2. Disclaimer
2
The information ("Confidential Information") contained in this presentation is confidential and is provided by Controladora
Vuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") confidentially to you solely for your reference
and may not be retransmitted or distributed to any other persons for any purpose whatsoever. The Confidential Information
is subject to change without notice, its accuracy is not guaranteed, it has not been independently verified and it may not
contain all material information concerning the Company. The Company, nor any of their respective directors makes any
representation or warranty (express or implied) regarding, or assumes any responsibility or liability for, the accuracy or
completeness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or any
of their respective directors, officers, employees, stockholders or affiliates nor any other person accepts any liability (in
negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection therewith. No reliance may be placed for any purposes whatsoever on the information set
forth in this presentation or on its completeness.
This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or
invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in
connection with any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of
this presentation as legal, tax or investment advice and should consult their own advisers in this regard.
This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties.
These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with
respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These
statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of
similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ
significantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned
not to place undue reliance on these forward looking statements, which are based on the current view of the management of
the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future
events or circumstances.
3. Fourth quarter 2013 highlights and recent developments
3
Strong balance sheet: After a successful IPO of US$398 million in 3Q,
cash of 19% of LTM revenues and net debt negative of Ps.-1.9 billion
Demand stimulation and high passenger volume: Load factor of
79.1% and record passenger volume of 2.3 million in 4Q
Cost control: CASM decreased 6.7% year over year to Ps.114.8 cents
(US$8.8 cents) in 4Q, lowest in the Americas
Non-ticket revenue growth potential: Migration to new reservation
system (Navitaire), new webpage and new baggage policy in October,
and on-board sales in December
Expanding US presence: Phoenix and San Antonio launched in 4Q and
complemented Chicago with O'Hare airport in December
4. 12.2%
20.7% 22.7%
2008 2012 2013
Sacramento
San Francisco/Oakland
Los Angeles
San Diego
Tijuana
San Jose
Fresno
Mexicali
Las Vegas
Chicago/Midway/O’Hare
Denver
OrlandoHermosillo
Chihuahua
Monterrey
Cancún
La Paz
Los Cabos
Los Mochis
Culiacán
Mérida
Tuxtla Gutiérrez
Acapulco
Puebla
Toluca
Tepic
Zacatecas
Mazatlán
Guadalajara
Aguascalientes
Puerto Vallarta
Uruapan
Colima
Morelia
Oaxaca
León
Querétaro
Cd. de México/D.F.
Ciudad Juárez
Manzanillo
Volaris – a Mexican Ultra-Low-Cost Carrier
Notes:
(1) Based on CASM among the publicly-traded airlines
(2) Converted at average annual MXN/USD spot exchange rate
(3) Corresponds to the number of booked passengers
(4) Based on number of passengers
Source: Company data, SCT-DGAC
Lowest unit cost carrier in the Americas(1)
2008 2013 CAGR
Unit cost
(CASM ex-fuel;
cents, USD)(2)
5.5 5.5 0.0%
Passenger
demand
(RPMs, bn)
3.2 9.0 +23.0%
Aircraft
(End of Period)
21 44 +15.9%
Passengers
