PRESENTATION FOR SHAREHOLDERS - AviaSG · PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL...
Transcript of PRESENTATION FOR SHAREHOLDERS - AviaSG · PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL...
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PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL INFORMATION FOR 3Q 2015
13 November, 2015
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
Content
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ASG Group Development in 3Q 2015
Financial Parameters:
2
Increase in consolidated revenue from continuing operations by EUR 24 million, by 17% (2015 9m vs 2014 9m) primarily due to: significant growth increase in demand for aircraft fuelling services; offering of new services as Private Jet Charter operations (business charter activity started in
summer 2014).
On 30 September 2015, the Group sold 100% shareholding in its subsidiary Avia Solutions Group – Airports Management OOO and fully disposed Airport Infrastructure Management business segment.
In 2015 the Group recognised significant allowance for impairment of trade receivables and inventories: due to initiated bankruptcy proceeding for one of the biggest Russia’s private airline, the Group
recognised EUR 7.7 million allowance for trade receivables; the allowance for impairment of inventories in the total amount of EUR 5.8 million was recognised
to represent their net realisable value.
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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ASG Group’s Structure / Areas of Activity
MRO Segment (11 companies)
GH & Fuelling Segment (6 companies)
Training Segment (2 companies)
Private Jet Charter and Flight Operations
(2 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%)
Storm Aviation Ltd. (100%) Storm Aviation Cyprus Ltd. (100%)
Kauno aviacijos gamykla UAB (100%) Helisota UAB (100%)
PT. Avia Technics Dirgantara (49%)***
BAA Training UAB (100%) AviationCV.com UAB (100%)
Baltic Ground Services UAB (100%) Baltic Ground Services Sp.z.o.o (100%)
Baltic Ground Services s.r.l. (100%) Baltic Ground Services TOV UA (100%)
Baltic Ground Services RU OOO (100%)* Baltic Ground Services EE OU (100%)**
KlasJet UAB (75%) Laserpas UAB (90%)
* - on 23 March 2015 Baltic Ground Services RU OOO, a subsidiary of Baltic Ground Services UAB, was established ** - on 31 July 2015 Baltic Ground Services EE OU, a subsidiary of Baltic Ground Services UAB, was established *** - the Group holds control over an investee
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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ASG Group’s Financial Results in 3Q 2015
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3Q 2015 3Q 2014 EUR thousands (except margins & EPS & numbers of shares) 9m 2015 9m 2014
58 519 50 620 Revenue from continuing operations 163 072 139 189 1 808 1 572 EBITDA from continuing operations 6 946 7 204 3.1% 3.1% EBITDA margin (%) 4.3% 5.2%
(13 282) (426) Operating profit from continuing operations (10 948) 1 893 -22.7% -0.8% Operating profit margin (%) -6.7% 1.4%
(13 650) (650) Profit before income tax from continuing operations (11 419) 1 470 (12 720) (587) Net profit for the period from continuing operations (10 798) 1 316 -21.7% -1.2% Net profit or the period from continuing operations margin(%) -6.6% 1.0% 5 220 (267) Net profit for the period from discontinued operations 4 335 (289)
(7 500) (854) Net profit for the period (6 463) 1 027 (7 568) (1 015) Net profit attributable to equity holders (6 244) 843 -12.9% -2.0% Net profit attributable to equity holders margin (%) -3.8% 0.6% (1.636) (0.095) EPS from continuing operations (EUR) (1.382) 0.212 (0.663) (0.073) EPS from discontinued operations (EUR) 0.579 (0.073) (0.973) (0.168) EPS (EUR) (0.803) (0.139) 4 285 769 CAPEX (additions of PPE and intangible assets) 8 832 3 467
10 358 4 370 Cash at the end of period 10 358 4 370 7 778 6 058 Weighted average number of ordinary shares (thousand) 7 778 6 058
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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Increase by 17% in Group’s revenue from continuing operations (2015 3Q vs 2014 3Q)
ASG Group’s Revenue
8
31
41
42
41
35
40
42
43
39
50
50
45
45
59
59
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
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Net profit 3Q 2015 vs 2Q 2015
ASG Group’s Net Profit
9
-12,7
0.8
-0,8
-13,2
-0,6
+1,1
-15,0
-10,0
-5,0
-
5,0
Net profit 2Q 2015 Revenue Impairment-relatedexpenses
Expenses Income tax Net loss 3Q 2015
Net profit 3Q 2015 vs 3Q 2014
-0,6
-12,7 -6,5
-1,9
-12,7
+7,9
+0,2 +0,9
-15,0
-10,0
-5,0
-
5,0
10,0
Net loss 3Q 2014 Revenue Cost of services andgoods purchased
Employee relatedexpenses
Impairment-relatedexpenses
Other expenses Income tax Net loss 3Q 2015
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales/Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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ASG Group’s Revenue by Business Segments
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* - Group’s revenue from continuing operations
Group’s revenue breakdown by business segment was 41% MRO / 51% GH & Fuelling / 3% Training / 3% Business charter.
