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Annual Report 2016

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Annual Report 2016 Annual Report 2016 Head Office: Block 1, Apartment 2C, Van Phuc Diplomatic Corps, Ngoc Khanh Ward, Ba Dinh District, Hanoi, Vietnam Representative office: 8th Floor, CT Plaza, 60A Truong Son, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam BUSINESS INFORMATION n Company name 7JFUOBNFTFOBNF $¼/(5:$˩1)˒/)®/(,)¼/(7*&5+&5 &OHMJTIOBNF 7*&5+&5"7*"5*0/+0*/5450$,$0.1"/: 4IPSUOBNF 7*&5+&5+4$ 5SBEFOBNF 7*&5+&5"*3 n Number and Issuance date of Business Registration Certificate of the Joint Stock Company: n Business code No.: JTTVFECZ)BOPJ"VUIPSJUZ GPS1MBOOJOHBOE*OWFTUNFOU TUSFHJTUSBUJPOEBUFE+VMZSE SEBNFOENFOUSFHJTUSBUJPOEBUFE.BSDIUI n Head Office: #MPDL "QBSUNFOU$ 7BO1IVD%JQMPNBUJD$PSQT /HPD,IBOI8BSE #B%JOI%JTUSJDU )BOPJ 7JFUOBN n Tel/Fax: Tel: Fax: n Website: XXXWJFUKFUBJSDPN n Representative office: UI'MPPS $51MB[B "5SVPOH4PO 8BSE 5BO#JOI%JTUSJDU )P$IJ.JOI$JUZ 7JFUOBN n Capital: 7/% 5ISFFUSJMMJPO7JFUOBNEPOH n Total number of shares: TIBSFT 5ISFFIVOESFENJMMJPOTIBSFT n Stock code: 7+$ n Air Transport Business License No. (1,%7$),EBUFEUI%FDFNCFS Business Information Vision - Mission - Core value 4 Corporate Culture 6 Major fi nancial statements 8 Chairwoman’s letter 11 OVERVIEW History and Development 14 Business 18 Organizational structure and key personnel 20 Investor Relations 32 Risks 34 Vietnam Aviation and Market overview in 2016 38 Business development strategy 43 Market overview 2017 45 Awards over fi ve years 46 THE COMPANY’S PERFORMANCE 2016 Business & Operational Results 2016 50 Flight network extension 52 Fleet expansion 54 Product & Service 56 Human Resources 58 Subsidiary Units 60 CONTENT Typical events of the year 2016 64 Financial situation in general 68 Share information and shareholding structure 70 ASSESSMENT OF BOM Assessment of business results of BOM 75 Business strategic planning 77 PERFORMANCE OF THE BOARD OF DIRECTORS AND INSPECTION COMMITTEE Assessment of company performance and the BOM performance 80 The Board of Directors performance in 2016 81 Oriented business plan of BOD 84 Committees’ activitie 85 4 Reports of Inspection Committee 86 Supervising results of Inspection Committee 87 Transactions, allowances and benefi ts of BOD BoM and Inspection Committee 89 Risk management 90 SUSTAINABLE DEVELOPMENT PROGRAM 92 BÁO CÁO TÀI CHÍNH FINANCIAL REPORT 100 Vision Mission Core Values n To become a multinational airline n Continuously expand our fl ight n SAFE with an expanded regional and network globally to create more and n FUNNY global fl ight network, providing not more fl ight opportunities for people all n AFFORDABLE only air transportation services but over the world. n PUNCTUAL also consumer demanded goods and n To make a breakthrough in terms of services across advanced e-commerce services an airline off ers through the platforms. adoption of e-commerce platforms n To become one of the most favorite that allow us to tap global trends with and trustworthy and highly prestigious technology. brands for travelers all over the world. n To make air travel the most popular form of transportation for the Vietnamese and all citizens around the world. n To bring happiness and satisfaction to our customers by off ering outstanding services with friendly smiles. n To maximize benefi ts for customers, shareholders and employees. 6 Corporate Culture n Safety First Approach n Integrity n Innovation, Inspiration n Hardwork, Resourcefulness n Happiness, Strength and Dynamic Safety Culture All leaders and staff members at Vietjet are wholeheartedly committed to safety and quality policies. They are core values in the workplace and everyone’s responsibility at Vietjet. Safety and Quality assurance are essential to all of our aviation activities and will ensure the company sustainably develops. “Our customers are the reason Vietjet exists and will continue to develop sustainably.” Safety and Quality Policy Vietjet leaders and staff members are wholeheartedly committed to: - Strictly complying to requirements outlined by CAAV and all relevant aviation authorities. - Strictly applying a quality management system as outlined in our quality management manual. - Ensuring that each Vietjet employee strictly complies with requirements and regulations for all operations, maintenance procedures, and all other services, in an eff ort to not only maintain but continuously improve Safety and Quality standards. - Providing all necessary and suffi cient resources and meeting all other required conditions for conducting policy and meeting targets. - Continuously improving management systems, creating a reliable working environment with our greatest responsibility being to satisfy customers’ expectations. - Establish a fl uid information system to ensure that all employees are informed about safety-quality data adequately and in a timely manner. Vietjet spirit of service Everything we create and do is done in order to off er our customers convenience and satisfaction. 