AerCap Holdings N.V. Reports Fourth Quarter and Full Year 2011 Financial Results
(Thomson Reuters ONE) -
Adjusted net income for the full year of 2011 was $303.1 million, an increase of
35% over the prior year.
Amsterdam, Netherlands; February 22, 2012 - 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, 2011.
Fourth Quarter 2011 Net Income and Earnings Per Share
* Fourth quarter 2011 reported net income was $76.4 million, compared with
$72.4 million for the same period in 2010. Fourth quarter 2011 reported
basic and diluted earnings per share was $0.54, compared to $0.53 for the
same period in 2010.
* Fourth quarter 2011 adjusted net income was $79.8 million, an increase of
42% compared to $56.3 million for the same period in 2010. Adjusted net
income excludes non-cash charges relating to the mark-to-market of interest
rate caps and share-based compensation, and excludes the impact from
discontinued operations. Fourth quarter 2011 adjusted earnings per share was
$0.57, compared to $0.41 for the same period in 2010.
Aengus Kelly, CEO of AerCap, commented: "During 2011, AerCap continued to
deliver industry leading results with full year adjusted net income of $303
million and fourth quarter adjusted net income of $80 million. These results
demonstrate the robust nature of the AerCap platform, driven by our modern fuel
efficient fleet and proactive management of our liability structure.
In 2011, AerCap executed a number of key strategic transactions including the
sale of AeroTurbine, the execution of a $100 million share buyback program and
the closing of the American Airlines purchase-leaseback transaction. On the
operational side, we leased 30 aircraft, acquired 13 aircraft, sold 21 aircraft
and raised $1.5 billion of funding. These transactions, which I believe will be
meaningfully accretive to shareholder value over time, coupled with our robust
liquidity profile and disciplined and focused leadership team uniquely position
AerCap to take advantage of any opportunities that may arise in 2012."
AerCap's CFO, Keith Helming, added: "Our 900 basis points net interest margin
for 2011 clearly demonstrates the superior profitability of the AerCap portfolio
which benefits from a low cost basis, attractive and fully hedged borrowing
costs, and low tax rates which results from operating within favourable tax
jurisdictions. In addition, the Company remains well capitalized, with a
debt/equity ratio of 2.7 times, $650 million of total cash, and annual operating
cash flows in excess of $600 million. The combination of these factors position
the Company for accretive growth in 2012 and beyond."
Additional Fourth Quarter 2011 Financial Highlights
* Net interest margin earned on lease assets, or net spread, was $178.3
million in the fourth quarter of 2011 compared to $178.9 million for the
same period in 2010. Net interest margin as a percent to average lease
assets was 8.97% for fourth quarter year 2011 as compared to 9.23% for
fourth quarter 2010.
* Total assets were $9.1 billion at December 31, 2011, a decrease of 5% over
total assets of $9.6 billion at December 31, 2010. The decrease was driven
primarily by the sale of AeroTurbine and the sale of our 50% interest in a
joint venture containing three A330 aircraft (a decrease of $0.6 billion
from both).
* Debt to equity ratio was 2.7 times at December 31, 2011, compared to 3.0
times at December 31, 2010.
* We entered into debt facility agreements totaling $0.4 billion in fourth
quarter 2011.
Full Year 2011 Highlights
* Full year 2011 reported net income was $172.2 million, compared with $207.6
million for full year 2010. Full year 2011 reported basic and diluted
earnings per share was $1.17, compared with $1.81 for full year 2010.
* Full year 2011 adjusted net income was $303.1 million, an increase of 35%
compared to $223.9 million for full year 2010. Full year 2011 adjusted net
income excludes non-cash charges relating to the mark-to-market of interest
rate caps and share-based compensation, a one-time charge relating to the
buy out of the Genesis portfolio servicing rights and excludes a loss from
discontinued operations. Full year 2011 adjusted earnings per share was
$2.07, compared to $1.95 for full year 2010.
