millones de pesos colombianos
Series A: Authorized issue $100,000 million Colombian Pesos
Serie B: emisión autorizada de $200.000 millones de pesos colombianos
Series B: Authorized issue $200,000 million Colombian Pesos
Serie C: emisión autorizada de $300.000 millones de pesos colombianos
Series C: Authorized issue $300,000 million Colombian Pesos
Cupón:
Coupon:
Serie A: indexada al índice de precios al consumidor colombiano
Series A: Indexed to Colombian consumer price index
Serie B: indexada al índice de precios al consumidor colombiano
Series B: Indexed to Colombian consumer price index
Serie C: indexada al índice de precios al consumidor colombiano
Series C: Indexed to Colombian consumer price index
Los intereses serán cancelados a trimestre vencido.
Interest is payable at quarter-end
Plazo:
Term:
Serie A: 5 años / Series A: 5 years
Serie B: 7 años / Series B: 7 years
Serie C: 10 años / Series C: 10 years
Devolución del capital:
Repayment of capital:
Serie A: Al final del 5° año
Series A: At the end of 5 years
Serie B: 50% en el año 6 y el 50% después del año 7
Series B: 50% after 6 years and 50% after 7 years
Serie C: 33% después del año 8, 33% después del año 9 y 34% después
del año 10
Series C: 33% after 8 years, 33% after 9 years and 34% after 10 years
Al 31 de diciembre de 2013 y 2012, la
Compañía tenía líneas de crédito rotativas sin
garantías con diferentes instituciones financieras
por montos totales de $167.952 y $76.500,
respectivamente. Al 31 de diciembre de 2013 y
2012, se tenían saldos disponibles de $94.017
y $52.700, respectivamente, en virtud de estas
As of December 31, 2013 and 2012, the
Company had unsecured revolving lines of
credit with different financial institutions in the
aggregate amounts of $167,952 and $76,500,
respectively. As of December 31, 2013 and
2012, there were $94,017 and $52,700
outstanding balances respectively under these
169
2013
On August 25, 2009 a bond issue was
completed on the Colombian stock exchange,
which is collateralized by Credibanco and Visa
credit cards ticket sales in Colombia.
El 25 de agosto de 2009 se completó
una emisión de bonos en la Bolsa de Valores de
Colombia, la cual está garantizada por las ventas
de tiquetes efectuadas en Colombia con las
tarjetas de crédito Credibanco y Visa.
El siguiente es un resumen de las
condiciones específicas de la emisión de bonos
de 2009 en Colombia:
facilidades. Estas líneas de crédito rotativas están
aprobadas previamente por las instituciones
financieras y la Compañía puede retirar los
fondos si tiene necesidades de capital de trabajo.
facilities. These revolving lines of credit are
preapproved by the financial institutions and
the Company may withdraw funds if it has
working capital requirements.
Los pagos futuros en pasivos por
arrendamiento financiero por los años terminados el
31 de diciembre de 2013 y 2012 son los siguientes:
Future payments on finance lease
liabilities for the years ended December 31,
Pagos futuros mínimos de
arrendamiento
Future minimum lease
payments
Intereses
Interest
Valor presente de los
pagos mínimos de
arrendamiento
Present value of minimum
lease payments
Al 31 de diciembre de
December 31,
December 31,
December 31,
2013
2012
2013
2012
2013
2012
Menos de un año
Less than one year
$
5.775
$
6.899
$
960
$
2.500
$
4.815
$
4.399
Entre un año y
cinco años
Between one year
and five years
$
588
$
6.363
$
24
$
977
$
564
$
5.386
Los pagos futuros de deuda a largo plazo
para los años terminados el 31 de diciembre de
2013 y 2012 son los siguientes:
Future payments on long term debt for the
years ended December 31, 2013 and 2012 are
as follows:
Años / Years
Uno
One
Dos
Two
Tres
Three
Cuatro
Four
Cinco y
posteriores
Five and
thereafter
Total
Total
December 31, 2013
$ 232.329 $
224.679
$ 196.741
$ 181.828
$ 828.250
$1.663.827
December 31, 2012
$ 191.650 $
209.974
$ 196.460
$ 158.870
$ 759.915
$1.516.869
Los futuros pagos de bonos por los años
terminados el 31 de diciembre de 2013 y 2012
son los siguientes:
Future payments on bonds for the years
ended December 31, 2013 and 2012 are as
follows:
Años / Years
Uno
One
Dos
Two
Tres
Three
Cuatro
Four
Cinco y
posteriores
Five and
thereafter
Total
Total
December 31, 2013
$
38.852
$
41.091
$
41.091
$
46.008
$ 391.078
$
558.120
December 31, 2012
$
—
$
42.415
$
44.856
$
44.856
$ 150.642
$
282.769
170
La Compañía no cumplió con ciertos
compromisos de deuda al 31 de diciembre
de 2012 y obtuvo exenciones de parte de las
instituciones financieras después de cada período
de reporte. Por lo tanto, de acuerdo con la NIC
1 “Presentación de Estados Financieros”, los
saldos de deuda relacionados al 31 de diciembre
de 2012 que ascienden a $41.075 fueron
clasificados como corrientes para efectos del
Estado Consolidado de Posición Financiera. Se
esperan que los flujos de efectivo proyectados y
los vencimientos de estos instrumentos no sean
afectados y, por lo tanto, no se han modificado
para propósitos de las anteriores notas.
As of December 31, 2012 the Company
did not comply with certain debt covenants
and obtained waivers from the financial
institutions after the reporting period.
Consequently, in accordance with IAS 1
“Presentation of Financial Statements”, the
related debt balances as of December 31,
2012 amounting to $41,075 were classified
as current for purposes of the Consolidated
Statement of Financial Position. The
projected cash flows and maturities of
these instruments are not expected to be
affected and thus were not modified for
purposes of the notes above.
Los
compromisos
más
importantes
relacionados con índices financieros asumidos por
la Compañía y sus subsidiarias son los siguientes:
The most significant commitments
related to financial ratios assumed by the
Company and its subsidiaries are as follows:
Avianca, S.A.
(1) EBITDAR Coverage Ratio (Índice de
Cobertura de EBITDAR): al final de
cada período debe ser menor o igual
a 2,00 y 1,00.
Avianca, S.A.
(1) EBITDAR Coverage Ratio: Should
be less than or equal to 2.00 and
1.00 at the end of each period;
Leverage
Ratio
(Índice
de
(2)
Apalancamiento) al final de cada
período reportable debe ser menor o
igual a 5,00 y 1,00.
(2) Leverage Ratio: Should be less than
or equal to 5.00 to 1.00 at the end of
each reporting period; and
(3)Capitalization Ratio: (Índice de
Capitalización) al final de período
reportable debe ser menor o igual a
0,86 y 1,00.
(4) Para cada año financiero, mantener un
margen del EBITDA, como se define en
el contrato, mayor o igual 7%.
(5) En todo momento, mantener un saldo
mínimo en caja de $45 millones, al
final de cada trimestre calendario.
(3) Capitalization Ratio: Should be less
than or equal to 0.86 to 1.0 at the
end of each reporting period.
(4) For each financial year, maintain an
EBITDA, as defined in the agreement,
higher than or equal to 7%.
(5) At all times, maintain a minimum
cash balance of $45 million, at the
end of each calendar quarter.
171
2013
As of December 31, 2013 the Company
did not comply with certain debt covenants,
however the Company did not require
waivers from the Financial Institutions since
the breached covenants have no possible
consequences on acceleration of debt.
La Compañía no cumplió con ciertos
compromisos de deuda al 31de diciembre de
2013; sin embargo, la Compañía no requiere
exenciones de parte de las Instituciones
Financieras, ya que los compromisos incumplidos
no tienen posibles consecuencias en cuanto a
aceleración de la deuda.
(6) Para cada trimestre financiero del
año 2013 y 2012, mantener un Índice
de Deuda Ajustada (Adjusted Debt)
frente al Índice de Valor Patrimonial
Neto Tangible (Tangible Net Worth)
de 6 o menos.
(7) Para cada año financiero mantener
un Índice de Cobertura de Servicio
de la Deuda mayor o igual a 1,1.
Compañía no cumplió con el índice de la deuda
ajustada frente al índice de valor patrimonial neto
tangible; sin embargo, obtuvo una nueva prórroga
de la exención otorgada en marzo de 2012, hasta
que el correspondiente anexo al contrato de
préstamo sea renegociado. La contraparte no ha
tomado ninguna acción, como exigir la aceleración
del pago de la deuda o declarar la deuda en mora,
como resultado del incumplimiento.
Avianca Holdings, S.A.
Cobertura de EBITDAR): al final del
período reportable debe ser menor
de 1,70 a 1,00.
(2) Capitalization Ratio: (Índice de Capitalización) al final del período reportable debe ser mayor de 0,88 a 1,00.
Grupo Taca Holdings Limited
Cobertura de EBITDAR): al final del
período reportable debe ser menor
de 1,25 y 1,00.
(2) Leverage Ratio (Índice de Apalancamiento) al final del período reportable debe ser mayor de 6,00 y 1,00.
Al 31 de diciembre de 2012, la Compañía no
cumplió con estos índices. En marzo de 2013, se
obtuvo una exención para el Índice de cobertura.
Al 31 de diciembre de 2013 la Compañía cumplió
con estos índices.
Tampa Cargo S.A.S.
(1) Índice de Endeudamiento Financiero/
EBITDA: debe ser menor o igual a siete
veces en el primer año y menor o igual
a 5 veces para los siguientes años y
hasta el final del contrato de deuda.
172
(6) For each financial quarter of 2013
and 2012, maintain an Adjusted Debt
to Tangible Net Worth ratio of 6 or
less.
(7) For each financial year, maintain
a debt-to-service coverage ratio
greater than or equal to 1.1.
Company did not comply with the adjusted
debt to tangible net worth ratio; however, the
waiver granted in March 2012 was extended
until the corresponding provision in the loan
agreement is renegotiated. The counterparty
has not taken any action such as demanding
acceleration of debt repayment or been
declaring the debt in default, as a result of
the default.
Avianca Holdings, S.A.
(1) EBITDAR Coverage Ratio: Should be
less than 1.70 and 1.00 at the end of
each reporting period.
(2)Capitalization Ratio: Should be
greater than 0.88 to 1.00 at the end
of each reporting period.
Grupo Taca Holdings, Limited
(1) EBITDAR Coverage Ratio: Should be
less than 1.25 and 1.00 at the end of
each reporting period;
(2) Leverage Ratio: Should be greater
than 6.00 and 1.00 at the end of
each reporting period.
As of December 31, 2012, the Company
did not comply with these ratios. A waiver
for the coverage ratio was obtained on March
2013. The Company complied with these ratios
as of December 31, 2013.
Tampa Cargo S.A.S.
(1) Debt/EBITDA ratio: Should be less
than or equal to seven times in the
first year and less than or equal to
five times in the next years until the
end of the debt agreement.
(18) Cuentas por pagar
Las cuentas por pagar al 31 de diciembre
de 2013 y 2012 son las siguientes:
(18) Accounts payable
Accounts payable as of December 31,
31 de diciembre / December 31,
2013
Cuentas por pagar comerciales / Trade accounts payable
$
2012
332.450
$
312.724
Otros impuestos recaudados por anticipado
Non-income taxes collected in advance
93.308
100.225
Cargas sociales (1) / Payroll taxes (1)
50.784
49.065
Otras cuentas por pagar / Other payables
32.587
26.554
Corriente / Current
$
509.129
$
488.568
2013
Cuentas por pagar comerciales / Trade accounts payable
$
14
$
2.735
Cargas sociales (1) / Payroll taxes (1)
No corriente / Non-current
2012
$
317
$
3.041
2.721
2.724
(1) Representa aportes parafiscales y contribuciones
basadas en los salarios y compensaciones pagadas
a los colaboradores de la Compañía en las distintas
jurisdicciones en donde opera.
(1) Represent payroll taxes and contributions based on
salaries and compensation paid to employees of the
Company in the various jurisdictions in which it operates.
(19) Gastos acumulados
Los gastos acumulados al 31 de diciembre
de 2013 y 2012 son los siguientes:
(19) Accrued expenses
Accrued expenses as of December 31,
2013
Gastos operacionales: / Operating expenses:
$
Publicidad / Advertising
2012
54.276
$
121.905
1.761
2.548
Vacaciones y otros beneficios a empleados
Vacation and other employee accruals
36.390
28.312
Otros gastos acumulados / Other accrued expenses
42.511
29.037
Total / Total
$
134.938
$
181.802
173
2013
As of December 31, 2013, the Debt/
EBITDA ratio is greater than the maximum
level allowed, however the Financial Institution
concedes a six month period in order to remediate
this situation. If the Company does not meet the
required level after the grace period, it will be
considered a breach of the covenant.
Al 31 de diciembre de 2013, el índice de
Endeudamiento Financiero/EBITDA es mayor
que el máximo nivel permitido; sin embargo,
la Institución Financiera concede un período de
seis meses para solucionar esta situación. Si la
Compañía no alcanza el nivel requerido después
de este período de gracia, se considerará como
un incumplimiento del compromiso.
(20) Provisiones para condiciones de
retorno
Para ciertos arrendamientos operativos,
la Compañía está contractualmente obligada
a devolver la aeronave en condiciones
preestablecidas. La Compañía acumula los costos
de restitución relacionados con los aviones
mantenidos bajo arrendamientos operativos en
el momento en que el activo no cumple con los
criterios de condición de retorno y a lo largo del
término del contrato de arrendamiento.
Las provisiones para las condiciones de
retorno al 31 de diciembre de 2013 y 2012 son
las siguientes:
(20) Provisions for return
conditions
For certain operating leases, the
Company is contractually obligated to return
the aircraft in a predefined condition. The
Company accrues for restitution costs related
to aircraft held under operating leases at
the time the asset does not meet the return
conditions
criteria
and
throughout
the
remaining duration of the lease.
Provisions for return conditions as of
December 31, 2013 and 2012 are as follows:
2013
Corriente / Current
$
33.033
No corriente / Non – current
Total / Total
Los cambios en las provisiones para las
condiciones de retorno al 31 de diciembre de
2013 y 2012 son las siguientes:
2012
$
7.598
56.065
$
89.098
59.297
$
66.895
Changes
in
provisions
for
return
conditions as of December 31, 2013 and 2012
are as follows:
2013
Saldos al inicio del año
Balances at beginning of year
$
2012
66.895
$
68.779
Provisiones constituidas
Provisions made
29.061
9.920
Provisiones usadas
Provisions used
(6.858)
(11.804)
Saldos al final del año / Balances at end of year
$
89.098
$
66.895
El monto de reembolsos esperados que
se presentan netos dentro de las provisiones
para condiciones de retorno asciende a $17.102
y $10.940 al 31 de diciembre de 2013 y 2012,
respectivamente.
The amount of expected reimbursements
which are presented net within provisions for
the return conditions amounts to $17,102 and
$10,940 as of December 31, 2013 and 2012,
respectively.
(21) Beneficios de empleados
La Compañía cuenta con un plan de
beneficios definidos que requiere que se
realicen contribuciones a administradores de
fondos separados. La Compañía también ha
acordado proporcionar beneficios post-empleo
(21) Employee benefits
The Company has a defined benefit plan
which requires contributions to be made to
separately administered funds. The Company
has also agreed to provide post employment
benefits to its retirees that consist primarily
174
La contabilización de pensiones y otros
beneficios post-empleo consiste en calcular
el costo del beneficio a entregar en el futuro y
en registrar dicho costo en el período en el que
cada empleado labora para la Compañía. Esto
requiere del uso de extensas estimaciones y
supuestos relativos a inflación, rendimientos
de la inversión, tasas de mortalidad, índices
de rotación de personal, tendencias de costos
médicos y tasas de descuento, entre otra
información. La Compañía cuenta con dos planes
de pensiones diferentes, uno para pilotos y otro
para el personal de tierra. Ninguno de los planes
está disponible para nuevos participantes, por lo
que hay un número fijo de beneficiarios cubiertos
por estos planes al 31 de diciembre de 2013.
Accounting for pensions and other post
employment benefits involves estimating
the benefit cost to be provided well into
the future and attributing that cost over
the time period in which each employee
works for the Company. This requires the
use of extensive estimates and assumptions
about
inflation,
investment
returns,
mortality rates, turnover rates, medical
cost trends and discount rates, among other
information. The Company has two distinct
pension plans, one for pilots and the other
for ground personnel. Both plans have been
closed to new participants, and therefore
there are a fixed number of beneficiaries
covered under these plans as of December
31, 2013.
2013
Valor razonable de activos del plan / Fair value of plan assets
$
Valor presente de la obligación / Present value of the obligation
Total pasivo por beneficios de empleados
Total employee benefit liability
La
siguiente
tabla
resume
los
componentes del gasto neto por los beneficios
reconocidos en el Estado Consolidado de
Resultados Integrales y los montos reconocidos
en el Estado Consolidado de Posición Financiera
para los planes respectivos:
2012
(160.998)
$
(146.046)
489.674
$
328.676
604.118
$
458.072
The following table summarizes the
components of net benefit expense recognized
in the Consolidated Statement of Comprehensive
Income and the funded status and amounts
recognized in the Consolidated Statement of
Financial Position for the respective plans:
Gasto neto por beneficios–año terminado el 31 de diciembre de 2013
(reconocido en salarios, sueldos y beneficios)
Net benefit expense – year ended December 31, 2013
(recognized in Salaries, wages and benefits)
Plan de beneficios
definidos
Defined benefit plan
Costo actual del servicio
Current service cost
$
Costo de intereses sobre obligaciones por beneficios, neto
Interest cost on net benefit obligation
Gasto neto por beneficios / Net benefit expense
417
Otros beneficios
Other benefits
$
31.032
$
31.449
4.992
5.954
$
10.946
175
2013
of medical benefit plans as well as certain
other benefits, including scholarships, tickets,
seniority and retirement. These other benefits
are unfunded.
a sus empleados retirados, los cuales consisten
principalmente en planes de beneficios médicos y
otros beneficios, tales como educación, tiquetes
aéreos, antigüedad y jubilación. Estos otros
beneficios son sin financiamiento.
Gasto neto por beneficios–año terminado el 31 de diciembre de 2012
(reconocido en salarios, sueldos y beneficios)
Net benefit expense – year ended December 31, 2012
(recognized in Salaries, wages and benefits)
Plan de beneficios
definidos
Costo actual del servicio
Current service cost
$
(672)
Costo de intereses sobre obligaciones por beneficios, neto
Interest cost on net benefit obligation
$
3.448
24.050
Gasto neto por beneficios / Net benefit expense
Los cambios en el valor presente de las
obligaciones por prestaciones definidas al 31 de
diciembre de 2013 son los siguientes:
Otros beneficios
Other benefits
$
5.880
23.378 $
9.328
Changes in the present value of defined
benefit obligation as of December 31, 2013 are
as follows:
Obligaciones
por beneficios
definidos
Defined benefit
Obligation
Obligaciones por beneficios al 31 de diciembre de 2012
Benefit obligation as of December 31, 2012
$
Costo del período
Period cost
Otros
beneficios
Other
benefits
497.039 $
107.079
Total
Total
$
604.118
31.449
10.946
42.395
Beneficios pagados por el empleador
Benefits paid by employer
(30.049)
(3.558)
(33.607)
Pérdidas (ganancias) actuariales reconocidas en otros
resultados integrales
Actuarial (gains) losses recognized in other comprehensive
income
(58.966)
(14.365)
(73.331)
Diferencial cambiario
Exchange differences
(41.158)
(8.743)
(49.901)
398.315
91.359
489.674
(160.998)
—
(160.998)
Valor razonable de los activos del plan
Fair Value of the plan assets
Total beneficios de empleados
Total employee benefit
$
Corriente
Current
$
No corriente
Non- current
Total / Total
176
237.317
$
91.359
$
328.676
48.354 $
4.038
$
52.392
188.963
$
237.317 $
87.321
91.359
276.284
$
328.676
Plan de beneficios definidos
Valor razonable de los activos del plan a diciembre de 2012
Fair value of assets at December 2012
$
146.046
Ingresos por intereses sobre los activos del plan
Interest income on plan assets
9.153
Rendimiento de activos del plan superior/(inferior) a lo proyectado
Return on plan assets greater/(less) than projected
(4.745)
Contribuciones / Employer contributions
46.184
Beneficios pagados / Benefits paid
(21.342)
Ajuste en rendimiento de activos del plan / Return on plan assets adjustment
(2.309)
Diferencial cambiario / Exchange differences
(11.989)
Valor razonable de los activos del plan al 31 de diciembre de 2013
Fair value of plan assets at December 31, 2013
Los cambios en el valor presente de las
obligaciones por beneficios definidos por el año
terminado el 31 de diciembre de 2012 son los
siguientes:
$
160.998
Changes in the present value of defined
benefit obligation for the year ended December
31, 2012 are as follows:
Obligaciones
por beneficios
definidos
Defined
benefit
Obligation
$
Costo del período / Period cost
403.360
Otros
beneficios
Other
benefits
$
Total
Total
72.249 $
475.609
31.932
9.328
41.260
Beneficios pagados por el empleador / Benefits paid by employer
(23.131)
(3.514)
(26.645)
Pérdidas (ganancias) actuariales reconocidas en otros
Actuarial (gains) losses recognized in other comprehensive income
45.157
21.297
66.454
39.721
7.719
47.440
$
Valor razonable de los activos del plan
Fair Value of the plan assets
497.039
$
(146.046)
$
—
604.118
(146.046)
Total beneficios de empleados / Total employee benefit
$
$
107.079
$
458.072
Corriente / Current
$
50.194 $
7.047
$
57.241
$
350.993 $
No corriente / Non- current
Total / Total
350.993
107.079
300.799
100.032
107.079
400.831
$
458.072
177
2013
Changes in the fair value of plan assets are
as follows:
Los cambios en el valor razonable de los
activos del plan son los siguientes:
Los cambios en el valor razonable de los
activos del plan son los siguientes:
Change in the fair value of plan assets are
as follows:
Plan de beneficios definidos
Valor razonable de los activos del plan a diciembre de 2011
Fair value of assets at December 2011
$
90.853
Ingresos por intereses sobre los activos del plan
Interest income on plan assets
8.203
Rendimiento de activos del plan superior/(inferior) a lo proyectado
Return on plan assets greater/(less) than projected
11.442
Contribuciones / Employer contributions
49.332
Beneficios pagados / Benefits paid
(22.761)
Costos administrativos pagados / Administrative cost paid
(2.118)
11.095
Valor razonable de los activos del plan al 31 de diciembre de 2012
Fair value of plan assets at December 31, 2012
Para el año terminado el 31 de diciembre
de 2013, 2012 y 2011, se reconocieron ganancias
y pérdidas actuariales por $66.277, $(55.012) y
$(34.702), respectivamente, en otros resultados
integrales.
$
146.046
For the year ended December 31, 2013,
2012 and 2011, actuarial gains and losses of
$66,277, $(55,012) and $(34,702), respectively
were recognized in other comprehensive
income.
2013
Ganancias (pérdidas) actuariales reconocidas en otros
Actuarial gains (losses) recognized in other comprehensive income
$
Ajuste en rendimiento de activos del plan
Return on plan assets adjustment
73.331
2012
$
(7.054)
Monto reconocido en otros resultados integrales
Amount recognized in other comprehensive income
$
66.277
(66.454)
2011
$
11.442
$
(55.012)
(23.756)
(10.946)
$
(34.702)
La Compañía espera contribuir $52.392 a
su plan de beneficios definidos en el año 2014.
The Company expects to contribute
$52,392 to its defined benefit plan in 2014.
Los activos del plan corresponden a fondos
netos transferidos a Caxdac (Caja de Auxilios y de
Prestaciones de Acdac), que es responsable de la
administración del plan de pensiones de los pilotos.
Los activos custodiados por Caxdac se segregan
en cuentas separadas correspondientes a cada
compañía contribuyente. Además, los activos del
plan incluyen una porción relacionada con el plan
de pensiones para el personal de tierra.
Plan assets correspond to net funds
transferred to Caxdac, which is responsible for
the administration of the pilots’ pension plan.
The assets held by Caxdac are segregated
into separate accounts corresponding to each
contributing company. Additionally the plan
assets included a portion relating to pension
plan of ground personnel.
178
2013
Tasa de descuento para todos los planes / Discount rate on all plans
2012
7,00%
6,25%
Pilotos / Pilots
3,75%
4,25%
Tripulación de cabina / Cabin crew
3,50%
4,00%
Otros empleados / Other employees
4,00%
4,50%
Aumento de pensiones futuras / Future pension increase
3,00%
3,50%
Aumento de costos de salud / Healthcare cost increase
4,00%
4,50%
Aumento de costos de tiquetes / Ticket cost increase
3,00%
3,50%
Aumento de costos de educación / Education cost increase
3,00%
3,50%
Aumento salarial futuro / Future salary increase
Las principales categorías de los activos
del plan expresados como un porcentaje del
valor razonable del total de activos del plan son
las siguientes:
The major categories of plan assets as
a percentage of the fair value of the total plan
assets are as follows:
2013
2012
Títulos de patrimonio / Equity securities
42%
40%
Títulos de deuda / Debt securities
54%
59%
4%
1%
Otros / Others
Los títulos de patrimonio comprenden
inversiones en entidades colombianas con una
calificación crediticia de entre AAA y BBB. Los
títulos de deuda incluyen inversiones en bonos del
Gobierno colombiano, en bancos y en entidades
públicas y privadas colombianas.
Plan de pensiones para el personal
de tierra
En el año 2008, la Compañía celebró
un acuerdo de conmutación con Compañía
Aseguradora de Vida Colseguros S.A., relacionado
con el pasivo pensional de dos planes de
pensiones de la Compañía.
A diciembre de 2013, 12 beneficiarios no
han sido conmutados. Por lo tanto, la Compañía
estima mediante un cálculo actuarial el pasivo
pensional de estos beneficiarios.
Equity securities comprise investments in
Colombian entities with credit rating between AAA
and BBB. Debt securities include investments in
Colombian Government bonds, banks and public
and private Colombian entities.
Pension plans for ground
personnel
In 2008, the Company entered into
a commutation agreement with Compañía
Aseguradora de Vida Colseguros S.A. (Insurance
Company) in connection with the pension liability
of two of the Company’s pension plans.
As of December, 2013, there are 12
beneficiaries which have not been commuted.
Consequently, the Company estimates through
an actuarial calculation the pension liability of
these beneficiaries.
179
2013
The principal assumptions (inflationadjusted) that are used in determining pension
and post employment medical benefit obligations
for the Company’s plans are shown below:
Los principales supuestos (ajustados por
inflación) que se usan para determinar el pasivo
por pensiones y el pasivo por beneficios médicos
posteriores a la jubilación para los planes de la
Compañía se muestran a continuación:
Plan de pensiones para el personal
de vuelo
Debido a las regulaciones locales de
dos planes de pensiones de la Compañía, la
Compañía debe hacer aportes a un fondo que es
administrado de forma externa. El monto de los
aportes anuales se basa en lo siguiente:
Pension plans for flight
personnel
Due to local regulations for two of the
Company’s pension plans, the Company has to
make contributions to a fund which is externally
administrated. The amount of the annual
contribution is based on the following:
•
Aporte básico para el año: igual a los
pagos de pensión anuales esperados.
•
Basic contribution for the year: equal to
the expected annual pension payments.
•
Aporte adicional para el año (si es
necesario): igual al monto necesario
para ajustar el pasivo actuarial según
las normas locales de contabilidad y los
activos del plan al año 2023 (determinado
con un cálculo actuarial).
•
Additional contribution for the year (if
necessary): equal to the necessary
amount to match the actuarial liability
under local accounting rules and the
plan assets as of year 2023 (determined
with an actuarial calculation).
El cálculo de las obligaciones por beneficios
definidos es sensible a los supuestos mencionados.
La siguiente tabla resume cómo el impacto de
las obligaciones por beneficios definidos al final
del período habría aumentado (disminuido) como
resultado de un cambio del uno por ciento (1%)
en los respectivos supuestos.
Sensitivity Analysis
The calculation of the defined benefit
obligation is sensitive to the aforementioned
assumptions. The following table summarizes
how the impact on the defined benefit obligation
at the end of the reporting period would have
increased (decreased) as a result of a change in
the respective assumptions by one percent.
Aumento del 1%
1% increase
Tasa de descuento / Discount rate
Disminución del 1%
1% decrease
(54.896)
Tasa de incremento salarial / Salary increase rate
68.637
680
(630)
Tasa de inflación / Inflation rate
53.543
(44.108)
Costos médicos / Medical costs
17.719
(13.619)
9.070
(9.230)
Tabla de mortalidad / Mortality table
(22) Ingresos diferidos por
transporte no devengado
El pasivo por ingresos diferidos por
transporte no devengado al 31 de diciembre de
2013 y 2012 es el siguiente:
(22) Air traffic liability
Air traffic liability as of December 31, 2013
and 2012 is as follows:
2013
Venta anticipada de tiquetes
Advance ticket sales
$
Ingresos diferidos por millas
Miles deferred revenue
Total / Total
180
436.732
2012
$
127.873
$
564.605
350.593
118.196
$
468.789
Los participantes del Plan tienen la opción
de redimir la parte vencida de sus respectivos
derechos por dinero en efectivo. El pago equivale
a la diferencia entre el precio de las acciones
preferentes de Avianca cotizado en la Bolsa
de Valores de Colombia durante los 30 días
calendario inmediatos anteriores a la redención
y COP 5.000.
The Share Plan participants have the
option to redeem the vested portion of their
respective rights for cash, with the payment
being equal to the difference between the
trading share price of the preferred shares
of Avianca Holdings, S.A., as reported by
the Colombia Stock Exchange during the
30 calendar days immediately preceding
redemption and COP 5,000.
El 15 de marzo de 2012 se hicieron
18.026.158 adjudicaciones, que se otorgarán en
cuotas iguales durante un período de cuatro años,
adjudicándose la primera el 15 de marzo de 2013
y las posteriores en cada fecha de aniversario
siguiente. Después de la adjudicación, cada
cuota deberá ser redimida dentro de los cinco
años siguientes y a más tardar hasta el mes de
marzo de 2021. La primera cuota fue devengada
el 15 de marzo de 2013; sin embargo, no se
han redimido los derechos al 31 de diciembre de
2013, ya que las acciones de la Compañía no han
alcanzado el precio de ejercicio establecido.
El 5 de noviembre de 2013, la Compañía
cotizó sus American Depositary Shares (“ADS”)
en la Bolsa de Valores de Nueva York. Como
consecuencia, los términos del Plan Accionario han
sido modificados de la siguiente manera: A partir
de la fecha efectiva de la venta de los ADS en el
mercado, el valor de cada adjudicación, siempre
y cuando el resultado sea positivo, se derivará
de: i) el cálculo de la diferencia entre la cotización
promedio de los ADS que representan las acciones
preferentes de Avianca Holdings, S.A., según lo
reporta la Bolsa de Valores de Nueva York durante
los 30 días calendario inmediatamente anteriores
a cada fecha de adjudicación del Plan Accionario y
el precio de $15, y ii) dividiendo el cálculo arriba
mencionado entre ocho, teniendo en cuenta que
cada ADS representa ocho acciones preferentes
y aplicando el monto resultante por la tasa de
cambio de COP 1.901,22 por $1, (la tasa de cambio
al 5 de noviembre de 2013 o la fecha efectiva de
cotización de los ADS en la Bolsa de Valores de
18,026,158 awards were issued on March
15, 2012, and will vest in equal tranches over
a 4 year period, with the first tranche vesting
on March 15, 2013, and subsequent tranches
vesting on each subsequent anniversary date.
Upon vesting, each tranche must be redeemed
within 5 years and no later than March 2021.
The first tranche vested on March 15, 2013
however no rights have been redeemed as of
December 31, 2013 because the Company’s
stock has not reached the established strike
price.
On November 5, 2013, the Company
listed
its
American
Depositary
Shares
(“ADS”) in the New York Stock Exchange. As
a consequence, the terms of the Share Plan
have been modified as follows: Starting on
the effective date of the sale of ADSs in the
market, the value of each award, as long
as the result is positive, will result from:
i) calculating the difference between the
average quote of the ADSs representative of
preferred shares of Avianca Holdings, S.A.,
as reported by the New York Stock Exchange
during the 30 calendar days immediately
prior to each vesting date of the Share Plan
and the price of $15, and ii) dividing the
latter calculation by eight, considering that
each ADS represents eight preferred shares
and applying the resulting amount by the
exchange rate of COP 1,901.22 per $1, (the
exchange rate as of November 5, 2013 or the
effective date of listing of the ADSs in the
181
2013
(23) Share based payments
The
Company
authorized
the
implementation of a new incentive plan (the
“Share Plan”) on January 27, 2012 whereby
eligible
recipients,
including
directors,
officers, certain employees, receive a special
cash payout if certain redemption conditions
are met.
