new the greater china civil helicopter fleet report year … · 2019. 4. 13. · as of year-end...

The GREATER CHINA CIVIL HELICOPTER

FLEET REPORTYear End 2013

ASIAN SKY GROUP LIMITED is headquartered in Hong Kong with offices throughout China. It has assembled the most experienced business aviation team in the Asia-Pacific region to provide a wide range of consulting services for both fixed-wing and rotary-wing aircraft. Asian Sky Group provides access to a significant customer base around the world with the help of its exclusive partners: Avpro Inc., the largest business jet brokerage firm in the US; and AVIC International Development Corporation, the largest state-owned aviation enterprise in mainland China.

Asian Sky Group is backed by SEACOR Holdings Inc., a publically listed US company ( NYSE: “CKH” ) with over US$ 1B in revenue and nearly US$ 3B in assets, and also by Avion Pacific Limited, a mainland China-based general aviation service provider with 20 years of experience and 6 offices and bases throughout the country.

Asian Sky Group provides its clients with the following aviation consulting services: 1) AIRCRAFT SALES, such as acquisition or remarketing; selection of

2) COMPLETION MANAGEMENT, such as cabin definition; facility

3) OPERATION OVERSIGHT, such as invoice analysis and owner

4) VIP CHARTER SERVICES;5) SPECIAL PROJECTS and 6) TRANSACTIONAL ADVISORY.

ABOUT ASIAN SKY GROUP

aircraft, asset financing, structuring & registration and operator; inspections and appraisals; contractual support;

selection; completion oversight; delivery and regulatory compliance; contractual support;

representation;

TABLE OF CONTENTS

EXECUTIVE SUMMARY

KEY FINDINGS

CIVIL HELICOPTER MARKET IN GREATER CHINA

CHINA AIRSPACE REFORMS

DETAILED FLEET BREAKDOWN BY:

ORIGINAL EQUIPMENT MANUFACTURERS (OEM)

MISSION CATEGORIES

OPERATORS

WEIGHT CLASSIFICATIONS

AGE DISTRIBUTION

THE NEAR FUTURE AND TRENDS

2

4

6

6

8

13

19

22

28

34

ASIAN SKY GROUP would like to graciously acknowledge the contributions made by numerous operators, OEMs and organizations to this report, without which a reasonable level of accuracy could not have been achieved. The report is nevertheless the first of its type and undoubtedly there will be perceived errors. Asian Sky Group welcomes your comments, questions and general thoughts and looks forward to producing an even better second version of the report in the future.

Should you wish to reproduce or distribute any portion of this report, in part or in full, you may do so by mentioning the source as: “Asian Sky Group, a Hong Kong based business aviation consulting group”.

Thank you for your interest in this report and we hope you find the information useful. If you would like to receive further information about our services, please contact us at [email protected] or visit us at www.asianskygroup.com.

INTRODUCTION

ASIAN SKY GROUP (“ASG”) is proud to present the “Greater China Civil Helicopter Fleet Report”. This report will provide complete coverage of the civil helicopter market in the Greater China region, which includes mainland China, Hong Kong, Macau and Taiwan. The report follows ASG’s previously established “Greater China Business Jet Fleet Report”, which was first published in March, 2013. For a copy of the “Greater China Business Jet Fleet Report” and its first half 2013 update, please visit us at www.asianskygroup.com.

1The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 2013

6

3

17

96

30

4

30

19

18

4019

7

2618

10

4

1

2

3

3

2

11

3

5

61

9

18

Xinjiang

Inner Mongolia

Sichuan

Guangdong

Hong Kong

Liaoning

Heilongjiang

Shandong

Jiangsu

ShanghaiHubei

Hunan

HenanShaanxi

YunnanTaiwan

Hainan

Beijing

Hebei

Tianjin

EXECUTIVE SUMMARY

Over the past four years, the civil helicopter fleet in Greater China – including law enforcement and government sponsored Search and Rescue (SAR) operations but excluding military applications – has doubled in size, growing at nearly 20% annually. As of year-end 2013, the Greater China fleet numbered 465 Civil helicopters, with 424 based in Mainland China, 30 in Hong Kong and Macau, and 11 in Taiwan. While growth in 2013 was consistent with previous years, Asian Sky Group expects even stronger growth in 2014 and 2015, as the civil helicopter industry in Greater China and its related infrastructure continues to develop.

