1. travel
2. transports
3. air travel
4. airlines

Strategic Planning for Airlines
Dr Emre Serpen,
Intervistas Consulting Group
EVP
Intervistas team members have extensive airline strategy
and network design assignments worldwide
Realizing the vision together
Examples of Strategy and Network Design Projects
Dr. Emre
Serpen
Turkish Airlines
South African Airways
Temasek (SQ)
 Market evaluation,
capacity assessment,
SWOT analysis
 2016 and 2012 network
design, hub design, and
schedule
 Business plan
associated with the
strategy
 Marker assessment
 Strategy for maximizing
share in Africa
 Selection of hub
locations in west and
central Africa
 Network design and fleet
plan
 Business plan
 SWOT analysis of
Singapore Airlines
 Market forecasting
 Identify growth
opportunities
 Develop strategy for
medium and long haul
network and fleet
Lead Consultant:
Dr. Emre Serpen
Executive Vice
President, Head of
Airline Practice
• 20+ years, 70+
airlines in 50+
countries
Lead Consultant:
Dr. Emre Serpen
Lead Consultant:
Dr. Emre Serpen
Malaysian Airlines
EgyptAir
LOT Polish Airlines
 Evaluated the feasibility
of a premium service in
conjunction with another
airline
 Market Forecasting
 Route Design
 Commercial Workshops
 Joint Venture/Codeshare
Benefits
 Company-wide strategy
and turnaround
 Development of
network, Cairo hub, and
schedules
 Improvements in sales,
marketing, organization,
IT
 Fleet & Business Plan
 Multiple network
optimisation projects
 Alliance strategy
analysis and decision for
LOT to joined Star
Alliance
 Develop Asian strategy
and network for LOT
 Evaluate joint venture
with Indian partner
Lead Consultant:
Dr. Emre Serpen
Lead Consultant:
Dr. Emre Serpen
Lead Consultant:
Dr. Emre Serpen
Realizing the vision together
Examples of Strategy and Network Design Case Studies
Continental
Lufthansa Airlines
Airlines
 Optimisation of Frankfurt
and Munich hubs
 Advised Lufthansa on
the ramifications of
deregulation of the
European market
 Examined in detail the
history and competitive
implications of U.S.
deregulation
Lead Consultant:
Jim Miller
SriLankan Airlines
Delta Air Lines
 Hub optimisation of
Atlanta ATL and
Memphis MEM hubs
 Improved network
contribution of Delta’s
domestic flying
 Fleet optimisation
between mainline and
regional aircraft
Lead Consultant:
Zach Mensen
Istanbul Airport
 Diagnostic assessment
 Market evaluation and
forecasting
 Network design,
Colombo hub design
 Fleet plan
 Commercial
improvements
 Business plan
 Medium to Long Term
Passenger Forecast to
2040 for Istanbul’s new
Third Airport
 Fleet Plan forecasts for
fast-growing Turkish
Airlines (TK)
 Future IST hub route
design for TK and other
airlines
Lead Consultant:
Dr. Emre Serpen
Lead Consultant:
Dr. Emre Serpen
Czech Airlines ČSA
 Network design and
route optimisation for
ČSA
 Short term
improvements for the
summer schedule by
connecting and
improving and flights
Lead Consultant:
Dr. Emre Serpen
Air Canada
 Hub optimisation of
Toronto YYZ regional
USA network
 Fleet optimisation using
Fleet Assigner modelling
software, to maximize
medium and short term
profitability
 New route forecasts
Lead Consultant:
Marcus Lam
Realizing the vision together
Intervistas uses Industry Trusted Sources And
Professional Network Optimisation Tools
. The modelling tool uses discrete choice methodology, an advanced form of the
QSI passenger market share forecasting method.
