Analyst Briefing Singapore Airline FY 2015-2016
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Transcript of Analyst Briefing Singapore Airline FY 2015-2016
7/25/2019 Analyst Briefing Singapore Airline FY 2015-2016
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SIA ANALYST/MEDIA BRIEFINGQ2 & H1 FY2015/16 Results
6 November 2015
THE PARENT AIRLINEQ2 & H1 FY2015/16
RESULTS
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THE PARENT AIRLINE COMPANYOPERATING PERFORMANCE – FY2015/16
Passenger LoadFactor (%)
Revenue Pax-KM(million)
Available Seat-KM(million)
Slide 3
83.7
25,177
30,082
+1.8 pts
+0.6
-1.6
Q2 15/16
%
Change
80.0
47,691
59,602
+0.2 pts
-1.7
-2.0
H1 15/16
%
Change
THE PARENT AIRLINE COMPANY
OPERATING PERFORMANCE – FY2015/16
Passenger Yield
(¢/pkm)
Slide 4
10.4 -4.6
Q2 15/16
%
Change
10.5 -3.7
H1 15/16
%
Change
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10.810.9
11.111.2
10.8
11.3
11.1 11.1
11.3
10.9
11.1
11.3
10.7
10.9
10.7
11.2
11.511.4 11.4 11.411.4
11.5
10.7
10.510.4
10.1
10.6
¢/pkm
10
11
12
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
FY13/14 FY14/15 FY15/16
THE PARENT AIRLINE COMPANYOPERATING PERFORMANCE – FY2015/16
Monthly Pax Yields (Including Fuel Surcharge)
Slide 5
THE PARENT AIRLINE COMPANY
OPERATING PERFORMANCE – FY2015/16
Passenger Breakeven
Load Factor (%)
Passenger Unit Ex-
Fuel Cost(¢/ask)
Passenger Unit Cost
(¢/ask)
Slide 6
83.7
5.5
8.7
+1.1 pts
+7.8
-3.3
Q2 15/16
%
Change
81.9
5.3
8.6
+1.2 pts
+6.0
-2.3
H1 15/16
%
Change
Passenger Yield
(¢/pkm)
10.4 -4.6 10.5 -3.7
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81.980.7
82.7
78.079.8
%
79.6 79.8
75.4
79.6 80.0
77.5
60
65
70
75
80
85
90
H1 11/12 H1 12/13 H1 13/14 H1 14/15 H1 15/16
-0.2-3.1
-0.9 -1.9
-0.5
THE PARENT AIRLINE COMPANYOPERATING PERFORMANCE
Passenger Load Factor
Breakeven Load Factor
Slide 7
THE PARENT AIRLINE COMPANY
RESULTS – FY2015/16
Slide 8
98Operating Profit (40)
2,900Total Expenditure
717 Fuel Cost
245 Fuel Hedging Loss
1,938 - Ex-fuel Cost
185
458
(226)
(47)
2,998Total Revenue
Q2 15/16
$million
(225)
Better/
(Worse)
$million
3.3Operating Profit Margin(%)
(1.0) pts
- Net Fuel Cost 962 232
23206
3475,701
(324)5,907
H1 15/16
$million
853 1,500
(466) 456
(40) 3,745
Better/
(Worse)
$million
0.6 pts3.5
387 1,956
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Fuel Cost Post Hedging1,956.0 (-387.1, -16.5%)
Others585.3 (-15.4, -2.6%)
Aircraft Depreciation & Lease Rentals943.6 (+35.8, +3.9%)
Handling Charges443.8 (+3.5, +0.8%)
Passenger Costs336.7 (-7.9, -2.3%)
Staff777.6
(-0.2, N.A.)
