Aercap Holdings N.v. · NYSE:AER
Aercap — Investor Day (September 2015)
85 slides from Aercap's investor day presentation, Sep 11, 2015
Slide 1: 2015 Investor Day
2015 Investor Day AerCap Holdings N.V. September 10, 2015, New York
Slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor
This presentation 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
Slide 3: Agenda
Agenda | Introduction John WikoffHead of Investor Relations | AerCap Overview Aengus KellyChief Executive Officer | Leasing Strategy Philip ScruggsPresident & Chief Commercial Officer | Portfolio Management Edward O’ByrneChief Investment Officer | Q&A and Break
Slide 4: Agenda (continued)
| Risk Management Anton JoinerChief Risk Officer | OEM Relations Martin OlsonHead of OEM Relations | Financial Performance Keith HelmingChief Financial Officer | Q&A | Summary and Closing Aengus KellyChief Executive Officer Agenda
Slide 5: AerCap Overview
AerCap Overview Aengus KellyChief Executive Officer
Slide 6: AerCap Investor Day – Key Takeaways
AerCap Investor Day – Key Takeaways Aircraft leasing is a stable and profitable business with tremendous growth opportunitiesMore people will travel each year than did in the previous year for the foreseeable future A well-managed aircraft portfolio will generate stable and durable cash flows over t
Slide 7: A Legacy of Growth and Innovation
AerCap has continued its expansion over the years with deep roots in the industry 1980s 1990s 2000s 2010-today ILFC places landmark order for Airbus and Boeing aircraftGPA becomes the world’s largest lessor AIG acquires ILFC GPA restructuring with partial aircraft sale to GECASGPA becomes AerFi as p
Slide 8: Assets grown ten-fold with consistent EPS growth
Since 2007 AerCap has grown its assets ten-fold with consistent 12% annual average EPS1 growth through all economic cycles 2007 Adjusted EPS: $2.48; 1H 2015 Annualized Adjusted EPS: $6.32 9.6%Average NIM 4.2%Average NIM less Depreciation 10xAsset Increase Financial Crisis Ebola/Russian Crisis Europe
Slide 9: Then and Now
Then and Now Since the 2013 Investor Day, AerCap has transformed into the leading global lessor AerCap has surpassed all financial and integration targets set in advance of the ILFC acquisition Equity $7.8B $2.4B 3.2x Net income $1.3B $0.3B 4.3x Total revenue $5.2B $1.1B 4.7x Assets $44.1B $9.5B 4.6
Slide 10: AerCap's Business Principles
AerCap’s operating strategy will remain focused on our key business principles Highly diversified customer baseWide geographical coverageSecurity deposits and maintenance reserves to protect against lessee defaultsProactive risk management Focus on long-term funding to match fund long-term assetsFle
Slide 11: Industry Overview
Industry Overview Aircraft leasing has a strong track record and has been on a robust growth path Healthy and balanced global demand for existing and new aircraft, with air traffic expected to double over the next 15 years1 Half of world airline fleet expected to be leased by 2020, compared with 42%
Slide 12: Increasing Demand for Operating Leases
Increasing Demand for Operating Leases Ascend Fleets Database, Airbus, Boeing, Lockheed, McDonnell-Douglas in service passenger jets – excludes regional jetsAscend as of June 30, 2015 - leased summary share, Airbus, Boeing, McDonnell-Douglas in service, passenger jets PROPORTION OF GLOBAL FLEET ON O
Slide 13: Resilient, growing air travel market
Resilient, growing air travel market expected to continue Air Travel Growth ASK growth projected to rise in 2015, ranging from 3.1% in North America to 12.9% in the Middle East2 85% world traffic RPK increase since 9/11 despite the different crises around the world ROBUST GLOBAL TRAFFIC WORLD ANNUAL
Slide 14: Competitive Industry Landscape
Based on fleet data of owned and managed aircraft for top 40 lessors from Flightglobal’s Ascend Fleets database for December 2014, excludes Boeing Capital AerCap’s scale and orderbook provide a key competitive advantage LEASING MARKET SHARE by fleet size1 1,6761 1,6091 Air Lease Corporation5751 SMBC
