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Slide 1
Dubai, UAE – 14th October 2014
Opening Remarks &
Market Overview
Polis D. PolycarpouHead of Airline Market Research – DVB Aviation
12th Annual Middle East and Africa AirFinance Conference
Slide 2
DVB Aviation Finance – Integrated Platform Solutions
Aviation Relationship & Lending
Structured
Asset
Financing
Advisory
Services
Aviation
Asset
Management
Aero Engine
Financing and
Engine Asset
Management
Private Equity
Sourcing and
Investments
Risk
Distribution
Asset &
Market
Research
12th Annual Middle East and Africa AirFinance Conference
Slide 3
Uneven & Slow Global Recovery
12th Annual Middle East and Africa AirFinance Conference
Slide 4
Airline Share Prices UP 11% YTD
12th Annual Middle East and Africa AirFinance Conference
Slide 5
Crude Oil Price Slips As Supply Conditions Improve
12th Annual Middle East and Africa AirFinance Conference
30
40
50
60
70
80
90
100
110
120
130
140
150
Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14
Sp
ot
Pri
ce
FO
B (
$/b
bl)
Cushing, OK WTI Spot Price FOB(Dollars per Barrel)
U.S. Gulf Coast Kerosene-Type Jet FuelSpot Price FOB(Dollars per Barrel)
Slide 6
Passenger Volumes Increasing Strongly
12th Annual Middle East and Africa AirFinance Conference
70%
72%
74%
76%
78%
80%
82%
84%
-12%
-9%
-6%
-3%
0%
3%
6%
9%
12%
Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
Pa
ss
en
ge
r L
oa
d F
ac
tor
%
% G
row
th (
Y-o
-Y)
Pax Load Factor%
ASK % Growth
RPK % Growth
Slide 7
Air Freight Market – Continuing Positive Trend
12th Annual Middle East and Africa AirFinance Conference
40%
42%
44%
46%
48%
50%
52%
54%
56%
58%
-25%
-15%
-5%
5%
15%
25%
35%
Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14
Fre
igh
t L
oa
d F
ac
tor
%
% G
row
th (
Y-o
-Y)
Freight Load Factor%
AFTK % Growth
FTK % Growth
Slide 8
Airline Industry Profitability – Upward Trend to Slow
12th Annual Middle East and Africa AirFinance Conference
8.2 8.5
3.7
-13.0-11.3
-7.6-5.6
-4.1
5.0
14.7
-26.1
-4.6
17.3
7.56.1
10.6
18.0
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
-30.0
-20.0
-10.0
0.0
10.0
20.0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F
% R
eve
nu
es
US
$ b
illi
on
Net Profit (Losses), $bn (LHS)
Operating Margin, % (RHS)
$746 bn Revenues
4.2% Op. Margin
2.4% NP Margin
Slide 9
Airbus: Global Market Forecast 2014-2033
12th Annual Middle East and Africa AirFinance Conference
Slide 10
Boeing: Current Market Outlook 2014-2033
12th Annual Middle East and Africa AirFinance Conference
Slide 11
Middle East: Airbus GMF & Boeing CMO
12th Annual Middle East and Africa AirFinance Conference
BoeingAirbus
Slide 12
Africa: Airbus GMF & Boeing CMO
12th Annual Middle East and Africa AirFinance Conference
BoeingAirbus
Slide 13
Aircraft Finance – An Uncertain Landscape
12th Annual Middle East and Africa AirFinance Conference
Slide 14
Disclaimer
This presentation has been prepared by DVB Bank SE.
This presentation does not contain or constitute an offer, or the solicitation of an offer, to buy or subscribe for
securities to any person. This document is not a prospectus.
The presentation is a short summary description of certain aspects in respect of DVB Bank SE. It may not
contain all relevant information in respect of the topics covered. This presentation is therefore not a sufficient
basis for any investment decision in respect of any securities of DVB Bank SE.
This presentation contains forward-looking statements which include statements about our beliefs and
expectations as well as the assumptions underlying them. Such statements speak only as of the day they are
made since they are based on plans, estimates and projections currently available to the management of DVB
Bank SE. Forward-looking statements contain risks and uncertainties, and it cannot be guaranteed that they
will turn out to be correct in light of future events or developments.
Information and opinions contained in this presentation have been compiled or arrived from sources believed
by DVB Bank SE to be reliable. Any statements about DVB Bank SE’s market position are based on DVB
Bank SE’s own estimates, unless explicitly stated otherwise herein. Although the information shown herein
has been taken from sources which are believed to be reliable or is based on DVB Bank SE’s own estimates,
no warranty or representation is made as to the correctness, completeness and accuracy of the information or
the assessments made on its basis.
DVB Bank SE accepts no responsibility or liability whatsoever for any expense, loss or damages arising out
of, or in any way connected with, the use of all or any part of this presentation.
12th Annual Middle East and Africa AirFinance Conference
Slide 15Title of presentation
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