presentation for shareholders - avia …...4.9% 7.9% -3 pp operating profit margin (%) 6 099 11 273...
TRANSCRIPT
Warsaw, 7 May 2012
PRESENTATION FOR SHAREHOLDERS
PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL INFORMATION FOR 3Q 2013
14 November, 2013
1
ASG Group’s Achievements in 3Q 2013
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 3Q 2013
ASG Group’s Revenue, Net Profit
Sales / Gross Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s Cash Flows and CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
Content
ASG Group Achievements in 3Q 2013
Financial Parameters:
Increase in consolidated revenue from continuing operations by 3 % (9m 2013 vs 9m 2012) up to LTL 405 million;
Over LTL 28.8 million of net profit attributable to equity holders.
Realization of Strategic Projects:
On 29 March 2013, Avia Solutions Group AB sold 95.5 % of the share capital of Small Planet Airlines UAB (Lithuania) and Small Planet Airlines Sp.z.o.o. (Poland) to the management of these companies Mr. Vytautas Kaikaris (65.5%) and Mr. Andrius Staniulis (30%).
2
ASG Group’s Structure / Areas of Activity
3
MRO segment GH & Fuelling Segment
Charter Operations Segment (discontinued operations)
Training Segment
ASG Group’s Structure: by companies
3
•Small Planet Airlines s.r.l. (35.5%)
•Small Planet Airlines UAB (sold on 29 March 2013)
•Small Planet Airlines Sp.z.o.o. (sold on 29 March 2013)
•Baltic Aviation Academy 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%)
•Ground Handling CIS UAB (100%)
• FL Technics AB (LT, 100%)
•FL Technics Jets UAB (LT, 100%)
•Locatory.com UAB (LT, 95%)
•FL Technics Line OOO (RU, 93%)
•Storm Aviation Ltd. (UK, 100%)
•Storm Aviation Cyprus Ltd. (CY, 100%)
•FL Technics Ulyanovsk OOO (RU, 99%)
•FLT Trading House UAB (LT, 100%)
MRO SEGMENT (8 companies)
GH & Fuelling Segment (5 companies)
Charter
Operations Segment (discontinued operations)
Training Segment
(2 companies)
ASG Group’s Financial Results in 3Q 2013
3
3Q 2013 3Q 2012 Change (3Q 2013 vs 3Q
2012) LTL thousands (except margins & EPS & numbers of shares)
144 319 145 036 -0.5% Revenue from continuing operations
19 726 21 248 -7.2% Gross profit from continuing operations
13.7% 14.7% -1 pp Gross profit margin (%)
10 707 15 350 -30.2% EBITDA from continuing operations
7.4% 10.6% -3.2 pp EBITDA margin (%)
7 029 11 405 -38.4% Operating profit from continuing operations
4.9% 7.9% -3 pp Operating profit margin (%)
6 099 11 273 -45.9% Profit before income tax from continuing operations
5 070 8 678 -41.6% Net profit for the period from continuing operations
3.5% 6.0% -2.5 pp Net profit or the period from continuing operations margin (%)
- 8 463 - Net profit for the period from discontinued operations
5 070 17 141 -70.4% Net profit for the period
5 064 16 823 -69.9% Net profit attributable to equity holders
3.5% 11.6% -8.1 pp Net profit attributable to equity holders margin (%)
0.859 1.475 -41.7% EPS (LTL)
10 210 7 102 +43.8 CAPEX (additions of PPE and intangible assets)
14 111 15 140 -6.8% Net cash at the end of period
5 893 5 893 - Weighted average number of ordinary shares (thousand)
9m 2013 9m 2012 Change (9m 2013 vs 9m
2012)
405 107 392 226 +3.3%
54 489 57 613 -5.4%
13.5% 14.7% -1.2 pp
29 281 37 401 -21.7%
7.2% 9.5% -2.3 pp
19 656 31 837 -38.3%
4.9% 8.1% -3.2 pp
16 648 30 501 -45.4%
14 374 24 572 -41.5%
3.5% 6.3% -2,8 pp
14 204 4 269 +232.7%
28 578 28 572 +0%
28 810 28 476 +1.2%
7.1% 7.3% -0.2 pp
2.441 4.130 -40.9%
22 712 20 475 +10.9%
14 111 15 140 -6.8%
5 893 5 893 -
ASG Group’s Revenue, Net Profit -1
6
Net Profitability
50
69
74
98
106
141
145
144
123
138
144
8
7
4
3
6
10
9
2
5
4
5
0 40 80 120 160
1Q 2011
2Q 2011
3Q 2011
4Q2011
1Q 2012
2Q 2012
3Q 2012
4Q 2012
1Q 2013
2Q 2013
3Q 2013
Revenue from continuing operations (mln LTL)
Net profit from continuing operations (mln LTL)
3.5%
7
ASG Group’s Revenue, Net Profit -2*
72
78
73
79
71
76
63
56
35
38
33
66
51
44
59
68
58
35
35
34
25
11
6
9
6
6
6
7
8
7
5
6
6
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
2011 Q4
2011 Q3
2011 Q2
2011 Q1
MRO Segment
GH & Fuelling Segment
Training Segment
Group’s revenue is influenced by seasonal movements on both summer and winter periods: the highest growth comes in summer-season (June-September) from aircraft ground handling and fuelling segment, and in the winter-season (October-April) increase in aircraft maintenance, repair and overhaul (MRO) and crew training segment.
