AerCap Holdings N.V. Reports Record Third Quarter Financial Results
(Thomson Reuters ONE) -
Amsterdam, Netherlands; November 4, 2014 -
* Adjusted net income was $315.8 million for the third quarter of 2014, an
increase of 253% over the same period in 2013.
* Adjusted earnings per share were $1.49 for the third quarter of 2014, an
increase of 89% over the same period in 2013.
Operational Update
* The integration of the ILFC business remains on track. The primary IT
systems were successfully integrated on schedule by the end of the third
quarter of 2014.
* Annualized net spread percentage for the third quarter was 10.1%, up from
8.8% in the same period of 2013.
* Our fleet utilization rate was 99.3% for the third quarter of 2014. The
average age of the owned fleet as of September 30, 2014 was 7.6 years and
the average remaining contracted lease term was 5.5 years.
* We executed 134 aircraft transactions during the third quarter of 2014.
* As of September 30, 2014, we had committed to purchase 391 aircraft with
scheduled delivery dates up to 2022. Over 90% of our committed aircraft
purchases delivering through December 2016 and nearly 60% delivering through
2019 are placed, either under lease contract or letter of intent.
* Nearly all of the ILFC aircraft as well as substantial business operations
have been transferred to Ireland.
* As of September 30, 2014, we had $6.6 billion of available liquidity. Since
the announcement of the ILFC transaction in December 2013, $8.9 billion of
funding has been raised.
Aengus Kelly, CEO of AerCap, commented: "The third quarter of 2014 was the first
fully consolidated quarter and I am pleased to report that we have achieved
record earnings of over $300 million and ended the quarter with total assets of
$44 billion. These financial results are a testament to the success of the
integration and the tireless efforts of the entire AerCap team around the
globe."
Third Quarter Key Highlights
* We purchased nine aircraft with a total value of $0.7 billion and exercised
an option to purchase 50 A320neo family aircraft from Airbus.
* We executed $1.5 billion of financing transactions, including the previously
announced private placement of $800 million of notes.
* We signed agreements with Virgin Atlantic Airways for the purchase and
leaseback of seven Boeing 787 aircraft that Virgin Atlantic Airways has on
order from Boeing. The lease terms for all aircraft are twelve years and
deliveries will start in October 2014.
Third Quarter 2014 Financial Results
* Third quarter 2014 reported net income was $340.9 million, compared with
$83.6 million for the same period in 2013. Third quarter 2014 reported basic
earnings per share were $1.61, compared with $0.74 for the same period in
2013. The increase in net income and earnings per share over third quarter
2013 were driven primarily by the ILFC transaction.
* Third quarter 2014 adjusted net income was $315.8 million, compared with
$89.4 million for the same period in 2013. Third quarter 2014 adjusted
earnings per share were $1.49, compared with $0.79 for the same period in
2013. The increase in adjusted net income and earnings per share over third
quarter 2013 were driven primarily by the ILFC transaction.
* Net interest margin earned on lease assets, or net spread, was $905.8
million in the third quarter of 2014 compared with $174.8 million for the
same period in 2013. Annualized net spread percentage was 10.1% for the
third quarter 2014, compared with 8.8% for the same period in 2013. The
increase was primarily attributable to the ILFC transaction.
* The adjusted debt to equity ratio was 3.5 to 1 at September 30, 2014,
compared to 2.6 to 1 for the same period in 2013, reflecting our acquisition
of ILFC.
* Total assets were $43.9 billion as of September 30, 2014.
