Avianca Holdings S.A.

CIK:0001575969|SEC Filings

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenue:
Passenger	$ 1,003,983	$ 3,904,765	$ 4,074,391
Cargo and other	707,602	716,731	816,439
Total operating revenue	1,711,585	4,621,496	4,890,830
Operating expenses:
Flight operations	42,167	75,713	153,615
Aircraft fuel	335,612	1,204,058	1,213,411
Ground operations	212,444	478,029	474,802
Rentals	3,398	11,762	267,708
Passenger services	41,816	176,454	188,713
Maintenance and repairs	121,481	257,642	206,454
Air traffic	90,202	278,987	269,631
Selling expenses	169,281	500,160	530,930
Salaries, wages and benefits	388,962	717,342	760,758
Fees and other expenses	367,446	411,573	203,304
Deconsolidation of subsidiary	26,221
Depreciation and amortization	532,994	593,396	350,507
Impairment	1,070	470,661	38,881
Total operating expenses	2,333,094	5,175,777	4,658,714
Operating (loss) profit	(621,509)	(554,281)	232,116
Interest expense	(378,318)	(299,942)	(212,294)
Interest income	4,406	9,041	10,115
Derivative instruments	(3,063)	(2,164)	(260)
Foreign exchange, net	(46,494)	(24,190)	(9,220)
Equity method profit	274	1,524	899
(Loss) profit before income tax	(1,044,704)	(870,012)	21,356
Income tax expense – current	(49,378)	(26,475)	(27,151)
(Expense) income tax income – deferred	(53)	2,492	6,938
Total income tax expense	(49,431)	(23,983)	(20,213)
Net (loss) profit for the year	$ (1,094,135)	$ (893,995)	$ 1,143
Basic loss per share
Common stock	$ (1.09)	$ (0.92)	$ (0.03)
Preferred stock	$ (1.09)	$ (0.92)	$ (0.03)
Net (loss) income for the year	$ (1,094,135)	$ (893,995)	$ 1,143
Items that will not be reclassified to profit or loss in future periods:
Revaluation (devaluation) of administrative property	1,074	2,761	(20,448)
Remeasurements of defined benefit liability	(14,037)	(42,541)	(9,039)
Income tax	(818)	441	(39)
Items that will not be reclassified to profit or loss in future periods	(13,781)	(39,339)	(29,526)
Items that will be reclassified to profit or loss in future periods:
Effective portion of changes in fair value of hedging instruments	474	3,932	(13,701)
Net change in fair value of financial assets with changes in OCI	503	1,205	(328)
Items that will be reclassified to profit or loss in future periods	977	5,137	(14,029)
Other comprehensive loss, net of income tax	(12,804)	(34,202)	(43,555)
Total comprehensive (loss) profit net of income tax	(1,106,939)	(928,197)	(42,412)
(Loss) profit attributable to:
Equity holders of the parent	(1,086,935)	(913,712)	(24,803)
Non–controlling interest	(7,200)	19,717	25,946
Net (loss) profit for the year	(1,094,135)	(893,995)	1,143
Total comprehensive (loss) income attributable to:
Equity holders of the parent	(1,100,326)	(947,736)	(68,097)
Non–controlling interest	(6,613)	19,539	25,685
Total comprehensive (loss) profit net of income tax	$ (1,106,939)	$ (928,197)	$ (42,412)

