Corporate Presentation. Corporate Presentation December 2016
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1 Corporate Presentation Corporate Presentation December 2016 January 2018
2 Disclaimer The information in this presentation has been prepared by Spicejet Limited (the Company ) and has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information presented or contained in these slides is current as of the date hereof and is subject to change without notice, and its accuracy is not guaranteed. Neither the Company, nor any of its advisers or representatives, nor any of their respective affiliates makes any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. No consideration has been given to the particular objectives, financial situation or particular needs of any recipient. Neither the Company nor any of its advisors or representatives, nor any of their respective affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss arising from the use of this presentation or its contents or otherwise arising in connection with this presentation. By assessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation is intended for financial institutions and professional investors only and is not intended for distribution or reproduction to, or use by, retail investors. This presentation is also not intended for distribution or reproduction to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. The information in this presentation is given in confidence, and reproduction of this presentation, in whole or in part, or disclosure of any of its contents, without prior consent of the Company, is prohibited. This presentation should be distributed and read in its entirety. This presentation remains the property of the Company and on request must be returned and any copies destroyed. This presentation is for information and convenient reference and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of the Company nor should it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended or an exemption from such registration. Please refer to the financial statements of the Company that have been filed with the stock exchanges and is available on the Company s website. This presentation is not intended to be fully inclusive and may not contain all of the information that you may consider material. This presentation contains historical information of the Company that should not be regarded as an indication of future performance or results. Certain statements in these slides may be considered forward-looking. These statements are based on management s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. By accepting any copy of this presentation, you agree to be bound by the foregoing limitations. 2
3 Table of Contents 1 Industry Snapshot 2 Spicejet: Fact Sheet 3 Corporate Strategy 4 Key Financials and Stock Price Performance 3
4 Table of Contents 1 Industry Snapshot 2 Spicejet: Fact Sheet 3 Corporate Strategy 4 Key Financials and Stock Price Performance 4
5 Indian Economy: Steady Growth Supported by Strong Fundamentals USD $ billion Strong Economic Growth Real GDP Growth Projection CY2016 CY2022E 7.7% India is likely to reclaim its position as the fastest growing major economy of the world ahead of China in CY18 according to World Bank. 6.0% 5.2% 3.5% 3.1% 2.2% World average of 3.7% 1.9% 1.8% Growth projections of Indian economy range from 6.7% to 7.1% for FY 18 and expects ~7.45% for FY19. India China ASEAN-5 Middle East & North Africa Source: IMF, World Economic Outlook, October 2017 Sub-Saharan Africa Latin America & Caribbean European Union Advanced economies With 1.31 billion population base, the share of elite, affluent and aspirers households is expected to increase to 36% of the total while the share of strugglers is expected to drop to 18% by Indian Households by Income (Millions) FDI Inflows into India Total FDI inflows in India increased at CAGR of 15% from FY13 to FY Strugglers Next billion Aspirers Affluent Elite Household Income ($ 000) (<2.3) ( ) ( ) ( ) (>(>30.8) 0 FY13 FY14 FY15 FY16 FY17 Source: BCG Report The New Indian: The Many Facets of a Changing Consumer, March 2017 Source: Department of Industrial Policy & Promotion Note: 1. CY2016 population data is updated for all countries except Germany, for which data has been estimated by the IMF. CY2017 to CY2022 population data for all countries are estimates by the IMF. 2. Income distribution is calculated in constant 2015 dollars, $1 = 65 Rupees 5
