2014 Half Year Results Virgin Australia Holdings Limited 28 February 2014
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1 2014 Half Year Results Virgin Australia Holdings Limited 28 February 2014
2 Half year in review Australian aviation market continues to face challenging conditions, ongoing subdued consumer sentiment and economic uncertainty Effect of strong market capacity growth from FY13 and aggressive pricing also impacted trading and competitive environment Cost of the carbon tax unrecovered across the aviation industry Australian aviation industry profitability in H1 FY14 lowest in 20 years 1 Note: 1 Statement based on industry 2014 Half Year EBIT compared to the annual 1992 to 2013 industry Financial Year EBIT contributions. 2
3 Australian aviation industry profitability Australian aviation industry EBIT 1 (FY92 H1 FY14) Millions of dollars 1,500 1, (300) FY92 FY94 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 H1 FY14 Australian aviation industry profitability in H1 FY14 lowest in over 20 years 2 Note: Australian aviation industry means mainline Regular Public Transport (RPT) carriers only. 1 Australian aviation industry EBIT from FY92 to FY13 and H1 FY14 includes Virgin Australia, Qantas Group, Tigerair Australia and Ansett. 2 Statement based on industry 2014 Half Year EBIT compared to the annual 1992 to 2013 industry Financial Year EBIT contributions. Source: Company filings and reports. 3
4 Financial summary Pre-tax loss (excluding impact of Tigerair Australia 1 and business transformation and other expenses 2 ) of $49.7m in line with expectations Statutory loss after tax of $83.7m, including impact of equity accounted investments Total revenue and income over $2.2b for the first time in a half year Comparable Unit Cost 3 growth of 4.5% (including fuel, forex and impact of Skywest 4 ) Positive operating cash flow of $47.6m Total cash position of $896.4m, with unrestricted cash of $665.4m Continued to outperform main competitor on growth in Total Group Revenue, Domestic and International Yield growth and Group Revenue Load factor 5 Note: 1 Refers to Tiger Airways Australia Pty Limited. Acquisition of 60% was completed on 8 July Pre-tax (loss) / profit excluding oneoff items and Tigerair loss is a non-statutory measure and is defined on page Comparable Unit Cost is a non-statutory measure and is defined on page Skywest Airlines Pte Ltd has been rebranded Virgin Australia Regional Airlines. The costs from the acquired Skywest operations have been included in the calculations for the first time. 5 Virgin Australia Group Revenue includes Skywest. Domestic and international yield growth and Group revenue load factors exclude charter operations. Yield comparison is to Qantas Domestic and Qantas International Segments. 4
5 Group profit or loss summary H1 FY14 $m H1 FY13 $m Revenue and income 2, ,107.4 Statutory (loss) / profit after tax (83.7) 23.0 Addback Income tax (benefit) / expense (34.3) 5.2 Statutory (loss) / profit before tax (118.0) 28.2 Addback Business transformation and other expenses Share of Tigerair Australia losses Pre-tax (loss) / profit excluding one-off items and Tigerair loss 2 (49.7) 64.2 Note: 1 Business transformation and other expenses is a non-statutory measure and is defined on page Pre-tax (loss) / profit excluding oneoff items and Tigerair loss is a non-statutory measure and is defined on page 27. The H1 FY14 result is in line with expectations confirmed on 6 February
6 Group profit or loss summary H1 FY14 $m H1 FY13 $m Pre-tax (loss) / profit excluding one-off items and Tigerair loss 1 (49.7) 64.2 Addback Gains on unrealised ineffectiveness on cash flow hedges and non designated derivatives 2 (33.3) (3.2) Losses on interest rate swap terminations associated with capital restructure Losses / gains on time value movement on cash flow hedges (10.8) Underlying (loss) / profit before tax excluding impact of selected financial instruments 3 (59.3) 50.2 Note: 1 Pre-tax (loss) / profit excluding one-off items and Tigerair loss is a non-statutory measure and is defined on page 27. The H1 FY14 result is in line with expectations confirmed on 6 February These items are non-statutory measures outlined in Note 6 of the Virgin Australia Interim Financial Report for the Half Year ended 31 December Underlying (loss) / profit before tax, excluding impact of selected financial instruments, is a non-statutory measure used by Management and Virgin Australia s board as a measure to assess the financial performance of Virgin Australia and is defined on page 27. 6
