Company profile - Euro Atlantic Airways

euroatlantic.pt

Company profile - Euro Atlantic Airways

2012

euroAtlantic airways

COMPANY PROFILE


Table of Contents

About euroAtlantic airways

Editorial 3

Company History 4

Our Mission 5

Organogram & Personnel 6-7

Our Fleet

Since the beginning 10-11

Boeing 777-200 ER | CS-TFM 12

Boeing 767-300 ER | CS-TLO 13

Boeing 767-300 ER | CS-TFS 14

Boeing 767-300 ER | CS-TFT 15

Boeing 737-800 | CS-TQU 16

Boeing 767-300 SF | CS-TLZ 17

Build Your Business 18-19

euroAtlantic Cargo History 20-21

Cargo Specifications 22

Cargo Configurations 23

Financial Information

General Financial Information 27

Financial Statements 2010 28

Financial Statements 2009 30

Financial Statements 2008 32

Financial Statements 2007 34

New Projects 36

Our Services

ACMI - Wet Lease 40

Dry Lease 41

Aircraft Charter 42

Ad-Hoc Leasing 43

Maintenance 44

Consulting 44

Around the World

Some Clients 46

Personalize Our Aircraft 48-49

Our Routes - Flying the World 50-51

Group Companies

Subsidiary Enterprises 52

Among the Top 500 53

Our contacts 54

The first aircraft of euroAtlantic airways was a Lockheed Tristar 1011-500 named Naughton Simão.

It flew from 1997 to 2008.


Tomaz Metello | Chairman & CEO

WELCOME TO

EUROATLANTIC AIRWAYS

It is with great pleasure that I announce that our company has received some compliments and greetings

sent from various countries in the world after the Department of Transportation of the United States

(DOT), has formally approved, for the first time in the American history of civil aviation, a rental of a

plane for a long-term contract - operated by a foreign company.

This authorization - produced in record time with the U.S. government - is a pride for Portugal and for

our aerospace industry, because for the first time a company outside the United States gets an

authorization to sign such an important contract. The image, reputation and financial strength of

euroAtlantic brand have helped to open doors of the largest generator of passenger traffic and cargo in

the world to a Portuguese company, requiring our immediate reviewing budgets for next year.

Because we are a private company that has no economic support, as we do not depend on anyone

financially , because we promote employment, ensure stability and were not ‘swallowed’ in one of the

worst phases of the world´s economy that have caused closures and bankruptcies in Europe and the rest

of the world, euroAtlantic was nominated for the prestigious award “Europe’s 500” audited by Dun &

Bradstreet, in a universe of 167 million independent companies. This is an initiative of Europe’s 500, a

platform that every year organizes the “European Growth Summit” where businesses and entrepreneurs

participate in this category.

This nomination leaves our company and its workers full of satisfaction, as it reflects a bet won where,

even through we crossed a “battle war” with the economic crisis, we looked for new opportunities and

investments... and emerge victorious.

We will continue to seek for new opportunities, new partners, new investors and new businesses, always

with the same motto, “anytime, anywhere”.

Welcome to euroAtlantic airways,!


euroAtlantic airways have four Boeing 767 -300 in it’s fleet, a mid-size wide-body twin-engine jet airliner.

It was the manufacturer's first wide-body twinjet and its first airliner with a two-crew glass cockpit.

The aircraft features two turbofan engines, a conventional tail and for reduced aerodynamic drag, a supercritical wing design.

FROM AIR MADEIRA to euroAtlantic

euroatlantic Airways Was Founded By Tomaz Metello - Actual Chairman And

Shareholder - And Is Also Participated By The Largest Portuguese Leisure Group,

Pestana Hotels & Resorts.

Founded as Air Zarco on the 12th of August 1993, the company first adopted the trade name Air

Madeira until 17th May 2000, date when the memorandum of association was altered by deed, and

the current name of euroAtlantic Airways - Transportes Aéreos S.A. was adopted. euroAtlantic airways

is a Portuguese International Airline, operating in the most diverse routes in North Atlantic with air

transport license and FAOC to operate into the US and Canada, Caribbean, Central and South

Americas, Africa, Middle East, Pacific, Australia and Oceania.

It provides charter services, wet-lease and Ad-Hoc flights (passengers & cargo) from anywhere to

several places in Europe and to the rest of the world.

With four B767-300ER in its fleet since 2003, it recently (2009) purchased its first B777-200ER and in

2012 received its first B737-800NG.

For B767-300ER and B737-800, maintenance is provided by its own Part 145 (approved on December

7, 2009 - Certification nº PT.145.027) organization for line maintenance and by IAI for base

maintenance. The maintenance for B777-200ER is provided by LAS (Dhaka, line maintenance), BA

(LHT, line maintenance) and SIAEC (SIN, line & base maintenance).

euroAtlantic airways is a IATA Member since November 2010 with the call sign of YU, FAA (FAR129),

EASA (EU OPS1) and IOSA certified since August 2009.

IMPÉRIO/Marsh Insurance and Reinsurance company (London), have provided insurance cover for

euroAtlantic operational activity since the outset.

The parent organisation/shareholders

Quanlux (Luxembourg)

Tomaz Julio Teixeira A G Metello

Pestana Holding

Danielle Chadrin Metello


Our mission

euroAtlantic is specialized in aircraft leasing for other airlines and aircraft charter solutions for travel

operators and aviation support services (passengers and cargo flights). We will promptly

analyze any ACMI – Wet lease or aircraft charter request and will always do our very best to provide

Clients with the best solutions for their needs. All our aircrafts interiors can be changed according to our

clients requests and needs.

Our mission is to become the first choice for airlines around the world needing additional operational

capacity, while continually striving for efficiency, safety, high quality and the best trained staff in the

business.

We believe that euroAtlantic’s success is the direct reflection of our Clients’ own success.

In 2012 euroAtlantic airways received its first B737-800.This Boeing 737 Nex Generation, commonly abbreviated as Boeing 737NG,

is the name given to the 600/700/800/900 series of the model. This series followed the 737 Classic (300/400/500) series, which

began production in the 1980s. They are short- to medium-range, narrow-body jet airliners produced since 1996.


