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Historical Financials
2006 2007 2008
Revenues Rs.117.6 Rs.138.5 Rs.168.6
Growth Rate 17.8% 21.7%
Projected Growth Rate
Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
Projected Financials
2009 2010 2011
Rs.201.8 Rs.241.6 Rs.289.3
SG&A Expense
EBITDA
Interest Expense
Interest Income
Pre-tax Income
Taxes @ 35.0%
Net Income
Financial Statements
Income Statement
(Pak Rupees in 000s, except per share amounts)
Revenue
Cost of Goods Sold
Gross Profit
SG&A Expense
EBITDA
Interest Expense
Interest Income
EBT
Taxes @ 35.0%
Net Income
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Historical Financials
Created 2/1/09
Financial Statements
Income Statement Historical Financials
(Pak Rupees in 000s, except per share amounts) 2006 2007 2008
Revenue
Landing Fees 4,188 4,603 4,990
Handling Fees 21,670 25,179 28,318
Embarkation Fees 14,910 17,003 18,663
Total Operating Revenue 40,769 46,785 51,971
Operating Costs
Staff salaries (9,044) (9,768) (10,549)
Maintenance (8,403) (8,874) (9,282)
Marketing & Advertising (8,843) (9,506) (10,267)
Other Operating Costs (1,200) (1,380) (1,587)
EBITDA 30,442 37,470 43,028
Shareholders' Equity
Authorized Capital of 200,000,000 common shares
of Rs. 1 each
Common stock issued at par 100,000 100,300 100,601
Additional paid-in capital 234,987 235,692 236,399
Common stock issued at par to SAS
Additional paid-in capital by SAS
Accumulated earnings (deficit) 11,717 18,208 26,761
Total Shareholder's Equity 346,704 354,200 363,761
Valuation as of 05/04/2009
Common shares Outstanding as of 12/31/2008 100,601
Stock Price as of 05/04/2009 Rs. 2.6
Market Capitalization Rs. 261,562
Operating Model
Aircraft Specifications # of Seats LF Assump.
B-737-300
A-320
A310
B747
Historical Projected
2008 2009 2010 2011 2012
Historical Projected
2008 2009 2010 2011 2012
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Operating Model Step 0
Created 2/1/09
Operating Model
Aircraft Specifications # of Seats LF Assump.
B-737-300 118 0.5% Annually
A-320 140 0.8% Annually
A310 184 0.0% Annually
B747 398 -0.3% Annually
Operating Costs
Staff salaries (9,044) (9,768)
Maintenance (8,403) (8,874)
Marketing & Advertising (8,843) (9,506)
Other Operating Costs (1,200) (1,380)
EBITDA 30,442 37,470
istorical Projected
2008 2009 2010 2011 2012
Rs.99 Rs.106 Rs.113 Rs.121 Rs.130
60,638 66,095 72,043 78,527 85,595
331 361 393 428 467
istorical Projected
2008 2009 2010 2011 2012
20.3% 21.1% 21.1% 21.1% 21.1%
1.7% 1.7% 1.7% 1.7% 1.7%
13.7% 14.4% 14.4% 14.4% 14.4%
5.3% 4.9% 4.9% 4.9% 4.9%
Projected Financials
2009 2010 2011 2012
585,552 631,294 678,066 725,908
28,466 29,666 30,916 32,166
(236,912) (262,367) (289,818) (319,308)
44,752 45,742 46,772 47,843
1,000 1,200 1,250 1,250
Historical
2006 2007 2008
Projected
2009 2010 2011 2012
Tax Schedule
Historical
2006 2007 2008
Projected
2009 2010 2011 2012
Financial Statements
Income Statement
(Pak Rupees in 000s, except per share amounts) Historical Financials
Revenue 2006 2007 2008
Landing Fees 4,188 4,603 4,990
Handling Fees 21,670 25,179 28,318
Embarkation Fees 14,910 17,003 18,663
Total Operating Revenue 40,768.6 46,784.7 51,971.1
Operating Costs
Staff salaries (9,044) (9,768) (10,549)
Maintenance (8,403) (8,874) (9,282)
Marketing & Advertising (8,843) (9,506) (10,267)
Other Operating Costs (1,200) (1,380) (1,587)
EBITDA 30,442 37,470 43,028
Shareholders' Equity
Authorized Capital of 200,000,000 common shares
of Rs. 1 each
Common stock issued at par 100,000 100,300 100,601
Additional paid-in capital 234,987 235,692 236,399
Common stock issued at par to SAS
Additional paid-in capital by SAS
Accumulated earnings (deficit) 11,717 18,208 26,761
Total Shareholders' Equity 346,704 354,200 363,761
Projected Financials
2009 2010 2011 2012
5,417 6,032 7,425 8,770
31,593 36,166 45,546 55,380
20,815 23,837 30,028 36,415
57,826 66,035 82,999 100,565
Projected Financials
2009 2010 2011 2012
Projected Financials
2009 2010 2011 2012
Working Capital
Assets
Accounts Receivable 13,000 13,910 14,884
Inventory 5,000 5,400 5,500
Other Current Assets 9,105 10,016 11,017
Liabilities
Accounts Payable 2,476 2,426 2,378
Accrued Expenses and Other Current Liabilities 2,467 2,418 2,369
Other Non Current Liabilities 10,123 9,921 9,722
Accounts Payable (Days Payable) AP Balance X Days in a Year / Total Operating Costs
Accrued Expenses and Other CL (as a % of Op Costs) Accr. Exp and Other CL / Total Operating Costs
Other Non Current Liabilities (as a % of Op Costs) Other Non CL / Total Operating Costs
Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
Projected Financials
2009 2010 2011 2012
Total Op Costs
perating Costs
File Financial Modeling - Module I
Author(s) Asfi Shaheen
Tab Valuation Consideration
Created 2/1/09
Historical Financials
2006 2007 2008
Beginning Equity Balance
Net Income 4,414 8,400 11,437
Additional shares issued to SAS at par
Additional paid in capital by SAS
Dividends Paid (1,545.0) (1,909.0) (2,884.5)
Ending Equity Balance 346,704 353,195 361,748
Dividend Assumptions
Total Dividends Paid 1,545.0 1,909.0 2,884.5
Net Income 4,414 8,400 11,437
Dividend Payout Ratio 35% 23% 25%
Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
Projected Financials
2009 2010 2011 2012
361,748
14,209 17,941 27,309 37,045
Requires Valuation Consideration Schedule
Requires Valuation Consideration Schedule
Link to Calculation Below
(SUM the above, be careful with signs)
Returns Analysis
SAS Returns
IRR
Red Requires further attention
Blue Input cells
Green Cells linked to another sheet
Black Cells containing a calculation on the same sheet
Projected Financials
2009 2010 2011 2012
Requires Earnings from the Income Statement
Assumption based on Comparative Analysis
Control Page
Aircraft Specifications # of Seats LF Assump.
B-737-300
A-320 1) Text to be copied from the Operating Model
A310 2) Operating Model to be relinked to the Control Pg
B747
EBITDA Multiple 1) Copy from Returns Analysis. 2) Returns Analysis to be relinked to Control Page
nsor's Ownership a % To be linked to Valuation Consideration Schedule