6 Million Indian Aviation: Market Forecast Population and Fleet Size Annual Trips per Capita 1,600 1,200 1,383 1,309 Population 8,000 Fleet Size 10,000 8, x China India United Staes Indonesia Brazil Vietnam South Africa 6,000 4,000 2, India South Africa China Vietnam Indonesia Brazil United States Source: Internet research, World Economic Outlook, October 2017 Source: Airbus Global Market Forecast, June 2017 Domestic Air Passenger Traffic Forecast (Top 10 Markets) 12% 10% 8% 6% 4% 10.7% 6.8% 7.6% 7.4% 5.7% 4.3% 8.0% CAGR CAGR 6.5% 5.4% 5.8% 5.0% 4.6% 4.3% 3.9% 5.0% 4.6% 4.5% 2.8% 5.8% 4.5% 2% 0% Domestic India Domestic PRC Domestic Turkey Domestic Emerging Asia Domestic Sub Sahara Africa Domestic South America Domestic South Africa Domestic Brazil Domestic North Africa Domestic Caribbean Source: Airbus Global Market Forecast, June 2017 According to Airbus, Domestic India is projected to be fastest growing aviation market at 10.7% CAGR ( ) 6
7 Indian Aviation: Demand & Supply Trends ASK of Domestic Scheduled Services (billions) RPK of Domestic Scheduled Services (billions) FY11 FY12 FY13 FY14 FY15 FY16 FY17 10M FY17 10M FY18 FY11 FY12 FY13 FY14 FY15 FY16 FY17 10M FY17 10M FY18 Source: DGCA data (January 2018) ASK of International Scheduled Services (billions) Source: DGCA data (January 2018) RPK of International Scheduled Services (billions) FY11 FY12 FY13 FY14 FY15 FY16 FY17 10M FY17 10M FY18 FY11 FY12 FY13 FY14 FY15 FY16 FY17 10M FY17 10M FY18 Source: DGCA data (January 2018) Source: DGCA data (January 2018) Demand growth has outpaced growth in supply in the last 2 years on account of economic buoyancy and reasonable fares due to low ATF prices 7
8 Indian Aviation: Competitive Landscape Airline Promoter Market Share (1) # (Domestic) Capacity Share (1) * (Domestic) Air India Govt of India 13.3% 13.8% FSC 154 Service Type (2) Fleet Size (2) Aircraft Type (2) Airports (2) A319, A320, A320N, A321, B747, B777, B787, ATR42/72 Jet Airways Naresh Goyal 16.5% 15.9% Dual 119 A330, B737, B777, ATR72 IndiGo InterGlobe Enterprises 39.7% 40.5% LCC 155 A320, A320N, ATR SpiceJet Ajay Singh 12.7% 11.4% LCC 60 3 B737, Q Dom 44-Int 44-Dom 20-Int 41-Dom 7-Int 44-Dom 7-Int GoAir Wadia Group 9.6% 9.4% LCC 32 A320, A320N 23-Dom Vistara Tata Group 3.6% 4.4% FSC 19 A Dom Air Asia AirAsia, Tata Sons 4.3% 4.5% LCC 14 A Dom Source: (1) DGCA (January 2018) (2) Company website and Internet search (31 st January 2018) Indian Domestic Full-Service Carriers vs. Low-Cost Carriers Market Share LCCs consistently gaining market share and expect to reach 75% -80% within two years as per CAPA 50.2% 39.2% 36.6% 35.1% 35.8% 32.4% 49.8% 60.8% 63.4% 64.9% 64.2% 67.6% FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 LCC Market Share FSC Market Share Source: DGCA Note: (3) Company operates 4 aircrafts on wet lease ; #Percentage of total passengers carried; *Percentage of total ASKM deployed 8