AMO Costs367.0 (+39.7, +12.1%)
LPO* Charges291.1 (-15.3, -5.0%)
*Landing, Parking and Overflying
THE PARENT AIRLINE COMPANYCOST COMPOSITION – H1 FY2015/16 ($M)
Slide 9
($ million) (USD/BBL)
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16
90
136
130
133133
122
102
74
77
67
94
98
115
135
132 134
123 121
10398
90
119
99
400
600
800
1,000
1,200
1,400
1,600
1,800
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
1 , 0 4 3
9
2 4
8 9
9
1 , 2 0 5
1 , 1 7 9
9 9 4
1 , 0 1 1
1 , 1 8 2
1 , 1 9 4
9 6 2
1 , 2 6 8
Fuel Cost after hedgingFuel Price before hedging
Fuel Price after hedging
THE PARENT AIRLINE COMPANY
FUEL PRICE AND EXPENDITURE - TREND
Slide 10
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2,343
1,500
2,000
2,500
H1FY14/15
$M
1,956
H1FY15/16
-965
Price
Lowerweightedaverage
fuel price
-15
Volume
Lowervolumeuplifted
+118
Exchange
StrongerUSD
againstSGD
+466
Hedging
Hedgingloss vs
gain last year +9
Others
Others -387(-16.5%)
THE PARENT AIRLINE COMPANYFUEL EXPENDITURE – H1 FY2015/16
Slide 11
¢/ask
0
2
4
6
8
10
H1 FY14/15 H1 FY15/16
Unit Fuel Cost
Unit Staff Cost
4.03.7
1.31.3
3.8 3.3 (-13.2%)
(+8.1%)
(-)
8.8 8.6
THE PARENT AIRLINE COMPANY
UNIT COST ANALYSIS – H1 FY2015/16
Unit Other Cost
Slide 12
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SIA GROUPQ2 & H1 FY2015/16
RESULTS
3,682 3,708
3,905
3,565
3,914
3,677
3,200
3,400
3,600
3,800
4,000
Q1 Q2 Q3 Q4 Q1 Q2
GROUP REVENUE
– FY2015/16
($ million)
Slide 14
H1 15/16Revenue
$7,578M
Year-on-Year
$9M-0.1%
3,845
3,733
FY14/15 FY15/16
Year-on-Year
$345M-4.5%
H1 15/16Revenue
$7,242M3,733
3,845
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GROUP EXPENDITURE – FY2015/16
($ million)
Slide 15
H1 15/16Expenditure
$7,338M3,622
3,716
FY14/15 FY15/16
3,454
3,538
3,603
3,7713,773
3,643
3,200
3,400
3,600
3,800
4,000
Q1 Q2 Q3 Q4 Q1 Q2
Year-on-Year
$78M-1.1%
Year-on-Year
$424M-5.7%
H1 15/16Expenditure
$6,992M
3,622
3,716
39
132
105
139143
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2
GROUP OPERATING PROFIT
– FY2015/16
($ million)
Slide 16
H1 15/16Op Profit
$240M
Year-on-Year$69M+40.4%
FY14/15 FY15/16
129
H1 15/16Op Profit
$250M
Year-on-Year$79M+46.2%
111
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11+3748SIA Engineering
23+183206Singapore Airlines
H1 15/16
21+526SilkAir
22+(34)(12)SIA Cargo
H1 14/15 Change
CONTRIBUTION TO GROUP OPERATING PROFIT – FY2015/16 ($ million)
29.7+
12.6+
n.m.+
64.7
% Change
+
Slide 17
22+(44)(22)Scoot 50.0+
GROUP NET PROFIT
– FY2015/16
($ million)
Year-on-Year+$179M+142.1%
Slide 18
368
H1 15/16Net Profit
$305M
168
126
239
282305
0
100
200
300
400
H1FY11/12
H1FY12/13
H1FY13/14
H1FY14/15
H1FY15/16
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126
0
100
200
300
400
H1FY14/15
Tax
-49
Expensethis yearvs creditlast year
+98
Dividend
Higherdividendsfrom AIH
+117
Associates
Lowershare oflosses
+1
Others
-57
Disposalof aircraft,spares & spare engines
Loss this year vsgain last
year
+69
OperatingProfit
Higheroperating
profit
305
H1FY15/16
+179(+142.1%)
GROUP PROFIT ATTRIBUTABLE TO OWNERS OFPARENT – H1 FY2015/16
($ million)
Slide 19
Slide 20
5.010.0Interim Dividend PerShare (¢)
1.091.39EBITDAR Per Share ($)