* - from continuing operations
8
Consolidated Income Statements (quarterly)
8
* Segments’ share in Sales and Gross Profit calculated based on total Sale/ Gross Profit value (including intercompany transactions)
Sales / Gross Profit Breakdown by Business Segments, 3Q 2013
Business Segments’ Revenue – Mix Change (mln LTL)
Business Segment’s Gross Profitability – Mix Change (mln LTL)
78 88
6
0
25
50
75
100
MRO segment GH & Fuelling Segment Training Segment
2012 3Q
2013 3Q
14
5
1 0
5
10
15
9
Consolidated Income Statements (quarterly)
9
Operating Data by Business Segments, 3Q 2013
1Q 2013 1Q 2012 Change, %
2Q 2013 2Q 2012 Change, %
3Q 2013 3Q 2012 Change, %
Number of SOLD man-hours (base maintenance) 78 124 76 986 1.5 61 890 86 956 (28.8) 28 822 63 825 (54.8)
Number of SOLD man-hours (engineering) 16 202 13 740 17.9 13 676 19 940 (31.4) 13 180 11 068 19.1
Number of SOLD man-hours (maintenance training) 787 1 788 (56.0) 1 636 1 651 (0.9) 2 590 731 254.3
Number of line stations (at the end of the period) 21 22 (4.5) 18 24 (25.0) 20 28 -8
Number of aircrafts served 1 481 2 403 (38.4) 2 386 3 198 (25.4) 3 332 2 563 30.0
Number of passengers served 217 960 299 918 (27.3) 384 799 467 841 (17.8) 539 965 441 611 22.3
Volume of fuel sold (tonnes) 12 224 9 267 31.9 15 984 16 079 (0.6) 19 548 19 771 (1.1)
TRTO - Number of sold theoretical training hours 1 362 1 856 (26.6) 2 831 3 712 (23.7) 2 127 1 629 30.6
TRTO - Number of sold practical training (FFS) hours 2 497 4 265 (41.4) 3 943 7 814 (49.5) 2 736 2 426 12.8
Operating Results
10
Consolidated Balance Sheets – 1
Net debt = Borrowings – Cash and cash equivalents
Return on equity (ROE) = Net profit for the period / Total equity
Return on assets (ROA) = Net profit for the period / Total assets
Equity ratio = Total equity / Total assets
Gearing ratio = Net debt / (Net debt + Total equity)
30-09-2013 31-12-2012 30-09-2013 vs
31-12-2012 LTL thousand
323 607 299 295 +8.1% Total assets
14 111 8 913 +58.3% Cash and cash equivalents
108 417 97 313 +11.4% Trade receivables
144 834 113 595 +27.5% Total equity
83 952 73 741 +13.8% Borrowings
69 841 64 828 +7.7% Net debt
1.62 1.49 +0.13 pp Liquidity risk
4.4%9M 6.4%YEAR - Return on assets (ROA), %
9.9%9M 16.8%YEAR - Return on equity (ROE), %
44.8% 38.0% +6.8 pp Equity ratio, % 32.5% 36.3% -3.8 pp Gearing ratio, %
11
Consolidated Balance Sheets – 2
30-09-2013 31-12-2012 30-09-2013 vs
31-12-2012 LTL thousand
323 607 299 295 +8.1% Total assets 14 111 8 913 +58.3% Cash and cash equivalents
108 417 97 313 +11.4% Trade receivables
144 834 113 595 +27.5% Total equity
83 952 73 741 +13.8% Borrowings
69 841 64 828 +7.7% Net debt
1.62 1.49 +0.13 pp Liquidity risk
4.4%9M 6.4%YEAR - Return on assets (ROA), %
9.9%9M 16.8%YEAR - Return on equity (ROE), %
44.8% 38.0% +6.8 pp Equity ratio, %
32.5% 36.3% -3.8 pp Gearing ratio, %
34%
30%
23% 4% 4%
3% 2%
0%
Trade and other receivables
Inventories
Property, plant and equipment
Cash and cash equivalents
Amount due from customers for contract work
Deferred income tax assets
Intangible assets
Prepaid income tax
12
Consolidated Balance Sheets – 3
30-09-2013 31-12-2012 30-09-2013 vs
31-12-2012 LTL thousand
323 607 299 295 +8.1% Total assets
14 111 8 913 +58.3% Cash and cash equivalents
108 417 97 313 +11.4% Trade receivables 144 834 113 595 +27.5% Total equity
83 952 73 741 +13.8% Borrowings
