activity company premier aircraft leasing (exim) 1 designated · premier aircraft leasing (exim) i...

Premier Aircraft Leasing (EXIM) 1 DesignatedActivity Companyl)iieetors report and inancial statements

For the sear ended 3 I I)eeemher 20! 6

Rcgiswied num/,cr: 465 701

Premier Aircraft Leasing (EXIM) I Designated Activity Company

Contents

l)iiector and other ill i(lrmailt’n I

l)irectors’ report 2 — 5

Siatement of directors responsibilities in respect of the direetnrs report and the financial stalernenLs 6

Independent auditors reptwl 7 — 8

Profit and loss account 9

Siatemeiit el comprehensi\ c income It)

Hal ance sheet I

Statement of chanues in equit 12

Notes Ibrniinu part c’ithe financial statements 13—30

Premier Aircraft Leasing (EXAM) I 1)esignated Activity Company

L)ircctor and other in formation

Directors N jul I Vaughan (appointed 16 Ma3 201 6)

Margaret Kenned3 (resiened 13 June 2017)

John I’au I N agu ire (appointed 13 June 201 7)

Ly nda LOis (resigned 6 Ma’ 2016)

(‘out paiiy secretti ry Deutsche International Corporate Sen ices (Ireland) Limited

laheatl number ‘)73 1257 I

Registered office Pinnacle 2I tastpoint Business ParkDublin 3

Solicit on A & I. ( cn)dhod25 / 24 Norh Wull QuayI FScDublin I

Bankers Bank of Ireland Corporate BankingBaeuoi StreetDublin 2

SeeuriI trustee Wells Fargo lank Northwest. National Association2’)’) South Main Street. 12th Floor.SaIl lake Cii’Utah S1 IllUnited States of America

Priiiian lender Got co Ic/u Citicorp North America. Inc3S8 ( ireen\t ieh Street. 25th FloorNew York 10013

!niied Stales o America

Guaranteed luau agentuitihank. NA/Alternale Lender 2 Penn’s Way. Suite 110

Nets CastleI )elav, ate 19724)I niled States of America

Statulorv audit firm Kl’M(i(‘bartered AccountantsI I I atbourmaste r UI acelistDublin I

Page I


I)irectors’ report thr the year ended 31 December 2616

Die directors present their annual report and the audited ilnancial statemenLs br the year ended 31 December21)16.

I Ile name of the Compan \sas changed from Premier Aircraft leasing ( EXIM ) I limited to Premier AircraftI easing I .XlN( I Designated Acti ity Company during 2016 in accordance sith the Companies Act 2(313,

Principal ad ivitvI he Company is a special purpose ‘chicle, incorporated in Ireland as a designated acti•ity company limited bysiLtres. as delined in [lie Companies Act 2011 of Ireland on 18 December 2008 nith registration number465704. I lie principal acti’ ities ol’ Premier Aircraf I easing (I Xl M ) I Designated Actit it (‘ompanv (tile“tompan’ ) are the acquisition, lease and disposal of aircraft and related ancillary acIi ities. It is the intentionof tile diiecttiis to maintain the trading aeti ities of the Compan (or the ibresceable future.

I lie (olllpan\ on ns 100% of tile shares in Premier Aircrafl I easing (I XI Ni) 3 Designated Activity Companyi’reiner Aircraft leasing (LXIM) 4 Designated Actit.ity Compan and Premier Aircraf Leasing (LXIM) 5I )esignated Actit it’ (‘onlpan (tile “Subsidiaries’). Ihere were no amendments made to the linancingarrangements during tile y cal’.

I he (timpain issued Secured Notes Due 2022 in aggregate principal amount of US$207,968,208 in March 2010and $188. 105.153 in April 2010 respeetiveft (the ‘Notes). Ihe Notes are guaranteed by the ILxport- Import i3ank(I X—IM Bank) of United States and listed ln the Global Lschange Market of the Irish Stock Lxchange. ‘(heobligation iii the (oinpan has also been guaranteed by (1•: Capital Aviation I unding Unlimited (‘ompan

p I CA I) under the participation agreement in Ia’ our of I X—I NI I3ank and the lenders. [he proceeds from thesale ol the Notes ilae been used to purchase aircraft and pay esposure lees charged h’ EX—IM bank.

Btmi ness reviewI here has been no signilicant change lo the principal aeth ilies ol’ the (ompan during the year.

Page 2


I)ircctors’ report for the year ended 31 December 2016 (continued)

Results and dividendsI lie results ol the Compan’ ijir the year are set out in the prolit and loss account on pauc 9 of the linancialstatements and in the related notes. he Company loss fr the year. heibre taxation, amounted to tJS$ 17.000(2015: loss oil S$21.0l)I)).

he directors do not recommend the pa\ ment oi’ a di’ idend in respect of the year. No di’ idend Was paid in1015.

Principal risks and ttncer(ainhiesI he business is subject to numerous risks and oneertainties. the principal risks and uncertainties are describedbelow

Credit riskhe C ‘ompant operates as a financier. Itsdhilty to succeed is partially dependent on the tinancial strength of its

customers and their ability to both compete eiibcti ely in the market place and manage the competitit ecn\ ircutment in which they operate. If a customer cspcrienccs financial difficulties this may result in detbults orthe early termination of finance arrangement. Ihe amounts receivable under financing arrangements areuuantnteed h (II; Capital A’ iation Funding I Jnlimited Company under the Participation Agreement and theobligations of ULCapital A’iation landing Unlimited Compan are in turn guaranteed by General Electric(‘ompan\

I iquidit’ riskI iquidit risk is the risk that the Compan will not he able to fleet its obligations as they ibll due. Ihe CompanIeceics rental income under the finance arrangement and has to pay interest and principal under the loanagreements. All substantial risks and rewards associated with the linance arrangement are ultimately borne byCII Capital A iation Funding Unlimited (‘ompany and General Fleetric Company in their role us guarantors.the tinaneial statements hat e been prepared on a oing concern basis which assumes that the Compan willcontinue in operational e\isience br the Ioresccahle future.

Key perIortnanct’ indicatorsI lie principal key perliwmance indicators used by management to monitor periormancc are as iN lows:

• ( )perating profit indicators:

• Net asset indicators:

Future (let elopntcn isIt is the intention ol the directors to maintain the trading aeti ities of the Company at the current level Ir theltircseeahle Fitute.

