MEDIA RELEASE PR42071
AerCap Holdings N.V. Reports Third Quarter 2010 Financial Results
AMSTERDAM, Nov. 6, 2010 /PRNewswire-AsiaNet/ --
Net spread, which is the margin earned on our leased assets, was
$171.8 million for the third quarter of 2010, an increase of 50% over
third quarter 2009
AerCap Holdings N.V. (the "Company" or "AerCap") (NYSE: AER) today announced the
results of its operations for the third quarter ended September 30, 2010.
Third Quarter 2010 Highlights
-- Third quarter 2010 basic and diluted earnings per share were $0.43,
compared with $0.42 for the same period in 2009. Third quarter 2010
basic and diluted earnings per share excluding the impact of the
mark-to-market of interest rate caps and share-based compensation
were $0.51, compared with $0.46 in the third quarter 2009 on the same
basis.
-- Third quarter 2010 net income was $51.9 million, compared with net
income of $35.5 million for the same period in 2009. Third quarter
2010 net income excluding the impact of the mark-to-market of
interest rate caps and share-based compensation was $61.1 million,
compared with $39.2 million in the third quarter 2009 on the same
basis.
-- Net spread, the difference between basic lease rents and interest
expense excluding the impact from the mark-to-market of interest
rate caps, was $171.8 million in the third quarter of 2010 compared
to $114.6 million in the third quarter of 2009, an increase of 50%.
This measure reflects the increase in leasing income and excludes
income derived from the sale of aircraft.
-- Basic lease rents for the third quarter of 2010 were $233.9 million,
compared to $142.4 million for the same period in 2009, an increase
of 64%. Total lease revenue (basic rents, maintenance rents and
end-of-lease compensation) for the third quarter of 2010 was
$254.0 million, compared to $153.8 million for the same period in
2009, an increase of 65%.
-- Sales revenue for the third quarter 2010 was $218.2 million,
compared to $49.0 million for the same period in 2009, and was
generated from the sale of three aircraft, five engines and parts
inventory.
-- Total revenue for the third quarter of 2010 was $478.1 million,
compared to $212.5 million for the same period in 2009. The increase
was mainly due to the increase in sales revenue and an increase in
lease revenue which was primarily driven by the all-share acquisition
of Genesis Lease Limited ("the Genesis Transaction") which occurred
in March 2010 and the deliveries of forward order aircraft.
-- Total assets were $9.3 billion at September 30, 2010, an increase of
46% over total assets of $6.4 billion at September 30, 2009. The
Genesis Transaction accounted for $1.5 billion of the increase in
total assets. The remaining $1.4 billion increase was driven
primarily by deliveries of forward order aircraft.
-- Committed purchases of aviation assets delivered or scheduled for
delivery in 2010 are $2.5 billion, of which $2.4 billion closed in
the nine month period ended September 30, 2010.
Klaus Heinemann, CEO of AerCap, commented: "The end of the third quarter 2010
marks the completion of the largest expansion program in AerCap's history. Lease
assets increased by 67% to $7.97 billion compared to the end of the same quarter last
year. This growth was achieved with solid equity support. AerCap's total equity
reached $1.98 billion by quarter end, and we were able to achieve this without
dilution of earnings per share. Third quarter earnings per share were 51 cents on an
adjusted basis compared to 46 cents for the same quarter last year. This strong
financial performance coupled with the recent addition of Waha Leasing to the AerCap
family positions the Company for continued long term success."
AerCap's CFO, Keith Helming, said: "The 125% increase in total revenue, 50%
growth in net spread and the consequent 46% increase in net income in the third
quarter 2010 compared to the same period in 2009 further underlines our ability to
deliver profitable growth. The increase in these key metrics was mainly due to the
completion of the Genesis Transaction and the deliveries of our forward order
aircraft. In addition, our liquidity position continues to be strong as demonstrated
by the $520 million of cash on hand at the end of September."