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 Nine months ended
September 30, September 30,
--------------------------------- ---------------------------------
% %
increase/ increase/
2014 2013 (decrease) 2014 2013 (decrease)
---------- --------- ------------ ---------- ---------- -----------
(US dollars in millions except (US dollars in millions except
share and per share amounts) share and per share amounts)
Net income $ 340.9 $ 83.6 308% $ 534.0 $ 226.8 135%
Adjusted for:
Mark-to-
market of
interest rate
caps and
swaps, net of
tax 0.4 3.7 (89%) 10.4 (8.3) NA
Share-based
compensation,
net of tax 22.5 2.1 971% 37.8 6.0 530%
Transaction
and
integration
related
expenses, net
of tax 12.6 - NA 119.8 - NA
Maintenance
rights
related
expenses, net
of tax (60.6) - NA (93.9) - NA
---------- --------- ------------ ---------- ---------- -----------
Adjusted net
income $ 315.8 $ 89.4 253% $ 608.1 $ 224.5 171%
---------- --------- ------------ ---------- ---------- -----------
Adjusted
earnings per
share - basic $ 1.49 $ 0.79 89% $ 3.71 $ 1.98 88%
Third quarter 2014 adjusted net income increased 253% over the same period in
2013 and third quarter 2014 adjusted earnings per share increased 89% over the
same period in 2013. The increases were driven primarily by the ILFC
transaction. Reported and adjusted net income included $20 million of non-
recurring income.
Adjusted net income reflects expensing the maintenance rights asset over the
remaining economic life of the aircraft as compared to expensing this asset
during the remaining lease term as reflected in reported net income. The
maintenance rights asset represents the difference between the actual physical
condition of the aircraft at the ILFC acquisition date and the value based on
the contractual return conditions in the lease contracts. We believe this
measure may further assist investors in their understanding of our operational
and financial performance. The difference in the two methods will have no
economic impact as it is non-cash and equalizes over time.
Revenue and Net Spread
Three months ended Nine months ended
September 30, September 30,
------------------------------------ -----------------------------------
% %
increase/ increase/
2014 2013 (decrease) 2014 2013 (decrease)
------------ ---------- ------------ ------------ ---------- -----------
(US dollars in millions) (US dollars in millions)
Lease
revenue:
Basic
lease rents $ 1,172.3 $ 234.3 400% $ 2,123.8 $ 666.7 219%
Maintenance
rents and
other
receipts 49.8 23.7 110% 110.7 47.9 131%
------------ ---------- ------------ ------------ ---------- -----------
Lease
revenue 1,222.1 258.0 374% 2,234.5 714.6 213%
Net gain on
sale of
assets 2.8 10.7 (74%) 31.6 32.2 (2%)
Other
income 26.1 10.7 144% 56.6 25.4 123%
------------ ---------- ------------ ------------ ---------- -----------
Total
revenues
and other
income $ 1,251.0 $ 279.4 348% $ 2,322.7 $ 772.2 201%
------------ ---------- ------------ ------------ ---------- -----------
Basic lease rents were $1,172.3 million for the third quarter of 2014, compared
with $234.3 million in the same period in 2013. The increase was driven
primarily by the ILFC transaction and new aircraft purchases. Our average lease
assets were $35.9 billion, compared with $8.0 billion for the same period in
2013.
Lease revenue for the third quarter of 2014 was $1,222.1 million, compared with
$258.0 million for the same period in 2013.
Net gain on sale of assets for the third quarter of 2014 was $2.8 million,
compared with $10.7 million for the same period in 2013.
Other income for the third quarter of 2014 was $26.1 million, compared with
$10.7 million for the same period in 2013. The increase was driven by the ILFC
acquisition and relates primarily to income from our AeroTurbine subsidiary.
Three months ended Nine months ended
September 30, September 30,
------------------------------------ -----------------------------------
% %
increase/ increase/
2014 2013 (decrease) 2014 2013 (decrease)
------------ ---------- ------------ ------------ ---------- -----------
(US dollars in millions) (US dollars in millions)
Basic
lease
rents $ 1,172.3 $ 234.3 400% $ 2,123.8 $ 666.7 219%
Interest
expenses 267.0 63.7 319% 502.3 169.3 197%
Adjusted
for:
Mark-
to-
market
of
interest
rate
caps and
swaps (0.5) (4.2) (88%) (11.9) 9.5 NA
------------ ---------- ------------ ------------ ---------- -----------
Adjusted
interest
expenses 266.5 59.5 348% 490.4 178.8 174%
------------ ---------- ------------ ------------ ---------- -----------
Net
interest
margin,
or net
spread $ 905.8 $ 174.8 418% $ 1,633.4 $ 487.9 235%
------------ ---------- ------------ ------------ ---------- -----------
As shown in the table above, adjusted interest expenses were $266.5 million in
the third quarter of 2014, a 348% increase compared with the same period in
2013. Net spread was $905.8 million in the third quarter of 2014, a 418%
increase compared with the same period in 2013.
