Exhibit
99.1
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For Investors:
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Keith Helming
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Chief Financial Officer
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+31 20 655 9670
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Peter Wortel
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Investor Relations
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+31 20 655 9658
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For Media:
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Frauke Oberdieck
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PRESS RELEASE
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Corporate Communications
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+31 20 655 9616
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FOR IMMEDIATE RELEASE
AerCap Holdings N.V. Reports
Third Quarter 2009 Financial Results
23% growth in net spread and 22% growth in total
assets demonstrate AerCap’s ability to deliver profitable growth.
Amsterdam,
Netherlands; November 6, 2009 - AerCap Holdings N.V. (the “Company” or “AerCap”)
(NYSE: AER) today announced the results of its operations for the third quarter
ended September 30, 2009.
Third Quarter 2009 Highlights
· Third quarter 2009 net income was $35.5 million, compared
with net income of $51.3 million for the same period in 2008. Third quarter
2009 net income excluding the impact of the mark-to-market of interest rate
caps and share-based compensation was $39.2 million, compared with $61.2
million in third quarter 2008 on the same basis. The decrease in net income was
largely due to lower maintenance revenue and lower income from the sale of
assets in third quarter 2009 as compared to third quarter 2008.
· Third quarter 2009 basic and diluted earnings per share were
$0.42. Third quarter 2009 basic and diluted earnings per share excluding the
impact of the mark-to-market of interest rate caps and share-based compensation
were $0.46.
· Net spread, the difference between basic lease rents and
interest expense excluding the impact from the mark-to-market of interest rate
caps, was $114.6 million in third quarter 2009 compared to $93.3 million in
third quarter 2008, an increase of 23%. This measure reflects the increase in
leasing income.
· Basic lease revenue for the third quarter 2009 was $142.4
million, compared to $132.9 million for the same period in 2008, an increase of
7%. Total lease revenue for the third quarter 2009 was $153.8 million, compared
to $167.9 million for the same period in 2008, a decrease of 8%. The decrease
in total lease revenue was due to lower maintenance rents in third quarter 2009
as compared to third quarter 2008.
1
· Total revenue for the third quarter 2009 was $212.5 million,
compared to $301.9 million for the same period in 2008. The decrease was mainly
due to lower aircraft sales revenue and lower maintenance revenue, partially
offset by higher basic lease revenue.
· Sales revenue for the third quarter 2009 was $49.0 million,
compared to $122.4 million for the same period in 2008, and was generated from
the sale of one aircraft, three engines and parts inventory. In addition, on October 29, 2009, we
executed agreements for the sale of three of our A330-300 forward order
aircraft delivering in 2010 (the sales will be recorded at time of delivery).
· Total assets were $6.4 billion at September 30, 2009, an
increase of 22% over total assets of $5.3 billion at September 30, 2008.
· Committed purchases of aviation assets delivered or scheduled
for delivery in 2009 are $1.8 billion, of which $1.1 billion closed in the nine
month period ended September 30, 2009.
Previously disclosed Third Quarter 2009 Highlights
· In
third quarter 2009, AerCap announced that the Boards of Directors of AerCap
Holdings N.V. and Genesis Lease Limited had
approved a definitive agreement under which AerCap and Genesis will merge in an
all share-for-share transaction.
Klaus
Heinemann, CEO of AerCap, commented: “AerCap continues to
substantially grow its core leasing business as measured by the Company’s net
spread results. Additionally, we have expanded AerCap’s overall market position
through the share-for-share transaction with Genesis Lease. Both are clear
evidence that AerCap is well positioned to take advantage of the prevailing
market dislocation. The performance of emerging markets and low cost carriers
has begun to improve. Resumed 2010 passenger growth along with fuel costs based
on 75 to 100 dollars per barrel, will enable the market for modern, state of
the art narrowbodies to rapidly rebalance.”
AerCap’s CFO, Keith
Helming, said: “Our third
quarter 2009 results highlight the consistent growth in the Company’s leasing
related earnings as demonstrated through the 23% increase in net spread.
Additionally, the Company’s margin of net spread divided by average lease assets
has remained constant year-over-year. The Company’s consistent performance is
attributable to the decrease in interest rates coupled with the use of interest
rate caps, plus relatively stable basic lease rents achieved on deliveries of
new, fuel-efficient aircraft.”
Summary of
Financial Results
AerCap
recorded a third quarter 2009 net income of $35.5 million or $0.42 earnings per
basic and diluted share. Included in the third quarter 2009 net income amount
were charges relating to mark-to-market of interest rate caps and share-based
compensation of $3.7 million or $0.04 per basic and diluted share, net of tax.
