Asl Aviation Holdings
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ASL AVIATION HOLDINGS 2017 We are a dynamic and progressive aviation group, headquartered in Dublin, Ireland, with a global reach and operations on six continents. Our Group comprises airlines, leasing entities and supporting trade companies, including eight airlines. We offer our customers worldwide an expansive offering of aviation services. We fly passenger and cargo operations under the ASL brand and for both major express integrators and leading brand airline customers and we also offer aircraft leasing services. The strong synergies from complementary group companies enables us to be unique in the provision of aviation services. We are committed to each individual customer and dedicated to providing them with quality services which exceed their expectations. Our wide breadth of aviation services assists us in achieving our mission to be an extension of our customers and to be ‘the’ neutral service provider of choice. CONTENTS 04 Chairman’s Overview 04 Report of the Chairman ASL Aviation Holdings Experience a New Level of Expertise 06 14 21 Operational and Governance Statements Other Financial Highlights and Structure Information 06 Financial Highlights 14 Mission, Vision, Values 21 Fleet summary of owned aircraft 08 Highlights for 2017 16 Corporate Governance 10 Report of the Executive 18 Corporate Social Responsibility 12 Key Performance Metrics 19 Group Ownership 20 Organisation ASL Aviation Holdings Annual Report 2017 | 0 4 Trading Results and Financial Strength ASL Aviation Holdings recorded a profit after tax of €15.3m for the year despite the continued challenging market conditions and trading environment. The ongoing consolidation of the European market continues with ASL Aviation Holdings continuing to occupy a leading position in the region but all the while expanding both organically and externally to diversify its geographical spread. Following the acquisition of the TNT Express N.V. airlines The passenger operations of the Group continued to in 2016, the Group focused on the continued integration expand throughout the year. The Group expanded of these operations and streamlining of activities. scheduled passenger operations in Europe, operated transatlantic flights for our partners and also continued The Group’s cargo operations benefit from the continued to build on a strong summer charter market customer consolidation and the integration of the TNT Express base. While the political instability across many regions airlines and the European operations while at the posed a number of challenges, the Group was able same time growing organically. The key performance to maximise its position facilitated by the varied fleet metrics, as set out on page 12, continue to exceed types, high reliability levels and expertise throughout market expectations. While pricing continues to be the Group. This is reflected in the increased hours competitive, the Group’s large scale provides flexibility flown and passengers and tonnes of cargo carried and adaptability to our customers and is an important during the year. contributor in further solidifying our market position. ASL AnnualASL Aviation Report 2017Holdings Executive’s Annual Report Report 2017 | | 01 05 2017 was a positive year from a profitability and growth perspective. The leasing activities of the Group aircraft spares trading business. Finally on the whole provide access to These disposals create a more I would finally like to recognise aircraft for the operating entities streamlined and reactive Group the excellent enthusiasm and across the Group. The external which reduces the overhead and hard work of the management leasing division of the Group cost base. and employees of ASL Aviation remains in line with expectations. Holdings throughout the year. On The Group fleet principally consists Outlook behalf of the board, I would like to of ATR and Boeing aircraft. During 2017 was a positive year from express our appreciation for all the the year there were a number of a profitability and growth success achieved throughout the Boeing aircraft acquisitions, as perspective. The Group looks year and look forward to continued the group continues to develop forward to 2018, as a number success in 2018 and beyond. the fleet offering with a conscious of aircraft exit the conversion effort made throughout 2017 to process and enter service, the de-risk the ageing profile of the benefits from the acquisition Group fleet. and integration of ASL Airlines Ludwig Criel Belgium continue to materialise, Chairman The Group continued its strategy and the continued focus on of focusing on airline and leasing the core activities and service activities, with the disposal offerings continue to generate of supporting entities Farnair positive returns. Handling, Farnair Training and ACLAS Technics during the year, as well as the exit from the ASL Aviation Holdings Annual Report 