Realizing the vision together
Strategic Planning for Airlines - Overview
1
2
Strategic
Intent
Global
Continent/Region
Country
Specific
Segment
3
Strategic
Assessment
Demand
Supply
SWOT
Market
Forecasting
4
Network
Design and
Fleet
Planning
Long Term
Short Term
Hub Design
Fleet Planning
66
5
Business
Model
Alignment
Commercial
Operational
Subsidiaries
Organisational
Business
and
Implementa
tion
Planning
Business Plan
Implementation
Plan
Realizing the vision together
Analytical Framework for Multi Country Strategy
Step 1: Obtain Macro Economic, Air Traffic, Competition, Governance and Operational Cost data for each country.
Step 2: Assign Score; Best in Category country is assigned a 10.0 score; scores of other countries are assigned a score relative
to the Best in Category country.
Step 3: Add up all scores per the weighting of each category to calculate a final score for each country.
Macro Economic
GDP per Capita
GDP Growth Forecast Average
Population
Air Traffic
Intra Africa Oubound Pax (2012)
# of City Pairs (<140% Circuity)
Competition
Seat Share of Dominate Airline
Population/Outbound Seat
Quality of Competition (SkyTrax Rating)
Presence of Competition
Governence
Stability
Ease of Business
Corruption
Infrastructure
Operational Cost
Fuel
Maintenance
Landing costs
Departure costs
Navigation
Catering and Handing
Weight South Africa
C1
25%
5.0
35%
6.7
35%
4.9
30%
2.9
25%
6.0
50%
10.0
50%
2.0
17%
1.7
33%
3.2
33%
0.6
17%
2.0
17%
0.7
17%
7.1
25%
7.1
25%
4.9
25%
6.6
25%
10.0
17%
5.2
25%
8.4
15%
7.3
15%
3.3
15%
1.7
15%
5.8
15%
2.8
Egypt
C2
4.8
2.8
7.0
4.8
5.9
1.8
10.0
3.2
2.1
5.0
4.0
1.0
5.1
5.4
1.7
4.9
8.2
5.2
8.4
7.3
3.3
1.7
5.8
2.8
Nigeria
C3
6.5
1.5
8.5
10.0
3.3
3.6
3.0
5.1
4.4
5.4
10.0
0.9
4.1
4.2
1.5
4.2
6.6
5.5
6.0
10.0
2.2
2.0
6.7
6.0
Ghana
C4
4.4
1.7
9.6
1.5
1.7
0.7
2.7
7.1
10.0
5.4
10.0
2.0
5.5
5.6
3.0
6.9
6.7
6.2
9.0
6.4
5.6
1.7
10.0
3.0
Botswana
C5
4.9
8.4
5.4
0.1
1.0
0.1
2.0
4.5
2.7
0.9
10.0
10.0
7.1
9.1
3.2
10.0
6.2
7.0
9.0
8.2
6.7
1.7
5.0
10.0
Ethiopia
C6 Cote d'Ivoire
C7 Mauritius
C8 Seychelles
C9
4.6
4.1
4.9
5.1
0.5
1.0
8.8
10.0
8.2
9.5
5.2
4.7
5.3
1.4
0.1
0.0
2.9
1.4
1.0
1.8
0.5
0.4
0.2
0.1
5.3
2.4
1.8
3.4
6.0
9.0
3.3
4.3
2.0
7.1
3.0
2.8
9.2
10.0
0.3
0.1
4.0
10.0
10.0
10.0
10.0
10.0
3.3
10.0
4.9
4.5
9.4
6.4
4.8
5.5
10.0
6.7
1.5
1.1
10.0
2.6
5.1
4.5
8.8
8.0
8.4
7.0
8.7
8.2
5.2
5.2
5.2
5.2
8.4
8.4
8.4
8.4
7.3
7.3
7.3
7.3
3.3
3.3
3.3
3.3
1.7
1.7
1.7
1.7
5.8
5.8
5.8
5.8
2.8
2.8
2.8
2.8
Algeria
C10
3.8
4.6
4.7
2.0
4.3
0.5
8.0
4.6
2.1
5.2
10.0
3.3
4.1
4.7
1.3
5.2
5.4
5.2
8.4
7.3
3.3
1.7
5.8
2.8
Source Intervistas Analysis
7
Realizing the vision together
Multi country strategy – additional criteria
Strategic Intent
1. Participate in markets
2. Ensure choice of profitable airlines
3. Strategic view of the Continent and
development of an airline system
for future dominance of Continent
Egg 1) Gov. 2) Air Asia, 3) LAN
4. Readiness to challenge established
incumbent airlines thru superior
product and execution
5. Leverage previous investments
existing assets
6. Pre-selection of Countries
