Annual Report & Accounts

Total Page:16

File Type:pdf, Size:1020Kb

Annual Report & Accounts Annual Report & Accounts 2019 2 Contents ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL 3 REPORT 2019 Highlights 5 Chairmanʼs Statement 6 Chief Executiveʼs Statement 8 Financial Review 12 Q&A: Aircraft Trading 16 DIRECTORSʼ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2019 Directors and Other Information 24 Contents Directorsʼ Report 25 Statement of Directorsʼ Responsibilities 28 Independent Auditorsʼ Report 29 Consolidated Statement of Profit or Loss and Other Comprehensive Income 31 Consolidated Statement of Financial Position 32 Company Statement of Financial Position 33 Consolidated Statement of Changes in Equity 34 Company Statement of Changes in Equity 35 Consolidated Statement of Cash Flows 36 Company Statement of Cash Flows 37 Notes to the Consolidated Financial Statements 38 Acronyms and Abbreviations 77 ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL 4 Through active fleet management, we maintain one of the youngest fleets in the industry. 2019 Highlights ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL 5 OUR RATING OUR FLEET OUR PEOPLE A-/A- 720+ 185+ Fitch and S&P ratings, Our fleet comprises professionals working the highest rated of 720+ owned / worldwide. dedicated aircraft managed / committed leasing company in aircraft. the industry. OUR FLEET OUR TRADING OUR CUSTOMERS 4.2 400+ 150+ Years weighted c. 400+ aircraft sold to customers in over 50 average age of our 100+ investors. countries worldwide. fleet. We adopt a multi-layered approach to risk management, understanding our customers and their markets. Our shareholding base sets us apart by giving us one of the broadest product offerings in this industry. Our consistent, disciplined strategy has served us very well, allowing us to deliver consistent returns to our business and shareholders. ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL Figures correct as 31 March 2019 6 Chairman’s Statement I am pleased to report another strong year for the business in which we saw a number of significant developments for SMBC Aviation Capital including a $1 billion injection of investment ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL capital from our shareholders, a ratings upgrade to A- and an aircraft order for 65 A320neo family aircraft with Airbus. Shinichi Hayashida Chairman Our success is based on the strength of 7 our people and the exceptionally close relationship with our shareholders. That mutually beneficial relationship becomes stronger from year to year. On the one hand, SMBC Aviation Capital continues to deliver a strong return on investment to our shareholders while our business also benefits from the capital strength and financial support of Sumitomo Mitsui Financial Group and Sumitomo Corporation. We are engaged in a global business where the concept of Having a global bank as a shareholder normal business hours does means we can engage with the market not exist and our success is and raise capital very efficiently and at based on the dedication and attractive rates, which differentiates our business and gives us a competitive edge. commitment of our team. The backing of our shareholders also supports our strategy as we continue to diversify our funding base. From a customer perspective, it means I wish to express my gratitude to all of we are in a position to offer a full range of our employees who work hard to bring aviation finance products. An important transactions to a successful conclusion. part of our business is to work together We are engaged in a global business where with our shareholders who promote the the concept of normal business hours does business out of Japan, including JOL and not exist and our success is based on the JOLCO products. Deals of note during the dedication and commitment of our team. year include Lufthansa, Copa Airlines, ANA and Emirates. For the future, we may be facing into a more turbulent economic and financial While we secured and delivered a number environment, but I am confident that the of significant deals this year, the period fundamental strength of our business, the was also marked by some challenges in the strength of our team and our relationship industry, in particular the grounding of the with our shareholders will see us through Boeing 737 MAX fleet. We continue to work these challenges. closely with Boeing and our customers as we await the aircraftʼs return to service over the coming months. Overall, the industry fundamentals remain healthy. Anticipated interest rate increases failed to materialise while emerging markets have proven to be quite resilient in the face of some economic turbulence as a result of trade disputes and other issues. ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL Mature markets also continue to grow steadily, albeit at a slower pace. 8 This was another year of record profits for SMBC Aviation Capital, continuing a trend which we have maintained over the past 18 years. Chief Executive’s ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL Review Peter Barrett Chief Executive Officer This record performance has been achieved This year, our shareholders invested $1 9 thanks to a number of factors including the billion in new capital into the business. strength we gain from the support of our We also continued to diversify our funding shareholders, our highly experienced and base by raising a further $500m on the dedicated team as well as a combination bond markets on very attractive terms. of a broad spread of customers across The issuance was 4.7x over subscribed, the globe and an actively managed and demonstrating the marketʼs confidence in balanced aircraft portfolio. our strategy. Of fundamental importance is our financial This high level of confidence in our strength and longevity in the aircraft business by investors and lenders was leasing sector. The airline operating further reflected in the upgrading of our environment and wider financial markets credit rating to A- by S&P. This alongside have been positive for the past number of our rating of A- from Fitch means that years, but it is likely that this will change in we have the strongest credit rating of any the future. For this reason, we have adopted dedicated aircraft leasing company. a strategy of strengthening our capital and asset base to ensure we will continue to thrive in all market conditions. Our diverse customer portfolio is a source of We have created strong bonds strength. Customers are spread across Asia, with our global network The Americas and Europe with very low levels of concentration among individual of customers, built on the lessees. New customers and deals of note premise that the customer during the year included Icelandair, Viva always comes first. Aerobus, Southwest Airlines and Thai Airways. The depth of the relationships we have This financial strength will be a key developed with our customers is key differentiator for our business as will the to our business. We pride ourselves on quality of our portfolio of aircraft. Our understanding their business and their portfolio now comprises 236 owned aircraft particular needs. Those needs vary with a further 179 managed for investor depending on geographic region and customers. Our policy of combining market served and we endeavour to offer proactive aircraft trading with the purchase the solutions required. of the latest technology, most fuel-efficient aircraft has resulted in our fleet being We have created strong bonds with our one of the youngest in the world with a global network of customers, built on the weighted average age of 4.2 years, down premise that the customer always comes from 4.5 years at the end of March 2018. first. Critically important in building those Our strategy has resulted in increasing relations has been the quality and integrity the proportion of new technology aircraft of our team, many of whom have been in the portfolio to 37%, a trend which will with the company since we started out continue in the coming period. 18 years ago. We have been through good times and challenging times together and Aircraft trading is a critical element of our ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL have grown stronger as a result. The pool strategy and ensures our continued success. of knowledge and expertise in aviation SMBC Aviation Capital, has been and finance accumulated over the years is of continues to be, one of the most active and incalculable value. successful traders in the market today and, working with our partners around the world, we sold 60 owned and managed aircraft during the year. We also signed letters of intent for the sale of a further 14 aircraft. 10 Chief Executive’s Review CONTINUED In terms of aircraft acquisition, we cost and environmental factors. While extended our existing order with Airbus there remains no viable alternative to the for A320neo family aircraft with 65 new continued use of fossil fuels in aviation, aircraft being delivered between 2023 and the requirement for the industry to reduce 2025. its environmental impact in terms of emissions per passenger mile travelled will We placed 47 aircraft from our order book only intensify. during the year and we signed sale and leaseback contracts for a further 40 aircraft. The best hedge against fuel price volatility and environmental impact is to have the The industry does face challenges, most fuel-efficient aircraft possible. Our however. Of critical importance over the latest technology aircraft, which have an next number of months is to ensure that average age of just 1.3 years, are up to 15% the Boeing 737 MAX aircraft safely re-enters more fuel efficient than their forerunners. into service. This has been a challenging period for both Boeing and our customers In terms of our people, we work hard to and we are now focused on ensuring that ensure that our team blends youth with we effectively manage the backlog of delays experience in order to ensure we are once the MAX is certified to fly by the continually exposed to new ideas and fresh regulatory authorities.