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net (loss) profit for the year	$ (1,094,135)	$ (893,995)	$ 1,143
Adjustments for:
Provision net of expected credit losses	4,323	50,703	4,526
Provision for expandable spare parts and suppliers obsolescence	(32)	2,075	(3,203)
Provision (recovery) for return conditions, net	18,960	16,114	(27,092)
Provisions (recovery) for legal claims, net	7,555	14,671	(2,973)
Depreciation and amortization	532,994	593,396	350,507
Impairment of property and equipment	1,070	470,661	38,881
Sale and leaseback transactions amortization	(43,844)	(5,399)	(4,747)
Loss (gains) on disposal of assets	88,483	21,562	(16,081)
Loss (gains) on sale or liquidation of subsidiary	26,221	5,487	(10,579)
Fair value adjustment of financial instruments	3,063	2,164	260
Interest income	(4,406)	(9,041)	(10,115)
Interest expense	378,318	299,942	212,294
Deferred tax	53	(2,492)	(6,938)
Current tax	49,378	26,475	27,151
Unrealized foreign currency loss (gain)	(10,070)	5,363	(32,569)
Changes in:
Accounts receivable	14,621	(10,565)	(103,998)
Expendable spare parts and supplies	6,234	(3,150)	10,056
Prepayments	26,541	30,404	(115)
Net current tax	51,089	51,973	13,497
Deposits and other assets	(4,400)	43,655	95,247
Accounts payable and accrued expenses	(146,781)	(123,171)	249,901
Air traffic liability	62,556	(86,731)	(36,569)
Frequent flyer deferred revenue	35,015	(3,001)	37,719
Provision for return conditions	(15,248)	(1,886)	(5,814)
Employee benefits	(28,533)	(1,345)	(29,740)
Income tax paid	(17,221)	(45,534)	(47,547)
Net cash (used in) provided by operating activities	(58,196)	448,335	703,102
Cash flows from investing activities:
Restricted cash	(24,201)	4,558	378
Interest received	4,387	9,619	9,871
Advance payments on aircraft purchase contracts		(21,324)	(111,711)
Return of aircraft advances	50,004	30,312
Acquisition of property and equipment	(86,980)	(246,591)	(430,610)
Proceeds from sale of property and equipment	325,649	233,035	132,369
Redemption in certificates of bank deposits	12,339	11,866	4,640
Acquisition of intangible assets	(43,764)	(29,129)	(116,635)
Liquidation and sale of subsidiaries	(1,778)	(875)	18,000
Acquisition of investments			(78)
Net cash provided by (used in) investing activities	235,656	(8,529)	(493,776)
Cash flows from financing activities:
Proceeds from loans and borrowings	944,580	616,555	303,640
Transaction costs related to bonds	(42,516)	(18,807)
Repayments of loans and borrowings	(350,848)	(637,740)	(483,473)
Interest paid	(136,063)	(275,054)	(208,709)
Sale & leaseback transactions			53,990
Acquisition of non-controlling interest	(26,500)
Dividends paid		(14,057)	(35,508)
Dividends paid to minority shareholding		(36,000)	(56,096)
Net cash provided by (used in) financing activities	388,653	(365,103)	(426,156)
Net increase (decrease) in cash and cash equivalents	566,113	74,703	(216,830)
Effect of movements in exchange rates on cash held	2,554	(5,339)	(17,280)
Cash on deconsolidation of subsidiary			(1,764)
Cash and cash equivalents at beginning of year	342,472	273,108	508,982
Cash and cash equivalents at end of year	$ 911,139	$ 342,472	$ 273,108

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 911,139	$ 342,472
Restricted cash	24,299	1
Short term investments	42,919	55,440
Trade and other receivables, net of expected credit losses	229,917	233,722
Accounts receivables from related parties	157	3,348
Current tax assets	111,785	198,719
Expendable spare parts and supplies, net of provision for obsolescence	81,433	88,334
Prepayments	36,247	69,012
Deposits and other assets	37,544	39,175
Current assets other than assets	1,475,440	1,030,223
Assets held for sale	884	681,053
Total current assets	1,476,324	1,711,276
Non–current assets:
Deposits and other assets	55,547	54,074
Trade and other receivables, net of expected credit losses	2,918	22,569
Non-current taxes assets		1
Intangible assets and goodwill, net	488,925	505,507
Deferred tax assets	25,236	27,166
Property and equipment, net	4,811,544	4,953,317
Total non–current assets	5,384,170	5,562,634
Total assets	6,860,494	7,273,910
Current liabilities:
Short-term borrowings and current portion of long-term debt	5,011,094	872,044
Accounts payable	489,031	530,615
Accounts payable to related parties	2,782	3,713
Accrued expenses	16,448	87,610
Current tax liabilities	54,738	26,421
Provisions for legal claims	23,314	20,244
Provisions for return conditions	22,277	21,963
Employee benefits	135,056	148,678
Air traffic liability	399,184	337,363
Frequent flyer deferred revenue	162,013	187,931
Other liabilities	4,144	5,110
Current liabilities other than liabilities	6,320,081	2,241,692
Liabilities associated with the assets held for sale		490,458
Total current liabilities	6,320,081	2,732,150
Non–current liabilities:
Long–term debt	1,270,162	3,984,279
Accounts payable	17,225	11,931
Provisions for return conditions	138,562	122,425
Employee benefits	103,540	118,337
Deferred tax liabilities	13,922	18,471
Frequent flyer deferred revenue	290,802	229,701
Other liabilities	7,972	51,449
Total non–current liabilities	1,842,185	4,536,593
Total liabilities	8,162,266	7,268,743
Equity (Deficit)
Common stock	82,600	82,600
Preferred stock	42,023	42,023
Additional paid–in capital on common stock	234,567	234,567
Additional paid–in capital on preferred stock	469,273	469,273
Accumulated losses	(2,025,557)	(543,010)
Other comprehensive income / (loss)	(91,511)	(78,120)
Equity attributable to owners of the Company (Deficit)	(1,288,605)	207,333
Non–controlling interest	(13,167)	(202,166)
Total equity (Deficit)	(1,301,772)	5,167
Total liabilities and equity (Deficit)	$ 6,860,494	$ 7,273,910