Source Intervistas/Burlington Analysis
8
Realizing the vision together
Continental or Multi Country Strategy -Qualification
Example: O/D Pax and Growth Rate
Example: Flying Population
South Africa
Egypt
Angola
Nigeria
Morocco
Sudan
Tunisia
Algeria
Kenya
Zimbabwe
Libya
Ethiopia
Cameroon
Ghana
Congo, Republic
DRC
Zambia
Cote d'Ivoire
Tanzania
Uganda
Namibia
Burkina Faso
Senegal
Botswana
South Sudan
Gabon
Mali
Mauritius
Lesotho
Mozambique
Benin
0
250
500
750
1,000
1,250 4,000K
Example :Consumer Markets
Source Intervistas Analysis
9
Realizing the vision together
Single country strategy, selection of hub structure
10
Realizing the vision together
Strategic Planning in Airlines - Overview
1
2
Strategic
Intent
Global
Continent/Region
Country
Specific
Segment
3
Strategic
Assessment
Demand &
Supply
SWOT
Market
Forecasting
4
Network
Design and
Fleet
Planning
Long Term
Short Term
Hub Design
Fleet Planning
11
11
5
Business
Model
Alignment
Commercial
Operational
Subsidiaries
Organisational
Business
and
Implementa
tion
Planning
Business Plan
Implementation
Plan
Realizing the vision together
Market Analysis
EXAMPLES MARKET ANALYSIS
• Year-on-year growth of Airline ’s key markets
• Identification of markets with fast and high yield
growth opportunities
• Analysis of Airline ’s capacity growth competitors in
key markets
• Evaluation of share gap and identification of
opportunities where market growth exceeds
marketshare growth
Source Intervistas Analysis
• Evaluation of region to region growth (Airline
market share growth, total market growth,
considering circuity and yield)
• Identification of Airline market share:
market share growth in growing markets
market share loss in growing markets
market share growth in shrinking markets
market share loss in shrinking markets
• Relationships between market, market share and
pricing changes
• 100 o/d thru the hub, relative changes of share of
different airlines – given the hub advantage of the
home airline
Source Intervistas Analysis
Realizing the vision together
Example Analysis of Market Sizes and Fares in Russia
Source Intervistas Analysis
Note: Average fares excludes taxes, surcharges and fees.
Source: Diio FMG, 2012
Realizing the vision together
SWOT, Connectivity Analysis
Example Analysis
SWOT
• Year-on-year growth of Hub operation including connectivity
• Maximum connections and minimum connect time analysis
between Airline
and its competitors at Hub, and identify
improvement opportunities
• Analysis of connecting markets identified in Market Analysis and
identify connection improvement opportunities
• Hub capacity analysis (growth in seats, ASK’s, destinations,
frequencies), and level of competition on routes (Airline versus
other carriers)
• Evaluation of Hub connectivity pattern by region and by time-ofday, and identify improvement opportunities.
• Analyse Airline hub connectivity using network optimisation tools
and identify preliminary connecting opportunities
• Evaluation of Hub Hub Constraints (capacity, airspace, gates,
slots, etc.).
