presentation for shareholders - aviasg · presentation for shareholders consolidated financial...

PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL INFORMATION FOR 3Q 2015

13 November, 2015

ASG Group’s Development in 3Q 2015

ASG Group’s Structure / Areas of Activity

ASG Group’s Financial Results in 3Q 2015

ASG Group’s Revenue, Net Profit

Sales / Operating Profit Breakdown by Business Segments

Consolidated Balance Sheets

ASG Group’s CAPEX

ASG Group’s Employees

ASG Share Price & Performance

ASG Shareholders

Content

1

ASG Group Development in 3Q 2015

Financial Parameters:

2

Increase in consolidated revenue from continuing operations by EUR 24 million, by 17% (2015 9m vs 2014 9m) primarily due to: significant growth increase in demand for aircraft fuelling services; offering of new services as Private Jet Charter operations (business charter activity started in

summer 2014).

On 30 September 2015, the Group sold 100% shareholding in its subsidiary Avia Solutions Group – Airports Management OOO and fully disposed Airport Infrastructure Management business segment.

In 2015 the Group recognised significant allowance for impairment of trade receivables and inventories: due to initiated bankruptcy proceeding for one of the biggest Russia’s private airline, the Group

recognised EUR 7.7 million allowance for trade receivables; the allowance for impairment of inventories in the total amount of EUR 5.8 million was recognised

to represent their net realisable value.







ASG Group’s CAPEX



ASG Shareholders

3


MRO Segment (11 companies)

GH & Fuelling Segment (6 companies)

Training Segment (2 companies)

Private Jet Charter and Flight Operations

(2 companies)

FL Technics UAB (100%) Jet Maintenance Solutions UAB (100%)

Locatory.com UAB (95%) FLT Trading House UAB (100%)

FL Technics Line OOO (93%) FL Technics Ulyanovsk OOO (99%)

Storm Aviation Ltd. (100%) Storm Aviation Cyprus Ltd. (100%)

Kauno aviacijos gamykla UAB (100%) Helisota UAB (100%)

PT. Avia Technics Dirgantara (49%)***

BAA Training UAB (100%) AviationCV.com UAB (100%)

Baltic Ground Services UAB (100%) Baltic Ground Services Sp.z.o.o (100%)

Baltic Ground Services s.r.l. (100%) Baltic Ground Services TOV UA (100%)

Baltic Ground Services RU OOO (100%)* Baltic Ground Services EE OU (100%)**

KlasJet UAB (75%) Laserpas UAB (90%)

* - on 23 March 2015 Baltic Ground Services RU OOO, a subsidiary of Baltic Ground Services UAB, was established ** - on 31 July 2015 Baltic Ground Services EE OU, a subsidiary of Baltic Ground Services UAB, was established *** - the Group holds control over an investee

4







ASG Group’s CAPEX



ASG Shareholders

5


6

3Q 2015 3Q 2014 EUR thousands (except margins & EPS & numbers of shares) 9m 2015 9m 2014

58 519 50 620 Revenue from continuing operations 163 072 139 189 1 808 1 572 EBITDA from continuing operations 6 946 7 204 3.1% 3.1% EBITDA margin (%) 4.3% 5.2%

(13 282) (426) Operating profit from continuing operations (10 948) 1 893 -22.7% -0.8% Operating profit margin (%) -6.7% 1.4%

(13 650) (650) Profit before income tax from continuing operations (11 419) 1 470 (12 720) (587) Net profit for the period from continuing operations (10 798) 1 316 -21.7% -1.2% Net profit or the period from continuing operations margin(%) -6.6% 1.0% 5 220 (267) Net profit for the period from discontinued operations 4 335 (289)

(7 500) (854) Net profit for the period (6 463) 1 027 (7 568) (1 015) Net profit attributable to equity holders (6 244) 843 -12.9% -2.0% Net profit attributable to equity holders margin (%) -3.8% 0.6% (1.636) (0.095) EPS from continuing operations (EUR) (1.382) 0.212 (0.663) (0.073) EPS from discontinued operations (EUR) 0.579 (0.073) (0.973) (0.168) EPS (EUR) (0.803) (0.139) 4 285 769 CAPEX (additions of PPE and intangible assets) 8 832 3 467

10 358 4 370 Cash at the end of period 10 358 4 370 7 778 6 058 Weighted average number of ordinary shares (thousand) 7 778 6 058







ASG Group’s CAPEX



ASG Shareholders

7

Increase by 17% in Group’s revenue from continuing operations (2015 3Q vs 2014 3Q)

