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Volaris corporate presentation - march
 

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    Volaris corporate presentation - march Volaris corporate presentation - march Presentation Transcript

    • Volaris The Leading Ultra Low Cost Airline Serving Mexico and the US March 2014
    • Disclaimer 2 The information ("Confidential Information") contained in this presentation is confidential and is provided by Controladora Vuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") confidentially to you solely for your reference and may not be retransmitted or distributed to any other persons for any purpose whatsoever. The Confidential Information is subject to change without notice, its accuracy is not guaranteed, it has not been independently verified and it may not contain all material information concerning the Company. The Company, nor any of their respective directors makes any representation or warranty (express or implied) regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or any of their respective directors, officers, employees, stockholders or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness. This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this presentation as legal, tax or investment advice and should consult their own advisers in this regard. This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ significantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances.
    • Fourth quarter 2013 highlights and recent developments 3 Strong balance sheet: After a successful IPO of US$398 million in 3Q, cash of 19% of LTM revenues and net debt negative of Ps.-1.9 billion Demand stimulation and high passenger volume: Load factor of 79.1% and record passenger volume of 2.3 million in 4Q Cost control: CASM decreased 6.7% year over year to Ps.114.8 cents (US$8.8 cents) in 4Q, lowest in the Americas Non-ticket revenue growth potential: Migration to new reservation system (Navitaire), new webpage and new baggage policy in October, and on-board sales in December Expanding US presence: Phoenix and San Antonio launched in 4Q and complemented Chicago with O'Hare airport in December
    • Sacramento San Francisco/Oakland Los Angeles San Diego Tijuana San Jose Fresno Mexicali Las Vegas Chicago/Midway/O’Hare Denver OrlandoHermosillo Chihuahua Monterrey Cancún La Paz Los Cabos Los Mochis Culiacán Mérida Tuxtla Gutiérrez Acapulco Puebla Toluca Tepic Zacatecas Mazatlán Guadalajara Aguascalientes Puerto Vallarta Uruapan Colima Morelia Oaxaca León Querétaro Cd. de México/D.F. Ciudad Juárez Manzanillo Volaris – a Mexican Ultra-Low-Cost Carrier Notes: (1) Based on CASM among the publicly-traded airlines (2) Converted at average annual MXN/USD spot exchange rate (3) Corresponds to the number of booked passengers (4) Based on number of passengers Source: Company data, SCT-DGAC Lowest unit cost carrier in the Americas(1) 2008 2013 CAGR Unit cost (CASM ex-fuel; cents, USD)(2) 5.5 5.5 0.0% Passenger demand (RPMs, bn) 3.2 9.0 +23.0% Aircraft (End of Period) 21 44 +15.9% Passengers (mm)(3) 3.5 8.9 +20.5% Operating revenue (mm, USD)(2) 397 1,018 +20.7% Adj. EBITDAR (mm. USD)(2) 67 220 +26.8% Volaris’ destinations Domestic market share (4) 4 Phoenix San Luis Potosí Ciudad Obregón Veracruz San Antonio Pasadena/San Bernardino 12.2% 20.7% 22.7% 2008 2012 2013