Post balance sheet even isI here were no signifcant post balance sheet events alkcting the Company since the end of the year.

I)iree(ors of the (ontpanvI he dircctors who held oiiice during the year were as IblIow 5:

Niall Vaughan appointed 16 May 2(116)

Margaret Kenned’ (resigned 3 June 2017)

I’ ida I Ilis (resigned 16 May 2016)

I lie iollow ing director was appointed alter the year end:John Paul MaLzuirc (appointed 3 June 2(1171

Page 3


Directors’ report for 11w year ended 31 December 2016 (continued)

Directors, secretary all d Hi dr interestsIn accordance with Section 32’) ol the Companies Act 2014. neither the directors or secretary tvlio held oil cc at31 December 2016 ha c any disctosable interest in the share capital ot the Company or Group Companies in theettrre nt ir prior v cal.

l’olitical donationsI he (onipan’ made 110 political donations or incurred any political expenditure during the sear c20 15: 1 SSniI).

Service ProvidersI )eutsche International Corporate Scr ices (Ireland) limited act as administrators tbr the Company -

Accounhiitg recordsI lie directors heliet c that they have complied with the requirenlents of sections 28 I to 285 of the CompaniesAct 2(114 with reQard to adequate accounting records li engaging accounting personnel with appropriateexpertise and by prot iding adequate resources to the financial finction. Ihe accounting records of the Companyire maintained at I’innacle 2. Lastpoint Business I’ark. Dublin 3.

I1eippoiittutent of auditorsPursuant to Section 383(2) ol the Companies Act 2011. the auditor. KPM(i. Chartered Accountants. nullcontittue in ,If cc.

Directors compliance statelnelitAt this present time the Ct’mpan’ is operating within the balance sheet and turnot er threshold limits as set outunder Section 225 7) of the Companies Act 2014 ( theflActi. which enables the Company to a’ ail of anexemption to the Compliance Polic Statement obligations. Accordingly the Directors are not required toinclude a Compliance Statement in their statutory directors report br the current financial \ear ending 31December 2016.

iitlil t’oiiiiiiitlee statctiientAs at the date of these linancial statements. the Company is operating within the balance sheet and turnoverthreshold limits as set out under Section 167 (I) of the Companies Act 2(111 ( thefl Act ). and as such theCtnnpan does not meet the requirements to establish an audit committee tbr the cunent financial year ending31 December 2016. 1 he sole business of the Company relates to the issuing of asset—backed securities.

I nder Section 115 (10) ol the I uropean Union I Statutory• i\udits ) (Directive 2006/43/ I £ as amended byl)irectie 21)14. 56: H and Rcgulation (EU) No.537! 2014 Regulations 2016 (SI 31212016— The EU AuditI )ircctit el. such a Company ma’ a’ all itself of an exemption from the requirements to establish an auditct’tlltn ittec.

it cii the contractual obligations of the administrator and the limited recourse nature of the securities issued bythe Coinpan’ . the Hoard of I )itcctors has concluded that thete is currently no need lbr the (ompan’ to ia’ e asepratiaudit committee in order liar the board to perlbrm ellath e monitoring and oversight of the internalcontrol and risk management systems of the Company in relation to the financial reporting process.Accordind’ . the (ompan has a’ ailed itself of the exemption under paragraph 1111 c ) ol the Regulations.

Page 4


Directors’ report for the year ended 31 December 2016 (continued)

({e(ev iut audit titfonuationI he directors belie’ e that the’ ha’ e Laken all steps necessan Jo niake Lliemsel Cs a..ale ol any ieIe ant auditinformation and has e established that the Company’s statutory auditors are assure oF that in lormation. In so Faras they are auare. there is no relevant inlormation ol sshieh the Company’s statutory auditors are unaware.

:ppr” ed h the Board on 12 Septemher 2017 and signed on its hehaIJ’h:

Niall Vaughan 7I) i rector

.101)1) ‘aril NlaguireI )i t edo

Page 5


Statement of directors’ responsibilities in respect of the directors’ report and thetinancial statements

I he directors arc responsible br preparing the directors’ report and the financial statements in accordance sffliapplicable Ia\% and regulations.

(ompan’ Ian equiles the directors to prepare fnancial statements tbr each financial ‘ear. Under that law thedirectors Ia’ e elected to prepare the Iinaneial statements in accordance with FRS Dl ‘Reduced DisclosureIramenork’ (‘IRS I 1)1).

I rider Irish compan’ Ian the directors must not appro\ e the financial statements unless they arc satistied thattIic gi’ e a true and Iüir en (ii the of the assets. liabilities and financial position ni the Uompan and of itsor loss br that year. In preparinu these financial statements, the directors are required to:• select suitable accounting policies and apply them consistently:• make judeetnents and estimates that are reasonable and prudent:• slate nhether applicable Accounting Standards hi’ e been fi,Iloned. subject to any material departuresdisclosed and explained in the financial statements: and• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the(otnpan\ n ill continue in business.

I lie directors are responsible Cr keeping adequate accounting records that are sufficient to show and esplain the(‘ompan’s transactions and disclose with reasonable accuracy at any time the assets, liabilities. linaneialposition and profit or loss of the (ompan’ and enable them to ensure that the financial statements compl withthe Companies Act 21)11. 1 hey ha e general responsihilit br taking such steps as are reasonably open to themto saC guard the assets of the (ompany and to pre’ ent and detect laud and other irregularities. The directors arealso responsible liii preparing a directors’ report that complies n ith the requirements of the Companies Act2014.

Approt ed by the Board on 12 September 201 7 and signed on its behalf by:

LIII \atiuhamiI )ircctor

lohin PattI MaguiteI ) i rectt

Page (i

KPMGAudit1 Herbcurmaste’ RaceIFSCDublin 1Dcl F6F5lrelad

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PREMIER AIRCRAFTLEASING (EXIM) I DESIGNATED ACTIVITY COMPANY

We have audited the financial statements (‘financial statements”) of Premier Aircraft Leasing(EXIM) 1 Designated Activity Company for the year ended 31 December 2016 which comprisethe Balance Sheet, the Profit and Loss account, the Statement of Comprehensive Income, theStatement of Changes in Equity and the related notes. The financial reporting framework thathas been applied in their preparation is Irish law and FRS 101 Reduced Disclosure Framework.Our audit was conducted in accordance with International Standards on Auditing (ISAs) (UK &Ireland).

