Exhibit 99.1
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For Investors:
Keith Helming
Chief Financial Officer
+31 20 655 9670 |
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khelming@aercap.com |
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Peter Wortel |
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Investor Relations |
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+31 20 655 9658 |
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pwortel@aercap.com |
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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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foberdieck@aercap.com |
AerCap Holdings N.V. Reports Second Quarter 2011 Financial Results
Net income for the second quarter 2011 excluding mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights was $72.8 million ($0.49 earnings per share), an increase of 22% in net income compared to the second quarter of 2010.
Amsterdam, Netherlands; August 5, 2011 - AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its operations for the second quarter ended June 30, 2011.
Second Quarter 2011 Highlights
Net income
· Second quarter 2011 net income was $30.8 million, compared with net income of $48.9 million for the same period in 2010.
· Second quarter 2011 net income excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $51.4 million, compared with net income of $59.6 million for the same period in 2010.
· In the second quarter 2011 the Company acquired the right to provide lease and aircraft related services to the Genesis portfolio for $21.4 million, net of tax. Excluding the impact of the mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights, second quarter 2011 net income was $72.8 million, an increase of 22% compared to net income of $59.6 million in the second quarter of 2010 on the same basis.
Earnings per share
· Second quarter 2011 basic and diluted earnings per share was $0.21, compared with $0.41 for the same period in 2010.
1
· Second quarter 2011 basic and diluted earnings per share excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $0.35, compared with $0.50 for the same period in 2010.
· Second quarter 2011 basic and diluted earnings per share excluding the impact of the mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights was $0.49, compared with $0.50 for the same period in 2010.
Other financial highlights
· Margin earned on lease assets (net spread) was $187.0 million in the second quarter of 2011 compared to $173.9 million in the second quarter of 2010, an increase of 8%.
· Basic lease rents for the second quarter of 2011 were $251.2 million, compared to $233.5 million for the same period in 2010, an increase of 8%. Total lease revenue (basic rents, maintenance rents and other receipts) for the second quarter of 2011 was $284.1 million, compared to $260.7 million for the same period in 2010, an increase of 9%. The increases were mainly due to the deliveries of forward order aircraft.
· Sales revenue for the second quarter of 2011 was $74.5 million, compared to $328.1 million for the same period in 2010. Sales revenue for the second quarter of 2011 was generated from the sale of our 50% interest in three A330 aircraft that had been part of a joint venture with a third party, the sale of five engines and parts inventory. Sales revenue for the second quarter of 2010 was higher than second quarter 2011 due to the sale of two new A330 aircraft and two new A320 aircraft.
· Total revenue for the second quarter of 2011 was $364.3 million, compared to $594.0 million for the same period in 2010 for the reasons mentioned above.
· Committed purchases of aviation assets delivered or scheduled for delivery in 2011 are $838 million, of which $638 million closed in the first half year of 2011.
· Total assets were $9.6 billion at June 30, 2011, an increase of 5% over total assets of $9.1 billion at June 30, 2010. The increase was driven primarily by deliveries of forward order aircraft.
Aengus Kelly, CEO of AerCap, commented: “Our second quarter results and activities illustrate AerCap’s ability to consistently deliver industry leading results. Net income for the quarter was $72.8 million or $0.49 cents after adjusting for the one-off charge relating to the buy-out of the Genesis portfolio servicing rights, the impact of the mark-to-market of interest rate caps and share-based compensation. This industry leading profitability is driven by the excellence of our platform, the quality of our portfolio and the efficiency and robustness of our funding structures.”
AerCap’s CFO, Keith Helming, said: “In addition to the strong earnings generated from our portfolio, our access to capital continues to expand. We completed another $1 billion of financings to date in 2011 including an extension of our $775 million non-recourse revolving debt facility by an additional two years. Total cash on hand at the end of the second quarter is in excess of $500 million and this amount will be further enhanced from the expected sale of AeroTurbine.”
