Asian Sky Quarterly Q1 2016

ASIAN SKY QUARTERLY 

FIRST QUARTER 2016 

INDIA 

COUNTRY PROFILE 

GULFSTREAM G550 

SPOTLIGHT 

BJÖRN NÄF 

METROJET 

INTERVIEW 

ASIA-PACIFIC OUTLOOK 

METRICS & MOOD 

FIRST QUARTER 2016 

CURRENT MARKET SUMMARIES 

JETS & HELICOPTERS

PUBLISHER’S NOTE 

Special thanks to our contributors: 

Here we are with Asian Sky Quarterly’s Issue #2, trying to avoid the 

sophomore jink which I believe we’ve been successful in doing. This issue 

is bigger, more comprehensive and has generated even more interest than 

the inaugural issue. Response to our market survey was even higher. 

As promised, we would try to make each issue better than the last, so you 

will hopefully notice some positive changes. These include an expanded 

“Mood & Intentions” survey questions and analysis with responses up and 

from a better cross section across the Asia Pacific region, a bolstered 

“Economics” data and outlook provided by Morgan Stanley Research, 

an expanded and better segregated “OEM Activity” section, an adjusted 

“Market Dynamics” segment to dampen the sensitivity of underlying 

assumptions, and a visually-improved presentation format for our “Market 

Summary”. 

Last but not least, the “Country Profile” this time is on India with a 

highlight on its challenges. The “Aircraft Spotlight” is on the irreplaceable 

Gulfstream G550, and our “Industry Insider” is none other than Metrojet’s 

long serving and renowned CEO, Mr. Bjorn Naf. 

With that, this second issue is a success and I hope you feel the same; 

enjoy the read and gain exceptional value from it. Thank you for your loyal 

readership and see you all at ABACE 2016. 

Sincerely, 

Jeffrey C. Lowe 

Managing Director, Asian Sky Group 

2 | ASIAN SKY QUARTERLY — FIRST QUARTER 2016

CONTENTS 

06 ECONOMICS 

34 

Overview of the Asia-Pacific region’s current status and 

each specific country’s GDP in contrast with their business 

aircraft fleet growth. 

INDUSTRY INSIDER 

The inside success story of Asia-Pacific business aviation 

veteran Bjorn Naf, CEO of Metrojet and Heliservices. 

09 

MOOD & INTENTIONS 

Survey results of the Asia-Pacific region’s mood on current 

economic status, aircraft utilization, purchase intentions, 

and influencing factors. 

36 

AIRCRAFT SPOTLIGHT 

An in-depth market performance analysis of the Gulfstream 

G550. 

12 


Overview and examination of India’s advocacy for business 

aviation, its fleet growth, and top operators. 

40 

AIRCRAFT POSITIONING 

A mapping of all popular business jet and civil helicopter 

models according to cost and maximum range. 

15 

28 

OEM ACTIVITY 

A performance snapshot of every major business aircraft 

manufacturer focusing on the most recent financial news, 

deliveries and other key news developments. 

MARKET DYNAMICS 

An in-depth analysis of the changing pricing signals and 

business aircraft market momentum given the continual 

fluctuations of supply and demand. 

42 

56 

MARKET SUMMARY -- JETS 

A model-by-model market positioning and average dayson-market 

analysis with featured pre-owned business jets. 

MARKET SUMMARY -- HELICOPTERS 

A model-by-model market positioning and average days-onmarket 

analysis with featured pre-owned civil helicopters. 

PUBLISHER 

Asian Sky Group 

PUBLISHING AGENT 

Blu Inc Media (HK) 

EDITORIAL 

Anthony Lam 

DESIGN 

Blu Inc Media and ASG 

MARKETING 

Jennifer Spano 

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Website 网站 www.cpo.com.hk 

Asian Sky Quarterly is published by Blu Inc Media (HK) Ltd, a 

subsidiary of SPH Magazines Pte Ltd. Copyright and trademark 

registered by SPH Magazines Pte Ltd. All rights reserved. 

Content copyright © Blu Inc Media (HK) Ltd. 

The trademark and content may not be used or reproduced 

without the permission of SPH Magazines Pte Ltd and Blu Inc 

Media (HK) Ltd. © 2015 by Blu Inc Media (HK) Ltd. 

The materials and information provided by Asian Sky Group 

Limited (“ASG”) in this report is for reference only. Any 

information we provide about how we may interpret the data 

and market, or how certain issues may be addressed is provided 

generally without considering your specific circumstances. 

Such information should not be regarded as a substitute for 

professional advice. Independent professional advice should be 

sought before taking action on any matters to which information 

provided in this report may be relevant. 

ASG shall not be liable for any losses, damage, costs or expenses 

howsoever caused, arising directly or indirectly from the use of 

or inability to use this report or use of or reliance upon any 

information or material provided in this report or otherwise in 

connection with any representation, statement or information on 

or contained in this report. 

ASG endeavours to ensure that the information contained in 

this report is accurate as at the date of publication, but does not 

guarantee or warrant its accuracy or completeness, or accept 

any liability of whatever nature for any losses, damage, costs or 

expenses howsoever caused, whether arising directly or indirectly 

from any error or omission in compiling such information. This 

report also uses third party information not compiled by ASG. 

ASG is not responsible for such information and makes no 

representation about the accuracy, completeness or any other 

aspect of information contained. The information, data, articles, 

or resources provided by any other parties do not in any way 

signify that ASG endorses the same. 

AIRCRAFT SALES INQUIRIES: 

Asian Sky Group 

Suite 3905, Far East Finance Centre, 

16 Harcourt Road, Admiralty, Hong Kong 

Tel: (852) 2235 9222 | Fax: (852) 2528 2766 

sales@asianskygroup.com | www.asianskygroup.com 

Blu Inc Media (HK) Ltd 

2/F, Chinaweal Centre, 414-424 Jaffe Rd, 

Wanchai, Hong Kong 

Tel: (852) 2165 2800 | Fax: (852) 2868 1799 

www.bluincmedia.com 

All editorial and circulation inquiries should be directed to this 

address 


ECONOMICS 

Given a weaker global economic environment, current growth estimates for Asia (ex-Japan) have been reduced to 5.9% from 6.2%. 

GDP growth is likely to decelerate in 2016 relative to 2015 for seven of the 10 economies within the region. Headwinds from weak 

external demand are expected to persist, adding further downward pressures on the growth trajectory. Central banks in the region 

are expected to maintain an easing bias, but the size of any rate cuts is likely to be limited and in some case, constrained due to a 

need to simultaneously also manage exchange rate, interest rates and capital outflows challenges. 

Australia 

Australia will see a housing slowdown join the resources 

capex unwind over 2016, driving GDP growth down to 1.9%. 

Significant uncertainty surrounds fiscal policy and tax reform, 

and a May budget should hopefully lay out the agenda to be 

put to a federal election in Aug-Oct 2016 timeframe. In the 

meantime, the Reserve Bank of Australia is expected to cut 

rates by 50bp in 2Q-3Q16, helping to guide Australian Dollar 

AUD lower. 

China 

Structural headwinds from 3D (debt, demographics, 

disinflation) challenges mean China will remain trapped 

in a downward growth trend. While policy makers are likely 

to continue with further monetary and fiscal easing, the 

effectiveness of these measures will be constrained by a 

deteriorating incremental capital output ratio. 

Hong Kong 

Hong Kong continues to face a challenging macro 

environment with growth in its key trading partners slowing in 

2016. Moreover, the continued appreciation of the exchange 

rate on a trade weighted basis (the HK$ remains fixed to the 

US$) will also weigh on the growth and inflation trajectory. 

India 

A tepid growth recovery is expected, driven by urban 

consumption and public capex which is reinforced by foreign 

private investment flows. Price stability and external stability 

is expected to be within policy makers’ comfort zone, but 

progress on financial stability (impaired loans) will be slow. 

Korea 

High debt, deflation, an demographic situation that is 

beginning to lean toward an aging society, as well as the 

slowdown in Chinese demand, pose a potential structural 

growth drag. Policy response will cushion the slowdown, but 

it’s not yet clear if the situation can be reversed. 

Malaysia 

Oil is the single most important commodity for Malaysia and 

the recent decline in oil poses further terms-of-trade shock 

and collateral impact on fiscal policy. Malaysia is likely to see 

the most growth deceleration in ASEAN. 

Singapore 

The interplay of cyclical and structural forces continue to 

weigh on the growth outlook. On the external front, a lower 

“new normal” in terms of growth and external demand 

pose headwinds. Domestically, high debt and a less liberal 

immigration policy may cap headline growth, though there 

is optimism that Singapore’s structural advantages as a safe 

place to conduct business will continue to help the country 

with its economic output. 

Philippines 

Growth will hold steady in 2016 despite a delayed 

export recovery and softening remittances as incoming 

domestic demand has remained healthy given strong 

macro fundamentals and absence of leverage excesses. 

The upcoming elections need to play out, but will tell the 

investment much about the countries future direction and 

commitment to GDP growth and transparency. 

Indonesia 

Despite softer global demand, a mild growth recovery in 2016 

is expected as a more efficient government expenditure mix 

draws in private sector domestic demand and offsets the soft 

export momentum. While the statements and policy plans of 

the new administration remain positive, there remains a ‘wait 

and see’ approach within the investment community over how 

the new Government policies will boost economic output. 

Japan 

The structural headwinds of debt, demographics and deflation 

mean that private sector domestic demand is unlikely to drive 

an autonomous growth recovery in this cycle. Meanwhile, 

delays in fiscal implementation dampens hopes of a growth 

uptick in 2016 though the Abe Government remains focused 

on creating increased domestic demand and consumption. 

Taiwan 

High debt, greying demography and an export model which 

is dependent on US and China spell growth headwinds. Any 

policy support can only come after late 2Q16 when the new 

administration comes to the helm. 

Thailand 

The Thai military Government’s complete policy plans remain 

somewhat volatile, and any delays in fiscal implementation 

may dampen hopes of a growth uptick in 2016. The 

investment community will continue to monitor these events 

closely and watch for any policy changes in favor of more 

traditional civilian oriented economic development plans and 

proposals. 

Source: Morgan Stanley 


BUSINESS JET FLEET AND GDP BY COUNTRY 

Australia 

China 

Hong Kong 

India 

Indonesia 

Japan 

Malaysia 

New Zealand 

Papua New 

Guinea 

Philippines 

Singapore 

South Korea 

Taiwan 

Thailand 

GDP (B USD)* 

BUSINESS JET FLEET † CIVIL HELICOPTER FLEET † 

11,788 

306 

6,040 

5,495 

4652 

2384 

1779 

2084 

840 

1,709 

1,142 

1,095 

755 

1519 

1480 

979 

145 

177 

145 

134 

746 

718 

765 

743 

114 

537 

446 

341 

255 

236 

229 

200 

145 

10 

427 

370 

320 

303 

211 

18 

74 

56 

37 

35 

29 

17 

15 

13 

8 

3 

1 

2010 2011 2012 2013 2014 2015* 2016* 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 

61 

50 

49 

46 

44 

35 

22 

20 

10 

3 

253 

195 

161 

134 

111 

77 

43 

32 

303 

222 

203 

158 

115 

35 

30 

* 2015 & 2016 GDP are based on Morgan Stanley research forecast 

† 

Business jet and civil helicopter fleet data obtained from ASG’s 

Fleet Reports. For more information please download the Fleet 

Reports from www.asianskygroup.com. 

FIRST QUARTER 2016 — ASIAN SKY QUARTERLY | 7

MOOD & INTENTIONS: ASIA-PACIFIC REGION SURVEY 2016 Q1 

Central Asia (1%) 

South & 

East Asia 

(19%) 

LOCATION 

160+ 

respondents 

Greater China (31%) 

RESPONDENTS 

AIRCRAFT TYPE 

AIRCRAFT OPERATED BY 

MANAGEMENT COMPANY? 