9 Indian Aviation: Airport Development 125 Operational airports in India, out of total 464 airports and airstrips 1 Cr INR budget allocated to 5,168 Civil Aviation Ministry for FY 18, an increase of 22% as compared to Union Budget for FY Airports aimed to be operational across the country by FDI allowed under 100% automatic route in Greenfield Projects & 74% for brownfield projects 1 22 Airports to be connected by Airport Authority of India under UDAN scheme in the first phase 3 Income tax for airport projects for a period of 10 0% years by govt. 1 17,500 Cr INR will be invested by AAI in upgrading airport infrastructure over a period till Installations of Radar, VOR/DVOR and Distance Measuring Equipment across all major air-routes over Indian landmass 3,4 Source: 1. DGCA, 2. Make in India 3. AAI Note: 4. Includes 29 Radar installations, 89 VOR/DVOR installations & 90 Distance Measuring Equipment installations 9
10 Table of Contents 1 Industry Snapshot 2 Spicejet: Fact Sheet 3 Corporate Strategy 4 Key Financials and Stock Price Performance 10
11 Key Highlights: Strong Performance, Consistent Execution #1 Best performing Indian airline stock in terms of investor returns over the last 2 years #2 One of the few airlines globally to turn in twelve successive quarters of profitability after near shutdown (1) #3 Average OTP of 82% since June 16 at metro stations One of the leading OTP in the industry (2) #4 Industry Leading Load Factor of 90%+ for 34 months in a row (2) #5 Unique two pronged fleet strategy helps in optimizing network and adapting to existing infrastructure conditions & different demand profiles #6 Strong foothold in domestic market and substantial presence in regional and international operations. Spicejet is in a better position to take advantage of the growth witnessed in tier 2 / tier 3 cities #7 Strong management team with Mr. Ajay Singh at the helm pioneer of low cost aviation in India Best positioned to capitalize on aviation growth backed by strong demand from India s secondary centres Note: 1. Data as of January 2018, 2. Source: DGCA (January 2018) 11
12 Route Network 54, ~ Pax carried per day ~ Flights per day Domestic destinations International destinations Note: Data for January
13 Operations Overview History and Corporate Matters Started in May 2005, 2 nd largest airline by Jul 14 Change of control in 2010, Acquired by Marans Change of control again, Ajay Singh takes over following scheme of reconstruction and revival in Feb 15 Fleet Details (1) B Fleet: 2 aircraft B Fleet: 32 aircraft B Fleet: 4 aircraft Q400 Fleet: 22 aircraft Total Fleet Size 60 aircraft Scale of Operations Passengers Ferried: 54,450 per day 1.49 million per month (2) Market Share(2) : 12.6% on domestic operations Passenger Load Factor (2) : 95.0% - Highest in industry (domestic) consistently Share Market Data (1) CMP: Rs week H/L: Rs. 154 /58 Market Cap: ~Rs. 74,425 Mn (31 st January 18) Promoter Shareholding: 60.03% Stock Performance since Jan 15 (announcement of change in control): 566% Note: (1) Data as of 31 st January 2018 (2) Source: DGCA Statistics as of 31 st January
14 Management Ajay Singh Chairman & MD Leadership Team Arun Kashyap Executive Vice President Engineering & Maintenance Bhavesh Mishra Sr. Vice President & Chief of Flight Safety Chandan Sand Sr. Vice President Legal & Company Secretary Debojo Maharshi Chief Marketing Officer GP Gupta Chief Strategy Officer & Accountable Manager Kamal Hingorani SVP & Head - IFSD & Customer Experience Kiran Koteshwar Chief Financial Officer Manjiv Singh Chief Project Officer Shilpa Bhatia Chief Sales & Revenue Officer SPS Suri Executive Vice President Flight Operations Surajit Banerjee Sr. Vice President & Head - Human Resources The Company has a strong management team supported by robust middle management 14