Opinions and Conclusions arising from our audit

I Our opinion on the financial statements is unmodified

In our opinion the financial statements:

• give a true and fair view of the assets, liabilities and financial position of the Companyas at 31 December 2016 and of its loss for the year then ended;

• have been properly prepared in accordance with FRS 101 Reduced DisclosureFramework; and

• have been properly prepared in accordance with the requirements of the CompaniesAct 2014,

2 Our conclusions on other matters on which we are required to report by the CompaniesAct 2014 are set out below

We have obtained all the information and explanations which we consider necessary for thepurposes of our audit.

In our opinion the accDunting records of the Company were sufficient to permit the financialstatements to be readily and properly audited and the financial statements are in agreementwith the accounting records.

In our opinion the information given in the Directors’ Report is consistent with the financialstatements.

3 We have nothing to report in respect of matters on which we are required to report byexception

ISAs (UK & Ireland) require that we report to you if, based on the knowledge we acquired duringour audit, we have identified information in the annual report that contains a materialinconsistency with either that knowledge or the financial statements, a material misstatement offact, or that is otherwise misleading.

In addition, the Companies Act 2014 requires us to report to you if, in our opinion, thedisclosures of directors’ remuneration and transactions required by sections 305 to 312 of theAct are not made.

7en c,s’ oa’v,e’r’p an.j tP)G ‘el.’.tt

a’ nceçefle-I mornte, ‘,:rs a, aac V.,:’, <I’MG Inte—d: ct:Cccperathwa c”KPMG nrernat’cnal :, a Swiss entry

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PREMIER AIRCRAFTLEASING (EXIM) I DESIGNATED ACTIVITY COMPANY (continued)

Basis of our report, responsibilities and restrictions on use

As explained more fully in the Statement of Directors Responsibilities set out on page 6, thedirectors are responsible for the preparation of the financial statements and for being satisfiedthat they give a true and fair view and otherwise comply with the Companies Act 2014. Ourresponsibility is to audit and express an opinion on the financial statements in accordance withIrish law and lSAs (UK and Ireland). Those standards require us to comply with the FinancialReporting Council’s Ethical Standards for Auditors.

An audit undertaken in accordance with ISAs (UK & Ireland) involves obtaining evidence aboutthe amounts and disclosures in the financial statements sufficient to give reasonable assurancethat the financial statements are free from material misstatement, whether caused by fraud orerror. This includes an assessment of: whether the accounting policies are appropriate to theCompany’s circumstances and have been consistently applied and adequately disclosed; thereasonableness of significant accountin9 estimates made by the directors; and the overallpresentation of the financial statements.

In addition, we read all the financial and non-financial information in the Annual Report toidentify material inconsistencies with the audited financial statements and to identify anyinformation that is apparently materially incorrect based on, or materially inconsistent with, theknowledge acquired by us in the course of performing the audit. If we become aware of anyapparent material misstatements or inconsistencies we consider the implications for our report.

Whilst an audit conducted in accordance with ISAs (UK & Ireland) is designed to providereasonable assurance of identifying material misstatements or omissions it is not guaranteed todo so. Rather the auditor plans the audit to determine the extent of testing needed to reduce toan appropriately low level the probability that the aggregate of uncorrected and undetectedmisstatements does not exceed materiality for the financial statements as a whole. This testingrequires us to conduct significant audit work on a broad range of assets, liabilities, income andexpense as well as devoting significant time of the most experienced members of the auditteam, in particular the engagement partner responsible for the audit, to subjective areas of theaccounting and reporting.

Our report is made solely to the Company’s members, as a body, in accordance with section391 of the Companies Act 2014. Our audit work has been undertaken so that we might state tothe Company’s members those matters we are required to state to them in an auditor’s reportand for no other purpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the Company and the Company’s members as a body, forour audit work, for this report, or for the opinions we have formed.

NialiNaughton 12 September2017for and on behalf ofKPMGChartered Accountants, Statutory Audit FirmI Hathourmaster placeIFSC,Dublin I

8


Profit and loss account/or f/ic i’cui ended 31 Decenther 20/6

2016 2015Note US$ 000 USS 000

CietifliL’ 3 8.632

)peralinu expenses 1 (31) (49)

Operating profit 7.663 8.583Interest pa able and similar eharees 7 (7,680) (8.607)

Loss on ordinary activities before taxation (17) (24)lax on kiss on ordinar’ aeLi’ ities I 3

I oss for t lie financial scar ( 16i (21)

I lie abtn e results were deri\ ed mm Continuing operations.

[he notes on pates 13 to 30 Ibrm an integral pact ofhese tinaneial statements.Page 9

Premier Aircraft Leasing (EXIM) 1 Designated Activity Company

Statement of comprehensive income/v, thC ICUP L’Ilde(/ 3! DL’L’L’flIhL’r 2016

2016 201$Note :s$ 000 USS 000

loss or the \ear(16) (21)

)ther CtII11blWllenSi C illetlIlle—

—

ItItal eumprehensi e income 11w they ear (I 6) (21)

Fhic notes on pages 3 to 3(1 brrn all integral part oh these hinancial statements.PaIze (1


Balance sheetcis cii 3! Dca’niht’; 1016

2016 2015Note USS 000 USS 000

N on cu rrefl I assets

Net in’ esinient in inaneing arrangement greater than one year 10 120.57% 149.565Current assets

)ehttirs II 131.064 168.660(‘ash and cash equivalent 76 76l)ektred us 14 20 t9Net in estment in linancinu arrangement v. ithin one year 10 28.988 28.044

160.118 96.799Creditors: AmounLs LW ing due i1liin one year 12 (66.731) (67.382)

Net current assets 93.417 129.4 7

lotal assets less current liabilities 213.995 278.982Creditors: Amounts Lilting due after more than one year 13 (213.871) (278.842)

Net assets 124 140

Capital and reservesShiii capital

— —

Pio11 and loss account Ia 121 140

Sharehokiers’ equity 124 110

:\pproed by the Board on 12 September 21)17 and signed on its behalf by:

Niall Vaughan

I )ireetor

.1(11111 Paul Maguire

Director

[he notes on pages 13 to 30 lbrm an integral part oithese rnancial statements.Page II