Summary of Financial Results
The Genesis Transaction which was completed on March 25, 2010 is fully reflected
in all AerCap Holdings N.V. second and third quarter 2010 consolidated financial
statements. The Genesis Transaction was not included in the AerCap Holdings N.V.
first quarter 2010 income statement (including the number of outstanding shares used
for earnings per share calculations) other than one line item reflecting a $0.3
million amalgamation gain (net of transaction expenses and tax). The impact of the
Genesis Transaction was also reflected in one line item in the AerCap Holdings N.V.
first quarter 2010 consolidated cash flow statement (purchase of subsidiaries, net of
cash acquired).
AerCap recorded third quarter 2010 net income of $51.9 million or $0.43 earnings
per basic and diluted share. Third quarter 2010 net income included net charges
relating to mark-to-market of interest rate caps and share-based compensation of $9.2
million or $0.08 per basic and diluted share, net of tax. The after-tax charge
relating to the mark-to-market of our interest rate caps was $9.0 million reflecting
changes in forecasted interest rates. The after-tax charge from share-based
compensation was $0.2 million.
Detailed Financial Data
($ in Millions)
Operating results
Three months ended
September 30,
-------------
% increase/
2010 2009 (decrease)
---- ---- -----------
Revenues $478.1 $212.5 125%
Net income 51.9 35.5 46%
Net income excluding the
impact of mark-to-
market of interest rate
caps and share-based
compensation 61.1 39.2 56%
Nine months ended
September 30,
-------------
%
increase/
2010 2009 (decrease)
---- ---- ----------
Revenues $1,436.8 $715.7 101%
Net income 135.1 122.0 11%
Net income excluding the
impact of mark-to-
market of interest rate
caps and share-based
compensation 167.4 109.9 52%
Total revenue in the third quarter of 2010 increased 125% compared to the third
quarter of 2009. This increase resulted primarily from an increase in sales revenue
and basic lease rents driven by the additional aircraft acquired in the Genesis
Transaction and the deliveries of forward order aircraft. For similar reasons, net
income excluding the impact of mark-to-market of interest rate caps and share-based
compensation increased by 56%.
Revenue breakdown
Three months ended
September 30,
-------------
% increase/
2010 2009 (decrease)
---- ---- ------------
Lease revenue:
Basic lease rents $233.9 $142.4 64%
Maintenance rents 20.1 10.4 93%
End-of-lease compensation and
other receipts - 1.0 (100%)
--- --- ------
Lease revenue $254.0 $153.8 65%
Sales revenue 218.2 49.0 345%
Management fees and interest
income 3.8 5.3 (28%)
Other revenue 2.1 4.4 (52%)
Total revenue $478.1 $212.5 125%
====== ====== ===
Nine months ended
September 30,
-------------
%
increase/
2010 2009 (decrease)
---- ---- ----------
Lease revenue:
Basic lease rents $633.2 $425.2 49%
Maintenance rents 56.8 49.9 14%
End-of-lease compensation and
other receipts - 9.7 (100%)
--- --- ------
Lease revenue $690.0 $484.8 42%
Sales revenue 728.8 208.6 249%
Management fees and interest
income 11.7 17.0 (31%)
Other revenue 6.3 5.2 21%
Total revenue $1,436.8 $715.6 101%
======== ====== ===
Basic lease rents were $233.9 million for the third quarter of 2010, an increase
of 64% compared to the third quarter of 2009, as a result of our growing asset base.
Our average lease assets increased by 70% to $7.8 billion compared to the third
quarter of 2009. As shown in the table below, interest expense excluding the impact
of the mark-to-market of interest rate caps was $62.1 million in the third quarter of
2010, an increase of $34.3 million over the same period in 2009. The increase was
primarily driven by the Genesis Transaction ($15.0 million) and the increase in our
lease portfolio from the delivery of forward order aircraft. As a result, net spread
increased 50% to $171.8 million in the third quarter of 2010 over the same period in
2009.