8 MAJOR FINANCIAL STATEMENTS Consolidation OVERVIEW In VND billion 2012 2013 2014 2015 2016 CAGR Separate Total revenue 1,249 3,790 8,699 19,845 27,499 117% In VND billion 2012 2013 2014 2015 2016 CAGR Profi t before tax (172) 1 444 1,168 2,703 1166% Total revenue 1,249 3,790 6,939 11,013 15,884 89% Profi t after tax (150) 32 360 1,171 2,496 326% Profi t before tax (172) 1 412 649 1,622 967% Profi t after tax (150) 32 328 651 1,416 253% Shareholders of the company (150) 32 360 1,170 2,496 326% Total Asset 1,467 2,948 7,688 12,023 18,512 88% Basic earnings per share (VND) - 453 4,505 5,893 9,586 Equity 373 605 933 1,585 3,072 69% Total asset 1,467 2,948 7,677 12,045 20,063 92% Share capital 600.00 800 800 1,450 3,000 50% Equity 373 605 966 2,147 4,734 89% Share capital 600 800 800 1,450 3,000 50% Total liabilities 1,094.46 2,343 6,755 10,438 15,440 94% Total liabilities 1,094 2,343 6,710 9,897 15,329 93% Equity/Total asset 25% 21% 12% 13% 17% Equity/Total asset 25% 21% 13% 18% 24% Total liabilities/Total asset 74.6% 79.5% 87.9% 86.8% 83.4% Total liabilities/ Total asset 74.6% 79.5% 87.4% 82.2% 76.4% ROE -40.1% 6.6% 42.7% 51.7% 60.8% ROE -40.1% 6.6% 45.9% 75.2% 72.5% ROA -10.2% 1.5% 6.2% 6.6% 9.3% ROA -10.2% 1.5% 6.8% 11.9% 15.5% PROFIT AFTER TAX BASIC EARNINGS PER SHARE 2,496 9,586 BILLION VND VND/SHARE FLYING INTO THE FUTURE ANNUAL REPORT 2016 “The year 2016 saw an exciting and successful business performance with robust achievements in terms of profi t, revenue and growth rate.” Dear shareholders and employees of to include 41 Airbus A320/A321 aircraft and quality, maintain its strong branding Vietjet Aviation Joint Stock Company, carried more than 14 million passengers policy, improve and standardize operating in 2016, transforming the travel habits of procedures, organize and operate a well- After fi ve years of operation, Vietjet citizens in the process. Vietjet operated run risk management system, encourage a delivered a resilient fi nancial performance more than 84,000 fl ights on 60 domestic dynamic business environment, and most in 2016, in addition to favourable and international routes, contributing especially, ensure safe fl ights. conditions, numerous challenges signifi cantly to the promotion of tourism in On behalf of Vietjet's Board and all of considerably aff ected our operations, such Vietnam. Vietjet staff , we would like to express our as overloaded infrastructure at airports, Vietjet has confi dently overcome sincere thanks to our valued customers, higher operational costs at local airports many challenges and successfully hit its shareholders and investors, who have all than that of the regional countries, etc. planned targets, affi rming its position contributed to the development of Vietjet The audited and consolidated business as a new age airline on the Vietnamese over the past fi ve years. Vietjet hopes to achievements in 2016 showed considerable aviation market while also expanding continue receiving your ongoing support growth. In 2016, Vietjet recorded VND to international aviation markets. These and companionship in the future. I believe 27,499 billion in total revenue and VND results are testament to the hard work that with the value and culture of Vietjet, 2,496 billion in net profi t, an increase of and great eff orts of Vietjet employees, we will go on to achieve even greater 38.6% and 113.2% respectively compared the experienced members on the Board of achievements, helping all people to realize to the previous year. Management and Inspection Committee, their dream of fl ying. Vietnam’s aviation industry and market the close attention and leadership of the Sincerely, in 2016 also saw positive changes. Vietjet Board of Directors, the contribution of our exploited the potential of the domestic shareholders, and the support of authorities market by developing its fl eet, expanding at diff erent levels. new fl ight segments, and launching more In 2017, the Board of Directors committed programs to raise customers' demand. to work with the Board of Management In addition to achieving our targets to develop business plans and strategies in 2016, Vietjet constantly improved for the short-term and long-term. Vietjet Vietjet’s Chairwoman service quality to create more favourable will continue to develop domestic and Nguyen Thanh Ha conditions for the majority of people international routes in accordance with travelling by off ering reasonable and fl eet expansion. In addition, Vietjet aff ordable prices. Vietjet expanded its fl eet constantly looks to improve on service FLYING INTO THE FUTURE ANNUAL REPORT 2016 OVERVIEW n History and Development n Business n Organizational structure and Key personnel "Maximizing benefi ts for customers, shareholders and employees n Investor Relations by eff ectively day-to-day operations and strategic management of n Risks the company is our mission.” n Vietnam Aviation and Market Overview in 2016 n Business development strategy n Market Overview 2017 n Awards over 5 years “N ờiê ặ áà í 14 HISTORY AND DEVELOPMENT rd OVERVIEW Vietjet was established on July 23 , 2007 with the goal of creating a new age, low cost model aviation transportation business to provide services that would accommodate the needs of passengers.
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