Filed by AerCap
Holdings N.V.
Pursuant to Rule 425
under the Securities Act of 1933, as amended
Subject
Company: Genesis Lease Limited
Exchange Act
Commission File No: 1-33200
The following press
release, dated February 24, 2010, entitled “AerCap Holdings N.V. Reports
Fourth Quarter and Full Year 2009 Financial Results”, relates to the Agreement and Plan of Amalgamation,
dated as of September 17, 2009, as amended, among AerCap Holdings N.V.
(“AerCap”), Genesis Lease Limited (“Genesis”) and AerCap International Bermuda
Limited.
IMPORTANT INFORMATION
ABOUT THIS TRANSACTION
The proposed transaction between Genesis and AerCap will be submitted
to the Genesis shareholders for their consideration. In connection with the
proposed transaction, AerCap has filed with the SEC a Registration Statement on
Form F-4 on February 2, 2010 that includes a definitive proxy
statement of Genesis and a prospectus of AerCap. Genesis mailed the definitive
proxy statement/prospectus to its shareholders on or about February 8, 2010,
and filed with the SEC the definitive proxy statement/prospectus on Form 6-K on
February 9, 2010. Genesis investors are urged
to read the definitive proxy statement/prospectus regarding the proposed
transaction, as well as any of the relevant documents concerning the proposed
transaction and the companies that AerCap or Genesis files with the SEC
(including any amendments or supplements to those documents) because these will
contain important information. You may obtain copies of all
documents filed with the SEC regarding this transaction, free of charge, at the
SEC’s website (http://www.sec.gov). These documents may also be obtained free
of charge from AerCap’s website (http://www.aercap.com) under the heading
“Investor Relations” and then under the heading “SEC Filings” or by directing a
request to AerCap’s Investor Relations at +31 20 655 9658. Copies of Genesis’
filings may be obtained free of charge from Genesis’ website
(http://www.genesislease.com) under the tab “Investor Relations” and then under
the heading “SEC Filings” or by directing a request to Genesis’ proxy
solicitor, Innisfree M&A Incorporated, toll-free at 877-687-1871.
This filing does not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of the U.S. Securities Act of 1933, as
amended, or an exemption therefrom.
|
|
|
|
|
For
Investors:
|
|
|
|
|
Keith Helming
|
|
|
|
|
Chief Financial
Officer
|
|
|
|
|
+31 20 655 9670
|
|
|
|
|
khelming@aercap.com
|
|
|
|
|
|
|
|
|
|
Peter Wortel
|
|
|
|
|
Investor Relations
|
|
|
|
|
+31 20 655 9658
|
|
|
|
|
pwortel@aercap.com
|
|
|
|
|
|
|
|
|
|
For Media:
|
|
|
|
|
Frauke Oberdieck
|
|
PRESS RELEASE
|
|
|
Corporate
Communications
|
|
|
|
|
+31 20 655 9616
|
|
|
|
|
foberdieck@aercap.com
|
AerCap Holdings N.V. Reports Fourth Quarter and Full Year 2009
Financial Results
Net spread, which is the margin earned on our
leased assets, was $466 million for full year 2009, an increase of 30% over the
prior year.
Amsterdam,
Netherlands; February 24, 2010 - AerCap Holdings N.V. (the “Company” or “AerCap”)
(NYSE: AER) today announced the results of its operations for the fourth
quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights
· Fourth quarter 2009 net income was $43.2
million, compared to a net loss of $19.0 million for the same period in 2008.
Fourth quarter 2009 net income excluding the impact of the mark-to-market of
interest rate caps and share-based compensation was $40.3 million, compared to
net income of $18.7 million in fourth quarter 2008 on the same basis.
· Fourth quarter 2009 basic and diluted
income per share was $0.51. Fourth 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 $0.47.
· Net spread, the difference between basic
lease rents and interest expense excluding the impact from the mark-to-market
of interest rate caps, was $126.4 million in fourth quarter 2009 compared to
$87.8 million in fourth quarter 2008, an increase of 44%. This measure reflects
the increase in leasing income.
