Continued strong double-digit growth in NAC in 2015/16

Monday 26th September 2016

Nordic Aviation Capital A/S (NAC) continued to record strong double-digit growth in revenue and earnings in the fiscal year 2015/16 and strengthened its position as the world's premier lessor of regional aircraft.

Fiscal year 2015/16, ending June 30, 2016 showed a continued expansion of NAC's business platform through addition of new aircraft, new customers, new colleagues and increased business with existing customers. As a result, NAC improved its financial performance for the 20th consecutive year:

• Ordinary operating profit (EBITDA) increased by 90% to 439 million
• Operating profit (EBIT) improved from USD 239 million to USD 303 million
• Net result of USD 142 million, up from USD 111 million, yielded a 22% return on equity

"We have enlarged and diversified NAC's customer base across all aircraft types from 40 to 53 airlines and we have placed aircraft with both new and long-term customers, well in tune with our business model of growing the business based on both increased market share and repeated sales," says CEO Søren Overgaard.

NAC added 43 aircraft to its active turboprop fleet and took steps to become a major player in the regional Embraer E-Jet market segment by entering into purchase agreements for 44 E-Jets. At the end of the fiscal year, NAC owned 278 aircraft and had purchase commitments for 52 aircraft.  NAC and its sister companies Jetscape Aviation Group Ltd. and Aldus Aviation Ltd. own and manage approximately 15% of the global turboprop fleet and approximately 7% of the global E-Jet fleet.

To support further growth of the portfolio, NAC continued to expand its financing relationships adding USD 828 million to existing loan facilities and sourcing USD 995 million in new loan facilities in the fiscal year.

In 2015, NAC founder Martin Møller entered into a partnership with European private equity investor EQT, and Danish investment company KIRKBI Invest to further develop NAC. The parties jointly contributed a total of USD 200 million in additional equity and committed additional capital to pursue growth.

"The new ownership is well on track with its ambitions: In the past 12 months, we have enhanced our position as the largest owner and lessor of turboprop aircraft and we have made a significant foray into the regional jet market. We expect to further expand our position as the premier lessor of turboprops and regional jets in the year to come," says Martin Møller, who remains Chairman and significant shareholder in the NAC Group.


 
NAC expects to further improve revenue and operating profits in 2016/17, while maintaining a strong focus on liquidity and financial ratios. This expectation is partly based on the significant expansion of the aircraft portfolio in 2015/16, and partly based on its ability to continuously expand and develop the portfolio throughout 2016/17 and placing aircraft with existing as well as new customers.


About Nordic Aviation Capital

NAC is the industry's leading regional aircraft lessor serving airline customers in 35 countries. NAC provides aircraft to well-established carriers such as Air Canada, British Airways, LOT, Air Berlin, Azul, Garuda, Flybe, HOP!, air Baltic and Olympic Air as well as major regional carriers including Air Nostrum, Widerøe, Jet Time, Etihad Regional, Binter and Air KBZ. Focusing on turboprop and E-Jets, NAC's fleet includes, ATR 42, ATR 72, Bombardier Dash 8, CRJ900, CRJ1000, E170, E175, E190 and E195 aircraft. For additional information, please visit;  www.nac.dk

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