Vietjet Aviation Joint Stock Company Business Results 2019 0 FINANCE & ACCOUNTING DIVISION FINANCE & ACCOUNTING DIVISION
Contents i Business overview ii Operation highlights iii Financial highlights iv Events & Awards 1 FINANCE & ACCOUNTING DIVISION
Business Overview Business description Strong passengers growth [million passengers] Having commenced operations in December 2011, 30 Current price VND 146,200 VietJet had grown rapidly to become the largest 25 23 24 airline in Vietnam after only 4 years of operations. Market Cap USD 3.4bn Went public in the country’s then-largest IPO in Feb 17 18 Foreign Room USD 670mn 2017, with market capitalization having tripled 14 since then to reach ~USD 3.4bn 12 9 State Ownedship 0.0% One of the youngest and fastest growing fleets 6 6 3 in the world, further sustained by a large order Outstanding shares 523.8mn 1 book ~200 aircraft to be delivered by 2025 0 Fully listed shares 541.6mn One of the most of cost efficient airlines in the '12 '13 '14 '15 '16 '17 '18 '19 world with CASK 3.96 cents, CASK ex-fuel 2.37 As of 31/12/2019 cents in 2019. Growing Fleet Load factor remains at 87% , amongst the high in [# aircrafts] 90 Asia Pacific, despite aggressive growth. VJC Peers VNI 78 80 64 70 P/E (ttm) 18.5x 20.1x 15.8x Domestic market share of capacity 60 52 50 ROE 28.7% 7.6% 14.7% 41 6% 40 30 14% Vietjet ROA 9.7% 0.7% 2.4% 30 19 43% Vietnam Airlines 20 10 5 Jetstar Pacific 10 Bamboo Airways 0 37% As of 31/12/2019 '12 '13 '14 '15 '16 '17 '18 '19 source: VN's securities companies, stock exchanges Including 9 Wet lease aircraft Average in 2019, source: CAPA, CAAV 2 FINANCE & ACCOUNTING DIVISION
Vietjet’s 2019 Highlights Air transport revenue reached VND 41,252 billion ($1.8 bil.) this year, up 22% compare Network reached a total of 139 routes including 44 dom. routes and 95 intl. routes. to the same period last year. The airline has operated almost 139 thousand safe flights, an 17% increase compare to In air transport business, the ancillary revenue reached VND 11,340 billion ($491 mil.), the same period last year and transported ~ 25 million pax YTD 2019. 36% increase compare to the same period last year, contributing ~30% to 2019 airline The fleet increased to 78 Aircraft with the average age of 2,82 years. revenue. Opened more routes from Vietnam – Japan. Profit before tax reached VND 3,869 billion ($167 mil.) this year, up 27% compared to Signed an agreement to buy 20 new generation A321XLR with Airbus and received the the same period last year. first A321Neo ACF aircraft with 240 seats over the world with more economy. Became an official member of the Japan Economic Federation - Keidanren. 3 FINANCE & ACCOUNTING DIVISION
Vietnam Airport Infrastructure Business Overview Air transport master plan Content 2014 2020 2030 # of airports 22 26 N/A Lao Cai Airport (Cam Con Commune) 62-106 Passenger capacity 51m (1) 132m (3) m (2) Dien Bien Phu Airport Noi Bai International Airport (Hanoi) Nà Sản Airport ( Son La) Cargo capacity (ton) Quang Ninh International Airport 0.87m (1) >2m (2) 3.2m (3) Cat Bi International Airport (Hai Phong) Population Tho Xuan Airport (Sao Vang) 91.7m (4) 97.3m (4) 104.2m (4) (mil.) Vinh Airport Key projects 2nd largest airport in Vietnam and the gateway to the North Dong Hoi Airport Noi Bai International terminal T2 began operations in Dec 2014 with annual pax capacity of 10m, running International at 60% ultilisation rate Hoang Sa Announced upgrade o f domestic terminal T1 in Dec 2015, to increase T1’s capacity from 9m to Airport Phu Bai International Airport (Hue) 15m by 2018 Da Nang International Airport Cat Bi Largest airport servicing the Hai Phong area and nearby provinces with 2 runways currently, nearly Chu Lai International