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2011 Annual Report

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2011 Annual Report 2011 Annual Report FLY Leasing (FLY) is a global leader in aircraft leasing that focuses on leasing modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. Valued at nearly $3 billion, FLY’s fleet totaled 109 aircraft on lease to 53 airlines in 29 countries at the end of 2011. The Company’s fleet of commercial jet aircraft consists primarily of the latest generation Boeing 737 and Airbus A320 aircraft, which are the most popular aircraft flown by the majority of commercial airlines around the world. FLY has long-term lease contracts with a diverse lessee base around the world that includes some of the industry’s strongest credits. FLY is managed and serviced by BBAM LP (BBAM), one of the world’s largest aircraft lease managers with more than 20 years of experience. FLY benefits significantly from BBAM’s global footprint and extensive relationships with airlines and financial institutions around the world. FLY listed on the New York Stock Exchange (NYSE) in September 2007. The Company’s shares trade on the NYSE under the ticker symbol “FLY.” Letter from the CEO Dear Fellow Shareholders, Our acquisitions also reflect our strategy of acquiring aircraft through sale and lease back and secondary FLY had a truly transformational year in 2011. We market transactions, rather than by placing orders grew our fleet of modern commercial aircraft from from the manufacturers for delivery years into the 59 to 109, an 85% increase. Most of this growth future. Our strategy allows us to evaluate all the was achieved through the $1.4 billion acquisition relevant aspects of each acquisition transaction – of a portfolio of 49 aircraft, completed in October, the aircraft cost, the terms of the initial lease and and all the growth was achieved without raising any “With no forward purchase commitments, a strong reserve of unrestricted cash and excellent access to financing, FLY is excellently positioned to take advantage of attractive opportunities to pursue “smart growth” while continuing our focus on shareholder value enhancement.” additional equity capital. As a result we are expecting the available financing terms – before we make each the acquisitions to have a positive impact on financial investment decision. It also allows us to make each performance in 2012 and beyond. decision based on our known resources rather than making commitments for deliveries far out in the future Our new acquisitions reflect our strategy of focusing when capital availability and cost are uncertain. FLY on popular narrow body aircraft, which continue has particularly benefitted from this strategy in the last to be the most widely used types by airlines – our few years when the absence of capital commitments customers – throughout the world. Of our 109 aircraft, allowed us to avail of opportunities to add shareholder 83 are Airbus A320 family and Boeing 737 Next value in turbulent financial market conditions. Generation models. These modern and fuel efficient aircraft have been, and will continue to be, the types The recent portfolio acquisition was arranged by most widely used by airlines in all parts of the world, BBAM, FLY’s manager and the servicer of our fleet. and are therefore the best products for leasing. BBAM’s worldwide contacts and industry experience were significant contributors to our ability to complete this deal. BBAM agreed to significantly reduce the fees to which it would ordinarily be entitled to receive on the acquisition because of the scale of this multiple aircraft purchase. COLM BARRINGTON CEO GARY DALES CFO FLY benefits significantly from BBAM’s global footprint $161 million of our cash on aircraft purchases while and extensive relationships with airlines and financial returning $34 million to shareholders in the form of institutions around the world. FLY has also enjoyed share repurchases and dividends. We have now continued access to debt financing through BBAM’s grown our fleet by more than 130% since our IPO, established banking relationships, as evidenced by repurchased 24% of our outstanding shares and our six year extension of a $600 million credit facility returned $4.60 per share through dividends. We in February 2012. expect to continue our growth trajectory over the coming years through one-off acquisitions and FLY also continues to recognize benefits from our portfolio purchases while continuing to generate 15% ownership interest in BBAM. This $8.75 million shareholder value and returning that value to investment has diversified FLY’s income sources and shareholders in cash. has provided excellent returns for FLY’s shareholders. In 2011, our pre-tax earnings from BBAM totaled With no forward purchase commitments, a strong $5.4 million, and we have now earned a pre-tax total of reserve of unrestricted cash and excellent access $8.3 million since we acquired the interest in April 2010. to financing, FLY is excellently positioned to take advantage of