The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 20132

Helicopter operations in Greater China have developed along mission specific geographic lines. Large operators such as CITIC Offshore Helicopter Corporation (COHC) and China Southern Helicopter Corporation (CSHC) - both based in Guangdong province along the South Eastern coast - primarily serve the offshore oil and gas industry which has been experiencing high growth for the last several years, as exploration in the South China Sea increases to match China’s growing energy needs.

The northern city of Tianjin has also developed a significant helicopter fleet to service the Bohai Bay oil producing fields, off of China’s North East coast.

Cities such as Beijing, Shanghai and Hong Kong are home to law enforcement and government flight departments, such as mainland China’s Ministry of Transportation (MOT) and Hong Kong’s Government Flying Service (GFS), both of which provide Search and Rescue (SAR) and Emergency Medical Services (EMS).

Areas approved for low altitude civil aviation flights, such as Heilongjiang province in the Northeast, are home to several general aviation and flight training operators with a high number of helicopters in their fleet. But with less than 30% of mainland China’s total area currently approved for low altitude airspace usage, ASG expects recent and upcoming reforms in China’s airspace regulations to lead to further growth and development in the civil helicopter industry (See section titled “CHINA AIRSPACE REFORMS”).

Changes in regulations should help lift the country’s aviation industry and encourage growth, which in turn should encourage more investment.Development of the general aviation industry is also expected to enhance other related industries, including aircraft manufacturing, maintenance, infrastructure and training.


KEY FINDINGS

The majority of Greater China’s helicopters operate in proximity to large cities and along coastal areas, with Guangdong province on the Southeast coast being an operating base for almost a quarter of China’s helicopters.

The Original Equipment Manufacturer (OEM) market leader by number of aircraft and by replacement value is Airbus Helicopters (formally Eurocopter) with 121 helicopters in Greater China, representing 26% of the market. Based on an estimated aircraft replacement cost analysis, Airbus Helicopters make up nearly 40% of the market.

Bell Helicopters is gaining a stronger presence with a large number of aircraft delivered during 2013, adding 32% to the Bell fleet in Greater China.

The single engine Bell 407, Bell 206 and the Airbus Helicopter AS350 have become the most prevalent models in Greater China. The Bell 407 fleet doubled in 2013.

Sikorsky Helicopters continues to have a strong presence in the offshore oil and gas sector and maintains its dominance in the heavy and medium helicopter categories. Despite its 9% market share by numbers, it represents 30% of the market by aircraft replacement value. Of the four major OEMs, Sikorsky is the only one that does not have a light or single engine product line and therefore is less represented in total figures. Sikorsky’s market share is expected to rise due to firm orders in 2013.

Of all helicopter mission categories in Greater China, offshore helicopter operations grew by 32% during 2013, almost double the growth rate of other mission categories. This growth can be attributed to China’s growing investment in offshore oil and gas exploration in recent years and its plans to further develop the offshore oil and gas industry.

The light single-engine helicopter segment has shown a growth rate of nearly 30%. This is similar to trends in other regions in the world, however medium helicopters are still expected to hold a dominant share in the Greater China market.

The medium and heavy helicopter segments in Greater China represent approximately 30% of the market by numbers but over 80% by aircraft replacement value.

There are 159 piston engine helicopters in Greater China, representing 34% of the market by numbers but only 2% by replacement value.


The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 2013 5

CIVIL HELICOPTER MARKET IN GREATER CHINAIn line with a surging Chinese economy in recent years, China’s general aviation market is also expected to take off, with many predicting it could become one of the world’s largest markets.