Recommended publications
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 0-14719 SKYWEST, INC. Incorporated under the Laws of Utah 87-0292166 (IRS Employer ID No.) 444 South River Road St. George, Utah 84790 (435) 634-3000 Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on which Registered Common Stock, No Par Value SKYW The Nasdaq Global Select Market Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    [Show full text]
  • Aircraft Leasing in the Context of Covid-19 – Practical Considerations on Compromise, Relationships and Mitigation
    GLOBAL: COVID-19 : AIRCRAFT LEASING IN THE CONTEXT OF COVID-19 – PRACTICAL CONSIDERATIONS ON COMPROMISE, RELATIONSHIPS AND MITIGATION April 2020 www.bclplaw.com Dear Aircraft Lessor Re: COVID 19: Aircraft Lease Agreements relating to Relevant Aircraft I am writing to inform you that our business has been materially and adversely affected by the COVID 19 pandemic. My CFO has informed me that in a few months, we anticipate difficulties meeting our rental payment obligations under aircraft lease agreements entered into with your company. We are hoping that we can arrange a time to speak via video conference to consider and discuss steps that we may take and agree to mitigate these circumstances. Our respective companies have a long history of working together, but if there is a time that we need your co-operation, support and assistance, it would be now. I look forward to hearing from you to confirm a time to discuss. Yours sincerely Airline CEO INTRODUCTION The above paints the scene of a typical request which most (if not all) international aircraft lessors are currently facing (and a similar scenario could also apply to financial institutions who have lent money to airlines). If you were the relationship manager of the subject aircraft leasing company, what would you do? This paper is intended to provide some practical suggestions and considerations that commercial parties could consider when preparing for those “hard conversations” and is intended to encourage aircraft lessors, financial institutions and airlines to be innovative, creative and practical whilst balancing and prudently managing associated risks during the COVID 19 crisis.
    [Show full text]
  • Fly Leasing Q4 2019 Earnings Press Release
    Fly Leasing Reports Fourth Quarter and Full Year 2019 Financial Results Dublin, Ireland, February 27, 2020 – Fly Leasing Limited (NYSE: FLY) (“FLY”), a global leader in aircraft leasing, today announced its financial results for the fourth quarter and full year of 2019. Fourth Quarter 2019 Highlights Net income of $75.2 million, $2.43 per share Adjusted Net Income of $77.0 million, $2.49 per share Return on equity of 35.9%, Adjusted return on equity of 36.7% Sold ten aircraft for an economic gain of $62.7 million, a 31% premium to book value Purchased seven aircraft for $217.0 million 2019 Full Year Highlights Net income of $225.9 million, $7.12 per share Adjusted Net Income of $245.9 million, $7.75 per share Return on equity of 29.2%, Adjusted return on equity of 31.8% Sold 35 aircraft for an economic gain of $149.1 million, an 18% premium to book value $28.42 book value per share at year end, a 32% increase since December 31, 2018 Net debt to equity ratio of 2.3x "FLY is reporting record financial outcomes for the fourth quarter and full year 2019 along with adjusted returns on equity of more than 30% in both the quarter and full year," said Colm Barrington, FLY's Chief Executive Officer. "At year end, our book value per share was $28.42, which was a 32% increase in the year. Our leverage was reduced to 2.3x at year end, down from 4.0x at the beginning of the year.” “Our aircraft sales in 2019 demonstrated the value in our balance sheet, reduced lessee concentration, generated cash and reduced our leverage,” added Barrington.
