Exhibit 99.1
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For Investors:
Keith Helming
Chief Financial Officer
+31 20 655 9670
khelming@aercap.com |
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Peter Wortel
Investor Relations
+31 20 655 9658
pwortel@aercap.com |
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PRESS RELEASE |
For Media:
Frauke Oberdieck
Corporate Communications
+31 20 655 9616
foberdieck@aercap.com |
AerCap Holdings N.V. Reports Fourth Quarter and Full Year 2012 Financial Results
Adjusted net income and earnings per share for the full year 2012 was $258.0 million and $1.96 respectively. During 2012:
· 59 aircraft were sold with an average age of nearly 10 years,
· 26.5 million shares were repurchased at a 33% discount to book value,
· $1.1 billion of new aircraft were purchased, and
· $1.5 billion of financing transactions were completed.
Amsterdam, Netherlands; February 20, 2013 - AerCap Holdings N.V. (the “Company” or “AerCap”) (NYSE: AER) today announced the results of its operations for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter 2012 Financial Highlights
· Fourth quarter 2012 reported net income was $11.2 million, compared with $76.4 million for the same period in 2011. Fourth quarter 2012 reported basic and diluted earnings per share was $0.09, compared with $0.54 for the same period in 2011.
· Fourth quarter 2012 included a $54.6 million charge, net of tax, relating to the sale of our ALS portfolio which is essentially offset by expected future servicing fees and interest income.
· Fourth quarter 2012 adjusted net income was $67.5 million, compared with $79.8 million for the same period in 2011. Fourth quarter 2012 adjusted earnings per share was $0.57, unchanged from the same period in 2011.
· The sale of our ALS securitization portfolio results in cash generation of approximately $380 million, inclusive of expected future servicing fees, and reduces the average age of the AerCap portfolio to 5.1 years.
· Net interest margin earned on lease assets, or net spread, was $159.9 million in the fourth quarter of 2012 compared with $178.3 million for the same period in 2011. Net interest margin as a percentage of average lease assets was 8.5% for
1
fourth quarter 2012 as compared with 9.0% for the same period in 2011. The decrease is attributable primarily to the sale of the ALS portfolio.
· Total assets were $8.6 billion at December 31, 2012, a decrease of 8% over total assets of $9.1 billion at December 31, 2011. The net decrease was primarily attributable to the sale of the ALS portfolio, which was partially offset by new aircraft deliveries.
· The debt to equity ratio was 2.7 to 1 at December 31, 2012, unchanged from December 31, 2011.
· Financing transactions totaling $670 million were closed, including a $285 million working capital facility.
· Unrestricted cash as of December 31, 2012 was $520.4 million. In addition, the undrawn working capital facility of $285 million was available.
Aengus Kelly, CEO of AerCap, commented: “2012 was an outstanding year for AerCap. We became the first and only independent lessor to be rated investment grade. We also executed a large share buyback program that has generated significant value for our shareholders. In addition, we continued with our proactive portfolio management strategy, disposing of over $1.4 billion of predominantly older aircraft and acquiring over $1.1 billion of new aircraft on long term leases. All of this was achieved as we continued to produce industry leading profitability with $258 million of adjusted net income.”
Full Year 2012 Financial Highlights
· Full year 2012 reported net income was $163.7 million, compared with $172.2 million for full year 2011. Full year 2012 reported basic and diluted earnings per share was $1.24, compared with $1.17 for full year 2011.
· Full year 2012 adjusted net income was $258.0 million, compared with $303.1 million for full year 2011. Full year 2012 adjusted earnings per share was $1.96, compared with $2.07 for full year 2011.
· Net interest margin earned on lease assets, or net spread, was $684.2 million for the full year 2012 compared with $718.1 million for full year 2011. Net interest margin as a percent to average lease assets was 8.70% for full year 2012 as compared with 9.05% for full year 2011. The decrease is attributable primarily to the sale of the ALS portfolio.