As noted in previous market studies and by the media, there have historically been several key impediments to the growth of general aviation in Greater China. These factors include air space restrictions, a lack of supporting infrastructure, a lack of available civilian helicopter pilots and technicians, and the difficulty in qualifying for an Air Operators Certificate (AOC) due to strict regulatory requirements. Tax and other regulatory issues, including the differences between state-owned and independent operators, have also contributed to the slower development of the industry.

Despite China’s land mass and population, high GDP growth and a large industrial sector, it has traditionally been more difficult to set up private general aviation companies, corporate flight departments or other dedicated helicopter operations as one would find in places such as the United States, Canada, Brazil and parts of Europe.

As a result, the civil helicopter industry in Greater China has developed primarily according to mission requirements and the operator’s role within the state sector.

It should be noted that unlike the corporate jet market, which developed from the personal transport needs of China’s growing ranks of high net worth individuals and successful publically listed companies, most of the growth and development in China’s civil helicopter fleet has come from more traditional rotary operation mission profiles and industry needs, such as offshore oil and gas, emergency medical services, search and rescue, law enforcement, and other industrial applications, which are dominated by either partially or wholly state-owned enterprises and government departments.

In the past year, two significant announcements were made by the Civil Aviation Administration of China (CAAC) and the People Liberation Army (PLA) regarding general aviation flights in Mainland China: 1) Opening of low altitude airspace in specific regions in China with the intention to open most of China’s low altitude airspace for civil flights during 2015; 2) New regulations regarding the planning and approval process of general aviation flights, with military approval no longer required for the majority of these flights.

Other sectors that will enjoy a significant easing of regulations are flights performing maritime search and rescue operations, offshore oil and gas security or those that patrol the sea.

Additionally, the CAAC loosened licensing requirements for private pilots with the new private pilot licensing (PPL) conforming to FAA requirements for private certificates. This will make private licenses achievable to a wider range of applicants.

Helicopter operations are expected to benefit significantly from these latest airspace reforms.

CHINA AIRSPACE REFORMS

6 The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 2013

120

100

80

60

40

20

0

Airb

us

Hel

icop

ters

Robi

nson

Bell

Schw

eize

r

Siko

rsky

Agus

taW

estla

nd

Mil

Har

bin

Enst

rom

MD

Kam

ov

Bran

tly

Tota

l　Multi Mission 46 62 51 28 9 17 3 5 4 2 227　Offshore Operations 34 4 27 4 4 1 74　SAR / EMS 15 10 25　Law Enforcement 12 10 1 13 3 1 1 41　Flight Training 3 12 3 22 1 1 42　Charter / Other 8 5 10 5 28　Corporate / Private 3 9 5 2 4 1 24　Flight Club 4 4Total 121 102 74 52 41 31 17 10 7 6 2 2 465

Fleet Breakdown Summary by OEM & Mission465 in Total


Fleet Breakdown by OEM (Number of Aircraft)465 in Total

FLEET BREAKDOWN BY OEM

Sikorsky 41 9%

Schweizer 52 11%

Robinson 102 22%

MD 6 1%

Other 11 2%

Harbin 10 2%

Mil 17 4%

Airbus Helicopters 121 26%

Bell 74 16%

AgustaWestland 31 7%

Fleet Breakdown by OEM (Number of Aircraft - Turbine Only)306 in Total

Harbin 10 3%

MD 6 2%

Other 6 2%

Mil 17 6%

AgustaWestland 3110%

Bell 7424%

Airbus Helicopters 121 40%

Sikorsky 41 13%


Fleet Breakdown by OEM (Replacement Cost*) 465 in Total

Fleet Breakdown by OEM (Replacement Cost - Turbine Only) 306 in Total

* Replacement cost analysis as used in this report should be considered as a tool to help determine the overall dollar value of the Greater China Civil Helicopter fleet. Replacement costs are based on 2013 OEM list prices for new aircraft of equivalent model and mission configuration. In some cases an estimate was used, particularly with regard to aircraft models no longer in production.