(mm)(3) 3.5 8.9 +20.5%
Operating revenue
(mm, USD)(2) 397 1,018 +20.7%
Adj. EBITDAR
(mm. USD)(2) 67 220 +26.8%
Volaris’ destinations
Domestic market share (4)
4
Phoenix
San Luis Potosí
Ciudad Obregón
Veracruz
San Antonio
Pasadena/San Bernardino
5. Volaris’ low base fares stimulate demand and drive
continuing growth
Stimulation
of
demand
More
ancillary
revenue
More capacity
Lower base
fares
Resilient ULCC business
model driving high,
profitable growth
Lower cost
Since its launch, Volaris has stimulated new demand in the Mexican market through an aggressive
revenue management strategy that drives lower fares and higher load factors
5
6. 5.5
10.0 9.5
7.8
6.9
4.6
5.6 5.9
9.1
3.7
5.5
5.0
5.4
4.1
5.4
4.7 4.0
4.8
LatAm Aeroméxico Gol Copa VivaAerobus Allegiant Spirit DCOMPS
Volaris has a best-in-class unit cost structure
Denotes fuel
cost per ASM
Lowest unit cost in the Americas(1)
CASM and CASM ex-fuel (FY 2013, USD cents)(3)
6
Latin American Carriers
US Network
Carriers(2)Best-In-Class
US LCCs
Notes:
(1) Based on CASM among the publicly-traded airlines
(2) DCOMPS= Direct Competitors: Average CASM and CASM ex-fuel; US network carriers include: Delta, United, Alaska Airlines, American Airlines
(3) Non USD data converted using average exchange rates for the corresponding period
(4) Updated through 3Q LTM. Airlines have not yet published 4Q 2013 information
Source: Company data, Airlines public information
13.9
9.9
10.3
15.5
11.0
13.2
14.5
9.1
10.0
(4) (4) (4)
7. 12.5
11.3
9.5
8.8
8.1
Aeroméxico Interjet Global
A320
Global
A319
10.4
8.8
5.8
4.2
Mexican
Average
Aeroméxico Interjet
Young, fuel efficient fleet (3)
Interjet
Focus on fleet utilization and efficiency drives higher
revenue and lower cost
Notes:
(1) Implied passengers per aircraft is calculated as available seats per aircraft multiplied by the load factor
(2) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period)
(3) Aeroméxico and Interjet represent domestic competitors of Volaris
Source: Company data, airlines public information, DGAC, Airbus, DIIO MI
Load factor
(FY13)
Implied passengers
per aircraft(1)
83%
75%
77%
143
112
123
Interjet A320
150 seats per aircraft
Aeroméxico 737-800
160 seats per aircraft
High daily utilization(3)
Volaris A320
174 seats per aircraft
High density configuration(3)
(2)(2)
Aeroméxico
Block hours per day (FY13) Average age (Yrs, December 2013)
7
8. 100
113
109
104
97
137
171
179 178 180
2009 2010 2011 2012 2013
Volaris Aeroméxico
Unbundled model drives Volaris’ low base fares
Notes:
(1) Average fare calculated as passenger revenue divided by number of booked passengers
(2) Converted using an average annual MXN/USD exchange rate
Source: Company data, Aeromexico public information
Unbundling and a low cost
structure support Volaris’ low
base fares…
Average base fare (USD)(1,2) TRASM (US cents) (2)Load factor
…stimulating demand and
increasing load factor…
…resulting in higher ancillary
and stronger overall revenue
growth
2009 – 2013 Change: +12 p.p. 2009 – 2013 Change: +22.9%
2009 – 2013 Change: -3.0%
8
71%
83%
2009 2013
7.60
9.34
2009 2013
9. $111
$165
$189
$208 $215
$330
$-
$50
$100
$150
$200
$250
$300
$350
Alaska Aeroméxico Delta American United
Low costs and low base fares – a significant competitive
advantage
Notes:
(1) Converted using an average annual MXN/USD exchange rate
(2) Average Stage Length calculated as (Total miles flown / Number of flights)
(3) Average Stage Length calculated as (RPM’s / Total passengers)
(4) Breakeven fare calculated as ((Average stage length * (CASM – Ancillary revenue (or Other revenue) per ASM)) / 100)/(Load factor /100)
(5) Group of airlines represent domestic and international competitors of Volaris
