2014 was a milestone in the Group’s development as the strategic decisions made during the year will shape the Group for at least several years from now. Multiple external factors, including the geopolitical situation in Eastern Europe, undoubtedly took a toll on the development of the aviation sector in the European and CIS markets in 2014. However, while negatively affecting many market players in the region, these factors served us as yet another opportunity to test our strategy and make sure that we are heading in the right direction. Maintaining high quality standards and long term business relationships with solid partners allowed us to ensure further stable growth of our revenues, which, compared to 2013 results, increased by almost 15%. For the past several years already, we have been on a path of strategic diversification of our business geography, focusing more on the new promising markets and seizing new opportunities, thus insuring ourselves against the risk of being too dependent on one or another region. It may come to no surprise that one of the major contributors to the diversification was the Asia Pacific region. We secured new deals in aircraft maintenance, training and staff supply areas, as well as successfully added multiple region’s operators to our customer list. We also kept investing into the Group’s current and new products as well as infrastructure, resulting in the development of an aircraft maintenance centre at the South East Asia‘s busiest airport - Soekarno–Hatta International Airport in Jakarta, Indonesia. Without any doubt, the region will remain as one of our major priorities in further customer diversification and business development in general. In 2014 we also conducted a successful commercial launch of several new Group projects, such as the KlasJet’s first VIP charter flight and the arrival of the first aircraft in the brand new MRO center in Kaunas, Lithuania. Needless to say, major investment projects in other regions, including the construction of Ramenskoye International in Russia, were and will continue to be in the center of our focus. These investments, which, amongst other factors, were also reflected in the Group’s year-to-year profits, are expected to deliver the results in the upcoming years. We also presented the market with several new in-house-developed IT solutions for technical staff training, ground handling and aircraft spare parts procurement markets. In the core of these IT products are our own experience, past challenges and achieved victories. In addition, the Group started the implementation of LEAN philosophy on both administrative and production levels in order to continue improving the quality of everyday processes as well as enhance our employees‘ engagement. As a result, the Group not only maintained low employee rotation levels, but also increased the total number of its staff by 202 (15%). As for 2015 and years ahead, we have crafted a new 5 years strategic development plan for our businesses separately and the Group as a whole in order to ensure that we are on a clear path for our further growth despite any turbulences both within the global aviation industry and outside of it. And we thank our stakeholders for sharing our vision and focus on the long-term strategic results.
General ManagerLinas Dovydenas
A) What is Avia Solutions Group?
Avia Solutions group AB is a group of companies globally providing aviation business solutions for aircraft owners and operators. The Group integrates MRO services & supply chain, pilot & crew training, aviation staff leasing, ground handling & aircraft fuelling, aircraft management, business charter providers.
Shares of Avia Solutions group AB are listed on the Warsaw Stock Exchange (ticker- AVIASG).
Via the services of its subsidiaries the group acts across Europe, the CIS and Asia-pacific regions with its representative offices located in Lithuania, Poland, the United kingdom, Russia and Malaysia. The head Office is situated at Smolensko st. 10, Vilnius, Lithuania.
The Group is organized into business units based on the services provided, and has six reportable operating segments:
The Airport Infrastructure Management segment is reclassified to assets held for sale in the financial statements for the year ended 31 December 2014. Information about discontinued operations is provided in Note 34 of the Group’s and the Company’s Financial Statements for the year ended 31 December 2014.
B) Business Philosophy
One- stop- shop for the integrated aviation services.
To create value for shareholders and customers by providing professional and high quality of aviation related services.
Our activities are based on the following values:
Professionalism – we explore every situation with precision and treat every case uniquely when creatingn solutions.
Responsibility – we take 100% responsibility for our solutions and services.
Flexibility – we work without any prejudices. That is the major success factor in finding the best way to improve any situation.