Three months ended
September 30,
-------------
%
increase/
2010 2009 (decrease)
---- ---- ----------
Basic lease rents $233.9 $142.4 64%
Interest on debt $75.1 $32.8 129%
Plus: mark-to-market of interest
rate caps (13.0) (5.0) 160%
----- ---- ---
Interest on debt excluding the
impact of mark-to-market of
interest rate caps $62.1 $27.8 123%
Net Spread $171.8 $114.6 50%
====== ====== ===
Nine months ended
September 30,
-------------
%
increase/
2010 2009 (decrease)
---- ---- ----------
Basic lease rents $633.2 $425.2 49%
Interest on debt $202.1 $68.3 196%
Plus: mark-to-market of interest
rate caps (47.6) 17.2 (377%)
----- ---- ------
Interest on debt excluding the
impact of mark-to-market of
interest rate caps $154.5 $85.5 81%
Net Spread $478.7 $339.7 41%
====== ====== ===
* The increase in net spread is lower than the increase in basic lease rents as a
result of the delivery of new forward order aircraft and the Genesis Transaction. For
new aircraft, the net spread is lower at the start of the lease because of higher
interest expenses resulting from a higher loan to value.
Effective tax rate
AerCap's blended effective tax rate during the nine month period ended September
30, 2010 was 9.0% (charge), consisting of 9.3% (charge) for AerCap's aircraft
business and 29.8% (income) for AerCap's engine and parts business. The blended
effective tax rate in 2009 was 1.9% (charge). The blended effective tax rate in any
year is impacted by the source and the amount of earnings among AerCap's different
tax jurisdictions. The increase in the 2010 blended tax rate as compared to 2009 is
the result of having more earnings generated from higher tax rate jurisdictions.
Financial position
September 30, September 30, % Increase over
2010 2009 September 30,
2009
---- ---- ----
Total cash (incl.
restricted). $519.7 $324.4 60%
Flight equipment held
for lease 7,974.1 4,761.9 67%
Total assets 9,338.6 6,417.6 46%
Total liabilities 7,358.1 5,082.9 45%
Total equity 1,980.5 1,334.8 48%
As of September 30, 2010, AerCap's portfolio consisted of 324 aircraft and 83
engines that were either owned, on order, under contract or letter of intent, or
managed. This includes aircraft that AerCap added through the Genesis Transaction in
March 2010.
Notes Regarding Financial Information Presented In This Press Release
The financial information presented in this press release is not audited.
The following is a definition of non-GAAP measures used in this press release and
a reconciliation of such measure to the most closely related GAAP measure:
Net income excluding the impact of mark-to-market of interest rate caps and
share-based compensation. This measure is determined by adding non-cash charges
related to the mark-to-market losses on our interest rate caps and share based
compensation during the applicable period, net of related tax benefits, to GAAP net
income. In addition to GAAP net income, we believe this measure may provide investors
with supplemental information regarding our operational performance and may further
assist investors in their understanding of our operational performance in relation to
past and future reporting periods. We use interest rate caps to allow us to benefit
from decreasing interest rates and protect against the negative impact of rising
interest rates on our floating rate debt. Management determines the appropriate level
of caps in any period with reference to the mix of floating and fixed cash inflows
from our lease and other contracts. We do not apply hedge accounting to our interest
rate caps. As a result, we recognize the change in fair value of the interest rate
caps in our income statement during each period. Following is a reconciliation of net
income excluding the impact of mark-to-market of interest rate caps and share-based
compensation to net income for the three and nine month periods ended September 30,
2010 and 2009:
Three months ended
September 30,
-------------
%
increase/
2010 2009 (decrease)
---- ---- ----------
Net income $51.9 $35.5 46%
Plus: mark-to-market of
interest rate caps, net
of tax 9.0 3.0 (200%)
share-based
compensation, net of tax 0.2 0.7 (71%)
Net income excluding the
impact of mark-to-
market of interest rate
caps and share-based
compensation $61.1 $39.2 56%
===== ===== ===
Nine months ended
September 30,
-------------
%
increase/
2010 2009 (decrease)
---- ---- ----------
Net income $135.1 $122.0 11%
Plus: mark-to-market of
interest rate caps, net of
tax 30.8 (14.5) 312%
share-based compensation,
net of tax 1.5 2.4 (38%)
Net income excluding the
impact of mark-to-market
of interest rate caps and
share-based compensation $167.4 $109.9 52%
====== ====== ===
Earnings per share excluding the impact of mark-to-market of interest rate caps
and share-based compensation are determined by dividing the amount of net income
excluding such impact by the average number of shares outstanding for that period.