Source: Company data, Airlines public information, DIIO MI, MIT ADP
Breakeven fare (FY 2013, USD)(4,5)
198%
Higher than
Volaris
95%
89%
71%
49%
(1) (2) (2)
9
(2)(3)(1,3)
10. 74
2,683
2,758
2012
Executive & luxury
First, economy & other
Bus passenger shift to air travel
Notes:
(1) Executive and luxury class
(2) Fare figures calculated with average prices for July 2013
(3) MXN amounts were converted to USD at the rate of MXN/USD 13.0119 as of September 30, 2013
Source: Company data, Secretaría de Comunicaciones y Transportes (SCT)
Air travel time and cost savingsSignificant upside for air travel
Fare (USD)(2,3)Travel time (Hrs)
Mexico City – Tijuana
(1)
Total air travel trips
(mm)
Total bus trips
(mm)
40.5
4.0
Bus Air
135
114
Bus Volaris
36.5 hours less 15% cost savings
74
• Mexico is almost three times the size of the state of Texas
• The distance between Tijuana and Cancún is similar to the
distance between New York City and San Francisco
29
28
57
2012
International
Domestic
10
11. Rapidly expanding share in core markets
Notes:
Source: SCT-DGAC, DIIO MI
Volaris focus cities – Domestic market International market
2x 3x 4x 5x 1x 3x 19x
Percentage of Volaris’ 1Q14 domestic capacity competing with:
Stimulation of growth through our ULCC model
A significant portion of our capacity faces no competition
Passenger volume growth: 2012 vs. 2013
Airport Volaris
11
70%
52%
33%
24%
Aeroméxico Interjet VivaAerobus Non-competed
15%
11% 11%
7%
26%
34%
43%
34%
Tijuana Guadalajara Cancún Mexico City
4% 3%
1%
4%
10%
15%
Mexico City Guadalajara Aguascalientes
12. • Excess
baggage
• Checked
bag limited
to 1 piece
(25kgs.)
• Carry-on
(oversized)
• Strollers
• Priority
boarding
• Strollers
• Counters
Unbundled strategy: “Tú decides” – You decide
• V-Club
subscription
(51k active
suscriptions)
• Co-branded
credit cards
(50k active
cardholders)
• V-Shop
• Advertising
• Food and
beverage
• Hotel
rooms
• Car rentals
• Airport
shuttle
Pre-flight(1) Flight
planning
At the
airport
Onboard
aircraft
Post-flight
• Seat
assignment
• Change /
booking fees
• Insurance
12
Notes:
(1) V-Club & Co-branded credit cards figures as of December 31th,2013
13. 24
39
68
115
148
2009 2010 2011 2012 2013
7.0 8.9 11.4
15.5 16.5
2009 2010 2011 2012 2013
Acceleration of Volaris’ non-ticket revenues
Notes:
(1) Converted using an average annual MXN/USD exchange rate
Source: Company data, Airlines public information
Var. +6.7%
Increased contribution of non-ticket revenue to the top line
Non-ticket revenue per passenger
Volaris (USD)(1)
Best-in class US LCCs
(FY 2013, USD)
Contribution
to Operating
Revenue
7% 7% 9% 13% 14%
2009 – 2013 CAGR: +57.6%
2009 – 2012 CAGR: +30.3%
Non-ticketrevenue
(USDmm)(1)
13
48
54
Allegiant Spirit
14. Mexico City
Guadalajara
Cancún
Volaris’ revenue strategy delivers a resilient and defensible
network
Notes:
(1) Passengers FY 2013
Source: SCT-DGAC, DIIO MI
Strong foothold in competing markets
Tijuana
Domestic market share in top Volaris’ cities(1)
Volaris domestic market share(1)
Volaris international market share (Mexico – US)(1)
14
23.1%
35.6%
Total Volaris' routes
6.8%
36.9%
Total Volaris' routes
Volaris
70%
Aeroméxico
20%
Interjet
9%
Vivaaerobus
1%
Volaris
38%
Aeroméxico
29%
Interjet
21%
Others
13%
Volaris
36%
Aeroméxico
24%
Interjet
20%
Others
21%
Volaris
13%
Aeroméxico
43%
Interjet
32%
Others
11%
15. Substantial growth opportunity in the US-Mexico VFR /
leisure travel market
Notes:
(1) Represents Mexican origin population figures as per population data released on May 26, 2011
(2) Mexican origin is based on self-described ancestry, lineage, heritage, nationality group or country of birth.