· Basic lease rents for the fourth quarter
2009 were $156.6 million, compared to $134.7 million for the same period in
2008, an increase of 16%. Total lease revenue for the fourth quarter 2009 was
$165.7 million, compared to $149.1 million for the same period in 2008, an
increase of 11%.
· Sales revenue for the fourth quarter 2009
was $115.9 million, compared to $170.9 million for the same period in 2008, and
was generated from the sale of eight aircraft, two engines and parts inventory.
Sales revenue for four of the
1
eight aircraft sold were
sales of forward order positions. These sales are recorded in sales revenue on
a net basis (i.e. sales price less cost of goods sold) at the time of the
related delivery. The recognition of the net gain on sale as sales revenue
instead of the gross sales amount was the primary cause of the reduction in
sales revenue in fourth quarter 2009 as compared to the same period in 2008.
· Total revenue for the fourth quarter 2009
was $287.6 million, compared to $326.4 million for the same period in 2008. The
decrease was mainly due to sales revenue reflected on a net basis as discussed
above, partially offset by higher basic lease rents.
· Total assets were $6.8 billion at December 31,
2009, an increase of 25% over total assets of $5.4 billion at December 31,
2008.
Full Year 2009 Key Financial Highlights
· Full year 2009 net income was $165.2
million, compared to $151.8 million for the full year 2008. Full year 2009 net
income excluding the impact of the mark-to-market of interest rate caps and
share-based compensation was $150.2 million, down 24% compared to $197.8
million for the full year 2008. This decrease was mainly caused by lower gains
from sales.
· Full year 2009 basic and diluted earnings
per share was $1.94. Full year 2009 basic and diluted earnings per share
excluding the impact of the mark-to-market of interest rate caps and
share-based compensation was $1.77.
· Net spread for the full year 2009 was
$466.0 million, up 30% compared to the full year 2008.
· Basic lease rents for the full year 2009
were $581.9 million, up 12% compared to the full year 2008.
· Sales revenue for the full year 2009 was
$324.8 million, down 47% compared to the full year 2008 and was generated from
the sale of 15 aircraft, 15 engines and parts inventory. Sales revenue for five
of the 15 aircraft sold were sales of forward order positions. These sales are
recorded in sales revenue on a net basis (i.e. sales price less cost of goods
sold) at the time of the related delivery. The recognition of the net gain on
sale as sales revenue instead of the gross sales amount was the primary cause
of the reduction in sales revenue in full year 2009 as compared to full year
2008.
· Total revenue for the full year 2009 was
$1,003.3 million, down 20% compared to the full year 2008 resulting primarily
from sales revenue reflected on a net basis as discussed above, partially
offset by higher basic rents.
· Aviation assets purchased and delivered in
2009 were $1.9 billion.
Fourth Quarter 2009 Financing Highlights -
Previously Disclosed
· During the fourth quarter, AerCap signed agreements
for three separate debt facilities totaling $484 million. This brings the total
debt facilities arranged by AerCap during 2009 to $1.7 billion, and $5.0
billion during the last two years.
2
Genesis Transaction Update
· All regulatory approvals have been obtained and the
registration statement was declared effective by the Securities and Exchange
Commission (SEC) on February 3, 2010.
Transitional activities are on track and closing is expected on March 25,
2010.
Klaus Heinemann, CEO of AerCap, commented: “AerCap management used 2009 to best position the company for the
impending economic recovery by progressively growing and upgrading its aircraft
fleet with the addition of $1.9 billion of brand new, state of the art
aircraft. Our efforts have resulted in a 30% increase of revenue from leasing
activity after deduction of interest cost (net spread). AerCap is well
positioned as the largest global independent aircraft leasing company to take
full advantage of the industry recovery which is now well underway in most
markets.”
