05.12.2012 Views

The good, the bad and the ugly: the shape of things to ... - AviTrader

The good, the bad and the ugly: the shape of things to ... - AviTrader

The good, the bad and the ugly: the shape of things to ... - AviTrader

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

News in Brief<br />

SELECTED FINANCIAL NEWS<br />

Avia Solutions Group AB sold Es<strong>to</strong>nian charter operations<br />

Avia Solutions Group AB transferred its entire controlling package <strong>of</strong> shares (95.5%) in Small Planet Airlines<br />

AS (Es<strong>to</strong>nia) <strong>to</strong> Brova Air OU. Following <strong>the</strong> transaction <strong>the</strong> name <strong>of</strong> <strong>the</strong> company will be changed <strong>to</strong> North<br />

Wind Airlines AS. According <strong>to</strong> Linas Dovydenas, CEO <strong>of</strong> Avia Solutions Group, <strong>the</strong> company is focused on<br />

becoming one <strong>of</strong> <strong>the</strong> ten largest charter flight providers in Europe; <strong>the</strong>refore Small Planet Airlines, operating<br />

<strong>of</strong>fices in Lithuania, Italy, Great Britain, France <strong>and</strong> Pol<strong>and</strong> is currently increasing its capabilities in <strong>the</strong>se particular<br />

markets. <strong>The</strong> latter is expected <strong>to</strong> become <strong>the</strong> largest Small Planet Airlines served market next year.<br />

AAR completes acquisition <strong>of</strong> Telair International <strong>and</strong> Nordisk Aviation<br />

AAR CORP. has completed <strong>the</strong> acquisition <strong>of</strong> Telair International GmbH (Telair) <strong>and</strong> Nordisk Aviation Products,<br />

AS (Nordisk) from Teleflex Incorporated, which <strong>the</strong> Company announced on Oc<strong>to</strong>ber 21, 2011. “This acquisition<br />

significantly adds <strong>to</strong> AAR’s commercial manufacturing business <strong>and</strong> elevates our position as a tier-1<br />

provider <strong>to</strong> <strong>the</strong> global aerospace market,” said David P. S<strong>to</strong>rch , Chairman <strong>and</strong> Chief Executive Officer <strong>of</strong> AAR<br />

CORP. “We will work closely with <strong>the</strong> teams at Telair <strong>and</strong> Nordisk <strong>to</strong> ensure a smooth transition as we support<br />

our exp<strong>and</strong>ing cus<strong>to</strong>mer base <strong>and</strong> capitalize on new commercial aircraft build cycles.”<br />

<strong>The</strong> businesses will operate as part <strong>of</strong> AAR’s Structures <strong>and</strong> Systems segment. <strong>The</strong> combination <strong>of</strong> Telair <strong>and</strong><br />

AAR Cargo Systems creates a formidable market leader in <strong>the</strong> design, production <strong>and</strong> servicing <strong>of</strong> aircraft<br />

cargo systems for both commercial <strong>and</strong> military platforms.<br />

Bombardier reports increased net income for 3rd quarter<br />

Bombardier reported its financial results for <strong>the</strong> third quarter ended Oc<strong>to</strong>ber 31, 2011. Revenues increased<br />

<strong>to</strong> $4.6bn, compared <strong>to</strong> $4bn last fiscal year. Earnings before financing income, financing expense <strong>and</strong> income<br />

taxes (EBIT) <strong>to</strong>taled $301m, compared <strong>to</strong> $250m last fiscal year, while <strong>the</strong> EBIT margin reached 6.5%,<br />

compared <strong>to</strong> 6.3% last year. Net income amounted <strong>to</strong> $192m for <strong>the</strong> third quarter ended Oc<strong>to</strong>ber 31, 2011,<br />

compared <strong>to</strong> $147m for <strong>the</strong> same period last fiscal year. Free cash flow (cash flows from operating activities<br />

less net additions <strong>to</strong> property, plant <strong>and</strong> equipment <strong>and</strong> intangible assets) usage <strong>to</strong>taled $346m for <strong>the</strong> third<br />

quarter, compared <strong>to</strong> a usage <strong>of</strong> $108m for <strong>the</strong> same period last fiscal year. <strong>The</strong> cash position amounted<br />

<strong>to</strong> $2.7bn as at Oc<strong>to</strong>ber 31, 2011, a level similar <strong>to</strong> last year, compared <strong>to</strong> $4.2bn as at January 31, 2011.<br />

<strong>The</strong> overall backlog s<strong>to</strong>od at a strong $55.3bn as at Oc<strong>to</strong>ber 31, 2011, compared <strong>to</strong> $52.7bn as at January<br />

31, 2011<br />

Israel Aerospace Industries’ sales reach $817m for Q3 2011<br />

IAI’s sales reached $817m in <strong>the</strong> 3rd quarter <strong>of</strong> 2011, a growth <strong>of</strong> 18% compared with <strong>the</strong> same quarter in<br />

2010. Back orders reached $9bn, at <strong>the</strong> same level as <strong>the</strong> preceding quarters. 83% <strong>of</strong> <strong>the</strong> back orders are<br />

earmarked for export. IAI reported a $59m pr<strong>of</strong>it from ordinary acivities <strong>and</strong> net pr<strong>of</strong>it <strong>of</strong> $3m compared <strong>to</strong><br />

$25m in 2010.<br />

Finmeccanica heads for loss<br />

Finmeccanica revised its earnings forecast downwards for 2011, predicting pre-tax losses <strong>of</strong> €200m,<br />