Slide 15: Objectives for the Future
Objectives for the Future Our ultimate objective is to make money for our shareholders Keep aircraft portfolio at the forefront of our thinking HAVE THE AIRCRAFT CUSTOMERS WANT CUSTOMER TARGETS OPERATIONAL TARGETS Lease aircraft to drive earnings and maintain high aircraft utilization rate LEASE THE
Slide 16: Disciplined Focus on Managing Business
Key drivers of shareholder return include:Forward OrdersSale Lease-BackPortfolio Acquisition (M&A)Share Repurchase/DividendNew orders to drive ~5% per annum contracted growth over the next few yearsSale Lease-Back and Portfolio Acquisition opportunities are continually evaluated and acted upon oppor
Slide 17: Leasing Strategy
Leasing Strategy Philip ScruggsPresident & Chief Commercial Officer
Slide 18: Global Customer Base
Global Customer Base A diverse global network of more than 200 customers in ~90 countries For the six months ended June 30, 2015 LESSEE DIVERSIFICATION NORTH AMERICA / CARIBBEAN 14% of YTD 20151 lease revenues EUROPE32% of YTD 20151 lease revenues LATIN AMERICA8% of YTD 20151 lease revenues AFRICA /
Slide 19: The Foundation of Our Business
The Foundation of Our Business Stable, Dependable Cash Flow Long-Standing Strong Customers
Slide 20: Largest Lessor Partner to Airlines Worldwide
Largest Lessor Partner to Airlines Worldwide Long-standing, strong customer relationships By number or value of aircraft fleet Customer Years of Relationship Number of Aircraft AerCap Lessor Market Position1 27 88 #1 21 54 #1 21 53 #1 16 13 #1 23 18 #1 21 21 #1 18 15 #1 12 23 #1 21 12 #1 23 7 #1 Cus
Slide 21: Global Leader in Leasing
Global Leader in Leasing Scale has its advantages Ascend, as of July 2015 NUMBER OF AIRCRAFT IN SERVICE / FIRM ORDER1 COMPETITIVE ADVANTAGES OF SCALE Ability to enter into large, sophisticated, and strategic aircraft transactionsFavorable terms from manufacturersDiversified aircraft portfolioAccess
Slide 22: Vision, Reach, Scale - The AerCap Advantage
VISION: A330-200s around the world RESPONDING TO DEMAND ENVIRONMENT IN CRISIS EXPANDING GROWING IN VACUUM OF IBERIA RETREAT LAUNCHING LONG-HAUL REDUCING FLEET COMPLEXITY & CAPACITY Move 13 Vision, Reach, Scale - The AerCap Advantage The Vision to see the whole world The Reach to build and maintain r
Slide 23: The AerCap Advantage Drives Superior Results
The AerCap Advantage Drives Superior Results Moving capacity to maximize long-term shareholder value 737-700s placed with Southwest 27 Transaero 5x Aerolineas Argentinas 10x China Eastern China Southern 8x 4x Moving aircraft from 3 continents and 4 airlines to match worldwide capacity demand with ai
Slide 24: The AerCap Advantage Differentiates Us from Competitors
25x A319-100s 4x 777-200ERs 4x 777-200ERs 17x A319-100s 25x A319-100s 17x A319-100s 24x A320neos Vision, reach and scale to do transactions others cannot do The AerCap Advantage Differentiates Us from Competitors
Slide 25: Leasing Shapes Global Capacity
Leasing Shapes Global Capacity Aircraft leasing is the mechanism by which the market quickly and efficiently distributes capacity around the world AerCap does it better than others
Slide 26: AerCap's Platform Capabilities
AerCap’s Platform Capabilities AerCap has executed 361 lease transactions over the past 12 months Extension rate on existing leases 279 NARROW BODY AIRCRAFT LEASE TRANSACTIONS ~53% extensions1 82 WIDE BODY AIRCRAFT LEASE TRANSACTIONS ~69% extensions1 A320neo family 51 A350 6 A3406
Slide 27: The System Matters
The System Matters A well-synchronized organization delivers superior performance Portfolio Management Pricing Receivables Legal Tax Executive Team Credit Contracts Risk Leasing Materiel Strategic Planning Treasury Technical Accounting Finance Local, self-sufficient, regional offices with Leasing, P
Slide 28: Placement of NEOs outpacing the market