The average number of shares is based on a daily average.
Net spread (refer to third table under Revenue breakdown section of this press
release). This measure is the difference between basic lease rents and interest
expense excluding the impact from the mark-to-market of interest rate caps and non-
recurring charges. We believe this measure may further assist investors in their
understanding of the changes and trends related to the earnings of our leasing
activities. This measure reflects the impact from changes in the number of aircraft
leased, lease rates, utilization rates, as well as the impact from the use of
interest rate caps instead of swaps to hedge our interest rate risk. The
reconciliation of net spread to basic lease rents for the three and nine month
periods ended September 30, 2010 and 2009 is included above.
Conference Call
In connection with the earnings release, management will host an earnings
conference call today, Friday, November 5, 2010 at 9:30 am Eastern Time / 2:30 pm
Central European Time. The call can be accessed live by dialing (U.S./Canada) 1-866-
239-0753 or (International) +31-20-713-2998 and referencing code 7436381 at least 5
under "Investor Relations."
The presentation slides for the conference call will be posted on AerCap's
website in advance of the call. The webcast replay will be archived in the "Investor
Relations" section of the company's website for one year.
In addition, a New York Group Lunch Presentation for investors and analysts will
be hosted by AerCap's management today, Friday, November 5, 2010, at 12:30 pm Eastern
Time at The New York Palace (the Henry Room), 455 Madison Avenue, New York. Doors
will open at 12:00 pm.
To participate in either event, please register at:
For further information, contact Peter Wortel: +31-20-655-9658
(pwortel@aercap.com)
or Mark Walter (Shared Value): +44-(0)20-7321-5039 (aercap@sharedvalue.net).
About AerCap Holdings N.V.
AerCap is the world's leading independent aircraft leasing company. AerCap also
provides engine leasing, aircraft management services, aircraft maintenance, repair
and overhaul services and aircraft disassemblies. AerCap is headquartered in The
Netherlands and has offices in Ireland, the United States, Singapore, China and the
United Kingdom.
Forward Looking Statements
This press release contains certain statements, estimates and forecasts with
respect to future performance and events. These statements, estimates and forecasts
are "forward-looking statements." In some cases, forward-looking statements can be
identified by the use of forward-looking terminology such as "may," "might,"
"should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict,"
"potential" or "continue" or the negatives thereof or variations thereon or similar
terminology. All statements other than statements of historical fact included in this
press release are forward-looking statements and are based on various underlying
assumptions and expectations and are subject to known and unknown risks,
uncertainties and assumptions, may include projections of our future financial
performance based on our growth strategies and anticipated trends in our business.
These statements are only predictions based on our current expectations and
projections about future events. There are important factors that could cause our
actual results, level of activity performance or achievements to differ materially
from the results, level of activity, performance or achievements expressed or implied
in the forward-looking statements. As a result, there can be no assurance that the
forward-looking statements included in this press release will prove to be accurate
or correct. In light of these risks, uncertainties and assumptions, the future
performance or events described in the forward-looking statements in this press
release might not occur. Accordingly, you should not rely upon forward-looking
statements as a prediction of actual results and we do not assume any responsibility
for the accuracy or completeness of any of these forward-looking statements. We do
not undertake any obligation to, and will not, update any forward-looking statements,
whether as a result of new information, future events or otherwise.
