Kingfisher Airlines

Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILE Figures in Indian Rupees

A Wright Investors' Service Research Report: Kingfisher Airlines Limited

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Quality Rating:CLNN

Kingfisher Airlines Limited is engaged in rendering scheduled and unscheduled aircraft passenger and cargo services, including charter services. The Company offers three classes of service: Kingfisher First (premium business class of service), Kingfisher Class (premium economy class of service) and Kingfisher Red (low fare basic class of service). As of March 31, 2010, the Company had a fleet of 68 aircraft, having an average schedule of 366 domestic and 12 international flights daily and a route network covering 63 domestic and seven international destinations. The Company's wholly owned subsidiary is Vitae India Spirits Limited. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company returned five Airbus A320 aircraft, 4 ATR-42 aircraft and 1 ATR-72 aircraft.

Stock Price (7/15/2011): 39.80

Stock Chart

Recent stock performance1 Week 2.2%4 Weeks 0.8%13 Weeks -11.0%52 Weeks -21.6%

Chairman & Managing Director

Dr. Vijay Mallya

Chief Executive Officer Sanjay Aggarwal

Chief Financial Officer A. Raghunathan

Secretary & Chief Compliance Officer Bharath Raghavan

Officers

Earnings / Dividends (as of 3/31/2011) Earnings Dividends

Most Recent Qtr -13.3 0.00 Last 12 Months -38.6 0.00

Ratio AnalysisPrice / Earnings Ratio N/A Dividend Yield 0.00% Price / Sales Ratio 0.32 Payout Ratio N/A

Key Data

Ticker: 532747

2011 Sales: 62,333,790,000

Major Industry: Transportation

Sub Industry: Airlines

Country: India

Currency: Indian Rupees

Fiscal Year Ends: March

Employees 7,319

Exchanges: BOM

Share Type: Ordinary

Market Capitalization: 19,811,613,075

Total Shares Outstanding: 497,779,223

Closely Held Shares: 176,217,925

Price / Book Ratio N/A % Held by Insiders 35.40%

Address24 Vittal Mallya Road Bangalore KARNATAKA 560 001 INDIA

Phone +91 80 4197-9797 Home Page http://www.flykingfisher.com.

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Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report: Kingfisher Airlines Limited Provided By CorporateInformation.com

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 7/15/2011

Company Description Kingfisher Airlines Limited is engaged in rendering scheduled and unscheduled aircraft passenger and cargo services, including charter services. The Company offers three classes of service: Kingfisher First (premium business class of service), Kingfisher Class (premium economy class of service) and Kingfisher Red (low fare basic class of service). As of March 31, 2010, the Company had a fleet of 68 aircraft, having an average schedule of 366 domestic and 12 international flights daily and a route network covering 63 domestic and seven international destinations. The Company's wholly owned subsidiary is Vitae India Spirits Limited. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company returned five Airbus A320 aircraft, 4 ATR-42 aircraft and 1 ATR-72 aircraft.

Competitor Analysis

Kingfisher Airlines Limited operates in the Air transportation, scheduled sector. This analysis compares Kingfisher Airlines Limited with three other companies: Jet Airways (India) Ltd. (2011 sales of 134.78 billion Indian Rupees [US$3.03 billion] ), Spicejet Limited (2011 sales: 28.80 billion Indian Rupees [US$646.74 million] ), and Pal Holdings Incorporated which is based in Philippines (2010 sales of 59.03 billion Philippine Pesos [US$1.37 billion] of which 100% was Airline Business). Note: not all of these companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

Kingfisher Airlines Limited reported sales of 62.33 billion Indian Rupees (US$1.40 billion) for the fiscal year ending March of 2011. This represents an increase of 24.9% versus 2010, when the company's sales were 49.90 billion Indian Rupees.

Recent Sales at Kingfisher Airlines Limited

(Figures in Billions of Indian Rupees) Kingfisher Airlines Limited currently has 7,319 employees. With sales of 62.33 billion Indian Rupees (US$1.40 billion) , this equates to sales of US$191,285 per employee.

Sales Comparisons (Most Recent Fiscal Year)

9.9

17.7

19.2

51.6

49.9

62.3

2006 2007 2008 2009 2010 2011

CompanyYear Ended

Sales (US$blns)

Sales Growth

Sales/ Emp (US$) Largest Region

Kingfisher Airlines Limited Mar 2011 1.400 24.9% 191,285 N/AJet Airways (India) Ltd. Mar 2011 3.027 16.0% 267,220 N/ASpicejet Limited Mar 2011 0.647 32.0% 284,781 N/APal Holdings Incorporated Mar 2010 1.371 -14.8% 183,141 N/A

Recent Stock Performance

In recent years, this stock has performed terribly. In fiscal year 2008, the stock traded as high as 334.45 Indian Rupees, versus 39.80 Indian Rupees on 7/15/2011. (In 2008, the stock retreated significantly from its high, and by the end of the year was at 122.00 Indian Rupees). For the 52 weeks ending 7/15/2011, the stock of this company was down 21.6% to 39.80 Indian Rupees. During the past 13 weeks, the stock has fallen 11.0%. During the 12 months ending 3/31/2011, the company has experienced losses totalling 38.55 Indian Rupees per share. Note that the earnings number Includes Or Excludes Extraordinary Charge Or Credit. This company is currently trading at 0.32 times sales. This is at a lower ratio than all three comparable companies, which are trading between 0.32 and 0.53 times their annual sales. This company has negative book value (and thus a price to book value would not make any sense).

Summary of company valuations (as of 7/15/2011).

The market capitalization of this company is 19.81 billion Indian Rupees (US$444.97 million) . The capitalization of the floating stock (i.e., that which is not closely held) is 12.80 billion Indian Rupees (US$287.45 million) .

Dividend Analysis

This company has paid no dividends during the last 12 months. The company also reported losses during the previous 12 months. The company has not paid any dividends during the previous 6 fiscal years.

