DP Aircraft I Limited was incorporated with limited liability in Guernsey under The Companies (Guernsey) Law, 2008, as amended, on 5 July 2013 with registered number 56941.
The Company is traded on the Specialist Fund Market of the London Stock Exchange (ISIN number GG00BBP6HP33).
The Company’s investment objective is to obtain income returns and a capital return for its Shareholders by acquiring, leasing and then, when the Board considers it is appropriate, selling aircraft.
The Company aims to provide Shareholders with an attractive total return comprising income, from distributions through the period of the Company’s ownership of the Assets, and capital, upon any sale of the Assets.
In the event that the Company is wound up pursuant to a shareholder resolution, Shareholders may also receive a capital return out of any sale of the Assets and any surplus assets of the Company.
The Company is targeting a net IRR in excess of 11 per cent. over the life of the Leases and taking into account the economic full-life condition of the Assets upon the expiry of the Leases. This net IRR is a target only and should not be treated as an assurance or guarantee of performance or a profit forecast. It is based on the performance projections of the investment strategy and market conditions at the time of modeling and is therefore subject to change. There is no guarantee that any target net IRR can or will be achieved.
Norwegian Air Shuttle ASA, commercially branded “Norwegian”, is a low-cost airline listed on the Oslo Stock Exchange. At 26 February 2020, Norwegian’s market capitalization was NOK 3,938 million (equivalent to approximately US$ 421 million based on NOK/US$ exchange rate as at 26 February 2020).
Norwegian is the second largest airline in Scandinavia and the third largest low-cost airline in Europe with a route portfolio stretching across Europe into North Africa, North America, Asia and the Middle East. Its competitive price structure and emphasis on customer-friendly services and solutions has seen it experience significant growth in recent years, with more than 36 million passengers carried in 2019.
As of December 2019, Norwegian operated 119 single-aisle jet aircraft of the type Boeing 737, as well as 37 wide-body jet aircraft of the type Boeing 787.
According to its consolidated audited accounts for the year ended 31 December 2018, Norwegian’s operating revenue for that year was NOK 40,266 million, an increase of 30 per cent. compared to the previous financial year. NOK 32,560 million (2017: 24,719 million) of this revenue was related to ticket revenues, NOK 6,267 million (2017: 4,823 million) was ancillary passenger revenues, while NOK 1,439 million (2017: 1,407 million) was related to freight, third-party products and other income.
According to its consolidated unaudited accounts for the 3-months period ended 31 December 2019, Norwegian´s operating revenue for the period was NOK 8.94 billion, a decrease of 7 per cent compared to the 3-months period of the previous year.
According to its consolidated unaudited accounts for the 3-months period ended 31 December 2019, Norwegian’s total assets as at 31 December 2019 were NOK 85.34 billion. At 31 December 2019, Norwegian had a cash balance of NOK 3.10 billion.
Thai Airways International Public Company Limited, commercially branded as “Thai”, was founded in 1960 and is the national carrier of the Kingdom of Thailand. It operates full service domestic, regional and intercontinental flights radiating from its home base in Bangkok to key destinations around the world and within Thailand. The company’s paid up capital amounts to Baht 21.83 billion (equivalent to approximately US$ 688 million based on the Baht/US$ exchange rate as at 26 February 2020) and is 51.03 per cent. owned by the Ministry of Finance and the Government Savings Bank. Thai Airways is listed on the stock exchange of Thailand.
As at 30 September 2019, Thai Airways (including its subsidiary Thai Smile) had an active fleet of 103 aircraft. The fleet consists of 20 narrow-body aircraft and 83 widebody aircraft, of which 8 aircraft are Boeing 787s. The carrier transported more than 24 million passengers in 2018.
According to its consolidated audited accounts for the year ended 31 December 2018, Thai Airways’ total revenue for that financial year was Baht 199.50 billion (equivalent to approximately US$6.16 billion based on the Baht/US$ exchange rate as at 31 December 2018). Baht 182.60 billion (2017: Baht 177.75 billion) of this revenue was related to transportation activities, Baht 13.37 billion (2017: Baht 12.11 billion) represented revenue from business units and from other activities, while Baht 3.54 billion (2017: Baht 2.09 billion) was related to other income.
According to its consolidated unaudited accounts for the 3 months ended 30 September 2019, Thai´s total revenues for the period was Baht 45.0 billion, a decrease of 6 per cent on the equivalent 3 month period in the previous year.
Thai’s total assets as at 30 September 2019 were Baht 258.19 billion, including a cash balance of Baht 13.98 billion.
The Company´s aircraft are four Boeing 787-8 fitted with Rolls Royce engines.
The Boeing 787, also known as the “Dreamliner”, is a twin-engine long-range aircraft which is distinguished by its entirely new aircraft design. The Boeing 787 is a mid-size aircraft which has the range of large passenger aircraft and offers airlines the most efficient fuel consumption currently available.
As at the end of December 2019, a total of 1,450 orders had been placed by 73 different customers for the Boeing 787, of which 425 were orders for the Boeing 787-8. The list of customers comprises airlines from 45 countries around the world. Apart from airlines such as Air Canada, Air France-KLM, American Airlines, British Airways, Etihad Airways, Qantas, Singapore Airlines and leasing companies such as AerCap, customers also include smaller airlines such as Air Tahiti Nui. This is evidence of the Boeing 787’s worldwide popularity.
As of December 31st, 2019, a total of 939 Boeing 787 had been delivered to 60 customers.
DS Aviation GmbH & Co. KG (“DS Aviation”) has been appointed by the Company to provide asset management services to the Company.
DS Aviation is a German limited partnership. DS Aviation’s registered office is situated at Stockholmer Allee 53, 44269 Dortmund, Germany. DS Aviation is a limited partnership with DS Aviation Management GmbH and Dr. Peters being its general and limited partners respectively. DS Aviation is indirectly wholly-owned by JS Holding GmbH & Co. KG.
Christian Mailly of DS Aviation is a member of ISTAT, the International Society of Transport Aircraft Trading.
Dr. Peters has been developing, placing and managing closed-ended funds for over 35 years and is among the longest running and largest owner-operated initiators of closed-ended funds in Germany. Dr. Peters is a leading provider of products and services for investors in the fields of aviation, shipping and real estate. One of the firm’s core competencies is its asset management expertise, which is an integrated part of all Dr. Peters transactions and a cornerstone of the business. DS Aviation is responsible for the sourcing and structuring and commercial and technical management of aviation investments made by Dr. Peters funds.
Further information on DS Aviation can be found here: www.dr-peters.de.
Investec Bank plc
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Aztec Financial Services (Guernsey) Limited
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Royal Bank of Scotland International Limited
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