    [Show full text]
  • Aviation Industry Leaders Report 2021: Route to Recovery
    The Aviation Industry Leaders Report 2021: Route to Recovery www.aviationnews-online.com www.kpmg.ie/aviation KPMG REPORT COVERS 2021.indd 1 20/01/2021 14:19 For what’s next in Aviation. Navigating Change. Together. Your Partner For What’s Next KPMG6840_Aviation_Industry_Leaders_Report REPORT COVERS 2021.indd 2021 2 Ads x 4_Jan_2021.indd 4 19/01/202120/01/2021 15:37:29 14:19 CONTENTS 2 List of 10 Regional Review 24 Airline Survivorship 36 Return of the MAX 54 Chapter Four: The Contributors and Post-Covid World Acknowledgements Chapter One Assessing which Boeing’s 737 MAX incorporates a regional airlines will survive the aircraft was cleared for The recovery from 4 Foreword from Joe review of the aviation immediate health crisis return to service after the devastation the O’Mara, Head of market. and the subsequent the US Federal Aviation coronavirus pandemic Aviation, KPMG recovery period has Administration officially has wrought on the 18 Government rescinded the grounding world is expected to be Ireland become an essential Lifelines skill for lessors, lenders order. Industry experts slow but how will the 6 Chapter One: and suppliers. discuss the prospects new world environment This section takes a for the aircraft type and impact demand for air Surviving the Crisis deep dive into the levels 28 Chapter Two: Fleet how it will be financed. travel. This chapter also of government support considers the impact This chapter considers Focus for the aviation industry 44 Chapter Three: The of climate change the macroeconomic and around the world and Airlines are likely to Credit Challenge concerns on the aviation geopolitical shock of the considers its impact emerge from the crisis coronavirus pandemic industry.
    [Show full text]
  • 12:00Pm Conference Welcome 12:15Pm Introduction to Aviation
    Day 1 12:00pm Conference Welcome 12:15pm Introduction to Aviation Debt Douglas Runte, Managing Director, Deutsche Bank 1:00pm Air Travel Outlook John Heimlich, Chief Economist, Airlines for America (A4A) Brian Pearce, Chief Economist, International Air Transport Association (IATA) 2:00pm Intro to Aircraft Appraisals and Case Studies Bryson Monteleone, Chairman, ISTAT Appraisers Program and Senior Advisor, PwC 2:45pm Rating Aircraft ABS Rajesh Subramanian, Associate Director, Standard & Poor’s Hylton Heard, Senior Director, Fitch Ratings 3:45pm Investing in Aviation Debt Suzanne Trepp, Senior High Yield Research Analyst, Western Asset Management Co. Dan Seymour, President, Cannae Advisors 4:30pm Workshop Concludes Day 2 8:00am Conference Welcome and Opening Remarks Deutsche Bank, Douglas W. Runte, CFA, Managing Director 8:05am Airbus Boeing Debate Boeing, Darren Hulst, Vice President Commercial Marketing Airbus, Mark Pearman-Wright, Head of Marketing, Aircraft Investors 9:15am BOC Aviation, Robert Martin, Chief Executive Officer 9:45am Dubai Aerospace Enterprise, Firoz Tarapore, Chief Executive Officer 10:15am Appraisers: Aircraft Values and Lease Rates Aircraft Valuation History Cirium, Michael Lapson, Senior Valuations Analyst, Senior ISTAT Appraiser Widebody Update Avitas, Doug Kelly, Senior Vice President Narrowbody Update MBA, David Tokoph, President & Chief Executive Officer 11:45am AerCap, Aengus Kelly, Chief Executive Officer 12:15pm Avolon, Domhnal Slattery, Chief Executive Officer 12:45pm SMBC Aviation Capital, Peter Barrett, Chief Executive Officer 1:15pm Break 1:45pm Aircastle, Mike Inglese, Chief Executive Officer 2:15pm GECAS, Greg Conlon, Chief Executive Officer 2:45pm Air Lease Corp, Gregory Willis, Chief Financial Officer 3:15pm Aviation Capital Group, Khanh Tran, Chief Executive Officer 3:45pm Castlelake, Evan Carruthers, Chief Investment Officer & Managing Partner 4:15pm Merx Aviation, Gary Rothschild, CEO, Merx Aviation and Head of Aviation Finance, Apollo 4:45pm Conference Concludes .