Rotary 

Fixed Wing 

(34%) (66%) No (41%) 

Yes (59%) 

Oceania (49%) 

• Oceania includes Australia, New Zealand and Papua New Guinea. 

• Greater China includes Mainland China, Hong Kong, Macau and 

Taiwan. 

• South & East Asia includes Indonesia, Malaysia, Philippines, 

Singapore, Thailand, Japan and South Korea. 

• Central Asia includes India and Nepal. 

Source: Asian Sky Group Survey, March 2016 

WHAT IS OUR CURRENT ECONOMIC STATUS? 

• The survey was taken in March 2016 with over 160 respondents. 

Past the 

lowpoint 

22% 

25% 

2016 Q1 

2015 Q4 

30% 

30% 

At low point 

• Slightly more people than last quarter (+3%, 48% in total) believe the current 

economic status hasn’t reached the low point. This indicates that a pessimism still 

prevails predominately but is also worsening throughout the Asia Pacific egion. 

• Overall, most aircraft owners in the Asia Pacific region feel neutral or satisfied 

towards their aircraft management company. 

45% 

48% 

Not reached the low point 

HOW SATISFIED ARE YOU WITH 

YOUR AIRCRAFT OPERATOR? 

• South and East Asia’s aircraft management companies generally have a higher 

satisfaction level than other regions, especially for such factors as value for money, 

operational efficiency and customer service. These results are not surprising given 

these regions reflect more mature business aviation markets. Aircraft owners 

in China believe that their aircraft management companies could improve their 

services in general, but still trust them to operate safely. In Australia, where the 

necessity of aircraft management services are lower (as one can operate their own 

flight department), owners have taken a more moderate view towards management 

companies and those who continue to use such services generally trust their 

operational safety and quality of maintenance support. 

MANAGEMENT COMPANY SATISFACTION 

KEY FACTORS (Outer is better) 

Unsatisfied and intend 

to change (4%) 

Neutral (48%) 

Customer Service 

Operation 

Safety 

Operation 

Efficiency 

Unsatisfied 

(2%) 

Quality of 

Maintenance 

Value for Money 

(Price) 

Satisfied (46%) 

Quality of On-board Service 

APC Overall Australia Greater China South & East Asia 


HOW IS YOUR AIRCRAFT UTILIZATION COMPARED TO 12 MONTHS AGO? 

2015 Q4 2016 Q1 

19% 

14% 

25% 

19% 

37% 

33% 

11% 

20% 

8% 

14% 

Down 20% 

or more 

Down but less 

than 20% 

The same 

Up but less than 

20% 

Up by 20% and 

more 

Greater China’s aircraft utilization 

compared to 12 months ago or more 

2015Q4 

2016Q1 

-20% - 0% 

The Same 

0% - 20% 

• Overall, 34% of the respondents to this survey 

have seen increased utilization, which is 15% 

higher than the last quarter’s survey responses. 

There was also an 11% decrease in survey 

respondents who reported lower aircraft 

utilization compared to last quarter. 

• For Greater China, 33% of aircraft have 

increased their utilization, which is 17% higher 

compared to last quarter. Those aircraft 

Oceania’s aircraft utilization 

compared to 12 months ago 

2015Q4 


-20% - 0% 

20% 

The Same 

0% - 20% 

with decreasing their utilization fell to 39% 

compared to last quarter’s 49%. These trends 

reflect a positive outlook regarding the ongoing 

recovery of Chinese business jet usage are a 

hopeful indicator of continued improvements 

during the balance of 2016. 

• Oceania countries (Australia and New Zealand) 

were the best performers in the Asia Pacific 

with regard to utilization improvements, with 

total utilization growth of 38%. The number of 

aircraft which saw a decrease in utilization fell 

to 26% from 40% in last quarter. 

South & East Asia’s aircraft utilization 

compared to 12 months ago 

20% 

The Same 

• In the South & East Asia (including Japan 

and Korea) market there appears to be some 

bifurcation trends, though it is not yet clear if 

these are short term in nature or long lasting. 

A very positive 50% of aircraft tracked by this 

survey saw their utilization increase, and while 

the balance did see decreased utilization, it was 

by less than 20%. 

2015Q4 


-20% - 0% 

0% - 20% 

20% 


WHAT IS YOUR AIRCRAFT 

PURCHASE INTENSION? 

WHAT WOULD BE YOUR 

PURCHASE PREFERENCE? 

(Outer is preferred) 


Pre-owned 

2015 Q4 

aircraft 

26% 22% 

Uncertain 

Twin-turbine 

helicopter 


Small jet 

Medium jet 

58% 

57% 

20% 

Single-turbine 

helicopter 

2015 Q4 

Large jet 

New aircraft 

17% 

Piston helicopter 

Corporate airliner 

WHAT FACTORS ARE INFLUENCING 

YOUR PURCHASE DECISION? 

Economic Uncertainty 

• More potential owners (+4% compared to last 

Price 

Declining Business 

Activity 

quarter) are now considering purchasing a 

pre-owned aircraft, while the majority of 

respondents (57%) remain uncertain. 

Can’t sell 

current aircraft 

Availability 

of financing 

• The reported factors influencing purchase 

decisions remain similar to last quarter, with 

the exception of “financing availability”, which 

appears to be becoming more difficult in the 

South and East Asia regions. 

No current aircraft 

meets needs 

Government / 

Public opinion 

• “Economic Uncertainty” is still the most 

mentioned factor limiting overall growth, 

followed by “Government / Public Opinion” 

in Greater China, and “No Need” for other 

Purchasing 

Timing 

No Need 

markets of the Asia Pacific region. 

APAC Overall 

Greater China 

Australia & 

New Zealand 

South & East Asia 



INDIA AVIATION MARKET OVERVIEW 

India has become one of the top growth markets for business aviation 

in the Asia-Pacific region, though the challenges ahead threaten 

to undermine its potential. The rise of the market was sudden if 

not unexpected, largely driven by the country’s economic growth, 

positive changes in attitude towards business aviation and lagging 

infrastructure development, which created a need for businesses to 

move personnel around more efficiently. 

Business Jet Fleet -- Size Category 

Corp. Airliner (6%) 

Very Light (10%) 

Medium (25%) 

India’s commercial aviation industry remains challenging for pointto-point 

travel between second- and third-tier cities, and individuals 

and corporations continue to look for ways to run businesses more 

efficiently. Executives and entrepreneurs in India are increasingly 

viewing corporate aviation as a valuable – in some case essential 

business tool which benefits not only themselves but the entire 

country’s economic output capability. 

Long Range (12%) 

Large (23%) 

145 

Light (24%) 

or foreign executives, or those those who need to visit three or four 

smaller Indian cities in a day, utilizing private aircraft has become a 

necessity, and is seen by such by Indian Government officials who 

prize foreign investment. The positive news for those concerned with 

India’s business aviation sector both domestic and foreign is that 

rules and regulations, as well as tax policy, appear to be trending in 

the right direction. 

Civil Helicopter Fleet -- Mission Distribution 

Law Enforcement (2%) Private (1%) 

Flight Training (3%) 

Charter (8%) 

Positive changes aside, a number are a number of significant 

challenges still remain, which when combining, continue to weigh 

down on the business aviation market in India. These include: 

SAR (8%) 

Offshore Operations 

(15%) 

304 

Multi Mission (39%) 

• Continued taxes, especially on the importation of business aircraft, 

remains subject to an 18.5% duty. While aircraft owners can 

reduce this to a 3% tariff if they agree to import the aircraft for 

charter operations, there also remains a further 12.5% value-added 

tax AT, a higher rate than for many other goods sold in India, 

because the government assesses business jets as a luxury. 

• This tax situation is leading some business owners to avoid the 

problem altogether by registering the aircraft overseas and using 

it in-country no more than six months out of the year, in which 

case import duty is not applicable in these cases. This loophole, 

however, is something the finance ministry is re-examining. 

• The tax situation has also resulted in the proliferation of nonscheduled 

commercial operators (NSOPs). This is negatively 

impacting business aviation in India as it has led to a large number 

of smaller operators, little fleet expansion and limited economies of 

scale, all of which combine to raise the cost structure of business 

jet operations. A positive step toward addressing this issue might 

be a more creative policy approach to difference business aviation 

models often found in the more developed western markets – such 

as fractional ownership – which at the moment cannot be applied 

in India. 

• Aircraft spare parts are also subject to 18.5% import duty and 

.5 AT, further increasing the cost of aircraft operations. hile 

Corporate (24%) 

this duty can reduced to 3% if the part is for NSOP, the structure 

challenges mentioned above continue to make that a less than 

simple solution. 

• Inadequate airport infrastructure continues to be a major hurdle to 

business aviation growth (including rotary). Though new airports 

are being built country-wide for commercial aviation, the business 

aviation sector appears to be an afterthought compared to mass 

market commercial travel needs. For instance, a business jet can 

only park for 72 hours at Mumbai airport, after which a penalty 

is assessed. An operator has to therefore base their plane in 

Ahmedabad or some other neighbouring airport, which further 

increases the costs of business travel. 

• Additionally, there are two major dedicated fixed-based operators 

(FBOs) in India serving business aviation: one in New Delhi and one 

in Mumbai. While having FBOs in those key cities is an essential 

step, more dedicated facilities at second level cities – often where 

outsourcing, technology and manufacturing businesses are based 

is an essential step in promoting both domestic efficiency and 

foreign direct investment. 

Source: JETNET, ASG & TAJAIR 



Business Jets — Top Operator Fleets by OEM 

11 

9 

4 4 4 

3 3 

• India’s top three jet operators 

are Reliance Transport & 

Travels, AR Airways, and Air 

One Aviation, Airmid Aviation 

Services, and India Fly Safe 

Aviation tied for third place. 

Reliance 

Transport & 

Travels 

AR Airways 

Air One 

Aviation 

Airmid 

Aviation 

Services 

India 

Fly Safe 

Aviation 

Religare 

Aviation 

Karnavati 

Aviation 

Total 

Airbus 1 1 

Bombardier 4 1 3 1 1 10 

Cessna 6 1 1 1 9 

Dassault 3 2 1 3 9 

Embraer 2 3 1 1 7 

Hawker 1 1 2 

Total 11 9 4 4 4 3 3 38 

% of Fleet 8% 6% 3% 3% 3% 2% 2% 26% 

Civil Helicopters — Top Operator Fleets by OEM 

44 

25 

23 

• India’s top three helicopter 

operators are Pawan Hans 

Helicopters, the Indian Coast 

Guard, and Global Vectra 

Helicorp with 14%, 8%, and 8% 

of the country’s total fleet size, 

respectively. 

9 

9 

7 

6 

5 

4 

4 

Pawan Hans 

Helicopters 

Indian Coast 

Guard 

Global Vectra 

Helicorp 

Heligo 

Charters 

Hindustan 

Aeronautics 

Deccan 

Charters 

Indian Border 

Security 

Force 

OSS Air 

Management 

Prabhatam 

Aviation 

United 

Helicharters 

Total 

Finmeccanica 4 3 5 12 

Airbus 34 20 7 2 1 2 1 4 71 

Bell 7 12 4 5 4 32 

HAL 5 5 5 15 

Mil 3 3 

Schweizer 3 3 

Total 44 25 23 9 9 7 6 5 4 4 136 

% of Fleet 14% 8% 8% 3% 3% 2% 2% 2% 1% 1% 45% 

Source: JETNET & ASG 



FOREIGN REGISTERED AIRCRAFT OPERATIONS IN INDIA 

• There are several 24-hour airports in India – including Delhi, Mumbai, Bengaluru, Chennai, and Kolkata 

– but most airports are not 24/7 operations & have night operating curfews. For example Mumbai 

GA operations are not permitted 0800-1000, 1730-1930 & 2115-2315 local. 

