Asg group for 1q y2013
description
Transcript of Asg group for 1q y2013
Warsaw, 7 May 2012
PRESENTATION FOR SHAREHOLDERSPRESENTATION FOR SHAREHOLDERS
31 May, 2013
1
ASG Group’s Achievements in 1Q 2013
ASG Group’s Structure / Areas of Activity
ASG Group’s Financial Results in 1Q 2013
ASG Group’s Revenue, EBITDA, Net & Gross Profits
Sales / Gross Profit Breakdown by Business Segments
Consolidated Balance Sheets
ASG Group’s Cash Flows and CAPEX
ASG Group’s Employees
ASG Share Price & Performance
ASG Shareholders
Content
ASG Group Achievements in 1Q 2013
Financial Parameters: Increase in consolidated revenue from
continuing operations by 16 % (1Q 2013 vs 1Q 2012) up to LTL 123 million;
Over LTL 20 million of net profit attributable to equity holders.
Realization of Strategic Projects: On 29 March 2013, Avia Solutions Group
AB sold 95.5 % of the share capital of Small Planet Airlines UAB (Lithuania) and Small Planet Airlines Sp.z.o.o. (Poland) to the management of these companies Mr. Vytautas Kaikaris (65.5%) and Mr. Andrius Staniulis (30%).
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ASG Group’s Structure / Areas of Activity
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MRO segmentGH & FuellingSegment
CharterOperationsSegment(discontinued operations)
TrainingSegment
ASG Group’s Structure: by companies
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•Small Planet Airlines s.r.l. (35.5%)•Small Planet Airlines UAB (sold on
29 March 2013)•Small Planet Airlines Sp.z.o.o. (sold on
29 March 2013)
•Baltic Aviation Academy UAB (100%)•AviationCV.com UAB (100%)
•Baltic Ground Services UAB (100%)•Baltic Ground Services Sp.z.o.o (100%)
•Baltic Ground Services s.r.l. (100%)•Baltic Ground Services TOV UA
(100%)•Ground Handling CIS UAB (100%)
• FL Technics AB (LT, 100%) •FL Technics Jets UAB (LT, 100%)•Locatory.com UAB (LT, 95%)•FL Technics Line OOO (RU, 93%)•Storm Aviation Ltd. (UK, 100%)•Storm Aviation Cyprus Ltd. (CY, 100%)•FL Technics Ulyanovsk OOO (RU, 99%)•FLT Trading House UAB (LT, 100%)
MRO SEGMENT (8 companies)
GH & FuellingSegment(5 companies)
Charter Operations Segment(discontinued operations)
TrainingSegment
(2 companies)
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ASG Group’s Financial Results in 1Q 2013
1Q 2013 1Q 2012Change
(1Qy13 vs 1Qy12)
LTL thousands (except margins & EPS & numbers of shares)
122 678 106 133 +15.6% Revenue from continuing operations16 042 14 183 +13.1% Gross profit from continuing operations13.1% 13.4% -0.3 pp Gross profit margin (%) 9 353 9 695 -3.5% EBITDA from continuing operations7.6% 9.1% -1.5 pp EBITDA margin (%)6 057 7 010 -13.6% Operating profit from continuing operations4.9% 6.6% -1.7 pp Operating profit margin (%) 5 605 6 771 -17.2% Profit before income tax from continuing operations5 088 5 795 -12.2% Net profit for the period from continuing operations
14 808 (1 976) - Net profit for the period from discontinued operations19 896 3 819 +421% Net profit for the period16.2% 3.6% +12.6 pp Net profit margin (%)
20 135 3 940 +411% Net profit attributable to equity holders16.4% 3.7% +12.7 pp Net profit attributable to equity holders margin (%)3.417 0.669 +411% EPS (LTL) from continuing operations5 590 6 752 -17.2% CAPEX (additions of PPE and intangible assets)9 754 15 432 -36.8% Net cash at the end of period5 893 5 893 - Weighted average number of ordinary shares (thousand)
Over LTL 20 million of net profit attributable to equity holders, primarily due to successful disposal of Charter operations business segment (total gain on disposal in Group’s financial statements is LTL 20.0 million).
ASG Group’s Revenue, EBITDA, Net & Gross Profits – 1*
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* - from continuing operations
13.8%
17.2%
25.9%
4.9%
7.6%
11.9%
Net Profit Profitability
Increase in consolidated revenue by 84 % (2012 vs 2011) due to record-high ground handling and fuelling sales (by 108%), rapid growth in spare parts and consumable services (by 136%), line maintenance services (by 169%) and expansion of engine management (by 206%).
