DOCSLIB.ORG

Aircraft Transactions Going Digital

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read 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 . tor to manage a single aircraft or entire fleet using Tel: +1 (424) 644-6996 the compliance and maintenance data retrieved Keith Mwanalushi www.avitrader.com from the TRAX system of record . Editor Editorial Keith Mwanalushi, Editor Email: [email protected] Mobile: +44 (0) 7871 769 151 Design Volker Dannenmann, Layout & Design Email: [email protected] Mobile: +49 (0) 711 46910151 Advertising inquiries Jenny Vogel VP Sales & Customer Support Email: [email protected] Tel: +49 (0) 8761 346007 Registration Photo: British Airways AviTrader MRO is a subscription-free monthly publication. To receive a personal copy in your Contents inbox every month, please click here to subscribe. MRO and Production News . 4 Finance News . 17 Opinion Information Technology . 22 Cover story: Managing transactions . 25 Please send your comments and queries to Company profile: ADSoftware . 28 [email protected] Events: The grand reveal . 29 ICF Aviation: Propelling MRO into the future with digitalisation . 32 People on the Move . 34 AviTrader MRO - August 2019 CLIMB ABOVE BALANCE SHEET TURBULENCE. Lease your aircraft and engines with terms to fit your finances. Rely on expert guidance and personalized service through every step of your customized lease transaction. Sales | Leasing | MRO | Aircraft | Engines | Components aersale.com MRO and Production News 4 onaves in Barreiras serves the needs of agri- cultural operators, Rico Táxi Aéreo in Manaus serves PT6A general aviation operators and Helipark Manutenção in São Paulo services several Pratt & Whitney helicopter engines . The company expects the Belo Horizonte fa- cility to be operational by the end of 2019 . Lufthansa Technik Malta receives ap- proval for Airbus A350-1000 over- hauls Lufthansa Technik Malta is now officially pre- pared to carry out all overhaul work on the Air- bus A350-1000 . The company has received the requisite license from the German Federal Aviation Office (LBA) . The recent certification amends the approval to perform overhaul work on the baseline A350-900, which had already been received in 2018 . With immedi- Magnetic MRO to refurbish and maintain Finnair’s 12 ATR 72s ate effect, Lufthansa Technik Malta is hence Photo: Magnetic MRO also permitted to work on the stretched ver- Magnetic MRO produces record num- ernment, commercial and business use . This sion of the twin-engine wide-body . The neces- ber of interior details for Finnair’s ATR experience gives Pratt & Whitney’s local team sary overhaul lines and docks were already adapted to the new subtype at the time of the fleet the unique insight and ability to personalize earlier approval . Already in 2018, more than services and solutions to meet customers’ 50 employees of Lufthansa Technik Malta at- Magnetic MRO, a provider of total technical needs . This new facility builds on an exist- care for aircraft operators and lessors, and tained the necessary qualifications and prac- ing service network in the country including tical knowledge to work on the A350-900 . Finnair have signed a contract for complete Sorocaba, a hot section inspection and parts paint work, full interior refurbishment and These skills are now also being used to per- distribution center . More recently, three sites maintenance of all 12 of the airline’s ATR 72’s form overhauls on the larger type . A total of joined the Pratt & Whitney designated main- operated for Finnair by its partner company more than US$3 million has been invested in tenance facilities network in Brazil for the line Norra . All 12 of the aircraft will receive full in- the preparation for overhauls of both types, terior refurbishment, which includes the paint- maintenance and mobile repair of PT6A and with the first three customers expected until ing of overhead bins, attendant seats, galleys, helicopter engines . ABA Manutenção de Aer- the end of this year . bin doors, stairs and linings, to achieve a fresh look for the aircraft interior; complete refurbishment of the lavatories and installing new seats and carpets . For Magnetic MRO’s interior team, this project involves producing the largest number of new in-house made