C) Main Brands and Services
Aircraft and Helicopter Maintenance, Repair and Overhaul (MRO)
Ground Handling and Fuelling
Crew Training and Staffing
Business Charter Operations
Airport Infrastructure Management
D) The Group (effective holding of the companies in %)
Avia Solutions Group AB
Aircraft and Helicopter Maintenance, Repair and Overhaul (MRO)
Aircraft handling and fuelling
Business Charter Operations
Crew Training and Staffing
Airport Infrastructure Management
A) Key Indicators
B) Operating Figures
C) Important Events
In 2014 Avia Solutions Group AB and its subsidiaries (hereinafter – the Group) generated net loss from continuing operations of LTL 5.1 million (in 2013 earned profit of LTL 15.3 million). The consolidated net result from continuing operations has decreased by LTL 20.4 million primarily due to implementation of new aircraft maintenance facility in Kaunas (Lithuania), decrease in spare parts’, engineering’ and base maintenance’ sub-segments profitability, and recognition allowance for impairment of trade receivables and inventories.
Comparing with 2013 the consolidated revenue from continuing operations has increased up to LTL 636.5 million, or by 15% as compared with LTL 554.1 million in 2013.
Key events during 2014 are summarized below:
Avia Solutions Group has signed an investment agreement with TVK Rossiya, part of Russia's largest state-owned holding company Rostec, for the development and management of the fourth Moscow airport hub on the basis of existing Ramenskoe aerodrome. FL Technics Jets UAB adds Bombardier CRJ100/200 aircraft type to its EASA Part-145 certificate.
The major events to the Group’s structure during 2014 were as follows:
Admission and introduction of 165 000 shares of Avia Solutions Group AB to trading on parallel market of WSE
The Management Board of Avia Solutions Group AB re-elected for the new term
Mr. Hubert Bojdo resigned from the Supervisory Council of Avia Solutions Group AB
Avia Solutions Group has completed the sale of 49 percent of shares of its subsidiary – Baltic Aviation Academy to an unrelated third party
Avia Solutions Group completed a buy-back of 49 percent shareholding in Baltic Aviation Academy
On 7 October 2014 the Bank of Lithuania approved the prospectus on admission of new ordinary registered shares of Avia Solutions Group to trading on the regulated market (Warsaw Stock Exchange).
On 10 December 2014, the amended Articles of Association of Avia Solutions Group were registered with the Register of Legal Persons after the increase of the authorised capital of the Company up to LTL 7,777,777 Admission and introduction of 1,719,444 shares of Avia Solutions Group AB to trading on parallel market of WSE
A) Overall Company Profile by Business Segments
The group operates in six business segments: Aircraft and Helicopter Maintenance, Repair and Overhaul (MRO), Crew Training and Staffing, Aircraft Ground Handling and Fuelling, Business Charter Operations, Unallocated Operations and Airport Infrastructure Management.
Avia Solutions Group: Sales breakdown by segments in 2009-2014 in %, LTL in millions
Avia Solutions Group: Sales geographical segmentation in 2014 in %
B) Aircraft and Helicopter Maintenance, Repair and Overhaul (MRO) segment
Activities in our MRO business segment are conducted by FL Technics AB (FL Technics), FL Technics Jets UAB (FL Technics Jets), FL Technics Line OOO (FL Technics Line), Locatory.com AB (Locatory.com), Helisota UAB (Helisota), Storm Aviation Limited (Storm Aviation), Storm Aviation (Cyprus) Limited (Storm Aviation Cyprus) and include:
In December 2013 the Group acquired a new subsidiary Helisota UAB (Helisota) and increased the presence in the new Helicopter MRO sub-segment.