* Net interest margin earned on lease assets, or net spread, was $718.1
million for the full year 2011 compared to $633.7 million in the full year
2010, an increase of 13%. Net interest margin as a percent to average lease
assets was 9.05% for full year 2011 as compared to 9.20% for full year
2010.
* Basic lease rents for the full year 2011 were $951.3 million, up 13%
compared to the full year 2010.
* Net gain on sale of assets for the full year 2011 was $9.3 million and was
generated from the sale of 18 older aircraft and three A330s through the
sale of a 50% interest in a joint venture. In addition 10 older aircraft
were sold as part of the AeroTurbine disposition.
* Total revenue for the full year 2011 was $1.1 billion, up 14% compared to
the full year 2010 resulting primarily from an increase in basic lease rents
driven by the additional aircraft acquired in the Genesis Transaction and
the deliveries of forward order aircraft.
* We acquired $0.9 billion of aircraft assets including four purchase-
leaseback aircraft with American Airlines. In first quarter 2012, we have
completed an additional two purchase-leaseback aircraft with American
Airlines.
* We entered into debt facility agreements totaling $1.5 billion for full year
2011.
Summary of Financial Results
Three months ended Twelve months ended
December 31, December 31,
------------------------------ ----------------------------
2011 2010 % increase/ 2011 2010 % increase/
(decrease) (decrease)
------- -------- ------------- ------- ------- ------------
Net income $ 76.4 $ 72.4 6% $ 172.2 $ 207.6 (17%)
Plus: mark-to- 3.4 (17.5) 119% 51.3 13.5 280%
market of
interest rate
caps, net of tax
share-based 1.3 1.4 (7%) 5.4 2.8 93%
compensation,
net of tax
------- -------- ------------- ------- ------- ------------
Net income excluding 81.1 56.3 44% 228.9 223.9 2%
the impact of mark-
to-market of interest
rate caps and share-
based compensation
Plus: (Income) (1.3) - - 52.8 - -
loss on
discontinued
operations
buy-out of - - - 21.4 - -
the Genesis
portfolio
servicing rights
------- -------- ------------- ------- ------- ------------
Adjusted net $ 79.8 $ 56.3 42% $ 303.1 $ 223.9 35%
income
------- -------- ------------- ------- ------- ------------
Revenue breakdown
Three months ended Twelve months ended
December 31, December 31,
----------------------------- ------------------------------
2011 2010 % increase/ 2011 2010 % increase/
(decrease) (decrease)
------- ------- ------------- --------- ------- ------------
Lease revenue:
Basic lease $ 237.2 $ 235.3 1% $ 951.3 $ 840.4 13%
rents
Maintenance 26.0 19.2 35% 99.2 61.9 60%
rents and other
receipts
------- ------- ------------- --------- ------- ------------
Lease revenue $ 263.2 $ 254.5 3% $ 1,050.5 $ 902.3 16%
Net gain on sale 0.1 (0.2) 150% 9.3 36.2 (74%)
of assets
Management fees 5.1 4.6 11% 21.8 16.9 29%
and interest
income
Other revenue 8.0 - - 12.4 3.9 218%
------- ------- ------------- --------- ------- ------------
Total revenue $ 276.4 $ 258.9 7% $ 1,094.0 $ 959.3 14%
------- ------- ------------- --------- ------- ------------
Basic lease rents were $237.2 million for the fourth quarter of 2011, an
increase of 1% compared to the same period in 2010. Our average lease assets
increased by 3% to $8.0 billion compared to the fourth quarter of 2010.
Basic rents, maintenance rents and other receipts, or total lease revenue, for
the fourth quarter of 2011 was $263.2 million, compared to $254.5 million for
the same period in 2010, an increase of 3%.
Net gain on sale of assets for the fourth quarter of 2011 was $0.1 million,
compared to a $0.2 million loss for the same period in 2010. Net gain on sale of
assets for the fourth quarter of 2011 was generated from the sale of 9 older
aircraft.