For more information regarding AerCap and to be added to our email distribution
Financial Statements Follow
AerCap Holdings N.V.
Consolidated Balance Sheets -Unaudited
(In thousands of U.S. Dollars)
September 30, December 31,
2010 2009
---- ----
Assets
Cash and cash equivalents $285,763 $182,617
Restricted cash 233,954 140,746
Trade receivables, net of
provisions 60,001 48,070
Flight equipment held for operating
leases, net 7,974,109 5,230,437
Net investment in direct finance
leases 28,170 34,532
Notes receivables, net of
provisions 7,939 138,488
Prepayments on flight equipment 197,616 527,666
Investments 30,774 21,031
Goodwill 6,776 6,776
Intangibles, net 64,568 31,399
Inventory 119,097 102,538
Derivative assets 23,981 44,866
Deferred income taxes 102,117 80,098
Other assets 203,715 180,237
Total Assets $9,338,580 $6,769,501
========== ==========
Liabilities and Equity
Accounts payable $17,516 $11,832
Accrued expenses and other
liabilities 98,149 80,399
Accrued maintenance liability 400,461 228,006
Lessee deposit liability 138,316 126,093
Debt 6,562,293 * 4,846,664
Accrual for onerous contracts 10,917 22,363
Deferred revenue 66,106 33,011
Derivative liabilities 64,302 7,801
Total liabilities 7,358,060 5,356,169
Share capital 1,163 699
Additional paid-in capital 968,724 593,133
Accumulated other comprehensive
income (loss) (470) -
Retained earnings 799,309 664,177
Total AerCap Holdings N.V.
shareholders' equity 1,768,726 1,258,009
Non-controlling interest 211,794 155,323
------- -------
Total Equity 1,980,520 1,413,332
Total Liabilities and Equity $9,338,580 $6,769,501
========== ==========
* Includes $88.0 million of
subordinated debt received from
our joint venture partners
Supplemental information September 30, December 31,
2010 2009
---- ----
Debt/equity ratio 3.3 3.4
Debt/equity ratio (adjusted for
subordinated debt) 3.1 3.2
September 30,
2009
----
Assets
Cash and cash equivalents $203,377
Restricted cash 121,067
Trade receivables, net of
provisions 49,037
Flight equipment held for operating
leases, net 4,761,918
Net investment in direct finance
leases 34,069
Notes receivables, net of
provisions 141,628
Prepayments on flight equipment 632,333
Investments 20,367
Goodwill 6,776
Intangibles, net 34,602
Inventory 108,444
Derivative assets 38,572
Deferred income taxes 80,463
Other assets 184,975
Total Assets $6,417,628
==========
Liabilities and Equity
Accounts payable $16,004
Accrued expenses and other
liabilities 77,591
Accrued maintenance liability 216,345
Lessee deposit liability 113,025
Debt 4,593,268
Accrual for onerous contracts 24,378
Deferred revenue 33,479
Derivative liabilities 8,783
Total liabilities 5,082,873
Share capital 699
Additional paid-in capital 592,133
Accumulated other comprehensive
income (loss) -
Retained earnings 621,012
Total AerCap Holdings N.V.
shareholders' equity 1,213,844
Non-controlling interest 120,911
-------
Total Equity 1,334,755
Total Liabilities and Equity $6,417,628
==========
* Includes $88.0 million of
subordinated debt received from
our joint venture partners
Supplemental information September 30,
2009
----
Debt/equity ratio 3.4
Debt/equity ratio (adjusted for
subordinated debt) 3.2
AerCap Holdings N.V.
