Annual Report cb smile - Jet Airways

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Directors’ Report Dear Members, Your Directors have pleasure in presenting their Eighteenth Annual Report together with the audited Statement of Accounts for the financial year ended 31st March, 2010. 1. Performance highlights The financial and operating highlights for the year under review, compared with the previous financial year, are given below: Financial highlights Particulars Year ended Year ended 31st March, 31st March, 2010 2009 Rs. in lakhs Rs. in lakhs GROSS REVENUE 1,062,292 1,178,688 Profit before Interest, Depreciation, Exceptional Items & Tax 141,697 315 Interest 99,301 73,803 (Loss) / Profit before Depreciation, Exceptional Items & Tax 42,396 (73,488) Depreciation 96,196 89,981 (Loss) / Profit before Exceptional Items & Tax (53,800) (163,469) Exceptional Items 7,045 116,507 (Loss) / Profit before Taxation & Adjustments (46,755) (46,962) Provision for Tax 9 1,326 Deferred Tax - (8,054) (Loss) / Profit after Taxation (46,764) (40,234) Profit / (Loss) brought forward (26,144) 20,891 Adjustment on account of Change in Policy - (6,801) Amount available for Appropriation APPROPRIATIONS (72,908) (26,144) Transfer to General Reserve - - Transfer to Balance Sheet Note: 1 lakh = 100,000 Operating highlights (72,908) (26,144) Operating parameters Year ended Year ended 31st March, 31st March, 2010 2009 Departures (Number) 131,108 133,736 Available Seat Kilometers (ASKMs) (Million) 29,242 31,652 Revenue Passenger Kilometers (RPKMs) (Million) 22,640 21,444 Passenger Load Factor (%) 77.4 67.7 Revenue Passengers (Number) 12,039,475 11,080,035 Average fleet size 85.6 84.5 Average Head Count 11,328 13,843 14
Directors’ Report (contd.) 2. Dividend The Board of Directors has not recommended a dividend on the Equity Shares in view of the performance of the Company for the financial year ended 31 st March, 2010 (Previous year: Nil per Equity Share). 3. Review of Operations The Company was able to redesign its business model and emerge as a leaner, more efficient and responsive organization. A series of planned steps that were taken during the year ensured that the Company remains competitive through stringent cost control, route rationalization and fiscal prudence, whilist constantly introducing strategic marketing and route initiatives without affecting the quality of the product offered. We are pleased to inform you that the benefits of these measures have translated in the Company consolidating its leadership position with a market share of 25.2% during the year. During the year under review, there was a progressive recovery in the aviation industry, both in India and overseas though at a more rapid rate than previously anticipated. This was primarily owing to the faster growth of the Indian economy and the fact that major economies came out of recessionary trends. The third and fourth quarters of the financial year recorded encouraging passenger and cargo traffic growth. However, both domestic and international markets remained competitive, and there was significant over capacity in both markets. Domestic passenger traffic for the year under review, reported a 4.2% growth as compared to the same period last year while international passenger traffic registered an increase of 20.1%. The Company ended the financial year with revenues of Rs.1,062,292 lakhs a decrease of 10% versus last year, with a system-wide seat factor of 71.6% on the domestic and 80.4% on the international sectors. The Company carried 120 lakhs revenue passengers on its international and domestic services during the year under review, up from 110 lakhs in the previous financial year. But perhaps the most encouraging has been the improvement in the EBITDAR margins from 3.5% to 19.2% mainly due to improved yields, growth in traffic and cost efficiencies. The introduction of ‘Jet Airways Konnect’ and ‘Jet Airways Konnect Select’ were our answers to the market demand for quality, low-cost travel during the global economic downturn, which has been well appreciated by our guests. The Jet Konnect flights use Boeing 737 and ATR aircraft and fly on both regional and trunk routes. As on 31 st March, 2010, approximately 65% of Jet Airways domestic flights were Jet Airways Konnect flights. ‘Jet Airways Konnect Select’ is specifically targeted at the business and leisure travelers who desire more flexibility, comfort and benefits. The Company also benefited from the strategic expansion of its domestic and international service network. We now serve 23 international destinations, which include the recent addition of a daily non-stop service between Mumbai and Johannesburg, South Africa. Our airline has also worked towards creating operational hubs in Mumbai and Delhi to offer guests between third countries enhanced connectivity via these gateways. As part of our International strategy, we have continued to increase frequencies to international points from several gateways in India thus enhancing our penetration of the market. 15
Page 4 and 5: Letter from the Chairman The year 2
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City Facts (contd.) Chennai Airport
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Annual Report cb smile - Jet Airways

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