Total revenue for the fourth quarter of 2011 was $276.4 million, compared to
$258.9 million for the same period in 2010.
Three months ended Twelve months ended
December 31, December 31,
--------------------------------- ----------------------------------
2011 2010 % increase/ 2011 2010 % increase/
(decrease) (decrease)
--------- ------- ------------- -------- -------- ------------
Basic $ 237.2 $ 235.3 1% $ 951.3 $ 840.4 13%
lease
rents
Interest $ 62.8 (a) $ 36.6 72% $ 292.5 (a) $ 234.0 25%
on debt
Plus: (3.9) 19.8 (120%) (59.3) (27.3) (117%)
mark-to-
market of
interest
rate caps
--------- --------- ------------- -------- ---------- ------------
Interest $ 58.9 $ 56.4 4% $ 233.2 $ 206.7 13%
on debt
excluding
the impact
of mark-
to-market
of
interest
rate caps
------- ------- ------------- -------- -------- ------------
Net $ 178.3 $ 178.9 (0%) $ 718.1 $ 633.7 13%
interest
margin, or
net
spread
------- ------- ------------- -------- -------- ------------
a. Interest on debt for the quarter ended December 31, 2011 includes $7.0
million of amortization of debt issuance costs. Interest on debt for the
year ended December 31, 2011 includes $30.6 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 $58.9 million in the fourth quarter of
2011, a 4% increase compared to the same period in 2010. Net spread in the
fourth quarter of 2011 was unchanged compared with the same period in 2010.
Selling, general and administrative expenses breakdown
Three months ended Twelve months ended
December 31, December 31,
----------------------------- --------------------------------
2011 2010 % increase/ 2011 2010 % increase/
(decrease) (decrease)
------- ------- ------------- ------- ------- ------------
Aircraft $ 0.1 $ 1.8 (94%) $ 26.8 (a) $ 6.4 319%
management fees
Mark-to-market (1.1) (0.3) (267%) 2.8 (1.7) 265%
of foreign
currency hedges,
foreign currency
balances and
other
derivatives
Share-based 1.5 1.1 36% 6.2 2.9 114%
compensation
expenses
Other selling, 22.0 20.8 6% 84.9 (b) 73.0 16%
general and
administrative
expenses
------- ------- ------------- ------- --------- ------------
Total selling, $ 22.5 $ 23.4 (4%) $ 120.7 $ 80.6 50%
general and
administrative
expenses
------- ------- ------------- ------- ------- ------------
a. Includes a one-time charge of $24.5 million ($21.4 million, net of tax)
relating to the buy-out of the Genesis portfolio servicing rights.
b. Includes one-time charges of $5.2 million relating to termination and
severance costs.
Effective tax rate
AerCap's blended effective tax rate during the full year 2011 was 6.7%. The
blended effective tax rate in 2010 was 8.6%.
Financial position
December 31, December 31, % increase/
2011 2010 (decrease) over
December 31,
2010
---------------- --------------- ----------------
Total cash (incl. $ $ 3%
restricted) 648.4 626.9
Flight equipment (2%)
held for lease 7,895.9 8,061.3
Total assets (5%)
9,107.6 9,600.6
Debt (7%)
6,111.2 6,566.2
Total liabilities (8%)
6,824.3 7,383.2
Total equity 3%
2,283.3 2,217.4
Debt/equity ratio 2.7 3.0 (10%)
As of December 31, 2011, AerCap's portfolio consisted of 350 aircraft that were
either owned, on order, under contract or letter of intent, or managed and
inclusive of the American Airlines purchase-leaseback transaction where the
remaining aircraft are subject to confirmation on an aircraft by aircraft basis.
