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Flying Outside The
ISSN 1718-7966 June 26, 2017/ VOL. 596 WEEKLY AVIATION HEADLINES Read by thousands of aviation professionals and technical decision-makers every week www.avitrader.com WORLD NEWS Ryanair launches connecting flights in Milan Ryanair, the largest airline in Italy ex- tended its connecting flights service to Milan Bergamo Airport, providing Ryanair customers with an expanded route choice, and the opportunity to book and transfer directly onto con- necting Ryanair flights. This come following the successful launch of connecting flights at Rome Fiumicino last month. In other news Ryanair (Europe) announced the purchase of 10 more Boeing 737 Max 200 “Ga- mechanger” aircraft, 5 of which will deliver in the first half of 2019, with the second 5 delivering in the first half of 2020. Airbus unveiled new innovations Nasmyth Group opens new met- in Paris. al treatment facility in California Pegasus Nasmyth Group announces Photo: Airbus the opening of a new metal surface treatments facility in the Santa Clarita Flying outside the box Valley (SCV) in Valencia, California, sig- OEMs spread their wings at Paris nificantly expanding Nasmyth TMF’s footprint and ability to deliver services This year’s Paris Air Show was rela- unit), would allow an aircraft fitted unit also sends data automatically to aerospace and defence clients in the tively upbeat in terms of orders espe- with it to taxi without using its jet into efficiency applications such as USA. The processing line will be able to cially by the big two Boeing and Air- engines or requiring airport tractors weather, flight planning, logbooks, operate 24 hours a day, seven days a bus but the common theme across or tugs. -
Global Leaders in Aviation Finance
Global Leaders in Aviation Finance kpmg.ie/aviation Why Ireland Choose KPMG Since the creation of Guinness Peat Aviation Based in Ireland, KPMG has been the leading adviser to the international leasing industry for over 30 years. We are (GPA) in the 1970’s, Ireland has been a globally recognised as the Aviation Finance and Leasing centre of excellence in aviation finance Centre of Excellence with an incomparable scale and depth and leasing, with an extensive number of of experience within the sector. skilled arrangers, managers and advisors We provide a range of audit, tax and advisory services and based here. More than half of the world’s can assist across a range of issues. No matter what stage leased aircraft are leased from Ireland. your company is at, we have the expertise to help you. Most significant transactions in the sector have involved Irish leasing companies. The KPMG Ireland is the leading transaction advisory industry looks set to grow further, with very firm in the global aviation finance market large orders being placed by Irish lessors. X We are the only professional services firm identified in the “AirFinance Power 30” list of companies that make an essential contribution to aviation finance. To qualify, The Irish Government’s ongoing commitment to maintaining all companies had to meet one test: if they went out of competitiveness is evidenced in the recent introduction of business would the market feel a significant loss? the ‘Aviation Act’, which came into force in July 2014. This Act, should enable investors to benefit from ‘Alternative A’ X We have the biggest concentration of aircraft leasing type protection in the Cape Town Convention. -
Janfeb 2009.Qxd
Aviation Strategy Issue No: 155 September 2010 Up, up and ...? CONTENTS he air transport industry is remarkably resilient. It can get knocked Toff its long term growth path by extraneous events, but bounces back. The global recession sparked off by the collapse of Lehman Bros two years ago had a dramatic impact on the industry: 2009 saw a Analysis decline in overall traffic volumes of 3-4%, with a slightly higher rate of decline in international traffic, to mark only the second year in the Traffic and yields industry's history that traffic had actually fallen. Yields however col - in the upturn 1-2 lapsed by an astonishing 13% - the largest annual decline experienced in the industry's history, although partly because fuel prices also fell in the period – and it is estimated that the industry generated an operat - Leasing market in recovery mode: ing loss of $1.2bn and a net loss of nearly $10bn for the year. Annual survey of the major players We are now surely in the upturn of the cycle. Since the beginning and new entrants in aircraft leasing of 2010 the year-on-year rate of growth has been far better than 3-13 many might have expected – with the exception of the disruption caused by the closure of European air-space in April following the eruption of an unpronounceable Icelandic volcano. IATA has report - Briefing ed an average growth in RPKs of 8% on international traffic since January against a relatively muted growth in capacity. Load factors LAN/TAM merger: rebounded to over 80% in July, three points higher than the previous Two local leaders become year, while the average improvement in load factors so far this year global LATAM 14-19 has averaged five percentage points. -