    [Show full text]
  • 2 0 0 6 a N N U a L R E P O
    2006 ANNUAL REPORT WHO WE ARE AIRCASTLE IS A GLOBAL COMPANY THAT ACQUIRES AND LEASES HIGH-UTILITY COMMERCIAL JET AIRCRAFT TO PASSENGER AND CARGO AIRLINES THROUGHOUT THE WORLD. High-utility aircraft are generally modern, operationally efficient jets with a large operator base and long useful lives. As of December 31, 2006, our aircraft portfolio consisted of 69 aircraft that were leased to 32 lessees located in 23 countries and managed through our offices in the United States, Ireland and Singapore. We also make investments in other aviation assets, including debt securities secured by commercial jet aircraft. As of March 31, 2007, we had acquired and committed to acquire aviation assets having an aggregate purchase price equal to $2.24 billion and $1.43 billion, respectively, for a total of approximately $3.67 billion. AIRCASTLE 2006AR : P1 SELECTED FINANCIAL DATA Year Ended December 31, (Dollars in thousands, except per share data) 2006 Selected Operating Data: Total revenues $ 189,327 Selling, general and administrative expenses 27,866 (Includes non-cash share-based payment expense of $8.895 million) Depreciation $ 56,629 Interest expense, net 50,477 Net income $ 51,206 Net income per share (diluted) $ 1.11 Other Operating Data: EBITDA(1) $ 164,279 Consolidated Statements of Cash Flows: Cash flows provided by operations $ 135,282 Consolidated Balance Sheet Data: Flight equipment held for lease, net of accumulated depreciation $ 1,590,355 Total assets $ 1,918,703 Total debt $1,075,753 Shareholders’ equity $ 637,197 Number of aircraft 69 Total debt to total capitalization 62.8% Stock Performance Data: Share price at IPO $23.00 Closing share price on December 29, 2006 $29.50 Closing share price on March 30, 2007 $35.38 Dividend declared for the quarter ended December 31, 2006 $0.4375 per common share Dividend declared for the quarter ended March 31, 2007 $0.50 per common share Dividend yield based on March 30, 2007 closing price 5.65% (1) EBITDA is a measure of operating performance that is not calculated in accordance with GAAP.
    [Show full text]
  • Aircraft Financing (US): Overview
    Resource ID: W-001-5042 Aircraft Financing (US): Overview PRACTICAL LAW FINANCE WITH RICHARD FUREY, HOLLAND & KNIGHT LLP, BASED ON AN ORIGINAL ARTICLE BY MARA ABOLS, DARCY BINDER, JAMES HAYDEN AND CHRISTIAN HANSEN OF WHITE & CASE LLP Search the Resource ID numbers in blue on Westlaw for more. An overview of aircraft financing and the The different national and sub-national laws and regulations and challenges posed by these transactions. international treaties and conventions that must be taken into account when structuring and documenting aircraft financing This Note also discusses the parties typically transactions. The interrelationship among these different laws, involved in aircraft financing transactions and regulations, and treaties create significant complexity that must be considered when negotiating these transactions. For more their roles, including manufacturers, owner information on these issues, see Practice Note, Aircraft Financing: trustees, lessees, export credit agencies, and US and International Laws, Regulations and Registration Requirements (W-001-6310). development banks. The potential liability for participants involved in aircraft financing transactions in case of an accident or other loss event. The illiquid nature of the aviation market. There are not many Aircraft or aviation financing is the financing of the purchase and potential buyers of the aircraft if there is a default under the loan operation of one or more aircraft and related assets, by an airline, agreement, indenture or lease, as applicable. Even if a buyer can aircraft lessor or other entity using one of a variety of financing be secured: structures. Depending on the needs of the participants, the financing zthe cost of transferring ownership to that buyer may be may be structured as a secured loan, a debt offering, or a lease significant; and (whether an operating lease or finance lease).