The after-tax charge relating to the mark-to-market of our interest rate caps
was $3.0 million and the after-tax charge from share-based compensation was
$0.7 million.
2
Detailed Financial Data
($ in Millions)
Operating
results
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Three months ended
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Nine months ended
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September 30,
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September 30,
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|
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|
|
|
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% increase/
|
|
|
|
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% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
2009
|
|
2008
|
|
(decrease)
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|
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|
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Revenues
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$
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212.5
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$
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301.9
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-30
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%
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$
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715.7
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$
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929.8
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-23
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%
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Net
income
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35.5
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51.3
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-31
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%
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122.0
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170.8
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-29
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%
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Net
income excluding the impact of mark-to-market of interest rate caps and
share-based compensation
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39.2
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61.2
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-36
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%
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109.9
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179.0
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-39
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%
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Total
revenue in third quarter 2009 decreased 30% compared with third quarter 2008.
This decrease was largely driven by lower sales revenue and lower maintenance
revenue, partially offset by higher basic lease revenue.
Net income excluding the impact of mark-to-market of interest
rate caps and share-based compensation decreased by 36%. This decrease was also
driven by lower maintenance revenue ($20.6 million) and lower income from the
sale of assets ($5.8 million), partially offset by an increase in net spread.
Revenue breakdown
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Three months ended
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Nine months ended
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September 30,
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September 30,
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% increase/
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% increase/
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2009
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2008
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(decrease)
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2009
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2008
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(decrease)
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Lease
revenue:
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Basic
lease rents
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$
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142.4
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$
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132.9
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7
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%
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$
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425.2
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$
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386.0
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10
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%
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Maintenance
rents
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10.4
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34.6
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-70
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%
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49.9
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57.6
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-13
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%
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End-of-lease
compensation and other receipts
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1.0
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0.4
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150
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%
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9.7
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12.5
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-22
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%
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Lease
revenue
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$
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153.8
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$
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167.9
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-8
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%
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$
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484.8
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$
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456.1
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6
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%
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Sales
revenue
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49.0
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122.4
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-60
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%
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202.4
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445.6
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-55
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%
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Management
fees and interest income
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5.3
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8.0
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-34
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%
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17.0
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23.9
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-29
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%
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Other
revenue
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4.4
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3.6
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22
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%
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11.5
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4.2
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174
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%
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Total
revenue
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$
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212.5
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$
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301.9
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-30
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%
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$
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715.7
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$
|
929.8
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|
-23
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%
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Basic
lease rents continue to increase when compared to prior periods as a result of
our growing asset base. The increase in basic lease rents of 7% was less than
the increase in average lease assets of 23%, as a result of decreasing interest
rates. The impact of decreasing interest rates on basic lease rents was offset
by lower interest expense. While basic lease rents for the third quarter 2009
increased 7% compared to third quarter 2008 to $142.4 million, interest expense
excluding the impact of mark-to-market of interest rate caps decreased 30%
compared with third quarter 2008 to $27.8 million, as shown in the table below.
We refer to the difference in these amounts as net spread, which increased 23%
in third quarter 2009 over the same period in 2008 to an amount of $114.6
million. Our average lease assets increased by 23% to $4.6 billion compared to
third quarter 2008.
Maintenance related revenues, including end-of-lease compensation,
decreased $23.6 million in third quarter 2009 to $11.4 million from $35.0
million in third quarter 2008. The decrease was largely due to $21.2 million of
non-recurring maintenance revenue in third quarter 2008. The non-recurring maintenance revenue related
to a change in the estimate of the amount of maintenance rent expected to be
reimbursed to lessees plus airline defaults. The change in estimate arose from
the implementation of an improved model used to forecast future maintenance
reimbursements, as disclosed in our previous filings. Since third quarter 2008
AerCap records as revenue all maintenance rent receipts not expected to be repaid
to lessees. In third quarter 2008, $16.6 million was recorded as maintenance
revenue as a result of the change in estimate. Of the $16.6 million, $12.9
million was collected from lessees during prior periods and was non-recurring.
In addition, the
3
termination of certain leases due to airline defaults triggered the
recognition of $8.3 million of maintenance related revenues in third quarter
2008.
