Exhibit 99.1
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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 |
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PRESS RELEASE |
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Corporate Communications |
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+31 20 655 9616
foberdieck@aercap.com |
AerCap Holdings N.V. Reports Third Quarter 2012 Financial Results
Adjusted net income for the third quarter of 2012 was $62.2 million and adjusted earnings per share was $0.48.
Amsterdam, Netherlands; November 7, 2012 - AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its operations for the third quarter ended September 30, 2012.
Third Quarter 2012 Financial Highlights
· Third quarter 2012 reported net income was $57.9 million, compared with a $7.1 million loss for the same period in 2011. Third quarter 2011 included a $53.5 million one-time charge relating to discontinued operations. Third quarter 2012 reported basic and diluted earnings per share was $0.45, compared with a reported basic and diluted loss per share of $0.05 for the same period in 2011.
· Third quarter 2012 adjusted net income was $62.2 million, compared with third quarter 2011 adjusted net income of $75.6 million. Third quarter 2012 adjusted earnings per share was $0.48, compared with $0.51 for the same period in 2011. The decrease in adjusted net income and adjusted earnings per share was primarily the result of increased default and restructuring related costs and a lower gain on the sale of aircraft.
· Net interest margin earned on lease assets, or net spread, was $176.5 million in the third quarter of 2012 compared with $182.3 million for the same period in 2011. Net interest margin as a percentage of average lease assets was 8.77% for third quarter 2012 as compared to 9.17% for third quarter 2011. The decrease in net interest margin is driven primarily by the higher interest cost relating to the increase in the amount of long-term fixed rate funding plus the impact from defaults mentioned above.
· Total assets were $9.1 billion at September 30, 2012, a decrease of 4% over total assets of $9.6 billion at September 30, 2011. The net decrease is primarily
1
attributable to the sale of AeroTurbine, which was partially offset by new aircraft deliveries.
· Debt to equity ratio was 2.8 to 1 at September 30, 2012, unchanged from the September 30, 2011 period.
· Committed purchases of aviation assets delivered or scheduled for delivery in 2012 are $1,101 million, of which $743 million closed in the first nine months of 2012. The total amount of aircraft acquisitions in the third quarter 2012 was $225 million.
· Repurchases of 12.9 million shares were completed in third quarter 2012 with a total cost of $154.7 million (average price per share of $11.99). Repurchases of 18.5 million shares were completed in the first nine months of 2012 with a total cost of $217.4 million (average price per share of $11.75). The book value per share at September 30, 2012 was $18.25.
· The total amount of financing transactions closed in the third quarter 2012 was $210 million. The total amount of financing transactions completed in the first nine months was $860 million.
Aengus Kelly, CEO of AerCap, commented: “During the third quarter we remained focused on executing our operating strategy. In that regard, we maintained a fleet wide utilization rate of 98%, and continued our efforts to optimize the fleet through the acquisition of next generation aircraft along with the disposal of certain older aircraft. Related to aircraft acquisitions, we raised over $210 million of long term debt to finance deliveries. Finally, due to our robust liquidity position, we took advantage of a unique opportunity during the quarter to acquire 12.9 million of our shares at an average price of $11.99. This repurchase coupled with the repurchases completed earlier this year demonstrate our commitment and focus to enhance shareholder value.”
AerCap’s CFO, Keith Helming, added: “Given the ongoing volatility in the global markets, we are pleased with the financial results reported today. We continue our concerted efforts to optimize our aircraft portfolio with an average age of 5.8 years, which is among the youngest in the aircraft leasing sector. In addition, our liquidity profile remains strong which positions us further to execute on additional investment opportunities.”
Net Income
Set forth below are the details to reconcile reported net income to adjusted net income, including the specific adjustments.