15 Awards and Recognition SpiceJet was conferred the CAPA Chairman s Order of Merit for fastest turnaround 2017 Awarded as Best Domestic Airline at the 10th ASSOCHAM International Conference & Awards 2017 SpiceJet received 'Asia's Greatest Brands ' award at the Asia One Awards and SpiceJet CMD Ajay Singh and CFO Kiran Koteshwar were honored with 'Global Asian of the year' and 'Asia's Greatest CFO 2016' awards respectively Spicejet PR was awarded the best Individual: Consultancy Professional award at Fulcrum Public relations (PR) campaign Rising like a Phoenix awarded at the Global SABRE Awards as among the 40 best PR campaigns in the world 2016 Awarded for Best Employee Engagement at the 4th DMA-Thomas Associates National Award 2016 Awarded the Best Check-in Initiative by Future Travel Experience global awards for its introduction of Bluetooth Low Energy (BLE) beacons and Near Field Communication (NFC) technology SpiceJet CMD Mr. Ajay Singh received the DDP Game Changer award at the North India Travel Award 2016 SpiceJet CMD Mr. Ajay Singh received the World Travel Leaders award at the World Travel Market Awards in London 2016 Voted as Best Transportation brand and Best Airline brand in India by Brand Trust Report 2016 Won the Best Domestic Airline for South India award by DDP TravTalk 2016 Awarded as Best Historic Turnaround at the 9th ASSOCHAM International Conference & Awards
16 Table of Contents 1 Industry Snapshot 2 Spicejet: Fact Sheet 3 Corporate Strategy 4 Key Financials and Stock Price Performance 16
17 Corporate Strategy Maximize asset utilization Expand international Focus on key sectors Develop regional markets with Q400 Dynamic fleeting capability to address seasonality variations Sizing capacity to demand Revenue Maximization / Optimization Low Cost Operations Monitoring and improving fuel consumption Readiness for import of fuel or hedging Lower aircraft acquisition & associate maintenance costs Bring down other costs by insourcing or securing long terms contracts Maintain fleet reliability Develop a continuous line of trained professionals through its academy Implement and maintain high level of automation Highly skilled and motivated work force Build its financials to avoid shocks Consolidate Operations & Strengthen Financials Increase Ancillary Revenue Maximize passenger related ancillaries through a range of value-based products Integrate travel related services like hotels, vacations, car hire etc. Develop cargo and merchandise business units 17
18 Jan-15 Apr-15 Jul-15 Consolidating Market Presence and Strengthening Performance Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Significant Improvement in OTP * Market Leader in terms of Load Factor Growth in Market Share 100% 90% 95% 16% 14% 80% 70% 85% 12% 10% 60% 50% 75% 8% 6% 40% 65% 4% Source: DGCA Source: DGCA Source: DGCA Well placed to tap the smaller and regional routes that are driving disproportional market growth Increased regional connectivity together with focus on international expansion to propel market share Maintain operational efficiency with strong focus on high OTP and low cancellations Industry leading load factors and improving OTP performance testament to increasing passenger confidence Note: * Average of 04 metro stations 18
19 Current Fleet and Expansion Plans Focus on Increasing Regional & International Presence; Create Strong Foothold Domestically Boeing Fleet Bombardier Fleet Aircraft Type Boeing Boeing Boeing Q400 Fleet Size (1) 2 aircraft 32 aircraft 2 4 aircraft 22 aircraft Seat capacity 149 Y 189 Y 212 Y 78 Y Description Expansion plans Operates 34 B737 family aircraft on operating lease Serves 44 domestic and 7 international routes Additionally, the company operates 4 aircraft on wet lease making it a total of 38 narrow body operations. January 2017: Placed an order with Boeing for 155 firm and 50 options for B737 Max aircraft June 2017: Entered into an MOU with Boeing for 20 B737 Max 10 aircraft and 20 conversions from previous order at Paris Air Show Operates 22 Q400s: 13 on finance lease and 9 on operating lease With 78 seats each, these serve as excellent connecting agents for niche routes with high passenger yields Provide the airline with significant flexibility to develop regional routes and test new markets June 2017: Placed an order with Bombardier for purchase of 25 and purchase right for 25 Q400 aircraft at Paris Air Show Note: (1) Data as of 31 st January 2018 (2) Include 04 aircraft on wet lease 19