Selling, General and Administrative Expenses
Three months ended Nine months ended
September 30, September 30,
-------------------------------- --------------------------------
% %
increase/ increase/
2014 2013 (decrease) 2014 2013 (decrease)
--------- --------- ------------ ---------- --------- -----------
(US dollars in millions) (US dollars in millions)
Share-based
compensation
expenses 25.7 2.4 971% 43.2 6.9 526%
Other selling,
general and
administrative
expenses 70.3 21.0 235% 139.2 60.8 129%
--------- --------- ------------ ---------- --------- -----------
Total selling,
general and
administrative
expenses $ 96.0 $ 23.4 310% $ 182.4 $ 67.7 169%
--------- --------- ------------ ---------- --------- -----------
The increase in selling, general, and administrative expenses, period over
period, reflects the ILFC acquisition.
Effective Tax Rate
AerCap's blended effective tax rate during the first nine months of 2014 was
17.5%. The blended effective tax rate for the year ended December 31, 2013 was
8.4%. The increase is driven primarily by the ILFC acquisition. The blended
effective tax rate in any year is impacted by the source and amount of earnings
among AerCap's different tax jurisdictions.
Financial Position
% increase/
(decrease) over
September 30, December 31, December 31,
2014 2013 2013
--------------- -------------- ----------------
(US dollars in millions except d/e ratio)
Total cash (incl. restricted) $ 2,417.6 $ 568.3 325%
Flight equipment held for
operating leases, net 31,852.6 8,085.9 294%
Total assets 43,865.3 9,451.1 364%
Debt 30,827.6 6,236.9 394%
Total liabilities 36,220.7 7,021.9 416%
Total equity 7,644.6 2,429.2 215%
Adjusted debt/equity ratio 3.5 2.6 35%
As of September 30, 2014, AerCap's portfolio consisted of 1,676 aircraft that
were owned (including aircraft owned by AerDragon, a non-consolidated joint
venture), on order, under contract or managed. The average age of the owned
fleet as of September 30, 2014 was 7.6 years and the average remaining
contracted lease term was 5.5 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 each such measure to the most closely related GAAP
measure. We believe these measures may further assist investors in their
understanding of our operational performance.
Adjusted net income and adjusted earnings per share. These measures are
determined by adding non-cash charges relating to gains and losses created by a
mark-to-market on our interest rate caps and swaps, share based compensation, an
adjustment for maintenance rights related expense, and transaction and
integration related expenses during the applicable period, net of related tax
benefits, to GAAP net income. The average number of shares is based on a daily
average.
We use interest rate caps and swaps 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 and some of our swaps. As a result, we recognize the change
in fair value of these interest rate caps and swaps in our income statement
during each period.
The adjustment for maintenance rights related expense is based on the difference
between expensing the maintenance rights asset during the remaining lease term
as described below as compared to expensing this asset straight-line over the
remaining economic life of the aircraft. For those contracts which pay
maintenance deposit rents during the lease term, the maintenance rights asset is
expensed at the time the lessee provides us with an invoice for reimbursement
relating to the cost of a qualifying maintenance event that relates to pre-
acquisition usage. For those contracts which have an end-of-lease compensation
requirement relating to the maintenance condition of the aircraft, the
maintenance rights asset is expensed upon lease termination to the extent the
lease end cash compensation paid to us is less than the maintenance right asset.
In addition, adjusted net income excludes the following non-recurring charges:
* Third quarter 2014 adjusted net income of $315.8 million excludes expenses
relating to the ILFC transaction of $12.6 million, net of tax.
* Adjusted net income of $608.1 million for the nine months ended September
30, 2014 excludes expenses relating to the ILFC transaction and integration
of $119.8 million, net of tax.
