AerCap Holdings N.V. Reports Second Quarter 2013 Financial Results
(Thomson Reuters ONE) -
Adjusted net income for the second quarter of 2013 was $67.1 million and
adjusted earnings per share were $0.59. Adjusted earnings per share for the
first half of 2013 were $1.19, a record high and an increase of 29% over the
first half of 2012.
Amsterdam, Netherlands; August 6, 2013 - AerCap Holdings N.V. (the "Company" or
"AerCap") (NYSE: AER) today announced the results of its operations for the
second quarter ended June 30, 2013.
During the second quarter of 2013:
* $0.9 billion of aircraft were purchased,
* $0.3 billion of aircraft were sold,
* $1.5 billion of financing transactions were completed,
* and 81 aircraft transactions were executed.
Aengus Kelly, CEO of AerCap, commented: "Our record EPS number for the first
half of 2013 is the result of the rigorous application of our core principles.
It is this combination of highly disciplined aircraft acquisitions and disposals
as well as a long term stable liability structure that has enabled us to return
$420 million to our shareholders, obtain an investment grade rating and generate
record earnings."
Second quarter 2013 Financial Highlights
* Second quarter 2013 reported net income was $75.7 million, compared with
$29.6 million for the same period in 2012. Second quarter 2013 reported
basic earnings per share were $0.67, compared with $0.21 for the same period
in 2012.
* Second quarter 2013 adjusted net income was $67.1 million, compared with
$59.2 million for the same period in 2012. Second quarter 2013 adjusted
earnings per share were $0.59, compared with $0.43 for the same period in
2012.
* Net interest margin earned on lease assets, or net spread, was $160.1
million in the second quarter of 2013 compared with $173.1 million for the
same period in 2012. Net interest margin as a percentage of average lease
assets was 8.5% for second quarter 2013 as compared with 8.7% for the same
period in 2012. The decrease is primarily attributable to the sale of the
ALS portfolio in the fourth quarter of 2012.
* Total owned assets were $9.0 billion as of June 30, 2013 and total managed
aircraft were valued at $2.1 billion(a)). Total owned assets decreased by
3% from $9.3 billion as of June 30, 2012.
* In the second quarter of 2013, we entered into a $2.6 billion purchase and
leaseback agreement for 25 widebody aircraft with LATAM Airlines Group, of
which 10 A330 aircraft were purchased and delivered in the second quarter of
2013.
* We sold our interest in eight Boeing 737-800 aircraft on lease to American
Airlines to an affiliate of Guggenheim Partners, LLC. We retained 20%
ownership of the equity position and will continue to service these
aircraft.
* We closed financing transactions totaling $1.5 billion including the
amendment and increase of our AerFunding revolving credit facility.
* Total committed aircraft purchases were $3.3 billion as of June 30, 2013,
which relates to 42 aircraft including purchase options. All of these
aircraft are placed on long term leases.
* The debt to equity ratio was 2.6 to 1 at June 30, 2013, compared with 2.7 to
1 for the same period in 2012.
a. Includes aircraft under our management and owned by our non-consolidated
joint ventures. The aircraft value was based on the average appraised value
provided by three external appraisers between September 2012 and March
2013.
Net Income/Earnings Per Share
Set forth below are the details to reconcile reported net income to adjusted net
income, including the specific adjustments.
Three months ended Six months ended
June 30, June 30,
------------------------------ ------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
-------- -------- ------------ --------- -------- -----------
(US dollars in millions except share and per share amounts)
Net $ 75.7 $ 29.6 156% $ 143.1 $ 94.6 51%
Adjusted for:
mark-to-market of
interest rate
caps,
net of tax (10.7) 7.0 NA (12.0) 9.8 NA
share-based
compensation, net
of 2.1 1.7 24% 4.0 3.0 33%
non-recurring
charges to
interest expense
from
repayment of
secured loans - 20.9 NA - 20.9 NA
-------- -------- ------------ --------- -------- -----------
Adjusted net
income 67.1 59.2 13% 135.1 128.3 5%
-------- -------- ------------ --------- -------- -----------
Adjusted earnings
per share $ 0.59 $ 0.43 39% $ 1.19 $ 0.92 29%
Second quarter 2013 adjusted net income increased 13% over the same period in
2012 driven primarily by income generated on aircraft sales in the second
quarter of 2013.
