MERGENT TRANSPORTATION

Transcription

1 MERGENT TRANSPORTATION NEWS REPORTS Friday, April 28, 2017 Volume 88 No. 4 AEROPORTS DE PARIS (Eu000): Revenue ,947,000 2,935,000 2,791,000 Other ordinary operating income ,000 18,000 7,000 Consumables (113,000) (110,000) (102,000) Employee benefit costs (698,000) (712,000) (686,000) External services & charges (707,000) (672,000) (647,000) Taxes, other than income taxes (262,000) (238,000) (234,000) expenses (27,000) (16,000) (23,000) Depreciation, amortization & impairment, net of reversals ,000 (14,000) (442,000) EBITDA ,195,000 1,191, Depreciation & amortization (479,000) (458,000)... Share of profit or loss in associates & joint ventures from operating activities (52,000) 58,000 73,000 income & expenses... 32, (7,000) Operating income (including operating activities of associates) ,000 Operating income , , Net income (expense) on derivatives ,000 21,000 26,000 Income from cash & cash equivalents ,000 2,000 4,000 income ,000 24,000 10,000 Finance income ,000 47,000 40,000 Gross interest expenses on debt..... (113,000) (116,000) (112,000) Net income (expense) on derivatives (10,000) (15,000) (21,000) expenses (18,000) (22,000) (22,000) Finance expenses.... (141,000) (153,000) (155,000) Net income (expenses)... (115,000) (106,000) (115,000) Share of profit or loss from non-operating associates & joint ventures ,000 6,000 (2,000) Income before tax , , ,000 Income tax expense.. (202,000) (258,000) (210,000) Profit after tax from continuing operations , , ,000 Net income for the period , , ,000 Net income NOTICE Items in this issue will be listed online weekly and printed monthly. interests ,000 3,000 1,000 Net income equity holders of the parent , , ,000 outstanding - basic... 98,933 98,959 98,957 outstanding - diluted ,933 98,959 98,957 outstanding ,961 98,960 98,961 Basic earnings per share - continuing operations Eu4.40 Eu4.35 Eu4.07 Net earnings per share - basic Eu4.40 Eu4.35 Eu4.07 Diluted earnings per share - continuing operations Eu4.40 Eu4.35 Eu4.07 Net earnings per share - diluted Eu4.40 Eu4.35 Eu4.07 Average number of Number of bearer stockholders , , , Restated to reflect the impacts of Changes in Perimeter Scope of Regulated Assets & the Consolidation of Média Aéroports de Paris Previously Accounted for by Equity Method; 2 Reclassified to conform with 2015 presentation; 3 As is; 4 Bearer Consolidated Balance Sheet, Years Ended Dec. 31 (Eu000): Goodwill ,000 18,000 Software ,000 51,000 Other intangible assets ,000 4,000 Fixed assets in progress & related advances & prepayments, net ,000 31,000 Intangible assets , ,000 equipment, gross ,790,000 11,167,000 Accumulated depreciation & impairment - property, plant & equipment (5,519,000) (5,207,000) equipment ,271,000 5,960,000 Investment property , ,000 Investments in associates ,101,000 1,229,000 Other non-current assets , ,000 assets ,106,000 7,977,000 Inventories ,000 18,000 Trade receivables, gross , ,000 Doubtful receivables - trade receivables ,000 58,000 Accumulated impairment - trade receivables (57,000) (76,000) Trade receivables , ,000 Advances & prepayments paid on orders ,000 17,000 Tax receivables ,000 55,000 Amounts due to employees & social security contributions ,000 5,000 Prepaid expenses ,000 12,000 Other receivables ,000 23,000 Other current assets ,000 67,000 Cash & cash equivalents ,657,000 1,734,000 Total current assets ,476,000 2,447,000 Assets held for sales ,000 24,000 Total assets ,592,000 10,448,000 Share capital , ,000 Share premium , ,000 Treasury shares (12,000) (24,000) Retained earnings ,541,000 3,390,000 Other equity items (85,000) (81,000) Shareholders equity - Group share ,284,000 4,125,000 Non-controlling interests ,000 7,000 Shareholders equity ,291,000 4,132,000 Non-current debt ,239,000 4,426,000 Provisions for employee benefit obligations (more than one year) , ,000 Other non-current provisions ,000 53,000 Deferred tax liabilities , ,000 Other non-current liabilities , ,000 liabilities ,060,000 5,252,000 Trade payables , ,000 Advances & prepayments received ,000 3,000 Employee-related liabilities , ,000 Tax liabilities (excluding current tax) ,000 50,000 Credit notes ,000 18,000 Other liabilities ,000 52,000 Deferred income , ,000 Current debt ,000 75,000 Provisions for employee benefit obligation (less than one year) ,000 15,000 Other current provisions ,000 30,000 Current tax liabilities ,000 23,000 Total current liabilities ,241,000 1,064,000 Total equity & liabilities ,592,000 10,448,000 1 Restated