March 2015 Debt Investor Update
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- Leo Casey
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1 March 2015 Debt Investor Update
2 E u r o p e s O n l y U l t r a L o w C o s t C a r r i e r Proven, resilient business model Europe s lowest fares/lowest unit costs Europe s No 1, Traffic Europe s No 1, Coverage Europe s No 1, C mer Service 90m (No.1 or 2 market leader) 72 Bases, 189 Airports, 30 Countries Lowest Fares/On-time/Bags/Cancellations Always Getting Better / Digital Rollout Forward bookings, load factors & traffic rising 380 new aircraft order = growth to 160m pa by FY24 Industry leading cash generation & liquidity Unblemished 30 year safety record World s highest rated airline, BBB+ (stable), S&P & Fitch 2
3 Re s i l i e n t M o d e l P r o f i t G r o w t h T h r o u g h C y cl e % 37.0% 36.2% 40.4% 35.4% 35.8% 32.3% 34.5% 30.1% 29.0% 14.5% 23.8% 24.7% 23.5% 22.0% EBITDAR ( m) FY 31 March EBITDAR Margin FY 31 March 1,083 1,146 1, (Forecast) 30.0% 10.0% -10.0% -30.0% -50.0% -70.0% -90.0% % % % / Customers (m) SARS 16 Madrid Bombings 23 London Bombings Financial Crisis & Oil Spike (Forecast) Ash Cloud EU Recession
4 E u r o p e s L o w e s t C o s t ( E x F u e l ) RYA EZY NOR AB1 LUV Spirit Staff Airport & hand Route charges Own ship & maint Sales, marketing, & other Total % > Ryanair + 76% +114% +270% +155% +103% Source: Latest Annual Reports 4
5 E u r o p e s L o w e s t Fa r e s Avg. Fare % +83% +102% +163% +411% +426% +552% Avg. Competitor Fare 163 Source: Latest Annual Reports 5
6 E u r o p e s N o 1 C ove r a g e 72 bases (Yellow boxes) 189 airports 30 countries 1,600+ routes 100m c mers 306 x B s 374 x Boeings on order 6
7 E u r o p e s N o 1 Fo r Tr a f f i c G r o w t h Customers (m) 160 FY FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Source: Latest traffic stats for 12 months to Mar 14 and company forecasts 7
8 E u r o p e s N o 1 A i r l i n e Country (Capacity m)* No. 1 No. 2 No. 3 Share UK (117) Easyjet BA 16% Germany (112) Lufthansa Air Berlin 4% Spain (105) Vueling Iberia 18% Italy (85) Alitalia EasyJet 25% France (72) AF- KLM EasyJet 7% Portugal (19) TAP EasyJet 17% Belgium (15) SN Brussels Jetairfly 25% Ireland (15) Aer Lingus BA 46% Poland (15) LOT Wizz 26% Morocco (12) RAM EasyJet 12% * Source: Cap Stats Departing Seats
9 MAX Order Order M o d e r a t e F l e e t / Tr a f f i c G r o w t h F Y 1 5 t o F Y 2 4 Fleet (at YE) C mers P.A. Growth Ann Cum FY m + 10% + 10% FY m + 11% + 22% FY m + 6% + 30% FY m + 8% + 40% FY m + 5% + 47% FY m + 7% + 57% FY m + 6% + 66% FY m + 5% + 75% FY m + 5% + 84% FY m + 7% + 96% 9
10 2014/15 A R e c o r d Ye a r f o r R y a n a i r Always Getting Better programme Business Plus & Family Extra Service 90m customers (up 10%)* 87% Load factor (up 5% points)* 530,000+ flights, over 90% on-time First 9 of 380 new B737 aircraft delivered 8 new bases: Athens, Brussels, Cologne, Gdansk, Glasgow, Lisbon, Salonika & Warsaw 19 new airports incl. Copenhagen, Hamburg, Santorini & Stuttgart FY 15 profit after tax guidance raised to 840m - 850m range* * Guidance to FY 31 March 2015 (2 nd February 2015) 10
11 Fo r w a r d B o o k i n g s D r i v i n g L o a d Fa c t o r s Load Factors FY 14 FY 15 Apr 81% 84% +3% May 82% 85% +3% Jun 84% 88% +4% Jul 88% 91% +3% Aug 89% 93% +4% Sep 85% 90% +5% Oct 83% 89% +6% Nov 81% 88% +7% Dec 81% 88% +7% Jan 71% 83% +12% 11
12 Q 3 Re s u l t s Dec '13 Dec '14 Traffic 18.3m 20.8m +14% Load Factor 82% 88% +6% points Avg. Fare (incl. bag) % Rev. Per Pax % Revenue 964m 1,132m +17% Net Profit / (loss) ( 35m) 49m + 84m Net Margin (4%) +4% +8% points 12
13 Q 3 B a l a n c e S h e e t Mar '14 Dec '14 m m Aircraft (inc. dep) 5,570 6,385 Cash 3,242 4,121 (i) Total Net Cash 8,812 10,506 Net Cash 158m 447m Liabilities 2,442 2,783 Debt 3,084 3,674 (i) S/H Funds 3,286 4,049 Total 8,812 10,506 (i) Includes 850m euro bond proceeds (June 2014) 13
14 I n d u s t r y L e a d i n g C a s h G e n e r a t i o n & L i q u i d i t y Consistently Strong EBITDAR Margins Results in Industry Leading Liquidity % 24.7% 23.5% 22.0% 1,083 1,146 1, EBITDAR ( m) EBITDAR Margin 30.0% % % % -50.0% % % % % % % 79.0% 72.0% 64.0% 3,481 3,534 2,898 3, Cash Cash / Revenues 50.0% 0.0% -50.0% % % 447m net cash at 31 December 2014 Will maintain net cash at YE 15 post: - 520m dividend - Start of 400m buyback programme - CAPEX - Secured debt repayments 14
15 C o n s e r v a t i ve F i n a n c i a l P o l i c i e s Liquidity Management Significant cash balances (circa 4bn) - No liquidity lines required - Ample unsecured hedging lines - Cash in term or structured deposits - Placed with highly rated institutions Hedging OPEX, 70%-90%, months forward CAPEX, 70%-100%, 12 months to FY 18 Match GBP costs & revenues Interest rate exposure >70% fixed Floating interest exposure matched with cash deposits Capital Management Strong positive working capital - Very low cost base - Customers pay in advance - Pre delivery payments paid with cash - Potential to buy aircraft with cash Shareholder Returns 520m dividend in Feb m share buyback programme Further returns subject to Shareholder approval &: - Continuing profitability - Economic environment - CAPEX - Fuel prices - Fares 15