SUPPORT & DEVELOPMENT

DEPARTMENT

COMMERCIAL DIRECTOR

Eugénio FERNANDES

PUBLIC RELATIONS DIRECTOR

José Caetano PESTANA

SECURITY DIRECTOR

Eduardo NASCIMENTO

QUALITY DIRECTOR

Marques CORREIA

«A workplace free from discrimination on the grounds of colour, race,

nationality, sex, gender, marital status, disability or religious belief.»

CHAIRMAN & CEO

Tomaz METELLO

VICE-PRESIDENT

Euclides BATALHA

CABIN CREW

MANAGER

Sofia

GONÇALVES

ADVISER TO THE BOARD

Bernardo FIALHO

Mário ALVIM

FINANCIAL DIRECTOR

Salomé FIGUEIREDO

MAINTENANCE DIRECTOR

José Rufino OLIVEIRA

SAFETY DIRECTOR

Pedro PISSARRA

GROUND

MANAGER

Xavier

MARTINS

Tomaz Metello

FLIGHT & GROUND OPERATIONS DIRECTOR

Paulo PINHEIRO

ROSTERS

MANAGER

Morais

CALDAS


Human Resourses Information / FEB 2011

President and Vice-President 2

Commercial, Marketing & Corporate Image 10

Personnel, Legal, Development and Support 14

Public Relations 1

Finance Department 14

Ground Operations and Security Department 8

Safety Department 4

Maintenance and Engineering Department 62

Quality Department 9

Flight Operations Ground Staff 20

Total Ground Staff 144

Total Cockpit Crew 70

Total Cabin Crew 131

Total 345

Tomaz Metello with crew members of euroAtlantic airways.

JOB opportunities

euroAtlantic airways offers a

great variety of careers, either

working as a cabin crew, pilot

or one of many other career

opportunities in an Airline

Company such as in a

Commercial or Financial

Department - amongst others,

all essential to ensure the

successful and safe operation

of an Airline Company with

euroAtlantic airways –

Transportes Aéreos, S.A.

quality standards. Moreover,

euroAtlantic airways is proud

of its employment policy as it is

an equal opportunities

employer.


The Boeing Company is an American multinational aerospace and defense

corporation, founded in 1916 by William E. Boeing in Seattle, Washington.

Boeing has expanded over the years, merging with McDonnell Douglas in

1997. Boeing Corporate headquarters has been in Chicago, Illinois since

2001. The company is made up of multiple business units, which are

Boeing Commercial Airplanes; Boeing Defense, Space & Security;

Engineering, Operations & Technology; Boeing Capital; and Boeing Shared

Services Group. Is among the largest global aircraft manufacturers by

revenue, orders and deliveries, and the third largest aerospace and

defense contractor in the world based on defense-related revenue.

Boeing is the largest exporter by value in the United States. Its stock is a

component of the Dow Jones Industrial Average.

1917 -- Founder William Boeing incorporates Pacific Aero Products

Company, involved in plane making, mail delivery, and pilot training.

1918 -- Company changes its name to Boeing Airplane Company.

1929 -- United Aircraft and Transportation Company is formed as a holding

company for Boeing-controlled airlines and makers of airplanes, engines,

and propellers.

1934 -- Government investigation of airmail business leads to break-up of

United, with Seattle-based Boeing Airplane Company emerging with a sole

focus on manufacturing.

1943 -- The Boeing Co. opens a shop in Everett at a former auto garage on

Pacific Avenue. Workers there build bulkheads and sections for B-17

bombers.

1956 -- Boeing moves 283 employees to facilities at the Everett-Pacific

Shipyard, where they will build jigs and shipment fixtures for B-52

bombers and KC-135 tankers. Eventually, as many as 1,728 work there,

though employment dwindles by 1963.

1966 -- The Boeing board of directors approves the 747 jumbo jet

program, which is launched the next month when Pan American World

Airways announces a $525 million order for 25 747s. Boeing purchases 780

acres just northeast of Paine Field in Everett. The site of the 747 factory is

chosen over locations such as Monroe, Moses Lake and Cleveland. Paine

Field had been an Army and Air Force base since World War II but was

little-used by the military by the mid-1960s.

1967 -- The first workers, about 113 of them, arrive at the 2.5 millionsquare-foot

plant at Paine Field, which isn't completed, to build the first

747. The factory officially opens on May 1.

| brief history and chronology

1968 -- The first 747 rolls out of the factory.

1969 -- The first 747, named "the City of Everett," makes its first flight.

(This airplane today is on display at the Museum of Flight at Boeing Field

in Seattle.)

1971 -- At the nadir of the "Boeing Bust," during a nationwide aerospace

downturn, the company has reduced the Washington workforce from a

peak of 100,800 employees in 1967 to 38,690. Later in the year, Boeing

employment begins to rise.

1978 -- Launching the 767 program, United Airlines orders 30 of the new

twin-aisle airplanes. Expansion of the Everett site is under way from 1979

to 1980.

1981 -- The first 767 rolls out of the factory, with first flight the following

month.

1990 -- Boeing delivers two 747s for service as Air Force One. Boeing

launches the 777 program when United Airlines orders 34 planes.

1991 -- Boeing receives a construction permit for a 50 percent increase in

the size of the Everett plant, primarily to support the 777 program.

Construction is completed in 1993.

1994 -- The first 777 takes flight.

2003 -- Boeing announces it plans to develop a new, advanced jetliner

dubbed the 7E7. Boeing is awarded a contract to build 100 767-derived

aerial-refueling tankers for the U.S. Air Force. Boeing acknowledges there

were ethics violations during negotiations with the Pentagon for the

tanker. CEO Phil Condit resigns a week later and the tanker deal is placed

on hold.

2004 -- All Nippon Airways orders 50 7E7s.

2005 -- The 7E7 is renamed the 787 Dreamliner. With commercial demand

evaporating and the tanker contract on ice, Boeing says it might halt 767

production. Boeing announces it will develop updated 747 passenger and

cargo jets, designated the 747-8.

2007 -- Boeing rolls out the first 787 during an extravagant ceremony. But

the airplane is nowhere near completion.

2009 -- Boeing announces it has selected Charleston, S.C., over Everett for

a second 787 assembly line. The first 787 makes its inaugural flight.

2011 -- All Nippon Airways takes delivery of the first 787s. The Air Force

declares Boeing's 767-based aerial-refueling tanker the "clear winner" in a

third round of contract bidding. It will be called the KC-46.