to reflect the impacts of Changes in Perimeter Scope of Regulated Assets & the Consolidation of Média Aéroports de Paris Previously Accounted for by Equity Method; 2 As reported by Company AMERICAN AIRLINES GROUP INC Financing Development On March14, 2017 (the "Closing Date"), American Airlines, Inc. ("American") and American Airlines Group Inc. ("AAG") entered into a Second Amendment to the Amended and Restated Credit and Guaranty Agreement (the "Second Amendment"), amending the Amended and Restated Credit and Guaranty Agreement dated as of May21, 2015 (as amended prior to the date hereof, the "2015 Credit Agreement"), among American, AAG, the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto. On the Closing Date, the aggregate principal amount of the term loans outstanding under the 2015 Credit Agreement (the "Existing Term Loans") was ap-

2 42 MERGENT TRANSPORTATION NEWS April 28, 2017 proximately $1.8billion. Under the Second Amendment, American refinanced the Existing Term Loans with proceeds of term loans incurred pursuant to the Second Amendment (the "2017 Replacement Term Loans"). Pursuant to the Second Amendment, the interest rate margin on the 2017 Replacement Term Loans was reduced to 2.00% for those loans with interest rates based on LI- BOR (compared to 2.50% for the Existing Term Loans) and to 1.00% for loans with interest rates based on an index (compared to 1.50% for the Existing Term Loans). The revolving credit facility under the 2015 Credit Agreement remains unchanged and, as of the Closing Date, there were no borrowings or letters of credit outstanding thereunder. AMERICAN AIRLINES GROUP INC Revenue Passinger Miles Co. s total revenue passenger miles (RPMs) were 18.8 billion, down 1.2 percent versus March. Total capacity was 23.0 billion available seat miles (ASMs), down 0.9 percent versus March. Total passenger load factor was 81.5 percent, down 0.2 percentage points versus March. The Company expects its first quarter 2017 total revenue per available seat mile (TRASM) to be up approximately 2 percent to 4 percent year-over-year. In addition, the Company expects its first quarter pre-tax margin excluding special items to be between 4 percent and 6 percent. This compares to prior guidance which had TRASM up approximately 1.5 percent to 3.5 percent and pretax margin of 3 percent to 5 percent.the improvements from prior guidance are driven primarily by higher yields. CARNIVAL CORP Earnings, 3 mos. to (Consol. $000): 02/28/17 02/29/16 Total revenues ,791,000 3,651,000 Cost & expenses ,984,000 2,794,000 Deprec., depl. & amort , ,000 Operating income , ,000 Interest income ,000 2,000 Interest expense ,000 52,000 Other income (expense), net ,000 (5,000) Gains or losses ,000 (236,000) Net before taxes , ,000 Income taxes ,000 1,000 Net income , ,000 Earnings common share Primary $0.48 $0.18 Fully Diluted $0.48 $0.18 Common Shares: Full Diluted , ,000 Year-end , ,000 Consolidated Balance Sheet Items, as of ($000): Assets: 2017 Cash & equivalents ,000 Inventories ,000 Current assets ,597,000 Net property & equip ,328,000 Total assets ,703,000 Liabilities: Current liabilities ,465,000 Long-term debt ,796,000 Stockholders equity ,660,000 Net current assets (5,868,000) CATHAY PACIFIC AIRWAYS LTD. (Hk000): Passenger services... 66,926,000 73,047,000 75,734,000 Cargo services ,063,000 23,122,000 25,400,000 Catering, recoveries & other services ,762,000 6,173,000 4,857,000 Total revenue ,751, ,342, ,991,000 Staff expenses (19,770,000) (18,990,000) (18,101,000) Inflight service & passenger expenses... (4,734,000) (4,713,000) (4,438,000) Landing, parking & route expenses (14,985,000) (14,675,000) (14,196,000) Fuel, including of hedging gains (losses) (27,953,000) (32,968,000) (40,299,000) Aircraft maintenance expenses (8,856,000) (7,504,000) (7,077,000) Aircraft depreciation & operating leases expenses (10,551,000) (10,883,000) (10,411,000) Other depreciation, amortization & operating leases expenses (2,457,000) (2,310,000) (2,116,000) Commissions expenses (700,000) (798,000) (799,000) Other expenses (3,270,000) (2,837,000) (4,119,000) Operating profit (loss) (525,000) 6,664,000 4,435,000 Finance charges (1,561,000) (1,380,000) (1,460,000) Finance income , , ,000 Net finance income (charges) (1,301,000) (1,164,000) (1,158,000) Share of profits (losses) of associates ,049,000 1,965, ,000 before taxation ,000 7,465,000 4,049,000 Taxation (497,000) (1,157,000) (599,000) for the year (274,000) 6,308,000 3,450,000 Non-controlling interests , , ,000 the shareholders of Cathay Pacific Airways Ltd (575,000) 6,000,000 3,150,000 - basic ,934,000 3,934,000 3,934,000 - diluted ,934,000 3,934,000 3,934,000 Year end ordinary... 