Sikorsky28%

Schweizer1%

Robinson1%

MD1%

Other1%

Harbin4%

Mil9%

Airbus Helicopters36%

Bell9%

AgustaWestland10%

Airbus Helicopters37%

Bell9%

AgustaWestland10%

Mil10%

Harbin4%

Sikorsky28%

MD1%


S - 9

2A

S - 7

6A

S - 7

6A++

S - 7

6B

S - 7

6C

S - 7

6C+

S - 7

6C++

S - 7

6D

Bell2

12

Bell4

29

Bell4

27

Bell2

06B3

Bell2

06L4

Bell4

07

AW13

9

A109

A119

SW4

8

4

2 2

5

6

13

1

2

12

1

23

24

14

11

3 3

12

Fleet Breakdown by OEM & Model (Turbine only) 306 in Total

Sikorsky (41) AgustaWestland (31)Bell (74)


10

8

3

1

6

4

3

19

15

2

13

2

8

23

1

3

8

6

3

1 1 1

3

7

3

1

2

3

EC22

5LP

AS33

2L1

AS33

2L2

AS35

5NP

AS36

5N3

SA31

5BEC

155B

EC15

5B1

EC13

5BO

-105

EC12

0EC

130

AS35

0B2

AS35

0B3

BK -

117A

BK -

117B

Mi -

171

Mi -

8M

i - 2

6M

D50

0M

D52

0M

D60

0M

D90

2Z9

AZ1

1S

- 333

KA -

3248

0B

Enstrom (3)

Airbus Helicopters (121) Mil (17) McDonnell Douglas (6)

Harbin (10) Schweizer (1) Kamov (2)


Fleet Breakdown by Mission (Number of Aircraft)465 in Total

Fleet Breakdown by Mission (Replacement Cost)

Flight Club 4 1%

Multi Mission 22749%

Corporate / Private 24 5%

SAR / EMS 255%

Charter / Other 286%

Law Enforcement 419%

Offshore Operations 7416%

Flight Training 42 9%

Multi Mission26%

SAR / EMS15%

Charter / Other5%

Law Enforcement9%

Offshore Operations39%

Flight Training2%

FLEET BREAKDOWN BY MISSION CATEGORIES



Fleet Breakdown by Mission (Number of Aircraft - Turbine Only)306 in Total

Fleet Breakdown by Mission (Replacement Cost - Turbine Only)


Multi Mission 13343%


SAR / EMS 258%


Flight Training 8 3%


Multi Mission26%

Corporate / Private4%

Law Enforcement9%

Offshore Operations40%

Flight Training1%

Charter / Other5%

SAR / EMS15%


1. Multi Mission - Subcategories

OVERVIEW OF MISSION CATEGORIES

Multi Mission Fleet Breakdown by Subcategories (Estimated Distribution) 227 in Total

Aerial Tours19%

Onshore Oil & Gas11%

Power Line15%

News Gathering2%

Fire Fighting10%

Agriculture19%

Forestry7%

Aerial Photography17%

In this report, the largest mission category is broadly defined as Multi Mission, also referred to as “General Aviation” in the industry. This includes a number of subcategories:

·Onshore Oil & Gas (distinct from Cat-A offshore operations) ·Forestry (surveying, logging and protection) ·Fire Fighting ·Aerial Photography ·Aerial Tours ·Agriculture and Pest Control ·Power Line Repair and Survey ·News Gathering

Most helicopters in this category are active in more than one mis-sion and can be configured to perform various tasks.


Oil and gas consumption has soared in China amid the country’s rapid economic growth. Chinese and western oil and gas companies are therefore investing in offshore exploration and production (E&P). Currently over 15% of overall Chinese oil production comes from shallow offshore reserves, a large contributor to China’s oil production growth. However, shallow offshore reserves are drying out, forcing exploration to move into deeper waters.

Offshore E&P activities are focused on three main areas:

Oil field operations in Bohai Bay and the East China Sea are currently at a distance of 150 to 200 kilometers from the coast. In the South China Sea, the large oil fields lie further out, at a distances of up to 350 kilometers from the Guangdong coast.