• Foreign-registered aircraft may only remain in India a maximum of 14 consecutive days. 

• The most challenging airport in India for GA parking is Mumbai. This location has a 72-hour GA 

parking limitation with longer-term parking generally not available. If you want to stay at Mumbai 

more than three days, you’ll need to reposition your aircraft. 

• When you operate to larger Airports of Entry (AOEs), airport slots may be required. Mumbai is the 

strictest airport in terms of slot requirements and they are valid for only -15/+45 mins. Other airports 

requiring slots include Bangalore and Delhi. 

• Lead time for military airport landing permits usually runs 15 to 20 business days. 

• All aircraft traveling to India require landing permits, regardless of the type of flight. Official permit 

lead time is three business days for destination stops and one business day for overflight or technical 

stops, including fuel uplift and crew rest. 

• Information and documentation requirements are the same for private and charter flights. The 

only difference is that private flights may have no more than 14 passengers onboard while charter 

operations do not have this limitation. However, if the number of passengers onboard a charter 

operation exceeds 14, a special clearance from the Ministry of Tourism is needed to operate as it’s 

considered a tourist charter flight. 

• Normally, DGCA only provides permit confirmations 24 to 48 hours in advance. Upon special request, 

however, you may be able to obtain this confirmation up to 72 hours prior, but this is not guaranteed. 

Any changes to schedule, involving an earlier arrival/departure, require permit revision and only 2 

revisions are allowed. 

• While prior permission required (PPR) is not needed for any airport in India, you must obtain a permit 

from the Indian military for travel to any military or joint use civilian/military airport in India where the 

permit validity is just +/- 2 hours. 

• For arrivals in India, ATC provides an Air Defense Clearance (ADC) confirmation number, allowing you 

to proceed to your destination once you enter Indian FIR. For departures two confirmation numbers 

are provided – ADC number and a Flight Information Center (FIC) number. 

• To operate in Indian airspace you must have TCAS II and RVSM. 

Source: Nexus Aviation 


OEM ACTIVITY 

AIRBUS CORPORATE JETS 

AIRBUS GROUP SE (AIR.PA) 

MARKET PERFORMANCE CHART 

• YE2015 results reflect solid financial 

and operational performance. 

EUR PER SHARE 

70 

65 

60 

55 

50 

DOW JONES 

AIRBUS GROUP SE 

18,500 

18,000 

17,500 

17,000 

16,500 

16,000 

15,500 

DOW JONES 

• Revenue: Airbus received 1,080 

net commercial aircraft orders and 

registered an 8% rise in revenues on 

higher deliveries of 635 aircraft. 

• Order Backlog: Airbus Group order 

backlog value reached a record 

€1,006 billion (+17%). 

45 

15,000 

14,500 

40 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 

14,000 

DELIVERIES BY MODEL & BILLINGS -- AIRBUS CORPORATE JETS* 

2 

2015 Q4 

83 

1 

Q3 

91 

NO DELIVERY 

Q2 

1 

Q1 

68 

2 

2014 Q4 

182 

NO DELIVERY 

Q3 

2 

Q2 

182 

1 


83 

ACJ 318 ACJ 319 ACJ 320 ACJ 330 

US$ IN MILLIONS 

HIGHLIGHTS 

• Comlux Aviation Group announced a firm order for three 

Airbus ACJ320neo aircraft, becoming the largest customer 

for Airbus’ new corporate jet family. 

• K5 Aviation GmbH of Germany firmed up a previously 

announced commitment for an Airbus ACJ319neo. The 

ACJ319neo will be operatead by K5 Aviation, which will be 

the first to fly the new type. K5 Aviation already manages 

three ACJ319s that are offered for VVIP charter. 

16 | ASIAN SKY QUARTERLY — FIRST QUARTER 2016 

* Source: GAMA

OEM ACTIVITY 

AIRBUS HELICOPTERS 

• Airbus Helicopters’ EBIT increases 3% to €427 million. 

• Airbus Helicopters received 333 net orders including 107 

H145s and 36 H175s but despite lower overall deliveries 

of 395 units, revenues rose 4%. 

DELIVERIES BY MODEL & BILLINGS -- AIRBUS HELICOPTERS* 

107 

2015 Q4 

693 

59 

Q3 

279 

64 

Q2 

308 

49 


247 

106 

2014 Q4 

623 

73 

Q3 

447 

90 

Q2 

446 

55 


283 

SINGLE 

H120 

AS350B2 

H125 

H130 

LIGHT TWIN 

AS350NP 

H135 

H145 

MEDIUM 

AS365N3+ 

H155 

H175 

HEAVY 

AS332 

H225 


HIGHLIGHTS 

• 2016 will see Airbus Helicopters open the orderbook 

for the H160 medium twin, the second prototype of 

which has recently flown powered by Turbomeca Arrano 

engines. 

• Airbus Helicopters will also open its Marignane 

Development Centre, a new blade production center and 

an all-new final assembly line for the H160 in 2016. 

* Source: GAMA 


OEM ACTIVITY 

BOEING BUSINESS JETS 

THE BOEING COMPANY (BA.US) 


165 DOW JONES 

155 

18,500 

18,000 

17,500 

• Revenue and Profitability: 

Boeing’s YE2015 results saw 

record revenues of $96.1 billion 

(+6%) with record commercial 

deliveries and earnings of $7.74 

billion. 

USD PER SHARE 

145 

135 

125 

115 

THE BOEING COMPANY 

17,000 

16,500 

16,000 

15,500 

15,000 

DOW JONES INDEX 

• Order Backlog: Commercial 

Airplane net orders of 768 

aircraft corresponding to $66 

billion in revenue backlog. 

• Backlog remains strong with 

nearly 5,800 airplanes valued at 

$432 billion. 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 

14,500 

14,000 

DELIVERIES BY MODEL & BY BILLINGS* 

3 

2015 Q4 

192 

4 

1 

Q3 

117 

1 

Q2 

3 


59 

4 

2014 Q4 

134 

3 

Q3 

123 

1 

Q2 

68 

2 


BBJ BBJ2 BBJ3 B777-300ER B787-8 B787-9 


HIGHLIGHTS 

• Associated Air Center (AAC) has delivered the first Boeing BBJ 

787-8 to be configured for head-of-state operations. 

• The first BBJ completed by Sabena Technics, managed by 

Boeing Business Jets as a turnkey airplane, was delivered to 

a Taiwanese owner and entered service. 

• Aeria Luxury Interiors of ST Aerospace has redelivered its first 

green Boeing Business Jet (BBJ) VIP interior completion to an 

undisclosed customer at the end of December 2015. 


* Source: GAMA

BOMBARDIER BUSINESS AIRCRAFT 

OEM ACTIVITY 

BOMBARDIER INC. (BBD-B.TO) 


CAD PER SHARE 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

BOMBARDIER 

DOW JONES 

18,500 

18,000 

17,500 

17,000 

16,500 

16,000 

15,500 

15,000 

14,500 

14,000 


• Revenues & Profitability: YE2015 

revenues of $18.2 billion and EBIT 

of $554 million. 

• Order Backlog: $59.2 billion, 

including an Air Canada order for 

up to 75 CS300 aircraft (45 firm 

and 30 options). 

1.0 

13,500 

0.5 

13,000 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 

64 

DELIVERIES BY MODEL & BILLINGS* 

2015 Q4 

2,298 

43 

Q3 

1,564 

47 

45 

Q2 


1,657 

1,809 

78 

2014 Q4 

2,689 

45 

Q3 

1,718 

38 

Q2 

1,588 

43 


1,570 

LEARJET 70/75 LEARJET 60XR CHALLENGER 350 


CHALLENGER 605/650 GLOBAL 5000/6000 CL850/870/890 

HIGHLIGHTS 

• The Challenger 650 aircraft was granted full type certification 

from the European Aviation Safety Agency and EASAregistered 

customers will start taking delivery of the new 

aircraft in 2016. 

• Bombardier marked a major milestone with delivery of the 

75th Learjet 75 aircraft to Aurora Jet Partners who will add 

the Learjet 75 to its existing fractional jet fleet of light, midsize, 

and large business jets. 

• Fast-growing private jet operator Zetta Jet based in Singapore 

has exercised options for a total of two Global 6000. Zetta 

Jet’s total aircraft order with Bombardier now stands at three 

firm Global 6000 aircraft with options for four additional 

business jets. 



OEM ACTIVITY 

BELL HELICOPTER 

• Bell Helicopter: Bell results included $3.5 billion in 

revenue and profits of $400 million. Units sold in 

2015 included 48 military and 175 civil helicopters, 

and Bell enters the new year with a backlog of 

approximately $5.2 billion. 

DELIVERIES BY MODEL & BY BILLINGS - BELL HELICOPTER* 

56 

2015 Q4 

308 

45 

Q3 

238 

39 

Q2 

207 

35 


133 

57 

2014 Q4 

340 

41 

Q3 

258 

46 

Q2 

242 

34 


134 

BELL 206L-4 BELL 407 BELL 429 BELL 412 


HIGHLIGHTS 

• Bell holds 80 letters of intent (LOIs) for the new Bell 

525 super medium helicopter, which is primarily 

aimed at the offshore oil and gas market, and 350 

LOIs for the new Bell 505, which is primarily aimed 

at indivual or corporate users. 

• Two Bell 525 flight-test aircraft have accumulated 

140 hours, while three Bell 505 test ships have 

amassed more than 500 flight hours. 

• Bell announced an LOI for 10x 525s from Guangxi 

Diwang Group of China, which plans to use them 

for tourism and search-and-rescue missions. 


* Source: GAMA

OEM ACTIVITY 

CESSNA CITATION JETS 

TEXTRON INC (TXT.US) 


TEXTRON INC. 

• Revenue & Profiability: YE2015 

revenue was $13.4 billion (with 36% 

coming from Cessna and Beechcraft) 

and income of $698 million (+15%). 

USD PER SHARE 

DOW JONES 


• Order Backlog: Textron Aviation 

(Cessna and Beechcraft) backlog 

consists of 166 Cessna Jets, 117 King 

Airs, 1,012 Caravans and 312 pistons, 

with total expected revenues of $1.1 

billion. 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 

48 

DELIVERIES BY MODEL & BILLINGS -- CESSNA BUSINESS JETS * 

2015 Q4 

776 † 

33 

Q3 

453 

36 

Q2 

440 

33 


374 

55 

2014 Q4 

698 

33 

Q3 

385 

36 

Q2 

471 

35 


432 


VERY LIGHT 

510 CITATION MUSTANG 

525 CITATION M2 

LIGHT 

525A CITATION CJ24 

525B CITATION CJ3 

525B CITATION CJ3+ 

525C CITATION CJ4 

560 CITATION XLS+ 

MEDIUM 

680 CITATION SOVEREIGN+ 

750 CITATION X+ 

HIGHLIGHTS 

• The Cessna Citation Latitude midsize business jet received 

certification from the European Aviation Safety Agency 

(EASA), with deliveries underway in the region. 

• Textron Aviation attained new certifications allowing 

each US company-owned service center to support the 

Beechcraft, Cessna and Hawker brands. 

• Textron Aviation announced the launch of 1Call, which 

provides a single point of contact for Beechcraft, Citation 

and Hawker customers during unschedules maintenance 

events. 

† 

The billings include Cessna Piston aircraft, Turboprops aircraft and Citation Business Jets. 



