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1-AIR INDIA BOOK-2017-2018.Cdr AASL AIRLINE ALLIED SERVICES LIMITED ANNUAL REPORT 2017 - 18 AASL CONTENTS Page No. 1. Board of Directors 1 2. Chairman’s Message 2 3. Directors’ Report 6 4. Management Discussion & Analysis Report 15 5. Comments of the Comptroller & Auditor General of India 42 6. Independent Auditors’ Report 45 7. Balance Sheet as at 31 March 2018 77 8. Statement of Prot & Loss for the year ended 31 March 2018 78 9. Statement of Change in Equity for the year ended 31 March 2018 79 10. Cash Flow Statement for the year ended 31 March 2018 80 11. Notes forming part of the Financial Statements for the year ended 31 March 2018 81 AASL BOARD OF DIRECTORS (as on 26 DECEMBER 2018) Shri Pradeep Singh Kharola Chairman Shri Vinod Hejmadi Director Shri Pankaj Kumar Director Shri Angshumali Rastogi Director Shri Pranjol Chandra Director Chief Executive Officer Shri C.S. Subbiah Auditors M/s. M. Verma & Associates Chartered Accountant 1209, Hemkunt Chambers 89, Nehru Place New Delhi-110 019. Company Secretary Smt. Manjiree M. Vaze Registered Office Alliance Bhawan Domestic Terminal 1 I.G.I. Airport, New Delhi-110 037 1 AASL CHAIRMAN'S SPEECH Dear Shareholders, It gives me great pleasure to present to you the Thirty Fifth Annual Report of the Company for the year 2017-18. Airline Allied Services Ltd. is one of the leading regional airlines in the country providing connectivity to Tier II & Tier III cities in India as well a feeder to its parent company, Air India Limited and its subsidiary, Air India Express Limited. It is in the process of expanding its operations on Pan India basis by inducting more aircraft in its eet. These aircraft will serve shorter routes within the country and also y overseas in the near future. OVERVIEW- CIVIL AVIATION INDUSTRY India's civil aviation industry seems to have become a more mature market than any time in the past. The number of players in the industry still remain fairly large. The big change in the current year is the emergence of numerous regional airports that will increase connectivity tremendously across the country. In addition, policy changes like allowing foreign direct investment in domestic airlines has changed the market landscape. Passenger trafc is also rising by leaps and bounds as consumers are shifting from rail to air in large numbers. AIR TRAVEL GROWTH The latest data released by aviation regulator Directorate General of Civil Aviation (DGCA) reveals that domestic air trafc nearly doubled to 117 Million passengers in 2017 with 100 ights taking off every hour compared with 67 in 2011. As against 59.87 Million passengers in 2011, there were 117.18 Million passengers in 2017. There was also an 18% growth in passenger trafc in 2017 as compared to 2016. In addition, ights were operating at fuller capacity than in the past, from 75.5 per cent full in 2011 to 86.1 per cent full in 2017. The other clear trend that has emerged in recent years is the rm preference for low budget airlines by air travelers. The situation now is that Low cost carriers dominate the skies with a nearly 68 per cent market share. INDIA TO BE THIRD LARGEST AVIATION MARKET The country is poised to become the third largest aviation market by 2025, overtaking the UK, according to the International Air Transport Association (IATA). The inow of foreign investment has led to an acceleration in the industry's growth over the last seven years. According to data released by the Department of Industrial Policy and Promotion (DIPP), FDI inows in air transport (including air freight) between April 2000 and September 2017 stood at USD1.59 Billion. According to Morgan Stanley, the country will witness an investment of USD25 Billion in the next decade in the airports sector and trafc growth of 13 %. It has projected that the share of air travel in air and rail travel combined in the country will grow to 15.2 % per cent by 2027 from 7.9 % now. Given the huge investments being planned for the civil aviation sector, it is clear that the country is poised for a big leap in the arena of air travel. It has enormous potential for expansion since air transport remains beyond the reach of most of the country's travelling public. Rail travel has increasingly become more expensive. In contrast, air travel provides comfort with speed. There is thus no doubt that civil aviation needs to keep a focus on quality, cost and passenger interest, which will enable it to become the third-largest aviation market by 2025. FUEL PRICES One factor that needs to be kept in mind is the cost of fuel, as oil prices have risen signicantly over the past year. Fuel prices account for about 30% to 40% of airlines' operational costs. In case