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Commercial Aviation Sector Update
Doric Aviation Day
Rob Morris
Global Head of Consultancy
9th June 2016
On the Menu…..
Introduction to Ascend
The Aviation Demand and Supply Cycles
Aircraft Values
A few final thoughts
2
Ascend is Appraiser of the Year……again
The Ascend Flightglobal Consultancy Team
4
George DimitroffHead of Valuations
Mike LapsonSenior AnalystISTAT Appraiser
Dan HallSenior AnalystASA Appraiser
Rob MorrisHead of Consultancy
Chris WillsValuations ManagerSenior ISTAT Appraiser
Peter MorrisChief Economist
Chris SeymourHead of Market Analysis
Tony BrooksSenior AnalystISTAT Appraiser
Joanna LuHead of Advisory Asia
Thomas KaplanAviation Analyst
Sara DhariwalAviation Analyst
Henk OmbeletSenior Analyst
Evgeny van der GeestSenior Risk Analyst
Richard EvansSenior Analyst
Ben ChapmanAviation Analyst
Eva KaragianniAviation Analyst
Oliver BiddulphAviation Analyst
Gary SzeProject Manager
Dennis LauAviation Analyst
Michael HuiAviation Analyst
Oliver FordAviation Analyst
VacantSenior Risk Analyst
On the Menu…..
Introduction to Ascend
The Aviation Demand and Supply Cycles
Aircraft Values
A few final thoughts
5
Aviation demand cycle
6
Indicator Current level Trend
Passenger traffic Above trend growth for sixth year running;
6.5% growth in. N America & W Europeseeing strong growth. Q1 2016 saw 7.7%.
Growth rate was above 6% for most of 2015
and >7% during summer. After allowing for Leap Year, Jan-Mar 2016 all above 6.5%.
Freight traffic Traffic reached consistent 5% year-on-year
growth in H1 2015 for first time since 2010, Last few months hovering around 0%.
Growth recovery has slowed since Q1 2015;
capacity exceeding demand; consistent with weak manufacturing data from China
Yields US yields are only readily available monthly
data point; remain high by historic standards. March 2016 @ 9.6c/RPK is below 2011-2015 levels, but fuel price has halved.
Yields have been falling since December
2014; Q1 2016 down around 5%. However, this is not a major concern yet, as costs are down by >10% as a result of falling oil prices
Load Factors Generally very high, exceeding 2008 levels.
Asia much lower – emerging evidence of overcapacity in some areas?
Mixed picture; US stable at very high levels,
European airlines LF has peaked and is declining. Asian airlines falling in some cases
New aircraft orders 2015 saw around 2,050 net orders for
commercial jets. Book-to-bill = 1.4. YTD (to April) saw 318 net orders, with Book-to-bill less than 1.0. This metric may become
Amber shortly.
Order intake has fallen sharply from the
levels of 2011-2014. New programmes are sold out for several years, with limited slots now available, driving downward trend
Deferrals & cancellations Deferrals are at a low absolute level
compared to ten year average, and cancellations around average – however, this is lower if taken as % of a growing fleet
Slight uptick in cancellations towards end of
2015, but too early to conclude if significant yet
Demand side looks very strong (“still as good as it gets”?)
