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Avianca Holdings S.A. Corporate Presentation Aug 2018 Disclaimer

The material that follows comprises information about S.A. (the “Company”) and its subsidiaries, as of the date of the presentation. It has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving legal, tax, investment or other advice to potential investors. The information presented or contained herein is in summary form and does not purport to be complete.

No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. Neither the Company nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice, and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives makes any undertaking to update any such information subsequent to the date hereof.

This presentation contains forward-looking statements, which are based upon the Company and/or its management’s current expectations and projections about future events. When used in this presentation, the words “believe,” “anticipate,” “intend,” “estimate,” “expect,” “should,” “may” and similar expressions, or the negative of such words and expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. Additionally, all information, other than historical facts included in this presentation is forward-looking information. Such statements and information are subject to a number of risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated due to many factors. As for forward-looking statements that relate to future financial results and other projections, actual results may be different due to the inherent uncertainty of estimates, forecasts and projections. Because of these uncertainties, potential investors should not rely on these forward-looking statements. Neither the Company nor any of its affiliates, directors, officers, agents or employees, nor any of the shareholders or initial purchasers shall be liable, in any event, before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

Certain data in this presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors.

In addition to IFRS financials, this presentation includes certain non-IFRS financial measures, including Adjusted EBITDAR, which is commonly used in the industry to view operating results before depreciation, amortization and aircraft operating lease charges, as these costs can vary significantly among due to differences in the way airlines finance their aircraft and other asset acquisitions. However, Adjusted EBITDAR should not be considered as an alternative measure to operating profit, as an indicator of operating performance, as an alternative to operating cash flows or as a measure of the Company’s liquidity. Adjusted EBITDAR as calculated by the Company and as presented in this document may differ materially from similarly titled measures reported by other companies due to differences in the way these measures are calculated. Adjusted EBITDAR has important limitations as an analytical tool and should not be considered in isolation from, or as a substitute for an analysis of, the Company’s operating results as reported under IFRS.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or this proposed offering. 2 Agenda

1 Company Overview and Track Record

Leading Airline in focused on 2 service excellence

3 Strong Operational and Financial Performance

Diversified Sources of Revenue with Growing 4 Non-Passenger Businesses

5 Strategic Projects and Full Year Outlook

3 Company Overview and Track Record Successful Integration with Further Synergy Generation Potential

Well-Defined Integration Plan

Realized Revenue Synergies: $219MM Total Revenue’17: LifeMiles $4,625 MM Maximization Single 2018 Ancillary Revenue Commercial Code Revenue Single Brand Management Optimization Single Web Page 2017

Single Loyalty Program Core Systems Migration Network / Fleet 2016 Optimization Network & Commercial Integration ERP Single Management Intra Hub Connectivity Team Fleet 2015 MRO and CEO(3) Total Revenue’ Interchangeability Single Operations 10: $2,815MM(1) 2014 Management Airport Optimization Model Cost Control Initiatives 2013 2010 2011 2012 Potential Cost-Reduction Synergies: US$80MM

EBIT ~4.5%(2) 5.3% 6.6% 8.4% 6.2% 5.9% 7.2% 9.4% 6% - 8% Margin:

Valores y Fortalezas Compartidas

Experience operating widebody aircraft Customer Both airlines shared similar brand and • Complementary networks offer a unique growth Complementary Complementary offers new opportunities for traffic from Service customer strategies, providing a high proposition in Central and South America Fleet Routes Central America and Approach standard of service • Only 2 routes overlapped before combination 5 Source: Company. / (1). Consolidated figures for the eleven months ended December 31, 2010. (2). Includes EBIT contribution of Avianca S.A. and GTH. (3). Maintenance, Repair and Overhaul providers (“MRO”) and Operational Excellence Center (“CEO”). Leading Airline with Strategic Footprint in the Americas

Geographic Footprint US$4,625 mm Total Revenues* in 2017

US$1,006 mm Total EBITDAR* in 2017

189 Aircraft Fleet (177 Pax and 12 Fre Aircraft1) as of 2Q18. Avrg Jet Fleet Age of 6.8 Years as of Jun-18. Intra-Home Markets(4)

3 Hubs: (NY008B8R)(NY008B8R)(NY008B8R)(NY008B8R) 684268_1.wor684268_1.wor684268_1.wor684268_1.wor Bogota, and Lima #1 Home Markets to Spain

