Financial Highlights for Fiscal 2013 First Quarter
(YoY growth % are on constant currency basis(1); please see table below for YoY growth % on actual basis)
GURGAON,
"
| (in thousands except EPS) |
3 months Ended |
3 months Ended |
YoY Change |
YoY Change in Constant Currency(1) |
| Financial Summary as per IFRS | ||||
| Revenue |
|
|
23.2% | 47.9% |
| Revenue Less Service Costs(2) |
|
|
13.2% | 35.8% |
| Air Ticketing |
|
|
8.2% | 31.0% |
| Hotels & packages |
|
|
20.2% | 41.4% |
| Other |
|
|
52.4% | 83.5% |
| Results from Operating Activities |
|
|
||
| Adjusted Operating Profit(4) |
|
|
52.1% | |
| Income (Loss) for the Period |
|
|
||
| Adjusted Net Income (5) |
|
|
19.9% | |
| Diluted Earnings (Loss) per Share |
|
|
||
| Adjusted Diluted Earnings per Share(5) |
|
|
||
| Operating Metrics | ||||
| Gross Bookings(6) |
|
|
2.8% | 24.1% |
| Air Ticketing |
|
|
-1.9% | 18.8% |
| Hotels & packages |
|
|
25.4% | 50.0% |
| Number of Transactions | ||||
| Air Ticketing | 904.1 | 822.1 | -9.1% | |
| Hotels & packages | 73.3 | 105.7 | 44.1% | |
| (1) Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the reporting for the historical average rate used in the prior year's comparable fiscal period. | ||||
|
(2) Represents IFRS revenue after deducting service costs. IFRS refers to International Financial Reporting Standards as issued by the |
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| (3) Revenue less service cost as a percentage of gross bookings. | ||||
| (4) Results from operating activities excluding employee share-based compensation costs. | ||||
| (5) Income for the period excluding employee share-based compensation costs, costs related to follow-on public offering, interest accretion on financial liability related to business combination, net loss on change in fair value of derivative financial instrument and income tax (benefit) expense. | ||||
| (6) Represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, net of cancellations and refunds. | ||||
Please see "About Non-IFRS Financial Measures" included within this release to understand the importance of the financial measures set forth in notes (1) to (6) above. Reconciliations of IFRS financial measures to non-IFRS operating results are included at the end of this release.
Recent Developments
Amendment to the Share Purchase Agreement signed with
In
Fiscal 2013 First Quarter Financial Results
Revenue. We generated revenue of
Air Ticketing. Revenue from our air ticketing business increased by 17.1% (41.8% in constant currency) to
Hotels and Packages. Revenue from our hotels and packages business increased by 25.1% (49.6% in constant currency) to
Other Revenue. Our other revenue increased to
Total Revenue less Service Costs. Our total revenue less service costs increased by 13.2% (35.8% in constant currency) to
Personnel Expenses. Personnel expenses increased to
Other Operating Expenses. Other operating expenses increased by 8.8% to
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of
Net Finance Costs. Our net finance cost decreased to
Profit (Loss) for the Period. As a result of the foregoing factors, including the effects of employee share-based compensation costs, our loss for the quarter ended
Diluted Earnings (Loss) per share. Diluted loss per share was
Fiscal Year 2012-13 Outlook
The Company is maintaining its fiscal year 2013 Revenue less service costs growth guidance in the range of 30% to 32% on a constant currency basis. This growth guidance is based on average actual Indian Rupee to U.S. Dollar exchange rate of 48.23 for full fiscal year 2012. On a U.S. dollar basis, we are updating our revenue less service cost guidance in the range of
Conference Call
A telephonic replay of the conference call will be available for two weeks by dialing +1-866-214-5335 and using passcode 12476340. A one month replay of the live webcast will also be available at http://investors.makemytrip.com, shortly following the conclusion of the call.
About Non-IFRS Financial Measures
As certain parts of our revenues are recognized on a "net" basis and other parts of our revenue are recognized on a "gross" basis, we evaluate our financial performance based on revenue less service costs, which is a non-IFRS measure, as we believe that revenue less service costs reflects more accurately the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. Our revenue less service costs may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.
Constant currency results are financial measures that are not in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year.