    • Volaris’ low base fares stimulate demand and drive continuing growth Stimulation of demand More ancillary revenue More capacity Lower base fares Resilient ULCC business model driving high, profitable growth Lower cost Since its launch, Volaris has stimulated new demand in the Mexican market through an aggressive revenue management strategy that drives lower fares and higher load factors 5
    • Volaris has a best-in-class unit cost structure Denotes fuel cost per ASM Lowest unit cost in the Americas(1) CASM and CASM ex-fuel (FY 2013, USD cents)(3) 6 Latin American Carriers US Network Carriers(2)Best-In-Class US LCCs Notes: (1) Based on CASM among the publicly-traded airlines (2) DCOMPS= Direct Competitors: Average CASM and CASM ex-fuel; US network carriers include: Delta, United, Alaska Airlines, American Airlines (3) Non USD data converted using average exchange rates for the corresponding period (4) Updated through 3Q LTM. Airlines have not yet published 4Q 2013 information Source: Company data, Airlines public information 13.9 9.910.3 15.5 11.0 13.2 14.5 9.1 10.0 (4) (4) (4) 5.5 10.0 9.5 7.8 6.9 4.6 5.6 5.9 9.1 3.7 5.5 5.0 5.4 4.1 5.4 4.7 4.0 4.8 LatAm Aeroméxico Gol Copa VivaAerobus Allegiant Spirit DCOMPS
    • Young, fuel efficient fleet (3) 12.54 11.3 9.5 8.8 8.1 Volaris Aeromexico Interjet Global A320 Global A319 Interjet Focus on fleet utilization and efficiency drives higher revenue and lower cost Notes: (1) Implied passengers per aircraft is calculated as available seats per aircraft multiplied by the load factor (2) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period) (3) Aeromexico and Interjet represent domestic competitors of Volaris Source: Company data, airlines public information, DGAC, Airbus, DIIO MI Load factor (FY13) Implied passengers per aircraft(1) 83% 75% 77% 143 112 123 Interjet A320 150 seats per aircraft Aeroméxico 737-800 160 seats per aircraft High daily utilization(3) Volaris A320 174 seats per aircraft High density configuration(3) (2)(2) Aeroméxico Block hours per day (FY13) Average age (Yrs, December 2013) 7 10.4 8.8 5.8 4.2 Mexican Average Aeroméxico Interjet
    • 100 113 109 104 97 137 171 179 178 180 2009 2010 2011 2012 2013 Volaris Aeroméxico Unbundled model drives Volaris’ low base fares Notes: (1) Average fare calculated as passenger revenue divided by number of booked passengers (2) Converted using an average annual MXN/USD exchange rate Source: Company data, Aeromexico public information Unbundling and a low cost structure support Volaris’ low base fares… Average base fare (USD)(1,2) TRASM (US cents) (2)Load factor …stimulating demand and increasing load factor… …resulting in higher ancillary and stronger overall revenue growth 2009 – 2013 Change: +12.0 pp 2009 – 2013 Change: +22.9% 2009 – 2013 Change: -3.0% 8 71% 83% 2009 2013 7.60 9.34 2009 2013
    • $111 $165 $189 $208 $215 $330 $- $50 $100 $150 $200 $250 $300 $350 Alaska Aeroméxico Delta American United Low costs and low base fares – a significant competitive advantage Notes: (1) Converted using an average annual MXN/USD exchange rate (2) Average Stage Length calculated as (Total miles flown / Number of flights) (3) Average Stage Length calculated as (RPM’s / Total passengers) (4) Breakeven fare calculated as ((Average stage length * (CASM – Ancillary revenue (or Other revenue) per ASM)) / 100)/(Load factor /100) (5) Group of airlines represent domestic and international competitors of Volaris Source: Company data, Airlines public information, DIIO MI, MIT ADP Breakeven fare (FY 2013, USD)(4,5) 198% Higher than Volaris 95% 89% 71% 49% (1) (2) (2) 9 (2)(3)(1,3)
