Leading the pack yet again - IndiGo now corners 36.4% market share

Summarizing 2014

2014 was a year of mixed emotions for Indian Aviation. The industry returned to growth after a brief hiatus post the fall of Kingfisher Airlines and in the latter half of the year saw reduction in prices of Aviation Turbine Fuel (ATF) on global cues.

With this came the unprecedented but widely forecasted crisis at Spicejet, after few steady months. The year which started on a good note for Spicejet, having performed better than IndiGo in its much touted On Time Performance (OTP) ended with one of the worst performances on the same parameter for the airline, recording a low of 47% on time departures at Delhi in December’14.

Go Air, launched a new station – Bhubaneshwar and deferred delivery of its 20^th aircraft, Air Asia had muted performance with expansion nowhere close to what was being discussed and published.

Jet Airways was resurgent with funding from Abu Dhabi’s Etihad and subsequent changes, while only other Full Service carrier Air India had its own share of problems with the technical glitches on the Dreamliner’s and engineering issues on the Narrow bodies yet made it to Star Alliance.

Well, that leaves us with IndiGo – which continued to expand with more flights between metros and launching flights to few more domestic and international destinations. The airline also, for the first time decided to induct aircraft available in open market as a stop gap arrangement till the A320 NEO are inducted.

IndiGo continued to be a market leader, closing the year with a market share of 31.8% followed by Jet Airways and its subsidiary Jetlite at 21.7%. National carrier Air India garnered 18.4% while Spicejet cornered 17.4%. Go Air failed to breach the double digit mark and ended the year at 9.2% with Air Costa and Air Asia closing at insignificant 0.9% and 0.5% respectively.

2015 begins

Passengers grew 21.33% MoM in January 2015, an indication of return of good times and assertion that growth in capacity is followed by growth in passenger numbers.

The year started with news of change in ownership at Spicejet and launch of Vistara. Both will have an impact on the market in these 12 months of 2015. However, at the end of January, Spicejet was still struggling to get its act in order with an On Time Performance (OTP) of just 34% at Delhi in January. Indeed most of it was affected by fog, but it wasn’t fog alone which led to this performance.

The OTP remained an issue for all airports across the country due to the fog in North & East India which was around for a prolonged period than yesteryears. Normally unaffected stations also saw fog this year which compounded the problem.

January 2015 saw a total of 62.45 lakh passengers taking to the skies, with the month clocking marginally lower Load Factors than December 2014.

Jet Airways clocked the maximum load factors of 87.4 percent for flights operated under Jetlite code (S2) and 87 percent for those operated under Jet Airways (9W), while the lowest load factors were clocked by new comer Vistara which recorded 45.4 percent. Vistara did not have complete month of operations and this was its first month, thus this is too early to judge the performance.

Spicejet saw maximum cancellations and also maximum complaints – a trend that should reverse very soon as funding is tied up and operations are back to normal.

IndiGo continued to outperform competition in market share as well as On Time Performance with overall On Time Performance of 73.3% and a market share of 36.4%. Spicejet had the worst On Time Performance with less than 50% of its flights being on time. This is largely due to its performance at Delhi being hit to a low of 34%.

Go Air has seen its market share slip from over 10% which it achieved twice last year to less than 9% now. With no addition to capacity, the airline will find it tough to hold on to the market share. However, the airline continues to have some monopoly or duopoly routes which the competition is not after. This is either due to slot constraints at Mumbai or the leaders fighting it out with the newbies in the market.

Challenges Ahead

2015 will be a challenging year, Vistara would be flush with funds to expand and Air Asia would be hoping to get back on track with newer routes, planes and a massive expansion if they have to sustain. So far it looks like IndiGo has been able to contain them and made them re-think on the plans they had. Jet Airways will continue its expansion to its middle eastern hub of Abu Dhabi with flights from Ahmedabad and Pune on agenda effective March. This year will also give us an answer on the European hub strategy of Jet Airways.  Spicejet will get its strategy in place with respect to Q400 and B737 and will have another “NEW” network this year.

If all goes well, by year end IndiGo may receive the all new A320 NEO. Spicejet would hope to stabilize the network and operations in first half of the year and take a decision on the Q400s by mid-year. Go Air could well be the next airline to start international operations, most likely a short hop from Mumbai or Delhi.