3,933,845 3,933,845 3,933,845 Year end total... 3,933,845 3,933,845 3,933,845 share - basic Hk(0.15) Hk1.52 Hk0.80 share - diluted Hk(0.15) Hk1.52 Hk As is; 2 Approximately , , ,755 Consolidated Balance Sheet, Years Ended Dec. 31 (Hk000): equipment, cost ,461, ,357,000 Less: accumulated depreciation & impairment (59,005,000) (56,805,000) equipment ,456, ,552,000 Goodwill, net ,666,000 7,666,000 Computer software, net ,024,000 2,692,000 Other intangible assets, net , ,000 Intangible assets ,934,000 10,606,000 Investments in associates ,298,000 22,878,000 Equity investments at fair value - listed in Hong Kong , ,000 Equity investments at fair value - unlisted , ,000 Leasehold land rental prepayments ,258,000 1,301,000 Loans & other receivables ,000 1,118,000 assets - long-term portion ,319,000 1,633,000 Deferred tax assets , ,000 assets ,029, ,602,000 Long-term liabilities ,906,000 49,867,000 Other long-term payables ,517,000 15,838,000 Deferred tax liabilities ,380,000 9,278,000 liabilities ,803,000 74,983,000 Stock ,514,000 1,366,000 Trade debtors ,595,000 5,360,000 assets - current portion ,000 1,145,000 Other receivables & prepayments ,042,000 3,083,000 Due from associates & other related companies , ,000 Assets held for sale ,000 1,497,000 Liquid funds ,290,000 20,647,000 Total current assets ,392,000 33,225,000 Current portion of long-term liabilities ,263,000 13,782,000 Related pledged security deposits (544,000) Trade creditors ,061,000 5,341,000 liabilities - current portion ,680,000 9,456,000 Other payables ,024,000 7,732,000 Due to associates , ,000 Due to other related companies , ,000 Unearned transportation revenue ,926,000 13,012,000 Taxation , ,000 Dividend payable to interests , Total current liabilities ,092,000 49,777,000 Net current assets (liabilities) (12,700,000) (16,552,000) Total assets less current liabilities ,329, ,050,000 Net assets ,526,000 48,067,000 Ordinary shares ,106,000 17,106,000 Share capital ,106,000 17,106,000 Retained profit ,672,000 45,900,000 Investment revaluation reserve , ,000 Cash flow hedge reserve (5,855,000) (15,545,000) Capital reserve & others (1,466,000) (264,000) Funds the shareholders of Cathay Pacific Airways Ltd ,365,000 47,927,000 Non-controlling interests , ,000 Total equity ,526,000 48,067,000 1 Reclassified to conform with presentation CSX CORP Earnings, 3 mos. to (Consol. $000): 03/31/17 03/25/16 Total revenues ,869,000 2,618,000 Cost & expenses ,837,000 1,601,000 Operating income , ,000 Other income (expense), net ,000 7,000 Net before taxes , ,000 Income taxes , ,000 Net income , ,000 Earnings common share Primary $0.39 $0.37 Fully Diluted $0.39 $0.37 Common Shares: Full Diluted , ,000 Year-end , ,867 Consolidated Balance Sheet Items, as of ($000): Assets: 2017 Cash & equivalents ,000 Inventories ,000 Current assets ,660,000 Net property & equip ,259,000 Total assets ,712,000 Liabilities: Current liabilities ,277,000 Long-term debt ,963,000 Stockholders equity ,669,000 Net current assets ,000 DELTA AIR LINES INC (DE) Earnings, 3 mos. to Mar 31(Consol. $000): 2017 Total revenues ,148,000 9,251,000 Cost & expenses ,555,000 7,225,000 Deprec., depl. & amort , ,000 Operating income ,053,000 1,540,000

3 April 28, 2017 MERGENT TRANSPORTATION NEWS 43 Other income (expense), net (44,000) 1,000 Net before taxes ,000 1,434,000 Net income , ,000 Earnings common share Primary $0.83 $1.22 Fully Diluted $0.82 $1.21 Common Shares: Full Diluted , ,000 Year-end , ,581 Consolidated Balance Sheet Items, as of ($000): Assets: 2017 Cash & equivalents ,907,000 Inventories ,000 Current assets ,880,000 Net property & equip ,817,000 Total assets ,459,000 Liabilities: Current liabilities ,953,000 Long-term debt ,187,000 Stockholders equity ,945,000 Net current assets (9,073,000) DELTA AIR LINES INC (DE) Offering On March9, 2017, Delta Air Lines, Inc. ("Delta" or "we") entered into an underwriting agreement (the "Underwriting Agreement") with Barclays Capital Inc., Goldman, Sachs& Co., J.P. Morgan Securities LLC and Morgan Stanley& Co. LLC as the representatives of the underwriters named therein (the "Underwriters"), to issue and sell $2.0 billion in aggregate principal amount of unsecured notes, consisting of $1,000,000,000 in aggregate principal amount of our 2.875% Notes due 2020 (the "2020 Notes") and $1,000,000,000 in