Aviation, Aerospace & Airports M&A Quarterly
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2018 Annual Report WHERE YOU CAN FIND MORE INFORMATION Annual Report
2018 Annual Report WHERE YOU CAN FIND MORE INFORMATION Annual Report https://www.ge.com/investor-relations/annual-report Sustainability Website https://www.ge.com/sustainability FORWARD-LOOKING STATEMENTS Some of the information we provide in this document is forward-looking and therefore could change over time to reflect changes in the environment in which GE competes. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/ investor-relations/important-forward-looking-statement-information. We do not undertake to update our forward-looking statements. NON-GAAP FINANCIAL MEASURES We sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in the CEO letter supplemental information package posted to the investor relations section of our website at www.ge.com. Cover: The GE9X engine hanging on a test stand at our Peebles Test Operation facility in Ohio. Here we test how the engine’s high-pressure turbine nozzles and shrouds, composed of a new lightweight and ultra-strong material called ceramic matrix composites (CMCs), are resistant to the engine’s white-hot air. -
Document De Base
Soci´et´e anonyme Au capital de 270 092 310 euros Si`ege social : 2, boulevard du G´en´eral Martial Valin 75015 Paris 562 111 997 R.C.S. Paris DOCUMENT DE BASE En application du R`eglement nÕ 98-01 de la COB, l’Autorit´e des march´es financiers a enregistr´e le pr´esent document de base le 4 mai 2004 sous le nÕ I.04-072. Il ne peut etreˆ utilis´e a` l’appui d’une op´eration financi`ere que s’il est compl´et´e par une note d’op´eration vis´ee par l’Autorit´e des march´es financiers. Ce document de base a et´´ e etabli´ par l’´emetteur et engage la responsabilit´e de ses signataires. Cet enregistrement, effectu´e apr`es examen de la pertinence et de la coh´erence de l’information donn´ee sur la situation de la soci´et´e, n’implique pas l’authentification des el´´ ements comptables et financiers pr´esent´es. Des exemplaires du pr´esent document de base sont disponibles sans frais aupr`es de Snecma, 2, boulevard du G´en´eral Martial Valin, 75015 Paris et sur son site Internet http://www.snecma.com, ainsi que sur le site Internet de l’Autorit´e des march´es financiers (http://www.amf-france.org). SOMMAIRE Page CHAPITRE 1 RESPONSABLE DU DOCUMENT DE BASE ET RESPONSABLES DU CONTROLE DES COMPTES*********************************************************** 8 1.1 RESPONSABLE DU DOCUMENT DE BASE **************************************** 8 1.2 ATTESTATION DU RESPONSABLE DU DOCUMENT DE BASE *********************** 8 1.3 RESPONSABLES DU CONTROLE DES COMPTES*********************************** 8 1.3.1 Commissaires aux comptes titulaires ********************************************* -
The Looming Taiwan Fighter Gap
This Page Intentionally Left Blank The Looming Taiwan Fighter Gap US-Taiwan Business Council October 1, 2012 This report was published in October 2012 by the US-Taiwan Business Council. The Council is a non-profit, member-based organization dedicated to developing the trade and business relationship between the United States and Taiwan. Members consist of public and private companies with business interests in Taiwan. This report serves as one way for the Council to offer analysis and information in support of our members’ business activities in the Taiwan market. The publication of this report is part of the overall activities and programs of the Council, as endorsed by its Board of Directors. However, the views expressed in this publication do not necessarily reflect the views of individual members of the Board of Directors or Executive Committee. 2012 US-Taiwan Business Council The US-Taiwan Business Council has the sole and exclusive rights to the copyrighted material contained in this report. Use of any material contained in this report for any purpose that is not expressly authorized by the US-Taiwan Business Council, or duplicating any or part of the material for any purpose whatsoever, without the prior written consent of the US-Taiwan Business Council, is strictly prohibited and unlawful. 1700 North Moore Street, Suite 1703 Arlington, Virginia 22209 Phone: (703) 465-2930 Fax: (703) 465-2937 [email protected] www.us-taiwan.org Edited by Lotta Danielsson Printed in the United States The Looming Taiwan Fighter Gap TABLE OF CONTENTS -