...And the Results Are Clear AerCap’s placement of NEOs is outpacing the market Ascend Fleets Database % OF A320NEO BACKLOG LEASED OPEN A320NEO POSITIONS 83 aircraft leased by AerCap through 2019 compared to 35 by other lessors AerCap only has 58 positions available through 2019compared to 263 avail
Slide 29: Stable Profits for Shareholders
Stable Profits for Shareholders UTILIZATION RATE1 99.3% For the twelve months ended June 30, 2015
Slide 30: (ck Ps
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Slide 31: AerCap in China
AerCap in China China represents ~10% of AerCap’s aircraft portfolio1 137 OWNED AIRCRAFT2 ~90%2 of the company’s China exposure consists of A320 family and 737NG aircraft, which are the most liquid asset types Mainland China; Based on net book value as of June 30, 2015As of June 30, 2015; Based on c
Slide 32: Traffic Continues to Grow
Despite the decline in GDP growth over the past 5 years from 9.5% to 7%, traffic growth has accelerated from 10.9% to 12.3% Historic GDP: World Bank, for 1H 2015, National Bureau of Statistics of China; Fleet growth: Ascend Fleets Airbus and Boeing passenger jets Traffic Continues to Grow
Slide 33: China Has a Conservative Backlog
China’s conservative delivery commitments leave a gap for the leasing community to fulfill aircraft requirements Ascend Airbus and Boeing passenger aircraft 2H 2015 – 2019; Committed deliveries through leases, firm orders and LOIs; GDP forecast: Economist Intelligence Unit China Has a Conservative B
Slide 34: Portfolio Management
Portfolio Management Edward O’Byrne Chief Investment Officer
Slide 35: Portfolio Management
Portfolio Management Discipline enables sustainable superior returns Aircraft Acquisition: Forward Orders, Purchase & Lease-Backs Aircraft Disposition: Aircraft Sales & TradingMarket Intelligence: Pricing & Analysis FUNCTIONS Liquid portfolio of in-demand assetsResidual Value Management Value Optimi
Slide 36: Perspectives on Aircraft Liquidity
AerCap focuses its fleet on the most liquid aircraft types today and invests in the most in-demand aircraft for tomorrow AerCap estimates, Ascend, July 2015; Liquidity is a factor of operator base, fleet size Perspectives on Aircraft Liquidity AerCap orderbook AerCap fleet (current technology) Dives
Slide 37: Decades-Long Technology Cycles
Decades-Long Technology Cycles Slow technology obsolescence makes for stable residuals Airbus A320 1988 2018 ~2045 Boeing 737NG 1997(Jurassic 1967) 2019 ~2045 Airbus A330 1993 2018 ~2040 Boeing 777 1995 2022 ~2040 Start End Retirement Assumptions:Ascend Fleets, AerCap estimatesExisting & announced O
Slide 38: Portfolio Today and Tomorrow
Portfolio Today and Tomorrow As of June 30, 2015 and January 1, 2020 estimate respectively Over the next 5 years, aircraft portfolio will grow by over 20% and consist of ~50% new technology assets 2015 PORTFOLIOFleet: 1,130 / Value: ~$37B 2020 PORTFOLIOFleet: 1,260 / Value: ~$45B
Slide 39: AerCap executes transactions in all segments of aircraft trading market
AerCap executes transactions in all segments of the aircraft trading market Investors in Aircraft Transactions As of June 30, 2015; excludes ILFC sales before the acquisition % OF AIRCRAFT VALUE SOLD DURING THE LAST 18 MONTHS1 0 - 5 YEARS 5 - 15 YEARS 15 - 25 YEARS 25+ YEARS 18% 10% 61% 11% KEY TRAD
Slide 40: New Investors Attracted to Aircraft Assets
New Investors Attracted to Aircraft Assets Aircraft assets offer a wide array of risk/reward alternatives to satisfy different investment strategies PRINCIPAL FACTORS DRIVING AIRCRAFT INVESTMENT High cash yieldSelf-depreciating assetMedium to long term contracted cash flowsLow aircraft value volatil
Slide 41: Aircraft Trading and Portfolio Results
AerCap has one of the world’s most active aircraft trading team Aircraft Trading and Portfolio Results Revenue from AerCap owned & managed portfolio aircraft and equity instruments salesAs of June 30, 2015; Pre-tax gain from owned aircraft sales and part-outs, AerCap only – excludes ILFC2006 to 1H 2
Slide 42: Q&A
Q&A Aengus KellyChief Executive Officer Edward O’Byrne Chief Investment Officer Philip ScruggsPresident & Chief Commercial Officer