    • 74 2,683 2,758 2012 Executive & luxury First, economy & other Bus passenger shift to air travel Notes: (1) Executive and luxury class (2) MXN amounts were converted to USD at the rate of MXN/USD 13.0119 as of September 30, 2013 Source: Company data, Secretaría de Comunicaciones y Transportes (SCT) Air travel time and cost savingsSignificant upside for air travel Fare (USD)(2)Travel time (Hrs) Mexico City – Tijuana (1) Total air travel trips (mm) Total bus trips (mm) 40.5 4.0 Bus Air 135 114 Bus Volaris 36.5 hours less 15% cost savings 74 • Mexico is almost three times the size of the state of Texas • The distance between Tijuana and Cancún is similar to the distance between New York City and San Francisco 29 28 57 2012 International Domestic 10
    • 4% 3% 1% 4% 10% 15% Mexico City Guadalajara Aguascalientes 15% 11% 11% 7% 26% 34% 43% 34% Tijuana Guadalajara Cancun Mexico City Rapidly expanding share in core markets Notes: Source: SCT-DGAC, DIIO MI Volaris focus cities – Domestic market International market 2x 3x 4x 5x 1x 3x 19x Percentage of Volaris’ 1Q14 domestic capacity competing with: Stimulation of growth through our ULCC model A significant portion of our capacity faces no competition Passenger volume growth: 2012 vs. 2013 Airport Volaris 11 70% 52% 33% 24% Aeroméxico Interjet Vivaaerobús Non-competed
    • Unbundled strategy: “Tú decides” – You decide • V-Club subscription • Co-branded credit cards • V-Shop • Excess baggage • Priority boarding • Strollers • Advertising • Food and beverage • Hotel rooms • Car rentals • Airport shuttle Pre-flight Flight planning At the airport Onboard aircraft Post-flight • Seat assignment • Change / booking fees • Insurance 12
    • 7.0 8.9 11.4 15.5 16.5 2009 2010 2011 2012 2013 Acceleration of Volaris’ non-ticket revenues Notes: (1) Converted using an average annual MXN/USD exchange rate Source: Company data, Airlines public information +6.7% Increased contribution of non-ticket revenue to the top line Non-ticket revenue per passenger Volaris (USD)(1) Best-in class US LCCs (FY 2013, USD) Contribution to Operating Revenue 7% 7% 9% 13% 14% 2009 – 2013 CAGR: +57.6% 2009 – 2012 CAGR: +30.3% Non-ticketrevenue (USDmm)(1) 13 48 54 Allegiant Spirit 24 39 68 115 148 0 50 100 150 200 2009 2010 2011 2012 2013
    • Mexico City Guadalajara Cancún Volaris’ revenue strategy delivers a resilient and defensible network Notes: (1) Passengers FY 2013 Source: SCT-DGAC, DIIO MI Strong foothold in competing markets Tijuana Domestic market share in top Volaris’ cities(1) Volaris domestic market share(1) Volaris international market share (Mexico – US)(1) 14 23.1% 35.6% Total Volaris' routes 6.8% 36.9% Total Volaris' routes Volaris 70% Aeroméxico 20% Interjet 9% Vivaaerobús 1% Volaris 38% Aeroméxico 29% Interjet 21% Others 13% Volaris 36% Aeroméxico 24% Interjet 20% Others 21% Volaris 13% Aeroméxico 43% Interjet 32% Others 11%
    • Substantial growth opportunity in the US-Mexico VFR / leisure travel market Notes: (1) Represents Mexican origin population figures as per population data released on May 26, 2011 (2) Mexican origin is based on self-described ancestry, lineage, heritage, nationality group or country of birth. Source: Pew Research Hispanic Center Denotes Volaris presence(1) Denotes other cities with large Mexican origin populations(1,2) Significant Mexican origin population(2) of 33.5 million in the US Orlando 0.1mm San Francisco 0.7mm San Jose 0.4mm San Diego 0.9mm Denver 0.5mmSacramento 0.3mm Chicago 1.5mm Fresno 0.5mm Los Angeles 4.6mm Las Vegas 0.4mm San Bernardino 1.7mm Phoenix 1.2mm Tucson 0.3mm Albuquerque 0.2mm El Paso 0.6mm San Antonio 0.9mm Bakersfield 0.4mm Austin 0.4mm Dallas 1.5mm Houston 1.5mm Atlanta 0.3mm Washington 0.1mm New York 0.5mm Philadelphia 0.1mm San Benito 0.3mm Mission 0.6mm Tampa 0.1mm 15