Determination of Mergernotification M/14/032
DETERMINATION OF MERGER NOTIFICATION M/14/032 - GE / MILESTONE Section 21 of the Competition Act 2002 Proposed acquisition of Milestone Aviation Group Limited by GE Capital Aviation Funding Dated 12 December 2014 Introduction 1. On 7 November 2014, in accordance with section 18(1) of the Competition Act 2002, as amended 1 (“the Act”), the Competition and Consumer Protection Commission (“Commission”) received a notification of a proposed transaction whereby General Electric Company (“GE”), through its wholly-owned indirect subsidiary GE Capital Aviation Funding ("GECAF"), would acquire all the issued shares in Milestone Aviation Group Limited (“Milestone”) and all of its subsidiaries. The Undertakings Involved The Acquirer – GE 2. GE is a global, diversified technology and services public company incorporated in the United States. GE is divided into a number of business units, each of which has its own divisions. Its primary business units include: GE Energy Management, GE Power & Water, GE Oil & Gas, GE Healthcare, GE Aviation, GE Transportation, GE Capital and GE Home & Business Solutions. 3. GE is active globally in the following sectors: aircraft engines, consumer products, specialty materials, power systems, industrial systems, medical systems, plastics, broadcasting, financial services and transportation systems. 4. Most of GE’s main business segments operate within the State. In particular, GE manufactures wind turbines and healthcare products, carries out much of GE’s airplane leasing operations and has its GE Capital European headquarters within the State. 5. For the financial year ending 31 December 2013, GE had a worldwide turnover of €[…] billion and a turnover in the State of €[…] million. 2 1 It should be noted that the Competition and Consumer Protection Act 2014 made a number of important amendments to the merger review regime set out in the Competition Act 2002. -
WAVE 2019-1 LLC/WAVE 2019-1 Ltd
Presale: WAVE 2019-1 LLC/WAVE 2019-1 Ltd. September 25, 2019 PRIMARY CREDIT ANALYST Preliminary Ratings Rajesh Subramanian Centennial Preliminary amount (mil. Assumed coupon Legal final maturity (1) 303-721-4241 Series Preliminary rating $) (%) LTV (%)(ii) date rajesh.subramanian A A (sf) 555.531 3.825 71.2 Sept 2044 @spglobal.com B BBB (sf) 81.696 4.875 81.6 Sept 2044 SECONDARY CONTACTS C BB (sf) 40.848 7.000 86.9 Sept 2044 Belinda Ghetti New York Note: This presale report is based on information as of Sept. 23, 2019. The ratings shown are preliminary. Subsequent information may result in (1) 212-438-1595 the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (ii)Note amount divided by the lower belinda.ghetti of the mean and median of three appraisers' half-life base values and half-life current market values. LTV--Loan-to-value ratio. @spglobal.com Maxym Rumyantsev New York + 1 (212) 438 0302 Transaction Overview maxym.rumyantsev @spglobal.com WAVE 2019-1 LLC is a newly established Delaware limited liability company. WAVE 2019-1 LLC CORPORATE & GOVERNMENT CREDIT and the co-issuer, Wave 2019-1 Ltd., will issue the series A, B, and C fixed-rate notes under an ANALYST indenture and use the proceeds from it to acquire 23 aircraft. Betsy R Snyder, CFA The portfolio comprises exclusively narrow-body passenger planes (nine A320-200, one New York A320-200NEO, seven A321-200, and six 737-800). -
