Upload
tam
View
666
Download
4
Tags:
Embed Size (px)
Citation preview
Warning - Information and Projection
This notice may contain estimates for future events. These estimates merely reflect the expectations of the Company’s management and involve risks and uncertainties The Company is not responsible for investment operations ormanagement, and involve risks and uncertainties. The Company is not responsible for investment operations or decisions taken based on information contained in this communication. These estimates are subject to changes without prior notice.
This material has been prepared by TAM S A (“TAM“ or the “Company”) includes certain forward-looking statements thatThis material has been prepared by TAM S.A. ( TAM or the Company ) includes certain forward looking statements that are based principally on TAM’s current expectations and on projections of future events and financial trends that currently affect or might affect TAM’s business, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of each could cause actual financial condition and results of operations to differ materially from those set out in TAM’s forward-looking statements. TAM undertakes no obligation to publicly update or revise any forward looking statements.
This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy ll iti l t d fi i l i t t Lik i it d t i d h ld t b t t d i ior sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving
investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment.
2
1. Highlights
2. LATAM
Agenda 3. Financial Results
3
3
1 Hi hli ht1. Highlights
4
Highlights of our business units
•New market campaign: “When we talk, we fly together”
•We have earned for the fourth time the "Deal of the Y "Year"
•Better fuel management in Latin America
•TAM Fidelidade receives Freddie Awards•Certification to provide maintenance services for ATR-72
•Integration to the Airbus MRO Network
•Profile on social networks Facebook and Twitter
•Award: Best Performance of Thalys
•Launched kiosks at Pãode Açucar store
•Signature of definitive agreements regarding the joint venture with AIMIA
•New cargo terminal in São Paulo
5
•Partnership between TAM Cargo and Multiplus
We revised our 2012 guidance
Guidance 2012Reviewed
Real 2012Jan - Mar
Guidance 2012Original
Max.
Demand Growth (RPK) 8% 11% 7% 9% 7%Domestic Market
Min.Min. Max.
Supply growth(ASK) 1% 3% -1% 1% 4%
Domestic 0% 2% -2% 0% 5%
International 1% 3% 1% 3% 3%
Load Factor 76% 78% 76% 78% 73%
Domestic 72% 74% 72% 74% 68%Domestic 72% 74% 72% 74% 68%
International 83% 85% 83% 85% 83%
Average WTI 95 95 103
Average US dollar rate 1.74 1.82 1.77
Assumptions
6
We maintained our fleet plan unchanged
156 157 162 169 176
150
180
22 22 20 23 244 8 1012 123 3 3
90
120
22 22
60
90
127 124 129 134 140
0
30
1T12 2012 2013 2014 20151T12 2012 2013 2014 2015
Airbus Wide body Boeing 777 Boeing 767Airbus Narrow body
7
1 D t1. Destaques2. LATAM
8
Final steps in the Merger with LAN
May 10: Launch of
May 7:
CVM approval
Launch of the
Exchange Offer
June 12: Auction in Bovespa
May 9: June 11: y
Form F4 declaredeffective
Closingof the
Exchange Offer
Expected annual synergies of US$600 to US$700 million fully achieved by the end of the fourth year, of which US$170 to US$200 million will be achieved by the end of the first year.
One‐time cost of between US$150 to US$200 million.