MRO business segment: Sales geographical segmentation in 2014 in %
Base Maintenance Services
FL Technics occupies 3 aircraft maintenance hangars together with administrative, warehouse and back shop facilities in Vilnius International Airport, Kaunas International Airport and newly rented one in Soekarno-Hatta International Airport, Jakarta– 31,200 sq. meters in total. The hangars are comprised of total 8 airframe maintenance bays with 3 more to come in Jakarta. Utilizing these hangars and the nearby premises FL Technics provides base maintenance services, including: aircraft base maintenance checks, structure inspection and structure repairs, routine maintenance, technical defect rectification, interior refurbishment, minor / major modifications (avionics, airframe), engine replacement, landing gear replacement and non-destructive testing.
FL Technics hangar in Soekarno-Hatta International Airport, Jakarta, Indonesia
Line Maintenance Services
Line maintenance is defined as maintenance that is carried out before each flight to ensure that the aircraft is fit for the intended flight and includes: daily service and weekly checks, unscheduled checks, troubleshooting, defect rectification and minor component replacement. As at 31 December 2014 FL Technics and Storm Aviation collectively operated twenty one line stations (at 31 December 2013 – nineteen line stations).
Current Base Maintenance and Line Maintenance (2014) Stations’ Network
Continuing airworthiness management (engineering) services
FL Technics provides comprehensive engineering management services to the aircraft operators, airlines and leasing companies. Basic engineering services provided by FL Technics include: aircraft airworthiness review and renewal, engine condition monitoring, aircraft weighting, flight data read-out, monitoring and analysis and ageing aircraft programs.
Spare parts and consumable sales
Spare parts and consumable sales are carried by the Group through FL Technics and FL Technics Line. The Group provides comprehensive spare parts management services including: planning / provisioning, purchasing, inventory control, asset management, warehousing and distribution of spare parts and consumables. One of the core competences of the Group is expanded own stock of spare parts and components in a number of locations, such as London, Vilnius, Warsaw, Moscow, Kuala Lumpur. Stock and in-house capabilities are listed in databases such as ILS, Parts Base and Locatory.com. The Group has offered online access to a warehouse and possibility of e-purchases to clients. FL Technics provides cost saving programmes for airlines, including engine material management and component repair management, which includes landing gear overhaul. In addition to ad hoc and pool agreements, the power-by-the-hour (PBH) and Consumable Support products have been introduced for existing and new customers.
Technical training and consulting services
FL Technics provides technical training for aviation specialists involved in the maintenance and repair of aircraft, as well as other specialized training programs and consulting services. The training programs, which are drawn up in accordance with the requirements of EASA, cover four main areas: basic maintenance training, aircraft type training, specialized aviation training and other consulting services. FL Technics has developed specialized online training program specifically for aircraft technical professionals worldwide: www.147training.com. Specialized aviation training includes auditors training (theory and practice), wheels and brakes training, avionics components maintenance training, implementing rules – PART-M and PART-145 training, human factors training, fuel tank safety training, quality systems training, aviation legislation training, aircraft structure repair training, engineering and planning procedures training, material management and logistics training, escape slides and life preservers maintenance training and engine borescope inspection (CFM56-3) training.
Engine and Components management services
FL Technics provides comprehensive engine and component management services aimed at saving its customers’ time and money. Scrap replacement materials are provided during a shop visit. FL Technics also offers a number of alternative options to deal with the engine, landing gear, APU and other components’ problems, including exchange, sale, purchase and lease of an engine or its components.
Other MRO services
Other MRO services are mainly comprised of non-destructive testing (eddy current, magnetic particle, dye penetrate and ultrasonic) of airframes and components services provided by FL Technics, and of aircraft parts marketplace services provided by Locatory.com.
Locatory.com develops and maintains its own trading platform catered specifically to the aircraft spare parts aftermarket while offering proactive customer support and enhancing the industry with effective supply chain management solutions.
