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Vietjet Aviation Joint Stock Company Presentation VietJet Aviation Joint Stock Company Presentation Oct 2018 Company Overview (4) Ranking Vietjet Ranking Vietjet Business Description Pax Market Share vs. VN carriers vs. all carriers 21.0% 1 1 Having commenced operations in December 2011, VietJet had grown rapidly to become the largest 46.9% 18.3% airline in Vietnam after only 4 years of operations, commanding a market share of 45% and 43% by 42.9% 2 3 passenger count and capacity(5) respectively 14.2% 35.3% 2 5 Operating revenue CAGR was at 43% over 2015-17, while profitability has remained best-in-class (1) 4.9% with adjusted EBITDAR margin of 32.7% in 2017, compared to peer average of 27%-28% 35.0% 2 5 Went public in the country’s then-largest IPO in Feb 2017, with market capitalization having tripled 27.4% 27.4% 2 2 since then to reach ~USD 3.0bn 16.2% 49.6% 1 One of the most efficient airlines in the world with CASK 4.25 cents in 9M2018, RASK-CASK 0.63 1 10.3% cents, CASK Ex Fuel 2.37 cents. 15.2% 2 3 One of the youngest and fastest growing fleets in the world, further sustained by a large order book 6.2% 21.1% 3 7 of 371 aircraft to be delivered by 2025(3) 33.3% 49.6% 1 1 Load factor remains at 89% , amongst the highest in Asia Pacific, despite aggressive growth 45.0% 45.0% 1 1 MS Vietjet vs. all carriers MS Vietjet vs. Vietnamese Strong Projected Passenger Growth Growing Fleet supported by Orderbook Domestic Market Share(5) (millions of passengers) (# aircraft) By Passenger Count 66 Jetstar Others 70 30 Pacific 2% 15% 60 11 VietJet 25 24 45% FY12-18 FY12-18e 50 CAGR: 53.7% 20 CAGR: 69.8% Vietnam Air 17 40 13 2H18e 38% 15 14 30 55 By Capacity 50 Jetstar Others 10 9 Pacific 2.2% 20 41 15.0% 6 30 VietJet 11 1H18 44.8% 5 3 10 19 1 10 5 - Vietnam - FY12 FY13 FY14 FY15 FY16 FY17 FY18e Air FY12 FY13 FY14 FY15 FY16 FY17 FY18 38.0% Source: Company Information, CAPA; Note: (1) Excludes revenue and cost relating to sale-and-leaseback, (2) Lease adjusted, (3) As of 30 Jun 2018, (4) CAAV data as at H12018, (5) CAAV data for H1 2018 1 Route network map Source: Company Information 2 Source: Company Information. As at August 31st, 2018 Vietjet operates 101 routes out of which 38 domestic and 63 international routes Business Highlights 1 Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific 2 Young fleet with large growing order book 3 Best-in-class cost structure with strong operational performance 4 Excellent financial performance 5 Significant ancillary revenue upside 6 Strong brand recognition 7 Experienced leadership team Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific 1 Highest growth in air passenger traffic and inbound tourism Air passenger traffic growth Inbound tourism growth(1) 2012-2017 Historical Passenger Traffic CAGR (%) 2012-2017 Inbound Tourism CAGR (%) Vietnam 28.9% 8.7% 8.6% China 11.5% Thailand 11.1% 6.9% 6.5% South Korea 10.4% India 10.1% Malaysia 8.1% New Zealand 5.9% 3.1% Philippines 5.0% 2.0% Indonesia 4.2% Singapore 3.9% Australia 2.5% Asia Pacific Avg.: 8.7% Vietnam Thailand Philippines Indonesia Singapore Malaysia Japan 2.2% Source: Euromonitor, EIU; Note: (1) Refers to number of non-resident visitors who travel to the country for a period not exceeding 12 months for non-commercial related activities 4 1 Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific Vietnam is supported by strong fundamentals (1) Large population estimated One of the fastest growing SEA economies A powerful consumer economy to reach 96.5 million in 2018 (2016-2018e GDP CAGR) Highest forecasted growth in personal disposable income + 8% 8.0% 6.7% 6.7% Young population with a 7% 7.0% sizable 25.9% between 20 6% 5.6% 6.0% and 34 years of age 5.2% 5% 5.0% + 3.9% 4% 3.3% 4.0% 3% High growth in personal 3.0% 2018e Disposable Income 2018e Disposable Income disposable income (%) per Capita CAGR 2% - 2.0% 1% 2012 + 1.0% - Lengthy topography lacking VN PH MY ID TH SG - effective road / rail 40% 45% 50% 55% 60% 65% connectivity % of Population in Workforce (%) + Demonstrated growth in private consumption Large upside potential with low LCC penetration Low air travel penetration (2012-2018e private consumption per Capita) LCC Seats / 383 4,627 1,901 1,103 2,729 1,746 1,018 379 335 8% ‘000 6.9% people + 7% 6% 45 Growing tourism industry 38.8 40 5% 35 28.8 