Lastly, the government will have to get its house in order and iron out differences on the revised Route Dispersal Guidelines and revise the 5/20 rule at the earliest. The battle for Noida airport will increase from here on and so would this be a critical year for Navi Mumbai. Any delay now, will mean the airport opening certainly gets pushed post next general elections

I can only hope for a great 2015 for Indian Aviation !

Baby Steps to 2017 - Jet Airways declares profit after seven quarters

This article has been jointly written by Prathamesh Kini & Ameya Joshi

Aviation industry in India is noticed more for wrong reasons than for the good reasons and thus Spicejet made most of the news in the last quarter. What the industry missed out on was the constant growth in share price of Jet Airways – in a quarter traditionally considered good for the industry and in the case of Jet Airways – the one in which it shifted to a full service model.

Net profit was a foregone conclusion since the airline had already announced that amount received by the sale of Jet Privilege – the frequent flier program, will be shown in tranches. The eyes were thus set on operating profit.

As late last evening Jet Airways announced results, it indeed report a wafer thin operating profit, its first after seven consecutive quarters of losses. Improvements came all across, however there continued to be some areas of concerns.

The airline reported an overall profit of INR 63 Cr for the third quarter of FY14-15. For the past 9 months, the airline now stands at a loss of INR 84 Cr with very slim chances of closing the year on a profitable note. The airline continued to post proceeds from the sale of Jet Privilege Frequent Flier Program to Etihad as part of its balance sheet this quarter.

The results of Q3 have a lot of positives, with the foremost being an impressive 11.5% increase in Total revenues taking it to INR 5051 Cr on a Y-o-Y basis. The operations are now sustainable on the back of this climb in revenues and lower cost due to decrease in fuel cost (11% reduction in expenditure Y-o-Y). Total Expenses have increased by 5.4% to Rs. 5014.5 Cr. y-o-y, aided primarily by drop in fuel costs and a stable currency exchange. Going forward, these costs will stabilize based on outlook for global oil prices and Indian economy. However the conversion to full service model, advertising its umpteen runs to Abu Dhabi from across the country and fleet conversion has come at a cost – which has led to an increase of expenditure by 42.8% Y-o-Y to INR 502.1 Cr.

Its time to cheer for specialists looking to make a career in Aviation, as the airline saw addition of manpower, taking the headcount to 12,897 employees an addition of 9.3%. It is good to see an operating profit of INR 36.6 Cr. (without income from Sale & Lease Back). When your core operations start making money, the signs are always bright for shareholders! This reminds of a Guy Finley quote 'Being fully present is the best guarantee for a bright future'.

While it was always believed that the investment by Etihad would be used to retire old high cost debt, the interest component paid up has reduced by just 1.6% to INR 226.4 Cr on absolute terms and this should be a concern in the longer run. However, most of this is offset by  operating profit and income from Sale & Lease Back which stands at INR 219.7 Cr. This situation should temporarily ease frayed nerves of the lenders. With a positive outlook on economy for the next few quarters, the airline looks on track to achieve an operating profit in 2017 as it has aimed for. This will come at the back of fixed or decreasing interest dates since income from Sale & Lease back will not continue for long.

Without exceptional items, the company has posted a loss of Rs. 6.7 Cr. which seems a lot more positive as compared to losses of Rs. 235.2 Cr. in Q2FY15 and Rs. 289.0 Cr. in Q3FY14. The overall rejig and stability at Jet Airways has been cheerful for the shareholders too, with Earning Per Share of INR -9.4 for the three quarters of FY15 as compared to INR -167.3 in the corresponding period last year.

Passenger growth has been phenomenal at 13.8% led by fare sales but growth in revenue has been 10.6% with RASK growing 1.7% Y-o-Y. The combined effect has led to a drop in average gross revenue per passenger by 2% to INR 8504.

While the company has managed to achieve break-even load factors (including exceptional items), in the long run we believe that the company should release break-even load factors without exceptional items, since they will not be a permanent feature on the P&L.

Jetlite operations

The operations continue to be a drag on the balance sheet. While operations are being reduced progressively that had led to a reduction of 17.5% departures yet an improvement in load factor to 82.7%, the break-even load factor continues to be very high at 97.3%. The average revenue per passenger is a meagre INR 4433, almost half of that of the parent.