Source Intervistas Analysis
Realizing the vision together
Passenger, Capacity, Revenue Trends and Share
Source Intervistas Analysis
Source: Diio FMG
Realizing the vision together
15
Benchmark competing hubs
Nonstop Competition from Comparative Hubs
Total Seat Capacity (Millions)
Total Capacity at Major Hubs over time
1.1%
12
11
10
9
8
7
6
5
4
3
2
5.2%
10.3%
10.0%
10.5%
34.1%
36.4%
46.2%
36.0%
46.1%
20.9%
22.0%
58.4%
TK - IST
Quarter
CDG
FRA
No Competition
MUC
43.4%
43.4%
44.0%
AF - CDG
LH- FRA
EK - DXB
1 Competitor
32.0%
2-4 Competitors
3+ Competitors
DXB
EK - DXB
160
Total Seats Capacity
140
35
120
30
100
25
80
20
60
15
10
40
5
20
0
Total Seat Capacity AF*/LH*
(Millions)
Total Seat Capacity EK/SQ/TK
(Millions)
45
40
SQ - SIN
Region
Africa
Domestic
Europe
Far East
Latin
America
Middle East
North
America
Oceania
South Asia
TOTAL
SQ - SIN
Destinatio Frequencie
Countries
ns
s
16
18
159
0
0
0
13
24
288
9
12
168
Countries
2
0
11
11
Destinatio Frequencie
ns
s
3
14
0
0
14
100
18
344
1
10
1
13
7
200
0
3
0
5
0
32
2
2
5
58
5
6
17
96
38
98
275
1,233
1
2
4
34
5
7
9
61
45
113
69
717
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source TroyAvi Analysis
EK
SQ
AF*
LH*
Realizing the vision together
Market Forecasting
Example Analysis
Market forecasting
Top down = GDP/capita X Elasticity
Bottom Up = MIDT/PAXIS/DIIO
Analyse forecast results to identify specific market
forecast insights:
1.
Sort by market size
2.
Sort market growth rate
3.
Sort by yield
4.
Sort by circuitry
5.
Sort by Size x growth rate x yield x circuitry
6.
Destinations Airline is not flying
Source Airbus
Under represented markets identified in the
market forecast will be used in scenario
formulation
Realizing the vision together
Strategic Planning in Airlines - Overview
1
2
Strategic
Intent
Global
Continent/Region
Country
Specific
Segment
3
Strategic
Assessment
Demand
Supply
SWOT
Market
Forecasting
4
Network
Design and
Fleet
Planning
Long Term
Short Term
Hub Design
Fleet Planning
18
18
5
Business
Model
Alignment
Commercial
Operational
Subsidiaries
Organisational
Business
and
Implementa
tion
Planning
Business Plan
Implementation
Plan
Realizing the vision together
Long Term Network Design
Overview of Network Design
Example Analysis
Calibration
Scenario Development
Unconstrained long term view
Maximise commercial opportunity
Market Forecast, Average Fares,
Costs, Schedules
Overbuilt Analysis
Test different scenarios
Network Optimisation
Network that maximises Route Level
Variable contribution
DME
SVO
Evaluate frequency changes
New service opportunities.
Schedule options
Connecting traffic opportunities at
Hub.
19
Realizing the vision together
Hub connectivity
and optimisation
Connectivity
evolution
Example Analysis
• Execute Airline hub optimisation, adjusting number,
timing, and directionality of flights
• Add frequency and capacity according to demand and
profitability without slot constraints. This unconstrained
scenario will define maximum benefit opportunity.
• Determine changes in connectivity, passenger numbers
and yield for long haul pillar flights, medium haul flights,
regional flights, short haul domestic flights.
• Improve Airline ’s market share in fast growing, high
yield markets with good Hub circuitry.
• Improve meaningful connections offered at Hub.
• Improve competitiveness compared with other regional
airlines and gateways.
• Improvements in overall connect time and passenger
share on key markets.
• Improvements of revenue and variable contribution
through improved hub design.