I’i’einicr .ircniI’( Ieising (E\INI) I I)csignntcd Activity (‘oinpnny

Slaleni en I of changes in equinIi die i’t’c a a u/oil 1 I I Je in/It’! 2(1 / 6

I’nifiI ‘adSlop re Ca p1 Ia I ICC0U iii 1 ala I

tSS DIII) 155 04)0 LSS (KillI .I:pppnar\ 21)15

_______________________

61 161loss liii iliesear— (21) (211I (bet tI)inl’lcIiCi ‘Soc income— — —

I iii:pI ctttilirchnhist’ inL’ipme— 2 21)

UJI I)ccc,i,Iivr 2(115— 40 14(1

Pro fit p id lossSIoi nI Ca p11;’ I peel,,, oh 11,1:,

(55 (Kill I ‘55 (104) (55 (DIIU I ,P;ltllari 21)16

— 40 40I oss I,ir he seal— (16) (16)I IiIt lLllI’,1l11cl cli,—:’ C lflt,1IilC— —

—

I ot,,I titnprs’ltt’ash C iflL’lIflic— ) 6) I 6)

UJI I)ut’cnlller 21116— 124 124

lie milLs Ga paces 3 to 3ii lbrm In I alegra I pan ol’th ese Ii flare i a I slaiements‘ace 12


Noteslurniuig purl u/the /n?uIlLiuI .vla!enwtils

I Accounting poiicit’

I he Compan’ is a designated aetiit> compan limted by shaves incorporated and domiciled in Ireland.

Sunininry of significant accounting policies and key accounting estimatesI he principal accoLinting policies applied in the preparation of these linancial statements are set out below.Iliese policies hate been consistently applied to all the financial years presented. unless otherwise stated.

Basis of p repa ft Ii oil

I tcse financial statements tsere prepared in accordance with Financial Reporting Standard 11)1 Reducedl)iselosure Frainenork (1RS 101

Iii prepavim these financial statements, the Compan’ applies the recognition, measurement and disclosurerequirements of’ International Financial Reportinu Standards as adopted b the El (“Adopted IFRSsTh. butnitkes amendments t here necessan in order to eompl with the Companies Act 2014 and has set out belowo here adt antage of the FRS 101 disclosure exemptions has been taken.

Due to the nature ol the (‘ompant’s business and the type of transactions the Compan’ is engaged in. thedirectors hate adapted the profit and loss account to suit the circumstances of the business in accordance withSchedule 3. Part II. Section A. 4(5) of the Companies Act. 2011.

I liese financial statements are presented in I iS Dollar denoted by the symbol “t rss’. ohich is the Functionalcurlenc’ ol the Company. and are rounded to the nearest thousand, 1 he directors heliete that the I ‘SS mosttiithlhlls represents the economic coat ofunderly ing transactions. et cnts and conditions.

I lie Conipatt is a wholly on ned subsidiary of Deutsche International Finance (Ireland) Limited, a companyincorporated in Ireland.

I he restilts of the (‘ompan are included in the consolidated financial statements of General Electric Companyohich ate prepared in accordance stith accounting principles generally accepted in the United States niArtierica. I Itese financial statements are at ailahle upon request from (il: Corporate Intestor Communications.4 I Farnsworth Street. I foston. MA 02210. USA or online at www.ge.com/int estor—relations/events—reports.

I he accounting policies set out helon hate, unless otherwise stated, been applied consistently to all periodspresented in these financial statements.

Sn in tim n of’ tlisclosu re exeni t jolts

I lie Company meets mite definition of a ‘financial institution’ as defined in IRS I 01 Accordingly. in thesefinancial statements. the Compan has applied the exemptions a’ ailable under IRS It) I in respect of theIdilno ing disclosures:

• A (‘ash lion Statement and related notes:

• I he requirements of paragraph 17 of lAS 24 Related Party Disclosures:

• [he t’equit’etnents in lAS 24 Related Party Disclosures to disclose related party transactions entered intohetneen two or more members of a group. prot ided that any subsidiary which is a party to the transaction is

holly ned by such a tiem her; and

• lhc ef’lëcts oh nen hut 1101 yet ef’lëctit e lFRSs.

Page 3

Premier Aircraft Leasing (EXIM) I Designated Activth’ Company

Notes (continued)

I Accounting policies (continued)

Going concernI lie financial statements aie prepared on the going concern basis.

M e:Isu rement conven lionI lie financial statemenls ale prepared on the historical cost basis.

InterestInterest receisable and paahIe arc recognised as they are earned or incurred. tntcrcst is dealt with as acomponent of operating profit.

Nd in’ estment iii financing arrangements and financing arrangement incomeIhe net iinestmenf in fnancing an’angemcnts is included in current and non-current assets and is stated net of’finance charges elating to future accounting periods. Finance charges are allocated to income as to give aconstant rate of return rn the net cash mt estment in linancing arrangement in each accounting ‘ear.

Foreign currenciesransactions denominated in Ibreign currencies are translated into t S dollars and recorded at the rates ofexchange pret ailing at the date of the transaction. Monetan assets and liabilities denominated in Ibreigncurrencies at the balance sheet date are retranslated into US dollars at the exchange rate ruling at that date. Allexeliajige differences arc dealt with in the profit and loss account.

Taxationlax on (lie profit or loss ldr the ear comprises current and deferred tax. Current tax, including Irish corporationtax and flireign taxes, is prot Wed on the Company ‘5 taxable profits, at amounts expected to he paid (orrecosercd using the tax rates and laws that hate been enacted or substantitels enacted by the balance sheetdate

I )elCrred tax is recognised in respect of all temporary differences that have originated hut not re’ ersed at thebalance sheet date. ‘I he amount of’ deferred tax pro’ ided is based on the expected manner of realisation orseitiemem ol’ the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at thebalance sheet date. lemporary differences are differences between Company’s taxable prolits and its results asstated in the financial statements that arise 1mm the inclusion of’ gains and losses in taxable prolits in periodsdill Crent horn those in which tile> are recognised iii the linancial statements.

A defCrred tax asset is recognised only to the extent that it is probable that future taxable profits t’ It heat ailable against hich the temporar’ dil’t’ercnce can he utilised.

In eslnten IsIns cstnlents are stated at cost, less impairment pros ision and comprise of ins estment in group companies.

