ASG presentation for Shareholders (3Q, 2012),v.1 · TRTO -Number of SOLD theoretical training hours...
Transcript of ASG presentation for Shareholders (3Q, 2012),v.1 · TRTO -Number of SOLD theoretical training hours...
Warsaw, 7 May 2012
PRESENTATION FOR SHAREHOLDERSRESULTS FOR THE NINE-MONTH PERIOD OF 2012
15 November, 2012
1
ASG Group’s Achievements in 3Q 2012
ASG Group’s Structure / Areas of Activity
Financial Results in 3Q 2012
ASG Group’s Total Revenue by Business Segments
Operating Results by Business Segments
ASG Group’s Operating Expenses
Consolidated Balance Sheets
ASG Group’s Cash Flows & CAPEX
ASG Group’s Employees
ASG Shareholders
ASG Share Price & Performance
Appendices
Content
ASG Group Achievements in 3Q 2012
Financial Parameters: Increase in consolidated revenue by 50 %
(3Q 2012 vs 3Q 2011) up to LTL 246 million and by 65 % (9m 2012 vs 9m 2011) up to LTL 587 million;
Over LTL 28.5 million of net profit attributable to equity holders (in the nine-month period of 2012) .
Operational Parameters: Record-high ground handling, fueling and
charter operations sales, mainly due to contracts with new clients and introducing of into-plane fuelling services in Poland.
2
ASG Group’s Structure / Areas of Activity
Small Planet Airlines UAB (95.5%)
Small Planet Airlines Sp.z.o.o (95.5%)
Small Planet Airlines s.r.l. (35.5%)
FL Technics AB (100%)
Locatory.com AB (95%)
FL Technics Jets UAB (100%)
FL Technics Line OOO (93%)*
FL Technics Ulyanovsk OOO (99%)
FLT Trading House UAB (100%)
Storm Aviation Limited (100%)
Storm Aviation Limited (Cyprus) (100%)
Baltic Ground Services UAB (100%)
Baltic Ground Services Sp.z.o.o. (100%)
Baltic Ground Services TOV (100%)
Baltic Ground Services s.r.l. (100%)
Ground Handling CIS UAB (100%)
Baltic Aviation Academy UAB (100%)
AviationCV.com UAB (91%)
* - Sold 7% stake in July 2012
Avia Solutions Group (ASG)
Aircraft Maintenance, Repair and Overhaul
(MRO) Business Segment
Aircraft Ground Handling and Fuelling
Business Segment
Charter Operations Business Segment
Pilot and Crew Training Business Segment
3
ASG Group’s Financial Results in 3Q 2012
4
3Q 2012 3Q 2011Change
(3Q 2012 vs 3Q 2011 )
LTL thousands (except margins & EPS & numbers of shares) 9m 2012 9m 2011
Change (9m 2012 vs
9m 2011 )
246 244 163 881 +50.3% Revenue 587 362 357 141 +64.5%30 316 30 498 -0.6% Gross profit 67 578 50 959 +32.6%12.3% 18.6% -6.3pp Gross profit margin (%) 11.5% 14.3% -2.8pp23 879 15 844 +50.7% EBITDA 47 130 27 130 +73.7%
9.7% 9.7% 0.0pp EBITDA margin (%) 8.0% 7.6% +0.4pp20 859 13 520 +54.3% Operating profit 38 174 21 428 +78.2%
8.5% 8.2% + 0.2pp Operating profit margin (%) 6.5% 6.0% +0.5pp21 352 12 226 +74.6% Profit before income tax 35 876 19 486 +84.1%17 141 9 457 +81.3% Net profit 28 572 15 108 +89.1%
7.0% 5.8% +1.2pp Net profit margin (%) 4.9% 4.2% +0.6pp16 824 9 196 +82.9% Net profit attributable to equity holders 28 477 15 259 +86.6%