64.1% Participación de #1 105+ Destinations and 6,000+ Weekly Departures Mercado(3) Domestic 32.6% Participación de (3) Leading Loyalty Coalition Program Mercado with 8.1+ mm Members #1

55.5% Participación de Complementary Business Lines – Mercado(3) (2) ~20% of Consolidated Revenues in 2017

✓ Single commercial code ✓ Single website Single Avianca brand ✓ Interchangeability of aircraft Courier ✓

Source: Company, Aeronáutica Civil de Colombia, and internal data derived from Travelport Marketing Information Data Tapes (“MIDT”). Note: market shares based on number of passengers (3). Sourced from Company, Jun-18 for Colombia Domestic, as of Jun-18 for Intra-Home Markets and Home Markets To Spain 6 (1). 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F (4). International traffic within our Home Markets (Colombia, Ecuador, Peru, El Salvador, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & (2). Brazilian operations reflect the code-share agreement with Oceanair (“Avianca Brasil”), including the licensing of the Avianca trademark Caribbean (non-regional)).* When indicated the figures are adjusted by one-time items during 2017 Leading Airline in Latin America focused on service excellence Leading Airline in Latin America…

Leading Position in Latin American Markets(1) Significant Market Share Gains in Key Markets – Passenger Evolution (MM)

Colombia(3) Peru(3) Domestic Operations

Latam Others 18.7% 11.3%

Avianca VivaCo Avianca 13.1% Starup 55.5% 9.7% 2.5%

Satena 5.2% 1%

Others Copa Peruvian Latam #1 0.9% 1.8% 4.9% 14.9% 57.0%

Leading Airline with Strategic Footprint in the Americas(4) Colombia Domestic 55.5% Market Share ▪ Unparalleled route network connecting the Americas #3 ▪ Leadership position in the markets served: Ecuador Domestic 24.5% Market Share ~55.5% domestic market share in Colombia

#3 ~64.1% market share in Intra-Home Markets(5)

Perú Domestic ~32.6% market share in Home Markets to Spain routes 9.7% Market Share

Source: Company and local regulators. (1) Market share based on number of passengers. Colombia: 2Q18, Peru: 2Q18, Ecuador: Jan-18 to May - 18 Undisputed leadership connecting passengers across our home markets with (2) Brazilian operations reflect the code-share agreement with Oceanair (“Avianca Brasil”), including the licensing of the Avianca trademark to 2016 (3) Reflects market share in the routes it operates as of June 2018. (4) Based on domestic and international passengers. Colombia and Peru, as of 2Q18 one another and with North America, Europe and South America 8 (5) Market shares sourced from Company. (6) International traffic within our Home Markets (Colombia, Ecuador, Peru, El Salvador, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & Caribbean (non-regional). Successful Fleet Optimization Leading to Reduced Complexity

2010 – 9 Families 2017 – 7 Families Long Term Fleet – 4 Families by 2020 Average Jet Fleet Age of 10.1 Years

A330 B737 F100 Boeing 787 B767F Boeing 787 A320 Neo

✓ More fuel efficient than ✓ 15% less fuel consumption A320 Family(1) E190 many similarly sized ✓ Up to 500nm of additional airplanes A320 B767 Regional ✓ Range & Up to 3% cost savings

ATR 72 / 42 Cessna 208 ATR72 A330F

E190 MD83 B757 A330 Pax / 330F /300F ✓ ATR72s for improved ✓ 40% more cargo capacity vs. regional capacity previous cargo fleet

Backlog Designed to Enhance Fleet Efficiency(2)

✓Increased fuel efficiency & Improved ✓New B787-9 (3 for 2019): 250-290 2018 2019 2020 2021 2022+ Total technical dispatch reliability passengers. This variant differs from the Modern 787-8, a greater capacity of fuel, a greater B787 1 3 - - - 4 ✓Reduced training costs and maintenance fleet maximum weight to the takeoff (MTOW). expenses A319 - - 4 4 12 20 providing ✓A321S: fuel-saving Sharklets –offers up to platform for ✓Improved range and network A320 5 6 14 17 56 98 5% fuel-burn savings (+100 nautical higher performance profitability miles/185 kilometers) A321 2 - 2 2 11 17 ✓Opportunity to up gage in congested Jet passenger operative 9 markets & Increased regional capacity Fleet average age: 6.8 years Total(1) 8 9 20 23 79 139