(23) Pagos basados en acciones
El 27 de enero de 2012, la Compañía
autorizó la aplicación de un nuevo plan de
incentivos (el “Plan de acciones”) mediante el cual
los beneficiarios elegibles, incluidos directores,
funcionarios y ciertos empleados, reciben un
pago especial en efectivo si se cumplen ciertas
condiciones para ejercer su derecho.
Nueva York). Sin embargo, esta modificación no
afecta la cuota 1.
New York Stock Exchange). However, this
modification does not affect Tranche 1.
Además, la Compañía emitió 2.000.000
nuevas Adjudicaciones (“Nuevas Adjudicaciones”)
para la Junta Directiva y los Altos Ejecutivos
el 6 de noviembre de 2013. Estas Nuevas
Adjudicaciones serán ejercitables en cuatro
cuotas iguales y vencerán cinco años después de
la fecha de adjudicación. El valor de cada Nueva
Adjudicación se determina de la misma manera
que los términos modificados del Plan Accionario.
Additionally,
the
Company
issued
2,000,000 new Awards (“New Awards”) for the
Board of Directors and C Levels on November
6, 2013. These New Awards vest in four
equal tranches and expire five year after the
vesting date. The value of each New Award is
determined in the same way as the modified
terms of the Share Plans.
Al 31 de diciembre de 2013, 18.077.687
adjudicaciones seguían en circulación.
El siguiente es un resumen de los términos
de las adjudicaciones, sin incluir las 2.000.000
Nuevas Adjudicaciones:
Fechas para ejercer
Vesting dates
Porcentaje
de opciones
a ejercer
Percentage
vesting
As of December 31, 2013, 18,077,687
awards were outstanding.
A summary of the terms of the awards
excluding the 2,000,000 New Awards is as
follows:
Período de redención
Redemption period
Al 15 de marzo de 2012
March 15, 2012
25%
Desde el 16 de marzo de 2013 hasta el 15 de marzo de 2018
From March 16, 2013 through March 15, 2018
March 15, 2013
25%
March 15, 2014
25%
March 15, 2015
25%
A continuación se hace un resumen
de los términos de las 2.000.000 Nuevas
Adjudicaciones:
Fechas para ejercer
Vesting dates
Porcentaje
de opciones
a ejercer
Percentage
vesting
A summary of the terms of the 2,000,000
New Awards is as follows:
Período de redención
Redemption period
Al 6 de noviembre de 2014
November 6, 2014
25%
Desde el 7 de noviembre de 2014 hasta el 06 de noviembre de 2019
From November 7, 2014 through November 6, 2019
November 6, 2015
25%
November 6, 2016
25%
November 6, 2017
25%
182
La Compañía ha calculado el valor razonable
de las adjudicaciones pendientes al 31 de diciembre
del 2013 empleando el modelo Turnbull-Wakeman,
que es una variación del modelo Black-Scholes y
que se consideró como un modelo adecuado de
valoración, debido al requisito de que el precio de
la acción esté por encima de cierto umbral durante
los 30 días previos a la redención.
Para la valoración a partir del 31 de
diciembre de 2013, el modelo Turnbull-Wakeman
utiliza distintos datos, incluyendo:
•
•
•
•
•
•
•
Plazo previsto de 2,1 a 6,35 años
Tiempo en un período promedio de 0,08 años
Precio de las acciones de $15,44
Precio de ejercicio de $15
Tasa libre de riesgo de entre 0,70% y 2,25%
Rentabilidad del dividendo de 2,03%
Volatilidad de 24,97% a 37,1%
Para la valoración a partir del 31 de
diciembre de 2012, el modelo Turnbull-Wakeman
utiliza distintos datos, incluyendo:
•
•
•
•
•
•
•
Plazo previsto de entre 2,7 a 5,7 años
Tiempo en un período promedio de 0,08 años
Precio de las acciones de COP 4,525
Precio de ejercicio de COP 5,000
Tasa libre de riesgo de entre 4,82% y 5,17%
Rentabilidad del dividendo de 1,1%
Volatilidad de 27,26% a 35,61%
Dado que Avianca Holdings, S.A. cuenta
con una historia pública de cotización de
aproximadamente dos años en relación con las
acciones preferentes (que es inferior a todos los
términos previstos para la cuota 1), la Compañía
utilizó datos de referencia para compañías similares
a Avianca Holdings, S.A. y que cotizan en bolsa, a
fin de calcular su volatilidad de patrimonio.
The Company has determined the fair
value of the outstanding awards as of December
31, 2013 using the Turnbull-Wakeman model,
which is a variation of the Black-Scholes
model and was deemed to be an appropriate
valuation model given the requirement that
the share price be above a certain threshold
for 30 days prior to redemption.
For the valuation as of December 31,
2013, the Turnbull-Wakeman model uses
several inputs including:
•
•
•
•
•
•
•
Expected term of 2.1 to 6.35 years
Time in averaging period of 0.08 years
Stock price of $15.44
Strike price of $15
Risk free rate of 0.70% to 2.25%
Dividend yield of 2.03%
Volatility of 24.97% to 37.1%
For the valuation as of December 31,
2012, the Turnbull-Wakeman model uses
several inputs including:
•
•
•
•
•
•
•
Expected term of 2.7 to 5.7 years
Time in averaging period of 0.08 years
Stock price of COP 4.525
Strike price of COP 5.000
Risk free rate of 4.82% to 5.17%
Dividend yield of 1.1%
Volatility of 27.26% to 35.61%
Since Avianca Holdings, S.A. has a
public traded history of approximately two
years for the preferred shares, which is
shorter than all the expected terms except
for Tranche 1, the Company used data
for guideline public companies similar to
Avianca Holdings, S.A. to estimate its equity
volatility.
183
2013
Participants who are terminated, or
resigned, cease to be part of the Share Plan.
The awards were only issued to board members
and key management.
Los participantes cuyas funciones son
suspendidas, o bien, renuncian dejan de formar
parte del Plan de acciones. Las adjudicaciones
solo se emitieron a los miembros de la junta y al
personal clave de gerencia.
Con base en los anteriores supuestos,
la Compañía determinó que los gastos de las
Adjudicaciones del Plan Accionario para el año
terminado el 31 de diciembre de 2013 y 2012 fue
$(355) y $4.032, respectivamente, que fue reconocido
en utilidades operacionales. Al 31 de diciembre de
2013 y 2012, $3.723 y $4.032, respectivamente, se
muestran como un pasivo no corriente en los Estados
Integrales de Posición Financiera.
La Compañía estimó los valores de
premodificación y postmodificación por acción
del Plan al 5 de noviembre de 2013 (fecha de la
modificación), y determinó que, como resultado
de las modificaciones hechas al plan, el valor
razonable incremental registrado como gastos
asciende a $517.
(24) Patrimonio
Capital social
Al 1 de enero de 2011, las acciones
autorizadas ascendieron a 500 millones, con un
valor nominal de US$1.00 cada una. De estas,
100.163.490 acciones fueron emitidas y pagadas.
Based
on
the
aforementioned
assumptions, the Company determined that
the expense of the Share Plan Awards for
the year ended December 31, 2013 and 2012
was $(355) and $4,032, respectively which
has been recognized within operating profit.
As of December 31, 2013 and 2012, $3,723
and $4,032, respectively is reflected as a
non-current liability on the Comprehensive
Statement of Financial Position.
The Company estimated the premodification and post-modification per share
values of the Plan as of November 5, 2013
(date of the modification), and determined
that, as a result of the modifications made to
the plan, the incremental fair value recorded
as an expense amounts to $517.
(24) Equity
Capital
As of January 1, 2011 authorized shares
amounted to 500 million with a par value of
US$1.00 per share. These were 100,163,490
issued and paid shares.
El 2 de marzo de 2011, el valor nominal de
las acciones fue modificado a $0,125 por acción,
por lo que el capital autorizado aumentó a 4 mil
millones de acciones y las acciones emitidas y
pagadas ascendieron a 801.307.920. Tal cambio
en el valor nominal se aplicó retroactivamente a
partir del 1.ro de enero de 2011.
On March 2, 2011, the par value of
shares was modified to $0.125 per share,
therefore, authorized capital increased to 4
billion shares and issued and paid amounted
to 801,307,920. This change in par value was
applied retrospectively from January 1, 2011.
El 28 de marzo de 2011, la Compañía
realizó una oferta pública de 100 millones de
acciones preferentes, con un valor nominal
de $0,125 por acción, para un monto total de
$277.304. El capital adicional pagado por la
colocación de las acciones preferentes ascendió
a $264.804, de los cuales se dedujo $6.958 por
concepto de costos de emisión. Las acciones
preferentes no poseen derecho a voto ni pueden
convertirse en acciones comunes. Las acciones
preferentes tienen derecho a recibir un dividendo
anual del 1% del valor nominal por acción, previa
autorización de la Junta Directiva con base en el
monto de las utilidades distribuibles.
On March 28, 2011, the Company
completed a public offering of 100 million share
of preferred stock, with a par value of $0.125
per share, for a total amount of $277,304.
Additional paid in capital on the placement of
preferred stock amounted to $264,804, out
of which issuance costs amounting to $6,958
were deducted. Preferred stock has no voting
rights and cannot be converted to common
stock. Preferred stock has the right to receive
an annual dividend amounting to 1% of the
par value per share subject to authorization of
the Board of Directors based on the amount of
distributable profits.
184
Al 31 de diciembre de 2012, la Compañía
adquirió 4.123.491 de sus acciones preferentes
circulantes. Por consiguiente, las acciones
preferentes circulantes disminuyeron en $515 y el
capital adicional pagado en acciones preferentes
se redujo en $9.051.
El 5 de noviembre de 2013, la Compañía emitió
12.500.000 Acciones Depositarias Estadounidenses
(ADS), y cada una representó ocho acciones
preferentes. Los ingresos netos derivados de esta
oferta ascienden a aproximadamente $183.553
millones neto de deducción de costos de emisión
por $3.956). Las acciones preferentes no poseen
derecho a voto ni pueden convertirse en acciones
comunes. Las acciones preferentes tienen derecho a
purchased 4,123,491 of its outstanding
preferred shares, for this reason, outstanding
preferred stock was decreased by $515 and
additional paid-in capital on preferred stock
was decreased by $9,051.
On November 5, 2013, the Company
issued
12,500,000
American
Depository
Shares, or ADSs, each representing 8
preferred shares. Net proceeds from this
offering amounted to approximately $183,553
million (net of issuance costs amounting to
$3,956). Preferred stock has no voting rights
and cannot be converted to common stock.
Preferred stock has the right to receive an
annual dividend amounting to 1% of the par
185
2013
On May 11, 2011 the conversion of
59,907,920 common shares into preferred
shares was authorized for an amount of $7,488.
As a result, the amount of preferred stock
outstanding changed to 159,907,920 shares.
Under the Company’s Bylaws, shareholders
of common shares have the right to convert
them into preferred shares at a rate of one
preferred share for each common share. For the
conversion to take place, it shall be sufficient
that the holder of the corresponding common
share requests in writing to the Secretary of
the Company that request. In those events in
which the conversion of common shares into
preferred shares should imply that the total
number of outstanding preferred shares be
superior to the outstanding ordinary shares
it is
necessary to call for a shareholding
meeting with the participation of the preferred
shareholders to approve such situation with
a minimum vote equivalent to 70% of the
preferred and of the ordinary shares , unless
such situation arises from the effectiveness of
a registry of preferred shares before the SEC
in which case no approval from the preferred
shareholders is required. In any case, the
maximum
amount
of
preferred
shares
outstanding could be equal the total number
of outstanding shares minus five.
El 11 de mayo de 2011, se autorizó la
conversión de 59.907.920 acciones comunes
en acciones preferentes por un monto de
$7.488. Como resultado, la cantidad de acciones
preferentes circulantes aumentó a 159.907.920.
De acuerdo con los estatutos de la Compañía,
los accionistas comunes poseen el derecho de
convertir sus acciones comunes en preferentes
a razón de una acción preferente por una acción
común. Para que la conversión se realice basta
con que el accionista común correspondiente
presente una solicitud por escrito ante el
Secretario de la Compañía. En aquellos casos
en los cuales la conversión de acciones comunes
a preferentes implique que el total de acciones
preferentes en circulación supere a las acciones
comunes en circulación, será necesario convocar
una reunión de accionistas con la participación
de los accionistas preferentes para aprobar esa
situación con un mínimo de votos equivalente
al 70% de las acciones preferentes y comunes;
a menos de que tal situación se presente como
resultado del registro efectivo de acciones
preferentes ante la Comisión de Bolsa y Valores
de los Estados Unidos (SEC, por sus siglas en
inglés), en cuyo caso no se requerirá aprobación
de parte de los accionistas preferentes. En todo
caso, el monto máximo de acciones preferentes
en circulación puede ser igual al número total de
acciones en circulación menos cinco.
recibir un dividendo anual del 1% del valor nominal
por acción, previa autorización de la Junta Directiva
con base en el monto de las utilidades distribuibles.
value per share subject to authorization of the
Board of Directors based on the amount of
distributable profits.
En relación con esta oferta, los accionistas
comunes (“accionistas vendedores”) convirtieron
75.599.997 acciones comunes a acciones
preferentes, que representan 14.734.910 ADS.
Como resultado, la cantidad de acciones comunes
se redujo a 665.800.003; y la cantidad de acciones
preferentes aumentó en 175.599.997, para
un total de 331.187.285 acciones preferentes.
La Compañía no recibió ninguna parte de los
ingresos netos procedentes de la venta de las
ADS por parte de los accionistas vendedores.
In connection with this offering, the
common shareholders (“selling shareholders”)
converted 75,599,997 common shares to
preferred shares, representing 14,734,910
ADSs. As a consequence, the number of
common shares was reduced to 665,800,003;
the number of preferred shares increased in
75,599,997 to 331,187,285 preferred shares.
The Company did not receive any of the net
proceeds from the sale of ADS by the selling
shareholders.
adquirió 197.141 de sus acciones preferentes
circulantes. Por consiguiente, las acciones
preferentes circulantes disminuyeron en $25 y el
capital adicional pagado en acciones preferentes
se redujo en $452.
purchased
197,141
of
its
outstanding
preferred shares, for this reason, outstanding
preferred stock was decreased by $25 and
additional paid-in capital on preferred stock
was decreased by $452.
A continuación se presenta un resumen de
acciones autorizadas, emitidas y pagadas:
The following is a summary of authorized,
issued and paid shares:
2013
Acciones autorizadas
Authorized shares
2012
4.000.000.000
4.000.000.000
Acciones comunes emitidas y pagadas
Issued and paid common stock
665.800.003
741.400.000
Acciones preferentes emitidas y pagadas
Issued and paid preferred stock
331.187.285
155.784.429
186
Reservas
de valor
razonable
(2)
Fair value
reserves
(2)
Reservas
relacionadas
con ganancias
o pérdidas
actuariales (3)
Reserves
relating to
actuarial gains
and losses(3)
—
$ (7.374)
$
Otros resultados
(pérdidas) integrales
Other comprehensive
income (loss) in the period
3.697
3.775
As of December 31, 2012
3.697
Otros resultados
(pérdidas) integrales
Other comprehensive
income (loss) in the period
Reservas de
coberturas
(1)
Hedging
reserves
(1)
Impuesto sobre la renta en: (4)
Income tax reserves relating to (4)
Reservas
de valor
razonable
Fair value
reserves
Reservas
relacionadas
con ganancias
o pérdidas
actuariales
Reserve
relating to
actuarial gains
and losses
Revaluación
y otras
reservas (5)
Revaluation of
administrative
property (5)
Reservas de
OCI totales
Total OCI
Reserves
—
$ 1.120
$ 13.507
$ 27.059
$ (29.780)
(55.012)
—
(726)
10.701
(1.641)
(39.206)
(3.599)
(119.104)
—
394
24.208
25.418
(68.986)
10.654
2.028
66.277
(1.755)
(97)
(14.525)
3.439
66.021
$ 14.351
$ (1.571)
(52.827)
$ (1.755)
9.683
$ 28.857
$ (2.965)
$
$
(64.092)
(1) Reservas de cobertura
La reserva de cobertura incluye la parte efectiva de los
cambios netos acumulados en el valor razonable de los
instrumentos de cobertura utilizados en las coberturas
de flujos de efectivo cuyo reconocimiento posterior de los
flujos de efectivo cubiertos no se ha realizado.
(2) Reservas de valor razonable
La reserva de valor razonable comprende el cambio neto
acumulado en el valor razonable de los activos financieros
disponibles para la venta, hasta que los activos se dejen de
reconocer o sufran deterioro.
(3) Reservas de ganancias y pérdidas actuariales
Incluye ganancias o pérdidas actuariales por planes de
beneficios definidos y beneficios médicos posteriores a la
jubilación, y se reconocen en otros resultados integrales.
(4) Impuesto sobre la renta en OCI
Cuando una partida de otros resultados integrales da lugar
a una diferencia temporal, se reconoce un activo o pasivo
por impuesto sobre la renta diferido directamente en otros
resultados integrales. Revaluación y otras reservas
(5) Revaluación de propiedades administrativas
La revaluación y otras reservas se relacionan con la
revaluación de edificios administrativos y propiedades en
Colombia, en Costa Rica y en El Salvador. La reserva por
revaluación se ajusta por incrementos o disminuciones de
los valores razonables de dichas propiedades.
Reservas
de
cobertura
Hedging
reserves
$
$
297
$
(1) Hedging Reserves
The hedging reserve comprises the effective portion of
the cumulative net change in the fair value of hedging
instruments used in cash flow hedges pending subsequent
recognition of the hedged cash flows.
(2) Fair value reserves
The fair value reserve comprises the cumulative net change
in the fair value of available for sale financial assets until
the assets are derecognized or impaired.
(3) Reserve relating to actuarial gains and losses
It comprises actuarial gains or losses on defined benefit
plans and post-retirement medical benefits recognized in
other comprehensive income.
(4) Income tax on other comprehensive income
Whenever an item of other comprehensive income gives
rise to a temporary difference, a deferred income tax asset
or liability is recognized directly in other comprehensive
income.
(5) Revaluation of administrative property
Revaluation of administrative property is related to the
revaluation of administrative buildings and property in
Colombia, Costa Rica, and El Salvador. The revaluation
reserve is adjusted for increases or decreases in fair values
of such property.
187
2013
Other Comprehensive Income (“OCI”)
Reserves
Reservas de Otros Resultados Integrales
(“OCI” por sus siglas en inglés)
El siguiente es un análisis de los rubros que
se presentan netos en el estado de resultados,
y de otros resultados integrales que han sido
sometidos a reclasificación, sin tener en cuenta
los rubros que permanecen en el OCI que no se
reclasifican en resultados:
The following provides an analysis of
items presented net in the statement of profit
or loss and other comprehensive income which
have been subject to reclassification, without
considering items remaining in OCI which are
never reclassified to profit of loss:
2013
2012
2011
Coberturas de flujo de efectivo
Cash flow hedges:
Reclasificación a resultados durante el año
Reclassification during the year to profit or loss
$
Valuación efectiva del flujo de efectivo cubierto
Effective valuation of cash flow hedged
8.410
$
2.244
5.910
$
—
(2.213)
—
$
10.654
$
3.697
$
—
$
1.116
$
—
$
—
Reservas de valor razonable
Fair value reserves:
Valuaciones de inversiones disponibles para la venta
Valuations of available-for-sale investments
912
3.775
3.970
$
2.028
$
3.775
$
3.970
$
(186)
$
645
$
—
Impuesto sobre la renta sobre otros resultados integrales
Income tax on other comprehensive income:
Diferencias temporales en OCI
Temporary differences within OCI
(1.666)
$
Dividendos
La Compañía pagó los siguientes dividendos
durante los años terminados el 31 de diciembre
de 2013 y 2012:
(1.371)
(1.852)
$
(726)
(738)
$
(738)
Dividends
The following dividends were paid by the
Company during the year ended December 31,
2013 and 2012:
2013
4 centavos por acción ordinaria (2012: 3 centavos)
4 cents per qualifying ordinary share (2012: 3 cents)
$
4 centavos por acción preferente (2012: 3 centavos)
4 cents per preferred share (2012: 3 cents)
Total / Total
(25) Ingresos operacionales
En 2013 o 2012, la Compañía no tuvo
clientes mayores que representaran más del
188
2012
30.371
$
6.550
$
36.921
21.050
4.540
$
25.590
(25) Operating revenue
The Company had no major customers
which represented more than 10% of revenues
Por tipo de servicio
prestado
By type of service rendered
Año terminado el
31 de diciembre de
2013
Year ended
December 31, 2013
Porcentaje
Percentage
Año terminado el
31 de diciembre
de 2012
Year ended
December 31, 2012
Porcentaje
Percentage
Variación
anual
Year on Year
Variation
Doméstico / Domestic
Pasajeros
Passenger
$
Carga y correo
Cargo and mail
1.031.299
22%
196.062
$
1.009.541
23%
$ 21.758
4%
99.505
2%
96.557
1.227.361
26%
1.109.046
25%
118.315
2.831.098
61%
2.541.018
60%
290.080
308.677
7%
384.575
9%
(75.898)
3.139.775
68%
2.925.593
69%
214.182
Internacional / International
Pasajeros
Passenger
Carga y correo
Cargo and mail
Otros (1) / Other (1)
242.468
5%
235.017
6%
7.451
Total ingresos
operacionales
Total operating revenues
$ 4.609.604
100%
$ 4.269.656
100%
$ 339.948
Por tipo de servicio
prestado
By type of service rendered
Año terminado el
31 de diciembre de
2012
Year ended
December 31, 2012
Porcentaje
Percentage
Año terminado el
31 de diciembre
de 2011
Year ended
December 31, 2011
Porcentaje
Percentage
Variación
anual
Year on Year
Variation
Doméstico / Domestic
Pasajeros
Passenger
$
Carga y correo
Cargo and mail
1.009.541
23%
99.505
$
912.946
25%
$
96.595
2%
78.188
2%
21.317
1.109.046
25%
991.134
27%
117.912
2.541.018
60%
2.270.007
60%
271.011
384.575
9%
342.694
9%
41.881
2.925.593
69%
2.612.701
69%
312.892
235.017
6%
190.593
4%
44.424
4.269.656
100%
3.794.428
100%
$475.228
Internacional / International
Pasajeros
Passenger
Carga y correo
Cargo and mail
Otros (1) / Other (1)
Total ingresos
operacionales
Total operating revenues
$
(1) Otros ingresos operacionales
$
(1) Other operating revenue
189
2013
in 2013 or 2012. The Company utilizes its
segmented gross revenue information by type of
service rendered and by region, as follows:
10% de sus ingresos. La Compañía segmenta su
información de ingresos brutos por tipo de servicio
prestado y por región, y la utiliza como sigue:
Otros ingresos operacionales para los años
terminados el 31 de diciembre de 2013, 2012 y
2011 se presentan a continuación:
Other operating revenue for the years
end December 31, 2013, 2012 and 2011 is as
follows:
2013
Programa de viajero frecuente / Frequent flyer program
$
2012
142.252
$
131.176
2011
$
92.235
Operaciones terrestres (1) / Ground operations (1)
20.423
16.730
16.093
Arrendamientos / Leases
24.181
21.783
35.691
Mantenimiento / Maintenance
6.228
7.692
9.935
Interlínea / Interline
5.421
7.709
6.738
Otros / Other
43.963
$
242.468
49.927
$
235.017
29.901
$
190.593
(1) La Compañía provee servicios a otras líneas aéreas en sus
aeropuertos principales (hubs).
(1) Company provides services to other airlines at our main
hub airports.
(26) Instrumentos derivados
reconocidos como instrumentos
de cobertura
Los instrumentos financieros reconocidos
como instrumentos de cobertura al valor razonable
con efecto en otros resultados integrales al 31 de
diciembre de 2013 y 2012 son los siguientes:
(26) Derivatives recognized as
hedging instruments
Financial instruments recognized as
hedging instruments at fair value though other
comprehensive income as of December 31, 2013
and 2012 are the following:
2013
2012
Coberturas de flujos de efectivo – Activos
Cash flow hedges – Assets
Coberturas de precio de combustible / Fuel price hedges
Total / Total
$
16.552
$
10.085
$
16.552
$
10.085
$
—
$
439
$
—
$
439
Coberturas de flujos de efectivo – Pasivos
Cash flow hedges – Liabilities
Coberturas de precio de combustible / Fuel price hedges
Total / Total
Los activos y pasivos financieros al valor
razonable con efecto en otros resultados integrales
reflejan el cambio en el valor razonable de los
contratos de derivados del precio de combustible
designados como coberturas de flujos de efectivo,
para cubrir los cambios esperados en los precios de
combustible para cubrir las ventas y las compras
futuras esperadas en Colombia, con base en la
alta probabilidad de transacciones proyectadas.
Financial assets and liabilities at fair
value through other comprehensive income
reflect the change in fair value of fuel price
derivative contracts designated as cash flow
hedges to hedge the expected variations in jet
fuel prices designated as cash flow hedges to
hedge the expected future sales and purchases
in Colombia, based on highly probable forecast
transactions.
La Compañía compra combustible de manera
permanente debido a que sus actividades de
The Company purchases jet fuel on an
ongoing basis as its operating activities require
190
La siguiente tabla indica los períodos en
los que se espera que se presenten los flujos de
efectivo asociados con las coberturas de flujos de
efectivo, y el valor razonable de los instrumentos
de cobertura relacionados.
The following table indicates the
periods in which the cash flows associated
with cash flow hedges are expected to occur,
and the fair values of the related hedging
instruments.
Valor razonable
Fair Value
1-12 meses
1-12 months
Precio de combustible / Fuel price
Activo / Assets
$
16.552
Pasivo / Liabilities
$
16.552
—
—
Se han negociado los términos de
los contratos de futuro de divisas para las
transacciones proyectadas de alta probabilidad
a las que se ha aplicado la contabilización de
cobertura. Al 31 de diciembre de 2013, una
ganancia neta relacionada con los instrumentos
de cobertura por $10.657 fue incluida en el
Estado Consolidado de Resultados Integrales.
The terms of the foreign currency
forward contracts have been negotiated for the
expected highly probable forecast transactions
to which hedge accounting has been applied.
As of December 31, 2013, a net gain relating
to the hedging instruments of $10,657 is
included in the Consolidated Statement of
(27) Instrumentos financieros derivados
Los instrumentos financieros derivados a
valor razonable con cambios en resultados al 31 de
diciembre de 2013 y 2012, son los siguientes:
(27) Derivative financial instruments
Derivative financial instruments at fair
value through profit or loss as of December 31,
2013 and 2012 are the following:
2013
2012
Derivados no designados como cobertura - activos
Derivatives not designated as hedges - Assets
Derivados de divisas / Derivative contracts of foreign currency
Total / Total
$
46
$
—
$
46
$
—
$
6
$
1.183
$
13.830
$
29.031
Derivados no designados como cobertura - pasivos
Derivatives not designated as hedges - Liabilities
Derivados de divisas / Derivative contracts of foreign currency
Derivados de tasa de interés / Derivative contracts of interest rate
Total / Total
13.824
27.848
191
2013
a continuous supply of this commodity. The
increased volatility in jet fuel prices has led
the Company to the decision to enter into
commodity contracts. These contracts are
expected to reduce the volatility attributable to
fluctuations in jet fuel prices for highly probable
forecast jet fuel purchases, in accordance with
the risk management strategy outlined by the
Board of Directors. The contracts are intended
to hedge the volatility of the jet fuel prices
for a period between three and twelve months
based on existing purchase agreements.
operación requieren un suministro continuo de este
producto básico. La volatilidad creciente en los precios
del combustible ha llevado a la Compañía a tomar
la decisión de suscribir contratos sobre productos
básicos. Se pretende que los contratos reduzcan la
volatilidad de los precios del combustible para las
compras de combustible proyectadas, de acuerdo
con la estrategia de gestión de riesgo establecida por
la Junta Directiva. Los contratos están destinados a
cubrir la volatilidad de los precios del combustible
por un período de entre tres y doce meses, con base
en los acuerdos de compra vigentes.
Los instrumentos financieros a valor
razonable con efecto en otros resultados
integrales son instrumentos derivados no
designados como instrumentos de cobertura
para efectos contables, que tienen la intención
de reducir los niveles de riesgo de divisas, de
riesgo del precio de combustible y del riesgo de
tasa de interés.
Riesgo de moneda extranjera
Ciertos contratos a futuro de divisas se
valoran al valor razonable con efecto en otros
resultados integrales y no están designados
como instrumentos de cobertura para efectos
contables. El saldo de los contratos a futuro de
divisas varía según el nivel esperado de compras
y de ventas de divisas y según los cambios en las
tasas de los contratos a futuro de divisas.
Riesgo del precio de combustible
La Compañía compra combustible de
manera permanente debido a que sus actividades
de operación requieren un suministro continuo
de este producto básico. La volatilidad creciente
en los precios del combustible ha llevado a
la Compañía a tomar la decisión de suscribir
contratos sobre productos básicos.
Financial instruments through profit or
loss are derivative contracts not designated
as hedges for accounting purposes that are
intended to reduce the levels of risk of foreign
currency, fuel price risk, and interest rates.
Foreign currency risk
Certain
foreign
currency
forward
contracts are measured at fair value through
profit or loss and are not designated as hedging
instruments for accounting purposes. The
foreign currency forward contract balances
vary with the level of expected foreign
currency sales and purchases and changes in
foreign currency forward rates.
Fuel price risk
The Company purchases jet fuel on an
ongoing basis as its operating activities require
a continuous supply of this commodity. The
increased volatility in jet fuel price has led to
the decision to enter into commodity contracts.
Se pretende que tales contratos reduzcan la
volatilidad de los precios del combustible para las
compras de combustible proyectadas, de acuerdo
con la estrategia de gestión de riesgo establecida por
la Junta Directiva. Los contratos están destinados a
cubrir la volatilidad de los precios del combustible
por un período de entre tres y doce meses, con base
en los acuerdos de compra vigentes.
These contracts are expected to reduce
the volatility attributable to the fluctuation in
the jet fuel price of cash flows in respect of
highly probable forecast jet fuel purchases in
accordance with the risk management strategy
outlined by the Board of Directors. The
contracts are intended to reduce the volatility
of the purchase price of jet fuel for a period
between three and twelve months based on
existing purchase agreements.
Riesgo de tasa de interés
La Compañía incurre en el riesgo de tasa
de interés principalmente para las obligaciones
financieras con bancos y arrendadores de
aeronaves. Ciertos instrumentos financieros
derivados son reconocidos a su valor razonable
con efecto en otros resultados integrales, y no
están designados como instrumentos de cobertura
para efectos contables. La tasa de interés de
estos contratos varía según el interés por pagar
esperado y según los cambios en la tasa de interés
de las obligaciones financieras. El riesgo de tasa
de interés se administra mediante una mezcla de
tasas fijas y flotantes sobre préstamos y sobre
contratos de arrendamiento, junto con opciones
y swaps de tasas de interés. De conformidad con
Interest rate risk
The Company incurs interest rate risk
primarily on financial obligations to banks and
aircraft lessors. Certain financial derivative
instruments are recognized at fair value
through profit or loss and are not designated as
hedging instruments for accounting purposes.
The interest rate contracts vary according
to the level of expected interest payable
and changes in interest rated of financial
obligations. Interest rate risk is managed
through a mix of fixed and floating rates on
loans and lease agreements, combined with
interest rate swaps and options. Under these
192
(28) Compensación de los
instrumentos financieros
La
Compañía
tiene
instrumentos
derivados que podrían cumplir con los
criterios de compensación del parágrafo 42
de la NIC 32, ya que la Compañía ha firmado
con sus contrapartes acuerdos exigibles de
compensación. Por lo tanto, cuando se firman
derivados con la misma contraparte y por el
mismo tipo de resultado teórico en los activos
y pasivos brutos, las partidas se compensan, lo
que resulta en la presentación de un derivado
neto. Al 31 de diciembre de 2013 y 2012, la
Compañía no había compensado instrumentos
derivados, ya que no ha tenido activos y pasivos
brutos con la misma contraparte por el mismo
tipo de resultado teórico.
(29) Medición al valor razonable
Valores razonables versus
valor en libros
El valor razonable de los activos y pasivos
financieros, junto con el valor en libros que se
muestra en el Estado Consolidado de Posición
Financiera, son los siguientes:
(28) Offsetting of Financial