· Repurchases of 26.5 million shares were completed in 2012 with a total cost of $320 million (average price per share of $12.06). The book value per share at December 31, 2012 was $18.74, as compared with $16.28 at December 31, 2011.
AerCap’s CFO, Keith Helming, added: “We are extremely pleased with our capital raising initiatives during 2012, completing $1.5 billion of financing transactions including the Company’s initial $300 million unsecured bond issuance in May. Additionally, the fourth quarter sale of our ALS portfolio and closing of the working capital facility improved the company’s liquidity by $650 million. As a result, the Company is extremely well positioned for 2013 with year-end liquidity of over $800 million including unrestricted cash.”
2
Net Income
Set forth below are the details to reconcile reported net income to adjusted net income, including the specific adjustments.
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Three months ended |
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Twelve months ended |
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December 31, |
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December 31, |
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% increase/ |
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% increase/ |
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2012 |
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2011 |
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(decrease) |
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2012 |
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2011 |
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(decrease) |
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Net income |
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$ |
11.2 |
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$ |
76.4 |
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(85 |
)% |
$ |
163.7 |
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$ |
172.2 |
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(5 |
)% |
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Plus: mark-to-market of interest rate caps, net of tax |
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— |
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3.4 |
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(100 |
)% |
12.5 |
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51.3 |
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(76 |
)% |
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share-based compensation, net of tax |
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1.7 |
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1.3 |
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31 |
% |
6.3 |
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5.4 |
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17 |
% |
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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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12.9 |
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81.1 |
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(84 |
)% |
182.5 |
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228.9 |
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(20 |
)% |
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Plus: buy-out of the Genesis portfolio servicing rights, net of tax |
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— |
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— |
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NA |
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— |
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21.4 |
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(100 |
)% |
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(gain) loss on discontinued operations |
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— |
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(1.3 |
) |
(100 |
)% |
— |
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52.8 |
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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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— |
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— |
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NA |
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20.9 |
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— |
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NA |
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net loss on sale of ALS portfolio |
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54.6 |
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— |
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NA |
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54.6 |
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— |
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NA |
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Adjusted net income |
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67.5 |
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79.8 |
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(15 |
)% |
258.0 |
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303.1 |
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(15 |
)% |
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The decrease in adjusted net income, in the fourth quarter of 2012 compared with the fourth quarter of 2011, was driven primarily by the impact from defaults and restructurings.
Revenue and Net Spread
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Three months ended |
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December 31, |
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December 31, |
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% increase/ |
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% increase/ |
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2012 |
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2011 |
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(decrease) |
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2012 |
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2011 |
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(decrease) |
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Lease revenue: |
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Basic lease rents |
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$ |
222.2 |
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$ |
237.2 |
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(6 |
)% |
$ |
931.9 |
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$ |
951.3 |
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(2 |
)% |
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Maintenance rents and other receipts |
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11.2 |
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26.0 |
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(57 |
)% |
65.3 |
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99.2 |
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(34 |
)% |
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Lease revenue |
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233.4 |
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263.2 |
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(11 |
)% |
997.2 |
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1,050.5 |
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(5 |
)% |
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Net (loss) gain on sale of assets |
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(47.5 |
) |
0.1 |
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(47,600 |
)% |
(46.4 |
) |
9.3 |
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(599 |
)% |
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Management fees and interest income |
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6.0 |
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5.2 |
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15 |
% |
19.7 |
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21.8 |
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(10 |
)% |
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Other revenue |
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0.3 |
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8.0 |
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(96 |
)% |
2.0 |
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12.3 |
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(84 |
)% |
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Total revenue |
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$ |
192.2 |
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$ |
276.5 |
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(30 |
)% |
$ |
972.5 |
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$ |
1,093.9 |
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(11 |
)% |
Basic lease rents were $222.2 million for the fourth quarter of 2012, a decrease of 6% compared with the same period in 2011, due primarily to the sale of the ALS portfolio. Our average lease assets decreased by 5% to $7.5 billion compared with the fourth quarter of 2011.