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
57.9 |
|
$ |
(7.1 |
) |
915 |
% |
$ |
152.5 |
|
$ |
95.8 |
|
59 |
% |
|
Plus: mark-to-market of interest rate caps, net of tax |
|
2.7 |
|
27.6 |
|
(90 |
)% |
12.5 |
|
47.9 |
|
(74 |
)% |
|
share-based compensation, net of tax |
|
1.6 |
|
1.6 |
|
0 |
% |
4.6 |
|
4.1 |
|
12 |
% |
|
Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation |
|
62.2 |
|
22.1 |
|
181 |
% |
169.6 |
|
147.8 |
|
15 |
% |
|
Plus: buy-out of the Genesis portfolio servicing rights, net of tax |
|
— |
|
— |
|
0 |
% |
— |
|
21.4 |
|
(100 |
)% |
|
loss on discontinued operations |
|
— |
|
53.5 |
|
(100 |
)% |
— |
|
54.1 |
|
(100 |
)% |
|
non-recurring charges to interest expense from the early repayment of secured loans, net of tax |
|
— |
|
— |
|
100 |
% |
20.9 |
|
— |
|
100 |
% |
|
Adjusted net income |
|
62.2 |
|
75.6 |
|
(18 |
)% |
190.5 |
|
223.3 |
|
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The decrease in adjusted net income, in the third quarter of 2012 compared with the third quarter of 2011, was mainly the result of increased default and restructuring related costs.
2
and a lower gain on the sale of aircraft.
Revenue and Net Spread
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Three months ended
September 30, |
|
Nine months ended
September 30, |
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|
|
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents |
|
$ |
239.5 |
|
$ |
238.6 |
|
0 |
% |
$ |
709.6 |
|
$ |
714.1 |
|
(1 |
)% |
|
Maintenance rents and other receipts |
|
24.1 |
|
27.0 |
|
(11 |
)% |
54.2 |
|
73.3 |
|
(26 |
)% |
|
Lease revenue |
|
263.6 |
|
265.6 |
|
(1 |
)% |
763.8 |
|
787.4 |
|
(3 |
)% |
|
Net gain on sale of assets |
|
0.6 |
|
4.0 |
|
(85 |
)% |
1.0 |
|
9.2 |
|
(89 |
)% |
|
Management fees and interest income |
|
4.1 |
|
5.3 |
|
(23 |
)% |
13.7 |
|
16.7 |
|
(18 |
)% |
|
Other revenue |
|
1.2 |
|
1.4 |
|
(14 |
)% |
1.8 |
|
4.2 |
|
(57 |
)% |
|
Total revenue |
|
$ |
269.5 |
|
$ |
276.3 |
|
(2 |
)% |
$ |
780.3 |
|
$ |
817.5 |
|
(5 |
)% |
Basic lease rents were $239.5 million for the third quarter of 2012, compared to $238.6 for the same period in 2011. Our average lease assets increased by 1% to $8.1 billion compared with the third quarter of 2011.
Basic rents, maintenance rents and other receipts, or total lease revenue, for the third quarter of 2012 was $263.6 million, compared to $265.6 million for the same period in 2011, a decrease of 1%. The decrease is driven by the impact from defaults and restructurings previously mentioned.
Net gain on sale of aircraft for the third quarter of 2012 was $0.6 million, compared to $4.0 million for the same period in 2011. During the third quarter of 2012 we sold one A330 aircraft and one A320 aircraft.
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|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic lease rents |
|
$ |
239.5 |
|
$ |
238.6 |
|
0 |
% |
$ |
709.6 |
|
$ |
714.1 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on debt |
|
66.1 |
(a) |
88.1 |
|
(25 |
)% |
223.7 |
|
229.7 |
|
(3 |
)% |
|
Plus: mark-to-market of interest rate caps |
|
(3.1 |
) |
(31.8 |
) |
(90 |
)% |
(14.4 |
) |
(55.4 |
) |
(74 |
)% |
|
non-recurring charges to interest expense from repayment of secured loans |
|
— |
|
— |
|
100 |
% |
(23.9 |
) |
— |
|
100 |
% |
|
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 |
|
63.0 |
|
56.3 |
|
12 |
% |
185.4 |
|
174.3 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin, or net spread |
|
$ |
176.5 |
|
$ |
182.3 |
|
(3 |
)% |
$ |
524.2 |
|
$ |
539.8 |
|
(3 |
)% |
(a) Interest on debt for the quarter ended September 30, 2012 includes $6.8 million of amortization of debt issuance costs.