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Three months ended
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Nine months ended
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September 30,
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September 30,
|
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|
|
|
|
|
|
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% increase/
|
|
|
|
|
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% increase/
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|
|
|
|
2009
|
|
2008
|
|
(decrease)
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2009
|
|
2008
|
|
(decrease)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic lease rents
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$
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142.4
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$
|
132.9
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7
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%
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$
|
425.2
|
|
$
|
386.0
|
|
10
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on debt
|
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$
|
32.8
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$
|
51.0
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|
-36
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%
|
$
|
68.3
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|
$
|
120.2
|
|
-43
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%
|
|
Plus:
mark-to-market of interest rate caps
|
|
(5.0
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)
|
(11.4
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)
|
-56
|
%
|
17.2
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|
(6.0
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)
|
-387
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%
|
|
Interest
on debt excluding the impact of mark-to-market of interest rate caps
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|
$
|
27.8
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|
$
|
39.6
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|
-30
|
%
|
$
|
85.5
|
|
$
|
114.2
|
|
-25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Spread
|
|
$
|
114.6
|
|
$
|
93.3
|
|
23
|
%
|
$
|
339.7
|
|
$
|
271.8
|
|
25
|
%
|
Effective tax
rate
AerCap’s
blended effective tax rate during the nine month period ended September 30,
2009 was 2.5%, consisting of 0.4% for AerCap’s aircraft business and 36.4% for
AerCap’s engine and parts business. The annual blended effective tax rate for
2008 was positive 0.3% (income).
Financial position
|
|
|
September 30, 2009
|
|
September 30, 2008
|
|
% Increase over
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
Flight
equipment held for lease
|
|
$
|
4,761.9
|
|
$
|
3,831.2
|
|
24
|
%
|
|
Total
assets
|
|
6,417.6
|
|
5,269.5
|
|
22
|
%
|
|
Total
liabilities
|
|
5,082.9
|
|
4,111.6
|
|
24
|
%
|
|
Total
equity
|
|
1,334.8
|
|
1,157.9
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2009, AerCap’s portfolio consisted
of 304 aircraft and 85 engines that were either owned, on order, under contract
or letter of intent, or managed.
Notes Regarding
Financial Information Presented In This Press Release
The financial information
presented in this press release is not audited.
The
following is a definition of non-GAAP measures used in this press release and a
reconciliation of such measure to the most closely related GAAP measure:
Net
income excluding the impact of mark-to-market of interest rate caps and
share-based compensation. This measure is determined by adding the mark-to-market on
our interest rate caps and share-based compensation during the applicable
period, net of related tax benefits, to GAAP net income. AerCap believes this
measure provides investors with a more meaningful view on AerCap’s operational
performance and allows investors to better understand its operational
performance in relation to past and future reporting periods. AerCap uses
interest rate caps to allow it to benefit from decreasing interest rates and
protect against the negative impact of rising interest rates on its floating rate
debt. Management determines the appropriate level of caps in any period with
reference to the mix of floating and fixed cash inflows from the Company’s
lease and other contracts. AerCap does not apply hedge accounting to its
interest rate caps. As a result, AerCap is required to recognize the change in
fair value of the interest rate caps in AerCap’s income statement during each
period. Following is a reconciliation of net income excluding the impact of
mark-
4
to-market
of interest rate caps and share-based compensation to net income for the three
and nine month periods ended September 30, 2009 and 2008:
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
35.5
|
|
$
|
51.3
|
|
-31
|
%
|
$
|
122.0
|
|
$
|
170.8
|
|
-29
|
%
|
|
Plus:
|
mark-to-market
of interest rate caps, net of tax
|
|
3.0
|
|
8.2
|
|
-63
|
%
|
(14.5
|
)
|
3.7
|
|
-492
|
%
|
|
|
share-based
compensation, net of tax
|
|
0.7
|
|
1.7
|
|
-59
|
%
|
2.4
|
|
4.5
|
|
-47
|
%
|
|
Net
income excluding the impact of mark-to-market of interest rate caps and
share-based compensation
|
|
$
|
39.2
|
|
$
|
61.2
|
|
-36
|
%
|
$
|
109.9
|
|
$
|
179.0
|
|
-39
|
%
|
Earnings
per share excluding the impact of mark-to-market of interest rate caps and
share-based compensation are determined by dividing the amount of net income
excluding such impact by the average number of shares outstanding for that
period. The average number of shares is based on a daily average.
