presentation for shareholders - aviasg · aircraft ground handling and fuelling. consolidated...

PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL INFORMATION FOR 2015

15 February, 2016

ASG Group’s Development in 2015

ASG Group’s Structure / Areas of Activity

ASG Group’s Financial Results in 2015

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 2015

Financial Parameters:

2

Increase in consolidated revenue from continuing operations by EUR 45 million, by 24% (2015 vs 2014) 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.







ASG Group’s CAPEX



ASG Shareholders

3


MRO Segment (11 companies)

GH & Fuelling Segment (8 companies)

Training Segment (2 companies)

Private Jet Charter, Flight and Tour Operations

(3 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 (50%)

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 (75%) Laserpas UAB (90%)

KIDY Tour UAB (100%)

* - the Group holds control over an investee

4







ASG Group’s CAPEX



ASG Shareholders

5


6

EUR thousands (except margins & EPS & numbers of shares) 2015 2014 Change (2015

vs 2014)

Revenue from continuing operations 229 509 184 352 +24%

EBITDA from continuing operations 12 988 8 957 +45%

EBITDA margin (%) 5.66% 4.86% +0.8pp

Operating profit from continuing operations (7 083) 17

Operating profit margin (%) -3.09% 0.01% -3.1pp

Profit before income tax from continuing operations (7 350) (1 519) -384%

Net profit for the period from continuing operations (6 886) (1 481) -365%

Net profit or the period from continuing operations margin(%) -3.00% -0.80% -2.2pp

Net profit for the period from discontinued operations 4 112 (2 900) +242%

Net profit for the period (2 774) (4 381) +37%

Net profit attributable to equity holders (2 359) (5 728) +59%

Net profit attributable to equity holders margin (%) -1.03% -3.11% +2.08pp

EPS from continuing operations (EUR) (0.854) (0.234) -265%

EPS from discontinued operations (EUR) (0.550) (0.696) +21%

EPS (EUR) (0.303) (0.930) +67%

CAPEX (additions of PPE and intangible assets) 9 079 4 739 +92%

Cash at the end of period 5 712 6 820 -16%

Weighted average number of ordinary shares (thousand) 7 778 6 158 +26%







ASG Group’s CAPEX



ASG Shareholders

7

Increase by 24% in Group’s revenue from continuing operations (2015 vs 2014)

ASG Group’s Revenue

8

31

41

42

41

35

40

42

43

39

50

50

45

45

59

59

66

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

4Q 2015

Net profit (mln EUR), 2015 vs 2014

ASG Group’s Net Profit

9

In 2015 the Group recognised significant allowance for impairment of trade receivables and inventories.

-1,5 +1,3 -6,9

-33,8

-6,1

-12,8

+45,2

+0,4 +0,4

-34,0

-14,0

6,0

26,0

46,0

10





Sales/Operating Profit Breakdown by Business Segments


ASG Group’s CAPEX



ASG Shareholders

ASG Group’s Revenue by Business Segments

11

* - Group’s revenue from continuing operations

Group’s revenue breakdown in 4Q 2015 by business segment was 60% MRO / 33% GH & Fuelling / 4% Training / 2% Business charter.

22

21

23

21

22

21

28

25

29

25

27

25

31

24

40

17

19

16

12

15

19

13

12

18

23

15

17

25

30

22

2

2

2

2

3

2

2

2

3

2

2

2

2

2

3

-

-

-

-

-

-

-

-

-

-

1

1

1

2

1

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

4Q 2015

MRO segment

GH & Fuelling segment

Crew training and staffing segment

Private jet charter, flight and touroperations segment

Sales / Operating Profit Breakdown by Business Segments, 2015

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 (mln EUR)

Business Segment’s Operating Profitability

(mln EUR)

Tendencies of Business Segment’s

Operating Profitability (percent)

92

60

8 0

106

67

9 2

120

94

10 5

0

20

40

60

80

100

120

MRO segment GH & Fuelling segment Crew training and staffingsegment

Private jet charter and flightsoperations segment

2013

2014

2015

+40% 2015 vs

2014

3,1 0,3 0,1 0,4 - 0,4

-10,3

3,4

0,8

-14,0

-9,0

-4,0

1,0

3% 0%

-9%

1% 0%

4%

1%

4%

8%

Operating Data by Business Segments, 4Q 2015 & Y2015

13

4Q 2015 4Q 2014 Change, % 2015 2014 Change, %

Number of SOLD man-hours (base maintenance)

