Exhibit 99.1
|
|
|
|
|
|
|
|
|
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 First Quarter 2010 Financial Results
Net spread, which is the margin earned on our
leased assets, was $133 million for the first quarter of 2010, an increase of
18% over the first quarter of 2009.
Amsterdam,
Netherlands; May 7, 2010 - AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER)
today announced the results of its operations for the first quarter ended March 31,
2010.
On March 25, 2010, AerCap
completed an all-share acquisition of Genesis Lease Limited (“Genesis”),
pursuant to which Genesis amalgamated with AerCap International Bermuda
Limited, a subsidiary of AerCap (the “Genesis Transaction”). The resulting
amalgamated company continues as a subsidiary of AerCap. The Genesis
Transaction is fully reflected in the AerCap Holdings N.V. consolidated balance
sheet as of March 31, 2010. The Genesis Transaction has no impact on the
AerCap Holdings N.V. first quarter 2010 income statement (including the number
of outstanding shares used for earnings per share calculations) other than a
one line item reflecting a $0.3 million amalgamation gain (net of transaction
expenses and tax). The impact of the Genesis Transaction is also reflected in
one line item in the AerCap Holdings N.V. first quarter 2010 consolidated cash
flow statement (purchase of subsidiaries, net of cash acquired). From the
second quarter of 2010, the Genesis Transaction will fully impact AerCap
Holdings N.V.’s income statement and cash flow statement.
First Quarter 2010 Highlights
· First quarter 2010 net income was $34.4
million, compared with net income of $30.0 million for the same period in 2009.
First quarter 2010 net income excluding the impact of the mark-to-market of
interest rate caps and share-based compensation was $46.7 million, compared to
net income of $31.5 million in the first quarter 2009 on the same basis.
1
· First quarter 2010 basic and diluted
earnings per share were $0.40. First quarter 2010 basic and diluted earnings
per share excluding the impact of the mark-to-market of interest rate caps and
share-based compensation were $0.55.
· Net spread, the difference between basic
lease rents and interest expense excluding the impact from the mark-to-market
of interest rate caps, was $133.0 million in the first quarter of 2010 compared
to $112.5 million in the first quarter of 2009, an increase of 18%. This
measure reflects the increase in leasing income.
· Basic lease rents for the first quarter of
2010 were $165.8 million, compared to $141.4 million for the same period in
2009, an increase of 17%. Total lease revenue (basic rents, maintenance rents
and end-of-lease compensation) for the first quarter of 2010 was $175.4
million, compared to $161.2 million for the same period in 2009, an increase of
9%.
· Sales revenue for the first quarter of 2010
was $182.4 million, compared to $41.7 million for the same period in 2009, and
was generated from the sale of five aircraft, three engines and parts
inventory.
· Total revenue for the first quarter of 2010
was $364.0 million, compared to $208.5 million for the same period in 2009. The
increase was mainly due to the increase in sales revenue and an increase in
lease revenues from higher basic lease rents.
· Committed purchases of aviation assets
delivered or scheduled for delivery in 2010 are $2.2 billion, of which $0.9
billion closed in the first quarter of 2010.
· Total assets were $8.7 billion at March 31,
2010, an increase of 50% over total assets of $5.8 billion at March 31,
2009. The Genesis Transaction accounted for $1.6 billion of the increase in
total assets (please refer to “Financial position” for details). The remaining $1.3 billion increase was
driven primarily by deliveries of forward order aircraft.
Klaus Heinemann, CEO of AerCap, commented: “AerCap increased its flight equipment portfolio by 71% to $7.2 billion
during the last twelve months, inclusive of the Genesis Transaction. For the remaining quarters of this year, we
have further portfolio growth of $1.3 billion contracted and placed. Our revenue
grew by 75% compared to the same quarter last year reflecting an improved
market for sales. With such improvement,
we also increased our net income (excluding the mark-to-market of interest rate
caps and share-based compensation) by 48%. Finally, with a continued focus on
liquidity, we expanded our total cash position by 38% to $440 million and
improved our debt/equity ratio from 3.6 to 3.3. As a result of these efforts,
AerCap is firmly established as the leading independent global aviation lessor with
a sound balance sheet and ample liquidity as we enter a new cyclical upturn in
our industry.”
