FINANCIAL HIGHLIGHTS
Investors
Annual Report 2014-2015

ABRIDGED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2015

Air Mauritius Group and Company results for the Quarter ended 31 December 2015

For the quarter ended 31 December 2015, the Group recorded profit of Eur 11.0 million as compared to loss of Eur 2.5 million for the quarter ended 31 December 2014. The Company posted profit of Eur 10.5 million as compared to a loss of Eur 2.7 million for the comparative period of last year.

Total passengers carried during the quarter increased by 11.5% to 418,188 as compared to 375,156 passengers carried during the quarter ended 31 December 2014. The number of seats offered increased by 3.0% and the Passenger Load Factor increased from 73.1% to 80.6%. Operating revenue increased by 5.9% from Eur 123.7 million to Eur 131.1 million whereas the operating expenses decreased by 4.1% to reach Eur 112.1 million mainly on account of lower fuel prices, in spite of a weaker Euro. The average EUR/USD rate for the quarter ended 31 December 2015 stood at 1.10 as compared to 1.25 for the period October-December 2014.

Air Mauritius Group and Company results for the nine months ended 31 December 2015

The financial performance of the third quarter have reversed the losses of the first semester for the Group (Eur 3.9M) and the Company (Eur 4.1 M) to profitability. During the nine months period ended 31 December 2015, the Group and the Company have recorded profits of Eur 7.1 million and Eur 6.4 million respectively notwithstanding the fuel hedging payout of Eur 22.5 contracted in 2014. For the corresponding period last year, the Group recorded a loss of Eur 8.7 million whereas the company posted a loss of Eur 9.1 million.

The number of passengers carried went up by 9.8% to reach a record level of 1,115,890 as compared to 1,016,314 during the nine months ended 31 December 2014. The number of seats offered increased by 3.5% and the Passenger Load Factor increased from 73.2% to 78.9%.

Operating revenue of the Company went up by 5.0% to reach Eur 368.7 million whereas operating expenses increased by 1.9% from Eur 334.2 million to Eur 340.4 million mainly on account of the depreciation of the Euro. The average EUR/USD rate for the nine months ended 31 December 2015 stood at 1.10 as compared to 1.32 for the period April-December 2014. The impact of the depreciation of Euro has been partly mitigated by the drop in fuel prices.

Abridged Statements

Shareholders' Funds

Total Shareholders’ Funds for the Company increased from Eur 42.9 million as at 31 March 2015 to Eur 64.8 million as at 31 December 2015. The resulting net assets per share as at 31 December 2015 was Eur 0.63 (Rs 24.97) as compared to Eur 0.42 (Rs 16.48) as at 31 March 2015.

Outlook

The recent improvement in financial results is expected to continue for the last quarter, despite increased competition. As such, the Company would continue to benefit from the prevailing fuel prices and from further measures to enhance productivity.

Furthermore, Air Mauritius is also taking a series of initiatives in order to improve connectivity between Africa and Asia.