OURFLEET

Check out our all BOEING fleet and our novelty


Since THE BEGINNING…

In 1997, with just one aircraft, euroAtlantic airways initiated its flights under the trade name of Air Madeira.

In 2012, our fleet is composed by one Boeing 777-200ER, three Boeing 767-300ER, one 737-800NG and one

767-300SF, just for cargo flights!


Only for CS-TLO

Build YOUR BUSINESS

For PASSENGERS & CARGO

See all the authorized configurations for CS-TLO, CS-TFT, CS-TFS

for passengers and CS-TLZ for cargo flights.

Create your own configuration according to your needs! We are

flexible , dynamical and WANT to attend your wants and needs.


Only for CS-TFS / CS-TFT


Portugal-based lease and charter operator euroAtlantic airways is the launch customer for the B767-300 passenger-tofreighter

conversion program offered by M&B conversions, a joint venture of IAI Bedek and Mitsui.

Our company awarded a contract to M&B for the conversion of a single B767-300ER, which became the carrier’s first

freighter.

The aircraft is msn 24086, a CF6-powered, 1989-build unit, formerly operated by Varig and before that by a Canadian

airline.

euroAtlantic airways made a strategic decision

of establishing an air cargo industry within the company,

as Portugal is totally deficient in this type of equipment

and this is a vector of development for the country’s economy.

After many studies and market research of the performance of this airplane,

the results were positive and profitable.

The capabilities of the B767-300 ER Cargo, for the sector of import and export markets

as Portugal, Angola, Brazil and the CPLP countries in general, are quite attractive.

At a distance of 5800 km (3,100 nm) it can carry, 56000 kgs (56Ton) (125 thousand pounds) of

goods and commodities. Increasing the scope for 6900 km (3700 nm) it shows only a

slight drop in capacity, 51000 kgs (51Ton) taking into account that it is a direct flight.

The indicators are very interesting, both for the export and import sector.

euroAtlantic airways is the first company in the World to transform it’s

Boeing 767-300 passenger aircraft into a cargo plane.

For a better assessment of euroAtlantic airways equipment

capabilities and as a simple example, it can transport live

animals, in one of Its twenty four pallets in the cabin,

and it can also load one of the airplane’s engine,

ready to be replaced.


B767-375 ER SF MSN 24086

Engines GE CF6 80C2B6F

After conversion: Payload (Gross) – Range

Max Taxi Weight

Max Takeoff Weight

Max Landing Weight

Max Zero Fuel Weight

Dry Operation Weight

Max Structural Payload

Max cargo Volume (24 pos)

Vol. Density (Max Payload)

187 334 kgs

186 880 kgs

147 871 kgs

140 160 kgs

83 234 kgs

57 000 kgs

16 000 ft³ (453 m³)

7.8 lb/ft³ (124 Kg/m³)

2800NM - 07:00 or 57 000 kgs - 5800 km

3200NM - 08:00 or 50 000 kgs - 6900 km


FINANCIAL

Information


Even with the market downturn in 2009,

euroAtlantic airways obtained

PROFIT

2011 2010 2009 2008 2007 2006

REVENUE 71.829.069 71.882.227 43.340.243 74.672.421 82.835.439 125.742.752

NET PROFIT 562.380 845.975 576.454 13.600.865 12.056.986 10.472.665

EBITDAR 16.627.625 19.405.730 13.156.221 31.599.807 32.161.207 27.162.036

EBITDA 11.118.758 12.440.800 4.587.563 22.788.611 24.592.157 18.565.746

Depreciation 7.780.887 7.989.832 3.295.865 7.900.363 8.163.834 4.833.336

EBITDAR Margin 23% 27% 30% 42% 39% 22%

EBITDA Margin 15% 17% 11% 31% 30% 15%

In Euros (€)

euroAtlantic airways went from a profit of 88.78 thousand Euros in 2002 to 12.056 million in 2007,

which means that it multiplied its net income by 135.8 times.

This increase of this profitability began in 2004, when it went from 93.3 thousand to 1.29 million, and

grew, in 2005, to 5.98 million and in 2006 to 10.47 million.

In 2006, the growth was 15.1%, to 12.05 million, but, although inferior to the profits growth rate from

2004 to 2006 (1,286.6% in the first year and, in the following years, 362.7% and 74.9%), 2007 was the

year that euroAtlantic registered the largest increase of profitability.

The data of the company’s balance sheet, show a seven point leap, to 16%, of the share of operating

revenues that constitutes the company’s profit (net margin), with a nine points increase of the

operating margin, to 19%. The strong increase of the margins happened because, for the first time in

five years, profits increased in a setting of decrease in turnover, of 34.1%, to 82.8 million Euros, with a

36.4% drop of operational incomes, to 75.58 million.


Services revenues

Suppliers services

Staff costs

Loss on impairment of debts receivable

Loss on impairment on non depreciable asset

Other revenues

Other expenses

Profit before depreciation, finance and tax

Depreciation fixed assets

Operating profit

Finance income

Finance costs

Profit before tax

Income tax

Net profit

STATEMENTS OF PROFITS AND LOSS

AT DECEMBER 31 OF 2009, 2010 AND 2011

2011 2010 2009

62.955.545

(45.295.789)

(12.694.790)

(96.742)

-

8.873.524

(2.401.582)

11.340.166

(7.780.887)

3.559.279

316.302

(3.025.811)

849.770

(287.390)

562.380

68.639.378

(44.679.983)

(13.058.738)

(153.317)

-

3.242.849

(1.549.389)

12.440.800

(7.981.832)

4.458.968

149.282

(3.414.762)

1.193.488

(347.513)

845.975

(Amounts expressed in Euros)

36.173.539

(24.234.923)

(10.181.250)

457.203

1.114.695

5.594.806

(4.336.508)

4.587.563

(3.295.865)

1.291.698

548.237

(1.349.725)