    • 48 48 41 40 38 13 13 13 0 5 10 15 20 25 30 35 40 45 50 99 48 32 0 10 20 30 40 50 60 70 80 90 100 USA (Leisure) USA (VFR) CAM, SAM, Canada, Caribbean Attractive growth opportunities in Mexico and throughout the Americas Domestic – growth potential of nearly 169 routes International – growth potential of about 154 routes (3) Notes: (1) Minimum stage length of 170 miles (2) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America (3) South and northbound leisure routes Source: Company data Number of routes(1) Number of routes(2) Routes served Growth potential 16
    • Fleet and financials 17
    • 3.5 2.9 30 34 1.7 1.3 0.3 3.0 4.2 5.4 6.1 7.3 8.4 10.1 11.8 13.9 0.5 1.4 1.4 1.4 6.4 7.1 8.0 8.5 9.0 10.1 11.8 13.2 15.3 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E XXX XXX XXX XXX Notes: (1) Net fleet after additions and returns Sources: Company information Projected fleet under current contracts (number of aircraft)(1) Projected capacity in number of seats (end of period; 000s) 18 A320 A319 A higher density fleet generates more incremental capacity with fewer additional aircraft Average capacity per aircraft (seats) 156 160 171 178 178163 164 167 179 2012-2020E Growth: +110% 2012-2020E Growth: +139% 24 20 30 34 12 9 2 17 24 31 35 42 48 58 68 80 2 6 6 6 41 44 49 52 54 59 66 74 86 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E A321 A320 A319A321
    • 28% 20% 13% 11% 0% 10% 20% 30% Volaris Copa Latam Gol 21.6% 27.4% 20.7% 9.6% 0% 10% 20% 30% Volaris Copa Aeroméxico Gol Leading financial performance on strong revenue growth Note: (1) Converted using an average MXN/USD exchange rate for the corresponding period (2) 3Q updated. Gol and Latam have not released 4Q information Source: Company data, airlines public information Revenue(1) Adj. EBITDAR(1) Revenue CAGR 2009 - 2013 2013 Adj. EBITDAR margin 19 374 536 714 887 1,018 0 200 400 600 800 1,000 1,200 2009 2010 2011 2012 2013 (USDmm) 117 140 100 188 220 0 50 100 150 200 250 2009 2010 2011 2012 2013 (USDmm) (2) (2) (2)
    • FY ‘12 FY ‘13 Change (YoY) TRASM (cents, USD) (1) 9.6 9.3 -3% CASM (cents, USD) (1) 9.3 9.1 -2% Operating revenue (mm, USD) (1) 888 1,018 15% Adj. EBITDAR (mm, USD) (1) 188 220 17% Adj. EBITDAR margin 21% 22% 1pp Poised for future value creation Notes; (1) MXN amounts were converted to USD at the avg. rate of MXN/USD 13.16 as of Dec 31 2012 and at the avg. rate of MXN/USD 12.77 as of Dec 31, 2013 Source: Company data Continue growth in available seats with a highly efficient fleet • Switch from A319 to A320 • Sharklet and NEO technology • Maintain high utilization Continue growth in our non-ticket revenues Maintain cost discipline Continue to align employee incentives Focus on shareholder return, pre-tax adjusted ROIC of 15% in 2013 20
    • LTM Dec 2013 Liquidity – Cash and Equivalents / Op. Revenue Balance sheet well positioned for growth Note: (1) Principal + interest debt (2) 3Q updated. Gol and Latam have not released 4Q information Source: Company data, Airlines public information 21 • IPO provided sufficient liquidity / capital for growth over the next years • Minimal on-balance sheet debt • $43mm(1) of financial debt as of December 2013 • Strong cash position • $187mm of cash and equivalents as of December 2013 • Fully financed fleet order through the second quarter of 2016 (2)(2) 18.4% 41.0% 29.8% 7.7% Copa Gol Latam