The reason for the lower average revenue is also due to the sectors on which Jetlite aircraft are operating at the moment. Slowly but surely, the sub brand will be phased out and if that is going to take time, the aircraft would be repainted to remove brand confusion.

Points to Smile

• Profits are profits and even a marginal one is a good beginning
• 10.4% increase in passengers carried
• Seat factor up by 5.2% to 82.1% almost equal to break-even load factor
• Exponential increase in code share traffic

Points to ponder

• Overall FY14-15 will be a loss when Q4 results are declared
• Q4 is considered weak and a resurgent Spicejet will initiate a lot of sale and offers
• Vistara is expanding on key Mumbai – Delhi route
• Q4 will be first full quarter with Full Service Model 

Way Forward

The airline is now focusing on domestic as well as international operations. Reduction in services by Spicejet would have helped grow yields since the network overlaps at multiple stations. The shift to Full service will also distinguish itself from market leader IndiGo – which continues to grow rapidly. Vistara will take time to catch up country wide and the dual fleet strategy of Jet Airways will continue to feed its network at major metro’s.

The airline intends to return to absolute profitability till 2017 and we believe that the balance sheet will continue to be black till then, either by showing the money received on account of the strategic sale of Jet Privilege or later on Sale & Lease Back transactions.

The airline could now place an order for a mix of B737MAX and ATR72-600. Standardization is a major problem which the airline needs to come up with sooner or later. With the SAARC and Middle East flights on Narrowbody – the customer experience is paramount when competing with modern widebodies from competitors.  

Analysis of the results of last quarter can be found here

Jet Airways shift to Full Service, how are the Jetlite flights being managed?

On 11^th August in a joint press conference with Etihad, Naresh Goyal, Chairman of Jet Airways announced the shift to a Full service model. Vistara, the yet to fly full service carrier, a joint venture of Singapore airlines & TATA group and Air India, after its entry into Star Alliance was considered tough competition in the full service space.

The mixed model

As Kingfisher Airlines bought Air Deccan to have presence in growing Low cost segment, Jet Airways bought Air Sahara, then a full service carrier and converted it to Jetlite, a low cost arm of the parent. All the CRJ-200s were retired, the airline pulled out of few sectors and others were converted to ATR flights, which were operated by Jet Airways. Later, a new segment came up, flights which would be called Jet Konnect, which was low cost offering of the mainline. Many aircraft saw decals of “Konnect”, over Jet Airways titles on the fuselage and these were to operate on Tier-II routes. However, as expected, the aircraft flew all across leading to confusion in minds of passengers.

Soon there were rotations, where flights went from Origin to Destination as Full service and returned as Low Cost, carrying food to be given out in the first leg and on return, the crew would sell on board!

First Blink

What options did one have on the service front?

• Aircraft – Jet Airways metal
• Business Class & Economy Class Full service
• Business Class & Economy Class – Buy on Board (BoB) in Konnect

•           Aircraft – Jetlite (Ex- Air Sahara aircraft)
•          Business Class & Economy Class – Buy on Board (BoB)Business

As this confusion started affecting the airline, first of many changes were made. This included having premium cabin being served complimentary food, across Jet Airways, Jet Airways Konnect & Jetlite.

The second change involved doing away with Jetlite and having two offerings, Jet Airways & Jet Airways Konnect. This also was confusing for the travelers, because the aircraft operating under Air Operators Permit (AOP) of Jetlite continue to have the light blue livery with Jetlite prominently written on the fuselage.

Just before the shift

Jet Airways was in news for planning to shift ATR fleet to Jetlite and also its plan to shift pilots creating road blocks, issues related to seniority and much more!

Thankfully, common sense prevailed and Jet Airways decided to make a move to Full service offering. The now defunct Kingfisher Airlines, had made a similar statement but it was too late in the survival cycle for them to invest, change and make the move. The airline shifted to what they called a holding pattern and later stopped operations, much before they could complete re-configuration of their aircraft and shift to a full service model.

Code share

With court cases, ruling out a merger between Jet & Jetlite, the airline resorted to code share, a common practice globally, but unique in this case since it is between the airline & its subsidiary. It involves each airline publish and market the flight under its own airline designator and flight number. Seat can be purchased on either of it but the flight is operated by only one, known as operating carrier.