AerCap’s CFO, Keith
Helming, said: “In spite of the challenges presented by the
global financial crisis throughout 2009, AerCap has grown its basic rents and
net spread from 2008 levels, including an increase in net spread of 44% in
fourth quarter 2009. Moreover, while global economic conditions have been weak,
the year-over-year margin of net spread divided by average lease assets, which
is a proxy for the lease margin, has improved. These improvements continue to
validate AerCap’s commitment to grow assets under management, while maintaining
a commensurate return on investment, as reflected in our 2009 financial
results.”
Summary of
Financial Results
AerCap recorded a fourth quarter 2009 net income of $43.2
million or $0.51 income per basic and diluted share. Fourth quarter 2009 net income
amount included net income relating to mark-to-market of interest rate caps and
share-based compensation of $2.9 million or $0.04 per basic and diluted share,
net of tax. The after-tax gain relating to the mark-to-market of our interest
rate caps was $3.7 million and the after-tax charge from share-based
compensation was $0.8 million.
Detailed
Financial Data
($ in Millions)
Operating results
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
Revenues
|
|
$
|
287.6
|
|
$
|
326.4
|
|
(12
|
)%
|
$
|
1,003.3
|
|
$
|
1,256.3
|
|
(20
|
)%
|
|
Net income
|
|
43.2
|
|
(19.0
|
)
|
327
|
%
|
165.2
|
|
151.8
|
|
9
|
%
|
|
Net income
excluding the impact of mark-to-market of interest rate caps and share-based
compensation
|
|
40.3
|
|
18.7
|
|
116
|
%
|
150.2
|
|
197.8
|
|
(24
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue in fourth quarter 2009 decreased 12% compared
to fourth quarter 2008. This decrease resulted primarily from sales revenue
reflected on a net basis as discussed above, partially offset by higher basic
lease rents.
Net income for the fourth quarter excluding the impact of
mark-to-market of interest rate caps and share-based compensation increased by
116%. This increase was caused by higher income from the sale of assets and an
increase in net spread.
3
Revenue breakdown
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$
|
156.6
|
|
$
|
134.7
|
|
16
|
%
|
$
|
581.9
|
|
$
|
520.7
|
|
12
|
%
|
|
Maintenance
rents
|
|
9.1
|
|
11.7
|
|
(22
|
)%
|
59.0
|
|
69.3
|
|
(15
|
)%
|
|
End-of-lease
compensation and other receipts
|
|
—
|
|
2.7
|
|
(100
|
)%
|
9.7
|
|
15.2
|
|
(36
|
)%
|
|
Lease
revenue
|
|
$
|
165.7
|
|
$
|
149.1
|
|
11
|
%
|
$
|
650.6
|
|
$
|
605.2
|
|
8
|
%
|
|
Sales
revenue
|
|
115.9
|
|
170.9
|
|
(32
|
)%
|
324.8
|
|
616.6
|
|
(47
|
)%
|
|
Management
fees and interest income
|
|
5.2
|
|
6.4
|
|
(19
|
)%
|
22.2
|
|
30.3
|
|
(27
|
)%
|
|
Other
revenue
|
|
0.8
|
|
—
|
|
100
|
%
|
5.7
|
|
4.2
|
|
36
|
%
|
|
Total
revenue
|
|
$
|
287.6
|
|
$
|
326.4
|
|
(12
|
)%
|
$
|
1,003.3
|
|
$
|
1,256.3
|
|
(20
|
)%
|
Basic lease rents were $156.6 million for the fourth quarter
2009, an increase of 16% compared to fourth quarter 2008, as a result of our
growing asset base. Our average lease assets increased by 29% to $5.0 billion
compared to fourth quarter 2008. The percentage increase in basic rents was
less than the percentage increase in average lease assets which results from a
decrease in interest rates. Decreasing
interest rates reduce basic lease rents but also reduce interest expense. As shown in the table below, interest expense
excluding the impact of the mark-to-market of interest rate caps was $30.2
million in the fourth quarter 2009, a 36% decline compared to fourth quarter
2008. We refer to the difference in basic lease rents and interest expense on
debt excluding the mark-to-market on interest rate caps as net spread, which
increased 44% to $126.4 million in fourth quarter 2009 over the same period in
2008.