Instruments
The Company has derivative instruments
that could meet the offsetting criteria in
paragraph 42 of IAS 32 given that the Company
has signed with its counterparties enforceable
master netting arrangements. Consequently,
when derivatives signed with the same
counterparty and for the same type of notional
result in gross assets and liabilities, the positions
are set off resulting in the presentation of a
net derivative. As of December 31, 2013 and
2012, the Company has not set off derivative
instruments because it has not had gross assets
and liabilities with the same counterparty for
the same type of notional.
(29) Fair value measurements
Fair values versus
carrying amounts
The fair values of financial assets and
liabilities, together with the carrying amounts
shown in the Consolidated Statement of
Financial Position are as follows:
December 31, 2013
Valor en libros
Carrying amount
Valor razonable
Fair value
Activos financieros
Financial assets
$
Instrumentos derivados
Derivative instruments
14.878
$
16.598
14.878
16.598
$
31.476
$
31.476
$
2.265.495
$
2.268.126
$
2.265.495
$
2.268.126
Pasivos financieros
Financial liabilities
Préstamos a corto plazo y deuda a largo plazo 17
Long-term debt 17
193
2013
agreements, the Company pays a fixed rate
and receives a variable rate.
estos acuerdos, la Compañía paga una tasa fija y
recibe una tasa variable.
El valor razonable de los activos y pasivos
financieros corresponde al monto al cual el
instrumento podría intercambiarse entre partes
interesadas en circunstancias que no sean una
venta forzada o una liquidación.
La administración determinó que el
efectivo y los equivalentes de efectivo, cuentas
por cobrar, cuentas por pagar y otros pasivos
corrientes aproximan su valor en libros en gran
parte debido a los vencimientos a corto plazo de
estos instrumentos.
Los valores razonables han sido determinados
para fines de medición o de revelación con base en
los siguientes métodos:
(a) El valor razonable de los activos
financieros disponibles para la venta
y mantenidos para la venta se calcula
en referencia a su precio de oferta
cotizado en la fecha del estado
financiero. De conformidad con la NIIF
5, los activos mantenidos para la venta
deberán medirse según lo que resulte
menor entre el valor razonable menos
el costo de venta o el valor en libros.
(b) La Compañía mantiene instrumentos
financieros derivados con diversas
contrapartes,
principalmente
instituciones
financieras
con
calificaciones crediticias de grado de
inversión. Los derivados son valorados
utilizando técnicas de valoración con
datos observables en el mercado
incluyen principalmente los contratos
de tasa de interés, los contratos
a futuro de divisas y los contratos
sobre materias primas. Las técnicas
de valoración aplicadas con mayor
frecuencia incluyen modelos swap y
de precios futuros mediante cálculos
del valor presente. Los modelos
incorporan varios datos, incluidos la
calidad crediticia de las contrapartes,
los tipos de cambio spot y a futuro, las
curvas de tasa de interés y las curvas
de tasa a futuro de la materia prima
subyacente.
194
The fair value of the financial assets
and liabilities is included at the amount at
which the instrument could be exchanged in
a current transaction between willing parties,
other than in a forced or liquidation sale.
Management
assessed
that
cash
and cash equivalents, account receivable,
account payable and other current liabilities
approximate their carrying amount largely
due to the short-term maturities of these
instruments.
Fair values have been determined for
measurement and/or disclosure purposes
based on the following methods.
(a) The fair value of available for sale
financial assets and assets held for
sale is determined by reference
to their quoted bid price at the
reporting date. Assets held for sale
in accordance with IFRS 5 shall be
measured at the lower of fair value
less costs for sale or carrying amount.
(b) The Company enters into derivative
financial instruments with various
counterparties, principally financial
institutions with investment grade
credit ratings. Derivatives valued
using valuation techniques with
market
observable
inputs
are
mainly
interest rate contracts,
foreign currency forward contracts
and commodity contracts. The
most frequently applied valuation
techniques include forward pricing
and swap models, using present value
calculations. The models incorporate
various inputs including the credit
quality of counterparties, foreign
currency spot and forward rates,
interest rate curves and forward rate
curves of the underlying commodity.
Jerarquía del valor razonable
La siguiente tabla analiza los instrumentos
financieros registrados al valor razonable por el
método de valoración. Los diferentes niveles se
definen de la siguiente forma:
Fair values hierarchy
The table below analyses financial instruments
carried at fair value by valuation method. The
different levels have been defined as follows:
Nivel 1 Los datos son precios
cotizados de mercados activos (no
ajustados) para activos o pasivos
idénticos a los que la Compañía tiene
la capacidad de acceder en la fecha de
medición.
Nivel 2 Datos distintos a los
precios cotizados incluidos dentro
del Nivel 1 que son observables para
el activo o pasivo, ya sea directa o
indirectamente; o
Nivel 3 Los
datos
no
son
observables para el activo o pasivo.
En el caso de los activos y pasivos que se
reconocen en los estados financieros de forma
recurrente, la Compañía determina si se han hecho
transferencias entre los Niveles de la jerarquía al
reevaluar la categorización (basada en los datos
de más bajo nivel que sean relevantes para la
medición del valor razonable como un todo) al
final de cada período de reporte.
La siguiente tabla proporciona la jerarquía
de medición del valor razonable de los activos y
pasivos de la Compañía:
Level 1
inputs are quoted prices
(unadjusted) in active markets for
identical assets or liabilities that the
Company has the ability to access at
the measurement date.
Level 2
inputs other than quoted
prices included within Level 1 that are
observable for the asset or liability,
either directly or indirectly; or
Level 3
inputs are unobservable
inputs for the asset or liability.
For assets and liabilities that are recognized
in the financial statements on a recurring basis,
the Company determines whether transfers have
occurred between Levels in the hierarchy by reassessing categorization (based on the lowest
level input that is significant to the fair value
measurement as a whole) at the end of each
reporting period.
The following table provides the fair value
measurement hierarchy of the Company’s
assets and liabilities:
195
2013
(c)The fair value of short-term
borrowings and long-term debt,
which is determined for disclosure
purposes, is calculated based
on the present value of future
principal and interest cash flows,
discounted at a market based
interest rate at the reporting date.
For finance leases, the market
rate is determined by reference to
similar lease agreements.
(c) El valor razonable de los préstamos a
corto plazo y de la deuda a largo plazo,
el cual se determina para efectos de
revelación, se calcula con base en el
valor presente del principal y de los
flujos de efectivo de intereses futuros,
descontados a la tasa de interés
de mercado a la fecha del Estado
Consolidado de Posición Financiera.
Para los arrendamientos financieros,
la tasa de interés de mercado se
determina con referencia a contratos
de arrendamiento similares.
Información cuantitativa a revelar
sobre la jerarquía de medición del valor
razonable de los activos al 31 de diciembre
de 2013:
Quantitative disclosures of fair
value measurement hierarchy for assets
as of December 31, 2013:
Método de medición de valor razonable / Fair value measurement using
Activos medidos al valor razonable
Assets measured at fair value
Fecha de valoración
Date of valuation
Precio cotizado
en mercados
activos Nivel 1
Quoted prices in
active markets
(Level 1)
Datos
observables
significativos
Nivel 2
Significant
observable
inputs (Level 2)
Datos no
observables
significativos
Nivel 3
Significant
unobservable
inputs (Level 3)
Total
Total
Activos financieros derivados (Notas 26 y 27)
Derivative financial assets (Note 26 and 27)
Coberturas de combustible de aeronaves
Aircraft fuel hedges
31 de diciembre de 2013
December 31, 2013
—
16.552
—
16.552
Derivados de divisas
Foreign currency derivatives
December 31, 2013
—
46
—
46
December 31, 2013
—
14.878
—
14.878
Activos mantenidos para la venta
Assets held for sale
December 31, 2013
—
7.448
—
7.448
Revaluación de activos administrativos (Nota 14)
Revalued administrative property (Note 14)
December 31, 2013
—
88.610
—
88.610
Información cuantitativa a revelar sobre
la jerarquía de medición del valor razonable
de los pasivos al 31 de diciembre de 2013:
Quantitative disclosures of fair value
measurement hierarchy for liabilities as of
December 31, 2013:
Método de medición de valor razonable / Fair value measurement using
Activos medidos al valor razonable
Assets measured at fair value
Fecha de valoración
Date of valuation
Precio cotizado
en mercados
activos Nivel 1
Quoted prices in
active markets
(Level 1)
Datos
observables
significativos
Nivel 2
Significant
observable
inputs (Level 2)
Datos no
observables
significativos
Nivel 3
Significant
unobservable
inputs (Level 3)
Total
Total
Activos financieros derivados (Notas 26 y 27)
Derivative financial liabilities (Note 26 and 27)
Derivados de divisas
Foreign currency derivatives
December 31, 2013
—
6
—
6
Derivados de tasa de interés
Interest rate derivatives
December 31, 2013
—
13.824
—
13.824
Pasivos de viajero frecuente
Frequent flyer liability
December 31, 2013
—
127.873
—
127.873
December 31, 2013
—
2.268.126
—
2.268.126
Pasivos cuyo valor razonable es revelado
Liabilities for which fair values are disclosed
Préstamos a corto plazo y deuda a largo plazo
Short-term borrowings and long-term debt
196
Estado Consolidado de Resultados
Consolidated income statement
2013
2012
2011
$
$
$
Impuesto sobre la renta corriente:
Current Income tax:
Cargo por impuesto sobre la renta corriente
Current income tax charge
40.296
49.884
31.881
Gasto por impuesto diferido:
Deferred tax expense:
Relacionado con el origen y con la reversión de
diferencias temporales
Relating to origination and reversal of temporary
differences
Gasto por impuesto sobre la renta registrado en el
Estado Consolidado de Resultados Integrales
Income tax expense reported in the income
statement
6.164
$
14.821
11.933
46.460
$
64.705
$
43.814
$ (16.377)
$
9.975
$
6.696
Estado Consolidado de Otros Resultados
Integrales
Consolidated statement of other comprehensive
income
Impuesto sobre la renta registrado
directamente en otros resultados
integrales
Income tax charged directly to other
comprehensive income
197
2013
(30) Income tax expense
The major components of income tax
expense for the years ended December 31,
2013, 2012 and 2011 are:
(30) Gasto por impuesto sobre la renta
Los principales componentes del gasto de
impuesto sobre la renta para los años terminados
el 31 de diciembre de 2013, 2012 y 2011 son los
siguientes:
La conciliación del gasto por impuestos y
el producto de la utilidad contable por la tasa
impositiva local por los años terminados el 31 de
diciembre de 2013, 2012 y 2011, es como sigue:
A reconciliation between tax expense and
the product of accounting profit multiplied by
domestic tax rate for the years ended December
31, 2013, 2012 and 2011 is as follows:
2013
Utilidad contable después de impuesto de renta
Accounting profit after income tax
Gasto total de impuesto de renta / Total income tax expense
Utilidad antes de impuesto de renta / Profit before income tax
Impuesto de renta a tasa nominal de Colombia
Income tax at Colombian statutory rate
2012
2011
$ 248.821
$ 38.257
$ 99.876
46.460
64.705
43.814
$ 295.281
$ 102.962
$ 143.690
34.0%
100,396
33%
$ 33.977
33%
$ 47.418
(10.8%)
(32,025)
(38,8%)
(40.006)
(15,1%)
(21.651)
Deducción especial de activos fijos productivos
Productive fixed assets special deduction
(1.9%)
(5,711)
(2,3%)
(2.423)
(2,1%)
(2.955)
Dividendos no gravables / Non-taxable dividends
(0.4%)
(1,050)
(2,4%)
(2.538)
(4,8%)
(6.918)
Crédito fiscal (1) / Tax credit (1)
Impuestos no deducibles / Non-deductible taxes
0.7%
2,174
4,0%
4.177
6,2%
8.961
Efecto de exenciones y tasa fiscales en jurisdicciones extranjeras
Effect of tax exemptions and tax rates in foreign jurisdictions
4.6%
13,462
25,2%
26.003
5,1%
7.374
Gastos de años anteriores / Prior year expenses
1.0%
2,965
10,8%
11.178
4,0%
5.769
Diferencias permanentes en subsidiarias
Permanent differences in subsidiaries
1.3%
3,935
7,45%
7.672
1,7%
2.482
(2.2%)
(6,541)
(6,8%)
(7.092)
0,7%
1.016
0.3%
757
1,0%
1.040
0,5%
676
Efecto de inversiones en dólares (US)
Effect of investments in US Dollars
Retención fiscal sobre remesas al exterior de leasing de
aeronaves, motores y seguros
Withholding tax on remittances abroad of aircraft leasing, engines,
and insurance
0.1%
162
0,3%
336
0,4%
600
Diferencial cambiario / Exchange rate differences
Multas fiscales / Fiscal penalties
(5.0%)
(14,639)
25,7%
26.481
(2,8%)
(4.074)
Diferencias permanentes no deducibles (2)
Non-deductible permanent differences (2)
(5.9%)
(17,425)
5,7%
5.900
3,6%
5.116
15.8%
$ 46,460
62,9%
$ 64.705
30,4%
43.814 $
(1)Las compañías aéreas en Colombia tienen derecho a un
crédito o descuento fiscal para efectos del impuesto sobre la
renta con base en la proporción entre los ingresos por vuelos
internacionales y la totalidad de ingresos de la empresa
durante el año. El propósito de esta provisión fiscal es
reducir la exposición de la Compañía a la doble tributación
en Colombia sobre sus ingresos mundiales, limitando así el
gasto de impuestos a los ingresos generados en Colombia.
(1) Airline companies in Colombia are entitled to a tax credit or
discount for income tax purposes based on the proportion
between the international flights income and total income
of the company during the year. The legislative purpose
of this tax provision is to limit the Company’s exposure
to double taxation on their worldwide income in Colombia,
therefore limiting the tax expense to local Colombian
source income.
(2) Este rubro incluye varias diferencias permanentes que son
gastos no deducibles para efectos del Impuesto de Renta
Corporativo en Colombia. Consecuentemente, son necesarias
para la reconciliación entre las tasas nominales y efectivas
de tributación. Estas otras diferencias permanentes incluyen
varios rubros tales como la consolidación de entidades de
propósito especial, y pérdidas de propiedad y equipo.
(2)This item includes various permanent differences that
are non-deductible expenses for Corporate Income Tax
purposes in Colombia. Consequently, they are necessary to
the reconciliation between our statutory and effective tax
rates. These other permanent differences include various
items such as consolidation of special purpose entities, and
loss on property, plant and equipment.
198
Variación / Variation
Al 31 de
diciembre
de 2013
December
31, 2013
Al 31 de
diciembre
de 2012
December
31, 2012
Al 31 de
diciembre
de 2011
December
31, 2011
Al 31 de
diciembre
de 2013
December
31, 2013
Al 31 de
diciembre
de 2012
December
31, 2012
Activo / Assets
Cuentas por pagar
Accounts payable
$
Ajustes por inflación
Inflation adjustments
107
$
2.387
$
1.457
$
(2.280)
$
930
839
1.015
1.682
(176)
(667)
(8.340)
2.828
1.401
(11.168)
1.427
1.876
2.869
—
(993)
2.869
Pasivo por pensiones
Pension liabilities
30.982
41.270
27.259
(10.288)
14.011
Provisiones / Provisions
24.038
32.520
44.585
(8.482)
(12.065)
792
—
—
792
—
—
1.310
(186)
(1.310)
1.496
Depósitos y otros activos
Deposits and other assets
Mantenimiento de aeronaves
Aircraft maintenance
Créditos por pérdidas fiscales
Loss carry forwards
Ingresos diferidos por transporte no devengado
Air traffic liability
Inversiones / Investments
—
(10.203)
(2.127)
10.203
(8.076)
599
(352)
(3.558)
951
3.206
50.893
73.644
70.513
(22.751)
3.131
Otros / Other
7.940
2.528
2.134
5.412
394
Total pasivos / Total liabilities
7.940
2.528
2.134
5.412
394
42.953
$ 71.116
68.379
$ (28.163)
Otros / Other
Total activos / Total Assets
Pasivo / Liabilities
Impuesto diferido activo/pasivo, neto
Net deferred tax assets / (liabilities)
$
Se refleja en el Estado Consolidado de
Posición Financiera como sigue:
Impuesto diferido activo
Deferred tax assets
$
2.737
Reflected in the statement of financial
position as follows:
$
Impuesto diferido pasivo
Deferred tax liabilities
Impuesto diferido activo, neto
Deferred tax assets net
$
50.893
$
7.940
$
42.953
73.644
2.528
$
71.116
199
2013
Below we show an analysis of the
company’s deferred tax assets and liabilities:
A continuación se muestra un análisis de
los activos y pasivos por impuesto diferido de la
Compañía:
Conciliación del impuesto diferido activo, neto
Reconciliation of deferred tax assets net
Saldo inicial al 1 de enero
Opening balance as of 1 January
2013
$
Impuesto sobre la renta durante el período reconocido en resultados
Tax income during the period recognized in profit or loss
Impuesto sobre la renta durante el período reconocido en otros resultados
integrales
Tax income during the period recognized in other comprehensive income
Diferencial cambiario
Exchange differences
Saldo final al 31 de diciembre
Closing balance as of December 31
$
71.116
2012
$
68.379
(6.164)
(14.821)
(16.377)
9.975
(5.622)
7.583
42.953
$
71.116
Al 31 de diciembre de 2013, las subsidiarias
de la Compañía presentan créditos por pérdidas
fiscales de aproximadamente $112.116, los
cuales permiten compensar la utilidad gravable
futura en las jurisdicciones pertinentes, si
corresponde, hasta el año 2016. Los créditos por
pérdidas fiscales en la jurisdicción de Chile por
$3.978 pueden acumularse indefinidamente.
Income Tax
At December 31, 2013, the Company’s
subsidiaries have tax loss carry forwards of
approximately $112,116, which are available
to offset future taxable income in the relevant
jurisdictions, if any, through 2016. The tax
loss carry forwards in the tax jurisdiction of
Chile amounting to $3,978 can be carried
forward indefinitely.
(31) Provisión para litigios
Hay procesos pendientes de diferentes
índoles contra compañías subsidiarias respecto
de los cuales una decisión desfavorable
representaría una obligación de pago.
(31) Provisions for legal claims
There are pending proceedings of
different nature against subsidiary companies
for which an unfavorable ruling would represent
a payment obligation.
Ciertos procesos se consideran como
obligaciones posibles. Con base en las pretensiones
de los demandantes al 31 de diciembre de 2013,
estas contingencias suman $53.306. Ciertas
pérdidas que pudieran derivarse de tales litigios
serán cubiertas por las compañías de seguros
o con fondos proporcionados por terceros. Los
procesos no resueltos con las mencionadas
formas de pago se estiman en $25.877.
Certain proceedings are considered
possible obligations. Based on the plaintiffs’
claims, as of December 2013, these contingencies
amount to a total of $53,306. Certain losses
which may result from those proceedings will be
covered either by insurance companies or with
funds provided by third parties. The proceedings
that will not be settled using the aforementioned
forms of payment are estimated at $25,877.
Incluido
dentro
de
estas
posibles
obligaciones se encuentra el siguiente proceso:
Included within these possible obligations
is the following lawsuit:
Procesos Ordinarios de Uma
Representaciones contra AVIANCA
Desde el año 2005, Avianca terminó el
contrato de agencia general que tenía con la
sociedad Uma Representaciones, Ltda. en Brasil.
El ex agente presentó dos demandas ordinarias
Ordinary proceedings filed in
Brazil by Uma Representaciones
Ltda. against Avianca, S.A.
Since the year 2005, Avianca terminated
a general agency contract it had subscribed with
Uma Representaciones, Ltda. in Brazil. The former
200
En relación con el proceso referente a la
indemnización por terminación del contrato sin el
debido preaviso, existió una condena en primera
instancia en la cual se pagó la suma de R$906
mil (US$546, sentencia que fue recurrida por el
demandante buscando revisión de la condena.
No se tiene conocimiento a la fecha de algún
excedente que Avianca deba pagar por este
concepto ni hay manera de estimar el riesgo de
pago de un monto mayor razón por la cual no es
posible determinar un monto a provisionar.
Regarding
the
process
relating
to
compensation process for termination of the
contract without due notice, there was a sentence
in first instance in which the sum of R$906
thousand (US$546) was paid, which was appealed
by the plaintiff seeking review of the sentence.
There is no known to date information of any
surplus that Avianca shall pay for this concept and
therefore there is no way of estimating the risk
of paying a larger amount which is why it is not
possible to determine an amount to provision.
En relación con el proceso que pretende
la nulidad de la cláusula del pago anticipado
de la cesantía comercial, el fallo de primera
instancia fue favorable y acepto la validez del
pago anticipado. No obstante dado que la parte
demandante recurrió la sentencia, la compañía
estima como eventual la pérdida de US$2.227,
asumiendo una liquidación de 1/12 parte de la
cesantía pagada durante la vigencia del contrato.
Regarding the process that seeks the
declaration of annulment of the clause on anticipated
payment of commercial severance, there was a
sentence in first instance which was favorable and
accepted the validity of the anticipated payment.
However, since the plaintiff appealed the sentence,
the Company estimates a possible loss of $2,227,
assuming a payment of 1/12 part of the severance
paid during the contract period.
Los procesos más relevantes por la cuantía
involucrada y que se consideran probables se
detallan a continuación:
Significant
proceedings
that
pending and considered probable
described below:
Compañía se encuentra involucrada en diferentes
demandas y acciones legales que surgen en el
desarrollo normal de las actividades comerciales.
La Administración y el Asesor Legal han calculado
un posible margen de pérdidas de $14.984 y
$5.130, respectivamente.
Company is involved in various claims and legal
actions arising in the ordinary course of business.
Management and legal counsel has estimated the
probable range of loss in $14,984 and $5,130,
respectively. These claims have been accrued
for in the Consolidated Statement of Financial
Position within “Provisions for legal claims”.
provisionó $2.773 por la pérdida probable
relacionada con el proceso ordinario presentado
por Uma Representaciones Ltda. en Brasil.
Durante el 2013, la evaluación legal de la
pérdida fue revisada, resultando en el reverso
de la provisión.
Los procesos más relevantes pendientes
de resolución y que se consideran remotos, se
detallan a continuación:
are
are
accrued $2,773 for the probable loss related
with the ordinary proceedings filed by Uma
Representaciones, Ltda. in Brazil. In 2013, legal
assessment of the probability of loss was reviewed,
resulting in the reversal of the provision.
Proceedings that the Company considers
to represent a remote risk are not accrued in the
Consolidated Financial Statements and the most
significant are described below:
201
2013
agent filed two ordinary civil lawsuits against the
Company. One lawsuit seeks the declaration of
annulment of the clause on anticipated payment
of commercial severance, and the other seeks
payment of compensation for termination of the
contract without due notice contemplated in the law.
civiles en contra de la Compañía. Una demanda
pretende la declaración de la nulidad de la
cláusula sobre el pago anticipado de la cesantía
comercial y la otra demanda pretende el pago
de la indemnización por terminación del contrato,
sin el debido preaviso contemplado en la ley.
Proceso arbitral en Colombia de
Valórem, S.A. en contra de
Avianca, S.A.
En el año 2011, Valórem S.A., ex accionista
de Avianca S.A., solicitó mediante arbitraje el
rembolso de un monto estimado de $187.354
como pago en exceso por las obligaciones
contraídas, según los acuerdos de accionistas
firmados en el año 2001 como condición para
la integración que llevó a una alianza con
ACES y como parte del proceso judicial sobre
reorganización que Avianca S.A. y su subsidiaria
Avianca Inc. presentaron ante el Tribunal de
Bancarrota de los Estados Unidos del distrito sur
de Nueva York, en relación con la obligación de
Valórem, S.A. de financiar el pasivo pensional
para el personal de tierra de Avianca, S.A. y de
su anterior subsidiaria SAM, S.A.
Arbitration proceeding in
Colombia requested by Valórem,
S.A. against Avianca, S.A.
In 2011, Valórem, S.A. a former
Avianca S.A. shareholder requested, through
arbitration, the reimbursement of an estimated
amount of $187,354 as overpayment of the
obligations it assumed (as per the shareholders
agreements subscribed in 2001 as a condition
for the integration that led to an Alliance
with ACES and as part of the Chapter 11
proceeding filed in 2004 by Avianca, S.A. and
its subsidiary Avianca Inc. before the United
States Bankruptcy Court for the Southern
District of New York)
in connection with
Valórem, S.A.’s obligation to fund the pension
liability for ground personnel of Avianca, S.A.
and of its former subsidiary SAM, S.A,
Los procesos judiciales aún están pendientes
del fallo final por parte de los árbitros, que se espera
sea emitido a más tardar el primer trimestre de 2014;
se considera que la posibilidad de que el resultado
sea desfavorable es remota, teniendo en cuenta
los argumentos del demandante y la evidencia
recopilada durante la fase de etapa de obtención de
pruebas del proceso judicial (Ver Nota 34).
The proceedings are currently pending
of the final decision by the arbitrators which
is expected to be issued no later than the first
quarter of 2014; an unfavorable outcome is
considered to be remote, taking into account
the arguments of the defendant and the
evidence gathered during the discovery phase
of the proceeding (see note 34).
Procesos judiciales de declaración de
nulidad que SAM S.A. (actualmente
fusionada con Avianca S.A.) presentó
en Colombia en contra de una
evaluación fiscal oficial de la Dirección
de Impuestos y Aduanas Nacionales
(DIAN), con respecto al reconocimiento
de una porción del impuesto sobre las
ventas (IVA) como deducible en el
sexto bimestre del 2006.
SAM, S.A. presentó una demanda en la que
solicita la anulación de la liquidación oficial relacionada
con el IVA, mediante la cual la DIAN rechaza una
proporción del crédito del IVA en la declaración de
impuestos correspondiente al sexto bimestre del
2006. SAM, S.A. argumenta que el cálculo de tal
crédito del IVA es incorrecto, dado que una parte del
IVA pagado fue distribuida a operaciones exentas
del IVA y ciertas facturas emitidas por la entidad no
cumplen con los requisitos legales.
Proceedings for annulment filed in
Colombia by SAM, S.A. (currently
merged with Avianca, S.A.) against
an
official
tax
assessment
of
the National Tax and Customs
Administration (DIAN) in respect of
the recognition of a portion of sales
tax (VAT) as deductible in the 6th
bi-monthly period of 2006.
Sam, S.A. filed a suit requesting
nullification of the official tax assessment
related to VAT, whereby DIAN rejects a portion
of the VAT input credit in the VAT return of
the 6th bi-monthly period of 2006 arguing
that the calculation of such VAT input credit
was performed incorrectly since a portion
of the VAT paid was allocated to operations
exempted from VAT and certain invoices
issued by the entity do not comply with the
legal requirements.
Recientemente
la
Compañía
solicitó
una amnistía tributaria al pagar el monto
capital (aproximadamente $4.200) y obtuvo la
cancelación de todas las sanciones e intereses
The company has recently applied to
a tax amnesty paying the principal amount
(approximately $4,200) and obtained the
cancellation of all the penalties and interests
202
(32) Pagos futuros por arrendamiento
de aeronaves
La Compañía cuenta con 73 aeronaves que
se encuentran bajo arrendamientos operativos con
un plazo de arrendamiento restante promedio de
34 meses. Los arriendos operativos pueden ser
renovados, de acuerdo con el plan de negocios
de Gerencia. El siguiente es el resumen de los
compromisos futuros de arrendamientos operativos:
(32) Future aircraft leases
payments
The Company has 73 aircraft under
operating leases with an average remaining
lease term of 34 months. Operating leases may
be renewed in accordance with management’s
business
plan.
Future
operating
lease
commitments are as follows:
Aeronave / Aircraft
Menos de un año / Menos de un año
$
Entre uno y cinco años / Entre uno y cinco años
614.213
Más de cinco años / Más de cinco años
47.726
$
La Compañía arrienda ocho motores de
repuesto bajo arrendamientos operativos para
las flotas de aeronaves E190 y familia A320.
El siguiente es el resumen de los compromisos
futuros de arrendamientos operativos:
242.819
904.758
The Company has eight spare engines
under operating leases for its E190 and A320
family aircraft fleets. Future operating lease
commitments are as follows:
Motores / Engines
Menos de un año / Less than 1 year
$
4.769
Entre uno y cinco años / Between 1 and 5 years
3.523
$
8.292
La Compañía arrienda tres Airbus A319 y
cinco Fokker 100 a Oceanair Linheas Aereas, S.A.
The Company leases three Airbus A319 and
five Fokker 100 to Oceanair Linheas Aereas, S.A.
Los ingresos mínimos futuros de estos
contratos de arrendamiento son los siguientes:
Future minimum income from these lease
agreements is as follows:
Aeronave / Aircraft
Menos de un año / Menos de un año
$
14.879
Entre uno y cinco años / Entre uno y cinco años
45.418
Más de cinco años / Más de cinco años
11.517
$
71.814
203
2013
amounts through an agreement with DIAN
signed on September 26, 2013. Therefore the
case is settled.
mediante un acuerdo con la DIAN firmado el 26
de septiembre de 2013. Por lo tanto, el caso se
considera resuelto.
(33) Adquisición de aeronaves
Según
los
acuerdos
vigentes,
los
compromisos futuros relacionados con la
adquisición de aeronaves y de motores se
presentan a continuación:
(33) Acquisition of aircraft
In accordance with the agreements in
effect, future commitments related to the
acquisition of aircraft and engines are as
follows:
Airbus: la Compañía tiene 64 órdenes
de compra de aeronaves de la familia
A320, cuyas entregas están programadas
entre el 2014 y el 2019, además de
21 opciones de compra. Se celebró un
contrato con Airbus para la adquisición de
cuatro aviones de carga A330; todas han
sido entregadas. De conformidad con los
términos y condiciones de este contrato
de compraventa de aeronaves Airbus, la
Compañía debe efectuar anticipos a Airbus
en las fechas determinadas
Airbus – The Company has 64 firm orders
for the acquisition of A320 family aircraft
with deliveries scheduled between 2014
and 2019 as well as 21 purchase options. An
agreement was signed with Airbus for the
acquisition of four A330 freighter aircraft;
all of them have been delivered. Under
the terms of this purchase agreement to
acquire Airbus aircraft, the Company must
make pre delivery payments to Airbus on
predetermined dates.
Boeing: la Compañía tiene 15 órdenes
de compra de aeronaves B787-8, cuyas
entregas están programadas entre el
2014 y el 2019, además de 10 opciones
de compra. De conformidad con los
términos y condiciones de este contrato
de compraventa de aeronaves Boeing, la
Compañía debe efectuar anticipos a Boeing
en las fechas determinadas.
Boeing - The Company has 15 firm
orders for the acquisition of B787-8
aircraft with deliveries scheduled between
2014 and 2019 as well as 10 purchase
options. Under the terms of this purchase
agreement to acquire Boeing aircraft,
the Company must make pre delivery
payments to Boeing on predetermined
dates.
ATR: la Compañía tiene 15 órdenes de
compra de aeronaves ATR 72, cuyas
entregas están programadas entre el 2014
y el 2015, además de 15 opciones de
compra. Al 31 de diciembre de 2013, se
han entregado cuatro ATR 72.
ATR - The Company has 15 firm orders
for the acquisition of ATR 72 with
deliveries scheduled between 2014 and
2015 as well as 15 purchase options. As
of December 31, 2013, four ATR 72 have
been delivered.
Embraer: la Compañía tiene 16 opciones
de compra.
Embraer - The Company has 16 purchase
options.
Otros: la Compañía tiene 11 órdenes
en firme para la adquisición de motores
de aeronaves, cuyas entregas están
programadas entre el 2014 y el 2020.
Other - The Company has 11 firm orders
for the acquisition of spare engines with
deliveries between 2014 and 2020.
El valor de las órdenes de compra en
firme se basa en la lista de precios de aeronaves
(sin incluir descuentos y créditos contractuales
facilitados por el fabricante), e incluye los montos
estimados por recargos.
The value of the final purchase orders
is based on the aircraft price list (excluding
discounts and contractual credits granted by
the manufacturers) and including estimated
surcharges.
204
2014
Anticipos
Advance payments
$
132.491
Compromisos de
adquisición de
aeronaves
Aircraft acquisition
commitments
$ 1.861.704
2015
$
125.607
$ 1.236.995
2016
$
122.072
$ 1.216.462