Slide 43: Session Break
AerCap Investor Day 2015 - Session Break
Slide 44: Risk Management
Risk Management Anton JoinerChief Risk Officer
Slide 45: Risk Management at Center of Operations
Risk Management at Center of Operations ROBUST RISK MANAGEMENT PHILOSOPHY EMBEDDED ACROSS THE ORGANIZATION CUSTOMER FACING ANALYTICAL FOCUS Leasing PortfolioManagement Legal / Contracts Shape customer leasing campaigns Influencing transaction size, terms & conditions and geographic concentrations ba
Slide 46: Robust Risk Management Procedures
Robust Risk Management Procedures LESSEE DILIGENCE WATCHLIST Thorough customer diligence at LOI stage Annual financial review of all current and new customersWeighted qualitative and quantitative risk scoringRisk score utilized to determine pricing, underwriting levels, deal terms, marketing focus a
Slide 47: Principal Lessor Credit Protections
Principal Lessor Credit Protections Lease standards have been refined over several decades and continue to be shaped with experience across industry cycles Restriction on removal of parts Advance rentals “Hell or high water” payment clause Maintenance Reserves Ability to ground aircraft Strict maint
Slide 48: Portfolio content heavily weighted towards industry leaders
Portfolio content heavily weighted towards industry leaders AerCap Portfolio Customer % Rent1 Flag Carrier Dominant Position Diverse Operations 6.7 ✔ ✔ ✔ 6.2 ✔ ✔ 5.2 ✔ ✔ ✔ 3.2 ✔ ✔ 3.1 ✔ ✔ 2.8 ✔ ✔ ✔ 2.0 ✔ ✔ ✔ 1.8 ✔ ✔ ✔ 1.8 ✔ ✔ ✔ 1.8 ✔ ✔ ✔ Top 10 airlines have $172 billion in annual revenues in 2014Al
Slide 49: Strong underlying lessee credit quality
Strong underlying lessee credit quality Routine Monitoring – Recent Results Comprehensive financial review of portfolio completed in August158 airlines modeled using 2014 audited financials AerCap lessee weighted average credit score = 5.3675% of AerCap lessees demonstrated significant improvement i
Slide 50: Aged balances significantly reduced since ILFC integration
Aged balances have been significantly reduced since the ILFC integration Watchlist Management Departments to escalate: Contracts, Leasing, Risk & LegalAll cross-department leasing workflows influenced by payment performanceVisual aids in offices to remind of priorities and successes Watchlist is det
Slide 51: Repossession Management
AerCap has ALWAYS been successful in repossessing aircraft Repossession Management KEY DETERMINANT OF LGD MITIGATION Embedded organizational mind-set to act assertively Ability to plan extensively with a deep knowledge and experience base Ability to act quickly and globally Make the right decisions
Slide 52: Yemenia Repossession
AerCap took quick action to secure its two A330-200s on lease to Yemenia upon escalation of Saudi conflict Yemenia Repossession AerCap leased two A330-200s and one spare engine to Yemenia, national carrier of YemenYemenia was a financially challenged lessee, Saudi conflict was the repossession catal
Slide 53: Russia sector distress response
Sector distress presented certain challenges, but it remains an important market - we have and will take action as necessary Only 1 out of a fleet of 110 aircraft forcibly repossessed+30 days arrears in Russia is only 0.2% of revenueConsensual approach to exposure reduction and profitable redeployme
Slide 54: OEM Relations
OEM Relations Martin OlsonHead of OEM Relations
Slide 55: AerCap-OEM Relationship
Ascend: Airbus, Boeing and McDonnell Douglas deliveries by aircraft manager (owner)Boeing Aircraft Finance Market Perspectives, April 2015 DELIVERIES FROM OEMs SINCE 19951 AerCap-OEM Relationship AerCap is a significant and growing part of the OEM backlog The global fleet under an operating lease in
Slide 56: OEM Backlog Management
OEM Backlog Management Effective OEM backlog management reduces asset volatility for new aircraft Ascend AIRCRAFT DELIVERIES – RESILIENCE1 OEM sophisticated approach to order cycle management rooted in past experience Backlog representing ~9 years at current production ratesDeliveries expected to co