As shown in the table above, interest expense excluding the impact of the mark-to-market of interest rate caps was $63.0 million in the third quarter of 2012, a 12% increase compared with the third quarter of 2011. The increase was driven primarily by an increase in the amount of long-term, fixed rate funding. Net spread in the third quarter of 2012 decreased 3% compared with the same period in 2011.
3
Selling, General and Administrative Expenses
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market of foreign currency hedges, foreign currency balances and other derivatives |
|
$ |
— |
|
$ |
11.4 |
|
(100 |
)% |
$ |
(3.0 |
) |
$ |
3.9 |
|
(177 |
)% |
|
Share-based compensation expenses |
|
1.8 |
|
1.8 |
|
0 |
% |
5.2 |
|
4.7 |
|
11 |
% |
|
Other selling, general and administrative expenses |
|
20.5 |
|
18.8 |
|
9 |
% |
58.1 |
|
89.7 |
(a) |
(35 |
)% |
|
Total selling, general and administrative expenses |
|
$ |
22.3 |
|
$ |
32.0 |
|
(30 |
)% |
$ |
60.3 |
|
$ |
98.3 |
|
(39 |
)% |
(a) Other selling, general and administrative expenses for the nine months ended September 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 nine months of 2012 was 5.5%. The blended effective tax rate in 2011 was 6.7%.
Financial Position
|
|
|
September 30,
2012 |
|
September 30,
2011 |
|
% increase/
(decrease)
over
September 30,
2011 |
|
|
|
|
|
|
|
|
|
|
|
Total cash (incl. restricted) |
|
$ |
620.0 |
|
$ |
485.0 |
|
28 |
% |
|
Flight equipment held for lease |
|
8,045.7 |
|
7,936.0 |
|
1 |
% |
|
Total assets |
|
9,133.8 |
|
9,553.4 |
|
(4 |
)% |
|
Debt |
|
6,131.2 |
|
6,200.7 |
|
(1 |
)% |
|
Total liabilities |
|
6,915.8 |
|
7,308.5 |
|
(5 |
)% |
|
Total equity |
|
2,218.1 |
|
2,244.9 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
Debt/equity ratio |
|
2.8 |
|
2.8 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
As of September 30, 2012, AerCap’s portfolio consisted of 337 aircraft 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:
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 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 flows from our lease, debt and other contracts. We do not apply hedge accounting to our interest rate caps. As a result, we
4
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 nine-month periods ended September 30, 2012 and 2011:
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
2012 |
|
2011 |
|
% increase/
(decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
57.9 |
|
$ |
(7.1 |
) |
915 |
% |
$ |
152.5 |
|
$ |
95.8 |
|
59 |
% |
|
Plus: mark-to-market of interest rate caps, net of tax |
|
2.7 |
|
27.6 |
|
(90 |
)% |
12.5 |
|
47.9 |
|
(74 |
)% |
|
share-based compensation, net of tax |
|
1.6 |
|
1.6 |
|
0 |
% |
4.6 |
|
4.1 |
|
12 |
% |
|
Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation |
|
62.2 |
|
22.1 |
(a) |
181 |
% |
169.6 |
(b) |
147.8 |
(c) |
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Third quarter 2011 adjusted net income of $75.6 million also excludes the one-time charges relating to the sale of AeroTurbine of $53.5 million, net of tax.
(b) Adjusted net income of $190.5 million for the nine months ended September 30, 2012 also excludes the non-recurring charges to interest expense from the early repayment of secured loans of $20.9 million, net of tax.
(c) Adjusted net income of $223.3 million for the nine months ended September 30, 2011 also excludes the one-time charge relating to the buy-out of the Genesis portfolio servicing rights of $21.4 million, net of tax and the one-time charges relating to the sale of AeroTurbine of $54.1 million, net of tax.
