Jet Airways (India) Ltd. Presentation on Financial Results Q2 FY th October 2007

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1 Jet Airways (India) Ltd. Presentation on Financial Results Q2 FY08 29 th October

2 Agenda Performance highlights Q2 FY08 HI FY08 Outlook JetLite performance highlights 2 2 2

3 Performance highlights Q2 FY

4 Financial highlights Q2 FY08 Total Revenues of INR 22.5 Billion (USD Million) Up 26% over Q2 FY07 EBITDAR of INR 245 Million (USD 6.2 Million) Down 26% over Q2 FY07 Profit Before Tax of INR 425 Million (USD 10.7 Million) Up 159% over Q2 FY07 Profit After Tax of INR 284 Million (USD 7.1 Million) Up 151% over Q2 FY07 Revenue Passengers carried 2.63 Million Up 6% from 2.49 in Q2 FY07 Achieved Seat Factor of 66.8% Up from 63.5% in Q2 FY07 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

5 Summary Q2 FY08 (USD Million) DOMESTIC INTERNATIONAL TOTAL Q2 08 Q2 07 Q2 08 Q2 07 Q2 08 Q2 07 Total Revenues Of which Op. Revs Total Expenditure Of which Fuel Profit before Tax (29.6) (24.2) 10.7 (15.8) PBT (excl. Sale & Lease back) (38.7) (26.7) (29.6) (24.2) (68.4) (51.0) Profit after Tax (29.6) (24.2) 7.1 (12.0) EBITDAR (9.6) Margin % 0.2% 5.9% 3.9% N.M 1.3% 2.1% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

6 Key events Induction of 3 B ER, to the fleet Launch of Flights to North America: Mumbai-Brussels-Newark in August 2007 Delhi-Brussels-Toronto in September 2007 Codeshare arrangement with Brussels Airlines (to 54 European points) Additional flights to Chennai/ Coimbatore from BLR in Sept 07 Fuel surcharge increased by INR 200 for domestic operations Acquired two new full flight simulators for B ER and Airbus 340 / 330 aircraft for flying training of pilots in October

7 Market share Q2 FY08 Combined 28.9% Indian 19.8% Air Deccan 16.5% Kingfisher 12.4% JetLite 6.9% Combined 29.4% Jet Airways 22.5% Indigo 8.4% Go Air 4.0% SpiceJet 8.3% Paramount 1.5% Source: Press report 7 7 7

8 Company operating parameters Traffic Parameters Jul 07-Sep 07 Jul 06-Sep 06 Variance % Number of Departures 30,612 29, % ASKMs Mio 5,419 4, % RPKMs Mio 3,621 2, % Passenger Load Factor % 66.8% 63.5% 3.3 points Block Hours 62,198 56, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 78.8% 74.6% 4.2 points Cost per ASKM in INR w/o Fuel % Break Even Seat Factor (%) w/o Fuel 48.3% 42.5% 5.8 points Average Gross revenue per passenger in INR* 6,311 5, % Average Gross revenue per passenger in USD* % Period end Fleet size % Average fleet size during period % Average Head Count Gross 11,495 9, % Aircraft Utilisation % * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

9 Company P&L INR Million INR Million Jul 07-Sep 07 Jul 06-Sep 06 Variance % INCOME Operating Revenues 18,186 15, % Non Operating Revenues 4,356 2, % Total Revenues 22,542 17, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits 2,863 2, % Aircraft Fuel Expenses 6,960 6, % Selling & Distribution Expenses 2,305 1, % Other Operating Expenses 5,813 4, % Aircraft Lease Rentals 1,253 1, % Depreciation 1, % Interest 1, % Total Expenditure 22,117 18, % IN USD Mio PROFIT BEFORE TAXATION 425 (725) 158.6% IN USD Mio 10.7 (15.8) IN USD Mio (excl Profit on sale of aircraft) (68.4) (51.0) Provision for taxation 141 (174) 181.4% PROFIT AFTER TAXATION 284 (551) 151.4% IN USD Mio 7.1 (12.0) EBITDAR % IN USD Mio Margin % 1.3% 2.1% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

