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2007'12.05.Wed
AerCap Holdings N.V. Reports Third Quarter 2007 Financial Results
November 08, 2007





    AMSTERDAM, Netherlands, Nov. 8 /Xinhua-PRNewswire/ --
AerCap Holdings N.V. (the "Company" or
"AerCap") (NYSE: AER) today announces the results
of its operations for the third quarter ended September 30,
2007.

    Third Quarter Highlights

    -- Third quarter 2007 net income was $48.6 million,
compared with $46.7 
       million for the same period in 2006. Third quarter
2007 net income 
       excluding non-cash charges relating to the
mark-to-market of our 
       interest rate caps and share-based compensation was
$58.1 million.
    -- Third quarter 2007 basic and diluted earnings per
share were $0.57.  
       Third quarter 2007 basic and diluted earnings per
share excluding non-
       cash charges relating to the mark-to-market of our
interest rate caps 
       and share-based compensation were $0.68.
    -- Total revenue for the third quarter 2007 was $335.9
million, up 12% vs.
       third quarter 2006.
    -- Lease revenue for the third quarter 2007 was $136.7
million, up 23% vs.
       third quarter 2006.
    -- Sales revenue for the third quarter 2007 was $187.1
million, up 14% vs.
       third quarter 2006 and was generated from the sale
of seven aircraft,
       four engines and the sale of parts inventory.
    -- Total assets were $4.3 billion at September 30,
2007, a 20% increase 
       over total assets of $3.5 billion at September 30,
2006.
    -- Committed purchases of aviation assets delivered or
scheduled for 
       delivery in 2007 are $854.2 million thus far, of
which $518.7 million 
       closed in the first nine months of 2007.
    -- A funding facility of $182 million was closed for
pre-delivery payments
       relating to eight new A330s under a forward order
with Airbus

    Significant events previously disclosed

    -- On August 6, 2007, AerCap completed a secondary
offering of 20 million
       shares, increasing the percentage of shares held by
public investors 
       from 31% to 54%. 
    -- AerCap signed six new lease agreements and executed
22 letters of 
       intent including 16 letters of intent for new
aircraft with average 
       lease terms of 108 months.  In addition, on October
10, 2007, we signed
       lease agreements for six new A320s for a period of
120 months with 
       Aeroflot - a new customer.

    Klaus Heinemann, CEO of AerCap, commented, "Our
growth program has progressed well with 29 aircraft and 11
engine acquisitions since December 2006. The continued
strength of the aviation lease market in combination with
our strong marketing capability allows AerCap to lock in
attractive lease terms for long periods. This is reflected
in the average lease term of 108 months that we achieved in
letters of intent executed for new aircraft in the third
quarter 2007. We are also very pleased to have won the
Russian national carrier, Aeroflot as a new customer, with
a transaction involving six new Airbus 320 aircraft with a
120-month lease period."  

    AerCap's CFO, Keith Helming, added, "We are
delighted to report strong revenue growth for this quarter,
particularly lease revenue.  AerCap is well positioned for
future growth with nearly $2 billion of committed funding
plus free cash of $272 million. Since the start of the
recent concerns in the debt markets, we were also able to
close on a $182 million funding facility with a major
institution for pre-delivery payments on our A330 forward
order.  In addition, we are pursuing other opportunities
for new debt financing to allow for further growth."

    Summary of Financial Results

    AerCap recorded third quarter 2007 net income of $48.6
million or $0.57 per basic and diluted share.  Included in
the third quarter 2007 net income amount was a net loss on
non-cash charges related to the mark-to-market of our
interest rate caps and share-based compensation of $9.5
million or $0.11 per basic and diluted share.  The net loss
relating to the mark-to-market of our interest rate caps was
$6.7 million and the net loss from share-based compensation
was $2.8 million.   


    Detailed Financial Data
    ($ in Millions)

    Operating results

                      Three months ended              Nine
months ended  
                         September 30,                 
September 30, 
                                   %increase/              
        %increase/
                   2007     2006   (decrease)       2007   
 2006   (decrease)
        
                                                           
 
    Revenue ..... $335.9   $300.4*    12%         $892.0   
$602.8     48% 
    Net income ..   48.6     46.7*     4%          143.3** 
 117.0     22% 
 
    * - Revenue and net income include $12.7 million and
$11.1 million, 
        respectively, primarily from the sale of financial
assets classified 
        as other revenue in the table below.
    ** - Includes a non-recurring charge to interest
expense from refinancing 
         of securitized bonds of $24.0 million, net of
tax.