Business jet MRO
Business jet MRO operations are carried by the Group through FL Technics Jets. The subsidiary is a global provider of tailor-made maintenance, repair and overhaul services for business aviation. Certified as an EASA Part-145 organization, FL Technics Jets serves business aircraft registered in the Russian Federation, Aruba, Bermuda and Cayman Islands. This company is the first service centre in the region authorized to provide warranty support for Tronair’s ground support equipment (GSE). FL Technics Jets provides base maintenance services for Hawker Beechcraft BAe 125 (Hawker Beechcraft 700 / 750 / 800 / 800XP / 850 XP / 900XP), Bombardier CL-600-2B19 (Bombardier CRJ100 / 200 / 440 and Bombardier Challenger 850) aircraft type families.
On 16 December 2013, the Group acquired 100% of the share capital of Helisota UAB (Helisota) and 100% of the share capital of its subsidiary Kauno aviacijos gamykla UAB (KAG) from third parties. As a result of the acquisition, the Group has increased its presence in the new Helicopter MRO sub-segment. Helisota is an international provider of integrated maintenance, repair and overhaul (MRO) services for rotorcraft aviation. The company is an EASA Part 145 and Part 147 organization as well as an authorized Mil Helicopters and Robinson R44 service center. Helisota is also approved by Interstate Aviation Committee (MAK) as Overhaul and Repair station, Ministry of Transport of the Russian Federation and Federal State Unitary Enterprise State Civil Aviation Scientific Research Institute as the company which meets the requirements for providing delivery of aviation technical property. Based on certificates and years of experience Helisota is able to offer a list of services for various government and private rotorcraft operators from 40 countries worldwide: helicopters MRO, component MRO, spare parts supply, helicopters sales, upgrades and modernisation.
C) Aircraft Ground Handling and Fuelling
During 2014 aircraft ground handling and fuelling services were conducted by three Subsidiaries of the Company, namely: Baltic Ground Services UAB (Baltic Ground Services LT), Baltic Ground Services Sp. z.o.o. (Baltic Ground Services PL) and Baltic Ground Services s.r.l. (Baltic Ground Services IT). At the end of 2014 the Group initiated the liquidation procedure of the Baltic Ground Services IT. Baltic Ground Services LT and Baltic Ground Services PL are jointly referred to as Baltic Ground Services. Baltic Ground Services is a regional group of ground handling companies, which provide full range of aircraft ground handling and fuelling services. As at 31 December 2014, Baltic Ground Services activities were concentrated in Vilnius International Airport and Palanga International Airport (conducted through Baltic Ground Services LT), in Warsaw Chopin Airport, Krakow International Airport and Katowice International Airport in the Republic of Poland (conducted through Baltic Ground Services PL).
Aircraft Ground Handling and fuelling business segment: Sales geographical segmentation in 2013 in %
Current Airports‘ Network, 2014
D) Crew Training and Staffing
Crew training and staffing operations are carried through Baltic Aviation Academy UAB (Baltic Aviation Academy) and AviationCV.com UAB (AviationCV.com).
Certified as the Approved Training Organization (ATO), Baltic Aviation Academy offers Ab Initio and Type Rating pilot training, Cabin Crew, Ground Handling, Flight Dispatch, Instructor and supporting aviation training course solutions. Headquartered in Vilnius, Lithuania, the academy is providing the custom tailored training solutions wrapped in the personal care and seeks to establish itself as a leading aviation training center in Central Europe.
Baltic Aviation Academy occupies 1,330 m2. Its training center is an integrated learning complex with modern auditoriums, rest areas, dining rooms and specialized training facilities equipped with FNPT II (Flight Navigation Procedures Trainer); aircraft fleet of 1 Cessna 172S, 9 Tecnam P2002JF and 1 Tecnam 2006T; Boeing 737-300/400/500 and Airbus 320 Full Flight Simulators (FFS), Real Fire Fighting and Smoke Trainer.
AviationCV.com is a global provider of aviation specialist resourcing solutions for airlines, MRO providers and other industry players. The company runs a job search portal (www.aviationcv.com) for flight crew members, aircraft engineers and other aviation specialists aimed at meeting short and long term human resource needs of the global aviation industry.
