Certificate in Aviation Leasing & Finance Autumn 2017 Faculty Booklet
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9193 Avolon AR 2019 WEB H
contents 1 2019 Highlights 2 Chairman’s Message 4 CEO’s Message 8 Leadership Front Cover The Avolon logo is populated with 10 Board of Directors icons that represent our values of Transparency, Respect, Insightfulness, Bravery 12 Journey to Investment Grade and Ebullience. 14 CARE 2019 16 Avolon and the Arts 18 2019 Industry Recognition & Awards Highlights 20 Celebration of Flight 22 Thought Leadership 24 Diversity & Inclusion 26 Graduate Programme 28 Avolon Aviation School Note Regarding Forward-Looking Statements 30 Our Fleet This document includes forward-looking statements, beliefs or opinions, including statements with respect to Avolon’s business, 32 CFO’s Statement financial condition, results of operations and plans. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which 37 Consolidated Financial are based on our management’s current beliefs and expectations Statements about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward- looking statements include all matters that are not historical facts. Forward-looking statements may and often -
2018 Annual Report WHERE YOU CAN FIND MORE INFORMATION Annual Report
2018 Annual Report WHERE YOU CAN FIND MORE INFORMATION Annual Report https://www.ge.com/investor-relations/annual-report Sustainability Website https://www.ge.com/sustainability FORWARD-LOOKING STATEMENTS Some of the information we provide in this document is forward-looking and therefore could change over time to reflect changes in the environment in which GE competes. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/ investor-relations/important-forward-looking-statement-information. We do not undertake to update our forward-looking statements. NON-GAAP FINANCIAL MEASURES We sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in the CEO letter supplemental information package posted to the investor relations section of our website at www.ge.com. Cover: The GE9X engine hanging on a test stand at our Peebles Test Operation facility in Ohio. Here we test how the engine’s high-pressure turbine nozzles and shrouds, composed of a new lightweight and ultra-strong material called ceramic matrix composites (CMCs), are resistant to the engine’s white-hot air. -
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. -
Luxembourg As an Aspiring Platform for the Aircraft Engine Industry
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Koster, Peter Research Report Luxembourg as an aspiring platform for the aircraft engine industry EIKV-Schriftenreihe zum Wissens- und Wertemanagement, No. 13 Provided in Cooperation with: European Institute for Knowledge & Value Management (EIKV), Luxemburg Suggested Citation: Koster, Peter (2016) : Luxembourg as an aspiring platform for the aircraft engine industry, EIKV-Schriftenreihe zum Wissens- und Wertemanagement, No. 13, European Institute for Knowledge & Value Management (EIKV), Rameldange This Version is available at: http://hdl.handle.net/10419/147292 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen -
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. -
Msc Finance Dissertation
___________________________________________________________________________ MSc Finance Dissertation Research topic: ‘Aircraft leasing: A review of Ireland’s role in its past, present and future development’ ENDA DUNNE Submitted to the National College of Ireland, August 2019 ___________________________________________________________________________ Page | i Aircraft leasing: A review of Ireland’s role in its past, present and future development - Enda Dunne Abstract: This paper highlights various factors which contributed to the development of aircraft leasing both globally and in Ireland. It identifies and assesses the risks to the sector including to Irelands status as a leading global hub. This includes those risks posed by new market entrants, EU and OECD regulations, talent shortage, the climate change movement and financial incentives offered by foreign jurisdictions. These incentives are important to multinational corporations and it costs states little to offer these to lessors considering setting up or relocating there. This has been highlighted as a key concern by the industry representative body, Aircraft Leasing Ireland. The success of aircraft leasing has attracted several new market entrants, leading to increased competition as global investors search for yield in the face deteriorating margins in traditional markets such as equities and fixed income (Bollen, 2019). Global stock markets fluctuated throughout 2018/19 with fears of a global recession growing (Reuters/Bloomberg, 2019). Airline bankruptcies have increased (Thoppil, 2019) and others are struggling to refinance debt (Taylor, 2018), having a knock-on effect for aircraft lessors. The research shows that Ireland benefitted from being home to GPA under the leadership of Tony Ryan which led the development of aircraft leasing here. Growth in the sector owes much to consecutive Irish governments and government agencies creating a competitive fiscal environment. -
S/C/W/163 3 August 2000 ORGANIZATION (00-3257)