69 841 64 828 +7.7% Net debt
1.62 1.49 +0.13 pp Liquidity risk
4.4%9M 6.4%YEAR - Return on assets (ROA), %
9.9%9M 16.8%YEAR - Return on equity (ROE), %
44.8% 38.0% +6.8 pp Equity ratio, %
32.5% 36.3% -3.8 pp Gearing ratio, %
62%
24%
8% 6%
Aircraft maintenance, repair and overhaul (MRO)
Aircraft ground handling and fualling
Unallocated
Pilot and cre training
13
Consolidated Balance Sheets – 4
30-09-2013 31-12-2012 30-09-2013 vs
31-12-2012 LTL thousand
323 607 299 295 +8.1% Total assets
14 111 8 913 +58.3% Cash and cash equivalents
108 417 97 313 +11.4% Trade receivables
144 834 113 595 +27.5% Total equity
83 952 73 741 +13.8% Borrowings 69 841 64 828 +7.7% Net debt
1.62 1.49 +0.13 pp Liquidity risk
4.4%9M 6.4%YEAR - Return on assets (ROA), %
9.9%9M 16.8%YEAR - Return on equity (ROE), %
44.8% 38.0% +6.8 pp Equity ratio, %
32.5% 36.3% -3.8 pp Gearing ratio, %
87%
13%
0%
0%
Bank borrowings
Finance lease liabilities
Borrowings from other related parties
Other borrowings
14
Consolidated Balance Sheets – 5
30-09-2013 31-12-2012 30-09-2013 vs
31-12-2012 LTL thousand
323 607 299 295 +8.1% Total assets
14 111 8 913 +58.3% Cash and cash equivalents
108 417 97 313 +11.4% Trade receivables
144 834 113 595 +27.5% Total equity
83 952 73 741 +13.8% Borrowings 69 841 64 828 +7.7% Net debt
1.62 1.49 +0.13 pp Liquidity risk
4.4%9M 6.4%YEAR - Return on assets (ROA), %
9.9%9M 16.8%YEAR - Return on equity (ROE), %
44.8% 38.0% +6.8 pp Equity ratio, %
32.5% 36.3% -3.8 pp Gearing ratio, %
69%
26%
0% 5%
Aircraft maintenance, repair and overhaul (MRO)
Aircraft ground handling and fuelling
Unallocated
Pilot and crew training
15
ASG Group’s Cash Flows & CAPEX
Net cash at the end of period (LTL million)*
Capital Expenditure (CAPEX, LTL million)
* - Bank overdrafts are subtracted from net cash and cash equivalents at the end of period
15
13
15 15
9 10 10
14
0
5
10
15
31-12-2011 31-03-2012 30-06-2012 30-09-2012 31-12-2012 31-03-2012 30-06-2013 30-09-2013
32
7 7 7
32
6 7 10
0
5
10
15
20
25
30
35
Y2011 Q1 2012 Q2 2012 Q3 2012 Y2012 Q1 2013 Q2 2013 Q3 2013
16
ASG Group’s Employees
Number of full-time employees at the end of period
579
711
865
856
919
939
929
951
972
1022
1051
31-03-2011
30-06-2011
30-09-2011
31-12-2011
31-03-2012
30-06-2012
30-09-2012
31-12-2012
31-03-2012
30-06-2013
30-09-2013
59%
30%
7%
4%
MRO
GH
Training
Unallocated
Breakdown of the Group’s employees by business segments (30-09-2013)
17
ASG vs WIG (from 01-01-2013 till 30-09-2013)
02-01-2013: 60.50
High: 75.00
Low: 46.00
26-09-2013: 60.00
Prices in PLN
ASG Share Price & Performance
18
Distribution of ASG Shareholders as at 16 August 2013:
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 5 893 333 ordinary shares with a par value of LTL 1 each.
Part of shares and votes
Amount of shares and votes 14-11-2013 31-12-2012 14-11-2013 31-12-2012
32.91% 32.91% ZIA Valda Cyprus Ltd. 1,939,275 1,939,275
21.89% 21.94% Indeco: Investment and Development UAB 1,289,850 1,292,850
10.33% 10.33% Harberin Enterprises Limited 609,051 609,051
6.62% 6.62% ING Otwarty Fundusz Emerytalny 390,000 390,000
28.25% 28.20% Other 1,665,157 1,662,157
100.00% 100.00% Total 5,893,333 5,893,333
32,91%
21,89% 10,33% 6,62%
28,20%
ZIA Valda Cyprus Ltd.
Indeco: Investment and Development UAB
Harberin Enterprises Limited
ING Otwarty Fundusz Emerytalny
Other
Thank You For Your Attention www.AviaSG.com/InvestorRelations