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PRESENTATION FOR SHAREHOLDERSCONSOLIDATED FINANCIAL INFORMATION FOR 3Q 2017
15 November, 2017
ASG Group’s Development in 3Q 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
Content
1
ASG Group Development in 3Q 2017
Financial Parameters:
2
Increase in consolidated revenue from continuing operations by EUR 34 million, by 15% (9M 2017vs 9M 2016) primarily due to: significantly increased revenue from aircraft fuel sales; sustainable growth increase in demand for spare parts and consumables, engineering, base
maintenance services; significant growth increase in crew training and staffing business segment; development of tour operator services;
EBITDA for 9M 2017 amounted to EUR 10 845 thousand;
The Group has expanded its tour operator services which generated EUR 11.9 million revenue inthe first nine months of 2017.
3
ASG Group’s Development in 3Q 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
ASG Group’s Structure / Areas of Activity
MRO Segment(14 companies)
GH & Fuelling Segment(8 companies)
Training Segment(2 companies)
Private Jet Charter, Flight and Tour Operations
(5 companies)
FL Technics UAB (100%) Jet Maintenance Solutions UAB (100%)
Locatory.com UAB (95%)FLT Trading House UAB (100%)
FL Technics Line OOO (93%)FL Technics Ulyanovsk OOO (99.99%)
Storm Aviation Ltd. (100%)Storm Aviation Cyprus Ltd. (100%)Storm Aviation Nigeria Ltd. (100%)
Storm Aviation Germany GmbH (100%)*Helisota UAB (100%)
Kauno aviacijos gamykla UAB (100%)FL Technics Asia Co. Ltd. (99.997%)
Avia Technics Dirgantara PT. (25%)**
BAA Training UAB (100%)AviationCV.com UAB (100%)
Baltic Ground Services UAB (100%)Baltic Ground Services Sp.z.o.o (100%)Baltic Ground Services UA TOV (50%)
BGS Trans UA TOV (100%)***Baltic Ground Services RU OOO (100%)Baltic Ground Services EE OU (100%)Baltic Ground Services LV SIA (51%)
Baltic Ground Services CZ s.r.o. (100%)
KlasJet UAB (100%)Laserpas UAB (50%)KIDY Tour UAB (100%)KIDY Tour OÜ (100%)
KIDY Tour OOO (100%)****
* - the Company was established on 29 March 2017** - the Group holds control over an investee*** - the Company was established on 3 July 2017**** - the Company was established on 6 March 2017 4
5
ASG Group’s Development in 3Q 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
ASG Group’s Financial Results in 3Q 2017
6
3Q 2017 3Q 2016Change (3Q 2017
vs 3Q 2016)EUR thousands (except margins & EPS & numbers of shares) 9M 2017 9M 2016
Change (2017 9M vs
2016 9M)
88 811 88 625 +0.2% Revenue 257 608 224 149 +14.9%
5 035 4 664 +8% EBITDA 10 845 12 810 -15%
5.7% 5.3% +0.4 p.p. EBITDA margin (%) 4.2% 5.7% -1.5 p.p.
2 811 3 022 -7% Operating profit 5 121 8 104 -36.8%
3.2% 3.4% -0.2 p.p. Operating profit margin (%) 2% 3.6% -1.6 p.p
2 279 2 427 -6.1% Profit before income tax 3 176 6 879 -53.8%
2 343 2 038 +15% Net profit for the period 3 111 5 787 -46.2%
2.6% 2.3% +0.3 p.p. Net profit for the period margin (%) 1.2% 2.6% -1.4 p.p.
2 485 2 122 +17.1% Net profit attributable to equity holders 3 855 6 044 -36.2%
2.8% 2.4% +0.4% Net profit attributable to equity holders margin (%) 1.5% 2.7% -1.2 p.p.
0.319 0.273 +16.8% EPS (EUR) 0.496 0.777 -36.2%
3 944 3 018 +30.7% CAPEX (additions of PPE and intangible assets) 6 524 5 134 +27.1%
10 368 3 980 +160.5% Cash at the end of period 10 368 3 980 +160.5%
7 778 7 778 - Weighted average number of ordinary shares (thousand) 7 778 7 778 -
ASG Group’s Development in Q3 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in Q3 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
7
Increase by 15% in Group’s revenue (2017 9M vs 2016 9M).
ASG Group’s Revenue
8
42
43
39
50
50
45
45
59
58
66
57
78
89
82
81
88
89
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
4Q 2015
1Q 2016
2Q 2016
3Q 2016
4Q 2016
1Q 2017
2Q 2017
3Q 2017
9
ASG Group’s Development in Q3 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in Q3 2017
ASG Group’s Revenue, Net Profit
Sales/Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
ASG Group’s Revenue by Business Segments
10
* - Group’s revenue from continuing operations
Group’s revenue breakdown in 3Q 2017 by business segment was 46% MRO / 45% GH & Fuelling / 6% Training / 3% Business charter.
