Exhibit 99.1
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For Investors: |
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Keith Helming
Chief Financial Officer |
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+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 2012 Financial Results
Adjusted net income for the second quarter of 2012 was $59.2 million and adjusted earnings per share was $0.43.
Amsterdam, Netherlands; August 7, 2012 - AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its operations for the second quarter ended June 30, 2012.
Second Quarter 2012 Net Income and Earnings Per Share
· Second quarter 2012 reported net income was $29.6 million, compared with $30.8 million for the same period in 2011. Second quarter 2012 reported basic and diluted earnings per share was $0.21, compared with reported basic and diluted earnings per share of $0.21 for the same period in 2011.
· Second quarter 2012 adjusted net income was $59.2 million, compared with second quarter 2011 adjusted net income of $72.8 million. Second quarter 2012 adjusted earnings per share was $0.43, compared with $0.49 for the same period in 2011.
Set forth below are the details to reconcile reported net income to adjusted net income, including the specific adjustments.
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Three months ended
June 30, |
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Six months ended
June 30, |
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2012 |
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2011 |
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% increase/
(decrease) |
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2012 |
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2011 |
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% increase/
(decrease) |
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Net income |
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$ |
29.6 |
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$ |
30.8 |
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(4 |
)% |
$ |
94.6 |
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$ |
102.9 |
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(8 |
)% |
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Plus: mark-to-market of interest rate caps, net of tax |
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7.0 |
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18.9 |
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(63 |
)% |
9.8 |
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20.3 |
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(52 |
)% |
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share-based compensation, net of tax |
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1.7 |
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1.7 |
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0 |
% |
3.0 |
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3.4 |
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(12 |
)% |
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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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38.3 |
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51.4 |
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(25 |
)% |
107.4 |
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126.6 |
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(15 |
)% |
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Plus: buy-out of the Genesis portfolio servicing rights, net of tax |
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— |
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21.4 |
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(100 |
)% |
— |
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21.4 |
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(100 |
)% |
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non-recurring charges to interest expense from the early repayment of secured loans, net of tax |
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20.9 |
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— |
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100 |
% |
20.9 |
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— |
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100 |
% |
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Adjusted net income |
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59.2 |
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72.8 |
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(19 |
)% |
128.3 |
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148.0 |
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(13 |
)% |
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1
Both reported and adjusted net income in the second quarter of 2012 decreased from the same period in 2011. The decrease in adjusted net income was mainly the result of increased default and restructuring related expenses of $6.9 million, net of tax, and a lower gain on the sale of aircraft of $4.5 million, net of tax, in the second quarter of 2012 compared with the second quarter of 2011.
Aengus Kelly, CEO of AerCap, commented: “During the second quarter of 2012 AerCap continued to increase shareholder value by generating $59 million of adjusted net income and executing an unsecured debt offering, which represented an industry milestone. In addition, we demonstrated our commitment to enhance shareholder value by repurchasing 5.6 million shares and recently increased our share repurchase program to $200m. This, along with opportunistic aircraft acquisitions such as our transaction with Singapore Airlines, our pro active aircraft sales policy and robust liquidity profile will continue to drive AerCap’s industry leading returns.”
Additional Second Quarter 2012 Financial Highlights
· Net interest margin earned on lease assets, or net spread, was $173.1 million in the second quarter of 2012 compared with $177.3 million for the same period in 2011. Net interest margin as a percentage of average lease assets was 8.67% for second quarter 2012 as compared to 8.83% for second quarter 2011. The decrease in net interest margin is driven by the impact from the delivery of new aircraft and costs related to defaults which occurred in previous periods.
· Total assets were $9.3 billion at June 30, 2012, a decrease of 3% over total assets of $9.6 billion at June 30, 2011. The net decrease is attributable to the sale of AeroTurbine, which was only partially offset by new aircraft deliveries.
· Debt to equity ratio was 2.7 to 1 at June 30, 2012, compared to 2.8 to 1 at June 30, 2011.
· Committed purchases of aviation assets delivered or scheduled for delivery in 2012 are $1,097 million, of which $518 million closed in the first six months of 2012.
· In the second quarter of 2012, we closed three financing transactions totaling approximately $340 million, including a $300 million senior unsecured notes issuance. The total amount of financing transactions completed in the year to date is $650 million.
