NORDIC AVIATION CAPITAL A/S — Credit Rating and Financial Key Figures

CVR number: 19398994

Orla Lehmannsgade 1 A, 7100 Vejle

tel: 76511212

Income statement (mUSD)

	2011	2012	2013	2014
Fiscal period length	12	12	12	12
Net sales	278.94	265.55	311.06	392.05
Costs of manufacturing	- 131.17	-38.66	-54.20	- 115.94
Gross profit	147.78	226.89	256.86	276.11
Costs of management	-22.16
Costs of distribution		-29.14	-27.94	-45.64
Wages and salaries	-8.17
Social security expenses	-0.07
Reduction in value of non-current assets	-30.64	-54.05	-60.08	8.52
EBIT	94.98	143.70	168.84	238.99
Other financial income	9.57	8.66	6.79	6.19
Other financial expenses	-38.27	-78.08	-83.59	- 126.78
Pre-tax profit	66.29	74.28	92.04	118.39
Income taxes	-9.42	-8.37	-11.05	-7.74
Net earnings	56.86	65.91	80.99	110.66

	2011	2012	2013	2014
Intangible assets total
Land and waters	8.07	7.53	10.22	11.90
Machinery and equipment	1 148.86	1 534.44	1 802.07	2 816.21
Advance payments and construction in progress		24.65	80.84	95.87
Tangible assets total	1 156.93	1 566.61	1 893.14	2 923.98
Other non-current investments		5.27
Investments total		5.27
Non-current loans receivable	5.25		5.27	2.65
Long term receivables total	5.25		5.27	2.65
Raw materials and consumables		12.04
Finished products/goods	4.57		8.18	9.33
Inventories total	4.57	12.04	8.18	9.33
Current trade debtors	85.85	5.54	8.86	7.11
Prepayments and accrued income	7.06		2.06	2.65
Current other receivables	55.85	106.10	58.29	92.84
Short term receivables total	148.77	111.65	69.21	102.60
Cash and bank deposits	71.86	125.56	204.86	134.87
Cash and cash equivalents	71.86	125.56	204.86	134.87
Balance sheet total (assets)	1 387.37	1 821.12	2 180.66	3 173.42

	2011	2012	2013	2014
Share capital	0.60	0.60	0.60	0.60
Asset revaluation reserve	0.26	0.26	0.26	0.26
Other reserves	-3.70	-3.07	-2.31	-2.27
Retained earnings	212.72	269.58	335.49	416.48
Profit of the financial year	56.86	65.91	80.99	110.66
Shareholders equity total	266.74	333.28	415.03	525.73
Provisions	51.21	60.10	66.00	61.48
Non-current loans from credit institutions	852.25	1 134.55	234.01	348.06
Non-current advances received	4.03
Non-current other liabilities	47.15	61.70	1 244.38	1 902.59
Non-current liabilities total	903.43	1 196.25	1 478.39	2 250.65
Current loans from credit institutions	121.14	173.59	158.50	232.55
Current trade creditors	4.01	9.08	15.49	13.76
Short-term deferred tax liabilities	2.03	0.06	1.98	11.54
Other non-interest bearing current liabilities	28.43	43.52	43.91	75.68
Accruals and deferred income	10.37	5.25	1.35	2.02
Current liabilities total	165.98	231.49	221.22	335.55
Balance sheet total (liabilities)	1 387.37	1 821.12	2 180.66	3 173.42

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