20
Warsaw, 7 May 2012 PRESENTATION FOR SHAREHOLDERS PRESENTATION FOR SHAREHOLDERS CONSOLIDATED FINANCIAL INFORMATION FOR 4Q 2013 14 February , 2014
Warsaw, 7 May 2012
PRESENTATION FOR SHAREHOLDERSPRESENTATION FOR SHAREHOLDERS
CONSOLIDATED FINANCIAL INFORMATION FOR 4Q 2013
14 February, 2014
1
� ASG Group’s Achievements in 4Q 2013
� ASG Group’s Structure / Areas of Activity
� ASG Group’s Financial Results in 4Q 2013
� ASG Group’s Revenue, Net Profit
� 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 4Q 2013
Financial Parameters:
� Increase in consolidated revenue from continuing operations by 3.4 % (4Q 2013 vs 4Q 2012) and by 3.3% (2013 vs 2012) up to LTL 149 million and LTL 554 million;
� Over LTL 31 million of net profit attributable to equity holders (Y2012: over LTL 19 million).
Realization of Strategic Projects:
� New subsidiary, Verslo skrydžiai UAB, was established on 9 October 2013. Currently it has started preparations for business charter activity.
� On 16 December 2013, the Group acquired 100% of the share capital of Helisota UAB and 100% of the share capital of its subsidiary Kauno aviacijos gamykla UAB from third parties. As a result of the acquisition, the Group is expected to increase its presence in the MRO segment, in the new Helicopter MRO sub-segment.
2
ASG Group’s Structure / Areas of Activity
3
MRO Segment
GH & FuellingSegment
CharterOperationsSegment
TrainingSegment
ASG Group’s Structure: by companies
4
•Verslo skrydžiai UAB (100%)
•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 (100%)
•FL Technics Jets UAB (100%)
•Locatory.com UAB (LT, 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%)
MRO SEGMENT
(10 companies)
GH & FuellingSegment(5 companies)
Charter
Operations
Segment (2 companies)
TrainingSegment
(2 companies)
ASG Group’s Financial Results in 4Q 2013
5
4Q 2013 4Q 2012Change (4Q 2013 vs 4Q
2012)LTL thousands (except margins & EPS & numbers of shares)
148 562 143 634 +3.4% Revenue from continuing operations
13 131 16 035 -18.1% Gross profit from continuing operations
8.8% 11.2% -2.4 pp Gross profit margin (%)
6 318 5 001 +26.3% EBITDA from continuing operations
4.3% 3.5% +0.8 pp EBITDA margin (%)
2 109 (211) +1099.5% Operating profit from continuing operations
1.4% -0.1% +1.5 pp Operating profit margin (%)
29 ( 965) +103% Profit before income tax from continuing operations
1 758 1 751 +0.4% Net profit for the period from continuing operations
1.2% 1.2% -Net profit or the period from continuing operations margin(%)
604 (11 247) +105.4% Net profit for the period from discontinued operations
2 362 (9 496) +124.9% Net profit for the period
2 298 (8 994) +125.6% Net profit attributable to equity holders
1.5% -6.3% +7.8 pp Net profit attributable to equity holders margin (%)
0.388 (1.526) +493.3% EPS (LTL)
19 495 11 722 +66.3% CAPEX (additions of PPE and intangible assets)
12 792 15 140 +74.6% Net cash at the end of period
5 917 5 893 - Weighted average number of ordinary shares (thousand)
2013 2012Change (2013 vs
2012)
553 669 535 860 +3.3%
67 620 73 648 -8.2%
12.2% 13,7% -1.5 pp
35 599 42 402 -16%
6.4% 7.9% -1.5 pp
21 765 31 626 -31.2%
3.9% 5.9% -2 pp
16 677 29 536 -43,5%
16 132 26 054 -38,1%
2.9% 4.9% -1,9 pp
14 808 (6 978) +312,2%
30 940 19 076 +62,2%
31 108 19 482 +59,7%
5.6% 3.6% +2 pp
5.276 3.306 +59.6%
42 207 32 197 +31.1%
12 792 15 140 +56.5%
5 896 5 893 -
ASG Group’s Revenue, Net Profit -1
6
50
69
74
98
106
141
145
144
123
138
144
149
8
7
4
3
6
10
9
2
5
4
5
2
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
4Q 2013
Revenue from continuing operations (mln LTL)
Net profit from continuing operations (mln LTL)
+3.5% vs 4q12
7
ASG Group’s Revenue, Net Profit -2*
� 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 in aircraft maintenance, repair and overhaul (MRO) and crew training segment.
