United States Securities and Exchange Commission

Total Page:16

File Type:pdf, Size:1020Kb

United States Securities and Exchange Commission UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2020 Commission File Number 001-33159 AERCAP HOLDINGS N.V. (Translation of Registrant’s Name into English) AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, +353 1 819 2010 (Address of Principal Executive Office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. Other Events On November 10, 2020, AerCap Holdings N.V. filed its interim financial report for the quarter ended September 30, 2020. The information contained in this Form 6-K is incorporated by reference into the Company’s Form F-3 Registration Statements File Nos. 333-224192, 333-234028 and 333-235323 and Form S-8 Registration Statements File Nos. 333-180323, 333-154416, 333-165839, 333-194637 and 333-194638, and related Prospectuses, as such Registration Statements and Prospectuses may be amended from time to time. 2 INDEX PART I FINANCIAL INFORMATION .......................................................................................................... 4 Item 1. Financial Statements (Unaudited) ....................................................................................................... 4 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ............. 39 Item 3. Quantitative and Qualitative Disclosures About Market Risk ............................................................ 56 PART II OTHER INFORMATION .................................................................................................................. 58 Item 1. Legal Proceedings .............................................................................................................................. 58 Item 1A. Risk Factors ......................................................................................................................................... 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ............................................................ 61 Item 3. Defaults Upon Senior Securities ......................................................................................................... 61 Item 4. Mine Safety Disclosures ..................................................................................................................... 61 Item 5. Other Information ................................................................................................................................ 61 Item 6. Exhibits ............................................................................................................................................... 61 Signature ............................................................................................................................................... 62 3 PART I FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 ...................... 5 Unaudited Condensed Consolidated Income Statements for the Three and Nine Months ended September 30, 2020 and 2019 ..................................................................................................................................................................... 6 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2020 and 2019 .................................................................................................................................... 7 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2020 and 2019 ........................................................................................................................................................................... 8 Unaudited Condensed Consolidated Statements of Equity for the Three and Nine Months ended September 30, 2020 and 2019 ..................................................................................................................................................................... 11 Notes to the Unaudited Condensed Consolidated Financial Statements .......................................................................... 13 4 AerCap Holdings N.V. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets As of September 30, 2020 and December 31, 2019 Note September 30, 2020 December 31, 2019 (U.S. Dollars in thousands, except share data) Assets Cash and cash equivalents 4 $ 3,244,433 $ 1,121,396 Restricted cash 4 281,353 178,951 Trade receivables 189,950 47,935 Flight equipment held for operating leases, net 5 34,735,697 35,870,781 Net investment in finance and sales-type leases 6, 19 922,297 1,011,549 Flight equipment held for sale 3,575 336,592 Prepayments on flight equipment 23 2,710,270 2,954,478 Maintenance rights and lease premium, net 7 682,968 809,615 Other intangibles, net 7 229,928 307,394 Deferred income tax assets 14 105,447 95,077 Other assets (includes investment at fair value of $71.3 million) 8, 9 1,315,200 1,015,476 Total Assets $ 44,421,118 $ 43,749,244 Liabilities and Equity Accounts payable, accrued expenses and other liabilities 11 $ 1,147,571 $ 1,032,623 Accrued maintenance liability 12 1,828,246 2,190,159 Lessee deposit liability 594,631 