Exhibit 99.1

 

 

 

 

 

 

For Investors:

 

Keith Helming

 

Chief Financial Officer

 

+31 20 655 9670

 

 

 

Peter Wortel

 

Investor Relations

 

+31 20 655 9658

 

 

 

 

For Media:

 

 

Frauke Oberdieck

PRESS RELEASE

 

Corporate Communications

 

 

+31 20 655 9616

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

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

 212.5

 

$

301.9

 

-30

%

$

715.7

 

$

929.8

 

-23

%

Net income

 

35.5

 

51.3

 

-31

%

122.0

 

170.8

 

-29

%

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

%

 

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

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

Lease revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic lease rents

 

$

142.4

 

$

132.9

 

7

%

$

425.2

 

$

386.0

 

10

%

Maintenance rents

 

10.4

 

34.6

 

-70

%

49.9

 

57.6

 

-13

%

End-of-lease compensation and other receipts

 

1.0

 

0.4

 

150

%

9.7

 

12.5

 

-22

%

Lease revenue

 

$

153.8

 

$

167.9

 

-8

%

$

484.8

 

$

456.1

 

6

%

Sales revenue

 

49.0

 

122.4

 

-60

%

202.4

 

445.6

 

-55

%

Management fees and interest income

 

5.3

 

8.0

 

-34

%

17.0

 

23.9

 

-29

%

Other revenue

 

4.4

 

3.6

 

22

%

11.5

 

4.2

 

174

%

Total revenue

 

$

212.5

 

$

301.9

 

-30

%

$

715.7

 

$

929.8

 

-23

%

 

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.

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30,

 

September 30,

 

 

 

 

 

 

 

% increase/

 

 

 

 

 

% increase/

 

 

 

2009

 

2008

 

(decrease)

 

2009

 

2008

 

(decrease)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic lease rents

 

$

142.4

 

$

132.9

 

7

%

$

425.2

 

$

386.0

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on debt

 

$

32.8

 

$

51.0

 

-36

%

$

68.3

 

$

120.2

 

-43

%

Plus: mark-to-market of interest rate caps

 

(5.0

)

(11.4

)

-56

%

17.2

 

(6.0

)

-387

%

Interest on debt excluding the impact of mark-to-market of interest rate caps

 

$

27.8

 

$

39.6

 

-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