OEM ACTIVITY 

DASSAULT FALCON JETS 

EUR PER SHARE 

1,400 

1,300 

1,200 

1,100 

1,000 

900 

800 

700 

Jan14 

Apr14 

Jul14 

DASSAULT AVIATION SA (AM.PA) 


Oct14 

DASSAULT AVIATION SA 

Jan15 

DOW JONES 

Apr15 

Jul15 

Oct15 

Jan16 

20,000 

19,500 

19,000 

18,500 

18,000 

17,500 

17,000 

16,500 

16,000 

15,500 

15,000 


• Revenue & Profitability: consolidated 

net revenues of €4.2 billion compared 

to €3.7 billion in the prior year, and 

operating income was €361 million 

up slight from last year’s €353 

million. 

• Order Backlog: Dassault Aviation 

recorded an intake of €9.9 billion new 

orders, compared to €4.6 billion in 

2014; and the consolidated backlog 

stands at €14.2 billion compared to 

€8.2 billion in the prior year. 

• For Falcon, the year was marked 

by disappointing order intake with 

45 Falcons ordered (compared to 

90 Falcon in 2014) and the delivery 

of just 55 aircraft, whereas 65 were 

planned. 

• Consolidated Falcon order intake 

was only €1.6 billion compared to 

€3.9 billion in 2014, with Falcon 

net sales amounted to €2.5 billion 

compared to €2.7 billion. 


37 

2015 Q4 

1,537 

NO DELIVERY 

Q3 

12 

Q2 

421 

6 


212 

28 

2014 Q4 

1,182 

13 

Q3 

500 

16 

Q2 

685 

9 


350 

FALCON 2000S 

FALCON 900LX FALCON 2000LXS 

FALCON 2000S/2000LXS/900LX/7X 


HIGHLIGHTS 

• First ultra-long-range Falcon 8X is set for delivery to an Indian 

operator by end of 2016. 

• Dassault’s 2016 Falcon M&O (Maintenance & Operations) 

seminar series will kick off April 13th in Paris and Shanghai, 

coinciding with the 100-year anniversary of Dassault Aviation. 

• Dassault Aviation recently approved Sabena Technics as a 

major authorised service center for Falcon aircraft at Sabena 

Technics’s Dinard, France facility. 



OEM ACTIVITY 

EMBRAER EXECUTIVE JETS 

EMBRAER S.A. (ERJ.US) 


• Revenues and Profitabilty: Revenues 

were $5.9 billion with EBIT of $331.5 

million. 

USD PER SHARE 

40 

35 

30 

25 

DOW JONES 

EMBRAER S.A. 

18,500 

18,000 

17,500 

17,000 

16,500 

16,000 

15,500 

15,000 


• Deliveries: 101 commercial aircraft 

deliveries, with executive jet 

deliveries of 120 aircraft (82 light 

and 38 large), which reflects an 

increase of 4% compared to 2014. 

• Order Backlog: $2.0 billion in firm 

orders for ‘executive jets’. 

14,500 

20 

14,000 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 


45 

2015 Q4 

696 

30 

Q3 

406 

33 

Q2 

403 

12 


125 

52 

2014 Q4 

698 

15 

Q3 

130 

29 

Q2 

394 

20 


248 

PHENOM 100E 

PHENOM 300 LEGACY 450 


LEGACY 450 

LEGACY 600/650 LINEAGE 1000 

HIGHLIGHTS 

• The Embraer Phenom 300, recognised as one of the 

most desirable light jets by fractional programs, charter 

services, corporate flight departments and owner-pilots, 

was the most-delivered business jet in the world in 2015 

for the third consecutive year, with 70 aircraft received by 

customers around the globe. 

• The Embraer Phenom 100 business jet was selected 

to provide multi-engine pilot training to armed forces 

aircrews in the United Kingdom. 



OEM ACTIVITY 

FINMECCANICA HELICOPTERS 

EUR PER SHARE 

13 

11 

9 

7 

5 

3 

1 

Jan14 

Apr14 

FINMECCANICA (FNC.IM) 


Jul14 

Oct14 

Jan15 

FINMECCANICA 

DOW JONES 

Apr15 

Jul15 

Oct15 

Jan16 

20,000 

19,000 

18,000 

17,000 

16,000 

15,000 


• YE2015 results improved and are 

above expectations. 

• Revenues: €13.0 billion (+1.8%). 

• Profitability: consolidated EBIT 

growth of 48% compared to 2014. 

• Order backlog: €28.8 billion. 

However, new orders taken during 

the year amounted to €12.4 billion, 

which slightly lower than 2014 

and was adversely impacted by 

a decline in the offshore oil and 

gas market, limiting demand for 

the AW139 and the new AW189 

model. 


36 

2015 Q4 

393 

17 

Q3 

189 

21 

Q2 

209 

22 


237 

37 

2014 Q4 

419 

17 

Q3 

207 

23 

Q2 

247 

25 


223 

AW119Kx 

AW109 PWR 

GRANDNEW AW139 AW189 


AW169 

W3 

HIGHLIGHTS 

• Finmeccanica signed a MoU with Era Group Inc. (Era) for 

the development of the EMS variant of the AgustaWestland 

AW609 TiltRotor. 

• Finmeccanica announced new contracts for 26 helicopters 

with customers in China and Japan. The contracts valued at 

approximately €80 million highlight Finmecccanica’s strong 

presence and growth in the Asian EMS and public utility 

helicopter markets. 

• The AW169 is expected to receive FAA certication in mid-2016 

and Finmeccanica already holds orders from 50 customers in 

20 countries. 

• Deliveries of the Trekker, a skidded version of the AW109s 

Grand, are scheduled to begin in the fourth quarter of 2016. 

• Finmeccanica rebranded the SW-4, originally developed by 

Polish airframer PZL-Swidnik, the AW009 light single. 

• Finmeccanica announced an order by TPG Aeronautik Sdn 

Bhd of Malaysia for two AW189 super medium helicopters. 



OEM ACTIVITY 

GULFSTREAM AEROSPACE 

USD PER SHARE 

160 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

GENERAL DYNAMICS (GD.US) 


GENERAL DYNAMICS 

DOW JONES 

20,000 

19,000 

18,000 

17,000 

16,000 

15,000 


• Revenue & Profitability: General 

Dynamics had a record-setting 

year of financial performance 

with revnues of $31.5 billion, a 2% 

increase compared to 2014, and 

operating earnings increasing by 

10.9% over the prior year. 

• Deliveries: Gulfstream delivered 154 

completed aircraft in 2015, including 

120 large cabin and 34 mid-cabin 

aircraft. 

• Order Backlog: GD’s Aerospace 

segment ended the year with $15.8 

billion in backlog. 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 

14,000 


43 

41 

38 

2015 Q4 

Q3 

Q2 

2,125 

2,107 

2,260 

42 

32 


2014 Q4 

1,712 

2,198 

31 

Q3 

1,680 

39 

38 

Q2 


1,810 

2,093 

G150/G280 

G450/G550/G650 


HIGHLIGHTS 

• Gulfstream delivered the first Gulfstream G650ER into 

China, providing the ultra-long-range aircraft to Minsheng 

Financial Leasing Co., Ltd. (MSFL). 

• Gulfstream launched the Gulfstream G600 iron bird and 

completed its “first flight”, demonstrating the company’s 

continued commitment to research and development and 

the growing maturity of the G600 aircraft program. 

• Gulfstream announced that the fourth Gulfstream G500 

test aircraft, T4, completed its first flight officially joining 

the G500 flight-test program, and that G500 fultter testing 

has been completed, achieving another milestone in the 

new aircraft’s flight-test program. 

• Gulfstream received approval from the FAA to install ADS-B 

In on G150 and G200 aircraft. 



OEM ACTIVITY 

SIKORSKY HELICOPTERS 

LOCKHEED MARTIN (LMT.US) 


20,000 

220 

USD PER SHARE 

200 

180 

160 

140 

120 

100 

LOCKHEED MARTIN 

DOW JONES 

19,000 

18,000 

17,000 

16,000 

15,000 


• Revenue & Profitabilty: YE2015 

results included revenue of $46.1 

billion with net earnings of $3.6 

billion. 

• Order Backlog: Sikorsky backlog 

stands at $15.6 billion going into 

2016. 

Jan14 

Apr14 

Jul14 

Oct14 

Jan15 

Apr15 

Jul15 

Oct15 

Jan16 


NO DELIVERY 

2015 Q4 

6 

Q3 

114 

18 

Q2 

330 

5 


125 

15 

15 

2014 Q4 

Q3 

323 

323 

17 

Q2 

366 

12 


259 

S-76 S-92 


HIGHLIGHTS 

• Lockheed Martin completed its acquisition of Sikorsky, a major 

milestone in the development of Sikorsky Helicopters which 

should position it for future growth. 

• The first S-92 with the gross weigh expansion (GWE) option 

was delivered and entered service in the Gulf of Mexico with 

the Era Group; the GWE option adds 1,200 pounds to the 

payload. 

• Unveiled new flight crew operations manual for the S-92 and 

S-76, a first for Sikorsky. 



AD


PRE-OWNED BUSINESS JETS FOR SALE 

INVENTORY VALUE (USD) 

$7,690 M 

2015 Q4 

$8,093 M 

Inventory Value 

Trend Line 

Signal Line 

$5,222 M 

MARKET TREND 

SIGNAL 

LINE 

DECLINE 

BUYER’S 

MARKET 

TREND 

LINE 

RECOVERY 

AIRCRAFT SOLD 

33 

12 

17 

11 

13 

16 15 

17 

26 

21 

13 

21 

19 

16 15 

25 24 

25 

20 

18 

12 

21 

24 

12 

Mar 

2014 

Apr 

May Jun Jul Aug Sep Oct Nov Dec Jan 

2015 

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 

2016 

Feb 

The graphs in this section show market value and trend indicators for 

the worldwide fleet of 26 popular business jet models and 16 popular 

helicopter models (as covered in this report). 

In the last 24 months (to February 2016), the value of business jets’ 

inventory for sale grew from $5.2 billion to $8.1 billion USD – an increase 

of 54%, suggesting a considerable abundance on the supply side. 

The Inventory Value line represents the total number of such aircraft for 

sale in US dollars, being the number of aircraft currently for sale on the 

market multiplied by their average asking price. The Trend Line represents 

the difference between the 12 and 6 months exponential moving averages 

of the Inventory Value line, indicating whether the market momentum is 

performing better or worse. A rising Trend Line indicates that the market 

momentum is moving towards a seller’s market, while a declining Trend 

Line indicates that the market momentum is moving towards a buyer’s 

market. The Signal Line measures the average market trend over a period 

of months. A trend significantly crossing above this average indicates 

a possible recovery, while crossing below indicates a possible decline. 

Over the last six months (since August 2015), the rate of additional aircraft 

for sale on the market seems to have stabilised. The now more steady 

increase of inventory should continue to put significant downwards 

pressure on sales prices in the coming months. 

There was an average of 18.6 pre-owned business jets sold per month 

over the last 2 years. Although sales rose in the past year (20.4 vs 16.8 

in the previous 12-month), lower sales in Nov. 2015 and Feb. 2016 have 

brought the last 6 months’ average back down to 17.8 jet sales per month, 

denoting possible increased uncertainty in economic outlook or a period 

of readjustment arising from falling transaction prices. 



PRE-OWNED CIVIL HELICOPTERS FOR SALE 



$971 M 

2015Q4 

$972 M 

Inventory Value 

Trend Line 

Signal Line 

$688 M 

MARKET TREND 

DECLINE 

$648 M 

SIGNAL 

LINE 

BUYER’S 

MARKET 

TREND 

LINE 

AIRCRAFT SOLD 

Mar 

2014 

Apr 


2015 



Feb 

The civil helicopter pre-owned inventory for sale has increased by 50% 

(in USD) over the last 15 months, reflecting a sudden change in outlook 

from the relatively stable recent historical market levels prior to Dec. 2014. 