Second quarter 2013 adjusted earnings per share increased 39% over the same
period in 2012 driven primarily by the income from aircraft sales as well as the
share repurchases completed in 2012.
Revenue and Net Spread
Three months ended Six months ended
June 30, June 30,
-------------------------------- --------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- --------- ------------ --------- --------- ------------
(US dollars in millions)
Lease
revenue:
Basic
lease $ 219.5 $ 234.9 (7%) $ 432.4 $ 470.1 (8%)
Maintenance
rents and
other
receipts 10.3 12.5 (18%) 24.2 30.1 (19%)
--------- --------- ------------ --------- --------- ------------
Lease
revenue 229.8 247.4 (7%) 456.6 500.2 (9%)
Net gain on
sale of
assets 10.5 0.7 1,400% 21.5 0.4 5,275%
Management
fees and
interest
revenue 6.5 4.5 44% 13.6 9.7 40%
Other
revenue 0.2 0.3 (33%) 1.2 0.5 140%
--------- --------- ------------ --------- --------- ------------
Total
revenue $ 247.0 $ 252.9 (2%) $ 492.9 $ 510.8 (4%)
--------- --------- ------------ --------- --------- ------------
The decrease in total revenue (basic lease rents) and net spread was driven
primarily by the sale of older aircraft including the ALS portfolio, partially
offset by purchases of new aircraft.
Basic lease rents were $219.5 million for the second quarter of 2013, a decrease
of 7% compared with the same period in 2012. Our average lease assets decreased
by 5% to $7.6 billion compared with the second quarter of 2012.
Lease revenue for the second quarter of 2013 was $229.8 million, compared with
$247.4 million for the same period in 2012, a decrease of 7%.
Net gain on sale of assets for the second quarter of 2013 was $10.5 million,
compared to $0.7 million for the same period in 2012.
Three months ended Six months ended
June 30, June 30,
------------------------------------ -----------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- --------- ------------ --------- --------- -----------
(US dollars in millions)
Basic
lease
rents $ 219.5 $ 234.9 (7%) $ 432.4 $ 470.1 (8%)
Interest
on debt 47.1 93.7 (50%) 105.7 157.6 (33%)
Adjusted
for:
mark-to-
market of
interest
rate caps 12.3 (8.0) NA 13.7 (11.3) NA
non-
recurring
charges
to
interest
expense
from
repayment
of
secured
loans - (23.9) NA (23.9) NA
Interest
on debt
excluding
the
impact of
mark-to-
market of
interest
rate caps
and
non-
recurring
charges
to
interest
expense
from
repayment
of
secured
loans 59.4 (a) 61.8 (a) (4%) 119.4 (a) 122.4 (a) (2%)
--------- --------- ------------ --------- --------- -----------
Net
interest
margin,
or net
spread $ 160.1 $ 173.1 (8%) $ 313.0 $ 347.7 (10%)
--------- --------- ------------ --------- --------- -----------
a. Interest on debt excluding the above non-recurring charges for the three
months ended June 30, 2013 and 2012 includes $8.3 million and $6.5 million
of amortization of debt issuance costs, respectively. Interest on debt
excluding the above non-recurring charges for the six months ended June
30, 2013 and 2012 includes $15.9 million and $13.6 million of amortization
of debt issuance costs, respectively.