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents
|
|
$
|
156.6
|
|
$
|
134.7
|
|
16
|
%
|
$
|
581.9
|
|
$
|
520.7
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
on debt
|
|
$
|
23.8
|
|
$
|
99.0
|
|
(76
|
)%
|
$
|
92.2
|
|
$
|
219.2
|
|
(58
|
)%
|
|
Plus:
mark-to-market of interest rate caps
|
|
6.4
|
|
(52.1
|
)
|
112
|
%
|
23.7
|
|
(58.1
|
)
|
141
|
%
|
|
Interest
on debt excluding the impact of mark-to-market of interest rate caps
|
|
$
|
30.2
|
|
$
|
46.9
|
|
(36
|
)%
|
$
|
115.9
|
|
$
|
161.1
|
|
(28
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Spread
|
|
$
|
126.4
|
|
$
|
87.8
|
|
44
|
%
|
$
|
466.0
|
|
$
|
359.6
|
|
30
|
%
|
Effective tax rate
AerCap’s effective tax rate during the twelve month period
ended December 31, 2009 was negative 1.9% (a charge), consisting of 0.0%
for AerCap’s aircraft business and 36.8% for AerCap’s engine and parts
business. The annual blended effective tax rate for 2008 was positive 0.3%
(income).
Financial position
|
|
|
|
|
|
|
% Increase
|
|
|
|
|
|
|
|
|
over
|
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
|
2009
|
|
2008
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
Flight
equipment held for lease
|
|
$
|
5,230.4
|
|
$
|
3,989.6
|
|
31
|
%
|
|
Total
assets
|
|
6,769.5
|
|
5,410.8
|
|
25
|
%
|
|
Total
liabilities
|
|
5,356.2
|
|
4,284.8
|
|
25
|
%
|
|
Total
equity
|
|
1,413.3
|
|
1,126.1
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2009, AerCap’s
portfolio consisted of 291 aircraft and 92 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.
4
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 non-cash charges related to the mark-to-market losses on our interest
rate caps and share based compensation during the applicable period, net of
related tax benefits, to GAAP net income. In addition to GAAP net income, we
believe this measure may provide investors with supplemental information
regarding our operational performance and may further assist investors in their
understanding of our operational performance in relation to past and future
reporting periods. We use interest rate caps to allow us to benefit from
decreasing interest rates and protect against the negative impact of rising
interest rates on our 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 our lease and other contracts. We do not apply hedge
accounting to our interest rate caps. As a result, we recognize the change in
fair value of the interest rate caps in our income statement during each period.
Following is a reconciliation of net income excluding the impact of
mark-to-market of interest rate caps and share-based compensation to net income
for the three month and twelve month periods ended December 31, 2009 and
2008:
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
|
% increase/
|
|
|
|
|
2009
|
|
2008
|
|
(decrease)
|
|
2009
|
|
2008
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
43.2
|
|
$
|
(19.0
|
)
|
327
|
%
|
$
|
165.2
|
|
$
|
151.8
|
|
9
|
%
|
|
Plus:
mark-to-market of interest rate caps, net of tax
|
|
(3.7
|
)
|
35.9
|
|
(110
|
)%
|
(18.2
|
)
|
39.6
|
|
(146
|
)%
|
|
share-based
compensation, net of tax
|
|
0.8
|
|
1.8
|
|
(56
|
)%
|
3.2
|
|
6.4
|
|
(50
|
)%
|
|
Net
income excluding the impact of mark-to-market of interest rate caps and
share-based compensation
|
|
$
|
40.3
|
|
$
|
18.7
|
|
116
|
%
|
$
|
150.2
|
|
$
|
197.8
|
|
(24
|
)%
|
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 (refer to second table under Revenue
breakdown section of this press release). 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. We believe this measure may further assist
investors in their understanding of the changes and trends related to the
earnings of our 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 to hedge our interest rate risk. The reconciliation
of net spread to basic rents for the three month and twelve month periods ended
December 31, 2009 and 2008 is included above.
