Aercap Holdings N.v. · NYSE:AER
Aercap — Q4 2017 Earnings Presentation
17 slides from Aercap's earnings presentation, Feb 14, 2018
Slide 1: Fourth Quarter 2017 Financial Results
Fourth Quarter 2017 Financial Results February 14, 2018 AerCap Holdings N.V.
Slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor
Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts with not rely upon forward-looking statements as a prediction of actual results respect to future performance and events. These statements, estimates and we do not assume
Slide 3: AerCap Investment Case
AerCap Investment Case AerCap is the global leader in aircraft leasing Resilient industry fundamentals Global platform with unmatched breadth and reach Strong earnings and cash flow generation Attractive order book and disciplined portfolio management Strong liquidity and access to capital Prudent h
Slide 4: 2017 Financial Results and Highlights
2017 Financial Results and Highlights Financial Results Highlights • 402 aircraft transactions in 2017, including 119 Net Income widebody transactions • 99.1% fleet utilization rate for the full year 2017 4Q FY ($ million) 2017 2017 • 6.8 years average age of owned fleet Net Income 266.3 1,076.2 • 6
Slide 5: Net Income and Earnings Per Share
Net Income and Earnings Per Share 4Q 2017 4Q 2016 FY 2017 FY 2016 Net Income ($ million) 266.3 364.7 1,076.2 1,046.6 Diluted Earnings Per Share ($) 1.67 2.01 6.43 5.52 Key Highlights Full Year Results: • For FY 2017, diluted earnings per share increased 16% year over year, primarily driven by the re
Slide 6: Book Value Per Share
Book Value Per Share (millions except per share data) Dec. 31, 2017 Dec. 31, 2016 Total Shareholders’ Equity $8,580 $8,524 Ordinary Shares Outstanding 153.0 176.2 Unvested Restricted Stock (3.0) (3.4) Ordinary Shares Outstanding 150.0 172.8 (excl. Unvested Restricted Stock) Book Value Per Share1 $57
Slide 7: Revenues and Other Income
Revenues and Other Income ($ million) 4Q 2017 4Q 2016 FY 2017 FY 2016 Basic Lease Rents 1,035.3 1,061.8 4,194.2 4,395.3 Maintenance Rents and Other Receipts 162.6 159.1 519.6 472.3 Net Gain on Sale of Assets 48.5 58.7 229.1 138.5 Other Income 16.6 89.0 94.6 146.0 Total Revenues and Other Income 1,26
Slide 8: Net Interest Margin (Net Spread)
Net Interest Margin (Net Spread) ($ million) 4Q 2017 4Q 2016 FY 2017 FY 2016 Net Interest Margin (Net Spread)1 760.4 790.5 3,096.0 3,305.0 Average Lease Assets2 34,748 34,192 34,228 34,857 Annualized Net Spread 8.8% 9.3% 9.0% 9.5% Average Cost of Debt3 3.9% 3.9% 3.9% 3.7% Including all fees Average
Slide 9: Aircraft Disposals and Purchases
Aircraft Disposals and Purchases ($ million) 4Q 2017 4Q 2016 FY 2017 FY 2016 Net Gain on Sale of Assets 48.5 58.7 229.1 138.5 4Q 2017 Aircraft Disposal Activity: • 27 aircraft, with an average age of 14 years, were sold from our owned portfolio: • 12 Airbus A320 Family aircraft, 1 Airbus A330 and 1
Slide 10: Other Expenses
Other Expenses ($ million) 4Q 2017 4Q 2016 FY 2017 FY 2016 Maintenance Rights Expense 75.5 94.5 347.8 381.6 Other Leasing Costs 65.7 48.8 190.0 200.9 Selling, General & Administrative 96.3 96.8 348.3 351.0 Expenses Asset Impairment 10.4 11.4 61.3 81.6 Restructuring Related Expenses − 8.3 14.6 53.4 •
Slide 11: Liquidity Position
Liquidity Position Sources vs. Uses (Next 12 Months) Liquidity Levels Since July 2014 ($ billion as of December 31, 2017) ($ billion) Sources (for 12 months to December 31, 2018) 10.5 10.0 3.0x Unsecured Revolver 3.9 9.5 9.5 9.6 9.2 9.1 2.8x 9.0 9.0 8.9 Other Facilities and Contracted Sales 4.0 9.0
Slide 12: Q&A
GLOBAL LEADER IN AVIATIO Q&A DUBLIN | SHANNON | LOS ANGELES | SINGAPORE | AMSTERDAM | FORT LAUDERDALE | SHANGHAI | ABU DHABI | SEATTLE | TOULOUSE ‘AERCAP.COM
Slide 13: Supplemental Information
Supplemental Information DUBLIN | SHANNON | LOS ANGELES | SINGAPORE | AMSTERDAM | FORT LAUDERDALE | SHANGHAI | ABU DHABI | SEATTLE | TOULOUSE ‘AERCAP.COM
Slide 14: Capital Structure
Capital Structure Summary Dec. 31, 2017 Dec. 31, 2016 Adjusted Debt / Equity Ratio 2.8 to 1 2.7 to 1 Adjusted Debt/Equity Calculation ($ million) Dec. 31, 2017 Dec. 31, 2016 Debt (including fair value adjustments) 28,421 27,717 Adjusted for: • Unrestricted cash & cash equivalents (1,660) (2,035) • 5
Slide 15: High Quality and Well Diversified Portfolio as of December 31, 2017
High Quality and Well Diversified Portfolio as of December 31, 2017 Number of % Net Number of Number of Total Aircraft Type Owned Aircraft Book Value Managed Aircraft on Order Aircraft Aircraft Airbus A320 Family 370 21 52 − 422 Airbus A320neo Family 48 7 − 222 270 Airbus A330 83 11 10 − 93 Airbus A
Slide 16: Forward Order and Purchase/Leasebacks as of December 31, 2017
Forward Order and Purchase/Leasebacks as of December 31, 2017 Aircraft Type 2018 2019 2020 2021 2022 Thereafter Total Airbus A320neo Family 53 42 47 30 25 25 222 Airbus A350 7 2 − − − − 9 Boeing 737MAX 5 17 27 28 27 − 104 Boeing 787 13 14 5 6 6 9 53 Embraer E190 / 195-E2 1 14 14 14 7 − 50 Total Airc
Slide 17: AerCap Holdings N.V. contact details
AerCap Holdings N.V. AerCap House 65 St. Stephen’s Green Dublin 2, Ireland +353 1 819 2010 contact@aercap.com Follow us on