2
Summary of Financial Results
AerCap recorded a second quarter 2011 net income of $30.8 million or $0.21 earnings per basic and diluted share. Second quarter 2011 net income included net charges relating to the mark-to-market of interest rate caps and share-based compensation of $20.6 million or $0.14 per basic and diluted share, net of tax. The after-tax charge relating to the mark-to-market of our interest rate caps was $18.9 million, which reflects changes in forecasted interest rates, and the after-tax charge from share-based compensation was $1.7 million. Second quarter 2011 net income also included a one-off charge relating to the buy-out of the Genesis portfolio servicing rights of $21.4 million or $0.14 per basic and diluted share, net of tax. Second quarter 2011 net income excluding the impact of mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights was $72.8 million or $0.49 per basic and diluted share, net of tax.
Detailed Financial Data
($ in Millions)
Operating results
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Three months ended
June 30, |
|
Six months ended
June 30, |
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|
|
2011 |
|
2010 |
|
% increase/
(decrease) |
|
2011 |
|
2010 |
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% increase/
(decrease) |
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Revenues |
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$ |
364.3 |
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$ |
594.0 |
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(39 |
)% |
$ |
726.6 |
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$ |
957.5 |
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(24 |
)% |
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Net income |
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30.8 |
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48.9 |
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(37 |
)% |
102.9 |
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83.3 |
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24 |
% |
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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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51.4 |
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59.6 |
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(14 |
)% |
126.6 |
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106.3 |
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19 |
% |
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Net income excluding the impact of mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights |
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72.8 |
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59.6 |
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22 |
% |
148.0 |
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106.3 |
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39 |
% |
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Net income for the second quarter of 2011 excluding the impact of mark-to-market of interest rate caps and share-based compensation decreased by 14%. This decrease was primarily caused by the one-off charge relating to the buy-out of the Genesis portfolio servicing rights in the second quarter. Excluding the impact of mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights net income increased by 22%. This increase was primarily caused by an increase in net spread as a result of the deliveries of forward order aircraft and the purchase of the 50% equity interest in AerVenture from Waha.
Revenue breakdown
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Three months ended
June 30, |
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Six months ended
June 30, |
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2011 |
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2010 |
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% increase/
(decrease) |
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2011 |
|
2010 |
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% increase/
(decrease) |
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Lease revenue: |
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Basic lease rents |
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$ |
251.2 |
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$ |
233.5 |
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8 |
% |
$ |
498.5 |
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$ |
399.3 |
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25 |
% |
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Maintenance rents and other receipts |
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32.9 |
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27.2 |
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21 |
% |
59.0 |
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36.7 |
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61 |
% |
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Lease revenue |
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$ |
284.1 |
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$ |
260.7 |
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9 |
% |
$ |
557.5 |
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$ |
436.0 |
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28 |
% |
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Sales revenue |
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74.5 |
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328.1 |
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(77 |
)% |
155.5 |
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510.6 |
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(70 |
)% |
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Management fees and interest income |
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5.4 |
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4.1 |
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32 |
% |
10.8 |
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7.9 |
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37 |
% |
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Other revenue |
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0.3 |
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1.1 |
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(73 |
)% |
2.8 |
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3.0 |
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(7 |
)% |
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Total revenue |
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$ |
364.3 |
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$ |
594.0 |
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(39 |
)% |
$ |
726.6 |
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$ |
957.5 |
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(24 |
)% |
Basic lease rents were $251.2 million for the second quarter of 2011, an increase of 8% compared to the second quarter of 2010, as a result of our growing asset base. Our average lease assets increased by 12% to $8.4 billion compared to the second quarter of 2010. As shown in the table below, interest expense excluding the impact of the mark-to-market of interest rate caps was $64.2 million in the second quarter of 2011, an 8% increase compared to the second quarter of 2010. The increase was primarily driven by the increase
3
in our lease portfolio from the delivery of forward order aircraft. As a result, net spread increased 8% to $187.0 million in the second quarter of 2011 over the same period in 2010.