<strong>and</strong> said it would sell <strong>of</strong>f close <strong>to</strong> €1bn in assets with a view <strong>to</strong> cutting net debt <strong>of</strong> €4.7bn. Shares in<br />

<strong>the</strong> company plummeted 20% on <strong>the</strong> news <strong>and</strong> are down 84% since <strong>the</strong>ir 2007 peak. <strong>The</strong> unpr<strong>of</strong>itable<br />

aeronautics division, Alenia, posted a nine-month charge <strong>of</strong> €753m over problems relating <strong>to</strong> its contract<br />

with Boeing <strong>to</strong> supply components for <strong>the</strong> 787-8.<br />

SELECTED TRANSACTIONS<br />

• Avia Solutions Group, a group <strong>of</strong> business aviation companies, <strong>to</strong>ge<strong>the</strong>r with its<br />

subsidiary FL Technics, is <strong>to</strong> open its first representative <strong>of</strong>fice in Kuala Lumpur<br />

by <strong>the</strong> end <strong>of</strong> this year, <strong>to</strong> jointly cater for <strong>the</strong> rapidly developing Asia-Pacific region.<br />

• Volvo is <strong>to</strong> sell its aircraft engine component manufacturing business Volvo<br />

Aero after incoming chief executive Ol<strong>of</strong> Persson made it clear that <strong>the</strong> unit is not<br />

core <strong>to</strong> <strong>the</strong> company. Volvo Aero’s sales accounted for just over 1% <strong>of</strong> <strong>to</strong>tal group<br />

sales in <strong>the</strong> third quarter; its revenues fell by 22% in <strong>the</strong> same period <strong>to</strong> SEK1.4bn<br />

($206m), while operating income decreased by 55% <strong>to</strong> SEK102m. MTU was cited<br />

as ‘<strong>the</strong> most likely buyer’.<br />

• MTU Aero Engines acquired 75% share in <strong>the</strong> Dallas, Texas-based facility for-<br />

merly known as Retan Aerospace, which will now be known as MTU Maintenance<br />

Dallas Inc. MTU Maintenance Dallas is an FAA <strong>and</strong> EASA licensed Part 145 repair<br />

station that specializes in engine on-wing maintenance <strong>and</strong> repair as well as airframe<br />

A, B <strong>and</strong> C checks. <strong>The</strong> large portfolio <strong>of</strong> engine capabilities includes <strong>the</strong> CF34,<br />

CFM56, V2500, CF6, GE90, JT8D, PW2000, PW4000 <strong>and</strong> RB211.<br />

• MTU Aero Engines opened a new sales <strong>of</strong>fice in Seoul in South Korea on November<br />

18th. <strong>The</strong> MTU Aero Engines Seoul Representative Office is managed by<br />

Kyoo Joo Chae.<br />

21<br />

Yakutia Airlines signed maintenance<br />

contracts with Turkish Technic for B737-800<br />

Turkish Technic signed a C Check maintenance service<br />

agreement with YAKUTIA AIRLINES, which will cover one<br />

base maintenance C check on a Boeing 737-800 <strong>and</strong> a<br />

painting service agreement, which covers one B737-800<br />

tail painting activity. Maintenance works will be carried<br />

out during November & December 2011.<br />

Lufthansa Technik AERO Alzey <strong>to</strong> provide<br />

PW150A spare engine support for Air<br />

Berlin<br />

Air Berlin <strong>and</strong> Lufthansa Technik AERO Alzey (LTAA) have<br />

signed a multi-year Spare Engine Pool Agreement <strong>to</strong><br />

support Air Berlin’s regional fleet <strong>of</strong> PW150A powered<br />

Dash8-Q400 aircraft operated by Luftfahrtgesellschaft<br />

Walter (LGW). As per <strong>the</strong> terms <strong>of</strong> <strong>the</strong> agreement, LTAA<br />

will provide spare engines for planned <strong>and</strong> unplanned<br />

engine removals.<br />

Flying Colours confirms first modification<br />

under new Blackhawk agreement<br />

Flying Colours, <strong>the</strong> Peterborough-Canada based global<br />

aviation service company, announced its first turboprop<br />

Blackhawk modification project. January 2012 will see<br />

<strong>the</strong> arrival <strong>of</strong> a privately owned King Air C90 at <strong>the</strong> Peterborough<br />

facilities where it will undergo a full XP 135 engine<br />

conversion. <strong>The</strong> scope <strong>of</strong> <strong>the</strong> work will also feature<br />

additional routine maintenance inspections along with<br />

interior modifications.<br />

Spare Solution Support India signs<br />

component maintenance agreement with<br />

Turkish Technic<br />

Spare Solution Support India (SSSI) signed component<br />

maintenance agreements with Turkish Technic for <strong>the</strong><br />

repair <strong>of</strong> Airbus A320 family components. Component<br />

maintenances will be carried out at Turkish Technic’s<br />

facilities in Istanbul, servicing more than 10.000<br />

different part numbers.<br />

Aviointeriors delivers TRANSAERO’s first<br />

B777<br />

Aviointeriors delivered TRANSAERO’s 1st B777 equipped<br />

with <strong>the</strong>ir glamourous Imperial First Class, Business,<br />

Premium Economy <strong>and</strong> Economy class seats, after only<br />

seven months. TRANSAERO’s excecutive direc<strong>to</strong>r, Alex<br />

<strong>AviTrader</strong> MRO - December 2011

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!