Rafael Simonetti

Rafael Simonetti asked about the status of Copa's codeshare agreement with Volaris, particularly in light of the potential deal between Volaris and Viva.

Answer

CEO Pedro Heilbron stated that the codeshare with Volaris, which began in November, is still ramping up, and the company has not yet addressed the Volaris-Viva merger. He expects the codeshare to continue but noted it would not be a significant part of Copa's overall business.

Rafael Simonetti asked for an explanation of the main drivers behind the quarter-over-quarter decline in aeronautical tariffs.

Answer

Saúl Villarreal, CFO of GAP, attributed the decline in aeronautical tariffs to a shift in passenger traffic mix, specifically a decrease in international traffic which carries higher charges. He also cited the peso's appreciation of approximately 4.6% against the dollar as a contributing factor to the slight decline in aeronautical revenue per passenger.

Rafael Simonetti asked for an explanation of the main drivers behind the quarter-over-quarter decline in aeronautical tariffs.

Answer

CFO Saúl Villarreal attributed the decline to a shift in the passenger traffic mix, specifically a decrease in international traffic which typically incurs higher passenger charges. He also noted the appreciation of the Mexican peso, which further impacted aeronautical revenue per passenger.

Rafael Simonetti requested more detail on cost drivers, specifically asking about the significant year-over-year growth in salaries and the quarter-over-quarter increase in variable leases during Q4.

Answer

Chief Financial Officer Jaime Pous explained that the salaries and benefits line item was held relatively flat due to the favorable impact of the peso's depreciation, as salaries are paid in pesos. He also noted an impact from the legally required profit-sharing, which was booked in Q4.