WORLD TRADE RESTRICTED S/C/W/163 3 August 2000 ORGANIZATION (00-3257) Council for Trade in Services DEVELOPMENTS IN THE AIR TRANSPORT SECTOR SINCE THE CONCLUSION OF THE URUGUAY ROUND PART ONE Note by the Secretariat This Note has been produced at the request of the Council for Trade in Services in the framework of the review of the Air Transport Annex which stipulates in paragraph 5 that "The Council for Trade in Services shall review periodically, and at least every five years, developments in the air transport sector and the operation of this Annex with a view to considering the possible further application of the Agreement in this sector.". The Secretariat has been asked through the Council for Trade in Services to update document S/C/W/59, dated 5 November 1998 and document S/C/W/129, dated 15 October 1999. This Note addresses both the economic and regulatory developments in the sector, in both a historical (1993) and contemporary (1999) framework. Since the Annex provides no definition of the sector, the paper tries to encompass all aspects of air transport and air transport-related services following the model of the former Secretariat document S/C/W/59 on the same subject examined during the exchange of information program in 1998. It largely draws on this document as well as on ICAO publications and in particular, the annual report "The World of Civil Aviation" (first edition, 1992). Additional professional sources such as IATA documents and press sources have also been used. As indicated during the Council session held on July 2000, the Council requested due to time constraints, that the document be in three parts. -
Asia Aviation Sector Aircraft Leasing: Asian Players Taking Flight 19
SECTOR BRIEFING number DBS Asian Insights DBS Group38 Research • April 2017 Asia Aviation Sector Aircraft Leasing: Asian Players Taking Flight 19 DBS Asian Insights SECTOR BRIEFING 38 02 Asia Aviation Sector Aircraft Leasing: Asian Players Taking Flight Paul Yong CFA Equity Analyst DBS Group Research [email protected] Singapore Research Team DBS Group Research [email protected] Produced by: Asian Insights Office • DBS Group Research go.dbs.com/research @dbsinsights [email protected] Goh Chien Yen Editor-in-Chief Jean Chua Managing Editor Geraldine Tan Editor Martin Tacchi Art Director 19 DBS Asian Insights SECTOR BRIEFING 38 03 04 Investment Summary 06 Global Air Traffic on Long-Term Growth Path 13 Aircraft Demand and Fleet Development 19 Aircraft Financing 24 Aircraft Leasing: Background 27 Strategies Commonly Employed by Top Lessors 32 Emergence of Aircraft Lessors in Asia Chinese Lessors to the Fore Japanese Lessors: Emerging Once More Other Non-Traditional Lessors Hong Kong’s Tycoons Join the Party Potential Transactions in Aviation Leasing Spac Draw of Aircraft Leasing 44 Valuations and Equity Picks 47 Key Risk Factors 50 Appendix Aircraft Leasing 101 What’s Driving the Popularity of Aircraft Leasing? Critical Success Factors for Aircraft Lessors Drivers of Aircraft Value DBS Asian Insights SECTOR BRIEFING 38 04 Investment Summary Rising global air ccording to the International Air Transport Association (IATA), global air passenger traffic passenger traffic rose 5.9% year-on-year in 2016 and is projected to grow 5.1% in 2017. Based on Boeing’s estimates, global revenue passenger kilometres (RPKs) will almost triple by 2035 to reach 17,093 billion passenger-kilometres A(p-km), which represents a compound annual growth rate (CAGR) of 4.8% for a 20-year growth period from 2015 to 2035. -
Determination of Mergernotification M/14/032
DETERMINATION OF MERGER NOTIFICATION M/14/032 - GE / MILESTONE Section 21 of the Competition Act 2002 Proposed acquisition of Milestone Aviation Group Limited by GE Capital Aviation Funding Dated 12 December 2014 Introduction 1. On 7 November 2014, in accordance with section 18(1) of the Competition Act 2002, as amended 1 (“the Act”), the Competition and Consumer Protection Commission (“Commission”) received a notification of a proposed transaction whereby General Electric Company (“GE”), through its wholly-owned indirect subsidiary GE Capital Aviation Funding ("GECAF"), would acquire all the issued shares in Milestone Aviation Group Limited (“Milestone”) and all of its subsidiaries. The Undertakings Involved The Acquirer – GE 2. GE is a global, diversified technology and services public company incorporated in the United States. GE is divided into a number of business units, each of which has its own divisions. Its primary business units include: GE Energy Management, GE Power & Water, GE Oil & Gas, GE Healthcare, GE Aviation, GE Transportation, GE Capital and GE Home & Business Solutions. 3. GE is active globally in the following sectors: aircraft engines, consumer products, specialty materials, power systems, industrial systems, medical systems, plastics, broadcasting, financial services and transportation systems. 4. Most of GE’s main business segments operate within the State. In particular, GE manufactures wind turbines and healthcare products, carries out much of GE’s airplane leasing operations and has its GE Capital European headquarters within the State. 5. For the financial year ending 31 December 2013, GE had a worldwide turnover of €[…] billion and a turnover in the State of €[…] million. 2 1 It should be noted that the Competition and Consumer Protection Act 2014 made a number of important amendments to the merger review regime set out in the Competition Act 2002. -