2017
$
158.335
$ 1.406.199
En adelante
Thereafter
$
111.814
$ 2.777.500
Total
Total
$
650.319
$ 8.498.860
(34) Hechos posteriores
Remesas al exterior en
Venezuela
En enero de 2014, el gobierno de
Venezuela anunció que determinados sectores de
la economía, incluidas las aerolíneas, deberían
solicitar las remesas al exterior por medio del
Sistema Complementario para la Adquisición de
Divisas (“SICAD”) en vez de usar la Comisión de
Administración de Divisas (“CADIVI”); el SICAD
será el mecanismo permanente para vender dólares
estadounidenses. Según la Providencia No 6.122
del 23 de enero de 2014, los montos que ya fueron
solicitados por medio de la CADIVI serán aprobados
a la tasa de cambio oficial que rige al momento
en que se diligenció la solicitud. El proceso más
reciente de subasta del SICAD produjo una tasa
de cambio de US$1:VEF11,8, mientras que la tasa
de cambio oficial de la CADIVI es US$1:VEF6,3.
Por consiguiente, los fondos que aún no han sido
solicitados por medio de la CADIVI, así como los
saldos de efectivo cuya remesa al exterior aún no
ha sido aprobada, serán convertidos a la tasa de
cambio del SICAD a partir del primer trimestre
de 2014. La Compañía estima que las pérdidas
derivadas de la devaluación de tales fondos
ascenderá a aproximadamente US$13.668.
(34) Subsequent events
Remittances abroad in
Venezuela
In January 2014, the Government of
Venezuela announced that certain sectors of
the economy, including airlines, would have
to request remittances abroad thorough the
Ancillary Foreign Currency Administration
System (“SICAD”) instead of using the
Commission for the Administration of Currency
Exchange (“CADIVI”); SICAD will become the
permanent mechanism to sell US dollars. As per
Providencia No. 6,122 from January 23, 2014,
amounts already requested through CADIVI
will be approved at the official exchange rate
at the time the requests were filed. The most
recent SICAD auction process, resulted in an
exchange rate of US$1:VEF11.8, while the
official exchange rate at CADIVI is US$1:VEF6.3.
Therefore, funds not yet requested through
CADIVI, as well as cash balances which have
not been approved for remittances abroad
will be converted at the SICAD exchange rate
beginning in the first quarter of 2014. The
Company estimates that losses arising from
the devaluation of such funds will amount to
approximately US$13,668.
Proceso arbitral en
Colombia de Valórem S.A.
en contra de Avianca S.A.
El 17 de febrero de 2014, un tribunal
de arbitraje falló en favor de Avianca, S.A,
una subsidiaria de Avianca Holdings, S.A., y
Arbitration proceeding in Colombia
requested by Valórem, S.A. against
Avianca, S.A.
An arbitration court ruled in favor of
Avianca, S.A, a subsidiary of Avianca Holdings,
S.A., by determining on, February 17, 2014,
205
2013
As of December 31, 2013, commitments
with manufacturers for the purchase of aircraft
and advance payment commitments are
summarized below. Advance payments are
subsequently applied to the related aircraft
acquisition commitments.
Al 31 de diciembre de 2013, los
compromisos con los fabricantes para la compra
de aeronaves y los compromisos de anticipos se
resumen a continuación. Los anticipos se aplican
posteriormente a los compromisos relacionados
de adquisición de aeronaves.
determinó que la Compañía no tiene obligación
ni responsabilidad alguna en relación con las
demandas hechas por Valórem, una entidad
controlada por
los
anteriores
accionistas
mayoritarios de Avianca S.A., con respecto a
las pensiones del personal de tierra de Avianca
antes de diciembre de 2001, fecha en que los
accionistas de ACES (una entidad controlada
por los anteriores accionistas mayoritarios de
Avianca S.A.) acordaron en un contrato marco la
integración de ambas compañías. En consecuencia,
Avianca S.A. no estará obligada a pagar la suma
de 361.000 millones de pesos (aproximadamente
$180 millones) reclamada por Valórem por medio
de este proceso de arbitraje.
that the company does not have any obligation
or responsibility in relation to claims made
by Valórem, an entity controlled by Avianca
S.A.´s
former
controlling
shareholders,
regarding the pension liabilities of Avianca´s
ground staff prior to December 2001, the date
on which the shareholders of ACES (an entity
controlled by Avianca S.A.´s former controlling
shareholders) agreed on the framework
contract for the integration of both companies.
As such, Avianca S.A. will not be obligated to
pay the COPS$361,000 million (approximately
$180 million) claimed by Valórem throughout
this arbitration process.
El tribunal encontró que, aunque Avianca
actuó de buena fe, algunos errores en el contrato
llevaron a que Valórem realizara pagos que no
estaba en obligación de hacer. Por lo tanto, se
le ordenó a Avianca reembolsar 14.386 millones
de pesos (aproximadamente $7,1 millones) a
Valórem. Al 31 de diciembre de 2013, Avianca
S.A. había reservado un monto neto de 11.898
millones de pesos (aproximadamente $5,9
millones). El monto que le será pagado a Valórem
representa menos del 4% del importe original
reclamado por Valórem.
The court found that although Avianca
acted in good faith, some contractual
flaws led Valórem to execute payments,
which Valórem should not have been
obligated to pay. Therefore, Avianca was
ordered to reimburse COP$14,386 million
(approximately $7.1 million) to Valórem.
As of December 31, 2013, Avianca S.A. had
reserved a net amount of COPS$ 11,898
million (approximately $5.9 million). The
amount that will be paid back to Valórem
represents less than 4% of the original
amount claimed by Valórem.
Por último, el tribunal le exigió a Valórem
pagar a Avianca, S.A. la suma de 990 millones
de pesos (aproximadamente $450.000) por
concepto de gastos legales.
Finally, the court required Valórem
to pay Avianca, S.A. COPS $990 million
(approximately $450 thousand) related to
legal expenses.
206
Con este libro protegemos los bosques, pues fue
elaborado en papel de caña de azúcar.
El papel utilizado en las páginas internas y en la
cubierta de este libro fue elaborado con 100% bagazo
de caña de azúcar.
Edición y Producción
Dirección de Comunicaciones y Asuntos Corporativos
Verificación de Contenidos
General Counsel / Ernst & Young Audit S.A.S.
Diseño, Diagramación, Preprensa e Impresión
Carvajal Soluciones de Comunicación S.A.S.
EXHIBIT 2
Fact Sheet 2014
Fleet in operation as of June 2014
Avianca
11
56
6
31
10
12
9
10
7
Airbus A330-200
Airbus A320-200
Airbus A321
Airbus A319-100
Airbus A318-100
Aviones jet Embraer E190
ATR42
CESSNA208
ATR 72-600
Airbus 330-200
A320
Avianca Cargo
1
4
Boeing 767
Airbus A330 F
Embraer 190
ATR 42-30
Avianca in numbers
Avianca results between January to April 2014:
Number of aircrafts
157
Number of employees
19,000
Passengers transported
8.2 million
Number of destinations
100 cities
Daily departures
703
2009 vs. 2014 Fleet
Avianca´s fleet streamlining process.
December 2009
A330
5
Familia A320
56
E19
11
A330
15
B737
7
Familia A320
103
B757
1
E190
12
B767
8
B767
1
MD 83
3
F100
15
ATR
16
F50
10
Cessna
10
ATR
9
Cessna
10
June 2014
157 aircraft in 6 families
135 aircraft in 11 families
Financial and operational results
At the end of 2013, Avianca SA Holdings recorded a revenue growth of 8.0% from USD $ 4.2 billion in
2012 to USD $ 4.6 billion in 2013. Operating costs increased by 5.9%, from $ 3.9 billion in 2012 to U.S.
$4.2 billion in 2013.
Adjusted net income for 2013 amounted to USD $ 234.1 million, which is 132.5% above the adjusted net
income for 2012, which stood at USD $ 100.7 million.
For 2013, the EBITDAR (earnings before interest, taxes, depreciation, amortization and rents) grew 25.8%
from USD $ 658.3 million in 2012 to U.S. $ 828.2 million in 2013. Meanwhile, EBIT (operating profit) in 2013
stood at USD $ 384.9 million, representing an increase of 37.0%.
Strategic Projects and Milestones
Fleet renovation and streamlining: In compliance with the company's renovation and streamlining plan of its fleet, the airline has
added a total of 15 short, medium and long range aircraft: 5 Airbus
A320´s, 1 Airbus A319, 1 ATR 42, 4 ATR 72-600, 1 Airbus A330 and 3
Airbus A330-200F cargo exclusive.
Avianca, as a single commercial brand: In 2013, the airlines integrated in Avianca Holdings adopted the
name Avianca as the single commercial brand, consolidating all the airlines of the holding as one single
service provider. Avianca integrates the operation of: Aerovias del Continente Americano (Avianca),
Tampa Cargo S.A incorporated in Colombia, Aerolineas Galapagos S.A Aerogal incorporated in Ecuador,
and the Grupo TACA companies: TACA International Airlines S.A, incorporated in El Salvador, LACSA,
incorporated in Costa Rica, Transmerican Airlines S.A incorporated in Peru, Servicios Aereos Nacionales
S.A, SANSA incorporated in Costa Rica, Aerotaxis La costeña S.A, incorporated in Nicaragua, and Isleña de
Inversiones C.A de C.V. ISLEÑA incorporated in Honduras. The new Avianca image is being gradually
implemented in more than 14 thousand aircraft seats, 214 offices and 100 airports in 26 countries.
Access to the International Capital Markets: On November 5th the company listed its level 3 ADR’s
(NYSE:AVH) on the New York Stock Exchange (NYSE). With this key milestone, the Company has now
open access to an entirely new liquid funding sources in the international capital markets that come with
greater visibility and exposure. Avianca is now better positioned to compete and compare itself with its
global airline industry peers. The airline is also listed in the Colombian Stock Exchange since 2011.
Avianca Holdings S.A. successfully priced a reopening of its international bond due 2020. The 2020 bond,
which was first issued on May 10, 2013 at an 8.375% coupon rate, has improved by about 80 basis points
to date. Avianca Holdings S.A. priced US$250 million reopening of its 2020 bonds at a 7.44% yield to
maturity in an offering that was oversubscribed by more than 3.5 times.
Network: Throughout 2013, the overall network was strengthened through point to point direct routes
from our Bogota, San Salvador and Lima hubs. Thus, 5,500 weekly frequencies were operated to more
than 98 destinations in 26 countries.
Between 2013 and 2014 Avianca has increased its operations through new routes such as: Bogota - San
Juan, Bogota - Cancun, Bogota - Guatemala, San Salvador - Newark, San Salvador - Chicago, San Salvador
- Medellin, Lima - Iquitos, Bogota - London, Bogota - Villavicencio, and Cartagena - Nueva York. Moreover
the company increased frequencies to some of their destinations.
Information Technology: Aware of the impact of new information technologies in the service that the
airline provides, Avianca Holdings S.A. has continued to develop its technological platform. A single web
page was launched with new applications offering customers an improve service for their travel arrangements such as buying tickets and viewing relevant information about the airline's products.
Employees
More than 19.000 employees working daily under the same
mission, vision, and values, offering a world class service that
features the Latin American warmth to regional and global
travelers.
Hubs
From our Hubs we are able to serve nearly 100 destinations in 26 countries throughout America along with
Barcelona, Madrid and London in Europe. Through our codeshare agreements with Star Alliance member
airlines, we can reach 1,269 destinations in 193 countries, with access to more than 1,000 VIP lounges
around the world.
Toronto
Chicago
New York
Newark
Washington
San Francisco
Los Angeles
Dallas
Houston
Fort Lauderdale
Orlando
Miami
La Habana
Mexico City
Cancun
San Juan
Belize City
Santo Domingo
San Pedro Sula
Guatemala City
San Salvador
San
Salvador,
El
Salvador.
Through the San Salvador hub over
725 weekly departures are operated to and from 29 cities in North
America, South America, Central
America and the Caribbean.
Aruba
Curazao
Tegucigalpa
Managua
Liberia
Caracas
San Jose
Panama
City
Medellin
Cali
Galápagos
Bogota
Quito
Guayaquil
Lima
London
Lima, Peru. This hub operates
527 weekly departures to 21
points in South America, Arequipa
Central America, the Caribbean, North America and to 10
domestic destinations.
Bogotá, Colombia. Operation
through the Bogotá hub added
3,059 weekly departures to 24
cities in Colombia and 29 in North
America, South America, Central
America and the Caribbean and 3
destinations in Europe.
Cuzco
La Paz
Santa Cruz
Brasilia
Rio de Janeiro
Sao Paulo
Asunción
Santiago de Chile
EUROPE
Porto Alegre
Montevideo
Buenos Aires
Barcelona
Madrid
Destinations
Lima
Miami
Juliaca
Washington
Los Angeles
Fortuna
Chiclayo
Orlando
Chicago
San José
Arequipa
Nueva York
United
States
Peru
Bahía de Drake
Tarapoto
Golfito
Trujillo
Palma Sur
Tamarindo
Cali
San Francisco
Tambor
Medellin
Newark
Puerto Jimenez
Barranquilla
Toronto
Canadá
Ciudad de México
Cancún
México
Armenia
Ciudad de Guatemala
Barrancabermeja
Flores
Bucaramanga
San Pedro Sula
Cartagena
South America
Buenos Aires
La Paz
Santa Cruz
Argentina
Bolivia
Sao Paulo
Brasilia
Brazil
Santiago de Chile
Chile
La Ceiba
Ibague
Colombia
Panama City
Panama
Belice
Belice
Neiva
Pasto
Pereira
Porto Alegre
Honduras
Roatan
Florencia
Manizales
Guatemala
Tegucigalpa
Cucuta
Monteria
Río de Janeiro
Costa Rica
Quepos
Bogota
Houston
Liberia
Piura
Puerto Maldonado
Dallas
El Salvador
San Salvador
Cuzco
Fort Lauderdale
Central America
South America
North America
Popayan
Caribbean
Aruba
Aruba
La Habana
Cuba
Guayaquil
Riohacha
Quito
San Andres
Curazao
Curazao
Coca
Santa Marta
San Juan PR
Puerto Rico
Valledupar
Punta Cana
Galápagos
Yopal
Santo Domingo
Dominican
Republic
Manta
Tumaco
San Cristobal
Leticia
Cuenca
Ecuador
Asunción
Paraguay
Montevideo
Uruguay
Caracas
Valencia
Venezuela
Europe
Barcelona
Madrid
London
Spain
United Kingdom
Unidades de negocio
Airbus 330-200
767-300
Avianca Holdings SA provides cargo services through aircraft designed
exclusively for this service, which are operated by Avianca Cargo; and,
through the use of the bellies of their planes on passenger flights. In
general, serves more than 100 destinations, 16 of which are operated
with cargo aircraft and the rest is served through the bellies of passenger aircrafts. Cargo customers are other international carriers, distributors, exporters and individuals.
Fleet: In 2011, Avianca Cargo announced the purchase of four Airbus
A330-200F, aircraft exclusive for the cargo operation with capacity of
68 tonnes and a reach of 4,000 nautical miles. Three of these aircraft
have been received already and the last one is expected to be deliver
during this year.
Routes: Strengthening of the cargo route network: four in Colombia,
one in North America, four in Central America, and eight in South
America, which added to the growth and optimization of the passenger
route network add up to 100 destinatios in America and Europe, along
with codeshare agreements with airlines from 50 different countries.
Systems: Skychain platform, designed to guarantee the unified
handling of all the cargo information, which is relevant to the operation
of all the group´s airlines.
Infrastructure: Important investments have been made to its infrastructure in order to increase the capacity in the three most important
cargo stations: Miami, Bogota, and Lima, along with the hangar in
Medellin.
Since its launch in March 2011, LifeMiles has established agreements
with global, regional, and local car rentals, hotels, department stores,
amusement parks, restaurants, Spa´s, and beauty parlors among
others, increasing the possibilities for every member to live their miles.
Thanks to this, LifeMiles members stay at Barcelo, Hilton, Marriott, Sol
Mejia, and Real Hotels; and rent cars at Hertz, Avis or Budget in order to
accrue more miles. Additionally, members are able to earn miles for
every dollar spent when using any of the credit cards in the brand´s
portfolio, which is shared in Central America, Colombia, USA, and Peru.
Business Units
Deprisa is the business unit dedicated to the air transportation of
documents, packages and goods in Colombia .
Deprisa has created a large and practical portfolio of services to give
their customers the perfect solution to meet all their logistics management needs with the best delivery times on an urban, national and
international scale.
In Colombia
Deprisa has more than 600 exclusive and third-party drop-off points
located strategically throughout the country.
In the world
Deprisa delivers shipments thanks to a strategic alliance with UPS, the
world’s leading logistics and courier company, with coverage in more
than 220 countries and territories around the world.
Deprisa also manages the operation of domestic cargo in Colombia
and express courier operation mainly in the U.S., which currently operates under the name Avianca Express and has over 50 sales offices in
the United States.
Corporate Responsibility
Beyond the adoption of regulations issued by multilateral and
national agencies, AviancaTaca Holding has also launched an
action plan allowing it to effectively contribute to the welfare
of employees, customers, shareholders, investors and the community in general through specific and measurable strategies.
Sustainability is a core asset of the business. The three key
aspects needed in order to achieve our goals are: social, environmental and economic in nature.
In 2013, and thanks to the donation of miles from LifeMiles
members, the Mileage Bank was able to help 338 people in
need of medical assistance. This program now has partners in
the hubs operated by the group´s airlines, becoming an integral
plan that favors the vulnerable communities in Latin America.
The company is also advancing in its renovation, streamlining,
and fleet modernization process by adding 14 new Airbus
aircraft to the fleet. These new airplanes are equipped with
ecofriendly technology along with improvements in the combustion chambers, which allow a reduction of over 20% in CO2
and NOx emissions.
In the same way, important steps have been taken in order to
certificate and implement green procedures, by obliging to
local and international regulations such as ISO 14001, IFC,
ISAGO, and IOSA. With the objective of promoting an
eco-friendly culture within the organization, a plan has been set
forth in order to properly dispose of waste, greenhouse gases,
chemical substances, and discharges.
EXHIBIT 3
Avianca seeks Ex-Im guarantee for 787 financing - 8/19/2014 - Flight G...
http://webcache.googleusercontent.com/search?q=cache:AI4AEwhM79I...
This is Google's cache of http://www.flightglobal.com/news/articles/avianca-seeks-ex-im-guarantee-for-787-financing-402831/. It is a snapshot of the page as it
appeared on Aug 20, 2014 17:08:38 GMT. The current page could have changed in the meantime. Learn more
Tip: To quickly find your search term on this page, press Ctrl+F or ⌘-F (Mac) and use the find bar.
Full version
Privacy and Cookies
Privacy & Cookies
Sign In/Register Login
Home
News
Aircraft
Jobs
Airspace
Images
Cutaways
Historic
Air Shows
Products
News
Airlines
Alliances and Codeshares
Business Strategy
Start-up/Ceased Ops
Distribution
Financials
More Airlines News »
By: Edward Russell
Washington DC
Source:
This story is sourced from Pro
See more Pro news »
Avianca has applied for a more than $100 million loan guarantee from the US Export-Import Bank
(Ex-Im) for its upcoming deliveries of Boeing 787-8 aircraft.
The aircraft would be used for service between Colombia and destinations in Europe, Latin America
and North America, the export credit agency notes in a regulatory disclosure today.
Ex-Im financing is one of several options that Avianca is considering for its 787s. In July, the carrier
released a request for proposals for financing that including sale leasebacks, vanilla aircraft loans and
Ex-Im guaranteed debt to the lending community, a banker told Flightglobal at the time.
“We don’t see any problem in getting financing for the aircraft,” said group owner German
Efromovich at the IATA annual general meeting in June.
Executives at the Star Alliance carrier expect their first 787, which is registered N780AV and MSN
37502, by the end of September.
Avianca will take delivery of four 787-8s at a rate of one per month from September through the end
of the year, the Ascend Fleets database shows. It has firm orders for 15 of the type.
1 of 2
8/29/2014 3:49 PM
Avianca seeks Ex-Im guarantee for 787 financing - 8/19/2014 - Flight G...
http://webcache.googleusercontent.com/search?q=cache:AI4AEwhM79I...
More on this story:
Avianca downgrades 2014 capacity
guidance (18/08/14)
Avianca cash rises with private placement in
Q2 (15/08/14)
Avianca searches for 787 funding
(08/07/14)
IATA: Avianca sees no problems financing
787s (03/06/14)
ROUTES: Avianca expects first 787 in
September (23/02/14)
2 of 2
8/29/2014 3:49 PM
EXHIBIT 4
USD (In Thousands)
Quarter
2Q 2014
1Q 2014
4Q 2013
3Q 2013
2Q 2013
1Q 2013
4Q 2012
3Q 2012
2Q 2012
1Q 2012
4Q 2011
3Q 2011
2Q 2011
Total operating revenues Total operating expenses
Operating profit
Net (loss) profit
Source
$ 1,144,699.00 $ 1,094,886.00 $ 49,813.00 $ (21,944.00) http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Earnings_Release_Ingles_Final.
pdf
$ 1,098,536.00 $ 1,048,528.00 $ 50,008.00 $ 12,279.00 http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Earnings_Release_Ingles_1Q_2
014.pdf
$ 1,204,400.00 $ 753,600.00 $ 109,800.00 $ 63,500.00 http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Earnings_Release_4Q13_Ingles.
pdf
tados_trimestrales/Earnings_Release_3Q_Final_En
g.pdf
tados_trimestrales/Earnings_Release_Ingles_Final.
pdf
tados_trimestrales/Earnings_Release_Ingles_1Q_2
014.pdf
tados_trimestrales/Earnings_Release_4Q13_Ingles.
pdf
tados_trimestrales/Earnings_Release_3Q_Final_En
g.pdf
$ 1,027,045.00 $ 1,014,875.00 $ 12,170.00 $ (44,803.00) http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Final_Earnings_Release_2Q_20
13_English.pdf
$ 1,056,890.00 $ 974,498.00 $ 82,392.00 $ (2.00) http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Reporte‐de‐resultados‐Primer‐
Trimeste‐2013.pdf
tados_trimestrales/Reporte‐de‐Resultados‐Cuarto‐
Trimestre‐2012.pdf
$ 998,195.64 $ 701,896.52 $ 296,299.12 $ 45,782.88 http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Resultados_Financieros_3T_20
12.pdf
$ 814,655.92 $ 641,430.40 $ 173,225.52 $ 1,052.48 http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Resultados_Financieros_2T_20
12.pdf
1Q 2011
$
817,355.24 $
4Q 2010
$
854,272.64 $
3Q 2010
$
786,749.08 $
2Q 2010
$
678,289.04 $
626,117.44 $ 191,237.80 $ 23,118.68 http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Reporte_de_resultados_1Trime
stre_2012.pdf
tados_trimestrales/Reporte_de_resultados_4Trime
stre_2011.pdf
tados_trimestrales/Reporte‐Tercer‐trimestre‐
2011.pdf
531,393.72 $ 146,895.32 $ (82,030.00) http://www.aviancaholdings.com/en/images/resul
tados_trimestrales/Reporte_Resultados_2T_2011.
pdf
COP‐USD Exchange Rate 8/22/2014 (http://www.oanda.com/currency/converter/):
EXHIBIT 5
Avianca Plans To Expand Capacity | AWIN content from Aviation Week
1 of 3
http://aviationweek.com/awin/avianca-plans-expand-capacity
Subscribe
RSS
eBulletin
Advertise
Contact Us
REGISTER
Technology
Commercial Aviation
Space
Defense
Business Aviation
MRO
LOG IN
Events
Aviation Week
Intelligence Network
HOME > LEGAC Y AWIN > AWIN > AVIANC A P LANS TO EXP AND CAP AC ITY
Avianca Plans To Expand Capacity
Special Topics
Avianca's model seems to work, with constraints at Bogota its biggest risk
Jens Flottau | Aviation Week & Space Technology
Advanced Machines
for Aerospace
Manufacturing
Apr 22, 2013
Sponsored by: Makino...
SHARE
Tweet
Recommend
0
COMMENTS
0
More
Three years after the merger of Avianca and Taca, the group is growing profitably, but
the integration is not complete and infrastructure bottlenecks have to be cleared to
ensure further growth.
Avianca, which will go to a single brand and drop the Taca name at the end of May,
has emerged as one of the two big Latin American airline groups, along with the newly
formed Latam Group. Given Colombia's politically and economically difficult past, and
considering Avianca's bankruptcy restructuring in 2004, the turnaround is all the more
remarkable. Following the announced departure of TAM Brazil, Avianca will also be
the Star Alliance's sole partner in South America. And Bogota is its most important
base.
CEO Fabio Villegas is about to launch the next stage of the group integration that will
likely span another 2-3 years. Avianca has “come a long way already,” he says. In its
initial integration phase, the airline went to a single administration (most functions
are now based in Bogota), merged the frequent-flier programs into the Colombian
carrier's “Life Miles,” and introduced joint revenue management and a combined
network.
SEE ALL SPECIAL TOPICS
Latest Blogs
BLOG
SEP 9, 2014
9/9 Frago
Defense news from around the Web...More
BLOG
SEP 9, 2014
Boeing Adds Used
Parts
Boeing forges deal with
GA Telesis to supply used
aircraft and engine material--for Boeing and non-Boeing
aircraft....More
SEP 9, 2014
BLOG
French defense exports rise 42 percent
France's defense exports soared 42.7% in 2013
compared to those of 2012, according to a report to
Avia
will
keep
its
Airb
A33
a
bit
long
even
afte
it
beg
taki
deliv
of
Boe
787s
(Cre
Joe
Overall, the first stage of the group building process was about increasing revenues.
And it worked: In 2009, the two airlines together carried 15 million passengers; three
years later, the figure has risen to 23 million. In the same time frame, revenues grew to
$4.2 billion from $2.5 billion. The integration had a positive $219 million impact on
operating profit even before specific cost-saving initiatives were launched.
parliament released today....More
BLOG
SEP 8, 2014
Boeing’s Baby
Jetliner – Five
Decades of Growth
2
The high density MAX 8
version is a far cry from the stubby little 82-seat design
originally envisioned by Boeing in the mid-1960s for its
737 launch customer Lufthansa....More
More blogs
NEW: Sign up to Aviation
Week eBulletin
Daily analysis on technology advances
impacting the global aviation, aerospace &
defense industries.
SUBSCRIBE
AviancaTaca Holding recorded an 8.3% increase in sales in 2012, reaching 7.6 billion
Colombian pesos ($4.2 million), and achieved an operating profit of 506 million
Colombian pesos. Both capacity and demand grew by 10.3% last year.
Now Avianca is about to launch the second integration phase, in which it hopes to save
9/9/2014 6:38 PM
2 of 3
another $150 million. While the two entities will continue to exist as separate
companies (although operated under a single brand), Villegas wants to introduce more
joint processes in operations and maintenance and harmonize the two airlines to allow
quick reallocation of aircraft and crews where needed. An outright merger into one
carrier with a single air operator's certificate is deemed unrealistic given the different
jurisdictions in which it has to work.
Integration efforts are not limited to the Taca operation. Avianca has taken full control
of Ecuador's Aerogal, which operates a dense domestic network and has some limited
international exposure following the phase-out of its Boeing 767 operation last year.
Aerogal will eventually also become part of the Avianca brand, once its information
technology infrastructure is upgraded.
The investment comes at a time when uncertainty clouds the development of the
important Ecuadorian domestic market. The move of all airlines to the new Quito
airport, which is still difficult to reach from the city because the main roads are not
opened yet, has meant a significant decline in demand for domestic air travel, and
airlines are cautiously watching.
Villegas is also taking a cautious approach to possibly integrating more closely with
Avianca Brazil, which uses the Avianca brand and is also owned by Avianca's parent
company, Synergy Group Corp. “We have a lot of projects coming up,” he says,
explaining that he is therefore concerned about the amount of management attention
that would be required if the project were given higher priority. A merger is something
“that has to be explored,” Villegas concedes, while pointing out that Avianca, unlike
Avianca Brazil, has more than one shareholder, which must be involved in any action.
The Star Alliance is keenly interested in fast growth at Avianca Brazil in hopes that the
carrier can at least partially replace TAM, which is leaving Star as a result of its merger
with LAN to form the Latam Group. Avianca Brazil is in the process of phasing out its
Fokker 100s and operates a mixed fleet of A318s, A319s and A320s.
According to Villegas, the two airlines are negotiating mutual recognition of their
frequent-flier programs. But like Ecuadorian subsidiary Aerogal, Avianca Brazil still
has work to do on the information technology side to become fully compatible.
Villegas says Avianca is not looking to add more airlines to its portfolio in the short
term. “We have already achieved what we wanted to achieve, which was to diversify the
risk over more than one market,” he says. Avianca formerly had just one hub, in
Bogota, and now it has two others, in Lima and San Salvador, El Salvador. “To grow is
good, but it is not enough,” Villegas says, pointing to examples of large airlines in
Europe and North America that are still struggling. Nonetheless, he believes the group
has “the option to do something else if it makes sense.”
Capacity constraints at Bogota's El Dorado International Airport are probably the most
serious risk to Avianca's future growth. The facility's recently opened international
terminal was designed to bring its capacity to 15 million passengers annually. But
Villegas notes that Avianca “reached 21 million passengers last year.” While the
international complex is “a huge improvement,” he says the airline still needs “a larger
airport in order to continue growing.” Service levels at the facility are not where they
should be, with 50% of departures from remote stands rather than direct gate
positions. Air traffic control procedures are also a serious issue since the airport's two
parallel runways are far enough apart to be operated independently.
In spite of the Bogota troubles, Avianca is aiming for strong growth, even if that entails
adding capacity to secondary routes within and from Colombia as well as Lima, San
Salvador and San Jose, Costa Rica. The airline is looking at extending leases on its
A330-200s for several more years to further the expansion of its long-haul operation.
Originally, Avianca intended to replace its A330 fleet with 10 Boeing 787-8s on order,
but Villegas says it is now looking at ways to secure a stronger widebody presence in its
key markets.
Avianca now operates just four aircraft types, down from 10 in 2009, and plans to
simplify still more. The Fokker 50 fleet is to be replaced by 15 ATR 72-600s, the first of
which will arrive in June, and the remaining Boeing 767-200Fs at its cargo subsidiary
Tampa will be phased out. Tampa will take delivery of two more A330Fs this year,
9/9/2014 6:38 PM
3 of 3
bringing its fleet to four and nearly doubling its cargo capacity. The A330F can carry 70
tons, compared to the 767-200F's 40-ton capacity.
The last of 10 A330-200s on firm order are scheduled to arrive before year-end. One
A330 based in Lima to serve the Buenos Aires and Bogota routes will soon also be
deployed to Miami. Villegas says that widebody base is likely to grow, but Avianca is
still studying how many aircraft are sustainable in Peru.
It is slated to receive its first 787-8 in October 2014 and plans to base the 787s in San
Salvador, Lima and Bogota. Villegas says the 10 A350-900s ordered by parent Synergy
Aerospace will not be operated by Avianca. And the proposed Boeing 777X “is too big
for us,” he says.
Europe is one target of Avianca's long-haul expansion. The airline is introducing
twice-daily services from Bogota to Madrid and is eager to start services to London's
Heathrow Airport. A lack of suitable slots there is keeping the plan on hold for now.
The first of 33 A320NEOs is to arrive in 2017, so Avianca is taking delivery of more
“Sharklet”-equipped A320s to bridge the gap. In spite of the generally poor economics
of the A318, Avianca plans to hold on to the aircraft for “as long as possible,” Villegas
says.
Cre
Boe
SHARE
Tweet
Recommend
0
Please Log In or Register to post comments.
Related Articles
Latin American Airlines Consider Venezuela Play
AviancaTaca Boosts Capacity Expansion Plans For This Year
AviancaTaca Cuts 2013 Capacity Growth To 14%
Star's Latin America Plan Stall
Bogota Airport Plans To Open New Terminal Next Year
AviationWeek.com
Commercial Aviation
Business Aviation
Defense MRO Space Events Aviation Week Intelligence Network
Site Features
Penton Corporate
Subscribe
About Us
eBulletin
Advertise
RSS
Privacy Policy
Sitemap
Term of Service
View Mobile Site
Contact Us
Search AviationWeek.com
Follow Us
Related Penton Sites
Air Transport World AC-U-KWIK Air Charter Guide Aircraft Bluebook SpeedNews
Copyright © 2014 Penton
9/9/2014 6:38 PM
EXHIBIT 6
ROUTES AMERICAS: Avianca Prepares for September Dreamliner Delivery :: Routeso...
Page 1 of 3
ROUTES AMERICAS: Avianca Prepares for
September Dreamliner Delivery
Posted 24 February 2014 02:35
Richard Maslen,
Editor, Routesonline