· In the second quarter of 2012, we purchased 5.6 million shares (including 5.0 million shares purchased from Cerberus Capital Management, L.P.) at a cost of $62.7 million. The average purchase price of the 5.6 million shares was $11.22. The book value per share at June 30, 2012 was $17.20.
AerCap’s CFO, Keith Helming, added: “During the first half of 2012, we completed $650 million of new financing transactions and generated over $300 million of operating cash flow. With a debt/equity ratio at 2.7 times and $750 million of total cash on hand at the end of the second quarter, we are well positioned to respond to investment opportunities that may arise to maximize shareholder value.”
2
Revenue Breakdown
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Three months ended
June 30, |
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Six months ended
June 30, |
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2012 |
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2011 |
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% increase/
(decrease) |
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2012 |
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2011 |
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% increase/
(decrease) |
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Lease revenue: |
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Basic lease rents |
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$ |
234.9 |
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$ |
238.4 |
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(1 |
)% |
$ |
470.1 |
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$ |
475.5 |
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(1 |
)% |
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Maintenance rents and other receipts |
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12.5 |
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26.1 |
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(52 |
)% |
30.1 |
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46.3 |
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(35 |
)% |
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Lease revenue |
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247.4 |
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264.5 |
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(6 |
)% |
500.2 |
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521.8 |
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(4 |
)% |
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Net gain on sale of assets |
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0.7 |
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6.5 |
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(89 |
)% |
0.4 |
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5.2 |
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(92 |
)% |
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Management fees and interest income |
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4.5 |
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5.7 |
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(21 |
)% |
9.7 |
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11.4 |
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(15 |
)% |
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Other revenue |
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0.3 |
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0.4 |
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(25 |
)% |
0.5 |
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2.8 |
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(82 |
)% |
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Total revenue |
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$ |
252.9 |
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$ |
277.1 |
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(9 |
)% |
$ |
510.8 |
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$ |
541.2 |
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(6 |
)% |
Basic lease rents were $234.9 million for the second quarter of 2012, a decrease of 1% compared with the same period in 2011. Our average lease assets decreased by 1% to $8.0 billion compared with the second quarter of 2011.
Basic rents, maintenance rents and other receipts, or total lease revenue, for the second quarter of 2012 was $247.4 million, compared to $264.5 million for the same period in 2011, a decrease of 6%. This is mainly due to a decrease in maintenance rents and other receipts.
Net gain on sale of aircraft for the second quarter of 2012 was $0.7 million, compared to $6.5 million for the same period in 2011. During the second quarter of 2012 we sold one A330 aircraft, one A320 aircraft and one B757 aircraft.
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Three months ended
June 30, |
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Six months ended
June 30, |
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2012 |
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2011 |
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% increase/
(decrease) |
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2012 |
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2011 |
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% increase/
(decrease) |
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Basic lease rents |
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$ |
234.9 |
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$ |
238.4 |
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(1 |
)% |
$ |
470.1 |
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$ |
475.5 |
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(1 |
)% |
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Interest on debt |
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93.7 |
(a) |
82.9 |
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13 |
% |
157.6 |
(a) |
141.6 |
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11 |
% |
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Plus: mark-to-market of interest rate caps |
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(8.0 |
) |
(21.8 |
) |
(63 |
)% |
(11.3 |
) |
(23.5 |
) |
(52 |
)% |
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non-recurring charges to interest expense from repayment of secured loans |
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(23.9 |
) |
— |
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100 |
% |
(23.9 |
) |
— |
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100 |
% |
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Interest on debt excluding the impact of mark-to-market of interest rate caps and non-recurring charges to interest expense from the early repayment of secured loans |
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61.8 |
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61.1 |
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1 |
% |
122.4 |
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118.1 |
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4 |
% |
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Net interest margin, or net spread |
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$ |
173.1 |
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$ |
177.3 |
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(2 |
)% |
$ |
347.7 |
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$ |
357.4 |
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(3 |
)% |
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(a) Interest on debt for the quarter ended June 30, 2012 includes $6.5 million of amortization of debt issuance costs. Interest on debt for the three and six months ended June 30, 2012 includes $23.9 million non-recurring charges to interest expense from the early repayment of secured loans from the proceeds of our $300 million senior unsecured notes issuance.