    • Appendix 22
    • Non-IFRS Terms Glossary • Available seat miles (ASMs): Number of seats available for passengers multiplied by the number of miles the seats are flown. • Block hours: Number of hours during which the aircraft is in revenue service, measured from the time it leaves the gate until the time it arrives to the gate at destination. • Revenue passenger miles (RPMs): Means the number of miles flown by passengers. • TRASM: Total revenue divided by ASMs. • RASM: Passenger revenue divided by ASMs. • CASM: Total operating expenses, net divided by ASMs. • CASM ex fuel: Total operating expenses, net excluding fuel expense divided by ASMs. • Load factor: RPMs divided by ASMs and expressed as a percentage. • EBITDA: Earnings before interest, taxes, depreciation and amortization. • EBITDAR: Earnings before interest, taxes, depreciation, amortization and aircraft rent expense. • Adj. EBITDAR: EBITDAR adjusted by non-cash and non-recurring items. • Adj. Debt: Financial debt plus seven times the aircraft rent expense. • Adj. Net debt: Adj. Debt minus cash and cash equivalents. • VFR: Passengers who are visiting friends and relatives. 23
    • MXN millions unless otherwise stated(2) 2010A 2011A 2012A 2013A 2013A % of total operating revenues (USD millions) Passenger 6,278 8,036 10,177 11,117 850 85.5 Non-ticket 499 842 1,510 1,885 144 14.5 Total operating revenues 6,777 8,878 11,687 13,002 994 100.0 Fuel 2,146 3,823 4,730 5,086 389 39.1 Aircraft and engines rent expense 1,197 1,508 1,886 2,187 167 16.8 Salaries and benefits 852 1,120 1,303 1,563 119 12.1 Landing, take off and navigation expenses 868 1,282 1,640 1,924 147 14.8 Sales, marketing and distribution expenses 615 750 752 704 54 5.4 Maintenance expenses 276 380 499 572 44 4.4 Other operating expense 255 285 288 347 27 2.7 Depreciation and amortization 57 103 211 302 23 2.3 Total operating expenses 6,266 9,251 11,309 12,685 970 97.66 EBIT 511 (373) 378 317 24 2.4 Operating margin (%) 7.5 (4.2) 3.2 2.4 2.4 Finance income 5 6 14 25 2 0.2 Finance cost (56) (58) (90) (126) (10) (1.0) Exchange (loss) gain, net (56) 110 (95) 66 5 0.5 Income tax benefit (expense) 239 0 (3) (17) (1) (0.1) Net income (loss) 643 (315) 203 265 20 2.0 Net margin (%) 9.5 (3.6) 1.7 2.0 2.0 Net income (loss) excluding special items (3) 643 (315) 203 379 29 2.9 Adjusted EBITDAR 1,770 1,238 2,475 2,806 214 21.6 Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 21.6 EPS Basic and Diluted(cents) 31.0 2.4 EPADS Basic and Diluted (cents) 310.4 23.7 Consolidated statements of operations summary 24 Notes: (1) MXN amounts were converted to USD at the rate of MXN/USD 13.0765 as of December 31, 2013 (2) Audited financial information (3) Excludes debt prepayment of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million. Source: Company data
    • Consolidated statements of financial position summary Nota: (1) MXN amounts were converted to MXN/USD 13.0765 as of December 31, 2013 (2) Net debt = financial debt - cash and cash equivalents (3) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt (4) Adjusted net debt = adjusted debt - cash and cash equivalents (5) Audited financial information (6) Total Capitalization = Total Debt + Equity @ Market Value Source: Company data 25 MXN millions unless otherwise stated(5) 2010A 2011A 2012A 2013 A 2013A (USD millions) Cash and cash equivalents 677 441 822 2,451 187 Current guarantee