ASG Group’s Revenue

8

31

41

42

41

35

40

42

43

39

50

50

45

45

59

59

1Q 2012

2Q 2012

3Q 2012

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

3Q 2014

4Q 2014

1Q 2015

2Q 2015

3Q 2015

Net profit 3Q 2015 vs 2Q 2015

ASG Group’s Net Profit

9

-12,7

0.8

-0,8

-13,2

-0,6

+1,1

-15,0

-10,0

-5,0

-

5,0

Net profit 2Q 2015 Revenue Impairment-relatedexpenses

Expenses Income tax Net loss 3Q 2015

Net profit 3Q 2015 vs 3Q 2014

-0,6

-12,7 -6,5

-1,9

-12,7

+7,9

+0,2 +0,9

-15,0

-10,0

-5,0

-

5,0

10,0

Net loss 3Q 2014 Revenue Cost of services andgoods purchased

Employee relatedexpenses

Impairment-relatedexpenses

Other expenses Income tax Net loss 3Q 2015

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 by business segment was 41% MRO / 51% GH & Fuelling / 3% Training / 3% Business charter.

22

21

23

21

22

21

28

25

29

25

27

25

31

24

17

19

16

12

15

19

13

12

18

23

15

17

25

30

2

2

2

2

3

2

2

2

3

2

2

2

2

2

1

1

1

2

2Q 2012

3Q 2012

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

3Q 2014

4Q 2014

1Q 2015

2Q 2015

3Q 2015

MRO segment

GH & Fuelling segment

Crew training and staffing segment

Private jet charter and flightsoperations segment

Sales / Operating Profit Breakdown by Business Segments, 3Q 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)

21 19

2 -

25 23

2 -

24

30

2 2

-

10

20

30

40

MRO segment GH & Fuelling segment Crew training and staffingsegment


3Q 20133Q 20143Q 2015

1,6 0,9 -0,2 -0,2 0,8 0,1

-14,7

1,3 0,1

-15,0

-11,0

-7,0

-3,0

1,0

7% -1%

-61%

5% 4% 4%

-13%

4% 6%

+30% 2015 3Q

vs 2014 3Q

13

Sales / Operating Profit Breakdown by Business Segments, 9m 2015

Business Segments’ Revenue to external

customers (mln EUR)

Tendencies of Business Segment’s

Operating Profitability (percent)

Business Segment’s Operating Profitability

(mln EUR)

* Segments’ share in Sales and Operating Profit calculated based on total Sale/ Operating Profit value (including intercompany transactions)

13

65

46

6 0

79

53

7

1

80

72

7 4

0

20

40

60

80

MRO segment GH & Fuelling segment Crew training and staffingsegment


9M 20139M 20149M 2015

5,6

0,6 -0,2 2,0

0,9 0,5

-13,5

2,3 0,7

-14,0

-9,0

-4,0

1,0

9% 3%

-17% 1% 2%

3%

-3%

7%

9%

+36% 2015 3Q

vs 2014 3Q

Operating Data by Business Segments, 3Q 2015 & 9M 2015

14

3Q 2015 3Q 2014 Change, % 9m 2015 9m 2014 Change, %

Number of SOLD man-hours (base maintenance)

62 106 53 002 +17% 335 271 231 022 +45%

Number of SOLD man-hours (engineering)

10 807 13 100 -18% 39 564 48 299 -18%

Number of SOLD man-hours (maintenance training)

2 097 1 328 +58% 8 052 7 839 +3%

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

20 23 -3 st. 20 23 -3 st.

Number of aircrafts served 3 631 4 075 -11% 9 685 9 781 -1%

Number of passengers served 677 235 658 796 +3% 1 618 463 1 470 224 +10%

Volume of fuel sold (tonnes) 49 351 27 180 +82% 111 960 72 062 +55%

TRTO - Number of sold theoretical training hours

1 614 1 311 +23% 7 217 5 631 +28%

TRTO - Number of sold practical training (FFS) hours

2 674 2 234 +20% 8 173 9 117 -10%







ASG Group’s CAPEX



ASG Shareholders

15

Net debt = Borrowings – Cash and cash equivalents

Equity ratio = Total equity / Total assets

Gearing ratio = Net debt / (Net debt + Total equity)

Consolidated Balance Sheets (1)

