---

 

5

---

6

---

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. We do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Statements Follow

The results of ILFC have been consolidated in AerCap Holdings N.V.'s financial statements as of May 14, 2014, the completion date of the acquisition.

 

 

 

 

 

		June 30, 2015				December 31, 2014
Assets
Cash and cash equivalents		$	1,568,345			$	1,490,369
Restricted cash			379,509				717,388
Trade receivables			152,424				160,412
Flight equipment held for operating leases, net			32,750,877				31,984,668
Maintenance rights intangible and lease premium, net			3,607,717				3,906,026
Flight equipment held for sale			19,533				14,082
Net investment in finance and sales-type leases			426,106				347,091
Prepayments on flight equipment			3,416,378				3,486,514
Other intangibles, net			511,356				523,709
Deferred income tax assets			150,218				190,029
Other assets			1,074,016				1,047,092
Total Assets		$	44,056,479			$	43,867,380
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities		$	1,153,434			$	1,195,880
Accrued maintenance liability			3,197,971				3,194,365
Lessee deposit liability			864,461				848,332
Debt			30,682,408				30,402,392
Deferred income tax liabilities			335,865				283,863
Total liabilities			36,234,139				35,924,832
Ordinary share capital €0.01 par value (350,000,000 ordinary shares authorized,  213,109,795 ordinary shares issued and 197,411,207 ordinary shares outstanding at June 30, 2015 and 212,318,291 ordinary shares issued and outstanding at December 31, 2014)			2,568				2,559
Additional paid-in capital			5,580,398				5,557,627
Treasury shares (15,698,588 ordinary shares)			(761,228	)			-
Accumulated other comprehensive loss			(6,585	)			(6,895	)
Accumulated retained earnings			2,931,090				2,310,486
Total AerCap Holdings N.V. shareholders’ equity			7,746,243				7,863,777
Non-controlling interest			76,097				78,771
Total Equity			7,822,340				7,942,548
Total Liabilities and Equity		$	44,056,479			$	43,867,380

		Three months ended June 30,								Six months ended June 30,
		2015				2014				2015				2014
Revenues and other income
Lease revenue		$	1,234,279			$	745,656			$	2,460,416			$	994,717
Net gain (loss) on sale of assets			54,606				(936	)			88,307				8,870
Other income			48,635				44,424				78,011				50,391
Total Revenues and other income			1,337,520				789,144				2,626,734				1,053,978
Expenses
Depreciation and amortization			459,386				277,259				911,615				367,044
Asset impairment			2,747				287				7,443				287
Interest expense			255,014				171,659				542,619				234,664
Leasing expenses `			173,426				22,551				263,153				35,334
Transaction and integration related expenses			1,091				100,999				5,476				122,477
Selling, general and administrative expenses			91,458				63,256				186,538				86,387
Total Expenses			983,122				636,011				1,916,844				846,193
Income from continuing operations before income taxes and income of investments accounted for under the equity method			354,398				153,133				709,890				207,785
Provision for income taxes			(47,846	)			(32,760	)			(95,836	)			(37,407	)
Equity in net earnings of investments accounted for under the equity method			2,140				2,465				4,008				6,163
Net income		$	308,692			$	122,838			$	618,062			$	176,541
Net loss attributable to non-controlling interest			417				834				2,542				1,842
Net income attributable to AerCap Holdings N.V.		$	309,109			$	123,672			$	620,604			$	178,383
Total basic earnings per share		$	1.48			$	0.75			$	2.95			$	1.28
Total diluted earnings per share		$	1.46			$	0.74			$	2.91			$	1.26
Weighted average share outstanding – basic			208,944,833				164,371,369				210,523,173				139,148,164
Weighted average shares outstanding – diluted			211,486,227				166,632,714				213,045,364				141,445,745

		Six months ended June 30,
		2015				2014
Net income		$	618,062			$	176,541
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization			911,615				367,044
Asset impairment			7,443				287
Amortization of debt issuance costs and debt discount			22,613				62,964
Amortization of lease premium intangibles			12,184				5,244
Amortization of fair value adjustment on debt			(238,987	)			(74,718	)
Accretion of fair value adjustment on deposits and maintenance liabilities			41,022				15,602
Maintenance rights expense			242,646				-
Maintenance liability release to income			(54,316	)			(3,914	)
Net gain on sale of assets			(88,307	)			(8,870	)
Deferred income taxes			91,813				32,740
Other			43,853				27,640
Changes in operating assets and liabilities:
Trade receivables			7,988				33,745
Other assets			31,716				10,708
Accounts payable, accrued expenses and other liabilities			(39,511	)			(50,587	)
Net cash provided by operating activities			1,609,834				594,426
Purchase of flight equipment			(1,669,831	)			(763,688	)
Proceeds from sale of disposal of assets			486,165				452,421
Prepayments of flight equipment			(465,707	)			(115,906	)
Acquisition of ILFC, net of cash acquired			-				(195,311	)
Collections of finance and sales-type leases			27,784				8,283
Movement in restricted cash			337,879				201,002
Other			(14,000	)			-
Net cash used in investing activities			(1,297,710	)			(413,199	)
Issuance of debt			2,180,384				2,986,693
Repayment of debt			(1,650,672	)			(1,722,606	)
Debt issuance costs paid			(16,511	)			(95,674	)
Maintenance payments received			342,701				139,212
Maintenance payments returned			(311,238	)			(47,060	)
Security deposits received			85,970				24,227
Security deposits returned			(81,433	)			(29,842	)
Repurchase of shares and tax withholdings on share-based compensation			(781,337	)			-
Net cash (used in) provided by financing activities			(232,136	)			1,254,950
Net increase in cash and cash equivalents			79,988				1,436,177
Effect of exchange rate changes on cash and cash equivalents			(2,012	)			(256	)
Cash and cash equivalents at beginning of period			1,490,369				295,514
Cash and cash equivalents at end of period		$	1,568,345			$	1,731,435