asg group 3q2013 presentation for shareholders 20131114

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  • Warsaw, 7 May 2012

    PRESENTATION FOR SHAREHOLDERSPRESENTATION FOR SHAREHOLDERS

    CONSOLIDATED FINANCIAL INFORMATION FOR 3Q 2013

    14 November, 2013

  • 1 ASG Groups Achievements in 3Q 2013

    ASG Groups Structure / Areas of Activity

    ASG Groups Financial Results in 3Q 2013

    ASG Groups Revenue, Net Profit

    Sales / Gross Profit Breakdown by Business Segments

    Consolidated Balance Sheets

    ASG Groups Cash Flows and CAPEX

    ASG Groups Employees

    ASG Share Price & Performance

    ASG Shareholders

    Content

  • ASG Group Achievements in 3Q 2013

    Financial Parameters: Increase in consolidated revenue from

    continuing operations by 3 % (9m 2013 vs 9m 2012) up to LTL 405 million;

    Over LTL 28.8 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%).

    2

  • ASG Groups Structure / Areas of Activity

    3

    MRO segmentGH & FuellingSegment

    CharterOperationsSegment(discontinued operations)

    TrainingSegment

  • ASG Groups Structure: by companies

    3

    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)

  • ASG Groups Financial Results in 3Q 2013

    3

    3Q 2013 3Q 2012Change (3Q 2013 vs 3Q

    2012)LTL thousands (except margins & EPS & numbers of shares)

    144 319 145 036 -0.5% Revenue from continuing operations19 726 21 248 -7.2% Gross profit from continuing operations13.7% 14.7% -1 pp Gross profit margin (%) 10 707 15 350 -30.2% EBITDA from continuing operations

    7.4% 10.6% -3.2 pp EBITDA margin (%)7 029 11 405 -38.4% Operating profit from continuing operations4.9% 7.9% -3 pp Operating profit margin (%) 6 099 11 273 -45.9% Profit before income tax from continuing operations5 070 8 678 -41.6% Net profit for the period from continuing operations3.5% 6.0% -2.5 pp Net profit or the period from continuing operations margin (%)

    - 8 463 - Net profit for the period from discontinued operations5 070 17 141 -70.4% Net profit for the period5 064 16 823 -69.9% Net profit attributable to equity holders3.5% 11.6% -8.1 pp Net profit attributable to equity holders margin (%)0.859 1.475 -41.7% EPS (LTL)

    10 210 7 102 +43.8 CAPEX (additions of PPE and intangible assets)14 111 15 140 -6.8% Net cash at the end of period5 893 5 893 - Weighted average number of ordinary shares (thousand)

    9m 2013 9m 2012Change (9m 2013 vs 9m

    2012)

    405 107 392 226 +3.3%54 489 57 613 -5.4%13.5% 14.7% -1.2 pp29 281 37 401 -21.7%

    7.2% 9.5% -2.3 pp19 656 31 837 -38.3%

    4.9% 8.1% -3.3 pp16 648 30 501 -45.4%14 374 24 572 -41.5%

    3.5% 6.3% -2,7 pp14 204 4 269 +232.7%28 578 28 572 +0%28 810 28 476 +1.2%

    7.1% 7.3% -0.1 pp2.441 4.130 -40.9%

    22 712 20 475 +10.9%14 111 15 140 -6.8%

    5 893 5 893 -

  • ASG Groups Revenue, Net Profit

    6

    Net Profitability

    50

    69

    74

    98

    106

    141

    145

    144

    123

    138

    144

    8

    7

    4

    3

    6

    10

    9

    2

    5

    4

    5

    0 40 80 120 160

    1Q 2011

    2Q 2011

    3Q 2011

    4Q2011

    1Q 2012

    2Q 2012

    3Q 2012

    4Q 2012

    1Q 2013

    2Q 2013

    3Q 2013

    Revenue from continuing operations (mln LTL)

    Net profit from continuing operations (mln LTL)

  • 7Consolidated Income Statements (quarterly)

    7

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

    Sales / Gross Profit Breakdown by Business Segments, 3Q 2013

    Business Segments Revenue Mix Change (mln LTL)

    Business Segments Gross Profitability Mix Change (mln LTL)

    7888

    60

    25

    50

    75

    100

    MRO segment GH & Fuelling Segment Training Segment

    2012 3Q

    2013 3Q

    14

    5

    10

    5

    10

    15

  • 8Consolidated Income Statements (quarterly)

    8

    Operating Data by Business Segments, 3Q 2013

    1Q 2013 1Q 2012 Change, %

    2Q 2013 2Q 2012 Change, %

    3Q 2013 3Q 2012 Change, %

    Number of SOLD man-hours (base maintenance) 78 124 76 986 1.5 61 890 86 956 (28.8) 28 822 63 825 (54.8)

    Number of SOLD man-hours (engineering) 16 202 13 740 17.9 13 676 19 940 (31.4) 13 180 11 068 19.1

    Number of SOLD man-hours (maintenance training) 787 1 788 (56.0) 1 636 1 651 (0.9) 2 590 731 254.2

