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SIA ANALYST/MEDIA BRIEFINGQ2 & H1 FY2015/16 Results
6 November 2015
THE PARENT AIRLINEQ2 & H1 FY2015/16
RESULTS
2
THE PARENT AIRLINE COMPANY OPERATING PERFORMANCE – FY2015/16
Passenger Load Factor (%)
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
3
10.810.9
11.111.2
10.8
11.3
11.1 11.111.3
10.9
11.111.3
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 COMPANY OPERATING 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
4
81.980.7
82.7
78.079.8
%
79.6 79.8
75.4
79.6 80.077.5
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 COMPANY OPERATING PERFORMANCE
Passenger Load Factor
Breakeven Load Factor
Slide 7
THE PARENT AIRLINE COMPANY RESULTS – FY2015/16
Slide 8
98Operating Profit (40)
2,900Total Expenditure
717Fuel Cost245Fuel 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$million
8531,500(466)456
(40)3,745
Better/(Worse)$million
0.6 pts3.5
3871,956
5
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%)
Staff 777.6
(-0.2, N.A.)
AMO Costs 367.0 (+39.7, +12.1%)
LPO* Charges 291.1 (-15.3, -5.0%)
*Landing, Parking and Overflying
THE PARENT AIRLINE COMPANY COST 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
133 133
122
102
74
77
67
9498
115
135132 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
1,04
3
924
899
1,20
5
1,17
9
994
1,01
1
1,18
2
1,19
4
962
1,26
8
Fuel Cost after hedgingFuel Price before hedgingFuel Price after hedging
THE PARENT AIRLINE COMPANY FUEL PRICE AND EXPENDITURE - TREND
Slide 10
6
2,343
1,500
2,000
2,500
H1FY14/15
$M
1,956
H1FY15/16
-965
Price
Lowerweighted average
fuel price
-15
Volume
Lower volume uplifted
+118
Exchange
Stronger USD
against SGD
+466
Hedging
Hedging loss vs
gain last year +9
Others
Others -387(-16.5%)
THE PARENT AIRLINE COMPANY FUEL EXPENDITURE – H1 FY2015/16
Slide 11
¢/ask
0
2
4
6
8
10
H1 FY14/15 H1 FY15/16
Unit Fuel Cost
Unit Staff Cost
4.03.7
1.31.3
3.8 3.3 (-13.2%)
(+8.1%)
(-)
8.8 8.6
THE PARENT AIRLINE COMPANY UNIT COST ANALYSIS – H1 FY2015/16
Unit Other Cost
Slide 12
7
SIA GROUP Q2 & H1 FY2015/16
RESULTS
3,682 3,708
3,905
3,565
3,914
3,677
3,200
3,400
3,600
3,800
4,000
Q1 Q2 Q3 Q4 Q1 Q2
GROUP REVENUE – FY2015/16
($ 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$7,242M3,733
3,845
8
GROUP EXPENDITURE – FY2015/16
($ 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 15/16 Expenditure
$6,992M3,622
3,716
39
132
105
139143
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2
GROUP OPERATING PROFIT– FY2015/16
($ million)
Slide 16
H1 15/16 Op Profit$240M
Year-on-Year$69M+40.4%
FY14/15 FY15/16
129
H1 15/16Op Profit$250M
Year-on-Year$79M+46.2%
111
9
11+3748SIA Engineering
23+183206Singapore Airlines
H1 15/16
21+526SilkAir
22+(34)(12)SIA Cargo
H1 14/15 Change
CONTRIBUTION TO GROUP OPERATING PROFIT – FY2015/16 ($ 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
$305M
168
126
239
282305
0
100
200
300
400
H1 FY11/12
H1 FY12/13
H1 FY13/14
H1 FY14/15
H1 FY15/16
10
126
0
100
200
300
400
H1 FY14/15
Tax
-49
Expense this year vs credit last year
+98
Dividend
Higher dividends from AIH
+117
Associates
Lower share of losses
+1
Others
-57
Disposalof aircraft,spares &spare engines
Loss this year vs
gain last year
+69
OperatingProfit
Higher operating
profit
305
H1 FY15/16
+179 (+142.1%)
GROUP PROFIT ATTRIBUTABLE TO OWNERS OF PARENT – H1 FY2015/16
($ million)
Slide 19
Slide 20
5.010.0Interim Dividend Per Share (¢)
1.091.39EBITDAR Per Share ($)
1H 14151H 1516
10.6610.83Net Asset Value Per Share ($)
At 31 Mar 15At 30 Sep 15
10.726.1Earnings Per Share (¢)
GROUP RESULTS – 1H FY2015/16
11
FLEET DEVELOPMENT – SIA
Slide 21
No. of AircraftOperating Fleet as at 30 September 2015 104
IN: Delivery of A350-900s + 3Entry of A330-300 into service + 1Entry of 777-300ER into service + 1Delivery of 777-300ER + 1
OUT: Decommissioned A330-300s - 2Decommissioned 777-300 - 1Decommissioned 777-200ER - 1
Operating Fleet as at 31 March 2016 106
FLEET DEVELOPMENT – SLK
Slide 22
No. of AircraftOperating 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
12
FLEET DEVELOPMENT – SCOOT
Slide 23
No. of AircraftOperating Fleet as at 30 September 2015 8
IN: Delivery of 787-8s + 2Delivery of 787-9 + 1
OUT: Decommissioned 777-200 - 1
Operating Fleet as at 31 March 2016 10
FLEET DEVELOPMENT – TIGER
Slide 24
No. of AircraftOperating Fleet as at 30 September 2015 24
OUT: Decommissioned A320 - 1
Operating Fleet as at 31 March 2016 23
13
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 period Oct 15 to Mar 16
Jet Fuel
Percentage hedged (%) 50.7*
Average hedged price (USD/BBL) 93*
Slide 26
*includes Brent contracts which have been rolled over to MOPS.
14
STRATEGIC DEVELOPMENTS
SIA
SERVICE
Slide 28
PRODUCT NETWORK
CEM Cabin Lounge New Aircraft
Organic Partnerships
15
PORTFOLIO STRATEGY
Slide 29
Pos
itio
ning
Markets
LowCost
FullService
Regional Long-Haul
PORTFOLIO STRATEGY
Slide 30
Pos
itio
ning
Markets
LowCost
FullService
Regional Long-Haul
SYNERGIES
Shared Services
CommonFFP
Integrated Network
Cross Selling
16
Vistara
Currently has 8 Airbus A320s; 9 by Dec 2015
12 cities and 297 weekly flights. Up to 325 weekly flights by Dec 2015
2 new destinations –BBI (1 Oct 2015) & VNS (21 Oct 2015)
Highest on-time performance and lowest complaints amongst all Indian domestic 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 and Japan
MULTI-HUBS
Slide 32
17
Airbus Asia Training Centre
A350 simulator entered into service in Oct 2015 – first course delivered 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
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