AerCap’s CFO, Keith
Helming, said: “We are pleased with our first quarter
results. Our net spread increased 18% year-on-year, highlighting the continued
growth in our lease earnings. AerCap also strengthened its cash position in
2010 through the completion of the Genesis Transaction and the signing of a
debt financing agreement which funds are available for general corporate
purposes. In addition, the integration
of the Genesis Transaction is progressing well and is expected to be completed
during the second quarter of 2010.”
2
Summary of
Financial Results
AerCap recorded a first quarter 2010 net income of $34.4
million or $0.40 earnings per basic and diluted share. First quarter 2010 net
income amount included net charges relating to mark-to-market of interest rate
caps and share-based compensation of $12.3 million or $0.15 per basic and
diluted share, net of tax. The after-tax charge relating to the mark-to-market
of our interest rate caps was $11.6 million which reflects changes in
forecasted interest rates and the after-tax charge from share-based
compensation was $0.7 million.
Detailed
Financial Data
($ in Millions)
Operating results
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2010
|
|
2009
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
364.0
|
|
$
|
208.5
|
|
75
|
%
|
|
Net
income
|
|
34.4
|
|
30.0
|
|
15
|
%
|
|
Net
income excluding the impact of mark-to-market of interest rate caps and
share- based compensation
|
|
46.7
|
|
31.5
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
Total revenue in the first quarter of 2010 increased 75%
compared to the first quarter of 2009. This increase resulted primarily from an
increase in sales revenue and higher basic lease rents.
Net income for the first quarter of 2010 excluding the impact
of mark-to-market of interest rate caps and share-based compensation increased
by 48%. This increase was caused by higher income from the sale of assets and
an increase in net spread.
Revenue breakdown
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2010
|
|
2009
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue:
|
|
|
|
|
|
|
|
|
Basic
lease rents
|
|
$
|
165.8
|
|
$
|
141.4
|
|
17
|
%
|
|
Maintenance
rents
|
|
9.50
|
|
12.60
|
|
(25
|
)%
|
|
End-of-lease
compensation and other receipts
|
|
—
|
|
7.20
|
|
(100
|
)%
|
|
Lease
revenue
|
|
$
|
175.3
|
|
$
|
161.2
|
|
9
|
%
|
|
Sales
revenue
|
|
182.4
|
|
41.7
|
|
337
|
%
|
|
Management
fees and interest income
|
|
3.9
|
|
5.4
|
|
(28
|
)%
|
|
Other
revenue
|
|
2.4
|
|
0.2
|
|
100
|
%
|
|
Total revenue
|
|
$
|
364.0
|
|
$
|
208.5
|
|
75
|
%
|
Basic lease rents were $165.8 million for the first quarter
of 2010, an increase of 17% compared to the first quarter of 2009, as a result
of our growing asset base. Our average lease assets increased by 32% to $5.4
billion compared to the first quarter of 2009. As shown in the table below, interest
expense excluding the impact of the mark-to-market of interest rate caps was
$32.8 million in the first quarter of 2010, a 13% increase compared to the
first quarter of 2009. 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 18% to $133.0 million in the first quarter of 2010
over the same period in 2009.
3
|
|
|
Three months ended
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2010
|
|
2009
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents
|
|
$
|
165.8
|
|
$
|
141.4
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest
on debt
|
|
$
|
51.4
|
|
$
|
29.5
|
|
74
|
%
|
|
Plus:
mark-to-market of interest rate caps
|
|
(18.6
|
)
|
(0.6
|
)
|
(3,000
|
)%
|
|
Interest
on debt excluding the impact of mark-to-market of interest rate caps
|
|
$
|
32.8
|
|
$
|
28.9
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
Net Spread
|
|
$
|
133.0
|
|
$
|
112.5
|
|
18
|
%
|
Effective tax rate
AerCap’s blended effective tax rate during the first quarter
of 2010 was 10.0% (charge), consisting of 11.3% (charge) for AerCap’s aircraft
business and -30.8% (income) for AerCap’s engine and parts business. The
blended effective tax rate in 2009 was 1.9% (charge).