* - from continuing operations
96
72
78
73
79
71
76
63
56
35
38
33
46
66
51
44
59
68
58
35
35
34
25
11
7
6
9
6
6
6
7
8
7
5
6
6
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
2011 Q4
2011 Q3
2011 Q2
2011 Q1
MRO Segment
GH & Fuelling Segment
Training Segment
7
8
Consolidated Income Statements (quarterly)
8
* 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, 4Q 2013
Business Segments’ Revenue – Mix Change (mln LTL)
Business Segment’s Gross Profitability – Mix Change (mln LTL)
107
56
7
0
25
50
75
100
MRO segment GH & Fuelling Segment Training Segment
2012 4Q
2013 4Q
10
1 2
0
10
+34% vs 4q12
-27% vs 4q12
9
Consolidated Income Statements (quarterly)
9
Operating Data by Business Segments, 4Q 2013
4Q 2013
4Q 2012
Change, % 2013 2012
Change, %
Aircraft maintenance, repair and overhaul (MRO) Business Segment
Number of SOLD man-hours (base maintenance) 78 885 80 133 (1.6) 247 722 307 900 (19.5)
Number of SOLD man-hours (engineering) 17 032 5 328 219.7 60 091 50 076 20.0
Number of SOLD man-hours (maintenance training) 3 392 1 985 70.9 8 406 6 155 36.6
Number of line stations (at the end of the period) 19 25 -8 19 25 -8
Aircraft Ground Handling and Fuelling Business Segment
Number of aircrafts served 2 342 1 805 29.8 9 541 9 969 (4.3)
Number of passengers served 351 257 270 855 29.7 1 493 981 1 480 225 0.9
Volume of fuel sold (tonnes) 14 480 35 804 (59.6) 62 236 61 150 1.8
Pilot and Crew Training Business Segment
TRTO - Number of sold theoretical training hours 1 883 1 760 7.0 8 203 6 587 24.5
TRTO - Number of sold practical training (FFS) hours 3 118 2 968 5.1 12 294 12 712 (3.3)
Operating Results
10
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)
31-12-2013 31-12-201231-12-2013 vs
31-12-2012LTL thousand
379 540 299 295 26.8% Total assets
23 695 8 913 165.8% Cash and cash equivalents
101 969 97 313 4.8% Trade receivables
152 559 113 595 34.3% Total equity
110 317 73 741 49.6% Borrowings
86 622 64 828 33.6% Net debt
1.47 1.49 -0.02 pp Liquidity risk
4.3%YEAR 6.4%YEAR -2.1 pp Return on assets (ROA), %
10.6%YEAR 16.8%YEAR -6.2 pp Return on equity (ROE), %
40.2% 38.0% +2.2 pp Equity ratio, %36.2% 36.3% -0.1 pp Gearing ratio, %
11
Consolidated Balance Sheets – 2
31-12-2013 31-12-201231-12-2013 vs
31-12-2012LTL thousand
379 540 299 295 26.8% Total assets23 695 8 913 165.8% Cash and cash equivalents
101 969 97 313 4.8% Trade receivables152 559 113 595 34.3% Total equity110 317 73 741 49.6% Borrowings 86 622 64 828 33.6% Net debt
1.47 1.49 -0.02 pp Liquidity risk 4.3%YEAR 6.4%YEAR -2.1 pp Return on assets (ROA), %
10.6%YEAR 16.8%YEAR -6.2 pp Return on equity (ROE), %40.2% 38.0% +2.2 pp Equity ratio, %36.2% 36.3% -0.1 pp Gearing ratio, %
27%
34%
25% 6% 2% 3%
2% 0%
1%
Trade and other receivables
Inventories
Property, plant and equipment
Cash and cash equivalents
Amount due from customers for contract work
Deferred income tax assets
Intangible assets
Prepaid income tax
Short term bank deposits
12
Consolidated Balance Sheets – 3
31-12-2013 31-12-201231-12-2013 vs
31-12-2012LTL thousand
379 540 299 295 26.8% Total assets23 695 8 913 165.8% Cash and cash equivalents
101 969 97 313 4.8% Trade receivables152 559 113 595 34.3% Total equity
110 317 73 741 49.6% Borrowings 86 622 64 828 33.6% Net debt
1.47 1.49 -0.02 pp Liquidity risk 4.3%YEAR 6.4%YEAR -2.1 pp Return on assets (ROA), %