Helicopter flights over open water are a specialized form of aviation that requires specific equipment, training and procedures. As exploration moves farther offshore, the challenges posed by weather, distance and other factors require helicopters suitable for such operations.

Asian Sky Group expects the growth in offshore exploration to lead to an increase in the demand for helicopters capable of performing these missions such as the Sikorsky S-92 and the Airbus Helicopter EC225.

2. Offshore Operations

·The Bohai Bay region, off the northern coast of China;·The East China Sea, off the coast of Zhejiang province;·The South China Sea, particularly the Pearl River Mouth 　Basin, off the coast of Guangdong province.


3. SAR / EMSSearch and Rescue (SAR) and Emergency Medical Services (EMS) are placed in the same category since in most cases such missions are carried out by helicopters with the same configuration and are intended for both missions. Most SAR and EMS missions in Greater China are performed by government entities such as the Rescue and Salvage Bureau of the Ministry of Transport (MOT) in Mainland China, the Government Flying Services (GFS) in Hong Kong and the Taiwan Provincial Government.

Helicopter SAR is a unique service, performed in the most challenging circumstances undertaking missions in extreme conditions and there-fore requires specialized training and specific aircraft configurations.

4. Law EnforcementHelicopters used for law enforcement in China are primarily operated by both local municipalities and large cities and are used to perform traditional law enforcement operations. It is worth noting that U.S. export restrictions prevent some North American OEMs from entering this market in Mainland China, which has led to AgustaWestland and Airbus Helicopters taking a more dominant role in this sector.

5. Flight TrainingThere are 12 operators providing flight training in China and not too surprisingly piston helicopters are the most widely used training platform with these operators. China is still short of helicopter pilots to match its needs but is taking action in order to establish more flight schools and training centers.

6. Corporate / PrivateThe corporate and private category grew at 26% in 2013. This sector is still small and not yet significant by numbers, but demand for such helicopters is expected to grow together with the general aviation reforms taking place in China.

7. Charter / OtherThe Charter / Other category includes operators that are flying as charter service providers and will also be active in other General Aviation activities. As the commercial helicopter industry is still in its infancy and developing in China, many operators are performing other missions in addition to the charter services they provide.

8. Flight ClubsRecreational helicopter flying is currently very limited in Greater China. As the number of pilots holding a Private Pilot Licence (PPL) is low, such flight clubs have not been in demand. Recent reforms in the PPL acquisition procedures may lead to more individuals able to acquire civil helicopter licences and thereby drive future growth in this category.


COH

C

Flyi

ng

Dra

gon

CSH

C

Stat

e G

rid

Co

Gua

ngzh

ou

Suili

an

King

win

g

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MOT

Anya

ng

GFS

HK

Tota

l

　Airbus Helicopters 35 10 5 2 2 5 3 7　Bell 13 5 9 4 2　Sikorsky 20 9 8　AgustaWestland 4 2 1　Schweizer 9 2 6　Robinson 11 6　Harbin 4 3　Mil 5　Kamov 1Total 44 29 20 18 18 18 15 13 11 7

6933377

17177

51

FLEET BREAKDOWN BY OPERATORSThere are 110 operators and owners in Greater China, with 99 of them in Mainland China. The 10 largest operators (shown in the chart below) make up over 40% of the total number of helicopters in Greater China. Their combined fleets make up nearly 70% of the total Mainland China fleet by replacement value.

Key among these figures is that three of the ten are Cat-A offshore oil and gas operators (COHC, CSHC, and EGAC), and two, Ministry of Transport (MOT) and Government Flying Services HK (GFS), are governmental department tasked with carrying out Search & Rescue (SAR) operations. This is a similar profile to what one might expect in developed countries, where large public helicopter companies are typically involved in offshore oil and gas and SAR operations.