Basic rents, maintenance rents and other receipts, or total lease revenue, for the fourth quarter of 2012 was $233.4 million, compared with $263.2 million for the same period in 2011, a decrease of 11%. The decrease is driven by the sale of the ALS portfolio and defaults and restructurings.
Net loss on sale of assets for the fourth quarter of 2012 was $47.5 million. This included a $59.9 million pretax loss on sale of the ALS portfolio. Net gain on sale of aircraft excluding this $59.9 million loss was $12.4 million, compared to $0.1 million for the same period in 2011.
3
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Three months ended |
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Twelve months ended |
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December 31, |
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December 31, |
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% increase/ |
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% increase/ |
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2012 |
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2011 |
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(decrease) |
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2012 |
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2011 |
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(decrease) |
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Basic lease rents |
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$ |
222.2 |
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$ |
237.2 |
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(6 |
)% |
$ |
931.9 |
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$ |
951.3 |
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(2 |
)% |
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Interest on debt |
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62.3 |
(a) |
62.8 |
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(1 |
)% |
286.0 |
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292.5 |
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(2 |
)% |
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Plus: mark-to-market of interest rate caps |
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— |
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(3.9 |
) |
(100 |
)% |
(14.4 |
) |
(59.3 |
) |
(76 |
)% |
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non-recurring charges to interest expense from repayment of secured loans |
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— |
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— |
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NA |
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(23.9 |
) |
— |
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NA |
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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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62.3 |
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58.9 |
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6 |
% |
247.7 |
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233.2 |
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6 |
% |
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Net interest margin, or net spread |
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$ |
159.9 |
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$ |
178.3 |
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(10 |
)% |
$ |
684.2 |
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$ |
718.1 |
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(5 |
)% |
(a) Interest on debt for the quarter ended December 31, 2012 includes $6.7 million of amortization of debt issuance costs. Interest on debt for the year ended December 31, 2012 includes $51.0 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 $62.3 million in the fourth quarter of 2012, a 6% increase compared with the same period in 2011. The increase was driven primarily by an increase in the amount of long-term, fixed rate funding. Net spread in the fourth quarter of 2012 decreased 10% compared with the same period in 2011, due primarily to the sale of the ALS portfolio.
Selling, General and Administrative expenses
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Three months ended |
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Twelve months ended |
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December 31, |
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December 31, |
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% increase/ |
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% increase/ |
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2012 |
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2011 |
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(decrease) |
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2012 |
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2011 |
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(decrease) |
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Mark-to-market of foreign currency hedges, foreign currency balances and other derivatives |
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$ |
0.1 |
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$ |
(1.1 |
) |
(109 |
)% |
$ |
(2.9 |
) |
$ |
2.8 |
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(204 |
)% |
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Share-based compensation expenses |
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1.9 |
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1.5 |
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27 |
% |
7.5 |
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6.2 |
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21 |
% |
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Other selling, general and administrative expenses |
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21.1 |
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22.1 |
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(5 |
)% |
78.8 |
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111.7 |
(a) |
(29 |
)% |
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Total selling, general and administrative expenses |
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$ |
23.1 |
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$ |
22.5 |
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3 |
% |
$ |
83.4 |
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$ |
120.7 |
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(31 |
)% |
(a) Other selling, general and administrative expenses for the twelve months ended December 31, 2011 includes $24.5 million one-time pre-tax charge relating to the buy-out of the Genesis portfolio servicing rights.
Effective Tax Rate
AerCap’s blended effective tax rate during the full year 2012 was 5.2%. The blended effective tax rate in 2011 was 6.7%.