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. For 2011, adjusted net
income and adjusted earnings per share also exclude a one-time charge relating
to the buy out of the Genesis portfolio servicing rights and excludes a loss
from discontinued operations. Adjusted earnings per share are determined by
dividing the amount of adjusted net income by the average number of shares
outstanding for that period. 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 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 twelve-month periods ended
December 31, 2011 and 2010:
Three months ended Twelve months ended
December 31, December 31,
----------------------------- -------------------------------
2011 2010 % increase/ 2011 2010 % increase/
(decrease) (decrease)
------ -------- ------------- ------- ------- ------------
Net income $ 76.4 $ 72.4 6% $ 172.2 $ 207.6 (17%)
Plus: mark-to- 3.4 (17.5) 119% 51.3 13.5 280%
market of
interest rate
caps, net of
tax
share-based 1.3 1.4 (7%) 5.4 2.8 93%
compensation,
net of tax
------ -------- ------------- ------- ------- ------------
Net income 81.1 56.3 44% 228.9 (a) 223.9 2%
excluding the
impact of mark-to-
market of interest
rate caps and
share-based
compensation
a. Adjusted net income for the twelve months ended December 31, 2011 excluding
the mark-to-market of interest rate caps, share-based compensation, the buy
out of the third party servicing contract and the one-time charges relating
to the sale of AeroTurbine was $303.1 million, an increase of 35% compared
to the same period in 2010.
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- and twelve- month periods ended December 31, 2011 and 2010 is included
above.
Conference Call
In connection with the earnings release, management will host an earnings
conference call today, Wednesday, February 22, 2012 at 9:30 am Eastern Time /
3:30 pm Central European Time. The call can be accessed live by dialing
(U.S./Canada) 1-480-629-9818 or (International) +31-20-794-8504 and referencing
code 4501595 at least 5 minutes before start time, or by visiting AerCap's
website athttp://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 22, 2012, at 12:30
pm Eastern Time at The New York Palace (the Henry 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/Q411
For further information, contact Peter Wortel: +31 20 655 9658
(pwortel(at)aercap.com)
or Mark Walter (Shared Value): +44 (0)20 7321 5039 (aercap(at)sharedvalue.net).
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 has $9.1 billion of assets on its
balance sheet and 350 aircraft with a focus on fuel-efficient narrowbodies and
widebodies. AerCap is a New York Stock Exchange-listed company (AER)
headquartered in The Netherlands with offices in Ireland, the United States,
China, Singapore, the United Arab Emirates, and the United Kingdom.
Forward Looking Statements
This press release contains certain statements, estimates and forecasts with
respect to future performance and events. These statements, estimates and
forecasts are "forward-looking statements". In some cases, forward-looking
statements can be identified by the use of forward-looking terminology such as
"may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate,"
"believe," "predict," "potential" or "continue" or the negatives thereof or
variations thereon or similar terminology. All statements other than statements
of historical fact included in this press release are forward-looking statements
and are based on various underlying assumptions and expectations and are subject
to known and unknown risks, uncertainties and assumptions, may include
projections of our future financial performance based on our growth strategies
and anticipated trends in our business. These statements are only predictions
based on our current expectations and projections about future events. There are
important factors that could cause our actual results, level of activity
performance or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied in the forward-
looking statements. As a result, there can be no assurance that the forward-
looking statements included in this press release will prove to be accurate or
correct. In light of these risks, uncertainties and assumptions, the future
performance or events described in the forward-looking statements in this press
release might not occur. Accordingly, you should not rely upon forward-looking
statements as a prediction of actual results and we do not assume any
responsibility for the accuracy or completeness of any of these forward-looking
statements. We do not undertake any obligation to, and will not, update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For more information regarding AerCap and to be added to our email distribution
list, please visithttp://www.aercap.com.