    Number of line stations (at the end of the period) 21 22 (4.5) 18 24 (25.0) 20 28 -8

    Number of aircrafts served 1 481 2 403 (38.4) 2 386 3 198 (25.4) 3 332 2 563 30.0

    Number of passengers served 217 960 299 918 (27.3) 384 799 467 841 (17.8) 539 965 441 611 22.3

    Volume of fuel sold (tonnes) 12 224 9 267 31.9 15 984 16 079 (0.6) 19 548 19 771 (1.1)

    TRTO - Number of sold theoretical training hours 1 362 1 856 (26.6) 2 831 3 712 (23.7) 2 127 1 629 30.6

    TRTO - Number of sold practical training (FFS) hours 2 497 4 265 (41.4) 3 943 7 814 (49.5) 2 736 2 426 12.8

    Operating Results

  • 9Consolidated 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)

    30-09-2013 31-12-201230-09-2013 vs

    31-12-2012LTL thousand

    323 607 299 295 +8.1% Total assets14 111 8 913 +58.3% Cash and cash equivalents

    108 417 97 313 +8.9% Trade receivables144 834 113 595 +27.5% Total equity

    83 952 73 741 +13.8% Borrowings 69 841 64 828 +7.7% Net debt

    1.62 1.49 +0.13 pp Liquidity risk 4.4%9M 6.4%YEAR - Return on assets (ROA), %9.9%9M 16.8%YEAR - Return on equity (ROE), %44.8% 38.0% +6.8 pp Equity ratio, %32.5% 36.3% -3.8 pp Gearing ratio, %

  • 10

    Consolidated Balance Sheets 2

    30-09-2013 31-12-201230-09-2013 vs

    31-12-2012 LTL thousand

    323 607 299 295 +8.1% Total assets14 111 8 913 +58.3% Cash and cash equivalents

    108 417 97 313 +8.9% Trade receivables144 834 113 595 +27.5% Total equity83 952 73 741 +13.8% Borrowings 69 841 64 828 +7.7% Net debt

    1.62 1,49 +0.13 pp Liquidity risk 4.4%9M 6,4%YEAR - Return on assets (ROA), %9.9%9M 16,8%YEAR - Return on equity (ROE), %44.8% 38,0% +6.8 pp Equity ratio, %32.5% 36,3% -3.8 pp Gearing ratio, %

    34%

    30%

    23% 4% 4%3%

    2%

    0%

    Trade and other receivablesInventoriesProperty, plant and equipmentCash and cash equivalentsAmount due from customers for contract workDeferred income tax assetsIntangible assetsPrepaid income tax

  • 11

    Consolidated Balance Sheets 4

    30-09-2013 31-12-201230-09-2013 vs

    31-12-2012 LTL thousand

    323 607 299 295 +8.1% Total assets14 111 8 913 +58.3% Cash and cash equivalents

    108 417 97 313 +8.9% Trade receivables144 834 113 595 +27.5% Total equity

    83 952 73 741 +13.8% Borrowings 69 841 64 828 +7.7% Net debt

    1.62 1,49 +0.13 pp Liquidity risk 4.4%9M 6,4%YEAR - Return on assets (ROA), %9.9%9M 16,8%YEAR - Return on equity (ROE), %44.8% 38,0% +6.8 pp Equity ratio, %32.5% 36,3% -3.8 pp Gearing ratio, %

    87%

    13%

    0%0%

    Bank borrowings

    Finance lease liabilities

    Borrowings from other related parties

    Other borrowings

  • 12

    Consolidated Balance Sheets 5

    30-09-2013 31-12-201230-09-2013 vs

    31-12-2012 LTL thousand

    323 607 299 295 +8.1% Total assets14 111 8 913 +58.3% Cash and cash equivalents

    108 417 97 313 +8.9% Trade receivables144 834 113 595 +27.5% Total equity

    83 952 73 741 +13.8% Borrowings 69 841 64 828 +7.7% Net debt

    1.62 1,49 +0.13 pp Liquidity risk 4.4%9M 6,4%YEAR - Return on assets (ROA), %9.9%9M 16,8%YEAR - Return on equity (ROE), %44.8% 38,0% +6.8 pp Equity ratio, %32.5% 36,3% -3.8 pp Gearing ratio, %

    69%

    26%

    0%5%

    Aircraft maintenance, repair and overhaul (MRO)

    Aircraft ground handling and fuelling

    Unallocated

    Pilot and crew training

  • 13

    ASG Groups Cash Flows & CAPEX

    Net cash at the end of period (LTL million)*

    Capital Expenditure (CAPEX, LTL million)

    * - Bank overdrafts are subtracted from net cash and cash equivalents at the end of period

    15 13

    15 15

    9 10 10

    14

    0

    5

    10

    15

    31-12-2011 31-03-2012 30-06-2012 30-09-2012 31-12-2012 31-03-2012 30-06-2013 30-09-2013

    32

    7 7 7

    32

    6 7 10

    05

    101520253035

    Y2011 Q1 2012 Q2 2012 Q3 2012 Y2012 Q1 2013 Q2 2013 Q3 2013

  • 14

    ASG Groups Employees

    Number of