Crew Training and staffing business segment: Sales geographical segmentation in 2014 in %
Full Flight Simulators‘ Network, 2014
E) Business Charter Operations
The Group is involved in business charter operations related activities conducted through its newly established subsidiary, Verslo skrydžiai UAB (operating under the registered brand name KlasJet). KlasJet is a business charter carrier, specializing in private and corporate charter flights as well as comprehensive aircraft management solutions.
The company’s fleet of business jets is based in Vilnius, Lithuania. KlasJet is positioned to provide ad-hoc and VIP flight services to customers and partners across Russian Federation, Eastern Europe and the CIS regions at any time. KlasJet was established on 9 October 2013, and has started business charter operations in summer 2014. The carrier’s fleet is supported by the Group which holds EASA Part-145, EASA Part-147, EASA Part-21 and EASA Part-M certificates. This allows the carrier to control MRO, cabin refurbishment and modernization processes whilst ensuring European quality and comfort.
F) Airport Infrastructure Management
The Group is engaged in airport infrastructure development and management activities through its subsidiary – Avia Solutions Group – Airports Management OOO. The company’s portfolio includes the development of the Moscow’s fourth airport – Ramenskoye International through Ramport Aero OAO. Further stages of development of Airport Infrastructure Development and Management activity through Group’s subsidiary – Avia Solutions Group – Airports Management OOO will require additional equity in the project. The decision to attract additional shareholders to this Group’s subsidiary has resulted, that assets and liabilities, related to Avia Solutions Group – Airports Management OOO companies, to be presented as held for sale in the consolidated balance sheet as at 31 December 2014.
According to the Articles of Association of Avia Solutions Group AB, the managing bodies of the Company are General Meeting of Shareholders, the Supervisory Council, the Board and the Head of the Company (the General Director).
The Supervisory Board is responsible for the supervision of activities of the Company and its management bodies. Board is responsible for the strategic management of the Company (including the appointment and removal of the General Director), whereas the General Director manages day-to-day operations of the Company and has the exclusive right to represent the Company in relations with third parties.
A) The Board
Chairman of the Board
Mr Gediminas Žiemelis has a unique management and advisory experience. He started his career in 1999 as the assistant manager of the Vindication and Fraud Division in Lithuania Savings bank, AB (currently, Swedbank, AB), the Department of Problematic Assets and Vindication (1999–2001). He acted as the General Manager of Žvilgsnis iš arčiau UAB (2001–2005) (currently named Creditinfo UAB), which was engaged mainly in debt recovery and credit risk management, the General Manager of ŽIA VALDA AB (2002–2006) and the General Manager of brokerage firm Finhill UAB FMĮ (in 2007). Mr Gediminas Žiemelis is a member of the Management Board in ŽIA VALDA AB and since 2007 he acts as the Manager of the Development Department. Since 2005 Mr Gediminas Žiemelis also acts as the Manager in East Mining Group UAB and since 2006 until 2014 he acted as the General Manager of Eastern Agro Holdings UAB. Since 2009 till 2010 Mr Gediminas Žiemelis also acted as a consultant in Avia Solutions Group Holdings AB. Moreover, Mr Gediminas Žiemelis is a member of the Supervisory Board in Agrowill AB since 2010. Mr Gediminas Žiemelis also acted as a chairman of the Management Board of AviaAM Leasing AB (2012-2014). Mr Gediminas Žiemelis obtained a bachelor’s degree at the Faculty of Business Management in the Vilnius Gediminas Technical University, Lithuania in 1999 and a master’s degree at the Faculty of Law in the Mykolas Romeris University, Lithuania in 2006. He has also finished the Program for Leadership Development (PLD) in the Harvard Business School, Boston, MA, U.S.: Accelerating the Careers of High-Potential Leaders. Mr Gediminas Žiemelis is also one of the initiators of establishment of the Association of Aviation Companies (www.aia.lt) (in 2009). Mr Gediminas Žiemelis was selected twice among the top 40 most talented young industry leaders by Aviation Week & Space Technology. Mr Gediminas Žiemelis does not participate in the capital of any other legal entities.