As shown in the table above, interest expense excluding the impact of the mark-
to-market of interest rate caps and non-recurring charges was $59.4 million in
the second quarter of 2013, a 4% decrease compared with the same period in
2012. Net spread in the second quarter of 2013 decreased 8% compared with the
same period in 2012. The decrease in net spread was driven primarily by the sale
of older aircraft including the ALS portfolio, partially offset by purchases of
new aircraft. As a result, the average age of our aircraft portfolio was reduced
to 5.3 years.
Selling, General and Administrative Expenses
Three months ended Six months ended
June 30, June 30,
------------------------------- ------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
--------- -------- ------------ -------- --------- -----------
(US dollars in millions)
Mark-to-market
of foreign
currency
hedges, foreign
currency
balances
and other
derivatives. $ (0.1) $ 1.8 NA $ 0.5 $ (3.1) NA
Share-based
compensation
expenses 2.4 1.9 26% 4.5 3.4 32%
Other selling,
general and
administrative
expenses 21.8 18.0 21% 39.3 37.7 4%
--------- -------- ------------ -------- --------- -----------
Total selling,
general and
administrative
expenses $ 24.1 $ 21.7 11% $ 44.3 $ 38.0 17%
--------- -------- ------------ -------- --------- -----------
Other selling, general and administrative expenses were $21.8 million in the
second quarter of 2013, compared to $18.0 million in the same period in 2012.
The increase was primarily due to project related fees.
Effective Tax Rate
AerCap's blended effective tax rate during the first six months of 2013 was
8.5%. The blended effective tax rate in 2012 was 5.2%. The blended effective tax
rate in any year is impacted by the source and amount of earnings among AerCap's
different tax jurisdictions. The 2012 tax rate was reduced by the loss from the
ALS transaction and non-recurring charges from repayment of certain secured
loans.
Financial Position
% increase/
June 30, June 30, (decrease) over
2013 2012 June 30, 2012
---------- ---------- ----------------
(US dollars in millions except d/e
ratio)
Total cash (incl. restricted) $ 404.3 $ 765.1 (47%)
Flight equipment held for operating
leases, net . 7,896.8 8,027.5 (2%)
Total assets 8,972.6 9,289.1 (3%)
Debt 6,023.9 6,225.0 (3%)
Total liabilities 6,698.4 6,974.3 (4%)
Total equity 2,274.2 2,314.8 (2%)
Debt/equity ratio 2.6 2.7 (4%)
The decrease in our total cash balance was driven primarily by the use of $257
million cash for share repurchases in the second half of 2012, a temporary
decrease of approximately $100 million from funding several aircraft with cash,
and a $42 million repayment in 2013 of our most expensive debt.
As of June 30, 2013, AerCap's portfolio consisted of 368 aircraft that were
either owned and consolidated, on order, under contract or letter of intent,
managed or owned by AerDragon, a non-consolidated joint venture. The average age
of the owned fleet as of June 30, 2013 is 5.3 years and the average remaining
contracted lease term is 6.6 years.
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:
* Second quarter 2012 adjusted net income of $59.2 million excludes the non-
recurring charges to interest expense from the early repayment of secured
loans of $20.9 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.
The following is a reconciliation of adjusted net income to net income for the
three and six month periods ended June 30, 2013 and 2012:
Three months ended Six months ended
June 30, June 30,
------------------------------ ------------------------------
% %
increase/ increase/
2013 2012 (decrease) 2013 2012 (decrease)
-------- -------- ------------ --------- -------- -----------
(US dollars in millions)
Net income $ 75.7 $ 29.6 156% $ 143.1 $ 94.6 51%
Adjusted for:
mark-to-market of
interest rate
caps,
net of tax (10.7) 7.0 NA (12.0) 9.8 NA
share-based
compensation,
net of tax 2.1 1.7 24% 4.0 3.0 33%
-------- -------- ------------ --------- -------- -----------
Net income
excluding the
impact of mark-
to-market
of interest rate
caps and share-
based
compensation 67.1 38.3 75% 135.1 107.4 26%
non-recurring
charges to
interest expense
from
repayment of
secured loans - 20.9 NA - 20.9 NA
-------- -------- ------------ --------- -------- -----------
Adjusted net
income 67.1 59.2 13% 135.1 128.3 5%
-------- -------- ------------ --------- -------- -----------
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 changes in the amount of debt and interest rates.