490.210

86.244

576.454


Non-current assets

ASSETS

Tangible assets

Investments in associates – equity accounting

Defered tax asset

Current assets

Inventories

Trade receivables

Current tax assets

Shareholders assets

Other receivable

Current deferred assets

Other current financial assets

Assets held for sale

Cash and cah equivalents

TOTAL ASSETS

Total equity

SHAREHOLDERS’ EQUITY AND LIABILITIES

Capital

Other equity

Retained earnings

Net profit

Non-current liabilities

Non current provisions

Long-term financial liabilities

Current liabilities

Trade liabilities

Current tax liabilities

Shareholders liabilities

Short-term financial liabilities

Other current liabilities

Current deferred liabilities

TOTAL EQUITY AND LIABILITIES

BALANCE SHEET

AT DECEMBER 31 OF 2009, 2010 AND 2011

2011 2010 2009

61.670.833

59.582.354

2.019.940

68.539

45.935.313

714.076

13.775.823

526.484

237.324

4.224.089

9.164.333

2.290.940

3.070.957

11.931.287

107.606.146

15.050.173

4.990.000

11.857.105

-2.358.312

562.380

56.207.725

25.000

56.182.725

36.348.248

9.131.780

979.469

0

5.573.136

14.277.395

6.386.468

107.606.146

66.939.390

65.815.453

1.123.937

0

46.040.499

0

11.196.775

142.213

0

6.685.876

9.311.002

641.387

3.070.957

14.992.288

112.979.889

16.710.605

4.990.000

12.710.321

-1.835.692

845.975

61.573.968

25.000

61.548.968

34.695.316

10.078.659

808.947

2.610.322

5.830.200

10.686.022

4.681.167

112.979.889

(Amounts expressed in Euros)

69.522.500

68.140.998

1.381.501

44.659.389

15.483.658

858.101

6.428.327

7.838.732

568.608

-

13.481.962

114.181.888

20.060.749

4.990.000

15.651.560

-1.157.265

576.454

61.397.345

25.000

61.372.345

32.723.794

9.969.307

7.621.419

2.846.046

2.969.703

9.173.318

144.001

114.181.888


EXPENSES

Costs of inventories sold or used in production

External services and supplies

Payroll expenses:

Salaries and wages

Employee benefits

Depreciation of fixed assets

Adjustments

Taxes

Others operating costs

(A)

Losses in subsidiary and affiliated companies

Interest and similar expenses

(C)

Extraordinary expenses

(E)

Income tax

Net profit for the year

(G)

INCOME

Sales and services rendered

Variation in production

Own work capitalized

Operating subsidies

Other operating income

(B)

Gains in subsidiary and affiliated companies

Income from trading securities and other

financial investments

Other interest and similar income

(D)

Extraordinary income

(F)

Operating results: (B)-(A)

Financial results: (D-B)-(C-A)

Current results: (D)-(C)

Income before tax: (F)-(E)

Net profit for the year: (F)-(G)

STATEMENTS OF PROFITS AND LOSS

AT DECEMBER 31 OF 2008

7.283.260,04

3.886.174,96

6.555.149,85

1.345.213,29

55.929,02

19.077,35

7.061.636,21

492.884,99

3.205.033,78

74.672.421,43

2.058,41

8.977.227,52

8.471.013,37

2008 2007

48.617.496,57

11.169.435,00

7.900.363,14

75.006,37

67.762.301,08

7.061.636,21

74.823.937,29

492.884,99

75.316.822,28

3.205.033,78

78.521.856,67

13.600.864,67

92.122.720,73

74.672.421,43

8.979.285,93

83.651.707,36

8.471.013,37

92.122.720,73

6.910.120,35

1.917.649,72

8.827.770,07

16.805.898,45

13.600.864,67

(Amounts expressed in Euros)

50.899.459,04

9.117.512,99

8.163.834,27

179.210,39

68.360.016,69

4.948.602,41

73.308.619,10

1.590.033,91

74.898.653,01

3.950.396,95

78.849.049,96

12.056.986,28

90.906.036,24

82.835.439,35

82.835.439,35

4.527.662,09

87.363.101,44

3.542.934,80

90.906.036,24

14.475.422,66

-420.940,32

14.054.482,34

16.007.383,23

12.056.986,28


ASSETS

Fixed Assets

Intangible assets

Tangible fixed assets

Financial investments

Current Assets

Inventories

Short term debt:

Accounts receivable from customers

Subsidiary companies

Advances to suppliers

State and other public entities

Other debtors

Trading securities

Bank deposits and cash

Unbilled revenues and deferred costs

TOTAL ASSETS

EQUITY AND LIABILITIES

Equity

Capital

Treasury stock – premium

Exchange adjust from financial investments

Not attributed dividends

Other reserves

Legal reserves

Retained earnings

Net Profit for the year

TOTAL EQUITY

LIABILITIES

Provisions for other risks and costs

Short term liabilities

Accounts payable to suppliers

Other loans obtained

Amounts owed by controlling company

State and other public entities

Other creditors

Bank loans

Accrued costs and deferred income

TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

BALANCE SHEET

AT DECEMBER 31 OF 2008

AB

64.102399,01

3.366.688,03

67.469.087,04

21.280.807,23

777.279,39

4.879.437,61

26.937.524,23

470.983,49

28.354.384,31

28.825.367,80

7.037.936,13

130.269.915,20

2008 2007

AA

31.323.306,16

1.251.592,13

32.574.898,29

8.346.377,16

8.346.377,16

40.921.275.45

AL

32.779.092,85

2.115.095,90

34.894.188,75

12.934.430,07

777.279,39

4.879.437,61

18.591.147,07

470.983,49

28.354.384,31

28.825.367,80

7.037.936,13

89.348.639,75

AL

36.469.532,01

2.892.421,97

39.361.953,98

11.650.073,92

376.302,98

5.365.293,92

17.391.670,82

1.506.830,09

35.943.116,12

37.449.946,21

7.939.658,08

102.143.229,09

2008 2007

4.990.000,00

-3.500.000,00

-1.503.962,80

5.042.159,73

998.000,00

4.612.609,46

10.638.806,39

13.600.864,67

13.600.864,67

24.239.671,06

25.000,00

42.267.187,42

2.021.052,00

1.759.147,55

2.061.449,24

1.740.072,79

49.873.909,00

15.235.059,69

65.108.968,69

89.348.639,75

(Amounts expressed in Euros)

4.990.000,00

-3.500.000,00

-227.651,42

4.869.573,18

912.217,85

4.131.991,88

11.358.131,49

12.056.986,28

12.056.986,28

23.415.177,77

457.689,24

49.485.544,87

2.068.380,83

561.672,74

125.244,36

52.698.532,04

26.029.579,28

78.728.111,32

102.143.229,09


EXPENSES

Costs of inventories sold or used in production

External services and supplies

Payroll expenses:

Salaries and wages

Employee benefits

Depreciation of fixed assets

Adjustments

Taxes

Others operating costs

(A)

Losses in subsidiary and affiliated companies

Interest and similar expenses

(C)

Extraordinary expenses

(E)

Income tax

Net profit for the year

(G)

INCOME

Sales and services rendered

Variation in production

Own work capitalized

Operating subsidies

Other operating income

(B)

Gains in subsidiary and affiliated companies

Income from trading securities and other

financial investments

Other interest and similar income

(D)

Extraordinary income

(F)

Operating results: (B)-(A)

Financial results: (D-B)-(C-A)

Current results: (D)-(C)

Income before tax: (F)-(E)

Net profit for the year: (F)-(G)

STATEMENTS OF PROFITS AND LOSS

AT DECEMBER 31 OF 2007

6.110.886,08

3.006.626,91

7.296.614,19

867.220,08

170.115,47

9.094,92

4.948.602,41

1.590.396,95

3.950.396,95

82.835.439,35

4.527.662,09

3.542.934,80

2007 2006

50.899.459,04

9.117.512,99

8.163.834,27

179.210,39

68.360.016,69

4.948.602,41

73.308.619,10

1.590.033,91

74.898.653,01

3.950.396,95

78.849.049,96

12.056.986,28

90.906.036,24

82.835.439,35

4.527.662,09

87.363.101,44

3.542.934,80

90.906.036,24

14.475.422,66

-420.940,32

14.054.482,34

16.007.383,23

12.056.986,28

(Amounts expressed in Euros)

102.037.653,20

6.354.721,74

4.833.335,90

155.294,47

113.381.005,31

2.041.608,24

115.422.613,55

81.001,83

115.503.615,55

2.990.734,04

118.494.349,42

10.472.665,31

128.967.014,31

125.742.752,10

125.742.752,10

1.772.596,88

127.515.348,98

1.451.665,75

128.967.014,73

12.361.746,79

-269.011,36

12.092.735,43

13.463.399,35

10.472.665,31


ASSETS

Fixed Assets

Intangible assets

Tangible fixed assets

Financial investments

Current Assets

Inventories

Short term debt:

Accounts receivable from customers

Subsidiary companies

Advances to suppliers

State and other public entities

Other debtors

Trading securities

Bank deposits and cash

Unbilled revenues and deferred costs

TOTAL ASSETS

EQUITY AND LIABILITIES

Equity

Capital

Treasury stock – premium

Exchange adjust from financial investments

Not attributed dividends

Other reserves

Legal reserves

Retained earnings

Net Profit for the year

TOTAL EQUITY

LIABILITIES

Provisions for other risks and costs

Short term liabilities

Accounts payable to suppliers

Other loans obtained

Amounts owed by controlling company

State and other public entities

Other creditors

Bank loans

Accrued costs and deferred income

TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

BALANCE SHEET

AT DECEMBER 31 OF 2007

AB

61.255.188,32

2.892.421,97

64.147.610,29

18.827.112,91

376.302,98

5.365.293,92

24.568.709,81

1.506.830,09

35.943.116,12

37.449.946,21

134.105.924,39

2007 2006

AA

24.785.656,31

24.785.656,31

7.177.038,99

7.177.038,99

31.962.695,30

AL

36.469.532,01

2.892.421,97

39.361.953,98

11.650.073,92

376.302,98

5.365.293,92

17.391.670,82

1.506.830,09

35.943.116,12

37.449.946,21

7.939.658,08

102.143.229,09

AL

40.305.308,22

2.216.441,89

42.521.750,11

17.211.786,11

89.313,14

68.400,23

5.861.234,34

2.329.771,24

23.488.620,07

25.818.391,31

4.127.006,52

95.697.881,76

2007 2006

4.990.000,00

-3.500.000,00

-227.651,42

4.869.573,18

912.217,85

4.131.991,88

11.358.131,49

12.056.986,28

12.056.986,28

23.415.177,77

457.689,24

49.485.544,87

2.068.380,83

561.672,74

125.244,36

52.698.532,04

26.029.579,28

78.728.111,32

102.143.229,09

(Amounts expressed in Euros)

4.990.000,00

-3.500.000,00

-227.651,42

3.554.009,17

388.584,56

2.000.181,99

7.205.124,30

10.472.665,31

10.472.665,31

17.677.789,61

457.689,24

26.266.861,81

383.451,45

2.770.442,97

1.240.638,62

21.518.245,42

52.637.329,51

25.382.762,64

78.020.092,15

95.697.881,76


New Projects

euroAtlantic airways is developing several projects, including negotiations for joint ventures and other

partnerships with international organizations to expand air transport activity in Europe, Africa and

South America.

As of 2008, euroAtlantic airways owns 37% stake in STP Airways - the new São Tomé and Príncipe airline

- and is responsible for its management.

In January 2010, with a B767-300SF, euroAtlantic initiated it’s cargo flights, in a wet-lease operation,

around the world, with a long term agreement with Lan Cargo (Lan Chile Group).

In February 2010, we added to our fleet a B777-200ER and in 2012 added a B737-800 (New

Generation). Also in 2012 euroAtlantic airways signed a long term agreement with Sunwing Airlines (TUI

Group), with weekly flights from Canada to Europe.

At the moment our company is developing other projects in Equatorial Africa and sub-Saharan Africa,

while is always attentive for new opportunities in the market worldwide.

Our new Boeing 737-800 NG (New Generation)


OurServices


WET LEASE

ACMI (Aircraft / Crew / Maintenance / Insurance)

Through euroAtlantic's ACMI - Wet Leasing Services, our

company (the Lessor) will be responsible to provide the

Clients (the Lessee) with an aircraft ready to be used in

accordance with the Customers' specific needs.

euroAtlantic will also be responsible for providing a required

Crew, any related Maintenance costs required to maintain

the aircraft in tip-top condition, as well as for the Aircrafts

Insurance coverage (Hull). All other costs such as fuel,

passenger and/or cargo insurance coverage, passenger

and/or cargo Ground Handling costs (check-in, loading and

off loading costs), over-flight permits costs, catering costs,

airport permit costs, crew accommodation costs, etc, will be

in charge of the Client (Lessee).