Airline profits benefitting from low oil prices
0
10
20
30
40
50
60
70
80
90
100
110
-30
-20
-10
0
10
20
30
40
50
Cru
de
Oil
Pri
ce (U
S$ p
er B
arre
l)
Glo
bal
Air
line N
et
Pro
fit (U
S$bn)
Net Profit Crude Oil Price
7Source – US EIA / IATA
Global passenger traffic growth remains robust
8Source: IATA
-15%
-10%
-5%
0%
5%
10%
15%
20%
Ju
l-0
8
Oct-
08
Ja
n-0
9
Ap
r-0
9
Ju
l-0
9
Oct-
09
Ja
n-1
0
Ap
r-1
0
Ju
l-1
0
Oct-
10
Ja
n-1
1
Ap
r-1
1
Ju
l-1
1
Oct-
11
Ja
n-1
2
Ap
r-1
2
Ju
l-1
2
Oct-
12
Ja
n-1
3
Ap
r-1
3
Ju
l-1
3
Oct-
13
Ja
n-1
4
Ap
r-1
4
Ju
l-1
4
Oct-
14
Ja
n-1
5
Ap
r-1
5
Ju
l-1
5
Oct-
15
Ja
n-1
6
Ap
r-1
6
Year-
on
-Year
Ch
an
ge
Traffic (RPK) Capacity (ASK)
IATA predicting 6.2% traffic
growth for 2016
2015 Capacity
= 6.7%, Traffic
= 7.4%
IATA expect supply to lead demand (marginally) in most
regions in 2016
9Source – IATA, Year to Date to end April 2016
0%
2%
4%
6%
8%
10%
12%
14%
16%
Africa Asia-Pacific Middle East Latin America NorthAmerica
Europe Global
2016 P
redic
ted G
row
th
Predicted Traffic Growth Predicted Capacity Growth Year to Date Traffic Year to Date Capacity
Airline profits continue to grow through 2016
Source: IATA
-30
-20
-10
0
10
20
30
40
50
Glo
bal
Air
lin
e N
et
Pro
fit
(US
$b
n)
10
Commercial jet backlog at record high
11Source: Flightglobal Fleets Analyzer & Ascend Values (2016$ Base Full Life Value)
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Backlo
g a
s %
of
Fle
et
Co
mm
erc
ial
Jet
Ord
er
Backlo
g
Backlog at Year End Backlog as % of Fleet
Backlog Value
Now $952bn
Over 2,050 new aircraft ordered in 2015
12Source: Flightglobal Fleets Analyzer, commercial passenger & cargo jets only
0 100 200 300 400 500 600 700 800 900 1,000
CRJ Family
MRJ
ARJ21
767
777 Family
787
A330 Family
E-Jet Family
737 Family
A320 Family
(No of aircraft)Current Generation New Generation
Top 10 aircraft type net orders in 2015
35% are A321
• 25 A321 ceo
• 294 A321 neo
Only 540 net new aircraft ordered in 2016 to date
13Source: Flightglobal Fleets Analyzer, commercial passenger & Cargo jets only, as at 6 June 2016
0 50 100 150 200 250
747
CRJ900Regional Jet
787
777 Family
A350
E-Jet Family
A330 Family
A320 Family
CSeries
737 Family
Net Aircraft OrdersCurrent Generation New Generation
Top 10 aircraft type net orders in 2016
Book to bill above one but below long-run average
in 2015, below one in 2016 to date
14Source: Flightglobal Fleets Analyzer – w estern built jets only, as at 6 June 2016
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Com
merc
ial
Jet B
ook t
o B
ill R
atio
Aviation supply cycle
15
Indicator Current level Trend
Aircraft deliveries 2015 had record commercial jet deliveries,
2016 expected to exceed further
Production rates set to increase for A320,
737, 787 & A350, plus CSeries ramp-up; A330 reducing and 777 also to see cuts
Deliveries for replacement/growth
Past 5 years, deliveries for replacement
made up around 50% of the total, around ten points higher than long-run average
Decline since 2008; 2015 has seen share for
replacement falling significantly, towards numbers consistent with peak years of cycles
Deliveries as percentage of fleet
6.5% in 2015, actually marginally down over
2014. The average over the past 25 years has been 7%
Trend is to a higher percentage, with above
7% in 2016 – 2019; such levels could indicate overcapacity based on past history
Stored aircraft Absolute level of stored commercial jets
remains at historic high, though declining since the recession in terms of % of fleet
Single-aisle declining, small increase in twin-
aisle, RJs increasing rapidly, driven by 50 seat jets ex-US market
Used aircraft availability Commercial aircraft offered for sale / lease
currently at lowest point since 2010
Falling numbers of available single-aisle, RJs
stable - many stored 50 seat jets not actively being marketed
Aircraft economic life Average age at retirement is now <25 years,
despite fall in fuel prices
Few very young aircraft continue to part-out,
total continues to decline in 2015
Aircraft utilisation Single-aisle & twin-aisle utilisations are at or
near historic highs
Fairly flat trend since recovering in 2010/11.