In addition to GAAP net income and earnings per share, we believe these measures
may further assist investors in their understanding of our operational
performance in relation to past and future reporting periods. A reconciliation
of adjusted net income to net income for the three and nine month periods ended
September 30, 2014 and 2013 is presented in a table under the Net
Income/Earnings Per Share section of this press release.
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.
Adjusted debt to equity ratio. This measure is the ratio obtained by dividing
adjusted net debt by adjusted shareholders' equity. Adjusted net debt means
consolidated total debt less cash and cash equivalents, and less a 50% equity
credit with respect to $1.0 billion of subordinated debt. Adjusted shareholders'
equity means total shareholders' equity, plus the 50% equity credit. Adjusted
net debt and adjusted shareholders' equity are adjusted by the 50% equity credit
to reflect the equity nature of that financing arrangement, to provide
information in line with definitions under certain of our debt covenants.
Conference Call
In connection with the earnings release, management will host an earnings
conference call today, Tuesday, November 4, 2014, at 9:00 am Eastern Time /
3:00 pm Central European Time. The call can be accessed live by dialing
(U.S./Canada) +1-212-444-0895 or (International) +31-20-716-8257 and referencing
code 1972821 at least 5 minutes before start time, or by visiting AerCap's
website at http://www.aercap.com under "Investor Relations".
In addition, an Investor & Analyst Meeting will be hosted by AerCap's management
today, Tuesday, November 4, 2014, at 11:30 am Eastern Time at The New York
Palace Hotel (Drawing room), 455 Madison Avenue, New York. Doors will open at
11:00 am.
A webcast replay of the earnings conference call will be archived in the
"Investor Relations" section of the Company's website for one year.
To participate in either event, please register by emailing:
aercap(at)instinctif.com
For further information, contact Peter Wortel: +31-20-655-9658
(pwortel(at)aercap.com) or Mark Walter and Jenny Payne (Instinctif Partners):
+44-20-7457-2020 (aercap(at)instinctif.com).
About AerCap Holdings N.V.
AerCap is the global leader in aircraft leasing with approximately 1,700 owned,
managed or on order aircraft in its portfolio. AerCap has one of the most
attractive order books in the industry. AerCap serves over 200 customers in more
than 90 countries with comprehensive fleet solutions and provides part-out and
engine leasing services through its subsidiary, AeroTurbine. AerCap is listed on
the New York Stock Exchange (AER) and has its headquarters in Amsterdam with
offices in Los Angeles, Shannon, Dublin, Fort Lauderdale, Miami, Singapore,
Shanghai, Abu Dhabi, Seattle and Toulouse.
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
The results of ILFC have been consolidated in AerCap Holdings N.V.'s financial
statements as of May 14, 2014, the completion date of the acquisition.
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Unaudited Consolidated Balance |
|Sheets |
| |
|(In thousands of U.S. Dollars) |
| |
| |
| |
| September 30, December 31,|
| 2014 2013 |
| ----------------------------- -------------+
| |
| |
|Assets |
| |
|Cash and cash equivalents $ 1,744,294 $ 295,514|
| |
|Restricted cash 673,307 272,787|
| |
|Trade receivables 139,846 5,203|
| |
|Flight equipment held for operating |
|leases, net 31,852,581 8,085,947|
| |
|Maintenance rights intangible and |
|lease premium, net (*) 4,228,491 9,354|
| |
|Flight equipment held for sale 17,302 - |
| |
|Net investment in finance and |
|sales-type leases 260,399 31,995|
| |
|Prepayments on flight equipment 3,414,327 223,815|
| |
|Other intangibles, net 447,551 - |
| |
|Deferred income tax assets 171,119 121,663|
| |
|Other assets 916,067 404,863|