Despite the inventory value for sale having stabilised since November 

05, a significantly depressed market remains in effect, and given that 

large number of aircraft currently not being operated in some industries 

(such as offshore Oil & Gas), it is reasonable to expect that the supply of 

helicopters for sale may continue to increase over the coming months. 

There was a monthly average of 5.1 sale transactions over the last 12 

months for those helicopter models, down from 6.6 over the previous 12 

months. While 2016 began actively, with 7 helicopter sales in January 

marking a 7-month high, February subsequently dropped once more, 

suggesting potential sellers and buyers remain cautious and may wait 

for further market indications before resuming purchases at previous 

transactions levels. 

Given the current depressed market, average sale prices should continue 

decreasing, especially if some large owners (such as public company 

operators or leasing companies) decide to dispose some of certain 

assets; though there is hope in certain circles that the recent stabilisation 

of oil prices may defer, if not delay, such actions. 


FIRST QUARTER 2016— ASIAN SKY QUARTERLY | 29


OFFER VS. DEMAND INDICATORS 

BUSINESS JETS 


OFFER VS. DEMAND RATIO 

Pre-Owned Sales - Last 12 Months Q1 2016 

AVG. DAYS ON MARKET 

OFFER HIGHER 

THAN DEMAND 

OFFER LOWER 

THAN DEMAND 

% OF FLEET 

FOR SALE 

SHORTER TIME 

TO SELL 

LONGER TIME 

TO SELL 

30.0% 

6.9% 

AIRBUS 

ACJ318 

ACJ319 

NO TRANSACTION 

11.5% 

14.3% 

BOEING 

BBJ 

BBJ2 

10.5% 

CL604 

8.4% 

22.4% 

11.4% 

BOMBARDIER 

CL605 

CL850 

GL5000 

4.6% 

GL6000 


13.8% 

13.1% 

14.8% 

EMBRAER 

L600 

L650 

L1000 

9.9% 

F2000LX 

AVERAGE 

2.3% 

6.7% 

F2000LXS 

F2000S 

AVERAGE 

8.5% 

8.3% 

DASSAULT 

F7X 

F900DX 

11.9% 

F900EX 

10.8% 

F900EXe 

18.8% 

F900LX 

13.8% 

G200 


7.4% 

10.4% 

7.2% 

9.9% 

GULFSTREAM 

G280 

G450 

G550 

G650 

10.4% 

G650ER 

350% 

300% 

250% 

200% 

150% 

100% 

50% 0 10.2% Avg. 

0 100 200 300 400 500 600 700 

Avg. AC for sale / Total sold in last 12 months 

Average Days For Sale on Market 

As one might expect from the increasing levels of pre-owned business 

jets for sale, supply is significantly higher than demand in general. Of 

the 26 different models analysed, yearly buyer demand only exceeds 

monthly supply in the case of seven models: Bombardier CL605, GL6000, 

the Dassault F2000S, F2000XLS and the Gulfstream G200, G550 and 

G650. No transaction was recorded for the BBJ2, the Embraer L1000 or 

the Gulfstream G280 in the last 12 months. 

In terms of the average days for sale on the market, a small group of 

aircraft take significantly longer to sell than their peers, including those 

previously noted such as the BBJ, BBJ2, ACJ 318, Bombardier CL850, 

Embraer L1000 and the Dassault F900EX EASy. On the other end of the 

spectrum, the fastest selling aircraft model was the G650, with an average 

of 107 days on the market for sale and 11 pre-owned transactions in the 

last 12 months. 




CIVIL HELICOPTERS 


OFFER VS. DEMAND RATIO 

Pre-Owned Sales - Last 12 Months Q1 2016 

AVG. DAYS ON MARKET 

OFFER HIGHER 

THAN DEMAND 

OFFER LOWER 

THAN DEMAND 

% OF FLEET 

FOR SALE 

SHORTER TIME 

TO SELL 

LONGER TIME 

TO SELL 

13.8% 

S76C+ 

4.7% 

SIKORSKY 

S76C++ 


1.4% 

S92A 

2.8% 

8.8% 

1.6% 


BELL 412EP 

BELL 412HP 

BELL 429 

AVERAGE 

15.7% 

3.6% 

2.2% 

FINMECCANICA 

AW109E PWR 

AW109SP GN 

AW139 

AVERAGE 


11.9% 

AS332L1 


2.4% 

H225 

5.2% 

2.1% 

1.1% 


EC135P2 

EC135T2 

EC145 

26.7% 

EC155B 

7.4% 

H155 

350% 

300% 

250% 

200% 

150% 

100% 

50% 

0 

4.5% Avg. 

0 100 200 300 400 500 600 700 800 

Avg. AC for sale / Total sold in last 12 months 

Average Days For Sale on Market 

Where civil helicopter sales were concerned, we observe a similarly 

significant average inventory for sale compared to the demand in the last 

12 months. With the exception of the Airbus Helicopter EC145, all models 

saw lower 12-month demand (The EC145’s popularity is due in part to its 

favourable position with government-run EMS and SAR operations, and 

limited exposure to the oil and gas and corporate/VIP markets). 




MARKET POSITIONING BY MODEL 

BUSINESS JETS 

SELLER’S MARKET 

More buyers than sellers 

or Higher prices to sell 

or More transactions 

Balanced 

Offer & Demand 

BUYER’S MARKET 

More sellers than buyers 

or Lower prices to buy 

or Fewer transactions 

AIRBUS 

BOEING 

ACJ318 

ACJ319 

BBJ 

BBJ2 

Market Position 2015 Q4 

Market Position 2016 Q1 

CL604 

BOMBARDIER 

CL605 

CL850 

GL5000 

GL6000 

EMBRAER 

L600 

L650 

L1000 

F2000LX 

F2000LXS 

F2000S 

DASSAULT 

F7X 

F900DX 

F900EX 

F900E Xe 

F900LX 

G200 

GULFSTREAM 

G280 

G450 

G550 

G650 

G650ER 

The graphs above provide a visual representation of the ‘market 

position’ of each aircraft model analysed in this report relative to 

what could be considered as a balanced market demand and offer 

status. The ‘market position’ of each model takes into consideration 

the percentage of aircraft for sale relative to its model’s fleet size, 

the number of aircraft sold relative to the average number for sale, 

the average days for sale on the market relative to all models’ 

average days on market, and whether the marketplace is in a buyer’s 

or seller’s market as a whole as portrayed earlier. 

Interestingly, five business jet models the AC, C05, , 

G200 and the G650ER – have improved their relative market 

position over the last three months. All other models continue 

their way towards a more pronounced Buyers’ Market position 

where there typically is higher aircraft availability, lower demand, 

and downward pressure on sale prices. The F2000LXS is the only 

model still remaining in a clear Sellers’ Market, with a monthly 

average of 0.6 aircraft on 44 being for sale, 2 sales in the last 12 

months and a short time (54 days) on the market. 





SELLER’S MARKET 

More buyers than sellers 

or Higher prices to sell 

or More transactions 

Balanced 

Offer & Demand 

BUYER’S MARKET 

More sellers than buyers 

or Lower prices to buy 

or Fewer transactions 

SIKORSKY 

S76C+ 

S76C++ 

S92A 

Market Position 2015 Q4 

Market Position 2016 Q1 


BELL 412EP 

BELL 412HP 

BELL 429 

AGUSTAWESTLAND 

AW109E PWR 

AW109SP GN 

AW139 

AS332L1 

H225 


EC135P2 

EC135T2 

EC145 

EC155B 

H155 

On the civil helicopters’ side, the last 3 months have seen most 

models move away from a balanced offer-demand position towards 

a clearer Buyer’s Market situation. Only the AgustaWestland 

AW109SP Grandnew and the Airbus Helicopters EC145 have 

slightly moved towards a Seller’s Market with the latter being the 

only model still displaying clear Seller’s Market qualities. 



INDUSTRY INSIDER 

BJÖRN NÄF 

CEO, METROJET 

Interview and story by Anthony Lam 

Björn Näf is CEO of Metrojet, part of the Kadoorie Group that includes 

the Hong Kong & Shanghai Hotels (including the Peninsula Hotels) and CLP 

Holdings. A Swiss national, Björn’s experience from the cockpit to the boardroom 

has tremendous influence on how he manages Metrojet today. 

Björn had always set his sights skyward and was first exposed to aviation with 

flying gliders in Switzerland. “I’ve always been an instinctive person and naturally 

found that flying gliders, where I have to rely on my “seat of pants” instincts 

and stick and rudder skills, suited me the best.” Björn later went to the U.S. for 

advanced flight training and earned his commercial pilot’s license with multi 

engine and instrument ratings. By the age of just 24, he had returned to Europe to 

fly as a pilot in a Saab 340 for Crossair, which later became Swiss International Air 

Lines after the company took over most of the assets of Swissair in 2002. It was 

during that time that Björn developed an interest in management and gravitated 

toward that side of the operations. Meanwhile, he was still flying gliders as a 

hobby. 

Björn has spent the last decade in senior management positions in the aviation 

industry in Switzerland, Africa, the Middle East, Eastern Europe, and Asia. His 

own summary of his career path shows the great breadth of experience he 

has garnered, “My aviation career began as a pilot at regional airline Crossair 

in Switzerland in 1991, where I additionally served as a manager in various 

departments. Ultimately I was promoted to Executive Vice President Product 

and Services, where I was also a member of the Airline’s Executive Board. In 

2004, I joined Transafrik International Airlines in Kenya as CEO, before moving 

to Gulf Air in Bahrain at the beginning of 2007 as its CEO. My commercial airline 

background combined with international exposure led to a promising need at the 

time when business aviation in Asia was starting to boom, so I joined Metrojet in 

2010.” Björn is also an alumni of the Harvard Business School, and received an 

Executive Management Diploma from the IMD in Switzerland. He has an ATPL 

with over 4,800 hours flying experience. 

In speaking of the future of the industry, Björn says, “Greater China and Southeast 

Asian countries like Singapore, Malaysia, and Indonesia are all promising markets 

for business and private aviation. These are the growing economies where the 

number of UHNWIs is experiencing a fundamental increase. As the number 

of UHNWIs grows in Asia, the demand for private jets will increase and the 

surrounding infrastructure will also develop to cater to the demand. Metrojet, as 

an example, has a 10-year strategic plan whereby we will develop our Aircraft 

Management and Charter and Maintenance business in Asia by having a physical 

presence in selected locations. We believe that it will be a healthy development 

for Asia over the next 10 years.” 

In speaking of Metrojet’s unique competitive advantages, Björn points to its 6-star 

business, service, and operational excellence, saying, “Metrojet prides itself on 

being a 6-star business jet operator. As part of the Kadoorie Group and a sister 

company of The Peninsula Hotels, we carry an uncompromising reputation for 

service excellence. Being Hong Kong’s first business jet operator awarded an Air 

Operation Certificate in 1997, our heritage and experience in the business aviation 

industry is truly indispensable to the growth of our business in Asia. Our Aircraft 

Management and Charter unit with a designated CAMO function, along with our 

MRO facilities in Hong Kong, Clark the Philippines, Mumbai India and Zhuhai 

China are quality offerings to our clients and partners who demand exceptional 

service and support.” 

Björn describes the 6-star service standard in terms that will appeal to the most 

discerning of clients. “Six-star service is all about serving customers above 

and beyond their expectations,” he says. “It is our mission to identify exclusive 

offerings and highlights for our clients. To do this we collaborate with the finest 

luxury partners to offer seasonal and unique experiences to our elite customers.” 

Metrojet’s flight attendants are trained by The Peninsula Hong Kong for utmost 

service standards. The company also has professional engineers and operational 

teams working round the clock to support their clients. 