Year to June 2015 showed less than 1% decline off post-recession peak.
Despite strong demand, several indicators amber or red
Jet deliveries down year to date in 2016
16Source: Flightglobal Fleets Analyzer, as at 6 June 2016
0
200
400
600
800
1,000
1,200
1,400
1,600
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Air
cra
ft D
eliv
eri
es
Regional Jet Single-Aisle Twin-Aisle
47% of last 7 years passenger jet deliveries have
been for replacement
17
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
200
400
600
800
1000
1200
1400
1600
% o
f D
eliv
eri
es E
stim
ate
d fo
r R
epla
cem
ent
Passenger
Air
liner
Deliv
eri
es
Deliveries % of Deliveries for Replacement
Source: Flightglobal Fleets Analyzer - deliveries into passenger airline service only, 2016 as at 6 June
Deliveries represent typically around 7% of global
fleet
18Source: Flightglobal Fleets Analyzer & Flightglobal Fleet Forecast (deliveries into passenger airline service only)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
19
90
19
91
19
92
19
93
19
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19
97
19
98
19
99
20
00
20
01
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14
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20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
Deliv
eri
es a
s %
of
Fle
et
in S
erv
ice
Passenger
Air
liner
Deliv
eri
es
Deliveries / Forecast Deliveries Deliveries as % of Fleet in Service
Used jet availability declining
0
100
200
300
400
500
600
700
800
900
0
50
100
150
200
250
300
350
400
450
Ja
n-1
0
Apr-
10
Ju
l-10
Oct-
10
Ja
n-1
1
Apr-
11
Ju
l-11
Oct-
11
Ja
n-1
2
Apr-
12
Ju
l-12
Oct-
12
Ja
n-1
3
Apr-
13
Ju
l-13
Oct-
13
Ja
n-1
4
Apr-
14
Ju
l-14
Oct-
14
Ja
n-1
5
Apr-
15
Ju
l-15
Oct-
15
Ja
n-1
6
Apr-
16
Tota
l C
om
merc
ial Jet M
onth
ly A
vaila
bili
ty
Tw
in-A
isle
/ S
ingle
-Ais
le /
Regio
nal
Jet M
onth
ly
Ava
ilabili
ty
Twin-Aisle (LHS) Single-Aisle (LHS) Regional Jets (LHS) All Jets (RHS)
Source – Airfax, 6-month rolling average of aircraft available for lease or sale (excludes w et-lease / ACMI)
Some element of production “surplus” has driven
increased retirements at reduced age in this cycle
20Source: Flightglobal Fleets Analyzer
0
5
10
15
20
25
30
35
40
0
100
200
300
400
500
600
700
800
Ave
rage A
ge a
t A
ircra
ft R
etire
ment
Air
cra
ft R
etir
ed
<15 Years Old at Retirement >15 Years Old at Retirement
Average Age at Retirement Average Age at Economic Retirement
32% of single-aisle slots open in next ten-years
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total
Airbus Backlog Boeing Backlog Others Backlog Open Slots
Source: Flightglobal Fleets Analyzer & current / planned production,
Risk of supply exceeding demand in single-aisle
market increasing towards end of decade
22Source: Flightglobal Fleets Analyzer, 2015 Flightglobal Fleet Forecast
0
200
400
600
800
1000
1200
1400
1600
1800
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Air
cra
ft D
eliv
eri
es
Airbus Backlog Boeing Backlog Others Backlog Planned Production Forecast Deliveries
Airbus Rate 60
Boeing Rate 57
A comment on single-aisle production rates
Airbus currently headed to rate 50 by 2017 (and then 60 by 2019), Boeing
rate 52 in 2018 (and now 57 in 2019)
This drives ~5.4% single-aisle fleet growth through 2020
Single-aisle productivity (more seats, longer sectors, increased utilisation)
has increased by 2.4% per annum over last ten years
So 5.4% fleet growth equals 7.8% capacity growth
Single-aisle share of global capacity is growing (also by 2.4% per annum)
So current rates actually equate to 5.4% global capacity through 2020
Allowing for load factor increases, traffic will need to exceed this
But…….• …..leaves no room for CSeries, C919 or MC-21
• …..assumes single-aisle share continues to grow
• …..assumes 2,000 single-aisle retirements through 2020
Single-aisle rates 57 / 60 may be an increase too far?