4
Financial Position
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% increase/ |
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(decrease) |
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over |
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December |
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December |
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December |
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31, 2012 |
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31, 2011 |
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31, 2011 |
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Total cash (incl. restricted) |
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$ |
800.2 |
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$ |
648.4 |
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23 |
% |
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Flight equipment held for lease |
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7,261.9 |
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7,895.9 |
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(8 |
)% |
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Total assets |
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8,581.4 |
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9,107.6 |
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(6 |
)% |
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Debt |
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5,803.5 |
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6,111.2 |
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(5 |
)% |
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Total liabilities |
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6,458.5 |
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6,824.3 |
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(5 |
)% |
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Total equity |
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2,122.9 |
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2,283.3 |
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(7 |
)% |
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Debt/equity ratio |
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2.7 |
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2.7 |
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0 |
% |
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As of December 31, 2012, AerCap’s portfolio consisted of 333 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, adjusted net income excludes the following non-recurring charges:
· Fourth quarter 2012 adjusted net income of $67.5 million excludes the loss on sale of the ALS portfolio of $54.6 million, net of tax.
· Adjusted net income of $258.0 million for the twelve months ended December 31, 2012 excludes the non-recurring charges to interest expense from the early repayment of secured loans of $20.9 million, net of tax and the loss on sale of the ALS portfolio of $54.6 million, net of tax.
· Adjusted net income of $303.1 million for the twelve months ended December 31, 2011 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 $52.8 million, net of tax.
In addition to GAAP net income and earnings per share, we believe these measures may provide investors with supplemental information regarding our operational performance and may further assist investors in their understanding of our operational performance in relation to past and future reporting periods. We use interest rate caps to allow us to benefit from decreasing interest rates and protect against the negative impact of rising interest rates on our floating rate debt. Management determines the appropriate level of caps in any period with reference to the mix of floating and fixed cash flows from our lease, debt and other contracts. We do not apply hedge accounting to our interest rate caps. As a result, we recognize the change in fair value of the interest rate caps in our income statement during each period.
5
Following is a reconciliation of adjusted net income to net income for the three- and twelve-month periods ended December 31, 2012 and 2011:
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Three months ended |
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Twelve months ended |
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December 31, |
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December 31, |
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% increase/ |
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% increase/ |
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2012 |
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2011 |
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(decrease) |
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2012 |
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2011 |
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(decrease) |
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Net income |
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$ |
11.2 |
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$ |
76.4 |
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(85 |
)% |
$ |
163.7 |
|
$ |
172.2 |
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(5 |
)% |
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Plus: mark-to-market of interest rate caps, net of tax |
|
— |
|
3.4 |
|
(100 |
)% |
12.5 |
|
51.3 |
|
(76 |
)% |
|
share-based compensation, net of tax |
|
1.7 |
|
1.3 |
|
31 |
% |
6.3 |
|
5.4 |
|
17 |
% |
|
Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation |
|
12.9 |
|
81.1 |
|
(84 |
)% |
182.5 |
|
228.9 |
|
(20 |
)% |
|
Plus: buy-out of the Genesis portfolio servicing rights, net of tax |
|
— |
|
— |
|
NA |
|
— |
|
21.4 |
|
(100 |
)% |
|
(gain) loss on discontinued operations |
|
— |
|
(1.3 |
) |
(100 |
)% |
— |
|
52.8 |
|
(100 |
)% |
|
non-recurring charges to interest expense from the early repayment of secured loans, net of tax |
|
— |
|
— |
|
NA |
|
20.9 |
|
— |
|
NA |
|
|
net loss on sale of ALS portfolio |
|
54.6 |
|
— |
|
NA |
|
54.6 |
|
— |
|
NA |
|
|
Adjusted net income |
|
67.5 |
|
79.8 |
|
(15 |
)% |
258.0 |
|
303.1 |
|
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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, February 20, 2013 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 4589204 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, February 20, 2013, at 12:30 pm Eastern Time at The Waldorf Astoria (the Peacock Alley West Room), 301 Park Avenue, New York. Doors will open at 12:00 pm.