de- tails for an aircraft that the company has ever manufactured for a single interior project . This includes new kickstrips, stickers, latches and hinges for overhead bins, and other de- sign elements . Pratt & Whitney to open new PT6A and PW200 engine overhaul center in Brazil Pratt & Whitney has released that it is collabo- rating with Indύstria de Aviação e Serviços (IAS) to open a new overhaul facility in Belo Horizonte, Brazil, for PT6A and PW200 en- gines . Pratt & Whitney has operated in Bra- zil for more than 75 years and remains the country’s leading supplier of General Avia- tion engines . The company also powers a Lufthansa Technik Malta is officially prepared to carry out all overhaul work on the Airbus A350-1000 large number of the nation’s aircraft for gov- Photo: LHT AviTrader MRO - August 2019 MRO and Production News 5 and Texas), Holland and Thailand . Chro- malloy has a worldwide presence, spanning a customer base across commercial, cargo and military sectors . Bii aims to increase its intake of CMF56 material and Chromalloy’s depth of experience across all engine types will be very beneficial to component support provider as it builds exposure to a wider cus- tomer base . Airfoil repair specialist ASSB expands facility in Malaysia Airfoil Services Sdn Bhd (ASSB), a 50/50 joint venture between MTU Aero Engines and Luf- thansa Technik, has broken ground on its fa- cility extension . This expansion grows facility Photo: AirTeamImages Pegasus Airlines space by 5,200 m² and will increase current repair capacity from 650,000 to 900,000 Pegasus Airlines signs exclusive engine in Mongolia . Earlier this year, the airline signed parts per year by 2020 . This development maintenance deal with SR Technics an agreement to lease four E190s from CDB underlines the shareholders’ commitment to Aviation to expand its fleet size and route net- increasing its footprint and investing in Ma- MRO service provider SR Technics has en- work . They started flying the first E190 from laysia . ASSB has seen great success since tered into an exclusive CFM56-5B engine June 2019, with the other three scheduled to the company was founded in 1991 . It boasts maintenance deal with Pegasus Airlines, the be delivered in 2020 and 2021 . over 80 customers worldwide and provides second-largest carrier in Turkey . With services a comprehensive range of airfoil repair ser- scheduled to begin in September of this year, vices for high-pressure compressor (HPC) the agreement covers 22 engine shop visits and low-pressure turbine (LPT) airfoils – for and an SR Technics lease engine dedicated to Bii signs agreement with Chromal- wide-body and narrow-body engines such as Pegasus Airlines over a six-year contract term . loy to repair/overhaul and inspect all the CF6-80C, GP7000 and the CFM56 and All work will be performed at the SR Technics CFM56-3 engine material V2500 engine families . In the past two years engine shop in Zurich . As a growing low-cost alone, ASSB has seen 50% growth compared carrier in a competitive market, Pegasus Air- Specialist aircraft component support pro- to 2016 . The company is highly focused on lines was looking for an MRO provider that vider Bii .aero (Bii) has chosen Chromalloy research and development and has recently could supply engine core performance and to repair, overhaul and inspect all CFM56- initiated several repair development pro- overhaul services as well as support unsched- 3 engine material . Bii recently teamed with jects for new-generation airfoils to increase uled engine removals . During the negotia- Dublin-based aircraft and engine leasing firm its product portfolio in the near future . MTU tions leading up to the agreement, SR Tech- Rostrum Leasing to market a suite of engine and Lufthansa Technik entered into the joint nics performed two shop visits . The efficiency piece parts resulting from the phased tear- venture with the aim of providing their cus- and rapid turnaround of the work SR Technics down program of selected B737-300 Classics tomers with the best possible airfoil services performed, combined with the strong rela- and CFM56 spare engines formerly operated in the industry .
Load more

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]
  • 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.