6.8% 5.6% +1.2pp Net profit attributable to equity holders margin (%) 4.8% 4.3% +0.6pp2.855 1.560 +82.9% EPS (LTL) 4.832 2.705 +78.6%7 374 5 977 +23.4% CAPEX (additions of PPE and intangible assets) 20 747 16 597 +25.0%
15 140 29 394 -48.5% Net cash at the end of period 15 140 29 394 -48.5%5 893 5 893 - Weighted average number of ordinary shares (thousands) 5 893 5 641 -
ASG Group’s Revenue, EBITDA & Net Profit
5
55
80
95
82
75
118
164
129
142
200
246
2
2
11
6
3
3
9
-4
4
7
17
4
7
14
3
7
5
16
-5
8
15
24
-5 45 95 145 195 245
1Q 2010
2Q 2010
3Q 2010
4Q 2010
1Q 2011
2Q 2011
3Q 2011
4Q 2011
1Q 2012
2Q 2012
3Q 2012
Revenue (LTL million)
EBITDA (LTL million)
Net Profit (LTL million)
+73.2% vs 3Q 2010
+50.1% vs 3Q 2011
ASG Group’s Total Revenue by Business Segments
6
Business Segment’s Total Revenue (including I/C transactions, LTL million)
Gross Profit by Business Segments (LTL million)
56
128
59
9
107
189
81
163
213
240226
216
-
50
100
150
200
250
MRO segment SPA Segment GH Segment BAA Segment ASG Segment
9m 2010
9m 2011
9m 2012
17
85 3
36
74 5
2
48
6
9 85
-
10
20
30
40
50
Total Revenue / Gross Profit Breakdown by Business Segments
7
Total Revenue* Breakdown by Business Segment (%)
Gross Profit* Breakdown by Business Segment (%)
* Segments’ share in Total Revenue and Gross Profit calculated based on Total Revenue / Gross Profit value (including intercompany transactions)
0%10%20%30%40%50%60%70%80%90%
100%
1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012SPA Segment GH Segment BAA Segment ASG Segment MRO segment
-20%
0%
20%
40%
60%
80%
100%
8
Operating Results
3Q 2012 3Q 2011 3Q 2012 vs3Q 2011
3Q 2010 3Q 2012 vs3Q 2010
Number of SOLD man-hours (base maintenance) 63 825 57 950 +10.1% 19 417 +228.7%
Number of SOLD man-hours (engineering) 11 068 12 212 -9.4% 12 195 -9.2%
Number of SOLD man-hours (maintenance training) 731 1 791 -59.2% 2 101 -65.2%
Number of line stations (at the end of the period) 28 9 +19 6 +22
Key Events in 3Q 2012: In August, 2012, FL Technics Ulyanovsk OOO signed an agreement with the
Government of Ulyanovsk district on the construction of the new aircraft maintenance, repair and overhaul centre at the Port Special Economic Zone (PSEZ) in Ulyanovsk, Russia. The underlying project foresees the construction of new 8000 sq. m. aircraft maintenance facility in the Ulyanovsk-Vostochny airport. Project also foresees partial compensation of interest payments, training expenses, partial relief from income taxes and taxes on immovable property, transportation taxes. Subject to successful negotiations with financial institution, receipt of all necessary permits and prepared infrastructure by the District the first hangar should be launched by 1 February 2015. To qualify for the aforementioned compensation total investment until 1 January 2019 should reach not less than RUB 796 million.