aggregate principal amount of our 3.625% Notes due 2022 (the "2022 Notes" and, together with the 2020 Notes, the "Notes"). The Underwriting Agreement includes customary representations, warranties and covenants, including an agreement to indemnify the Underwriters against certain liabilities. The public offering of the Notes was completed on March14, The Notes were registered under the Securities Act of 1933, as amended, pursuant to an automatic shelf registration statement on Form S-3ASR (File No ) (the "Registration Statement"), filed with the Securities and Exchange Commission (the "Commission") on March6, 2017, and a related prospectus, including a prospectus supplement, filed with the Commission. The above description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the Underwriting Agreement, filed herewith as Exhibit 1.1, and incorporated herein by reference. The Notes were issued under an indenture, dated as of March6, 2017 (the "Base Indenture"), as supplemented by that certain First Supplemental Indenture, dated March14, 2017 (the "Supplemental Indenture" and, together with the Base Indenture, the "Indenture"), each between the Company and U.S. Bank National Association, as trustee.the Base Indenture was filed as Exhibit 4.1 to the Registration Statement and is incorporated herein by reference. The Supplemental Indenture is filed herewith as Exhibit 4.1 and incorporated herein by reference. The Notes are our direct, unsecured and unsubordinated obligations. The Notes rank pari passu, or equal, in right of payment, with all of our other unsubordinated indebtedness and senior in right of payment to all of our future subordinated debt. We will pay interest semi-annually in arrears for the 2020 Notes on March13 and September13 of each year, beginning on September13, 2017, and for the 2022 Notes on March15 and September15 of each year, beginning on September15, The 2020 Notes will mature on March13, 2020, and the 2022 Notes will mature on March15, The Indenture contains certain covenants that, among other things, limit our ability to incur liens securing indebtedness for borrowed money or capital leases and engage in mergers and consolidations or transfer all or substantially all of our assets, in each case subject to a number of important exceptions as specified in the Indenture. The Indenture also contains customary event of default provisions. We may redeem the 2020 Notes at our option at any time prior to the maturity date of the 2020 Notes, in whole or in part, at the applicable redemption price, plus accrued and unpaid interest on the principal amount of the Notes to be redeemed to the date of redemption. We may redeem the 2022 Notes at our option at any time prior to February15, 2022 (one month prior to the maturity date of the 2022 Notes), in whole or in part, at the applicable redemption price, plus accrued and unpaid interest thereon to the date of redemption. At any time on or after February15, 2022 (one month prior to the maturity date of the 2022 Notes), we may redeem the 2022 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the date of redemption. If we experience a Change of Control (as defined in the Supplemental Indenture) and a ratings decline of either series of Notes by two of the Ratings Agencies (as defined in the Supplemental Indenture) to a rating below investment grade within a certain period of time following a Change of Control or public notice of the occurrence of a Change of Control, we must offer to repurchase such series at a price equal to 101% of the principal amount of such series, plus accrued and unpaid interest thereon to the repurchase date. We intend to use the net proceeds from the offering of the Notes to fund discretionary contributions to our defined benefit plans. The foregoing descriptions of the Underwriting Agreement, the Notes, the Base Indenture and the Supplemental Indenture are summaries only and are qualified in their entirety by reference to the full text of such documents. The forms of the Notes issued pursuant to the Indenture are filed herewith as Exhibits 4.2 and 4.3, and the terms and conditions thereof are incorporated by reference herein. The forms of the Notes are also filed with reference to, and are hereby incorporated by reference into, the Registration Statement. The agreements included as exhibits to this Current Report on Form 8-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about Delta or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and: should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures would not necessarily be reflected in the agreement; may apply standards of materiality in a way that is different from what may be viewed as material to other investors; and were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. DELTA AIR LINES INC (DE) Official Changes homas E. Donilon, a member of the Board of Directors of Delta Air Lines, Inc. ("Delta"), resigned from the Board effective as of April 7, 2017 due to other commitments. Mr. Donilon has not advised Delta of any disagreement with Delta on any matter relating to Delta s operations, policies or practices. DELTA TUCKER HOLDINGS INC ($000): Revenue ,836,154 1,923,177 2,252,309 Cost of services ,636,331 1,721,679 2,072,865 Selling, general & administrative expenses , , ,881 Depreciation & amortization expense ,889 34,986 48,582 Earnings from equity method investees , ,077 Impairment of goodwill, intangibles & long lived assets ,782 96, ,004 Operating income (loss) ,687 (74,719) (219,946) Interest expense ,361 68,824 70,783 Gain (loss) on early extinguishment of debt (328)... (1,362) Interest income Other income (expenses), net ,935 3,968 3,680 Income (loss) before income taxes - domestic (45,100) (143,446) (286,799) Income (loss) before income taxes - foreign ,245 3,981 (1,391) Income (loss) before income taxes.. (42,855) (139,465) (288,190) Current federal income taxes (311) Current state income taxes Current foreign income taxes ,424 7,391 3,363 Total current income taxes ,199 7,941 3,852 Deferred federal income taxes (163) (16,024) (23,001) Deferred state income taxes (37) (388) (739) Deferred foreign income taxes ,139 (201) (682) Total deferred income taxes (16,613) (24,422) Provision from (benefit for) income taxes ,138 (8,672) (20,570) Net income (loss).... (52,993) (130,793) (267,620) Noncontrolling interests (1,071) (1,809) (2,160) Net income (loss) Delta Tucker Holdings, Inc (54,064) (132,602) (269,780) outstanding ,700 Number of stockholders As is; 2 Approximately , Consolidated Balance Sheet, Years Ended Dec. 31 ($000): Cash & cash equivalents , ,782 Restricted cash , Accounts receivable, gross , ,380 Less: allowance for doubtful accounts ,189 16,283 Accounts receivable, net , ,097 Prepaid expenses ,895 30,985 Income tax refunds receivable Inventories ,451 14,776 Work-in-process inventory, net ,733 Joint venture receivables Other current assets ,100 7,525 Assets held for sale ,913 Total current assets , ,196 Aircrafts ,997 1,723 Computers & related equipment ,161 6,390 Leasehold improvements ,934 18,847 Office furniture & fixtures ,499 5,335 Vehicles ,430 3,260 Property & equipment, gross ,021 35,555 Less: accumulated depreciation ,385 19,861 Property & equipment, net ,636 15,694 Goodwill ,093 42,093 Tradenames, net ,536 28,536 Other intangibles, net , ,479 Long-term deferred taxes ,364 Investment in affiliates ,825 6,712 Palm promissory notes, long-term portion ,034 2,079 Other assets ,513 3,536 Total assets , ,689 Current portion of long-term debt , ,866 Accounts payable ,742 90,610 Wages, compensation & other benefits ,062 85,216 Accrued vacation ,462 14,433 Accrued contributions to employee benefit plans ,056 1,032 Accrued payroll & employee costs , ,681 Deferred income taxes ,334

4 44 MERGENT TRANSPORTATION NEWS April 28, 2017 Customer liability ,762 21,183 Accrued insurance ,201 35,530 Accrued interest ,807 24,370 Contract losses ,912 15,718 Legal reserves ,597 5,063 Subcontractor retention ,646 Other accrued liabilities ,549 11,208 Accrued liabilities , ,718 Liabilities held for sale Income taxes payable ,303 8,130 Total current liabilities , ,123 Senior unsecured notes , ,165 Senior secured second lien notes , Term loan , ,866 Cerberus 3L notes , Total indebtness , ,031 Less: current portion of long-term debt , ,866 Long-term debt , ,165 Deferred taxes , Other long-term liabilities ,490 13,571 Total liabilities , ,859 Additional paid-in capital , ,379 Retained earnings (accumulated deficit) (822,045) (767,981) Accumulated other comprehensive income (loss) (510) (360) Total equity (deficit) Delta Tucker Holdings, Inc (267,392) (213,962) Noncontrolling interests ,455 5,792 Total equity (deficit) (261,937) (208,170) 1 Reclassified to conform with presentation DEUTSCHE LUFTHANSA AG (GERMANY, FED. REP.) (Eu- Millions): Traffic revenue ,661 25,506 24,388 Other revenue ,999 6,550 5,623 Changes in inventories & work performed by enterprise & capitalized Foreign exchange gains , Income from reversal of provisions & accruals Commission income Income from the disposal of non-current available-for-sale assets Compensation received for damages Rental income Income from staff secondment Reversal of write-downs on receivables Income from the disposal of non-current assets Income from the reversal of impairment losses of the fixed assets Income from sub-leasing aircraft Miscellaneous other operating income Total other operating income.... 