21
28
25
29
25
27
25
31
24
40
34
38
34
38
34
41
41
19
13
12
18
23
15
17
25
30
22
19
35
48
38
40
36
40
2
2
2
3
2
2
2
2
2
3
3
3
3
3
4
5
5
-
-
-
-
-
1
1
1
2
1
1
2
4
3
3
6
3
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
4Q 2015
1Q 2016
2Q 2016
3Q 2016
4Q 2016
1Q 2017
2Q 2017
3Q 2017
MRO segment
GH & Fuelling segment
Crew training and staffing segment
Sales / Operating Profit Breakdown by Business Segments, 3Q 2017
11
* Segments’ share in Sales and Operating Profit calculated based on total Sale/ Operating Profit value (including intercompany transactions)
Business Segments’ Revenue to external
customers (EUR million)
Business Segment’s Operating Profitability
(EUR million)
Tendencies of Business Segment’s
Operating Profitability (percent)
+111% 2017 1Q
vs2016 1Q
1.30.1
1.3 1.3
0.5
2.2
0.60.6
-14.7
-61%
4%
5%4% 3%
2%
6%
14% 12%
24
30
2 2
34
48
3 4
41 40
5 3
MRO segment GH & Fuelling segment Crew training and staffingsegment
Private jet charter andflights operations segment
3Q 2015
3Q 2016
3Q 2017
Sales / Operating Profit Breakdown by Business Segments, 9M 2017
12
* Segments’ share in Sales and Operating Profit calculated based on total Sale/ Operating Profit value (including intercompany transactions)
Business Segments’ Revenue to external
customers (EUR million)
Business Segment’s Operating Profitability
(EUR million)
Tendencies of Business Segment’s
Operating Profitability (percent)
+111% 2017 1Q
vs2016 1Q
2.3 0.7
5.8
2.7 0.8
4.7
1.11.0
-13.5
-17%
5% 4%
3% 3%
1%9% 8% 7%
80 72
6 4
105 102
9 7
115 116
14 12
MRO segment GH & Fuelling segment Crew training and staffingsegment
Private jet charter andflights operations segment
9M 2015
9M 2016
9M 2017
Operating Data by Business Segments, 3Q 2017 & 9M 2017
13
3Q 2017 3Q 2016 Change, % 9M 2017 9M 2016 Change, %
Number of SOLD man-hours (base maintenance)
47 886 78 891 -39.3% 316 774 320 646 -1.2%
Number of SOLD man-hours (engineering)
16 629 15 248 +9.1% 53 195 45 729 +16.3%
Number of SOLD man-hours (maintenance training)
4 787 5 558 -13.9% 10 539 10 750 -2.0%
Number of line stations (at the end of the period)
34 23 +11 34 23 +11
Number of aircrafts served4 599 3 369 +36.5% 11 570 8 757 +32.1%
Number of passengers served620 397 666 294 -6.9% 1 893 680 1 645 512 +15.1%
Volume of fuel sold (tonnes)51 159 67 286 -24.0% 169 902 151 028 +12.5%
TRTO - Number of sold theoretical training hours
3 784 3 466 +9.2% 12 888 8 960 +43,8%
TRTO - Number of sold practical training (FFS) hours
5 731 4 677 +22.5% 18 855 15 325 +23.0%
ASG Group’s Development in 3Q 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
14
Net debt = Borrowings – Cash and cash equivalents
Equity ratio = Total equity / Total assets
Gearing ratio = Net debt / (Net debt + Total equity)
Consolidated Balance Sheet (1)
30-09-2017 31-12-201630-09-2017 vs
31-12-2016EUR thousand
159 000 145 705 +9% Total assets
10 368 4 732 +119% Cash and cash equivalents
69 781 66 694 +5% Trade receivables
65 316 59 260 +10% Total equity
34 557 31 632 +9% Borrowings
24 189 26 900 -10% Net debt
1.3 1.2 +0.1 Liquidity risk
41% 41% - Equity ratio, %
27% 31% -4 p.p. Gearing ratio, %
15
Consolidated Balance Sheet (2)
16
30-09-2017 31-12-201630-09-2017 vs
31-12-2016EUR thousand
159 000 145 705 +9% Total assets10 368 4 732 +119% Cash and cash equivalents
69 781 66 694 +5% Trade receivables
65 316 59 260 +10% Total equity
34 557 31 632 +9% Borrowings
24 189 26 900 -10% Net debt
1.3 1.2 +0.1 Liquidity risk
41% 41% - Equity ratio, %
27% 31% -4 p.p. Gearing ratio, %
20%
4%4%
44%
19%
3%0%
0%
6%
Property, plant and equipment
Intangible assets
Deferred income tax assets
Trade and other receivables
Inventories
Amount due from customers for contractworkPrepaid income tax
Consolidated Balance Sheet (3)
17
30-09-2017 31-12-201630-09-2017 vs
31-12-2016EUR thousand
159 000 145 705 +9% Total assets
10 368 4 732 +119% Cash and cash equivalents
69 781 66 694 +5% Trade receivables
65 316 59 260 +10% Total equity
34 557 31 632 +9% Borrowings 24 189 26 900 -10% Net debt
1.3 1.2 +0.1 Liquidity risk