7 Segment revenue and EBIT summary Domestic International H1 FY14 $m H1 FY13 $m H1 FY14 $m H1 FY13 $m Segment revenue 1, , Segment EBIT (29.5) 26.6 ASKs (m) 13,568 13,055 7,972 8,148 Note: 1 Domestic / International Segment Earnings Before Interest and Tax (EBIT) is a non-statutory measure used by Management and Virgin Australia s board as a measure to assess financial performance of Virgin Australia and individual segments is defined on page 27. Corporate overheads are allocated to Segment EBIT. 7
8 Cash flow summary Cash flow from operations (excluding business and capital restructure costs and net finance costs) H1 FY14 $m H1 FY13 $m Business and capital restructure costs (36.4) (18.1) Net finance costs (24.7) (22.1) Net cash flow from operating activities Net cash used in investing activities (265.8) (312.9) Net cash from financing activities Net cash inflow / (outflow) (118.6) Total Cash Balance at start of period FX adjustments on cash balances Total Cash Balance at end of period Unrestricted Cash Balance at end of period
9 Balance sheet summary As at 31-Dec-13 $m 30-Jun-13 $m Cash and cash equivalents Property, plant and equipment and intangible assets 3, ,334.8 Other assets Total assets 4, ,426.0 Interest bearing liabilities 2, ,889.9 Unearned revenue Other liabilities Total liabilities 3, ,385.9 Total equity 1, ,
10 Hedging policy AUD designated hedging policy introduced in 2011 provides a large degree of short term certainty and longer term participation and protection Hedging policy delivering positive results fuel costs increased 1.4% 1 against Group ASK growth of 1.6% 2 and a fuel price rise of 10.4% Non-fuel currency 96% hedged for remainder of FY14 at an average rate of AUD:USD against a current market rate of Hedging summary Brent Remainder of FY14 3 Operating requirements hedged 85% Participation in favourable price movements 69% Worst case hedged rate (inclusive of option premium) AUD 111 / bbl 4 Note: 1 Excluding the impact of carbon tax and charter operations. 2 Group Available Seat Kilometres (ASK) growth excludes charter operations. 3 Figures as at 27 February Current spot Brent price is AUD 122 / bbl (unhedged physical basis). Source: Bloomberg, 27 February
11 Fleet profile transparent and consistent Virgin Australia Announced Aug 2011 Jun 2013 relating to Jun 2013F 1 Actual Dec 2013 Actual B & E ATR A B ER Mainline fleet Mainline average fleet age Charter operations and other services F F A Tigerair Australia Total Group fleet Note: 1 Disclosed 25 August 2011 per 2011 Full Year results presentation. 2 Fleet forecast for 30 June 2016 includes firm deliveries only and excludes additional options and purchase rights. 3 Includes one B aircraft utilised for charter operations. 4 Tigerair Australia total fleet numbers are not adjusted for Virgin Australia s 60% equity ownership. 11
12 Australian domestic aviation market dynamics Domestic market capacity additions Seats (FY13) Millions of seats Virgin Australia 1 Qantas Group Qantas Group added over 3 seats for every Virgin Australia seat in FY13 Note: 1 Virgin Australia excludes Skywest acquisition completed on 11 April 2013 and Tigerair Australia 60% acquisition completed on 8 July Seat additions by Tigerair Australia during FY13 was a recovery from restricted flying. 2 Includes Qantas, QantasLink and Jetstar Source: Diio Mi, Company filings and internal estimates. 12
13 Focused on adding new routes bringing competition Domestic market capacity additions By route and carrier (H1 FY13 H1 FY14) Millions of seats H1 FY13 New routes Existing routes Others H1 FY14 Virgin Australia Group 1 Qantas Group 2 Other Note: 1 Includes Virgin Australia, Skywest and Tigerair Australia; 2 Includes Qantas, QantasLink and Jetstar Source: Diio Mi and Company filings. 13
14 Australian domestic market share by segment Domestic market capacity share Premium (Dec 10 Dec 13e) Percent of ASKs 100% Domestic market capacity share Budget (Dec 10 Dec 13e) Percent of ASKs 100% 80% 80% 78% 81% 61% 60% 58% 60% 40% 39% 42% 40% 20% 20% 22% 19% 0% Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13e 0% Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13e Virgin Australia (Branded) 1 Qantas (Branded) 2 Tigerair Australia Jetstar Note: 1 Includes Skywest from May Includes Qantas and QantasLink domestic. Source: ASX Company filings. 14