deposits 330 170 238 499 38 Other current assets 390 520 755 1,050 81 Total current assets 1,397 1,131 1,815 4,000 306 Rotable spare parts, furniture and equipment, net 921 1,517 1,195 1,341 103 Non-current guarantee deposits 1,041 2,002 2,245 2,603 199 Other non-current assets 342 412 447 434 33 Total assets 3,701 5,062 5,702 8,378 641 Unearned transportation revenue 505 825 1,259 1,393 107 Short-term financial debt 251 687 527 268 21 Other short-term liabilities 1,171 1,667 1,936 2,211 168 Total short-term liabilities 1,927 3,179 3,722 3,872 296 Long-term financial debt 384 725 633 294 22 Other long-term liabilities 164 298 272 250 20 Total liabilities 2,475 4,202 4,627 4,416 338 Total equity 1,226 860 1,075 3,962 303 Total liabilities and equity 3,701 5,062 5,702 8,378 641 Net debt(2) (42) 971 338 (1,889) (144) Adjusted net debt / Total capitalization(6) 71% 73% Adjusted debt(3) 9,014 11,969 14,360 15,874 1,214 Adjusted net debt(4) 8,337 11,528 13,538 13,423 1,026
    • Consolidated statements of cash flows summary MXN millions unless otherwise stated(2) 2010A 2011A 2012A 2013A 2013A(1) (USD millions) Cash flow from operating activities Income (loss) before income tax 404 (315) 207 283 22 Depreciation and amortization 62 103 211 302 23 Guarantee deposits (316) (801) (311) (620) (47) Unearned transportation revenue 207 321 433 135 10 Changes in working capital and provisions 182 544 (43) (61) (5) Net cash flows provided by (used in) operating activities 539 (148) 497 39 3 Cash flow from investing activities Acquisitions of rotable spare parts, furniture, equipment and intangible assets (321) (1,215) (856) (1,161) (89) Proceeds from disposals of rotable spare parts, furniture and equipment - 587 1,043 849 65 Net cash flows (used in) provided by investing activities (321) (628) 187 (312) (24) Cash flow from financing activities Legal costs incurred on behalf of shareholders (76) - - - - Net proceeds from initial public offering - - - 2,578 197 Transaction costs on issue of shares - - - (38) (3) Proceeds from exercised treasury shares - - - 26 2 Interest paid (60) (55) (127) (65) (5) Payments of financial debt - (261) (694) (1,084) (83) Proceeds from financial debt 46 879 550 444 34 Net cash flows (used in) provided by financing activities (90) 562 (272) 1,861 142 Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 121 Net foreign exchange differences (25) (22) (31) 41 3 Cash and cash equivalents at beginning of period 575 677 441 822 63 Cash and cash equivalents at end of period 677 441 822 2,451 187 Notes: (1) MXN amounts were converted to USD at the rate MXN/USD13.0765 as of December 31, 2013 (2) Audited financial information Source: Company data 26
    • Adj. EBITDA and Adj. EBITDAR reconciliation MXN millions unless otherwise stated(2) 2010A 2011A 2012A 2013A 2013A(1) (USD millions) Net income (loss) 643 (315) 203 265 20 Plus (minus): Finance costs 52 58 90 126 10 Finance income (5) (6) (14) (25) (2) (Benefit)/provision for income taxes (239) 0 3 17 1 Depreciation and amortization 57 103 211 302 23 Business alliance amortization 5 - - - - EBITDA 513 (160) 494 685 52 Exchange (gain) loss, net 56 (110) 95 (66) (5) Other financing cost (income), net 3 - - - - Adjusted EBITDA 573 (270) 589 619 47 Aircraft and engine rent expense 1,197 1,508 1,886 2,187 167 Adjusted EBITDAR 1,770 1,238 2,475 2,806 214 Notes: (1) MXN amounts were converted to USD at the rate of MXN/USD13.0765 as of December 31, 2013 (2) Audited financial information Source: Company data 27