Colombian carrier Avianca will take delivery of its first Boeing 787-8 at the end of the third quarter of this year,
but it will be early 2015 before the aircraft makes its debut on scheduled routes to Europe, the airline’s
executive vice president and chief revenue officer, Estuardo Ortiz revealed on the sidelines of the Strategy
Summit at this year’s Routes Americas in San Salvador, El Salvador.
The former TACA executive, who has
"We will receive our first Boeing 787-8
Dreamliner in September and will use the
aircraft to replace our Airbus A330200s. This will allow us to serve more
cities with much better economics than
before."
Estuardo Ortiz, Estuardo Ortiz, Executive Vice
President and Chief Revenue Officer,
Avianca
subsequently been part of the management
team that has masterminded the
amalgamation of the carrier into the Avianca
operation over the past five years, revealed to
a packed audience at the route development
forum that the carrier would receive its first
Dreamliner in September 2014 and later
confirmed its operational plans to The HUB in
a video interview which will be online
tomorrow.
“We will receive our first Boeing 787-8
Dreamliner in September and will use the
aircraft to replace our Airbus A330-200s. This
http://www.routesonline.com/news/29/breaking-news/239887/routes-americas-avianca-prep... 9/9/2014
Page 2 of 3
will allow us to serve more cities with much better economics than before,” said Ortiz. “We plan to initially
deploy the aircraft on familiarisation flights to close by markets such as Lima and Buenos Aires but will
eventually, perhaps from early 2015, use them on our routes to Europe to Madrid and Barcelona in Spain and
our new route to London Heathrow in the UK.”
The Colombian carrier has seen significant growth over the past four years, while it has worked to bring the
operations of TACA and its partners under the Avianca umbrella. “Our goal through this process has been to
build a single network, a single brand, a single aircraft code to form a single airline. This has been a difficult
exercise as it has been a complex process to marry businesses with ten separate AOCs and more than 200 legal
entities,” explained Ortiz. This is due for completion in March this year when the carrier will start to sell its
operations under a single code.
This process now means that alongside its Colombian operations, Avianca now has a major Central American
hub at El Salvador International Airport in San Salvador. “We see a lot of room to grow here and there is a clear
opportunity to add more routes,” said Ortiz. “We especially are looking forward to the arrival of our new Airbus A320neos which when deployed from San
Salvador from late 2016 or early 2017 will open a whole new network structure and enable us to serve many of
the markets we are restricted from currently flying thanks to the enhanced performance of the aircraft. It will
change the DNA of our hub here in San Salvador,” he added.
Estuardo Ortiz, Executive Vice President and Chief Revenue Officer, Avianca, speaks to The HUB at Routes
Americas.
About The Author...
Page 3 of 3
Richard Maslen, Editor, Routesonline
Richard leads the Routesonline community delivering content every day and the weekly The HUB e-newsletter.
With over 16 years in the industry working for a number of aviation publications he brings the team a wealth of
experience and insight. Questions? Leave a comment below or send him a tweet!
Related Media

