Tiger Airways Holdings Limited FY11 Results

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1 Tiger Airways Holdings Limited FY11 Results May 2011 Financial Year Ended 31 March 2011

2 Disclaimer The information contained in this presentation (the "Information") is provided by Tiger Airways Holdings Limited (the "Company") to you solely for your reference and may not be retransmitted or distributed to any other person. The Information has not been independently verified and may not contain all material information concerning the Company or its subsidiaries. Please refer to our annual reports for an audited and more complete report of our financial performance and position. None of the Company or any of their members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company with respect to the consolidated results of operations and financial condition, and future events and plans, of the Company. These statements can be recognized by the use of words such as "expects", "plans", "will", "estimates", "projects", or words of similar meaning. Such forward-looking statements do not guarantee future performance and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. No assurance can be given that future events will occur, that projections will be achieved, or that the Company s assumptions are correct. 1

3 FY11 Results Key Highlights Almost tripling profit before tax FY11 vs FY10 $57 million PBT at a 9.2% profit before tax margin 20.5% return on equity Controllable unit costs down year-on-year Well positioned heading into FY12 2

4 3 OPERATING HIGHLIGHTS

5 Strong Traffic Growth and High Load Factors Recipe for LCC Success: Strong Traffic Growth and High Load Factors 86% Load Factor for FY11 6.0m Passengers for FY11 100% 7,000 95% 90% 85% 80% 75% 70% 65% 60% 55% 50% 53% 69% 74% 80% 79% 85% 33%-ppts improvement FY % FY05 FY06 FY07 FY08 FY09 FY10 FY11 '000 passengers 6,000 5,000 4,000 3,000 2,000 1, % FY05-11 CAGR 831 1,476 2,223 3,167 4,872 5,968 FY05 FY06 FY07 FY08 FY09 FY10 FY11 4

6 Profit Growth > Revenue Growth > Capacity Growth Seat Capacity ('000 seats) Ancillary Revenues Per Passenger (S$/pax) 8, ,000 6,000 5,000 4, % FY07-11 CAGR 3,989 5,723 6, % FY07-11 CAGR ,000 2, ,000 1,000 1, FY07 FY08 FY09 FY10 FY11 Total Operating Costs per Seat (S$/seat) % FY07-11 CAGR FY07 FY08 FY09 FY10 FY11 Profit Before Tax (S$m) +$72m improvement FY FY07 FY08 FY09 FY10 FY11 (20) (15) 20 (40) 5 - FY07 FY08 FY09 FY10 FY11 (60) (48)

7 6 FINANCIAL RESULTS

8 2011 Financial Year: Full Year Results Period FY11 FY10 Change Passenger numbers ( 000 pax) 5,968 4, % Passenger load factor (%) 86% 85% +1% ppt Average passenger fares ($/pax) % Ancillary revenues per pax ($/pax) % Cost per seat ($/seat) % Cost per seat excl. fuel and forex ($/seat) % RASK (SGD cents / ASK) % CASK (SGD cents / ASK) % CASK excl. fuel and forex (SGD cents / ASK) % Average sector length (km) 1,377 1,371 +0% Total revenue ($m) % Total expenditure ($m) % Operating profit / (loss) ($m) % Profit / (loss) before tax ($m) % Net profit / (loss) after tax ($m) % 7

9 4Q11 Results: Impacted by Fuel and Weather Events Period 4Q11 4Q10 Change Passenger numbers ( 000 pax) 1,564 1, % Passenger load factor (%) 84% 85% -1% ppt Average passenger fares ($/pax) % Ancillary revenues per pax ($/pax) % Cost per seat ($/seat) % Cost per seat excl. fuel and forex ($/seat) % RASK (SGD cents / ASK) % CASK (SGD cents / ASK) % CASK excl. fuel and forex (SGD cents / ASK) % Average sector length (km) 1,395 1,320 +6% Total revenue ($m) % Total expenditure ($m) % Operating profit / (loss) ($m) % Profit / (loss) before tax ($m) % Net profit / (loss) after tax ($m) % 8

10 Summary Balance Sheet Financially Well Positioned 20.5% Return on Equity; Strong Forward Sales Growth S$m 31-Mar Mar-10 Assets Cash Property, Plant and Equipment Other Assets Total Assets 1, Liabilities Total Debt Other Liabilities Total Liabilities Total Equity

11 10 INITIATIVES

12 Revenue Management > 20% of Total Revenues Derived From Ancillary Services Passenger Revenues Effectively managing fuel price increases by increasing average fares Load factors continue to track recent levels Ancillary Revenues An important profit centre for the Group Ancillary services pricing used as mechanism to combat rising fuel prices 11

13 Tiger Singapore Delivered a Strong Year; Solid Growth Planned for FY12 A strong FY11 financial performance 41% seat capacity growth in the current Northern Summer 2011 scheduling season Frequency increases on key routes including Bangkok, Hanoi, Ho Chi Minh City, Hong Kong, Kuala Lumpur OTP since Nov-10 > 80% Flight completion since Nov-10: 99.9% Period (S$m) FY11 FY10 Change Total Revenue % Total Expenditure % Operating Profit / (Loss) % 90% 80% 70% 60% 50% On-time Performance (OTP) 40% 30% 20% Operational disruptions 10% 0% 12