747,790 Debt 13 31,087,112 29,486,131 Deferred income tax liabilities 14 884,069 910,336 Commitments and contingencies 23 Total Liabilities 35,541,629 34,367,039 Ordinary share capital, €0.01 par value, 350,000,000 ordinary shares authorized as of September 30, 2020 and December 31, 2019; 138,847,345 and 141,847,345 ordinary shares issued and 129,756,613 and 131,583,489 ordinary shares outstanding (including 2,163,670 and 2,354,318 shares of unvested restricted stock) as of September 30, 2020 and December 31, 2019, respectively 15, 20 1,721 1,754 Additional paid-in capital 2,089,932 2,209,462 Treasury shares, at cost (9,090,732 and 10,263,856 ordinary shares as of September 30, 2020 and December 31, 2019, respectively) 15 (492,033) (537,341) Accumulated other comprehensive loss (168,946) (93,587) Accumulated retained earnings 7,380,699 7,734,609 Total AerCap Holdings N.V. shareholders’ equity 8,811,373 9,314,897 Non-controlling interest 68,116 67,308 Total Equity 8,879,489 9,382,205 Total Liabilities and Equity $ 44,421,118 $ 43,749,244 Supplemental balance sheet information—amounts related to assets and liabilities of consolidated Variable Interest Entities (“VIE”) for which creditors do not have recourse to our general credit: Restricted cash $ 176,073 $ 78,187 Flight equipment held for operating leases and held for sale 4,172,388 2,091,022 Other assets 72,303 64,908 Accrued maintenance liability $ 113,313 $ 42,603 Debt 2,654,016 1,395,022 Other liabilities 286,019 81,335 The accompanying notes are an integral part of these Unaudited Financial Statements. 5 AerCap Holdings N.V. and Subsidiaries Unaudited Condensed Consolidated Income Statements For the Three and Nine Months Ended September 30, 2020 and 2019 Three Months Ended September 30, Nine Months Ended September 30, Note 2020 2019 2020 2019 (U.S. Dollars in thousands, except share and per share data) Revenues and other income Lease revenue: Basic lease rents $ 897,358 $ 1,066,584 $ 2,876,278 $ 3,218,934 Maintenance rents and other receipts 90,743 72,600 449,252 268,506 Total lease revenue 988,101 1,139,184 3,325,530 3,487,440 Net gain on sale of assets 7,151 40,519 75,519 140,217 Other income 17 31,304 14,382 60,963 52,731 Total Revenues and other income 1,026,556 1,194,085 3,462,012 3,680,388 Expenses Depreciation and amortization 5, 7 415,970 415,313 1,243,586 1,260,255 Asset impairment 18 972,921 31,168 1,060,289 54,018 Interest expense 307,316 312,311 937,691 978,931 Loss on debt extinguishment 42,835 — 42,835 — Leasing expenses 51,211 44,080 232,082 201,045 Selling, general and administrative expenses 16 60,918 64,712 178,415 196,128 Total Expenses 1,851,171 867,584 3,694,898 2,690,377 Unrealized loss on investment at fair value 9 (128,363) — (114,421) — (Loss) income before income taxes and income of investments accounted for under the equity method (952,978) 326,501 (347,307) 990,011 Benefit (provision)
Recommended publications
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 0-14719 SKYWEST, INC. Incorporated under the Laws of Utah 87-0292166 (IRS Employer ID No.) 444 South River Road St. George, Utah 84790 (435) 634-3000 Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on which Registered Common Stock, No Par Value SKYW The Nasdaq Global Select Market Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    [Show full text]
  • Aircraft Leasing in the Context of Covid-19 – Practical Considerations on Compromise, Relationships and Mitigation
    GLOBAL: COVID-19 : AIRCRAFT LEASING IN THE CONTEXT OF COVID-19 – PRACTICAL CONSIDERATIONS ON COMPROMISE, RELATIONSHIPS AND MITIGATION April 2020 www.bclplaw.com Dear Aircraft Lessor Re: COVID 19: Aircraft Lease Agreements relating to Relevant Aircraft I am writing to inform you that our business has been materially and adversely affected by the COVID 19 pandemic. My CFO has informed me that in a few months, we anticipate difficulties meeting our rental payment obligations under aircraft lease agreements entered into with your company. We are hoping that we can arrange a time to speak via video conference to consider and discuss steps that we may take and agree to mitigate these circumstances. Our respective companies have a long history of working together, but if there is a time that we need your co-operation, support and assistance, it would be now. I look forward to hearing from you to confirm a time to discuss. Yours sincerely Airline CEO INTRODUCTION The above paints the scene of a typical request which most (if not all) international aircraft lessors are currently facing (and a similar scenario could also apply to financial institutions who have lent money to airlines). If you were the relationship manager of the subject aircraft leasing company, what would you do? This paper is intended to provide some practical suggestions and considerations that commercial parties could consider when preparing for those “hard conversations” and is intended to encourage aircraft lessors, financial institutions and airlines to be innovative, creative and practical whilst balancing and prudently managing associated risks during the COVID 19 crisis.
