online airline financial data and analysis service from ... airline analyst/airline...we include...

The key tool for airline analysisand investment

Includes financialand operational data

Employs web functionality– not just a database

Delivers airline comparisonsand portfolio data in seconds

Saves you time and money

Reduces your workload

Analyses the raw datato give you fresh insights

Can be customised toyour specific needs

Online airline financial data and analysis service from the publishers of

Whatever your interest in the airline industry, get thefinancial data you need, in the format you want.

We cover the world, so you don’t have to

NEWThe Airline Analyst Financial Ratings

Airline Analyst brochure v5:Airline Analyst brochure 22/03/2013 17:27

10 reasons to subscribe toThe Airline Analyst

1. We only cover airlines: we designed our analyticaltemplate exclusively for the industry. It’s simple andit’s fast. Use it to derive key airline parameters suchas EBITDAR, RASK and CASK, rent, fixed charges,PP&E, financing obligations and adjusted debt..

2. User settings mean you can customise datareporting to meet your specific needs forcapitalisation of operating leases, netting of interestincome, cash sweep and currency of report.

3. Comparisons matter, so our team adjusts the data toenhance the comparability of information betweenairlines. For example:

We include fuel hedging gains and losses relating tothe current period in fuel expense, and futureperiods on a non-operating line. This allows you toreview current performance at the EBITDAR andEBIT lines without the distortions of large MTMchanges in fuel derivatives.

In cash flow statements, we map all airlines onto astandard template. This harmonises the data fromsource statements, where three airlines could use‘operating’, ‘investing’ and ‘financing’ to denote thesame item.

We also adjust for ‘non-cash’ acquisitions of aircraftthrough finance leases.

4. ‘Latest Twelve Months’ functionality for the incomeand cash flow statements yields a 12-month rollingview of an airline's performance between financialyear-ends. Or a like-for-like comparison betweenairlines covering the same period, even if they havedifferent financial year-ends.

5. To guarantee data integrity, we allow you to trace allthe data to its source via a ‘hover over’ feature,which also reveals the content of cells withespecially large or volatile entries, like ‘Exceptionals’.

6. Quarterly data (when available) and the option todisplay consecutive quarters or data comparingspecific quarters of the year. For quarters like Q2 andQ4, which airlines often do not report, we derive thedata from the H1 and annual figures, so you see theentire fiscal or calendar year’s data on a quarterlybasis.

7. The ‘Portfolios’ feature calculates in secondsaggregate data covering selected airlines. Use it toeffortlessly prepare data for market or segmentgrowth rates, operating margins, leverage andsources of financing.

8. You can download all the data and charts in Excel,Word, PDF or JPEG, to use in your own reports.

9. Our dedicated team of specialist airline analystsidentify the key variables that make the differencebetween usable and unusable information. Forexample, rent, PDPs, off-balance sheet obligationsand derivatives.

10. Expert supervision. The team is headed by MichaelDuff, The Airline Analyst’s Managing Director.Michael is hugely experienced in the industry,having run Citigroup’s aviation finance business inAsia then Europe for 15 years.

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Comparisons

Portfolios

Client testimonial

“The Airline Analyst allows us to find the rightstrategic solution for our clients”


Access data for every listed airlinein the world and many private ones

The 'Airlines Listing' feature provides a summary overviewof key financial parameters for all airlines included in TheAirline Analyst. In turn the airlines can then be rankedupon these parameters.

Information available includes:

Income Statement

Statement of OCI

Balance Sheet

Cash Flow Statement

Common Size Financial Statements

Revenue Analysis

Cost Analysis

Key ratios to go with each statement

Users can customise their reporting according to a varietyof parameters, including:

Rent capitalisation factor

Rent included in fixed charges

Operational and revenue/cost data in miles orkilometres

Currency and exchange rate

Unrestricted cash netted from debt for leverage ratios

Finance income netted from finance expense forcoverage ratios

Airline Listing

Customise

Client testimonial

"The Airline Analyst allows us to now focus moretime and effort on interpreting results than conductingthe analysis ourselves"


Comparisons

Use The Airline Analyst to produceinstant peer group comparisons

The Airline Analyst can convert all airlines'information into one manageable currency or operating unit, making for easy crosscomparisons. All data can be converted to chartssuch as showing the Total Operating Costs perASK (CASK) Excluding Fuel in USD cents.

Creating a new comparison is straightforward -you can compare selected airlines across allfinancial and operating parameters in a matterof moments.

Customise

When comparing airline information you canview the data in a variety of timescales: Annual,semi-annual, quarterly, the same quarter foreach year or LTM (Latest Twelve Months). TheLTM functionality allows you to compare airlinesfor an identical period of time, irrespective oftheir financial year end.

The Portfolios function enables you to produce aggregate data for a market segment or segments of yourchoosing e.g. geographic, by business model or by global alliance.

Portfolio

Portfolios


New for 2013/4 is The Airline Analyst Financial Ratings

Based on a single quantitative score for each airline andfounded on average fleet age and four key financial ratios,the final rating offers a powerful insight to the absoluteand relative strength or weakness of any given airline.

The Airline Analyst Financial Ratings covers over 120airlines, based on data from The Airline Analyst.

How might you use The Airline Analyst Financial Ratings?

For a comparative analysis of ratings for a large airlinepopulation

To ascertain the ratings trend for individual airlines

To help benchmark or sense-check existing ratings thatyou have

To assist in understanding public credit ratings forindividual airlines

To help predict the impact of operating performanceand corporate finance decisions on credit ratings

To assess the financial health of the airline industry asa whole

How does The Airline Analyst Financial Ratings differfrom credit ratings?

Unlike credit ratings, The Airline Analyst’s ratings are notintended to be predictors of financial default orbankruptcy. Credit ratings are forward looking and takeinto account such factors as ownership, strategy,management, labour relations, market position,government relations, sovereign ceilings and availability ofcredit while The Airline Analyst's ratings are based solelyon historic data and ratios.

How does The Airline Analyst rate an airline?

Our methodology is simple and transparent.

After evaluating the criteria used by the rating agencies,we identified the following five key criteria as the keyindicators of the intrinsic financial strength of an airline:

Average fleet age

EBITDAR Margin

Fixed Charge Cover

Liquidity

Leverage

We then:

rank each airline on each of the criteria

apply a weighting to each of the criteria

calculate the overall Financial Ratings Score for eachairline

The airline's Financial Ratings Score is the weightedarithmetic average of the airline's score on each criterion.Each Financial Ratings Score corresponds to a scale fromAAA to CC.

The Airline Analyst Financial Ratings is provided for thethree most recent ‘Latest Twelve Month’ (LTM) periods foreach airline so that trends are clearly identified. Also, wecompare the The Airline Analyst Financial Ratings withthe public credit ratings from the three major ratingagencies so that differences can be seen and analysed.

The Airline Analyst Financial Ratings is available as astand-alone subscription or in conjunction with asubscription to The Airline Analyst.

Client testimonials

“The Airline Analystenables us to concentrate on really adding value”

The Airline Analyst Financial Ratings

Distribution of TAA Financial Ratings

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NEWThe Airline Analyst Financial Ratings


online airline financial data and analysis service from ... airline analyst/airline...we include...

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