2,184 2,832 1,890 Cost of materials & services (17,109) (17,640) (17,283) Staff costs (7,354) (8,075) (7,335) Depreciation, amortization & impairment (1,769) (1,715) (1,528) Staff related expenses (1,078) (1,041)... Foreign exchange losses (910) (1,606)... Rental & maintenance expenses (888) (878)... Expenses for computerized distribution systems (449) (411)... Advertising & sales promotions..... (387) (358)... Sales commissions paid (316) (332)... Auditing, consulting & legal expenses (227) (207)... Other services (135) (140)... Other taxes (90) (83)... Write-downs on receivables (88) (90)... Communication costs. (70) (59)... Insurance premiums for flight operations (51) (47)... Loss on disposal of non-current assets.... (26) (14)... Consulting fees in connection with transactions (2) (4)... Miscellaneous other operating expenses... (800) (836)... Total other operating expenses... (5,517) (6,106) (5,088) from operating activities ,190 1, Result of equity investments accounted for using the equity method Result from other equity investments Interest income Interest expenses..... (282) (356) (415) items (564) before income taxes.. 2,248 2, Income taxes (445) (304) (105) after income taxes ,803 1, minority interests Net profit (loss) shareholders of Deutsche Lufthansa AG ,776 1, shares outstanding-basic shares outstanding-diluted outstanding Basic earnings (loss) per share Eu3.81 Eu3.67 Eu0.12 Diluted earnings (loss) per share Eu3.81 Eu3.67 Eu , , ,781 1 Reclassified to conform with presentation; 2 Reclassified to conform with 2015 presentation; 3 As is Consolidated Balance Sheet, Years Ended Dec. 31 (EuMillions): 2015 Goodwill from consolidation Intangible assets with an indefinite useful life Other intangible assets Aircraft & reserve engines, gross ,130 28,023 Accumulated amortization (13,332) (13,432) Aircraft & reserve engines, net ,798 14,591 Repairable spare parts for aircraft, net ,604 1,388 other equipment, gross ,447 5,223 Accumulated depreciation (3,248) (3,050) other equipment, net ,199 2,173 Investments accounted for using the equity method Other equity investments Non-current securities Loans & receivables instruments ,474 1,234 Deferred charges & prepaid expenses Effective income tax receivables Deferred tax assets ,413 1,200 assets ,504 23,526 Inventories Trade receivables , ,205 Receivables from affiliated companies Other receivables ,164 1,116 Emissions certificates instruments Deferred charges & prepaid expenses Effective income tax receivables Securities ,681 1,994 Cash & cash equivalents ,256 1,099 Assets held for sale Total current assets ,193 8,936 Total assets ,697 32,462 Issued capital ,200 1,189 Capital reserves Retained earnings ,549 1,612 Other neutral reserves ,313 1,082 Net profit/loss ,776 1,698 Equity shareholders of Deutsche Lufthansa AG ,060 5,768 Non-controlling interests Total shareholders equity ,149 5,845 Pension provisions ,364 6,626 Other provisions Borrowings ,811 5,031 liabilities Advanced payments received, deferred income & other non- liabilities ,246 1,223 instruments Deferred tax liabilities provisions & liabilities ,539 14,180 Other provisions ,066 1,075 Borrowings ,339 Trade payables ,067 2,948 Liabilities to banks

5 April 28, 2017 MERGENT TRANSPORTATION NEWS 45 Other liabilities to affiliated companies liabilities ,331 1,582 Liabilities from unused flight documents ,040 2,901 Advance payments received Net debit balance of advance payments received & receivables of unfinished contracts Deferred income Other current liabilities Advance payments received, deferred income & other non- liabilities instruments ,221 Effective income tax obligations Total current provisions & liabilities ,009 12,437 Total shareholders equity & liabilities ,697 32,462 1 Of which from unfinished orders less advanced payments received: Euro188,000,000; 2 Of which from unfinished orders less advanced payments received: Euro187,000,000 DEUTSCHE POST AG (Eu- Millions): Revenue ,334 59,230 56,630 income ,156 2,394 2,016 Materials expense.... (30,620) (33,170) (32,042) Staff costs (19,592) (19,640) (18,189) Depreciation, amortization & impairment loss (1,377) (1,665) (1,381) expenses (4,414) (4,740) (4,074) Total operating expenses (56,003) (59,215) (55,686) Net income from investments accounted for using the equity method Profit/loss from operating activities (EBIT) ,491 2,411 2,965 Interest income Income from other equity investments & assets income Interest expenses..... (302) (335) (358) Other finance costs... (82) (75) (65) Foreign currency result (65) (38) (39) Profit/loss before income taxes ,132 2,057 2,577 Income taxes (351) (338) (400) Consolidated net profit/loss for the period ,781 1,719 2,177 Attributable to Deutsche Post AG shareholders ,639 1,540 2,071 Attributable to interests basic ,203 1,211 1,210 - diluted ,257 1,263 1,263 outstanding ,211 1,211 1,210 Basic earnings (loss) per share Eu2.19 Eu1.27 Eu1.71 Diluted earnings (loss) per share Eu2.10 Eu1.22 Eu , , ,824 1 As is Consolidated Balance Sheet, Years Ended Dec. 31 (EuMillions): 2015 Internally generated intangible, assets, net Purchased brand names, net Purchased customer lists, net Other purchased intangible assets, net Goodwill, net ,658 11,545 Advance payments & intangible assets under development, net Intangible assets ,554 12,490 equipment, gross ,039 17,181 Depreciation & impairment losses (9,650) (9,386) equipment ,389 7,795 Investment property Investments accounted for using the equity method Non-current assets ,113 Other non-current assets Deferred tax assets ,192 2,007 assets ,166 23,727 Inventories Current assets Trade receivables ,965 7,694 Other current assets ,176 2,172 Income tax assets Cash & cash equivalents ,107 3,608 Assets held for sale Total current assets ,129 14,143 Total assets ,295 37,870 Issued capital ,211 1,211 Capital reserves ,932 2,385 Other reserves (284) 11 Retained earnings ,228 7,427 Equity Deutsche Post AG shareholders ,087 11,034 Non-controlling interests Total equity ,350 11,295 Provisions for pensions & similar obligations ,580 6,221 Deferred tax liabilities Other noncurrent provisions ,498 1,512 Noncurrent liabilities ,571 4,625 Other noncurrent liabilities provisions & liabilities ,127 12,734 Current provisions ,323 1,486 Current liabilities , Trade payables ,178 7,069 Other current liabilities ,292 4,255 Income tax liabilities Liabilities associated with assets held for sale Total current provisions & liabilities ,818 13,841 Total equity & liabilities ,295 37,870 DFDS A/S (DKr000): 2014 Revenue ,790,400 13,473,500 12,779,085 Operating costs (7,333,200) (7,630,900) (7,836,970) Charter hire (564,500) (625,000) (574,133) Employee costs (2,607,900) (2,487,700) (2,317,235) Costs of sales & administration (696,600) (689,000) (617,358) Share of profit (loss) of associates & joint ventures (3,000) (11,700) 24,940 Profit on disposal of non-current assets, net ,500 4,900 9,204 Depreciation, ships... (760,800) (661,400) (618,719) Depreciation, other non-current fixed assets (174,300) (170,600) (153,151) Impairment losses for ships & other non-current assets.... (15,100) (2,800) (534) Special items, net.... (12,800) (35,500) (69,523) Operating profit (EBITA) ,630,700 1,163, ,606 Income interest income from banks, etc ,400 5, Realized gains on securities , Interest income from banks, etc ,252 Other dividends ,200 9,500 2,679 income ,300 28,106 Financial income , ,700 37,037 Interest expense to banks, credit institutions, corporate bonds etc (67,100) (86,700) (116,695) Foreign exchange losses, net (34,300) (21,787) Realized loss on securities (transferred from equity) (961) Defined benefit pension plans (10,900) (10,700) (11,266) Unrealized loss on loan receivable (2,100) 0 Impairment of securities (transferred from equity) (1,100) (1,222) costs (21,500) (11,600) (16,338) Transfers to assets under construction ,154 Financial costs (99,100) (146,500) (161,115) Profit before tax ,587,600 1,043, ,528 Tax on profit (39,300) (31,900) (68,018) Profit for the year.... 1,548,300 1,011, ,510 Profit attributable to equity holders of DFDS A/S ,548,100 1,011, ,685 Profit attributable to interests (300) (1,175) outstanding-basic ,141 60, ,246 outstanding-diluted... 58,744 61, ,809 outstanding ,054 59, ,749 Basic earnings per share DKr26.63 DKr DKr6.98 Diluted earnings