4% # 30 25.9 + 3.0% aircraft / 2.9% 25 3% million 2.0% people 20 Emergence of LCC as an 14.9 2% 1.6% 15 affordable option 9.5 10 1% 0.6% 4.7 5 1.7 2.6 2.1 - - VN MY PH TH ID SG VN SG AU US UK MY TH ID PH Large LCC market with significant growth opportunities Source: EIU, CAPA, Euromonitor; Note: (1) Population size is proportional to size of country flag 5 Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific 1 Allowing air travel to become a more accessible and efficient mode of transportation Air travel is the most efficient means of transportation in Vietnam Travel is substantially faster and more efficient by air compared to bus and rail as a result of Hanoi Vietnam’s terrain. For example, a flight from HCMC to Hanoi takes c.2 hours compared to c.34 – 35 hours for bus and rail Hai Phong As income levels rise and air fares decrease, people are expected to continue to switch from Thanh Hoa bus and rail to air travel Vinh Low cost air travel has also made flying a viable option for the masses Dong Hoi With more than 40% of the population in the 25-59 years working class age band and Hue increasing inter-city travel demand as the national economy develops, air travel is expected Da Nang to gain in popularity and prevalence over other modes of transport Chu Lai Air travel is the most cost effective mode of transportation(1) Pleiku Quy Nhon HCMC – Hanoi HCMC – Danang Buon Ma Thuot Travel Tuy Hoa modes Time (hrs) Fare (VND) Fare (USD) Time (hrs) Fare (VND) Fare (USD) Da Lat Nha Trang (2) Air 2:05 961,000 44(3) 1:20 615,000 28(4) Phu Quoc Bus 35:00 861,385 39 15:30 405,458 19 HCMC Rail 34:00 1,066,278 49 17:00 616,833 28 Can Tho stimulates airline travel and captures market share from other modes of transport such as bus and rail due to the advantages of air travel vis-à-vis land transport Source: SAP Independent Industry Report, IMF; Note: (1) Bus and rail fares shown are based on average fares for travelling on 1 Mar 2016 and 1 Apr 2016, as of 1 Feb 2016; US$1:VND 21,890, (2) Airfare refers to average 6 VietJet ticket base fares for FY2015, (3) Base airfare excludes other ancillary fee of USD8.3; total gross fare of USD52.3, (4) Base airfare excludes other ancillary fee of USD7.4; total gross fare of USD35.4 Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific 1 Significant government support – US$10.5bn investment to develop airport infrastructure across the country Air transport master plan Lao Cai Airport 2014 2020 2030 (Cam Con Commune) # of airports 22 26 N/A Dien Bien Phu Airport Noi Bai International Airport (Hanoi) Nà Sản Airport (Son La) Quang Ninh International Airport Passenger 62-106 51m(1) 132m(3) Cat Bi International Airport (Hai Phong) capacity m(2) Tho Xuan Airport (Sao Vang) Cargo capacity 0.87m(1) >2m(2) 3.2m(3) (ton) Vinh Airport Key projects . 2nd largest airport in Vietnam and the gateway to the North Dong Hoi Airport Noi Bai . International terminal T2 began operations in Dec 2014 with annual pax capacity of 10m, running at 60% ultilisation rate Hoang Sa International Phu Bai International Airport (Hue) Airport . Announced upgrade of domestic terminal T1 in Dec 2015, to increase T1’s capacity from 9m to 15m by 2018 Da Nang International Airport Cat Bi . Largest airport servicing the Hai Phong area and nearby provinces with 2 runways currently, nearly 80% ultilsation rate Chu Lai International Airport International . Ongoing second phase of expansion to increase annual pax Airport capacity to 4-5m Pleiku Airport Phu Cat Airport (Qui Nhon) Da Nang . Largest airport servicing the Da Nang area and nearby provinces with 2 runways and 1 international terminal, ~ 85% ultilation rate International . A second terminal is expected to open in 2020, which will Dong Tac Airport (Tuy Hoa) Airport increase the annual pax capacity from 6m to 10m Buon Ma Thuot Airport Cam Ranh International Airport (Nha Trang) . Key tourism hub that feeds into Nha Trang and Phan Thiet areas, Cam Ranh the fourth largest airport in Vietnam, running at 138% ultilisation Lien Khuong International Airport (Da Lat) International . To build a second runway and a new terminal by 2020, Tan Son Nhat Airport (Ho Chi Minh City) Truong Sa Islands Airport expanding annual pax capacity from 1.6m currently to 2.6m in 2020(3) Can Tho International Airport Vung Tau Airport .
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