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AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Summary of Operating Lease Economics - 2003 Manufacture, 72-month Term
(in US$)
A. Sale of Aircraft:
Aircraft (Manufacture Date) B737-800 (February 2003 Manufacture)
Lease Term 72 months
Assumed Closing Date 31-Dec-06
Expiration Date 31-Dec-12
Aircraft Purchase Price $45.000 mm (116.039% of Airclaims Current FMV)
Less: Debt Security Deposit $6.220 mm (16.039% of Airclaims Current FMV)
Net Aircraft Purchase Price $38.780 mm (100.000% of Airclaims Current FMV)
Airclaims Current FMV as of 1-Aug-06 $38.780 mm
B. Funding of Lessor
A Loan Funding $25.766 mm (66.443% of Airclaims Current FMV)
B Loan Funding $6.220 mm (16.039% of Airclaims Current FMV)
Equity Investment in Aircraft $10.858 mm (28.000% of Airclaims Current FMV)
Equity Funded Transaction Costs $1.039 mm (2.678% of Airclaims Current FMV)
Total Equity Investment $11.897 mm (30.678% of Airclaims Current FMV)
Total Lessor Funding $43.883 mm (113.160% of Airclaims Current FMV)
C. Equity Funded Transaction Costs
A Lender Participation Fee $0.077 mm (0.300% of A Loan Funding)
B Lender Participation Fee $0.044 mm (0.704% of B Loan Funding)
Lender Legal Counsel Fee $0.010 mm ($150,000 for Fifteen (15) Aircraft)
Arranger Fee $0.180 mm (0.400% of Aircraft Purchase Price)
RVI Premium $0.728 mm (5.750% of Loan Balloon)
Total Equity Funded Transaction Costs $1.039 mm (2.308% of Aircraft Purchase Price)
D. Net Equity Investment
Total Equity Investment $11.897 mm (26.438% of Aircraft Purchase Price)
Less: First Quarterly Advance Rent $1.764 mm (3.921% of Aircraft Purchase Price)
Net Equity Investment $10.133 mm (22.517% of Aircraft Purchase Price)
E. Lease
Term of Lease 72 months
Lease Expiry Date 31-Dec-12
Step 1 Lease Rental
Step 1 Quarterly A Loan Debt Service $818,682 (1.819% of Aircraft Purchase Price)
Step 1 Quarterly B Loan Debt Service $312,485 (0.694% of Aircraft Purchase Price)
Step 1 Quarterly Equity Rent $633,283 (1.407% of Aircraft Purchase Price)
Total Quarterly Lease Rental (in advance) $1,764,450 (3.921% of Aircraft Purchase Price)
Step 2 Lease Rental
Step 2 Quarterly A Loan Debt Service $1,132,319 (2.516% of Aircraft Purchase Price)
Step 2 Quarterly B Loan Debt Service $312,485 (0.694% of Aircraft Purchase Price)
Step 2 Quarterly Equity Rent $319,646 (0.710% of Aircraft Purchase Price)
Total Quarterly Lease Rental (in advance) $1,764,450 (3.921% of Aircraft Purchase Price)
Total Monthly Equivalent Lease Rental (in advance) $588,150 (1.307% of Aircraft Purchase Price)
P&L Effects for 2007
Less: Quarterly Averaged Debt Security Deposit Accrued Interest Income in 2007 $72,703 (0.162% of Aircraft Purchase Price)
Total Quarterly P&L Expense - Quarterly Average for 2007 $1,691,747 (3.759% of Aircraft Purchase Price)
Less: Monthly Equivalent Averaged Debt Security Deposit Accrued Interest Income - 2007 $24,234 (0.054% of Aircraft Purchase Price)
Total Monthly Equivalent P&L Expense - Quarterly Average for 2007 $563,916 (1.253% of Aircraft Purchase Price)
P&L Effects for 2010
Less: Quarterly Averaged Debt Security Deposit Accrued Interest Income in 2010 $20,448 (0.045% of Aircraft Purchase Price)
