PRESENTATION FOR SHAREHOLDERS Q4 2014

Transcription

1 PRESENTATION FOR SHAREHOLDERS Q4 214 APRIL 215

2 AVIAAM LEASING AT A GLANCE MORE THAN JUST A LEASING COMPANY EXPERIENCE AND EXPERTISE FINANCIAL PERFORMANCE OVERVIEW REVENUE QUARTERLY OVERVIEW REVENUE I-XII MONTHS OVERVIEW EBITDA DEBT DEALS FLEET OVERVIEW AIRCRAFT FLEET TRANSACTION AND VALUE PERSPECTIVE P&L SUMMARY CASH FLOW AND BALANCE SHEET SUMMARY WHY AIRLINES CHOOSE LEASING COMPANIES TO FINANCE AIRCRAFT?

3 AVIAAM LEASING AT A GLANCE A Warsaw Stock Exchange listed global aviation holding company engaged in commercial aircraft acquisition, leasing and sales Specializes in mainline narrow-body aircraft as well as high-potential regional jets Actively operating in global aviation market Global presence, choice of aircraft register Member of ISTAT Strong balance sheet High yield on aircraft portfolio Good prospects for growth and strengthening position in the market

4 MORE THAN JUST A LEASING COMPANY AviaAM Leasing is an integrated aviation company delivering a full range of aircraft leasing, trading and management services. We provide a complete set of customized services and products to address most distinctive and unique needs of our clients AIRCRAFT LEASING AIRCRAFT TRADING CONSULTING SERVICES ASSET MANAGEMENT ENGINE LEASING Net operating (dry) or financial leases Short-term: up to 3 yrs Long-term: 3 yrs and above Aircraft purchases, customization and sales Aircraft remarketing for lease or sale Identification of acquisition and lease prospects Market analysis Fleet structuring Aircraft registration services Aircraft repossessions Maintenance analysis Technical management Contract management Financial engineering Asset value protection Operating Engine leasing Engine sale & lease back Guaranteed spare engine availability Engine exchanges

5 EXPERIENCE AND EXPERTISE AviaAM Leasing team is composed of highly qualified and experienced aviation and business experts dedicated to highest quality of service and complete fulfillment of our clients and partners needs TADAS GOBERIS CEO, AviaAM Leasing Chairman of the Board, AviaAM Leasing 15 years of experience as an executive with sales background JUSTINAS GILYS COO, AviaAM Leasing Board Member, AviaAM Leasing 12 years of experience in finance PAULIUS DOCKA Chief Legal Officer, Avia Solutions Group Board Member, AviaAM Leasing 15 years of experience of legal practice ROMUALDAS LEGETAVICUS Technical Director at AviaAM Leasing 16 years of experience with technical background Tadas Goberis has obtained an exceptional level of experience in the sales and organization management in the IT industry achieving many rewards and recognitions for delivering outstanding results Expert in deal structuring and management of lease agreements Expert in contract management and deal structuring Awarded by a UK based Chambers and Partners as a recommended lawyer Romualdas Legetavicius completed a wide range of aviation training courses including but not limited to PART-145 training, Safety Oversight (at ICAO), PART-M, SAFA Ramp Check, JAR 21 Repairs and Modifications, Maintenance and Airworthiness etc

6 FINANCIAL PERFORMANCE OVERVIEW Revenues (USDm) Net Assets and Share Capital ratio (USDm) Q4 213 Q Net assets Net assets / Share Capital ratio Net Profit (USDm) Cash And Cash Equivalents (USDm) Q4 213 Q December December 214

7 REVENUE OVERVIEW Revenue split quarters comparison (USDm) % 1% 1% -33% % -1% Commission income Sales of aircraft Supplemental maintenance rent 2-49% 26% -42% Lease revenue % -44% 25% 4.7 Q1 214 Q2 214 Q3 214 Q4 214

8 REVENUE OVERVIEW Revenue split comparison with prior year (USDm) % -35% % % Commission income Sales of aircraft Supplemental maintenance rent Lease revenue Revenue I-XII 213 vs. I-XII 214 (USDm) Revenue I-XII 213 Lease revenue Supplemental maintenance rent Sales of aircraft Commission income Revenue I-XII 214

9 EBITDA EBITDA Q3 214 vs. Q4 214 (USDm) EBITDA Q Revenue from aircraft leases 2.59 Gain on sales of aircraft* 1.29 Net commission income**.84 Other income*** 2.32 Aircraft maintenance expenses 5.31 EBITDA Q4 214 EBITDA I-XII 213 vs. I-XII 214 (USDm) EBITDA I-XII 213 Revenue from aircraft leases Gain on sales of aircraft* Net commission income** Gain on sale of subsidiaries * Calculated as revenue from aircraft sales less costs of aircraft sold ** Calculated as commission income less cost of services *** Calculated as a sum of interest income on loans and other gain (losses) net ****Calculated as a sum of other operating expenses and impairment of receivables and prepayments Other income*** Aircraft maintenance expenses Employee-related expenses Other expenses**** EBITDA I-XII 214

10 DEBT DEBT MATURING IN LESS THAN 1 YEAR (USDM) 31 December December % of total debt 2% 13% DEBT MATURING BETWEEN 1 AND 5 YEAR (USDM) % of total debt 8% 87% Total debt Cash Net debt (23.) (11.9) Ratios Debt/assets Net debt/equity (.25) (.16) Weighted average interest rate 7.67% 7.76%

