Avialeasing” Company Annual Report of Closed Joint-Stock Company (zao)


ZAO PIFK Avialeasing (CJSC) (6 A/C: 3 Tu-154B, 3 Tu-154M)



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ZAO PIFK Avialeasing (CJSC) (6 A/C: 3 Tu-154B, 3 Tu-154M),

  • OOO Dalmashleasing (LLC) (4 A/C, all Tu-154M),

  • OOO RB Leasing (LLC) (4 A/C, all Tu-154M),

  • OAO Severleasing (OJSC) (3 A/C, all Tu-154B),

  • OOO TK Leasing (LLC) (3 A/C, all Tu-154M).


    It is impossible to make unambiguous conclusion without data on financial statements and asset profile, liabilities and cash flow density of the company.
    ZAO PIFK Avialeasing was set up in September 2001 and now it is an independent financial structure gravitating to a group of companies that specializes in aircraft leasing. Company’s priority business activity is leasing of domestically produced TU-154 aircraft type. A reason for the company’s foundation was to differentiate rendered services and simultaneously share risks and to maintain its business activity. The company has sufficient level of expertise inherited from group of companies to sustain a competition. Top management of the Company has long experience of working for Avialeasing group of companies and corporate structure is efficiently built. The Company worked out its own system that enables to conduct its business productively. High level of expertise, long working experience in aviation leasing field and related areas, motivation, duty performance are key features of Avialeasing personnel. A collegial management style has been implemented intentionally to help every employee not only to come up with new ideas but also to show creativity in their work.

    Outlined set of factors allows competing not only at the level of rendered services but at the level of potentials as well. A number of competitor advantages permitted the company to become an absolute leader at the TU-154 leasing market in 2006. Avialeasing has successfully occupied 23,08% of the Tu-154B lease market and 6,25% of the Tu-154M market. As for Tu-154 of all modifications lease market the Company took 9,84% of the market.

    From its setup in 2001 the Company successfully employs a lease mechanism as well as a long term rent of Tu-154 A/C practically sustaining a keen competition at its lease market segment. Among competitive advantages is an A/C delivery in full airworthiness condition to an airline that considerably facilitates a costly delivery procedure for the airline.







    When speaking about a competition between Russian and foreign leasing companies the strong presence of latter on the Russian market has become evident due to the export of Boeing 737 and Airbus 319, 320, 321 aircraft types (Technical characteristics of the said types are similar to those of TU-154 type). The Avialeasing specialists analyzed the share of TU-154 A/C of different types and the share of analogue Western-built A/C types on the leasing market (Boeing 737- 400 and Airbus 320) as well as the share of TU-154 A/C of different types and the share of analogue and similar Western-built A/C types on the leasing market (Boeing 737 and Airbus 319, 320, 321). The results of the analysis will help to determine the Avialeasing direct and potential competitors. The correspondent diagrams are presented above on pp. 44-45.

    We admit that A/C of Boeing 737-400 and Airbus 320 types have almost the same technical characteristics as TU-154 A/C types therefore we indicate them as “analog Western-built A/C” (a diagram on p.44). Accordingly, we distinguish

    1. Two companies: ZAO “PIFK” Avialeasing” and GECAS with 6 and 9 A/C accordingly as the leaders on the common market segment representing 18.52% of the market.

    2. Five operators one of which is foreign and the rest are Russian with 3-4 A/C in each company’s portfolio (3.70-4.94 % each) representing 20.98% of the market.

    3. The strong core” of 3 Russian and 1 foreign operators, each of them have 2 A/C (2.47% each) representing 9.88%.

    4. The companies - outsiders with no market motivation - 41 A/C of all types representing 50.62% of the market.

    Leasing market operators segmentation and subjective clusters aggregation according to data from “TU-154 A/C of different types and analog western-built A/C lease market share” diagram

    Company

    Aircraft

    CompanyMarket Share

    Total Share

    1. GECAS

    ZAO “PIFK “Avialeasing”

    7 A/C(6 А-320, 1 B 737-400)

    6 A/C of the type TU-154

    11,11%

    7,41%

    18,52%

    2. ООО «Dalmashleasing»

    ООО «RB Leasing»

    ОАО «Severleasing»

    ООО «TK Leasing»

    RBS Aerospace Limited

    4 A/C of TU-154 type

    4 A/C of TU-154 type

    3 A/C of TU-154 type

    3 A/C of TU-154 type

    3 A/C of Airbus А-320 type

    4,94%

    4,94%

    3,70%

    3,70%

    3,70%

    20,98%

    3. ОАО «Munitzipalnaya IC»

    ROSSAHAleasing

    ООО «Energoprominvest»

    Boeing Capital Corporation

    2 A/C of ТU-154 type

    2 A/C of ТU-154 type

    2 A/C of ТU-154 type

    2 A/C of Boeing 737-400 type

    2,47%

    2,47%

    2,47%

    2,47%

    9,88%

    4. Outsiders, without market motivation

    41 A/C of all types

    67,68%

    50,62%


    The market operators analysis according to the Pareto method and subjective clusters aggregation revealed the following pattern:

    - the first group of market entities accounts for 18.52 % of total market. These are acknowledged leaders that will hold their position in the midterm;

    - the second group jointly comprises 20.98% of total market. These companies are also leaders but with fewer aircraft in their portfolios:

    - the third group accounts jointly for 9.88% of total market. This is a risk group that have to pursue the strategy of expansion and diversification in order not only to keep a share of the market but also to hold a position on the market (except Boeing Capital Corporation, a recognized capitalized and internationally diversified company);

    - the forth group of entities includes the companies – outsiders and companies that are not market-orientated – representing 50.62% of market.

    Market operators breakdown as per the Pareto method and subjective clusters aggregation according to the diagram “TU – 154 and analog Western-built types of A/C leasing market shares”

    Company

    Qnty of A/C

    Market share of indicated cluster

    Entity qnty / market share in 2006

    Entity share / Pareto

    1. GECAS,

    ZAO “PIFK “Avialeasing” (2)

    15

    18,52%

    2 / 18,52%

    18,52% /

    ~ 80%

    2. Leaders (5)

    17

    20,98%

    5 / 20,98%

    3. The core companies (4)

    8

    9,88%

    4 / 9,88%

    81,48%/

    ~20%

    4.Outsiders and others

    41

    50,62%

    41 / 50,62%




    Total

    81

    100,00%

    81 /100,00%

    100,00% /

    100,00%


    Therefore it is evident that with some assumptions in the near future 2 leading companies and Вoeing Сapital Сorporation will take control over 80% of the TU-154 and analog Western-built A/C lease market (Boeing 737-400 and Airbus 320) in the Russian Federation (other factors being equal). The market share of the rest will be 20%. The above said is true for the market competition. In case the major operators (like GECAS or Вoeing Сapital Сorporation) set a course on a dumping market policy the situation will appear very favorable for foreign operators.

    The market share distribution tendency among Russian and foreign lessors on TU-154 and analog western-built A/C segment is given in the table below.
    The market share analysis according to the diagram “TU-154 and analog western-built types of A/C lease market share analysis”





    Market share, %

    Russian leasing companies

    75,31

    Foreign leasing companies

    24,69



    We admit that Boeing 737 and Airbus 319, 320, 321 types of A/C are the most similar in what tactical and technical characteristics concern when regarding TU-154 type and therefore we indicate them as “analog and similar to the tactical and technical characteristics of western-built A/C” (a diagram on p.45). Accordingly, we distinguish

    1. GECAS, an apparent leader of common market segment – 39 A/C of different types – representing 24.68% share of the market;

    2. The group of 13 operators : 5 Russian and 8 foreign, each of them have 3 or more A/C (1.90 – 6.96 % each) – jointly representing 37.98%;

    3. The strong core” – 3 Russian and 4 foreign operators with 2 A/C in each portfolio (1.27 %) – representing 8.89%;

    4. The outsiders and companies that are not market-orientated – 50 A/C of all types – representing 28.45%.


    Aviation leasing market segmentation and subjective clusters aggregation according to the diagram “TU-154 and analog Western-built types of A/C lease market share distribution”


    Company

    A/C qnty

    Company share

    Total share

    1.GECAS

    39 A/C (11 A-319, 6 A-320, 22 В-737)

    24,68%

    24,68%

    2. MS2 Denmark Ltd. APS

    ILFC

    ZAO “PIFK “Avialeasing”

    Cramington Services Ltd

    ООО «Dalmashleasing»

    ООО «RB Leasing»

    ОАО «Severleasing»

    ООО «ТК Leasing»

    RBS Aerospace Limited

    Babcock&Brown

    CIT Capital Finance

    Boeing Capital Corporation

    Pegasus Aviation

    11 A/C (4 A-319, 7 A-321)

    9 A/C of type B-737

    6 A/C of type TU-154

    5 A/C of type B-737

    4 A/C of type TU-154

    4 A/C of type TU-154

    3 A/C of type TU-154

    3 A/C of type TU-154

    3 A/C of type А-320

    3 A/C of type B-737

    3 A/C of type B-737

    3 A/C of type B-737

    3 A/C of type B-737

    6,96%

    5,70%

    3,80%

    3,16%

    2,53%

    2,53%

    1,90%

    1,90%

    1,90%

    1,90%

    1,90%

    1,90%

    1,90%

    37,98%

    3. ОАО «Munitzipalnaya IC»

    ROSSAHAleasing

    ООО «Energoprominvest»