22
21
23
21
22
21
28
25
29
25
27
25
31
24
17
19
16
12
15
19
13
12
18
23
15
17
25
30
2
2
2
2
3
2
2
2
3
2
2
2
2
2
1
1
1
2
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1Q 2015
2Q 2015
3Q 2015
MRO segment
GH & Fuelling segment
Crew training and staffing segment
Private jet charter and flightsoperations segment
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Sales / Operating Profit Breakdown by Business Segments, 3Q 2015
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* Segments’ share in Sales and Operating Profit calculated based on total Sale/ Operating Profit value (including intercompany transactions)
Business Segments’ Revenue to external
customers (mln EUR)
Business Segment’s Operating Profitability
(mln EUR)
Tendencies of Business Segment’s
Operating Profitability (percent)
21 19
2 -
25 23
2 -
24
30
2 2
-
10
20
30
40
MRO segment GH & Fuelling segment Crew training and staffingsegment
Private jet charter and flightsoperations segment
3Q 20133Q 20143Q 2015
1,6 0,9 -0,2 -0,2 0,8 0,1
-14,7
1,3 0,1
-15,0
-11,0
-7,0
-3,0
1,0
7% -1%
-61%
5% 4% 4%
-13%
4% 6%
+30% 2015 3Q
vs 2014 3Q
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13
Sales / Operating Profit Breakdown by Business Segments, 9m 2015
Business Segments’ Revenue to external
customers (mln EUR)
Tendencies of Business Segment’s
Operating Profitability (percent)
Business Segment’s Operating Profitability
(mln EUR)
* Segments’ share in Sales and Operating Profit calculated based on total Sale/ Operating Profit value (including intercompany transactions)
13
65
46
6 0
79
53
7
1
80
72
7 4
0
20
40
60
80
MRO segment GH & Fuelling segment Crew training and staffingsegment
Private jet charter and flightsoperations segment
9M 20139M 20149M 2015
5,6
0,6 -0,2 2,0
0,9 0,5
-13,5
2,3 0,7
-14,0
-9,0
-4,0
1,0
9% 3%
-17% 1% 2%
3%
-3%
7%
9%
+36% 2015 3Q
vs 2014 3Q
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Operating Data by Business Segments, 3Q 2015 & 9M 2015
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3Q 2015 3Q 2014 Change, % 9m 2015 9m 2014 Change, %
Number of SOLD man-hours (base maintenance)
62 106 53 002 +17% 335 271 231 022 +45%
Number of SOLD man-hours (engineering)
10 807 13 100 -18% 39 564 48 299 -18%
Number of SOLD man-hours (maintenance training)
2 097 1 328 +58% 8 052 7 839 +3%
Number of line stations (at the end of the period)
20 23 -3 st. 20 23 -3 st.
Number of aircrafts served 3 631 4 075 -11% 9 685 9 781 -1%
Number of passengers served 677 235 658 796 +3% 1 618 463 1 470 224 +10%
Volume of fuel sold (tonnes) 49 351 27 180 +82% 111 960 72 062 +55%
TRTO - Number of sold theoretical training hours
1 614 1 311 +23% 7 217 5 631 +28%
TRTO - Number of sold practical training (FFS) hours
2 674 2 234 +20% 8 173 9 117 -10%
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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Net debt = Borrowings – Cash and cash equivalents
Equity ratio = Total equity / Total assets
Gearing ratio = Net debt / (Net debt + Total equity)
Consolidated Balance Sheets (1)
30-09-2015 31-12-2014 30-09-2015 vs
31-12-2014 EUR thousand 30-09-2014 31-12-2013
30-09-2014 vs 31-12-2013
117 862 152 019 -22% Total assets 143 480 108 902 +32%
10 358 6 820 +52% Cash and cash equivalents 4 370 6 278 -30%
39 255 48 905 -20% Trade receivables 34 609 29 652 +17%
46 737 60 377 -23% Total equity 51 082 43 907 +16%
32 031 31 752 +1% Borrowings 31 389 31 950 -2%
21 673 24 932 -13% Net debt 27 019 25 672 +5%
1.3 1.4 -0.1 Liquidity risk 1.4 1.5 -0.1
40% 40% - Equity ratio, % 36% 40% -4pp
32% 29% +3pp Gearing ratio, % 35% 40% -5pp
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Consolidated Balance Sheets (2)
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30-09-2015 31-12-2014 30-09-2015 vs
31-12-2014 EUR thousand
117 862 152 019 -22% Total assets 10 358 6 820 +52% Cash and cash equivalents
39 255 48 905 -20% Trade receivables
46 737 60 377 -23% Total equity
32 031 31 752 +1% Borrowings
21 673 24 932 -13% Net debt
1.3 1.4 -0.1 Liquidity risk
40% 40% - Equity ratio, %
32% 29% +3pp Gearing ratio, %
25%
2%
4%
33%
25%
1% 1% 0%
9% Property, plant and equipment
Intangible assets
Deferred income tax assets
Trade and other receivables
