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Air Baltic Corporation 2016.Pdf (130.6 Investment Opportunity: JSC “AIR BALTIC CORPORATION”: the leading Baltic airline operator Investment proposal ° JSC Air Baltic Corporation (“airBaltic”) was established in 1995 and currently is the largest airline operator in the Baltic States. ° ai rBaltic is based in Riga International Airport (“RIX”), the leading airport in Baltics by number of passengers and aircraft movements in 2015. ° According to UK-based aviation data monitors OAG, airBaltic was the world's most punctual airline two consecutive years (2014 and 2015). ° Main advantages of the airBaltic business model are: ° Favorable location at the crossroads of CIS and Europe provides ample transfer markets both in North-South and East-West directions; ° Attractive long-term cooperation with RIX– the base hub of airBaltic ; ° Efficient cost base, achieved through effective implementation of the turnaround plan; ° Free-access to the entire European market and all markets having open-sky agreements with the EU (by virtue of the EU carrier’s status); ° Flight rights to numerous non-EU countries (by virtue of the EU carrier’s status); ° The dominant market position in RIX regarding PAX, RIX OD PAX, and capacity. ° Depending on the origin of the strategic investor a controlling stake or significant minority stake is available for sale airBaltic overview ° The controlling shareholder is the Latvian State, holding 80% of the share capital. ° In 2015, airBaltic serviced around 2.6 million passengers, performing over 42 thousand flights. ° The fleet currently consists of 24 aircraft, twelve Boeing 737 jet aircraft and twelve Bombardier Q400 turboprop aircraft. ° A purchase agreement of Bombardier CS300 aircraft was signed by airBaltic in 2012, the deliveries are expected starting 2016. ° airBaltic is committed to fleet-simplification, incrementally switching to only 2 types of aircraft - Q400 and CS300. ° Since 1995, airBaltic has experienced significant development of its route network. In 2002 airBaltic operated 16 direct flights from RIX, while currently airBaltic operates direct flights to more than 50 destinations. ° airBaltic has code share agreements with the world's leading airlines such as, KLM/Air France , British Airways, Etihad Airways and SAS . Partners of airBaltic offer to its passengers more than 300 destinations around the world at attractive prices. Financial aspects ° airBaltic returned to profitability already in 2013, while the total revenue for FY’15 reached EUR 288 M, and the net income was EUR 19.5 M. ° On July 9, 2014, the European Commission cleared airBaltic , concluding that the measures granted by Latvia in the context of the restructuring of airBaltic in 2011 and 2012 were in line with EU state aid rules. ° Since 2012, airBaltic has managed to decrease the cost per ASK by almost 9% (as of December 2015). ° In 2015 EBITDAR margin was 15%, showing an increase of 10 pp compared to 2012. ° In 2015 the company developed and approved a new business plan Horizon 2021 which foresees further expansion in the Baltic states and fleet expansion with introduction of 20 new CS300 aircraft ° In 2016, a private shareholder alongside with the State made an investment of EUR 132 million into the share capital of the airline thus providing financing needed for the new fleet CONTACT: Mr. Vitolds Jakovlevs JSC “Air Baltic Corporation” CFO, Air Baltic Corporation Tehnikas street 3 Office: +371 67207069 [email protected] Riga International Airport, Fax: +371 67207369 Mobile: +371 29451685 Marupe distr., LV-1053, Latvia www.airbaltic.com Investment Opportunity: JSC “AIR BALTIC CORPORATION”: the leading Baltic airline operator 2010 2011 2012 2013 2014 2015 Revenues, M EUR 333 327 325 325 296 288 EBITDAR, M EUR 6.4 -37.4 14.4 38.9 45.1 42.0 Fleet Size 34 34 31 25 25 24 RASK, EUR cent 6.2 6.5 7.5 7.6 7.6 7.4 ASK, bn 5.4 5.1 4.4 4.3 3.9 3.9 Passengers, M 3.2 3.3 2.9 2.8 2.6 2.6 Load Factor, % 69% 75% 72% 69% 70% 71% Costs per ASK, FY'14, EUR cents 10.0 8.0 6.0 4.0 2.0 0.0 Fleet Renewal Plan ° Commitment to fleet-simplification (2 types): airBaltic to keep fuel-efficient Q400 fleet while jet fleet to be replaced to ensure best in class operating cost. ° In March 2013, Bombardier confirmed that it has introduced an extra capacity seating option; airBaltic is a launch customer of Bombardier CS300 higher-density version with 148 seats. ° Fleet renewal will substantially close the gap in efficiency vs. LCC’s and hence increase competitiveness of airBaltic . Year 2015 7 x Boeing 737-300 12 x Bombardier Q400 NextGen 5 x Boeing 737-500 Year 2020 20 x Bombardier CS300 12 x Q400 NextGen (20 firm orders) CONTACT: Mr. Vitolds Jakovlevs JSC “Air Baltic Corporation” CFO, Air Baltic Corporation Tehnikas street 3 Office: +371 67207069 [email protected] Riga International Airport, Fax: +371 67207369 Mobile: +371 29451685 Marupe distr., LV-1053, Latvia www.airbaltic.com Investment Opportunity: JSC “AIR BALTIC CORPORATION”: the leading Baltic airline operator Riga International Airport (RIX) ° airBaltic’s hub RIX enjoys central location in Eastern Europe and is No.1 Airport in the Baltic States. ° Passenger traffic at RIX has grown significantly in recent years, in 2015 number of passengers reached 5.2 million, while aircraft movements reached 68,078. ° Y-o-Y growth in passenger flow: 2009 +10.2%; 2010 +14.7%; 2011 +10.9%, 2012 -6.5%, 2013 +0.4%, 2014 +0.4%, 2015 +7.2%. The decrease in 2012 was due to airBaltic restructuring and the resulting capacity reduction. Disclaimer This investment overview does not constitute a legal offer or invitation to persons to subscribe for or purchase any shares or other securities in any company or for persons to enter or offer into an investment agreement or to exercise any rights conferred by an investment to acquire, dispose of, underwrite or convert an investment. The investment overview contains basic information, statements, and projections provided by the Company, its shareholders and management. Such statements, estimates, and projections reflect various assumptions made by the management of the Company, which may or may not prove to be correct. The Company disclaims all liability to any person or entity arising out of or in connection with such information. CONTACT: Mr. Vitolds Jakovlevs JSC “Air Baltic Corporation” CFO, Air Baltic Corporation Tehnikas street 3 Office: +371 67207069 [email protected] Riga International Airport, Fax: +371 67207369 Mobile: +371 29451685 Marupe distr., LV-1053, Latvia www.airbaltic.com .
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