1H 14151H 1516
10.6610.83Net Asset Value PerShare ($)
At 31 Mar 15 At 30 Sep 15
10.726.1Earnings Per Share (¢)
GROUP RESULTS
– 1H FY2015/16
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FLEET DEVELOPMENT – SIA
Slide 21
No. of AircraftOperating Fleet as at 30 September 2015 104
IN: Delivery of A350-900s + 3
Entry of A330-300 into service + 1
Entry of 777-300ER into service + 1
Delivery of 777-300ER + 1
OUT: Decommissioned A330-300s - 2
Decommissioned 777-300 - 1
Decommissioned 777-200ER - 1
Operating Fleet as at 31 March 2016 106
FLEET DEVELOPMENT – SLK
Slide 22
No. of Aircraft
Operating Fleet as at 30 September 2015 29
IN: Delivery of 737-800 + 1
OUT: Decommissioned A319-100 - 1
Operating Fleet as at 31 March 2016 29
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FLEET DEVELOPMENT – SCOOT
Slide 23
No. of AircraftOperating Fleet as at 30 September 2015 8
IN: Delivery of 787-8s + 2
Delivery of 787-9 + 1
OUT: Decommissioned 777-200 - 1
Operating Fleet as at 31 March 2016 10
FLEET DEVELOPMENT – TIGER
Slide 24
No. of Aircraft
Operating Fleet as at 30 September 2015 24
OUT: Decommissioned A320 - 1
Operating Fleet as at 31 March 2016 23
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GROUP CAPITAL EXPENDITURE
FY16/17 FY17/18 FY18/19 FY19/20 FY20/21
Aircraft 3,000 4,300 5,100 5,000 3,900
Other Assets 100 150 150 100 100
Total 3,100 4,450 5,250 5,100 4,000
Slide 25
GROUP FUEL HEDGING POSITION
For the periodOct 15 to Mar 16
Jet Fuel
Percentage hedged(%) 50.7*
Average hedgedprice
(USD/BBL) 93*
Slide 26
*includes Brent contracts which have been rolled over to MOPS.
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STRATEGICDEVELOPMENTS
SIA
SERVICE
Slide 28
PRODUCT NETWORK
CEM Cabin Lounge
New Aircraft
Organic Partnerships
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PORTFOLIO STRATEGY
Slide 29
P o s i t i o n i n g
Markets
LowCost
FullService
Regional Long-Haul
PORTFOLIO STRATEGY
Slide 30
P o s i t i o n i n g
Markets
LowCost
FullService
Regional Long-Haul
SYNERGIES
SharedServices
Common
FFP
IntegratedNetwork
CrossSelling
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Vistara
Currently has 8 Airbus A320s; 9 by Dec 2015
12 cities and 297weekly flights. Up to325 weekly flights byDec 2015
2 new destinations –BBI (1 Oct 2015) & VNS (21 Oct 2015)
Highest on-timeperformance andlowest complaintsamongst all Indiandomestic airlines
MULTI-HUBS
Slide 31
NokScoot
Low cost carrier based in Don Mueang International Airport, Bangkok
Expanding its operation in 2H 2015 –
Nanjing in June (from 4x to 6x weekly),
Taipei in October (4x weekly)
Qingdao in November (4x weekly)
Focused on China in part due to restriction in operating to Korea andJapan
MULTI-HUBS
Slide 32
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Airbus Asia Training Centre
A350 simulator entered into service in Oct 2015 – first coursedelivered in Asia Pacific on A350
A320 simulator ordered and due to enter into service in Apr 2016
Relocation to Seletar state-of-the-art facility planned for Mar 2016
Start of operation in the new building planned for 1 Apr 2016
NEW REVENUE/BUSINESS
Slide 33
Thank You