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Three months ended
June 30, |
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Six months ended
June 30, |
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2011 |
|
2010 |
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% increase/
(decrease) |
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2011 |
|
2010 |
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% increase/
(decrease) |
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Basic lease rents |
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$ |
251.2 |
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$ |
233.5 |
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8 |
% |
$ |
498.5 |
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$ |
399.3 |
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25 |
% |
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Interest on debt |
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$ |
86.0 |
(a) |
$ |
75.5 |
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14 |
% |
$ |
148.9 |
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$ |
126.9 |
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17 |
% |
|
Plus: mark-to-market of interest rate caps |
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(21.8 |
) |
(15.9 |
) |
(37 |
)% |
(23.5 |
) |
(34.2 |
) |
31 |
% |
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Interest on debt excluding the impact of mark-to-market of interest rate caps |
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$ |
64.2 |
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$ |
59.6 |
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8 |
% |
$ |
125.4 |
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$ |
92.7 |
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35 |
% |
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Net Spread |
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$ |
187.0 |
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$ |
173.9 |
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8 |
% |
$ |
373.1 |
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$ |
306.6 |
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22 |
% |
(a) Interest on debt for the quarter ended June 30, 2011, includes $10.1 million of amortization of debt issuance costs.
Effective tax rate
AerCap’s blended effective tax rate during the first half year of 2011 was 8.0% (charge), consisting of 8.9% (charge) for AerCap’s aircraft business and 38.1% (credit) for AerCap’s engine and parts business. The blended effective tax rate in 2010 was 8.6% (charge).
Financial position
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June 30, 2011 |
|
June 30, 2010 |
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% Increase over
June 30, 2010 |
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|
|
|
|
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|
|
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|
Total cash (incl. restricted) |
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$ |
535.1 |
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$ |
506.7 |
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6 |
% |
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Flight equipment held for lease |
|
8,158.2 |
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7,624.7 |
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7 |
% |
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Total assets |
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9,571.0 |
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9,098.4 |
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5 |
% |
|
Debt |
|
6,519.2 |
|
6,393.9 |
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2 |
% |
|
Total liabilities |
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7,254.8 |
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7,176.9 |
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1 |
% |
|
Total equity |
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2,316.2 |
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1,921.5 |
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21 |
% |
|
|
|
|
|
|
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|
As of June 30, 2011, AerCap’s portfolio consisted of 335 aircraft and 95 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 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
4
and share-based compensation to net income for the three and six month periods ended June 30, 2011 and 2010:
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Three months ended
June 30, |
|
Six months ended
June 30, |
|
|
|
|
2011 |
|
2010 |
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% increase/
(decrease) |
|
2011 |
|
2010 |
|
% increase/
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
30.8 |
|
$ |
48.9 |
|
(37 |
)% |
$ |
102.9 |
|
$ |
83.3 |
|
24 |
% |
|
Plus: mark-to-market of interest rate caps, net of tax |
|
18.9 |
|
10.1 |
|
87 |
% |
20.3 |
|
21.7 |
|
(6 |
)% |
|
share-based compensation, net of tax |
|
1.7 |
|
0.6 |
|
183 |
% |
3.4 |
|
1.3 |
|
162 |
% |
|
Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation |
|
$ |
51.4 |
(a) |
$ |
59.6 |
|
(14 |
)% |
$ |
126.6 |
(a) |
$ |
106.3 |
|
19 |
% |
|
Buy out of third party servicing contract |
|
21.4 |
|
— |
|
100 |
% |
21.4 |
|
— |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding the impact of mark-to-market of interest rate caps, share-based compensation and buy ouy of third party servicing contract |
|
$ |
72.8 |
|
$ |
59.6 |
|
22 |
% |
$ |
148.0 |
|
$ |
106.3 |
|
39 |
% |
(a) Net income for the second quarter 2011 excluding mark-to-market of interest rate caps, share-based compensation and the one-off charge relating to the buy-out of the Genesis portfolio servicing rights was $72.8 million, an increase of 22% compared to the second quarter of 2010 on the same basis.
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. 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 and six month periods ended June 30, 2011 and 2010 is included above.
Conference Call
In connection with the earnings release, management will host an earnings conference call today, Friday, August 5, 2011 at 9:30 am Eastern Time / 3:30 pm Central European Time. The call can be accessed live by dialing (U.S./Canada) 1-480-629-9692 or (International) +31-20-794-8504 and referencing code 4449992 at least 5 minutes before start time, or by visiting AerCap’s website at http://www.aercap.com under “Investor Relations”.