Source: Pew Research Hispanic Center
Denotes Volaris
presence(1)
Denotes other cities with large
Mexican origin populations(1,2)
Significant Mexican origin
population(2) of 33.5 million
in the US
Orlando
0.1mm
San
Francisco
0.7mm
San Jose
0.4mm
San
Diego
0.9mm
Denver
0.5mmSacramento
0.3mm
Chicago
1.5mm
Fresno
0.5mm
Los Angeles
4.6mm
Las Vegas
0.4mm
San
Bernardino
1.7mm
Phoenix
1.2mm
Tucson
0.3mm
Albuquerque
0.2mm
El Paso
0.6mm
San Antonio
0.9mm
Bakersfield
0.4mm
Austin
0.4mm
Dallas
1.5mm
Houston
1.5mm
Atlanta
0.3mm
Washington
0.1mm
New York
0.5mm
Philadelphia
0.1mm
San Benito
0.3mm
Mission
0.6mm
Tampa
0.1mm
15
16. 48 48
41 40
38
13 13 13
0
5
10
15
20
25
30
35
40
45
50
99
48
32
0
10
20
30
40
50
60
70
80
90
100
USA (Leisure) USA (VFR) CAM, SAM,
Canada,
Caribbean
Attractive growth opportunities in Mexico and
throughout the Americas
Domestic – growth potential of nearly 169
routes
International – growth potential of about 154
routes
(3)
Notes:
(1) Minimum stage length of 170 miles
(2) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America
(3) South and northbound leisure routes
Source: Company data
Number of routes(1) Number of routes(2)
Routes served Growth potential
16
18. 3.5 2.9 2.6 2.4 1.7 1.3 0.3
3.0 4.2 5.4 6.1 7.3 8.4 10.1 11.8
13.9
0.5
1.4
1.4
1.4
6.4 7.1
8.0 8.5 9.0
10.1
11.8
13.2
15.3
2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E
XXX
XXX
XXX
XXX
Notes:
(1) Net fleet after additions and returns
Projected fleet under current contracts (number of aircraft)(1)
Projected capacity in number of seats (end of period; 000s)
18
A319A320
A higher density fleet generates more incremental capacity
with fewer additional aircraft
Average
capacity per
aircraft
(seats)
156 160 171 178 178163 164 167 179
2012-2020E Growth: +110%
2012-2020E Growth: +139%
24 20 18 17 12 9
2
17 24 31 35 42 48 58 68
80
2
6
6
6
41 44
49 52 54
59
66
74
86
2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E
A321
A319A320A321
19. 28%
20%
13%
11%
0%
10%
20%
30%
Volaris Copa Latam Gol
21.6%
27.4%
20.7%
9.6%
0%
10%
20%
30%
Volaris Copa Aeroméxico Gol
Leading financial performance on strong revenue growth
Note:
(1) Converted using an average MXN/USD exchange rate for the corresponding period
(2) 3Q updated. Gol and Latam have not released 4Q information
Source: Company data, airlines public information
Revenue(1) Adj. EBITDAR(1)
Revenue CAGR 2009 - 2013 2013 Adj. EBITDAR margin
19
374
536
714
887
1,018
0
200
400
600
800
1,000
1,200
2009 2010 2011 2012 2013
(USDmm)
117
140
100
188
220
0
50
100
150
200
250
2009 2010 2011 2012 2013
(USDmm)
(2)
(2) (2)
20. FY ‘12 FY ‘13
Change
(YoY)
TRASM
(cents, USD) (1) 9.6 9.3 -3%
CASM
(cents, USD) (1) 9.3 9.1 -2%
Operating revenue
(mm, USD) (1) 888 1,018 15%
Adj. EBITDAR
(mm, USD) (1) 188 220 17%
Adj. EBITDAR
margin
21% 22% 1pp
Poised for future value creation
Notes;
(1) MXN amounts were converted to USD at the avg. rate of MXN/USD 13.16 as of Dec 31 2012 and at the avg. rate of MXN/USD 12.77 as of Dec 31, 2013
Source: Company data
Continue growth in available seats
with a highly efficient fleet
• Switch from A319 to A320
• Sharklet and NEO technology
• Maintain high utilization
Continue growth in our non-ticket
revenues
Maintain cost discipline
Continue to align employee
incentives
Focus on shareholder return, pre-tax
adjusted ROIC of 15% in 2013
20
21. LTM Dec 2013 Liquidity – Cash and
Equivalents / Op. Revenue
Balance sheet well positioned for growth
Note:
(1) Principal + interest debt
(2) 3Q updated. Gol and Latam have not released 4Q information
Source: Company data, Airlines public information 21
• IPO provided sufficient liquidity / capital
for growth over the next years
• Minimal on-balance sheet debt
• $43mm(1) of financial debt as of
December 2013
• Strong cash position
• $187mm of cash and equivalents
as of December 2013
• Fully financed fleet order through the
second quarter of 2016
(2)(2)
18.4%
41.0%
29.8%
7.7%
Copa Gol Latam
23. Non-IFRS Terms Glossary
• Available seat miles (ASMs): Number of seats available for passengers multiplied by the number of miles the seats are flown.