Page 11

Premier AircraFt Leasing (EXIM) I Designated Activity Company

Notes (continued)

I Accounting policies (continued)

impairment of investmenisAt each reporlinu date the (‘ompan assesses hether there is ohjecti e et idenee that intestments are impaired.mt eslmenls are impaired when tihiectit e e’ idence demonstrates that a loss event has occurred ufler the initialrecognition of the asset. and that the loss e’. ent has an impact on the future cash lions of the asset that can hee.ti mated rd iahly

Idenlitication and measurement of impairment — loans to group companiesAl each reporting date the Company assesses whether there is objective evidence that loans to groupundertakines are impaired. Loans to group undertakings are impaired tthen objectis e e’ idence demonstrates thata loss et cot has occurred alter the initial recognition of the asset. and that the loss etent has an impact on theluture cash ions ol the asset that can be estimated reliably.

)hjcciis c et idence that loans hi group undertakings are impaired can include defliult or delinquency by aborrower. restructuring of a loan or advance b the Uompan on terms that the Company would not otherwiseconsider. Other indications mat he that a borrower will enter bankruptcy. or other observable data relating to agroup of assets such as ad’ else changes in the pay ment status ot’ borrowers.

he Itunpans considers et idence of impairment Ir loans and ad’ ances to GL amliates at a specific asset level.All indit dually significant loans and advances are assessed 11w specific impairment.

Impairment losses on loans to group undertakings are measured as the dilThrence between the earning amountot thc loans and the present alue of estimated cash lows discounted at the assets’ original effective interestrate, losses are recognised in the profit and loss account and reflected in an allowance account against debtors.

Interest tin the impaired asset continues to be recognised through the unwinding of the discount. When asubsequent et cot causes the amount of impairment loss to decrease, the impairment loss is reversed through thep° fit and loss accoti nt.

[he (ompans writes oil loans and adt ances tthen they are determined to he uncollectahie.

(‘ash and cash eqnivaheii(s(‘ash and cash equit alents ct1mprisc cash on hand and call deposits. and other short—term highly liquidins cstments that are readily cont ertible to a known amount ol cash and are subject lo an insignilieant risk ofchanges in al ite.

I.nans and PYahIt5loans and pay ables including creditors are non—dent atit e linancial liabilities with fixed or determinablepa> nents ihat are not quoted in all actis e market.

I tans and pa’ ables are initially measured at lüir alue plus incremental direct transaction costs, andsubsequentl measured at their amortised cost using the elThctive interest method, except when the Companychitmoscs to ear> the loans and pa% ables at Ihir value through prolit or loss as described in the accountingp°l icics.

Ordinary sharesIrdinary shares are classi lied us equit> . Incremental costs directly attributable to the issue of ordinary shares arerecognised as a deduction fitmm equit

Page 15


Notes (continued)

I Accounting policies (conlinued)

Iiri;iiieiaI iiislrunicntsI L’cognanm mu / ,fleasn, ellen!

All financial arsets and liabilities are recogniied initially at Ihir alue plus. in the case of insesiments not at lhirsaluc through profit or loss, directly attributable transaction costs.

Ihe (ompan> s linancial assets and liabilities include cash and cash equivalent, amounts due to and or fromuroup companies. loan payable and other assets and liabilities.

Sich.eq lie/If !nCaSIfiLIIW!If

All of the (‘ompan> tc; financial assets and liabilities are non—dcrisative and not quoted in an actis e market.(ash and cash equivalc,tts — comprises ol’ cash balances and call deposits. ‘I hese are highl> liquid so do notneed to be ic—measured.Net investment in financing arrangement - suhscquentl> measured at amortised cost using the effectiveinterest method, less impairment.Loans anti payahles — subsequently measured at amortised cost using the elThctise interest method.

)mpc U, lad?! of cls.ve!.c 1W! a! /(a, ivlneFinancial assets that are stated at cost or amortised cost are reviened at each balance sheet date to determinenhcthec there is oh3cctise e’. idence of impairment. If an’ such indication exists an impairment loss isrecognised in the profit and loss account as the dil’Ihrenee between the present alue of estimated future cashflows disc’omed at the financial asset’s original efihctis e interest rate.

I )e i eec ‘golf ((iii

I he C oillpans derect,eni,esa financial asset whcn tile contractual rights to the cash flows from the asset expire.or it transfers the rights to reeei\ e the contractual cash flows in a transaction in which substantially all the risksnod rewards tilownership of the financial assets are translërred.

A financial liahilit> is genetall> dereeognised when the contract that gi’ es rise to it is settled, sold, cancelled or

1cm ii,Ines

lie Ihir altie of linancial instruments that are traded in acti’ e markets at the reporting date is determined byreference to quoted market prices or dealer price quotations (hid price for long position and ask price lbr shortpositions) ts ithout an> deduction hr transaction costs.

I or financial instruments not traded in an aetis e market. the Ihir alue is determined usinu appropriate aluationtechniques. such techniques ma> include using recent arm’s length market transactions: relrence to the currentaloe of another instrument that is substantially the same: discounted cash how analysis or other valuationmodels.

Au anal sis of Ihir alues of financial instruments and lurther details as to how they are measured are pros Wedin note 17.

Page 16


Notes (continued)

2 Critical accountlig judgements and key sources of estimation uncertainly

11w preparation of financial statements requires the directors to make judgemcnts. estimates and assumptionsthat aIled the application .f accounting policies and the reported amounLs of assets, liabilities. income andexpenses. Actual results ma diflër join these estimates.

I .stiniate and underl> int& assumptions are ret icted on an ongoing basis. Rex isions to accounting estimates arerecounised in the period in o hich the estimate is ret ised and in any future periods alThcted.

Critical accounting tidgements made in applying the (‘ompanCs accounting policies include taluation andimpairment ,i linancial instruments.

1w pairlllen I / Allowance for loan losseslinancial assets are assessed fur indicators of impairment at each balance sheet date. financial assets areimpaired tthere Ihere is objeeti’ e e\ idence that, because of one or more events that occurred alter lhe initialrecognition ol the financial asset, the estimated lhture cash flows of the loans have been affected.

losses on loans are recognised as the’ are incurred. txhieh requires us to make our best estimate of the probablelosses inlieretit in the portllil io. 1 he method lbr calculating the best estimate of losses depends on the size, typeand risk characteristic of the loan potilol io. Such an estimate requires consideration of historical loss experience.idiusted li’r curreot conditions and judgement about the probable efiCets of releant obsenable data, includingccono’iiic conditions such as delinquene> rates. financial health of specilie customers and market sectors.collateral alues. and the present and expected fUture levels of interest rates.

