CEB Investors' and Analysts' Briefing 2Q11 - Cebu Pacific Air

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Continued Efforts to Lower Unit Cost hp - Cost per ASK For the Quarter Ended For the Six Months Ended Year-on-Year Change 30-Jun-10 30-Jun-11 30-Jun-10 30-Jun-11 2Q2011 1H2011 lying Operations 1.149 1.461 1.108 1.351 27.2% 21.9% Fuel 0.989 1.295 0.947 1.201 30.9% 26.8% Others 0.160 0.166 0.161 0.150 3.9% -6.7% aintenance 0.218 0.194 0.220 0.197 -11.0% -10.2% epreciation and Amortization 0.195 0.209 0.195 0.211 7.1% 8.2% ircraft and Traffic Servicing 0.261 0.241 0.261 0.247 -7.8% -5.4% ircraft and Engine Lease 0.154 0.131 0.153 0.135 -14.7% -12.1% eservation and Sales 0.134 0.117 0.130 0.123 -12.4% -5.8% assenger Service 0.062 0.061 0.062 0.062 -0.9% -0.2% eneral and Administrative 0.071 0.063 0.073 0.064 -11.4% -12.9% ther Expenses 0.009 0.014 0.007 0.012 67.7% 77.0% otal Cost per ASK 2.253 2.492 2.210 2.402 10.6% 8.7% otal Cost per ASK ex- Fuel 1.264 1.197 1.263 1.201 -5.3% -4.9% otal Cost per ASK (in US$ cents) 4.948 5.763 4.828 5.519 16.5% 14.3% otal Cost per ASK ex- Fuel (in US$ cents) 2.776 2.769 2.759 2.760 -0.3% 0.0% ote: Converted based on average exchange rate for the period: 2Q2011 at Php43.24/US$, 2Q2010 at Php46.53/US$, 1H2011 at Php43.52/US$, 1H2010 at Php45.77/US$ Unit cost increased 10.6% YoY in 2Q2011 and 8.7% YoY in 1H11 primarily due to higher fuel prices Cost per ASK ex-fuel dropped 5.3% YoY in 2Q2011 and 4.9% YoY in 1H11 . 14
Summary of Income Statement 15 For the Quarter Ended For the Six Months Ended Year-on-Year Change Php Millions 30-Jun-10 30-Jun-11 30-Jun-10 30-Jun-11 2Q2011 1H2011 2Q2011 1H2011 % Revenue Passenger Revenue 6,854 7,564 12,885 13,865 10.4% 7.6% 82.1% 82.9% Cargo Revenue 522 500 1,000 963 -4.1% -3.7% 5.4% 5.8% Ancillary revenue 542 1,146 1,034 1,902 111.5% 83.8% 12.4% 11.4% Total Revenue 7,918 9,210 14,920 16,730 16.3% 12.1% % Operating Cost Flying Operations 2,942 4,582 5,653 8,210 55.7% 45.2% 58.6% 56.2% Fuel 2,533 4,061 4,831 7,296 60.3% 51.0% 52.0% 50.0% Others 409 521 822 913 27.2% 11.1% 6.7% 6.3% Maintenance 559 609 1,120 1,197 9.0% 6.9% 7.8% 8.2% Depreciation and Amortization 500 655 996 1,284 31.1% 28.9% 8.4% 8.8% Aircraft and Traffic Servicing 670 755 1,333 1,501 12.8% 12.6% 9.7% 10.3% Aircraft and Engine Lease 394 411 782 819 4.4% 4.7% 5.3% 5.6% Reservation and Sales 343 368 664 745 7.3% 12.2% 4.7% 5.1% Passenger Service 159 193 317 376 21.4% 18.9% 2.5% 2.6% General and Administrative 182 198 374 388 8.5% 3.8% 2.5% 2.7% Other Expenses 22 45 36 75 105.3% 110.8% 0.6% 0.5% Total Operating Expenses 5,770 7,816 11,273 14,595 35.4% 29.5% % Revenue EBIT 2,147 1,394 3,646 2,135 -35.1% -41.4% 15.1% 12.8% Fuel hedging gains / (losses) -6 -64 8 560 933.7% 6678.3% -0.7% 3.3% Fair value gains / (losses) 0 11 0 -13 nm nm 0.1% -0.1% Foreign exchange gains / (losses) -430 88 -68 187 nm nm 1.0% 1.1% Interest expense - net -200 -63 -429 -142 -68.5% -66.8% -0.7% -0.8% Equity in net income (loss) of a JV 10 8 14 17 -16.4% 23.0% 0.1% 0.1% Provision for Tax -88 135 5 303 nm 6139.8% 1.5% 1.8% Net Income / (Loss) after Tax 1,609 1,239 3,166 2,440 -23.0% -22.9% 13.5% 14.6% Pre-Tax Core Net Income 1,957 1,339 3,231 2,010 -31.6% -37.8% 14.5% 12.0%
Page 1 and 2: Cebu Air, Inc. (CEB) 2Q2011 Results
Page 3 and 4: Quarter Highlights 1 2 14.8% traffi
Page 5 and 6: 1. Business Updates
Page 7 and 8: Sustained Domestic Market Leadershi
Page 9 and 10: Revenue Growth Outpaces Traffic Gro
Page 11 and 12: Constantly Improving Operational Ef
Page 13: Resilient Profits Amidst Tough Busi
Page 17 and 18: 3. Looking Ahead
Page 19 and 20: Thank you.
Page 21 and 22: Summary of Balance Sheet Php Millio
Page 23: Increased Capacity in the Philippin

CEB Investors' and Analysts' Briefing 2Q11 - Cebu Pacific Air

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