The webcast replay will be archived in the “Investor Relations” section of the company’s website for one year.
To participate in the event, please register at: http://client.sharedvalue.net/AerCap/Q211
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 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, the United Arab Emirates 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
6
AerCap Holdings N.V.
Consolidated Balance Sheets - Unaudited
(In thousands of U.S. Dollars)
|
|
|
June 30, 2011 |
|
December 31, 2010 |
|
June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
344,061 |
|
$ |
404,450 |
|
$ |
260,256 |
|
|
Restricted cash |
|
191,026 |
|
222,464 |
|
246,462 |
|
|
Trade receivables, net of provisions |
|
60,895 |
|
49,055 |
|
47,991 |
|
|
Flight equipment held for operating leases, net |
|
8,158,226 |
|
8,061,260 |
|
7,624,655 |
|
|
Flight equipment held for sale |
|
26,536 |
|
— |
|
39,442 |
|
|
Net investment in direct finance leases |
|
27,327 |
|
30,069 |
|
31,692 |
|
|
Notes receivables, net of provisions |
|
14,531 |
|
15,497 |
|
9,861 |
|
|
Prepayments on flight equipment |
|
129,042 |
|
199,417 |
|
259,387 |
|
|
Investments |
|
78,345 |
|
72,985 |
|
29,775 |
|
|
Goodwill |
|
6,776 |
|
6,776 |
|
6,776 |
|
|
Intangibles, net |
|
48,809 |
|
58,637 |
|
70,498 |
|
|
Inventory |
|
132,796 |
|
121,085 |
|
125,057 |
|
|
Derivative assets |
|
58,873 |
|
55,211 |
|
23,447 |
|
|
Deferred income taxes |
|
85,613 |
|
94,560 |
|
108,080 |
|
|
Other assets |
|
208,181 |
|
209,141 |
|
214,980 |
|
|
Total Assets |
|
$ |
9,571,037 |
|
$ |
9,600,607 |
|
$ |
9,098,359 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
20,827 |
|
$ |
16,045 |
|
$ |
25,724 |
|
|
Accrued expenses and other liabilities |
|
86,700 |
|
121,389 |
|
94,975 |
|
|
Accrued maintenance liability |
|
433,841 |
|
420,824 |
|
371,482 |
|
|
Lessee deposit liability |
|
107,606 |
|
130,031 |
|
139,357 |
|
|
Debt |
|
6,519,233 |
* |
6,566,163 |
|
6,393,867 |
|
|
Accrual for onerous contracts |
|
6,739 |
|
12,928 |
|
12,477 |
|
|
Deferred revenue |
|
48,505 |
|
60,061 |
|
57,050 |
|
|
Derivative liabilities |
|
31,364 |
|
55,769 |
|
81,973 |
|
|
Total liabilities |
|
7,254,815 |
|
7,383,210 |
|
7,176,905 |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
1,570 |
|
1,570 |
|
1,163 |
|
|
Additional paid-in capital |
|
1,336,850 |
|
1,333,025 |
|
968,625 |
|
|
Treasury stock |
|
(1,449 |
) |
— |
|
— |
|
|
Accumulated other comprehensive income |
|
(1,292 |
) |
5,005 |
|
— |
|
|
Retained earnings |
|
974,681 |
|
871,750 |
|
747,431 |
|
|
Total AerCap Holdings N.V. shareholders’ equity |
|
2,310,360 |
|
2,211,350 |
|
1,717,219 |
|
|
Non-controlling interest |
|
5,862 |
|
6,047 |
|
204,235 |
|
|
Total Equity |
|
2,316,222 |
|
2,217,397 |
|
1,921,454 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
9,571,037 |
|
$ |
9,600,607 |
|
$ |
9,098,359 |
|
* Includes $64.3 million of subordinated debt received from our joint venture partners
|
Supplemental information |
|
June 30, 2011 |
|
December 31, 2010 |
|
June 30, 2010 |
|
|
Debt/equity ratio |
|
2.8 |
|
3.0 |
|
3.3 |
|
|
Debt/equity ratio (adjusted for subordinated debt) |
|
2.7 |
|
2.8 |
|
3.1 |
|
7
AerCap Holdings N.V.