Modernization of the Czech Air Force
Calhoun: The NPS Institutional Archive Theses and Dissertations Thesis Collection 2001-06 Modernization of the Czech Air Force. Vlcek, Vaclav. http://hdl.handle.net/10945/10888 NAVAL POSTGRADUATE SCHOOL Monterey, California THESIS MODERNIZATION OF THE CZECH AIR FORCE by Vaclav Vlcek June 2001 Thesis Advisor: Raymond Franck Associate Advisor: Gregory Hildebrandt Approved for public release; distribution is unlimited. 20010807 033 REPORT DOCUMENTATION PAGE Form Approved OMBNo. 0704-0188 Public reporting burden for this collection of information is estimated to average 1 hour per response, including the time for reviewing instruction, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to Washington headquarters Services, Directorate for Information Operations and Reports, 1215 Jefferson Davis Highway, Suite 1204, Arlington, VA 22202-4302, and to the Office of Management and Budget, Paperwork Reduction Project (0704-0188) Washington DC 20503. 1. AGENCY USE ONLY (Leave blank) 2. REPORT DATE 3. REPORT TYPE AND DATES COVERED June 2001 Master's Thesis 4. TITLE AND SUBTITLE : MODERNIZATION OF THE CZECH AIR FORCE 5. FUNDING NUMBERS 6. AUTHOR(S) Vaclav VIcek 8. PERFORMING 7. PERFORMING ORGANIZATION NAME(S) AND ADDRESS(ES) ORGANIZATION REPORT Naval Postgraduate School NUMBER Monterey, CA 93943-5000 9. SPONSORING / MONITORING AGENCY NAME(S) AND ADDRESS(ES) 10. SPONSORING / MONITORING N/A AGENCY REPORT NUMBER 11. SUPPLEMENTARY NOTES The views expressed in this thesis are those of the author and do not reflect the official policy or position of the Department of Defense or the U.S. -
94•GT-475 Or Printed in Its Publications
THE AMERICAN SOCIETY OF MECHANICAL ENGINEERS 345 E. 47th St., New York, N.Y. 10017 The Society shall not be responsible for statements or opinions advanced In papers or discussion at meetings of the Society or of its Divisions or Sections, 94•GT-475 or printed in its publications. Discussion is printed only if the paper is pub- lished in an ASME Journal, Papers are available from ASME for 15 months after the meeting. Printed in U.S.A. Copyright © 1994 by ASME Downloaded from http://asmedigitalcollection.asme.org/GT/proceedings-pdf/GT1994/78873/V005T12A012/2405346/v005t12a012-94-gt-475.pdf by guest on 26 September 2021 CURRENT AND FUTURE MATERIALS IN ADVANCED GAS TURBINE ENGINES G. A. Kool Materials Department National Aerospace Laboratory NLR Amsterdam, The Netherlands 11111111111111111111111 ) ABSTRACT as during development of new, untried aero engine materials. Gas turbine engines are constructed of components with From the operator's point of view, safety and cost are two major excellent strength and stiffness, a minimum density, a high concerns in engine operation. These two points will be discussed temperature capability for long times, and at affordable cost. in more detail. Material behaviour under service conditions and Metallic materials are the centrepiece in fulfilling these material costs must be considered extensively where conventional requirements. Future gas turbine engines will have to have higher materials are replaced and new materials are implemented. thrust-to-weight ratios, better fuel efficiencies and still lower costs. This will require new and advanced lightweight materials Safety with higher temperature capabilities. Engine problems account for only a small share of air transport This paper discusses some of the presently applied materials in accidents [I], namely 12 % between 1959 and 1989 (Fig. -
Differences Between Commercial and Corporate Aircraft Finance