16 F u e l H e d g i n g Year Jet Fuel Currency % cover $/MT % cover /$ FY 14 - $980 - $1.31 FY 15 90% $950 90% $1.34 FY 16 90% $920 90% $1.33 FY 17 35% $680 60% $1.21 RYR expects some/all fuel saving to be passed on in lower fares ( Load factor active / yield passive ) Source: Q3 results statement on 2 nd February
17 E x i s t i n g D e b t M a t u r i t y S c h e d u l e Amortisation of Existing Debt Balances ( m)* Debt Repayment Schedule ( m)* * Assuming a /S Rate of $
18 F l e e t Va l u a t i o n & S e c u r e d D e b t C ove r a g e * 10.5bn 1.1bn Other Assets 12.3bn 1.1bn Other Assets 4.1bn Cash 4.1bn Cash Book Value of Fleet 5.3bn Market Value of Fleet 7.1bn 2.8bn Secured Debt 2.8bn Total Assets (Book Value) Total Assets (Fair Value) Secured Debt Total Assets (Book Value) / Secured Debt = 3.8 x Coverage Total Assets (Fair Value) / Secured Debt = 4.4 x Coverage * As of 31 st December
19 Wo r l d s H i g h e s t R a t e d A i r l i n e BBB+ corporate rating from S&P & Fitch World's highest rated airline Stable outlooks A- anchor (S&P), notched due to possible CAPEX & shareholder returns Industry leading liquidity, cost base & cash generation BBB+ note rating expected Low cost source of Euro unsecured debt Supplements existing financing options, Ex-Im available as low cost backstop 19
20 O u t l o o k * Q4 15 traffic up 25% (FY 15 90m +10%, FY m +11%) Q4 15 fares down: -6% to -8% (Jan pricing softer) Unit cost down -5%, (ex fuel flat) Oil price falling, 90% hedged FY 16, 35% FY 17 FY 15 profit after tax guidance raised to 840m - 850m 520m dividend ( 0.375ps) Feb, 400m share buyback (Feb Aug) Strong net cash position at year end Always Getting Better delivers for customers and investors *Source: Q3 results statement on 2 nd February
21 D i s cl a i m e r Certain of the information included in this presentation is forward looking and is subject to important risks and uncertainties that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. A number of factors could cause actual results and developments to differ materially from those express or implied by the forward-looking statements including those identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC. It is not reasonably possible to itemise all of the many factors and specific events that could affect the outlook and results of an airline operating in the European economy. Among the factors that are subject to change and could significantly impact Ryanair s expected results are the airline pricing environment, fuel costs, competition from new and existing carriers, market prices for the replacement aircraft, costs associated with environmental, safety and security measures, actions of the Irish, U.K., European Union ( EU ) and other governments and their respective regulatory agencies, fluctuations in currency exchange rates and interest rates, airport access and charges, labour relations, the economic environment of the airline industry, the general economic environment in Ireland, the UK and Continental Europe, the general willingness of passengers to travel and other economics, social and political factors and flight interruptions caused by volcanic ash emissions or other atmospheric disruptions. These and other factors could adversely affect the outcome and financial effects of events or developments referred to in this presentation on the Ryanair Group. Forward looking statements contained in this presentation based on trends or activities should not be taken as a representation that such trends or activities will continue in the future. Except as may be required by the Market Abuse Rules of the Central Bank of Ireland, Listing Rules of the Irish Stock Exchange or by any other rules of any applicable regulatory body or by law, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward statements contained herein to reflect any changes in the Company s expectations with regard to any change in events, conditions or circumstances on which any such statement is based. This presentation contains certain forward-looking statements as defined under US legislation. By their nature, such statements involve uncertainty; as a consequence, actual results and developments may differ from those expressed in or implied by such statements depending on a variety of factors including the specific factors identified in this presentation and other factors discussed in our Annual Report on Form 20-F filed with the SEC 21
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