DAMP LEASE

Through euroAtlantic's ACMI - Wet Leasing Services, our

company (the Lessor) will be responsible to provide the

Client (the Lessee) with an aircraft ready to be used in

accordance with the Customers' specific needs.

euroAtlantic will also be responsible for providing only the

Cockpit Crew along with a Purser - for security reasons, any

related Maintenance costs required to maintain the aircraft

in tip-top condition, as well as for the Aircrafts Insurance

coverage (Hull). All other costs such as fuel, passenger and/or

cargo insurance coverage, passenger and/or cargo Ground

Handling costs (check-in, loading and off loading costs), overflight

permits costs, catering costs, airport permit costs, crew

accommodation costs, etc, shall be the responsibility of the

Client (Lessee).


DRY LEASE

When Customers do not require any support or crew

services, needing merely an aircraft for only long term lease

(minimum 1-3 years), we may look into the possibility of

negotiating a Dry Lease Agreement.

With euroAtlantic's Dry Lease Agreement, clients will be

responsible for all costs other than costs related to any

major checks and required servicing that the aircraft needs,

such as an engine overhaul, a landing gear overhaul and/or

a D-Check. All other costs such as routine maintenance that

the aircraft requires (this maintenance includes all minor

checks such as A, B and C Checks) and operating costs in

addition to required personnel costs, insurance, as well as

any other measures to keep the aircraft in tip-top condition

shall be the responsibility of Customer.


CHARTER FLIGHTS

With almost 20 years (in 2013) of accumulated knowledge

and experience in the aircraft leasing industry have geared

euroAtlantic Airways into the privileged position to provide

Clients with the most reliable, on time, highest professional

standards of service and cost-efficient charter aircraft

agreements in the aviation charter market segment.

euroAtlantic's Charter Agreement provides the Customer

with an aircraft on a ready to flight basis covering all costs

involved in performing the flights, i.e. Aircraft, Crew,

Maintenance, Insurance, fuel, passenger and/or cargo

Ground Handling (loading and off loading costs), over-flight

permit costs, airport permit costs, catering costs, costs of

hotel accommodation for the crew, and all other operating

costs including liability insurance for the aircraft.

Charter Series

Mundo Vip, Espirito Santo Viagens, Abreu, Terrabrasil,

Halcon, Iberojet, Soltour, ClubVacaciones, Thomas Cook

Belgium, among others.

Since 1997 euroAtlantic has operated full charter contracts

for First Choice, MyTravel, Thomas Cook, Air 2000, Aviajet,

etc.

Since 2001, euroAtlantic airways has operated specialized

VIP flights on behalf of one World Tour Operator and

performed sucessfully 7 tours around the globe. In 2013, our

company will perform another tour around the world with

the same operator.


AD-HOC FLIGHTS

AD-HOC WET LEASE

Since not all flights are done on a regular basis or can be

planned for an extended period of time, euroAtlantic's Air

Leasing Services also gives our Customers the possibility of

Ad-Hoc Leasing.

With our Ad-Hoc Wet Lease, we are able to provide our

clients with aircrafts on an extremely short term lease for

operations requiring specifically the lease of an aircraft for a

small number of flights, usually 2-5 operations.

Although the costs of euroAtlantic's are higher for these

types of leases than are for longer termed contracts,

euroAtlantic still strives to provide the most competitive

rates to help insure the operations success for our clients.

AD-HOC CHARTER

With our Ad-Hoc Charter Service, we are able to provide

our clients with aircrafts on an extremely short term lease

for operations requiring specifically the lease of an aircraft

for a small number of flights, usually 1-2 operations.

Several companies

Vodafone, Oporto Futebol Club, Sport Lisboa e Benfica –

Portuguese Soccer Team, UK Defense Ministry, Home Office

UK MOD.

Various Government and Military contracts from 1997 to

2010 including: The President and Prime-Minister of

Portugal, United Nations, MOD (to Kuwait, Iraq and

Afghanistan), Home Office, US and Australian Immigration

Departments (deportees), and Portuguese, Spanish, English,

French and German Armies.


MAINTENANCE

Our Maintenance has the requirements of EASA Part 145

"Approved Maintenance Organization (AMO) and other

regulations issued by the National Aviation Authority (INAC

- National Institute of Civil Aviation) and the Agency

European Aviation Safety Agency (EASA).

EuroAtlantic Airways is approved for Maintenance with the

number PT.145.027 EASA - Part 145 Maintenance

Organization - approved by the Portuguese authorities.

The doctrine and procedures used are applicable to all

maintenance work performed on aircraft operated by EAA.

The same procedures are followed in the case of carrying

out maintenance work for other operators. These actions

developed by our company seek full compliance with

legislation and national and international regulations, as

well as meeting the customers’ expectations, internal and

external, providing them with aircraft maintenance with

high levels of quality.

CONSULTING

With almost 20 years of experience in the industry,

euroAtlantic's Consulting Services are available to provide

our Customers a wide range of aviation support services.

Our expertise and hands-on knowledge of virtually every

facet involved within the airline industry places us in a

privileged position to provide customized solutions to fit our

clients' needs.