The seat and revenue sharing could be done in multiple ways

•        Set number of seats are given by the operating airline to its code share partner and the partner airline maintains a separate inventory and sells it. The operating airline gets a fixed cost for sold/ unsold seats

•        No restriction on seats, where in both airlines open up all seats for sale. There could well be a cap on maximum seats sold under this arrangement

Code share between Jet Airways & Jetlite did have issues for the passengers, since until recently the passengers booked on 9W code with operating carrier being Jetlite were not able to do a web check-in!

Move to Full service

The move to full service on 1^st December was a silent affair. An email to frequent fliers, statement on social media and the website jetkonnect.com directing users to jetairways.com was all that happened, along with meals being served on all flights, irrespective of which aircraft the flight was being flown on – Jet airways Boeing, Jetlite boeing or Jet Airways ATR.

However, due to legal disputes, the Jetlite AOP (S2 code) continues to be in operation and there are 4 x B737-700, 5 x B737-800 and 1 x B737-900 which are part of Jetlite AOP and remain in operation. Amongst them, they operate 564 flights a week. As part of this move to full service, the passenger would get complimentary food in these flights, but how is Jet Airways managing the Flight numbers, Inventory and trying to be seen as one airline ?

Complex or Simple – Code share to the rescue

Prima Facie, this is how Jet Airways seems to be managing the move. The airline had said it will throw more light on this before the move, but hardly did it give out the details of the move. The answer to how Jet Airways is managing two Air Operating Permits lies in Code Share.

Readers would recollect how an online booking engine would show flights under 9W code (9W 7xxx) and S2 code when they would search for flights on some sectors where both were operating (Eg: Mumbai – Bhopal – Mumbai or Delhi – Chandigarh – Delhi). The flight times would be same, but there would be marginal fare difference owing to how code share is handled).

After the move on 1^st December, entire inventory will be managed by Jet airways code (9W 7xxx) and inventory for S2 code, the original flight number will be zeroed out. For operational reasons, the flight plan, ATC, would continue to consider the Jetlite aircraft as an aircraft operating with S2 code and S2 flight number.

A random search on online travel portals reflects these changes and now you can see only one entry for a particular flight, unlike two in the past.

Way forward

The airline has effectively used Code Share as a tool to make this one brand strategy work. However, the livery remains different for the Jetlite aircraft. They would either be moved (sub leased / leased / sold) to Jet Airways, like it happened with VT-JLJ, a B737-900 with Jetlite and now with Jet Airways or just see a chance in livery from existing light blue to mainline colors to further reduce confusion.

But in a country obsessed with food – the first cut has been made. “Jahaj kaunsa bhi honedo, khana jarur milega jee” (Let there be any aircraft, you will certainly get food)

Down but not out - Analyzing SpiceJet Q2

In September’12 the Indian Government, approved 49% FDI in Indian Airlines. Kingfisher was already in a holding pattern, trying desperately to get whatever help it can, after not having paid its employees for a considerable period of time, Jet Airways had a debt burden which kept mounting every quarter, IndiGo continued to report profits, and Go Air for once was expanding, consolidating and claiming profits. But a question to anybody in the industry or outside on who is better placed for getting investments – ended up with unanimous answer – SpiceJet. The airline had declared profits in Q1 (Apr-Jun 2012), exceptionally reduced losses in Q2 YoY (Jul-Sep 2012) and was expanding rapidly on domestic routes and launching international stations.

The Q400s had arrived and crisscrossed south and north of the country, Blue Skies policy on international route led to launching flights to places as far as Guangzhou – a first for Indian carrier, Kabul – Another first for a private Indian carrier, and between some unconnected city pairs – Ahmedabad – Muscat, Madurai – Colombo and so on.

Circa - 2014, and a lot of water has flown under the bridge for SpiceJet. It remains a mystery as to how and why Spicejet lost the plot and from being the most suited bride, is now struggling to find a match and as many believe, struggling to stay afloat.

A lot of parallels are being drawn with Kingfisher, but luckily salaries still are on time, International flights have not been pulled out after the initial network rejig, tax issue has been amicably solved, and the top management is ensuring that morale of the work force is high with constant presence on twitter, denying negative reports and introduction of new product and weekend uniforms. However, few aircraft are grounded and robbed for spares, At least 3 of 6 B737-900s returned to lessor and at least 4 B737-800s being returned to lessor in the past few weeks, with rumors of employees constantly looking out for opportunities.

