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. The consolidation of the year. The airline continues to work closely with the Group’s European airlines continues in line with the their customers delivering reliability of over 98%. strategy to continue building on efficiency maximisation. ASL Airlines France saw increases in flight hours in ASL Airlines Ireland produced a steady performance from both the cargo and passenger operations. This was a financial perspective and continued their excellent reflected in an increase of passengers carried from reliability of over 97% across all aircraft types which has 621,000 to 712,000. been recognised by our customers through receipt of performance awards. The transatlantic flight operations Other airlines continued to perform in line with continue to develop, which is reflected in the increase of expectations. passenger numbers for the airline to over 451,000. ASL Aviation Holdings Annual Report 2017 | 11
The Leasing division continues will remain a continuous and to trade as expected. The Group transformational process. is continually evolving the fleet to ensure continued reliability Fleet and efficiency. During the year In 2017, the Group continued its the Group acquired 10 B737- transition to introduce more Boeing 400 aircraft, seven of which aircraft into the fleet. The total are in conversion to freighter number of Boeing aircraft increased aircraft as at year end and will to 38 owned Boeing aircraft at year be utilised within the Group. The end, with seven in conversion. The introduction of these aircraft aircraft in conversion are expected into service in the Group fleet, to come into service in the first half will allow the Group to reduce of 2018 and replace leased in aircraft the lease cost base, avail of new and service new opportunities. opportunities as they arise and These additions were offset by increase our service offering to disposals during the period of the our customers which also enables Hercules aircraft, three ATR aircraft the Group to reduce the average and three Boeing aircraft. age of the overall fleet profile. The total Group fleet available for The Group’s associate airline in operations (owned and leased) South Africa continues to surpass increased by 12 aircraft to 142 expectations. FlySafair continued principally through additional leased its 2016 upward growth trajectory in aircraft. The increased size and with load factors averaging over mix of fleet types across the Group 75% and peaking over 90% during allows significant flexibility and also September and October 2017. ensures the ability to buy and sell The airline has increased its aircraft when opportunities arise. available fleet and the increased economies of scale are expected Conclusion to achieve further benefits going 2017 was a positive year for the forward. With the market share Group with many important steps improving to 15% and over 2.1 taken to streamline the activities. million passengers carried, 2017 Notwithstanding, the overall was a milestone for the airline as market remains challenging with it allowed the airline to achieve a the Group focussing internally to positive net asset position. ensure optimisation of service and product offering to all our The Group is There have also been many customers. The Group will continue continually infrastructural developments to target cost savings across all our across the Group throughout 2017 Group entities while remaining at evolving the as the investment in IT systems the forefront of our industry as it fleet to ensure and the drive for standardisation continues to develop and evolve in continues. The Group continues the years to come. continued to drive costs aggressively reliability and throughout each entity which Hugh Flynn efficiency. CEO ASL Aviation Holdings Annual Report 2017 | 1 2
KEY PERFORMANCE METRICS
2017 2016 Number of hours flown 202,080 155,851 Passengers carried 3,283,928 2,744,908 Tonnes of cargo carried 564,222 423,661 Reliability 97.1% 97.6% Including associate and joint venture
Subsidiaries
ASL Airlines (France) 2017 2016 Number of hours 26,691 23,550 Number of hours cargo 8,406 8,001 Tonnes of cargo carried 42,813 44,543 Number of passenger hours 18,285 15,549 Number of passengers carried 711,657 620,562 Cargo reliability 98.78% 99.23%
ASL Airlines (Ireland) 2017 2016 Number of hours 46,437 34,772 Number of hours cargo 27,039 18,202 Tonnes of cargo carried 145,552 108,757 Number of passenger hours 19,398 16,570 Number of passengers carried 451,376 422,482 Reliability 98.90% 98.7%
ASL Airlines (Switzerland) & ASL Airlines (Hungary) 2017 2016 Number of hours 9,999 15,290 Number of hours cargo 9,330 14,568 Tonnes of cargo carried 54,247 65,184 Number of passenger hours 668 722 Number of passengers carried 3,394 5,233 Reliability 97.90% 98.35% ASL Aviation Holdings Annual Report 2017 | 13
Quikjet 2017 2016 Number of hours cargo 195 877 Tonnes of cargo carried 798 3,241 Cargo reliability 97.10% 91.00%
ASL Airlines (Belgium) ** 2017 2016 Number of hours cargo 79,698 51,607 Tonnes of cargo carried 251,222 157,666 Cargo reliability 98.26% 98.04% **Acquired 4th May 2016