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. -
FLY Leasing Limited
FLY Leasing Limited May 2015 Caution Concerning Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for Fly Leasing Limited’s (FLY) future business and financial performance, and for the aviation industry. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect FLY’s business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and Reports on Form 6-K. FLY undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise. Page 1 FLY at a Glance Portfolio 127 aircraft, 7.8 years average age (1) Customers 64 airlines in 36 countries Lease Profile Net, Net Leases, 5.3 years average remaining lease term (1) Managed by BBAM World’s 3rd largest lease manager with long, established track record Insider Ownership 8%+ with market value of $45m+ As of and for the year Ended December 31, 2014 Total Revenues $427m Total Assets $4,225m Net Income $56m Cash and Cash Equivalents $338m Earnings Per Share $1.32 Total Borrowings $3,025m Dividends Per Share $1.00 Total Equity $759m Note: As of December 31, 2014. -
Weekly Aviation Headline News
ISSN 1718-7966 JuLy 8, 2019/ VOL. 697 www.avitrader.com Weekly Aviation Headline News WORLD NEWS Pegasus teams up with Expedia Partner Solutions Low-cost Turkish carrier Pegasus Airlines is joining forces with Expe- dia Partner Solutions (EPS), the B2B brand of Expedia Group, to offer its travellers access to competitive ac- commodation and package rates in order to keep up with Turkey’s rapid increase in both domestic and inter- national tourism. Through Hotels. com for Partners, Pegasus’s travellers will have access to competitive pack- age rates (where accommodation is bundled with a flight) saving them 15% on average when compared SAA’s with booking these separately. A340-600s will be phased out of the Etihad lanches A380s to Seoul JFK route. Etihad launched its first Airbus A380 Photo: Airbus ‘super jumbo’ on its scheduled dai- ly services to Seoul, Korea. Robin Kamark, Etihad Aviation Group Chief South African codeshares with GOL Commercial Officer, said: “We are de- And aims to bring A350 operations to New York lighted to include Seoul as one of our most important destinations on the South African Airways (SAA) has GOL in the domestic Brazilian mar- operated by SAA to Africa, Asia and Etihad network with the increased ca- signed codeshare and frequent fly- ket extends SAA’s reach throughout Australia, and Voyager members pacity and flagship flying experience er agreements with Brazilian airline Brazil. can accrue and redeem Voyager only the A380 can provide. The move Gol - Linhas Aéreas (GOL). miles on flights operated by GOL. -
LABUAN LEASING (Updated As at 19 May 2019)
LABUAN LEASING (Updated as at 19 May 2019) CEASED OPERATIONS NO NAME DATE CEASED REMARKS 1 UTF Labuan Limited 3-Aug-2001 - 2 Taubaatkompaniet Management Labuan 24-Sep-2003 - 3 Stena Leasing Labuan Ltd 17-Feb-2006 - 4 Tombo Aviation (L) Inc. 31-Mar-2006 - 5 TM International Leasing Incorporated 6-Aug-2006 - 6 Makro Malaysia Leasing Ltd 17-Aug-2006 - 7 Forsayth Offshore Pte Ltd 28-Nov-2006 - 8 SCG Asia Capital Pte. Ltd. 20-Jun-2007 - 9 Nepline International Limited 30-Jan-2008 - 10 Al Ghaith Shin Yang (L) Berhad 19-Nov-2008 - 11 Marsol Shin Yang (L) Berhad 19-Nov-2008 - 12 Crest Hidayat (L) Ltd 26-Nov-2008 - 13 Inai Kiara (L) Ltd 26-Nov-2008 - 14 AerCap Asia Limited 31-Dec-2008 - 15 ALS Malaysia Leasing Limited 31-Dec-2008 - 16 BR Offshore Services Limited 31-Dec-2008 - 17 CIT Malaysia Two, Inc. 31-Dec-2008 - 18 Flagship Marine (L) Inc 31-Dec-2008 - 19 KST Gagie Labuan Ltd. 31-Dec-2008 - 20 Intraline Offshore (Labuan) Ltd. 15-Jan-2009 - 21 Diamond Airfinance (Labuan) Limited 18-Mar-2009 - 22 GAIF Malaysia I, Ltd 25-Mar-2009 - 23 GAIF Malaysia II, Ltd. 15-Jun-2009 - 24 ACG Acquisition Labuan Ltd 17-Jun-2009 - 25 M3nergy Labuan Ltd 17-Aug-2009 - 26 GOAL Projekt Nr.3 (Labuan) Ltd. 10-Dec-2009 - 27 Nabors Drilling (Labuan) Corporation 22-Jan-2010 - 28 Ombak Marine International Limited 22-Jan-2010 - 29 Sarawak Corporate Sukuk Inc. 25-Mar-2010 - 30 Sarawak Venture Incorporated 25-Mar-2010 - 31 NBY Ltd 30-Dec-2010 - 32 Titan Leasing (L) Ltd 30-Dec-2010 - 33 Perisai (L) Inc. -
Israel I. Sanchez Partner | Miami Israel I