30-09-2015 31-12-2014 30-09-2015 vs

31-12-2014 EUR thousand 30-09-2014 31-12-2013

30-09-2014 vs 31-12-2013

117 862 152 019 -22% Total assets 143 480 108 902 +32%

10 358 6 820 +52% Cash and cash equivalents 4 370 6 278 -30%

39 255 48 905 -20% Trade receivables 34 609 29 652 +17%

46 737 60 377 -23% Total equity 51 082 43 907 +16%

32 031 31 752 +1% Borrowings 31 389 31 950 -2%

21 673 24 932 -13% Net debt 27 019 25 672 +5%

1.3 1.4 -0.1 Liquidity risk 1.4 1.5 -0.1

40% 40% - Equity ratio, % 36% 40% -4pp

32% 29% +3pp Gearing ratio, % 35% 40% -5pp

16


17

30-09-2015 31-12-2014 30-09-2015 vs

31-12-2014 EUR thousand

117 862 152 019 -22% Total assets 10 358 6 820 +52% Cash and cash equivalents

39 255 48 905 -20% Trade receivables

46 737 60 377 -23% Total equity

32 031 31 752 +1% Borrowings

21 673 24 932 -13% Net debt

1.3 1.4 -0.1 Liquidity risk

40% 40% - Equity ratio, %

32% 29% +3pp Gearing ratio, %

25%

2%

4%

33%

25%

1% 1% 0%

9% Property, plant and equipment

Intangible assets

Deferred income tax assets

Trade and other receivables

Inventories

Amount due from customers for contract work

Prepaid income tax

Short-term bank deposits

Cash and cash equivalents


18

30-09-2015 31-12-2014 30-09-2015 vs


117 862 152 019 -22% Total assets

10 358 6 820 +52% Cash and cash equivalents


46 737 60 377 -23% Total equity

32 031 31 752 +1% Borrowings 21 673 24 932 -13% Net debt




37%

1%

46%

16%

Bank borrowings

Borrowings from other related parties

Bank overdraft

Finance lease liabilities

Other borrowings


19

30-09-2015 31-12-2014 30-09-2015 vs


117 862 152 019 -22% Total assets



46 737 60 377 -23% Total equity

32 031 31 752 +1% Borrowings 21 673 24 932 -13% Net debt




71%

25%

4%

Aircraft and Helicopter Maintenance, Repair andOverhaul (MRO)

Aircraft Ground Handling and Fuelling

Crew Training and Staffing


20

30-09-2015 31-12-2014 30-09-2015 vs


117 862 152 019 -22% Total assets



46 737 60 377 -23% Total equity 32 031 31 752 +1% Borrowings

21 673 24 932 -13% Net debt




5%

69%

25%

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

21

ASG Group’s CAPEX

Capital Expenditure (CAPEX, EUR million)

22

2,0

3,0

5,8

1,3 1,4

0,8

1,3 1,3

3,3

4,2

-

1,0

2,0

3,0

4,0

5,0

6,0

2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015







ASG Group’s CAPEX



ASG Shareholders

23


Number of full-time employees at the end of period Breakdown of the Group’s employees by business segments (30-09-2015)

24

919

939

929

951

972

1022

1051

1342

1342

1437

1499

1534

1595

1631

1667

31-03-2012

30-06-2012

30-09-2012

31-12-2012

31-03-2013

30-06-2013

30-09-2013

31-12-2013

31-03-2014

30-06-2014

30-09-2014

31-12-2014

31-03-2015

30-06-2015

30-09-2015

65%

23%

7% 1%

4%

MRO

GH

Training

Private JetCharter & FlightsOperations

Unallocated

25







ASG Group’s CAPEX



ASG Shareholders


ASG (from 02-01-2015 till 10-11-2015)

02-01-2015: 21.91

High: 27.06

Low: 14.06

10-11-2015: 18.35

Prices in PLN

26

27







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

30-09-2015 31-12-2014 30-09-2015 31-12-2014

29.44% 29.44% ZIA Valda Cyprus Ltd. 2 290 045 2 290 045

10.71% 10.71% Vaidas Barakauskas 832 666 832 666

10.10% 10.10% VGE Investments Limited 785 216 785 216

8.99% 8.99% Mesotania Holdings Ltd. 699 115 699 115

7.78% 7.78% Harberin Enterprises Limited 605 227 605 227

5.01% 5.01% Nationale-Nederlanden Otwarty Fundusz Emerytalny 390 000 390 000

27.97% 27.97% Other 2 175 508 2 175 508

100.00% 100.00% Total 7 777 777 7 777 777

Shareholders, holding more than 5 per cent of the share capital and votes, as on 30 September2015:

28

29%

11% 10%

9%

8%

5%

28%

ZIA Valda Cyprus Ltd.

Vaidas Barakauskas

VGE Investments Limited

Mesotania Holdings Ltd.

Harberin Enterprises Limited

Nationale-Nederlanden Otwarty Fundusz Emerytalny

Other

Thank You For Your Attention

www.AviaSG.com/InvestorRelations

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

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