    Aergo Omega Leasing

    BCI Aircraft Leasing

    Embarcadero AST

    GATX

    2 A/C of type ТU-154

    2 A/C of type ТU-154

    2 A/C of type ТU-154

    2 A/C of type B-737

    2 A/C of type B-737

    2 A/C of type B-737

    2 A/C of type B-737

    1,27%

    1,27%

    1,27%

    1,27%

    1,27%

    1,27%

    1,27%

    8,89%

    4. Outsiders or companies without market orientation

    50 A/C of all types

    31,61%

    28,45%


    The market operators breakdown according to the Pareto method and subjective clusters aggregation revealed the following pattern:

    - GECAS, the first market entity accounts for 24.68 % of total market. This is an apparent leader that will hold its position in the midterm;

    - the second group jointly amounts to 37.98% of total market. These companies are also leaders but with fewer aircraft in their portfolios:

    - the third group jointly accounts for 8.89% of total market. This is a risk group that have to pursue the strategy of expansion and diversification in order not only to keep a market share but also to hold a position on the market (except Boeing Capital Corporation, BCI Aircraft Leasing, GATX, recognized capitalized and internationally diversified companies);

    - the forth group of entities includes the companies – outsiders and not market-orientated companies – jointly representing 28.45% of total entity market.

    The market operators’ breakdown as per the Pareto method and subjective clusters aggregation according to the diagram “TU-154 and analog Western-built types of A/C lease market share distribution”



    Company

    Qnty of A/C

    Market share of indicated cluster

    Entity qnty / market share in 2006

    Entity share / Pareto

    1. GECAS (1)


    39

    24,68%

    1 / 24,68%

    24,68% /

    ~ 80%

    2. Leaders (13)

    60

    37,98%

    13 / 37,98%

    3. The core companies (7)

    14

    8,89%

    7 / 8,89%

    75,32%/

    ~20%

    4. Outsiders and others

    50

    28,45%

    50 / 28,45%




    Total

    163

    100,00%

    163 / 100,00%

    100,00% / 100,00%

    Therefore it is evident that with some assumptions in the near future GECAS, ILFC and Вoeing Сapital Сorporation will take control over 80% of the TU-154 and analog Western-built A/C lease market (Boeing 737 and Airbus 319, 320, 321) in the Russian Federation (other factors being equal). The market share of the rest will be 20%. The abovesaid is true for the market competition. In case the major operators (like GECAS, ILFC or Вoeing Сapital Сorporation) set a course on a dumping market policy the situation will appear very favorable for foreign operators.

    The market share distribution tendency among Russian and foreign lessors in the TU-154 and analog western-built A/C market segment is given in the table below.

    The market share distribution according to the diagram “TU-154 and analog western-built types of A/C lease market share distribution”




    Market share, %

    Russian leasing companies

    38,27

    Foreign leasing companies

    61,73



    8. Company’s Business Activity and Operation in 2006
    The Company operates in the Russian-built Tu-154B and Tu-154M aircraft leasing market.

    The Company is focused on the consumer segment, namely on the perspective rapidly growing airlines with considerable portfolios of mid-haul aircraft, that effect their leasing payments in time. This was the reason why we chose “UTair Aviation” as a partner that belongs to the four major Russian airlines according to the results of 2005.

    In 2006 our partners were:

    OJSK UTair Aviation (Khanty-Mansiysk). UTair Aviation is a long-term partner of the Company. UTair Aviation is among the four strongest aviation enterprises in terms of passenger traffic. Since 1991 it is also the biggest helicopter operator in the world market. The Company is accredited by the U.N.O. as an official supplier of aviation services.

    OJSC VARZ-400 (Moscow) is a contractor that fulfils TU-154 overhaul services as well as airframe modifications to meet airworthiness requirements issued by the Federal Transport Surveillance Agency (formerly GSGA).

    OOO Regionsbytservis (Moscow) is the supplier of TU-154M A/C to the secondary market.

    Ural Civil Aviation Plant (Ekaterinburg) is a supplier of NK- 8 2Y engines for Tu-154 aircraft and a contractor that provides overhaul services for the said engines.

    OJSC “KD-Avia” (Kaliningrad) is the supplier of Tu-154М to the secondary market.

    These companies managed to keep their human resources and technologies during the downturn of the economic reforms. The cooperation experience between the Company management and plant managers is positive. Considering the quality of works and products delivered by the Company the prices offered by these plants are optimum.

    The Company’s experience proves that it is a lessor that has to settle numerous complicated matters related to designing offices, manufacturers, and suppliers of major assemblies.

    The Company believes that a long-term co-operation with respectable partners is a key for successful development of the chosen business strategy.

    Technically ZAO «Avialeasing” Company is engaged in renovation of Tu-154 aircraft, including:

    - airframe overhaul;

    - installation of power jets and auxiliary power units;

    - rework of flight director systems;

    - aircraft modification according to the ICAO requirements for international flights and installation of the required auxiliary equipment and development of the existing one, it also includes development of D-30KU-154 engines in accordance with ICAO Chapter 3 noise requirements.




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