20 Sustain Profitability: Focus on increasing Margins by Reducing Costs Manpower optimisation to cater to maximise utilisation & increased productivity Renegotiation of unfavourable contracts and SLA management Fuel saving methods such as fuel hedging, lightweight seats being considered. Invested in fuel dashboard software system for monitoring fuel conservation measures. Continuous Focus on Reducing Costs Cost reduction initiatives by dedicated cross-functional task-force Drastic improvement in efficiencies of key functions like cargo handling and call centre after being taken in-house Dynamic fleeting to address seasonality variations Work in progress for direct import of ATF estimated cost saving of 12-15% on fuel cost Increase contribution of direct sales; Spicejet APP was launched. Manage Structural Matters Route optimization reduce unproductive flight time; Will invest in technology & upgrading aircraft specifications. Focus on increasing ancillary revenues through travel related opportunities 20
21 Increasing Focus on Ancillary Revenue Ancillary Products & Services* Ancillary Products and Services Focussed Communication Excess Baggage Charges Spice Max Seats Meals Pre Book Seats Insurance Hand Baggage My Flexi Plan Spice Vacations Priority Check in Lounge Visa Cab Note: * The list is not exhaustive 21
22 Increasing Brand Acceptance Improving OTP Changing perception Targeting to be more Customer Friendly Trendy Taglines Getting the Point Across with High Impact Focused Marketing and Promotion Campaigns riding on Spicejet s Strong Brand Recall to Deliver Maximum Impact at Optimum Cost 22
23 Table of Contents 1 Industry Snapshot 2 Spicejet: Fact Sheet 3 Corporate Strategy 4 Key Financials and Stock Price Performance 23
24 Improved Operational Efficiency Bringing Stability to our Financials Profit and Loss Account (1) Balance Sheet (1) Net Revenue from Operations Rs. MN 58,051 64,371 Annual Financial Performance SpiceJet recorded second successive profitable year 54,629 53,038 63,424 EBITDAR (2) Rs. MN 15,643 16,549 Net Profit Rs. MN 4,498 4,307 Net worth Rs. MN (2,244) (6,091) 8,163 3,348 4,675 (1,911) (6,871) (9,945) (10,389) (14,852) FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 (10,032) FY13 FY14 FY15 FY16 FY17 Calculated as sum total of share capital and other equity Revenue/Expenses Rs. MN 17,090 Revenue 21,109 FY17Q3 Quarterly Financial Performance SpiceJet recorded eleventh successive profitable quarter 15,278 FY18Q3 Expenses 18,710 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 EBITDAR & EBITDAR margin(%) (2) Rs. MN 30% 3,000 25% 2,500 20% 2,000 15% 1,500 10% 1,000 Note 1: Source BSE filings Note 2: EBITDAR is calculated as total income net of (i) operating expenses (ii) employee benefit expenses (iii)other expenses and adding rentals 28% 4,842 FY17Q3 EBITDAR 5,970 28% FY18Q3 EBITDAR Margin 5% 500 0% 0 Net Profit & Profit Margin (%) Rs. MN 11% 1,811 FY17Q3 EAT 11% 2,400 FY18Q3 EAT margin 12% 10% 8% 6% 4% 2% 0% Net Debt Rs. MN 20,193 17,140 14,553 11,238 9,543 FY13 FY14 FY15 FY16 FY17 Calculated as sum total of long term and short term borrowings net of cash and bank balances Debt is substantially on account of finance lease on Q400 aircraft 24
25 Operational Turnaround Rubbing off on Stock Price Price Performance Rebased to 100 Last 1 year Price Performance Rebased to 100 Since 15 th January, 2015 (Change of Control) till date Jan Apr Jul Oct Jan-18 SpiceJet 92% Sensex 30% 0 15-Jan Jul Jan Jul Jan Jul Jan-18 SpiceJet 566% Sensex 28% Best performing Indian airline stock in terms of investor returns over the last 2 years Source Reuters as of 31 st January
26 Thank You SpiceJet Limited Regd. Office: Indira Gandhi International Airport, Terminal 1D, New Delhi Website: T: ; F: For detailed quarter/annual financial performance information, visit investor section on our company website
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