these continue to rise it 2 AASL will impact pricing and also ight occupancy. Indian consumers tend to be extremely price conscious and airlines nd that a hike in prices leads to an immediate dip in demand. For this, however, the industry needs to ensure better efciency in operations to cut costs and improve passenger service to lure customers. To sum it up the Indian aviation industry is on the verge of a gigantic leap forward. It can only be hoped that the policy environment continues to be conducive to its growth so that the industry can realize its full potential in the coming years. NEW CIVIL AVIATION POLICY – REGIONAL CONNECTIVITY SCHEME The new Regional Connectivity Scheme “Ude Desh ka Aam Nagrik" (UDAN) introduced by the Government, which will run for 10 years, will work to revive existing airstrips and airports. Under this scheme in rst round of bidding, Government had awarded 128 regional routes to ve airlines — Airline Allied Services Limited (Alliance Air), SpiceJet, Turbo Megha, Air Odisha and Air Deccan. In the second round of Regional Connectivity Scheme (RCS), 325 routes have been awarded to airlines and helicopter operators with the aim of enhancing ight services to hilly and remote areas. Under the scheme airline operators have to offer half of their seats at discounted rates and helicopter operators can offer up to 13 seats at lower fares with the Government providing Viability Gap Funding (VGF) or subsidy to airlines and helicopter operators. With the introduction of RCS, a number of new routes to unserved and undeserved airports have opened up for Alliance Air and it has been awarded 15 routes and 18 routes in the rst and second round respectively of the bidding process. The Hon'ble Prime Minister agged off the rst UDAN ight on the Shimla-Delhi sector on 27th April, 2017 and Alliance Air had the privilege of being the launch carrier. Alliance Air had launched 19 routes as on 31st March, 2018 and also holds the credit for the rst airline to complete commencement of operations on all the awarded routes in the rst round of bidding. Under Wings India 2018, organized by FICCI in association with Govt of India, Alliance Air has been declared as the winner of 'Best Airlines and Helicopter under RCS'. As operation to unserved and undeserved airports has been incentivized by the Government, it will stimulate trafc on regional routes connecting Tier-II/III cities. Alliance Air, with its existing eet of ATR aircraft, supplemented by an early induction of more ATR aircraft can take a position of dominance in the regional market. It, therefore, plans to participate aggressively in the subsequent rounds of RCS bidding as well. PERFORMANCE OF THE COMPANY DURING THE YEAR The Company incurred a Net Loss of Rs. 2637.64 Million for Financial Year 2017-18 as against, net loss of Rs. 2867.06 Million for Financial Year 2016-17. Although the total revenue has increased by Rs.2039.85 Million, the loss decreased only by Rs. 229.42 Million due to increase in expenditure by Rs. 1810.44 Million. The increase in losses can be attributed to the following reasons: l Passenger revenue increased by Rs.1861.17 Million due to net impact of increase in passenger carriage by 0.66 million and decline in passenger yield by Rs.1076 per passenger. l Other Operating Income increased from Rs. 26.59 Million in 2016-17 to Rs. 206.38 Million in 2017-18. l There was increase in ATF cost by Rs. 538.26 Million due to increase in operation and resultant increase in quantity uplifted. The average ATF rate increased by 27%. l Lease charges increased by Rs. 240.65 Million due to induction of 6 new Aircraft in the year 2017-18 (Rs.1804.15 Million from Rs. 1563.50 Million). 3 AASL l The maintenance charges increased by Rs.162.11 Million (Rs.1593.79 Million from Rs. 1431.68 Million) due to induction of three new aircraft and increase in the expenditure on repair of aircraft and cost of material consumed. l Increase on account of re-computation of redelivery cost of Aircraft and induction of new aircraft in eet, increase in Financial cost towards interest on outstanding amount to be payable to the parent company. FUTURE PLANS The passenger aviation market in India has been growing steadily due to induction of capacity by all airlines and also fares becoming more affordable. The growth in Tier II & III cities is still largely untapped, as larger airlines have focused on trunk routes and operate larger capacity aircraft which are not suitable for serving in smaller airports. Alliance Air has the advantage of operating ATR type of aircraft since January 2003. It intends to build on this experience of over a decade of serving to Tier II & III cities.
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