someCLIENTS

“We believe that euroAtlantic’s success

is the reflection of our Clients’ own success.“

Tomaz Metello


Cargo Flights


When Clients Personalize our Aircrafts

With their Brands


EUROPE

Belgium Brussels | Bosnia Sarajevo | Czech Republic Prague Ruzyne |

Croatia Split / Zagreb / Dubrovinic | Cypre Larnaca / Pafos | Denmark Billund

/ Copenhagen Kastrup | Finland Helsinki | France Ajaccio / Bordeaux

Merignac / Clermont - Ferrand Aulnat / Deauville St. Gatien / Dijon Longvic /

Grenoble – Saint Geoir / Hyeres Le Palyvestre / Istre – Le Tubes / Lille /

Lesquin / Lyon Satolas / Marseille Provence / Montpellier / Mulhouse /

Nantes / Nice / Paris Ch. de Gaulle – Le Bourget – Orly / Pau Uzein / Reims –

Champagne / Tarbes Ossun Lourdes / Toulouse Blagnac / Nimes | Germany

Berlim / Schoenefeld / Dortmund Wickede / Frankfurt Main / Hannover

Langenhagen / Koeln-Bonn / Leipzig / Halle / Munique 2 / Munster-

Osnabruck / Nuremberg / Paderborn-Lippstadt / Stuttgard / Rostock | Greece

Athinai / Chania / Souda / Demokritos / Diagoras / Ioannis / Kapodistrias /

Kefalonia Kefallinia / Kos / Mikonos / Nikos / Kazantzakis / Volos / Nea

Anchialos / Zakinthos / Iraklion / Mytilini / Thessaloniki / Rodhes | Hungary

Budapest / Ferihegy / Debrecen | Italy Bergamo - Orio Alserio / Bolonha /

Cagliari Elmas / Catania Fontanarossa / Milano Linate / Milano Malpensa /

Napoli Capodichino / Olbia C. Smeralda / Palermo Punta Raisi / Pescara Liberi

/ Rome Ciampino – Fiumicino / Ronchi Dei Legioneri / Venice Marco Polo /

Verona / Montechiari / Ancona / Rimini / Pisa / Sicily - Trapani | Luxembourg

Luxembourg | Malta Malta Luqa | Moldova Kishinev | Netherlands

Rotterdam / Schiphol Amsterdam | Northern Ireland Connaught / Cork /

Dublin / County Kerry / Shannon | Norway Stavanger / Sola / Trondheim /

Vaernes / Oslo | Poland Cracovia / Warsaw / Katowise | Portugal Faro /

Funchal / Lisboa / Ponta Delgada / Porto / Porto Santo / Madeira / Santa

Flying the Globe Experience Around The World

Maria / Terceira | Republic of Macedonia Skopje | Republic of Ireland

Belfast / Aldergrove | Romania Otopeni - Intl | Russia Moscow Sheremetye |

Spain Alicante / Almeria / Arrecife Lanzarote Barcelona / Bilbao / Caen

Carpiquet / Fuerteventura / Grand Canaria / Ibiza / Jerez De La Frontera /

Madrid / Mahon / Menorca / Malaga / Palma de Maiorca / Reus / Salamanca

Matacan / Santiago / Sevilha / South’s Tenerife / Valencia / Vigo / Zaragoza |

Sweden Stockholm – Arlanda / Goteborg / Landvetter / Lulea / Kallax /

Malmoe / Sturup | Switzerland Zurique / Genéve | Turkey Antalaya / Izmir-

Adnan-menderes / Kayseri / Milas / Bodrum Mugla- Dalaman / Istambul |

Ukraine Kiev Borispol | United Kingdom Birmingham / Bournemouth Intl /

Brize Norton / Bristol / Cardiff / East Midlands / Edinburgh / Exeter / Glasgow

Intl / Leeds E Bredford / Liverpool / London – Gatwick – Heathrow – Luton –

Stansted / Prestwick / Southampton East Leigh / Manchester / Newcastle /

Norwich / Teesside

NORTH AMERICA & PACIFIC

Canada Montreal / Mirabel / Quebec / J. Lesage Intl / Toronto Intl / Halifax /

Calgary | Greenland Sondre Stromford | Hawaii Kona Keahole Intl Airport |

USA Las Vegas Mccarran / Miami Intl / Newark / New York / Orlando Intl –

Florida / Orlando Stanford / Providence / Sawyer Intl Airport / Washington

Dulles / Chicago O’hare / San Francisco / LAX – Los Angeles

CENTRAL / SOUTH AMERICA & CARIBBIAN SEA

Argentina Buenos Aires / Malargue / Ezeiza | Barbados Barbados Adams |

Brazil Foz do Iguaçu / Fortaleza / João Pessoa / Manaus / Natal A. Severo /


porto Seguro / Recife / Guararapes / Rio de Janeiro / São Paulo - Guarulhos /

Salvador - Dois de Sul / São Luíz - Maranhão | Chile Santiago de Chile / Easter

Island | Cuba Camaguey Agramonte / Cayo Largo Del Sur / Habana Intl / Jose

Mar / Varadero / Holguin / Santiago de Cuba | Colombia Bogota / Cartagena

| Costa Rica San José | Dominican Republic La Romana / Puerto Plata /

Punta Cana / Santo Domingo | Dutch Antilles Curacao Intl / St. Marten Intl |

French Antilles Pointe-à-Pitre | Jamaica Montego Bay / Kingston | Mexico

Cancun / City of Mexico Juarez / Ixtapa / Zihuatanejo | Panama City of

Panama | Peru Lima J. Chavez | Porto Rico San Juan | Suriname Paramaribo

| Trinidad & Tobago Trinidad | Uruguay Montevideo Carrasco | Venuzuela

Caracas Maiquetia / Valencia Trinidad

AFRICA

Angola Luanda | Argelia Argel / Houari B. / Annaba El Mellah / Constantine

Boudiaf / Hassi Messaoud / Tlemcen Zenata | Burkina Faso Ouagadougou |

Benin Cotonou / Cardinal de Cadjehoun | Cape Verde Sal - Amilcar Cabral /

Cidade da Praia | Cameroon Douala / Garoua / Yaounde-Nsimalen |

Democratic Republic of the Congo kinsanghani | Egypt Cairo / Luxor / Sharm

El Sheikh / Hurghada / Taba / Marsa-Alam | Gabon Libreville | Gambia Banjul

| Ghana Accra | Guinea-Bissau Bissau / Bipoint | Guinea-Conakry Conakry |

Ivory Coast Abidjan / Yamoussoukro Lybia Tripoli / Mitiga / Sirte / Benghasi |

Liberia Monrivia | Mali Bamako | Marocco Agadir / Al-Massira / Casablanca /

Marraqueche / Ouarzazate / Oujda / Angads / Rabat / Sale | Mauritius Sir

Seewoosagur Intl | Mauritania Nouakchott | Mozambique Maputo |

Namibia Windhoek | Niger Niamey | Nigeria Lagos M. Muhamm / Minna /

Abuja / Kano / Sokoto / Maiduguri / Ilorin / Kaduna | Ruanda Kigali / G.