Consolidated Income Statements -Unaudited
(In thousands of U.S. Dollars, except share and per share data)
Three months ended
September 30,
2010 2009
---- ----
Revenues
Lease revenue $254,008 $153,890
Sales revenue 218,194 49,012
Interest revenue 748 2,433
Management fee revenue 3,021 2,821
Other revenue 2,117 4,354
Total Revenues 478,088 212,510
Expenses
Depreciation 89,946 55,663
Asset impairment 2,761 382
Cost of goods sold 202,053 39,973
Interest on debt 75,144 32,844
Operating lease in costs 3,057 3,268
Leasing expenses 17,322 10,648
Provision for doubtful notes and accounts
receivable 514 55
Selling, general and administrative
expenses 21,710 27,806
Other expenses - 1,900
Total Expenses 412,507 172,539
Income from continuing operations before
income taxes 65,581 39,971
Provision for income taxes (6,144) (784)
Amalgamation gain, net of transaction
expenses and tax - -
Net Income 59,437 39,187
Net (income) attributable to non-
controlling interest (7,559) (3,735)
Net Income attributable to AerCap Holdings
N.V. $51,878 $35,452
======= =======
Basic and diluted earnings per share $0.43 $0.42
Weighted average shares outstanding -
basic and diluted 119,386,445 85,036,957
Nine months ended
September 30,
2010 2009
---- ----
Revenues
Lease revenue $690,013 $484,932
Sales revenue 728,779 208,608
Interest revenue 3,617 7,656
Management fee revenue 8,069 9,294
Other revenue 6,319 5,217
Total Revenues 1,436,797 715,707
Expenses
Depreciation 239,920 160,153
Asset impairment 5,482 21,332
Cost of goods sold 671,875 179,293
Interest on debt 202,075 68,319
Operating lease in costs 9,271 9,855
Leasing expenses 43,738 51,885
Provision for doubtful notes and accounts
receivable 1,030 408
Selling, general and administrative
expenses 86,488 82,796
Other expenses - 1,900
Total Expenses 1,259,879 575,941
Income from continuing operations before
income taxes 176,918 139,766
Provision for income taxes (15,892) (3,471)
Amalgamation gain, net of transaction
expenses and tax 274 -
Net Income 161,300 136,295
Net (income) attributable to non-
controlling interest (26,168) (14,293)
Net Income attributable to AerCap Holdings
N.V. $135,132 $122,002
======== ========
Basic and diluted earnings per share $1.25 $1.43
Weighted average shares outstanding -
basic and diluted 107,936,616 85,036,957
* The increase of $42.3 million in interest on debt in the third quarter 2010 as
compared to the third quarter 2009 was primarily driven by (i) a $8.1 million
increase in the mark-to-market on interest rate caps, (ii) a $15.0 million increase
from the Genesis Transaction and (iii) the increase in our lease portfolio from the
delivery of our forward order aircraft. The same items were also the primary drivers
for the increase in the nine month period ended September 30, 2010 as compared to the
nine month period ended September 30, 2009.
AerCap Holdings N.V.
