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PRESENTATION FOR SHAREHOLDERS
MAY 2015
Q1 2015
AVIAAM LEASING AT A GLANCE
MORE THAN JUST A LEASING COMPANY
EXPERIENCE AND EXPERTISE
FINANCIAL PERFORMANCE OVERVIEW
REVENUE OVERVIEW
EBITDA
DEBT
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?
PRESENTATION FOR SHAREHOLDERS
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A Warsaw Stock Exchange listed global aviation holding
company engaged in commercial aircraft
acquisition, leasing and sales
Actively operating in global aviation market
Good prospects for growth and strengthening
position in the market
High yield on aircraft portfolio
Strong balance sheet Member of ISTAT
Global presence, choice of aircraft
register
Specializes in mainline narrow-body aircraft
as well as high-potential regional jets
AVIAAM LEASING AT A GLANCE
PRESENTATION FOR SHAREHOLDERS
• Fleet structuring • Aircraft registration services • Aircraft repossessions • Maintenance analysis
• Net operating (dry) or financial leases
• Short-term: up to 3 yrs • Long-term: 3 yrs and
above
• Operating Engine leasing • Engine sale & lease back • Guaranteed spare engine
availability • Engine exchanges
• Aircraft purchases, customization and sales
• Aircraft remarketing for lease or sale
• Identification of acquisition and lease prospects
• Market analysis
• Technical management • Contract management • Financial engineering • Asset value protection
AIRCRAFT LEASING AIRCRAFT TRADING CONSULTING SERVICES ASSET MANAGEMENT ENGINE LEASING
MORE THAN JUST A LEASING COMPANY
PRESENTATION FOR SHAREHOLDERS
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
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
ROMUALDAS LEGETAVICUS Technical Director at AviaAM Leasing 16 years of experience with technical
background
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
TADAS GOBERIS CEO, AviaAM Leasing
Chairman of the Board, AviaAM Leasing 15 years of experience as an executive
with sales 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
JUSTINAS GILYS COO, AviaAM Leasing
Board Member, AviaAM Leasing 12 years of experience in finance
Expert in deal structuring and management of lease agreements
PAULIUS DOCKA Chief Legal Officer, Avia Solutions Group
Board Member, AviaAM Leasing 15 years of experience of legal practice
Expert in contract management and deal structuring Awarded by a UK based Chambers and Partners as a recommended lawyer
PRESENTATION FOR SHAREHOLDERS
Revenues (USDm)
Net Profit (USDm) Cash And Cash Equivalents (USDm)
FINANCIAL PERFORMANCE OVERVIEW
Net Assets and Share Capital ratio (USDm)
PRESENTATION FOR SHAREHOLDERS
8.1 7.8
0
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2
3
4
5
6
7
8
9
Q1 2014 Q1 2015
2.3 2.2
0
1
2
3
Q1 2014 Q1 2015
36.6 37.5
0
5
10
15
20
25
30
35
40
31 December 2014 31 March 2015
93.1
95.2
5.5 5.7
0
1
2
3
4
5
6
7
88
90
92
94
96
98
100
31 December 2014 31 March 2015
Net assets Net assets / Share Capital ratio
Revenue Q1 2014 vs. Q1 2015 (USDm)
REVENUE OVERVIEW
Revenue split – comparison with prior year (USDm)
PRESENTATION FOR SHAREHOLDERS
22.3
8.1 7.8
1.6
-1.8 -0.1
0123456789
Revenue Q1 2014 Leaserevenue
Supplementalmaintenance
rent
Commissionincome
Revenue Q1 2015
5.1
3.3
1.5
1.4
1.5
3.1
0
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2
3
4
5
6
7
8
9
Q1 2014 Q1 2015
Commission income
Supplemental maintenance rent
Lease revenue
108%
-7%
-35%
8.1 7.8
EBITDA
* 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
PRESENTATION FOR SHAREHOLDERS
EBITDA Q1 2014 vs. Q1 2015 (USDm)
4.70 5.07
0.39 0.07
0.23
1.68
-1.87 -0.13
0
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3
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7
EBITDA Q1 2014 Revenue fromaircraft leases
Net commissionincome*
Other income** Employee-relatedexpenses
Other expenses*** Aircraftmaintenance
expenses
EBITDA Q1 2015
DEBT
31 December 2014