Profitability Analysis On the 62.33 billion Indian Rupees in sales reported by the company in 2011, the cost of goods sold totalled 63.55 billion Indian Rupees, or 102.0% of sales (i.e., the gross profit was -2.0% of sales). This gross profit margin is better than the company achieved in 2010, when cost of goods sold totalled 117.4% of sales. In 2011, the gross margin was the highest of the previous five years (and in 2008 was as low as -49.4%). In 2011, earnings before extraordinary items at Kingfisher Airlines Limited were -10.27 billion Indian Rupees, or -16.5% of sales. This profit margin is an improvement over the level the company achieved in 2010, when the profit margin was -33.0% of sales. The company has reported losses before extraordinary items for each of the past 6 years.

Profitability Comparison

Financial Position

At the end of 2011, Kingfisher Airlines Limited had negative working capital, as current liabilities were 41.67 billion Indian Rupees while total current assets were only 29.64 billion Indian Rupees. The fact that the company has negative working capital could indicate that the company will have problems in expanding. However, negative working capital in and of itself is not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the company has large financial subsidiaries. At the end of 2011, the company had negative common shareholder's equity of -29.51 billion Indian Rupees. This means that at the present time, the common shareholders have essentially no equity in the company. This is further compounded by the fact that among the assets the company does have on its balance sheet, there are 1.26 billion Indian Rupees in intangible assets. This company's total liabilities are higher than total equity, which means that the money this company owes are greater than all of the assets of the company. As of March 2011, the company's long term

Company P/EPrice/

BookPrice/ Sales

52 Wk Pr Chg

Kingfisher Airlines Limited N/A N/A 0.32 -21.60%Jet Airways (India) Ltd. N/A 2.74 0.32 -17.93%Spicejet Limited 13.5 4.78 0.53 -32.68%Pal Holdings Incorporated 6.6 19.10 0.45 N/A

Company Year

Gross Profit Margin

EBITDA Margin

Earns bef. extra

Kingfisher Airlines Limited 2011 -2.0% N/A -16.5%Kingfisher Airlines Limited 2010 -17.4% -19.7% -33.0%

Jet Airways (India) Ltd. 2011 N/A 3.9% -0.6%Spicejet Limited 2011 N/A 2.1% 3.5%Pal Holdings Incorporated 2010 N/A 0.7% 0.3%

debt was 70.57 billion Indian Rupees and total liabilities (i.e., all monies owed) were 82.96 billion Indian Rupees. Financial Positions

Company YearLT Debt/ Equity

Kingfisher Airlines Limited 2011 -2.39Jet Airways (India) Ltd. 2011 8.57Spicejet Limited 2011 0.27Pal Holdings Incorporated 2010 21.03

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Kingfisher Airlines Limited Per Share- Indian Rupees

Year Price Value Ratios Equity Capital Earnings Dividends

Fiscal Yr Ends: March

Market Price Last

Price/ Earnings

Ratio

Price/ Book Ratio

Dividend Yield

% Earned Growth

% Profit Rate (ROE)

Book Value Begin

Yr

12 Month Earnings

Per Share

% Change

% Payout Ratio

12 Month Dividends Per Share

2006 B 85.80 n/c n/c 0.0% n/c n/c n/a D -54.59 n/c n/c 0.00

2007 137.50 n/c 6.0 0.0% -185.0%

-185.0% 22.83 AD -

42.24 n/c n/c 0.00

2008 BC 122.00 n/c 4.3 0.0% -69.4% -69.4% 28.40 AD -19.70 n/c n/c 0.00

2009 33.45 n/c 2.3 0.0% -493.9%

-493.9% 14.64 D -72.33 n/c n/c 0.00

2010 46.80 n/c n/c 0.0% n/c n/c -83.58 AD -61.95 n/c n/c 0.00

2011 39.80 n/c n/c 0.0% n/c n/c -149.20 AD -38.55 n/c n/c 0.00

7/15/2011 39.80 n/c n/c 0.0% n/a n/a -59.29 -38.55 n/c n/c 0.00

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 13.45 PRETAX CHG IN FIS 2010 (2.18 PRETAX CHG MAR , 8.18 PRETAX CHG DEC, 1.75 PRETAX CHG SEP& 1.34 PRETAX CHG JUN), INCLS 0.98 CR & 1.84 PRETAX CR IN FIS 2008, INCLS 29.04 PRETAX CR JUN 2007, EXCLS 1.18 CHG IN FIS 2005, EXCLS 0.02 CHG IN FIS 2004

(B): YEAR END CHANGED FROM JUN IN FIS 2008. 2008 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH MAR, YEAR END CHANGED FROM MAR IN FIS 2006. 2006 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH JUN

(C): NAME CHANGED FROM DECCAN AVIATION LTD IN SEP 2008

(D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2005 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2004 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2003 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2002 ANNUAL REPORT NOT AVAILABLE


Company Fundamentals\Sales AnalysisSALES ANALYSIS: Kingfisher Airlines Limited Figures in thousands of Indian Rupees

Year

SalesCost of

Goods Sold

Earnings before Interest, Taxes,

Depreciation, and Amortization

(EBITDA)