Slide 57: Customer Diversification
Customer Diversification CAPA – Centre for AviationBoeing Current Market Outlook 2015-2034 Increased levels of customer diversification and maturation of LCCs LCC CAPACITY SHARE (%) OF TOTAL SEATS1 Market liberalization and significant growth of Low Cost Carriers (LCCs)2Increase in LCCs flying short
Slide 58: Market Diversification
Market Diversification Ascend deliveries share of narrow body and wide body aircraftBoeing Current Market Outlook 2015-2034, includes regional jets Increased levels of market diversification and reduced market volatility WORLD TO TAKE DELIVERY OF OVER 38,000 AIRCRAFT IN NEXT 20 YEARS2 Deliveries (19
Slide 59: Forward Order Considerations
Forward Order Considerations When placing aircraft orders, several considerations factor into decision-making Considerations underpinning AerCap’s disciplined approach to order placement Order Size Flexibility Engines Credits Escalation Advanced Technology Liquidity Performance Value creation throug
Slide 60: Best Orderbook in the Industry
Best Orderbook in the Industry AerCap well positioned to meet current and future demand AVERAGE OF ~61 NEW AIRCRAFT DELIVERIES PER YEAR (2015-2022) Focus on keeping orderbook fresh and liquidDiverse mix of Airbus and Boeing aircraft to meet customer demandContracted growth rate of ~5% over the next
Slide 61: Orderbook Highlights
Orderbook Highlights Top customer across all modern technology aircraft Largest lessor customerWorld’s 2nd overall customer Boeing 787 1st lessor delivery2nd largest lessor customer Airbus A350 Largest lessor customerWorld’s 3rd overall customer Airbus A320neo 2nd largest lessor customerWorld’s 3rd
Slide 62: Financial Performance
Financial Performance Keith HelmingChief Financial Officer
Slide 63: Assets grown ten-fold with consistent EPS growth
Since 2007, AerCap has grown its assets ten-fold with consistent 12% annual average EPS1 growth through all economic cycles 2007 Adjusted EPS: $2.48; 1H 2015 Annualized Adjusted EPS: $6.32Book Value per Share is calculated as of June 30, 2015 Consistent Margins 9.6%Average NIM 4.2%Average NIM less D
Slide 64: Consistent Fleet Utilization
AerCap has achieved stable fleet utilization through all economic cycles For the six months ended June 30, 2015 Oil Crisis Ebola/Russian Crisis Financial Crisis European Crisis Consistent Fleet Utilization 1 Minimum → 97.7% Maximum → 99.5% 45 4035302520151050 Total Assets ($ billion) Utilization Rat
Slide 65: Consistent Generation of Gains on Sales
Proven track record of active portfolio management with 280 owned aircraft sold since 2006 (393 incl. managed aircraft) Excludes loss on ALS and Genesis portfolio sales Consistent Generation of Gains on Sales 1 1 Historical Average ~13%average margin on sales/part-outs1 ($ million)
Slide 66: Limited Impact from Defaults
Impact for defaults and restructuring have averaged less than 1% of lease revenue since 2010 Limited Impact from Defaults Historical Average 2010 2011 2012 2013 2014 1H 2015 -10% 0% 10% ~0.8%historical average The accounting for default costs is as follows: Maintenance reserves and deposits held are
Slide 67: Consistent Outperformance vs. Bank Returns
Consistent Outperformance vs. Bank Returns Since 2007, AerCap’s ROE outperformed major banks1 by 9.5% on average Financial Crisis Ebola/Russian Crisis Oil Crisis 2007 2009 2010 2011 2008 2012 2013 2014 1H 2015 Historical Average Historical Average KWB Bank Index used as proxy for Major Banks Return
Slide 68: Specific Financial Topics
6 (ck Ps Specific Financial Topics
Slide 69: Interest Rate Management
Interest Rate Management Risk from rising interest rates is essentially hedged Interest Rate Caps & Swaps Floating Rate Leases, Cash, & Other Fixed Rate Debt Balances as of June 30, 2015 100bps increase in interest rates would have a negative impact of ~$30 million per annumPrimarily driven by the d
Slide 70: Aircraft Portfolio Valuation