    [Show full text]
  • Fly Leasing Q4 2019 Earnings Press Release
    Fly Leasing Reports Fourth Quarter and Full Year 2019 Financial Results Dublin, Ireland, February 27, 2020 – Fly Leasing Limited (NYSE: FLY) (“FLY”), a global leader in aircraft leasing, today announced its financial results for the fourth quarter and full year of 2019. Fourth Quarter 2019 Highlights Net income of $75.2 million, $2.43 per share Adjusted Net Income of $77.0 million, $2.49 per share Return on equity of 35.9%, Adjusted return on equity of 36.7% Sold ten aircraft for an economic gain of $62.7 million, a 31% premium to book value Purchased seven aircraft for $217.0 million 2019 Full Year Highlights Net income of $225.9 million, $7.12 per share Adjusted Net Income of $245.9 million, $7.75 per share Return on equity of 29.2%, Adjusted return on equity of 31.8% Sold 35 aircraft for an economic gain of $149.1 million, an 18% premium to book value $28.42 book value per share at year end, a 32% increase since December 31, 2018 Net debt to equity ratio of 2.3x "FLY is reporting record financial outcomes for the fourth quarter and full year 2019 along with adjusted returns on equity of more than 30% in both the quarter and full year," said Colm Barrington, FLY's Chief Executive Officer. "At year end, our book value per share was $28.42, which was a 32% increase in the year. Our leverage was reduced to 2.3x at year end, down from 4.0x at the beginning of the year.” “Our aircraft sales in 2019 demonstrated the value in our balance sheet, reduced lessee concentration, generated cash and reduced our leverage,” added Barrington.
    [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]
  • Annual Report & Accounts
    Annual Report & Accounts 2019 2 Contents ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL 3 REPORT 2019 Highlights 5 Chairmanʼs Statement 6 Chief Executiveʼs Statement 8 Financial Review 12 Q&A: Aircraft Trading 16 DIRECTORSʼ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2019 Directors and Other Information 24 Contents Directorsʼ Report 25 Statement of Directorsʼ Responsibilities 28 Independent Auditorsʼ Report 29 Consolidated Statement of Profit or Loss and Other Comprehensive Income 31 Consolidated Statement of Financial Position 32 Company Statement of Financial Position 33 Consolidated Statement of Changes in Equity 34 Company Statement of Changes in Equity 35 Consolidated Statement of Cash Flows 36 Company Statement of Cash Flows 37 Notes to the Consolidated Financial Statements 38 Acronyms and Abbreviations 77 ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL 4 Through active fleet management, we maintain one of the youngest fleets in the industry. 2019 Highlights ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL 5 OUR RATING OUR FLEET OUR PEOPLE A-/A- 720+ 185+ Fitch and S&P ratings, Our fleet comprises professionals working the highest rated of 720+ owned / worldwide. dedicated aircraft managed / committed leasing company in aircraft. the industry. OUR FLEET OUR TRADING OUR CUSTOMERS 4.2 400+ 150+ Years weighted c. 400+ aircraft sold to customers in over 50 average age of our 100+ investors. countries worldwide. fleet. We adopt a multi-layered approach to risk management, understanding our customers and their markets. Our shareholding base sets us apart by giving us one of the broadest product offerings in this industry. Our consistent, disciplined strategy has served us very well, allowing us to deliver consistent returns to our business and shareholders.