Net
spread. This
measure is the difference between basic lease rents and interest expense
excluding the impact from the mark-to-market of interest rate caps and
non-recurring charges. AerCap believes this measure provides investors a better
way to understand the changes and trends related to the earnings of its leasing
activities. This measure reflects the impact from changes in the number of
aircraft leased, lease rates, utilization rates, as well as the impact from the
use of interest rate caps instead of swaps for hedging purposes. The
reconciliation of net spread to basic lease rents for the three and nine month
periods ended September 30, 2009 and 2008 is included above.
Conference Call
In connection with the earnings release, management will host an
earnings conference call today, Friday, November 6, 2009 at 9:30 am
Eastern Time / 3:30 pm Central European Time. The call can be accessed live by
dialing (U.S./Canada) 800-676-6978 toll
free or +1-706-634-5464 (International) and referencing code 35504602 at least 5
minutes before start time, or by visiting AerCap’s website at
http://www.aercap.com under “Investor Relations.”
The presentation slides for the conference call will be posted on
AerCap’s website in advance of the call. A replay of the call will be available
beginning at 10:30 am Eastern Time / 4:30 pm Central European Time on November 6,
2009 and continuing through December 6, 2009. To access the recording,
call (U.S./Canada) 800-642-1687 toll
free or +1-706-645-9291 (International)
and enter passcode 35504602. The webcast replay will be archived in the “Investor
Relations” section of the company’s website for one year.
In addition, a New York Group Lunch
Presentation for investors and analysts
will be hosted by AerCap’s management today, Friday, November 6, 2009, at
12:30 pm Eastern Time at The New York Palace (the Henry Room). Doors will open
at 12:00 pm.
To participate in either
event, please register at: www.sharedvalue.net/aercap/q309results
For further information, contact Peter Wortel: +31 20 655 9658
(pwortel@aercap.com) or Mark Walter (Shared Value): +44 (0)20 7321 5039
(aercap@sharedvalue.net).
5
About AerCap
Holdings N.V.
AerCap is an integrated global aviation company with a
leading market position in aircraft and engine leasing, trading and parts
sales. The company also provides aircraft management services and performs
aircraft maintenance, repair and overhaul services and aircraft disassemblies.
AerCap is headquartered in The Netherlands and has offices in Ireland, the
United States, Singapore, China and the United Kingdom.
Forward Looking Statements
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,” “will,” “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.
For more information regarding AerCap
and to be added to our email distribution list, please visit http://www.aercap.com.
Financial
Statements Follow
6
AerCap Holdings N.V.
Consolidated Balance Sheets - Unaudited
(In
thousands of U.S. Dollars)
|
|
|
September 30, 2009
|
|
December 31, 2008
|
|
September 30, 2008
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
203,377
|
|
$
|
193,563
|
|
$
|
176,444
|
|
|
Restricted cash
|
|
121,067
|
|
113,397
|
|
167,843
|
|
|
Trade receivables, net of provisions
|
|
49,037
|
|
43,649
|
|
38,694
|
|
|
Flight equipment held for operating leases, net
|
|
4,761,918
|
|
3,989,629
|
|
3,831,200
|
|
|
Flight equipment held for sale
|
|
—
|
|
—
|
|
6,139
|
|
|
Net investment in direct finance leases
|
|
34,069
|
|
30,571
|
|
—
|
|
|
Notes receivables, net of provisions
|
|
141,628
|
|
134,067
|
|
179,080
|
|
|
Prepayments on flight equipment
|
|
632,333
|
|
448,945
|
|
385,257
|
|
|
Investments
|
|
20,367
|
|
18,678
|
|
18,678
|
|
|
Goodwill
|
|
6,776
|
|
6,776
|
|
6,776
|
|
|
Intangibles, net
|
