DOCSLIB.ORG

2012 Annual Report to Shareholders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2012 Annual Report to Shareholders 2012 ANNUAL REPORT TO SHarEHOLDERS FLY Leasing (“FLY”) is a global leader in aircraft leasing. FLY is focused on acquiring and leasing the most modern, high- demand and fuel-efficient commercial jet aircraft. We have long-term lease contracts with a diverse group of carriers throughout the world, including some of the most well-known airlines and strongest credits. At the end of 2012, FLY’s fleet totaled 109 commercial jet aircraft with a net book value of over $2.6 billion. The Company’s fleet, on lease to 55 airlines in 32 countries, consists mainly of Boeing 737 next generation and Airbus A320 family aircraft, which are the most popular aircraft flown by the majority of commercial airlines around the world. FLY is managed and serviced by BBAM LLC (“BBAM”), the world’s third largest aircraft lease manager with more than 20 years of industry expertise. FLY benefits significantly from BBAM’s global footprint, extensive industry experience and long-standing relationships with airlines and financial institutions around the world. BBAM’s principals are long-term shareholders in FLY with closely-aligned interests. FLY has paid its shareholders a cash dividend every quarter since it listed on the New York Stock Exchange (“NYSE”) in September 2007. The Company’s shares trade under the ticker symbol “FLY.” Letter from the CEO Dear Fellow Shareholders, parties. We look forward to working with BBAM and Onex as we continue to create shareholder value. FLY had a strong year in 2012. We increased our leasing revenues by 63% as a result of our larger fleet In 2012, FLY sourced $1.3 billion of new financings, and grew our net income to $47.7 million or $1.80 including a $600 million secured bank facility and a per share. $400 million secured and syndicated Term Loan. Both of these facilities mature in 2018 and replace facilities We made progress at FLY on a number of fronts. that were due to mature in 2012 and 2013. We also The sale of our 15% interest in BBAM, our servicer sourced a $250 million acquisition facility. These new and manager, to Onex for nearly $50 million and facilities meet several of FLY’s objectives: financing the investment of an additional $25 million in FLY near-term debt maturities, reducing average interest by Onex and BBAM’s principals was a particularly cost and providing financial capacity to meet our positive outcome. The sale of the BBAM interest growth targets. FLY has no significant debt maturities generated a pre-tax gain of $36.9 million on an until 2018. “With no capital commitments, a strong reserve of unrestricted cash and excellent access to financing, FLY is well positioned to take advantage of attractive opportunities to grow while continuing our focus on enhancing shareholder value.” $8.8 million investment made by FLY in April 2010. The Our major fleet acquisition in late 2011 was financed by sale proceeds and the new capital together generated assumed debt and unrestricted cash, causing our debt $75 million of unrestricted cash for FLY, which will be to equity ratio to increase to over 5:1 at the end of 2011. an important component of our growth strategy. Reducing this ratio was a major priority in 2012, and by the end of the year, we had reduced our leverage Importantly, BBAM’s principals have increased their to 3.6:1 and we are now well on our way to achieving ownership in FLY. Our relationship with BBAM is our targeted leverage of 3.5:1. This reduced financial one of the keys to FLY’s success and we continue leverage has a positive impact on the Company’s credit to benefit from BBAM’s servicing of our portfolio, worthiness which will help us to source new funding particularly their global footprint and extensive and reduce our future interest costs. relationships with airlines and financial institutions around the world. FLY generated significant cash during the year and at year-end we had $163 million in unrestricted cash. We are also excited to have Onex, one of the world’s Combined with our new $250 million acquisition most successful and reputable private equity groups, facility, our unrestricted cash puts FLY in a strong as a significant shareholder in FLY and a 50% position to grow its fleet, which at the end of the year shareholder in BBAM. Onex’s shareholdings in BBAM totaled 109 commercial aircraft on lease to 55 airlines and FLY reinforce the common interests of all three in 32 countries. Because of the growth in the scale of our business and the positive earnings and cash position of the Company, our board of directors decided to increase 2 COLM BARRINGTON CEO GARY DALES CFO our dividend by 10% to 22 cents per share per quarter rates are either stable or increasing across virtually during 2012. The total dividend paid in 2012 was 84 all in-production aircraft types. This means that the cents per share. FLY has now paid 21 consecutive fundamental economics of our business are improving quarterly dividends since our initial public offering and we expect them to continue to improve in the on the NYSE in 2007 and we remain committed to coming year. returning capital to shareholders. In summary, we accomplished a great deal in 2012. We will continue to focus on acquiring modern We made attractive acquisitions, sold multiple aircraft fuel-efficient aircraft through sale and lease backs at premiums to book value, increased the company’s and secondary market transactions rather than by dividend on the back of healthy free cash flow after orders from the aircraft manufacturers for delivery in debt service, produced substantial book profits, the future. This strategy allows us to evaluate all the executed on our financing plan and, most importantly, relevant