Total debt 12.9 13.6
Cash 37.5 36.6
Net debt (24.6) (23.0)
Ratios
Debt/assets 0.11 0.11
Net debt/Equity (0.26) (0.25)
Weighted average interest rate 7.70% 7.67%
% of total debt
% of total debt
31 March 2015
PRESENTATION FOR SHAREHOLDERS
DEBT MATURING IN LESS THAN 1 YEAR (USDM)
DEBT MATURING BETWEEN 1 AND 5 YEAR (USDM)
2.8 2.8
22% 20%
10.1 10.8
78% 80%
CURRENT FLEET
FLEET DISTRIBUTION
* The business jets are operated by KlasJet (subsidiary of Avia Solutions Group)
• 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
COMMENTS
Domicile country of the
lessee
Country of aircraft registration
Aircraft type Number of aircraft on
lease
Russia Bermuda CRJ200 8
Russia B737-500 2
Kazakhstan Lithuania B737-500 1
Belarus Belarus B737-300 1
Lithuania Lithuania CRJ200 Business Jets 2*
Total 14
FLEET OVERVIEW
8 x CRJ200LR 2 x CRJ200LR Business Jets Inc. 1 business jet owned by a joint venture
1 x Boeing 737-300 3 x Boeing 737-500
PRESENTATION FOR SHAREHOLDERS
Net Book Value of Aircraft and Aircraft under preparation for use (USDm)
Aircraft transactions summary 31 March 2014 – 31 March 2015
31 March 2014
Ʃ 18
30 June 2014
Ʃ 12
30 September 2014
Ʃ 12
* These aircraft were owned by AviaAM B03 UAB - the previous subsidiary of AviaAM Leasing AB which was sold on 30 April 2014 ** The acquisition and sale of one Boeing 737-800 aircraft was structured as a brokerage transaction
31 December 2014
Ʃ 13
PRESENTATION FOR SHAREHOLDERS
AIRCRAFT FLEET
Bombardier CRJ200
Boeing 737-500
Boeing 737-300
Boeing 737-700
Boeing 737-800
Boeing 767-300
+1**
8
7
2
1
0
0
+1
+1
-4*
-1*
-1
-1
-1
-1**
8
3
1
0
0
0
+1 -1
8
3
1
0
0
0
+1 10
3
1
0
0
0
31 March 2015
10
3
1
0
0
0
Ʃ 13
39.0 38.0
-1.0
0
20
40
60
Opening 1 January 2015 Depreciation charge Closing 31 March 2015
P&L SUMMARY
P&L (USD '000) Q1 2015 Q1 2014
Revenue from aircraft leases 4,682 6,556
Net commission income* 1,228 836
Other income** 453 580
Aircraft maintenance expenses (786) (2,467)
Depreciation and amortization (951) (1,195)
Employee-related expenses (165) (230)
Other expenses*** (346) (572)
Operating profit 4,115 3,508
EBITDA 5,066 4,703
Profit (loss) before income tax 2,340 2,681
Profit (loss) for the period 2,165 2,299
*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
PRESENTATION FOR SHAREHOLDERS
CASH FLOW & BALANCE SHEET SUMMARY
Cash flow (USD '000) I-III 2015 I-III 2014
Net cash generated from operating activities 2,210 (2,523)
Net cash generated from (used in) investing activities (642) (17,481)
Net cash generated from (used in) financing activities (674) (749)
Cash at the beginning of the period 36,574 43,953
Increase (decrease) in cash and cash equivalents 894 (20,753)
Cash at the end of the period 37,468 23,200
Balance sheet (USD '000) 31 March 2015 31 December 2014
Total assets, of which: 121,250 118,690
Non-current assets 51,236 50,766
Current assets 70,014 67,924
Equity 95,219 93,054
Non-current liabilities, of which: 14,656 15,467
Borrowings 10,056 10,782
Security deposits received 3,394 3,332
Deferred income tax liabilities 1,206 1,353
Current liabilities, of which: 11,375 10,169
Borrowings 2,821 2,768
Trade and other payables 3,445 2,488
Security deposits received 40 40
Advances received 531 70
Current income tax liabilities 4,538 4,803
Total equity and liabilities 121,250 118,690
PRESENTATION FOR SHAREHOLDERS
WHY AIRLINES CHOOSE LEASING COMPANIES TO FINANCE AIRCRAFT?
0,5% 17
leased
1,7% 100
leased
14,7% 1343
leased
24,7% 3715
leased
40,7% 8440
leased
Over 50% 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)
OVER HALF OF WORLD AIRLINE FLEET NOW LEASED Operating leases: 1970 to 2012
1970 3722 Aircraft
1980 6037 Aircraft
1990 9160 Aircraft
2000 15032 Aircraft
2014 20726 Aircraft
2020 forecast
PRESENTATION FOR SHAREHOLDERS
Smolensko st. 10, LT-03201 Vilnius Lithuania
www.aviaam.com E. [email protected] T. +370 5 252 55 25
Avia AM Leasing AB
CONTACT US
PRESENTATION FOR SHAREHOLDERS