Total Quarterly P&L Expense - Quarterly Average for 2010 $1,744,002 (3.876% of Aircraft Purchase Price)
Less: Monthly Equivalent Averaged Debt Security Deposit Accrued Interest Income - 2010 $6,816 (0.015% of Aircraft Purchase Price)
Total Monthly Equivalent P&L Expense - Quarterly Average for 2010 $581,334 (1.292% of Aircraft Purchase Price)
Aggregate Rentals
Aggregate Lease Term Rentals $42,346,800 (94.104% of Aircraft Purchase Price)
PV of Aggregate Lease Term Rentals, discounting at the A Loan Interest Rate $35,378,077 (78.618% of Aircraft Purchase Price)
November 16, 2006
F. Loan Structure
A Loan
Term 72 months
Average Life 4.706 Years
Final Maturity Date 31-Dec-12
Initial A Loan Funding $25.766 mm
Quarterly A Loan Debt Service $818,682 (12.709% p.a. of A Loan Funding)
A Lender Participation Fee $77,299 (0.300% of A Loan Funding)
Principal Repayment Level (mortgage-style) payments
Projected Airclaims Interpolated Soft FMV $19.465 mm
A Loan Balloon $12.652 mm
(65.000% of Projected Airclaims Interpolated Soft FMV)
5-year SFRE of 3-month US$ LIBOR 0 5.024% p.a
A Loan Margin 1.500% p.a
A Loan Fixed Interest Rate 6.524% p.a
Security
Assignment of Lease, Aircraft Mortgage, pari passu with B Lender, with RVI
B Loan
Term 69 months
Average Life 3.135 Years
Final Maturity Date 30-Sep-12
Initial B Loan Funding $6.220 mm
Quarterly B Loan Debt Service $312,485 (20.095% p.a. of B Loan Funding)
B Lender Participation Fee $43,779 (0.704% of B Loan Funding)
Principal Repayment Level (mortgage-style) payments
Projected Airclaims Interpolated Soft FMV $19.465 mm
B Loan Balloon $0.000 mm
(0.000% of Projected Airclaims Interpolated Soft FMV)
3-year SFRE of 3-month US$ LIBOR 0 4.959% p.a
B Loan Margin 0.000% p.a
B Loan Fixed Interest Rate 4.959% p.a
Security Assignment of Lease, Aircraft Mortgage, pari passu with A Lender
G. Debt Security Deposit
Debt Security Deposit Amount $6.220 mm
Quarterly Repayment $312,485
Principal Repayment Quarterly Payments in Arrears
3-year SFRE of 3-month US$ LIBOR 0 4.959% p.a
Margin 0.000% p.a
Debt Security Deposit Interest Rate 4.959% p.a
H. Effective Forward Sale Price Analysis
Aircraft Sale Price $45.000 mm
Less: Debt Security Deposit $6.220 mm
Less: PV of Lease Rental Payments and Debt Security Deposit Repayments,
discounting at 10% p.a. $26.930 mm
NPV Benefit $11.850 mm
Effective Forward Sale Price (FV of NPV Benefit, compounding at 10% p.a.) $17.535 mm
Interpolated Airclaims Soft Market Value, Inflated at 2.5% p.a. $19.465 mm
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
V.B.5. Lease Schedule - 2003 Manufacture, 72-month Term
(in US$)
FV of NPV Benefits
6.524%
8,505,338
8,644,069
8,785,064
8,928,358
9,073,989
9,221,996
9,372,417
9,525,292
9,680,660
9,838,562
9,999,040
10,162,135
10,327,891
10,496,350
10,667,557
10,841,557
11,018,395
11,198,117
11,380,771
11,566,404
11,755,065
11,946,803
12,141,668
12,339,713
12,540,987
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Effective Forward Sale Price Analysis
(in US$)
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Lease IRR Calculation
(in US$)
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
V.B.6. A Loan Schedule - 2003 Manufacture, 72-month Term
(in US$)
A Loan Interest Principal After Debt Service Before Debt Service Average