Top 10 Operators Fleet Breakdown by OEM193 in Total

0

15

5

45

35

25

193

19The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 2013The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 2013

Fleet Breakdown By All Operators110 Operators, 465 Aircraft In Total

COH

CFl

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Dra

gon

CSH

CSt

ate

Grid

Suili

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Priv

ate

MOT

Anya

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Tong

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Beiji

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Shan

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Hel

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Balti

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HK

Yunn

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ACH

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FSH

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GAC

Gua

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AXi

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Sky

Shut

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Zhon

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Beiji

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Hel

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Civi

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Air

HK

Avia

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Club

Qing

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Hel

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Shan

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Pol

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Shan

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Qix

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Wuh

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GA

NUA

A Fl

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Aca

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AJin

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GAC

Gua

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Sich

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Hun

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Nan

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Polic

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45

40

35

30

25

20

15

10

5

0


Sunr

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Airli

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Dai

ly A

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uhan

Pol

ice

Hua

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roup

King

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Hon

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anju

GAC

Mar

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Xian

Hel

icop

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Nan

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GAC

Zhej

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Pol

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Yalo

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ACN

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Beiji

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Civi

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Xian

glon

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ACH

ai X

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GAC

Jingc

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Gro

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Polic

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King

Jet

Dal

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Polic

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ACH

uaxi

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ACBo

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Dun

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Tian

Rui

Gro

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rst H

elic

opte

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itian

Zhon

gou

GAC

Day

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ang

Hua

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olic

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Pol

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AP W

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ion

Rise

Asi

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nxin

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AKu

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Beiji

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Polic

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Hen

an G

ACH

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lice

Fany

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AZh

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Clu

bTa

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Pol

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Fujia

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GAC

Hun

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GAC

HN

A Ac

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FLEET BREAKDOWN BY WEIGHT CLASSIFICATIONS*

120

100

80

60

40

20

0

Weight Classification Breakdown - Top Five OEM 284 in Total

*Helicopter Weight Classification Models

Heavy Medium Light Twin Single Piston

S92A S76 A109 A119 R44

EC225LP Bell429 Bell427 AS350 R22AS332L1 Bell212 EC135 SA315B 269C-1AS332L2 AW139 MD902 Bell407 269C

Mi-26 AS365N BO-105 Bell206 B-2BMi-8 AS355N EC130 EN280FX

Mi-171 EC155 EC120Ka32 MD600Z9A MD500

BK117 MD520Z-11

EN480BS-333

SW-4

Heavy

SingleLight TwinMedium

AirbusHelicopters

Bell Sikorsky AgustaWestland Mil

21331750

141

59

833 14

17

116

Total

Total 121 74 41 31 17

469429

115284

The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 2013The GREATER CHINA CIVIL HELICOPTER FLEET REPORT - YEAR END 201322

Fleet Weight Classification Breakdown (Number of Aircraft) 465 in Total

Fleet Weight Classification Breakdown (Replacement Cost)

Single 12527%

Light Twin 327%

Medium 10322%

Heavy 4610%

Piston 15934%

Single 12%

Light Twin 7%

Piston 2%

Medium 44%

Heavy 35%


Heavy Weight Classification Breakdown by Mission(Number of Aircraft) 46 in Total

Medium Weight Classification Breakdown by Mission(Number of Aircraft)103 in Total


Corporate / Private 33%


SAR / EMS 1716%

Multi Mission 1817%

Offshore Operations 43 42%


SAR / EMS 818%

Law Enforcement 12%


Multi Mission 1737%


Light Twin Weight Classification Breakdown by Mission (Number of Aircraft) 32 in Total

Single Weight Classification Breakdown by Mission(Number of Aircraft)125 in Total

Multi Mission 9173%


Law Enforcement 54%


Flight Training 54%



Multi Mission 722%


Flight Training 39%

Charter / Other 39%



Piston Weight Classification Breakdown by Mission(Number of Aircraft)159 in Total