Aircraft Portfolio Valuation As of March 31, 2015 Carrying value of assets compares favorably with third-party appraisals Includes 1,133 owned aircraft as of March 31, 2015Average of half-life current market values from Ascend, BK and AISI as of March 31, 2015 1 Note:Information from Appraisers refl
Slide 71: Russia Net Exposure
Russia Net Exposure CURRENT NET EXPOSURE FORECASTED NET EXPOSURE (5) Re-leases under LOI (1) Contracted Sale(12) Planned Part-outs PLANNED ACTIONS Since 2H 2014, AerCap reduced exposure by 19 aircraft with further 18 planned Includes Flight Equipment, Finance Leases, Maintenance Rights Intangible, M
Slide 72: Guidance
6 (ck Ps Guidance
Slide 73: Portfolio growth expected to be ~5-6%
Portfolio growth expected to be ~5-6% based on contracted purchases before use of excess capital Contracted Portfolio Growth Depreciation Run Rate: ~$2 billion p.a.Planned Sales: ~$1 billion p.a. Current Flight Equipment ~5% expected growth per annum to 2017 and ~6% to 2018 Contracted Purchases2016
Slide 74: Portfolio Yields and Depreciation
Portfolio Yields and Depreciation Portfolio yield / depreciation expected to be relatively stable in coming years 2015 2016 2017 2018 Weighted Average Age1 7.7 7.7 7.4 6.9 Estimated Yield2 (%) 12.7 12.5 12.3 12.0 Estimated Depreciation Rate3 (%) 5.7 5.6 5.5 5.2 Estimated Net Impact (%) 7.0 6.9 6.8 6
Slide 75: Maintenance Contribution
Maintenance Contribution Net maintenance contribution expected to be $0.10 - $0.15 billion in coming years Maintenance contribution on adjusted basis ($ billion) 2015 2016-2018 Estimated Maintenance Income 0.25 Estimated Lease Expense 0.15 Estimated Net Maintenance Contribution1 0.10 0.10-0.16 Maint
Slide 76: Other Expense Items
Other Expense Items Modest variation in other expense items through 2018 2015 2016 2017 2018 Interest Rate (%)1 3.6 3.8 4.0 4.0 SG&A ($ billion)2 0.4 0.4 0.4 0.4 Tax Rate (%) 13.5 12.5-13.0 12.5-13.0 12.5-13.0 Based on current market rates, increase in cost is equal to ~30bps of average leased asset
Slide 77: Debt/Equity ratio expected to be 3.0x at year end 2015
Debt/Equity ratio expected to be 3.0x at year end 2015; Excess capital of ~$500m+ expected to be generated per annum1 Rapid Deleveraging 5.5x5.0x4.5x4.0x3.5x3.0x2.5x2.0x Jun ‘14 Dec ‘14 Mar ‘15 Jun ‘15 Sep ‘15 Dec ‘15 Mar ‘16 ~2.7x - 3.0xTargeted debt/equity range AerCap’s estimated capital structur
Slide 78: Use of Expected Excess Capital
NUMBER OF SHARES THAT CAN BE REPURCHASED: +/- MILLION,COULD RESULT IN ADDITIONAL EPS GROWTH OF ~5% Use of Expected Excess Capital Combination of additional aircraft purchases and return of capital expected Note: Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor COULD RESULT
Slide 79: Targeted Earnings Per Share Growth
Targeted Earnings Per Share Growth ~7-9% EPS growth per annum driven by contracted growth and use of excess capital1 Earnings per Share growth from 2016 to 2018 excludes gains on sales; Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor ~(2%)-(3%) ~7-9% ~5% ~5-6% (%)
Slide 80: Maintenance Rights Asset
Maintenance Rights Asset Reflects estimated cash receipts of ~$1.0 billion on end-of-lease contracts which is applied against/reduces the maintenance rights asset ($ billion) 2014 2015 2016 2017 2018+ Total1 Depreciation Adjustment (0.17) (0.25) (0.25) (0.25) (2.06) (2.98) Leasing Expenses Adjustmen
Slide 81: Q&A
Keith Helming Chief Financial Officer Anton JoinerChief Risk Officer Martin OlsonHead of OEM Relations Q&A
Slide 82: Summary and Closing
Summary and Closing Aengus KellyChief Executive Officer
Slide 83: AerCap Investment Case Today
AerCap Investment Case Today AerCap is the largest and most profitable aircraft lessor Strong and resilient industry fundamentals Industry leading earnings delivering shareholder value Proven track record of rapid deleveraging Efficient and scalable platform Strong growth profile Hedging strategies
Slide 84: Thank you
Thank you ewe
Slide 85: Head Office contact details
Head Office, AerCap House Stationsplein 965 1117 CE Schiphol, The Netherlands +31 20 655 9655 contact@aercap.com