attractive opportunities to pursue During 2011, FLY sold two aircraft for $139 million. “smart growth” while continuing our focus on Since its inception, FLY has sold a total of eight shareholder value enhancement. aircraft, all at prices in excess of book value and for an aggregate gain of $34 million over net book value. I would like to thank our shareholders for their continuing support. At the end of 2011, our fleet of 109 commercial aircraft was on lease to 53 airlines in 29 countries. With a larger fleet, we expect to sell aircraft more regularly, with the overall strategy of selling older assets and investing in newer ones, while locking in asset values. More regular sales of aircraft will generate cash flow Colm Barrington to reinvest in the business. Chief Executive Officer FLY recently paid a quarterly dividend of $0.20 per share, our 17th consecutive quarterly dividend. FLY remains strongly committed to its policy of investing in the business and returning capital to shareholders through various means. In 2011, we invested Board of Directors FLY’s Board of Directors is comprised of industry veterans. The Chairman and the majority of our directors are independent under New York Stock Exchange Rules. JOSEPH M. DONOVAN Chairman of the Board of Directors and Chairman of the Audit Committee COLM BARRINGTON Chief Executive Officer & Director ERIK G. BRAATHEN Director and Chairman of the Compensation Committee SEAN DONLON Director and Chairman of the Nominating and Corporate Governance Committee JAMES FANTACI Director ROBERT S. TOMCZAK Director SUSAN M. WALTON Director STEVEN ZISSIS Director FLY LEASING LIMITED West Pier Dun Laoghaire Co. Dublin, Ireland +353 1 231 1900 [email protected] www.flyleasing.com FLY has a modern and attractive fleet of 109 aircraft, with a focus on Airbus A320 family and Boeing 737 Next Generation narrow-body aircraft, which are the most popular and widely-used aircraft by airlines around the world. Our Fleet ATTRACTIVE MODERN FLEET Mainly Popular Narrow-Bodies Airbus Boeing A320 Family 49 B717 6 A330 1 B737 Next Generation 34 A340 3 B737 Classic 3 B747 1 B757 11 B767 1 Total 109 *Includes Airbus A320 family aircraft and Boeing 737 and 757 aircraft based on book values at December 31, 2011. Excludes aircraft owned % Narrow-Body* 89% by joint venture. BBAM — Our Fleet Manager BBAM LP (BBAM) manages and services FLY’s BBAM’s established leadership position in the aircraft fleet of 109 aircraft. leasing industry, its experienced management team, its extensive relationships with airlines around BBAM is the world’s 3rd largest manager of the world and its global footprint provide benefits commercial jet aircraft and has more than 20 years and opportunities to maximize the value of FLY’s of history and industry experience. BBAM has a fleet portfolio throughout its life cycle by acquiring aircraft of more than 450 commercial aircraft and over 200 economically, re-marketing aircraft efficiently when airlines customers in more than 50 countries. With a leases expire and selectively disposing of aircraft. focus on managing and servicing aircraft, BBAM has a complementary business model and serves as an BBAM’s global presence in the aircraft leasing ideal partner for FLY. industry, particularly its broad range of airline contacts throughout the world, provides FLY with market FLY benefits significantly from BBAM’s global footprint access and industry knowledge that is comparable to and extensive relationships with airlines and financial that of any other aircraft leasing company. Similarly, institutions around the world. FLY has also enjoyed BBAM’s full-service platform provides FLY with a range continued access to debt financing through BBAM’s of marketing, technical, finance and other support established banking relationships. services that are equal to even its larger competitors. BBAM has been managing FLY’s fleet since the The interests of FLY and BBAM are closely aligned company was founded and listed on the NYSE in in several ways. BBAM and its senior managers hold 2007. This established relationship has provided significant shareholdings in FLY. BBAM’s managers many benefits for FLY shareholders, including the are included in FLY’s share-based compensation GAAM portfolio acquisition that BBAM sourced and program. FLY holds a 15% ownership interest completed for FLY during 2011. in BBAM. This interest also provides FLY with a diversified source of revenue. FLY benefits significantly from BBAM’s global footprint and extensive relationships with airlines and financial institutions around the world. GLOBAL PRESENCE BBAM Office Locations Metrics Well Diversified Customer Base — no lessee contributes more than 10% of our revenues. AIRCRAFT IN PORTFOLIO COMMON SHARES OUTSTANDING (at December 31,) (at December 31,) (in millions) BOOK VALUE PER SHARE CASH AT DECEMBER 31, (at December 31,) (in millions) GEOGRAPHIC AND CUMULATIVE DIVIDENDS COMMERCIAL DIVERSITY (in dollars) Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
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