aspects of each acquisition transaction – the grew our unrestricted cash and financial resources aircraft cost, the terms of the initial lease, the credit so that we are in a position to show further growth in quality of the leesee and the financing terms that are the coming year. available – before we make each investment decision. With no capital commitments, a strong reserve of We believe that this strategy will be of greater benefit unrestricted cash and excellent access to financing, to the company and its shareholders than one FLY is well positioned to take advantage of attractive involving speculative orders for new aircraft, which opportunities to grow while continuing our focus on require significant pre-delivery payments years before enhancing shareholder value. an aircraft is delivered. I would like to thank our shareholders for their Looking ahead, we are targeting $300-500 million of continuing support. new aircraft acquisitions in 2013. We expect the growth will come from a mix of new or nearly new aircraft and select acquisitions of mid-life, in-production aircraft. The new or nearly new equipment represent in our view a relatively safe corner of the market to deploy capital for predictable returns. Investments in mid-age equipment Colm Barrington represent strong prospects for attractive returns with Chief Executive Officer reasonable downside protection given current pricing levels. As always, we seek out relative value and remain committed to being nimble in what is a dynamic sector. Aircraft leasing industry fundamentals continue to improve. Interest rates are at historic lows and lease 3 Metrics AIRCRAFT IN PortFOLIO OPerating LEASE REVENUES (at December 31) (in millions) 109 109 $376 $231 62 62 $219 $214 $220 52 59 2007 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 BOOK VALUE PER SHARE CUMUlative DIVIDENDS (in dollars at December 31) (in dollars at December 31) $18.97 $5.24 $17.78 $17.25 $16.00 $4.40 $3.60 $11.99 $2.80 $2.00 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 ADJUSTED NET INCOME* UNRESTRICTED CASH (in millions) (in dollars at December 31) $116 $164 $163 $96 $82 $48 $50 $57 $32 $36 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 *See reconciliation of net income determined in accordance with GAAP on the inside back cover 4 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. These are the most popular and widely-used aircraft by airlines around the world. Our Fleet ATTRACTIVE MODERN FLEET Mainly Popular Narrow-Bodies Airbus Boeing A319 19 B717 6 A320 27 B737 40 A330 1 B747 1 A340 3 B757 11 B767 1 Airbus Sub-Total 50 Boeing Sub-Total 59 Total aircraFT in Fleet 109 (as of December 31, 2012) 5 BBAM — Our Fleet Manager and Servicer FLY’s fleet of 109 aircraft is managed and serviced by BBAM, one of the world’s largest managers of commercial jet aircraft with more than 20 years of history and industry experience. FLY benefits significantly from BBAM’s global footprint, extensive industry experience and long-standing relationships with airlines and financial institutions around the world. BBAM is a strategic partner and its principals are BBAM is 50% owned by Onex, one of the oldest long-term shareholders in FLY. Managing a fleet of private equity firms in North America. Together, more than 400 commercial aircraft on lease to 200 BBAM’s principals and Onex own more than 11% airlines in more than 50 countries, BBAM provides of FLY’s shares. FLY with significant scale and reach. With a focus on managing aircraft, BBAM has a complementary business model that brings many significant benefits to FLY, including: n Extensive global footprint n Full-service platform n Relationships with over 200 airlines around world n 20+ year history of providing aircraft financing solutions 6 FLY and BBAM History Global Presence BBAM Office Locations 7 Board of Directors FLY’s Board of Directors is comprised of industry veterans.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Air Lease Corporation Annual Report 2011
    AIR LEASE CORPORATION Annual Report 2011 1 WE HAVE ARRIVED. We took off in February 2010. In our first two years we have landed in the forefront of the aircraft leasing business. Our vision is unique. Our experience is extensive and our performance is remarkable. We are Air Lease Corporation and we have arrived. Two years of achievement have brought ALC to the forefront of the JANUARY DECEMBER aircraft leasing industry. FIRST NEW AIRCRAFT 102 AIRCRAFT IN FLEET ON DELIVERY From ALC’S DECEMBER 31, 2011 ORDER BOOK FEBRUARY ALC IS LAUNCHED 102 $923 JULY FARNBOROUGH AIR MILLION SHOW ORDER INITIAL PUBLIC OFFERING COMPLETED A $1.3 MAY BILLION PRIVATE FIRST AIRCRAFT PLACEMENT OF EQUITY DELIVERY DECEMBER APRIL 40 AIRCRAFT IN FLEET ON INITIAL PUBLIC DECEMBER 31, 2010 OFFERING, LISTED ON THE NYSE (AL) RAISED $923 MILLION $ GROSS PROCEEDS 1.3 40 BILLION PRIVATE PLACEMENT OF EQUITY JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY auGUST sePTEMBER OCTOBER nOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY auGUST sePTEMBER OCTOBER nOVEMBER DECEMBER 2010 $1.5 2011 BILLION DEBT FACILITY JULY PaRIS AIR SHOW ORDER JUNE CLOSED A $1.5 BILLION DEBT faciliTY 2 3 WE PROVIDE LEASING SOLUTIONS TO THE WORLd’s Our primary business is providing the world’s airlines with operating leases on new aircraft from the major commercial aircraft manufacturers. We are also a strategic partner to our airline customers and assist them in modernizing, AIRLINES. customizing, and maximizing the profitability of their fleets. We partner with the manufacturers by not only purchasing their high quality aircraft but by offering counsel on model specifications and configurations of future designs.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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).