After Tax Income before

Extraordinary Charges and

Credits Employees

Amount in

thousands

Year-to-year

Growth

Amount in

thousands% of Sales

Amount in

thousands% of

Sales

Amount in

thousands% of

Sales Number

Sales Per

Employee

After Tax Income

Per Employee

2002 195,480 n/c 174,620 89.3% 21,380 10.9% 9,080 4.6% n/a n/a n/a

2003 234,150 19.8% 197,330 84.3% 37,590 16.1% 6,240 2.7% n/a n/a n/a

2004 629,390 168.8% 605,170 96.2% 68,400 10.9% 5,970 0.9% n/a n/a n/a

2005 3,055,540 385.5% 3,193,980 104.5% 8,850 0.3% -167,890 -5.5% n/a n/a n/a

2006 9,891,156 223.7% 12,955,986 131.0% -2,350,418 -23.8% -2,724,377 -

27.5% 2,800 3,532,556 -972,992

2007 17,704,117 79.0% 24,817,894 140.2% -3,415,329 -19.3% -4,195,761 -

23.7% 3,058 5,789,443 -1,372,061

2008 19,218,550 8.6% 28,717,043 149.4% -8,153,677 -42.4% -2,673,240 -

13.9% 3,178 6,047,373 -841,171

2009 51,632,419 168.7% 70,262,478 136.1% -12,998,849

-25.2%

-16,088,299

-31.2% 8,614 5,994,012 -

1,867,692

2010 49,896,733 -3.4% 58,586,607 117.4% -11,869,002

-23.8%

-16,472,206

-33.0% 7,319 6,817,425 -

2,250,609

2011 62,333,790 24.9% 63,552,939 102.0% 331,947 0.5% -10,273,980

-16.5% n/a n/a n/a


Company Fundamentals\Price Analysis

PRICE ANALYSIS: Kingfisher Airlines Limited Per Share- Indian Rupees

QuarterHigh Price

Low Price

Closing Price

Quarterly %Change

12 months

%Change

2006 Apr - Jun 129.900 81.100 85.800 n/a n/a

Jul - Sep 122.700 64.100 103.200 20.3% n/a

Oct - Dec 154.850 95.750 136.450 32.2% n/a

2007 Jan - Mar 162.900 92.000 92.250 -32.4% n/a

Apr - Jun 175.000 86.000 137.500 49.1% 60.3%

Jul - Sep 152.300 130.250 146.300 6.4% 41.8%

Oct - Dec 334.450 127.050 276.800 89.2% 102.9%

2008 Jan - Mar 306.000 99.300 122.000 -55.9% 32.2%

Apr - Jun 158.450 59.000 59.900 -50.9% -56.4%

Jul - Sep 96.300 52.000 60.250 0.6% -58.8%

Oct - Dec 64.500 22.100 40.800 -32.3% -85.3%

2009 Jan - Mar 44.850 24.400 33.450 -18.0% -72.6%

Apr - Jun 73.450 31.200 50.150 49.9% -16.3%

Jul - Sep 60.000 39.500 56.100 11.9% -6.9%

Oct - Dec 64.650 41.400 63.200 12.7% 54.9%

2010 Jan - Mar 67.500 46.500 46.800 -25.9% 39.9%

Apr - Jun 52.600 39.300 49.550 5.9% -1.2%

Jul - Sep 75.450 48.150 74.150 49.6% 32.2%

Oct - Dec 90.150 56.350 66.300 -10.6% 4.9%

2011 Jan - Mar 67.700 36.800 39.800 -40.0% -15.0%

Apr - Jun 49.000 35.000 40.100 0.8% -19.1%

7/15/2011 39.800 -11.0% -21.6%


Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: Kingfisher Airlines Limited Per Share- Indian Rupees Fiscal Year Ends in March

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 13.45 PRETAX CHG IN FIS 2010 (2.18 PRETAX CHG MAR , 8.18 PRETAX CHG DEC, 1.75 PRETAX CHG SEP& 1.34 PRETAX CHG JUN), INCLS 0.98 CR & 1.84 PRETAX CR IN FIS 2008, INCLS 29.04 PRETAX CR JUN 2007, EXCLS 1.18 CHG IN FIS 2005, EXCLS 0.02 CHG IN FIS 2004

(B): YEAR END CHANGED FROM JUN IN FIS 2008. 2008 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH MAR, YEAR END CHANGED FROM MAR IN FIS 2006. 2006 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH JUN

(C): NAME CHANGED FROM DECCAN AVIATION LTD IN SEP 2008

(D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2005 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2004 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2003 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2002 ANNUAL REPORT NOT AVAILABLE

Fiscal Years

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Earnings%

ChangeQ1

Jun.Q2

Sep.Q3

Dec.Q4

Mar. Dividends%

ChangeQ1

Jun.Q2

Sep.Q3

Dec.Q4

Mar.%

Payout

2002 D

D 1.68 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 11.0%

2003 D

D 0.57 -66.1% n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 16.0%

2004 D

AD 0.36 -36.8% n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 17.9%

2005 D

AD -7.20 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a n/c

2006 B

D -54.59 n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0%

2007 AD -

42.24 n/c -4.71 1.06 -21.28

-17.31 0.00 n/c n/a n/a n/a 0.00 0.0%

2008 BC

AD -19.70 n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0%

2009 D -

72.33 n/c -12.92

-22.18

-15.55

-21.68 0.00 n/c n/a n/a n/a 0.00 0.0%

2010 AD -

61.95 n/c -9.08 -15.66

-15.70

-21.51 0.00 n/c n/a n/a n/a 0.00 0.0%

2011 AD -

38.55 n/c -7.05 -8.68 -9.54 -13.28 n/a n/c n/a n/a n/a n/a n/c


Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Kingfisher Airlines Limited Figures are expressed as Percent of Total Assets. Total Assets are in millions of Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006

Fiscal Year End Date 3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006

Assets

Total Assets 51,659.0 53,663.1 13,012.7 17,574.9 11,157.8

Cash & Short Term Investments 4.0% 3.2% 21.5% 46.5% 23.0%

Cash 1.0% 0.9% 0.4% 24.0% 16.2%

Short Term Investments 3.0% 2.3% 21.1% 22.5% 6.7%

Receivables (Net) 24.0% 13.8% 22.8% 8.7% 13.8%

Inventories -Total 3.2% 2.7% 3.7% 3.5% 5.1%

Raw Materials 0.0% 0.0%

Work in Process 0.0% 0.0%

Finished Goods 0.0% 0.0%

Progress Payments & Other 2.7% 3.7% 3.5% 5.1%

Prepaid Expenses 0.3% 0.2% 0.7% 0.1% 0.1%

Other Current Assets 16.0% 17.1% 1.9% 1.7% 8.1%

Current Assets - Total 47.6% 37.1% 50.7% 60.5% 50.1%

Long Term Receivables

Investment in Associated Companies 0.0% 0.0% 0.0% 0.0%

Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%

Property Plant and Equipment - Gross 57.7% 64.8% 50.9% 39.4% 47.7%

Accumulated Depreciation 9.1% 5.6% 3.2% 1.9% 1.4%

Property Plant and Equipment – Net 48.6% 59.2% 47.7% 37.6% 46.3%

Other Assets 3.8% 3.7% 1.6% 1.9% 3.6%

Deferred Charges 2.8% 3.2% 1.3% 1.6% 3.5%

Tangible Other Assets 0.5% 0.0% 0.0% 0.0%

Intangible Other Assets 0.5% 0.5% 0.3% 0.2% 0.1%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity 51,659.0 53,663.1 13,012.7 17,574.9 11,157.8