The re-delivery of aircraft and grounding, along with the unfortunate “Buffalo” incident at Surat, the schedule and On Time Performance has gone for a toss, with regular delays across domestic network. The airline has skillfully managed to avoid negative publicity due to these delays and has ensured that international flights are not delayed.

The July – August, traditionally weak quarter, saw frequent sales by SpiceJet shoring up revenues, Load Factors and constant information by top management on RASK improvements across all platforms. While a common passenger may not even be aware about RASK, he or she is more than happy to have cheap tickets to travel and that has helped shore up Loads for the airline, which is giving it its much needed cash to meet operational expenditure if rumors are to be believed. The airline has not announced sale for a long time now.

The airline carried 32.83 Lakh passengers in Q2, which is a tad lower than much larger Jet Airways which carried 33.76 Lakh along with its subsidiary JetKonnect. With a market share of 19.6%, this was the best quarter in calendar year 2014.

The last Annual report talked about increased frequencies, improved OTP & Spare Capacity, none of which has been possible, due to grounding of aircraft and return to lessors. In fact, for the first time in its history, SpiceJet became the smallest carrier in Mumbai with least number of departures.

However the results do show some positive signs, but a lot needs to be done for the airline to survive and the recent spate of re-delivery, cancellations, rescheduling is not making it favorite with the passengers.

Issue of warrants to the promoter group should pump in some “much needed” equity into the firm after red flags by auditors over ‘going concern’ status in the previous quarters. The proceeds have been used to for working capital. Yet, currently the Liabilities outweigh the Assets by INR 1498.6 Cr. & it continues to be a concern.

On operational front, inspiring figures are forthcoming (as compared to previous Quarters) with capacity up 7.0%, RASK up 12.0% and CASK down 7.0%. The impact of fuel costs reduction wasn’t felt and exchange rate benefits were minimal and hence, these figures are notable. But Statistics can be deceiving and when all figures are given out in Percentage, one must have a cautious approach till you see the actual number. And yet again SpiceJet led by its top management has only made statements in percentage terms without giving out the actual numbers for either the RASK/CASK or ASKM, the parameters least understood by even the analyst community in India. No matter what percentage improvements and basis point improvements have taken place, the fact continues that the airline has reported losses in both the quarters this year.

One example, I keep giving to show the gravity of this is when Infosys says that their utilization of resources is 70%, which sounds good but when you translate that to absolute number, it means about 35,000 employees are on bench without work, which indeed is a vast workforce! 

Impressive growth in Other Income driven by ancillary revenues. Stands at Rs. 28.09 Cr. which represents a 70.4% growth Q-o-Q and 127.1% growth Y-o-Y. Hints at not only the success of avenues like SpiceMax suite, where the price conscious Indian is waking up to being charged for added benefits. Operating Revenues at INR 1425 Cr. clocked a growth of 16.4% Y-o-Y, which is extremely striking for a traditionally weak quarter. 

Going ahead, the return of aircraft to lessors, should help reduce Aircraft Lease Rentals and Aircraft Maintenance Costs, though might see a temporary increase in Aircraft Redelivery Expenses which have increased to INR 64.1 Cr. for H1 FY 15 as compared to INR 10.3 Cr. for H1 FY 14. However, this is likely to further reduce capacity and if schedule is not altered and reduced in line with capacity, unlike what is the case now, SpiceJet could be at receiving end from the passengers who are facing severe delays in many cases.

Reasons to Smile

Increase in Load Factor 

Drop in Fuel Prices

Some Worries

Re-delivery of aircraft leading to reduced capacity

Impact on On Time Performance and loss of high yielding business travellers

5 straight quarters of losses at a time when the airline needs funds desperately

Auditors concerns

Outlook for Q3

Historically, Q-o-Q operational revenue growth for Q3 over Q2 has varied from 30.0-50.0%. Considering a fair 25.0% growth in revenue in Q3 to around INR 1800 Cr. (Q3 FY 14 revenue at INR 1796.3 Cr.) should help in churning out an operational profit.

However, there will be a significant drop in capacity due to re-delivery of aircraft and thus the historic impact may not be seen this year.

SpiceJet should rest speculation on the fleet, and if there is a fleet plan in place, announce the same in public along with reduction in flights. Misinformation can be deadly, but No information can be deadlier and currently its heading into a phase of No information.