Powered by Routes TV



Related Organisations
Related Topics
Barcelona - El Prat Airport
Europe
Americas
EXHIBIT 7
The Boeing Company
1 of 1
http://active.boeing.com/commercial/orders/index.cfm?content=displayst...
Orders for August 1958 through August 2014
Customer Name Country
Region
Model
Engine
Order Date
Total
Avianca
Colombia South America
707-320B
PW
18-Jan-1967
1
Avianca
707-320B
PW
11-Jul-1969
1
Avianca
720-000B
PW
30-Jun-1960
2
Avianca
720-000B
PW
15-May-1964
1
Avianca
727-100
PW
15-Apr-1965
1
Avianca
727-100
PW
15-Jan-1966
1
Avianca
727-100
PW
18-Jan-1967
2
Avianca
727-200
PW
01-Sep-1978
2
Avianca
727-200
PW
26-Dec-1979
3
Avianca
737-100
PW
17-Jan-1967
2
Avianca
747-200M
PW
22-Dec-1977
1
Avianca
Colombia South America 767-200ER
PW
01-Sep-1988
2
Avianca
787-8
RR
04-Oct-2006
10
Avianca
787-8
RR
23-Nov-2007
2
Avianca
787-8
RR
28-Sep-2012
3
Total
34
Customer Name Country
Region
Model
Engine
Order Date
Total
Customer: AVI
Model: All Models
Sorted by: Customer
9/9/2014 6:53 PM
EXHIBIT 8
RESPONSE ON REMAND FROM THE UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT DELTA AIR LINES, INC. V. EXPORT‐IMPORT BANK OF THE UNITED STATES (JUNE 18, 2013)
Response Two1 I. Introduction and Summary Conclusion – The Benefits Of Ex‐Im Bank’s Loan Guarantees In The Air India Transactions Substantially Outweigh Any Adverse Effect The Guarantees May Cause In Delta Airlines, Inc. v. Export‐Import Bank of the United States, the United States Court of Appeals for the District of Columbia Circuit considered whether the Export‐Import Bank of the United States (“Ex‐Im Bank” or the “Bank”) complied with its statutory obligation to assess the potential adverse economic effects of a transaction approved by the Bank, referenced in this paper as the “Air India Transactions.”2 The Court did not vacate the Bank’s approval of the Air India Transactions and, instead, directed the District Court to remand the case to the Bank with several options. One of these options was that: the Bank should … (ii) adequately consider and explain any adverse effects that these particular Air India loan guarantees have on U.S. industries and U.S. jobs. 3 On September 30, 2011, the Board of Directors of Ex‐Im Bank4 approved final commitments to finance the purchase of Boeing 787 aircraft by Air India, an airline owned by the Government of India, through the issuance of loan guarantees. This paper responds to the Court of Appeals’ option on remand referenced above by analyzing the potential adverse effects of these loan guarantees on U.S. industries and U.S. jobs. The Bank concludes that these loan guarantees help support approximately 10,700 jobs in the U.S.; that there will be no direct competition to U.S. airlines from the aircraft financed in connection with these loan guarantees; that any adverse effects on U.S. airlines are likely to be negligible even if one assumes that there were to be direct competition; and, in any event, that any theoretical adverse effects are significantly outweighed by the substantial benefits to U.S. industries and U.S. jobs. This paper also considers allegations raised by one U.S. airline, which has asserted that the Air India Transactions provided financing to Air India that was more favorable than the financing available to U.S. airlines, resulting in a significant competitive advantage for Air India. This U.S. airline has also asserted that Bank financing has encouraged foreign airlines to add capacity 1
The Bank has also prepared a separate response entitled “Response One” to the remand from the Court of
Appeals.
2
718 F.3d 974 (D.C. Cir. 2013). 3
Id. At 978.
4
Please see the attached Glossary for definitions of all defined terms and other technical terminology. beyond what they otherwise would have added, creating oversupply in the market for airline services. The Bank concludes that neither of these allegations is valid. II. Background A. The Export‐Import Bank The Export‐Import Bank of the United States is an independent agency of the U.S. Federal Government. Its mission is to provide loans, guarantees, and insurance to support American jobs by supporting U.S. exports. In Fiscal Year 2012, Ex‐Im Bank authorized transactions of approximately $35.8 billion, which supported approximately $46.1 billion dollars in U.S. exports. According to the jobs calculation methodology the Bank utilizes (discussed more extensively below), these exports in turn supported approximately 255,000 jobs in the United States in Fiscal Year 2012.5 When supporting export financing, the Bank collects fees in return for its support. The Bank is self‐sustaining and thus takes in more money than it expends. Its fees are equal to—and usually greater than—the Bank’s expenses, including any losses the Bank may sustain on transactions. From fiscal years 2008 through 2012, Ex‐Im Bank transferred $1.6 billion to the U.S. Treasury, representing fees in excess of losses and costs.6 B. Export Credit Agencies Export Credit Agencies (“ECAs”) are agencies of national governments that provide financial support—in the form of loans, guarantees, or insurance—for exports from their home countries or by companies from their home countries. Ex‐Im Bank is the official ECA of the United States. Most of the major industrialized countries have ECAs. Ex‐Im Bank and many ECAs from other countries work through the Organization for Economic Cooperation and Development (the “OECD”) to establish common guidelines for ECAs to follow in supporting exports. These guidelines are generally known as the Arrangement. Within the Arrangement, there is a separate set of guidelines, now known as the Aircraft Sector Understanding, applicable to ECA support for the export of aircraft. As explained in more detail below, these guidelines set out the most favorable financial terms that the Bank is permitted to provide for aircraft purchases. C. The Aircraft Sector Understanding Ex‐Im Bank, as well as the European ECAs that support sales of Airbus aircraft, participate in the Aircraft Sector Understanding (“ASU”). The predecessor to the ASU was known as the Large 5
http://www.exim.gov/newsandevents/releases/2013/Statement‐of‐Fred‐P‐Hochberg‐on‐Confirmation.cfm. http://www.exim.gov/newsandevents/releases/2012/export‐import‐bank‐earns‐over‐803‐million‐for‐taxpayers‐
during‐fiscal‐year‐just‐ended.cfm. 6
2
Aircraft Sector Understanding (“LASU”). The LASU and ASU govern the terms under which the ECAs can provide financing support for export sales of aircraft manufactured in their countries. One of the major requirements of these agreements is that an ECA must charge a minimum risk fee for its support. This is essentially like an insurance premium. This minimum risk fee translates into a financial cost, much like up front points on a home mortgage or interest on a loan is a financial cost: The higher the risk fee, the higher the financial cost of the transaction. The minimum risk fee has been raised in various iterations of the ASU, in 2007 and again in 2011. Under the 2011 ASU, which is currently in effect, the risk fee is indexed to a basket of private commercial financing rates. The intention is that the overall financial cost of a transaction supported by an ECA will be equivalent to the overall financial cost of a transaction in the private commercial markets without ECA support. Historically the financial costs of an ECA‐
supported transaction for the sale of wide‐bodied aircraft has been less favorable than the financial costs of an equivalent transaction for U.S. airlines due to aspects of both U.S. tax law and U.S. bankruptcy law that benefitted the parties to these transactions involving U.S. airlines. Significantly, the ASU also requires that the term of repayment be limited to 12 years and requires full amortization of the loan amount over the term of the financing. In other words, the transaction cannot be structured with a balloon payment at the end of the loan term. In contrast, many private commercial loans for purchasing wide‐body aircraft include much longer repayment terms, and allow for variations in the amounts repaid throughout that term. These factors tend to make private commercial financing more attractive than ECA financing. Today, the dominant commercial financing for purchases of aircraft by U.S. airlines is the enhanced equipment trust certificate (“EETC”). An EETC is a structure whereby investors can provide financing directly through the capital markets, as opposed to loan financing provided by banks. The EETCs provide significant cost advantages to U.S. airlines. The EETC is premised on § 1110 of the U.S. Bankruptcy Code, which only applies to U.S. airlines. Section 1110 permits a secured creditor of an airline in bankruptcy to obtain possession of the creditor’s collateral (i.e., the aircraft) 60 days after the bankruptcy petition date, notwithstanding the automatic stay provision that applies to creditors of other types of debtors. This certainty of access to collateral—and thus to payment—significantly decreases the risk to creditors of U.S. airlines and allows these creditors to provide more favorable financing terms than creditors of foreign airlines (which lack equivalent protections).7 In the boom years of 2000 and 2001, U.S. airlines 7
Since November 2001 the situation has changed to some degree as a result of the Convention on International Interests in Mobile Equipment, and its Protocol on Matters Specific to Aircraft Equipment ‐ November 16, 2001 (“Cape Town Convention”). If adopted by a country, the Cape Town Convention provides protections to creditors of foreign airlines that are comparable to the protections provided to creditors of U.S. airlines by §1110 of the U.S. Bankruptcy Code. However, an international EETC market that would be available to foreign airlines has only recently begun to develop. 3
raised $19 billion in the EETC market purchasing new aircraft. In the economic recovery of 2012‐2013, U.S. airlines have raised approximately $3.2 billion in the EETC market.8 D. Ex‐Im Bank Support Levels the Playing Field for U.S. Exporters When Ex‐Im Bank considers whether to provide support for a specific transaction, one key determinant is whether foreign ECA support would be available for financing the sales of a foreign competitor to the proposed U.S. exporter. When it comes to wide‐body aircraft, such as those at issue in the Air India Transactions, there are only two manufacturers in the world: Boeing in the United States, and Airbus in Europe. Sales of Airbus aircraft are supported by the Export Credit Agencies of the United Kingdom, France and Germany. ECA support in a specific transaction provides the buyer with the assurance that financing will be available for the purchase. In addition, ECA support assures the buyer that the financing will be on terms generally as favorable as terms provided by the competing ECA. In other words, Ex‐Im Bank support assures the buyer that the financing terms for purchasing a U.S.‐
manufactured aircraft will be just as favorable as the financing terms for purchasing an Airbus aircraft manufactured in Europe. Thus, Ex‐Im Bank support levels the playing field with regard to the financing costs of the aircraft, so that the sales competition between Boeing and Airbus can be fair and based on the price and quality of the aircraft. The converse is true as well: If Ex‐Im Bank support is not available for a particular transaction, then the competitive advantage tilts to Airbus. In such case, the foreign airline will most likely still purchase an aircraft, but it will be a European‐manufactured Airbus aircraft; and it will most likely still use that European‐manufactured Airbus aircraft in the same manner as it would have if it had purchased a U.S.‐manufactured Boeing aircraft with Ex‐Im Bank support. Indeed, many of the foreign airlines that have received Ex‐Im Bank support readily switch between Boeing and Airbus and have a mixed fleet of Boeing and Airbus aircraft. Even the very few foreign airlines that traditionally have only either Boeing or Airbus aircraft can be persuaded to switch. Japan Airlines, for example, has recently placed a large order of Airbus aircraft after purchasing almost exclusively Boeing aircraft for the last 40 years. E. Open Skies Agreements The implications of aircraft financing must be understood in the context of the overall regulations that govern international airline competition. Generally, provided that there is an open skies agreement between the two relevant countries, airlines from one country may establish routes that fly into another country. India and the United States have such an open skies agreement. An airline from a foreign country may not then fly on to a second destination within the country it is visiting. This is known as cabotage. For example, Air France may fly 8
Bloomberg L.P. (2013) EETC senior tranche bond issuances from U.S. airlines using new aircraft as collateral, 1/1/12 to 11/18/13. Retrieved Nov. 18, 2013 from Bloomberg database. 4
from Paris to New York, but cannot then pick up passengers in New York and then fly to Chicago.9 The same rules generally apply to U.S. airlines flying into other countries. These rules for flights between foreign countries are increasingly governed by bilateral aviation agreements and bilateral “open skies” agreements. The movement toward “open skies” agreements began in the early 1990s with considerable support from the U.S. airlines, which, at the time, were the largest and most successful airlines in the world. Over the past decade, the world has witnessed tremendous growth by foreign airlines in response to the huge economic growth in the emerging markets, led by China. Some of these foreign airlines, pursuant to the “open skies” agreements, have increasingly opened routes to the U.S., and the formerly dominant U.S. airlines have been forced to compete on those routes. Air India, for example, currently has three routes to the following U.S. cities: New York, Newark, and Chicago. A foreign airline’s routes to the U.S. may change from time to time—sometimes fairly quickly—as demand for travel on those routes changes. Thus, in the past five years, Air India has added three routes but dropped two routes, and has moved to smaller aircraft on some routes.10 As a consequence of Open Skies agreements, and the restrictions against cabotage, foreign airlines generally only compete directly with U.S. airlines on routes to and from the U.S. For example, since Air India can only pick up passengers on one stop in the U.S., and U.S. airlines can only pick up passengers on one stop in India, direct competition only occurs between Air India and U.S. airlines on flights between the U.S. and India.11 United Airlines is the only U.S. carrier that currently competes directly with Air India. United Airlines flies from Delhi to Newark and from Mumbai to Newark. Ex‐Im Bank has not received any complaints from United Airlines regarding its competition with Air India. In connection with the Air India Transactions, Air India represented to the Bank that it does not intend to use any of the Ex‐Im Bank‐financed aircraft to fly routes to the U.S. Consistent with that representation, of the ten aircraft delivered to Air India to date in connection with the Air India Transactions, none has been placed on routes flying to the U.S. Thus, Ex‐Im Bank’s guarantees in connection with the Air India transactions will not cause any direct competition between Air India and U.S. airlines. F. The Air India Transactions On September 30, 2011, the Bank’s Board of Directors approved two applications, numbers AP0‐82753[3]XX‐India and AP0‐82253[4]XX ‐ India, referred to here as the Air India 9
The major international U.S. airlines, participate in “alliances” with a group of foreign airlines. They share flight and coding information, and the related revenues, so that one alliance airline can pass off its on‐going passengers to another alliance airline. In this way, airlines ameliorate the restrictions on flights within foreign countries. 10
Air Carriers : U.S. Department of Transportation, Research and Innovative Technology Administration, T‐100 International Segment (All Carriers), Available at: http://www.transtats.bts.gov/DL_SelectFields.asp?Table_ID=261&DB_Short_Name=Air%20Carriers. 11
Open Skies agreements are bilateral, and thus the terms can and do vary. Nonetheless, the description above applies generally. 5
Transactions. These approvals comprise two final commitments for loan guarantees to be issued to a commercial lender (to be chosen by Air India) for loans of up to $1.273 billion for the purchase of new Boeing 787 aircraft by Air India. Salient terms of the Bank’s approval of the Air India Transactions include: ‐
‐
‐
‐
Guarantee Amount: $1.273 billion; The Bank requires the Sovereign Guarantee from the Republic of India; The Bank receives first priority liens on the financed aircraft; The financing is cross‐collateralized by liens on all other Air India aircraft financed by Ex‐Im Bank in past transactions; and ‐ Up to a 12‐year term of repayment with full mortgage style amortization of loan. Ex‐Im Bank has not yet issued any guarantees in connection with the Air India Transactions. The ten aircraft delivered by Boeing to Air India to date were supported by short‐term “bridge” financing provided by private entities, arranged by the Government of India and Air India. In accordance with its Board approval in 2011, sometime in the coming months Ex‐Im Bank is expected to issue its loan guarantees in connection with the long‐term financing, to be obtained by Air India, that will replace the bridge financing. III. Analysis For the reasons that follow, the benefits of the Bank’s guarantees in the Air India Transactions significantly outweigh any potential adverse effects of such guarantees, if, indeed, there are any adverse effects. A. The Bank’s guarantees in the Air India Transactions support sales of U.S.‐
manufactured wide‐body aircraft and related jobs Ex‐Im Bank’s guarantees in this matter are expected to help support over 10,000 jobs in the U.S. The manufacture of wide‐body aircraft is a highly complex and technical process involving thousands of jobs at the primary manufacturer, as well as at its suppliers throughout the U.S. An appraised market value of a Boeing 787 aircraft is approximately $116 million. The manufacture of such an aircraft will require a significant supply chain and significant amounts of labor resources. Ex‐Im Bank’s jobs estimate methodology is based on the jobs calculation methodology used by the Trade Promotion Coordinating Committee (TPCC). TPCC in turn uses employment data computed by the Bureau of Labor Statistics (BLS) to calculate the number of jobs associated with exports. The BLS produces an input‐output table that quantifies the number of direct and indirect production‐related jobs associated with a million dollars of final demand for 196 industries and adjusts for an average amount of foreign content per industry. The jobs figure includes “upstream” jobs—for example, suppliers to the exporters in the transaction. By supporting Boeing’s sales of wide‐body aircraft to foreign airlines, Ex‐Im Bank supports jobs not 6
only at Boeing, but at all of the thousands of suppliers to Boeing. Using the TPCC methodology mentioned above, the Air India Transaction supported approximately 10,700 jobs in the United States. To obtain this result, Ex‐Im Bank followed a methodology that applies the average number of jobs per $1 million of export value to the value of new transactions that Ex‐Im Bank considers. Specifically, Ex‐Im Bank uses the following steps to estimate the number of jobs it supports in a specific transaction: a) Associate each transaction it authorizes in the fiscal year with the appropriate industry code; b) Determine the value of all exports it supports in those transactions by industry code; c) Adjust the export value so that it is consistent with the dollar value that the BLS used in constructing its input‐output tables, because the BLS data is based on prior years’ dollar values; d) Multiply the adjusted export value for each industry by the number of jobs that BLS has determined is needed to support $1 million in exports in each industry; e) Add the estimate of jobs across all industries; f) Divide the sum from step (e) by the total adjusted export value from step (c). This shows the average number of jobs Ex‐Im has supported per $1 million of exports during a given fiscal year. g) Multiply this average by the export value (not by the authorized guarantee amount) of the specific transaction Using this methodology, the Bank determined that during Fiscal Year 2010, it sustained an average of 7.3 U.S. jobs per $1 million in exports. Using the methodology explained above, the Bank calculated that the Air India authorization would have sustained approximately 10,700 jobs. B. The aircraft involved in the Air India Transactions will not directly compete with any U.S. airlines and thus will not have any substantial adverse effect on U.S. industries or U.S Jobs As noted above, Air India has represented to Ex‐Im Bank that it does not intend to use any of the aircraft involved in the Air India Transactions to fly to the United States. Ten aircraft have been delivered based on short‐term “bridge” financing, without the involvement of Ex‐Im Bank financing. Since delivery of the first of these aircraft, none has been used on U.S.‐India routes. Therefore, the specific aircraft‐exports being supported by the Bank’s guarantees do not, and are not expected to, compete with any U.S. airline. If none of the aircraft directly competes with any U.S. airline, there will not be an “adverse effect” on U.S. airlines within the meaning of the Bank’s Charter. 7
Based on Air India’s current and anticipated routes to the U.S., the Boeing 787 would not be the optimal aircraft for Air India to use for those routes. While the 787 is certainly capable of making the trip, it is not the largest aircraft in Air India’s fleet that can make the trip. Generally, on a trip of that length an airline would want a larger aircraft, provided, of course, that the demand is sufficient for a larger aircraft. Since the demand for travel between the United States and India is very strong, it is expected that Air India would use other, larger aircraft for its routes between these two countries. 1. Ex‐Im Bank’s adverse impact analysis properly examines direct competition In conducting an analysis of adverse economic impact, Ex‐Im Bank looks at direct competition. This is true for transactions resulting in the production of goods as well as those resulting in the provision of services. Direct competition means competition that results from the Ex‐Im Bank‐
supported U.S. export, and that competes directly with an equivalent U.S. product or service. In the context of the Air India Transactions, direct competition means competition from the specific aircraft being exported and which is flown on a route also flown by a U.S. airline. The basic reason for this approach is that an analysis of indirect competition is too speculative to provide a meaningful determination of adverse impact. Consider a hypothetical transaction in which the Bank supported an export of equipment to be used by the foreign buyer to manufacture rolled steel. In this scenario, the Bank would examine the adverse effect on U.S. manufacturers of rolled steel. This would be direct competition. However, if the foreign buyer were to sell its rolled steel to a manufacturer of refrigerators, the Bank would not examine the potential adverse effects on U.S. manufacturers of refrigerators. That would be indirect competition. An assessment of potential adverse effects of the indirect competition resulting from the sale of the original steel‐making equipment would be, essentially, impossible and highly theoretical. Reliance on such speculation would prejudice the original U.S. exporter of the steel‐making equipment. First, in order to analyze the indirect competition resulting from the foreign buyer’s manufacture of rolled steel, the Bank would have to analyze hundreds if not thousands of industries that could potentially purchase the foreign buyer’s rolled steel to manufacture other products. It would be impossible for the Bank to collect and analyze the data involving so many different industries in any time frame that would be reasonable. It is highly unlikely that Congress, knowing that Ex‐Im Bank is an agency of only approximately 400 employees, expected the Bank to undertake such a mammoth task on any transaction, much less on all transactions. Second, analyzing the competition to U.S. industries from each of those hundreds or thousands of industries purchasing the foreign buyer’s rolled steel would involve innumerable variables. For example, in the rolled‐steel example, in order to analyze the competitive effect on U.S. manufacturers of refrigerators (to pick just one example), the Bank would have to analyze, among other things: i) shipping costs of refrigerators from the foreign manufacturers’ plants to their buyers, as compared to the shipping costs of refrigerators from U.S. manufacturers to their buyers; ii) the relative prices and quality of all the different refrigerator models made by 8
foreign manufacturers and U.S. manufacturers; iii) applicable tariffs or duty charges to the foreign manufacturer as opposed to the U.S. manufacturer in each of the countries to which each manufacturer could export its refrigerators; iv) labor costs for the foreign manufacturer as compared to U.S. manufacturers; and v) costs and availability of components or other materials necessary to manufacture the refrigerators in each country. These are just a few of the potential variables that would need to be reviewed for all of the potential manufacturers of refrigerators that could potentially purchase rolled steel from the original buyer of the steel‐
making equipment. And this process would have to be replicated across the hundreds or thousands of other industries that could, potentially, purchase the rolled steel from the original buyer of the steel‐making equipment. Needless to say, this would be an impossible burden to undertake on a single transaction. In addition, the difficulty of extrapolating meaningful conclusions increases geometrically as the number of variables increases. Even if the Bank were able to collect all of the hundreds of thousands of data points necessary for analyzing indirect competition, deriving reasonable conclusions about indirect competition would be impossible, because the connection of the Bank’s loan guarantee to the decisions of secondary purchasers from the original buyer in the transaction is simply too attenuated.12 These complications would be compounded for transactions resulting in the provision of a service, such as the export of aircraft. For several reasons, transactions that result in the provision of a service by the foreign buyer are inherently more difficult to analyze in terms of adverse economic impact. Transactions resulting in the production of a good by the foreign buyer are relatively stable and measurable. Although a factory can be shut down and production moved to another site, this is a costly and relatively prolonged process, and thus the barriers to such change are significant. The far greater likelihood is that a plant, once built, will remain for a significant period of time. In addition, the goods manufactured at that plant can be tracked as they are shipped—and thus the relative trade flows can be more easily analyzed. On the other hand, transactions resulting in the provision of most services are generally amorphous. There is no manufacturing facility and thus no significant barrier to changing the characteristics of the service very quickly. Airline services are a good example of this principle. Airlines fly routes, but routes can be changed relatively quickly. As noted above, in the past five years, Air India has added three routes to the U.S., dropped two routes, and moved to smaller 12
The critique that the Bank should not confine itself to direct effects ignores the fundamental difference between the Bank’s mission and that of regulatory entities. Regulatory agencies may be required to analyze both direct and indirect impacts of regulatory requirements, including using cost‐
benefit analysis that contemplates wide‐reaching assessments of both direct and secondary benefits and building extensive economic models across a broad range of industries. However, the Bank must align its decision‐making process within the prompt timeframes of a commercial transaction and the practical constraints for assessing the economic impact of its transactions, while carrying out its mission to support U.S. exports. Moreover, because the Bank is designed to facilitate U.S. exports in a competitive global market, it is inevitable that all of its transactions could be said to have ripple effects on the U.S. economy. As explained in the text, it is practically impossible to assess all such ripple effects. 9
aircraft on some routes. In addition, when an airline stops flying a certain route, those aircraft and crews can generally be quickly shifted, either to increase flights on existing routes or to create different new routes. Thus, closing a route is not, in and of itself, evidence of a harm or loss to that airline. On the contrary, it could just as well indicate that the airline has discovered a more profitable use for the aircraft and crew that had been used on the now‐closed route.13 These inherent features of services make indirect comparisons even less feasible and less fruitful in the services context than in the goods context. For these reasons, the only reasonable approach to analyzing adverse effect in the airline context is to compare direct competition on a “route to route” basis. In the case of aircraft involved in the Air India Transactions, the airline has represented that it does not intend to use any of the aircraft on routes to the United States. Thus, there is no direct competition for purposes of the adverse effect analysis, and no adverse effect on the U.S. airline industry. 2. Objections to Ex‐Im Bank’s “route to route” approach are unfounded Three objections have been made to Ex‐Im Bank’s “route‐to‐route” approach to adverse impact in aircraft transactions: i) even if a Bank‐supported aircraft is not flown to the U.S., the Bank’s financing allows the foreign airline to “free up” another aircraft to fly to the U.S., and thus still results in competition with U.S. airlines; ii) indirect route competition should also be included in the analysis; and iii) purchasing newer, more fuel efficient aircraft inherently gives a competitive advantage to foreign airlines. These objections ignore the inherent nature of services, as described above. Objection One: Even if an aircraft exported with Ex‐Im Bank support is not flown to the U.S., it allows the foreign airline to “free up” another aircraft to fly to the U.S., and thus still results in competition with U.S. airlines. This objection implicitly assumes that for every aircraft exported with Ex‐Im Bank support, the foreign airline will open a new route to the U.S. or will add aircraft to an existing route. This is an unreasonable assumption. The Bank‐financed aircraft may be used to replace existing aircraft rather than expand service, or they may be used on any of hundreds of routes in different parts of the world on which a foreign airline such as Air India could choose to deploy the aircraft. There is no basis for Ex‐Im Bank to simply assume that the foreign airline will automatically opt to open routes to the United States or add aircraft to existing routes to the U.S. merely because it has acquired new aircraft. To the contrary, all evidence indicates that new routes are only opened after careful study. 13
The amorphous nature of transactions involving services raises the question as to whether there is any meaningful and reliable way to ascertain whether a specific transaction causes or would cause any adverse economic impact on U.S. industries or U.S. jobs. This applies to airlines as well. The malleable nature of airline services calls into question whether adverse impact that arises even from direct competition is permanent or reliably measurable. Nonetheless, in the airline context, adverse impact arising from indirect competition is simply speculative, and therefore the Bank looks to the effects of direct competition as the only feasible way of measuring any adverse impact that may arise. 10
Moreover, a foreign airline’s decision whether to open a new route to the U.S. or to expand its existing service is generally not driven by the number of aircraft in its fleet. There are many reasons why a foreign airline might decide to open a route to the U.S. or to any other destination. One of those reasons might be that the airline has aircraft available or is acquiring new aircraft to establish that route. However, the far more likely reason is that the foreign airline has analyzed the potential traffic on the route, as well as the cost of operating on that route, and has determined that opening or expanding such a route would be a good business venture. This type of analysis is by no means limited to routes to the U.S., especially when one considers the continued expansion of the economies of Asia and other parts of the world, and the consequent growth in demand for air travel. More importantly, Ex‐Im Bank does not have access to the reasons why a foreign airline may decide to open or make changes to a route. The Bank relies on the representation of the foreign airline about its intended use of the aircraft, and limits its analysis to data to which it does have access and from which it can draw reasonable conclusions without venturing into speculation. That is why the Bank limits itself to analyzing the expected direct, head‐to‐head competition between the foreign airline and U.S. airlines. The fallacy of this objection to the Bank’s “route to route” competition approach is exemplified by Air India itself. Air India’s recent history of opening and closing routes does not correlate to the number of aircraft it has purchased. In the past five years, Air India has opened three routes and closed two routes to the United States, for a net gain of one route. In addition, it has moved to smaller aircraft on some of these routes because, presumably, it determined that the larger aircraft load factor (i.e., seats filled) was too low. Furthermore, since the delivery of ten of the aircraft actually associated with the Air India Transactions, Air India has not opened any new routes or added to any routes to the U.S. If the objection to the Ex‐Im Bank procedures were valid, then one would expect several new or expanded routes to the U.S. since the ten aircraft were delivered. But nothing of the sort has happened. This concrete example shows why Ex‐Im Bank’s approach of analyzing direct head‐to‐head competition is the more reasonable approach to follow. Objection Two: Indirect route competition should also be included in the analysis. Indirect route competition in this case refers to other routes that a passenger could take to get to the same destination. For example, a foreign airline such as Air India may fly between Mumbai and a U.S. city such as Newark, while a U.S. airline flies between Washington and Mumbai. The argument is that the Air India flight to and from Newark takes passengers away from the U.S. airline flight out of Washington because the Newark passengers otherwise would have gone to Washington to connect to Mumbai. A second hypothetical scenario is the same, except involving a foreign city. Assume: a) that a U.S. airline has a direct nonstop flight between Newark and Frankfurt and then flies on to Shanghai (assuming also it is permitted to do so under the applicable open skies agreement); b) that Air India has a flight between Newark and Mumbai; and c). that Air India obtains new aircraft with Ex‐Im Bank‐supported financing and creates a new route from Mumbai to 11
Shanghai. The argument is that, for passengers that want to get to Shanghai from Newark, the new Air India route flight takes passengers away from the U.S. airline because those passengers now have a competing route to get between Newark and Shanghai, whereas before those passengers were likely to simply take the one‐stop flight to Shanghai on the U.S. airline. The kind of analysis suggested by this objection is untenable. To consider the adverse impact of indirect competition under these scenarios, Ex‐Im Bank would be required to analyze the competitive effects of its support on all possible connections on all U.S. airlines between the U.S. and all foreign destinations which could logically be used as a way station to the ultimate destination. Using the foregoing hypothetical example, if Ex‐Im Bank supports the sale of aircraft to Air India, then Ex‐Im Bank would be required to determine virtually every city in the world to which any U.S. airline flies and from which the passenger could catch one or more connecting flights to cities that also have connecting flights to Mumbai. This approach would require the Bank to analyze hundreds of routes. For each person that travels, there are myriad factors that go into the decision of which flight to take. It would be highly speculative to derive any conclusion about hundreds of such decisions on each of hundreds of different routes. In the first hypothetical scenario above, it is not reasonable to simply assume that a Newark passenger would necessarily fly to Washington to connect to Mumbai. Perhaps the Newark passenger would not have travelled at all absent a direct flight to Mumbai. Perhaps the Newark passenger would still prefer to fly on a U.S. airline, and so finds other transportation to Washington to catch the flight to Mumbai. Perhaps the departure time of the flight out of Newark is not as convenient as the departure time of the flight out of Washington? Perhaps there is a substantial price difference. Perhaps the passenger in question prefers airlines from his or her own country, no matter which U.S. city is the departure city. This list of “perhaps” could go on and on. In short, in analyzing adverse impact of aircraft transactions, the Bank analyzes the direct head‐
to‐head competition on specific routes because such an analysis can be done based on reasonably available data that will not require significant speculation in order to arrive at a conclusion that is fair to all interested parties. In this case, there is no anticipated direct competition between Air India and any U.S. airlines arising from the Air India Transactions. In the absence of direct competition, the reasonable approach to the analysis indicates that there will be no adverse impact resulting from the Bank’s loan guarantees in this matter within the meaning of the Bank’s Charter. Objection Three: Purchasing newer, more fuel efficient aircraft inherently gives a competitive advantage to foreign airlines. This “objection” to Ex‐Im Bank’s mode of analyzing adverse impact is a truism. Naturally, purchasing more fuel‐efficient aircraft will give a competitive advantage to any airline that buys them, as compared to any airline that does not buy them. If a U.S. airline makes a conscious decision to continue using its older, less fuel‐efficient aircraft, then naturally it will have the relative disadvantage of having greater expenses in flying the older aircraft because fuel costs comprise a substantial portion of the costs of operating an aircraft. However, this “objection” is 12