As shown in the table above, interest expense excluding the impact of the mark-to-market of interest rate caps and non-recurring charges to interest expense from the early repayment of secured loans was $61.8 million in the second quarter of 2012, a 1% increase compared with the second quarter of 2011. Net spread in the second quarter of 2012 decreased 2% compared with the same period in 2011.
3
Selling, General and Administrative Expenses Breakdown
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Three months ended
June 30, |
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Six months ended
June 30, |
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2012 |
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2011 |
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% increase/
(decrease) |
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2012 |
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2011 |
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% increase/
(decrease) |
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Aircraft management fees |
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$ |
0.5 |
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$ |
25.8 |
(a) |
(98 |
)% |
$ |
1.0 |
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$ |
27.4 |
(a) |
(96 |
)% |
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Mark-to-market of foreign currency hedges, foreign currency balances and other derivatives |
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1.8 |
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(0.4 |
) |
(550 |
)% |
(3.1 |
) |
(7.6 |
) |
(59 |
)% |
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Share-based compensation expenses |
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1.9 |
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1.7 |
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12 |
% |
3.4 |
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2.9 |
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17 |
% |
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Other selling, general and administrative expenses |
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17.5 |
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22.3 |
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(22 |
)% |
36.7 |
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43.5 |
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(16 |
)% |
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Total selling, general and administrative expenses |
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$ |
21.7 |
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$ |
49.4 |
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(56 |
)% |
$ |
38.0 |
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$ |
66.2 |
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(43 |
)% |
(a) Aircraft management fees for the three and six months ended June 30, 2011 includes $24.5 million one-time charge relating to the buy-out of the Genesis portfolio servicing rights.
Effective Tax Rate
AerCap’s blended effective tax rate during the first six months of 2012 was 8.0%. The blended effective tax rate in 2011 was 6.7%.
Financial Position
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June 30, 2012 |
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June 30, 2011 |
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% increase/
(decrease)
over
June 30, 2011 |
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Total cash (incl. restricted) |
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$ |
765.1 |
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$ |
535.1 |
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43 |
% |
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Flight equipment held for lease |
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8,027.5 |
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8,158.2 |
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(2 |
)% |
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Total assets |
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9,289.1 |
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9,571.0 |
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(3 |
)% |
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Debt |
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6,225.0 |
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6,519.2 |
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(5 |
)% |
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Total liabilities |
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6,974.3 |
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7,254.8 |
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(4 |
)% |
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Total equity |
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2,314.8 |
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2,316.2 |
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(0 |
)% |
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Debt/equity ratio |
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2.7 |
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2.8 |
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(4 |
)% |
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As of June 30, 2012, AerCap’s portfolio consisted of 347 aircraft that were either owned, on order, under contract or letter of intent, or managed. Total assets were $9.3 billion at June 30, 2012, a decrease of 3% over total assets of $9.6 billion at June 30, 2011. The net decrease is attributed to the sale of AeroTurbine, which was only partially offset by new aircraft deliveries.
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:
Adjusted net income and adjusted earnings per share. These measures are 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. The average number of shares is based on a daily average.
In addition to GAAP net income and earnings per share, we believe these measures may provide investors with supplemental information regarding our operational performance and
4
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 the mark-to-market of interest rate caps and share-based compensation to net income for the three- and six -month periods ended June 30, 2012 and 2011:
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Three months ended
June 30, |
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Six months ended
June 30, |
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2012 |
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2011 |
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% increase/
(decrease) |
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2012 |
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2011 |
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% increase/
(decrease) |
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Net income |
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$ |
29.6 |
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$ |
30.8 |
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(4 |
)% |
$ |
94.6 |
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$ |
102.9 |
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(8 |
)% |
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Plus: |
mark-to-market of interest rate caps, net of tax |
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7.0 |
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18.9 |
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(63 |
)% |
9.8 |
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20.3 |
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(52 |
)% |
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share-based compensation, net of tax |
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1.7 |
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1.7 |
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0 |
% |
3.0 |
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3.4 |
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(12 |
)% |
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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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38.3 |
(a) |
51.4 |
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(25 |
)% |
107.4 |
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126.6 |
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(15 |
)% |
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(a) Second quarter 2012 adjusted net income of $59.2 million also excludes the non-recurring charges to interest expense from the early repayment of secured loans of $20.9 million, net of tax.