To participate in either event, please register at: http://client.sharedvalue.net/AerCap/Q412
For further information, contact Peter Wortel: +31 20 655 9658 (pwortel@aercap.com)
or Mark Walter (Shared Value): +44 (0)20 7321 5039 (aercap@sharedvalue.net).
6
About AerCap Holdings N.V.
AerCap is one of the world’s leading aircraft leasing companies and has one of the youngest fleets in the industry. AerCap is a New York Stock Exchange-listed company (AER) and has its headquarters 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
7
AerCap Holdings N.V.
Unaudited Consolidated Balance Sheets
(In thousands of U.S. Dollars)
|
|
|
December 31, 2012 |
|
December 31, 2011 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
520,401 |
|
$ |
411,081 |
|
|
Restricted cash |
|
279,843 |
|
237,325 |
|
|
Trade receivables, net of provisions |
|
6,636 |
|
16,063 |
|
|
Flight equipment held for operating leases, net |
|
7,261,899 |
|
7,895,874 |
|
|
Net investment in direct finance leases |
|
21,350 |
|
25,094 |
|
|
Notes receivables |
|
78,163 |
|
5,200 |
|
|
Prepayments on flight equipment |
|
53,594 |
|
95,619 |
|
|
Investments |
|
93,862 |
|
84,079 |
|
|
Intangibles |
|
18,100 |
|
29,677 |
|
|
Inventory |
|
— |
|
13,953 |
|
|
Derivative assets |
|
9,993 |
|
21,050 |
|
|
Deferred income taxes |
|
79,726 |
|
91,258 |
|
|
Other assets |
|
157,851 |
|
181,359 |
|
|
Total Assets |
|
$ |
8,581,418 |
|
$ |
9,107,632 |
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
739 |
|
$ |
4,142 |
|
|
Accrued expenses and other liabilities |
|
91,951 |
|
74,458 |
|
|
Accrued maintenance liability |
|
421,830 |
|
452,582 |
|
|
Lessee deposit liability |
|
86,268 |
|
102,844 |
|
|
Debt |
|
5,803,499 |
* |
6,111,165 |
|
|
Accrual for onerous contracts |
|
— |
|
3,971 |
|
|
Deferred revenue |
|
39,547 |
|
47,994 |
|
|
Derivative liabilities |
|
14,677 |
|
27,159 |
|
|
Total liabilities |
|
6,458,511 |
|
6,824,315 |
|
|
|
|
|
|
|
|
|
Ordinary share capital €0.01 par value (250,000,000 ordinary shares authorized, 113,363,535 ordinary shares issued and outstanding) |
|
1,193 |
|
1,570 |
|
|
Additional paid-in capital |
|
927,617 |
|
1,340,205 |
|
|
Treasury stock |
|
— |
|
(100,000 |
) |
|
Accumulated other comprehensive income (loss) |
|
(14,401 |
) |
(8,513 |
) |
|
Accumulated retained earnings |
|
1,207,630 |
|
1,043,974 |
|
|
Total AerCap Holdings N.V. shareholders’ equity |
|
2,122,039 |
|
2,277,236 |
|
|
Non-controlling interest |
|
868 |
|
6,081 |
|
|
Total Equity |
|
2,122,907 |
|
2,283,317 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ |
8,581,418 |
|
$ |
9,107,632 |
|
* Includes $64.3 million of subordinated debt received from our joint venture partners
|
|
|
December 31, 2012 |
|
December 31, 2011 |
|
|
Supplemental information |
|
|
|
|
|
|
Debt/equity ratio |
|
2.7 |
|
2.7 |
|
|
Debt/equity ratio (adjusted for subordinated debt) |
|
2.6 |
|
2.6 |
|
8
AerCap Holdings N.V.