Airport International 80% ultilsation rate Ongoing second phase of expansion to increase annual pax capacity to 4-5m Airport Pleiku Airport Phu Cat Airport (Qui Nhon) Largest airport servicing the Da Nang area and nearby provinces with 2 runways and 1 Da Nang international terminal, ~ 85% ultilation rate International A second terminal is expected to open in 2020, which will increase the annual pax capacity from Airport Dong Tac Airport (Tuy Hoa) 6m to 10m Buon Ma Thuot Airport Cam Ranh International Airport (Nha Trang) Key tourism hub that feeds into Nha Trang and Phan Thiet areas, the fourth largest airport in Cam Ranh Vietnam, running at 138% ultilisation Lien Khuong International Airport (Da Lat) International To build a second runway and a new terminal by 2020, expanding annual pax capacity from 1.6m Airport Truong Sa Islands Tan Son Nhat Airport (Ho Chi Minh City) currently to 2.6m in 2020 (3) Can Tho International Airport Vung Tau Airport The largest airport in Vietnam and the main international gateway to Vietnam, running at 110.2% Tan Son Nhat Phu Quoc International Airport Long Thanh International Airport (Dong Nai) ultilisation. To be expanded and upgraded with a total investment of ~$283m, increasing annual International Rach Gia Airport pax capacity from 20m to 25m by 2020 and from 25m to 40m by 2025. Airport Cà Mau Airport Terminal 3 is plan for executing. Con Dao Airport (Con Son) New international airport (4F standard by ICAO) for Ho Chi Minh City, operational by 2025 Long Thanh Existing airports Annual pax capacity of 25m post completion of Phase I, total annual pax capacity of 100m after 3 International Existing airports to be upgraded/restored phases Airport New Airport Phase I investment of $5.45bn and total investment of $16bn (1) Based on the passenger and cargo volume in ACV (Airports Corporation of Vietnam) report of 2014 (3) Based on the Air transport master plan which was approved by Prime Minister under Decision 21 dated 8 January 2009 (Air traffic infrastructure current status and impending changes, Vietnam – 2014, by Freshfields Bruckhaus Deringer) (2) Based on Decision No. 355/QD-TTg dated 25 February 2013 of the Prime Minister approving the adjusted strategy for 4 development of Vietnam’s transport through 2020, with a vision toward 2030 (4) Based on the statistics.com, 26.05.20, https://www.statista.com/statistics/713073/vietnam-forecast-total-population/ Source: Mink Khue Law Company Limited, Freshfields Bruckhaus Deringer, CAAV, CAPA, Wikipedia, Public news FINANCE & ACCOUNTING DIVISION
Vietjet's Route Network Map 139 routes 44 95 international domestic routes routes 5 FINANCE & ACCOUNTING DIVISION
i Business overview ii Operation highlights iii Financial highlights iv Events & Awards 6 FINANCE & ACCOUNTING DIVISION
Strong Operational Performance +15% Avg. Aircrafts operating Expanding Routes +32% Capacity [#mn seats] +30% 65.7 139 28.7 50.6 25 105 39.7 90 87 19 33.6 16 '16 '17 '18 '19 '16 '17 '18 '19 '16 '17 '18 '19 +18% Growth RPK [#billion Passenger Km] Remain high Load Factor [%] 33 88% 88% 88% 87% 28 20 14 '16 '17 '18 '19 '16 '17 '18 '19 7 FINANCE & ACCOUNTING DIVISION
Vietjet's Young Fleet Young, modern and fuel efficient fleet, driving lower maintenance & fuel cost in the long term Average age of aircraft fleet Asia Europe / Middle East 10.60 7.60 6.30 5.00 4.90 5.30 4.70 4.60 2.82 2.75 FY2018 FY2019 Cebu Pacific AirAsia IndiGo Thai AirAsia Air Arabia Wizz Air Ryanair easyJet Source: VJC Type of AC of Vietjet Fleet 40 36 35 35 29 28 30 26 25 23 25 20 14 (*) 15 10 10 6 5 1 0 2016 2017 2018 2019 8 A-320 A-321 CEO A-321 NEO (*) : including 1 aircraft A321 Neo ACF 240 FINANCE & ACCOUNTING DIVISION
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