15 Game Change Strategy the past four years 1 Formulation 2010 Formulating of five-year strategy Convincing the market of strategy and future direction Launch 2011 Launch of Virgin Australia, including product and service upgrades Re-launch of Velocity Frequent Flyer Rollout 2012 Completion of key Game Change building blocks and goals Roll-out of Game On initiatives Structure 2013 Transformation of the airline and restructure of the Group Strengthening of balance sheet Optimise 2014 Consolidation of benefits from Game Change and Game On Business optimisation for consistent and sustainable performance Note: 1 Date references based on calendar years. 15
16 Revenue growth Corporate and government share of domestic segment revenue Percent H1 FY10 H1 FY14 $1,167 million $1,694 million Corporate & government Other 16
17 Superior customer experience and service excellence Industry leading on board experience Innovative wireless in-flight entertainment technology Premium wide-body Airbus A330 experience for TCP services Enhanced flight catering model introduced Best in premium services New lounge opened in Cairns and regional lounge in Perth Major expansions to Sydney and Melbourne lounges Introduction of Melbourne Valet and expansion to Sydney Premium Entry Priority check-in, boarding and baggage rolled out across major regional ports Premium terminal facilities Major terminal move to modern Tom Bradley International Terminal in Los Angeles Seamless connections to regional, FIFO flights from new lounge located in Terminal 2 at Perth Airport New premium retail experience at Sydney Domestic Airport 17
18 Recognition of successful re-positioning 18
19 Velocity Frequent Flyer is a key value driver 4m membership milestone 1 Billings (H1 FY10-H1 FY14) Millions of dollars Points redeemed (H1 FY10-H1 FY14) Millions of points Over 70 new retailers to the program Widest retail offering of any loyalty program in Australia H1 FY10 H1 FY11 H1 FY12 H1 FY13 H1 FY14 H1 FY10 H1 FY11 H1 FY12 H1 FY13 H1 FY14 CAGR: 34% CAGR: 31% Best-in-class loyalty program Note: 1 As at February
20 Regional operations update Integrating Skywest into Virgin Australia Group Brand alignment Virgin Australia Regional Operations Total Charter Revenue (normalised) 1 (H1 FY13 vs H1 FY14) Millions of dollars Network alignment Systems / process integration +45% Revenue and cost synergies Investment in skills to build platform Strong platform to aggressively grow presence in regional and charter markets H1 FY13 H1 FY14 Note: 1 Total Charter Revenue (normalised) includes amounts contributed by Skywest prior to the acquisition on 19 April
21 Tigerair Australia re-entering the budget market Completed 60% acquisition on 8 July 2013 Operating performance improved 12.7% increase in aircraft utilisation Progressive OTP improvements New Brisbane base and increased QLD services Improvements focussed on: Increasing RASK 1 Maintaining CASK 2 Consistency in service levels Securing synergies from both shareholders Tigerair Australia Revenue Load Factors (H1 FY13 vs H1 FY14) 88.0% Percent 83.3% H1 FY ppts Tigerair Australia vs Jetstar OTP 3 (December 2013) Percent 80.4% +4.3ppts H1 FY % Jetstar Building a strong, cost-efficient and flexible low cost competitor Note: 1 RASK means Revenue per Available Seat Kilometre. 2 CASK means Cost per Available Seat Kilometre. 3 OTP for Tigerair Australia and Jetstar for domestic operations only. OTP measured by on time departures. Source: Bureau of Infrastructure, Transport and Regional Economics (BITRE) 21
22 Our people a core differentiator in the market Recent Awards Randstad Most Attractive Employer Brands, 2013, # 1 in aviation sector AFR Most Respected Companies, 2013, # 1 in sector and # 3 in Australia Roy Morgan Domestic Business Travel Airline of the Year, 2013 CSIA National Customer Service Team of the Year, 2013 Skytrax Best Airline Staff Service, Asia Pacific,
23 On track to deliver on a consistent strategy Game On phase % completed Implement business efficiency project Build a transformational loyalty business Increase access to global markets Further enhance guest experience through innovation inflight and on-the-ground Continue to develop our people and service excellence our key differentiator FY13 FY14 FY15 23
24 Virgin Australia Group: building a sustainable business Accelerating efficiency and productivity initiatives across the Virgin Australia Group Leveraging alliance partners to drive cost benefits Fast-tracking penetration into higher yielding market segments Continuing to lead the Australian industry in customer experience Creating value through customer loyalty 24