23
Current single-aisle production rates exceed OEM’s
long-term demand forecasts
24Source: 2015 Flightglobal Fleets Forecast, Airbus GMF, Boeing CMO; Ascend Analysis
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Announced / EstimatedProduction Rates
Flightglobal Fleet Forecast Airbus GMF Boeing CMO
Fore
cast D
eliv
eri
es (
2015 –
2034)
Airbus Boeing CSeries MC-21 C919 Single-Aisle
Airbus & Boeing total
@ sustained Rate 60
/ 57 post-2019
45% of twin-aisle slots open in next ten-years
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total
Airbus Backlog Boeing Backlog Open Slots
Source: Flightglobal Fleets Analyzer & current / planned production,
Twin-aisle production surplus looks to be higher risk
in near-term
26
0
100
200
300
400
500
600
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Air
cra
ft D
eliv
eri
es
Airbus Backlog Boeing Backlog Planned Production Forecast Deliveries
Source: Flightglobal Fleets Analyzer, 2015 Flightglobal Fleet Forecast
Significant open demand in regional jet market
0
50
100
150
200
250
300
350
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Air
cra
ft D
eliv
eri
es
Bombardier Backlog Comac Backlog Embraer Backlog Mitsubishi Backlog
Sukhoi Backlog Planned Production Forecast Deliveries
Source: Flightglobal Fleets Analyzer, 2015 Flightglobal Fleet Forecast
New & emerging aircraft programmes - scorecard
28
Type Order success
Marketposition
Execution / delivery
Comment
A320neo Hitting cash-flow. Recovery by end 2016 key.
A321neo winning at airlines and leasing co’s.
737 Max Good programme execution, but wobbles on
family strategy in face of A321neo and CSeries.
A330neo Steady order progress. Production gap bridged
successfully. Lower fuel prices help vs. 787.
777X EIS now late 2019. No new customers
announced since 2014. Is it too big?
CSeries Boosted by new orders and route proving. Can
BBD sell at sustainable prices?
E-Jet E2 Large established operator base. Programme
appears on time. E190/195 need more orders.
MRJ Programme delays problematic. Vulnerable to
lack of change to US scope clauses.
C919 Huge domestic market, but no evidence
aircraft will be competitive or on-time.
MC-21 Dependence on Russian orders. Behind
schedule.
Demand & supply cycle summary
Mixed messages from the global economic cycle – “geopolitical risk”
• China remains on watch
• Brazil, Russia!!!
Aviation demand cycle remains strong – “still as good as it gets”
• Fuel prices are helping a lot on the cost / yield side
• Watching closely for signs of evolving capacity surplus
Some amber / red indicators in aviation supply cycle – “OEM capacity!”
• Deliveries trending towards higher % of installed fleet
• Average age of retirement continues to decline
• Utilisations flattened since recovering post-2008
29
On the Menu…..