DIFFERENCES BETWEEN COMMERCIAL AND CORPORATE AIRCRAFT FINANCE Mark Bisset 23 September 2011 The world’s Global Aviation Law Firm of the Year by Who’s Who premier aviation Legal for the past 7 years (2005-2011). law firm Law Firm of the Year 2011 (Legal Business Awards). Over 150 dedicated aviation lawyers, including finance, litigation, insurance & regulatory specialists. Over 1,400 staff based in 25 offices around the world, including in China: INTRODUCTION What are the financing requirements? Who is in the market? Structuring a business jets transaction What are the terms? WHAT ARE THE FINANCING REQUIREMENTS? BUSINESS JETS FINANCING Business jets 11,167 REQUIREMENTS Jetliners/regional jets 585 2011-2020 Business turboprops 3,153 _________ TOTAL 14,905 ========= Value $296 bn CHINA – c.100 aircraft in service “A permanent shift in favour of more expensive models” Source: Teal Group DELIVERIES BY TYPE, 2011-2020 Cessna 3,567 Embraer 2,227 Bombardier 1,579 Gulfstream 1,284 Dassault 1,261 Hawker 1,040 Airbus 141 Boeing 86 Others 539 HOW MANY DELIVERIES ARE PAID IN CASH? “Almost 90 per cent” (V-ref aircraft price guide) “85% of customers at the top half of the market” [$25m + range] (Teal group) “75% (Bank of America) 2006-7 20 – 30% cash COMMERCIAL AIRCRAFT Single aisle 17,870 FINANCING REQUIREMENTS Twin aisle 6,240 Very large 1,740 2009-2029 _________ TOTAL 25,850 ========= Value $3.2 trillion CHINA – 1,386 in service aircraft; backlog of 565 REGIONAL DEMAND BUSINESS JETS 2011-2015 North America Europe Latin America Asia Africa/ME -
Aircraft Planned Supplement Ipo Less Fuel
Airfinance Journal March/April 2018 March/April 2018 YOUR ESSENTIAL INTELLIGENCE RESOURCE FOR AVIATION FINANCE JACKSON SQUARE AVIATION CEO INTERVIEW SLB terms ‘are being eroded’ Jackson Square’s Toby Bright on airline pricing power, widebody transitions and OEM orders ISSUE no. 398 INVESTOR’SACCIPITER ON VIEW COMPETITION | JOL/JOLCO | SURVEY CIT TAKEOVER 2018 REGIONAL | INTREPID'S AIRCRAFT PLANNED SUPPLEMENT IPO LESS FUEL. F LY WE MAKE IT At 4000nm the A321LR has the biggest range of any new single aisle aircraft in the world. Not only is it capable of opening the door to the long-haul market, it can do so with an incredible 30% reduction in operating costs. But it’s not just designed to impress CFOs with unbeatable fuel ef ciency. It is available with our state-of-the-art Airspace cabins to give passengers unparalleled comfort too. Long-haul. We make it y. airbus.com Editor’s letter Adjusting for interest rate rises With interest rate rises on the way, lessors need to examine their rental contracts, writes Jack Dutton. n 27 February, the new chair of the Federal One of the biggest questions is how rate OReserve, Jerome Powell, gave his first speech rises will impact the new capital that has flowed in the post. Unlike many of President Trump’s into this sector over the past few years. Some LESS FUEL. choices for cabinet secretaries, Powell is not a of the industry’s sale-and-leaseback money controversial one. He is expected to follow Janet may not survive. New entrants will have capital Yellen’s footsteps and adopt a cautious interest expenditure targets and if better returns rate policy – the former Fed chief even describes materialise in other markets, they may deploy Powell as “part of the consensus”. -
Aviation Practice
Aviation An overview of our finance and related practices Our capabilities Transportation Practice Group of the Year Law360, 2019 Hogan Lovells | 3 Overview of our aviation finance capabilities From the post-deregulation tumult of the 1980s; the rollercoaster of the high-yield market in the 1990s and early 2000s; the post-9/11 devastation; the flourishing loan and public offering Aviation industry recognition markets in the mid-2000s; and recent foreclosures, restructurings, industry consolidations and 2018, 2019 the COVID-19 economic collapse, structuring and documenting aviation finance transactions have Tier 1 or Top - Tier Firm for Transport: always been complex tasks. When the relevant assets are located across national boundaries and Aviation and Air Travel: Regulation subject to the laws of multiple jurisdictions, some of which are more creditor-friendly than others, The Legal 500 US the complexity is compounded. Timing and tax efficiency are usually critical factors in closing a transaction. 