Once the runs of each qualified scenario are finished, a
quantitative comparative evaluation is be undertaken
where the relative strengths and weaknesses of scenarios
will be discussed
Intervistas Analysis
Source: OAG, July 10-16, 2000
Realizing the vision together
Hub design and optimisation (continued)
Example Analysis
Overbuild – maximise margins
Lang haul flights optimisation
Medium to short haul flights optimisation
Within bank flight optimisation
Stagelength (Hrs)
14
12
Maximising connection of high yield markets
10
8
Optimise hub connectivity
6
DEL
4
2
Time at Base (IST)
LHR
BUD
LHR
BUD
BUD
0600 0630 0700 0730 0800 0830 0900 0930 1000 1030 1100 1130 1200 1230 1300 1330 1400 1430 1500 1530 1600 1630 1700 1730 1800 1830 1900 1930 2000 2030 2100
Source Intervistas Analysis
Realizing the vision together
Evaluation
of optimised
schedule effectiveness
Improvements
in Hub
Performance
Source TroyAvi Analysis
Realizing the vision together
Comparison
of improvements across interim
Long Term Network
Optimisation
schedules
From passenger revenues, route profitability is also calculated . This includes route revenues
and costs – the basis of network and hub optimisation
Source TroyAvi Analysis
Realizing the vision together
Short term Network Optimisation
Example Analysis
Example: Constraints with Impact on Profitable Network
Growth
Objective is an optimised short term hub design,
including improvements in connecting markets and
incremental financial performance compared with the
current schedule.
A list of potential new destinations and frequencies
identified for immediate implementation
Evaluate current near-term operational constraints at
Hub (airspace, aircraft movements during peak hours,
bilaterals, slots, curfews, gate space restrictions) which
may prevent increase of frequency/capacity of flights or
the introduction of new flights.
Example: Evaluation of Flights According to Route
Profitability and Revenue Performance
Analyse Airline ’s capability in consistently delivering
aircraft turn times (critical for optimal hub performance).
Focus on time of day changes to maximise number of
meaningful connections between markets as these could
be implemented without much operational impact
Sort flights according to contribution and take action for
improvements in system wide variable contribution
Realizing the vision together
Example Evaluation Of Airport Constraints Is Important In
Constraints limiting network growth
Development Of Practical And Implementable Network Design
Example: Connect Times
Example: ATM’s
Airport
AMS
AUH
BKK
CAI
DOH
DTW
DXB
FRA
HKG
IAH
ICN
IST
KUL
MSP
MUC
NRT
PHL
SAW
SEA
SIN
25
Standard
Hub Carrier #1
Hub Carrier #2
HC1 HC2 D-D D-I I-D I-I D-D D-I I-D I-I D-D D-I I-D I-I
KL
25 50 50 50 50 50 50 50
EY
60 60 60 60 60 60 40 60
TG
30 120 120 75 30 90 90 45
MS
30 90 90 90 60 60 60 60
QR
20 60 60 60 20 60 60 30
DL
45 60 90 60 30 40 75 75
EK
20 60 60 75 20 60 60 45
LH
45 45 45 45 45 45 45 45
CX
n/a n/a n/a 60 n/a n/a n/a 50
CO
45 60 60 75 30 30 50 50
KE OZ 40 100 100 70 40 70 100 45 40 70 90 45
TK
30 90 75 60 45 75 75 60
60 60 60 60
DL
40 40 60 60 30 40 75 75
LH
45 45 45 45 30 30 30 30
JL NH 30 100 100 60 20 100 90 60 20 100 100 60
US
40 90 90 90 30 50 90 90
TK
20 60 60 60 30 45 45 45
AS
70 70 90 90 40 40 80 80
SQ
n/a n/a n/a 60 n/a n/a n/a 50
Realizing the vision together
Fleet Planning
Example: Fleet Operating Costs Analysis
Example Analysis
.
• Develop optimal fleet plan supporting the long term
network plan
• Provide recommendations for redeployment of fleet plan
• Review current Airline fleet including age, maintenance
requirements/costs, onboard product, range, fuel burn
and fleet commonality.
• Review current fleet orders and compare it against the
optimised long term network requirements maximizing
route profitability and fleet utilization.
Example: Fleet Optimisation Analysis
• Apply fleet plan to proposed passenger forecast and
schedule to assess the optimal types/mix of aircraft that
will most efficiently operate the route network.
• Assess how the fleet plan will evolve over the forecast
period taking retirements and new deliveries into
consideration.