14 Tiger Australia Challenging Operating Environment in FY11 Challenging operating environment throughout FY11 One-offs include natural weather events and AVV start-up costs To maintain seat capacity at last year s level Network review likely to see more route suspensions Focus on profitable flying rather than growth Period (S$m) FY11 FY10 Change Total Revenue % Total Expenditure % Operating Profit / (Loss) (9.0) (0.6) NM 13

15 Growth Through Partnerships: Mandala Term Sheet Signed to Purchase 33.0% Stake in Mandala Airlines Mandala Airlines of Indonesia currently undergoing financial restructuring process Restructured airline to adopt Tiger Airways business model Will operate domestic and international routes Indonesia: 4 th most populous nation in the world One of the fastest growing economies in the ASEAN region Other shareholders include Saratoga group (51.0%) and previous shareholders and creditors (16.0%) Further announcements to be made as and when definitive agreements are finalised 14

16 Growth Through Partnerships: SEAIR and Thai Tiger Expansion Opportunities in the Philippines and Thailand SEAIR Tiger Airways plans to purchase 32.5% of SEAIR for USD 6 million Expands on the current Partner Airline Programme Daily flights from Manila (Clark) Lower operational costs to ensure more low fare seats in the region Thai Tiger Shareholders Agreement signed; Tiger to hold 39.0% Declan Ryan to represent RyanThai on the board Incorporation to occur after granting of necessary investment approvals 15

17 Aircraft Delivery Plan Steady Delivery Stream of Aircraft for our Asian Expansion Plans Aircraft PDPs fully financed through to FY13 Deployment of aircraft to be based on profitability and opportunities Date Aircraft at Start of FY New Aircraft Planned Lessor Returns Total Fleet PDP Financing Secured? Purchase Financing Secured? FY FY (1) 35 (for 6 aircraft) FY (2) 43 Commenced 16

18 17 SUMMARY

19 Summary Profitable Growth for 2012 A solid FY11 financial result Strong result for Tiger Airways Singapore Challenging operating conditions at Tiger Airways Australia Strategic network review aimed at improving bottom-line returns in Australia Focus on Asian growth strategy through Tiger Airways Singapore, SEAIR, Thai Tiger and Mandala Well positioned for continued growth in FY12 18

20 Q&A 19

21 Appendix P&L The Group The Group $ million 4 th Quarter th Quarter months months Passenger seat revenue Ancillary revenue Total revenue Expenditure Actual Fuel costs Fuel hedging (gain)/loss (3.2) (0.5) (3.5) 21.7 Staff costs Aircraft rental Airport and handling Maintenance, material and repair Route charges Marketing and distribution costs Depreciation Exchange loss/(gain), net (6.3) Others Total Expenditure Operating profit Finance (expense)/income, net (1.3) (0.1) (3.2) 0.2 Exchange gain on borrowings Expenses relating to initial public offering (0.7) (8.3) Profit before taxation Taxation Current (2.4) (3.3) (10.6) (4.5) Taxation Deferred Tax (6.5) 12.8 (6.5) 12.8 Net profit for the period/year

22 Appendix Balance Sheet 21 $ million The Group The Company 31-Mar Mar Mar Mar-10 Assets Non-current assets Property, plant and equipment Other non-current assets Total non-current assets Current assets Cash and cash equivalents Amount due from a subsidiary Other current assets Total current assets Total assets 1, Equity Share capital Accumulated (losses) / profits (50.4) (90.3) 6.1 (3.9) Other reserves (6.6) (9.5) Total equity Non-current liabilities Loans Deferred income Amount due to a subsidiary Other non-current liabilities Total non-current liabilities Current liabilities Trade payables Sales in advance of carriage Amount due to subsidiaries Loans Derivative financial instruments Other current liabilities Total current liabilities Total liabilities Total equity and liabilities 1,

23 Appendix Key Metrics 4 th Quarter th Quarter YTD YTD Passenger booked (thousand) 1,564 1,353 5,968 4,872 RPK (millions) (1) 2,164 1,810 8,209 6,768 ASK (millions) (2) 2,592 2,099 9,583 7,847 Passenger load factor (%) (3) Average passenger fares ($) Average ancillary revenues per passenger ($) Revenue per ASK (cents) (4) CASK (cents) (5) CASK excluding fuel and forex (cents) (6) Average sector length (7) 1, , , , Glossary (1) Represents revenue passenger kilometres, which is the number of paying passengers carried on scheduled flights multiplied by the number of kilometres those passengers were flown (2) Represents available seat kilometres, which is the available seat capacity multiplied by the number of kilometres those seats were flown (3) Represents the number of passengers as a proportion to the available seat capacity (180 seats available for our Airbus A320 aircraft) (4) Calculated as our total revenue divided by ASK (5) Represents cost per available seat kilometre. Calculated as total operating costs divided by ASK (6) Calculated as total operating costs (excluding fuel costs and forex difference) divided by ASK (7) Represents average number of kilometres flown per flight

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