MRO Business Segment
9m 2012 9m 2011 9m 2012 vs9m 2011
9m 2010 9m 2012 vs9m 2010
Number of SOLD man-hours (base maintenance) 219 350 236 443 -7.2% 94 353 +132.5%Number of SOLD man-hours (engineering) 38 588 38 287 +0.8% 27 120 +42.3%Number of SOLD man-hours (maintenance training) 4 129 6 143 -32.8% 2 732 +51.1%Number of line stations (at the end of the period) 28 9 +19 6 +22
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3Q 2012 3Q 2011 3Q 2012 vs3Q 2011
3Q 2010 3Q 2012 vs3Q 2010
Number of aircraft served 2 563 2 446 +4.8% 1 088 +135.6%Number of passengers served 441 611 361 959 +22.0% 106 076 +316.3%Volume of fuel sold (tonnes) 12 771 8 845 +44.4% 8 074 +58.2%
Key Events in 3Q 2012: In July, 2012, Baltic Ground Services Sp. z o.o. will start providing catering
services at the Warsaw Frederic Chopin Airport. Having received all the required permissions the company will serve the first flight operated by Small Planet Airlines Sp. z o.o. which is set to take off to Marsa Allam on the 6 July 2012.
In September, 2012, Baltic Ground Services s.r.l. completed the certification process required to start rendering ground handling services at the LameziaTerme Airport, Italy. Having received all the required permits from the Italian Civil Aviation Authority (Ente Nazionale per l'Aviazione Civile) Baltic Ground Services s.r.l. is now entitled to provide a full scope of ground handling services, including passenger and ramp handling. Timing of commencement of full scope operations and level of investment will depend on the results of negotiations with potential clients.
Ground Handling Business Segment
Operating Results
9m 2012 9m 2011 9m 2012 vs9m 2011
9m 2010 9m 2012 vs9m 2010
Number of aircraft served 8 164 4 665 +75.0% 3 902 +109.2%Number of passengers served 1 209 370 645 997 +87.2% 380 541 +217.8%Volume of fuel sold (tonnes) 38 117 22 029 +73.0% 23 955 59.1%
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9m 2012 9m 2011 9m 2012 vs9m 2011
9m 2010 9m 2012 vs9m 2010
TRTO - Number of SOLD theoretical training hours 7 040 12 226 -42.4% 3 458 +103.6%TRTO - Number of SOLD practical training (FFS) hours 14 444 10 786 +33.9% 4 726 +205.6%
Key Events in 2Q 2012: In September, 2012, Islamic Republic of Afghanistan Ministry of Transport and
Civil Aviation Flight Safety Department has issued to the Baltic Aviation Academy UAB an approval certificate to operate the initial, type rating training, recurrent training, proficiency and instrument training and all weather operations training for Boeing 737 aircraft.
Crew Training and Charter Operations Business Segments
Operating Results3Q 2012 3Q 2011 3Q 2012 vs
3Q 20113Q 2010 3Q 2012 vs
3Q 2010TRTO - Number of SOLD theoretical training hours 1 629 1 909 -14.7% 874 +86.4%TRTO - Number of SOLD practical training (FFS) hours 2 426 2 077 +16.8% 1 040 +133.2%
3Q 2012 3Q 2011 3Q 2012 vs3Q 2011
3Q 2010 3Q 2012 vs3Q 2010
Number of aircraft (at the end of the period) 8 7 +1 5 +3Number of flights 2 625 2 763 -5.0% 1 516 +73.2%Number of passengers carried 343 114 339 821 +1.0% 184 064 +86.4%Number of block hours 7 824 7 480 +4.6% 4 023 +94.5%
9m 2012 9m 2011 9m 2012 vs9m 2011
9m 2010 9m 2012 vs9m 2010