| ----------------------------- -------------+
|Total Assets $ 43,865,284 $ 9,451,141|
| ----------------------------- -------------+
| |
| |
| |
| |
|Liabilities and Equity |
| |
|Accounts payable, accrued expenses |
|and other liabilities $ 1,105,612 $ 164,222|
| |
|Accrued maintenance liability 3,277,240 466,293|
| |
|Lessee deposit liability 821,825 92,660|
| |
|Debt 30,827,610 6,236,892|
| |
|Deferred income tax liabilities 188,442 61,842|
| ----------------------------- -------------+
|Total liabilities 36,220,729 7,021,909|
| |
| |
| |
|Ordinary share capital ?0.01 par |
|value (350,000,000 ordinary shares |
|authorized, |
| |
| 212,318,291 ordinary shares issued |
|and outstanding at September |
|30, 2014 and |
| |
| 113,783,799 ordinary shares issued |
|and outstanding at December |
|31, 2013) 2,559 1,199|
| |
|Additional paid-in capital 5,533,161 934,024|
| |
|Accumulated other comprehensive |
|loss (5,526) (9,890)|
| |
|Accumulated retained earnings 2,033,996 1,500,039|
| ----------------------------- -------------+
|Total AerCap Holdings N.V. |
|shareholders' equity 7,564,190 2,425,372|
| |
|Non-controlling interest 80,365 3,860|
| ----------------------------- -------------+
|Total Equity 7,644,555 2,429,232|
| |
| |
| ----------------------------- -------------+
|Total Liabilities and Equity $ 43,865,284 $ 9,451,141|
| ----------------------------- -------------+
| |
| |
|(*) Includes $4,128 million maintenance rights intangible, and |
|the remaining amount relates to lease premium. |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|AerCap Holdings |
|N.V. |
| |
|Unaudited |
|Consolidated Income |
|Statements |
| |
|(In thousands of |
|U.S. Dollars, |
|except share and |
|per share data) |
| |
| |
| |
| Three months ended September Nine months ended September|
| 30, 30, |
| ------------------------------ ----------------------------+
| 2014 2013 2014 2013 |
| -------------- --------------- ------------- --------------+
| |
| |
|Revenues and other |
|income |
| |
|Lease revenue $ 1,222,107 $ 258,005 2,234,454 $ 714,614|
| |
|Net gain on sale of |
|assets 2,786 10,749 31,578 32,240|
| |
|Other income 26,139 10,618 56,608 25,378|
| -------------- --------------- ------------- --------------+
|Total Revenues and |
|other income 1,251,032 279,372 2,322,640 772,232|
| |
| |
| |
|Expenses |
| |
|Depreciation and |
|amortization 455,122 87,460 821,253 248,999|
| |
|Asset impairment 1,584 9,193 1,871 11,854|
| |
|Interest expenses 266,964 63,654 502,338 169,342|
| |
|Operating lease-in |
|costs - - - 550|
| |
|Leasing expenses 28,939 5,529 64,273 30,775|
| |
|Transaction and |
|integration related |
|expenses 14,386 - 136,863 - |
| |
|Selling, general |
|and administrative |
|expenses 96,011 23,398 182,398 67,661|
| -------------- --------------- ------------- --------------+
|Total Expenses 863,006 189,234 1,708,996 529,181|
| -------------- --------------- ------------- --------------+
|
| |
|Income from |
|continuing |
|operations before |
|income taxes and |
|income |
| |
| of investments |
|accounted for under |
|the equity method 388,026 90,138 613,644 243,051|
| |
| |
| |
|Provision for |
|income taxes (66,777) (7,661) (107,388) (20,659)|
| |
|Net income of |
|investments |
|accounted for under |
|the equity method 21,037 3,042 27,200 7,150|
| -------------- --------------- ------------- --------------+
| |
| |
|Net income 342,286 85,519 533,456 229,542|
| |
| |
| |
|Net (income) loss |
|attributable to |
|non-controlling |
|interest (1,341) (1,871) 501 (2,755)|
| |
| |
| -------------- --------------- ------------- --------------+
|Net income |
|attributable to |
|AerCap Holdings N.V $ 340,945 $ 83,648 $ 533,957 $ 226,787|
| -------------- --------------- ------------- --------------+
| |
| |
|Total basic |
|earnings per share $ 1.61 $ 0.74 $ 3.26 $ 2.00|
| |
|Total diluted |
|earnings per share $ 1.59 $ 0.73 $ 3.21 $ 1.98|