Björn credits flying as the source of some valuable attitudes and skills that 

transferred perfectly into his management career. He says that flying taught him 

to stay ahead of situations mentally and to be prudent. Flying also taught him to 

be logical and develop strategic solutions, while equipping him with discipline and 

communication skills. “How you communicate with your co-pilot and cabin crew 

is not unlike how you communicate with your company staff as a CEO,” he says. 

In addition, flying also taught him to both give and receive feedback, and to work 

with different cultures. Björn continued, “In Switzerland, I was brought up and 

trained in a very structured and organized environment. While in Kenya, we flew 

missions that included humanitarian aid flights for the U.N. in extremely dynamic 

and fluctuating conditions. In Bahrain, I had the opportunity to lead a business 

where cultural and political influences play major roles. All these go hand-in-hand 

with what flying has taught me, and that is to be adaptive to different cultures.” 

When we asked Björn for advice for the next generation of aviation professionals, 

he said he encourages up and coming leaders to seize opportunities without 

hesitation. While acknowledging the element of luck or destiny involved in any 

achievement, he also says that a person must learn from circumstances and 

make the most of everything that comes her or his way. With a dream, a vision, 

and passion, Björn believes that having this personal “flight plan” for oneself will 

make the journey ahead worth living. 

Björn likewise recognizes the need for resilience. His own secret to success he 

says, is “Act like bamboo: bend but don’t break; be flexible yet firmly rooted. I 

always seek to live up to Metrojet’s corporate values, continually communicating 

and inspiring the teams to deliver as promised.” 




GULFSTREAM G550 

Since its introduction in 2003, the Gulfstream G550 has become 

the benchmark for ultra-long range aircraft, with over 514 aircraft 

delivered to date. This is due to its reliability, product support, 

performance, technology and cabin comfort. 

GULFSTREAM 550 FLEET (2016 Q1) 

Fleet Size 514 

For Sale 37 (7.2%) 

Sold last 12 months 35 

The G550 can carry eight passengers and a crew of four up to 6,750 

N.M. at Mach 0.80 connecting major city pairs like Tokyo and West 

Palm Beach in 12.5 hours or Beijing to Boston or New York in less 

than 13 hours. 

There are 37 G550’s on the market with five deals pending, 

which reduces the supply to 32 aircraft for sale. This represents 

approximately 7.2% of the entire fleet built between 2003 and today. 

The industry average for large cabin jets is closer to 10.2% which 

demonstrates the G550’s popularity in the pre-owned market. 

The large business jets market supply has increased steadily 

throughout the last 2 years and is now 54% higher today than in Q1 

2014. The G550 pre-owned inventory value (see page 40) has not 

experienced the same increase over this period. In fact, it is slightly 

down from a peak experienced as far back as October 2014. This 

trend has also seen the G550 move to a balanced offer/demand 

position in ASG’s Market Positioning Index (see page 32). 

Since the beginning of 2016, 2 G550s for sale have been withdrawn 

from the market, 5 have been introduced to the market, 6 have 

gone under purchase contract and 2 have had a sale transaction 

completed. Consequently, the Offer vs Demand Ratio remains 

below 100%, meaning a good demand persists for G550s in the 

market (see page 32). The average G550 time for sale on the 

market is currently at 231 days, also below the average days on 

market for the 26 models analysed (see page 32). 

Ask prices currently range from 17.95M USD for a 2004 vintage 

G550 not enrolled on engine programs to 48M USD for a 2014 

model with 700 flight hours, enrolled on Rolls Royce Corporate Care. 

In 2015, there were 35 G550 transactions, accounting for 7.0% of 

the fleet. G550 trading activity increased by 52% in 2015 over 2014. 

ASKING PRICE RANGE (2016 Q1) 

High asking price $48,500,000 

Average asking price $30,581,333 

Low asking price $17,950,000 

In 2016, we have seen 6 G550s go under purchase contract and/or 

closed a sale transaction, on pace to tie 2015’s robust Q1 numbers. 

Sale prices in 2015 have ranged from 48M USD for a 2013 vintage 

G550 with 122 flight hours, enrolled on Rolls Royce Corporate Care 

to 21M USD for a 2003 vintage aircraft with over 3500 flight hours 

and no Engine Program. In 2016, sale prices have ranged between 

20.5M and 42M USD. It is likely that the first G550s to sell under 

20M USD will happen in 2016. 

Current market activity is a result of opportunistic buyers taking 

advantage of diminishing values. ASG expects to see increased 

G550 pre-owned market saturation as sellers look to get ahead 

of the depreciation curve and recoup maximum value from their 

aircraft. At the same time, we expect a sustained trading activity 

as a new segment of buyers who would otherwise look to smaller 

or older aircraft such as the Global, Falcon 900LX or Falcon 7X, 

consider purchasing a pre-owned G550 instead. 

In the past 60 days, there have been 11 advertised price reductions, 

accounting for an average drop of 5% in asking prices. This 

percentage drop is in line with the quarterly change in aircraft 

values taken from an aggregate of Q1 G550 Bluebook and VREF 

values (5.29% decline in value over Q4 2015). While the increased 

depreciation is a reason for alarm, sustained and increased trading 

activity indicates that buyers are still looking to respond once 

aircraft are priced in line with the new business aviation market 

conditions. 



PRE-OWNED GULFSTREAM G550 FOR SALE 

DELIVERY YEAR AIRFRAME TIME ASKING PRICE (USD) DAYS ON MARKET PAX 

2004 4,948 17,950,000 195 14 

2004 2,834 24,950,000 137 14 

2004 1,392 27,950,000 259 12 

2004 5,543 21,500,000 52 14 

2004 6,686 24,000,000 574 18 

2004 5,328 Make Offer 3 14 

2004 3,651 26,900,000 235 13 

2004 1,834 26,750,000 392 18 

2005 5,650 23,250,000 146 14 

2005 4,589 Make Offer 112 13 

2005 5,440 Make Offer 60 14 

2006 4,012 24,399,000 47 13 

2006 3,571 22,800,000 318 16 

2007 4,934 23,750,000 509 16 

2007 3,861 28,200,000 140 17 

2007 2,055 28,500,000 487 18 

2007 4,818 24,500,000 25 14 

2008 3,467 24,950,000 398 18 

2008 3,900 27,995,000 70 16 

2008 2,931 29,500,000 45 14 

2008 3,404 24,500,000 145 19 

2008 4,330 31,900,000 153 18 

2008 3,145 29,500,000 413 14 

2009 3,200 32,000,000 482 16 

2009 3,043 31,950,000 53 14 

2009 1,338 31,950,000 467 18 

2010 2,466 33,950,000 171 12 

2010 1,443 34,950,000 88 16 

2010 1,337 38,500,000 291 13 

2011 2,720 32,950,000 378 18 

2011 732 34,500,000 35 17 

2012 970 45,000,000 1,201 16 

2013 1,254 Make Offer 374 12 

2013 946 43,990,000 47 14 

2013 1,278 42,750,000 42 16 

2014 700 48,000,000 143 14 

2014 349 44,950,000 7 14 

FLEET AGE DISTRIBUTION 

3 

2015 

2014 

2013 

2012 

28 

2011 

2010 

2009 

2008 

2007 

2006 

2005 

2004 

28 

27 

2003 

14 

2002 2 

32 

33 

33 

41 

41 

45 

39 

39 

37 

38 

42 

46 

46 

43 

YEAR OF MANUFACTURE 

YEAR OF DELIVERY 

47 

50 

48 

51 

54 

53 

70 

ASKING PRICE VS AGE-TIME POSITIONING 

50 

Asking Price (M USD) 

45 

40 

35 

30 

25 

20 

15 

2013 - 700h 2013 - 349h 

2013 - 946h 

2011 - 970h 

2010 - 1337h 

2013 - 1278h 

2012 - 1254h 

2010 - 732h 

2010 - 2720h 

2009 - 1338h 

2009 - 1443h 

2009 - 2466h 

2008 - 3043h 

2006 - 3861h 

2008 - 2931h 

2008 - 3145h 

2008 - 3900h 

2007 - 2055h 2007 - 4818h 

2008 - 3404h 

2007 - 3467h 

2006 - 3571h 

2006 - 4934h 

Age Time Score 

(2xYear of Manufacturing + Airframe Time) 

2008 - 3200h 

2008 - 4330h 

2004 - 1834h 

2003 - 1392h 

2004 - 3651h 

2005 - 4589h 

2005 - 4012h 

2003 - 5328h 

ASKING PRICE 

MAKE OFFER 

TREND LINE FROM ASKING PRICES 

2003 - 2834h 

2005 - 5440h 

2003 - 6686h 

2004 - 5650h 

2003 - 4948h 

2003 - 5543h 



PRE-OWNED GULFSTREAM G550 FOR SALE 


$8,093 M 

$5,222 M 

TOTAL BUSINESS 

JETS MARKET 

(26 MODELS) 

$1,174 M 

$1,078 M 

$923 M 

GULFSTREAM 

G550 

$928 M 

$676 M 

MARKET TREND 

POSSIBLE 

DECLINE 

SIGNAL 

LINE 

TREND 

LINE 

BUYER’S 

MARKET 

RECOVERY 

SIGNAL 

AIRCRAFT SOLD 

Mar 

2014 

Apr 


2015 



Feb 

The market inventory for pre-owned Gulfstream G550s is indicative of 

the overall market inventory for pre-owned business jets when comparing 

the last 24-month period up to February 2016. Within that period, 

the total value of G550s for sale rose by 59% to $1,078 million, broadly 

in line with a 55% increase to $8,093 million in the total market inventory 

value for the popular models covered in this report. It is worth noting 

that the G550 inventory was initially a lot faster in its rise, probably due 

to the arrival of the G650. However, since the summer of 2014, the G550 

inventory for sale has remained roughly at the same levels, unlike the 

slower but steady rise of the entire market covered in this report. 

The demand for the G550 is increasing as witnessed by its improved 

sales figures in the trailing twelve months to ebruary 0, moving 

to a twelve month average of 2.9 monthly sales – a strong increase on 

the 12 months previous to this period, which were 1.9 monthly sales, 

indicating that there is some renewed demand in the market. 

The renewed G550 demand relative to offers has gradually brought the 

market trend line up to leave the ‘buyer’s market’ territory and to indicate 

a current market balance in G550 offer and demand. However, the weak 

first months of 0 have reversed this trend which now appears to 

be headed back down towards ‘buyer’s market’ territory. Nonetheless, 

this early-year modest performance is normal and we expect the G550 

market to resume its trend towards a balanced or even a ‘seller’s market’ 

through 2016. 