Fiji r value measurement ol finn n cia I instru men IsI lie Liir alue of financial instruments that are traded in actixe markets at the reporting date is determined byreference lo quoted market prices or dealer price quotations (hid price fr long position and ask price fir shortpositions) ithout an> deduction lutr transaction costs.

I or fnancial instruments nut traded in an active market. the air alue is determined using appropriate aluationtechniques. Such techniques na include using recent arm’s length market transactions: relCrence to the currentfur alue of another instrument that is suhstantialh the same: discounted cash fltn analt sis or other aluationmodels.

An anal> sis of lüir alues of linaneial instruments and fUrther details as to how they are measured are providedin note I?.

Page 17


Notes (coiltintied)

3 Income

2016 2015rss 000 US$ 000

Ii n all cc arrangel n en t i neom c 5.395 6.3 I)l her i IlCollie 2.299 2.329

7.694 8.632

I inancing arrangement ineonc arises ruIn the IcasilIg ol flight equipment under linanee leases. he source citnconte is WIll lurope — i :sm / IO0° (20(5 UsS8ôni / I0(}I).

4 Opeinling expenses

I he anal’ sis ut the eulupall’ s operating e\penses or the ear is as R,[Iows:

2016 2015USS 000 USS 000

\udikr’s renlllneralioll(12) (II))ther esileIlses (14) (38)

itlier professional lees (5)

_________________________

(31) (1’))

Page 1%


Notes (continued)

5 Expenses and auditor’s remuneration

2016 2015USS 000 USS 000

‘he !rflV/nr lilt’ L’ar is arrived at after charging:\uditji’s ieniiineratioti

12 III )irectors lees

6 bmplovee inrormatiun

he Uompan has no empltn ecs and ser’ ices required are contracted lrom third parties. The pa’ nent ol auditset’ ices costs and non audit ser’ ices costs are reimbursed h) the eounteipartv to the financing arrangement.

7 Interest payalile and similar charges

2016 2015tISS 000 USS 000

linanee costs 7.680 8.607

Page 19


Notes (continued)

S laxation

Recognised iii (lie profit and loss account

2016 2015USS 000 USS 000

I risli corporation lax

I tOni current tax—

I)eferred (ax

(IncreasepDecrease in defttred La.\ asset (2) (3)I ax elfecs of prior ear group relief surrender I

—

Iota1 delërred tax (I) (3)

Iota1 tax oil prolit on ordinan actis ties (I) (3)

Reconcilia tioii of tax on profit oil ortlinn ry activities

2016 2015IJS$ 000 USS 000

Loss on tirdinan aetisities helbre tax (17) (24)(t)i(Thratioii tax at I 2.5% (2) (3)Effects of:

I ax cOcci ol plior year group relief surrender I —

I otal tax (I) (3)

I lie (ompan\ is entitled to a corporation tax rate of 12.5% (2015: 125%) in respect of ides ant tradingoperations. No charge to corporation ta’ arises in the ‘ear.

Page 2(1


Notes (conLinued)

9 Investments

In estinents carried at historical cost of USSÔ. Ihere “crc no additions or disposals during the current or prior‘ear.

Details til the subsidiaries as at 3! December 201(1 are as IoIlo”s:

Proportion ofCountry of incorporation and ownership interest and

Name of subsidiary Principal activity principal place of business oting rights held

2016 2015

Premier Aircrafl leasing of Flight Ireland 100% 100%I easing ([.XIM 3 IquipnwntI )csigiiatcd Acti ity( tlmpans

Premier Aircrall Leasing otIlight Ireland 00% 100%leasing I IXIM) 4 I quiprnernI )esignated A cti ‘1 tyt oInpan\

Premier Aircraft leasing of light Ireland 00% 100%I easing (I XlX1).i LquipmentI )esinated A eti’ it’(nlnpan\

JO Investment in financing arrangements

2016 2015US$ 000 USS 000

Non-current financial assetsNet in’ estment in l5nancing ari-angement greater than one year 20.578 149.565

2016 2015USS 000 USS 000Current financial assets

Net in’ estment in inancirig arrangement within one year 28.988 28.044

Paue 2 I


Notes (continued)

JO Investment in financing arrangements (continued)

Net investments in financing arrangement is analysed as follows:

2016 2015USS 000 USS 000

Present value of flIlniflIflhll ));IynIenIs

Not later than one ‘ear 28.98% 28,041I ater than one car and not later than live ‘ears I 7.883 12 1.942later than Inc ‘ears 2.695 27.623

49.566 77.609

Cross investrnenl in the financing arrangemenisNot later than one ‘ear

33.442 33.43%later than one ‘ear and not later Llian live ears 125.744 33.797

aler than Ii’ e ‘curs 2.703 28.092

161.889 195.327

I nearned finance incomeNot later thait one > ear 3.454 5.394later than one ‘ear not later than Ftc ‘ears 7.861 11.855later than Ii’ e ‘ears

8 169

12.323 17.718

II Debtors

2016 2015USS 000 L’SS 000

Accrued income- 12.824

Amounts due lion, croup companies 131.064 I 55.836

131.061 168.660

12 Creditors: amounts billing (tue within one year

2016 2015USS 000 USS 000

I rude and other pa’ ahles 12.214 14.785Accrued espenscs

112 33loans join third parties (see note 3) 54.405 52.564

66.731 67.382

I 3 Creditors: a itiou nts ía Iling due a fter more titan one year

2016 2015USS 4)04) 1)55 001)

loans hum third parties 213.871 278.842

Ii) [he loan amount disclosed on the balance sheet is net oFthe remaininu unamortised delërrcd Fes.

Pace 22


Notes (continued)

13 Creditors: amounts falling due after more than one year (continued)

Loans Payableranche I is denominated in (ISS s\ith a nominal interest rale of 3.5Wt. and tnh the linal instalment due on 6Not ember 2021. Ihe carryilig amount at year end is USS 143.634.946 (2015 — (15$ I 68.921.131).

Iranehe 2 is denominated in USS ttiih a nominal interest rate of 3.55°. and nith [lie final instalment due (in TOApril 2011 I he earl’ ing amount at ‘ear end is I 5587.550.476 20 15 — I 5$ I 04.595.300).