Mr Aurimas Sanikovas started his career as an audit associate in PricewaterhouseCoopers, Lithuania in 2001. In 2007 his last position held at the company was that of a manager. He performed supervision and execution of audit engagements performed in accordance with the IAS and US GAAS. Mr Aurimas Sanikovas has principal expertise in telecommunications, IT, manufacturing, construction, consumer products and energy sectors. From 2007 till 2010 he acted as the Chief Financial Officer of Avia Solutions Group Holdings AB. Mr Aurimas Sanikovas also acted as a member of the Management Board of Avia Asset Management AB (2008–2010), a member of the Management Board of FL Technics (2008–2010) and a member of the Management Board of Small Planet Airlines Sp.z.o.o. and Small Planet Airlines AS (2009–2010). He has also acted as the Interim General Manager of Avia Funds Management UAB (2010-2011). Moreover, since 2010 Mr Aurimas Sanikovas is a member of the Supervisory Board of Agrowill Group AB. Mr Aurimas Sanikovas also acted as a member of the Management Board of AviaAM Leasing AB (since 2012). His main responsibilities at the Group include control of operations of subsidiaries, leading budgeting, reporting, treasury and risk management functions, finance function staffing, fund raising, deal structuring, tax planning and managing resolution of finance related issues. Mr Aurimas Sanikovas obtained his bachelor’s and master’s degrees in economics at the Faculty of Economics, Vilnius University, Lithuania with an exchange term in the University of Copenhagen. Since 2006 Mr Aurimas Sanikovas is a fellow of the Association of Chartered Certified Accountants (ACCA). Mr Aurimas Sanikovas owns 294,478 shares in the AviaAM Leasing AB (0.68% of all the Shares). Apart from holding 60,775 shares of Avia Solutions Group AB (0.78 per cent of all shares) and 294,478 shares in AviaAM Leasing AB (0.68 per cent of all shares) Mr Aurimas Sanikovas does not participate in the capital of any other legal entities.
Mr Daumantas Lapinskashas more than 16 years of experience in sectors as diverse as public service (in 2009-2010 was an advisor to the Minister of Economy, Lithuania, served as the Vice Minister of Economy in the 15th Government of Lithuania), banking (more than seven years at the European Bank for Reconstruction and Development, executing monitoring debt, equity and working capital financing projects for the Companies in CEE and CIS), trading and private business. Mr Daumantas Lapinskas held board positions in the following companies: Invest Lietuva (2010-2012), Enterprise Lithuania (2010-2012), JSC Investicijų Verslo Garantijos (INVEGA) (Chairman of the Board). Mr Daumantas Lapinskas graduated from Vilnius University where he obtained bachelor degree in Economics (specialization in Finance), and in 1999 he obtained a master’s in International Economics and Finance at the Brandeis University, USA (Edmund S. Muskie Scolarship in Economics). Since 2013 Mr Daumantas Lapinskas is a Deputy CEO at Avia Solutions Group AB. Apart from holding 8,240 shares of Avia Solutions Group AB (0.11 per cent of all shares), 1,640 shares of Kauno Energija AB (0.00 per cent of all shares) and 9,500 shares of TEO AB (0.00 per cent of all shares), Mr Daumantas Lapinskas does not have interest in the share capital of any other legal entities.