• Block hours: Number of hours during which the aircraft is in revenue service, measured from the time it leaves the gate until the
time it arrives to the gate at destination.
• Revenue passenger miles (RPMs): Means the number of miles flown by passengers.
• TRASM: Total revenue divided by ASMs.
• RASM: Passenger revenue divided by ASMs.
• CASM: Total operating expenses, net divided by ASMs.
• CASM ex fuel: Total operating expenses, net excluding fuel expense divided by ASMs.
• Load factor: RPMs divided by ASMs and expressed as a percentage.
• EBITDA: Earnings before interest, taxes, depreciation and amortization.
• EBITDAR: Earnings before interest, taxes, depreciation, amortization and aircraft rent expense.
• Adj. EBITDAR: EBITDAR adjusted by non-cash and non-recurring items.
• Adj. Debt: Financial debt plus seven times the aircraft rent expense.
• Adj. Net debt: Adj. Debt minus cash and cash equivalents.
• VFR: Passengers who are visiting friends and relatives.
23
24. MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 2013A
% of total
operating
revenues
(USD
millions)
Passenger 6,278 8,036 10,177 11,117 850 85.5
Non-ticket 499 842 1,510 1,885 144 14.5
Total operating revenues 6,777 8,878 11,687 13,002 994 100.0
Fuel 2,146 3,823 4,730 5,086 389 39.1
Aircraft and engines rent expense 1,197 1,508 1,886 2,187 167 16.8
Salaries and benefits 852 1,120 1,303 1,563 119 12.1
Landing, take off and navigation expenses 868 1,282 1,640 1,924 147 14.8
Sales, marketing and distribution expenses 615 750 752 704 54 5.4
Maintenance expenses 276 380 499 572 44 4.4
Other operating expense 255 285 288 347 27 2.7
Depreciation and amortization 57 103 211 302 23 2.3
Total operating expenses 6,266 9,251 11,309 12,685 970 97.66
EBIT 511 (373) 378 317 24 2.4
Operating margin (%) 7.5 (4.2) 3.2 2.4 2.4
Finance income 5 6 14 25 2 0.2
Finance cost (56) (58) (90) (126) (10) (1.0)
Exchange (loss) gain, net (56) 110 (95) 66 5 0.5
Income tax benefit (expense) 239 0 (3) (17) (1) (0.1)
Net income (loss) 643 (315) 203 265 20 2.0
Net margin (%) 9.5 (3.6) 1.7 2.0 2.0
Net income (loss) excluding special items (3)
643 (315) 203 379 29 2.9
Adjusted EBITDAR 1,770 1,238 2,475 2,806 214 21.6
Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 21.6
EPS Basic and Diluted(cents) 31.0 2.4
EPADS Basic and Diluted (cents) 310.4 23.7
Consolidated statements of operations summary
24
Notes:
(1) MXN amounts were converted to USD at the rate of MXN/USD 13.0765 as of December 31, 2013
(2) Audited financial information
(3) Excludes debt prepayment of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million.