Accounts Payable 50.4% 52.9% 31.2% 12.4% 25.2%

Short Term Debt & Current Portion of Long Term Debt 97.2% 58.9% 32.8% 41.0% 17.8%

Accrued Payroll 0.0% 0.2% 0.3% 0.1% 0.1%

Income Taxes Payable 0.0% 0.2% 0.1% 0.2%

Dividends Payable 0.0% 0.0% 0.0% 0.0% 0.0%

Other Current Liabilities 21.8% 14.0% 18.2% 13.5% 11.5%

Current Liabilities - Total 169.3% 126.2% 82.7% 67.0% 54.8%

Long Term Debt 52.5% 44.4% 40.0% 10.9% 24.9%

Long Term Debt Excluding Capitalized Leases 38.5% 44.4% 32.7% 4.8% 5.7%

Capitalized Lease Obligations 14.0% 0.0% 7.3% 6.1% 19.2%

Provision for Risks and Charges 0.2% 0.2% 0.3% 0.2% 0.2%

Deferred Income 0.0% 0.0% 0.0% 0.0%

Deferred Taxes -47.1% -31.1% -38.3% 0.0% 0.0%

Deferred Taxes - Credit 7.9% 6.8% 2.3%

Deferred Taxes - Debit 55.0% 37.9% 40.6%

Deferred Tax Liability in Untaxed Reserves

Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%

Total Liabilities 174.9% 139.6% 84.7% 78.1% 79.9%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 0.0% 0.0% 0.0% 0.0%

Preferred Stock 1.9% 1.8% 0.0% 0.0% 0.0%

Preferred Stock Issued for ESOP

ESOP Guarantees - Preferred Issued

Common Equity -76.8% -41.4% 15.3% 21.9% 20.1%

Total Liabilities & Shareholders' Equity 100.0% 100.0% 100.0% 100.0% 100.0%


Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Kingfisher Airlines Limited Figures are the Percent Changes from the Prior Year. Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets -3.7% 312.4% -26.0% 57.5% 192.1%

Cash & Short Term Investments 20.1% -38.6% -65.7% 218.6% 209.3%

Cash 3.0% 746.6% -98.6% 133.0% 118.5%

Short Term Investments 27.0% -55.4% -30.6% 424.5%

Receivables (Net) 67.3% 150.0% 93.5% -0.2% 262.6%

Inventories -Total 12.0% 202.7% -21.1% 7.6% 57.3%

Raw Materials

Work in Process

Finished Goods

Progress Payments & Other 202.7% -21.1% 7.6% 57.3%

Prepaid Expenses 37.3% 31.6% 276.8% 100.1%

Other Current Assets -9.6% 3,621.8% -15.6% -67.7% 464.2%

Current Assets - Total 23.5% 201.5% -38.0% 90.3% 214.5%


Investment in Associated Companies 0.0% -100.0%

Other Investments -100.0% -100.0% -7.7%

Property Plant and Equipment - Gross -14.3% 425.5% -4.5% 30.3% 155.4%


Property Plant and Equipment – Net -21.0% 411.9% -6.0% 28.0% 153.2%

Other Assets -1.2% 854.2% -36.3% -18.5%

Deferred Charges -14.8% 927.1% -42.1% -26.4%

Tangible Other Assets

Intangible Other Assets -17.5% 573.4% 3.9% 215.5%

Total Assets -3.7% 312.4% -26.0% 57.5% 192.1%


Total Liabilities & Shareholders' Equity -3.7% 312.4% -26.0% 57.5% 192.1%

Accounts Payable -8.3% 598.0% 85.8% -22.2%

Short Term Debt & Current Portion of Long Term Debt 58.9% 640.0% -40.8% 262.3% 4,588.5%

Accrued Payroll -100.0% 236.8% 75.4% 45.1%

Income Taxes Payable -100.0% 625.0%

Dividends Payable -0.0% 0.0% -61.0% 0.0%

Other Current Liabilities 49.8% 216.4% 0.3% 85.0% 16.1%

Current Liabilities - Total 29.2% 529.2% -8.7% 92.6% 434.8%

Long Term Debt 14.0% 357.1% 172.8% -31.3% -0.7%

Long Term Debt Excluding Capitalized Leases -16.5% 459.4% 404.2% 32.5% -77.0%

Capitalized Lease Obligations -100.0% -10.6% -50.3% 7,499.0%

Provision for Risks and Charges 16.0% 137.0% 9.4% 71.9%

Deferred Income

Deferred Taxes

Deferred Taxes - Credit 11.6% 1,102.0%

Deferred Taxes - Debit 39.7% 284.7%


Other Liabilities

Total Liabilities 20.6% 579.6% -19.7% 54.0% 126.1%

Non-Equity Reserves

Minority Interest

Preferred Stock 0.0%



Common Equity -1,217.5% -48.3% 71.6%

Total Liabilities & Shareholders' Equity -3.7% 312.4% -26.0% 57.5% 192.1%


Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Kingfisher Airlines Limited Figures in millions of Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets 29,413.5 19,845.6 9,262.8 6,708.6 3,219.8