75 910 129 899 -42% 411 181 360 921 +14%

Number of SOLD man-hours (engineering)

11 990 11 402 +5% 51 554 59 701 -14%

Number of SOLD man-hours (maintenance training)

4 164 5 005 -17% 12 216 12 844 -5%

Number of line stations (at the end of the period)

21 21 - 21 21 -

Number of aircrafts served 2 723 2 927 -7% 12 408 12 708 -2%

Number of passengers served 480 122 429 949 +12% 2 098 585 1 900 173 +10%

Volume of fuel sold (tonnes) 38 487 11 112 +246% 150 447 83 174 +81%

TRTO - Number of sold theoretical training hours

2 945 2 013 +46% 10 162 7 644 +33%

TRTO - Number of sold practical training (FFS) hours

4 210 3 836 +10% 12 383 12 953 -4%







ASG Group’s CAPEX



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)

31-12-2015 31-12-2014 31-12-2015 vs

31-12-2014 EUR thousand

120 899 152 019 -20% Total assets

5 712 6 820 -16% Cash and cash equivalents

42 918 48 905 -12% Trade receivables

51 059 60 377 -15% Total equity

27 748 31 752 -13% Borrowings

22 036 24 932 -12% Net debt

1.3 1.4 -0.1 Liquidity risk

42% 40% +2pp Equity ratio, %

30% 29% +1pp Gearing ratio, %

15


16

31-12-2015 31-12-2014 31-12-2015 vs


120 899 152 019 -20% Total assets 5 712 6 820 -16% Cash and cash equivalents


51 059 60 377 -15% Total equity

27 748 31 752 -13% Borrowings

22 036 24 932 -12% Net debt




23%

2%

4%

35%

25% 5%

1% 0%

5%

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


17

31-12-2015 31-12-2014 31-12-2015 vs


120 899 152 019 -20% Total assets



51 059 60 377 -15% Total equity

27 748 31 752 -13% Borrowings 22 036 24 932 -12% Net debt




29%

1%

51%

19%

Bank borrowings

Borrowings from other related parties

Bank overdraft

Finance lease liabilities

Other borrowings


18

31-12-2015 31-12-2014 31-12-2015 vs


120 899 152 019 -20% Total assets



51 059 60 377 -15% Total equity

27 748 31 752 -13% Borrowings 22 036 24 932 -12% Net debt




70%

26%

4%

Aircraft and Helicopter Maintenance, Repair andOverhaul (MRO)

Aircraft Ground Handling and Fuelling

Crew Training and Staffing


19

31-12-2015 31-12-2014 31-12-2015 vs


120 899 152 019 -20% Total assets



51 059 60 377 -15% Total equity 27 748 31 752 -13% Borrowings

22 036 24 932 -12% Net debt




4%

63%

31%

0%

Share capital

Share premium

Legal reserve

Merger reserve

Fair value reserve

Cumulative translations differences

Retained earnings

Non-controlling interests







ASG Group’s CAPEX



ASG Shareholders

20

ASG Group’s CAPEX

Capital Expenditure (CAPEX, EUR million)

21

2,0

3,0

5,8

1,3 1,4

0,8

1,3 1,3

3,3

4,2

0,2 -

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 4Q 2015







ASG Group’s CAPEX



ASG Shareholders

22


Number of full-time employees at the end of period Breakdown of the Group’s employees by business segments (31-12-2015)

23

919

939

929

951

972

1022

1051

1342

1342

1437

1499

1534

1595

1631

1667

1674

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

31-12-2015

65%

24%

7% 1%

3%

MRO

GH

Training

Private Jet Charter,Flight & TourOperations

Unallocated

24







ASG Group’s CAPEX



ASG Shareholders


ASG (from 02-01-2015 till 12-02-2016)

02-01-2015: 21.91

High: 27.06

Low: 12.20

12-02-2016: 14.70

Prices in PLN

25

26







ASG Group’s CAPEX



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

31-12-2015 31-12-2014 31-12-2015 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 31 December 2015:

27

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

Thank You For Your Attention

www.AviaSG.com/InvestorRelations

http://www.aviasg.com/en/InvestorRelations

presentation for shareholders - aviasg · aircraft ground handling and fuelling. consolidated...

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