XML 29 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income (loss) $ 7,819 $ (80,224) $ 106,453
Adjustments for:      
Depreciation and amortization (including right-of-use-assets) 496,311 417,929 326,400
Allowance for credit losses 1,330 1,672 795
Finance income (38,222) (12,902) (3,531)
Finance cost 218,130 191,809 138,890
Net foreign exchange loss (gain) differences 25,471 (8,669) 80,372
Derivative financial instruments 579 161 688
Amortized Cost (CEBUR) 634 566 412
Net gain on disposal of rotable spare parts, furniture and equipment (11,815) (19,548) (9,546)
Employee benefits 3,296 7,210 552
Aircraft and engine lease extension benefit and other benefits from service agreements (761) (517) (519)
Income tax (benefit) expense (377) (52,139) 30,573
Management incentive and long-term incentive plans 5,769 709 (1,273)
Cash flows from operating activities before changes in working capital 708,164 446,057 670,266
Changes in operating assets and liabilities:      
Related parties 3,390 6,570 3,392
Other accounts receivable (7,784) 49,670 (15,787)
Recoverable and prepaid taxes 69,607 (33,293) 16,918
Inventories (359) (1,361) (857)
Prepaid expenses (24,488) (21,489) 645
Other assets (1,904) (12,494) 3,435
Guarantee deposits (58,243) (13,445) (52,048)
Suppliers 36,620 86,627 6,168
Accrued liabilities (24,929) 17,201 45,053
Other taxes and fees payable (9,453) 44,985 12,972
Unearned transportation revenue (3,069) 42,487 20,023
Derivative Financial instruments     (1,854)
Other liabilities 41,775 40,429 76,687
Cash generated from operating activities 729,327 651,944 785,013
Interest received 38,222 12,902 3,531
Income taxes paid (37,724) (51,244) (3,188)
Net cash flows provided by operating activities 729,825 613,602 785,356
Investing activities      
Acquisitions of rotable spare parts, furniture and equipment (480,753) (347,147) (186,121)
Acquisitions of intangible assets (10,387) (6,790) (10,063)
Acquisitions of subsidiaries     (79)
Acquisitions of other investments (17,012)    
Pre-delivery payments reimbursements 45,085 221,253 43,678
Proceeds from disposals of rotable spare parts, furniture and equipment 122 1,990 17,940
Proceeds from disposals of aircraft 901    
Net cash flows used in investing activities (462,044) (130,694) (134,645)
Financing activities      
Transaction costs related to the CEBUR offering and other financing (2,547)    
Proceeds from exercised stock options 11   2,859
Proceeds from sale of treasury shares 1,018    
Financial instrument (CEBUR) (1,493)    
Treasury shares purchase (4,021) (5,239) (4,366)
Interest paid (37,179) (17,637) (12,477)
Payments of principal portion of lease liabilities (529,074) (449,004) (458,968)
Payments of financial debt (97,909) (196,565) (76,936)
Proceeds from financial debt 456,808 155,357 114,704
Net cash flows used in financing activities (214,386) (513,088) (435,184)
Increase (decrease) in cash, cash equivalents and restricted cash 53,395 (30,180) 215,527
Net foreign exchange differences on cash balance 8,906 911 19,127
Cash, cash equivalents and restricted cash at beginning of year 711,853 741,122 506,468
Cash, cash equivalents and restricted cash at end of year $ 774,154 $ 711,853 $ 741,122