Financial Statements Follow
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Consolidated Balance Sheets - Unaudited |
| |
|(In thousands of U.S. Dollars) |
| |
| |
| |
| December 31, 2011 December 31, 2010|
| ------------------- ------------------+
| |
| |
|Assets |
| |
|Cash and cash equivalents $ 411,081 $ 404,450|
| |
|Restricted cash 237,325 222,464|
| |
|Trade receivables, net of provisions 16,063 49,055|
| |
|Flight equipment held for operating 7,895,874 8,061,260|
|leases, net |
| |
|Net investment in direct finance 25,094 30,069|
|leases |
| |
|Notes receivables, net of provisions 5,200 15,497|
| |
|Prepayments on flight equipment 95,619 199,417|
| |
|Investments 84,079 72,985|
| |
|Goodwill - 6,776|
| |
|Intangibles, net 29,677 58,637|
| |
|Inventory 13,953 121,085|
| |
|Derivative assets 21,050 55,211|
| |
|Deferred income taxes 91,258 94,560|
| |
|Other assets 181,359 209,141|
| ------------------- ------------------+
|Total Assets $ 9,107,632 $ 9,600,607|
| ------------------- ------------------+
| |
| |
|Liabilities and Equity |
| |
| |
| |
|Accounts payable $ 4,142 $ 16,045|
| |
|Accrued expenses and other liabilities 74,458 121,389|
| |
|Accrued maintenance liability 452,582 420,824|
| |
|Lessee deposit liability 102,844 130,031|
| |
|Debt 6,111,165 * 6,566,163|
| |
|Accrual for onerous contracts 3,971 12,928|
| |
|Deferred revenue 47,994 60,061|
| |
|Derivative liabilities 27,159 55,769|
| ------------------- ------------------+
|Total liabilities 6,824,315 7,383,210|
| |
| |
| |
|Share capital 1,570 1,570|
| |
|Additional paid-in capital 1,340,205 1,333,025|
| |
|Treasury stock (100,000) -|
| |
|Accumulated other comprehensive income (8,513) 5,005|
| |
|Retained earnings 1,043,974 871,750|
| ------------------- ------------------+
|Total AerCap Holdings N.V. 2,277,236 2,211,350|
|shareholders' equity |
| |
|Non-controlling interest 6,081 6,047|
| ------------------- ------------------+
|Total Equity 2,283,317 2,217,397|
| |
| |
| ------------------- ------------------+
|Total Liabilities and Equity $ 9,107,632 $ 9,600,607|
| ------------------- ------------------+
| |
| |
|* Includes $64.3 million of subordinated debt received from our joint venture |
|partners |
| |
| |
| |
|Supplemental information December 31, 2011 December 31, 2010|
| ------------------- ------------------+
|Debt/equity ratio 2.7 3.0|
| |
|Debt/equity ratio (adjusted for 2.6 2.8|
|subordinated debt) |
| |
| |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Consolidated Income |
|Statements - |
|Unaudited |
| |
|(In thousands of |
|U.S. Dollars, except |
|share and per share |
|data) |
| |
| Three months ended Twelve months ended |
| December 31, December 31, |
| |
| 2011 2010 2011 2010 |
| ------------- ------------- ------------- ------------- |
| |
| |
|Revenues |
| |
|Lease revenue $ 263,197 $ 254,496 $ 1,050,536 $ 902,320 |
| |
|Net gain on sale of 125 (197) 9,284 36,204 |
|assets |
| |
|Management fee 4,185 4,057 19,059 12,975 |
|revenue |
| |
|Interest revenue 912 536 2,761 3,913 |
| |
|Other revenue 8,034 39 12,283 3,866 |
| ------------- ------------- ------------- ------------- |
|Total Revenues 276,453 258,931 1,093,923 959,278 |
| |
| |
| |
|Expenses |
| |
|Depreciation 89,832 86,715 361,210 307,706 |
| |
|Asset impairment 4,011 5,423 15,594 10,905 |
| |
|Interest on debt 62,795 36,610 292,486 233,985 |
| |
|Operating lease in 3,012 3,061 12,069 12,332 |
|costs |
| |
|Leasing expenses 15,174 22,792 58,432 55,458 |
| |