Consolidated Income Statements - Unaudited
(In thousands of U.S. Dollars, except share and per share data)
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
284,146 |
|
$ |
260,695 |
|
$ |
557,480 |
|
$ |
436,005 |
|
|
Sales revenue |
|
74,471 |
|
328,131 |
|
155,560 |
|
510,585 |
|
|
Management fee revenue |
|
4,680 |
|
2,515 |
|
9,350 |
|
5,048 |
|
|
Interest revenue |
|
736 |
|
1,547 |
|
1,425 |
|
2,869 |
|
|
Other revenue |
|
316 |
|
1,105 |
|
2,806 |
|
2,956 |
|
|
Total Revenues |
|
364,349 |
|
593,993 |
|
726,621 |
|
957,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
98,855 |
|
86,597 |
|
197,177 |
|
149,974 |
|
|
Asset impairment |
|
4,984 |
|
2,721 |
|
12,733 |
|
2,721 |
|
|
Cost of goods sold |
|
53,372 |
|
313,684 |
|
123,132 |
|
469,822 |
|
|
Interest on debt |
|
86,047 |
|
75,529 |
|
148,920 |
|
126,931 |
|
|
Operating lease in costs |
|
2,989 |
|
3,063 |
|
6,040 |
|
6,214 |
|
|
Leasing expenses |
|
22,604 |
|
15,926 |
|
36,719 |
|
26,416 |
|
|
Provision for doubtful notes and accounts receivable |
|
2,391 |
|
(224 |
) |
4,034 |
|
516 |
|
|
Selling, general and administrative expenses |
|
62,433 |
|
34,899 |
|
91,272 |
|
64,778 |
|
|
Total Expenses |
|
333,675 |
|
532,195 |
|
620,027 |
|
847,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes |
|
30,674 |
|
61,798 |
|
106,594 |
|
110,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(2,483 |
) |
(4,862 |
) |
(8,528 |
) |
(9,748 |
) |
|
Net Income of investments accounted for under the equity method |
|
2,517 |
|
680 |
|
5,171 |
|
1,246 |
|
|
Bargain purchase gain (“Amalgamation gain”), net of transaction expenses |
|
— |
|
— |
|
— |
|
274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
30,708 |
|
57,616 |
|
103,237 |
|
101,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to non-controlling interest |
|
134 |
|
(8,761 |
) |
(306 |
) |
(18,609 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to AerCap Holdings N.V. |
|
$ |
30,842 |
|
$ |
48,855 |
|
$ |
102,931 |
|
$ |
83,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share |
|
$ |
0.21 |
|
$ |
0.41 |
|
$ |
0.69 |
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic and diluted |
|
149,211,244 |
|
119,386,445 |
|
149,221,776 |
|
102,211,701 |
|
Certain reclassifications have been made to prior years consolidated income statements to reflect the current year presentation.
8
AerCap Holdings N.V.