10 A. Domestic operations

11 Domestic operating parameters Traffic Parameters Jul 07-Sep 07 Jul 06-Sep 06 Variance % Number of Departures 28,128 28, % ASKMs Mio 3,046 3, % RPKMs Mio 2,020 1, % Passenger Load Factor % 66.3% 65.6% 0.7 points Block Hours 47,939 48, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 75.9% 72.8% 3.1 points Average Gross revenue per passenger in INR* 5,006 5, % Average Gross revenue per passenger in USD* % * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

12 Domestic P & L INR Million INR Million Jul 07-Sep 07 Jul 06-Sep 06 Variance % INCOME Operating Revenues 12,526 13, % Non Operating Revenues 4,345 2, % Total Revenues 16,870 15, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits 2,352 1, % Aircraft Fuel Expenses 4,673 5, % Selling & Distribution Expenses 1,595 1, % Other Operating Expenses 3,883 3, % Aircraft Lease Rentals % Depreciation 1, % Interest % Total Expenditure 15,265 14, % IN USD Mio PROFIT BEFORE TAXATION 1, % IN USD Mio IN USD Mio (excl Profit on sale of aircraft) (38.7) (26.7) -44.8% EBITDAR % IN USD Mio Margin % 0.2% 5.9% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

13 Key performance drivers Q2 is seasonally the weakest quarter in terms of traffic and yields April - September 2007 growth in domestic capacity (industry) was 39% as compared to 44% last year same period; passengers only grew by 35% over the same period last year Average Industry seat factor for Q2 FY 08 estimated to be in the region of 63 65%; 9W Seat factor was 66% Passenger mix (full fare/discounted fare) ratio continues to be 25:75 despite heavy discounting by competition Gross yield in Q2 FY08 is lower by 4.6% over Q2 FY07 (5.3% lower vs Q1 FY08) Fuel prices movement Fuel rates were lower by 9.8% compared to Q2 FY07 Airlines increased fuel surcharge by INR 150 and INR 50 in July and September respectively

14 B. International operations

15 International operating parameters Traffic Parameters Jul 07-Sep 07 Jul 06-Sep 06 Variance % Number of Departures 2,484 1, % ASKMs Mio 2,374 1, % RPKMs Mio 1, % Passenger Load Factor % 67.5% 58.9% 8.6 points Block Hours 14,259 8, % Revenue Passengers (Million) % Revenue per RPKM in INR % Cost per ASKM in INR % Break Even Seat Factor (%) 84.9% 88.5% -3.6 points Average Gross revenue per passenger in INR* 15,841 13, % Average Gross revenue per passenger in USD* % * Average revenue per passenger includes Fuel Surcharge * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

16 International P & L INR Million INR Million Jul 07-Sep 07 Jul 06-Sep 06 Variance % INCOME Operating Revenues 5,660 2, % Non Operating Revenues 11 - Total Revenues 5,671 2, % IN USD Mio EXPENDITURE Employees Remuneration & Benefits % Aircraft Fuel Expenses 2,286 1, % Selling & Distribution Expenses % Other Operating Expenses 1,930 1, % Aircraft Lease Rentals % Depreciation % Interest Total Expenditure 6,852 3, % IN USD Mio PROFIT BEFORE TAXATION (1,181) (1,114) -6.0% IN USD Mio (29.6) (24.2) EBITDAR 223 (442) % IN USD Mio 5.6 (9.6) Margin % 3.9% -16.2% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

17 Breakup Q2 FY08 Particulars ASEAN / SAARC UK USA TOTAL Passengers 158, ,099 35, ,584 Revenues (USD mio) SF% 74.5% 66.1% 64.2% 67.5% % to Total Passengers 50.0% 38.9% 11.1% 100.0% Revenues 26.2% 55.3% 18.5% 100.0%

18 Sector-wise seat factors Sector Q1 08 Q2 08 H1 08 SAARC MAA-CMB-MAA DEL-KTM-DEL ASEAN BOM-SIN-BOM MAA-KUL-MAA MAA-SIN-MAA DEL-SIN-DEL DEL-BKK-DEL CCU-BKK-CCU UK US BOM-LHR-BOM (117/118) BOM-LHR-BOM (119/120) DEL-LHR-DEL ATQ-LHR-ATQ AMD-LHR-AMD EWR-BRU-BOM BOM-BRU-EWR BOM-BRU-EWR-BRU-BOM YYZ-BRU-DEL DEL-BRU-YYZ DEL-BRU-YYZ-BRU-DEL TOTAL AMD-LHR-AMD commenced operations effective April 3 BOM-BRU-EWR-BRU-BOM commenced operations effective August 5 DEL-BRU-YYZ-BRU-DEL commenced operations effective September

