Global Leaders in Aviation Finance
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October 2007 Atlantic Battle Plans He Euro-Majors Are Starting to Make Some Big Moves in Antici- CONTENTS Tpation of Next Year's US-EU Open Skies Regime
Aviation Strategy Issue No: 120 October 2007 Atlantic battle plans he Euro-majors are starting to make some big moves in antici- CONTENTS Tpation of next year's US-EU open skies regime. Air France has announced a comprehensive joint venture with Analysis Delta. Mirroring the long-established KLM/Northwest agreement, the two airlines will implement full revenue and cost sharing on all their services between their respective hubs (CDG, Orly and Lyons; Air France’s advance 1 Atlanta, JFK, Cincinnati and Salt Lake City), as well as the planned, from April next year, Heathrow operations. The aircraft leasing business: This is only the first phase. All the main SkyTeam members have applied for extended anti-trust immunity, the main effect being that • GECAS the AF/DL operation would combine with the KL/NW joint venture, • ILFC generating an estimated €20-30m net benefit for the Air France • Boeing Capital Corporation Group. • AerCap The assault on Fortress Heathrow has been launched with the • CIT transfer of three daily LHR slot pairs from Air France to Delta, • Babcock & Brown enabling the US carrier to fly double dailies to/from JFK plus a daily • Aviation Capital Group to Atlanta. Air France itself will operate from LHR to Los Angeles (and • RBS Aviation Capital from there connect to Tahiti, which is legally part of France). AF/KL • Pegasus Aviation has another 22 daily slots at LHR, though not all are suitable for transfer from short to long haul operations. Plus all of the other major How the passenger will benefit from all this consolidation is rather players and new entrants 2-13 unclear - unlike the KL/NW agreement which rationalised numerous thin O&D city-pairs by hubbing passengers over Amsterdam and Briefing Detroit, the AF/DL alliance focuses on cooperation on thick hub-to- hub routes, though it also should intensify competition on the very Lufthansa: Ready for lucrative LHR-JFK market. -
Aircraft Leasing Refer to Important Disclosures at the End of This Report
Asian Insights SparX – Aviation Aircraft Leasing Refer to important disclosures at the end of this report DBS Group Research . Equity 10 February 2017 HSI : 23,575 Asian Lessors in the Ascendancy Asian lessors have, notably via acquisitions, muscled Analyst • Paul YONG CFA +65 6682 3712 in amongst the top players globally in recent years [email protected] [email protected] With 3 players now listed in HK and a myriad of Singapore Research Team Asian names linked with potential deals in this • space, the sector should continue to garner interest Backed by firm long-term secular growth in air passenger travel globally, we are positive on the prospects of aircraft leasing, which provides better • returns and earnings visibility compared to airlines Our top pick is BOC Aviation (BUY, TP HK$48.40) and we initiate coverage on China Aircraft Leasing Stocks • (CALC) with a BUY call and HK$11.60 TP Mkt 12-mth Price Cap Target Performance (%) Price 3 mth 12 mth Stable cash flows and returns attract Asian investors. HK$ US$m HK$ Rating Faced with lower growth and returns in other assets, and BOC Aviation 41.30 3,632 48.40 (2.6) NA BUY helped by cheaper cost of debt funding, we believe Asian CALCChina 9.23 733 11.60 (3.5) 61.9 BUY investors of all types – banks, insurance companies and even CDB Financial Leas 1.94 3,129 2.01* 0.0 NA NR family funds, are looking towards aircraft leasing assets to provide stable and predictable cash flows and returns. Closing price as of 9 Feb 2017 * Potential Target Source: DBS Bank Long-term air travel growth underpins prospects for aircraft leasing. -
Annual Report 2008
Annual Report 2008 BABCOCK & BROWN AIR LIMITED Babcock & Brown Air Limited (B&B Air) acquires and leases modern, high- demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. B&B Air is managed and serviced by Babcock & Brown Aircraft Management (BBAM), the world’s fourth largest aircraft leasing company. As our servicer, BBAM arranges and manages the leases of our fleet and acquires and divests our aircraft. BBAM has more than 20 years of experience in aircraft and lease origination, re-marketing, administration, technical management and disposition. BBAM manages a fleet of approximately 300 commercial aircraft valued at more than $7.8 billion, leased to 80 airlines in 35 countries. BBAM’s established leadership position in the aircraft leasing industry, its experienced senior management team and its extensive relationships throughout the world allow us to maximize the value of our portfolio throughout its life cycle by acquiring aircraft economically, accessing the most attractive markets, re-marketing our aircraft efficiently when leases expire and disposing of our aircraft for the best value when market conditions warrant. 