    [Show full text]
  • SMBC Aviation Capital Annual Report & Accounts 2016
    SMBC Aviation Capital Annual Report & Accounts 2016 Annual Report & Accounts 2016 Contents 03 2016 Highlights 04 Chairman’s Statement 06 Chief Executive’s Statement 10 Customer stories - A new beginning with Nesma 12 Our people and our teams - Michael Littleton 14 Customer stories - Delivering our first A320neo to GoAir 16 Our people and our teams - Danielle Keogh 18 Customer stories - Rolling out Air Europa’s new Dreamliner 20 Our people and our teams - Nick Hazeldine 22 Customer stories - Preparing Jeju’s expanded fleet 24 Directors’ Report and Consolidated Financial Statements 2016 26 Directors and other information 27 Directors’ report 29 Statement of directors’ responsibilities 30 Independent auditors’ report 32 Consolidated statement of comprehensive income 33 Consolidated statement of financial position 34 Company statement of financial position 35 Consolidated statement of changes in equity 36 Company statement of changes in equity 37 Consolidated statement of cash flows 38 Company statement of cash flows 39 Notes to the financial statements 76 Acronyms and abbreviations SMBC Aviation Capital Annual Report & Accounts 2016 2016 Highlights Our Fleet Our Rating Our Customers Our Trading 660+ BBB+ 150+ 300+ owned/managed/ Fitch & S&P rating, airline and investor aircraft sold to 65 committed one of the highest customers in over 50 third party investors rated lessors in the countries worldwide industry 4.7 Our People Our History Our Fleet Our Utilisation 160 15 4.7 99.7% professionals working year track record average weighted average fleet utilisation worldwide of growth and age of fleet since 2005 profitability SMBC Aviation Capital is a leading aircraft leasing company.
    [Show full text]
  • Buy BOC Aviation
    Deutsche Bank Markets Research Rating Company Date 5 December 2016 Buy BOC Aviation Initiation of Coverage Asia Singapore Reuters Bloomberg Exchange Ticker Price at 1 Dec 2016 (HKD) 39.00 Banking / Finance 2588.HK 2588 HK HSI 2588 Price target - 12mth (HKD) 48.50 Other Financial Services 52-week range (HKD) 43.30 - 36.58 Straits Times Index 2,905 Sustaining profitability; initiating with Jacky Zuo Hans Fan, CFA Buy Research Associate Research Analyst (+852 ) 2203 6255 (+852 ) 2203 6353 The 5th largest global aircraft lessor about to re-lever up; Buy with HK$48.5 TP [email protected] [email protected] We expect BOCA to start a rapid fleet expansion with the asset base growing 17-20% yoy in 2016-18E to reach a 3.5x debt-to-equity ratio at end-FY18 (vs. 1H16: 2.9x after HK IPO). We expect the fast growth to be supported by its Price/price relative large order book (~100% of the existing fleet), high Asian exposure (55% of 45 lease portfolio), strong funding capability (2% funding cost) and young fleet 44 (3.3 years). We forecast the lessor to sustain pre-IPO profitability with average 42 ROE of 14.5% in 2016-18E. We initiate with Buy and a target price of HK$48.5. 41 39 We believe the stock may play catch-up after the recent rally of its US peers. 38 36 A new phase of growth 6/16 BOCA targets to raise leverage back to the pre-IPO level, i.e. 3.5-4.0x debt-to- BOC Aviation equity by the end of 2018.