|Provision for 1,024 39 3,335 39 |
|doubtful notes and |
|accounts receivable |
| |
|Selling, general and 22,481 23,429 120,746 80,627 |
|administrative |
|expenses |
| ------------- ------------- ------------- ------------- |
|Total Expenses 198,329 178,069 863,872 701,052 |
| |
| |
| ------------- ------------- ------------- ------------- |
|Income from 78,124 80,862 230,051 258,226 |
|continuing |
|operations before |
|income taxes and |
|income of |
|investments |
|accounted for under |
|the equity method |
| |
| |
| |
|Provision for income (5,374) (6,317) (15,460) (22,194) |
|taxes |
| |
|Net Income of 2,393 1,400 10,904 3,713 |
|investments |
|accounted for under |
|the equity method |
| |
| |
| ------------- ------------- ------------- ------------- |
|Net income from 75,143 75,945 225,495 239,745 |
|continuing |
|operations |
| |
| |
| |
|Income (loss) from 1,318 (425) (52,745) (3,199) |
|discontinued |
|operations |
|(AeroTurbine, |
|including loss on |
|disposal), net of |
|tax |
| |
|Bargain purchase - - - 274 |
|gain ("Amalgamation |
|gain"), net of |
|transaction expenses |
| |
| |
| ------------- ------------- ------------- ------------- |
|Net Income 76,461 75,520 172,750 236,820 |
| |
| |
| |
|Net income (73) (3,079) (526) (29,247) |
|attributable to non- |
|controlling interest |
| |
| |
| ------------- ------------- ------------- ------------- |
|Net Income $ 76,388 $ 72,441 $ 172,224 $ 207,573 |
|attributable to |
|AerCap Holdings N.V. |
| ------------- ------------- ------------- ------------- |
| |
| |
|Basic and diluted $ 0.54 $ 0.53 $ 1.17 $ 1.81 |
|earnings per share |
| |
| |
| |
|Weighted average 140,562,684 136,000,708 146,587,752 114,952,639 |
|shares outstanding - |
|basic and diluted |
| |
| |
+------------------------------------------------------------------------------+
Certain reclassifications have been made to prior years consolidated income
statements to reflect the current year presentation.
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Consolidated Statements of Cash Flows |
|- Unaudited |
| |
|(In thousands of Three months ended Twelve months ended |
|U.S. Dollars) December 31, December 31, |
| |
| 2011 2010 2011 2010 |
| ----------- ----------- ------------- ------------+
| |
| |
| Net income 76,461 75,520 172,750 236,820|
| |
| Adjustments to |
|reconcile net income |
|to net cash provided |
|by |
|operating activities |
| |
| Amalgamation gain - - - (31,023)|
| |
| Depreciation 89,832 93,835 384,855 333,754|
| |
| Asset impairment 4,011 8,955 24,496 14,437|
| |
| Amortisation of 7,036 6,733 33,001 26,410|
|debt issuance cost |
| |
| Amortisation of 3,382 5,978 17,319 22,070|
|intangibles |
| |
| Provision for 1,024 392 4,843 1,312|
|doubtful notes and |
|accounts receivable |
| |
| Capitalised (301) (122) (675) (590)|
|interest on pre- |
|delivery payments |
| |
| Gain on disposal of (125) (1,153) (12,939) (37,203)|
|assets |
| |
| (Income) loss on (1,300) - 52,763 -|
|discontinued |
|operations |
|(AeroTurbine) |
| |
| Mark-to-market of (5,357) (35,136) 23,167 769|
|non-hedged |
|derivatives |
| |
| Deferred taxes 11,300 5,465 23,874 17,707|
| |
| Share-based 1,469 1,746 6,236 3,402|
|compensation |
| |
| Changes in assets |
|and liabilities |
| |
| Trade receivables (1,861) 2,937 (16,434) (371)|
|and notes |
|receivable, net |
| |
| Inventories 2,517 (8,578) (18,100) 3,183|
| |
| Other assets and (169) (2,804) (41,056) (8,320)|
|derivative assets |
| |
| Other liabilities (2,741) 31,845 (23,255) 45,073|