6 46 MERGENT TRANSPORTATION NEWS April 28, 2017 per share DKr26.35 DKr , ,616 Number of stockholders , ,536 3 DKr , ,688 1 Reclassified to conform with presentation; 2 As reported by Company; 3 Adjusted for 5- for -1 stock split, in Sept. 2015; 4 As is; 5 Average Consolidated Balance Sheet, Years Ended Dec. 31 (DKr000): Goodwill , ,300 Other non-current intangible assets ,500 29,300 Software , ,400 Development projects in progress ,000 55,700 Non-current intangible assets , ,600 Land & buildings , ,800 Terminals , ,700 Ships ,904,000 6,818,800 Equipment, etc , ,400 Assets under construction & prepayments , ,700 Non-current tangible assets, gross ,645,900 15,125,400 Impairment & depreciation (7,390,900) (6,942,900) Non-current tangible assets, net ,255,000 8,182,400 Investments in associates & joint ventures ,600 33,700 Receivables ,800 25,000 Securities ,500 18,400 Deferred tax ,600 97,200 instruments , assets ,273,100 9,122,300 Inventories , ,600 Trade receivables ,602,200 1,593,200 Receivables from associates & joint ventures ,200 55,100 Corporation tax & joint taxation contribution, receivable ,900 2,700 Other receivables & current assets , ,500 Receivables ,773,600 1,840,400 Prepayments ,200 86,000 instruments ,000 4,500 Cash ,600 1,422,600 Assets classified as held for sale ,500 59,200 Total current assets ,731, ,523,300 Total assets ,004,300 12,645,600 Share capital ,200,000 1,230,000 Reserves (299,700) (247,000) Retained earnings ,556,100 5,312,700 Proposed dividends , ,500 Total equity attributable to equity holders of DFDS A/S ,636,400 6,480,200 Non-controlling interests ,200 49,500 Total equity ,684,600 6,529,700 Interest-bearing liabilities ,100,900 2,213,200 Deferred tax , ,900 Pension & jubilee liabilities , ,600 Other provisions ,900 38,600 instruments , ,900 liabilities ,952, ,941,100 Interest-bearing liabilities , ,700 Trade payables ,722,300 1,573,300 Other provisions ,100 78,900 Corporate tax ,200 25,300 Other payables , ,200 instruments ,500 Prepayments from customers , ,700 Total current liabilities ,366,900 3,167,600 Liabilities relating to assets classified as held for sale ,100 Total liabilities ,319,700 6,115,900 Total equity & liabilities ,004,300 12,645,600 1 Reclassified to conform with presentation; 2 As reported by Company ELECOSOFT PLC ( 000): Revenue ,795 15,260 15,172 Cost of sales (2,374) (1,688) (1,858) Gross profit ,421 13,572 13,314 Selling & administrative expenses (13,827) (12,446) (12,408) Operating profit (loss) ,594 1, Bank & other interest receivable Finance income Bank overdraft & loan interest (84) (107) (209) Finance leases & hire purchase contracts (9) (14) (14) Finance cost (93) (121) (223) before tax ,504 1, Tax (261) (204) (173) for the period from continuing operations , for the period from discontinued operations ,554 for the period ,243 1,162 6,067 Profit attributable to equity holders of the parent ,243 1,162 6,067 outstanding-basic ,433 73,971 66,611 outstanding-diluted... 75,462 74,853 66,611 outstanding ,089 74, ,867 share - continuing operations - basic share - discontinued operations - basic share - basic share - continuing operations - diluted share - discontinued operations diluted share - diluted Restated to reflect the disposal of Swedish architectural consultancy business as discontinued operations; 2 Shares increased due to the effect of issuance of ; 3 As is; 4 Average Consolidated Balance Sheet, Years Ended Dec. 31 ( 000): Goodwill ,469 10,152 Other intangible assets ,321 1,910 equipment, cost ,892 1,525 Accumulated depreciation & impairment (1,024) (1,022) equipment assets ,658 12,565 Inventories Trade receivables, gross ,243 2,427 Impairment (75) (41) Net tade receivables ,168 2,386 Other receivables Prepayments & accrued income Trade & other receivables ,674 2,871 Current tax assets Cash & cash equivalents ,576 1,957 Total current assets ,328 5,010 Total assets ,986 17,575 Bank overdraft Borrowings Obligations under finance leases Trade payables Other taxation & social security Deferred consideration payable Other liabilities Provisions Current tax liabilities Accruals & deferred income ,003 5,068 Total current liabilities ,071 8,091 Borrowings , Obligations under finance leases Deferred tax liabilities Non-current provisions Other non-current liabilities liabilities ,199 1,591 Total liabilities ,270 9,682 Net assets (liabilities) ,716 7,893 Ordinary shares Share capital Share premium account Translation reserve (80) (172) Other reserve (339) (338) Retained earnings (accumulated deficit) ,786 7,654 Equity shareholders of the parent ,716 7,893 1 Reclassified to conform with presentation ENBRIDGE INC (Can$000): 2014 Commodity sales ,816,000 23,842,000 28,281,000 Gas distribution sales ,486,000 3,096,000 2,853,000 Transportation & other services ,258,000 6,856,000 6,507,000