Date Debt Service Payments Repayments Principal Balance Principal Balance Life IRR All-In IRR
A = B+C B C D E 4.71 6.524% 6.601%
1.500% 1.576%
31-Dec-06 (25,766,431) 0 (25,766,431) 25,766,431 0 0.00 (0) (0)
(Closing Date)
31-Mar-07 818,682 420,279 398,403 25,368,029 26,186,710 0.0039 26,186,710 26,113,038
30-Jun-07 818,682 413,781 404,901 24,963,127 25,781,809 0.0079 25,781,809 25,711,748
30-Sep-07 818,682 407,176 411,506 24,551,622 25,370,304 0.0120 25,370,304 25,303,836
31-Dec-07 818,682 400,464 418,218 24,133,404 24,952,086 0.0162 24,952,086 24,889,193
31-Mar-08 818,682 393,643 425,039 23,708,365 24,527,047 0.0206 24,527,047 24,467,708
30-Jun-08 818,682 386,710 431,972 23,276,393 24,095,075 0.0251 24,095,075 24,039,267
30-Sep-08 818,682 379,664 439,018 22,837,375 23,656,057 0.0298 23,656,057 23,603,757
31-Dec-08 818,682 372,503 446,179 22,391,196 23,209,878 0.0346 23,209,878 23,161,060
31-Mar-09 818,682 365,225 453,457 21,937,739 22,756,421 0.0396 22,756,421 22,711,059
30-Jun-09 818,682 357,829 460,853 21,476,886 22,295,568 0.0447 22,295,568 22,253,631
30-Sep-09 818,682 350,312 468,370 21,008,516 21,827,198 0.0500 21,827,198 21,788,655
31-Dec-09 818,682 342,672 476,010 20,532,507 21,351,188 0.0554 21,351,188 21,316,007
31-Mar-10 818,682 334,908 483,774 20,048,733 20,867,415 0.0610 20,867,415 20,835,559
30-Jun-10 818,682 327,017 491,665 19,557,068 20,375,750 0.0668 20,375,750 20,347,184
30-Sep-10 818,682 318,997 499,684 19,057,384 19,876,065 0.0727 19,876,065 19,850,749
31-Dec-10 818,682 310,847 507,835 18,549,549 19,368,231 0.0788 19,368,231 19,346,122
31-Mar-11 1,132,319 302,564 829,755 17,719,794 18,852,112 0.1369 18,852,112 18,833,169
30-Jun-11 1,132,319 289,029 843,289 16,876,504 18,008,823 0.1473 18,008,823 17,992,938
30-Sep-11 1,132,319 275,275 857,044 16,019,460 17,151,779 0.1580 17,151,779 17,138,843
31-Dec-11 1,132,319 261,295 871,024 15,148,436 16,280,755 0.1690 16,280,755 16,270,654
31-Mar-12 1,132,319 247,088 885,231 14,263,205 15,395,524 0.1804 15,395,524 15,388,138
30-Jun-12 1,132,319 232,649 899,670 13,363,535 14,495,854 0.1920 14,495,854 14,491,060
30-Sep-12 1,132,319 217,974 914,345 12,449,190 13,581,509 0.2040 13,581,509 13,579,179
31-Dec-12 0 203,060 (203,060) 12,652,250 12,652,250 (0.0473) 12,652,250 12,652,250
(Payment Date)
31-Dec-12 12,652,250 0 12,652,250 0 12,652,250 2.9462
(Final Maturity Date)
Err:511
November 16, 2006
All-In IRR w/
RVI Premium
7.332%
2.307%
(0)
25,419,163
25,051,397
24,676,890
24,295,518
23,907,156
23,511,675
23,108,945
22,698,834
22,281,205
21,855,922
21,422,843
20,981,826
20,532,725
20,075,393
19,609,678
19,135,426
18,652,482
17,841,300
17,015,249
16,174,057
15,317,446
14,445,134
13,556,833
12,652,250
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Loan to Value Schedule Assuming Airclaims Inflated Soft and Base
(in US$, indicative for one (1) B737-800 Aircraft, 2003 Manufacture)
WALC Calculation
100% of LTV Loan Weighted
Airclaims Assuming Coverage @ Avg Loan
ISMV AISMV 60% AISMV Coverage
E = B*100.0% F = D/E G = E*0.6/D
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
V.B.7. B Loan Schedule - 2003 Manufacture, 72-month Term
(in US$)
B Loan Interest Principal After Debt Service Before Debt Service Average
