Slide 1: Half Year 2022 Results
Bond Ticker LU: AVTCAP Equity Ticker LSE: AVAP Half Year 2022 Results 3 March 2022 Jeff Chatfield Richard Wolanski Iain Cawte Duncan Scott Rod Mahoney Executive Chairman Finance Director Chief Financial Group General Chief Commercial Officer Counsel Officer
Slide 2: Important Notice
Important Notice Some of the statements in this presentation constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. These forward-looking statements reflect the Company’s current intentions, plans, expectations, assumptions and beliefs about future ev
Slide 3: Overview
avation PLC Overview
Slide 4: Snapshot of Avation as at December 2021
Snapshot of Avation as at 31 December 2021 Diversified Fleet and Customer Base with Strong Metrics Customers 17%/50%/33% 42 16 Airline split of located in 13 Widebody/narrowbody Aircraft Customers Countries /turboprop aircraft by value 5.3 Years 6.1 Years >US$1Bn US$575Mn Weighted Average Fleet asse
Slide 5: Attractive Aircraft Portfolio (31 Dec 2021)
Attractive Aircraft Portfolio (31 Dec 2021) Popular aircraft with low average age Balanced Fleet with Orderbook and Purchase Rights to By Aircraft Value Retain Expansion Flexibility Purchase Aircraft Type Fleet Orders Rights Turboprop Aircraft 2 ATR for ATR 72-600 21 2 28 delivery in FY23 Turboprop
Slide 6: Airline Customers
Airline Customers 16 Airline Customers in 13 Countries Customer/Aircraft EVA - A330 PAL - 777 VietJet - 6 x A321 AirBaltic - 5 x A220 easyJet - A320 Air India - 2 x ATR72 Cebu - ATR72 Braathens - 2 x ATR72 Fiji - ATR72 Mandarin - 3 x ATR72 DAT - 2 x ATR72 Hevilift - 3 x ATR72 GMA - ATR72 USB - 2 x A
Slide 7: HY2022 Results
avation PLC HY2022 Results
Slide 8: Half Year 2022 Summary
Half Year 2022 Summary Total Income Revenue US$60.1 million US$57.9 million (5%) YoY (6%) YoY Operating Profit Total (Loss) after Tax US$18.8 million (US$15.3) million 154% YoY 75% YoY Fleet Assets Weighted Average Cost of Debt (1) (2) US$1.0 billion 5.4% (7%) since 30 June 2021 FY 2021 : 5.4% Earni
Slide 9: Operational Highlights HY2022
Operational Highlights HY2022 Aircraft Sales • Sold Airbus A220-300 in October • Sold Airbus A321-200 in November • Agreement to sell 3 ex-Virgin Australia ATR aircraft to Aegean Airlines Aircraft Leases • Leases extended on 2 Hevilift ATR72-600 aircraft • Lease signed and aircraft delivered for 3rd
Slide 10: Debt Analysis
Debt Analysis HY2021 FY2021 Net Indebtedness (US$ million) 851.1 922.6 Weighted Average Cost of Debt 5.4% 5.4% Weighted Average Cost of Secured Debt 4.0% 3.9% Proportion of Fixed/Hedged Interest Rate Debt 89.0% 90.9% Net Debt/Assets 70.5% 71.9% Cost of Debt 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00
Slide 11: Key Ratios
Key Ratios Comparative Ratios HY2022 FY2021 Net asset value per share (A) £1.64 £1.64 Lease yield(B) 10.3% 10.1% Admin expense (ex warrants)/Revenue (C) 10.1% 8.8% Credit Ratios Debt/Equity (D) 5.7 6.0 Net Debt/EBITDA 8.7 12.5 Debt/Total Assets (E) 73.1% 73.9% EBITDA/Interest Expense 1.5 1.4 A. Net
Slide 12: Liquidity Update
Liquidity Update HY2022 FY2021 Maturities and loan Total cash $120.8m $122.5m covenants: Unrestricted $31.3m $25.1m Ø Loan maturities typically match the remaining lease Restricted $89.5m $97.4m durations. Unsecured Bonds: Finance lease $66.2m $50.0m Ø $343.8m 6.5% (plus 2.5% receivables PIK or 1.75
Slide 13: Liability Structure & Loan Maturities
Liability Structure & Loan Maturities Loan Maturities 450 397 400 350 300 250 348 195 200 - 150 146 100 80 76 - - 48 50 50 39 - - - 29 6- 80 76 20 50 48 50 48 - 10 34 29 - - 20 - 10 - - FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 Secured loans Warehouse lo
Slide 14: COVID Update and the Pathway Forward
COVID Update and the Pathway Forward 14
Slide 15: COVID Strategy Outcome
COVID Strategy Outcome Airline Customer Support • Support agreements with 14 of 19 airline customers • Rent deferred by airlines totals $25.9 million Support from Senior Lenders • Banks have agreed to reschedule $35.2 million of loan amortisation Support from Bondholders • Extended maturity of unsec
Slide 16: Conclusion
Conclusion Cash and liquidity have been preserved Further cash from aircraft sales and debtors Operational efficiency returning to fleet Airline traffic returning to pre-COVID levels Positioned for recovery and growth 16
Slide 17: Question & Answer Section
Question & Answer Section Avation PLC 65 Kampong Bahru Road Singapore 169370 Phone: + 65 6252 2077 www.avation.net Jeff Chatfield Richard Wolanski Iain Cawte Executive Chairman Finance Director Chief Financial Officer jeff@avation.net richard.w@avation.net iain@avation.net Duncan Scott Rod Mahoney G