Inventories
Amount due from customers for contract work
Prepaid income tax
Short-term bank deposits
Cash and cash equivalents
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Consolidated Balance Sheets (3)
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30-09-2015 31-12-2014 30-09-2015 vs
31-12-2014 EUR thousand
117 862 152 019 -22% Total assets
10 358 6 820 +52% Cash and cash equivalents
39 255 48 905 -20% Trade receivables
46 737 60 377 -23% Total equity
32 031 31 752 +1% Borrowings 21 673 24 932 -13% Net debt
1.3 1.4 -0.1 Liquidity risk
40% 40% - Equity ratio, %
32% 29% +3pp Gearing ratio, %
37%
1%
46%
16%
Bank borrowings
Borrowings from other related parties
Bank overdraft
Finance lease liabilities
Other borrowings
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Consolidated Balance Sheets (4)
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30-09-2015 31-12-2014 30-09-2015 vs
31-12-2014 EUR thousand
117 862 152 019 -22% Total assets
10 358 6 820 +52% Cash and cash equivalents
39 255 48 905 -20% Trade receivables
46 737 60 377 -23% Total equity
32 031 31 752 +1% Borrowings 21 673 24 932 -13% Net debt
1.3 1.4 -0.1 Liquidity risk
40% 40% - Equity ratio, %
32% 29% +3pp Gearing ratio, %
71%
25%
4%
Aircraft and Helicopter Maintenance, Repair andOverhaul (MRO)
Aircraft Ground Handling and Fuelling
Crew Training and Staffing
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Consolidated Balance Sheets (5)
20
30-09-2015 31-12-2014 30-09-2015 vs
31-12-2014 EUR thousand
117 862 152 019 -22% Total assets
10 358 6 820 +52% Cash and cash equivalents
39 255 48 905 -20% Trade receivables
46 737 60 377 -23% Total equity 32 031 31 752 +1% Borrowings
21 673 24 932 -13% Net debt
1.3 1.4 -0.1 Liquidity risk
40% 40% - Equity ratio, %
32% 29% +3pp Gearing ratio, %
5%
69%
25%
0%
Share capital
Share premium
Legal reserve
Merger reserve
Fair value reserve
Cumulative translations differences
Retained earnings
Non-controlling interests
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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ASG Group’s CAPEX
Capital Expenditure (CAPEX, EUR million)
22
2,0
3,0
5,8
1,3 1,4
0,8
1,3 1,3
3,3
4,2
-
1,0
2,0
3,0
4,0
5,0
6,0
2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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ASG Group’s Employees
Number of full-time employees at the end of period Breakdown of the Group’s employees by business segments (30-09-2015)
24
919
939
929
951
972
1022
1051
1342
1342
1437
1499
1534
1595
1631
1667
31-03-2012
30-06-2012
30-09-2012
31-12-2012
31-03-2013
30-06-2013
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
65%
23%
7% 1%
4%
MRO
GH
Training
Private JetCharter & FlightsOperations
Unallocated
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25
ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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ASG Share Price & Performance
ASG (from 02-01-2015 till 10-11-2015)
02-01-2015: 21.91
High: 27.06
Low: 14.06
10-11-2015: 18.35
Prices in PLN
26
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ASG Group’s Development in 3Q 2015
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2015
ASG Group’s Revenue, Net Profit
Sales / Operating Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
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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
30-09-2015 31-12-2014 30-09-2015 31-12-2014
29.44% 29.44% ZIA Valda Cyprus Ltd. 2 290 045 2 290 045
10.71% 10.71% Vaidas Barakauskas 832 666 832 666
10.10% 10.10% VGE Investments Limited 785 216 785 216
8.99% 8.99% Mesotania Holdings Ltd. 699 115 699 115
7.78% 7.78% Harberin Enterprises Limited 605 227 605 227
5.01% 5.01% Nationale-Nederlanden Otwarty Fundusz Emerytalny 390 000 390 000
27.97% 27.97% Other 2 175 508 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 30 September2015:
28
29%
11% 10%
9%
8%
5%
28%
ZIA Valda Cyprus Ltd.
Vaidas Barakauskas
VGE Investments Limited
Mesotania Holdings Ltd.
Harberin Enterprises Limited
Nationale-Nederlanden Otwarty Fundusz Emerytalny
Other
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Thank You For Your Attention
www.AviaSG.com/InvestorRelations