Number of aircraft (at the end of the period) 8 7 +1 5 +3Number of flights 4 609 4 314 +6.8% 2 190 +110.5%Number of passengers carried 581 723 526 222 +10.5% 338 661 +71.8%Number of block hours 14 317 12 315 +16.3% 8 145 +75.8%
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Breakdown of Operating Expenses for 3Q 2012
ASG Group’s Operating Expenses, 3Q 2012
3Q 2012 3Q 2011Change
(3Q 2012 vs 3Q 2011 )
LTL thousand 3Q 2010Change
(3Q 2012 vs 3Q 2010)
90 640 44 079 +105.6% Aircraft fuel expenses 25 590 +254.2%24 007 16 796 +42.9% Employee related expenses 9 612 +149.8%33 539 11 453 +192.8% Spare parts and consumables expenses 2 967 +1030.4%24 368 21 203 +14.9% Aircraft servicing and handling expenses 8 947 +172.4%52 876 56 947 -7.1% Other operating expenses 32 929 +60.6%
225 430 150 478 +49.8% Total Expenses 80 045 +181.6%
Breakdown of Operating Expenses
40.2%
14.9%
10.6%10.8%
23.5%
Aircraft fuel expenses
Spare parts andconsumables expenses
Employee relatedexpenses
Aircraft servicing andhandling expenses
Other operating expenses0%
10%20%30%40%50%60%70%80%90%
100%
3Q 2010 3Q 2011 3Q 2012
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Breakdown of Operating Expenses for 9M 2012
ASG Group’s Operating Expenses, 9M 2012
Breakdown of Operating Expenses
35.4%
15.0%
12.2%
8.9%28.6%
Aircraft fuel expenses
Spare parts andconsumables expenses
Employee related expenses
Aircraft servicing andhandling expenses
Other operating expenses
9m 2012 9m 2011Change
(9m 2012 vs 9m 2011 )
LTL thousand 9m 2010Change
(9m 2012 vs 9m 2010)
195 405 95 684 +104.2% Aircraft fuel expenses 69 784 +180.0%82 527 29 885 +176.1% Employee related expenses 11 393 +624.4%67 186 42 459 +58.2% Spare parts and consumables expenses 28 403 +136.5%49 033 37 595 +30.4% Aircraft servicing and handling expenses 20 676 +137.1%
157 672 131 181 +20.2% Other operating expenses 78 253 +101.5%551 823 336 804 +63.8% Total Expenses 208 509 +164.7%
0%
20%
40%
60%
80%
100%
9m 2010 9m 2011 9m 2012
13
Consolidated Balance Sheets
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)
30-09-2012 31-12-2011 30-09-2012 vs31-12-2011 LTL thousand 30-09-2011 31-12-2010
320 808 243 167 +31.9% Total assets 230 503 114 49916 067 17 781 -9.6% Cash and cash equivalents 31 597 10 713
123 614 96 353 +28.3% Total equity 100 642 25 05175 674 53 136 +42.4% Borrowings 47 030 35 29659 607 35 355 +68.6% Net debt 15 433 24 583
1.43 1.49 -0.06pp Liquidity risk 1.79 1.178.9%9M 3.6%YEAR - Return on assets (ROA), % 6,6%9M 15.5%YEAR
23.1%9M 9.1%YEAR - Return on equity (ROE), % 15.0%9M 71.0%YEAR
38.5% 39.6% -1.1pp Equity ratio, % 43.7% 21.8%32.5% 26.8% +5.7pp Gearing ratio, % 13.3% 49.5%
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ASG Group’s Cash Flows & CAPEX
Net cash at the end of period (LTL million)
Capital Expenditure (CAPEX, LTL million)
7
29
15
-
5
10
15
20
25
30
30-09-2010 30-09-2011 30-09-2012
- 3
6
17
8
21
-
5
10
15
20
25
3Q 2010 9m 2010 3Q 2011 9m 2011 3Q 2012 9m 2012
15
ASG Group’s Employees
Breakdown of ASG Group’s employees by business segments (30-09-2012)
Breakdown of ASG Group’s employees by business segments (30-09-2012 vs 30-09-2011, 30-09-2010)
During the third quarter of 2012, the total number of ASG Group’s full-time employees decreased by 5.
