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Copa Holdings' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Copa Holdings, S.A. ( CPA)

Q4 2011 Earnings Call

February 9, 2012 11:00 AM ET


Joe Putaturo – Director, IR

Pedro Heilbron – CEO

Victor Vial –CFO


Mike Linenberg – Deutsche Bank

Ray Neidl – Maxim

Stephen Trent – Citi

James Parker – Raymond James

Duane Pfennigwerth – Evercore Partners

Eduardo Couto – Goldman Sachs

Daniel McKenzie – Rodman and Renshaw

Augusto Ensiki – Morgan Stanley



Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings’ Fourth Quarter and Full Year 2011 Earnings Call. During the presentation, all participants will be on a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this call is being webcast and recorded on February 9, 2012.

Now, I’ll turn the conference over to Joe Putaturo, Director of Investor Relations. Sir, you may begin.

Joe Putaturo

Thank you very much, operator, and welcome, everyone, to our fourth quarter earnings call. Joining us today are Pedro Heilbron, CEO of Copa Holdings, and Victor Vial, our Chief Financial Officer. First, Pedro will start with our full year and fourth quarter highlights, followed by Victor, who will discuss our financial results. Immediately after, we’ll open up the call for questions from analysts.

Copa Holdings fourth quarter financial results have been prepared in accordance with International Financial Reporting Standards. In today’s call, we will discuss non-IFRS financial measures. A reconciliation of non-IFRS to IFRS financial measures can be found in our fourth quarter earnings release, which has been posted on the company’s website,

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