Financial position
|
|
|
|
|
|
|
% Increase over
|
|
|
|
|
March 31, 2010
|
|
March 31, 2009
|
|
March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
Flight
equipment held for lease
|
|
$
|
7,198.4
|
|
$
|
4,204.7
|
|
71
|
%
|
|
Total
assets
|
|
8,709.5
|
|
5,790.1
|
|
50
|
%
|
|
Total
liabilities
|
|
6,849.7
|
|
4,629.1
|
|
48
|
%
|
|
Total
equity
|
|
1,859.8
|
|
1,161.0
|
|
60
|
%
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2010, AerCap’s portfolio
consisted of 338 aircraft and 88 engines that were either owned, on order,
under contract or letter of intent, or managed. This includes the 54 aircraft
that AerCap added through the Genesis Transaction. The fair value of the
Genesis assets acquired can be summarized as follows:
4
|
|
|
Fair value of net assets
acquired
|
|
|
|
|
(In
thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
103,691
|
|
|
Restricted
cash
|
|
31,456
|
|
|
Flight
equipment held for operating leases
|
|
1,337,412
|
|
|
Intangibles
(lease premium)
|
|
42,975
|
|
|
Deferred
income taxes
|
|
34,089
|
|
|
Other
assets
|
|
6,915
|
|
|
Total assets
|
|
1,556,538
|
|
|
|
|
|
|
|
Accrued
maintenance liability
|
|
$
|
(107,757
|
)
|
|
Debt
|
|
(947,013
|
)
|
|
Derivative
liabilities
|
|
(66,196
|
)
|
|
Other
liabilities
|
|
(32,222
|
)
|
|
Total liabilities
|
|
(1,153,188
|
)
|
|
|
|
|
|
|
Net assets acquired
|
|
$
|
403,350
|
|
|
|
|
|
|
|
Consideration
paid (34.4 million shares at a share price of $10.83, exchange ratio 1:1)
|
|
(372,327
|
)
|
|
|
|
|
|
|
Amalgamation gain
|
|
$
|
31,023
|
|
|
|
|
|
|
|
Transaction
expenses, net of tax
|
|
(30,749
|
)
|
|
|
|
|
|
|
Amalgamation gain, net of transaction epenses and tax
|
|
$
|
274
|
|
5
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 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
periods ended March 31, 2010 and 2009:
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
|
|
|
% increase/
|
|
|
|
|
2010
|
|
2009
|
|
(decrease)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
34.4
|
|
$
|
30.0
|
|
(15
|
)%
|
|
Plus:
mark-to-market of interest rate caps, net of tax
|
|
11.6
|
|
0.7
|
|
1,557
|
%
|
|
share-based
compensation, net of tax
|
|
0.7
|
|
0.8
|
|
(13
|
)%
|
|
Net income excluding the impact of mark-to-market of
interest rate caps and share-based compensation
|
|
$
|
46.7
|
|
$
|
31.5
|
|
48
|
%
|
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 periods ended March 31, 2010 and
2009 is included above.
6
Conference Call
In connection with the
earnings release, management will host an earnings conference call today,
Friday, May 7, 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 66118682 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 May 7, 2010 continuing through June 7,
2010. To access the recording, call 800-642-1687 (U.S./Canada) or
+1-706-645-9291 (International) and enter passcode 66118682. The webcast replay
will be archived in the “Investor Relations” section of the company’s website
for one year.
In addition, an Investor &
Analyst Day presentation will be hosted by AerCap’s management today, Friday, May 7,
2010, at 12:30 pm Eastern Time at The New York Palace (the Garrison 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/Q110results_I&A_Presentation
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).
7
About AerCap
Holdings N.V.
AerCap is the world’s
leading independent aircraft leasing company. AerCap also provides engine
leasing, aircraft management services, 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
8
AerCap Holdings N.V.