Israel I. Sanchez Partner | Miami Israel I. Sanchez is a Partner in the Global Transport Practice of Smith, Gambrell & Russell, LLP. Mr. Sanchez’s primary areas of practice are aviation and aircraft finance, leasing, structured finance, and corporate law. Israel has experience in the structuring, drafting and negotiation of financing and leasing transactions (including tax-based leveraged and cross border leasing, synthetic and operating leases), workouts, restructuring and bankruptcy matters on behalf of banks, financial institutions, lessors, lessees, owner trustees, guarantors, manufacturers and purchasers and sellers of equipment (including commercial, regional, corporate and cargo aircraft, aircraft engines and spare parts). He also has particular experience in all aspects of financing and leasing of business Contact Information jet aircraft and fractional interest ownership programs. p: 786-522-2540 f: 786-522-2612 Representative Experience: e: [email protected] • Representation of Volaris in connection with the negotiation Areas of Practice of operating lease transactions with various aircraft and engine Global Transport lessors including AWAS, BOC Aviation, ILFC, SMBC Aviation Capital, Financing and Commercial Jackson Square Aviation, CIT, Avolon, Amentum, Macquarie, GE Transactions Capital Aviation, and ELFC. Mergers & Acquisitions • Representation of Volaris in connection with the negotiation of Structured Finance Airbus A320 aircraft family purchase agreements with Airbus Corporate Law S.A.S. • Representation of Copa Airlines -
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. -
The Aviation Industry Leaders Report 2019: Tackling Headwinds
The Aviation Industry Leaders Report 2019: Tackling headwinds www.aviationnews-online.com www.kpmg.ie/aviation GROWTH FRONTIERS NEW YORK 2019 16th-18th October 2019 Intercontinental New York Barclay, New York, USA Growth Frontiers Conference 40 under 40 & Aviation 100 Americas Awards Intercontinental New York Barclay, New York Intercontinental New York Barclay, New York 17th-18th October 2019 17th October 2019 For more information and bookings contact: [email protected] or call +44 (0) 1782 619 888 NEW-YORK-2019.indd 1 15/01/2019 10:07 NEW YORK CONTENTS 3 Foreword 4 Executive Summary 8 The State of the Aviation Industry 11 Regional optimism levels 28 Aviation Finance 46 Aircraft Market 54 Digital Transformation 56 Final Thoughts THE AVIATION INDUSTRY PRODUCTION AND ONLINE PUBLISHER LEADERS REPORT 2019 Dino D’Amore Aviation News Ltd [email protected] Registered in England & Wales: 7351543 EDITOR & AUTHOR CONFERENCES & EVENTS Registered address: Victoria Tozer-Pennington Louise Abbots Suite 1, First Floor, Parklands, 1 Lyme Drive, [email protected] [email protected] Trent Vale, Stoke-On-Trent, ST4 6NW CONTRIBUTORS Lauren Eldershaw VAT number: GB 102 4185 61 Tom Woods [email protected] Copyright 2019 Aviation News Ltd ADVERTISING & SPONSORSHIP ENQUIRIES SUBSCRIPTION ENQUIRIES Airline Economics (Print) ISSN 2045-7154 Philip Tozer-Pennington Annual subscription: Airline Economics (Online) ISSN 2045-7162 [email protected] £265 (+VAT where applicable) John Pennington All rights reserved. No part of this publication may be repro- Guy Helliker [email protected] duced by any means whatsoever without express permission of [email protected] the Publisher. -
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, -
Everest Events Benchmarking Aircraft Asset Management London Tuesday, October 18, 2005 Asset Risk Management Scope of Presentation
Everest Events Benchmarking Aircraft Asset Management London Tuesday, October 18, 2005 Asset Risk Management Scope of Presentation Objectives of Aircraft Asset Management Overview of Aircraft Asset Management Industry Experience Top 5 Major Leasing Companies Market Churn & Trends Managing the lease term Asset Management The Asset Management Objectives: – Maintain the rental stream for the term of the lease agreement – Maintain the value of the asset and wherever possible effect an appreciation in value – Effect smooth transition from lease to lease – Minimise Asset Management cost burden – Minimise ‘off-lease’ time – Minimise refurbishment costs – Develop a good working relationship with Lessee Through: – A structured, professional and efficient monitoring programme, establishing a technical rapport with lessee – Risk driven and measured activity – To identify compliance with terms / covenants and lessee plans for assets – Establish recommended actions and progress these Asset Management Aircraft are complex mobile assets that are highly susceptible to a range of factors which can significantly influence their values. The degree of influence is greater for maturing assets than for new assets. The $ value of the influence is greater in new assets than in mature assets. There are no sovereign risk lessees. All assets need management Asset Management OPERATING LEASE RISK COMMERCIAL TECHNICAL FINANCIAL LEGAL POLITICAL AssetAsset ManagementManagement Commercial – Assess, monitor and advise the commercial well being of the lessee and the aircraft lease within the prevailing market and plan remarketing, renewals, sales and exits. Default resolution. Portfolio planning. Technical – Determine & manage any changes to specification, value, utility or marketability. Default resolution (operational). Financial – Manage the collection of income streams while maximising shareholder / bond holder value, minimising taxation burden.