156
500
357
5923
Charter
MRO
Ground Handling
Training
Unallocated
567
619
634
661
678
738
903
1045
1027
1067
1095
1090
31-12-2009
31-03-2010
30-06-2010
30-09-2010
31-12-2010
31-03-2011
30-06-2011
30-09-2011
31-12-2011
31-03-2012
30-06-2012
30-09-2012
Number of full-time employees at the end of period
0%10%20%30%40%50%60%70%80%90%100%
30-09-2010 30-09-2011 30-09-2012
16
Distribution of ASG Shareholders as at 30 September 2012:
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 Part of shares and votes 30-09-2012 31-12-2011 30-09-2012 31-12-2011 31-12-2010
32.91% 32.91% 1,939,275 1,939,275 ZIA Valda Cyprus Ltd. 43.90%21.94% 21.94% 1,292,850 1,292,850 Indeco: Investment and Development UAB 29.30%10.33% 13.19% 609,051 777,375 Harberin Enterprises Limited 24.40%6.62% 6.62% 390,000 390,000 ING Otwarty Fundusz Emerytalny -
28.20% 25.35% 1,662,157 1,493,833 Other 2.50%100% 100% 5,893,333 5,893,333 Total 100%
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
17
ASG vs WIG (from 03-03-2011 till 28-09-2012)
03-03-2011: 53.30High: 71.00Low: 23.8530-12-2011: 28.35
02-01-2012: 28.50High: 45.00Low: 24.5128-09-2012: 35.30
Prices in PLN
ASG Share Price & Performance
18
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF CASH FLOWS
Appendices
19
Consolidated Statements of Comprehensive Income
LTL'0003 months period ended
30 September 9 months period ended
30 September Year ended 31 December
2012 2011 2012 2011 2011 2010 2009 2008 2007 Revenue 246 244 163 881 587 362 357 141 476 769 304 263 233 358 104 495 18 747
Other income 120 121 1 397 635 1 730 7 339 217 4 9 Aircraft fuel expenses (90 640) (44 079) (195 405) (95 684) (126 304) (88 452) (47 048) (11 821) -Rent of aircrafts and equipment (17 437) (25 755) (40 347) (50 879) (58 302) (54 240) (43 479) (9 678) -Employee related expenses (24 007) (16 796) (67 186) (42 459) (65 825) (39 561) (40 528) (26 598) (7 406)Aircraft servicing and handling expenses (24 368) (21 203) (49 033) (37 595) (46 930) (27 841) (33 138) (8 287) -Spare parts and consumables expenses (33 539) (11 453) (82 527) (29 885) (51 084) (19 544) (15 346) (11 576) (3 199)Rent and maintenance of premises (2 938) (1 928) (9 367) (5 689) (8 070) (2 777) (9 414) (12 116) (3 239)Training and related expenses (3 508) (3 625) (12 298) (10 690) (15 830) (7 132) (1 518) ( 707) ( 113)Aircraft maintenance expenses (10 013) (6 701) (23 834) (14 710) (20 182) (8 007) (4 879) (2 881) ( 548)Depreciation and amortization (3 020) (2 324) (8 956) (5 702) (8 073) (4 878) (4 700) (3 199) (1 372)Cost of services resold (3 153) (2 794) (25 547) (9 511) (18 057) (9 694) (3 557) - -Impairment of receivables ( 60) ( 33) ( 160) ( 73) (3 753) (1 420) (2 769) (4 826) ( 45)Other operating expenses (12 747) (13 787) (37 163) (33 927) (46 086) (24 224) (19 350) (12 760) (1 216)Other gain/(loss) - net ( 75) ( 4) 1 238 456 3 910 13 296 1 217 2
Operating profit 20 859 13 520 38 174 21 428 13 913 23 845 8 145 1 267 1 620 Finance costs – net ( 472) (1 294) (2 316) (1 942) (3 049) (3 175) (1 810) (1 027) ( 100)Share of profit/(loss) of associates 965 - 18 - - - - - -
Profit before income tax 21 352 12 226 35 876 19 486 10 864 20 670 6 335 240 1 520 Income tax (4 211) (2 769) (7 304) (4 378) (2 142) (2 879) (1 685) ( 740) ( 378)