9
$ $
3 Fi i l R lt3. Financial Results
10
Multiplus Highlights
growth in Points Issued24 5 growth in Points Issuedvs 1Q11
24.5%
mln in Gross BillingsR$ 430(26.6% growth vs 1Q11)
mln in Dividends paid(including interest on capital)
R$ 261
thousand new Members400
11 11
vs 4Q11, reaching 9.8 million members
Multiplus Results
398.3347 1
Net revenue of R$ 347.1 millionR$ 430.4 mln in gross billings
397 3433.6 430.4
R$ mln & mln pointsR$ mln
242.0285.1
321.5347.1
10 912.5
17.415.2
339.9 354.6397.3
9.010.9
1Q11 2Q11 3Q11 4Q11 1Q121Q11 2Q11 3Q11 4Q11 1Q12Receita Líquida Pontos resgatados1T11 2T11 3T11 4T11 1T12
EBITDA Ajustado de R$ 91,6 milhões R$ 61.6 mln in Net Income92 8 R$ mlnR$ mln
1Q11 2Q11 3Q11 4Q11 1Q12
70.981.2
51.3
70.961.6
89.1
92.891.6
R$ mlnR$ mln
81.382.3
12
1T11 2T11 3T11 4T11 1T121T11 2T11 3T11 4T11 1T121Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12
We recorded a 6% increase in net revenue
In Reais 1Q12 vs 1Q11
1Q12 vs 4Q11
1Q12 1Q11 4Q11
Net Revenue (million)
Operating Expenses (million)
EBIT ( illi )
3,228
3,252
(23)
6%
11%
‐
‐10%
‐1%
‐
3,042
2,932
110
3,579
3,281
298EBIT (million)
EBIT Margin
EBITDAR (million)
(23)
‐0.7%
298
‐
‐22%
‐
‐51%
110
3.6%
380
298
8.3%
612
EBITDAR Margin
Net Results (million)
Financial Result + Others* (million)
9.2%
235
101
‐3.3p.p.
68%
‐22%
‐7,9p.p.
‐
‐1%
12.5%
140
129
17.1%
(78)
96
Total RASK (cents)
CASK (cents)
CASK ex fuel (cents)
16.3
16.4
10 0
2%
7%
2%
‐10%
‐1%
‐3 4%
15.9
15.4
9 8
18.1
16.6
10 4CASK ex‐fuel (cents)
CASK USD (cents)
CASK USD ex‐fuel (cents)
10.0
9.3
5.7
2%
1%
‐4%
‐3,4%
1%
‐2%
9.8
9.2
5.9
10.4
9.2
5.8
13*Movements in fair value of fuel derivatives
We changed the accounting regarding reward tickets issued, but not flown,Flow of accrual and redemption points for airline tickets
Previous Accounting Model
Changing in the accounting methodology for reward tickets revenue
CLIENT(loyalty program
member)
Purchase
Award ticket issuance
R i
Period in which the passenger can use the award ticket
Products or Services
Accrue
D + 0 D + 180
Revenue is recognized
POINTSAward ticket issuance
Period in which the passenger can use the award ticket
Current Accounting Model
Redeem Revenue is recognized on the balance sheet as "Deferred Income"
Revenue is recognized at the moment the passenger check‐in
TICKETS D + 0 D + 180
The changes have no impact on the Multiplus S.A. Financial Statements
14
Adjusting* our result, we recorded 9% increase in net revenue and EBIT margin of 2.3%g
1Q12 Comparison In Reais
Adjusted vs Accounting
AdjustedAccounting
Net Revenue (million)
Operating Expenses (million)
3,327
3,252
‐3%
0%
3,228
3,252 No Impact
EBIT (million)
EBIT margin
EBITDAR (million)
75
2.3%
397
‐
‐3.0 p.p
33%
(23)
‐0.7%
298EBITDAR (million)
EBITDAR margin
397
11.9%
‐33%
‐2.7 p.p.
