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Copa Airlines Presents Current Balance Sheet and Projections 2022-2023

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Panama’s Copa Airlines shared on Wednesday a balance of its current situation, after two years of pandemic, and the plans it is implementing to contribute to the strengthening of Panama’s leadership as Hub of the Americas.

The company is investing to positively impact the country’s economic recovery, after being severely affected by the crisis faced by the airline industry since March 2020 due to the consequences of the COVID-19 pandemic.

→ Copa Airlines announces new route to Barcelona (Venezuela) starting in June.

The airline reported that, during 2021, it reactivated 100% of the employees who were on leave since 2020 as a result of the temporary closure of operations it faced as a result of the pandemic. The company also rehired more than 1,000 employees who had taken voluntary retirement plans and carried out more than 150 internal promotions, providing opportunities for personal and professional growth to the company’s human talent.

“In our 75 years of operation we have established ourselves as the leading airline in the region, making Panama the preferred connection in the Americas, shortening distances across the skies of our continent. Even though we are going through two years with many challenges and are currently facing the oil price crisis, we are optimistic that we are on the right path to continue contributing to Panama’s economic and social development, taking advantage of its geographic position,” said Pedro Heilbron, CEO of Copa Airlines.

The strategic lines guiding the airline for 2022 are focused on strengthening the Hub of the Americas as the region’s main hub through capacity growth, increasing its network of destinations and frequencies, modernizing the fleet and generating employment opportunities, based on the management of a sustainable and efficient operation.

Growth plans

In 2022, Copa Airlines expects to continue to increase its capacity throughout the year, and by 2023 it expects to exceed 2019 levels by 9%.

As for its fleet, the airline currently has 81 active aircraft, in addition to 3 aircraft still in temporary storage. By the end of 2022, it expects to have received 8 new Boeing 737 MAX9 model aircraft, and by 2023 it expects to reach a fleet of 100 aircraft, all Boeing 737 models.

→ Copa Airlines increased frequencies to Cúcuta (Colombia).

Additionally, in order to expand the impact and international strategic relevance of the Hub of the Americas, beginning in June Copa Airlines will add to its network the city of Barcelona, the fourth destination it will operate in Venezuela, and Santa Marta, Colombia, the eleventh destination in that country. These cities join Atlanta in the U.S. and Cúcuta and Armenia in Colombia, destinations inaugurated in December 2021.

Growth and development of Panamanian talent

By 2022, Copa Airlines plans to generate more than 1,300 direct jobs in Panama, in different technical and administrative areas. Subject to growth plans, the airline projects a need to hire 600 cabin crew members, more than 300 pilots, more than 200 employees for operational positions, more than 120 aviation mechanics and more than 120 professionals for administrative positions.

In order to meet the demand for skilled labor, since 2013 Copa Airlines has promoted the Latin American Advanced Aviation Academy (ALAS), a non-profit institution dedicated to training young Panamanians to become commercial pilots, complying with the highest educational standards and the strictest international regulations.

ALAS has 92 active students. It is expected to graduate more than 60 new pilots in 2022, and in 2023 to reach the goal of 100 new students per year. The career plan contemplates that, once they complete their training, they will join Copa Airlines’ team of pilots.

In relation to the demand for aviation mechanics, increased by the Company’s Maintenance Center inaugurated in 2019, since 2014 Copa Airlines has promoted the Aeronautical Technicians Academy (ATA), which aims to train highly qualified personnel in maintenance and inspection of aeronautical systems, under local and international quality standards.

In 2022, 94 students are expected to graduate and join the airline’s team. This program recruits young people from Panamanian technical and vocational schools and is offered at no cost to the student.

Contribution to the recovery of tourism and the Panamanian economy

Copa Airlines will continue to implement successful initiatives to boost tourism and the Panamanian economy, such as the “Panama Stopover” program to encourage transit passengers to visit our country, the “Panama Irresistible” and “Blue Week” fare offers to Panama, as well as continued support in the promotion and advertising of the country on its social media platforms, copa.com, and other advertising spaces of the company.

Likewise, Copa will continue to look for ways to positively impact the production and progress of local companies when choosing its product and service suppliers. During 2021, several of these initiatives had very positive results, so it is expected that this year they can be replicated or surpassed.

Copa Airlines remains attentive and cautious to the new challenges presented by the volatile global geopolitical situation, which has impacted fuel prices and different elements of important global supply chains. However, it is equally optimistic with international travel dynamics showing a clear recovery, especially as COVID-19 restrictions are lifted in the various countries where it operates.

Plataforma Informativa de Aviación Comercial líder en América Latina.

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