Consolidated Statements of Cash Flows -Unaudited
(In thousands of U.S. Dollars)
Three months ended
September 30,
2010 2009
---- ----
Net income 59,437 39,187
Adjustments to reconcile net income to
net cash provided by operating
activities
Depreciation 89,945 55,663
Asset impairment 2,761 382
Amortisation of debt issuance cost 7,347 3,901
Amortisation of intangibles 5,930 3,294
Provision for doubtful notes and
accounts receivable 563 587
Capitalised interest on pre-delivery
payments (155) (225)
Gain on disposal of assets (6,798) 21
Mark-to-market of non-hedged
derivatives (5,931) 3,862
Deferred taxes 6,007 724
Share-based compensation 99 912
Changes in assets and liabilities
Trade receivables and notes receivable,
net (9,459) (11,378)
Inventories 2,885 35,867
Other assets and derivative assets 2,120 (3,791)
Other liabilities (13,298) (26,865)
Deferred revenue 9,057 (3,326)
----- ------
Net cash provided by operating
activities 150,510 98,815
Purchase of flight equipment (467,600) (271,054)
Proceeds from sale/disposal of assets 167,862 1,891
Prepayments on flight equipment (25,979) (116,693)
Purchase of subsidiaries, net of cash
acquired - -
Purchase of investments - -
Purchase of intangibles - -
Movement in restricted cash 12,508 7,117
------ -----
Net cash used in investing activities (313,209) (378,739)
Issuance of debt 496,126 562,464
Repayment of debt (327,805) (313,149)
Debt issuance costs paid (12,809) (6,212)
Maintenance payments received 38,030 25,546
Maintenance payments returned (5,843) (8,011)
Security deposits received 7,971 9,222
Security deposits returned (8,187) (9,020)
Capital contributions from non-
controlling interests - -
Net cash provided by financing
activities 187,483 260,840
Net increase in cash and cash
equivalents 24,784 (19,084)
Effect of exchange rate changes 723 4,038
Cash and cash equivalents at beginning
of period 260,256 218,423
Cash and cash equivalents at end of
period 285,763 203,377
======= =======
Nine months ended
September 30,
2010 2009
---- ----
Net income 161,300 136,295
Adjustments to reconcile net income to
net cash provided by operating
activities
Depreciation 239,919 160,153
Asset impairment 5,482 21,332
Amortisation of debt issuance cost 19,677 11,789
Amortisation of intangibles 16,092 12,499
Provision for doubtful notes and
accounts receivable 920 940
Capitalised interest on pre-delivery
payments (468) (934)
Gain on disposal of assets (36,050) 1,039
Mark-to-market of non-hedged
derivatives 35,905 (15,642)
Deferred taxes 14,292 1,863
Share-based compensation 1,656 2,910
Changes in assets and liabilities -
Trade receivables and notes receivable,
net (3,308) (5,850)
Inventories 11,761 33,146
Other assets and derivative assets (5,516) (14,521)
Other liabilities (26,850) (63,627)
Deferred revenue 21,054 (1,442)
------ ------
Net cash provided by operating
activities 455,866 279,950
Purchase of flight equipment (1,788,962) (845,868)
Proceeds from sale/disposal of assets 593,625 80,243
Prepayments on flight equipment (110,759) (403,054)
Purchase of subsidiaries, net of cash
acquired 70,618 -
Purchase of investments (7,500) -
Purchase of intangibles (9,006) -
Movement in restricted cash (61,752) (7,670)
------- ------
Net cash used in investing activities (1,313,736) (1,176,349)
Issuance of debt 2,112,408 1,843,442
Repayment of debt (1,213,445) (1,081,578)
Debt issuance costs paid (48,093) (20,325)
Maintenance payments received 106,563 74,429
Maintenance payments returned (28,567) (33,620)
Security deposits received 24,892 32,287
Security deposits returned (25,315) (16,550)
Capital contributions from non-
controlling interests 32,375 104,200
Net cash provided by financing
activities 960,818 902,285
Net increase in cash and cash
equivalents 102,948 5,886
Effect of exchange rate changes 198 3,928
Cash and cash equivalents at beginning
of period 182,617 193,563
Cash and cash equivalents at end of
period 285,763 203,377
======= =======
Certain reclassifications have been made to prior years consolidated statements
of cash flow to reflect the current year presentation.
For Investors:
Keith Helming
Chief Financial Officer
+31-20-655-9670
khelming@aercap.com
Peter Wortel
Investor Relations
+31-20-655-9658
pwortel@aercap.com
For Media:
Frauke Oberdieck
Corporate Communications
+31-20-655-9616
foberdieck@aercap.com
SOURCE: AerCap Holdings N.V.
CONTACT: For Investors, Keith Helming
Chief Financial Officer
+31-20-655-9670
khelming@aercap.com
or Peter Wortel
Investor Relations
+31-20-655-9658
pwortel@aercap.com
or For Media
Frauke Oberdieck
Corporate Communications
+31-20-655-9616
foberdieck@aercap.com
NEWS 