Conference Call
In connection with the
earnings release, management will host an earnings conference call today,
Wednesday, February 24, 2010 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 or (International) +1-706-634-5464 and referencing code 50019420
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 12:30 pm Eastern
5
Time / 6:30 pm Central
European Time on February 24, 2010 and continuing through March 24,
2010. To access the recording, call 800-642-1687 (U.S./Canada) or
+1-706-645-9291 (International) and enter passcode 50019420. 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, Wednesday, February 24, 2010, at 12:30 pm Eastern Time
at The New York Palace (the Louis Room), 455 Madison Avenue, New York. Doors
will open at 12:00 pm.
To participate in either
event, please register at: www.sharedvalue.net/aercap/q409results
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).
6
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. AerCap 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,” “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
7
AerCap
Holdings N.V.
Consolidated
Balance Sheets - Unaudited
(In thousands of U.S.
Dollars)
|
|
|
December 31, 2009
|
|
December 31, 2008
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
182,617
|
|
$
|
193,563
|
|
|
Restricted
cash
|
|
140,746
|
|
113,397
|
|
|
Trade
receivables, net of provisions
|
|
48,070
|
|
43,649
|
|
|
Flight
equipment held for operating leases, net
|
|
5,230,437
|
|
3,989,629
|
|
|
Net
investment in direct finance leases
|
|
34,532
|
|
30,571
|
|
|
Notes
receivables, net of provisions
|
|
138,488
|
|
134,067
|
|
|
Prepayments
on flight equipment
|
|
527,666
|
|
448,945
|
|
|
Investments
|
|
21,031
|
|
18,678
|
|
|
Goodwill
|
|
6,776
|
|
6,776
|
|
|
Intangibles,
net
|
|
31,399
|
|
47,099
|
|
|
Inventory
|
|
102,538
|
|
102,879
|
|
|
Derivative
assets
|
|
44,866
|
|
19,352
|
|
|
Deferred
income taxes
|
|
80,098
|
|
82,471
|
|
|
Other
assets
|
|
180,237
|
|
179,750
|
|
|
Total Assets
|
|
$
|
6,769,501
|
|
$
|
5,410,826
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
11,832
|
|
$
|
7,510
|
|
|
Accrued
expenses and other liabilities
|
|
80,399
|
|
104,750
|
|
|
Accrued
maintenance liability
|
|
228,006
|
|
202,834
|
|
|
Lessee
deposit liability
|
|
126,093
|
|
98,584
|
|
|
Debt*
|
|
4,846,664
|
|
3,790,487
|
|
|
Accrual
for onerous contracts
|
|
22,363
|
|
33,306
|
|
|
Deferred
revenue
|
|
33,011
|
|
34,922
|
|
|
Derivative
liabilities
|
|
7,801
|
|
12,378
|
|
|
Total liabilities
|
|
5,356,169
|
|
4,284,771
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
699
|
|
699
|
|
|
Additional
paid-in capital
|
|
593,133
|
|
609,327
|
|
|
Retained
earnings
|
|
664,177
|
|
499,011
|
|
|
Total AerCap Holdings N.V. shareholders’ equity
|
|
1,258,009
|
|
1,109,037
|
|
|
Non-controlling
interest
|
|
155,323
|
|
17,018
|
|
|
Total Equity
|
|
1,413,332
|
|
1,126,055
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
|
6,769,501
|
|
$
|
5,410,826
|
|
* Includes $63 million of
subordinated debt received from our joint venture partner relating to the TUI
portfolio acquisition
8
AerCap
Holdings N.V.
Consolidated
Income Statements - Unaudited
(In thousands of U.S.