41% 41% - Equity ratio, %
27% 31% -4 p.p. Gearing ratio, %
13%
5%
63%
19%
Bank borrowings
Borrowings from other related parties
Bank overdraft
Finance lease liabilities
Other borrowings
Consolidated Balance Sheet (4)
18
30-09-2017 31-12-201630-09-2017 vs
31-12-2016EUR thousand
159 000 145 705 +9% Total assets
10 368 4 732 +119% Cash and cash equivalents
69 781 66 694 +5% Trade receivables
65 316 59 260 +10% Total equity
34 557 31 632 +9% Borrowings 24 189 26 900 -10% Net debt
1.3 1.2 +0.1 Liquidity risk
41% 41% - Equity ratio, %
27% 31% -4 p.p. Gearing ratio, %
62%
36%
2%
Aircraft and Helicopter Maintenance, Repair andOverhaul (MRO)
Aircraft Ground Handling and Fuelling
Crew Training and Staffing
Consolidated Balance Sheet (5)
19
30-09-2017 31-12-201630-09-2017 vs
31-12-2016EUR thousand
159 000 145 705 +9% Total assets
10 368 4 732 +119% Cash and cash equivalents
69 781 66 694 +5% Trade receivables
65 316 59 260 +10% Total equity34 557 31 632 +9% Borrowings
24 189 26 900 -10% Net debt
1.3 1.2 +0.1 Liquidity risk
41% 41% - Equity ratio, %
27% 31% -4 p.p. Gearing ratio, %
4%
52% -1%
41%
-2%
Share capital
Share premium
Legal reserve
Merger reserve
Fair value reserve
Cumulative translations differences
Retained earnings
Non-controlling interests
ASG Group’s Development in Q3 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in Q3 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
20
ASG Group’s CAPEX
Capital Expenditure (CAPEX, EUR million)
3,0
5,8
1,3 1,4
0,8 1,3 1,3
3,3
4,2
0,6 1,2
1,0
3,0 2,7
1,1 1,5
3,9
-
1,0
2,0
3,0
4,0
5,0
6,0
3Q
2013
4Q
2013
1Q
2014
2Q
2014
3Q
2014
4Q
2014
1Q
2015
2Q
2015
3Q
2015
4Q
2015
1Q
2016
2Q
2016
3Q
2016
4Q
2016
1Q
2017
2Q
2017
3Q
2017
ASG Group’s Development in Q3 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in Q3 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
22
ASG Group’s Employees
Number of full-time employees at the end of period Breakdown of the Group’s employees by business segments (30-09-2017)
23
1051
1342
1342
1437
1499
1534
1595
1631
1667
1674
1712
1795
1874
1954
2033
2143
30-09-2013
31-12-2013
31-03-2014
30-06-2014
30-09-2014
31-12-2014
31-03-2015
30-06-2015
30-09-2015
31-12-2015
31-03-2016
30-06-2016
30-09-2016
31-12-2016
31-03-2017
30-06-2017
30-09-2017 2228
62%
25%
7%
3%
3%
MRO
GH
Training
Private Jet Charter,Flight and Tour
Unallocated
24
ASG Group’s Development in Q3 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in Q3 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
ASG Share Price & Performance
ASG (from 02-01-2017 till 14-11-2017)
02-01-2017: 26.00
High: 27.00
Low: 16.69
14-11-2017: 17.90
Prices in PLN
25
26
ASG Group’s Development in Q3 2017
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in Q3 2017
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheet
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
ASG Shareholders
On 3 March 2011 shares of the Avia Solutions Group AB were introduced to trading at Warsaw Stock Exchange (code: AVIASG). The authorised capital of the Company is divided into 7 777 777 ordinary shares with a par value of EUR 0.29 each.
1 Part of shares and votes Amount of shares and votes
15-11-2017 31-12-2016 15-11-2017 31-12-2016
29.44% 29.44% ZIA Valda Cyprus Ltd. 2 290 045 2 290 045
10.71% 10.71% Indeco: Investment and Development UAB 832 666 832 666
9.39% 10.10% VGE Investments Limited 730 216 785 216
8.99% 8.99% Mesotania Holdings Ltd. 699 115 699 115
7.57% 7.78% Harberin Enterprises Limited 589 082 605 227
5.39% 5.01% Nationale-Nederlanden Otwarty Fundusz Emerytalny 419 000 390 000
28.51% 27.97% Other 2 217 653 2 175 508
100.00% 100.00% Total 7 777 777 7 777 777
Shareholders, holding more than 5 per cent of the share capital and votes, as on 15 November 2017:
27
29%
11%9%
9%
8%
5%
29%
ZIA Valda Cyprus Ltd.
Indeco: Investment and Development UAB
VGE Investments Limited
Mesotania Holdings Ltd.
Harberin Enterprises Limited
Nationale-Nederlanden Otwarty Fundusz Emerytalny
Other
Thank You For Your Attention
www.AviaSG.com/InvestorRelations