Mr Žilvinas Lapinskas has a deep international business expertise. He started his career as sales manager in Rubikon Prodimpeksas, since 1999 worked in City Service – OMX listed company, where he held CCO and Head of Facilities Management Department positions prior to becoming CEO in 2004. Mr Žilvinas Lapinskas took LEAN 6 Sigma Implementation courses as well as Facilities Management course at Dalkia Facility Management, Stocholm, Sweden. Mr Žilvinas Lapinskas holds a bachelor degree in Business management. Since November 2013 Mr Žilvinas Lapinskas is CEO at FL Technics AB. Mr Žilvinas Lapinskas is a direct shareholder of the Company and has 32.960 shares of Avia Solutions Group AB that accounts to almost 0,42 per cent of the share capital. Mr Žilvinas Lapinskas does not participate in the capital of any other legal entities.
Mr Anatolij Legenzov started his career in 1996 in Oxford Health Plans, LLC as an IT Support Analyst. He worked for this company for 2 years and since 1998 started his career in Helisota UAB. Prior to becoming General Director in 2013 Mr Anatolij Legenzov held International Sales Representative, Director International Sales, and Director for Commerce positions. Since 2011 he is a member of Helisota UAB Board. Mr Anatolij Legenzov studied in Kaunas University of Technology, obtained bachelor degree in Computer Science from University of Bridgeport and master degree in Computer Science from Columbia University. In 2001 he obtained an executive MBA at the Vytautas Magnus University. Mr Anatolij Legenzov is a direct shareholder of the Company and has 73,255 shares of Avia Solutions Group AB that accounts to almost 0.94 per cent of the share capital. Mr Anatolij Legenzov does not participate in the capital of any other legal entities.
B) Top Management
|LINAS DOVYDĖNASAvia Solutions Group, CEO||ŽILVINAS LAPINSKASFL Technics, CEO||EGLĖ VAITKEVIČIŪTĖBaltic Aviation Academy, CEO||DARIUS ALEKNAVIČIUSBaltic Ground Services, CEO|
|ŽILVINAS SADAUSKASLocatory.com, CEO||DARIUS ŠALŪGAFL Technics Jets, CEO||SKAISTĖ KNYZAITĖAviationCV.com, CEO||VITALIJ KAPITONOVKlasjet, CEO|
|ANATOLIJ LEGENZOVHelisota, CEO||TOMAS VAIŠVILAHead of Management and Development ofAviation Infrastructure, Avia Solutions Group|
Number of the Group’s employees at the end of the year:
The breakdown of the number of full-time employees by the Group’s companies:
The authorised capital of the Company as at 31 December 2014 was LTL 7,777,777 and is divided into 7,777,777 ordinary shares with a par value of LTL 1 each. All shares carry equal voting rights. All shares are fully paid up.
On 3 March 2011 shares of the Company were introduced to trading at Warsaw Stock Exchange (code: AVIASG).
Shareholders, holding more than 5 per cent of the share capital and votes, as on 31 December 2014:
Avia Solutions Group (Lithuania) Smolensko st. 10, LT-03201 Vilnius, Lithuania Tel.: +370 5 252 5500 Fax.: +370 5 252 5501 E-mail: email@example.com
Avia Solutions Group (Russian Federation) 1st Tverskaya-Yamskaja Str., 23, building 1, 4th entrance, 4th floor 125047, Moscow Tel.: +7 495 956 10 06 Fax.: +7 495 956 10 06 E-mail: firstname.lastname@example.org
Avia Solutions Group (United Kingdom) st. 259 Capability Green, Luton LU1 3LU, United Kingdom Tel.: +44 1582 390640 Fax.: +44 1582 480455 E-mail: email@example.com
Avia Solutions Group (Poland) Okęcie Business Park – Notus i Zephirus st. Stycznia 17 - 45B, Warsaw, Poland Tel.: +48 22 427 90 92 Fax.: +48 22 427 90 93 E-mail: firstname.lastname@example.org
Avia Solutions Group (Malaysia) Suite No. 14-5, 14th Floor, Wisma UOA II No 21, Jalan Pinang, 50450 Kuala Lumpur, Malaysia Tel.: +60 12 538 1088 Fax.: +60 3 6151 6088 E-mail: email@example.com