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AYR » Topics » Business Strategy

These excerpts taken from the AYR 10-K filed Mar 2, 2009.
Business Strategy
 
Although current market conditions have significantly reduced the availability of equity and debt capital, we plan to grow our business and profits over the long term by continuing to employ our fundamental business strategy:
 
  •   Selectively investing in additional commercial jet aircraft and other aviation assets.  We believe the large and growing aircraft market, as well as the highly fragmented ownership of existing assets, will continue to provide significant acquisition opportunities over the long term. We regularly evaluate potential aircraft acquisitions and expect to resume our investment program through additional passenger and cargo aircraft purchases when attractively priced opportunities and cost effective financing are available.
 
  •   Maintaining an efficient capital structure and operating platform.  We have financed our aircraft acquisitions using varying long-term debt structures to obtain cost effective limited-recourse financing. Although we expect our access to capital to be more limited in the short-term due to the ongoing capital markets disruption, we expect capital to be available in the longer-term, thus allowing us to acquire additional aircraft and other aviation assets to optimize the return on our investments and to grow our business and profits. We will also seek opportunities to increase our profits by leveraging the efficient operating platform we have established.
 
  •   Reinvest a portion of the cash flows generated by our business and from selective asset dispositions in additional aviation assets and/or our own debt and equity securities.  Aircraft have a finite useful life and through a strategy of reinvesting a portion of our cash flows in our business, we will seek to maintain our asset base. We will also continue to evaluate additional investment opportunities in the context of the relative risk/return profile as compared to the merits of repurchasing our own debt or equity securities.
 
We also believe our team’s capabilities in the global aircraft leasing market place us in a favorable position to explore new income-generating activities such as originating and managing third-party investment funds, when capital becomes available for such activities. However, the financial markets are under severe distress and the disruption has reached unprecedented levels. It is not clear when credit will become readily available in sufficient volume to satisfy the financing and refinancing needs in the aviation industry. If current levels of financial market disruption and volatility continue or


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worsen, there can be no assurance that we will not experience an adverse effect, which may be material, on our ability to access capital, on our cost of capital or on our business, financial condition or results of operations.
 
Business
Strategy


 



Although current market conditions have significantly reduced
the availability of equity and debt capital, we plan to grow our
business and profits over the long term by continuing to employ
our fundamental business strategy:


 




































  •  
Selectively investing in additional commercial jet
aircraft and other aviation assets.  We
believe the large and growing aircraft market, as well as the
highly fragmented ownership of existing assets, will continue to
provide significant acquisition opportunities over the long
term. We regularly evaluate potential aircraft acquisitions and
expect to resume our investment program through additional
passenger and cargo aircraft purchases when attractively priced
opportunities and cost effective financing are available.
 
  •  
Maintaining an efficient capital structure and operating
platform.  We have financed our aircraft
acquisitions using varying long-term debt structures to obtain
cost effective limited-recourse financing. Although we expect
our access to capital to be more limited in the short-term due
to the ongoing capital markets disruption, we expect capital to
be available in the longer-term, thus allowing us to acquire
additional aircraft and other aviation assets to optimize the
return on our investments and to grow our business and profits.
We will also seek opportunities to increase our profits by
leveraging the efficient operating platform we have established.
 
  •  
Reinvest a portion of the cash flows generated by our
business and from selective asset dispositions in additional
aviation assets
and/or our
own debt and equity securities.  Aircraft have
a finite useful life and through a strategy of reinvesting a
portion of our cash flows in our business, we will seek to
maintain our asset base. We will also continue to evaluate
additional investment opportunities in the context of the
relative risk/return profile as compared to the merits of
repurchasing our own debt or equity securities.


 



We also believe our team’s capabilities in the global
aircraft leasing market place us in a favorable position to
explore new income-generating activities such as originating and
managing third-party investment funds, when capital becomes
available for such activities. However, the financial markets
are under severe distress and the disruption has reached
unprecedented levels. It is not clear when credit will become
readily available in sufficient volume to satisfy the financing
and refinancing needs in the aviation industry. If current
levels of financial market disruption and volatility continue or





3




Table of Contents






worsen, there can be no assurance that we will not experience an
adverse effect, which may be material, on our ability to access
capital, on our cost of capital or on our business, financial
condition or results of operations.


 




EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 2, 2009

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