Conference Call
In connection with the earnings release, management will host an earnings
conference call today, Tuesday, August 6, 2013 at 9:00 am Eastern Time / 3:00 pm
Central European Time. The call can be accessed live by dialing (U.S./Canada)
1-646-254-3363 or (International) +31-20-716-8296 and referencing code 9716909
at least 5 minutes before start time, or by visiting AerCap's website at
http://www.aercap.com under "Investor Relations".
The webcast replay will be archived in the "Investor Relations" section of the
Company's website for one year.
To participate in the event, please register by emailing:
aercap(at)collegehill.com.
For further information, contact Peter Wortel: +31 20 655 9658
(pwortel(at)aercap.com)
or Mark Walter (College Hill): +44 (0)20 7866 7887 (aercap(at)collegehill.com).
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
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Unaudited Consolidated |
|Balance Sheets |
| |
|(In thousands of U.S. |
|Dollars) |
| |
| |
| |
| |
| |
| June 30, December 31, June 30, |
| 2013 2012 2012 |
| --------------- ------------------- --------------- |
| |
| |
|Assets |
| |
|Cash and cash |
|equivalents $ 156,929 $ 520,401 $ 474,251 |
| |
|Restricted cash 247,374 279,843 290,835 |
| |
|Trade receivables 10,235 6,636 11,358 |
| |
|Flight equipment held |
|for operating leases, |
|net 7,896,802 7,261,899 8,027,488 |
| |
|Net investment in direct |
|finance leases 33,669 21,350 23,482 |
| |
|Notes receivables 78,338 78,163 4,110 |
| |
|Prepayments on flight |
|equipment 162,339 53,594 71,324 |
| |
|Investments 107,761 93,862 88,694 |
| |
|Intangibles 13,487 18,100 23,825 |
| |
|Inventory - - 7,167 |
| |
|Derivative assets 30,656 9,993 13,102 |
| |
|Deferred income taxes 72,882 79,726 85,531 |
| |
|Other assets 162,085 157,851 167,912 |
| --------------- ------------------- --------------- |
|Total Assets $ 8,972,557 $ 8,581,418 $ 9,289,079 |
| --------------- ------------------- --------------- |
| |
| |
| |
| |
|Liabilities and Equity |
| |
| |
| |
|Accounts payable $ 871 $ 740 $ 1,332 |
| |
|Accrued expenses and |
|other liabilities 92,127 91,951 76,510 |
| |
|Accrued maintenance |
|liability 437,748 421,830 503,616 |
| |
|Lessee deposit liability 91,244 86,268 102,210 |
| |
|Debt 6,023,932 * 5,803,499 6,224,987 |
| |
|Deferred revenue 42,704 39,547 44,780 |
| |
|Derivative liabilities 9,726 14,677 20,831 |
| --------------- ------------------- --------------- |
|Total liabilities 6,698,352 6,458,512 6,974,266 |
| |
| |
| |
|Ordinary share capital |
|?0.01 par value |
|(250,000,000 ordinary |
|shares authorized, |
|113,613,289 ordinary |
|shares issued |
|and outstanding) 1,196 1,193 1,570 |
| |
|Additional paid-in |
|capital 930,543 927,617 1,343,601 |
| |
|Treasury stock (2) - (162,719) |
| |
|Accumulated other |
|comprehensive loss (10,052) (14,401) (10,411) |
| |
|Accumulated retained |
|earnings 1,350,768 1,207,629 1,138,565 |
| --------------- ------------------- --------------- |
|Total AerCap Holdings |
|N.V. shareholders' |
|equity 2,272,453 2,122,038 2,310,606 |
| |
|Non-controlling interest 1,752 868 4,207 |
| --------------- ------------------- --------------- |
|Total Equity 2,274,205 2,122,906 2,314,813 |
| |
| |
| --------------- ------------------- --------------- |