Date Debt Service Payments Repayments Principal Balance Principal Balance Life IRR All-In IRR
A = B+C B C D E 3.14 4.959% 5.209%
0.000% 0.250%
31-Dec-06 (6,220,000) 0 (6,220,000) 6,220,000 0 0.00 (0) 0
(Closing Date)
31-Mar-07 312,485 77,116 235,368 5,984,632 6,297,116 0.0095 6,297,116 6,256,654
30-Jun-07 312,485 74,198 238,287 5,746,345 6,058,830 0.0192 6,058,830 6,021,581
30-Sep-07 312,485 71,244 241,241 5,505,104 5,817,589 0.0291 5,817,589 5,783,447
31-Dec-07 312,485 68,253 244,232 5,260,873 5,573,357 0.0393 5,573,357 5,542,211
31-Mar-08 312,485 65,225 247,260 5,013,613 5,326,098 0.0497 5,326,098 5,297,834
30-Jun-08 312,485 62,159 250,325 4,763,287 5,075,772 0.0604 5,075,772 5,050,274
30-Sep-08 312,485 59,056 253,429 4,509,858 4,822,343 0.0713 4,822,343 4,799,490
31-Dec-08 312,485 55,914 256,571 4,253,287 4,565,772 0.0825 4,565,772 4,545,440
31-Mar-09 312,485 52,733 259,752 3,993,536 4,306,020 0.0940 4,306,020 4,288,082
30-Jun-09 312,485 49,512 262,972 3,730,563 4,043,048 0.1057 4,043,048 4,027,372
30-Sep-09 312,485 46,252 266,233 3,464,330 3,776,815 0.1177 3,776,815 3,763,266
31-Dec-09 312,485 42,951 269,534 3,194,797 3,507,282 0.1300 3,507,282 3,495,721
31-Mar-10 312,485 39,610 272,875 2,921,921 3,234,406 0.1426 3,234,406 3,224,692
30-Jun-10 312,485 36,226 276,258 2,645,663 2,958,148 0.1555 2,958,148 2,950,134
30-Sep-10 312,485 32,801 279,684 2,365,980 2,678,464 0.1686 2,678,464 2,671,999
31-Dec-10 312,485 29,334 283,151 2,082,828 2,395,313 0.1821 2,395,313 2,390,243
31-Mar-11 312,485 25,823 286,662 1,796,167 2,108,652 0.1959 2,108,652 2,104,817
30-Jun-11 312,485 22,269 290,216 1,505,951 1,818,436 0.2100 1,818,436 1,815,674
30-Sep-11 312,485 18,671 293,814 1,212,137 1,524,622 0.2244 1,524,622 1,522,765
31-Dec-11 312,485 15,028 297,457 914,681 1,227,166 0.2391 1,227,166 1,226,042
31-Mar-12 312,485 11,340 301,144 613,536 926,021 0.2542 926,021 925,454
30-Jun-12 312,485 7,607 304,878 308,658 621,143 0.2696 621,143 620,952
30-Sep-12 312,485 3,827 308,658 0 312,485 0.2853 312,485 312,485
31-Dec-12 0 0 0 0 0 0.0000 0 0
(Payment Date)
31-Dec-12 0 0 0 0 0 0.0000
(Final Maturity Date)
Err:511
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Equity Schedule
(in US$)
10,132,533 25,766,431 35,898,964 35,420,000 (478,964) 36,165,000 266,036 36,570,000 671,036 12/31/2006
9,499,250 25,368,029 34,867,278 33,740,000 (1,127,278) 34,857,500 (9,778) 35,465,000 597,722 3/31/2007
8,865,966 24,963,127 33,829,094 32,060,000 (1,769,094) 33,550,000 (279,094) 34,360,000 530,906 6/30/2007
8,232,683 24,551,622 32,784,305 31,152,500 (1,631,805) 32,942,500 158,195 33,930,000 1,145,695 9/30/2007
7,599,400 24,133,404 31,732,804 30,245,000 (1,487,804) 32,335,000 602,196 33,500,000 1,767,196 12/31/2007
6,966,116 23,708,365 30,674,481 29,337,500 (1,336,981) 31,727,500 1,053,019 33,070,000 2,395,519 3/31/2008
6,332,833 23,276,393 29,609,226 28,430,000 (1,179,226) 31,120,000 1,510,774 32,640,000 3,030,774 6/30/2008
5,699,550 22,837,375 28,536,925 27,620,000 (916,925) 30,552,500 2,015,575 32,222,500 3,685,575 9/30/2008
5,066,267 22,391,196 27,457,462 26,810,000 (647,462) 29,985,000 2,527,538 31,805,000 4,347,538 12/31/2008
4,432,983 21,937,739 26,370,722 26,000,000 (370,722) 29,417,500 3,046,778 31,387,500 5,016,778 3/31/2009