Consolidated Balance Sheets - Unaudited
(In thousands of
U.S. Dollars)
|
|
|
March 31, 2010
|
|
December 31, 2009
|
|
March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
225,908
|
|
$
|
182,617
|
|
$
|
175,081
|
|
|
Restricted
cash
|
|
214,485
|
|
140,746
|
|
144,954
|
|
|
Trade
receivables, net of provisions
|
|
51,709
|
|
48,070
|
|
46,657
|
|
|
Flight
equipment held for operating leases, net
|
|
7,198,401
|
|
5,230,437
|
|
4,204,749
|
|
|
Flight
equipment held for sale
|
|
—
|
|
—
|
|
76,566
|
|
|
Net
investment in direct finance leases
|
|
33,099
|
|
34,532
|
|
30,152
|
|
|
Notes
receivables, net of provisions
|
|
50,379
|
|
138,488
|
|
127,440
|
|
|
Prepayments
on flight equipment
|
|
411,351
|
|
527,666
|
|
539,572
|
|
|
Investments
|
|
21,596
|
|
21,031
|
|
18,678
|
|
|
Goodwill
|
|
6,776
|
|
6,776
|
|
6,776
|
|
|
Intangibles,
net
|
|
80,177
|
|
31,399
|
|
42,309
|
|
|
Inventory
|
|
97,988
|
|
102,538
|
|
94,148
|
|
|
Derivative
assets
|
|
30,105
|
|
44,866
|
|
19,631
|
|
|
Deferred
income taxes
|
|
111,362
|
|
80,098
|
|
81,231
|
|
|
Other
assets
|
|
176,193
|
|
180,237
|
|
182,134
|
|
|
Total Assets
|
|
$
|
8,709,529
|
|
$
|
6,769,501
|
|
$
|
5,790,078
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
19,986
|
|
$
|
11,832
|
|
$
|
24,246
|
|
|
Accrued
expenses and other liabilities
|
|
80,506
|
|
80,399
|
|
81,213
|
|
|
Accrued
maintenance liability
|
|
371,847
|
|
228,006
|
|
207,042
|
|
|
Lessee
deposit liability
|
|
146,285
|
|
126,093
|
|
102,397
|
|
|
Debt*
|
|
6,082,544
|
|
4,846,664
|
|
4,133,991
|
|
|
Accrual
for onerous contracts
|
|
13,190
|
|
22,363
|
|
28,496
|
|
|
Deferred
revenue
|
|
57,799
|
|
33,011
|
|
40,133
|
|
|
Derivative
liabilities
|
|
77,587
|
|
7,801
|
|
11,557
|
|
|
Total liabilities
|
|
6,849,744
|
|
5,356,169
|
|
4,629,075
|
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
1,163
|
|
699
|
|
699
|
|
|
Additional
paid-in capital
|
|
965,875
|
|
593,133
|
|
635,406
|
|
|
Retained
earnings
|
|
698,576
|
|
664,177
|
|
528,964
|
|
|
Total AerCap Holdings N.V. shareholders’ equity
|
|
1,665,614
|
|
1,258,009
|
|
1,165,069
|
|
|
Non-controlling
interest
|
|
194,171
|
|
155,323
|
|
(4,066
|
)
|
|
Total Equity
|
|
1,859,785
|
|
1,413,332
|
|
1,161,003
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
|
8,709,529
|
|
$
|
6,769,501
|
|
$
|
5,790,078
|
|
* Includes $60.4
million of subordinated debt received from our joint venture partner relating
to the TUI portfolio acquisition
|
Supplemental information
|
|
March 31, 2010
|
|
December 31, 2009
|
|
March 31, 2009
|
|
|
Debt/equity
ratio
|
|
3.3
|
|
3.4
|
|
3.6
|
|
|
Debt/equity
ratio (adjusted for subordinated debt)
|
|
3.1
|
|
3.2
|
|
3.3
|
|
9
AerCap
Holdings N.V.
Consolidated
Income Statements - Unaudited
(In thousands of U.S.
Dollars, except share and per share data)
|
|
|
Three months ended
March 31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
175,310
|
|
$
|
161,213
|
|
|
Sales revenue
|
|
182,454
|
|
41,717
|
|
|
Interest revenue
|
|
1,322
|
|
2,621
|
|
|
Management fee revenue
|
|
2,533
|
|
2,741
|
|
|
Other revenue
|
|
2,417
|
|
210
|
|
|
Total
Revenues
|
|
364,036
|
|
208,502
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Depreciation
|
|
63,377
|
|
51,247
|
|
|
Asset impairment
|
|
—
|
|
7,217
|
|
|
Cost of goods sold
|
|
156,138
|
|
33,824
|
|
|
Interest on debt
|
|
51,402
|
|
29,486
|
|
|
Operating lease in
costs
|
|
3,151
|
|
3,314
|
|
|
Leasing expenses
|
|
10,490
|
|
19,161
|
|
|
Provision for doubtful
notes and accounts receivable
|
|
740
|
|
1,232
|
|
|
Selling, general and
administrative expenses
|
|
29,879
|
|
27,213
|
|
|
Total
Expenses
|
|
315,177
|
|
172,694
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations before income taxes
|
|
48,859
|
|
35,808
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
(4,886
|
)
|
(1,860
|
)
|
|
Amalgamation gain, net
of transaction expenses and tax
|
|
274
|
|
—
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
44,247
|
|
33,948
|
|
|
|
|
|
|
|
|
|
Net (income) attributable
to non-controlling interest
|
|
(9,848
|
)
|
(3,994
|
)
|
|
|
|
|
|
|
|
|
Net
Income attributable to AerCap Holdings N.V.