Dollars, except share and per share data)
|
|
|
Three months ended
December 31,
|
|
Twelve months ended
December 31,
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
165,672
|
|
$
|
149,119
|
|
$
|
650,604
|
|
$
|
605,253
|
|
|
Sales revenue
|
|
115,878
|
|
170,925
|
|
324,781
|
|
616,554
|
|
|
Interest revenue
|
|
2,449
|
|
3,584
|
|
10,105
|
|
18,515
|
|
|
Management fee revenue
|
|
2,780
|
|
2,779
|
|
12,074
|
|
11,749
|
|
|
Other revenue
|
|
781
|
|
25
|
|
5,703
|
|
4,181
|
|
|
Total Revenues
|
|
287,560
|
|
326,432
|
|
1,003,267
|
|
1,256,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
60,843
|
|
46,061
|
|
220,996
|
|
169,392
|
|
|
Asset impairment
|
|
11,242
|
|
11,100
|
|
32,574
|
|
18,789
|
|
|
Cost of goods sold
|
|
69,604
|
|
146,596
|
|
248,897
|
|
506,312
|
|
|
Interest on debt
|
|
23,833
|
|
98,990
|
|
92,152
|
|
219,172
|
|
|
Operating lease in costs
|
|
3,235
|
|
3,303
|
|
13,090
|
|
14,512
|
|
|
Leasing expenses
|
|
13,279
|
|
32,356
|
|
65,164
|
|
55,569
|
|
|
Provision for doubtful notes and accounts
receivable
|
|
555
|
|
2,685
|
|
963
|
|
3,746
|
|
|
Selling, general and administrative expenses
|
|
33,405
|
|
31,616
|
|
116,201
|
|
128,268
|
|
|
Other expenses
|
|
1,065
|
|
—
|
|
2,965
|
|
—
|
|
|
Total Expenses
|
|
217,061
|
|
372,707
|
|
793,002
|
|
1,115,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations before income taxes
|
|
70,499
|
|
(46,275
|
)
|
210,265
|
|
140,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
(423
|
)
|
15,851
|
|
(3,894
|
)
|
431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
70,076
|
|
(30,424
|
)
|
206,371
|
|
140,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to non-controlling
interest
|
|
(26,912
|
)
|
11,426
|
|
(41,205
|
)
|
10,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to
AerCap Holdings N.V.
|
|
$
|
43,164
|
|
$
|
(18,998
|
)
|
$
|
165,166
|
|
$
|
151,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per share
|
|
$
|
0.51
|
|
$
|
(0.22
|
)
|
$
|
1.94
|
|
$
|
1.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and
diluted
|
|
85,036,957
|
|
85,036,957
|
|
85,036,957
|
|
85,036,957
|
|
9
AerCap
Holdings N.V.
Consolidated
Statements of Cash Flows
(In thousands of U.S. Dollars)
|
|
|
Three months ended December 31,
|
|
Twelve months ended December 31,
|
|
|
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
|
Net
income (loss)
|
|
70,076
|
|
(30,424
|
)
|
206,371
|
|
140,922
|
|
|
Adjustments to reconcile net
income (loss) to net cash provided by operating
activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
60,843
|
|
46,061
|
|
220,996
|
|
169,392
|
|
|
Asset
impairment
|
|
11,242
|
|
11,100
|
|
32,574
|
|
18,789
|
|
|
Amortisation
of debt issuance cost
|
|
4,575
|
|
4,328
|
|
16,364
|
|
16,239
|
|
|
Amortisation
of intangibles
|
|
3,202
|
|
3,788
|
|
15,701
|
|
14,615
|
|
|
Gain
on discounted purchase of securitized bonds
|
|
—
|
|
—
|
|
—
|
|
(2,783
|
)
|
|
Provision
for doubtful notes and accounts receivable
|
|
424
|
|
2,685
|
|
1,364
|
|
3,746
|
|
|
Capitalised
interest on pre-delivery payments
|
|