akin to saying that hiring more efficient mechanics, or buying a more efficient ticketing and reservation system will give a competitive advantage. Of course they will. These are business choices that all airlines – and, indeed, all businesses – must make all the time. An airline such as Air India must choose between acquiring new, fuel‐efficient aircraft and thereby taking on significant debt, or maintaining a fleet of older, less efficient aircraft but keeping its debt low. Air India has chosen the former approach. But this, in and of itself, is not a valid “objection” directed at Ex‐Im Bank. Inherent to this “objection” by a single U.S. airline is the assumption that either: a) the Ex‐Im Bank financing induced the foreign airline to purchase the aircraft; or b) in the absence of Ex‐Im Bank financing, the foreign airline would not be able to obtain the new, more fuel‐efficient aircraft. Both assumptions are patently false. As noted below, the value of aircraft such as the Boeing 787 aircraft, known as Dreamliners, involved in the Air India Transactions are approximately $116 million each, and the costs of operating wide‐body aircraft over the course of its expected 25 year lifetime exceed $1 billion. The difference, if any, between the cost of ECA financing and the cost of private financing is extremely small in the context of these huge purchase and operating costs. It is highly unlikely that such a difference in financing costs would induce an airline to make a purchasing decision of this magnitude. As to the ability to obtain the aircraft, Ex‐Im Bank is not the only source of financing available. In the Air India Transactions, for example, Ex‐Im Bank required the sovereign guarantee of the Government of India. That sovereign guarantee carries the equivalent of an investment grade credit rating. Given the Government of India’s willingness to provide such a sovereign guarantee, there is no reason to believe that Ex‐Im Bank would be the only available source of financing. On the contrary, it is abundantly clear that if Ex‐Im Bank financing had not been made available to support the export of U.S. manufactured aircraft, then Air India would simply have purchased equivalent aircraft from Airbus, with support from the several European ECAs in Airbus’s home countries. C. Even assuming, arguendo, that Air India were to fly one or more of the aircraft involved to the U.S., the adverse effects on U.S. airlines would be insignificant in the context of airline competition Because the Bank has determined that only direct competition with U.S. airlines should be analyzed for purposes of determining adverse effects on U.S. airlines under the Bank’s Charter, and because the Air India Transactions will not result in any direct competition with U.S. airlines, the Air India Transactions therefore will have no significant adverse effect on U.S. airlines. This determination satisfies the remand from the Court of Appeals, and the analysis could end here. Nonetheless, the Bank has gone further, hypothetically assuming that some of the aircraft being financed would be flown to the U.S. and would compete directly with U.S. airlines. This hypothetical exercise will help elucidate the logic implicit in an adverse impact analysis relating 13
to aircraft, and will provide an illustration of the possible magnitude of any such adverse impact if the Air India Transactions were, hypothetically, to result in direct competition. This analysis has three basic steps: a)
Determine if there is a “pricing advantage” arising out of Ex‐Im Bank’s support; b)
Assess the value of any adverse effects that may result from such a pricing advantage, if any; and c)
Compare the benefits of the Bank’s guarantees to any adverse effects. 1. Analyze a price advantage The first step in such a hypothetical analysis is to evaluate whether Ex‐Im Bank support of the Air India Transactions would provide any financing cost advantage as compared to financing available to a U.S. airline. To make the assessment in this first step, Ex‐Im Bank compared the Air India Transactions to the most comparable U.S. airline transaction in the private market. Specifically, the Bank compared the financing terms Air India obtained (or could obtain) under the LASU, the 2007 ASU and the 2011 ASU with the financing terms of the September 2007 Southwest Airlines EETC issuance. The 2007 Southwest EETC is the most appropriate comparison for the Air India financing, because the 2007 Southwest EETC is the most recent by a U.S. investment grade airline, and because the aircraft are still far from the end of their operating life. Moreover, EETCs are essentially bonds that are traded on the open market. Consequently, the price at which the EETC trades – known as the “mid‐yield” – is an appropriate measure of how the market perceives the credit risk of the EETC and thus provides appropriate data to conduct this analysis at various points in time. In choosing a comparable EETC, Ex‐Im Bank tried to match the credit rating of the airline and the quality of the collateral package with the credit rating of Air India and the collateral package of the Air India Transactions. In the Air India Transactions, Ex‐Im Bank classifies Air India as an investment‐grade credit because it is backed by the sovereign guarantee of the Government of India. The only comparable U.S. airline is Southwest Airlines because it is the only U.S. investment grade passenger airline. Even in transactions with collateral, the credit risk of the borrower is a significant element in determining the appropriate interest rate to charge. Just as in personal finances, the person with a better credit rating (i.e., lower credit risk) is likely to obtain a more favorable interest rate. This step of the analysis shows the annualized interest rate spreads over the Treasury rate for: i) Ex‐Im Bank financing under each of the three OECD rule regimes (LASU, 2007 ASU, and 2011 ASU), and ii) the Southwest 2007 EETC financing. Each set of interest rate spreads is analyzed for two time periods: x) the date on which the Air India Transactions were authorized in September 2011; and y) September 2013. 14
Table 1 below summarizes the findings of the analysis. The “Estimated Market Financing for EETC Bond” column shows the annualized interest rate spread for the Southwest EETC, based on the trading levels of the bond for each period analyzed. The “Est. Ex‐Im Financing for Air India” displays (i) Air India’s annualized interest rate spread based on typical commercial bank funding it could have obtained and (ii) the financing parameters of each of the three OECD rule regimes. The difference between the Ex‐Im Bank financing and market financing annualized interest rate spreads at the two illustrated times suggest that the Ex‐Im Bank‐supported Air India financing costs were, at a minimum, 1.4% higher than a comparable EETC issuance, and, at a maximum, 1.75% lower than a comparable EETC issuance.14 Table 1 ‐ Interest Rate Spread Comparison: Estimated Ex‐Im Financing for Air India Under Each of the OECD Rule Regimes Compared to Estimated Market Financing for EETC Bond as Spreads, 2011 and 2013 Financing Options as Annualized Interest Rate Spreads1 Estimated Market Financing for EETC Bond2 Estimated Ex‐Im Financing for Air India Under Each OECD Rule Regime3 LASU
2007 ASU 2011 ASU
September 2011 4.06% 2.31% 2.43% 3.07% September 2013 2.17% 2.00% 2.12% 2.31% 1 Each financing option reflects the spread over the relevant Treasury base rate. 2 Est. Market Financing derived from trading levels of Southwest 2007 EETC bond in secondary market on given date. 3 Est. Ex‐Im Financing calculated in accordance with relevant LASU/ASU regime. 14
It should be noted that these differences do not take into account various factors that make the Air India financing costs higher. These include the cost of the bridge financing for Air India and the financial cost of cross‐
collateralization required by Ex‐Im Bank in the Air India Transactions, but not required in the Southwest 2007 EETC. By requiring Air India to secure these Air India Transactions with all aircraft that Air India has ever financed through Ex‐Im Bank, the Bank effectively prevents Air India from re‐financing those other aircraft. This restricts Air India’s liquidity and thus imposes a financial cost on Air India. The Bank has not factored this in because the value of such a financial cost cannot be reasonably quantified in the absence of a specific financing offer related to those other aircraft. 15
The analysis uses spreads over the relevant Treasury rate to capture and compare the risk spread. In other words, the general market condition is common to both Ex‐Im Bank financing and EETC financing for U.S. airlines. The point of the analysis is to isolate and examine those factors that are not common to both sets of transactions so as to determine which is more favorable. The Bank’s pricing comparison made adjustments to the transactions to account for differences such as the Average Weighted Life of the transaction and the Advance Rate (sometimes called the loan‐to‐value ratio). The Bank then accounted for the fact that the Air India Transactions required a minimum risk premium fee to be paid to Ex‐Im Bank. Finally, the Bank also accounted for the cost of capital for the portion of the purchase price that is not financed. Ex‐Im Bank’s highest Advance Rate was up to 85% of the actual (or “net”) purchase price, while EETC transactions can have varying Advance Rates, some of which go higher than 85% of net purchase price. These differences must be adjusted analytically in order to be able to make a true “apples to apples” comparison of the relative pricing advantages of the two transactions. Because of the difference in structure between Ex‐Im Bank financing under the OECD rule regimes and EETC issuances generally, Ex‐Im Bank utilized a financial model to make adjustments to the terms of each financing to arrive at comparable interest rate spreads. The full models for each of the spreads listed in Table 1 may be found in Exhibit 1 (under charts A and B), and a full technical explanation of the model can be found in Exhibit 2 (both exhibits are included at the end of this paper). In the fall of 2011, when Ex‐Im Bank authorized the Air India Transactions, the most favorable rate a foreign airline possibly could have obtained would have been a LASU‐based interest rate spread of 2.31% (the LASU column for Sept. 2013) compared to an EETC interest rate spread of 4.06% (the EETC column for Sept. 2011). In this comparison, LASU‐based financing is 175 basis points (or 1.75%) less expensive than EETC‐based financing. The end of 2011 was a time of a significant spike in interest rates for any but the best borrowers, primarily due to the European sovereign debt crisis, and related European bank crisis. Today, the market dynamics have changed. Thus, doing the same pricing comparison as of today changes the relationship. The result is that EETC financing available to a U.S. airline would be roughly equivalent to the financing available to a foreign airline under any of the 3 LASU or ASU options. These time‐specific comparisons illustrate the theoretical difference between Ex‐Im Bank financing under the different LASU and ASU rules and EETC financing available to U.S. airlines in the capital markets. However, these comparisons only indicate the possible range of comparability. In this specific transaction, Air India is only now preparing to obtain long‐term financing for the Ex‐Im Bank supported aircraft. Hence, the September 2013 row in Table 1 is the best comparison of actual costs of financing because it best reflects the actual, not theoretical, difference in pricing. 16
Furthermore, EETC financing affords U.S. airlines the flexibility of obtaining financing when the market is most favorable. A U.S. airline obtaining financing from the EETC market can use various tools to wait until the market is more favorable. For certain cash‐rich airlines, they can purchase the aircraft with cash, and then re‐finance the aircraft on the EETC market at a later point. For those airlines not quite so flush with cash, if the EETC market improves after an initial EETC issuance, those airlines can re‐finance on the EETC market at that time. U.S. airlines can also pre‐fund a purchase considerably in advance of the actual purchase of the aircraft if they anticipate a down‐turn in the market. Thus, in the comparison in Table 1, it is more likely that the row represented by September 2013 is a better representation of the possible differences between EETC financing and Ex‐Im Bank financing in the Air India Transactions because any U.S. airline would take advantage of the flexibility of EETC financing to go to that market in the improved conditions represented in 2013. Indeed, it is only since the markets have improved that U.S. airlines seem to be returning to the market to purchase new aircraft. 2. Analyze the trade flow with a hypothetical route The next step attempts to quantify the possible effects of any pricing advantage on U.S. airlines. For this step of the analysis, Ex‐Im Bank studied the effect on a U.S. airline resulting from the hypothetical addition of an Air India direct flight from Washington, D.C. to New Delhi. While no U.S. airline currently flies this route, it is possible to hypothesize that both a U.S. and a foreign airline could choose to fly between the capital cities of two large countries in the future. This hypothetical scenario will assume that a U.S. airline flies this route and provides daily service. This analysis will then examine the magnitude of hypothetical displacement costs imposed on the U.S. airline from the addition by Air India of one competing route using two Boeing 787 aircraft.15 Displacement cost, in this context, refers to a financial loss to the U.S. airline. We use Boeing 787 aircraft, also called the “Dreamliner,” because those are the aircraft involved in the Air India Transactions. Before proceeding to the displacement analysis, however, it should be noted that there are reasons to doubt that the availability of Ex‐Im Bank financing is likely to affect Air India’s behavior or provide it with a significant competitive advantage. First, any theoretical financing cost advantage from the Air India Transactions is quite minimal when viewed in the larger context of the high cost of operating the aircraft. As shown in Table 1 above, comparing the LASU rate against EETC financing as of September 2011—the most conservative comparison—produces an interest rate spread of 1.75% (2.31% under the LASU as compared to a market rate of 4.06%). Financing a $100 million aircraft over 12 years, this financing differential would produce a net savings in total interest of $12.04 million. Amortized over the expected 25‐year life of the aircraft, this total interest expense equates to $482,000 15
Daily long‐haul routes typically require at least two long‐range aircraft, so it is reasonable to assume that two Boeing 787s would be used solely to provide daily non‐stop service on this route. 17
savings per year.16 The average annual cost to operate a commercial wide‐body aircraft—
including fuel, landing fees, labor charges, maintenance and repairs, etc.—is between $40 to $70 million.17 Savings of $482,000 per year is thus relatively minimal compared to the overall cost of operating an aircraft and is unlikely to influence an airline’s decision regarding whether to expand its fleet. This is not to suggest that such an effect should be ignored, but its significance must be viewed in the larger context of the cost of operating these aircraft. Second, the difference is also minimal when viewed on a per‐seat basis. Assuming the aircraft will fly only 400 annual trips (another conservative assumption), the conservative estimate of $482,000 in annual savings results in $1,205 saved per trip.18 Assuming the aircraft has 200 seats and averages a 75% load factor, this savings translates to $8.33 per ticket. In other words, even using the conservative assumptions described above, the difference in financing costs means that each passenger might pay only $8.33 more on the U.S. airline than the foreign airline financed by the Bank. In the context of a $1,000 to $2,000 economy class ticket, a potential $8.33 difference in price is not likely to affect a passenger’s decision to fly with one airline rather than another. Any competitive advantage provided by Ex‐Im Bank financing would likely be minimal. The methodology for the displacement cost calculation is based on the assumptions set forth below. In assessing the reasonableness of these assumptions the Bank has relied upon decades of experience and knowledge in aircraft finance that it has accumulated over the years. In addition, in this displacement methodology the Bank has attempted to make reasonable conservative assumptions that would tend to increase any possible displacement cost. In other words, the Bank has relied on assumptions that are likely to over‐estimate the degree of any adverse effect on competing U.S. airlines. In some cases, it was not feasible to make a conservative assumption, and those cases have been noted. a) Focus on economy passengers. When evaluating how many passengers on the current U.S. carrier flight might switch to the new Air India service, the Bank, for the sake of analysis only, assumes that only economy passengers are likely to switch in response to a difference in airfare. Economy passengers tend to be more price sensitive than other consumers and therefore, if there is a difference in ticket prices, are more likely to switch carriers than other passengers. The analysis would become unduly complicated if we were to add business class and first class passengers because there are additional 16
Ex‐Im Bank only provides up to 12 year repayment terms, and thus the interest would only be paid over that
period. However, the savings from that hypothetically lower financial cost would be enjoyed over the 25 year
expected life of the aircraft.
17
Operating costs include crew, fuel, maintenance, landing fee, navigation fee, airplane station, and ground power.
This is an average figure for operations derived from “Lessors and Appraisers Aircraft Economics Handbook,”
September 2013, Created by Boeing Airline Economics Group.
18
These assumptions for the annual number of trips, number of seats and load factor are all conservatively low
assumptions made for simplicity’s sake. The cumulative effect of these assumptions is to generate a relatively high
estimate for the amount per seat that a foreign airline saves by using Ex‐Im Bank financing. The real per‐seat
savings is likely lower.
18
immeasurable factors that could affect any decision by those passengers to switch to a new foreign airline. This assumption may tend to lower the amount of any possible displacement costs. However, in order to compensate for its sole focus on economy class seats, the Bank has, in the next step below, utilized a conservative range of assumptions to estimate how many passengers might switch to the new Air India Service. b) Two scenarios for the percent of economy passengers who switch. This analysis uses two percentages, a low estimate and a high estimate, to estimate the possible diversion of passengers away from the U.S. carrier’s current service. The low estimate assumes that 10% of passengers would switch to the hypothetical new Air India service in the first year. The high estimate assumes that 20% of passengers would switch in the first year. This range was based on assumptions of passenger traffic displacement submitted by the only U.S. airline that has commented on the issue.19 There are reasons that the magnitude of displacement is unlikely to be quite so high20. The magnitude of the displacement depends on various factors such as the demand for air travel and the strength of customer loyalty programs such as frequent flyer packages. The demand for air travel could be anticipated growth in demand resulting from general economic growth, especially in the developing economies, or new demand generated by the addition of the new carrier to the route. Given that India is forecast to experience economic growth exceeding most of the rest of the world, there is likely to be considerable growth in demand for air passenger services between India and the U.S. over time. Hence the U.S. carrier flight would very likely be operating at capacity within several years regardless of theoretical U.S. airline passenger shifts in the first year of the new hypothetical Air India service. Accordingly, starting with the 10% and 20% figures for displaced U.S. carrier economy passengers for the first year of the hypothetical new service, this displacement calculation will assume a 1% and 2% decrease in displaced passengers, for the low estimate and high estimate, respectively, per year following the initial displacement (of either 10% or 20%) in the first year.21 19
That U.S. airline commented that the range of passenger displacement could be anywhere from 5% to 30% of passengers, but this appeared to be wholly conjectural. The airline did not provide any basis for the figures it proposed. The Bank has rejected the outer points of that U.S. airline’s assumption as being outliers, and chosen a range between the outer points of the U.S. airline’s assumption. 20
Aircraft such as the Dreamliner cost more than $100 million to purchase, and cost $40 to $70 million to operate annually. It is highly doubtful that an airline would make that kind of capital investment based solely on the hope of stealing existing passengers who currently fly on other airlines. It is much more likely that airlines make these investment decisions based on their own demand analysis, according to which, demand may increase for any number of reasons, including the availability of additional flights. 21
Not all economy passengers on the hypothetical Washington DC‐New Delhi flight are the same. Some are local passengers who only fly between Washington DC and New Delhi. These passengers are most likely to switch. Other economy passengers will be taking another flight as part of their overall trip. For example, a U.S. passenger may travel from Dallas to New Delhi via Washington, DC. These passengers are less likely to switch because they can purchase tickets for both legs entirely through the hypothetical U.S. carrier. Each group would in theory have a distinct percentage of passengers who would switch carriers when faced with a new competitor on the 19
c) Airfare. The revenue loss from the potential displacement each year considers high and low ticket prices of $1,000 and $2,00022. This estimate is expensive for an economy fare. Thus, it is a conservative assumption because it assumes a higher displacement loss to the U.S. airline. d) Discount Rate. The present value of the revenue loss from potential displacement uses the prevailing Export‐Import Bank direct loan interest rate for a 12‐year repayment term for the discount rate.23 This rate is a low rate that is equivalent to the Treasury rate. The lower the rate used as a discount of present value, then the higher the present value will be. Thus, this assumption is also a very conservative assumption that would tend to increase the value of any displacement cost to a U.S. airline in the hypothetical example being analyzed. e) Seats and Load Factor. On the hypothetical Washington‐New Delhi route, the U.S. carrier uses a Boeing 777‐200 aircraft with a seating capacity of 217 economy seats. Assuming an average annual load factor (the ratio of seats filled to total seats) of 81.70%, which is the overall load factor for U.S.‐ international flights,24 the annual round‐trip passengers for this route totals 64,710 passengers. Applying the foregoing assumptions, Table 2 below shows two ranges of potential revenue loss from displacement of U.S. passengers by the hypothetical new Air India flights, based on the low and high scenarios for passenger switch rates, and for the range of airfares. Washington, DC‐New Delhi route. However, to avoid unnecessary complexity, this analysis assumes that the
overall diversion percentage for all economy passengers in the first year lies within the 10% to 20% range,
decreasing by 1% and 2%, respectively, every year thereafter. The subsequent decrease in the displacement is
based on the assumption that demand for air travel between the United States and India will continue to grow as
India continues to grow economically, which is expected.
22
On the NYC to DEL route: Air India charges $2,162 for a ticket a month in advance and $1,199 for a ticket two
months in advance. (Air India Website http://www.airindia.com/, accessed on November 20, 2013)
A one‐stop from WAS to DEL on a U.S. carrier costs $1,463 for a ticket one month in advance. (Price on Delta
Airlines; information available on www.kayak.com, accessed on November 20, 2013)
A one‐stop from WAS to DEL on a foreign carrier costs $901 for a ticket one month in advance. (Price on Etihad
Airways; information available on www.kayak.com, accessed on November 20, 2013)
23
August‐September 2013 12‐year repayment CIRR of 2.71%.
24
See data for 2013 from the Research and Innovation Technology Administration, Bureau of Transportation
Statistics. Accessible (average 2012) at http://www.transtats.bts.gov/Data_Elements.aspx?Data=1.
20
Table 2 ‐ Revenue Loss from Economy Passenger Displacement, Present Value25 Percent of U.S. Airline Passengers Switching 10% initially 20% initially decrease by 1% a year decrease by 2% a year Airfare = $1,000 $32.4 million $64.7 million Airfare = $2,000 $64.7 million $129.5 million 3. Impact on U.S. Industries and U.S. Jobs As noted, the foregoing hypothetical analysis makes several conservative assumptions that would tend to tip the analysis towards a finding of adverse impact. Nonetheless, even based on these conservative assumptions, the benefits of the Air India Transactions significantly outweigh any adverse effects. The benefit to the U.S. economy resulting from the hypothetical transaction above is represented by the total value of two Boeing 787 aircraft exported to India and hypothesized to be used by Air India to create a new route between Washington and New Delhi. On a route such as this, it would take at least two aircraft in order to provide daily service. Therefore, we assume two aircraft. In this case, since the hypothetical involves aircraft from the Air India Transactions, these are assumed to be Boeing 787 Dreamliners. These two aircraft are valued at approximately $232 million.26 Thus, the benefit to U.S. industry is valued at approximately $232 million. The analysis above indicates a potential displacement of U.S. airline services over the 12‐year repayment period, which could yield a total cost to the U.S. airline industry within the overall range of $32.4 million to $129.5 million. Subtracting the costs to U.S. industry from the benefits to U.S. industry indicates that this transaction would result in a range of $199.6 million to $102.5 million as a net benefit to U.S. industry and U.S. jobs. Using the TPCC calculation method outlined above, the export of two aircraft worth $232 million supports approximately 1,700 U.S. jobs. It should be noted that if the hypothetical were expanded to include more aircraft being used by Air India to open more routes, the net benefits would still significantly outweigh any adverse effects for the simple reason that the value of the U.S. aircraft being used on such routes would still exceed the adverse displacement costs of such routes on U.S. airlines. 25
The present value was calculated on a quarterly basis.
2013 appraisal of $116 million for one Boeing 787‐8. See The Guide, Volume 34, Aviation Specialists Group.
September 2013.
26
21
4. Ex‐Im Bank’s Disagreements with Assumptions Posed by A U.S. Airline One U.S. airline has, through public comments submitted in connection with other airline transactions, made various assumptions about the proper way to conduct a displacement analysis27. Those assumptions are, at a minimum, highly unlikely, and therefore not reasonable. The discussion below describes the questionable assumptions embodied in the approach of the single U.S. airline, along with the Bank’s view of each: a) Incorrect Assumption #1: Ex‐Im Bank enables foreign airlines to buy aircraft that would NOT otherwise be purchased by those foreign airlines. Ex‐Im Bank response: Given the competition from Airbus on every sale, supported by the three European ECAs, Ex‐Im Bank financing affects only the sourcing of an aircraft, not the decision or ability of a foreign airline to purchase an aircraft. As noted above, any pricing advantage there may be to Ex‐Im Bank financing is marginal in the context of both the $116 million appraised market value of a single Dreamliner and the approximate $40 to $70 million in annual operating costs for a wide‐body aircraft. No prudent airline would make an investment of that magnitude, and take on such massive operating costs, based solely on the theoretical savings in financing costs. This is yet another reason why the analysis above is conservative: Any displacement to U.S. airlines that is caused by the purchase of long‐range aircraft by a foreign airline is likely to occur regardless of whether the foreign airline is able to obtain Ex‐Im Bank financing because the foreign airline would simply purchase European‐manufactured Airbus aircraft and operate that aircraft to the U.S. b) Incorrect Assumption #2: Ex‐Im Bank financing induces passenger shifts in a range of up to 30%. Ex‐Im Bank response: Because financing is such a relatively small part of airline operating costs, even the largest hypothesized difference in financing costs would have a small impact on the price of a ticket. As noted above, the highest theoretical pricing advantage from Table 1 results in an annual financing cost savings of $482,000 per aircraft, which translates to approximately $8.33 per ticket. In other words, even using the conservative assumptions described above, the difference in financing costs means that each passenger might pay only $8.33 more on the U.S. airline than the foreign airline financed by the Bank. In the context of a $1,000 ‐ $2,000 ticket, a potential $8.33 difference in ticket price is not likely to affect an economy passenger’s decision to purchase a ticket on one airline versus another. 27
This one U.S. airline’s comments were submitted together with those of a smaller regional airline, and an airline‐
related union. 22
c) Incorrect Assumption #3: U.S. airlines would not take any steps to mitigate their displacement cost losses. Ex‐Im Bank response: It is likely that any U.S. airline affected by any displacement costs would take steps to mitigate if not negate such losses. One example would be that the U.S. airline could shift its aircraft to another route where it could have a higher utilization. In other words, a U.S. airline faced with competition from a foreign airline would likely respond, not by absorbing losses from empty seats or by removing the aircraft from service altogether, but by deploying it on a different, more profitable route. Therefore, even assuming that Ex‐Im Bank financing will lead to increased competition from foreign airlines, U.S. airlines more than likely will take steps to minimize any potential harm from such competition. This is yet another reason why any displacement hypothesized by the analysis above is an overly conservative estimate. D. There is no oversupply in the world market for air travel services. The one U.S. airline discussed above also asserts that while U.S. passenger demand for long‐
haul flights has remained level since 2002, Ex‐Im Bank financing has encouraged foreign airlines to add capacity that they otherwise would not have added, thereby creating oversupply in the market. This assertion is incorrect. First, Ex‐Im Bank financing does not encourage foreign airlines to add capacity. Financing is far too small a factor to affect the decision to purchase highly expensive aircraft such as the Dreamliner. Even assuming, arguendo, that a significant pricing advantage existed, the financial benefit of such an advantage would be minimal as compared to the overall cost of operating wide‐body aircraft and operating an international airline. As noted above, the appraised value of a Boeing 787 Dreamliner is approximately $116 million. In addition, the approximate annual operating costs for a wide‐body aircraft are an additional $40 to $70 million.28 Over the 25 year expected life of an aircraft, these operating costs are $1 billion to $1.75 billion. In the face of these huge investments and expenses, it is highly improbable that the availability of Ex‐Im Bank financing would encourage foreign airlines to add capacity that they otherwise would not add absent Ex‐Im Bank financing. While the availability of financing can influence an airline’s choice of manufacturer (Boeing versus Airbus), the airline’s decision to make hugely expensive aircraft investments occurs well before (and is separate from) the airline’s decision how and where to seek financing. Based on Ex‐Im Bank’s knowledge of the airline industry, only after an airline decides to purchase large aircraft do the issues of sourcing and financing options come into play. Second, the Bank’s outside experts have concluded that there is no oversupply in the international airline market. For the purpose of evaluating whether the relevant market is 28
As noted above, the operating costs are in addition to the financing costs of the aircraft. 23
likely to be in “surplus,”29 Ex‐Im Bank determines whether there exists “structural oversupply” in the global marketplace. “Structural oversupply” refers to a long‐term chronic excess of supply compared to demand, resulting from non‐market factors such as government subsidies, ECA financing, control of landing rights and other matters. Structural oversupply is an ongoing dynamic in which non‐commercial influences are so powerful and endemic in the industry that global capacity in the industry, over the long‐term, stabilizes at levels well above those warranted by long‐run market forces. In the aviation field, non‐commercial influences could include government actions such as subsidies or route allocations. In 2013, Ex‐Im Bank engaged a recognized, independent expert in the aviation field, ICF SH&E, to determine whether there is a structural oversupply in the global air transport industry. To conduct its oversupply analysis, ICF SH&E looked at a number of factors, including what non‐
commercial influences exist in the global airline industry that could have a long‐term impact on supply, and whether these influences exist to such a degree that they adversely and significantly affect global supply. Examples of some of these non‐commercial influences included: subsidies; international Air Service Agreements; price controls; ownership restrictions; and enforcement or lack of enforcement of safety and security regulations. The expert report issued concluded that ICF SH&E “do[es] not believe that non‐market interventions, when taken collectively, are likely to cause a dominant, significant and adverse long‐term impact on oversupply on the global air transport industry during the 2013 – 2015 period.” The one U.S. airline alleging that there is oversupply in the world airline market has asserted that, as compared to other industries, the capital investments by airlines yield a very low return. The suggestion is that this low return on investment necessarily is caused by an oversupply of aircraft. The logic appears to be that airlines could derive a higher return on investment if there were fewer aircraft in the market. In other words, this airline wants to restrict the supply of aircraft so that it can raise its ticket prices. Moreover, this argument assumes that the only factor impacting airline industry returns is the size of global commercial aircraft fleet relative to worldwide travel demand. In fact, a number of factors, including product quality, management quality, regulatory policies, and others, also impact worldwide airline returns. As such, it does not necessarily follow that a low level of airline industry return is, by itself, indicative of global commercial aircraft oversupply. 29
The term “surplus” is set forth in Section 2(e)(1)(A)(i) of the Bank’s charter. The Bank interprets this provision to refer to “structural” oversupply. It does so because markets are cyclical and fluctuates constantly between oversupply and undersupply. Sometimes supply exceeds demand (oversupply) and then the market adjusts and demand exceeds supply (undersupply) and then back again. If Congress intended the Bank to halt support of transactions in which the market in question is in “cyclical” oversupply, the Bank would have to monitor hundreds of different markets in such a way that the Bank could react immediately when that market went into “surplus.” In most cases, by the time the Bank could have investigated, the relevant market would have long‐since adjusted itself. Thus, any interpretation that requires the Bank to rely on cyclical oversupply would directly contradict the numerous Congressional directives to support U.S. exports. Since cyclical surplus is caused by market forces, Congress must have meant ‐ structural oversupply only. Hence, the Bank applies the concept of “structural” oversupply—namely, surplus that is caused by non‐market forces—to its analysis. 24
Finally, even if one were to examine indicators of cyclical oversupply, the weight of the evidence indicates that the airline industry is not in cyclical oversupply. Specifically, in the past 20 years there has been consistent growth in demand for air travel, and that growth continues today; over the past several years, the “load factors” (i.e., how full the aircraft is) have continued to increase steadily; the numbers of aircraft in “parked fleets” (i.e., available aircraft not being used) is very low and has continued to decline; and utilization rates of aircraft (i.e., how frequently an aircraft is actually used) is on a continued upswing. All of these factors reinforce the conclusion that even cyclical oversupply does not currently exist. Conclusion Even making several conservative assumptions regarding adverse impact, the thousands of jobs in the United States supported by the Air India Transactions far outweigh any minimal adverse effect on U.S. industries and U.S. jobs that might be hypothesized. November 22, 2013 Export‐Import Bank of the United States 811 Vermont Ave. N.W. Washington, D.C. 20571 25