The Company believes that adjusted operating profit, adjusted net income and change in constant currency are useful in measuring the results of the company. The IFRS measures most directly comparable to adjusted operating profit and adjusted net income are results from operating activities and income (loss) for the period, respectively. The Company believes that adjustments to these IFRS measures (including employee stock compensation costs, expenses such as follow-on public offering costs, interest accretion on financial liability related to business combination, net loss on change in the fair value of derivative financial instruments and income tax benefit (expense)) provide investors and analysts a more accurate representation of the Company's operating results.
Safe Harbor Statement
This release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, quotations from management as well as
About
MMYT-G
|
|
||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||
| (UNAUDITED) | ||
|
As at March 31, 2012 |
As at June 30, 2012 |
|
| (in USD) | ||
| Assets | ||
| Property, plant and equipment | 7,064,373 | 6,534,158 |
| Intangible assets | 8,349,403 | 8,603,724 |
| Trade and other receivables, net | 807,159 | 652,460 |
| Investment in equity-accounted investee | 838,212 | 807,105 |
| Other investment | 4,416,543 | 4,233,089 |
| Derivatives instruments | 202,054 | 178,127 |
| Term deposits | 648,506 | 639,085 |
| Other non-current assets | 449,559 | 511,795 |
| Deferred tax assets | 8,892,842 | 9,334,401 |
| Total non-current assets | 31,668,651 | 31,493,944 |
| Inventories | 2,367,548 | 455,012 |
| Current tax assets | 5,908,213 | 4,940,831 |
| Trade and other receivables, net | 20,575,261 | 19,913,465 |
| Term deposits | 43,676,624 | 51,705,655 |
| Other current assets | 21,792,776 | 20,846,563 |
| Cash and cash equivalents | 43,798,230 | 46,299,599 |
| Assets held for sale | 404,109 | -- |
| Total current assets | 138,522,761 | 144,161,125 |
| Total assets | 170,191,412 | 175,655,069 |
| Equity | ||
| Share capital | 18,576 | 18,580 |
| Share premium | 150,144,112 | 150,192,352 |
| Fair value reserve | (428,937) | (612,391) |
| Accumulated deficit | (31,827,379) | (32,632,658) |
| Share based payment reserve | 9,388,239 | 12,050,496 |
| Foreign currency translation reserve | (8,578,442) | (12,571,318) |
| Total equity attributable to equity holders of the Company | 118,716,169 | 116,445,061 |
| Non-controlling interest | 75,620 | 64,249 |
| Total equity | 118,791,789 | 116,509,310 |
| Liabilities | ||
| Loans and borrowings | 177,280 | 205,615 |
| Employee benefits | 681,135 | 707,569 |
| Other non-current liabilities | 1,487,658 | 1,105,969 |
| Total non-current liabilities | 2,346,073 | 2,019,153 |
| Loans and borrowings | 82,083 | 86,554 |
| Derivatives instruments | 149,135 | 216,247 |
| Trade and other payables | 46,697,644 | 55,103,908 |
| Deferred income | 23,122 | 21,403 |
| Other current liabilities | 2,101,566 | 1,698,494 |
| Total current liabilities | 49,053,550 | 57,126,606 |
| Total liabilities | 51,399,623 | 59,145,759 |
| Total equity and liabilities | 170,191,412 | 175,655,069 |
|
|
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||
| (UNAUDITED) | ||
|
For the three months ended |
||
| 2011 | 2012 | |
| (in USD) | ||
| Revenue | ||
| Air ticketing | 14,677,637 | 17,184,721 |
| Hotels and packages | 36,589,345 | 45,759,796 |
| Other revenue | 780,698 | 1,189,679 |
| Total revenue | 52,047,680 | 64,134,196 |
| Service cost | ||
| Procurement cost of hotel and packages services | 30,673,822 | 38,650,117 |
| Cost of air tickets coupon | 269,035 | 1,601,181 |
| Personnel expenses | 4,268,650 | 7,617,930 |
| Other operating expenses | 14,476,584 | 15,743,560 |
| Depreciation and amortization | 567,818 | 719,241 |