• Ensure that fleet utilization is optimised
• Develop optimal narrow body and wide body fleet ratios in
the near term, considering optimal requirements for the
Hub
• Buy versus lease calculations
Intervistas Analysis
Realizing the vision together
Example Aircraft Financing Evaluations
Source DVB bank, AISI
Realizing the vision together
Example Aircraft Buy Versus Lease Calculations
Source Intervistas Analysis
Realizing the vision together
Strategic Planning in Airlines - Overview
1
2
Strategic
Intent
Global
Continent/Region
Country
Specific
Segment
3
Strategic
Assessment
Demand
Supply
SWOT
Market
Forecasting
4
Network
Design and
Fleet
Planning
Long Term
Short Term
Hub Design
Fleet Planning
29
29
5
Business
Model
Alignment
Commercial
Operational
Subsidiaries
Organisational
Business
and
Implementa
tion
Planning
Business Plan
Implementation
Plan
Realizing the vision together
Business Model Alignment - Commercial Processes
Example Analysis
Alignment of commercial processes with the
new business model and route strategy. These
will include changes in pricing, distribution and
product strategy supporting the business
model changes and route strategy
Distribution benchmarking, segments, unit
revenue, unit cost per channel
Changes in Distribution mix with focus on direct
channels without losing high yield GDS channels
Development of the distribution strategy Meetings
with Airline key customers, (travel Agency,
Corporate) and establish improvement priorities
Alignment of commercial organisation
Alignment of performance measures. And key
performance measures for the leadership of Airline
Airlines
These will drive further improvement projects
Source Intervistas Analysis
Realizing the vision together
30
2.2 Business Model Alignment- Operations and Support Processes
Example Analysis
• Alignment of the operational activities support business
model changes – Review cost structure, assess changes
to the operational costs, productivity improvements
• Determine improvements in performance targets to
support the business model changes
• Determine target CASK to support business model
• Review current cost structure, direct and indirect
• Direct costs include
- Fuel, MRO, Ground Handling, Catering,
• Determine initiatives for productivity improvement and unit
cost reduction to meet target CASK
• Alignment of the operational activities support business
model changes- Crew and integrated operations control
improvements
• Alignment of MRO activities
• Alignment of organisation and performance measures
• Projects and initiatives for reduction of operational costs
and improvements in productivity This will include major
cost items such as Fleet (Utilisation), maintenance, crew,
ground handling costs, overheads and other areas
31
Realizing the vision together
Strategic Planning in Airlines - Overview
1
2
Strategic
Intent
Global
Continent/Region
Country
Specific
Segment
3
Strategic
Assessment
Demand
Supply
SWOT
Market
Forecasting
4
Network
Design and
Fleet
Planning
Long Term
Short Term
Hub Design
Fleet Planning
32
32
5
Business
Model
Alignment
Commercial
Operational
Subsidiaries
Organisational
Business
and
Implementa
tion
Planning
Business Plan
Implementation
Plan
Realizing the vision together
Business Plan Development
Example Development of Business Plan
Example Activities
New Forecast Operating
Results
Expense Forecast
Business plan is driven by the new network, fleet, and
alignment of commercial and operational functions
including revenue and cost forecast ..
Based on the revenue and cost forecast conducted
above, create a five-year operating profitability and
profit margin forecast of the airline is developed.
This will include estimate of capital expenditure and
working capital for the start up period
Sensitivity analysis is executed for the most important
drivers in the model, such as fleet size, load factor,
yields, price of fuel, etc
Identify key revenue and cost drivers and develop risk
scenarios that test the assumptions upon which they
are based to understand the extent to which the
business is sensitive to these assumptions.
To deliver the business model changes, an overall
migration plan will be developed. This will be
complemented with specific improvement initiatives and
projects.
