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SMBC AC Annual Report DRAFT V10.Indd Annual Report & Accounts | 2017 smbc A350 XWB to Airbus of an Delivery Korea for South a first Airlines, Asiana aviation Capital. Aviation SMBC for and capital • Annual Report & Accounts | 2017 2 3 smbc aviation capital • Annual Report & Accounts | 2017 smbc aviation capital smbc aviation • Annual Report & Accounts | 2017 Report & Accounts Annual 4 Contents report accounts 2017 Highlights 5 Directors and Other Information 34 Chairman’s Statement 6 Directors’ Report 35 Chief Executive’s Statement 8 Statement of Directors’ Responsibilities 38 Financial Review 12 Independent Auditors’ Report 39 Our Executive Team 14 Consolidated Statement of Comprehensive Income 41 Doing Deals Across the Globe Consolidated Statement of Financial Position 42 Delivering a Boeing B787-8 to Avianca 16 Company Statement of Financial Position 43 Our People & Our Teams Consolidated Statement of Changes in Equity 44 Yan-Ping Cheng, Shanghai 18 Company Statement of Changes in Equity 45 Doing Deals Across the Globe A five aircraft deal with SAS 20 Consolidated Statement of Cash Flows 46 Our People & Our Teams Company Statement of Cash Flows 47 Rodolphe Demarcq, Toulouse 22 Notes to the Financial Statements 48 Doing Deals Across the Globe Acronyms and Abbreviations 85 Our first A350 XWB 24 Our People & Our Teams Chris O'Scannlain, New York 26 Metamorphosis 28 Our strategy is to invest in the We have adopted a relentless approach to risk management, understanding our Annual Report & Accounts | 2017 Report & Accounts Annual most modern, technologically airlines and their markets. • advanced aircraft in the world The support of our Japanese shareholders, that are most sought after by Sumitomo Mitsui Financial Group and our airline customers and Sumitomo Corporation sets us apart by giving us the scale to provide one of the investors. Through active capital smbc aviation broadest product offerings in this industry. fleet management, we maintain one of the youngest fleets in Our consistent disciplined strategy has served us very well, allowing us to the industry when compared deliver consistent returns to our business with our peers. and shareholders. 5 2017 Highlights our fleet our ratinG our people our tradinG 670 A-/BBB+ 160+ 335+ owned/managed/ Fitch & S&P ratings, one of professionals working aircraft sold to 85+ third committed. the highest rated lessors in worldwide. party investors and airlines the industry. since inception. our customers our history our fleet our experience 150+ 16 4.5 150+ airline and investor year track record of weighted average our senior management customers in over 50 growth and profitability. age of fleet. team have 150+ years countries worldwide. combined experience. Shinichi Hayashida Shinichi chairman Statement Chairman's smbc aviation capital • Annual Report & Accounts | 2017 6 I am delighted to report that once again, we enjoyed Annual Report & Accounts | 2017 Report & Accounts Annual a positive year in all aspects of our business. Our • continued focus on maintaining our discipline has enabled us to deliver continued profi tability while growing our leasing business, with new aircraft being delivered to both existing and new airline customers. capital smbc aviation In this, the fi ft h year since we were Refl ecting our proven track record of acquired by our shareholders Sumitomo profi tability and our signifi cance to Mitsui Financial Group and Sumitomo our majority shareholder, Sumitomo Corporation, we have mutually benefi ted Mitsui Financial Group, Fitch Ratings from our partnership. SMBC Aviation has upgraded SMBC Aviation Capital's 7 Capital plays a critical role in SMFG’s credit rating from BBB+ to A- in and Sumitomo Corporation’s strategy May 2017. This affi rms our position and our integration has yielded many as one of the highest rated lessors advantages including the platform to in the industry and strengthens off er innovative fi nancing solutions. the base for further development and expansion of our business. During the year, we continued to transition our portfolio to the most We are confi dent that by adopting technologically advanced aircraft . While a rigorous approach to governance, our focus remains on the narrowbody compliance and, most of all, through market, there has also been an increase carefully measured assessments of risk in demand for the newest widebody factors at both the macro and micro aircraft , with our fi rst delivery of the A350 levels, we can continue to perform well. XWB since year-end to leading Asian airline, Asiana Airlines of South Korea. On a personal note, I am pleased to welcome two new non-executive directors Aircraft have become an investment of to our Board, Masaki Tachibana and choice for many investors who are seeking Yasuyuki Kawasaki. I