REVENUE

Sales of air transportation

Passenger
Cargo
Ancillary Revenues
Total
EXPENSES
Flying operations
Aircraft and traffic servicing
Reservation and sales
Passenger service
General and administrative
Repairs and maintenance
Depreciation and amortization
Aircraft and engine lease
Total
Other Income
INCOME BEFORE INCOME TAX
(PROVISION FOR) BENEFIT FROM INCOME TAX
NET INCOME

REVENUE
Sales of air transportation
Passenger
Cargo
Ancillary Revenues
Total
EXPENSES
Flying operations
Aircraft and traffic servicing
Reservation and sales
Passenger service
General and administrative
Repairs and maintenance

Depreciation and amortization

Aircraft and engine lease
Total
Other Income
INCOME BEFORE INCOME TAX
(PROVISION FOR) BENEFIT FROM INCOME TAX
NET INCOME

2015

42,681,069,939
3,461,136,749
10,359,447,828
56,501,654,516

2016

2017

48741781870.338 55663114895.926
3952618167.358 4513889947.12284
11830489419.576 13510418917.1558
64,524,889,457
73,687,423,760

20,916,360,534
5,847,099,305
2,625,456,497
1,483,746,337
1,552,148,933
5,240,478,648
5,111,543,724
4,024,599,732
46,801,433,710

31513956010.9316
5968552274.79766
2774570246.6627
1496977435.40871
1677647125.88907
8148107239.5282
6,793,276,844
3871493367.43632
62244580544.6543

35988937764.4839
6816086697.81893
3168559221.6888
1709548231.23675
1915873017.76532
9836693249.1282
7,739,263,404
4421245425.61228
71596207011.7342

-6171425517

-3300000000

-1592000000

3,528,795,289

-1,019,691,087

499,216,748

858,430,586

408000000

-430000000

4,387,225,875

-611,691,087

69,216,748

WITH STRATEGY
2015

2016

2017

42,681,069,939
3,461,136,749
10,359,447,828
56,501,654,516

50308177137.0993 59298248391.499
4079641886.0463 4808673891.08277
12210681154.8636 14392729877.2377
66,598,500,178
78,499,652,160

20,916,360,534
5,847,099,305
2,625,456,497
1,483,746,337
1,552,148,933
5,240,478,648

26093956010
5968552274.79766
2774570246.6627
1496977435.40871
1707347125.88907
8148107239.5282

30568937764
6816086697.81893
3168559221.6888
1709548231.23675
1945573017.76532
9836693249.1282

5,111,543,724
4,024,599,732
46,801,433,710

6793276844
7739263404
3871493367.43632 4421245425.61228
56854280543.7227 66205907011.2503

-6171425517

-3300000000

-1592000000

3,528,795,289

6,444,219,634

10,701,745,149

858,430,586

408000000

-430000000

4,387,225,875

6,852,219,634

10,271,745,149

2018

63567277211.1475
5154862319.61428
15428898403.3919
84,151,037,934

41099366927.0407
7783971008.90921
3618494631.16861
1952304080.07236
2187926986.28799
10470496840.5282
8,094,335,404
5049062276.04922
80255958154.0563
-1489000000
2,406,079,780
-994000000
1,412,079,780

2018

69894845379.0598
5667983915.41927
16964710706.3001
92,527,540,001

35679366927
7783971008.90921
3618494631.16861
1952304080.07236
2217626986.28799
10470496840.5282

based on revenue

2015
5,111,543,724
72,075,821,013
0.0709189802

8094335404
5049062276.04922
74865658154.0156
-1489000000
16,172,881,847
-994000000
15,178,881,847

Assumption
Growth (CAGR)
SGA : based on sales
Flying operations based on sal
Aircraft based on sales
Reservation based on sales
passenger based on sales
repair based on PPE
lease based on sales

14.20%
2.60%
48.84%
9.25%
4.30%
2.32%
7.14%
6.00%

2014
2013
4,281,525,018 3,454,641,115
65,227,125,368 56,412,466,284
0.0656402531 0.0612389662

Assumption
Growth
SGA : based on sales
Flying operations
Aircraft
Reservation
passenger
repair based on PPE
lease

17.87%
2.60%
48.84%
9.25%
4.30%
2.32%
7.14%
6.00%

2012
2,767,863,860
47,561,398,624
0.0581955943

2011
2,314,954,127
39,940,487,102
0.0579600875