Cash & Short Term Investments 3,464.0 3,216.9 2,905.1 2,348.9 715.7

Cash 1,418.7 1,482.8 1,415.9 1,408.3 565.1

Short Term Investments 2,045.2

Receivables (Net) 5,171.6 2,775.1 1,328.0 749.3 458.2

Inventories -Total 959.3 702.4 431.8 342.2 223.4

Raw Materials

Work in Process

Finished Goods

Progress Payments & Other 702.4

Prepaid Expenses 86.6

Other Current Assets 3,774.6 2,150.9 324.4 275.7 218.5

Current Assets - Total 13,456.1 8,897.2 5,016.0 3,723.8 1,618.3


Investment in Associated Companies

Other Investments 0.8 1.7 1.7 1.7 1.9

Property Plant and Equipment - Gross 16,693.9 11,149.7 4,247.7 2,946.1 1,564.7

Accumulated Depreciation 1,722.4 792.7 192.0 110.5 45.9

Property Plant and Equipment – Net 14,971.4 10,356.9 4,055.7 2,835.6 1,518.8

Other Assets 984.1 588.8 188.6 146.6 80.8

Deferred Charges 802.1

Tangible Other Assets

Intangible Other Assets 126.0 77.9 19.6 11.0 2.6

Total Assets 29,413.5 19,845.6 9,262.8 6,708.6 3,219.8



Accounts Payable 12,691.4

Short Term Debt & Current Portion of Long Term Debt 19,048.5 9,018.0 2,733.4 1,889.4 454.2

Accrued Payroll 42.1

Income Taxes Payable

Dividends Payable 0.4

Other Current Liabilities 4,953.3 2,924.7 1,475.7 1,017.6 553.3

Current Liabilities - Total 36,768.9 19,504.5 6,045.4 3,918.9 1,577.4

Long Term Debt 12,167.8 7,300.6 2,576.8 1,546.2 1,165.0

Long Term Debt Excluding Capitalized Leases 9,885.1 6,463.1 1,739.3 899.3 731.1

Capitalized Lease Obligations 2,282.7 837.5 837.5 647.0 433.9

Provision for Risks and Charges 58.1

Deferred Income

Deferred Taxes -9,205.2 -4,336.5 -997.0 0.6 0.6

Deferred Taxes - Credit

Deferred Taxes - Debit


Other Liabilities 0.0 0.0 0.0 0.0 0.0

Total Liabilities 39,789.7 22,505.6 7,643.9 5,476.9 2,747.1

Non-Equity Reserves 0.0 0.0 0.0 0.0 0.0

Minority Interest

Preferred Stock 388.0 194.0 0.0 0.0 0.0



Common Equity -10,764.2 -2,854.0 1,618.9 1,231.7 472.7



Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Kingfisher Airlines Limited Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 49,896.7 51,632.4 19,218.6 17,704.1 9,891.2

Cost of Goods Sold 117.4% 136.1% 149.4% 140.2% 131.0%

Depreciation, Depletion & Amortization 4.4% 3.3% 2.5% 2.5% 2.6%

Gross Income -21.8% -39.4% -52.0% -42.7% -33.6%

Selling, General & Administrative Expenses

Other Operating Expenses 2.3% 0.6% 1.1% -0.1% 1.6%

Operating Expenses - Total 124.0% 140.0% 153.0% 142.5% 135.2%

Operating Income -24.0% -40.0% -53.0% -42.5% -35.2%

Extraordinary Credit - Pretax 0.0% 10.3% 0.0% 0.0% 0.0%

Extraordinary Charge - Pretax 7.2% 4.6% 0.0% 0.0% 0.0%

Non-Operating Interest Income 0.2% 0.1% 1.3% 1.0% 0.1%

Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0%

Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

Other Income/Expense - Net 2.9% 5.7% 6.7% 19.8% 8.7%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) -23.8% -25.2% -42.4% -19.3% -23.8%

Earnings before Interest & Taxes(EBIT) -28.1% -28.5% -45.0% -21.8% -26.4%

Interest Expense on Debt 20.2% 15.9% 4.5% 2.8% 1.2%

Interest Capitalized 2.4% 1.0% 0.9% 0.0%

Pretax Income -48.3% -42.0% -48.5% -23.7% -27.5%

Income Taxes -15.3% -10.8% -34.6% 0.0% 0.0%

Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%

Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

After Tax Other Income/Expense 0.0% 0.0% 0.0% 0.0% 0.0%

Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income before Extraordinary Items/Preferred Dividends -33.0% -31.2% -13.9% -23.7% -27.5%

Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available to Common -33.0% -31.2% -13.9% -23.7% -27.5%


Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Kingfisher Airlines Limited Figures are the Percent Changes from the Prior Year. Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues -3.4% 168.7% 8.6% 79.0% 223.7%

Cost of Goods Sold -16.6% 144.7% 15.7% 91.6% 305.6%

Depreciation, Depletion & Amortization 26.6% 251.7% 11.1% 70.1% 194.0%

Gross Income


Other Operating Expenses 267.9% 50.3% -113.4%

Operating Expenses - Total -14.4% 145.8% 16.5% 88.8% 307.4%

Operating Income

Extraordinary Credit - Pretax -100.0%

Extraordinary Charge - Pretax 50.6%

Non-Operating Interest Income 20.9% -70.0% 46.7% 1,480.8% 88.1%

Reserves - Increase/Decrease

Pretax Equity in Earnings

Other Income/Expense - Net -51.1% 126.0% -63.0% 308.3% 506.7%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) -

26,658.4%

Earnings before Interest & Taxes(EBIT)

Interest Expense on Debt 23.0% 841.6% 76.5% 325.7% 13.3%

Interest Capitalized 519.9% 30.9%

Pretax Income

Income Taxes

Minority Interest

Equity in Earnings

After Tax Other Income/Expense

Discontinued Operations

Net Income before Extraordinary Items/Preferred Dividends

Extraordinary Items & Gain/Loss Sale of Assets

Preferred Dividend Requirements

Net Income after Preferred Dividends - available to Common


Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Kingfisher Airlines Limited Figures in millions of Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 29,668.6 20,300.4 10,099.8 6,302.9 2,801.1