147
291
536
38
50
74
30
35
43
18
22
26
0 100 200 300 400 500 600
2010
2011
2012
Revenue (mln LTL)
Net profit (mln LTL)EBITDA (mln LTL)
Gross profit profit (mln LTL)
+98% Y11 vs Y10
Gross Profit Profitability
+84 % Y12 vs Y11
ASG Group’s Revenue, EBITDA, Net & Gross Profits – 2*
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* - from continuing operations
4.1%
Net Profit Profitability
50
69
74
98
106
140
153
137
123
8
7
4
3
6
10
10
0.1
5
0 40 80 120 160
2011 Q1
2011 Q2
2011 Q3
2011 Q4
2012 Q1
2012 Q2
2012 Q3
2012 Q4
2013 Q1
Revenue (mln LTL)Net profit (mln LTL)
+16% 1QY13 vs 1QY12
ASG Group’s Revenue, EBITDA, Net & Gross Profits – 3*
8* - from continuing operations
33
38
35
56
63
79
72
76
75
11
25
34
35
35
54
75
54
42
6
6
5
7
8
7
6
7
6
2011 Q1
2011 Q2
2011 Q3
2011 Q4
2012 Q1
2012 Q2
2012 Q3
2012 Q4
2013 Q1
MRO segmentGH & Fuelling SegmentTraining Segment
Group’s revenue is influenced by seasonal movements on both summer and winter periods: the highest growth comes in summer-season (June-September) from aircraft ground handling and fuelling segment, and in the winter-season (October-April) increase of sales is recorded in aircraft maintenance, repair and overhaul (MRO) and crew training segment.
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Consolidated Income Statements (quarterly)
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* Segments’ share in Sales and Gross Profit calculated based on total Sale/ Gross Profit value (excluding intercompany transactions)
Sales / Gross Profit Breakdown by Business Segments – 1 Consistent Growth in Business Segments’ Revenue (mln LTL)
Business Segment’s Gross Profitability – Mix Change (mln LTL)
162
105 24
290
218
28 -
100
200
300
MRO segment GH & Fuelling Segment Training Segment
2010
2011
2012
40
38
57
9 8
0
20
40
60
10
Consolidated Income Statements (quarterly)
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* Segments’ share in Sales and Gross Profit calculated based on total Sale/ Gross Profit value (excluding intercompany transactions)
Sales / Gross Profit Breakdown by Business Segments – 2 Consistent Growth in Business Segments’ Revenue – Mix Change (mln LTL)
Business Segment’s Gross Profitability – Mix Change (mln LTL)
73
44
6 -
25
50
75
MRO segment GH & Fuelling Segment Training Segment
2012 1Q
2013 1Q
14
2 1
-
5
10
15
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Consolidated Balance Sheets – 1
Net debt = Borrowings – Cash and cash equivalents Return on equity (ROE) = Net profit for the period / Total equity Return on assets (ROA) = Net profit for the period / Total assets Equity ratio = Total equity / Total assets Gearing ratio = Net debt / (Net debt + Total equity)
* - Total assets, not included assets of disposal group classified as held for sale on 31 December 2012
31-03-2013 31-12-2012
31-03-2013 vs 31-12-
2012LTL thousand
31-12-2011287 384 270 158* +6% Total assets 243 167
9 754 8 913 +9.4% Cash and cash equivalents 17 781113 001 97 313 +16.1% Trade receivables 61 174134 733 113 595 +18.6% Total equity 96 353
74 537 73 741 +1.1% Borrowings 53 13664 783 64 828 -0.1% Net debt 35 355
1.62 1.72 +10 pp Liquidity risk 1.4946.9% 38.0% +8.9 pp Equity ratio, % 39.6%32.5% 36.3% -3.8 pp Gearing ratio, % 26.8%
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Consolidated Balance Sheets – 2
43%
25%
23% 3% 3%
3%
Trade and other receivables
Inventories
Property, plant and equipment
Cash and cash equivalents
Deferred income tax assets
Intangible assets
31-03-2013 31-12-2012
31-03-2013 vs 31-12-
2012LTL thousand
31-12-2011
287 384 270 158* +6% Total assets 243 1679 754 8 913 +9.4% Cash and cash equivalents 17 781
113 001 97 313 +16.1% Trade receivables 61 174134 733 113 595 +18.6% Total equity 96 35374 537 73 741 +1.1% Borrowings 53 13664 783 64 828 -0.1% Net debt 35 355
1.62 1.72 +10 pp Liquidity risk 1.4946.9% 38.0% +8.9 pp Equity ratio, % 39.6%32.5% 36.3% -3.8 pp Gearing ratio, % 26.8%
* - Total assets, not included assets of disposal group classified as held for sale on 31 December 2012
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Consolidated Balance Sheets – 3
60%
18%
16%6%
Aircraft maintenance, repair andoverhaul (MRO)
Aircraft ground handling and fuelling
Unallocated
Pilot and crew training
