Summary - Funding Rounds

Founding Date

1984
Virgin Atlantic Airways is a subsidiary of Virgin Group

Virgin Atlantic Airways Revenue Breakdown

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Virgin Atlantic Airways revenue breakdown by business segment: 99.5% from Airline Traffic and Cargo Operations and 0.5% from Other

Virgin Atlantic Airways revenue breakdown by geographic segment: 56.1% from United Kingdom, 28.8% from North America and Caribbean and 15.0% from Other

Virgin Atlantic Airways Income Statement

Annual

GBPFY, 2016FY, 2017

Revenue

2.3b2.2b

Revenue growth, %

(2%)

Sales and marketing expense

117.1m111.1m

Operating expense total

2.1b2.2b

EBIT

154.8m(40.4m)

EBIT margin, %

7%(2%)

Interest expense

23.1m23.3m

Interest income

3.7m5.1m

Pre tax profit

202.3m(54.8m)

Income tax expense

21.4m(11.1m)

Net Income

180.9m(43.7m)

Virgin Atlantic Airways Balance Sheet

Annual

GBPFY, 2016FY, 2017

Cash

524.0m443.5m

Accounts Receivable

131.0m117.6m

Prepaid Expenses

39.7m31.3m

Inventories

30.2m31.3m

Current Assets

855.5m783.7m

PP&E

665.5m696.8m

Total Assets

1.7b1.7b

Accounts Payable

36.0m61.7m

Short-term debt

17.2m17.6m

Current Liabilities

986.6m1.1b

Long-term debt

462.8m453.8m

Non-Current Liabilities

625.6m552.5m

Total Debt

480.0m471.4m

Common Stock

4.5m4.5m

Preferred Stock

5.0m5.0m

Retained Earnings

51.1m10.0m

Total Equity

91.5m47.8m

Debt to Equity Ratio

5.2 x9.9 x

Debt to Assets Ratio

0.3 x0.3 x

Financial Leverage

18.6 x34.6 x

Virgin Atlantic Airways Cash Flow

Annual

GBPFY, 2016FY, 2017

Net Income

180.9m(43.7m)

Depreciation and Amortization

108.8m95.9m

Accounts Receivable

92.1m20.3m

Inventories

(2.1m)(1.1m)

Accounts Payable

(72.1m)41.0m

Cash From Operating Activities

121.2m79.1m

Purchases of PP&E

(289.6m)(217.7m)

Cash From Investing Activities

(159.4m)(122.6m)

Long-term Borrowings

(52.7m)(18.7m)

Cash From Financing Activities

(52.7m)12.7m

Net Change in Cash

(90.9m)(30.7m)

Virgin Atlantic Airways Operating Metrics

FY, 2015FY, 2016FY, 2017

Passengers

5.90 m5.40 m5.30 m

Aircraft Fleet

40 39 39

Available Seat Kilometers

48.39 b47.18 b46.16 b

Passenger Load Factor

76.8%78.7%78.3%

Passenger Revenue per Available Seat Kilometer

£0.04 £0.04 £0.04

Passenger Revenue per Revenue Passenger Kilometres

£0.05 £0.05 £0.05

Cost per Available Seat Kilometer

£0.05 £0.05 £0.05

On-time Performance

75.9%80.9%79%

Cargo, metric tonnes

214 k218 k230 k

Fuel Consumed, gallons

460 m420 m413 m