Current Debt & Capital Structure
Modify for Fleet
Changes &
Restructuring
Capital
Spending
Debt Service
Requirements
Projected Financial
Results
Cash Flow from
Operations
Technique
Options
Evaluation
Through
Modeling
Cash
Requirements
Cash Plan
Debt
Debt Restructuring
Opportunities
Potential Sources of
Capital
Equity
Source ICF
Example Development of Business Plan
Revenues
Passenger Revenues
Other Revenues
Total Revenues
Operating Expenditure
Total Variable Costs
Total Fixed Direct Operating Costs
Indirect Operating Costs
Other Staff Salary Costs
Other Indirect Costs
Total Indirect Operating Costs
Total Operating Expenditure
EBITDA
EBITDA Margin
Change versus Baseline
EBITDA
EBITDA Margin
2007
2008
2009
2010
2011
2012
2013
91,659
11,190
102,849
96,538
20,224
116,762
94,629
16,599
111,227
90,486
18,274
108,759
90,486
18,274
108,759
90,486
18,274
108,759
90,486
18,274
108,759
68,610
28,324
85,694
30,018
71,147
30,102
65,191
30,187
65,015
30,187
65,015
30,187
65,015
30,187
3,041
5,511
8,552
105,485
2,953
3,961
6,914
122,626
3,349
3,961
7,309
108,559
3,481
3,961
7,442
102,820
3,481
3,961
7,442
102,643
3,481
3,961
7,442
102,643
3,481
3,961
7,442
102,643
-2,636
-5,865
2,668
5,940
6,116
6,116
6,116
-3%
-5%
2%
5%
6%
6%
6%
0
0%
0
0%
762
1%
4,002
4%
3,975
4%
3,975
4%
3,975
4%
Realizing the vision together
Exhibit 31Business Plan Development
Cash Flow
Working Capital (Start)
Operating Revenue
Operating Expenses
Initial CapEx Outlay
Additional CapEx
Aircraft Security Deposits
Working Capital Changes
Working Capital (End)
Jan-11
40,000,000
2,744,094
4,315,595
3,791,000
Feb-11
31,637,500
2,396,536
4,128,026
2,220,000
Mar-11
27,686,010
2,725,847
4,314,317
559,333
Apr-11
25,538,207
2,819,215
4,268,174
645,000
May-11
23,444,248
3,779,495
5,672,700
559,333
Jun-11
19,991,710
4,136,597
5,629,043
2,586,667
Jul-11
15,912,597
4,719,013
5,746,804
837,667
Aug-11
14,047,140
6,091,082
7,175,952
-
Sep-11
11,962,270
5,433,022
7,032,587
192,667
3,000,000
(8,362,500) (3,951,490) (2,147,803)
31,637,500 27,686,010 25,538,207
(2,093,959)
23,444,248
1,000,000
(3,452,538)
19,991,710
(4,079,112)
15,912,597
(1,865,457)
14,047,140
1,000,000
(2,084,871)
11,962,270
(1,792,232)
10,170,038
Cash Flow
Working Capital (Start)
Operating Revenue
Operating Expenses
Initial CapEx Outlay
Additional CapEx
Aircraft Security Deposits
Working Capital Changes
Working Capital (End)
Oct-11
10,170,038
5,773,966
7,151,210
55,000
Nov-11
8,737,794
5,982,714
7,075,968
192,667
Dec-11
7,451,873
6,451,036
7,204,609
366,667
2011
2012
2013
2014
40,000,000
6,331,634
(5,087,537) 14,687,757
53,052,618 127,466,820 243,703,168 430,005,855
69,714,983 132,885,992 217,927,873 345,692,428
12,006,000
1,000,000
1,000,000
1,000,000
5,000,000
5,000,000
5,000,000
10,000,000
(33,668,366) (11,419,172) 19,775,294
73,313,427
6,331,634
(5,087,537) 14,687,757
88,001,184
2015
88,001,184
652,142,240
509,015,566
1,000,000
10,000,000
132,126,674
220,127,858
(1,432,244)
8,737,794
(1,285,921)
7,451,873
(1,120,239)
6,331,634
Realizing the vision together
Thank You
Please contact Emre Serpen for queries
eserpen@intervistas.com
+447944163891