(b) Second quarter 2011 adjusted net income of $72.8 million also excludes the one-time charge relating to the buy-out of the Genesis portfolio servicing rights of $21.4 million, net of tax.
Net interest margin, or 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 month periods ended June 30, 2012 and 2011 is included above.
Conference Call
In connection with the earnings release, management will host an earnings conference call today, Tuesday, August 7, 2012 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 4542879 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 either event, please register at: http://client.sharedvalue.net/AerCap/Q212
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 and has one of the youngest fleets in the industry. AerCap is a New York Stock Exchange-listed company (AER) headquartered in The Netherlands with offices in Ireland, the United States, China, Singapore and the United Arab Emirates.
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.
Unaudited Consolidated Balance Sheets
(In thousands of U.S. Dollars)
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|
June 30, 2012 |
|
December 31, 2011 |
|
June 30, 2011 |
|
|
|
|
|
|
|
|
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|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
474,251 |
|
$ |
411,081 |
|
$ |
344,061 |
|
|
Restricted cash |
|
290,835 |
|
237,325 |
|
191,026 |
|
|
Trade receivables, net of provisions |
|
11,358 |
|
16,063 |
|
60,895 |
|
|
Flight equipment held for operating leases, net |
|
8,027,488 |
|
7,895,874 |
|
8,158,226 |
|
|
Flight equipment held for sale |
|
— |
|
— |
|
26,536 |
|
|
Net investment in direct finance leases |
|
23,482 |
|
25,094 |
|
27,327 |
|
|
Notes receivables, net of provisions |
|
4,110 |
|
5,200 |
|
14,531 |
|
|
Prepayments on flight equipment |
|
71,324 |
|
95,619 |
|
129,042 |
|
|
Investments |
|
88,694 |
|
84,079 |
|
78,345 |
|
|
Goodwill |
|
— |
|
— |
|
6,776 |
|
|
Intangibles |
|
23,825 |
|
29,677 |
|
48,809 |
|
|
Inventory |
|
7,167 |
|
13,953 |
|
132,796 |
|
|
Derivative assets |
|
13,102 |
|
21,050 |
|
58,873 |
|
|
Deferred income taxes |
|
85,531 |
|
91,258 |
|
85,613 |
|
|
Other assets |
|
167,912 |
|
181,359 |
|
208,181 |
|
|
Total Assets |
|
$ |
9,289,079 |
|
$ |
9,107,632 |
|
$ |
9,571,037 |
|
|
|
|
|
|
|
|
|
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|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,332 |
|
$ |
4,142 |
|
$ |
20,827 |
|
|
Accrued expenses and other liabilities |
|
76,510 |
|
74,458 |
|
86,700 |
|
|
Accrued maintenance liability |
|
503,616 |
|
452,582 |
|
433,841 |
|
|
Lessee deposit liability |
|
102,210 |
|
102,844 |
|
107,606 |
|
|
Debt |
|
6,224,987 |
* |
6,111,165 |
|
6,519,233 |
|
|
Accrual for onerous contracts |
|
— |
|
3,971 |
|
6,739 |
|
|
Deferred revenue |
|
44,780 |
|
47,994 |
|
48,505 |
|
|
Derivative liabilities |
|
20,831 |
|
27,159 |
|
31,364 |
|
|
Total liabilities |
|
6,974,266 |
|
6,824,315 |
|
7,254,815 |
|
|
|
|
|
|
|
|
|
|
|
Ordinary share capital €0.01 par value (250,000,000 ordinary shares authorized, 149,232,426 ordinary shares issued and outstanding) |
|
1,570 |
|
1,570 |
|
1,570 |
|
|
Additional paid-in capital |
|
1,343,602 |
|
1,340,205 |
|
1,336,850 |
|
|
Treasury stock (14,923,242 ordinary shares) |
|
(162,719 |
) |
(100,000 |
) |
(1,449 |
) |
|
Accumulated other comprehensive income (loss) |
|
(10,411 |
) |
(8,513 |
) |
(1,292 |
) |
|
Accumulated retained earnings |
|
1,138,565 |
|
1,043,974 |
|
974,681 |
|
|
Total AerCap Holdings N.V. shareholders’ equity |
|
2,310,607 |
|
2,277,236 |
|
2,310,360 |
|
|
Non-controlling interest |
|
4,206 |
|
6,081 |
|
5,862 |
|
|
Total Equity |
|
2,314,813 |
|
2,283,317 |
|
2,316,222 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
9,289,079 |
|
$ |
9,107,632 |
|
$ |
9,571,037 |
|
* Includes $64.3 million of subordinated debt received from our joint venture partners
|
Supplemental information |
|
June 30, 2012 |
|
December 31, 2011 |
|
June 30, 2011 |
|
|
Debt/equity ratio |
|
2.7 |
|
2.7 |
|
2.8 |
|
|
Debt/equity ratio (adjusted for subordinated debt) |
|
2.6 |
|
2.6 |
|
2.7 |
|
7
AerCap Holdings N.V.