3,799,700 21,476,886 25,276,586 25,190,000 (86,586) 28,850,000 3,573,414 30,970,000 5,693,414 6/30/2009
3,166,417 21,008,516 24,174,933 24,470,000 295,067 28,315,000 4,140,067 30,570,000 6,395,067 9/30/2009
2,533,133 20,532,507 23,065,640 23,750,000 684,360 27,780,000 4,714,360 30,170,000 7,104,360 12/31/2009
1,899,850 20,048,733 21,948,583 23,030,000 1,081,417 27,245,000 5,296,417 29,770,000 7,821,417 3/31/2010
1,266,567 19,557,068 20,823,635 22,310,000 1,486,365 26,710,000 5,886,365 29,370,000 8,546,365 6/30/2010
633,283 19,057,384 19,690,667 22,017,500 2,326,833 26,212,500 6,521,833 28,982,500 9,291,833 9/30/2010
(0) 18,549,549 18,549,549 21,725,000 3,175,451 25,715,000 7,165,451 28,595,000 10,045,451 12/31/2010
(319,646) 17,719,794 17,400,147 21,432,500 4,032,353 25,217,500 7,817,353 28,207,500 10,807,353 3/31/2011
(639,293) 16,876,504 16,237,212 21,140,000 4,902,788 24,720,000 8,482,788 27,820,000 11,582,788 6/30/2011
(958,939) 16,019,460 15,060,521 20,857,500 5,796,979 24,252,500 9,191,979 27,445,000 12,384,479 9/30/2011
(1,278,585) 15,148,436 13,869,851 20,575,000 6,705,149 23,785,000 9,915,149 27,070,000 13,200,149 12/31/2011
(1,598,231) 14,263,205 12,664,974 20,292,500 7,627,526 23,317,500 10,652,526 26,695,000 14,030,026 3/31/2012
(1,917,878) 13,363,535 11,445,657 20,010,000 8,564,343 22,850,000 11,404,343 26,320,000 14,874,343 6/30/2012
(2,237,524) 12,449,190 10,211,666 19,737,500 9,525,834 22,412,500 12,200,834 25,960,000 15,748,334 9/30/2012
(2,237,524) 12,652,250 10,414,726 19,465,000 9,050,274 21,975,000 11,560,274 25,600,000 15,185,274 12/31/2012
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
V.B.8. Debt Security Deposit Schedule - 2003 Manufacture, 72-month Term
(in US$)
Err:511
November 3, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Aircraft Sale
Aircraft Sale Price 45,000,000
Arranger Fee 180,000 0.40%
Sale Price/Lessor's Cost 45,180,000
Airclaims Current Market Value 38,780,000
Lease Rental 1,764,450
Lease Rental (Monthly) 588,150 1.307%
A Loan
Term 72 months
Periodicity Quarterly
A Loan Drawdown 25,766,431 66.4426%
A Loan Step 1 Debt Service 818,682 <-- Goal Seek to Zero by changing Loan Debt
A Loan Step 2 Debt Service 1,132,319 0.0000 Service
A Loan Balloon 12,652,250 65%
Transaction Costs
A Lender Participation Fee 77,299 0.30%
B Lender Participation Fee 43,779 0.0000 <-- Goal Seek to Zero by changing A2 Fee
Arranger Fee 180,000
Lender's Legal Fee 10,000 150,000
RVI Premium 727,504 5.75%
RVI Legal Fee 0
Isle of Jersey Fee 0
Total Transaction Costs 1,038,583
Equity Investment
Equity Investment 10,858,400 28.0000% <-- Goal Seek to Zero by changing Transaction
Transaction Expenses 1,038,583 0.0000 Expenses
Total Equity Investment 11,896,983
First Advanced Rent 1,764,450
Net Equity Investment 10,132,533
Step 1 Cash Rent 633,283 25.00% 0.0000
Step 2 Cash Rent 319,646
Dates 4,514,431
31-Dec-06 5,124,029
(Closing Date) 72.00 5,727,127
31-Mar-07 5,860,122
30-Jun-07 5,986,404
30-Sep-07 6,105,865
31-Dec-07 6,218,393
31-Mar-08 6,265,375
30-Jun-08 6,305,196
30-Sep-08 6,337,739
31-Dec-08 6,362,886
31-Mar-09 6,326,516
30-Jun-09 6,282,507
30-Sep-09 6,230,733
31-Dec-09 6,171,068
31-Mar-10 5,846,884
30-Jun-10 5,514,549
30-Sep-10 4,860,294
