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Value Creation and Growth . Diminishes PMA Industry Obstacles PMA Obstacles to Growth • Leasing Restrictions • Misinterpretation of Regulations • Customer Perception • Scope and Coverage of PMA Parts • Complex Internal Customer Approval Processes What can the PMA Industry Learn from the Airline Industry? Both Have Challenging Obstacles Airlines Industry PMA Industry • International Regulations • Leasing Restrictions • Code Share Challenges • Misinterpretation of • FAA Regulations Regulations • Gate Restrictions • Customer Perception • Union Restrictions • Scope and Coverage of PMA Parts • Fuel Prices • Complex Internal • Customer Allegiance Customer Approval • Low Cost Carrier Competition Processes Airlines Create New Value To Be ‘Relevant and Essential’ Creating a New Passenger Standard of What Is Acceptable Airlines Continue to Grow To Be ‘Relevant and Essential’ Organic Growth Improves Profitability and Increases Customer Options 40 34.1 35.0 35 33.1 31.1 32.1 29.2 30.2 30 27.1 28.1 24.8 26.0 23.5 25 21.5 22.5 19.7 20.6 20 15 Aircraft (K) 10 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 To accommodate the rise in passenger demand, the global fleet is expected to grow at 3.9% per year to 2028 Source: Airline Monitor, ICF, ACAS, Airbus, Boeing Airlines Continue to Grow To Be ‘Relevant and Essential’ Inorganic Growth Improves Profitability and Increases Customer Options If The PMA Industry Continues to Focus on Creating Value and Growth, Many of the Obstacles Will Naturally, Eventually Diminish Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances PMA Growth Wencor Group Qty 6000 *2014 estimate includes acquisition of Flight Line Products PMA 5000 4000 3000 2000 1000 0 2008 2009 2010 2011 2012 2013 2014* • CAGR 2008 to 2013 : 10.2% PMA Growth Industry Forecast Commercial Air Transport PMA Market Forecast by ICF SH&E § Today’s PMA market size is approximately $500M, increasing to $740M by 2023 § Over the next 10 years, the PMA market will grow at an estimated 4% per annum § Engine PMA parts will continue to make up an ever decreasing share of overall PMA spend as OEM material strategies gain traction ICF SH&E: Forecast in 2013 USD, exclusive of inflation PMA Growth Wencor Group Customers As Wencor Group PMAs Have Grown, So Have The Number of Customers PMA Growth Wencor Group Customers Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances ATA Chapter Diversity Wencor Group 600 * 2014 Interior Acquisition will add 852 PMA’s 500 400 * 300 200 100 0 Up to 2008 2009 to 2013 Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances Consolidation M&A One plus one makes three. The key principle behind buying a company is to create shareholder value over and above that of the sum of the two companies. Two companies together are more valuable than two separate companies through greater efficiency & market share. Consolidation M&A 20 Consolidation M&A 21 Consolidation M&A Small PMA Suppliers Provide Large PMA Focus in Niche Compete With Products OEM Strategic Programs Both Large and Small PMA Suppliers are Important Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances PMA Value Added Services • Kits Kit applications include: • Landing Gear • Component Overhaul • Engine Overhaul • Maintenance Checks • Modification Custom kits can include PMA parts • Point of Use Inventory A premier on-site delivery program utilizing proven technology designed to: • Improve replenishment cycle time • Reduce inventory investment • Reduce supply chain administration costs 24 PMA Value Added Services • Integration of Multiple Suppliers • Overhead Cost Reduction • One Point of Contact, One PO, One Invoice – ISA Functions as the Order, Invoice and Payment Facilitator • Integration of PMAs, Hardware, Seals, Lighting, Bearings, Electronics, and Other Commodities • Pricing Options • LTAs for Existing PMAs & Development • PBH Agreements 25 Growth and Value Creation • PMA Growth – NHA/System Coverage – ATA Chapter Diversity • Consolidation – M&A • PMA Value Added Services • PMA Supplier Alliances PMA Supplier Alliances • Potential Benefits • Potential Hurdles – Increased PMA – How to Split Common Coverage When Capabilities Competing With the – Which Supplier Takes OEM Lead – Lower Costs for On Site – Proprietary Information Support – Lower Costs for Inventory Management – Increased Speed to Market on Development PMAs PMA Supplier Alliances OEM OEM An Alliance