Appendix

Aircraft1 Annual Lease Payments for Aircraft

Figure
Annual Lease Payment Interest Payment Principal Payment Interest Payment
2015
2015 924.7 2016 22.7 $0.00
2016 820.1 2017 9.4 ($1.18)
2017 609.625 2018 9.4 ($1.72)
2018 609.625 2019 9.4 ($2.30)
2019 609.625 2020 9.4 ($2.91)
2020 609.625 2021 1.2 ($3.54)
2021 429.9 2022
2022 429.9 $0.00 $429.90 $429.90
2023 429.9 $22.27 $452.17 $882.07
Figure 1A: Annual Depreciation for Aircraft and Engine

Aircraft Engine
2016 $22.70 $0.00
2017 $9.40 $0.00
2018 $9.40 $0.00
2019 $9.40 $0.00
2020 $9.40 $0.00
2021 $1.20 $0.00
Figure 2 Annual Lease Payments for Engines
Engines
Annual Lease Payment Interest Payment Principal Payment Interest Payment
$0.00 2015 $54.03
2016 22.7 $2.80 $19.90 $34.13
2017 9.4 $1.77 $7.63 $26.49
2018 9.4 $1.37 $8.03 $18.47
2019 9.4 $0.96 $8.44 $10.02
2020 9.4 $0.52 $8.88 $1.14
2021 1.2 $0.06 $1.14 ($0.00)
2022 $171.55
 Figure
Property, 3 Annual
Plant Lease Payments for PPE
& Equipment
ent Annual Lease Payment Interest Payment Principal Payment Balance
9.004445 $199.78
2016 69.9 $10.35 $59.55 $140.23
2017 25.45 $7.26 $18.19 $122.05
2018 25.45 $6.32 $19.13 $102.92
2019 25.45 $5.33 $20.12 $82.80
2020 25.45 $4.29 $21.16 $61.64
2021 25.45 $3.19 $22.26 $39.38
2022 25.45 $2.04 $23.41 $15.97
2023 16.8 $0.83 $15.97 ($0.00)
2024

Figure 3B Annual Depreciation Expense for PPE

affected
uipment
e WithPPE WithoutPPE
2016 $171.55 $34.13
2017 $144.92 $25.32
2018 $117.60 $16.74
2019 $88.87 $7.72
2020 $58.64 $1.77
2021 $35.05 $3.54
 Figure 4 Ratio Comparison
Ratio Comparison

Profitability&InvestorConfidence ROAComputation Non-Adjusted Adjusted Change

Before After OperatingIncome $ 902.10 $1,950.76 $ 1,048.66
Profit Margin (Net)ProfitMargin 5.59% -1.21% AverageTotal Assets $ 23,845.65 ######## $ -
OperatingIncomeMargin 4.47% 10.40%
EBITDAMargin 16.60% 22.67%

Return on Capital Before After

ROA 2.86% 6.64%
ROE 6.54% -1.41%
ROIC 4.47% 10.39%
Stability

Interest Coverage Ratios Interest Coverage Ratio (TIE Ratio) 50.25 1.62 ROICComputation Non-Adjusted Adjusted Change
OperatingIncome $ 681.20 $1,583.20 $ 902.00

Leverage Ratios Total Debt/EBITDA 4.21 3.08 IncomeTaxRate 12.40% 12.40% $ -

Debt Ratio 0.45 0.45 NOPAT $ 596.72 $1,386.85 $ 790.13
LTAssets $ 16,993.40 ######## $ -
Non-CashWorkingCapital
Gearing Ratios Total Liabilities/Total Equity 0.80994 0.81056 (NCWC) $ (3,636.10) ######## $ (9.40)
InvestedCapital $ 13,357.30 ######## $ (9.40)
Liquidity Ratios Current Ratio 1.05222 1.05069
*Formulafor Invested Capital LTAssets+NCWC
WhereNCWC=NWC- Cash
Profit Margin (Net) Profit Margin Net Income