Unaudited Consolidated Income Statements
(In thousands of U.S. Dollars, except share and per share data)
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
247,443 |
|
$ |
264,535 |
|
$ |
500,181 |
|
$ |
521,777 |
|
|
Net gain on sale of assets |
|
653 |
|
6,498 |
|
434 |
|
5,183 |
|
|
Management fee revenue |
|
4,174 |
|
5,089 |
|
8,704 |
|
10,237 |
|
|
Interest revenue |
|
324 |
|
601 |
|
946 |
|
1,181 |
|
|
Other revenue |
|
285 |
|
355 |
|
514 |
|
2,811 |
|
|
Total Revenues |
|
252,879 |
|
277,078 |
|
510,779 |
|
541,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
93,087 |
|
90,818 |
|
182,115 |
|
181,243 |
|
|
Asset impairment |
|
— |
|
— |
|
— |
|
7,749 |
|
|
Interest on debt |
|
93,654 |
|
82,916 |
|
157,621 |
|
141,617 |
|
|
Operating lease-in costs |
|
380 |
|
2,989 |
|
2,902 |
|
6,040 |
|
|
Leasing expenses |
|
17,866 |
|
18,684 |
|
36,343 |
|
29,780 |
|
|
Provision for doubtful accounts |
|
— |
|
2,350 |
|
— |
|
2,311 |
|
|
Selling, general and administrative expenses |
|
21,718 |
|
49,413 |
|
38,046 |
|
66,247 |
|
|
Total Expenses |
|
226,705 |
|
247,170 |
|
417,027 |
|
434,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes and income of investments accounted for under the equity method |
|
26,174 |
|
29,908 |
|
93,752 |
|
106,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(1,619 |
) |
(1,781 |
) |
(7,497 |
) |
(7,554 |
) |
|
Net income of investments accounted for under the equity method |
|
3,725 |
|
2,517 |
|
6,462 |
|
5,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income from continuing operations |
|
28,280 |
|
30,644 |
|
92,717 |
|
103,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax (AeroTurbine) |
|
— |
|
64 |
|
— |
|
(582 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
28,280 |
|
30,708 |
|
92,717 |
|
103,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income) attributable to non-controlling interest |
|
1,301 |
|
134 |
|
1,874 |
|
(306 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to AerCap Holdings N.V |
|
$ |
29,581 |
|
$ |
30,842 |
|
$ |
94,591 |
|
$ |
102,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earnings per share, basic and diluted |
|
$ |
0.21 |
|
$ |
0.21 |
|
$ |
0.68 |
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
138,717,200 |
|
149,211,244 |
|
139,308,322 |
|
149,221,776 |
|
Certain reclassifications have been made to prior years Unaudited Consolidated Income Statements to reflect the current year presentation.
8
AerCap Holdings N.V.