(172
|
)
|
210
|
|
(1,106
|
)
|
(2,098
|
)
|
|
Gain
on disposal of assets
|
|
(37,046
|
)
|
(15,073
|
)
|
(36,007
|
)
|
(80,341
|
)
|
|
Change
in fair value of derivative instruments
|
|
(3,287
|
)
|
48,742
|
|
(18,929
|
)
|
51,646
|
|
|
Deferred
taxes
|
|
365
|
|
(15,161
|
)
|
2,228
|
|
(642
|
)
|
|
Share-based
compensation
|
|
1,000
|
|
1,475
|
|
3,910
|
|
6,858
|
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Trade receivables and notes receivable, net
|
|
(836
|
)
|
(6,784
|
)
|
(6,686
|
)
|
(5,208
|
)
|
|
Inventories
|
|
2,092
|
|
(14,683
|
)
|
35,238
|
|
(5,469
|
)
|
|
Other assets and derivative assets
|
|
7,285
|
|
(929
|
)
|
(7,236
|
)
|
(48,580
|
)
|
|
Other liabilities
|
|
(7,251
|
)
|
(12,861
|
)
|
(63,968
|
)
|
(75,823
|
)
|
|
Deferred revenue
|
|
(171
|
)
|
(3,594
|
)
|
(1,613
|
)
|
1,348
|
|
|
Net cash provided by operating activities
|
|
112,341
|
|
18,880
|
|
399,201
|
|
202,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of flight equipment
|
|
(416,415
|
)
|
(287,515
|
)
|
(1,264,446
|
)
|
(1,286,609
|
)
|
|
Proceeds
from sale/disposal of assets
|
|
73,238
|
|
135,048
|
|
153,481
|
|
467,539
|
|
|
Prepayments
on flight equipment
|
|
(50,251
|
)
|
(132,839
|
)
|
(453,305
|
)
|
(339,422
|
)
|
|
Receipt
of notes receivable in defeasance structures
|
|
—
|
|
44,157
|
|
—
|
|
44,157
|
|
|
Purchase
of investments
|
|
—
|
|
(7,550
|
)
|
—
|
|
(17,550
|
)
|
|
Sale
of investments
|
|
—
|
|
—
|
|
—
|
|
6,234
|
|
|
Purchase
of intangibles
|
|
—
|
|
—
|
|
—
|
|
(21,410
|
)
|
|
Movement
in restricted cash
|
|
(19,679
|
)
|
54,446
|
|
(27,349
|
)
|
(18,325
|
)
|
|
Net cash used in investing activities
|
|
(413,107
|
)
|
(194,253
|
)
|
(1,591,619
|
)
|
(1,165,386
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of debt
|
|
588,397
|
|
494,446
|
|
2,431,839
|
|
1,642,784
|
|
|
Repayment
of debt
|
|
(332,878
|
)
|
(306,972
|
)
|
(1,414,456
|
)
|
(742,258
|
)
|
|
Debt
issuance costs paid
|
|
(12,398
|
)
|
(6,314
|
)
|
(32,723
|
)
|
(44,933
|
)
|
|
Maintenance
payments received
|
|
25,235
|
|
19,677
|
|
99,664
|
|
98,980
|
|
|
Maintenance
payments returned
|
|
(8,529
|
)
|
(17,588
|
)
|
(46,897
|
)
|
(64,572
|
)
|
|
Security
deposits received
|
|
15,806
|
|
16,571
|
|
42,169
|
|
43,644
|
|
|
Security
deposits returned
|
|
(2,215
|
)
|
(15,344
|
)
|
(12,840
|
)
|
(25,842
|
)
|
|
Capital
contributions from non-controlling interests
|
|
7,500
|
|
5,000
|
|
111,700
|
|
5,000
|
|
|
Net cash provided by financing activities
|
|
280,918
|
|
189,476
|
|
1,178,456
|
|
912,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in cash and cash equivalents
|
|
(19,848
|
)
|
14,103
|
|
(13,962
|
)
|
(49,972
|
)
|
|
Effect
of exchange rate changes
|
|
(912
|
)
|
3,016
|
|
3,016
|
|
1,799
|
|
|
Cash
and cash equivalents at beginning of period
|
|
203,377
|
|
176,444
|
|
193,563
|
|
241,736
|
|
|
Cash and cash equivalents at end of period
|
|
182,617
|
|
193,563
|
|
182,617
|
|
193,563
|
|
Certain reclassifications have been made to prior years
consolidated statements of cash flow to reflect the current year presentation.
10