11 DEALS Major transactions accomplished in : AIRCRAFT TRADING 213 AIRCRAFT LEASING TRANSACTION MANAGEMENT Acquisition and sale: 2 x Airbus A321 2 x Boeing x CRJ2 Acquisition and lease: 1 x CRJ2 1 x Boeing x Boeing Sale from existing fleet: 1 x Boeing x Boeing Provision of aircraft transaction management services: 5 x Airbus A321 AIRCRAFT TRADING 214 AIRCRAFT LEASING TRANSACTION MANAGEMENT Acquisition and sale (including brokerage): 3 x Boeing x Boeing x Boeing New leases: 1 x Boeing x Boeing Sale from existing fleet: 4 x Boeing x Boeing Provision of aircraft transaction management services: 6 x Airbus A32

12 FLEET OVERVIEW CURRENT FLEET 1 x Boeing x Boeing x CRJ2LR 2 x CRJ2LR Business Jets Inc. 1 business jet owned by a joint venture FLEET DISTRIBUTION COMMENTS Domicile country of the lessee Russia Country of aircraft registration Aircraft type * The business jets are operated by KlasJet (subsidiary of Avia Solutions Group) Number of aircraft on lease Bermuda CRJ2 8 Russia B Kazakhstan Lithuania B Belarus Belarus B Lithuania Lithuania CRJ2 Business Jets 2* Total 14 All aircraft are leased out under long term operating lease agreements All leases are secured by security deposits paid by lessees at the inception of leases The vast majority of the aircraft (11 out of 14) are registered in renowned aircraft registration jurisdictions Bermuda and Lithuania Successful risk and relationship management no overdue receivables from any of the lease customers Strict operating monitoring procedures of the financial position of the lessees and aircraft maintenance status

13 AIRCRAFT FLEET Aircraft transactions summary 31 December December December March June September December 214 Bombardier CRJ Boeing * Boeing * Boeing Boeing ** -1** +1-1 Boeing Ʃ 17 Ʃ 18 Ʃ 12 Ʃ 12 Ʃ 13 Net Book Value of Aircraft and Aircraft under preparation for use (USDm) Opening 1 January 214 Additions Disposals Depreciation charge Revaluation surplus Revaluation loss Closing 31 December 214 * These aircraft were owned by AviaAM B3 UAB - the previous subsidiary of AviaAM Leasing AB which was sold on 3 April 214 ** The acquisition and sale of one Boeing aircraft was structured as a brokerage transaction

14 P&L SUMMARY P&L (USD ') Q4 214 Q4 213 I-XII 214 I-XII 213 Revenue from aircraft leases 4,748 7,149 21,999 29,34 Gain on sales of aircraft* (32) 2,53 9,391 21,692 Net commission income** (25) 2,84 2,349 4,973 Gain on sale of subsidiaries - - 5,251 - Other income*** 726 1,868 4,945 2,267 Aircraft maintenance expenses 1,572 (2,681) (4,77) (6,437) Depreciation and amortization (1,2) (2,478) (4,764) (9,292) Employee-related expenses (193) (232) (8) (739) Other expenses**** (3,718) (6,93) (5,293) (7,138) Operating profit 1,878 2,93 28,38 34,36 EBITDA 4,468 27,423 34,462 47,694 Profit (loss) before income tax 1,171 19,99 25,327 3,644 Profit (loss) for the period ,969 22,284 27,782 *Calculated as revenue from aircraft sales plus gain on sale of PPE less costs of aircraft sold **Calculated as commission income less costs of services rendered ***Calculated as sum of interest income on loans and other gain (losses) net ****Calculated as sum of other operating expenses, impairment of receivables and prepayments, and revaluation of aircraft

15 CASH FLOW & BALANCE SHEET SUMMARY Cash flow (USD ') I-XII 214 I-XII 213 Net cash generated from operating activities 15,44 36,614 Net cash generated from (used in) investing activities (18,935) (9,473) Net cash generated from (used in) financing activities (3,884) 8,731 Cash at the beginning of the period 43,953 8,81 Increase (decrease) in cash and cash equivalents (7,379) 35,872 Cash at the end of the period 36,574 43,953 Balance sheet (USD ') 31 December December 213 Total assets, of which: 118,69 129,57 Non-current assets 5,766 53,833 Current assets 67,924 75,224 Equity 93,54 74,162 Non-current liabilities, of which: 15,467 32,285 Borrowings 1,782 27,821 Security deposits received 3,332 4,464 Deferred income tax liabilities 1,353 - Current liabilities, of which: 1,169 22,61 Borrowings 2,768 4,297 Trade and other payables 2,488 6,468 Security deposits received 4 3,875 Advances received 7 4,27 Current income tax liabilities 4,83 3,7 Total equity and liabilities 118,69 129,57

16 WHY AIRLINES CHOOSE LEASING COMPANIES TO FINANCE AIRCRAFT? OVER HALF OF WORLD AIRLINE FLEET NOW LEASED Operating leases: 197 to 212,5% 17 leased 1,7% 1 leased Greater financial flexibility Greater fleet flexibility Access to attractive delivery slots Availability of capital Avoid pre-delivery payments Zero residual value risk Growth in Low Cost Carriers (LCC's) Aircraft Aircraft 14,7% 1343 leased 24,7% 3715 leased 4,7% 844 leased Over 5% leased Aircraft Aircraft Aircraft 22 forecast

17 CONTACT US Avia AM Leasing AB Smolensko st. 1, LT-321 Vilnius Lithuania E. T