Cost of Goods Sold 39,068.0 27,989.5 14,058.0 8,354.1 3,425.4

Depreciation, Depletion & Amortization 1,014.8 597.8 258.8 163.5 76.9

Gross Income -10,414.2 -8,286.9 -4,217.1 -

2,214.7 -701.2


Other Operating Expenses 354.4 128.9 67.6 26.8 31.0

Operating Expenses - Total 40,437.2 28,716.2 14,384.4 8,544.4 3,533.3

Operating Income -10,768.6 -8,415.8 -4,284.7 -

2,241.5 -732.2

Extraordinary Credit - Pretax 1,061.6 1,061.6 0.0 0.0 0.0

Extraordinary Charge - Pretax 1,190.4 475.1 0.0 0.0 0.0

Non-Operating Interest Income 120.9 103.6

Reserves - Increase/Decrease 0.0

Pretax Equity in Earnings 0.0 0.0 0.0 0.0 0.0

Other Income/Expense - Net 2,004.2 1,745.9 1,169.0 910.0 209.1

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) -7,757.5 -5,381.9 -2,768.4 -

1,130.2 -442.8

Earnings before Interest & Taxes(EBIT) -8,772.3 -5,979.7 -3,027.3 -1,293.7 -519.8

Interest Expense on Debt 3,949.1 1,954.2 323.8 152.9 55.4

Interest Capitalized

Pretax Income -12,405.8 -7,618.3 -3,281.2 -

1,416.3 -575.2

Income Taxes -3,975.0 -2,448.4 -1,330.1 -1.1 -1.0

Minority Interest 0.0 0.0 0.0 0.0 0.0

Equity in Earnings 0.0 0.0 0.0 0.0 0.0

After Tax Other Income/Expense 0.0 0.0 0.0 0.0 0.0

Discontinued Operations 0.0

Net Income before Extraordinary Items/Preferred Dividends -8,430.8 -5,169.9 -1,951.1 -

1,415.2 -574.2

Extraordinary Items & Gain/Loss Sale of Assets 0.0 -5.5 -5.6 -5.6 -5.6

Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0

Net Income after Preferred Dividends - available to Common -8,430.8 -5,169.9 -1,951.1 -

1,415.2 -574.2


Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Kingfisher Airlines Limited Currency figures are in millions of Indian Rupees. Year to year % changes pertain to reported Balance Sheet values. Fiscal Year 2010 2009 2008 2007 2006


Total Capital -11,569.2 2,553.7 7,197.5 5,756.4 5,019.7

Percent of Total Capital

Short Term Debt 1,236.7% 59.3% 125.2% 39.6%

Long Term Debt 932.3% 72.4% 33.2% 55.3%

Other Liabilities 0.0% 0.0% 0.0% 0.0%

Total Liabilities 2,933.6% 153.2% 238.5% 177.6%

Minority Interest 0.0% 0.0% 0.0%

Preferred Stock 38.0% 0.0% 0.0% 0.0%

Retained Earnings -1,009.0% -71.5%

Common Equity -870.2% 27.6% 66.8% 44.7%

Total Capital 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt 1,861.2 2,731.4 -293.9 521.8 194.7

Long Term Debt 332.8 1,859.8 329.9 -86.9 -2.1

Other Liabilities 0.0 0.0 0.0 0.0 0.0

Total Liabilities 1,544.7 6,389.3 -270.4 481.2 497.3

Minority Interest 0.0 0.0 0.0

Preferred Stock 0.0 97.0 0.0 0.0 0.0

Retained Earnings 2,576.6

Common Equity -1,745.1 -2,421.2 -185.8 160.6 236.5

Total Capital -1,412.3 -464.4 144.1 73.7 234.4

Year to Year Percent Changes

Short Term Debt 58.9% 640.0% -40.8% 262.3% 4,588.5%

Long Term Debt 14.0% 357.1% 172.8% -31.3% -0.7%

Other Liabilities

Total Liabilities 20.6% 579.6% -19.7% 54.0% 126.1%

Minority Interest

Preferred Stock 0.0%

Retained Earnings

Common Equity -1,217.5% -48.3% 71.6%

Total Capital -553.0% -64.5% 25.0% 14.7% 87.6%

Total Liabilities & Common Equity

Total Liabilities 90,363.6 74,916.5 11,024.0 13,728.0 8,916.4

Net Change in Liabilities as % of Total Liabilities 17.1% 85.3% -24.5% 35.0% 55.8%

Common Equity -39,674.6 -22,223.5 1,988.7 3,847.0 2,241.4

Net Change in Common Equity as % of Common Equity -93.4% 41.7% 105.5%

Cash Flow

Operating Activities -26,026.0 13,665.7 -5,566.9 -5,734.1 -1,917.6

Financing Activities 24,128.4 -10,311.2 226.8 10,198.5 7,118.1

Investing Activities -2,243.6 1,864.1 29.1 -1,141.3 3,465.1Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Kingfisher Airlines Limited Fiscal Year 2010 2009 2008 2007 2006


Receivables Turnover 4.0 7.0 6.5 11.5 6.4

Receivables - Number of Days 74.0 36.7 42.7 31.6 36.2

Inventory Turnover 37.5 71.7 52.1 41.8 27.7

Inventory - Number of Days 9.7 5.1 7.0 8.7 13.2

Gross Property, Plant & Equipment Turnover 1.7 1.5 2.9 2.6 1.9

Net Property, Plant & Equipment Turnover 2.0 1.6 3.1 2.7 1.9

Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment

7.3% 4.9% 7.4% 6.3% 4.9%

Depreciation, Depletion & Amortization Year to Year Change

45.7 122.8 4.9 18.1 17.0

Depreciation, Depletion & Amortization Year to Year % Change

26.6% 251.7% 11.1% 70.1% 194.0%


Financial Ratio Analyses\Asset Utilization

Asset Utilization: Kingfisher Airlines Limited Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006