BUSINESS JETS 

Aircraft Total Yearly Cost VS Maximum Range 

20 

19 

18 

ACJ321 

17 

16 

15 

14 

13 

Corp. Airliner 

Long Range 

Large 

Medium 

Light 

ACJ318 

ACJ320 

BBJ3 

BBJ2 

ACJ319 

BBJ 

12 

Very Light 

11 

10 

9 

Lineage1000E 

G450 

G500 

Global5000 

Global 6000 

F7X 

F8X 

G550 

G650 

G650ER 

8 

Legacy 650 

F900LX 

Global Express XRS 

ESTIMATED TOTAL YEARLY COST (MILLION USD/YEAR) 

7 

6 

5 

4 

3 

L45XR 

Phenom 300 

L40XR 

Cit. Excel 

Cit. Encore+ 

G350 

F2000LXS 

CL890 CS 

CL850 

CL605 

Legacy 600 

CL870 CS 

CL350 F2000S 

Cit. X+ 

F2000LX 

Legacy 500 

G280 

CL300 

F2000DX 

Cit. X 

G-IV 

Cit. Sovereign+ 

F2000 

CL604 

Cit. Latitude 

F2000EX 

Legacy 450 

F50EX 

G150 

G200 

Cit. XLS 

Cit. XLS+ 

L75 

H4000 

Cit. Sovereign 

L70 

L60XR 

H900XP 

Cit. VII 

H850XP 

H800XP 

H800 

G100 

Cit. CJ4 

G300 

G-IVSP 

F900EX EASy 

F900EX 

Global Express 

G-V 

2 

Diamond 1A 

Cit. Bravo 

H400XP 

Beechjet 400A 

Premier IA 

Cit. CJ1 

Cit. CJ2 

Cit. CJ3 

Cit. M2 

Astra SP 

Cit. Ultra 

Cit. CJ3+ 

Cit. CJ2+ 

Cit. Encore 

Nextant 400XTi 

Phenom 100E 

Cit. CJ1+ 

Honda Jet 

Cit. Mustang 

Eclipse550 

1 

0 

1000 2000 3000 4000 5000 6000 7000 8000 

MAX RANGE (NM) 

Total Yearly Cost estimated includes financing and industrial figures for aircraft acquisition cost on10 years, plus yearly operating cost, plus adjustments to 

account for regional differences and financing costs. 

Source: ASG & Conklin & de Decker 2015 




Aircraft Total Yearly Cost VS Maximum Range 

8.0 

Heavy 

Medium 

Light Twin 

Single Turbine 

AS332L1e 

AW189 

4.0 

Piston 

S-92 

H225 

H175 

Bell 412EPI 

S-76D 

AW139 

H145 

H155 

ESTIMATED TOTAL YEARLY COST (MILLION USD/YEAR) 

2.0 

1.0 

Bell 407 

MD 520N 

Bell 206L4 

MD 530F 

MD 500E 

S-333 

S-76C++ 

AC312* 

EC145 AW139 Grandnew 

Bell430 

H135 

AW109 Power 

MD902 

Bell 429 

AW119 Kx 

H130 

AC311* 

Bell 407GXP 

H125 

MD 600N 

H120 

EN480B 

R66 

0.5 

R44 Raven II 

R22 Beta II 

0 

100 

200 300 400 500 

600 700 

MAX RANGE (NM) 

Total Yearly Cost estimated includes Conklin & de Decker 2015 industrial figures for aircraft acquisition cost on 10 years, plus yearly operating cost, 

plus adjustments to account for financing and regional differences & financing costs. 

* AC312 costs estimated using similar model categories 

Source: ASG & Conklin & de Decker 2015 


AIRBUS 

MARKET SUMMARY PER MODEL — BUSINESS JETS 

AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE 

ACJ318 

$44.0 

$42.2 $42.2 

SPECS 

Max Range 

Max Speed 

Typ. Passengers 

4,253 N.M. / 7,877 km (with ACTs) 

Mach 0.82 

19 

FOR SALE 


No. for sale 

Avg Asking Price 

Avg Days on Market 

6 (30.0%) 

42.2M USD 

685 

4 

6 6 

SOLD 

Past 12 Months 

Past 3 Months 

1 

0 

Feb 

2015 

May 

Aug 

Nov 

Feb 


ACJ319 

$49.5 

SPECS 

Max Range 

Max Speed 


FOR SALE 


No. for sale 



6,000 N.M. / 11,112 km (with ACTs) 

Mach 0.82 

19 

5 (16.9%) 

49.5M USD 

231 

$45.0 

3 

$45.8 

7 

5 

SOLD 


Past 3 Months 

2 

3 

Feb 

2015 

May 

Aug 

Nov 

Feb 




JETS FOR SALE 

BBJ 

$47.2 

15 

Feb 

2015 

BBJ2 

$39.5 

1 

Feb 

2015 

May 

May 

Aug 

Aug 

$45.2 

12 

Nov 

$39.2 

3 

Nov 

$40.7 

15 

Feb 


$38.2 

3 

Feb 


SPECS 

Max Range 

Max Speed 


6,141 N.M. /11,373 km 

Mach 0.82 

19 

FOR SALE No. for sale 15 (11.5%) 




40.7M USD 

571 

SOLD Past 12 Months 

Past 3 Months 

5 

1 

SPECS 

Max Range 

Max Speed 


5,644 N.M. /10,453 km 

Mach 0.82 

19 





38.2M USD 

438 


Past 3 Months 

0 

0 


BOEING BELL HELCIOPTERS SIKORSKY 


JETS FOR SALE 

CHALLENGER 604/605 

$14.4 CL605 $13.8 

$13.7 

CL604 

$6.8 $6.6 

BOMBARDIER 

SPECS 

Max Range 

Max Speed 


CL-604 

4,027 N.M. / 7,458 km 

Mach 0.82 

9 

CL-605 

4,000 N.M. / 7,408 km 

Mach 0.82 

9 

$7.6 

49 

64 

62 

FOR SALE 


No. for sale 



38 (10.5%) 

6.6M USD 

271 

24 (8.4%) 

13.7M USD 

260 

SOLD 


Past 3 Months 

35 

8 

25 

8 

Feb May Aug Nov Feb 

2015 2016 

FEATURED LISTINGS - FOR SALE 

sales@asianskygroup.com 

+852 2235 9222 

REDUCED PRICE 

2002 CHALLENGER 604 SN5539 5.95M USD 

2009 CHALLENGER 605 SN5806 12.6M USD 

6,627 Hours, 9 Pax 1,011 Hours, 11 Pax 

2014 GLOBAL 5000 SN9650 

Make Offer 

2015 GLOBAL 6000 NEW Make Offer 

198 Hours, 13 Pax NEW, 12 Pax 



JETS FOR SALE 

CHALLENGER 850 

$11.5 

$9.0 

$8.9 

BOMBARDIER 

SPECS 

Max Range 

Max Speed 


2,811 N.M. / 5,206 km 

Mach 0.80 

14 

9 

15 

15 

FOR SALE No. for sale 




15 (22.4%) 

8.9M USD 

621 

Feb 

2015 

May 

Aug 

Nov 

Feb 


SOLD Past 12 Months 3 

Past 3 Months 2 

GLOBAL 5000 

$21.8 

$19.9 

$19.5 

20 

19 

23 

SPECS 

Max Range 

Max Speed 


5,200 N.M. / 9,630 km 

Mach 0.89 

13 




19.5M USD 

Avg Days on Market 326 

Feb 

2015 

May 

Aug 

Nov 

Feb 






JETS FOR SALE 

Global 6000 

$47.6 

$47.5 

$43.6 

BOMBARDIER 

SPECS 

Max Range 

Max Speed 


6,000 N.M. / 11,112 km 

Mach 0.88 

13 

8 

8 

8 

FOR SALE 


No. for sale 



8 (4.6%) 

43.6M USD 

237 

SOLD 


Past 3 Months 

8 

0 





JETS FOR SALE 

LINEAGE 1000/E 

$39.0 $39.0 $39.0 

2 

3 

4 

SPECS Max Range 

Max Speed 



2016 Q1 Avg Asking Price 


Lineage 1000 Lineage 1000E 

4,400 N.M. / 8,149 km 4,600 N.M. / 8,520 km 

Mach 0.82 

Mach 0.82 

19 

19 

4 (14.8%) 

39.0M USD 

554 

EMBRAER 




0 

Past 3 Months 

0 

LEGACY 600/650 

$23.3 

Legacy 650 

$20.6 $20.5 

$9.1 

Legacy 600 

$8.7 

31 

$8.3 

36 

SPECS 

Max Range 

Max Speed 


Legacy 600 

3,400 N.M. / 6,297 km 

Mach 0.80 

13 

Legacy 650 

3,640 N.M. / 7,112 km 

Mach 0.80 

13 

23 




24 (13.8%) 

8.3M USD 

357 

11 (13.1%) 

20.5M USD 

199 





7 

2 



JETS FOR SALE 

Falcon 2000LX/LXS/S 

FALCON 200LXS 

$30.0 

$22.7 

FALCON 2000LX 

$19.5 

$18.9 

14 

15 

16 

SPECS 

Max Range 

Max Speed 


2000LX 

4,000 N.M. / 7,408 km 

Mach 0.83 

10 

2000LXS 

4,000 N.M. / 7,408 km 

Mach 0.83 

10 

2000S 

3,350 N.M. / 6,208 km 

Mach 0.83 

10 

FOR SALE 


No. for sale 



13 (9.9%) 

18.9M USD 

216 

1 (2.3%) 

30M USD 

54 

2 (6.7%) 

Make Offer 

216 

DASSAULT 

SOLD 


Past 3 Months 

9 

1 

2 

0 

2 

0 





+852 2235 9222 

NEW ARRIVAL 

NEW ARRIVAL 

2006 2000EX SN93 Make Offer 

2011 2000LX SN223 Make Offer 


2008 FALCON 7X SN32 

Make Offer 



24.95M USD 



JETS FOR SALE 

Falcon 7X 

$35.4 

16 

$34.6 

26 

$30.2 

21 

SPECS 

Max Range 

Max Speed 


5,950 N.M. / 11,018 km 

Mach 0.90 

12 




21 (8.5%) 

30.2M USD 

246 





DASSAULT 



+852 2235 9222 


29.95M USD 

2007 900EX SN181 21.8M USD 


2011 900LX SN258 

2,295 Hours, 14 Pax 

27.95M USD 

2007 G200 SN156 7.2M USD 




JETS FOR SALE 

Falcon 900DX/EX/EX EASy/LX 

SPECS 

Max Range 

F900DX 

4,100 N.M. / 7,593 km 

F900EX 

4,500 N.M. / 8,334 km 

F900EX EASy 

4,500 N.M. / 8,334 km 

F900LX 

4,750 N.M. / 8,800 km 

Max Speed 

Mach 0.83 

Mach 0.83 

Mach 0.83 

Mach 0.83 

DASSAULT 


FOR SALE 


12 

12 

12 

12 

No. for sale 



2 (8.3%) 

13.8M USD 

128 

14 (11.9%) 

10.4M USD 

249 

13 (10.8%) 

18.6M USD 

555 

9 (18.8%) 

30.8M USD 

301 

SOLD 


Past 3 Months 

1 

0 

8 

2 

7 

2 

1 

0 

$32.3 

F900LX 

$30.9 

$30.8 

$21.3 

F900EX EASy 

$17.5 F900DX 

F900EX 

$13.5 

$20.8 

$18.6 

$13.8 $13.8 

$10.4 $10.4 

39 

38 

26 





JETS FOR SALE 

G200 & G280 

$26.0 

G280 

$21.1 

$20.4 

$7.3 G200 

$5.7 $5.9 

33 

38 40 

SPECS 

Max Range 

Max Speed 

G200 

3,050 N.M. /5,651km 

Mach 0.81 

G280 

3,600 N.M. / 6,667 km 

Mach 0.84 


8 

8 




34 (13.8%) 

5.9M USD 

245 

6 (7.4%) 

5.9M USD 

198 





0 

0 



+852 2235 9222 

GULFSTREAM 

2001 G200 SN016 Make Offer 


NEW ARRIVAL 

2015 G280 SN2063 19.95M USD 

New Delivery,10 Pax 

NEW ARRIVAL 

2005 G450 SN4018 

Make Offer 

2005 G450 SN4024 Make Offer 




JETS FOR SALE 

G450 

$22.7 

$20.0 

$18.3 

36 

34 

SPECS 

Max Range 

Max Speed 


FOR SALE 


No. for sale 



4,350 N.M. / 8,056 km 

Mach 0.85 

13 

34 (10.4%) 