Unaudited Consolidated Income Statements
(In thousands of U.S. Dollars, except share and per share data)
|
|
|
Three months ended
December 31, |
|
Twelve months ended
December 31, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
233,396 |
|
$ |
263,197 |
|
$ |
997,147 |
|
$ |
1,050,536 |
|
|
Net (loss) gain on sale of assets |
|
(47,456 |
) |
125 |
|
(46,421 |
) |
9,284 |
|
|
Management fee revenue |
|
4,915 |
|
4,185 |
|
17,311 |
|
19,059 |
|
|
Interest revenue |
|
1,120 |
|
912 |
|
2,471 |
|
2,761 |
|
|
Other revenue |
|
248 |
|
8,034 |
|
2,012 |
|
12,283 |
|
|
Total Revenues |
|
192,223 |
|
276,453 |
|
972,520 |
|
1,093,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
81,868 |
|
89,832 |
|
357,347 |
|
361,210 |
|
|
Asset impairment |
|
5,226 |
|
4,011 |
|
12,625 |
|
15,594 |
|
|
Interest on debt |
|
62,301 |
|
62,795 |
|
286,019 |
|
292,486 |
|
|
Operating lease-in costs |
|
1,625 |
|
3,012 |
|
6,119 |
|
12,069 |
|
|
Leasing expenses |
|
12,465 |
|
15,174 |
|
72,122 |
|
58,432 |
|
|
Provision for doubtful accounts |
|
— |
|
1,024 |
|
— |
|
3,335 |
|
|
Selling, general and administrative expenses |
|
23,079 |
|
22,481 |
|
83,409 |
|
120,746 |
|
|
Total Expenses |
|
186,564 |
|
198,329 |
|
817,641 |
|
863,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes and income of investments accounted for under the equity method |
|
5,659 |
|
78,124 |
|
154,879 |
|
230,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
162 |
|
(5,374 |
) |
(8,067 |
) |
(15,460 |
) |
|
Net income of investments accounted for under the equity method |
|
3,261 |
|
2,393 |
|
11,630 |
|
10,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
9,082 |
|
75,143 |
|
158,442 |
|
225,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax (AeroTurbine) |
|
— |
|
1,318 |
|
— |
|
(52,745 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
9,082 |
|
76,461 |
|
158,442 |
|
172,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (income) attributable to non-controlling interest |
|
2,072 |
|
(73 |
) |
5,214 |
|
(526 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to AerCap Holdings N.V. |
|
$ |
11,154 |
|
$ |
76,388 |
|
$ |
163,656 |
|
$ |
172,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earnings per share, basic and diluted |
|
$ |
0.09 |
|
$ |
0.54 |
|
$ |
1.24 |
|
$ |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding, basic and diluted |
|
119,152,475 |
|
140,562,684 |
|
131,492,057 |
|
146,587,752 |
|
9
AerCap Holdings N.V.