Net interest margin, or net spread (refer to second table under Revenue and Net Spread 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.
Conference Call
In connection with the earnings release, management will host an earnings conference call today, Wednesday, November 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) 1-480-629-9835 or (International) +31-20-794-8504 and referencing code 4567280 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.
In addition, a New York Group Lunch Presentation for investors and analysts will be hosted by AerCap’s management today, Wednesday, November 7, 2012, 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: http://client.sharedvalue.net/AerCap/Q312
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)
|
|
|
September 30, 2012 |
|
December 31, 2011 |
|
September 30, 2011 |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
309,654 |
|
$ |
411,081 |
|
$ |
274,337 |
|
|
Restricted cash |
|
310,309 |
|
237,325 |
|
210,631 |
|
|
Trade receivables, net of provisions |
|
12,657 |
|
16,063 |
|
13,353 |
|
|
Flight equipment held for operating leases, net |
|
8,045,708 |
|
7,895,874 |
|
7,936,045 |
|
|
Net investment in direct finance leases |
|
22,426 |
|
25,094 |
|
26,193 |
|
|
Notes receivables, net of provisions |
|
9,105 |
|
5,200 |
|
7,073 |
|
|
Prepayments on flight equipment |
|
50,723 |
|
95,619 |
|
81,524 |
|
|
Investments |
|
90,602 |
|
84,079 |
|
81,686 |
|
|
Intangibles |
|
20,950 |
|
29,677 |
|
34,232 |
|
|
Inventory |
|
6,506 |
|
13,953 |
|
16,470 |
|
|
Derivative assets |
|
10,176 |
|
21,050 |
|
24,165 |
|
|
Deferred income taxes |
|
83,678 |
|
91,258 |
|
101,235 |
|
|
Other assets |
|
161,320 |
|
181,359 |
|
184,597 |
|
|
Disposal group assets (AeroTurbine) |
|
— |
|
— |
|
561,843 |
|
|
Total Assets |
|
$ |
9,133,814 |
|
$ |
9,107,632 |
|
$ |
9,553,384 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
406 |
|
$ |
4,142 |
|
$ |
5,931 |
|
|
Accrued expenses and other liabilities |
|
92,315 |
|
74,458 |
|
73,027 |
|
|
Accrued maintenance liability |
|
525,702 |
|
452,582 |
|
427,989 |
|
|
Lessee deposit liability |
|
101,999 |
|
102,844 |
|
100,783 |
|
|
Debt |
|
6,131,199 |
* |
6,111,165 |
|
6,200,711 |
|
|
Accrual for onerous contracts |
|
— |
|
3,971 |
|
6,209 |
|
|
Deferred revenue |
|
47,249 |
|
47,994 |
|
48,440 |
|
|
Derivative liabilities |
|
16,885 |
|
27,159 |
|
36,459 |
|
|
Disposal group liabilities (AeroTurbine) |
|
— |
|
— |
|
408,917 |
|
|
Total liabilities |
|
6,915,755 |
|
6,824,315 |
|
7,308,466 |
|
|
|
|
|
|
|
|
|
|
|
Ordinary share capital €0.01 par value (250,000,000 ordinary shares authorized, 121,507,414 ordinary shares issued and outstanding) |
|
1,278 |
|
1,570 |
|
1,570 |
|
|
Additional paid-in capital |
|
1,029,593 |
|
1,340,205 |
|
1,338,736 |
|
|
Treasury stock (105,379 ordinary shares) |
|
(1,300 |
) |
(100,000 |
) |
(60,632 |
) |
|
Accumulated other comprehensive income loss |
|
(10,927 |
) |
(8,513 |
) |
(8,351 |
) |
|
Accumulated retained earnings |
|
1,196,476 |
|
1,043,974 |
|
967,586 |
|
|
Total AerCap Holdings N.V. shareholders’ equity |
|
2,215,120 |
|
2,277,236 |
|
2,238,909 |
|
|
Non-controlling interest |
|
2,939 |
|