would like to stable and consistent returns compared thank those now departing, Makoto with many alternative investments. Two Takashima and Manabu Hosokawa, investor seminars, held in Tokyo and for the insights and integrity they Osaka, demonstrated this ongoing appetite have brought to our business. and enabled us to further enhance our customer base in Japan. Allied to the The growth of SMBC Aviation Capital wider global demand, we continued to is testimony to the strength of the actively trade our aircraft , which helped team and I wish to pay tribute to our us to maintain one of the youngest fl eets employees for another outstanding year in the industry, by weighted average age. of growth. Together, we have further strengthened one of the most robust From a balance sheet perspective, SMBC leasing platforms in the industry which Aviation Capital also demonstrated positions us well for further expansion. considerable strength and enhanced credibility in the marketplace with the launch of our corporate bond programme, which has been highly successful. smbc aviation capital smbc aviation • chief executive's Annual Report & Accounts | 2017 Report & Accounts Annual statement our ambition Our ambition is to be the leading aircraft 8 leasing company in the world. At 31 March 2017, we owned a fleet of 261 aircraft valued at approximately $10 billion and managed a further 194 aircraft with a value of over $6 billion. We also have commitments for a further five years since our acquisition 215 aircraft, including 200 from our direct It is five years since we were acquired order book with Boeing and Airbus, by our shareholders, Sumitomo which are among the most modern, Mitsui Financial Group and Sumitomo efficient and in demand aircraft. Corporation. It is a successful partnership which gives us a distinct competitive We work hard to provide our 100 advantage by enabling us to provide a airline and 85 investor customers in broader product offering to our customers. 50 countries around the world with a superior service to enable them to In addition to providing operating leases, grow and develop their businesses. we can harness our shareholders’ debt financing and tax equity arrangement Our activity during the year has capabilities. Working together with demonstrated an ongoing commitment our shareholders, we arranged more to delivering on our strategy, which was than $2.2 billion of transactions executed by an outstanding team of 162 with airlines on their behalf. professionals based in 10 global locations. Maintaining our discipline and focus has We are in a strong financial position, yielded yet another strong performance, through the ongoing support from resulting in a total revenue of $1.1 billion our shareholders and following the and profit before taxation of $312.5 establishment of our bond programme in million, with our total assets reaching July 2016, which raised $500 million. Since $10.6 billion. This was driven by solid the end of the financial year we have closed growth on the leasing side of our business a second bond issue, bringing our funding combined with one of our most successful under this programme to $1 billion. years in aircraft trading in our history. Statement Executive's Chief chief executiveofficer Barrett Peter 9 smbc aviation capital • Annual Report & Accounts | 2017 smbc aviation capital smbc aviation • chief executive's Annual Report & Accounts | 2017 | 2017 Report & Accounts Annual statement (continued) ↗ Katie Dillon, VP Commercial Negotiation. 10 operating review Boeing and Airbus have enabled us to risk management react quickly to customer needs. Our business is driven by demand for We believe that we have the strongest air travel, which has doubled every 15 focus on risk management in the aircraft Some of the other highlights during years, a trend we expect to continue. leasing industry which has been a key the year included the delivery of seven Increasing passenger numbers, factor in our strong performance. Being Boeing B787-8 aircraft which were especially in the emerging markets part of a fi nancial institution ensures placed on lease to Air Europa in Spain of Asia and South America, have that we adopt a discipline and rigour in and South American airline, Avianca. resulted in strong underlying demand all of our transactions. Risk management We delivered our fi rst A320neo on sale for new aircraft from our order book starts with the selection of our portfolio, and leaseback to GoAir in India and also which is placed with new and existing however, our sophisticated credit reached agreement for the placement customers into 2019 and beyond. risk and technical teams also spend of fi ve A320neo aircraft on sale and signifi cant time on the ground developing leaseback with Scandinavian airline, SAS. We
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