Unaudited Consolidated Statements of Cash Flows
(In thousands of U.S. Dollars)
|
|
|
Three months ended
December 31, |
|
Twelve months ended
December 31, |
|
|
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,082 |
|
$ |
76,461 |
|
$ |
158,442 |
|
$ |
172,750 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
81,868 |
|
89,832 |
|
357,347 |
|
384,855 |
|
|
Asset impairment |
|
5,226 |
|
4,011 |
|
12,625 |
|
24,496 |
|
|
Amortization of debt issuance costs |
|
6,683 |
|
7,036 |
|
50,989 |
|
33,001 |
|
|
Amortization of intangibles |
|
2,850 |
|
3,382 |
|
11,577 |
|
17,319 |
|
|
Provision for doubtful accounts |
|
— |
|
1,024 |
|
— |
|
4,843 |
|
|
Capitalised interest on pre-delivery payments |
|
(244 |
) |
(301 |
) |
(1,108 |
) |
(675 |
) |
|
Net loss (gain) on sale of assets |
|
47,456 |
|
(125 |
) |
46,421 |
|
(12,939 |
) |
|
Profit (loss) on discontinued operations (AeroTurbine) |
|
|
|
(1,318 |
) |
— |
|
52,745 |
|
|
Mark-to-market of non-hedged derivatives |
|
(402 |
) |
(5,357 |
) |
2,059 |
|
23,167 |
|
|
Deferred taxes |
|
(230 |
) |
11,318 |
|
7,695 |
|
23,892 |
|
|
Share-based compensation |
|
1,917 |
|
1,469 |
|
7,127 |
|
6,236 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Trade receivables and notes receivable, net |
|
1,411 |
|
(1,861 |
) |
912 |
|
(16,434 |
) |
|
Inventories |
|
430 |
|
2,517 |
|
7,877 |
|
(18,100 |
) |
|
Other assets and derivative assets |
|
552 |
|
(169 |
) |
(2,732 |
) |
(41,056 |
) |
|
Other liabilities |
|
(23,255 |
) |
(2,741 |
) |
(13,710 |
) |
(23,255 |
) |
|
Deferred revenue |
|
(1,470 |
) |
(446 |
) |
(2,215 |
) |
(9,289 |
) |
|
Net cash provided by operating activities |
|
131,874 |
|
184,732 |
|
643,306 |
|
621,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of flight equipment |
|
(360,426 |
) |
(79,950 |
) |
(1,038,657 |
) |
(763,159 |
) |
|
Proceeds from sale/disposal of assets |
|
452,957 |
|
24,957 |
|
781,278 |
|
140,785 |
|
|
Prepayments on flight equipment |
|
(5,949 |
) |
(13,794 |
) |
(35,016 |
) |
(47,077 |
) |
|
Sale of subsidiaries |
|
— |
|
119,917 |
|
— |
|
119,917 |
|
|
Purchase of investments |
|
— |
|
— |
|
— |
|
(2,500 |
) |
|
Movement in restricted cash |
|
8,493 |
|
(26,694 |
) |
(64,491 |
) |
(15,831 |
) |
|
Net cash provided by (used in) investing activities |
|
95,075 |
|
24,436 |
|
(356,886 |
) |
(567,865 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of debt |
|
365,255 |
|
189,100 |
|
1,297,087 |
|
1,672,089 |
|
|
Repayment of debt |
|
(283,057 |
) |
(278,751 |
) |
(1,195,170 |
) |
(1,626,556 |
) |
|
Debt issuance costs paid |
|
(14,720 |
) |
(7,254 |
) |
(43,177 |
) |
(37,306 |
) |
|
Repurchase of shares |
|
(102,678 |
) |
(39,368 |
) |
(320,092 |
) |
(100,000 |
) |
|
Maintenance payments received |
|
28,196 |
|
35,106 |
|
132,046 |
|
110,358 |
|
|
Maintenance payments returned |
|
(12,976 |
) |
(10,772 |
) |
(49,728 |
) |
(54,751 |
) |
|
Security deposits received |
|
10,591 |
|
6,100 |
|
25,624 |
|
20,135 |
|
|
Security deposits returned |
|
(6,915 |
) |
(3,951 |
) |
(21,856 |
) |
(37,190 |
) |
|
Net cash used in financing activities |
|
(16,304 |
) |
(109,790 |
) |
(175,266 |
) |
(53,221 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
210,645 |
|
99,378 |
|
111,154 |
|
470 |
|
|
Effect of exchange rate changes |
|
102 |
|
(143 |
) |
(1,834 |
) |
6,161 |
|
|
Less cash and cash equivalents of discontinued operations at end of period |
|
— |
|
37,509 |
|
— |
|
— |
|
|
Cash and cash equivalents at beginning of period |
|
309,654 |
|
274,337 |
|
411,081 |
|
404,450 |
|
|
Cash and cash equivalents at end of period |
|
$ |
520,401 |
|
$ |
411,081 |
|
$ |
520,401 |
|
$ |
411,081 |
|
10