                 


    Revenue breakdown

                        Three months ended            Nine
months ended  
                           September 30,               
September 30, 
                                      %increase/           
        %increase/
                      2007     2006   (decrease)    2007   
 2006   (decrease)

                                                           
 
    Lease revenue:                                         
               
     Basic rents ... $125.2     $98.8     27%      $368.3  
$282.5      30% 
     Maintenance 
      rents ........   11.2       4.5    149%        31.7  
  10.9     191% 
     End-of-lease 
      compensation      0.3       7.7    -96%        17.1  
  17.7      -3% 
    Lease revenue... $136.7    $111.0     23%      $417.1  
$311.1      34% 
     Sales revenue .  187.1     164.7     14%       420.3  
 236.7      78% 
    Management fees 
     and interest  
     income ........   12.1      12.0      1%        34.9  
  37.0      -6% 
    Other revenue...      -      12.7   -100%        19.7  
  18.0       9% 
    Total revenue .. $335.9   $300.4      12%      $892.0  
$602.8      48%



    As indicated in the table above, lease revenue
increased by 23% between the third quarter 2007 and the
third quarter 2006 and 34% between the two nine-month
periods.  The growth in the Company's leased assets and the
continued strength of lease rates in the current economic
environment is reflected in our revenue through the
significant increase in basic rents.

    Effective tax rate

    The effective tax rate during the third quarter 2007
for AerCap's aircraft business was 15.0% and was 34.2% for
the Company's engine and parts business, resulting in an
overall consolidated effective tax rate of 16.0%.  



    Financial position

                                                           
         %Increase 
                                                           
            over
                                       September    
September       September 
                                       30, 2007      30,
2006         30, 2006

    Flight equipment held for lease..  $2,927.3     
$2,542.1           15% 
    Total assets ....................   4,253.2      
3,548.2           20% 
    Total liabilities ...............   3,313.1      
2,964.4           12% 
    Total equity ....................     907.9        
551.8           65% 

 
    As of September 30, 2007, AerCap's portfolio consisted
of 325 aircraft and 65 engines that were either owned, on
order, under contract or letter of intent, or managed. 

    Secondary Offering of 20 million shares (as previously
disclosed)

    In the third quarter of 2007, AerCap filed a
registration statement with the U.S. Securities and
Exchange Commission for the sale of 20 million of the
Company's existing shares which were subsequently sold by
companies controlled by funds and accounts affiliated with
Cerberus in a secondary offering completed on August 6,
2007.  The registration increased the percentage of the
Company's shares held by public shareholders from 31% to
54%.  Proceeds from the sale of the registered shares were
received by Cerberus-affiliated companies, members of
senior management and board of directors.  The Company did
not receive any of the proceeds of the offering.
    
    Notes Regarding Financial Information Presented In This
Press Release

    The financial information presented in this press
release is not audited.

    The following is a definition of a non-GAAP measure
used in this press release and a reconciliation of such
measure to the most closely related GAAP measure:

    Net income excluding non-cash charges relating to the
mark-to-market of our interest rate caps and share-based
compensation.  This measure is determined by adding
non-cash charges related to the mark-to-market losses on
our interest rate caps and share-based compensation during
the applicable period, net of related tax benefits, to GAAP
net income.  AerCap believes this measure provides investors
with a more meaningful view on AerCap's operational
performance and allows investors to better understand its
operational performance in relation to past and future
reporting periods. AerCap uses interest rate caps to
protect against the negative impact of rising interest
rates on its floating rate debt.  Management determines the
appropriate level of caps in any period with reference to
the mix of floating and fixed cash inflows from the
Company's lease and other contracts.  AerCap does not apply
hedge accounting to its interest rate caps.  As a result,
AerCap is required to recognize the change in fair value of
the interest rate caps in AerCap's income statement during
each period.  Following is a reconciliation of net income
excluding non-cash charges relating to the mark-to-market
of interest rate caps and share-based compensation to net
income for the three and nine month periods ended September
30, 2007 and 2006:



    ($s in Millions)           Three months ended         
Nine months ended         
                                  September 30,            
  September 30,       
                                2007         2006         
2007         2006  
                                                           
 
    Net income ..........      $48.6        $46.7       
$143.3*       $117.0  
    Plus: Non-cash charges 
     relating to the 
     mark-to-market of 
     interest rate caps, 
     net of tax .........        6.7          7.5          
3.2          (7.3) 
          Non-cash charges 
           related to share-
           based compensation,  
           net of tax ....       2.8          9.3          
7.0          10.5  
    Net income excluding 
     non-cash charges related 
     to the mark-to-market of 
     interest rate caps and 
     share-based compensation  $58.1        $63.5       
$153.5*       $120.2 

    * - Includes a non-recurring charge to interest expense
from refinancing 
        of securitized bonds of $24.0 million, net of tax.

    Earnings per share excluding non-cash charges related
to the mark-to-market of interest rate caps and share-based
compensation are determined by dividing the amount of net
income excluding such charges by the average number of
shares outstanding for that period.  The average number of
shares is based on a daily average.

    Conference Call

    In connection with the earnings release, management
will host an earnings conference call on Thursday, November
8, 2007 at 9:30 a.m. EST. The call can be accessed live by
dialing (U.S. investors) 800-772-1085 or (International
investors) +1-706-634-5464 and referencing code 20964418 at
least 5 minutes before start time, or by visiting AerCap's
website at http://www.aercap.com under 'Investor
Relations'.

    A replay of the call will be available beginning at
1:00 p.m. EST on November 8, 2007 and continuing through
Thursday, November 22, 2007. To access the recording, call
800-642-1687 (U.S. investors) or +1-706-645-9291
(International investors) and enter pass code 20964418. The
replay will be archived in the "Investor
Relations" section of the Company's website for one
year.