    [Show full text]
  • Aircraft Transactions Going Digital
    August 2019 - www.avitrader.com Aircraft transactions Going digital In focus: MRO News ADSoftware from around the world Rotable Repairs People on the Move opens new facility latest appointments Editor‘s Page 2 Asset lease finances he cover story in this edition of the publica- Given the high value of aircraft and complexity tion touches on an increasingly important associated with the asset’s leases and finances, Tdiscussion on the digitisation of records high quality asset management is instrumental in management for aircraft transactions especially preserving the value of aircraft through the lease pertaining to the MRO side of things . term another opinion mentioned an expert at ACC Aerotask . Many lessors and airlines have invested Bust also, an area we focused less on but equally Published monthly by in software systems or have developed their own crucial is how lessors and airlines can get the most in-house capability which enables them to capture AviTrader Publications Corp. precise and accurate control over asset leases and Suite 305, South Tower finances, and we received some interesting views and analyse numerous commercial and technical management elements . 5811 Cooney Road from our panel of contributors . For instance, TRAX Richmond, British Columbia recognises the difficulties for lessors and lessees Continuous technical management analysis, such V6X 3M1 in providing accurate redeliveries of assets . As a as monitoring aircraft utilisation, assessing main- Canada result they developed a new aircraft lease return tenance workscopes and regular inspections of portal product . It is a web-based digital aircraft the asset are vital components of asset manage- technical records solution which allows an opera- Email: [email protected] ment for aircraft owners .
    [Show full text]
  • Présentation Powerpoint
    Chorus Aviation Overview February 14 , 2020 Delivering regional aviation to the world TSX: CHR Caution regarding forward-looking information This presentation contains “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information relates to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information, by its nature, is based on assumptions and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, among other things, external events, changing market conditions and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed in forward-looking information. Factors that could cause results to differ materially from those expressed in this presentation include those identified in Chorus’ public disclosure record available at www.sedar.com and the risk factors identified in Chorus’ Annual Information Form dated February 12, 2020. Statements containing forward-looking information in this presentation represent Chorus' expectations as of the date of this presentation (or as of the date they are otherwise stated to be made) and are subject to change after such date.
    [Show full text]
  • SMBC Aviation Capital
    Investors Presentation Sumitomo Mitsui Financial Group, Inc. January , 2013 Agenda I. 1H, FY3/2013 performance 1. 1H, FY3/2013 financial performance 2 2. Contribution of subsidiaries and affiliates 3 3. Loan balance and spread 4 4. Credit costs 7 5. Non-performing loan balance and ratio 8 6. Equity holdings 9 7. Earnings forecast for FY3/2013 10 II. Progress of the medium-term management plan and the strategic initiatives 1. Progress of the financial targets 11 2. Cross-selling 12 Per share information (SMFG consolidated) 3. International business 16 4. Consumer finance business 19 1H, FY3/2013 FY3/2013 results (Nov. forecast) III. Capital policy and return to shareholders 22 Net income per share JPY 244.50 JPY 398.84 ROE * 12.8% Appendix 23 Dividend per share JPY 50 JPY 100 * Annualized Sep. 30, 2012 Net Assets per share JPY 3,966.30 1 I. 1H, FY3/2013 performance 1.1H, FY3/2013 financial performance P/L Credit ratings (SMBC) 1H, Difference YOY FY3/2012 from May FY3/2013 change Moody’s Aa3 / P-1 R&I AA- / a-1+ (JPY bn) forecast Gross banking 1,532.5 786.7 +56.7 (32.8) profit S&P A+ / A-1 JCR AA / J-1+ of which Gains (losses) on bonds 152.5 117.3 (7.1) Expenses*1 (719.5) (358.0) +2.0 (3.4) Fitch A- / F1 <OHR> 46.9% 45.5% (3.8)% +2.2% Contribution of subsidiaries Banking profit*2 813.0 428.7 +58.7 (36.2) to SMFG’s net income SMBC Total credit cost (58.6) 24.4 +54.4 +27.3 <non-consolidated> Gains (losses) 1H, YOY (15.2) (133.6) (87.5) FY3/2013 change on stocks (JPY bn) *3 Ordinary profit 695.3 274.5 (35.5) (123.0) SMBC Consumer Finance 31
    [Show full text]