ASL Airlines (Spain) ** 2017 2016 Number of hours cargo 8,082 4,668 Tonnes of cargo carried 18,700 10,755 Cargo reliability 97.53% 97.3% **Acquired 4th May 2016
Associate
Safair Operations 2017 2016 Number of hours flown 27,071 22,318 Tonnes of cargo carried 22,828 19,139 Number of passengers carried 2,117,501 1,696,631 Reliability 95.05% 95.75%
Joint Venture
K-Mile 2017 2016 Number of hours 3,907 2,769 Tonnes of cargo carried 28,062 14,376 Reliability 97.10% 97.00% ASL AnnualAviation Report Holdings 2017 Annual | 1 4 Report 2017 | 1 4
MISSION To secure the sustained trust, development and growth of all the ASL Group companies by continuously exceeding our customers’ expectations
To be an extension of OUR our customers by being the preferred neutral VISION service provider ASL Aviation Holdings Annual Report 2017 | 15
OUR VALUES Safety / People / Reliability / Quality / Profitability ASL Aviation Holdings Annual Report 2017 | 1 6
CORPORATE GOVERNANCE
Corporate Governance Remuneration Committee Risks and Uncertainties Statement The Remuneration Committee In the course of its normal business The ASL Aviation Holdings Group currently consists of three directors the Group is exposed to risks is committed to risk management of the ASL Aviation Holdings Group. and uncertainties. These can be practices that assist the directors The committee meets as required summarised in three categories: in the carrying out of their during the year to review and » Strategic Risks: responsibilities. approve remuneration matters and the incentive plans of the Macro-economic environment, financial circumstances, the Board of Directors executives and employees and to determine remuneration of the Group’s reputation, political The board is currently composed of and legal developments. seven members and two nominated non-executive directors. alternates. This includes one Following each meeting the » Operational Risks: executive member and the remaining Chairman of the Remuneration Changes in the market conditions, directors are representatives of the Committee reports back to the counterparty credit risk, shareholders or are included by Board of Directors. relationship with business partners, special invitation. human resources, IT-infrastructure, safety of assets and data. The Board of Directors is assisted ASL Executive Committee by two special advisory board The Chief Executive of ASL, Mr » Financial Risks: committees, an Audit Committee Hugh Flynn, is the Chairman of the Cash management, taxes, and a Remuneration Committee. Executive Committee which consists forecasts and budgets, correct of key directors from the subsidiary and timely reporting, compliance Audit Committee companies. This committee meets with accounting rules, interest Currently the Audit Committee every two weeks to consider the day- rate and exchange rate consists of four executive directors to-day activities of the companies, fluctuations, coverage. of the subsidiary companies and manage the aircraft fleet and agree two directors of ASL. In 2017, the on actions to implement the strategic The major and specific risks for Audit Committee assisted the board direction of the Group. each segment are as follows: of directors in order to achieve - Aircraft Leasing its supervision and monitoring Flight Safety Committee During 2017, the Group continued • significant changes in responsibilities in the broadest the value of aircraft. sense. The audit committee meets to develop the activities of a Flight Safety Committee with the The value of aircraft is several times a year to assess the subject to variation arising results and financial position of objective of providing oversight and co-ordination of the flight safety from changes in aircraft the Group, the valuation of its technologies, evolving aircraft fleet and to review the audit practices of the respective airlines. The committee is composed of key regulation, fuel prices and process and findings. The Group has market trends; retained the services of an external personnel involved in managing the accounting firm which reviews and day-to-day risks of operating aircraft. • counterparty risk on the reports on internal audit matters By sharing best practice methodology, leasing portfolio. referred to it by the Audit Committee the Group can maximise its as and when required. commitment to maintaining safety.
Following each meeting the Chairman of the Audit Committee reports back to the Board of Directors. ASL Aviation Holdings Annual Report 2017 | 17
- Airline Activity • decrease of the demand for passenger charter activities from travel agents; • reputational issues from negative publicity regarding aircraft related incidents; • risk of disruption of air traffic due to a force majeure event; • concentration of cargo contracts with a small number of customers. The Group has risk management processes that include assessment of these changes in risk registers that are used to identify, evaluate and initiate actions to mitigate these risks.