|
|
$
|
34,399
|
|
$
|
29,954
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share
|
|
$
|
0.40
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - basic and diluted
|
|
85,036,957
|
|
85,036,957
|
|
10
AerCap Holdings N.V.
Consolidated Statements of Cash Flows
(In thousands of U.S.
Dollars)
|
|
|
Three months ended March 31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
Net income
|
|
44,247
|
|
33,948
|
|
|
Adjustments
to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
Depreciation
|
|
63,377
|
|
51,247
|
|
|
Asset impairment
|
|
—
|
|
7,217
|
|
|
Amortisation of debt
issuance cost
|
|
5,306
|
|
3,834
|
|
|
Amortisation of
intangibles
|
|
3,203
|
|
4,790
|
|
|
Provision for doubtful
notes and accounts receivable
|
|
696
|
|
1,232
|
|
|
Capitalised interest on
pre-delivery payments
|
|
(160
|
)
|
(371
|
)
|
|
Gain on disposal of
assets
|
|
(20,223
|
)
|
448
|
|
|
Change in fair value of
derivative instruments
|
|
22,339
|
|
(1,002
|
)
|
|
Deferred taxes
|
|
4,765
|
|
1,241
|
|
|
Share-based
compensation
|
|
879
|
|
1,002
|
|
|
Changes
in assets and liabilities
|
|
|
|
|
|
|
Trade receivables and
notes receivable, net
|
|
1,650
|
|
4,284
|
|
|
Inventories
|
|
5,413
|
|
14,484
|
|
|
Other assets and
derivative assets
|
|
7,638
|
|
(4,188
|
)
|
|
Other liabilities
|
|
(14,300
|
)
|
(26,199
|
)
|
|
Deferred revenue
|
|
12,746
|
|
5,212
|
|
|
Net
cash provided by operating activities
|
|
137,576
|
|
97,179
|
|
|
|
|
|
|
|
|
|
Purchase of flight
equipment
|
|
(629,729
|
)
|
(288,087
|
)
|
|
Proceeds from
sale/disposal of assets
|
|
142,626
|
|
1,792
|
|
|
Prepayments on flight
equipment
|
|
(48,527
|
)
|
(158,504
|
)
|
|
Purchase of
subsidiaries, net of cash acquired
|
|
70,618
|
|
—
|
|
|
Purchase of intangibles
|
|
(9,006
|
)
|
—
|
|
|
Movement in restricted
cash
|
|
(42,283
|
)
|
(31,557
|
)
|
|
Net
cash used in investing activities
|
|
(516,301
|
)
|
(476,356
|
)
|
|
|
|
|
|
|
|
|
Issuance of debt
|
|
719,378
|
|
445,700
|
|
|
Repayment of debt
|
|
(342,819
|
)
|
(96,485
|
)
|
|
Debt issuance costs
paid
|
|
(9,931
|
)
|
(3,370
|
)
|
|
Maintenance payments
received
|
|
30,584
|
|
23,768
|
|
|
Maintenance payments
returned
|
|
(9,924
|
)
|
(14,552
|
)
|
|
Security deposits
received
|
|
9,388
|
|
8,014
|
|
|
Security deposits
returned
|
|
(2,564
|
)
|
(2,961
|
)
|
|
Capital contributions
from non-controlling interests
|
|
29,000
|
|
—
|
|
|
Net
cash provided by financing activities
|
|
423,112
|
|
360,114
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
44,387
|
|
(19,063
|
)
|
|
Effect of exchange rate
changes
|
|
(1,096
|
)
|
581
|
|
|
Cash and cash
equivalents at beginning of period
|
|
182,617
|
|
193,563
|
|
|
Cash
and cash equivalents at end of period
|
|
225,908
|
|
175,081
|
|
Certain reclassifications have been made to prior years consolidated
statements of cash flow to reflect the current year presentation.
11