Aercap Holdings NV Dutch GAAP Annual Report For
AerCap Holdings N.V. Dutch GAAP Annual Report for the year ended December 31, 2012 1 INDEX TO ANNUAL REPORT AerCap Holdings N.V. Annual Report 2012, Amsterdam Annual Directors’ Report ..................................................... 3 Consolidated Financial Statements Consolidated Balance Sheets as of December 31, 2011 and 2012 ....................... 29 Consolidated Income Statements For the Years Ended December 31, 2011 and 2012 ........ 30 Consolidated Statements of Cash Flows For the Years Ended December 31, 2011 and 2012 . 31 Consolidated Statements of Changes in Shareholders’ Equity For the Years Ended December 31, 2011 and 2012 ............................................... 32 Notes to the Consolidated Financial Statements ................................... 33 Company Financial Statements Company Balance Sheets as of December 31, 2011 and 2012 ......................... 98 Company Income Statements For the Years Ended December 31, 2011 and 2012 ........... 99 Notes to the Company Financial Statements ..................................... 100 Other information Profit appropriation according to Articles of Association ............................. 104 Appropriation of year end results ............................................. 104 Auditor’s report .......................................................... 105 2 DIRECTORS’ REPORT Description of business We are an integrated global aviation company with a leading market position in aircraft leasing. It is our strategy to acquire aviation assets at attractive prices, lease the -
Security Analysis by Benjamin Graham and David L. Dodd
PRAISE FOR THE SIXTH EDITION OF SECURITY ANALYSIS “The sixth edition of the iconic Security Analysis disproves the adage ‘’tis best to leave well enough alone.’ An extraordinary team of commentators, led by Seth Klarman and James Grant, bridge the gap between the sim- pler financial world of the 1930s and the more complex investment arena of the new millennium. Readers benefit from the experience and wisdom of some of the financial world’s finest practitioners and best informed market observers. The new edition of Security Analysis belongs in the library of every serious student of finance.” David F. Swensen Chief Investment Officer Yale University author of Pioneering Portfolio Management and Unconventional Success “The best of the past made current by the best of the present. Tiger Woods updates Ben Hogan. It has to be good for your game.” Jack Meyer Managing Partner and CEO Convexity Capital “Security Analysis, a 1940 classic updated by some of the greatest financial minds of our generation, is more essential than ever as a learning tool and reference book for disciplined investors today.” Jamie Dimon Chairman and CEO JPMorgan Chase “While Coca-Cola found it couldn’t improve on a time-tested classic, Seth Klarman, Jim Grant, Bruce Greenwald, et al., prove that a great book can be made even better. Seth Klarman’s preface should be required reading for all investors, and collectively, the contributing editors’ updates make for a classic in their own right. The enduring lesson is that an understand- ing of human behavior is a critical part of the process of security analysis.” Brian C. -
Differences Between Commercial and Corporate Aircraft Finance
DIFFERENCES BETWEEN COMMERCIAL AND CORPORATE AIRCRAFT FINANCE Mark Bisset 23 September 2011 The world’s Global Aviation Law Firm of the Year by Who’s Who premier aviation Legal for the past 7 years (2005-2011). law firm Law Firm of the Year 2011 (Legal Business Awards). Over 150 dedicated aviation lawyers, including finance, litigation, insurance & regulatory specialists. Over 1,400 staff based in 25 offices around the world, including in China: INTRODUCTION What are the financing requirements? Who is in the market? Structuring a business jets transaction What are the terms? WHAT ARE THE FINANCING REQUIREMENTS? BUSINESS JETS FINANCING Business jets 11,167 REQUIREMENTS Jetliners/regional jets 585 2011-2020 Business turboprops 3,153 _________ TOTAL 14,905 ========= Value $296 bn CHINA – c.100 aircraft in service “A permanent shift in favour of more expensive models” Source: Teal Group DELIVERIES BY TYPE, 2011-2020 Cessna 3,567 Embraer 2,227 Bombardier 1,579 Gulfstream 1,284 Dassault 1,261 Hawker 1,040 Airbus 141 Boeing 86 Others 539 HOW MANY DELIVERIES ARE PAID IN CASH? “Almost 90 per cent” (V-ref aircraft price guide) “85% of customers at the top half of the market” [$25m + range] (Teal group) “75% (Bank of America) 2006-7 20 – 30% cash COMMERCIAL AIRCRAFT Single aisle 17,870 FINANCING REQUIREMENTS Twin aisle 6,240 Very large 1,740 2009-2029 _________ TOTAL 25,850 ========= Value $3.2 trillion CHINA – 1,386 in service aircraft; backlog of 565 REGIONAL DEMAND BUSINESS JETS 2011-2015 North America Europe Latin America Asia Africa/ME