|
34,602
|
|
47,099
|
|
50,888
|
|
|
Inventory
|
|
108,444
|
|
102,879
|
|
89,746
|
|
|
Derivative assets
|
|
38,572
|
|
19,352
|
|
53,633
|
|
|
Deferred income taxes
|
|
80,463
|
|
82,471
|
|
76,091
|
|
|
Other assets
|
|
184,975
|
|
179,750
|
|
189,038
|
|
|
Total Assets
|
|
$
|
6,417,628
|
|
$
|
5,410,826
|
|
$
|
5,269,507
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
16,004
|
|
$
|
7,510
|
|
$
|
137
|
|
|
Accrued expenses and other liabilities
|
|
77,591
|
|
104,750
|
|
118,638
|
|
|
Accrued maintenance liability
|
|
216,345
|
|
202,834
|
|
208,064
|
|
|
Lessee deposit liability
|
|
113,025
|
|
98,584
|
|
98,094
|
|
|
Debt*
|
|
4,593,268
|
|
3,790,487
|
|
3,603,013
|
|
|
Accrual for onerous contracts
|
|
24,378
|
|
33,306
|
|
31,053
|
|
|
Deferred revenue
|
|
33,479
|
|
34,922
|
|
38,516
|
|
|
Derivative liabilities
|
|
8,783
|
|
12,378
|
|
5,325
|
|
|
Deferred income taxes
|
|
—
|
|
—
|
|
8,782
|
|
|
Total liabilities
|
|
5,082,873
|
|
4,284,771
|
|
4,111,622
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
699
|
|
699
|
|
699
|
|
|
Additional paid-in capital
|
|
592,133
|
|
609,327
|
|
607,852
|
|
|
Retained earnings
|
|
621,012
|
|
499,011
|
|
518,009
|
|
|
Total AerCap Holdings N.V. shareholders’ equity
|
|
1,213,844
|
|
1,109,037
|
|
1,126,560
|
|
|
Non-controlling interest
|
|
120,911
|
|
17,018
|
|
31,325
|
|
|
Total Equity
|
|
1,334,755
|
|
1,126,055
|
|
1,157,885
|
|
|
Total Liabilities and Equity
|
|
$
|
6,417,628
|
|
$
|
5,410,826
|
|
$
|
5,269,507
|
|
* Includes $63 million of subordinated debt
received from our joint venture partner relating to the TUI portfolio
acquisition
7
AerCap Holdings N.V.
Consolidated Income Statements -
Unaudited
(In thousands of U.S. Dollars, except share and per
share data)
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue
|
|
$
|
153,890
|
|
$
|
167,932
|
|
$
|
484,932
|
|
$
|
456,134
|
|
|
Sales
revenue
|
|
49,012
|
|
122,441
|
|
202,364
|
|
445,629
|
|
|
Interest
revenue
|
|
2,433
|
|
4,889
|
|
7,656
|
|
14,931
|
|
|
Management
fee revenue
|
|
2,821
|
|
3,065
|
|
9,294
|
|
8,970
|
|
|
Other
revenue
|
|
4,354
|
|
3,607
|
|
11,461
|
|
4,156
|
|
|
Total Revenues
|
|
212,510
|
|
301,934
|
|
715,707
|
|
929,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
55,663
|
|
45,329
|
|
160,153
|
|
123,331
|
|
|
Asset
impairment
|
|
382
|
|
—
|
|
21,332
|
|
7,689
|
|
|
Cost
of goods sold
|
|
39,973
|
|
108,850
|
|
179,293
|
|
359,716
|
|
|
Interest
on debt
|
|
32,844
|
|
50,958
|
|
68,319
|
|
120,182
|
|
|
Operating
lease in costs
|
|
3,268
|
|
4,254
|
|
9,855
|
|
11,209
|
|
|
Leasing
expenses
|
|
10,648
|
|
5,421
|
|
51,885
|
|
23,213
|
|
|
Provision
for doubtful notes and accounts receivable
|
|
55
|
|
(186
|
)
|
408
|
|
1,061
|
|
|
Selling,
general and administrative expenses
|
|
27,806
|
|
33,366
|
|
82,796
|
|
96,652
|
|
|
Other
expenses
|
|
1,900
|
|
—
|
|
1,900
|
|
—
|
|
|
Total Expenses
|
|
172,539
|
|
247,992
|
|
575,941
|
|
743,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
39,971
|
|
53,942
|
|
139,766
|
|
186,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
|
(784
|
)
|
(3,896
|
)
|
(3,471
|
)
|
(15,421
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
39,187
|
|
50,046
|
|
136,295
|
|
171,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(income) loss attributable to non-controlling interest
|
|
(3,735
|
)
|
1,285
|
|
(14,293
|
)
|
(543
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to AerCap Holdings N.V.
|
|
$
|
35,452
|
|
$
|
51,331
|
|
$
|
122,002
|
|
$
|
170,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted earnings per share
|
|
$
|
0.42
|
|
$
|
0.60
|
|
$
|
1.43
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic and diluted
|
|
85,036,957
|
|
85,036,957
|
|
85,036,957
|
|
85,036,957
|
|
8
AerCap Holdings N.V.