Net profit for the period 17 141 9 457 28 572 15 108 8 722 17 791 4 650 ( 500) 1 142 Total comprehensive income for the period ( 377) ( 162) ( 926) ( 128) 661 ( 16) - - -
Total comprehensive income for the period 16 764 9 295 27 646 14 980 9 383 17 775 4 650 ( 500) 1 142
Profit (loss) attributable to: Equity holders 16 824 9 196 28 477 15 259 9 719 18 013 4 650 ( 689) 956 Non-controlling interests 317 261 95 ( 151) ( 997) ( 222) - 189 186
17 141 9 457 28 572 15 108 8 722 17 791 4 650 ( 500) 1 142 Total comprehensive income attributable to:
Equity holders 16 456 9 038 27 568 15 135 10 359 17 997 4 650 ( 689) 956 Minority interests 308 257 78 ( 155) ( 976) ( 222) - 189 186
16 764 9 295 27 646 14 980 9 383 17 775 4 650 ( 500) 1 142
20
Consolidated Balance Sheets
LTL'000As at 30
September As at 31 December
2012 2011 2010 2009 2008 2007 Non-current assets
PPE 58 031 52 615 29 198 25 340 29 156 23 134Intangible assets 8 427 10 044 2 723 2 235 1 319 71Investments into associates 965Deferred income tax assets 6 560 7 533 1 157 1 040 1 149 409Trade and other receivables 8 546 15 274 1 920 4 200 2 214 123
82 529 85 466 34 998 32 815 33 838 23 737Current assets
Inventories 74 414 35 619 12 319 9 102 8 016 1 730Trade and other receivables 144 010 97 222 51 366 21 634 13 864 3 489Amount due from customers for contract work 3 125 6 512 2 937 - - -Prepaid income tax 545 299 240 165 - -Short-term bank deposit 118 268 1 926 1 468 - -Cash and cash equivalents 16 067 17 781 10 713 5 909 223 1 223
238 279 157 701 79 501 38 278 22 103 6 442Total assets 320 808 243 167 114 499 71 093 55 941 30 179
EQUITYShare capital 5 893 5 893 4 420 - - -Share premium 58 770 58 770 - - - -Legal reserve 263 - - - - -Merger reserve (2 746) (2 483) (3 473) - - -Cumulative translations differences
( 285) 624 ( 16) - - -Retained earnings 62 008 33 531 24 001 - - -Invested capital - - - 7 015 811 1 182
123 903 96 335 24 932 7 015 811 1 182Minority interests ( 289) 18 119 - 261 211
Total equity 123 614 96 353 25 051 7 015 1 072 1 393
LTL'000As at 30
September As at 31 December
2012 2011 2010 2009 2008 2007 LIABILITIES
Non-current liabilities
Borrowings 27 375 28 245 10 580 15 344 19 251 12 508Deferred income tax liabilities
618 289 9 380 - - -Trade and other payables 1 860 2 109 1 746 3 963 2 671 870Security deposits received 445 10 238 33 - - -
30 298 40 881 21 739 19 307 21 922 13 378Current liabilities
Borrowings 48 299 24 891 24 716 8 560 3 912 4 512Trade and other payables 90 207 60 694 37 080 30 457 23 390 8 580Advances received 13 415 8 162 2 908 2 630 1 739 1 528Security deposits received 5 255 7 525 947 2 111 2 233 -Current income tax liabilities 9 720 4 661 2 058 1 013 1 673 788
166 896 105 933 67 709 44 771 32 947 15 408
Total liabilities 197 194 146 814 89 448 64 078 54 869 28 786
Total equity and liabilities 320 808 243 167 114 499 71 093 55 941 30 179
Consolidated Statements of Cash Flows
21
LTL'000
9 months period ended 30
SeptemberYear ended 31 December
2012 2011 2011 2010 2009 2008 2007 Operating activities
Profit (loss) for the year 28 572 15 108 8 722 17 790 4 651 (500) 1 142Income tax 7 304 4 378 2 142 2 879 1 685 740 378