    [Show full text]
  • 2 0 0 6 a N N U a L R E P O
    2006 ANNUAL REPORT WHO WE ARE AIRCASTLE IS A GLOBAL COMPANY THAT ACQUIRES AND LEASES HIGH-UTILITY COMMERCIAL JET AIRCRAFT TO PASSENGER AND CARGO AIRLINES THROUGHOUT THE WORLD. High-utility aircraft are generally modern, operationally efficient jets with a large operator base and long useful lives. As of December 31, 2006, our aircraft portfolio consisted of 69 aircraft that were leased to 32 lessees located in 23 countries and managed through our offices in the United States, Ireland and Singapore. We also make investments in other aviation assets, including debt securities secured by commercial jet aircraft. As of March 31, 2007, we had acquired and committed to acquire aviation assets having an aggregate purchase price equal to $2.24 billion and $1.43 billion, respectively, for a total of approximately $3.67 billion. AIRCASTLE 2006AR : P1 SELECTED FINANCIAL DATA Year Ended December 31, (Dollars in thousands, except per share data) 2006 Selected Operating Data: Total revenues $ 189,327 Selling, general and administrative expenses 27,866 (Includes non-cash share-based payment expense of $8.895 million) Depreciation $ 56,629 Interest expense, net 50,477 Net income $ 51,206 Net income per share (diluted) $ 1.11 Other Operating Data: EBITDA(1) $ 164,279 Consolidated Statements of Cash Flows: Cash flows provided by operations $ 135,282 Consolidated Balance Sheet Data: Flight equipment held for lease, net of accumulated depreciation $ 1,590,355 Total assets $ 1,918,703 Total debt $1,075,753 Shareholders’ equity $ 637,197 Number of aircraft 69 Total debt to total capitalization 62.8% Stock Performance Data: Share price at IPO $23.00 Closing share price on December 29, 2006 $29.50 Closing share price on March 30, 2007 $35.38 Dividend declared for the quarter ended December 31, 2006 $0.4375 per common share Dividend declared for the quarter ended March 31, 2007 $0.50 per common share Dividend yield based on March 30, 2007 closing price 5.65% (1) EBITDA is a measure of operating performance that is not calculated in accordance with GAAP.
    [Show full text]
  • SMBC Aviation Capital Annual Report & Accounts 2016
    SMBC Aviation Capital Annual Report & Accounts 2016 Annual Report & Accounts 2016 Contents 03 2016 Highlights 04 Chairman’s Statement 06 Chief Executive’s Statement 10 Customer stories - A new beginning with Nesma 12 Our people and our teams - Michael Littleton 14 Customer stories - Delivering our first A320neo to GoAir 16 Our people and our teams - Danielle Keogh 18 Customer stories - Rolling out Air Europa’s new Dreamliner 20 Our people and our teams - Nick Hazeldine 22 Customer stories - Preparing Jeju’s expanded fleet 24 Directors’ Report and Consolidated Financial Statements 2016 26 Directors and other information 27 Directors’ report 29 Statement of directors’ responsibilities 30 Independent auditors’ report 32 Consolidated statement of comprehensive income 33 Consolidated statement of financial position 34 Company statement of financial position 35 Consolidated statement of changes in equity 36 Company statement of changes in equity 37 Consolidated statement of cash flows 38 Company statement of cash flows 39 Notes to the financial statements 76 Acronyms and abbreviations SMBC Aviation Capital Annual Report & Accounts 2016 2016 Highlights Our Fleet Our Rating Our Customers Our Trading 660+ BBB+ 150+ 300+ owned/managed/ Fitch & S&P rating, airline and investor aircraft sold to 65 committed one of the highest customers in over 50 third party investors rated lessors in the countries worldwide industry 4.7 Our People Our History Our Fleet Our Utilisation 160 15 4.7 99.7% professionals working year track record average weighted average fleet utilisation worldwide of growth and age of fleet since 2005 profitability SMBC Aviation Capital is a leading aircraft leasing company.