“Adverse Economic Impact” “Air India” “Air India Transactions” “Airbus” “Aircraft Sector Understanding” “Arrangement” Glossary is the short‐hand term used to refer to any serious negative effects on U.S. industries or U.S. jobs, as set forth in the Bank’s Charter, that result from Ex‐Im Bank loans, guarantees or insurance. The Bank’s Charter contains three provisions that address adverse economic impact, found at: 12 U.S.C. §§ 635(b)(1), 635a‐2; 635(e) is an airline owned by the Government of the Republic of India. are the two final commitments, approved by Ex‐Im Bank on September 30, 2011, for loan guarantees for the purchase of a number of 787 “Dreamliner” aircraft from Boeing, and to be financed by a commercial lender not identified at the time. As of the date of this paper, Ex‐Im Bank has not issued any of its loan guarantees, but is expected to do so in the coming months. Ten of the aircraft involved in these two final commitments have been delivered to Air India and are in use by Air India on routes outside the United States. The deliveries of the ten aircraft were made using private short‐term financing as to which Ex‐Im Bank had no involvement. Airbus SAS is a Europe‐based manufacturer of large commercial aircraft. Airbus is the only competitor to Boeing, the U.S. manufacturer. Airbus sales are supported by the ECAs of Germany, France, and the U.K. also known as the ASU, is an agreement among members of the OECD that manufacture aircraft and Brazil. The ASU requires that Export Credit Agencies that support the export of aircraft follow certain rules and restrictions that set forth the most favorable terms that can be provided. These rules and restrictions include: the Export Credit Agency must charge a minimum risk premium which is determined by the ASU; the term of any loan made by or supported by the Export Credit Agency for the purchase of aircraft cannot exceed 12 years; the Export Credit Agency today can lend or guarantee only up to 85% of the actual purchase price of the aircraft being exported, and the use of risk mitigants. The ASU was preceded by the Large Aircraft Sector Understanding which governed these issues until the enactment of the 2007 ASU. The ASU was again updated and revised in 2011. (See also the Large Aircraft Sector Understanding.) is the agreement among Export Credit Agencies governing the terms by which they will provide loans, guarantees or insurance in support of exports from their respective countries. Among other things, the Arrangement requires Export Credit Agencies 26
“ASU” “Average Weighted Life” “Bank Act” “Bank Advisory Committee” “Basis points” “Capital Equipment” “Charter” “Dreamliner” “ECA” “Economic Impact Procedures” “EETC” “Enhanced Equipment Trust Certificate” to charge a minimum risk premium, which is governed by the Arrangement. See also Organization for Economic Cooperation and Development. see Aircraft Sector Understanding. for purposes of this paper, refers to the average number of years that each dollar of unpaid principal on a loan remains outstanding. For example, a loan with equal principal payments throughout the loan term will have an average weighted life close to the middle of the whole loan term. is the Export‐Import Bank Act of 1945, 12 U.S.C. §635, as amended. is the official Advisory Committee of the Bank appointed in accordance with the Bank Act and the Advisory Committee Act. The Bank Advisory Committee is comprised of representatives of various industry and market sectors, as well as representatives of labor and international trade experts. are a numerical measure applied to interest rates. One basis point equals 1/100th of one percent; or 100 basis points equals one percent. is equipment used to manufacture a product, provide a service, or sell, store or deliver merchandise. A wide‐body aircraft is a piece of capital equipment. is the Bank Act and the provisions of the Export‐Import Bank Reauthorization Act of 2012 (P.L. 112‐122) that are not codified in the Bank Act. is the name given to a Boeing 787 wide‐body commercial aircraft. see Export Credit Agencies are procedures adopted by Ex‐Im Bank to assess whether transactions supported by the Bank cause a serious adverse economic impact to U.S. industries and U.S. jobs. See also Adverse Economic Impact. see Enhanced Equipment Trust Certificate. also known as an EETC, is a type of secured bond issued by a borrower in the capital markets. The EETC is secured by the equipment being purchased with the proceeds of the bond issuance. EETCs are used primarily for aircraft and since the late 1990s has been the dominant financing tool used by U.S. airlines to purchase aircraft. Section 1110 of the U.S. Bankruptcy Code—
which allows creditors of aircraft borrowers to obtain their collateral within 60 days if the payments on their debt is not current – has provided creditors of U.S. airlines a level of comfort not available to creditors of foreign airlines until 27
“Equipment Trust Certificate” “ETC” “Ex‐Im Bank” or “Bank” “Export Credit Agencies” “exportable goods screen” “Export‐Import Bank of the United States” “Exposure Fee” “Foreign Sales Corporation” “FSC” “Investment Tax Credit” “KFW” recently. This generally provided U.S. airlines with a significant financial advantage vis a vis their foreign competitors. Recently the adoption of the Cape Town Convention and the related Aircraft Equipment Protocol has provided creditors of foreign airlines with protections similar to the protections provided by section 1110 of the U.S. Bankruptcy Code. Recently this has led to the beginnings of an international EETC market. also known as an ETC, was the predecessor to the Enhanced Equipment Trust Certificate. see Equipment Trust Certificate See: The Export‐Import Bank of the United States are agencies or ministries of government that have the official role of providing loans, guarantees or insurance in support of exports from their respective countries, or in support of exports by sales of companies from their respective countries. Ex‐Im Bank is the official Export Credit Agency of the United States of America. is a screen or filter adopted by Ex‐Im Bank in its 2001 Economic Impact Procedures. The exportable goods screen is utilized, along with other screens, to balance the Bank’s obligation to consider the adverse economic effects of its transactions on U.S. industries and U.S. jobs with the Bank’s mandate to support U.S. export transactions in a timely manner so as to fully support the exporter’s business opportunity. The exportable goods screen filtered out transactions that supported exports which could only be used by a foreign buyer to provide services, rather than produce goods is an independent agency of the Federal Government of the United States of America. Also known as “Ex‐Im Bank”. Ex‐Im Bank’s mission is to support U.S. jobs by supporting U.S. exports. See 12 U.S.C. 635 et seq. is the risk premium charged by Ex‐Im Bank in exchange for its guarantee in certain transactions. The exposure fee must be at least equal to the minimum risk premium required by the terms of the Arrangement and the Aircraft Sector Understanding. is a company created under the terms of a former provision of the U.S. Internal Revenue Code. Foreign Sales Corporations received significant tax benefits. see Foreign Sales Corporation is a credit permitted under the U.S. Internal Revenue Code for the purchase of certain types of equipment in certain circumstances. See also Leveraged Leases the development bank for the Federal Republic of Germany. 28
“Large Aircraft Sector Understanding” “LASU” “Leveraged Lease” “LIBOR” “Net price” “OECD” KFW is an Export Credit Agency, but it also operates through a “market window” which is not subject to the Home Market Rule. Thus, KFW provides support to Airbus for its sales of aircraft to U.S. airlines. The United States does not have an equivalent institution and Ex‐Im Bank does not have a “market window”. also known as LASU, was the predecessor to the Aircraft Sector Understanding. The LASU governed the same general issues as are set forth in the Aircraft Sector Understanding except that the minimum risk premium was lower than that required in the 2007 ASU and 2011 ASU. When the 2007 ASU was enacted, grandfathering provisions allowed ECA‐supported financing for a limited number of aircraft to be governed by LASU. see Large Aircraft Sector Understanding. is a lease of equipment and is designed to allow the lessor to take advantage of certain tax code provisions, such as the depreciation deduction and the investment tax credit, while allowing the lessee to obtain the equipment involved at a significantly lower cost. Leveraged Leases were a very popular means for U.S. airlines to acquire aircraft throughout the 1980s and 1990s. The value of the tax deductions to the lessor were significant so that the implicit interest rate in the lease payments by the U.S. airline were extremely low. Usually the U.S. airline did not have sufficient profit to take advantage of the favorable tax code provisions. By using a leveraged lease, another company that could shelter income by using the tax code provisions would buy the equipment and lease the equipment to the U.S. airline. Usually, at the end of the lease term, the U.S. airline would purchase the aircraft. is the London Inter‐bank Offering Rate. It is commonly used as a reference rate in loan transactions that have floating, or adjustable, interest rates. LIBOR reflects the rate at which banks will lend money to each other. LIBOR is set for various loan terms (e.g., 3 months, 6 months, etc) and is widely published, making it a convenient rate to use as a reference rate. is the price paid after all discounts have been deducted. The net price is the actual price paid for a piece of equipment. In aircraft transactions, pursuant to the ASU, Ex‐Im Bank will only support up to 85% of the net price of an aircraft. EETC transactions, on the other hand, often support the nominal purchase price of an aircraft, and thus result in a significantly higher amount financed. see the Organization for Economic Cooperation and Development. 29
Open Skies Agreement Is a type of bilateral agreement between countries that govern the rights of airlines from the two countries to fly into the other country. Open Skies Agreements generally allow free access to fly as many routes to a country as an airline may choose, but then usually restrict the ability to fly within the other country. Generally it is a “fly in and out” rule, although there are exceptions. “Organization for also known as the OECD, is an organization comprised of 34 Economic Cooperation member countries that work together to promote development. and Development” The United States is a member. With regard to Ex‐Im Bank, the OECD is the organization through which the U.S. Government negotiates an agreement among Export Credit Agencies known as the Arrangement and the ASU (and its predecessor, the LASU). “Pass Through Certificate” also known as a PTC, is a group of Equipment Trust Certificates pooled together to form the basis for a bond issuance. “PTC” See Pass Through Certificate “Ryanair” is a low‐cost Irish airline that began business after European deregulation of airlines in 1997. Ryanair rapidly expanded during the first decade of the 2000s, creating significant competition for other airlines. “Screens” are a type of filter used by Ex‐Im Bank in its Economic Impact Procedures. Screens are designed to identify those transactions which are not likely to cause an adverse economic impact to U.S. industries or U.S. jobs, so that such transactions can be processed more quickly and efficiently as required by the Bank Act. “Substantial Injury” is a term defined in Ex‐Im Bank’s Charter to be applied in connection with the Bank’s economic impact procedures. 12 U.S.C. §635(e)(4). The Charter states “…the extension of any credit or guarantee by the Bank will cause substantial injury if the amount of the capacity for production established, or the amount of the increase in such capacity expanded, by such credit or guarantee equals or exceeds 1 percent of United States production”. “TPCC” see Trade Promotion Coordinating Committee. “Trade Promotion also known as the TPCC, is an interagency committee of the U.S. Coordinating Committee” Government, chaired by the Secretary of Commerce. It was established under the Export Enhancement Act of 1992 to provide a unifying framework to coordinate the export promotion and export financing activities of the U.S. government and to develop a government‐wide strategic plan for carrying out such programs.
“Trade Sanctions” refers to any of a number of sanctions imposed by the U.S. Government against companies, countries, industries, or 30
products, usually as a result of an accusation of adjudication of a violation of an international trade agreement. The Bank Act requires Ex‐Im Bank to take certain trade sanctions into account in its economic impact procedures. 31
Exhibit1:ChartA Market(EETC)andEx‐Im(AirIndia)PricingComparison:atAirIndia'sAuthorization(September2011)
Adjuustments
OriginalValues
LineItem
MarketPricing(EETC)
Definitionand/ornote
LUV2007‐1
(tradinglevelon9‐30‐
11)
Ex‐ImFinancing(AirIndia)
1
LASU
2007ASU
2011ASU
Airlinecreditrating
Ratingofairline/obligor&ASUriskcategory
BBB
2
N/A
3
1
4
1
5
Averageweightedlife(AWL)
TermofAWL
6.83
6
6.25
7
6.25
7
6.25
7
Advancerate
EstimatedLoan‐to‐Value(LTV)
81.3%
8
85.0%
9
85.0%
10
80.0%
11
Adjustedadvancerate
LTVadjustedtoreflecttotalfinancingpackage
Nominalinterestrate
Interestrate onAtranche(EETC)andcommercial
bankrate(ASU)
CostofRiskMitigant
100.0%
12
100.0%
12
100.0%
12
100.0%
12
5.28%
13
2.50%
14
2.50%
14
2.50%
14
Averagecostofone "A"riskmitigant
N/A
15
0.07%
16
0.07%
16
N/A
17
CostofCommitmentFee
Requiredunderthe2011ASUTransitional
Arrangements
N/A
18
0.05%
19
0.03%
20
N/A
21
Riskfeesasspread
L/ASURiskpremiumforborrower
N/A
22
0.49%
23
0.66%
24
1.37%
25
Explicitinterestrate
Nominalrateplusfees
5.28%
26
3.11%
27
3.25%
28
3.87%
29
InternalCostofCapital
Interestrate onBtranche
6.19%
30
6.19%
30
6.19%
30
6.19%
30
Totalinterestrate‐ fixedrate
basis
Blendedrate(weightedexplicitrateand
corporatecostofcapital)onfixedratebasis
5.45%
31
3.57%
32
3.69%
33
4.33%
34
FinalRate
Treasurybase
InterpolatedTreasuryrate
‐1.39%
Totalinterestrate‐ spreadbasis
TotalinterestratelessTreasurybase(bps)
406
35
‐1.26%
36
‐1.26%
36
‐1.26%
36
37
231
38
243
38
307
38
{297}
39
{310}
39
2
Footnotes
ThisanalysisusestheSouthwest(LUV)2007‐1EETC asaproxyforcomparingpricingavailabletoaninvestmentgradeU.S.airlineinthemarkettothepricingthataninvestmentgradeairline
couldobtainundertheASU.BecauseSouthwestistheonlyinvestmentgradeU.S.passengerairline,EETCsissuedbythisairlinearetheonlyappropriateproxiesforcomparison.Themost
recentSouthwestEETCwasissuedin2007("LUV2007‐1").ThisanalysismakesuseofcurrenttradinglevelsofLUV‐2007‐1asthereferencecostforU.S.airline.However,thereare
significantlimitationsassociatedwithusingthisspecificEETCissuanceduetoitsage.Forexample,LUV2007‐1wasfouryearsoldwhentradingatthelevelsusedin thisanalysis,andthe
EETCstructurehasevolvedsincethebond'sissuance,specificallywithregardstocross‐defaultandcross‐collateralizationfeatures.Further,theunderlyingcollateralinthebond(737‐700)is
lessmarketablenowwiththeintroductionofnewerandmorefuelefficientnarrow‐bodyaircraft(A320NeoandB737MAX).Nonetheless,giventhattheriskfeeschargedunderthe2011ASU
dependonthecreditratingoftheairline,itisnecessarytouseanEETCissuedbyaninvestmentgradeU.S.airlineasthereferencebasis.Analyticalexercisesdesignedtoisolatethe
implicationsofthesespecificcreditqualitydifferencesonthespreadbasisindicatethatthe spreadsexhibitedinthisbond couldeasilybehigherthanapost‐2009EETCwith thesameterm
andsecurityforthesameairline.
FitchratedSouthwest(LUV)as"BBB"in2011(and asan"A"whentheEETCwasissuedin2007).
3
RiskratingofobligornotrequiredunderLASU.
4
TheGovernmentofIndia,GuarantorfortheAirIndiatransaction,classifiedasriskcategory1underthe2007ASU.
5
6
AverageweightedlifeforAtrancheofLUV2007‐1basedonavg.lifedateofJuly2018.
7
StandardAWLforLASU,2007ASU,and2011ASU
8
EstimatedCurrentMarketLTV.ClassAtrancheLTVperLUV2007‐1EETC=65%;adjustedtoestimatedcurrentmarketvaluebyaddingstandard25%increaseininitialLTV(from
prospectus)toJPM'scurrentmarketvalue(CMV)LTV:[65%+(.25*65%)]=81.3%
9
Maximumadvancerateof85%allowableunderLASU
10
Standardadvanceratefor2007ASU
11
Standardadvanceratefor2011ASURiskCategory1(investmentgrade)buyers
12
Adjustedadvanceratetoequaltotalfinancingpackageof100%ofcostofaircraft
13
AverageofBidYield(5.451%)andOfferYield(5.116%)forAtrancheLUV2007‐1secondarypricingasof03‐Oct‐11pertheJPMEETCTradingMarketUpdate.
14
RategeneratedusingBloombergswapmanager(SWPM)‐‐valueshownswapsthecommercialbankLIBORintofixedTreasuryon30‐Sep‐11withmaturationdate(30‐Sep‐23)andadds72bp
spread(averagemarginbenchmarkspreadon USEx‐Imaircraftdealsexcludingcapitalmarketsissuances+22bpsperJPMderivativesdeskadvice):Bloombergswapmanagergenerated
2.49515%inparcouponfield.
15
MitigantfeesnotchargedunderEETC
16
EstimatedcostofobtainingtheGovernmentofIndiasovereignguarantee,whichEx‐Imassumesisequivalenttothecostofoneriskmitigantunderthe2011ASUregimes.Notethatthecostof
riskmitigantsisdebatablewith7basispoints(bps)beingaconservative(low)estimate;analternativeEx‐Imanalysisusingthe2011ASUMPRcalculatormodelindicatesthecostofone risk
mitiganttobe85bps.
17
Mitigantfeesnotchargedunder2011ASU.
1
2 18
CommitmentfeenotchargedunderEETC.
19
Underthe2011ASUTransitionalArrangementforLASUtransactions,acommitmentfeeof35bpsperannumisrequiredtobechargedfromtheearlierofthedateofthefinalcommitmentor
31‐Mar‐11,untiltheaircraftisdelivered.Usingtheanticipateddeliverydatebywhichallaircraftfinancedunderthe LASUtransactionwereanticipatedtohavebeendelivered—andtheEx‐Im
financingsupportingtheseaircraftwouldhavebeendisbursed—onDecember31st,2012,thisanalysischargesanannualizedcostof5.1bpsperyearoverthetotal12yearaircraftfinancing.
(Calculationof5.1bpsfigure:March31,2011–December31,2012=1year,9months.At35bpsperyearoverthe1year9monthsatotalof61.25bpscommitmentfeewillbeaccrued.
31.25bpsdividedby12years=5.1bpsperyearoverthe12year financing.)
20
Underthe2011ASUTransitionalArrangementfor2007ASUtransactions,acommitmentfeeof20bpsperannumisrequiredtobechargedfromthe earlier ofthedateofthefinal
commitmentor31‐Jan‐11,untilthe aircraftisdelivered.Usingtheanticipateddeliverydatebywhichallaircraftfinancedunderthe2007ASUtransactionwereanticipatedtohavebeen
delivered—andtheEx‐Imfinancingsupportingtheseaircraftwouldhavebeendisbursed—onDecember31,2012,thisanalysischargesanannualizedcostof3.19bpsperyearoverthetotal
12yearaircraftfinancing.(Calculationof3.19bps figure:January31,2011–December31,2012=1year,11months.At20bpsperyearoverthe 1year11monthsatotalof38.3bps
commitmentfeewillbeaccrued.38.3bpsdividedby12years=3.19bpsperyearoverthe12yearfinancing.)
21
Commitmentfeenotchargedunder2011ASU.
22
23
L/ASUriskfees notchargedunder EETC.
3%upfrontLASUfeeonaper annumbasisyieldsaspreadof49bpsusingthe2007ASUfeecalculatormodelandtheLASUratefortheperiodof21‐Sep‐11through04‐Oct‐11
24
Usingthe2007aircraftfeecalculator,translatethe4.00% upfrontfeeforCategory1buyerintoaper annumspreadbasedontheapplicableASUCIRR(2.83)on30‐Sep‐11.
25
riskfeesasspreadforCategory1airlinefortheperiodofQ32011
26
=nominalinterestrate+nofees=5.28%
27
=2.5%+0.07%+ 0.05% +0.49%= 3.11%(nominalinterestrate+costofriskmitigant+costofcommitmentfee+riskfeesasspread)
28
=2.5%+0.07%+ 0.03% +0.66=3.25%(nominalinterestrate+costofriskmitigant+costofcommitmentfee+riskfees asspread)
29
=thenominalinterestrate,orthecommercialbankrate,plustheASUriskfeeasaspread(2.50%+1.37%=3.87%)
AverageofBidYield(6.368%)andOfferYield(6.004%)forBtrancheLUV2007‐1secondarypricingasof03‐Oct‐13pertheJPMEETCTradingMarketUpdate.UsecouponrateonBtranche
asproxyforestimatedinternalcostofcapitaltobeusedforremainingfinancingbeyondLTV/advancerate
30
31
=weightnominalinterestrateasportionadjustedLTVisof100%financing,andcorporatecostofcapitalrateasdifferencebetweenadjustedLTVandtotal100%financing
(5.28%*.813)+(6.19%*.187)=5.45%
32
=weightnominalinterestrateasportionadvancerateisof100%financing,andcorporatecostofcapitalrateasdifferencebetweenadvancerateandtotal100%financing
(3.11%*.8)+(6.19%*.2)=3.57%
33
(3.25%*.85)+(6.19%*.15)=3.67%
34
weightnominalinterestrateasportionadvancerateisof100%financing,andinternalcostofcapitalrateasdifferencebetweenadvancerateandtotal100%financing
(3.87%*.8)+(6.19%*.2)=4.33%
35
interpolated6.83yearTreasuryon30‐Sep‐11(tomatchAWLofLUV2007‐1)todeterminetotalinterestrateonaspreadbasis
36
interpolated6.25yearTreasuryon26‐Sep‐13(tomatchstandardL/ASUAWL)todeterminetotalinterestrateonaspreadbasis
37
=totalmarketfinancingreflectedonaspreadbasis(afterremovalofTreasurybase) 38
=totalEx‐Imfinancingreflectedonaspreadbasis(afterremovalofTreasurybase)
39
=totalLASU/2007ASUinterestratereflectedonaspreadbasis(afterremovalofTreasurybase)whereestimatedcostofattainingtheGovernmentofIndiasovereignguaranteeis85bpsas
opposedto7bps.Seefootnote#16above.
3 Exhibit1:ChartB Market(EETC)andEx‐Im(AirIndia)PricingComparison:currently(September2013)
Adjuustments
OriginalValues
LineItem
MarketPricing
(EETC)
Definitionand/ornote
LUV2007‐1
(tradinglevelon9‐
26‐13)
1
LASU
2007ASU
2011ASU
Airlinecreditrating
Ratingofairline/obligor&ASUriskcategory
BBB
2
N/A
3
1
4
1
5
Averageweightedlife(AWL)
termofAWL
4.83
6
6.25
7
6.25
7
6.25
7
Advancerate
EstimatedLoan‐to‐Value(LTV)
81.3%
8
85.0%
9
85.0%
10
80.0%
11
Adjustedadvancerate
LTVadjustedtoreflecttotalfinancingpackage
Nominalinterestrate
coupononAtranche(EETC)andcommercial
bankrate(ASU)
CostofRiskMitigant
100.0%
12
100.0%
12
100.0%
12
100.0%
12
3.29%
13
3.03%
14
3.03%
14
3.03%
14
Averagecostof1"A"riskmitigant
N/A
15
0.07%
16
0.07%
16
N/A
17
CostofCommitmentFee
Requiredunderthe2011ASUTransitional
Arrangements
N/A
18
0.08%
19
0.05%
20
N/A
21
Riskfeesasspread
L/ASURiskpremiumforborrower
N/A
22
0.50%
23
0.66%
24
0.98%
25
Explicitinterestrate
nominalrateplusfees
3.29%
26
3.68%
27
3.81%
28
4.01%
29
InternalCostofCapital
coupononBtranche
4.63%
30
4.63%
30
4.63%
30
4.63%
30
Totalinterestrate‐ fixedrate
basis
Blendedrate(weightedexplicitrateand
corporatecostofcapital)onfixedratebasis
3.54%
31
3.82%
32
3.94%
33
4.13%
34
4
Ex‐ImFinancing(AirIndia)
FinalRate
Treasurybase
InterpolatedTreasuryrate
‐1.37%
Totalinterestrate‐ spreadbasis
TotalinterestratelessTreasurybase(bps)
217
35
‐1.82%
36
‐1.82%
36
‐1.82%
36
37
200
38
212
38
231
38
{267}
39
{278}
39
Footnotes
ThisanalysisusestheSouthwest(LUV)2007‐1EETC asaproxyforcomparingpricingavailabletoaninvestmentgradeU.S.airlineinthemarkettothepricingthataninvestmentgrade
airlinecouldobtainundertheASU.BecauseSouthwestistheonlyinvestmentgradeU.S.passengerairline,EETCsissuedbythisairlinearetheonlyappropriateproxiesforcomparison.The
mostrecentSouthwestEETCwasissuedin2007("LUV2007‐1").ThisanalysismakesuseofcurrenttradinglevelsofLUV‐2007‐1asthereferencecostforU.S.airline.However,thereare
significantlimitationsassociatedwithusingthisspecificEETCissuanceduetoitsage.Forexample,LUV2007‐1iscurrentlysixyearsoldandtheEETCstructurehasevolvedsincethe
bond'sissuance,specificallywithregardstocross‐defaultandcross‐collateralizationfeatures.Further,theunderlyingcollateralinthebond(737‐700)islessmarketablenowwiththe
introductionofnewerandmorefuelefficientnarrow‐bodyaircraft(A320NeoandB737MAX).Nonetheless,giventhattheriskfeeschargedunderthe2011ASUdependonthecreditrating
ofthe airline,itisnecessarytouseanEETCissuedbyaninvestmentgradeU.S.airlineasthereferencebasis.Analyticalexercisesdesignedtoisolatetheimplicationsofthesespecificcredit
qualitydifferencesonthespreadbasisindicatethatthespreadsexhibitedinthisbondcouldeasilybehigherthanapost‐2009EETCwiththesametermandsecurityforthesameairline.
2
FitchratedSouthwest(LUV)as"BBB"in2011(and asan"A"whentheEETCwasissuedin2007).
3
RiskratingofobligornotrequiredunderLASU.
4
5
6
AverageweightedlifeforAtrancheofLUV2007‐1basedonavg.lifedateofJuly2018.
7
StandardAWLforLASU,2007ASU,and2011ASU
8
EstimatedCurrentMarketLTV.ClassAtrancheLTVperLUV2007‐1EETC=65%;adjustedtoestimatedcurrentmarketvaluebyaddingstandard25%increaseininitialLTV(from
prospectus)toJPM'scurrentmarketvalue(CMV)LTV:[65%+(.25*65%)]=81.3%
9
Maximumadvancerateof85%allowableunderLASU
10
Standardadvanceratefor2007ASU
11
Standardadvanceratefor2011ASURiskCategory1(investmentgrade)buyers
12
Adjustedadvancerateofthe EETCtoequaltotalfinancingpackageof100%ofcostofaircraft
13
MidYieldforAtrancheLUV2007‐1secondarypricingasof23‐Sep‐13pertheJPMEETCTradingMarketUpdate.
14
RategeneratedusingBloombergswapmanager(SWPM)‐‐valueshownswapsthecommercialbankLIBORintofixedTreasuryon26‐Sep‐13withmaturationdate(26‐Sep‐25)andadds72
bpspread(averagemarginbenchmarkspreadonUSEx‐Imaircraft dealsexcludingcapitalmarketsissuances+22bpsperJPMderivativesdeskadvice):Bloombergswapmanager
generated3.032229%inparcouponfield.
15
MitigantfeesnotchargedunderEETC
16
EstimatedcostofobtainingtheGovernmentofIndiasovereignguarantee,whichEx‐Imassumesisequivalenttothecostofoneriskmitigantunderthe2011ASUregimes.Notethatthe
costofriskmitigantsisdebatablewith7basis points(bps)beingaconservative(low)estimate;analternativeEx‐Imanalysisusingthe2011ASUMPRcalculatormodelindicatesthecost
ofoneriskmitiganttobe85bps. Mitigantfeesnotchargedunder2011ASU.
1
17
5 18
CommitmentfeenotchargedunderEETC.
19
21
Underthe2011ASUTransitionalArrangementforLASUtransactions,acommitmentfeeof35bpsperannumisrequiredtobechargedfromtheearlierofthedateofthefinalcommitment
or31‐Mar‐11,untiltheaircraftisdelivered.Usingtheconservativeassumptionthatallaircraftfinancedunderthe LASUtransactionwillbedelivered—andtheEx‐Imfinancingsupporting
theseaircraftwillbedisbursed—onOctober31st,2013,thisanalysischargesanannualizedcostof7.5bpsperyearoverthetotal12yearaircraftfinancing.(Calculationof7.5bpsfigure:
March31,2011–October31,2013=2years,7months.At35bpsperyearoverthe2years7monthsatotalof90bpscommitmentfeewillbeaccrued.90bpsdividedby12years=7.5bps
peryearoverthe12yearfinancing.)
Underthe2011ASUTransitionalArrangementfor2007ASUtransactions,acommitmentfeeof20bpsperannumisrequiredtobechargedfromthe earlier ofthedateofthefinal
commitmentor31‐Jan‐11,untilthe aircraftisdelivered.UsingtheconservativeassumptionthatallaircraftfinancedundertheLASUtransactionwillbedelivered—andtheEx‐Imfinancing
supportingtheseaircraftwillbedisbursed—onOctober31st,2013,thisanalysischargesanannualizedcostof4.58bpsperyearoverthetotal12yearaircraftfinancing.(Calculationof
4.58bpsfigure:January31,2011–October31,2013=2years, 9months.At20bpsperyearoverthe2years9monthsatotalof55bpscommitmentfeewillbeaccrued.55bpsdividedby 12years=4.58bpsperyearover the12yearfinancing.)
Commitmentfeenotchargedunder2011ASU.
22
L/ASUriskfees notchargedunder EETC.
23
3%upfrontLASUfeeonaper annumbasisyieldsaspreadof50bpsusingthe2007ASUfeecalculatormodelandtheLASUratefortheperiodof18‐Sep‐13through01‐Oct‐13
24
Usingthe2007aircraftfeecalculator,translatethe4.00% upfrontfeeforCategory1buyerintoaper annumspreadbasedontheapplicableASUCIRR(3.35)on26‐Sep‐13.
25
riskfeesasspreadforCategory1airlinefortheperiodofQ32013
26
=nominalinterestrate+nofees=3.29%
27
=3.03%+0.07%+0.08% +0.50%= 3.68%(nominalinterestrate+costofriskmitigant+costofcommitmentfee+riskfeesasspread)
28
=3.03%+0.07%+0.05% +0.66%= 3.81%(nominalinterestrate+costofriskmitigant+costofcommitmentfee+riskfeesasspread)
29
=thenominalinterestrate,orthecommercialbankrate,plustheASUriskfeeasaspread(3.03%+0.98%=4.01%)
30
MidYieldforBtrancheLUV2007‐1secondarypricingasof23‐Sep‐13pertheJPMEETCTradingMarketUpdate.UsecouponrateonBtrancheasproxyforestimatedinternalcostof
capitaltobeusedforremainingfinancingbeyondLTV/advancerate
31
=weightnominalinterestrateasportionadjustedLTVisof100%financing,andcorporatecostofcapitalrateasdifferencebetweenadjustedLTVandtotal100%financing
(3.29%*.813)+(4.63%*.187)=3.54%
32
(3.68%*.8)+(4.63%*.2)=3.82%
33
(3.81%*.85)+(4.63%*.15)=3.94%
34
weightnominalinterestrateasportionadvancerateisof100%financing,andcorporatecostofcapitalrateasdifferencebetweenadvancerateandtotal100%financing
(4.01%*.8)+(4.63%*.2)=4.13%
35
interpolated4.83yearTreasuryon26‐Sep‐13(tomatchAWLofLUV2007‐1)todeterminetotalinterestrateonaspreadbasis
36
interpolated6.25yearTreasuryon26‐Sep‐13(tomatchstandardL/ASUAWL)todeterminetotalinterestrateonaspreadbasis
37
=totalmarketfinancingreflectedonaspreadbasis(afterremovalofTreasurybase) 38
=totalEx‐Imfinancingreflectedonaspreadbasis(afterremovalofTreasurybase)
39
=totalLASU/2007ASUinterestratereflectedonaspreadbasis(afterremovalofTreasurybase)whereestimatedcostofattainingtheGovernmentofIndiasovereignguaranteeis85bpsas
opposedto7bps.Seefootnote#16above.
20
6 Exhibit 2: Technical Appendix Aircraft Financing Price Comparison – ECA‐Backed v. Commercial Market Ex‐Im Bank developed a model that enables the Bank to compare the relative costs of its financing for large aircraft transactions and commercial market financing for large aircraft transactions achieved through the Enhanced Equipment Trust Certificate structure. This Technical Appendix explains: (1) the parameters of ECA‐backed financing; (2) adjustments to the components of both the ECA and EETC structures to make the two structures comparable; and (3) limitations of the methodology. Ex‐Im Bank Financing under the 2011 ASU All Ex‐Im Bank’s aircraft financings are governed by the terms and conditions of the Aircraft Sector Understanding, an aircraft‐specific annex to the OECD Arrangement on Officially Supported Export Credits. While there have been modifications and updates to the ASU terms and conditions over time, the most current version went into effect in February 2011 (“the 2011 ASU”). The primary goals of the 2011 ASU are the following: 1. [Equalize] competitive financial conditions between Participants, 2. [Neutralize] official support among the Participants as a [competitive] factor in the choice among competing goods and services…, and 3. [Avoid] distortion of competition among the Participants to [2011 ASU] and any other source of financing [including private market financing]. The 2011 ASU includes certain structuring requirements for all aircraft transactions it governs. Specifically, all aircraft transactions governed by the 2011 ASU must adhere to the following structuring requirements: 1. Advance Rate / Loan‐to‐Value a. Investment grade buyers are only eligible to receive 80% financing of the net price of the aircraft (requires 20% down payment). b. Non‐investment grade buyers are eligible to receive up to a maximum of 85% of the net price of the aircraft (requires minimum of 15% down payment), however airlines with worse credit ratings (e.g., BB‐ or weaker) may not receive the full 85% advance rate given the risk mitigant requirements under the 2011 ASU. 2. Repayment term – cannot exceed 12 years 3. Asset‐backed financing that meets the following criteria: a. Cross defaulted and cross collateralized with other aircraft and engines financed by the ECA extending the financing b. First priority security interest 4. Risk Mitigant requirements – depending on the credit rating of the airline seeking financing, a certain number of risk mitigants are required. For airlines rated BB‐ and worse, 1‐3 “A” risk mitigants are required, with the weaker credits requiring a higher number of the following risk mitigants: a. Reduced advance rate, which reduces the financing the buyer is eligible for and therefore requires the buyer to put more cash down obtain an unsecured junior loan at a higher interest rate. b. Straight‐line amortization, which, when compared to mortgage‐style amortization, accelerates the repayment of the loan. c. Reduced repayment term, which shortens the time period that the loan is outstanding so the creditor gets repaid more quickly. Similar to how the credit rating of an airline impacts the structure of the financing under the 2011 ASU, the credit rating of an airline also determines the minimum premium rate, or exposure fee, the airline is charged. Under the 2011 ASU, the exposure fees are composed of a minimum risk‐based rate, which is updated annually and based on the 4‐year moving average of the annual Moody’s Loss Given Default, and a market reflective surcharge, which is updated quarterly and based on the 90‐day moving average of Moody’s Median Credit Spreads. As the composition of the exposure fee suggests, the 2011 ASU fees are tied to and designed to reflect current market conditions. However, given that the 2011 ASU uses actual market data and not projections or forecasts, the 2011 ASU exposure fees are a lagging indicator of current market conditions. EETC as a proxy for “market financing” – detailed explanation of the Ex‐Im EETC‐ASU Side‐by‐
Side Comparison Model Comparing Ex‐Im Bank financing to that available in commercial markets presents several challenges. First, the market financing most comparable to Ex‐Im Bank (ASU) financing in 2
structure and underwriting practices is private commercial bank aircraft financing. However, the actual interest rate on such a financing is business confidential and cannot be known to parties not directly participating in the transaction. As such, the Enhanced Equipment Trust Certificate (EETC) market has been identified as the next best proxy for commercial financing rates as the information is publically available and the structure of EETC issuances is generally similar to the structure required by the ASU. Second, while the EETC structure is generally similar to that which is required under the ASU terms and conditions (asset‐backed large commercial aircraft financing) it is not identical. As such, in an effort to accurately compare the two financing sources several adjustments need to be made. To demonstrate these adjustments, Ex‐Im Bank has developed a side‐by‐side comparison model for a specific EETC issuance compared to the ASU pricing available to a similarly rated airline at a specific point in time. Detailed explanation of the components that Ex‐Im Bank’s side by‐side comparison model considers are described below: • Airline credit rating: given that the pricing under the ASU is driven by the senior unsecured credit rating of airline, the Ex‐Im Bank side‐by‐side comparison model seeks to ensure that both the EETC issuance and the ASU equivalent entities are evaluated on this common basis. As such, while EETCs undergo a separate rating process than the underlying airline issuing the EETC, in the Ex‐Im Bank side‐by‐side model the senior unsecured rating of the underlying airline (not the rating of the EETC) was used in the analysis. • Average weighted life (AWL): given that different repayment terms impact the coupon or interest rate of a financing, the Ex‐Im Bank model seeks to neutralize this difference by adjusting for differences in AWL between the EETC issuance and the ASU equivalent. • Advance rate (or estimated Loan‐to‐Value or LTV): the advance rate or loan‐to‐value is critical in the evaluation or comparison of two financing packages because it essentially determines the amount of financing a borrower is able to receive for the assets, in this case aircraft, which they are seeking to finance. A higher LTV means that the airline has to put less cash down and therefore the financing package is more attractive from the standpoint of the borrowing airline. Given that the ASU has strict rules about the allowable advance rate on aircraft financings (based on the credit rating of the underlying airline), when evaluating EETC financing against ASU financing, it is critical that any LTV differentials are neutralized so that the financing packages are comparable. • Adjusted advance rate: the Ex‐Im Bank side‐by‐side comparison model assumes that an airline will need to finance 100% of the aircraft. • Nominal interest rate: This is the interest rate to be charged on up to 85% of the aircraft (with 85% being the maximum advance rate allowable under the ASU). For the ASU equivalent, 3
the nominal interest rate is the floating rate LIBOR interest rate charged by the commercial lender swapped into a fixed rate equivalent to make it comparable to the fixed rate coupon on the A tranche of the EETC issuance. • Risk fee as a spread: In addition to the interest rate charged by the guaranteed lender on an Ex‐Im Bank ASU transaction, Ex‐Im Bank also charges the obligor an exposure fee or risk premium as referenced above. • Explicit Interest Rate: Nominal interest rate plus risk fees to yield the total interest rate applied to the portion of the financing carrying the A tranche interest rate (in the EETC case) or the ASU interest rate (in the case of the ASU). • Internal Cost of Capital: the B tranche coupon rate of the EETC is used as a proxy for the (higher) interest rate assumed for the remaining roughly 15% to 20% of the total aircraft cost not financed by the A tranche (in the EETC case) or the ASU nominal rate (in the ASU case). • Total interest rate ‐ fixed rate basis: weighting the A and B tranche coupons in the case of the EETC, and the ASU nominal interest rate and the B tranche coupon as a proxy for the internal cost of funds, this figure reflects the total fixed interest rate unadjusted for differences in term between the EETC case and the ASU equivalent case. • Treasury base: subtraction of the Treasury base corresponding to the average weighted life of the EETC instrument or the ASU Equivalent. By subtracting the Treasury base out of the equation the Ex‐Im Bank side‐by‐side model is able to equalize differences in term between the EETC case and the ASU equivalent case to arrive at a total interest rate spread. • Total interest rate – spread basis: This row indicates an equivalent interest rate spread over the interpolated Treasury associated with the relevant AWL for the EETC case and the ASU Equivalent case. Because the various differences between the two instruments have been equalized as a result of the adjustments described above, the total interest rate – spread basis reflects like terms to compare the financing under the EETC and the financing under the ASU at a specific point in time for an airline of the specified credit rating. Limitations of Pricing Comparison Methodology There are several limitations associated with comparing EETC and 2011 ASU pricing. Specifically, the EETC rate reflects the price that the market commands (i.e. the price at which the issuer is willing to sell and the purchaser is willing to buy) at a specific point in time. Many variables can influence the price the market commands at the time of issuance; these variables include but are not limited to the value/quality of the underlying asset; the risk and rating associated with both the EETC issuance and the airline; the general interest rate environment; competing 4
alternative investment opportunities, and; the perceived liquidity of the security. The specific weighting of each of these factors is known only to the EETC underwriters. Consequently, unlike the total adjusted interest rate available under the 2011 ASU, Ex‐Im Bank cannot break down the interest rate on the EETC into all of its component parts—the coupon on the issuance only indicates how the market valued the sum of the components at the moment the bond was issued; the yield shows how the bond is traded on the secondary market and the market’s current perception of the risk. 5

Acerca de Avianca Holdings SA

Transcripción

Documentos relacionados

Untitled

Descarga la revista - Grupo Mexicano de Medios

hacidmagazine #30

Estudio sobre mercado aéreo - Aldo González

7 CURIOSIDADES SObRE El DíA DE ACCIóN

al 31/12/11

1 Corporaciones, Fundaciones y Organizaciones Filántropos de

Memoria Anual 2013

Celebrity Golf Tournament Drives Home Funding For Crisis Center

el catálogo de FIDOCS 2013

summary - obradoiro de artesanía

Motor World