| |
| |
| |
|Weighted average |
|shares outstanding |
|- basic 212,070,104 113,508,375 163,722,591 113,424,415|
| |
|Weighted average |
|shares outstanding |
|- diluted 214,398,654 114,921,601 166,095,640 114,751,946|
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|AerCap Holdings N.V. |
| |
|Unaudited Consolidated Statements of Cash Flows |
| |
|(In thousands of U.S. Dollars) |
| |
| |
| |
| Nine months ended September|
| 30, |
| -----------------------------+
| 2014 2013 |
| -------------- --------------+
| |
| |
|Net income $ 533,456 $ 229,542|
| |
|Adjustments to reconcile net income to net cash |
|provided by operating activities: |
| |
|Depreciation and amortisation 821,253 248,999|
| |
|Asset impairment 1,871 11,854|
| |
|Amortization of debt issuance costs and debt |
|discount 74,284 36,020|
| |
|Amortization of lease premium intangibles 11,618 6,534|
| |
|Accretion of fair value adjustment on debt (208,510) - |
| |
|Maintenance rights expense 879 - |
| |
|Net gain on sale of assets (31,578) (32,240)|
| |
|Mark-to-market of non-hedged derivatives 11,933 (9,600)|
| |
|Deferred income taxes 102,721 13,806|
| |
|Share-based compensation 43,231 6,914|
| |
| Changes in operating assets and liabilities: |
| |
| Trade receivables 88,612 (115)|
| |
| Maintenance rights intangible 26,595 - |
| |
| Other assets 85,179 (17,794)|
| |
| Accounts payable, accrued expenses and other |
|liabilities (63,183) 16,568|
| -------------- --------------+
|Net cash provided by operating activities 1,498,361 510,488|
| |
| |
| |
|Purchase of flight equipment (1,373,863) (1,550,574)|
| |
|Proceeds from sale or disposal of assets 487,555 577,252|
| |
|Prepayments on flight equipment (265,249) (156,273)|
| |
|Acquisition of ILFC, net of cash acquired (195,311) - |
| |
|Capital contributions - (13,180)|
| |
|Collections of finance and sales-type leases 38,332 1,489|
| |
|Movement in restricted cash 326,604 609|
| -------------- --------------+
|Net cash used in investing activities (981,932) (1,140,677)|
| |
| |
| |
|Issuance of debt 4,453,455 1,799,568|
| |
|Repayment of debt (3,562,887) (1,389,132)|
| |
|Debt issuance costs paid (111,190) (22,183)|
| |
|Maintenance payments received 333,194 74,960|
| |
|Maintenance payments returned (162,824) (45,708)|
| |
|Security deposits received 48,052 21,580|
| |
|Security deposits returned (62,448) (11,057)|
| -------------- --------------+
|Net cash provided by financing activities 935,352 428,028|
| |
| |
| |
|Net increase (decrease) in cash and cash |
|equivalents 1,451,781 (202,161)|
| |
|Effect of exchange rate changes on cash and |
|cash equivalents (3,001) (142)|
| |
|Cash and cash equivalents at beginning of |
|period 295,514 520,401|
| -------------- --------------+
|Cash and cash equivalents at end of period $ 1,744,294 $ 318,098|
+------------------------------------------------------------------------------+
Certain reclassifications have been made to Unaudited Consolidated Statement of
Cash Flows for the nine months ended September 30, 2013 to reflect the current
year presentation.
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 2014 Third Quarter Earnings:
http://hugin.info/149317/R/1867969/656677.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AerCap Holdings N.V. via GlobeNewswire
[HUG#1867969]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2014 - 13:04 Uhr
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News-ID 349532
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contact information:
Town:
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Kategorie:
Business News
Diese Pressemitteilung wurde bisher 130 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AerCap Holdings N.V. Reports Record Third Quarter Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
AerCap Holdings N.V. (Nachricht senden)
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