19 One time/ extraordinary impact Impact of WB aircraft on ground post induction and prior to route launch USD 3.59 million Route launch expenses USD 2.41 million C Check costs for redelivery of A340 aircraft USD 1.78 million Impact of Introductory pricing in new markets Impact of employees hired for International operations but not fully utilised (Pilots and Engineers)

20 Performance highlights H1 FY

21 Summary H1 FY08 (USD Million) DOMESTIC INTERNATIONAL TOTAL H H H H H H Total Revenues , Of which Op. rev Total Expenditure , Of which Fuel Profit before Tax (50.2) (39.8) 23.1 (28.8) PBT (excl. Sale & Lease back) (5.8) (24.2) (50.2) (39.8) (55.9) (64.0) Profit after Tax (50.2) (39.8) 14.9 (21.8) EBITDAR (12.9) Margin % 7.6% 11.0% 4.8% N.M 6.8% 7.5% * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

22 Balance sheet INR Million As on 30-Sep-07 INR Million As on 31-Mar-07 I SOURCES OF FUNDS Shareholders' Funds 22,051 22,373 Loan Funds 90,659 60,563 Deferred payments towards Jet Lite Investments 5,500 - Deferred Tax Liability 3,599 3,311 TOTAL SOURCES OF FUNDS 121,809 86,246 In USD Million 3, ,984.0 II. APPLICATION OF FUNDS Net Fixed Assets: 102,970 72,920 Investments 15, Current Assets, Loans & Advances 29,328 33,645 Less: Current Liabilities & Provisions 26,090 21,008 Net Current Assets 3,239 12,637 TOTAL APPLICATION OF FUNDS 121,809 86,246 In USD Million 3, ,984.0 * ROE used for conversion: 1 USD = INR for FY08 and 1 USD = INR for FY

23 Ongoing initiatives

24 Ongoing initiatives Network expansion Launched New York flights via Brussels on 28 October 2007 Kathmandu (second frequency) & Dhaka in November Upgrade Singapore and Malaysia routes to A330 by Jan 2008 Capacity addition on domestic routes Mumbai - Chandigarh, Mumbai - Kochi and Mumbai - Bhopal Increased sales initiatives Committed to grow number of corporate deals to 2,000 by end of FY 2008 currently over 1,800 (increase of 13% over Q1 FY08) Additional codeshare agreements in progress (Air Canada and South African Airways) Increase in web bookings 1,974 per day from 1,813 in Q2 FY

25 Outlook

26 Outlook October to December is seasonally the best quarter of the year Increase in fares by INR 200 (average 6 7%) in September Fuel surcharges increased further by INR 100 from October (currently at INR 1,200) Crude oil prices could spoil the party Jet has been given permission to operate to the Gulf including Qatar, Kuwait, Bahrain, Oman will start operations by Jan 2008 Application for Dubai and Abu Dhabi under review Capital raising to be completed by Q4 FY

27 Jet Airways fleet plan No of Aircraft Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 BOEING 737s ATR A /A330s B ER In addition, Jet has firm orders for 20 B737, 10 B787 and 10 B737 option aircraft between FY

28 JetLite (India) Limited 28

29 Fleet status In Fleet: 17 Boeing and 7CRJs As At Boeing Boeing CRJ CRJ Flying On ground Flying On ground 20/04/ /06/ /09/ /10/ /11/07 * * - Proposed 29

30 Tasks achieved Network/ Fleet Network Rationalisation exercise loss making flights discontinued Business class services withdrawn on all flights Reconfiguration of all aircraft to single class by March 2008 New destinations planned: Chandigarh, Bhuj, Udaipur, Raipur, Jodhpur and Jamnagar Change in branding of aircraft by March 2008 Erstwhile Frequent Flyer program merged with that of Jet Co-operation agreement with Jet Airways for transfer of passengers 30

