United states securities and exchange commission

Operating Income. As a result of the factors outlined above, our operating income was Ps.2.5 billion in 2015, a 100% increase compared to our operating income of Ps.204.1 million in 2014.

Financial Results

2015 compared to 2016

 

		For the years ended December 31,
		2015				2016				Variation
		(In thousands of pesos, except for %)
Financing Results
Finance income			47,034				102,591				55,557				>100	%
Finance cost			(21,703	)			(35,116	)			(13,413	)			61.8	%
Exchange gain, net			966,554				2,169,505				1,202,951				>100	%
Total financing results			991,885				2,236,980				1,245,095				>100	%

 

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Total Financing Results. The variation in financing results was primarily due to the increase in our exchange gain. This exchange gain resulted from the significant 20.1% depreciation of the peso against the U.S. dollar, since we maintained a net asset position of U.S. $584.5 million in 2016. Our U.S. dollar net asset position mainly resulted from the value of our cash and cash equivalents, security deposits and aircraft maintenance deposits. Additionally, our finance income increased Ps.55.6 million, mainly due to an increase in our cash and equivalents during the year ended December 31, 2016, and consequently, an increase in short-term investments.

2014 compared to 2015

 

		For the years ended December 31,
		2014				2015				Variation
		(In thousands of pesos, except for %)
Financing Results
Finance income			23,464				47,034				23,570				>100	%
Finance cost			(32,335	)			(21,703	)			10,632				(32.9	%)
Exchange gain, net			448,672				966,554				517,882				>100	%
Total financing results			439,801				991,885				552,084				>100	%