| Result from operating activities | 1,791,771 | (197,833) |
| Finance income | 461,833 | 886,962 |
| Finance costs | 1,504,484 | 1,640,679 |
| Net finance costs | (1,042,651) | (753,717) |
| Share of loss of equity-accounted investee | -- | (31,107) |
| Profit (Loss) before tax | 749,120 | (982,657) |
| Income tax benefit | 1,796 | 172,198 |
| Profit (Loss) for the period | 750,916 | (810,459) |
| Other comprehensive income (loss) | ||
| Foreign currency translation differences on foreign operations | (60,419) | (3,999,067) |
| Net change in fair value of available-for-sale financial assets | -- | (183,454) |
| Other comprehensive income (loss) for the period, net of tax | (60,419) | (4,182,521) |
| Total comprehensive income (loss) for the period | 690,497 | (4,992,980) |
| Profit (Loss) attributable to: | ||
| Owners of the Company | 756,849 | (805,279) |
| Non-controlling interest | (5,933) | (5,180) |
| Profit (Loss) for the period | 750,916 | (810,459) |
| Total comprehensive income (loss) attributable to: | ||
| Owners of the Company | 699,783 | (4,981,609) |
| Non-controlling interest | (9,286) | (11,371) |
| Total comprehensive income (loss) for the period | 690,497 | (4,992,980) |
| Earnings (Loss) per share | ||
| Basic | 0.02 | (0.02) |
| Diluted | 0.02 | (0.02) |
| Weighted average number of shares | ||
| Basic | 35,688,911 | 37,160,794 |
| Diluted | 36,933,491 | 37,160,794 |
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| CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||||||||||
| (UNAUDITED) | ||||||||||
| Attributable to equity holders of the Company | ||||||||||
| Share capital | Share premium | Fair value reserve | Accumulated deficit | Share based payment reserve | Foreign currency translation reserve |
Total |
Non-controlling interest | Total equity | ||
| (In USD) | ||||||||||
|
Balance as at |
18,576 | 150,144,112 | (428,937) | (31,827,379) | 9,388,239 | (8,578,442) | 118,716,169 | 75,620 | 118,791,789 | |
| Total comprehensive income (loss) for the period | ||||||||||
| Profit (loss) for the period | -- | -- | -- | (805,279) | -- | -- | (805,279) | (5,180) | (810,459) | |
| Other comprehensive income (loss) | ||||||||||
| Foreign currency translation differences | -- | -- | -- | -- | -- | (3,992,876) | (3,992,876) | (6,191) | (3,999,067) | |
| Net change in fair value of available-for-sale financial assets | -- | -- | (183,454) | -- | -- | -- | (183,454) | -- | (183,454) | |
| Total other comprehensive income (loss) | -- | -- | (183,454) | -- | -- | (3,992,876) | (4,176,330) | (6,191) | (4,182,521) | |
| Total comprehensive income (loss) for the period | -- | -- | (183,454) | (805,279) | -- | (3,992,876) | (4,981,609) | (11,371) | (4,992,980) | |
| Transactions with owners, recorded directly in equity | ||||||||||
| Contributions by owners | ||||||||||
| Share-based payment | -- | -- | -- | -- | 2,703,773 | -- | 2,703,773 | -- | 2,703,773 | |
| Issue of ordinary shares on exercise of share options | 4 | 48,240 | -- | -- | (41,516) | -- | 6,728 | -- | 6,728 | |
| Total contributions by owners | 4 | 48,240 | -- | -- | 2,662,257 | -- | 2,710,501 | -- | 2,710,501 | |
|
Balance as at |
18,580 | 150,192,352 | (612,391) | (32,632,658) | 12,050,496 | (12,571,318) | 116,445,061 | 64,249 | 116,509,310 | |
| MAKE MY TRIP LIMITED | ||
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CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) |
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For the three months ended |
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| 2011 | 2012 | |
| (in USD) | ||
| Profit (Loss) for the period | 750,916 | (810,459) |
| Adjustments for non-cash items | 1,521,723 | 4,087,708 |
| Change in working capital | 562,339 | 11,238,199 |
| Net cash from operating activities | 2,834,978 | 14,515,448 |
