Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations. cebupacificair.com

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1 Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations cebupacificair.com

2 Disclaimer The information provided in this presentation is provided only for your reference. Such information has not been independently verified and, as such, is not guaranteed to be accurate nor complete. Neither Cebu Air, Inc. ( CEB or the Company ) nor any of its affiliates, shareholders, directors, employees, agents or advisers makes expressed or implied representations or warranties as to the accuracy or completeness of the information contained herein and neither of them shall accept any responsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party s reliance or use of such information. The information and opinions in this presentation are subject to change without notice. EBITDAR, EBITDA, EBITDAR Margin, EBIT and core net income are not measures of performance under the Philippine Financial Reporting Standards ( PFRS ), and should not be considered in isolation or as alternatives to net income as an indicator of CEB s operating performance or to cash flow from operating, investing and financing activities as a measure of liquidity, or any other measures of performance under PFRS. Because there are various EBITDAR, EBITDA, EBITDAR Margin, EBIT and core net income calculation methods, CEB s presentation of these measures may not be comparable to similarly titled measures used by other companies. This presentation also contains certain forward-looking statements. These forward-looking statements include words or phrases such as CEB or its management believes, expects, anticipates, intends, plans, foresees, or other words or phrases of similar import. Similarly, statements that describe CEB s objectives, plans or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on management s current expectations or beliefs as well as assumptions made by, and information currently available to, management. There is no assurance that expected events will occur, that projections will be achieved, or that the Company and its management s assumptions are correct. 2

3 Business Updates

4 Operating Statistics 4 th Quarter 2017 Flew 4.9M passengers, up 4.7% YOY, for SLF of 83.6% ASK was down 1.6% YOY to 6.3B while RPK slightly grew by 0.1% YOY to 5.1B Full Year 2017 Flew 19.7M passengers, up 3.2% YOY, for SLF of 84% ASK grew 0.9% YOY to 26.2B while RPK grew 0.4% YOY to 21.3B Airbus fleet utilization at 12.5 hours/day, 6.2 turns/day On-time performance posted at 68%, up 8ppts YOY 61 Fleet 62 Destinations 113 Routes Passengers Capacity Pax: +0.7% Cap: +3.1% Passengers, Seats and Seat Load Factor Pax: +6.0% Cap: +8.2% Pax: +3.2% Cap: +5.6% Load Factor Sources: CEB Internal Reports % 85.1% 84.7% 82.9% 86.0% 84.0% 1H16 1H17 2H16 2H17 FY16 FY17 4

5 Market Performance Domestic 4Q17: Flew 3.6M passengers, up 2.1%, for SLF of 85.9%. FY17: Flew 14.6M passengers, up 1.7%, for SLF of 86.8% 37 destinations, 76 routes, close to 2,000 weekly flights International 4Q17: Flew 1.3M passengers, up 12.5%, for SLF of 78.1% FY17: Flew 5.1M passengers, up 7.9%, for SLF of 77.0%. 25 destinations, 37 routes, 500+ weekly flights Notable passenger growth in key markets with the redeployment of A330 previously for long haul Remaining LH routes, Sydney and Dubai, continue to outperform both posting SLF at around 81%. Launched 3x weekly service Manila-Melbourne route starting August 14, 2018 Key Markets Pax (000) YOY Cap. Share* SLF Narita % 24% 69% Incheon % 12% 78% Taipei % 18% 73% Bangkok % 25% 79% Sydney % 44% 81% Hong Kong 1, % 34% 80% Dubai % 25% 82% Singapore 803-2% 31% 77% Source: International Market Share FY2017 Foreign Carriers, 47% AA group, 6% CEB group, 20% PAL group, 28% Source: CAPA Route Capacity Analyser for the week of December 25,

6 2017 Initiatives MAX Airport Suite Customer Care Command Center Investments in Safety through technology Runway Overrun Protection System Wireless Ground Link (WGL) Electronic Flight Bag Cadet Pilot Training Program 6

7 Financial Results

8 Income Statement Highlights 4Q17 4Q16 % Change FY17 FY16 % Change Total Revenue (Php M) 17,698 15, % 68,029 61, % Passenger Revenue 13,002 11, % 49,931 46, % Ancillary Revenue 3,381 2, % 13,494 11, % Cargo Revenue 1,315 1, % 4,604 3, % Ave. Yield/passenger 3,363 3, % 3,212 3, % Average fare 2,669 2, % 2,529 2, % Ancillary/passenger % % Cargo yield / kg % % ASK (M) 6,297 6, % 26,233 25, % Revenue/ASK (RASK) % % Cost/ASK (CASK) % % CASK - Fuel % % CASK ex-fuel % % Jet fuel (USD/bbl) average* % % Php/USD average* % % Income (PHP million) EBITDAR 4,980 4, % 22,818 23, % EBIT 2,889 2, % 10,134 12, % Pre-tax Core Income 2,624 2, % 9,036 11, % Net Income 3,532 2, % 7,908 9, % Margins EBITDAR Margin 28.1% 29.5% -1.4ppts 33.5% 38.2% -4.6ppts EBIT Margin 16.3% 18.4% -2.1ppts 14.9% 19.8% -4.9ppts Pre-tax Core Margin 14.8% 16.8% -2.0ppts 13.3% 18.4% -5.1ppts Net Margin 20.0% 17.5% 2.5ppts 11.6% 15.8% -4.1ppts *source: Published MOPS and PDS rates 8