Unaudited Consolidated Statements of Cash Flows
(In thousands of U.S. Dollars)
|
|
|
Three months ended
June 30, |
|
Three months ended
June 30, |
|
Six months ended
June 30, |
|
Six months ended
June 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
28,280 |
|
$ |
30,708 |
|
$ |
92,717 |
|
$ |
103,237 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
93,087 |
|
98,855 |
|
182,115 |
|
197,177 |
|
|
Asset impairment |
|
— |
|
4,984 |
|
— |
|
12,733 |
|
|
Amortization of debt issuance costs |
|
30,426 |
|
10,097 |
|
37,541 |
|
17,548 |
|
|
Amortization of intangibles |
|
2,875 |
|
4,555 |
|
5,852 |
|
9,828 |
|
|
Provision for doubtful accounts |
|
— |
|
2,391 |
|
— |
|
4,034 |
|
|
Capitalised interest on pre-delivery payments |
|
(284 |
) |
(13 |
) |
(620 |
) |
(52 |
) |
|
Net gain on sale of assets |
|
(653 |
) |
(9,316 |
) |
(434 |
) |
(8,838 |
) |
|
Mark-to-market of non-hedged derivatives |
|
7,217 |
|
13,311 |
|
3,433 |
|
(5,065 |
) |
|
Deferred taxes |
|
1,404 |
|
2,246 |
|
5,999 |
|
10,105 |
|
|
Share-based compensation |
|
1,932 |
|
2,029 |
|
3,397 |
|
4,302 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Trade receivables and notes receivable, net |
|
(692 |
) |
(1,294 |
) |
5,795 |
|
(15,659 |
) |
|
Inventories |
|
1,697 |
|
247 |
|
6,786 |
|
(121 |
) |
|
Other assets and derivative assets |
|
(84 |
) |
(4,477 |
) |
(5,798 |
) |
(33,420 |
) |
|
Other liabilities |
|
(5,432 |
) |
(9,479 |
) |
(9,489 |
) |
(50,749 |
) |
|
Deferred revenue |
|
(1,865 |
) |
(2,815 |
) |
(3,214 |
) |
(10,612 |
) |
|
Net cash provided by operating activities |
|
157,908 |
|
142,029 |
|
324,080 |
|
234,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of flight equipment |
|
(216,028 |
) |
(138,497 |
) |
(484,675 |
) |
(498,386 |
) |
|
Proceeds from sale/disposal of assets |
|
112,688 |
|
33,408 |
|
220,655 |
|
59,351 |
|
|
Prepayments on flight equipment |
|
(9,636 |
) |
(7,313 |
) |
(17,842 |
) |
(15,991 |
) |
|
Purchase of investments |
|
— |
|
— |
|
— |
|
(2,500 |
) |
|
Movement in restricted cash |
|
12,817 |
|
18,228 |
|
(53,510 |
) |
30,558 |
|
|
Net cash used in investing activities |
|
(100,159 |
) |
(94,174 |
) |
(335,372 |
) |
(426,968 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of debt |
|
469,079 |
|
728,339 |
|
823,669 |
|
1,134,243 |
|
|
Repayment of debt |
|
(420,951 |
) |
(743,344 |
) |
(710,057 |
) |
(987,153 |
) |
|
Debt issuance costs paid |
|
(18,362 |
) |
(9,793 |
) |
(24,288 |
) |
(24,612 |
) |
|
Maintenance payments received |
|
32,567 |
|
18,795 |
|
72,275 |
|
52,702 |
|
|
Maintenance payments returned |
|
(4,931 |
) |
(13,198 |
) |
(23,340 |
) |
(33,736 |
) |
|
Security deposits received |
|
7,733 |
|
10,774 |
|
11,838 |
|
12,684 |
|
|
Security deposits returned |
|
(9,397 |
) |
(19,233 |
) |
(11,322 |
) |
(25,950 |
) |
|
Repurchase of shares |
|
(62,719 |
) |
(1,449 |
) |
(62,719 |
) |
(1,449 |
) |
|
Net cash provided by (used in) financing activities |
|
(6,981 |
) |
(29,109 |
) |
76,056 |
|
126,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
50,768 |
|
18,746 |
|
64,764 |
|
(65,791 |
) |
|
Effect of exchange rate changes |
|
(1,211 |
) |
2,864 |
|
(1,594 |
) |
5,402 |
|
|
Cash and cash equivalents at beginning of period |
|
424,694 |
|
322,451 |
|
411,081 |
|
404,450 |
|
|
Cash and cash equivalents at end of period |
|
$ |
474,251 |
|
$ |
344,061 |
|
$ |
474,251 |
|
$ |
344,061 |
|
9