    [Show full text]
  • ANNUAL REPORT 2 014 DEAR SHAREHOLDERS: This Past Year Was a Very Successful One for Aircastle
    2 014 ANNUAL REPORT AIRCASTLE LIMITED 2014 ANNUAL REPORT DEAR SHAREHOLDERS: This past year was a very successful one for Aircastle. It also represented Year in Review a special moment in time for our firm, as it marked our first decade in business. This is the perfect opportunity to reflect on how we got here During 2014, we harnessed our innovative capabilities and and to look to the road we intend to travel going forward. competitive strengths to drive improving financial results. Net income grew to more than $100 million and our cash return on equity came When we started Aircastle, we knew we would have to distinguish in at 11.7%. Significantly, we grew revenues by 16% while further ourselves from other aircraft leasing companies and offer a different upgrading the quality of our portfolio and capital structure. Consistent opportunity to our investors. As most of us came directly from positions with our approach of sharing with shareholders the growth in our in our industry, we knew it would not be enough simply to tap into a earnings power, we increased our dividend again last year by 10%, sector that enjoyed long-term growth and be best in category. our fifth increase since 2011. We recognized it was the inherent complexity of the aircraft leasing Our investment origination skills were showcased last year as we business that creates discoverable opportunities for the company acquired 35 aircraft for $1.8 billion, growing the Company’s portfolio that devises the right processes, offers a value-add proposition and and earnings power.
    [Show full text]
  • 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).
    [Show full text]
  • FLY Leasing Limited
    FLY Leasing Limited May 2015 Caution Concerning Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for Fly Leasing Limited’s (FLY) future business and financial performance, and for the aviation industry. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect FLY’s business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and Reports on Form 6-K. FLY undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise. Page 1 FLY at a Glance Portfolio 127 aircraft, 7.8 years average age (1) Customers 64 airlines in 36 countries Lease Profile Net, Net Leases, 5.3 years average remaining lease term (1) Managed by BBAM World’s 3rd largest lease manager with long, established track record Insider Ownership 8%+ with market value of $45m+ As of and for the year Ended December 31, 2014 Total Revenues $427m Total Assets $4,225m Net Income $56m Cash and Cash Equivalents $338m Earnings Per Share $1.32 Total Borrowings $3,025m Dividends Per Share $1.00 Total Equity $759m Note: As of December 31, 2014.
    [Show full text]
  • Leasing and M&A Market Overview
    Leasing and M&A Market Overview October 30, 2018 Professor David Yu, CFA, ISTAT Certified Aviation Appraiser Managing Director www.iba.aero IBA - Enhancing Decision Making Full service Leading analysis and Aviation Intelligence, Asset Management, Advisory valuations around Mapped the risks CDD around acquisition and Only aviation consultancy that also appraises (7 ISTAT commercial aircraft, engines, surrounding 100+ airlines investments Appraisers), manages (130+ assets, $4bn), and remarkets helicopters, freighters, Global approach business jets and slots Independent No vested interest in a deal progressing No conflict in treatment of assets Maintenance costs analysis Cash flow forecasting and Stress-testing of investment and benchmarking mapping opportunities and returns Diversified talent pool and inputs Imaginative solutions from a breadth of backgrounds Appraiser of the year 2018 30 years of trading experience Quantitative and qualitative approach Lease rate and residual risk Route analysis and asset Transition Management Unique access to critical data and human intelligence analysis selection www.iba.aero www.iba.aero www.iba.aero IndiaChinaJapanArea Euro UKUSAEmergingEconomies AdvancedEconomies 7.3% Slightprediction moderation 7.4% infrom 6.6%expected World 6.4% in 2019 4.9% 2.2%in Slowing2019 1.9% to 1.0% Figures previousGrowth GDP Downgraded a from 2.4%prediction of1 inApril 2.5% from Down 1.4% Recentlyindowngraded1.6% April 2.9%reform Tax Source: IMF Source: Landscape Economic GDP GDP growth. GDP tra of risk to world trend protectionism, Increasing US is increasing. Index Uncertainty Policy Economic downgraded. and Argentina India Brazil, strengthening. exporters oil Outlook for regions. – global forecast maintains IMF balanced lessacross - China China Trade Trade 3.9% War.
    [Show full text]