Flight Training 3421%

Charter / Other 53%


Multi Mission 9459%

Flight Club 43%


FLEET BREAKDOWN BY AGE DISTRIBUTION*

Total Fleet Age Distribution 465 in Total

Multi Mission Fleet Breakdown by Age Distribution227 in Total

1970

1974

1976

1980

1982

1984

1987

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2013

50

45

40

35

30

25

20

15

10

5

0

90

80

70

60

50

40

30

20

10

0

*Age based on year of manufacture

1970

1974

1976

1980

1982

1984

1987

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2013


Flight Training Fleet Breakdown by Age Distribution42 in Total

Offshore Operations Fleet Breakdown by Age Distribution74 in Total

8

7

6

5

4

3

2

1

0

1990

19

91

1992

19

93

1994

19

95

1996

19

97

1998

19

99

2000

20

01

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11

2012

20

13

16

14

12

10

8

6

4

2

0

1979

1981

1983

1985

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013


EMS / SAR Fleet Breakdown by Age Distribution25 in Total

Law Enforcement Fleet Breakdown by Age Distribution41 in Total

0

5

4

3

2

1

6

1987

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

10

8

6

4

2

12

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013


Charter / Other Fleet Breakdown by Age Distribution28 in Total

Corporate / Private Fleet Breakdown by Age Distribution24 in Total

0

5

4

3

2

1

6

10

9

8

7

6

5

4

3

2

1

0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013


THE NEAR FUTURE AND TRENDS

The civil helicopter industry in Greater China has been growing steadily over the past several years with 2013 achieving a 20% growth rate in terms of the number of helicopters added to the Greater China fleet.

Asian Sky Group expects 2014 and 2015 to show high levels of growth as operational barriers are gradually removed, the opening of airspace for civil aviation is accelerated, and as the significant investment in infrastructure begins to pay dividends.

ASG’s projection for 2014 is based on actual orders placed, helicopters pending delivery to operators in Greater China, and expected order placements.

ASG expects the Greater China market to maintain a 20% growth rate and add 90-100 helicopters during 2014. The total fleet is expected to reach 560 civil helicopters by the end of the year 2014.


Greater China Total Fleet 2009-2014 – By Numbers

Greater China Total Fleet 2009-2014 – By Growth Rate

600

500

400

300

200

100

0

2009

2009

18%19%

20%19%

21% 20%

2010

2010

2011

2011

2012

2012

2013

2013

2014

2014

227269

323

383

465

560


Fleet Growth by OEM 2012-2013

Fleet Growth by Mission 2012-2013

140120100

80604020

0

250

200

150

100

50

0

Airbus Helicopters

Sikorsky Bell AgustaWestland

35%30%25%20%15%10%

5%0%

35%30%25%20%15%10%

5%0%

99

56

186

2237 39

24 28

17%

4142

14%

5%1924

26%

25

14%

227

22%

74

32%

3856

2731

15%74

121

41

22%

8%

32%

Muti Miss

ion

Offsho

re Ope

ration

s

SAR-EMS

Corpora

te / P

rivate

Fligh

t Trai

ning

Law Enfor

cemen

t

Charte

r / Othe

r

Fleet Growth by Weight Classification 2012-2013

180160140120100

80604020

0

35%30%25%20%15%10%

5%0%

40

86

28

97

132

159

12529%

20%103

32

20%

14%

46

15%

Heavy Medium Light Twin Single Piston

2012 2013 Growth

2012 2013 Growth

2012 2013 Growth


ASIAN SKY GROUP Suite 3905, Far East Finance Centre, 16 Harcourt RoadAdmiralty, Hong Kong

Telephone +852 2235 9222Facsimile +852 2528 2766

www.asianskygroup.com

The information contained in this report is provided free of charge for references only. ASG is not responsible for, and expressly disclaims any and all liability for damages of any kind, either direct or indirect, arising out of use, reference to, or reliance on any information contained within this report. While such information was compiled using the best available data as of December 2013, ASG makes no warranties, either expressed or implied, concerning the accuracy, completeness, reliability, or suitability of such information.

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