Adjustments for: - - -Depreciation and amortisation 8 956 5 702 8 073 4 878 4 700 3 199 1 372Discounting effect on deposits placed (186) 1 813 1 517 437 585 59Interest expenses 1 738 843 1 411 1 435 910 780 40Impairment of accounts receivable 160 73 3 753 1 420 2 769 4 826 45Accruals of c-check costs, hangar lease payments (1 594) 2 618 1 135 1 419 2 615 2 720 870Currency translations differences (681) - 1 179 1 081 (136)Interest income (322) (69) (410) (114) (217) (4) (9)Net fair falue of net assets disposals - - (2 890) - -
Changes in working capital:- Inventories (38 795) (17 489) (23 550) (3 217) (1 086) (6 063) (1 697)- Trade and other receivables (65 858) (40 010) (41 103) (31 004) (12 921) (14 935) (2 481)- Trade and other payables, advances received 40 469 18 119 29 036 (96) 6 613 13 960 10 234- Security deposits received (2 445) 53 7 494 8 732 (122)
Cash generated from (used in) operations (22 700) (10 673) (4 195) 6 720 9 898 5 308 9 953
Interest received 173 24 38 14 - 1Interest paid (1 147) (814) (1 271) (770) (606) (750) (37)Income tax paid (424) (1 833) (2 451) (1 434) (1 948) (438)
Net cash generated from (used in) operating activities (24 098) (13 296) (7 879) 4 530 7 344 4 121 9 916
LTL'000
9 months period ended 30
SeptemberYear ended 31 December
2012 2011 2011 2010 2009 2008 2007 Investing activities
Purchase of PPE and intangible assets (15 349) (13 539) (24 197) (6 948) (1 904) (3 348) (19 440)Proceeds from PPE and intangible assets 14 278 1 1 82 346 - 201
Purchase of subsidiaries (net of cash acquired) - (4 000) (4 000) 43 - - -Proceeds from sale of subsidiaries - - 700 - - - -Proceeds from sale of interest in subsidiary without loss of control - - 532 - - - -Loans granted (7 488) (7 359) (15 601) (5 297) (2 986) (1 737) -Repayments of loans granted 13 374 3 828 2 053 5 034 2 720 1 100 -Deposits placed (2 826) (10 877) (12 206) (2 290) (974) (1 961) -Repayments of deposits placed 373 97 150 - - - -Cash acquired through investment in the Group companies - - - - - 134 -
Proceeds from sale of interest in subsidiary with loss of control 1 274 - - - - - -Net cash used in investing activities 3 636 (31 850) (52 568) (9 376) (2 798) (5 946) (19 239)Financing activities
Contribution to share capital in cash - 66 282 60 243 - - - -Increase of share capital - 1 473 - 4 420 - - -Increase of non-controlling interests - - - 102 - - -Capital contribution towards share capital of combining entities - - - - 4 139 177Bank borrowings received 29 349 34 528 40 914 17 805 1 622 478 10 058Repayments of bank borrowings (6 169) (12 968) (14 155) (9 948) (2 933) (1 468) -Borrowings from related parties received - 38 452 13 504 - - 258Repayments of borrowings from related parties (1) (8 487) (8 488) (14 908) 3 115 - -Other borrowings received - 796 796 - - - -Repayment of other borrowings - (9 348) (11 679) - - - -Decrease in financial lease liabilities (2 398) (268) (2 821) (539) (541) (80) -
Net cash generated from financing activities 20 781 64 534 65 262 10 436 1 267 (931) 10 493
Increase in cash and cash equivalents 317 19 388 4 815 5 590 5 813 (2 622) 1 170At beginning of year 14 821 10 006 10 006 4 414 (1 399) 1 223 53
At end of year 15 138 29 394 14 821 10 004 4 414 (1 399) 1 223
Thank You For Your Attention
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