| |
| Deferred revenue (446) (6,872) (9,289) 14,182|
| ----------- ----------- ------------- ------------+
| Net cash provided 184,732 178,741 621,556 641,612|
|by operating |
|activities |
| |
| |
| |
| Purchase of flight (79,950) (150,912) (763,159) (1,939,874)|
|equipment |
| |
| Proceeds from 24,957 70,593 140,785 664,218|
|sale/disposal of |
|assets |
| |
| Prepayments on (13,794) (29,335) (47,077) (140,094)|
|flight equipment |
| |
| Purchase of - - - 103,691|
|subsidiaries, net of |
|cash acquired |
| |
| Proceeds from 119,917 - 119,917 -|
|sale/disposal of |
|subsidiaries, net of |
|cash disposed |
| |
| Purchase of - - (2,500) (7,500)|
|investments |
| |
| Purchase of - - - (9,006)|
|intangibles |
| |
| Movement in (26,694) 11,490 (15,831) (50,262)|
|restricted cash |
| ----------- ----------- ------------- ------------+
| Net cash (used in) 24,436 (98,164) (567,865) (1,378,827)|
|provided by |
|investing activities |
| |
| |
| |
| Issuance of debt 189,100 212,201 1,672,089 2,324,609|
| |
| Repayment of debt (278,751) (272,245) (1,626,556) (1,485,690)|
| |
| Debt issuance costs (7,254) (12,796) (37,306) (60,889)|
|paid |
| |
| Maintenance 35,106 23,680 110,358 90,165|
|payments received |
| |
| Maintenance (10,772) (13,683) (54,751) (42,250)|
|payments returned |
| |
| Security deposits 6,100 4,643 20,135 29,535|
|received |
| |
| Security deposits (3,951) (14,395) (37,190) (39,710)|
|returned |
| |
| Issuance of equity - 110,243 - 110,243|
|interests |
| |
| Repurchase of (39,368) - (100,000) -|
|shares |
| |
| Capital - - - 32,375|
|contributions from |
|non-controlling |
|interests |
| ----------- ----------- ------------- ------------+
| Net cash (used in) (109,790) 37,648 (53,221) 958,388|
|provided by |
|financing activities |
| |
| |
| |
| Net increase 99,378 118,225 470 221,173|
|(decrease) in cash |
|and cash equivalents |
| |
| Effect of exchange (143) 462 6,161 660|
|rate changes |
| |
| Cash and cash equivalents 37 509 - - -|
|of discontinued operations |
|at beginning of period |
| |
| Cash and cash 274,337 285,763 404,450 182,617|
|equivalents at |
|beginning of period |
| ----------- ----------- ------------- ------------+
| Cash and cash 411,081 404,450 411,081 404,450|
|equivalents at end |
|of period |
| ----------- ----------- ------------- ------------+
| |
+------------------------------------------------------------------------------+
Certain reclassifications have been made to prior years consolidated statements
of cash flows to reflect the current year presentation.
For Investors:
Keith Helming Peter Wortel
Chief Financial Officer Investor Relations
+31 20 655 9670 +31 20 655 9658
khelming(at)aercap.com pwortel(at)aercap.com
For Media:
Frauke Oberdieck
Corporate Communications
+31 20 655 9616
foberdieck(at)aercap.com
AerCap Fourth Quarter 2011 Earnings:
http://hugin.info/149317/R/1588166/498313.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AerCap Holdings N.V. via Thomson Reuters ONE
[HUG#1588166]
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2012 - 12:56 Uhr
Sprache: Deutsch
News-ID 117373
Anzahl Zeichen: 63335
contact information:
Town:
Schiphol
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 165 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AerCap Holdings N.V. Reports Fourth Quarter and Full Year 2011 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
AerCap Holdings N.V. (Nachricht senden)
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