6,081 |
|
6,009 |
|
|
Total Equity |
|
2,218,059 |
|
2,283,317 |
|
2,244,918 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
9,133,814 |
|
$ |
9,107,632 |
|
$ |
9,553,384 |
|
* Includes $64.3 million of subordinated debt received from our joint venture partners
|
|
|
September 30, 2012 |
|
December 31, 2011 |
|
September 30, 2011 |
|
|
Supplemental information |
|
|
|
|
|
|
|
|
Debt/equity ratio |
|
2.8 |
|
2.7 |
|
2.8 |
|
|
Debt/equity ratio (adjusted for subordinated debt) |
|
2.7 |
|
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
September 30, |
|
Nine months ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
263,570 |
|
$ |
265,562 |
|
$ |
763,751 |
|
$ |
787,339 |
|
|
Net gain on sale of assets |
|
601 |
|
3,976 |
|
1,035 |
|
9,159 |
|
|
Management fee revenue |
|
3,692 |
|
4,637 |
|
12,396 |
|
14,874 |
|
|
Interest revenue |
|
405 |
|
668 |
|
1,351 |
|
1,849 |
|
|
Other revenue |
|
1,250 |
|
1,438 |
|
1,764 |
|
4,249 |
|
|
Total Revenues |
|
269,518 |
|
276,281 |
|
780,297 |
|
817,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
93,364 |
|
90,135 |
|
275,479 |
|
271,378 |
|
|
Asset impairment |
|
7,399 |
|
3,834 |
|
7,399 |
|
11,583 |
|
|
Interest on debt |
|
66,097 |
|
88,074 |
|
223,718 |
|
229,691 |
|
|
Operating lease-in costs |
|
1,592 |
|
3,017 |
|
4,494 |
|
9,057 |
|
|
Leasing expenses |
|
23,314 |
|
13,478 |
|
59,657 |
|
43,258 |
|
|
Provision for doubtful accounts |
|
— |
|
— |
|
— |
|
2,311 |
|
|
Selling, general and administrative expenses |
|
22,284 |
|
32,018 |
|
60,330 |
|
98,265 |
|
|
Total Expenses |
|
214,050 |
|
230,556 |
|
631,077 |
|
665,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes and income of investments accounted for under the equity method |
|
55,468 |
|
45,725 |
|
149,220 |
|
151,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(732 |
) |
(2,532 |
) |
(8,229 |
) |
(10,086 |
) |
|
Net income of investments accounted for under the equity method |
|
1,907 |
|
3,340 |
|
8,369 |
|
8,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income from continuing operations |
|
56,643 |
|
46,533 |
|
149,360 |
|
150,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of tax (AeroTurbine) |
|
— |
|
(53,481 |
) |
— |
|
(54,063 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
56,643 |
|
(6,948 |
) |
149,360 |
|
96,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income) attributable to non-controlling interest |
|
1,268 |
|
(147 |
) |
3,142 |
|
(453 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to AerCap Holdings N.V |
|
$ |
57,911 |
|
$ |
(7,095 |
) |
$ |
152,502 |
|
$ |
95,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earnings (loss) per share, basic and diluted |
|
$ |
0.45 |
|
$ |
(0.05 |
) |
$ |
1.12 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
128,369,027 |
|
147,430,663 |
|
135,635,274 |
|
148,618,178 |
|
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
September 30, |
|
Nine months ended
September 30, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
56,643 |
|
$ |
(6,948 |
) |
$ |
149,360 |
|
$ |
96,289 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
93,364 |
|
97,846 |
|
275,479 |
|
295,023 |
|
|
Asset impairment |
|