Source: Company data
25. Consolidated statements of financial position summary
Nota:
(1) MXN amounts were converted to MXN/USD 13.0765 as of December 31, 2013
(2) Net debt = financial debt - cash and cash equivalents
(3) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt
(4) Adjusted net debt = adjusted debt - cash and cash equivalents
(5) Audited financial information
Source: Company data
25
MXN millions unless otherwise stated (5) 2010A 2011A 2012A 2013 A 2013A
(USD millions)
Cash and cash equivalents 677 441 822 2,451 187
Current guarantee deposits 330 170 238 499 38
Other current assets 390 520 755 1,050 81
Total current assets 1,397 1,131 1,815 4,000 306
Rotable spare parts, furniture and equipment, net 921 1,517 1,195 1,341 103
Non-current guarantee deposits 1,041 2,002 2,245 2,603 199
Other non-current assets 342 412 447 434 33
Total assets 3,701 5,062 5,702 8,378 641
Unearned transportation revenue 505 825 1,259 1,393 107
Short-term financial debt 251 687 527 268 21
Other short-term liabilities 1,171 1,667 1,936 2,211 168
Total short-term liabilities 1,927 3,179 3,722 3,872 296
Long-term financial debt 384 725 633 294 22
Other long-term liabilities 164 298 272 250 20
Total liabilities 2,475 4,202 4,627 4,416 338
Total equity 1,226 860 1,075 3,962 303
Total liabilities and equity 3,701 5,062 5,702 8,378 641
Net debt (2) (42) 971 338 (1,889) (144)
Adjusted debt (3) 9,014 11,969 14,360 15,874 1,214
Adjusted net debt (4) 8,337 11,528 13,538 13,423 1,026
26. Consolidated statements of cash flows summary
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 2013A (1)
(USD millions)
Cash flow from operating activities
Income (loss) before income tax 404 (315) 207 283 22
Depreciation and amortization 62 103 211 302 23
Guarantee deposits (316) (801) (311) (620) (47)
Unearned transportation revenue 207 321 433 135 10
Changes in working capital and provisions 182 544 (43) (61) (5)
Net cash flows provided by (used in) operating activities 539 (148) 497 39 3
Cash flow from investing activities
Acquisitions of rotable spare parts, furniture, equipment and
intangible assets
(321) (1,215) (856) (1,161) (89)
Proceeds from disposals of rotable spare parts, furniture and
equipment
- 587 1,043 849 65
Net cash flows (used in) provided by investing activities (321) (628) 187 (312) (24)
Cash flow from financing activities
Legal costs incurred on behalf of shareholders (76) - - - -
Net proceeds from initial public offering - - - 2,578 197
Transaction costs on issue of shares - - - (38) (3)
Proceeds from exercised treasury shares - - - 26 2
Interest paid (60) (55) (127) (65) (5)
Payments of financial debt - (261) (694) (1,084) (83)
Proceeds from financial debt 46 879 550 444 34
Net cash flows (used in) provided by financing activities (90) 562 (272) 1,861 142
Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 121
Net foreign exchange differences (25) (22) (31) 41 3
Cash and cash equivalents at beginning of period 575 677 441 822 63
Cash and cash equivalents at end of period 677 441 822 2,451 187
Notes:
(1) MXN amounts were converted to USD at the rate MXN/USD13.0765 as of December 31, 2013
(2) Audited financial information
Source: Company data
26
27. Adj. EBITDA and Adj. EBITDAR reconciliation
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 2013A (1)
(USD millions)
Net income (loss) 643 (315) 203 265 20
Plus (minus):
Finance costs 52 58 90 126 10
Finance income (5) (6) (14) (25) (2)
(Benefit)/provision for income taxes (239) 0 3 17 1
Depreciation and amortization 57 103 211 302 23
Business alliance amortization 5 - - - -
EBITDA 513 (160) 494 685 52
Exchange (gain) loss, net 56 (110) 95 (66) (5)
Other financing cost (income), net 3 - - - -
Adjusted EBITDA 573 (270) 589 619 47
Aircraft and engine rent expense 1,197 1,508 1,886 2,187 167
Adjusted EBITDAR 1,770 1,238 2,475 2,806 214
Notes:
(1) MXN amounts were converted to USD at the rate of MXN/USD13.0765 as of December 31, 2013
(2) Audited financial information
Source: Company data
27