2017 | 0 6 REVENUE EBITDA EBIT 29.7% 10.9% 55.2% CHANGE CHANGE CHANGE 2017 957,789 2017 76,624 2017 24,243 2016 738,304 2016 69,109 2016 15,617 2015 377,329 2015 66,310 2015 24,602 NET PROFIT TOTAL ASSETS TOTAL EQUITY 265.4% -10.1% -4.6% CHANGE CHANGE CHANGE 2017 15,278 2017 574,653 2017 211,445 2016 4,181 2016 638,923 2016 221,652 2015 12,625 2015 517,746 2015 209,451 All figures measured in €’000’s ASL Aviation Holdings Annual Report 2017 | 07 NUMBER OF HOURS FLOWN PASSENGERS CARRIED 2017 202,080 2017 3,283,928 2016 155,851 2016 2,744,908 2015 95,533 2015 1,981,871 TONNES OF CARGO CARRIED RELIABILITY 2017 564,222 2017 97.1% 2016 423,661 2016 97.6% 2015 200,897 2015 97.7% ASL Aviation Holdings Annual Report 2017 | 08 ASL Airlines Belgium and 01 ASL Airlines Spain go live on SAP in January 2017, being the first companies in the Group to commence using the new Group ERP system. ASL Airlines ASL Airlines ASL Airlines ASL Airlines 05 France completes 07 Belgium 10 Switzerland 13 Ireland features an air cruise on behalf undergoes a BCA audit awarded best in category in the June issue of the of a tour operator and receives an excellent for carbon footprints ‘Airliner World’ magazine. specialising in luxury report with no major by EU Emissions Trading travel. The passengers findings, recognising the Scheme recognising the FlySafair assist in travelled from France, safe work environment. CO2 emissions produced 14 South Africa’s bid to Argentina, Chile and by the company’s aircraft. to host the 2023 Rugby Brazil before returning ACLAS Global World Cup and perform home to Paris. 08 enter into an FlySafair a flyover of a test match agreement to dispose 11 announced as between South Africa and ASL Aviation of all inventory to AAR the 2017 most punctual France at Ellis Park. 06 Group DAC Corporation, signalling airline in the world by officially changes its name the Group’s exit from the OAG and ranked 5 stars. ACLAS Technics to ASL Aviation Holdings aircraft inventory trading 15 Limited is acquired DAC, reflecting the business. ASL Airlines by the local management evolving business and 12 Ireland team. ACLAS Technics will ASL airlines, joint FlySafair commence operation continue to work with ventures, associated 09 announced as of a new Scandinavian ASL Group companies and airlines and brands. sponsor of the South route to Orebro with a provide services. African national rugby B737-400. team for three years. ASL Aviation Holdings Annual Report 2017 | 09 B737-400 aircraft ASL Airlines France ASL Airlines Ireland 02 MSN25177 03 achieve a 98.37% 04 win the FedEx Peak completes its conversion satisfaction rating on Performance award for process and commences their customer survey for the fourth year in a row preparation for delivery passenger operations maintaining a reliability of and entry into service. for 2016. over 99.3% during the peak Christmas period. ASL Airlines ASL Airlines FlySafair is ASL completes 16 Belgium 19 Belgium 21 named the 2018 24 the disposal, displays a new hybrid implement a Safety most on-time airline in including sale and livery featuring Management System the world by air travel leaseback of some both ASL and FedEx (“SMS”) and ICAO Safety intelligence specialist, aircraft of the fleet of logos demonstrating Management manual OAG, retaining their World Hercules aircraft to the teamwork and and enhanced processes Number One position. Lynden Air Cargo which partnership between for the identification marks the conclusion the companies. of hazards and risk ASL Airlines of the ownership of assessments across all 22 Belgium an aircraft type which K-Mile passes company activities. completes its first flight has historically been 17 the AOCR process to Antarctica. associated with the which was initiated by the ASL Airlines Safair brand. Civil Aviation Authority of 20 France B737-400 EI-HAA Thailand (CAAT) to improve commence Premium 23 became the first regulatory standards. Business Class on ASL Airlines Hungary scheduled routes out aircraft to be registered ASL Airlines of Paris to Algiers in in Ireland under the new 18 France response to consumer 83bis agreement between commences operations demand. Ireland and Hungary. with Amazon. ASL Aviation Holdings Annual Report 2017 | 1 0 ASL Aviation Holdings produced a consolidated net result of €15.3m profit after tax and an EBITDA of €76.6m for the year ended 31 December 2017. The net assets of the Group decreased from €221.4m principally due to the weakening of the USD against the Euro during the calendar year, and the continued strategy of reducing the average age profile of the Group fleet. Revenues increased to €957.8m as a full trading year of the TNT airlines acquisition was consolidated. The airline activity across the Group was unparalleled ASL Airlines Belgium continues to integrate into the in comparison to prior years with significant progress Group and carried over 251,000 tonnes of cargo during made across a number of fronts.