31-Dec-10 4,192,504
31-Mar-11 3,504,960
30-Jun-11 2,803,436
30-Sep-11 2,087,705
31-Dec-11 1,357,535
31-Mar-12 606,690
30-Jun-12 973,250
30-Sep-12
31-Dec-12
(Payment Date)
31-Dec-12
(Final Maturity Date)
As At:01/08/2006
Aircraft Valuation
Single Aircraft Value
Aircraft Details:
Registration number DABBH
Serial number 32919
Manufacturer Boeing
Type 737 (NG)
Variant 800 Series
Minor Variant 86J
Engine Manufacturer CFM International
Engine Type CFM56
Engine Variant 7B26
MTOW 167549 lb
Year of Build 2003
Utilisation:
Airframe hours 13182
Airframes cycles 6777
Utilisation data as of 1Sep10
Current Operator Air Berlin
Current Owner Air Berlin
Current Manager Air Berlin
Current Values:
$ millions Specification details
[Market Value] 38.78 Winglets
[Market Lease Rate] 0.36
[Base Value] 36.13
Base Lease Rate 0.3
Forecast Values:
Sustained Inflation Rate assumption: 2.5% p.a. (in US$ millions)
[Base Value] [Soft Market Value] Base Lease Rate
Year Constant Inflated Constant Inflated Nominal
Jun-06 38.78 38.78 38.78 38.78
Jun-07 33.55 34.36 31.31 32.06 0.29
Jun-08 31.12 32.64 27.12 28.43 0.28
Jun-09 28.85 30.97 23.48 25.19 0.27
Jul-09 28.67 30.84 23.22 24.95
Aug-09 28.49 30.7 22.95 24.71
Sep-09 28.32 30.57 22.69 24.47
Oct-09 28.14 30.44 22.43 24.23
Nov-09 27.96 30.3 22.16 23.99
Dec-09 27.78 30.17 21.9 23.75
Jan-10 27.6 30.04 21.64 23.51
Feb-10 27.42 29.9 21.37 23.27
Mar-10 27.25 29.77 21.11 23.03
Apr-10 27.07 29.64 20.85 22.79
May-10 26.89 29.5 20.58 22.55
Jun-10 26.71 29.37 20.32 22.31 0.26
Jun-11 24.72 27.82 18.82 21.14 0.26
Jun-12 22.85 26.32 17.41 20.01 0.25
Jul-12 22.7 26.2 17.3 19.92
Aug-12 22.56 26.08 17.19 19.83
Sep-12 22.41 25.96 17.08 19.74
Oct-12 22.27 25.84 16.97 19.65
Nov-12 22.12 25.72 16.86 19.56
Dec-12 21.98 25.6 16.75 19.47
Jan-13 21.83 25.48 16.64 19.37
Feb-13 21.68 25.36 16.53 19.28
Mar-13 21.54 25.24 16.42 19.19
Apr-13 21.39 25.12 16.31 19.1
May-13 21.25 25 16.2 19.01
Jun-13 21.1 24.88 16.09 18.92 0.24
2014 19.47 23.49 14.85 17.88 0.23
2015 17.94 22.16 13.7 16.87 0.22
2016 16.52 20.89 12.63 15.9 0.21
2017 15.2 19.66 11.63 14.98 0.21
2018 13.98 18.49 10.71 14.09 0.2
2019 12.84 17.37 9.84 13.24 0.19
2020 11.78 16.3 9.04 12.43 0.18
2021 10.79 15.28 8.29 11.66 0.18
2022 9.88 14.3 7.6 10.92 0.17
2023 9.04 13.38 6.96 10.22 0.16
2024 8.26 12.5 6.37 9.55 0.16
2025 7.54 11.66 5.82 8.91 0.15
2026 6.88 10.87 5.32 8.31 0.15
All values should be used or read in conjunction with the support information provided in the Glossary and Methodology sections on the V1
website.
95% 80% CONFIDENCE
LEVELS FOR
3 x 767-300ER's
Generic 737-800 Jun-2001-Built CFM56-7B2 169,000 lb MTOW (HGW)
AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITAS Airclaims Airclaims
BEST Mid Mid WRST Base Base Soft Soft Base Base Base
Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated Inflated Constant
2006 45.23 41.50 37.25 35.78 33.30 CMV ↑ ↑
2007 42.53 41.69 40.63 37.43 30.85 30.13 28.8 28.13 30.40 80% 95%
2008 42.21 40.57 38.35 35.02 29.37 28.01 25.6 24.42 29.10
2009 39.35 36.93 33.96 30.37 27.93 26.02 22.74 21.2 27.90
2010 35.55 32.56 29.21 25.48 26.53 24.15 20.19 18.4 26.70
2011 33.76 30.28 26.63 22.71 25.18 22.39 19.17 17.07 25.70
2012 32.34 28.41 24.45 20.43 23.88 20.74 18.18 15.83 24.60
2013 22.62 19.19