298
9.2%
RASK geral (centavos) 16.8 ‐3%16,3
15 * In order to continuously improve the measure of our business, we started deferring the revenue related to the award tickets issued, but not flown, thus impacting the lines of passenger revenue
We continued with the yields recovery in the domestic market with an increase of 3%market, with an increase of 3%
Adjusted* Domestic Passengers
P R R$ Milli
ASK11,767 12,168 12,373
ASK, RPK and Load Factor5%
2%
Passenger Revenue - R$ Million
5%
-4%
RPK8,288 8,278 8,4262%
2%1,511 1,641 1,583
-4%
1Q11 4Q11 1Q12LoadFactor 70% 68% 68%
1Q11 4Q11 1Q12
Yield - R$ Cents
3%
RASK - R$ Cents
-4%
0%
-5%
18.2 19.8 18.8 12.3 12.7 12.3
16
1Q11 4Q11 1Q12 1Q11 4Q11 1Q12
* In order to continuously improve the measure of our business, we started deferring the revenue related to the award tickets issued, but not flown, thus impacting the lines of passenger revenue
In the annual comparison, international passenger revenue increased by 22% and the RASK 20% in dollarsrevenue increased by 22% and the RASK 20% in dollars
Adjusted* International Passengers
ASK7,334 7,619 7,455
ASK, RPK and Load Factor
R$862
R$1,071 R$1,117
Passenger Revenue - Million30%
4%
2%
-2%
RPK5,838
6,089 6,150U$516 U$595 U$631
4%
6%
22%5%
1%
1Q11 4Q11 1Q12LoadFactor 80% 80% 82%
1Q11 4Q11 1Q12
Avg US DollarR$11.7
R$14.1R$15.0RASK - Cents
28%
7%R$ 14.8
R$ 17.6 R$ 18.2Yield - Cents 21%
12%
1.67 1.80 1.77
6%
-2%
g
U$7.0 U$7.8 U$8.59%
20%
U$ 8.9 U$ 9.8 U$ 10.3-3%
31%
17
1Q11 4Q11 1Q121Q11 4Q11 1Q121Q11 4Q11 1Q12
* In order to continuously improve the measure of our business, we started deferring the revenue related to the award tickets issued, but not flown, thus impacting the lines of passenger revenue
Liquidity and debt profile
Adequate debt profile Liquidity Position
R$ Milli 3 000
1,500
1,800
2,100
R$ Million2,453
2,607
1,9142,145
2,568 2,567
2,048
1,500
2,000
2,500
3,000
600
900
1,200
2005 2006 2007 2008 2009 2010 2011 1Q12
995
0
500
1,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 20210
300
Debentures, bonds and othersLeasing on the balance sheetAdjusted Net Debt / EBITDAR
8%
Debt mix by currencyR$
3.8
5.66.3 6.5
3.84.3
4.9
4 0
6.0
8.0
92%US$ 2005 2006 2007 2008 2009 2010 2011 1Q12
2.1
0.0
2.0
4.0
18
US$
Obs.1: Net Debt Adjusted includes annual operating leases x 7Obs.2: Debt is considered in US GAAP for 2005 and 2006 and in IFRS since 2007
2005 2006 2007 2008 2009 2010 2011 1Q12
Teremos sinergias entre US$ 600 milhões e US$ 700 milhões anuais700 milhões anuais
Fonte da Valor Fonte da Valor
Receitas: Carga US$120-125 Milhões, Pax US$240-285 Milhões Custos US$240-290Milhões
sinergia
Novos serviços, compartilhamento de melhores práticas
US$ milhões
Carga 125 Aeroportos Consolidação de funções em aeroportos em que ambas operam
120 30
Justificativa sinergia US$ milhões Justificativa
85Maior acesso a hubs conjuntos e atratividade da rede combinadaRelevância
da rede Procurement Aproveitamento de economias de escala em contratos75 70 100Q&A80
Rede combinada cria novos pares de cidades e mais serviçosNova e maior
conectividade CorporativoRacionalização dos gastos corporativos gerais e algumas funções
70 20Q&A45
A combinação da rede suporta novos destinos e hubs
Incluindo a consolidação de
Novos voos TI Eficiências em plataformas comuns45 65 70
50 Incluindo a consolidação de contratos com companhias aéreas associadas e aumento da utilização
Consolidação dos programas e Passageiro
Outras receitas com passageiros Manutenção
Eficiência com esforços de vendas
Aproveitamento de economias de escala e de eficiências35 2520
4035
www.tam.com.br/ir
19
25 Consolidação dos programas e compartilhamento das melhores práticas
Passageirofrequente Vendas Eficiência com esforços de vendas
combinados15 4035
19
20