Could Provide Additional Scope & Coverage So, If The PMA Industry Focuses on Creating Value and Growth, How Will Customers Respond ? Reasons For Using PMA Survey Results Reasons For Using PMA Survey Results SO, IF THE PMA INDUSTRY FOCUSES ON CREATING VALUE AND GROWTH, WHAT ARE THE OBSTACLES THAT COULD BE ELIMINATED? Top Barriers To PMA Growth Survey Results Aircraft Leasing Issues Continue To Be the Top Driver Top Barriers To PMA Growth Survey Results More PMA Growth and Value Added Services Will Eliminate Many Barriers Leasing Will Continue To Grow Lessors AABS Castle LLC Kahala US- 24623/24871 LLC AAFT Century Tokyo Leasing Corp Kale Aircraft Leasing (Ire) AAR Aircraft Sales & Leasing Chemlease Worldwide KBWA Leasing Corporation United States AARIFS & Global Principal Fin CIT Leasing Corp Lincoln National Corp ACS Aircraft Finance Ireland Citibank NA Macquarie AirFinance AerCap Citicorp Leasing Inc Mandarin Corporation Aerfunding 1 Ltd Crane Aviation Partners Manufacturers Hanover Lsg Top PMA Customers AeroTurbine Inc Daimler Chrysler Capital Servi Merrill Lynch GENCO LLC AFS Investments Daugherty Air Merx Aviation LLC Air Lease Corporation Dougherty Equipment Finance MetLife Capital Corp Airbus Leasing VI Inc East Shore Aircraft LLC Metropolitan Life Ins Co Aircastle Investment Femira Verwaltungs Gmbh & Co Mission Funding Epsilon Aircraft Services Corporation FINOVA Capital Corp Mitsui & Co (USA) Inc Aircraft Solutions First Greenwich Kahala MS Financing Incorporated Airplanes Group First Hawaiian Bank MUL Aviation Capital Ltd AIRSP 2007-1 ABS Portfolio First Star Aviation LLC NAS Investments Aisling Airlease First Victoria Leasing National City Leasing Corp Alary Trust Fly Leasing Ltd Nationsbanc Leasing ALC LLC Fly-Z/C Aircraft Ltd NationsBank NA ALF Inc Ford Motor Credit Company NCC Golf Company Ameritech Credit Corp GA Telesis LLC Ncc Key Company Amsouth Leasing Corp GAIF LLC Ncc Solar Company Apollo Aviation Capital LLC Gambit Verwaltungsgesellschaft Norlease Inc Archway Aviation (Ireland) Ltd Gaucho-2 Inc Northwestern Mutual Life Ins AT&T Credit Corporation GE Capital Commercial Inc Nwa Aircraft Finance Inc Avation GECAS OH Aircraft LLC Avenue Capital AMR General Foods Credit Corp OHA Centre Street A/c Holdco Aviation Capital Group Genesis Lease Ltd OHSP Aircraft 1 LLC Aviator LLC Gerard Verwaltungsgesellschaft OneFed Leasing Corp SA Calif Thayer Leasing Company Avolon Aerospace GIE Edith Bail Orient Capital Co. Ltd SAILES 2 Tokyo Leasing Co Ltd Avsa Sarl GIE Ual ORIVA Airlease (No 3) Ltd SAS Top Flight Leasing LLC AWAS Global Knafaim Leasing Ltd ORIX Aviation SASOF TR-61 Ltd Transamerica Aviation LLC AZ Aviation Finance LLC Global Principal Finance Co Pacific Airfinance 3 LLC Security Pacific Equipment Lsg Tyrolean Airways Banc of America Lsg & Capital Go Lease Pacific Century Leasing Sequa Capital Corp UICA Investment Holdings LLC Bank of Montreal Hinode Aviation Investments PALS01 Shawmut Bank Unionbanc Leasing Corporation Bank of New York HNB Investment Corp Pitney Bowes Credit Corp Silvermine River Finance Two US Bank NA Bank of Utah Trustee HU Lease PLC Leasing Corporation SIP Cayman I Ltd Usl Capital Batcl Inc Idaho Verwaltungsgesellschaft PMCC Leasing Corp SkyFunding MSN 31151 Limited UT Finance Corp BBV Leasing Fonds GmbH ILFC Prime Aviation Capital LLC SLM Corp Verizon Corporate Services Gro BCI Aircraft Leasing Inc Infinity Aviation PSEG Resources SMBC Aviation Capital VGS Aircraft Holding Ltd Bell Atlantic Tricon Leasing ITW Aircraft Investments Inc Pursuit N925DL LLC Societe Generale Wachovia Financial Services In BNY Capital Funding LLC Jackson Square Aviation Q Aviation LLC Solitair Corp Walt Disney World Company BOC Aviation Jaspis Verwaltungsgesllschaft R3 Capital Partners Master Spirit of Maryland LLC WC Aircraft Holding US II LLC Boeing Capital Corp Jetscape RBS Asset Finance Stripes 2013 Aircraft 1 Ltd Wells Fargo Leasing Corp Bot Financial & Leasing Corp John Hancock Leasing Corp Regional Equipment Trust Student Loan Marketing Assoc Westinghouse Credit Corp Bouton Ltd JP Morgan Rego Aviation LLC Sumitomo Bank Capital Markets Wexford Management LLC JSA Aircraft Rising Lease Syndicate of various Loan Certificate ho Wilmington Trust Company RPK Capital III LLC Tennenbaum Opportunities Prtnr Yamasa Air Lease Co Ltd Texas Aviation Group Z/C Three OP Trust 36 Lessors Europe AerCap GECAS AerDragon Aviation Partners Geneva
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