1 ranelie 3 is dentiin mated in 5$ n ith a nominal interest raw of 2.86%. and with the final instalment due on I 9Noteniher 21)20. 11w earning amount at year end is tiSSIt).879.540 (2015— (15513.411.101).

I ranehe 1 is denominated in 5$ with a nominal interest rate of 2.86%. and with the final instalment due on 19Ma’ 21)2 I. 1 lie carry na amount at sear end is I 5525.017.881 (2(115 — US$30.! 55.00!).

I ranche 5 is denominated in I 5$ tt ith a nominal interest ale of 2.%M h. and ttith the Thai instalment due on I 9I ehruan 21)21. [he carrying amount at year end is (15511.758.276 (2()15 - U5514.324.032j.

14 Deferred tax

2016 2015uss 000 1.15$ 000

Nioveineji I in deferred mi tluring the year:Opening deflrred Las asset 19 16

I ax eIIëct of prior sear group relief surrender (I)Current sear mo’ ement 2 3(losiiie defirred us asset 20 It)

Deferred tax assets and liabilities are summarised as follows:I leferred tas assets relating to tas losses 2t) 19

IS Share capital

Auth orised shares

2016 201$No. 000 tISS 000 No. 000 115$ 000

Ordinary shares oil 551 each loll IOU IlK) IOU:\Iltittctl. called up and fulls paul shares

2016 2015No. 000 USS 000 No. 000 115$ 000

)rdinais shares oft 55J each—

—

Share capital presented as equity—

—

Share capital presented as a liability—

Page 23


Notes (continued)

IS Share capital (continued)

Al the reporting date the (‘ompan> had authorised I (10.0(11) ordinary shares ol’ which 2 ordinary shares of tJSS Iat par had been issued and presented as equity.

I 6 l’rofi( anti loss account

2016 201$uss 000 L’SS 000

At the he2inning ci the year 140 161loss br the Iinaneial year (16) (21)

At end oI\ear 121 140

Page 24

Pretitier Aircraft Leasing (EXIM) I Designated Activity Company

Notes (continued)

17 Financial instruments

Fair value of financial instruments

l)eiermining fair valuesleasuretuent

Quoted market prices. current hid price hi’ tinancial assets and current oiThr price lhr financial liabilities. hatebeen used to determine the thir alue of’ financial instruments traded in an active market. For financialinstrutiients not traded in active market Fr which no quoted market price is aailahle the Ihir value wasdetermined using aluation techniques. Valuation techniques include net present ‘alue techniques. thediscounted cash how method. comparison to similar instruments Fr nhich market ohscn able prices exist, and

aluation models. I he (‘ompanv uses valuation models hr determining the ihir alue oh’ financial instrumentslike cross currency staps. For these financial instruments, inputs into models are market obsettahie.

he anioitjscd cost of a financial asset or liability is the amount at ‘ hich the linancial asset or liabil in ismeasured at initial rccotznition. minus principal repa\ ments. plus or minus the cumulati e amortisation using theetThctisc interest method of an\ difference between the initial amount recognised and the maturiL amount.minus any reduction Fr impairment.

Fair value hierarchyI he (oinpan measures fair alues usine the lblloning hierarchy olmetFods:

I .e el I - quoted market price in an aetie market br an identical instrument.l,eel 2 - valuation techniqties based on ohsertahle inputs. [his eategor includes instruments alued using:quoted market prices in acti e markets br similar instruments: quoted prices Fr similar instruments in marketsthat ate considered less than aeti’ e: or other valuation techniques where all significant inputs are directly orindirectly ol,scr able tiom market daia.le’el 3 - aluation techniques using significant unobsenable inputs. [his categon includes all instrumentsnhere the altiation technique includes inputs not based on obser’ able data and the unobservable inputs couldha e a significant elThct on the instrument’s valuation. This category includes instruments that are valued hasedon quoted prices lbr similar itistruments.

he aluation techniques and significant inputs used in determining lhir ‘ alues hhr tinancial assets and liabilitiesclassified as i.e\ el I. l.e ci 2 and Level 3 arc as thlIovs:

(ash and casit equivalents - the Ihir taluc of’ cash and cash equivalents are considered to he apprositnatelyequal to their earn log amount as the components are highI liquid.

Net insestntent in financing arrangement — the thir s alue of issued loans is estimated from the present salueol’the cash lou s. using current market rates from similar loans.

Amounts clue front group contpanies - the Ihir xalue of issued loans is estimated from the present xalue of thecash Ilous. using current market rates 1mm similar loans.

Loaits from third parties — the thir alue ol’ issued loans is estimated hi’om the present alue ol’ the cash lows.using current tiiat’ket rates from similar loans.

Other assets antI oilier liabilities — Fr all other assets and other liabilities, comprising ol tax assets and hank{flcrdrali%. the earning alue has been determined to he a good approximation of hair ‘aluc.

Page 25


Notes (continued)

17 Financial instrurnenis (continued)

Fiiiiiiciil assets

Liums and Reeei,’cibks

Carrying value Fair value2016 2015 2016 2015

LISS 000 USS 000 USS 000 USS 000

Net in cstment in lancing arrangement 49.553 177.609 36.5? 6 I 72.681Amounts dOe ROll group companies 13 1.064 155.836 131.064 I 55.836(ash and cash equi’ aleiits 76 76 76 76

28(1.693 333.521 267.655 328.596

Financial liabililics

financial ljahiIitie. iiiem tired at aiitartLc’d casts

Carrying value Fair value

2016 2015 2016 2015L’SS 000 USS 000 USS 000 USS 000

I Aians hum third parties 268.275 331.406 257.925 328.782

Level I Level 2 Level 331 December 2016 USS 000 USS 000 USS 000

Asseis

Net in’ etnlcnt in financing arrangement— 36.5 6

—

Amounts due tom group companies— 131.061 —

(ash and cash eqiii alcnts 76—

- 267.656-

Liabilities

I nails 10111 third parties— (257.925)

—

- (257.925)-

Page 26


Notes (continued)

17 Financial instrunients (continued)

Level I Level 2 Level 331 December 2015 USS 000 USS 000 US$ 000Assets

Net iinestnient in inancinti arrangement— 172.684

—

Amtiu its due horn group corn panics— 155.836

(‘ash and cash equi’ alents— 76

- 328.596

Liabilities

loans I om third parties— 328.782) —

- (328.782) -

IS Financial risk rnan;igeineiit

the (ornpan\ has idcntilied the Ibllowing areas as its key risk areas:

(a) Market risksMarket risk is the risk that changes in market prices, such as interest rate. equity prices. Ibreign exchange ratesand credit sprcads (not relating to changes in thc ohligor’s I issuer’s credit standing) will alThct thc Company’sincome or the aluc of its holdings of linancial instruments. ‘the objectit e of market risk management is tomanage and control market risk exposures within acceptable parameters, while optimising the return on risk.