Consolidated Statements of Cash Flows - Unaudited
(In thousands of U.S. Dollars)
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
30,708 |
|
57,616 |
|
103,237 |
|
101,863 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
Amalgamation gain |
|
— |
|
— |
|
— |
|
(31,023 |
) |
|
Depreciation |
|
98,855 |
|
86,597 |
|
197,177 |
|
149,974 |
|
|
Asset impairment |
|
4,984 |
|
2,721 |
|
12,733 |
|
2,721 |
|
|
Amortisation of debt issuance cost |
|
10,097 |
|
7,024 |
|
17,548 |
|
12,330 |
|
|
Amortisation of intangibles |
|
4,555 |
|
6,959 |
|
9,828 |
|
10,162 |
|
|
Provision for doubtful notes and accounts receivable |
|
2,391 |
|
(339 |
) |
4,034 |
|
357 |
|
|
Capitalised interest on pre-delivery payments |
|
(13 |
) |
(153 |
) |
(52 |
) |
(313 |
) |
|
Gain on disposal of assets |
|
(9,316 |
) |
(9,029 |
) |
(8,838 |
) |
(29,252 |
) |
|
Mark-to-market of non-hedged derivatives |
|
13,311 |
|
19,497 |
|
(5,065 |
) |
41,836 |
|
|
Deferred taxes |
|
2,246 |
|
3,520 |
|
10,105 |
|
6,235 |
|
|
Share-based compensation |
|
2,029 |
|
678 |
|
4,302 |
|
1,557 |
|
|
Changes in assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Trade receivables and notes receivable, net |
|
(1,294 |
) |
4,501 |
|
(15,659 |
) |
6,151 |
|
|
Inventories |
|
247 |
|
3,463 |
|
(121 |
) |
8,876 |
|
|
Other assets and derivative assets |
|
(4,477 |
) |
(15,274 |
) |
(33,420 |
) |
(7,636 |
) |
|
Other liabilities |
|
(9,479 |
) |
26,206 |
|
(50,749 |
) |
14,574 |
|
|
Deferred revenue |
|
(2,815 |
) |
(749 |
) |
(10,612 |
) |
11,997 |
|
|
Net cash provided by operating activities |
|
142,029 |
|
193,238 |
|
234,448 |
|
300,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of flight equipment |
|
(138,497 |
) |
(691,633 |
) |
(498,386 |
) |
(1,321,362 |
) |
|
Proceeds from sale/disposal of assets |
|
33,408 |
|
283,137 |
|
59,351 |
|
425,763 |
|
|
Prepayments on flight equipment |
|
(7,313 |
) |
(36,253 |
) |
(15,991 |
) |
(84,780 |
) |
|
Purchase of subsidiaries, net of cash acquired |
|
— |
|
— |
|
— |
|
103,691 |
|
|
Purchase of investments |
|
— |
|
(7,500 |
) |
(2,500 |
) |
(7,500 |
) |
|
Purchase of intangibles |
|
— |
|
— |
|
— |
|
(9,006 |
) |
|
Movement in restricted cash |
|
18,228 |
|
(31,977 |
) |
30,558 |
|
(74,260 |
) |
|
Net cash used in investing activities |
|
(94,174 |
) |
(484,226 |
) |
(426,968 |
) |
(967,454 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of debt |
|
728,339 |
|
896,904 |
|
1,134,243 |
|
1,616,282 |
|
|
Repayment of debt |
|
(743,344 |
) |
(542,821 |
) |
(987,153 |
) |
(885,640 |
) |
|
Debt issuance costs paid |
|
(9,793 |
) |
(25,353 |
) |
(24,612 |
) |
(35,284 |
) |
|
Maintenance payments received |
|
18,795 |
|
12,491 |
|
52,702 |
|
40,407 |
|
|
Maintenance payments returned |
|
(13,198 |
) |
(12,800 |
) |
(33,736 |
) |
(22,724 |
) |
|
Security deposits received |
|
10,774 |
|
7,533 |
|
12,684 |
|
16,921 |
|
|
Security deposits returned |
|
(19,233 |
) |
(14,564 |
) |
(25,950 |
) |
(17,128 |
) |
|
Repurchase of shares |
|
(1,449 |
) |
— |
|
(1,449 |
) |
— |
|
|
Capital contributions from non-controlling interests |
|
— |
|
3,375 |
|
— |
|
32,375 |
|
|
Net cash (used in) provided by financing activities |
|
(29,109 |
) |
324,765 |
|
126,729 |
|
745,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
18,746 |
|
33,777 |
|
(65,791 |
) |
78,164 |
|
|
Effect of exchange rate changes |
|
2,865 |
|
571 |
|
5,402 |
|
(525 |
) |
|
Cash and cash equivalents at beginning of period |
|
322,450 |
|
225,908 |
|
404,450 |
|
182,617 |
|
|
Cash and cash equivalents at end of period |
|
344,061 |
|
260,256 |
|
344,061 |
|
260,256 |
|
Certain reclassifications have been made to prior years consolidated statements of cash flows to reflect the current year presentation.
9