Fuente: Compañía. Strong Operational and Financial Performance Demand outgrows capacity deployment resulting in record Load Factor

Region 2Q18 RPK Growth 2Q18 ASK Growth 2Q18 Load Factor

82.6% Domestic* -4.7% -6.8%

Intra Home Markets1 -0.2% -1.1% 76.2%

Home Markets to North America2 5.1% 4.7% 84.1%

Home Markets to South America3 2.6% 0.7% 83.5%

Central America & Caribbean4 3.2% 2.6% 78.6%

Home Markets to Europe 9.7% 13.9% 82.3%

Total RPK 3.0% ASK 2.6% Load Factor 82.3%

*Domestic Market: Colombia, Peru, Ecuador 1 Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 2 From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, , Argentina, Brazil and Uruguay, 4 Belize, Curazao, Republica Dominicana, 11 Panamá, Costa Rica, Guatemala, Honduras, Nicaragua Demand recovery in core markets drive yield improvement

2Q RPKs – Millions 2Q Load Factor

+3.0% +4.8% +29 bps +101 bps

2Q ASKs – Millions 2Q Yield - US¢

+2.6% +3.6% +9.6% +7.6% 12,621 12,953 11,575 10,780 25,687 24,801

2Q15 2Q16 2Q17 2Q18 6M17 6M18 12 Quarterly Full Year Avianca remains committed to pursue a leaner cost structure (Unadjusted)

2Q Revenues – US millions 2Q EBITDAR – US millions

9,8 19,3% 9,3 8,6 9,2 17,2% 8,3 8,7 19,8% 13,7% 211 12,8% 232 217 422 408 225 211 428 16,5% 988 166 164 875 1.960 136 829 741 1.737 391

2Q15 2Q16 2Q17 2Q18 6M17 6M18 2Q15 2Q16 2Q17 2Q18 6M17 6M18

2Q CASK and CASK ex Fuel - US¢ 2Q EBIT – US millions

2016 62 5,7% 131

6,1% 97 2017 26 2,6% 21 4,1%

1,7% 1

2Q150,1% 2Q16 2Q17 2Q18 6M17 6M18 13 Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK Avianca remains committed to pursue a leaner cost structure (Adjusted)

2Q Revenues – US millions 2Q EBITDAR – US millions

19,0% 19,4% 9,6 9,3 8,6 9,2 8,1 8,7 15,6% 19,9% 13,5% 211 18,4% 208 217 422 408 197 212 187 178 437 988 430 875 1.960 140 829 741 1.737

2Q15 2Q16 2Q17 2Q18 6M17 6M18 2Q15 2Q16 2Q17 2Q18 6M17 6M18

2Q CASK and CASK ex Fuel - US¢ 2Q EBIT – US millions

2016 9,6 63 8,9 8,6 8,2 8,2 50 151 7,8 5,7% 7,0 6,6 6,4% 6,1 6,3 6,3 6,4 38 4,0% 4,2% 133

5 6,2%

0,5% 2Q15 2Q16 2Q17 2Q18 6M17 6M18 2Q15 2Q16 2Q17 2Q18 6M17 6M18 14 Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK 1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 Debt Overview and Deleveraging Plan

2Q18 Debt Profile By Type(1) By Currency Bonds Type(1) Currency Avg. Rate 1.63% 4.65% COP Bonds COP 1.76% USD EUR Aircraft Debt USD 3.93% 14.68%

Bonds COP 10.58% Aircraft 58.75% Debt USD Bonds USD 7.95% USD 24.94% Corporate Corporate USD 6.52% Debt Debt USD 93.59% Total 5.26%

2Q18 Debt Amortization Schedule (US$MM) 1,693 AIRCRAFT CORPORATE DEBT BONDS 359.61