    [Show full text]
  • Buy BOC Aviation
    Deutsche Bank Markets Research Rating Company Date 5 December 2016 Buy BOC Aviation Initiation of Coverage Asia Singapore Reuters Bloomberg Exchange Ticker Price at 1 Dec 2016 (HKD) 39.00 Banking / Finance 2588.HK 2588 HK HSI 2588 Price target - 12mth (HKD) 48.50 Other Financial Services 52-week range (HKD) 43.30 - 36.58 Straits Times Index 2,905 Sustaining profitability; initiating with Jacky Zuo Hans Fan, CFA Buy Research Associate Research Analyst (+852 ) 2203 6255 (+852 ) 2203 6353 The 5th largest global aircraft lessor about to re-lever up; Buy with HK$48.5 TP [email protected] [email protected] We expect BOCA to start a rapid fleet expansion with the asset base growing 17-20% yoy in 2016-18E to reach a 3.5x debt-to-equity ratio at end-FY18 (vs. 1H16: 2.9x after HK IPO). We expect the fast growth to be supported by its Price/price relative large order book (~100% of the existing fleet), high Asian exposure (55% of 45 lease portfolio), strong funding capability (2% funding cost) and young fleet 44 (3.3 years). We forecast the lessor to sustain pre-IPO profitability with average 42 ROE of 14.5% in 2016-18E. We initiate with Buy and a target price of HK$48.5. 41 39 We believe the stock may play catch-up after the recent rally of its US peers. 38 36 A new phase of growth 6/16 BOCA targets to raise leverage back to the pre-IPO level, i.e. 3.5-4.0x debt-to- BOC Aviation equity by the end of 2018.
    [Show full text]
  • Aircraft Transactions Going Digital
    August 2019 - www.avitrader.com Aircraft transactions Going digital In focus: MRO News ADSoftware from around the world Rotable Repairs People on the Move opens new facility latest appointments Editor‘s Page 2 Asset lease finances he cover story in this edition of the publica- Given the high value of aircraft and complexity tion touches on an increasingly important associated with the asset’s leases and finances, Tdiscussion on the digitisation of records high quality asset management is instrumental in management for aircraft transactions especially preserving the value of aircraft through the lease pertaining to the MRO side of things . term another opinion mentioned an expert at ACC Aerotask . Many lessors and airlines have invested Bust also, an area we focused less on but equally Published monthly by in software systems or have developed their own crucial is how lessors and airlines can get the most in-house capability which enables them to capture AviTrader Publications Corp. precise and accurate control over asset leases and Suite 305, South Tower finances, and we received some interesting views and analyse numerous commercial and technical management elements . 5811 Cooney Road from our panel of contributors . For instance, TRAX Richmond, British Columbia recognises the difficulties for lessors and lessees Continuous technical management analysis, such V6X 3M1 in providing accurate redeliveries of assets . As a as monitoring aircraft utilisation, assessing main- Canada result they developed a new aircraft lease return tenance workscopes and regular inspections of portal product . It is a web-based digital aircraft the asset are vital components of asset manage- technical records solution which allows an opera- Email: [email protected] ment for aircraft owners .
    [Show full text]
  • Présentation Powerpoint
    Chorus Aviation Overview February 14 , 2020 Delivering regional aviation to the world TSX: CHR Caution regarding forward-looking information This presentation contains “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information relates to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information, by its nature, is based on assumptions and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, among other things, external events, changing market conditions and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed in forward-looking information. Factors that could cause results to differ materially from those expressed in this presentation include those identified in Chorus’ public disclosure record available at www.sedar.com and the risk factors identified in Chorus’ Annual Information Form dated February 12, 2020. Statements containing forward-looking information in this presentation represent Chorus' expectations as of the date of this presentation (or as of the date they are otherwise stated to be made) and are subject to change after such date.