Net Sales 49,896.7 51,632.4 19,218.6 17,704.1 9,891.2

Cash & Cash Equivalents 4.1% 3.3% 14.6% 46.2% 25.9%

Short-Term Investments 3.1% 2.4% 14.3% 22.3% 7.6%

Accounts Receivable 24.9% 14.4% 15.4% 8.7% 15.5%

Inventories 3.3% 2.9% 2.5% 3.5% 5.8%

Other Current Assets 16.6% 17.7% 1.3% 1.6% 9.1%

Total Current Assets 49.2% 38.5% 34.3% 60.1% 56.5%

Total Long Term Receivables & Investments 0.0% 0.0% 0.0% 0.0% 0.0%


Investments in Associated Companies 0.0% 0.0% 0.0% 0.0%

Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%

Property, Plant & Equipment - Gross 59.7% 67.4% 34.5% 39.1% 53.8%


Property Plant & Equipment - Net 50.3% 61.5% 32.3% 37.3% 52.2%

Other Assets 4.0% 3.9% 1.1% 1.9% 4.1%

Total Assets 103.5% 103.9% 67.7% 99.3% 112.8%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Kingfisher Airlines Limited Values per Employee are in Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006


Employees 7,319 8,614 3,178 3,058 2,800

Values per Employee

Sales 6,817,425 5,994,012 6,047,373 5,789,443 3,532,556

Net Income -2,250,609 -1,867,692 -841,171 -

1,372,061 -972,992

Cash Earnings -2,974,979 596,623 -2,231,638

-2,177,768

-1,277,780

Working Capital -8,593,409 -5,552,264

-1,310,827 -374,980 -189,071

Total Debt 10,565,703 6,430,214 2,982,051 2,981,292 1,702,736

Total Capital -1,580,708 296,461 2,264,779 1,882,394 1,792,746

Total Assets 7,058,202 6,229,749 4,094,622 5,747,195 3,984,933

Year to Year % Change per Employee

Employees -15.0% 171.1% 3.9% 9.2%

Sales 13.7% -0.9% 4.5% 63.9%

Net Income

Cash Earnings -598.6%

Working Capital

Total Debt 64.3% 115.6% 0.0% 75.1%

Total Capital -633.2% -86.9% 20.3% 5.0%

Total Assets 13.3% 52.1% -28.8% 44.2% Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Kingfisher Airlines Limited Fiscal Year 2010 2009 2008 2007 2006


EBIT/Total Interest Expense -1.4 -1.8 -9.9 -7.8 -22.5

EBIT/Net Interest -1.4 -1.8 -14.0 -12.0 -24.9

EBIT/(Total Interest Exp + Pfd Div) -1.4 -1.8 -9.9 -7.8 -22.5

EBIT/Dividends on Common Shares

EBIT/(Dividends on Common + Pfd)

EBITDA/Total Interest Expense -1.2 -1.6 -9.4 -6.9 -20.3

EBITDA/Net Interest -1.2 -1.6 -13.2 -10.7 -22.4

EBITDA/(Total Interest Exp + Pfd Div) -1.2 -1.6 -9.4 -6.9 -20.3

EBITDA/Dividends on Com Shares

EBITDA/(Dividends on Com + Pfd) Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Kingfisher Airlines Limited Fiscal Year 2010 2009 2008 2007 2006


Long Term Debt % of EBIT

Long Term Debt % of EBITDA

Long Term Debt % of Total Assets 52.5% 44.4% 40.0% 10.9% 24.9%

Long Term Debt % of Total Capital 932.3% 72.4% 33.2% 55.3%

Long Term Debt % of Com Equity -68.4% -107.1% 261.9% 49.6% 124.0%

Total Debt % of EBIT

Total Debt % of EBITDA

Total Debt % of Total Assets 149.7% 103.2% 72.8% 51.9% 42.7%

Total Debt % of Total Capital 2,169.0% 131.7% 158.4% 95.0%

Total Debt % of Total Capital & Short Term Debt 200.2% 162.3% 82.7% 70.3% 68.0%

Total Debt % of Common Equity -194.9% -249.2% 476.5% 237.0% 212.7%

Minority Interest % of EBIT

Minority Interest % of EBITDA

Minority Interest % of Total Assets 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Total Capital 0.0% 0.0% 0.0%

Minority Interest % of Com Equity 0.0% 0.0%

Preferred Stock % of EBIT

Preferred Stock % of EDITDA

Preferred Stock % of Total Assets 1.9% 1.8% 0.0% 0.0% 0.0%

Preferred Stock % of Total Capital -8.4% 38.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Equity 0.0% 0.0% 0.0%

Common Equity % of Total Assets -76.8% -41.4% 15.3% 21.9% 20.1%

Common Equity % of Total Capital -870.2% 27.6% 66.8% 44.7%

Total Capital % of Total Assets -22.4% 4.8% 55.3% 32.8% 45.0%

Capital Expenditure % of Sales 0.0% 7.7% 1.5% 10.3% 40.1%

Fixed Assets % of Common Equity -63.3% -143.0% 312.1% 171.7% 230.3%

Working Capital % of Total Capital -1,872.8% -57.9% -19.9% -10.5%

Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0%

Funds From Operations % of Total Debt -28.2% 9.3% -74.8% -73.0% -75.0%


Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Kingfisher Airlines Limited Fiscal Year 2010 2009 2008 2007 2006


Total Current Assets % Net Sales 49.2% 38.5% 34.3% 60.1% 56.5%

Cash % of Current Assets 2.1% 2.5% 0.9% 39.7% 32.4%

Cash & Equivalents % of Current Assets 8.4% 8.6% 42.5% 76.8% 45.9%

Quick Ratio 0.2 0.1 0.5 0.8 0.7

Receivables % of Current Assets 50.5% 37.3% 45.0% 14.4% 27.5%

Receivable Turnover - number of days 74.0 36.7 42.7 31.6 36.2

Inventories % of Current Assets 6.7% 7.4% 7.4% 5.8% 10.2%

Inventory Turnover - number of days 9.7 5.1 7.0 8.7 13.2

Inventory to Cash & Equivalents - number of days 450.8 420.2 2,073.1 4,773.2 1,612.4