Market risk is Hot deemed to he signi leant lbr the (‘ompan as there is minimal interest rate risk ith bothlirtancial ascts and liabilities ha’ c flsed interest rates and there is no currenc> risk as the Company’s linancialassets and liabilities ale denominated in IX dollars.

(b) Credit riskredit risk is the risk to earnings or capita) arising Irom an obligors failure to meet the terms of an contractwith the Compan\ or othert ise lhil to pertorm as agreed. Credit risk is not deemed to he signi leant Fr the(ompan owing to the Ibet that all loans are with (il.i cornpan alUliates.

I here sere no loans ttritten ofldttring the ear (2015: I :s$ nil). None are considered to he past due or impaired.All loans are considered to he a low credit risk.

1 lie C ompan’ ‘s ma\imutn exposure to credit risk is detailed below

2016 201$USS 000 USS 000

Maximum exl)usure to credit riskAmounts due ftom group companies 13 1.064 I 55.836Net mt estment in linaneing anangement greater than one year 120.578 119.565Net in’ estment in tlnaneinc arrangement ‘ ithin one year 28.044

28(1630 333.445

Page 27


Notes (continued)

IS hnancial risk management (continued)

(e) liquidit riskI - iquidih risk is the risk that the Company will encounter di tlicultv in meeting obligations (corn its tinancialliabilities.

\lanatement ol’ liquidit’ riskI he (‘onipain ‘s principal ohiectit e is to ensure that there is sufheient funding available to meet operationalneeds, at In optimum cost. 1 lie (ompanys approach In managing liquidity is to ensure, as hr as possible, that itwill alwa’ s ha e sullicient liquidity to meet its liabilities when due. under both normal and stressed conditions.without incurring unacceptable losses or risking damage to the ConipanVs reputation As an amliate ol’Gk, the(‘onipan has access to funds thus educing an cash tiow risk and Liquidity risk, ike liquidity jMisition ismonitored on a regular basis.

( apiial managementI he (‘ompan’ ‘s ohjccti’ e hen managing capital is to salëguard the (‘ompan ‘5 ahilit to continue as a goingconcern in order to pi’ov ide returns 11w shareholders and benelits Ir other stakeholders and to maintain anoptimal capital structure to reduce the cost ot’eapital.

In order to maintain or adjust the capital structure the Compan’ ma pa di idends to shareholders, returncapital to shareholders. issue new shares or sell assets to reduce debt. Movements in equity are set out in thestatement ol changes in equity.

Page 28

Vre;nicr .ircra1t leasing (ENINI) I Iksinatcd .ctiviIv (oinpnnv

]\Itilcs (cotilintied)

S I ita,ici:pj risk IllJIIi(gL’II)VltI (c,inhiiiuciI

10691) 147488) (235.896) (4.762)

(I ((.694 (47.188) (235896) (4763

((0.692) (47.476) 253.359 51)635)

110.6921 (47.4761 (253.359) (511.635)

Ntiii—dcris alice lijiancial assets and liabilities are compiled on the bass ol’ andiscounied caslilloscs tOuch include future interest not yet accrued.

(‘arrviiigItt’sitliitil citiiit’:irlotil niniurlije, orfiui:inci;iI IiuIuiIiIii,, Ainnuniii I) ccc. oilier 21116 I ‘8$ 1581

Ni,ii—,teris:iuic c IjtIIiiIiIicsI tl:)iIs mitt thud parties

ii I)vuemiuvr 2(11,

Souu.iIci’ivttIiie IOtl)1I1IIL’S

I onus I’iuuni lord purlrcs

Grossuuitmiuuul less (him I I to 3 3 mouths ‘o NIorL than SouIfloo oiu,nih months I ciir I 1n5 7canI’S$ Ills) C ‘ss (1181 (8$ Kit) 85 (SKI I ‘85 0(10 1 85 1811)

(278,842) (303.975) (5.133)

278.8421 303975u (5.1341

1331.4(16) (367,2045 5,111s

(33 1.41)61 (367,294) (5.132)

Pac 29

Premier Aircraft Leasing (EXIM) 1 Designated Activity Company

Notes (continued)

19 Securities and guarantees

I he loans as identified in note 13 hase been guarmteed by L\port—lmport Bank of United Slates ll;X—IM bank)fin the henelit of the lenders. All obligations of the Company has also been guaranteed by (IL Capital Aviationlundinc t Inlitnited Coinpan’ t(IItCAF) under the participation agreement in fvour of lX-IM bank and thelenders. All obligations of(iLCAI and the Lessee ha’ e in turn been cuaranteed by (ieneral Electric Company inlasour of the uaianteed lenders and UX-IM hank.

Ihe shares ol the Company has e been pledged to Wells Fargo Hank Northtsest. National Association (the‘Sccurit Irustec’) h Deutsche International Finance (Ireland) Limited pursuant to the lessor parent pledgeh2ree(rent

20 Related par transactions

I he (ompariy is as ailing of the exemption available under FRS 101 from disclosinu transactions entered intobetween tsso or more members of a group. prot ided that any subsidiary party to the transaction is wholly ownedh such a member. Details of the asailahility of the group consolidated financial statements are giN en in note 2to these financial statements.

21 Parent and ultimate parent undertaking

1 he oak shareholder in the Compan’ is Deutsche International Finance Ireland) I imited. holding two shares inthe (ompain . I he Board of Directors have considered the issue as to who is the controlling part’ of the(ompan . 1 he results of the Compan are consolidated by General Electric Company, these financialstatements are as ailable upon request from Investor Relations. GE Corporate Investor Communications. 41I ainss orth Street. lioston. MA 022 IlL t. ISA or online at www.ge.com/ins estor—relations/events—reports

22 I’osl balance sheet events

I here \sere no significant post balance sheet es enis alTheting the Company since the end of the )ear.

23 Approval of financial statements

he financial statements were approsed by the board of directors on 12 September 2017.

Page 30

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