25 Outlook Given the uncertain economic environment we are unable to provide guidance for the 2014 Financial Year at this time. 25
26
27 Disclaimer, definitions and ASIC guidance Disclaimer The following non-ifrs information has not been audited or reviewed by KPMG: Pre-tax (loss) / profit excluding one-off items and Tigerair loss, Underlying (loss)/profit before tax excluding impact of selected financial instruments, Segment EBIT, Comparable Unit Cost, and Business transformation and other expenses. This presentation has not been audited or reviewed by KPMG; however, IFRS data has been derived from the condensed consolidated interim financial statements that have been reviewed by KPMG. Definitions Pre-tax (loss) / profit excluding one-off items and Tigerair loss: Pre-tax (loss) / profit excluding one-off items and Tigerair loss is a pre-tax non-statutory measure that represents statutory (loss) / profit before tax excluding the impact of business transformation and other expenses (as defined below) and Tigerair loss. This is a non-statutory measure used by management and VAH s board as a measure of assessing financial performance. Underlying (loss) / profit before tax excluding impact of selected financial instruments: Underlying (loss)/profit before tax excluding impact of selected financial instruments represents pre-tax (loss) / profit excluding one off items and Tigerair loss (as defined above) and excludes the impact of unrealised ineffectiveness on cash flow hedges and nondesignated derivatives, interest rate terminations associated with capital restructure and time value movement on cash flow hedges. This is a non-statutory measure used by Management and VAH s board as a measure to assess financial performance of VAH and individual segments. For H1 FY14, this measure excludes time value movements on cash flow hedges and unrealised hedging ineffectiveness on cash flow hedges and non designated derivatives. This approach represents a change from the H1 FY13 where only unrealised hedging ineffectiveness was excluded. The H1 FY13 comparatives in this presentation have been restated for this change in methodology. Segment EBIT: Earnings before interest and tax (EBIT) is a non-statutory measure per note 6 of the Virgin Australia Holdings Limited condensed consolidated interim financial statements for the half-year ended 31 December It is used by Management and VAH s board as a measure to assess financial performance. Comparable unit cost: Comparable Unit Cost is a non-statutory measure which comprises total revenue less underlying (loss)/profit before tax excluding impact of selected financial instruments and selected revenue relating to non-ticket or nil margin activities (this revenue is not included in the definition of yield). Comparable Unit Costs is calculated using flown ASKs and does not include charter operation costs as there are no Available Seat Kilometres available with Charter Business transformation and other expenses: Business transformation and other expenses is a non-statutory measure that includes the following items outlined in Note 6 of the Virgin Australia Holdings Limited condensed consolidated interim financial statements: Business and capital restructure costs ($36.7m), Accelerated amortisation resulting from capital restructure ($12.3m) and Accelerated depreciation due to changes in useful life of assets and net gain/(loss) on sale of assets($0.9m). For H1 FY 13, this item included Business and capital restructure costs ($28.5m) and Accelerated depreciation due to changes in useful life of assets and net gain/(loss) on sale of assets($7.5m). ASIC guidance In December 2011 ASIC issued Regulatory Guide 230. In order to comply with this Guide, Virgin Australia is required to make a clear statement about whether information disclosed in documents other than the interim financial report has been audited or reviewed in accordance with Australian Auditing Standards. The following non-ifrs information has not been audited or reviewed by KPMG: Pre-tax (loss) / profit excluding one-off items and Tigerair loss, Underlying (loss)/profit before tax excluding impact of selected financial instruments, Segment EBIT, Comparable Unit Cost, and Business transformation and other expenses. This presentation has not been audited or reviewed by KPMG; however, IFRS data has been derived from the condensed consolidated interim financial statements that have been reviewed by KPMG. 27
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