Introduction to Ascend
The Aviation Demand and Supply Cycles
Aircraft Values
A few final thoughts
30
50% of today’s jet fleet has CMV > BV
31Source – Ascend Values
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
50% 60% 70% 80% 90% 100% 110% 120% 130% 140% 150%
Cu
mu
lati
ve %
of A
ircr
aft
Typ
e /
Var
ian
ts /
Vin
tage
s
CMV / BV
Feb-16
Jul-08
Jul-10
Single-Aisles skew the distribution
32Source – Ascend Values
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
50% 60% 70% 80% 90% 100% 110% 120% 130% 140% 150%
Cu
mu
lati
ve %
of A
ircr
aft
Typ
e /
Var
ian
ts /
Vin
tage
s
CMV / BV
Regional Jet
Single-Aisle
Twin-Aisle
Market Value Changes since January 2016
▼ 737-700 10%
▼ 747-8F 0-12%
▼ 757-200 6-8%
▼ 757-200F 7-9%
▼ A320neo 3%
▼ 777-200ER 5%
▼ ATR Freighters 0-18%
▼ Dash 8-100 3-10%
▼ Dash 8-200 5%
▼ Dash 8-300 9-13%
▼ EMB-120 28-36%
▼ Fokker 50 3%
► CSeries new values added
33Images sourced from avionvale.com and Bombardier press release respectively
Market Lease Rate Changes since January 2016
▲ A321-200 (post-2000) up to 11%
▲ A321-200 Sharklets 1.5%
▼ 767-300ER 3-10%
▼ A321-200 (pre-2000) up to 11%
▼ A320neo 3%
▼ 747-8i 4-5%
▼ 747-8F 6-10%
▼ 777-200ER 18-20%
▼ CRJ700/900 15-20%
▼ Dash 8-1/2/300 5-13%
34Images sourced from Airbus and Bombardier press releases respectively
Key Aircraft on Watch
737-700
• potential for more value drops
737-800 Lease Rates
• lots of [re]marketing activity in progress
A330 Lease Rates
• keeping an eye on remarketing activity.. Offers not too high
ATR 72-600
• market appears somewhat oversupplied
• both Values and Lease Rates on watch
35
The last cycle saw significantly better CMV / BV
improvement than the current cycle
36Source – Ascend Values
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
50% 60% 70% 80% 90% 100% 110% 120% 130% 140% 150%
Cu
mu
lati
ve %
of A
ircr
aft
Typ
e /
Var
ian
ts /
Vin
tage
s
CMV / BV
Jul-02 (Trough of Prior Cycle)
Jul-08 (Peak of Prior Cycle)
Jul-10 (Trough of Current Cycle)
Current Position
On the Menu…..
Introduction to Ascend
The Aviation Demand and Supply Cycles
Aircraft Values
A few final thoughts
37
Some final thoughts about oil prices
Low oil prices stimulate opportunities in the demand side
$50 - $70 per barrel seems to be the latest outlook
Low oil prices degrade the immediate advantage of next generation
aircraft
Next generation aircraft backlogs are huge, with most commitments
placed in the prior high fuel price scenario
Unwinding these commitments will be expensive
There are a finite number of current generation opportunities
So for next generation, demand will remain strong but it’s now all about
the price
38
Around 4% points more of 15+ year old aircraft in service
today than three years ago
39Source – Flightglobal Fleets Analyzer
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30+
Cu
mu
lati
ve %
of P
asse
nge
r Je
ts in
Air
line
Serv
ice
Aircraft Age (Years)
2013
2016
Fleet of 15+ year old aircraft is 1,350 aircraft larger
than it was three years ago
40Source: Flightglobal Fleets Analyzer, as at 6 June 2016
0
200
400
600
800
1,000
1,200
1,400
1,600
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30+
Passenger
Jet A
ircra
ft in
Serv
ice
Aircraft Age (Years)
2016
2013
Next generation lease rate premiums are sensitive to fuel
price
41
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000Jet fu
el p
rice e
stim
ate
d to
deliv
er
A320ceo a
nd
A320neo e
qual
blo
ck h
our
DO
C (
$ p
er
US
G)
A320neo monthly lease rate premium (vs A320ceo)
US Gulf-Coast Jet
Kerosene presently
at $1.16 per USG
Technology upgrades have an impact on values of
legacy models
42
Impact of 737NG introduction on 737 Classics values
Source: Flightglobal Fleets Analyzer & Ascend Values from Flightglobal (in service = airline passenger aircraft only)
0
1000
2000
3000
4000
5000
6000
7000
0
5
10
15
20
25
30
35
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