    [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]
  • 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]
  • 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]
  • Continental Airlines, Inc. 1998 Annual Report
    “It’s how you’d run an airline.” Continental Airlines 1998 Repor Annual Report 1998 Accomplishments Fly to Win Operating margin was 10.4 percent with 10.6 percent available seat mile growth and 12.5 percent revenue passenger mile growth (equals $130 million more in pre-tax income than 1997, $214 million more than 1996 and $568 million more than 1995) Maintained revenue per available seat mile premium to the industry while growing Successfully integrated the regional jet into systemwide operations Completed global network with Northwest, Alaska/Horizon, COPA, Aserca, AVANT and Air China Rolled out new global advertising campaign (Work Hard. Fly Right.), growing our share of NYC business Implemented international electronic ticketing and a new branded bank card Fund the Future Completed $2.9 billion of financing at an average rate of 6.6 percent Achieved a $140 million run rate on our $100 million non-value-added cost reduction target Ended second consecutive year with more than $1 billion in cash ($1.4 billion in 1998) Completed $223 million of $300 million share repurchase program Announced order for Boeing 767-200 and 737-900 aircraft Kept Houston and Cleveland airport construction projects on time and on budget Make Reliability a Reality Delivered a consistent, reliable product every day, as measured by on-time arrivals, baggage delivery, fewest customer complaints and involuntary denied boardings Opened Presidents Clubs in Dallas/Fort Worth, Atlanta, Washington D.C., Mexico City, Cleveland, Houston Terminal B and Houston South Concourse
    [Show full text]
  • LABUAN LEASING (Updated As at 13 April 2020)
    LABUAN LEASING (Updated as at 13 April 2020) CEASED OPERATIONS NO NAME DATE CEASED REMARKS 1 UTF Labuan Limited 3-Aug-01 - 2 Taubaatkompaniet Management Labuan 24-Sep-03 - 3 Stena Leasing Labuan Ltd 17-Feb-06 - 4 Tombo Aviation (L) Inc. 31-Mar-06 - 5 TM International Leasing Incorporated 6-Aug-06 - 6 Makro Malaysia Leasing Ltd 17-Aug-06 - 7 Forsayth Offshore Pte Ltd 28-Nov-06 - 8 SCG Asia Capital Pte. Ltd. 20-Jun-07 - 9 Nepline International Limited 30-Jan-08 - 10 Al Ghaith Shin Yang (L) Berhad 19-Nov-08 - 11 Marsol Shin Yang (L) Berhad 19-Nov-08 - 12 Crest Hidayat (L) Ltd 26-Nov-08 - 13 Inai Kiara (L) Ltd 26-Nov-08 - 14 AerCap Asia Limited 31-Dec-08 - 15 ALS Malaysia Leasing Limited 31-Dec-08 - 16 BR Offshore Services Limited 31-Dec-08 - 17 CIT Malaysia Two, Inc. 31-Dec-08 - 18 Flagship Marine (L) Inc 31-Dec-08 - 19 KST Gagie Labuan Ltd. 31-Dec-08 - 20 Intraline Offshore (Labuan) Ltd. 15-Jan-09 - 21 Diamond Airfinance (Labuan) Limited 18-Mar-09 - 22 GAIF Malaysia I, Ltd 25-Mar-09 - 23 GAIF Malaysia II, Ltd. 15-Jun-09 - 24 ACG Acquisition Labuan Ltd 17-Jun-09 - 25 M3nergy Labuan Ltd 17-Aug-09 - 26 GOAL Projekt Nr.3 (Labuan) Ltd. 10-Dec-09 - 27 Nabors Drilling (Labuan) Corporation 22-Jan-10 - 28 Ombak Marine International Limited 22-Jan-10 - 29 Sarawak Corporate Sukuk Inc. 25-Mar-10 - 30 Sarawak Venture Incorporated 25-Mar-10 - 31 NBY Ltd 30-Dec-10 - 32 Titan Leasing (L) Ltd 30-Dec-10 - 33 Perisai (L) Inc.
    [Show full text]
  • Aircraft Lease Securitizations April 13, 2020
    Aircraft lease securitizations April 13, 2020 2020 | By: Patrick Dolan, Alexandra Howe, Deborah Stern, and Chana Ben-Zacharia, Norton Rose Fulbright US LLP This practice note explains the structure of aircraft lease securitizations and certain bankruptcy and rating agency issues that must be considered in structuring these transactions, the benefits of using the debt capital markets for aviation financing, and the issues for the aircraft lease securitization market during 2020. COVID-19 Concerns Introduction The recent coronavirus outbreak that began in Wuhan, China in Aircraft lease securitizations generally come in two types: aircraft December 2019 that causes a respiratory illness called COVID-19 lease portfolio securitizations and enhanced equipment trust has now been reported on every continent except Antarctica. certificate (EETC) securitizations. The aviation sector is directly being impacted by all of the virus containment measures. As a result of governmental travel • Asset-backed aircraft lease securitizations. In the typical restrictions and social isolation tactics, the airlines have been aircraft lease portfolio securitization, the issuing special compelled to reduce flights, ground aircraft, and temporarily cease purpose subsidiary of the sponsor, which is a newly formed operations. It is not unanticipated that many will face bankruptcy. bankruptcy-remote entity, owns the equity in various special Based on a recent ABS surveillance report, KBRA expects that purpose entities (SPEs) that each owns an aircraft or aircraft from a credit standpoint global aircraft lease securitizations will engine that is leased to an airline. Normally, the lessees or suffer a hard hit. With the lack of air travel, it is no surprise that airlines are located in the United States and around the world.
    [Show full text]