989

480 549.9 1,333 420 352 30.6 29.8 148 148 148 139 300.7 183.6 291.9 272.5

______Source: Company. 2018 2019 2020 2021 2022+ (1) Excludes US$6.3 Millions of corporate debt in COP and US$128.2 Millions of aircraft debt in EUR. (2) Current installments of long term debt + long term debt – cash. Cash includes cash and cash equivalents + restricted cash + available for sale securities + short term certificates of bank deposits + long term restricted cash. (3) Current installments of long term debt + long term debt + (aircraft rentals 12M x 7) – cash. Cash includes cash and cash equivalents + restricted cash + available for sale securities + short term certificates of bank deposits + long term restricted cash. 15 (4) Consolidated net profit for the period plus the sum of income tax expense, depreciation, amortization and impairment and aircraft rentals, minus interest expense, minus interest income, minus derivative instruments, minus foreign exchange. (5) EBITDAR coverage ratio calculated as EBITDAR divided by the sum of aircraft leases and interest expense. Diversified Sources of Revenue with Growing Non - P a s s e n g e r B u s i n e s s e s : Financial and Operative Results

Segment Overview Key Metrics (Cargo and Courier)

Revenue (US$MM)(2) ATK (MM) (3) ▪ Strong performance for 2Q 2018 Avianca Cargo moved a total of 13.082 tons +16.8% 153,9 300 -3.0% of Mother’s Day flowers, + 3.4% vs 2Q17 1,285 256 665,2 645,2 1,246 ▪ Fleet management improvement due to fleet interchangeability 131,8 optimization between Taca Peru and Tampa Cargo Colombia 2Q17 2Q18 6M17 6M18 2Q17 2Q18 6M17 6M18 ▪ Network improving thanks to the connections increase to and from Asia and RTK (MM)(3) Load Factor Europe through commercial partnerships and increased widebodies capacity +2.6% utilization +3.1% 366,6 686 706 357,2 56.8% 56.7% 53.7% 53.3%

2Q17 2Q18 6M17 6M18 2Q17 2Q18 6M17 6M18 Market Share Colombia (2Q18)4 Market Share (2Q18)5

35.8% 35.6% 32.1%

13.3% 13.3% 11.6% 11.5% 8.5% 9.4% 8.2% 8.4% 6.1% 6.4%

AVH Atlas Latam UPS Skylease Others Atlas Latam AVH UPS Amerijet American Others Source: Company. (1) On a per trip basis. (2) Includes consolidated revenues from the cargo operation in Mexico and Deprisa (Other Business Unit) (3) Includes bellies and excludes Colombia domestic operations. Includes commercial agreements with OceanAir Linhas Aereas, not included in official statistics. Airlines 17 (4) International Cargo – Aeronáutica Civil de Colombia (as of June 2018) (5) Miami-Dade Statistics, by airline group (as of June 2018) LIFEMILES COMPAÑÍA DE LEALTAD

Strong and Growing Network Commercial Partners Strong Brand Recognition Co-Branded Credit Cards Selected Air Companies

 LifeMiles won 2 categories in the 2017 Freddie Awards Selected Financial Institutions

 Best Redemption Ability, Best Promotion, Up-and-Coming Program

2015 2016 2017 ~70 banks with active contracts 1 Best Promotion 1 Redemption Ability 1 Best Promotion Selected Regional Hotels

1 Up and Coming 1 Best Promotion 1 Up and Coming Program Program Other Selected Commercial Partners 1 Up and Coming Program

Robust Financial and Performance and Leading Market Positions

Members (MM) Geographic Presence Quarterly Highlights

• 2Q18 gross billings increased 17.8% vs 2Q17 7.8 8.3 7 6 6.5 • Active cobranded credit cards reached 5.4 4.4 4.9 666K, an increase of 12.5% vs. 2Q17 • Approximately 8.3 million members, +14.0% increase vs. 2Q17 Home Markets(1) • 359 commercial partners, +12.2% vs 2011 2012 2013 2014 2015 2016 2017 2Q18 2Q17

Source: Company 18 (1) LifeMiles home markets include Colombia, Peru, Ecuador and Central America. Flight Plan 2018 2Q 2018 2018 OUTLOOK

5.0% – 7.0% PAX -4.6% from 7.0% - 9.0%

ASK 2.6% 8.0% – 10.0%

81.0% – 83.0% LF 82.3% from 80.0% - 82.0%

EBIT¹ 4.2% 6.0% – 8.0% EBIT 1.7%

Source: Company Information 1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 Thank You Contact Information: Investor Relations Office [email protected] T: (57) 1 – 5877700 www.aviancaholdings.com