AVIA SOLUTIONS GROUP AB SEPARATE AND CONSOLIDATED ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2012
Financial rations Return on equity (ROE)* (%) Gearing ratio** (%) Equity to total assets ratio*** (%) Liquidity ratio Number of full-time employees at the end of the period of the whole Group Number of full-time employees at the end of the period (from the continuing operations only)
31 December 2012 17 36 38 1.37 1 095
31 December 2011 9 27 40 1.49 1 027
951
856
* - Return on equity (ROE) = Net profit for the period / Total equity ** - Gearing ratio = Net debt / (Net debt + Total equity), Net debt = Borrowings – Cash and cash equivalents *** - Equity ratio = Total equity / Total assets Operating figures Number of SOLD man-hours in base maintenance Number of SOLD man-hours in engineering Number of SOLD man-hours in maintenance training Number of line stations at the end of the period Number of aircrafts served Number of passengers served Volume of fuel sold (tonnes) TRTO - Number of sold theoretical training hours TRTO - Number of sold practical training (FFS) hours
2012
2011
Change, %
307 900
333 369
-7.6
50 076
51 164
-2.1
6 155
10 629
-42.1
25
20
25.0
9 969
8 220
21.5
1 480 225
1 091 420
35.6
61 150
31 349
95.1
6 587
7 836
-15.9
12 712
11 933
6.5
Revenue related to continuing operations The total consolidated Group's revenue from continuing operations for the year 2012 was LTL 536 million, an increase by 84 per cent over the total revenue of LTL 291 million for the year 2011. The most significant growth as compared with 2011 was in Aircraft maintenance segment where revenues to external customers increased by LTL 127 million and amounted to LTL 289 million in 2012 as compared to LTL 162 million in 2011, which is higher than 78% increase. The growth was driven primarily by rapid increase in engine management services, expansion of spare parts and consumable services and new services’ offering such as components management. A significant change in revenues from continuing operations over the 2012 faced Ground handling and fuelling segment (increase of 108%). Total sales to external customers increased by LTL 114 million and were equal LTL 218 million in 2012 as compared to LTL 105 million in 2011. The growth was driven by appearance of new ground handling and aircraft fuelling contracts with airlines in Vilnius, Warsaw, Krakow and Katowice International Airports. Pilot and crew training business segment’s revenues to external customers have increased by LTL 4 million (increase of 17%). In 2012 subsidiaries offering training services generated LTL 28 million revenues while in 2011 total sales excluding inter-group sales had reached LTL 24 million. The main reason that caused revenues to increase by LTL 4 million was successful development and utilisation of contracted simulators. Operating expenses related to continuing operations 2012 was sequentially the third year when the highest nominal change in operating expenses was due to the changes in cost of aircraft fuel and higher amounts sold. Over the year aircraft fuel expenses grew by LTL 94 million and reached LTL 177 million in total at 31 December 2012 (increase of 113%). Expenses relating to spare parts and other consumables in 2012 also changed significantly. Although spending over the period changed by LTL 69 million or by 142% and reached LTL 118 million, it was mainly influenced by rapid growth of sales of aircraft spare parts, line maintenance and engine management services. . During 2012 sales have been increased by 152% in aircraft spare parts sub-segment (up to LTL 119 million), by 161 % in line maintenance sub-segment (up to LTL 47 million) and by 140 % in engine management sub-segment at the end of 2012 (up to LTL 48 million). Aircraft servicing and handling expenses at 31 December 2012 was totalling to LTL 9 million, which has increasing by LTL 6 million in comparison to prior year. In 2012 the Group’s subsidiaries offering aircraft ground handling services for new clients at the Vilnius, Warsaw, Krakow and Katowice International Airports. Consequently sales and expenses for these kinds of services in the Group also increased.
66