31-03-2013 31-12-2012
31-03-2013 vs 31-12-
2012LTL thousand
31-12-2011287 384 270 158* +6% Total assets 243 167
9 754 8 913 +9.4% Cash and cash equivalents 17 781113 001 97 313 +16.1% Trade receivables 61 174
134 733 113 595 +18.6% Total equity 96 35374 537 73 741 +1.1% Borrowings 53 13664 783 64 828 -0.1% Net debt 35 355
1.62 1.72 +10 pp Liquidity risk 1.4946.9% 38.0% +8.9 pp Equity ratio, % 39.6%32.5% 36.3% -3.8 pp Gearing ratio, % 26.8%
* - Total assets, not included assets of disposal group classified as held for sale on 31 December 2012
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Consolidated Balance Sheets – 4
31-03-2013 31-12-2012
31-03-2013 vs 31-12-
2012LTL thousand
31-12-2011287 384 270 158* +6% Total assets 243 167
9 754 8 913 +9.4% Cash and cash equivalents 17 781113 001 97 313 +16.1% Trade receivables 61 174134 733 113 595 +18.6% Total equity 96 353
74 537 73 741 +1.1% Borrowings 53 13664 783 64 828 -0.1% Net debt 35 355
1.62 1.72 +10 pp Liquidity risk 1.4946.9% 38.0% +8.9 pp Equity ratio, % 39.6%32.5% 36.3% -3.8 pp Gearing ratio, % 26.8%
85%
15% 0%
0%
0%
Bank borrowings
Finance lease liabilities
Financial guarantees
Borrowings from other relatedpartiesOther borrowings
* - Total assets, not included assets of disposal group classified as held for sale on 31 December 2012
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Consolidated Balance Sheets – 5
31-03-2013 31-12-2012
31-03-2013 vs 31-12-
2012LTL thousand
31-12-2011287 384 270 158* +6% Total assets 243 167
9 754 8 913 +9.4% Cash and cash equivalents 17 781113 001 97 313 +16.1% Trade receivables 61 174134 733 113 595 +18.6% Total equity 96 353
74 537 73 741 +1.1% Borrowings 53 13664 783 64 828 -0.1% Net debt 35 355
1.62 1.72 +10 pp Liquidity risk 1.4946.9% 38.0% +8.9 pp Equity ratio, % 39.6%32.5% 36.3% -3.8 pp Gearing ratio, % 26.8%
66%
29%
5%Aircraft maintenance, repair andoverhaul (MRO)
Aircraft ground handling and fuelling
Pilot and crew training
* - Total assets, not included assets of disposal group classified as held for sale on 31 December 2012
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ASG Group’s Cash Flows & CAPEX
Net cash at the end of period (LTL million)*
Capital Expenditure (CAPEX, LTL million)
32
7
32
6-
5
10
15
20
25
30
35
Y 2011 Q1 2012 Y 2012 Q1 2013
* - Bank overdrafts are subtracted from net cash and cash equivalents at the end of period
1513
15 15
9 10
-
5
10
15
20
31-12-2011 31-03-2012 30-06-2012 30-09-2012 31-12-2012 31-03-2012
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ASG Group’s Employees
Number of full-time employees at the end of period
579
711
865
856
919
939
929
951
972
0 100 200 300 400 500 600 700 800 900 1000
31-03-2011
30-06-2011
30-09-2011
31-12-2011
31-03-2012
30-06-2012
30-09-2012
31-12-2012
31-03-2013
60%
30%
7%
3%
MROGHTrainingUnallocated
Breakdown of the Group’s employees by business segments (31-03-2013)
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ASG vs WIG (from 03-03-2011 till 31-05-2013)
03-03-2011: 53.30High: 74.90Low: 23.8531-05-2013: 68.00
Prices in PLN
ASG Share Price & Performance
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Distribution of ASG Shareholders as at 31 May 2013:
ASG Shareholders
On 3 March 2011 shares of the Avia Solutions Group AB were introduced to trading at Warsaw Stock Exchange (code: AVIASG).
The authorised capital of the Company is divided into 5 893 333 ordinary shares with a par value of LTL 1 each.
Part of shares and votes Amount of shares and votes Amount of shares and votes 31-03-2013 31-12-2012 31-03-2013 31-12-2012 31-12-2011 31-12-2011
32.91% 32.91% 1,939,275 1,939,275 ZIA Valda Cyprus Ltd. 32.91% 1,939,275 21.94% 21.94% 1,292,850 1,292,850 Indeco: Investment and Development UAB 21.94% 1,292,850 10.33% 10.33% 609,051 609,051 Harberin Enterprises Limited 10.33% 609,051
6.62% 6.62% 390,000 390,000 ING Otwarty Fundusz Emerytalny 6.62% 390,000 28.20% 28.20% 1,662,157 1,662,157 Other 28.20% 1,662,157
100% 100% 5,893,333 5,893,333 Total 100% 5,893,333
32.91%
21.94%10.33%6.62%
28.20%
ZIA Valda Cyprus Ltd.
Indeco: Investment and Development UAB
Harberin Enterprises Limited
ING Otwarty Fundusz Emerytalny
Other
Thank You For Your Attention
www.AviaSG.com/InvestorRelations