Conclusion

Will operating profits or huge equity investments come true before worries about going concern becomes troublesome? Only future will tell. 

"A bankruptcy judge can fix your balance sheet, but he cannot fix your company" - Gorden Bethune, ex-CEO Continental 


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Co-Author : Prathamesh Kini

The desert Sun Shine - Analyzing Q2 results of Jet Airways

“If Jet Airways would have reported operational profits, they would not have reported results post-closing hours on Friday” quipped Prathamesh Kini, a fellow aviation enthusiast with whom I’m writing this blog post. This was within minutes of my tweet indicating that Jet Airways have reported profits in Q2 – traditionally a weak quarter for Indian aviation.

The quarter was eventful for Jet, a joint press conference with Etihad - in which the airline announced its move to Full Service, being part of Etihad partners, announcing next round of Abu Dhabi feeders, facing flak for frequent exits at top level, having to deal with pilot shortage and facing DGCA rap for training issues.

The July – September quarter saw Jet Airways reduce its market share in the domestic market, and was down to 20.2% (9W+S2), which has been the lowest in three quarters of the calendar year. Jet & JetKonnect carried 33.76 lakh domestic passengers, a little higher than Spicejet but much lower than market leader IndiGo which carried 53.66 lakh in the same period. However, Jet was not the major benefiter of the 20%+ market growth, which was driven majorly by Spicejet, and the frequent discounted fares on offer. The same has also been acknowledged in the Jet Airways results presentation, which indicates the drop in capacity by 11.1% while the industry capacity has grown by 9.6%, and passengers flown down by 8% for the airline, while the market growth has been 14%.

A closer look at the profits, indeed indicate an operational loss and the reported profits of INR 69Cr because of the fund infusion due to sale of Jet Airways Frequent Flier Program. The majority stake sale of Jet Airways Frequent Flier program for over INR 900 crore, has been debated over. We look at this sale, as just another way to fund the airline, and being worked out to bypass regulatory issues due to selling additional equity to Etihad and increasing its stake in the Indian airline.

The airline has shown an impressive 16.4% revenue growth in Y-o-Y figures for corresponding Q2 quarter, seen traditionally as a weak quarter. This growth stands out because of the slight de-growth reported from Q2 FY13 to Q2 FY14. This revenue growth has come on the back of a notable increase of 13.6% in gross revenue per user to INR 9145 comparing Y-o-Y figures but a miniscule drop from INR 9158 figures quoted in Q2 FY 2013.

Though insignificant in absolute terms, the growth of non-operating revenue is another positive and certainly shows that Jet Airways is back in business.

The 33% increase in Selling & Advertising expenses to INR 496.6 Cr. seems to be driven by the numerous competitive sales promotions. Interestingly, the absolute increase of INR 120 Cr. translates to about 44% of the operating loss of INR 266 Cr. The management also seems to have had a firm control over fuel expenses which has registered a minimal increase, though the recent cut in ATF prices in India aided by drop in crude prices should aid the company improve operating ratio significantly in near future. This comes at a time when the aircraft utilization is reaching historical highs, on the back of additional flights to Abu Dhabi and the entire Gulf Region.

The management has started efforts to target both the top line and bottom line over the past year & efforts could lead positive operating values soon. Peter Lynch once said " The simpler it is, the better I like it" and hence we chose to ignore the complexities arisiing out of exceptional items.

The Average Gross Revenue per Passenger which has been wavy over the last few quarters should now stabilize and then grow as more and more Abu Dhabi and Gulf Feeders are introduced by next May. Thanks to the partnership with Etihad, the initial period in which the airline incurs losses on the new routes, would be minimal.

Points to Smile

Non-operating revenue up 146%

Average revenue per user up 13.6%

Breakeven load factor reduced to 83.4% from 98.2%

Points to Worry about

Salary Arrears of INR 63.6 Cr, which is nearly equal to the profits reported. The Management has not clarified on this and would possibly happen during the investor call.

Lower yields due to frequent sale by competition

Accumulated loss of INR147 Cr this year

Shifting significantly lower yielding routes of JetKonnect to mainline and pushing yields upwards

Outlook for Q3

Shifting to Full Service model

Brand confusion to continue till aircraft are repainted / rebranded

Few additional services in winter scheduled deferred due to pilot shortage