9 Balance Sheet Highlights In Millions of PHP vs 2016 Cash 15,614 10,296 5, % Other current assets 6,078 4,855 1, % Property, plant & equipment 81,279 81,890 (611) -0.7% Goodwill and others 6,106 3,473 2, % TOTAL ASSETS 109, ,514 8, % Current Debt 5,969 7,040 (1,071) -15.2% Noncurrent Debt 35,013 35,770 (757) -2.1% Other liabilities 28,309 24,199 4, % TOTAL LIABILITIES 69,291 67,009 2, % EQUITY 39,786 33,505 6, % Cash to Sales Ratio 22.95% 16.63% Current Ratio 0.74x 0.54x Net debt 1 to Equity 0.64x 0.97x Adjusted Net debt 2 to Equity 1.73x 2.30x PPE: - 1 new A330-6 new ATR A320 converted into operating lease - 3 A319 sold Other assets (current and noncurrent): - Advance purchase of Airbus A330 life limited engine parts and advance payments to MRO providers. Loans breakdown Php vs USD: USD 549M 749M PHP 13,546M 5,578M NOTE: 1 Net debt is total debt less cash and cash equivalents 2 Adjusted net debt is net debt plus capitalized lease and ARO liability based on the present value of future operating lease commitments. (Previously 1.93x for 2016 based on 7x capitalization multiple). 9

10 Cash Flow Highlights in Millions of PHP 2017 CASHFLOWS FROM OPERATING ACTIVITIES Income after noncash adjustments 17,601 Net changes in working capital 1,490 Interest and taxes paid net (1,295) Net cash provided by operating activities 17,795 CASHFLOWS FROM INVESTING ACTIVITIES Acquisition of PPE net of proceeds from sale (6,133) Dividends from JVs 125 Other non-current assets (2,781) Net cash used in investing activities (8,789) CASHFLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings net of repayments (2,081) Dividends paid (1,666) Net cash used in financing activities (3,747) Additions to PPE: Php1.5B in PDPs, and Php13B final payment for 1 A330 and 6 ATR 600 Proceeds from AC sale: 3 A319 and 6 A320 SLBs Other non-current assets: Php2.8B advance payments for A330 LLPs Php8.9B Loan availment: for 7 AC deliveries Php11B loan repayment includes $84.4M prepayment for A320 loans before sale Net foreign exchange difference 58 NET INCREASE IN CASH AND CASH EQUIVALENTS 5,317 CASH AND CASH EQUIVALENTS, beginning 10,296 CASH AND EQUIVALENTS, END 15,613 10

11 Outlook

12 Fuel, Forex, and Forward Bookings Jet Kero Spot Price Index Fuel As of March 23, 2018, Jet Kero closed at $81.27/bbl Jet Kero Close Average YTD Dec 31, 17 $75.45/bbl $65.31/bbl 70 Sep 30, 17 $68.07/bbl $62.89/bbl 60 Dec 31, 16 $66.91/bbl $52.83/bbl Hedge ratio at 30% for 2018 and 14% for 2019 Forex As of March 23, 2018, USDPHP closed at P52.39/$ PHPUSD Close Average YTD Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 PHPUSD Closing Rates Dec-17 Jan-18 Feb-18 Mar-18 Dec 31, 17 P49.93/$ P50.40/$ Sep 30, 17 P50.82/$ P50.24/$ Dec 31, 16 P49.72/$ P47.50/$ Forward Bookings As of March 12, 2018, 5-month forward bookings are at 21.9% of total available seats and 0.7ppts higher year on year. Available seats are up 6.1% YOY Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Data source: Bloomberg 24 March

13 Finally, for a long term outlook Maintain a Conservative and Flexible Fleet Expansion Plan: Current Fleet of 63: 1 Airbus A319, 1 Airbus A321CEO, 36 Airbus A320, 8 Airbus A330, 8 ATR , and 9 ATR : 6 more A321 CEOs, 1 A321 NEO, and 3 more ATR deliveries; 8 ATR exits : 31 A321 NEO and 4 ATR deliveries, and 13 A320 Lease returns 13

14 Thank you! cebupacificair.com

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