2016-2019 Band 1 for Transportation: Aviation: From New York to London to Paris to Hong Kong, our network of over 50 aviation lawyers Regulatory — Nationwide provides in-depth industry experience across practices, and particularly in aviation finance. Our Chambers USA experience spans export credit agency-supported financings, acquisition financing and disposal of individual aircraft and of portfolios and involves advising on commercial and tax-based (and, in 2019 particular, French, German and Japanese tax-based) financings, Islamic financings, -
Safran Document De Référence 2014
SAFRAN DOCUMENT DE RÉFÉRENCE 2014 SAFR_RA_2014_FR_CouvDocRef.indd 1 13/03/2015 13:09 SOMMAIRE Profil du Groupe 1 5.3 Développer le potentiel humain 208 5.4 Viser l’excellence en santé, sécurité et environnement 220 | 5.5 Impliquer nos fournisseurs et partenaires 228 1 PRÉSENTATION GÉNÉRALE DU GROUPE 8 5.6 S’investir via les fondations et le mécénat 229 1.1 Présentation de Safran 10 5.7 Méthodologie du suivi des indicateurs RSE 1.2 La stratégie du Groupe 14 et avis des commissaires aux comptes 230 1.3 Les activités 15 1.4 Position concurrentielle 32 | 1.5 Recherche et développement 32 6 GOUVERNEMENT D’ENTREPRISE 236 1.6 Investissements industriels 37 6.1 Organes d’administration et de direction 238 1.7 Actifs immobiliers 39 6.2 Rémunérations des mandataires sociaux 266 1.8 La politique achats du Groupe 40 6.3 Opérations des mandataires sociaux et autres 1.9 La politique et la performance qualité Groupe 41 responsables sur les titres de la société 274 1.10 La démarche Safran+ 42 6.4 Honoraires versés aux commissaires aux comptes 276 6.5 Rapport du président du conseil | d’administration 278 2 ACTIVITÉS DU GROUPE EN 2014 6.6 Rapport des commissaires aux comptes ET PERSPECTIVES 2015 44 sur le rapport du président du conseil 2.1 Commentaires sur la performance 2014 d’administration 295 en données ajustées 46 2.2 Commentaires sur les comptes consolidés du Groupe 65 | 7 INFORMATIONS SUR LA SOCIÉTÉ, 2.3 Commentaires sur les comptes sociaux 69 LE CAPITAL ET L’ACTIONNARIAT 296 2.4 Perspectives 2015 71 7.1 Renseignements généraux et statuts 298 -
Industry Overview
THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information and statistics set forth in this section and elsewhere in this document have been derived from an industry report commissioned by us and independently prepared by Frost & Sullivan, in connection with the Global Offering. In addition, certain information is based on, or derived or extracted from, among other sources, publications of government authorities and internal organizations, market statistics providers, communications with various PRC Government agencies or other Independent Third Party sources unless otherwise indicated. We believe that the sources of such information and statistics are appropriate and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information and statistics are false or misleading in any material respect or that any fact has been omitted that would render such information and statistics false or misleading. Our Directors confirm that, after taking reasonable care, they are not aware of any adverse change in market information since the date of the Frost & Sullivan Report which may qualify, contradict or adversely impact the quality of the information in this section. None of our Company, the Joint Sponsors, the Joint Global Coordinators, the Joint Bookrunners, the Underwriters or any other party involved in the Global Offering or their respective directors, advisors and affiliates have independently verified such information and statistics and no representation has been given as to their accuracy. Accordingly, such information should not be unduly relied upon.