Receivables % of Total Assets 24.0% 13.8% 22.8% 8.7% 13.8%

Current Ratio 0.3 0.3 0.6 0.9 0.9

Total Debt % of Total Capital 200.2% 162.3% 82.7% 70.3% 68.0%

Funds from Operations % of Current Liabilities -24.9% 7.6% -65.9% -56.5% -58.5%

Funds from Operations % of Long Term Debt -80.2% 21.6% -136.2% -348.8% -128.8%

Funds from Operations % of Total Debt -28.2% 9.3% -74.8% -73.0% -75.0%

Funds from Operations % of Total Capital 201.2% -98.5% -115.7% -71.3%

Cash Flow (in milllions of Indian Rupees)

Operating Activities -26,026.0 13,665.7 -5,566.9 -5,734.1 -1,917.6

Financing Activities 24,128.4 -10,311.2 226.8 10,198.5 7,118.1

Investing Activities -2,243.6 1,864.1 29.1 -1,141.3 3,465.1


Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Kingfisher Airlines Limited Figures are expressed as per unit of respective shares. Figures are in Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006


Sales 187.65 194.17 141.52 130.69 100.74

Operating Income -45.09 -77.67 -75.04 -55.60 -35.42

Pre-tax Income -90.70 -81.52 -68.58 -30.97 -27.75

Net Income (Continuing Operations) -90.93 -81.52 -50.53 -30.97 -34.69

Net Income Before Extra Items -61.95 -60.50 -19.69 -30.97 -27.75

Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income After Extraordinary Items -61.95 -60.50 -19.69 -30.97 -27.75

Net Income Available to Common Shares -61.95 -72.33 -19.70 -42.24 -54.59

Fully Diluted Earnings -61.95 -72.33 -19.70 -42.24 -54.59

Common Dividends 0.00 0.00 0.00 0.00 0.00

Cash Earnings -81.88 23.10 -52.28 -67.05 -71.69

Book Value -149.20 -83.58 14.64 28.40 22.83

Retained Earnings 0.00 -96.90 -36.57

Assets 194.27 201.81 95.82 129.73 113.64Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Kingfisher Airlines Limited Currency figures are in Indian Rupees. Fiscal Year 2010 2009 2008 2007 2006


Gross Income Margin -21.8% -39.4% -52.0% -42.7% -33.6%

Operating Income Margin -24.0% -40.0% -53.0% -42.5% -35.2%

Pretax Income Margin -48.3% -42.0% -48.5% -23.7% -27.5%

EBIT Margin -28.1% -28.5% -45.0% -21.8% -26.4%

Net Income Margin -33.0% -31.2% -13.9% -23.7% -27.5%

Return on Equity - Total -91.6% -137.8% -257.3%

Return on Invested Capital -17.6% -40.0% -16.4% -38.6% -53.6%

Return on Assets -12.1% -27.4% -13.1% -26.8% -34.8%

Asset Turnover 1.0 1.0 1.5 1.0 0.9

Financial Leverage -194.9% -249.2% 476.5% 237.0% 212.7%

Interest Expense on Debt 10,076,660,000 8,190,492,855 869,803,925 492,675,740 115,724,475

Effective Tax Rate

Cash Flow % Sales -43.6% 10.0% -36.9% -37.6% -36.2%

Selling, General & Administrative Expenses % of Sales

Research & Development Expense

Operating Income

Return On Total Capital

-553.0% -64.5% 25.0% 14.7% 87.6%


Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Kingfisher Airlines Limited Currency figures are in millions of U.S. Dollars.

Wright Quality Rating CLNN

Investment Acceptance Rating CLNN

Total Market Value of Shares Outstanding - Three Year Average 1,013

- Current Year 400

Public Market Value (Excludes Closely Held) - Three Year Average 654

- Current Year 258

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange Listings BOM

Number of Institutional Investors 0

Number of Shareholders 83,895

Closely Held Shares as % of Total Shares Outstanding 35.4%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Kingfisher Airlines Limited


Financial Strength Rating CLNN

Total Shareholders' Equity (Millions of U.S. Dollars) -663

Total Shareholders' Equity as % Total Capital -53.1%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 153.1%

Long Term Debt (Millions of Indian Rupees) 77,825

Lease Obligations (Millions of Indian Rupees) 7,254

Long Term Debt including Leases (Millions of Indian Rupees) 85,079

Total Debt as % of Total Capital 130.0%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends -0.2

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends -0.2

Quick Ratio (Cash & Receivables / Current Liabilities) 0.6

Current Ratio (Current Assets / Current Liabilities) 0.7Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Kingfisher Airlines Limited


Profitability & Stability Rating CLNN

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 99.0%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Time-Weighted Average

- Basic Trend

Cash Earnings Return on Equity - Stability Index

Return On Assets (Time-Weighted Average) -28.3%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) -39.2%

Operating Income as % of Total Assets (Time-Weighted Average) -33.9%

Operating Income as % of Total Capital (Adjusted Rate) -197.8%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) -39.2%

Operating Income as % of Total Assets (Time-Weighted Average) -33.9%

Operating Income as % of Total Capital (Adjusted Rate) -197.8%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Kingfisher Airlines Limited Figures are expressed on a Per Share Basis.

Wright Quality Rating CLNN Growth Rating CLNNNormal Earnings Growth 0.0%

Cash Earnings Growth -14.8%

Cash Earnings Stability Index 5.6%

Earned Equity Growth 0.0%

Dividend Growth 0.0%

Operating Income Growth 0.0%

Assets Growth 1.2%

Sales/Revenues Growth 4.3%Copyright ©2000-2011 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

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Kingfisher Airlines

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