Apart from these specific risks the Group – in the course of its normal activities – is exposed to exchange rate and interest rate risks. The Group uses various financial instruments to cover these risks. This is explained in detail in note 26 of the consolidated accounts. ASL Aviation Holdings Annual Report 2017 | 18 CORPORATE SOCIAL RESPONSIBILITY
Emissions Employee training Safety and noise and relations ASL Aviation is ASL recognises that as a The Group invests fully committed to maintaining participant in the aviation industry it has significant amounts in the training of its and exceeding safety standards. a responsibility to minimise emissions. personnel, for both front-line aircraft Across the Group, there are various The Group is committed to operating operations and also in its support staff. accreditations over and above the aircraft in the most efficient manner The Group has further committed required safety standards including possible and actively engages at all to sponsor appropriate external ISO 9000 and IOSA accreditations at levels to minimise aircraft fuel burn training that contributes towards the certain of its airlines to uphold and through flight planning and minimising development of its people. improve safety standards and ensure weight. Where possible, the Group compliance with the requirements of is modernising its fleet and replacing The Group has a mixture of both the relevant aviation authorities. older types of aircraft with new more unionised and non-unionised staff fuel-efficient aircraft. The Group’s across its respective workforces. commitment to more fuel-efficient Common to both arrangements is a turboprop aircraft through its ATR fleet highly effective and complementary is further evidence of this strategy. relationship between management and staff that acts to produce a coherent, Since 2013, the European airlines aligned and motivated labour force. within the Group have been participating in the European Emissions Trading Scheme and by paying for emissions have made a financial contribution in the area. The airlines The Group also have successfully completed the conducts a six mandatory registration and initial steps for participation. monthly “roadshow” at the respective The Group also recognises that in operating into several commercial business facilities to centres, particularly in Europe, it update staff on Group contributes to noise levels. Pilot training and reduced take-off weights contribute strategy, performance towards reducing the amount of noise and plans. generated by our aircraft. ASL Aviation Holdings Annual Report 2017 | 19 GROUP OWNERSHIP
Compagnie Degroof Petercam Maritime Belge / 3P Air Freighters Compagnie Maritime An aircraft leasing Belge (CMB) is a major Belgian shipping company incorporated in Dublin and company based in Antwerp and was sponsored by Degroof Petercam founded in 1895. Private Projects (“3P”). 3P is the Private Equity section of Degroof Petercam, a leading Brussels based independent financial group.
51% 49% ASL Aviation Holdings Annual Report 2017 | 2 0
(as at 31 December 2017)
AIRLINES ASL Airlines (Belgium) ASL Airlines (France) ASL Airlines (Ireland) Liège, Belgium Paris, France Dublin, Ireland Cargo Passenger and cargo Passenger and cargo
ASL Airlines (Hungary) ASL Airlines (Spain)* Budapest, Hungary Madrid, Spain Cargo Cargo * Closure announced in Jan 2018 Quikjet Cargo Airline* K-Mile* Safair Operations* Bangalore, India Bangkok, Thailand Johannesburg, South Africa Cargo Cargo Passenger, cargo and aid and relief (72.48% ownership) * Joint venture * Associate company (25% ownership (45% ownership) through Safair Holdings)
SUPPORT ASL CAMO ACLAS Global Dublin, Ireland Hanover House, London, Aircraft software management United Kingdom Aviation related services ACL Aircraft Trading Cobiias Hanover House, London, Allschwil, Switzerland United Kingdom Aviation related services Aviation Services Farnair Rail X-Air Services* Air Contractors (UK) Weil am Rhein, Germany Aviation related services Hanover House, London, United Cargo handling services * Joint Venture Kingdom (50% ownership) Air transport and aviation services