|Total Liabilities and |
|Equity $ 8,972,557 $ 8,581,418 $ 9,289,079 |
| --------------- ------------------- --------------- |
| |
| |
|* Includes $64.3 million of subordinated debt received from our joint |
|venture partners |
| |
| |
| |
|Supplemental information June 30, 2013 December 31, 2012 June 30, 2012 |
| --------------- ------------------- --------------- |
|Debt/equity ratio 2.6 2.7 2.7 |
| |
|Debt/equity ratio |
|(adjusted for |
|subordinated debt) 2.5 2.6 2.6 |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Unaudited Consolidated Income Statements |
| |
|(In thousands of U.S. Dollars, except share and per share data) |
| |
| Three months ended Six months ended |
| June 30, June 30, |
| |
| 2013 2012 2013 2012 |
| ------------- ------------- ------------- ------------+
| |
| |
|Revenues |
| |
|Lease revenue $ 229,768 $ 247,443 $ 456,609 $ 500,181|
| |
|Net gain on sale of |
|assets 10,526 653 21,491 434|
| |
|Management fee revenue 5,110 4,174 10,746 8,704|
| |
|Interest revenue 1,394 324 2,864 946|
| |
|Other revenue 241 285 1,150 514|
| ------------- ------------- ------------- ------------+
|Total Revenues 247,039 252,879 492,860 510,779|
| |
| |
| |
|Expenses |
| |
|Depreciation 83,419 93,087 161,539 182,115|
| |
|Asset impairment - - 2,661 -|
| |
|Interest on debt 47,119 93,654 105,688 157,621|
| |
|Operating lease-in costs - 380 550 2,902|
| |
|Leasing expenses 10,330 17,866 25,246 36,343|
| |
|Selling, general and |
|administrative expenses 24,073 21,718 44,263 38,046|
| ------------- ------------- ------------- ------------+
|Total Expenses 164,941 226,705 339,947 417,027|
| |
| |
| ------------- ------------- ------------- ------------+
|Income from continuing |
|operations before |
|income taxes and income |
|of investments |
|accounted for under the |
|equity method 82,098 26,174 152,913 93,752|
| |
| |
| |
|Provision for income |
|taxes (7,333) (1,619) (12,998) (7,497)|
| |
|Net income of |
|investments accounted |
|for under |
|the equity method 1,694 3,725 4,108 6,462|
| ------------- ------------- ------------- ------------+
| |
| |
|Net income 76,459 28,280 144,023 92,717|
| |
| |
| |
|Net (income) loss |
|attributable to non- |
|controlling interest (770) 1,301 (884) 1,874|
| |
| |
| ------------- ------------- ------------- ------------+
|Net income attributable |
|to AerCap Holdings N.V. $ 75,689 $ 29,581 $ 143,139 $ 94,591|
| ------------- ------------- ------------- ------------+
| |
| |
|Total basic earnings per |
|share $ 0.67 $ 0.21 $ 1.26 $ 0.68|
| |
| |
| |
|Weighted average shares |
|outstanding - basic 113,399,744 138,717,200 113,381,740 139,308,322|
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Unaudited Consolidated Statements of |
|Cash Flows |
| |
|(In thousands of U.S. |
|Dollars) |
| |
| Three months ended Six months ended |
| June 30, June 30, |
| ----------------------- ------------------------+
| 2013 2012 2013 2012 |
| ----------- ----------- ------------- ----------+
| |
| |
|Net income $ 76,459 $ 28,280 $ 144,023 $ 92,717|
| |
|Adjustments to reconcile net |
|income to |
|net cash provided by |
|operating activities: |
| |
|Depreciation 83,419 93,087 161,539 182,115|
| |
|Asset impairment - - 2,661 -|
| |
|Amortization of debt |
|issuance costs 8,289 30,426 15,899 37,541|