Kayibanda | Sudan Khartoum | Sao Tome and Principe Sao Tome Island |

Senegal Dakar / Yoff | Sierra Leone Freetown / Lungi | South Africa Cape

Town / Joanesburgo / J. Smuts | Tanzania Zanzibar Kisauni | Tchad

N’Djamena | Togo Lome | Tunisia Djerba - Zarzis /Monastir - Habib Bourg /

Tunis - Cartago / Tozuer / Tabarka | Uganda Entebbe | Zaire Kinshasa / N’Djili

Intl / Kisangani | Zimbabwe Harare

ASIA

Afghanistan Kabul K. Rawash | Azerbaijan Baku - Bina | Bahrain Baharian -

Intl | Bangladesh Dhaka | China Macau / Beijing / Shangai | India Calcuta /

Ahmedabad / Delhi Gandhi / Hyderabad–Begumpet / Jaipur Sanganeer /

Mumbai | Indonesia Denpasar Bali | Iraq Basra Intl | Israel Tel Aviv / Bem

Gurion | Japan Fukuoka / Haneda / Narita / N’Goia | Jordan Aqba | Kuwait Al

kuwait | Malaysia Marudi | Maldives Malé Intl - Hulule | Nepal Kathmandu

Tribhuvan | Oman Seeb Intl Muscat | Pakistan Karachi / Islamabad / Lahore /

Peshawara | Singapore Changi | Saudi Arabia Jeddah / Madinnah | South

Korea Seul - Incheon Intl | Syria Damascus | Thailand Chiang Mai / Bangkok |

United Arabs Emirates Abu Dhabi / Dubai Intl / Al Ayn | Vietnam Hanoi Noi

Bai Intl

OCEANIA

Australia Canberra / Sydney / Adelaide / Perth / Christmas island | French

Polynesia Papeete | New Zealand Wellington / Oakland / Chrischurch |

Papua New Guinea Port Moresby

Between 1998 and January 2012, our compant landed in 534 different aeroports

and in the total of 194 countrys around the world, we flown to 164!


Subsidiary ENTERPRISES

In addition to euroAtlantic airways, the group owns the following brands:


WE ALWAYS BELIEVE IN OUR TEAM!

Europe’s 500 is the European organization and networking platform for growth companies and their

entrepreneurs.

Since 1996 Europe’s 500 has been selecting and publishing the list of the top growth companies in Europe

and organizes its annual conference “The European Growth Summit” for the European growth

entrepreneurs, and has been awarding them for their outstanding achievements in generating sustainable

growth and jobs. Since 2009 Dun & Bradstreet has supported Europe's 500 with creating the list of the top

500 growth companies in Europe. But every growth company that meets Europe’s 500 criteria is invited to

register for the ranking.

To be considered for the 2009 Europe’s 500 Listing, companies must match the following criteria:

Independence (The Company is not part – subsidiary - of another Group that owns an equity share of more

than 50% of the company), Growth in turnover and employment (The Company must demonstrate at least

30% growth in both turnover and employment between 31. December 2005 till 31. December 2007 (the

reference period), Size (The company must have a minimum of 50 employees at the beginning of the

reference period. (31. December 2005) and Age (Companies founded after December 2005 will not be

considered).

This year we are proud to be part of this list and on February the 3rd, 2011, we participated in the

European Growth Summit & Europe´s 500 Award Ceremony at the European Parliament in Brussels, in

which the results and all top growth companies were presented. Our place in the list? 129!

For more information visit

www.europes500.eu/europes500-list.html


Contact us 24/7

“ANYTIME, ANYWHERE”

Commercial Department

email : commercial@euroatlantic.pt

phone: +351 21 924 73 15 up to 24

fax: +351 21 924 73 91

H24 +351 91 724 96 71

Marketing Department

email: marketing@euroatlantic.pt

phone: +351 21 924 73 28

fax: +351 21 924 73 91

Airport - Handling & Catering Department

email: handling@euroatlantic.pt

phone: +351 21 844 47 43

fax: +351 21 844 47 39

H24 +351 21 844 44 34

Finance Department

email: finance@euroatlantic.pt

email H24: finance24@euroatlantic.pt

phone: +351 21 924 73 00

fax: +351 21 924 73 93

H24: +351 91 724 96 65

Cargo Department

email: commercial@euroatlantic.pt

phone: +351 21 924 73 20

fax: +351 21 924 73 90

Flight Dispatch / Airport

email: dispatch@euroatlantic.pt

phone: +351 21 844 47 31

fax: +351 21 844 47 39

H24 +351 91 866 09 83

Customer Services

email: customerservices@euroatlantic.pt

phone: +351 21 924 73 28

fax: +351 21 924 73 90

Flight & Ground Operations

email: paulo.pinheiro@euroatlantic.pt

phone: +351 21 924 73 69

fax: +351 21 924 73 92

Security Department

email: enascimento@euroatlantic.pt

phone: +351 21 924 58

fax: +351 21 924 73 90

Cabin Crew Department

email: sofia.goncalves@euroatlantic.pt

phone: +351 21 924 73 74

fax: +351 21 924 73 90

Chief Pilot

email: chiefpilot@euroatlantic.pt

phone: +351 21 924 73 66 /

fax: +351 21 924 73 92

H24 +351 91 754 04 70

Public Relations Department

email: caetano.pestana@euroatlantic.pt

phone: +351 21 924 73 60

fax: +351 21 924 73 90

Maintenance Department

email: maintenance@euroatlantic.pt

phone: +351 21 949 90 00

fax: +351 21 949 90 59

H24 +351 91 226 37 35

Rosters Department

email: rosters@euroatlantic.pt

email 24h: rosters24@euroatlantic.pt

phone: +351 21 924 73 68

fax: +351 21 924 73 90

H24 +351 91 732 41 26

Human Resources Department

email: ana.santos@euroatlantic.pt

phone: +351 21 924 73 30

fax: +351 21 924 73 90

Legal Department

email: renata.dias@euroatlantic.pt

Email: margarisa.correia@euroatlamtic.pt

phone: +351 21 924 73 31 / 32

fax: +351 21 924 73 90

Quality Department

email: quality@euroatlantic.pt

phone: +351 21 949 90 40

fax: +351 21 949 90 59

Training Department

email: training@euroatlantic.pt

phone: +351 21 924 73 57

fax: +351 21 924 73 90

Cabin Crew Training Department

email: teresa.nunes@euroatlantic.pt

phone: +351 21 924 73 73

fax: +351 21 924 73 90

PRESS ROOM

http://www.euroatlantic.pt/html/en_quem_press.asp

euroAtlantic airways / Marketing Department 2012©TODOS OS DIREITOS RESERVADOS

The statements contained herein are for general information purposes only. These statements do not constitute an offer, promise, warranty or guarantee

of performance. This document should not be used or relied upon for any purpose other than that intended by euroAtlantic Airways and Boeing .

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