10.6%YEAR 16.8%YEAR -6.2 pp Return on equity (ROE), %40.2% 38.0% +2.2 pp Equity ratio, %36.2% 36.3% -0.1 pp Gearing ratio, %
68%
13%
10%
9%
0%
Bank borrowings
Borrowings from other related parties
Bank overdraft
Finance lease liabilities
Other borrowings
13
Consolidated Balance Sheets – 4
31-12-2013 31-12-201231-12-2013 vs
31-12-2012LTL thousand
379 540 299 295 26.8% Total assets
23 695 8 913 165.8% Cash and cash equivalents
101 969 97 313 4.8% Trade receivables
152 559 113 595 34.3% Total equity
110 317 73 741 49.6% Borrowings 86 622 64 828 33.6% Net debt
1.47 1.49 -0.02 pp Liquidity risk
4.3%YEAR 6.4%YEAR -2.1 pp Return on assets (ROA), %
10.6%YEAR 16.8%YEAR -6.2 pp Return on equity (ROE), %
40.2% 38.0% +2.2 pp Equity ratio, %36.2% 36.3% -0.1 pp Gearing ratio, %
72%
18%
7%
3%
Aircraft maintenance, repair and overhaul (MRO)
Aircraft ground handling and fuelling
Unallocated
Pilot and crew training
14
Consolidated Balance Sheets – 5
31-12-2013 31-12-201231-12-2013 vs
31-12-2012LTL thousand
379 540 299 295 26.8% Total assets23 695 8 913 165.8% Cash and cash equivalents
101 969 97 313 4.8% Trade receivables
152 559 113 595 34.3% Total equity110 317 73 741 49.6% Borrowings 86 622 64 828 33.6% Net debt
1.47 1.49 -0.02 pp Liquidity risk 4.3%YEAR 6.4%YEAR -2.1 pp Return on assets (ROA), %
10.6%YEAR 16.8%YEAR -6.2 pp Return on equity (ROE), %40.2% 38.0% +2.2 pp Equity ratio, %36.2% 36.3% -0.1 pp Gearing ratio, %
55%
42%
4%Retained earnings
Share premium
Share capital
Legal reserve
Minority interests
Fair value reserve
Cumulative translations differences
Merger reserve
15
ASG Group’s 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 13
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 31-12-2013
32
7 7 7
11
32
6 7 10
19
42
0
5
10
15
20
25
30
35
40
45
Y2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Y2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Y2013
16
ASG Group’s Employees
Number of full-time employees at the end of period Breakdown of the Group’s employees by business segments (31-12-2013)
68%
23%
6% 3%
MRO
GH
Training
Unallocated
579
711
865
856
919
939
929
951
972
1022
1051
1342
31-03-2011
30-06-2011
30-09-2011
31-12-2011
31-03-2012
30-06-2012
30-09-2012
31-12-2012
31-03-2012
30-06-2013
30-09-2013
31-12-2013
17
ASG vs WIG (from 01-01-2013 till 30-12-2013)
02-01-2013: 60.50
High: 75.00
Low: 42.80
30-12-2013: 46.29
Prices in PLN
ASG Share Price & Performance
18
Distribution of ASG Shareholders as at 14 February 2014:
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 6 058 333 ordinary shares with a par value of LTL 1 each.
Part of shares and votes Amount of shares and votes 14-02-2014 31-12-2012 12-02-2014 31-12-2012
32.01% 32.91% ZIA Valda Cyprus Ltd. 1 939 275 1 939 275
13.74% - Vaidas Barakauskas 832 666 -
10.01% 10.33% Harberin Enterprises Limited 606 551 609 051
7.55% 21.94% Indeco: Investment and Development UAB 457 184 1 292 850
6.44% 6.62% ING Otwarty Fundusz Emerytalny 390 000 390 000
1.65% 1.70% Hubert Bojdo 100 000 100 000
28.6% 28.2% Other 1 732 657 1 662 157
100.00% 100.00% Total 6 058 333 5 893 333
32%
21,89%
10%7%
6%
2%
29%
ZIA Valda Cyprus Ltd.
Vaidas Barakauskas
Harberin Enterprises Limited
Indeco: Investment and Development UAB
ING Otwarty Fundusz Emerytalny
Hubert Bojdo
Other
Thank You For Your Attention
www.AviaSG.com/InvestorRelations