31 Tasks achieved Revenues and Costs Seat factors for H1 were 71% Average economy yields are only 5% lower than that of Jet Amongst the lowest unit costs in the industry today Unit costs have been reduced by 27.7% over FY 07 costs Lease rentals for CRJ reduced to $110K from $160K per month per aircraft Aircrafts Insurance premiums reduced by ~ 45% Reduction in CRS Costs by due to renegotiation of rates Employee strength has been reduced to ~ 2,200 from 4,200 Renegotiation of other costs including financial charges, fuel, catering, rentals Market share in domestic operation is 6.9% (Apr-07 to Sept-07) 31

32 Other updates/ Outlook Plan to expand Domestic network with additional frequencies in winter Have applied for rights to fly to the Gulf; plans to start in Q4 FY08 In dialogue with lessors for replacement of older aircraft in fleet with new generation aircraft Has obtained funding of INR 400 crores in the form of subordinated debt from IDFC in end September 2007 Will move to a new booking platform by end of calendar 2007 Will largely be web based distribution This will help in reducing Selling & Distribution costs An all economy configuration will help reduce unit costs further 32

33 Operating parameters H1 FY08 Traffic Parameters APR-07 TO SEP-07 DOMESTIC INTERNATIONAL TOTAL Number of Departures 18, ,399 ASKMs Mio 2, ,755 RPKMs Mio 1, ,958 Passenger Load Factor % 71.5% 66.2% 71.1% Block Hours 34,721 2,166 36,887 Revenue Passengers (Million) Revenue per RPKM in INR Cost per ASKM in INR Break Even Seat Factor (%) 93% 72% 92% Cost per ASKM in INR w/o Fuel Break Even Seat Factor (%) w/o Fuel 49% 45% 49% Average Gross revenue per passenger in INR* 4,347 5,672 4,426 Average Gross revenue per passenger in USD* Average Net revenue per passenger INR* 4,128 5,366 4,202 Average Net revenue per passenger USD* Period end Fleet size Average fleet size during period Aircraft Utilisation * Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge * ROE used for conversion: 1 USD = INR for FY08 33

34 Income statement H1 FY08 Figs in INR Mio Particulars APR-07 TO SEP-07 DOMESTIC INTERNATIONAL TOTAL INCOME Operating Revenues 6, ,240 Non Operating Revenues Total Revenues 6, ,281 IN USD Mio EXPENDITURE Employees Remuneration & Benefits ,012 Aircraft Fuel Expenses 3, ,625 Selling & Distribution Expenses Other Operating Expenses 2, ,494 Aircraft Lease Rentals 1, ,353 Depreciation Interest Total Expenditure 8, ,203 IN USD Mio PROFIT BEFORE TAXATION (1,880) (42) (1,922) IN USD Mio (47.2) (1.1) (48.2) EBITDAR (569) 39 (529) IN USD Mio (14.3) 1.0 (13.3) Margin % -8% 7% -7% * ROE used for conversion: 1 USD = INR for FY08 34

35 JetLite fleet plan No of Aircraft Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 B 737 CRJ / Regional Ac 35

36 Comparison of Cost/Ask, Rev/RPK & Breakeven Comparison of Cost/ASK, Rev/RPK, and Breakeven % % % % 120% 100% 80% 60% Cost / ASK reduced 27.7% in H1 over FY07 BE of H1 FY07 is 23 % lover than FY % % 0.0 FY07 Q1 FY08 Q2 FY08 0% COST/ASK REV/RPK BE % 36

37 On time performance On Time Performance 80% 60% 44% 42% 56% OTP is increased in H1 by 13% over FY07 40% 20% FY07 Q1 FY08 Q2 FY08 * OTP has taken on delay of 15 minutes and over 37

38 Thank You 38

39 Disclaimer Certain statements in this release concerning Jet Airways future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in the aviation business including those factors which may affect our cost advantage, wage increases, our ability to attract and retain professionals, time and cost overruns on various parameters, our ability to manage our international operations, liability for damages, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital, and general economic conditions affecting our industry. Jet Airways may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. Jet Airways does not undertake to update any forwardlooking statement that may be made from time to time by or on behalf of the company.

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