7,399 |
|
7,752 |
|
7,399 |
|
20,485 |
|
|
Amortization of debt issuance costs |
|
6,765 |
|
8,417 |
|
44,306 |
|
25,965 |
|
|
Amortization of intangibles |
|
2,875 |
|
4,109 |
|
8,727 |
|
13,937 |
|
|
Provision for doubtful accounts |
|
— |
|
(215 |
) |
— |
|
3,819 |
|
|
Capitalised interest on pre-delivery payments |
|
(244 |
) |
(322 |
) |
(864 |
) |
(374 |
) |
|
Net gain on sale of assets |
|
(601 |
) |
(3,976 |
) |
(1,035 |
) |
(12,814 |
) |
|
Loss on discontinued operations (AeroTurbine) |
|
— |
|
53,481 |
|
— |
|
54,063 |
|
|
Mark-to-market of non-hedged derivatives |
|
(972 |
) |
33,589 |
|
2,461 |
|
28,524 |
|
|
Deferred taxes |
|
1,926 |
|
2,469 |
|
7,925 |
|
12,574 |
|
|
Share-based compensation |
|
1,813 |
|
465 |
|
5,210 |
|
4,767 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Trade receivables and notes receivable, net |
|
(6,294 |
) |
1,086 |
|
(499 |
) |
(14,573 |
) |
|
Inventories |
|
661 |
|
(20,496 |
) |
7,447 |
|
(20,617 |
) |
|
Other assets and derivative assets |
|
2,514 |
|
(7,466 |
) |
(3,284 |
) |
(40,887 |
) |
|
Other liabilities |
|
19,034 |
|
30,817 |
|
9,545 |
|
(20,514 |
) |
|
Deferred revenue |
|
2,469 |
|
1,769 |
|
(745 |
) |
(8,843 |
) |
|
Net cash provided by operating activities |
|
187,352 |
|
202,377 |
|
511,432 |
|
436,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of flight equipment |
|
(193,556 |
) |
(184,823 |
) |
(678,231 |
) |
(683,209 |
) |
|
Proceeds from sale/disposal of assets |
|
107,666 |
|
56,477 |
|
328,321 |
|
115,828 |
|
|
Prepayments on flight equipment |
|
(11,225 |
) |
(17,292 |
) |
(29,067 |
) |
(33,283 |
) |
|
Purchase of investments |
|
— |
|
— |
|
— |
|
(2,500 |
) |
|
Movement in restricted cash |
|
(19,474 |
) |
(19,695 |
) |
(72,984 |
) |
10,863 |
|
|
Net cash used in investing activities |
|
(116,589 |
) |
(165,333 |
) |
(451,961 |
) |
(592,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of debt |
|
108,163 |
|
348,746 |
|
931,832 |
|
1,482,989 |
|
|
Repayment of debt |
|
(202,056 |
) |
(360,652 |
) |
(912,113 |
) |
(1,347,805 |
) |
|
Debt issuance costs paid |
|
(4,169 |
) |
(5,440 |
) |
(28,457 |
) |
(30,052 |
) |
|
Maintenance payments received |
|
31,575 |
|
22,550 |
|
103,850 |
|
75,252 |
|
|
Maintenance payments returned |
|
(13,412 |
) |
(10,243 |
) |
(36,752 |
) |
(43,979 |
) |
|
Security deposits received |
|
3,195 |
|
1,351 |
|
15,033 |
|
14,035 |
|
|
Security deposits returned |
|
(3,619 |
) |
(7,289 |
) |
(14,941 |
) |
(33,239 |
) |
|
Repurchase of shares |
|
(154,695 |
) |
(59,183 |
) |
(217,414 |
) |
(60,632 |
) |
|
Net cash provided by (used in) financing activities |
|
(235,018 |
) |
(70,160 |
) |
(158,962 |
) |
56,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(164,255 |
) |
(33,116 |
) |
(99,491 |
) |
(98,908 |
) |
|
Effect of exchange rate changes |
|
(342 |
) |
901 |
|
(1,936 |
) |
6,304 |
|
|
Less cash and cash equivalents of discontinued operations at end of period |
|
— |
|
(37,509 |
) |
— |
|
(37,509 |
) |
|
Cash and cash equivalents at beginning of period |
|
474,251 |
|
344,061 |
|
411,081 |
|
404,450 |
|
|
Cash and cash equivalents at end of period |
|
$ |
309,654 |
|
$ |
274,337 |
|
$ |
309,654 |
|
$ |
274,337 |
|
9