Des solutions de financement avec quelques "institutionnelles" dans la présentation des résultats d' Aercap pour le Q1 2009; toujours cette obligation de transparence pour les sociétés cotées au NYSE.
Le développement, un peu long mais cela vaut peut-être le coup, sur
Air Transport News, in english
AerCap Holdings N.V. (the “Company” or “AerCap”) announced the results of its operations for the first quarter ended March 31, 2009.
First Quarter 2009 Highlights ..
First quarter 2009 net income was $30.0 million, compared with net income of $50.9
million for the same period in 2008. First quarter 2009 net income excluding the impact of the mark-to-market of interest rate caps and share-based compensation was $31.5 million, compared with $59.9 million in first quarter 2008 on the same basis. The decrease in net income was largely due to lower income from the sale of assets in first quarter 2009 as compared to first quarter 2008. ..
First quarter 2009 basic and diluted earnings per share were $0.35.
First quarter 2009 basic and diluted earnings per share excluding the impact of the mark-to-market of interest rate caps and share-based compensation were $0.37. ..
Net spread, the difference between basic lease rents and interest expense excluding
the impact from the mark-to-market of interest rate caps, was $112.5 million in first quarter 2009 compared to $85.6 million in first quarter 2008, an increase of 31%. This measure reflects the increase in leasing income. ..
Total revenue for the first quarter 2009 was $208.5 million, compared to $294.5 million for the same period in 2008. The decrease was mainly due to lower aircraft sales revenue
Sales revenue for the first quarter 2009 was $41.7 million, compared to $142.5 million for the same period in 2008, and was generated from the sale of four engines and parts
Total assets were $5.8 billion at March 31, 2009, an increase of 26% over total assets of $4.6 billion at March 31, 2008. ..
Committed purchases of aviation assets delivered or scheduled for delivery in 2009 are
$1.8 billion, of which $0.3 billion closed in first quarter 2009.
First Quarter 2009 Financing Highlights ..
In first quarter 2009, AerCap closed debt facilities for $106 million with two European
financial institutions to finance the pre-delivery payments in connection with the delivery of four A330 aircraft pursuant to a purchase agreement signed with Airbus in December 2006. ..
In March 2009, AerVenture signed a $846 million export credit facility with a syndicate
of commercial banks led by Calyon S.A. to finance up to 20 Airbus A320 aircraft. Repayment under the credit facility is guaranteed by the European Export Credit Agencies
Klaus Heinemann, CEO of AerCap, commented: “The first quarter of 2009 has been the
most challenging environment the Company has encountered since the post 9/11 recession and the impact of the SARS epidemic early this decade. Against this background, we are highly satisfied that we closed the first quarter with a solid profit and a record increase of our leasing net spread, the core measure for our lease portfolio performance. The business activities for both our new leases and our aircraft sales
have picked up materially since late March. We are confident that we will be able to show renewed aircraft trading activity
during the remaining quarters of 2009 based on existing contracts and ongoing sales activities.”
Klaus Heinemann added: “Through our own cash reserves we successfully bridged the
inability of our AerVenture joint venture partner to make required equity contributions in March. We are currently in advanced discussions with several parties to find a permanent solution during the second quarter
AerCap’s CFO, Keith Helming, said: “We are very pleased with our first quarter results,
notwithstanding lower asset sale income and the charges incurred in the first quarter related to 2008 lease defaults. Our net spread income increased more than the growth in lease assets, which indicates continued improvement in the quality of our reported earnings. Also during the quarter, we secured $952 million of new funding facilities, part of which completed the financing requirement for the AerVenture A320 aircraft order
. These successful financings demonstrate our ongoing ability to tap diverse financing sources to meet our capital needs, despite challenging market conditions throughout the world.”