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

Strong Balance Sheet Allows for Further Expansion
Php Millions
As of Dec-31 As of Jun-30
2010 2011
Cash and cash equivalents (1) 13,267 12,391
Current assets 15,139 14,366
Plant and equipment 33,986 36,623
Other noncurrent assets 812 1,063
Total assets 49,937 52,052
Total debt (2) 20,503 20,794
Other liabilities 11,527 12,906
Total liabilities 32,030 33,699
Cash balance (including financial
assets at FVPL) after cash
dividend payout stood at Php12.4
billion as at end 2Q2011.
Strong gearing and debt service
ability allow CEB to tap financing
for aircraft acquisition.
Total equity 17,907 18,353
Capitalized lease (3) 11,234 11,490
Net debt 7,236 8,403
Adjusted net debt 18,470 19,893
Net debt-to-equity (x) 0.40 0.46
Adjusted net debt-to-equity (x) 1.03 1.08
Adjusted net debt/EBITDAR (x) (4) 1.82 2.22
Cash-to-sales ratio (5) 45.6% 40.1%
(1) Cash balance includes financial assets held-for-trading (at fair value) as well as available for sale assets.
(2) Includes LT debt, current portion of LT debt, and ARO liability
(3) Capitalized lease for June 30, 2011 is based on LTM aircraft and engine lease expense x7
(4) EBITDAR for June 30, 2011 is based on LTM EBITDAR
(5) Sales for June 30, 2011 is based on LTM Revenues
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