| Net cash used in investing activities | (27,440,212) | (10,218,568) |
| Net cash from (used in) financing activities | 36,403,020 | (84,412) |
| Increase in cash and cash equivalents | 11,797,786 | 4,212,468 |
| Cash and cash equivalents at beginning of the period | 47,874,344 | 43,798,230 |
| Effect of exchange rate fluctuations on cash held | (277,125) | (1,711,099) |
| Cash and cash equivalents at end of the period | 59,395,004 | 46,299,599 |
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| RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES | ||||||||
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Three months ended |
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| Air ticketing | Hotels and packages | Others | Total | |||||
| 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | |
| Revenue | 14,677,637 | 17,184,721 | 36,589,345 | 45,759,796 | 780,698 | 1,189,679 | 52,047,680 | 64,134,196 |
| Less: | ||||||||
| Service cost | 269,035 | 1,601,181 | 30,673,822 | 38,650,117 | -- | -- | 30,942,857 | 40,251,298 |
| Revenue less service cost | 14,408,602 | 15,583,540 | 5,915,523 | 7,109,679 | 780,698 | 1,189,679 | 21,104,823 | 23,882,898 |
| Reconciliation of Adjusted Operating Profit (Loss) |
For the three months ended |
|
| (Unaudited) | 2011 | 2012 |
| (in USD) | ||
| Result from operating activities as per IFRS | 1,791,771 | (197,833) |
| Add: Employee share-based compensation costs | (143,911) | 2,703,773 |
| Adjusted Operating Profit | 1,647,860 | 2,505,940 |
| Reconciliation of Adjusted Net Income (Loss) |
For the three months ended |
|
| (Unaudited) | 2011 | 2012 |
| (in USD) | ||
| Income (Loss) for the period as per IFRS | 750,916 | (810,459) |
| Add: Employee share-based compensation costs | (143,911) | 2,703,773 |
| Add: Cost related to follow-on public offering | 879,994 | -- |
| Add: Net loss on change in fair value of derivative financial instrument | -- | 91,038 |
| Add: Interest accretion on financial liability related to business combination | 32,374 | 7,184 |
| Add: Income tax benefit | (1,796) | (172,198) |
| Adjusted Net Income | 1,517,577 | 1,819,338 |
| Adjusted Earnings per share | ||
| Diluted | 0.04 | 0.05 |
|
For the three months ended |
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| Revenue | Revenue less service costs | |||||||
| Reported Growth and Constant Currency Growth (Unaudited) |
Air Ticketing |
Hotels and packages |
Other |
Total |
Air Ticketing |
Hotels and packages |
Other |
Total |
| Reported Growth | 17.1% | 25.1% | 52.4% | 23.2% | 8.2% | 20.2% | 52.4% | 13.2% |
| Impact of Foreign Currency Translation | 24.7% | 24.6% | 31.1% | 24.7% | 22.8% | 21.2% | 31.1% | 22.7% |
| Constant Currency Growth | 41.8% | 49.6% | 83.5% | 47.9% | 31.0% | 41.4% | 83.5% | 35.8% |
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| OPERATING DATA | ||
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For the three months ended |
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| 2011 | 2012 | |
| (in thousands, except percentages) | ||
| Number of transactions | ||
| Air ticketing | 904.1 | 822.1 |
| Hotels and packages | 73.3 | 105.7 |
| Revenue less service cost: | ||
| Air ticketing | 14,408.6 | 15,583.5 |
| Hotels and packages | 5,915.5 | 7,109.7 |
| Other revenue | 780.7 | 1,189.7 |
| 21,104.8 | 23,882.9 | |
| Gross Bookings | ||
| Air ticketing | 218,819.6 | 214,662.2 |
| Hotels and packages | 45,296.4 | 56,810.2 |
| 264,116.0 | 271,472.4 | |
| Net revenue margins | ||
| Air ticketing | 6.6% | 7.3% |
| Hotels and packages | 13.1% | 12.5% |
| Combined net revenue margin for air ticketing and hotels and packages | 7.7% | 8.4% |
CONTACT: INVESTOR RELATIONS
Jonathan Huang
MakeMyTrip Limited
+1 (646) 405-1311
jonathan.huang@makemytrip.com
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