| |
|Amortization of intangibles 2,010 2,875 4,613 5,852|
| |
|Net gain on sale of assets (10,526) (653) (21,491) (434)|
| |
|Mark-to-market of non-hedged |
|derivatives (12,415) 7,217 (13,807) 3,433|
| |
|Deferred taxes 6,516 1,404 6,223 5,999|
| |
|Share-based compensation 2,430 1,932 4,520 3,397|
| |
|Changes in assets and |
|liabilities: |
| |
| Trade receivables and |
|notes receivable, net (1,879) (692) (3,774) 5,795|
| |
| Inventories - 1,697 - 6,786|
| |
| Other assets and |
|derivative assets (3,121) (84) (10,436) (5,798)|
| |
| Other liabilities (5,889) (5,432) 3,112 (9,489)|
| |
| Deferred revenue 2,087 (1,865) 3,157 (3,214)|
| ----------- ----------- ------------- ----------+
|Net cash provided by |
|operating activities 147,380 158,192 296,239 324,700|
| |
| |
| |
|Purchase of flight equipment (867,039) (216,028) (1,267,850) (484,675)|
| |
|Proceeds from sale/disposal |
|of assets 337,252 112,688 485,252 220,655|
| |
|Prepayments on flight |
|equipment (99,043) (9,920) (120,485) (18,462)|
| |
|Capital contributions and |
|repayments (8,237) - (10,930) -|
| |
|Movement in restricted cash 40,919 12,817 32,469 (53,510)|
| ----------- ----------- ------------- ----------+
|Net cash used in investing |
|activities (596,148) (100,443) (881,544) (335,992)|
| |
| |
| |
|Issuance of debt 1,075,876 469,079 1,354,376 823,669|
| |
|Repayment of debt (846,821) (420,951) (1,136,652) (710,057)|
| |
|Debt issuance costs paid (17,324) (18,362) (19,880) (24,288)|
| |
|Repurchase of shares - (62,719) - (62,719)|
| |
|Maintenance payments |
|received 27,597 32,567 45,818 72,275|
| |
|Maintenance payments |
|returned (15,450) (4,931) (26,144) (23,340)|
| |
|Security deposits received 9,443 7,733 11,389 11,838|
| |
|Security deposits returned (3,109) (9,397) (6,517) (11,322)|
| ----------- ----------- ------------- ----------+
|Net cash provided by (used |
|in) financing activities 230,212 (6,981) 222,390 76,056|
| |
| |
| |
|Net (decrease) increase in |
|cash and cash equivalents (218,556) 50,768 (362,915) 64,764|
| |
|Effect of exchange rate |
|changes 68 (1,211) (557) (1,594)|
| |
|Cash and cash equivalents at |
|beginning of period 375,417 424,694 520,401 411,081|
| ----------- ----------- ------------- ----------+
|Cash and cash equivalents at |
|end of period $ 156,929 $ 474,251 $ 156,929 $ 474,251|
+------------------------------------------------------------------------------+
For Investors:
Keith Helming
Chief Financial Officer
+31 20 655 9670
khelming(at)aercap.com
Peter Wortel
Investor Relations
+31 20 655 9658
pwortel(at)aercap.com
For Media:
Frauke Oberdieck
Corporate Communications
+31 20 655 9616
foberdieck(at)aercap.com
AerCap 2013 Second Quarter Earnings:
http://hugin.info/149317/R/1721132/573263.pdf
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Source: AerCap Holdings N.V. via Thomson Reuters ONE
[HUG#1721132]
Unternehmensinformation / Kurzprofil:
Datum: 06.08.2013 - 12:57 Uhr
Sprache: Deutsch
News-ID 285099
Anzahl Zeichen: 55019
contact information:
Town:
Schiphol
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"AerCap Holdings N.V. Reports Second Quarter 2013 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
AerCap Holdings N.V. (Nachricht senden)
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