Consolidated Statements of Cash
Flows - Unaudited
(In thousands of U.S. Dollars)
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
39,187
|
|
50,046
|
|
136,295
|
|
171,346
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
55,663
|
|
45,328
|
|
160,153
|
|
123,330
|
|
|
Asset
impairment
|
|
382
|
|
—
|
|
21,332
|
|
7,689
|
|
|
Amortisation
of debt issuance cost
|
|
3,901
|
|
5,154
|
|
11,789
|
|
11,911
|
|
|
Amortisation
of intangibles
|
|
3,294
|
|
3,788
|
|
12,499
|
|
10,827
|
|
|
Gain
on discounted purchase of securitized bonds
|
|
—
|
|
(2,783
|
)
|
—
|
|
(2,783
|
)
|
|
Provision
for doubtful notes and accounts receivable
|
|
587
|
|
(186
|
)
|
940
|
|
1,061
|
|
|
Capitalised
interest on pre-delivery payments
|
|
(225
|
)
|
(909
|
)
|
(934
|
)
|
(2,308
|
)
|
|
Gain
on disposal of assets
|
|
21
|
|
(12,461
|
)
|
1,039
|
|
(65,268
|
)
|
|
Mark-to-market
of non-hedged derivatives
|
|
3,862
|
|
13,980
|
|
(15,642
|
)
|
2,904
|
|
|
Deferred
taxes
|
|
724
|
|
3,529
|
|
1,863
|
|
14,519
|
|
|
Share-based
compensation
|
|
912
|
|
1,962
|
|
2,910
|
|
5,383
|
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Trade
receivables and notes receivable, net
|
|
(11,378
|
)
|
22,539
|
|
(5,850
|
)
|
1,576
|
|
|
Inventories
|
|
35,867
|
|
(7,061
|
)
|
33,146
|
|
9,214
|
|
|
Other
assets and derivative assets
|
|
(3,791
|
)
|
(22,160
|
)
|
(14,521
|
)
|
(47,652
|
)
|
|
Accounts
payable and accrued expenses, including accrued maintenance liability, lessee
deposits
|
|
(6,965
|
)
|
(26,269
|
)
|
(4,918
|
)
|
(18,454
|
)
|
|
Deferred
revenue
|
|
(3,326
|
)
|
(1,526
|
)
|
(1,442
|
)
|
4,942
|
|
|
Net cash provided by operating activities
|
|
118,715
|
|
72,971
|
|
338,659
|
|
228,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of flight equipment
|
|
(273,217
|
)
|
(137,091
|
)
|
(848,031
|
)
|
(1,014,642
|
)
|
|
Proceeds
from sale/disposal of assets
|
|
1,891
|
|
104,535
|
|
80,243
|
|
352,427
|
|
|
Prepayments
on flight equipment
|
|
(116,693
|
)
|
(74,905
|
)
|
(403,054
|
)
|
(206,583
|
)
|
|
Purchase
of investments
|
|
—
|
|
(10,000
|
)
|
—
|
|
(10,000
|
)
|
|
Purchase
of subsidiaries, net of cash acquired
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Sale
of investments
|
|
—
|
|
6,234
|
|
—
|
|
6,234
|
|
|
Purchase
of intangibles
|
|
—
|
|
112
|
|
—
|
|
(21,410
|
)
|
|
Movement
in restricted cash
|
|
7,117
|
|
15,965
|
|
(7,670
|
)
|
(72,771
|
)
|
|
Net cash used in investing activities
|
|
(380,902
|
)
|
(95,150
|
)
|
(1,178,512
|
)
|
(966,745
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of debt
|
|
562,464
|
|
207,692
|
|
1,843,442
|
|
1,148,338
|
|
|
Repayment
of debt
|
|
(313,149
|
)
|
(181,898
|
)
|
(1,081,578
|
)
|
(435,286
|
)
|
|
Debt
issuance costs paid
|
|
(6,212
|
)
|
(2,998
|
)
|
(20,325
|
)
|
(38,619
|
)
|
|
Capital
contributions from minority interests
|
|
—
|
|
—
|
|
104,200
|
|
—
|
|
|
Net cash provided by financing activities
|
|
243,103
|
|
22,796
|
|
845,739
|
|
674,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
|
|
(19,084
|
)
|
617
|
|
5,886
|
|
(64,075
|
)
|
|
Effect
of exchange rate changes
|
|
4,038
|
|
(43
|
)
|
3,928
|
|
(1,217
|
)
|
|
Cash
and cash equivalents at beginning of period
|
|
218,423
|
|
175,870
|
|
193,563
|
|
241,736
|
|
|
Cash and cash equivalents at end of period
|
|
203,377
|
|
176,444
|
|
203,377
|
|
176,444
|
|
9