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VAH HY14 Results Presentation 28Feb14 Vfinal ASX

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VAH HY14 Results Presentation 28Feb14 Vfinal ASX For personal use only 2014 Half Year Results Virgin Australia Holdings Limited 28 February 2014 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 For personal use only 2 Note: 1 Statement based on industry 2014 Half Year EBIT compared to the annual 1992 to 2013 industry Financial Year EBIT contributions. Australian aviation industry profitability Australian aviation industry EBIT 1 (FY92 – H1 FY14) Millions of dollars 1,500 1,200 900 600 300 0 (300) FY92 FY94 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12 H1 FY14 2 For personal use only Australian aviation industry profitability in H1 FY14 lowest in over 20 years 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. 3 Source: Company filings and reports. 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 For personal use only Note: 1 Refers to Tiger Airways Australia Pty Limited. Acquisition of 60% was completed on 8 July 2013. 2 Pre-tax (loss) / profit excluding one- off items and Tigerair loss is a non-statutory measure and is defined on page 27. 3 Comparable Unit Cost is a non-statutory measure and is defined on page 27. 4 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 4 International Segments. Group profit or loss summary H1 FY14 H1 FY13 $m $m Revenue and income 2,242.1 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 1 49.9 36.0 Share of Tigerair Australia losses 18.4 - Pre-tax (loss) / profit excluding one-off items and Tigerair loss 2 (49.7) 64.2 For personal use only Note: 1 Business transformation and other expenses is a non-statutory measure and is defined on page 27. 2 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 5 February 2014. Group profit or loss summary H1 FY14 H1 FY13 $m $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 (33.3) (3.2) non designated derivatives 2 Losses on interest rate swap terminations associated with 8.4 - capital restructure 2 Losses / gains on time value movement on cash flow hedges 2 15.3 (10.8) Underlying (loss) / profit before tax excluding impact of selected (59.3) 50.2 financial instruments 3 For personal use only 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 2014. 2 These items are non-statutory measures outlined in Note 6 of the Virgin Australia Interim Financial Report for the Half Year ended 31 December 2013. 3 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 6 Virgin Australia and is defined on page 27. Segment revenue and EBIT summary Domestic International H1 FY14 H1 FY13 H1 FY14 H1 FY13 $m $m $m $m Segment revenue 1,694.1 1,532.2 589.7 595.4 Segment EBIT 1 25.7 57.4 (29.5) 26.6 ASKs (m) 13,568 13,055 7,972 8,148 For personal use only 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. 7 Corporate overheads are allocated to Segment EBIT. Cash flow summary H1 FY14 H1 FY13 $m $m Cash flow from operations (excluding business and capital 108.7 82.8 restructure costs and net finance costs) Business and capital restructure costs (36.4) (18.1) Net finance costs (24.7) (22.1) Net cash flow from operating activities 47.6 42.6 Net cash used in investing activities (265.8) (312.9) Net cash from financing activities 527.7 151.7 Net cash inflow / (outflow) 309.5 (118.6) Total Cash Balance at start of period 580.5 802.6 FX adjustments on cash balances 6.4 1.1 Total Cash Balance at end of period 896.4 685.1 For personal use only Unrestricted Cash Balance at end of period 665.4 429.8 8 Balance sheet summary As at 31-Dec-13 30-Jun-13 $m $m Cash and cash equivalents 896.4 580.5 Property, plant and equipment and intangible assets 3,269.3 3,334.8 Other assets 712.0 510.7 Total assets 4,877.7 4,426.0 Interest bearing liabilities 2,150.6 1,889.9 Unearned revenue 720.7 736.1 Other liabilities 752.8 759.9 Total liabilities 3,624.1 3,385.9 For personal use only Total equity 1,253.6 1,040.1 9 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 0.9727 against a current market rate of 0.8968 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 For personal use only 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 2014. 4 Current spot Brent price is AUD 122 / bbl (unhedged physical basis). 10 Source: Bloomberg, 27 February 2014 Fleet profile – transparent and consistent Announced Aug 2011 Jun 2013 Dec 2013 relating to Jun 2013F 1 Actual Actual Virgin Australia B737-800 & 700 71 73 74 3 E190 18 18 18 ATR-72 8 11 13 A330-200 6 6 7 B777-300ER 5 5 5 Mainline fleet 108 113 117 Mainline average fleet age 4.2 4.4 Charter operations and other services F100 10 10 F50 8 8 A320 2 2 4 For personal use only Tigerair Australia 11 12 Total Group fleet 144 149 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 B737-800 aircraft utilised for charter operations. 4 Tigerair Australia total fleet 11 numbers are not adjusted for Virgin Australia’s 60% equity ownership. Australian domestic aviation market dynamics Domestic market capacity additions – Seats (FY13) Millions of seats 3.5 3.0 3.0 2.5 2.0 1.5 0.9 1.0 0.5 0.0 Virgin Australia 1 Qantas Group 2 For personal use only 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 2013. Seat additions by Tigerair Australia during FY13 was a recovery from restricted flying. 2 Includes Qantas, QantasLink and Jetstar 12 Source: Diio Mi, Company filings and internal estimates. Focused on adding new routes – bringing competition Domestic market capacity additions – By route and carrier (H1 FY13 – H1 FY14) Millions of seats 40.5 0.52 0.05 40.22 40.0 0.01 0.20 0.05 39.5 39.38 39.0 H1 FY13 New routes Existing routes Others H1 FY14 For personal use only Virgin Australia Group 1 Qantas Group 2 Other Note: 1 Includes Virgin Australia, Skywest and Tigerair Australia; 2 Includes Qantas, QantasLink and Jetstar 13 Source: Diio Mi and Company filings.
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