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98
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99
20
00
20
01
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02
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03
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04
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13
20
14
20
15
20
16
737N
G /
737 C
lassic
Fle
et
in S
erv
ice
CM
V (
US
$ M
n)
737-300 (0-Year) 737-300 (5-Year) 737-300 (10-Year)737-300 (15-Year) 737-300 (20-Year) 737-300 (25-Year)737 Classic Fleet 737NG Fleet
First 737NG
Delivery
Boeing 737NG fleet projected to remain larger than
737Max through 2027
43Source: Flightglobal Fleet Forecast
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
19
97
19
98
19
99
20
00
20
01
20
02
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03
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04
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05
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30
20
31
20
32
20
33
20
34
737NG Fleet Project 737NG Fleet Projected 737Max Fleet
Depreciation significantly accelerated for later build
aircraft in Ascend Base Values
44
737-800 Base Value, US$ Mn
Source: Ascend Values from Flightglobal
0
5
10
15
20
25
30
35
40
45
50
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
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10
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12
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13
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14
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21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
20
36
20
37
20
38
20
39
20
40
20
41
20
42
1998 1999 2000 2001 2002 2003 20042005 2006 2007 2008 2009 2010 20112012 2013 2014 2015 2016 2017
Early build aircraft depreciate less steeply
45
HL Base Value, US$ Mn
Source: Ascend Values from Flightglobal, note values are uninflated
0
10
20
30
40
50
60
A320S A320neo
First A320neo takes five more years to get to 25%
46
HLBV as ratio of initial HLBV
Source: Ascend Values from Flightglobal, note values are uninflated
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
A320S A320neo
Used aircraft transactions have been increasing
since 2012
0
500
1000
1500
2000
2500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Used c
om
merc
ial j
et
air
cra
ft s
ale
s
0-4 Years 5-9 Years 10-14 Years 15-19 Years 20-24 Years 25+ Years
Source: Flightglobal Fleets Analyzer, Western jets for passenger usage
Typically around 8% of the global fleet is transacted
as used aircraft annually
2%
4%
6%
8%
10%
12%
0
500
1000
1500
2000
2500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
% o
f F
leet
Tra
nsacte
d
Used C
om
merc
ial Jet A
ircra
ft S
ale
s
0-4 Years 5-9 Years 10-14 Years 15-19 Years 20-24 Years 25+ Years
Source: Flightglobal Fleets Analyzer, Western jets for passenger usage, PLBs at delivery excluded
Final thoughts summary
Lower oil prices are a short-term positive for demand
There are more older aircraft in service today then three years ago
Aircraft values are most fundamentally driven by demand and supply,
but values aren’t necessarily reflective of the current strong demand
environment
Technology transition is potentially a factor here
Aircraft value behaviour through technology transition is well understood
Provided the accelerated depreciation of late-build models is factored in,
there is little to be nervous about
49
The information contained in our databases and used in this presentation has been assembled from many sources, and whilst reasonable care has been taken to ensure accuracy, the information is
supplied on the understanding that no legal liability whatsoever shall attach to AscendFlightglobal Consultancy, its offices, or employees in respect of any error or omission that may have occurred.
Question time…..
Rob MorrisGlobal Head of Consultancy
+44 (0)20 8564 6735+44 (0)7730 213 [email protected]