1 LETTER From THE CHAIRMAN AND THE CEO Dear Fellow Shareholders, We are pleased to report on B&B Air’s first year as a public company. In 2008, B&B Air produced strong financial results. Our net income was $48.1 million, or $1.44 per share, on revenues of $236.1 million. During the year our unrestricted cash balance increased by $41.2 million to $56.8 million, after returning nearly $74 million to shareholders through a combination of dividends and share repurchases. -
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. -
AVIAAM LEASING AB (Incorporated in Lithuania with Public Limited Liability, Corporate ID Code 302330793)
AVIAAM LEASING AB (incorporated in Lithuania with public limited liability, corporate ID code 302330793) Offering of up to 14,181,716 Shares, with a nominal value of LTL 1.00 each, and admission to trading on the Warsaw Stock Exchange of up to 43,305,593 Shares of Joint Stock Company AviaAM Leasing This document (the "Prospectus") has been prepared for the purpose of (i) the offering (the "Offering") of up to 14,181,716 ordinary registered shares in the share capital of Joint Stock Company AviaAM Leasing (the "Issuer" or the "Company"), with a nominal value of LTL 1.00 each, and (ii) the admission of up to 43,305,593 ordinary registered shares of the Issuer (the "Shares") to trading on the Warsaw Stock Exchange (in Polish: Gie³da Papierów Wartoœciowych w Warszawie S.A., the "WSE"). The Issuer will be offering for subscription up to 13,857,790 newly issued Shares (the "New Shares"). Gediminas iemelis (the "Selling Shareholder"), the Issuer's direct minority shareholder (but indirectly majority shareholder), will be offering up to 323,926 existing Shares (the "Sale Shares"). The New Shares to be issued by the Issuer and the Sale Shares offered by the Selling Shareholder are referred to, where thecontextpermits,astheOfferShares.TheIssuerwillonlyreceivethenetproceeds from the sale of the New Shares, whereas the Selling Shareholder will receive the net proceeds from the sale of its Sale Shares. The Offer Shares offered in this Offering constitute a minority interest in the Issuer. Prior to the completion of the Offering, the Selling Shareholder holds 1.1% of the issued share capital of the Issuer. -
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. -
Excluded Contracts Designation Notice
Primary DOCA Excluded Contracts Designation Notice This is the Excluded Contracts Designation Notice for the purposes of, and as defined in, the Deed of Company Arrangement dated 25 September 2020 in relation to Virgin Australia Holdings Ltd and certain of its subsidiaries (Primary DOCA). The Deed Proponent delivers this notice to the Deed Administrators pursuant to clause 10.1(b) of the Primary DOCA. Capitalised terms used in this notice and not otherwise defined have the meaning given to them in the Primary DOCA. A reference to a contract in this notice is a reference to that contract as amended, supplemented, novated or restated prior to or on the date of Completion of the Primary DOCA, including any amendment or supplement entered into after the Commencement Date. This notice is divided into the following parts: • Part 1: Part 1 of this notice sets out the contracts that were listed in Part 1 of Schedule 7 (Excluded Contracts) to the Primary DOCA (Excluded Contracts Schedule). These contracts are Excluded Contracts under the Primary DOCA. • Part 2: Part 2 of this notice sets out the contracts that were listed in Part 2 of the Excluded Contracts Schedule and in respect of which either: (a) the counterparty has waived or will waive, prior to or with effect from Completion, any event of default or breach by the relevant Deed Company which occurred on or prior to the Commencement Date or which may occur during the Deed Period or on Completion insofar as the Creditor would be entitled to terminate the contract or (where applicable) take possession of or otherwise recover from a Deed Company property leased under that contract; or (b) the Deed Proponent designates the contract as an Excluded Contract notwithstanding that the counterparty has not satisfied the requirements of paragraph (a). -
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. -
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 . -
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). -
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. -
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