18.3M USD 

294 

25 

SOLD 


Past 3 Months 

15 

4 



GULFSTREAM 



+852 2235 9222 

REDUCED PRICE 

2008 G450 SN4147 

Make Offer 

2013 G450 SN4288 24.75M USD 

2,556 Hours, 14 Pax 411 Hours, 13 Pax 

2003 G550 SN5017 

Make Offer 

2007 G550 SN5161 


Make Offer 



JETS FOR SALE 

G550 

$7.3 

$29.9 

$30.6 

37 

31 

32 

SPECS 

Max Range 

Max Speed 

6,750 N.M. /12,501 km 

Mach 0.87 


18 




37 (7.2%) 

30.6M USD 

231 





G650 & G650ER 

$72.8 

$75.0 

$75.0 

G650ER 

GULFSTREAM 

G650 

$68.2 

$66.5 

$64.6 

SPECS 

Max Range 

Max Speed 

G650 

7,000 N.M. /12,964 km 

Mach 0.90 

G650ER 

7,500 N.M. /13,890 km 

Mach 0.90 


18 

18 

4 

10 

16 




11 (9.9%) 

66.5M USD 

107 

5 (10.4%) 

68.2M USD 

88 





1 

1 



MARKET SUMMARY PER MODEL — CIVIL HELICOPTERS 

AVERAGE ASKING PRICE & NO. OF AIRCRAFT FOR SALE 

A109E POWER/A109SP GRANDNEW 

$4.9 

A109SP GRANDNEW $4.8 $4.8 

$2.9 

A109E Power 

$2.4 

$2.2 

67 

SPECS 

Max Range 

Max Speed 


A109E Power 

353 N.M. / 654 km 

139 Knots 

7 

A109SP Grandnew 

480 N.M. / 889 km 

130 Knots 

7 

64 

FOR SALE 


No. for sale 



59 (15.7%) 

2.2M USD 

571 

5 (3.6%) 

4.8M USD 

285 

47 

SOLD 


Past 3 Months 

13 

2 

3 

1 





+852 2235 9222 

FINMECCANICA 

HELICOPTERS 

2009 A109E POWER SN11773 1.95M USD 

2,327 Hours, 6 Pax, EMS 

2011 A109E POWER SN11784 

1,179 Hours, 6 Pax, EMS 

2005 A109E POWER SN11650 Make Offer 

2006 A109E POWER SN11657 

971 Hours, 6 Pax, VIP 

2,915 Hours, 6 Pax, SAR 

1.595M USD 



HELICOPTERS FOR SALE 

AW139 

$10.8 

$9.8 

$9.2 

17 17 

SPECS 

Max Range 

Max Speed 

568 N.M. / 1052 km 

140 Knots 


15 

FOR SALE No. for sale 17 (2%) 


Avg Asking Price 9.2M USD 

Avg Days on Market 428 

0 







+852 2235 9222 

FINMECCANICA 

HELICOPTERS 

2009 A109S GRAND SN22114 

530 Hours, 5 Pax, VIP 

3.295M USD 

2006 AW139 SN31062 Make Offer 

2,625 Hours, 12 Pax, VIP 

NEW ARRIVAL 

2008 EC155 SN6825 Make Offer 

2015 H225 SN2968 Make Offer 

3,984 Hours, 12 Pax, Offshore New Delivery, 19 Pax, All Mission Equipment 




AS332L1 & H225 

$27.2 H225 

$25.5 $25.5 

SPECS 

Max Range 

AS332L1 

452 N.M. / 837 km 

H225 

452 N.M. / 837 km 

Max Speed 


142 Knots 

19 

142 Knots 

19 

$10.5 AS332L1 

$8.4 $8.4 

FOR SALE 


No. for sale 



8 (11.9%) 

8.4M USD 

384 

4 (4.2%) 

25.5M USD 

736 

6 

8 

12 

SOLD 


Past 3 Months 

0 

0 

0 

0 





+852 2235 9222 


NEW ARRIVAL 

2007 AS350B3 SN4183 Make Offer 

2010 EC145 SN9274 

1,412 Hours, 5 Pax, VIP 1,298 Hours, 9 Pax, VIP 

4.5M USD 

2013 EC145 SN9570 

Make Offer 

2009 EC155 B1 SN6847 

78 Hours, 8 Pax, VIP 950 Hours, 6 Pax, VIP 



Make Offer


EC135T2 & P2 

$3.2 

EC135P2 

$2.7 $2.7 

$2.4 

EC135T2 

$2.4 $2.4 

SPECS 

Max Range 

Max Speed 


EC135T2 

332 N.M. / 614 km 

127 Knots 

6 

EC135P2 

332 N.M. / 614 km 

127 Knots 

6 

10 

12 

11 





3 (2.1%) 

2.4M USD 

968 

8 (5.2%) 

2.7M USD 

604 





4 

1 





EC145 

$5.0 

$4.5 

$4.1 

SPECS 

Max Range 

461 N.M. / 855 km 

Max Speed 

131 Knots 


FOR SALE 


No. for sale 



9 

8 (1.1%) 

4.1M USD 

214 

7 

10 

8 

SOLD 


Past 3 Months 

10 

2 



EC155B & H155 

$8.1 

H155 

$5.7 $5.6 


SPECS 

Max Range 

Max Speed 


EC155B 

516 N.M. / 955 km 

135 Knots 

13 

H155 

516 N.M. / 955 km 

150 Knots 

13 

FOR SALE 


No. for sale 



8 (26.7%) 

Make Offer 

588 

10 (7.4%) 

5.6M USD 

397 

15 

16 

18 

SOLD 


Past 3 Months 

3 

0 

2 

0 





*EC155B1 has changed its model name to H155


BELL 412EP/412HP 

$6.6 

BELL 412EP 

$5.9 

$5.1 

$3.4 

BELL 412HP 

$3.8 

$2.9 

22 

21 

SPECS 

Max Range 

Max Speed 


Bell 412EP 

356 N.M. / 659 km 

140 Knots 

9 

Bell 412HP 

349 N.M. / 646 km 

133 Knots 

14 

16 





15 (2.8%) 

5.1M USD 

280 

6 (8.8%) 

2.9M USD 

293 



SOLD 


Past 3 Months 

6 

3 

3 

1 

BELL 429 

$6.1 

$5.5 $5.5 

6 

5 

4 

SPECS 

Max Range 

Max Speed 






368 N.M. / 681 km 

130 Knots 

7 

4 (1.6%) 

5.5M USD 

229 

BELL HELCIOPTERS 



SOLD 


Past 3 Months 

3 

1 


FOURTH QUARTER 2015 — ASIAN SKY QUARTERLY | 61




+852 2235 9222 

2010 BELL 407 SN53986 

Make Offer 

2001 S-76C+ SN760521 

652 Hours, 6 Pax, Utility, VIP interior 10,028 Hours, 12 Pax, Offshore 

2.5M USD 

REDUCED PRICE 

2005 S-76C+ SN760592 

3.45M USD 

2009 S-76C++ SN760781 5.9M USD 

10,357 Hours, 12 Pax, OGP Compliant 900 Hours, 6 Pax, VIP 

S-76C+ / S-76C++ 

$8.5 

S-76++ 

$7.7 

$6.9 

$3.8 

S-76+ 

$4.2 

$2.9 

SPECS 

Max Range 

Max Speed 


S-76C+ 

335 N.M. / 620 km 

155 Knots 

12 

S-76C++ 

335 N.M. / 620 km 

155 Knots 

12 

28 

30 

FOR SALE 


22 

No. for sale 



20 (13.8%) 

3.8M USD 

419 

10 (4.7%) 

6.9M USD 

266 

SIKORSKY 

SOLD 


1 


0 




2015 2016


S-92 

MAKE OFFER 

SPECS 

Max Range 

Max Speed 


474 N.M. / 877 km 

155 Knots 

19 

1 

3 

4 

FOR SALE 


No. for sale 



4 (1.4%) 

Make Offer 

144 



SOLD 


Past 3 Months 

0 

0 

SIKORSKY 



OTHER AIRCRAFT FOR SALE 

For inquiries, please contact sales@asianskygroup.com 

FIXED WING 

MODEL 

Airbus ACJ318 

Bombardier Challenger 300 

Bombardier Learjet 45 

Bombardier Learjet 45XR 

Bombardier Learjet 45XR 




Cessna Citation XLS 

Cessna Citation CJ2 

Cessna Citation CJ2 

Dassault Falcon 2000 



Dassault Falcon 50EX 

Dassault Falcon 900B 

Gulfstream GIV-SP 

Gulsftream GIV-SP 

Hawker 400A 

Hawker 800XP 

Hawker 800XP 

King Air 350 

King Air 350 

King Air 350i 

King Air B200 

King Air C90B 

King Air C90GTX 

YEAR 

2009 

2010 

2006 

2004 

2009 

1982 

2004 

1995 

2004 

2004 

2000 

2003 

2001 

2000 

2004 

1991 

1998 

1999 

1998 

2002 

1999 

1998 

1998 

2014 

2000 

1996 

2013 

HOURS 

1,090 

649 

3,473 

4,049 

2,841 

13,177 

2,084 

8,589 

3,617 

3,641 

4,229 

4,694 

5,474 

5,350 

3,775 

12,289 

4,547 

6,354 

5,873 

1,680 

3,170 

6,179 

3,584 

New 

2,689 

2,364 

15 

PAX/CONFIG 

19 

8 

8 

9 

8 

7 

7 

7 

8 

6 

8 

8 

10 

10 

9 

12 

15 

13 

6 

8 

8 

8 

8 

8 

6 

8 

6 

ASKING (USD) 

43,500,000 

13,800,000 

4,495,000 

Make Offer 

Make Offer 

Make Offer 

Make Offer 

1,595,000 

Make Offer 

Make Offer 

Make Offer 

Make Offer 

Make Offer 

6,750,000 

Make Offer 

4,750,000 

7,950,000 

5 495 000 

Make Offer 

2,300,000 

Make Offer 

1,550,000 

2 850 000 

Make Offer 

Make Offer 

1,150,000 

2,900,000 

HELICOPTERS 

Finmeccanica Helicopters A119 * 

Finmeccanica Helicopters AW139 * 

Airbus Helicopters AS350B2 

Airbus Helicopters AS350B2 * 

Airbus Helicopters AS350B3 

Airbus Helicopters AS355F2 

Airbus Helicopters AS355F2 

Airbus Helicopters AS355N 

Airbus Helicopters AS365N3 

Airbus Helicopters EC130 B4 

Airbus Helicopters EC135 P2+ * 

Airbus Helicopters EC135 T2i 

Airbus Helicopters EC145 



Bell Helicopter 407 

Sikorsky S-76C+ * 

2004+ 

2010+ 

2005 

1997+ 

2004 

1994 

1981 

1995 

1991 

2003 

2006+ 

2007 

2006 

2007 

2008 

2004 

2005 

4,000+ 

6,000+ 

946 

2,800+ 

2,089 

2,527 

7,744 

1,881 

5,886 

1,753 

2,450+ 

1,860 

3,225 

500 

2,483 

1,732 

2,600+ 

Utility: 6 

Utility: 12 

VIP: 5 

Utility: 5 

VIP: 5 

VIP: 5 

VIP: 5 

Utility: 5 

Utility: 11 

VIP: 6 

Utility: 5-7 

VIP: 5 

VIP: 8 

VIP: 8 

Utility: 8 

VIP: 7 

Utility: 5-7 

1,280,000 

10,500,000 

995,000 

968,000 

Make Offer 

900,000 

900,000 

Make Offer 

Make Offer 

1,150,000 

3,000,000 

2,895,000 

1,950,000 

Make Offer 

Make Offer 

Make Offer 

Lease/Sale 

Note: “*“ means multiple aircraft available. The earliest manufacturing year is shown. 

Price Reduced 

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Asian Sky Quarterly Q1 2016

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