LEASING ASL Aviation Group Safair Lease Finance OFSB ASL Aircraft Investment Johannesburg, South Africa Hamilton, Bermuda ASL Aircraft Investment (No.2) Leasing Leasing ASL Aircraft Investment (No.3) Safair Aviation Ireland Safair Lease Finance 72 Dublin, Ireland Leasing ASL Airlines (Switzerland) Allschwil, Switzerland Leasing ASL Aviation Holdings Annual Report 2017 | 21
FLEET SUMMARY OF OWNED AIRCRAFT (AS AT 31 DECEMBER 2017)
Type MSN Country of Year of Configuration Registration Manufacture BOEING B737-300 28898 France 1997 Quick Change B737-300 29333 France 1998 Quick Change B737-300 29336 France 1999 Quick Change B737-300 24789 France 1990 Freighter B737-300 25124 France 1991 Freighter B737-300 29057 Ireland 1997 Passenger B737-400 25184 Belgium 1991 Freighter B737-400 24440 Belgium 1992 Freighter B737-400 25181 France 1991 Freighter B737-400 24917 Hungary 1991 Passenger B737-400 24446 Hungary 1994 Freighter B737-400 28494 Hungary 1996 Freighter B737-400 25177 Ireland 1991 Freighter B737-400 28885 Ireland 1997 Freighter B737-400 25097 Ireland 1992 In conversion B737-400 28886 Ireland 1997 In conversion B737-400 28892 Ireland 1998 In conversion B737-400 28893 Ireland 1998 In conversion B737-400 29201 Ireland 1998 In conversion B737-400 29203 Ireland 1998 In conversion B737-400 29270 Ireland 1998 In conversion B737-400 288901 South Africa 1988 Passenger B737-400 288911 South Africa 1988 Passenger
1 Airframes owned by Safair Operations (Pty) Limited (associate) ASL Aviation Holdings Annual Report 2017 | 2 2
Type MSN Country of Year of Configuration Registration Manufacture BOEING B737-400 250951 South Africa 1992 Passenger B737-400 250961 South Africa 1992 Passenger B737-400 260651 South Africa 1992 Passenger B737-400 27143 South Africa 1993 Combi B737-400 26961 South Africa 1993 Combi B737-400 271681 South Africa 1993 Passenger B737-400 251161 South Africa 1993 Passenger B737-400 241651 South Africa 1989 Passenger B737-400 28492 Thailand 1996 Freighter B737-400 29000 Thailand 1998 Freighter B737-800 32631 South Africa 2002 Passenger B737-800 32632 South Africa 2002 Passenger B737-800 32633 South Africa 2002 Passenger B737-800 32634 South Africa 2003 Passenger B737-800 32635 South Africa 2003 Passenger ATR ATR 42-320 F 121 Ireland 1988 Freighter ATR 42-300 264 Switzerland 1991 Passenger ATR 72-200 F 154 Ireland 1989 Freighter ATR 72-200 F 183 Ireland 1990 Freighter ATR 72-200 F 210 Ireland 1992 Freighter ATR 72-200 F 222 Ireland 1991 Freighter ATR 72-200 F 232 Ireland 1991 Freighter ATR 72-200 F 265 Ireland 1991 Freighter ATR 72-200 F 341 Ireland 1992 Freighter ATR 72-200 F 364 Ireland 1993 Freighter ATR 72-200 F 419 Ireland 1994 Freighter ATR 72-200 F 198 Ireland 1990 Freighter LCD ATR 72-200 F 389 Ireland 1994 Freighter LCD ATR 72-500 F 577 Ireland 1998 Freighter ATR 72-500 F 583 Ireland 1999 Freighter
1 Airframes owned by Safair Operations (Pty) Limited (associate) ASL Aviation Holdings Annual Report 2017 | 23
Type MSN Country of Year of Configuration Registration Manufacture ATR ATR 72-200 F 108 South Africa 1989 Freighter LCD ATR 72-200 F 195 South Africa 1990 Freighter LCD ATR 72-200 F 313 South Africa 1992 Freighter LCD ATR 72-200 F 381 South Africa 1993 Freighter LCD ATR 72-500 674 Czech Republic 2001 Passenger ATR 72-500 679 Czech Republic 2001 Passenger ATR 72-500 681 Czech Republic 2001 Passenger Bae BAe146-300QT E3153 Belgium 1989 Freighter BAe146-300QT E3150 Belgium 1989 Freighter BAe146-300QT E3151 Belgium 1989 Freighter BAe146-300QT E3154 Belgium 1990 Freighter BAe146-300QT E3166 Belgium 1990 Freighter BAe146-300QT E3168 Belgium 1990 Freighter BAe146-300QT E3182 Belgium 1990 Freighter BAe146-300QT E3186 Belgium 1990 Freighter
ASL Aviation Holdings DAC t +353 1 892 8100 Aviation House e [email protected] No. 3 Malahide Road w www.ASLaviationholdings.com Swords, Co. Dublin K67 PP52 Ireland