    [Show full text]
  • Continental Airlines, Inc. 1998 Annual Report
    “It’s how you’d run an airline.” Continental Airlines 1998 Repor Annual Report 1998 Accomplishments Fly to Win Operating margin was 10.4 percent with 10.6 percent available seat mile growth and 12.5 percent revenue passenger mile growth (equals $130 million more in pre-tax income than 1997, $214 million more than 1996 and $568 million more than 1995) Maintained revenue per available seat mile premium to the industry while growing Successfully integrated the regional jet into systemwide operations Completed global network with Northwest, Alaska/Horizon, COPA, Aserca, AVANT and Air China Rolled out new global advertising campaign (Work Hard. Fly Right.), growing our share of NYC business Implemented international electronic ticketing and a new branded bank card Fund the Future Completed $2.9 billion of financing at an average rate of 6.6 percent Achieved a $140 million run rate on our $100 million non-value-added cost reduction target Ended second consecutive year with more than $1 billion in cash ($1.4 billion in 1998) Completed $223 million of $300 million share repurchase program Announced order for Boeing 767-200 and 737-900 aircraft Kept Houston and Cleveland airport construction projects on time and on budget Make Reliability a Reality Delivered a consistent, reliable product every day, as measured by on-time arrivals, baggage delivery, fewest customer complaints and involuntary denied boardings Opened Presidents Clubs in Dallas/Fort Worth, Atlanta, Washington D.C., Mexico City, Cleveland, Houston Terminal B and Houston South Concourse
    [Show full text]
  • LABUAN LEASING (Updated As at 13 April 2020)
    LABUAN LEASING (Updated as at 13 April 2020) CEASED OPERATIONS NO NAME DATE CEASED REMARKS 1 UTF Labuan Limited 3-Aug-01 - 2 Taubaatkompaniet Management Labuan 24-Sep-03 - 3 Stena Leasing Labuan Ltd 17-Feb-06 - 4 Tombo Aviation (L) Inc. 31-Mar-06 - 5 TM International Leasing Incorporated 6-Aug-06 - 6 Makro Malaysia Leasing Ltd 17-Aug-06 - 7 Forsayth Offshore Pte Ltd 28-Nov-06 - 8 SCG Asia Capital Pte. Ltd. 20-Jun-07 - 9 Nepline International Limited 30-Jan-08 - 10 Al Ghaith Shin Yang (L) Berhad 19-Nov-08 - 11 Marsol Shin Yang (L) Berhad 19-Nov-08 - 12 Crest Hidayat (L) Ltd 26-Nov-08 - 13 Inai Kiara (L) Ltd 26-Nov-08 - 14 AerCap Asia Limited 31-Dec-08 - 15 ALS Malaysia Leasing Limited 31-Dec-08 - 16 BR Offshore Services Limited 31-Dec-08 - 17 CIT Malaysia Two, Inc. 31-Dec-08 - 18 Flagship Marine (L) Inc 31-Dec-08 - 19 KST Gagie Labuan Ltd. 31-Dec-08 - 20 Intraline Offshore (Labuan) Ltd. 15-Jan-09 - 21 Diamond Airfinance (Labuan) Limited 18-Mar-09 - 22 GAIF Malaysia I, Ltd 25-Mar-09 - 23 GAIF Malaysia II, Ltd. 15-Jun-09 - 24 ACG Acquisition Labuan Ltd 17-Jun-09 - 25 M3nergy Labuan Ltd 17-Aug-09 - 26 GOAL Projekt Nr.3 (Labuan) Ltd. 10-Dec-09 - 27 Nabors Drilling (Labuan) Corporation 22-Jan-10 - 28 Ombak Marine International Limited 22-Jan-10 - 29 Sarawak Corporate Sukuk Inc. 25-Mar-10 - 30 Sarawak Venture Incorporated 25-Mar-10 - 31 NBY Ltd 30-Dec-10 - 32 Titan Leasing (L) Ltd 30-Dec-10 - 33 Perisai (L) Inc.
    [Show full text]