    About AerCap Holdings N.V.

    AerCap is an integrated global aviation company with a
leading market position in aircraft and engine leasing,
trading and parts sales. AerCap also provides aircraft
management services and performs aircraft and engine
maintenance, repair and overhaul services and aircraft
disassemblies through its certified repair stations. AerCap
is headquartered in The Netherlands and has offices in
Ireland, the United States, China and the United Kingdom.

    Forward Looking Statements

    Certain items in this press release may constitute
forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 including,
but not necessarily limited to, statements relating to
future operations.  Words such as "expect(s)" and
similar expressions are intended to identify such
forward-looking statements.  These statements are based on
management's current expectations and beliefs and are
subject to a number of factors that could lead to actual
results materially different from those described in the
forward-looking statements.  AerCap's expectations may not
be attained.  There are important factors that could cause
actual results, level of activity, performance or
achievements to differ from the results, level of activity,
performance or achievements expressed or implied in the
forward-looking statements.  In light of these risks,
uncertainties and assumptions, the future performance or
events described in the forward-looking statements in this
press release may not occur.  Accordingly, you should not
rely upon forward-looking statements as a prediction of
actual results and AerCap does not assume any
responsibility for the accuracy or completeness of any of
these forward-looking statements.  Such forward-looking
statements speak only as of the date of this press release.
 AerCap expressly disclaims any obligation to release
publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the
Company's expectations with regard thereto or change in
events, conditions or circumstances on which any statement
is based.

    For more information regarding AerCap and to be added
to our email distribution list, please visit
http://www.aercap.com .


      AerCap Holdings N.V.
      Consolidated Balance Sheets - Unaudited
      (In thousands of U.S. Dollars)
    
                                                   
December 31, September 30,  
                                      September 30,    
2006          2006  
                                          2007      
(adjusted)*   (adjusted)*
    
      Assets
      Cash and cash equivalents          $271,997    
$131,201      $215,325
      Restricted cash                      60,814     
112,277       125,065
      Trade receivables, net of         
       provisions                          26,978      
25,058        27,959
      Flight equipment held for         
       operating leases, net            2,927,257   
2,966,779     2,542,119
      Flight equipment held for sale      163,962          
 -             -
      Notes receivables, net of         
       provisions                         181,447     
167,451       158,303
      Prepayments on flight equipment     225,232     
166,630       129,496
      Investments                          16,091      
18,001         3,000
      Goodwill                              6,776       
6,776        37,225
      Intangibles, net                     43,161      
34,229        30,455
      Inventory                            75,861      
82,811        85,475
      Derivative assets                    17,532      
17,871        10,520
      Deferred income taxes                91,897      
96,521        95,837
      Other assets                        144,201      
92,432        87,425
      Total Assets                     $4,253,206  
$3,918,037    $3,548,204
        
      Liabilities and Shareholders' equity
    
      Accounts payable                     $6,693      
$6,958        $3,571
      Accrued expenses and other        
       liabilities                         76,914      
92,466        73,325
      Accrued maintenance liability       261,760     
259,739       180,441
      Lessee deposit liability             85,412      
77,686        63,403
      Debt                              2,781,646   
2,555,139     2,458,977
      Accrual for onerous contracts        69,174     
111,333       112,300
      Deferred revenue                     30,338      
28,391        26,621
      Deferred income taxes                 1,152       
3,383        45,785
      Total liabilities                 3,313,089   
3,135,095     2,964,423
    
      Minority interest                    32,235      
31,938        32,020
    
      Share capital                           699         
699           646
      Additional paid-in capital          605,093     
591,553       384,318
      Retained earnings                   302,090     
158,752       166,797
      Total shareholders' equity          907,882     
751,004       551,761
    
      Total Liabilities and             
       Shareholders' equity            $4,253,206  
$3,918,037    $3,548,204
    
      * Adjusted for our adoption of FSP No. AUG AIR-1
"Accounting for      
      Planned Major Maintenance Activities" on January
1, 2007.


      AerCap Holdings N.V.
      Consolidated Income Statements - Unaudited
      (In thousands of U.S. Dollars, except share and per
share data)

                              Three months ended        
Nine months ended 
                                 September 30,            
September 30,
                                         2006              
         2006
                            2007     (Adjusted*)(A)    
2007    (Adjusted*)(A)
    
      Revenues
      Lease revenue       $136,689     $110,974      
$417,069     $311,131
      Sales revenue        187,124      164,662       
420,290      236,665
      Interest revenue       8,272        8,730        
23,722       26,656
      Management fee      
       revenue               3,789        3,263        
11,137       10,330
      Other revenue              -       12,738        
19,744       18,014
      Total Revenues       335,874      300,367       
891,962      602,796
    
      Expenses
      Depreciation          35,143       21,044       
106,298       72,347
      Cost of goods sold   151,103      133,538       
327,685      183,264
      Interest on debt      58,268       51,808       
177,114      111,432
      Operating lease in  
       costs                 4,652        6,298        
15,512       18,925
      Leasing expenses         495          (10)       
14,230       11,595
      Provision for       
       doubtful notes and 
       accounts receivable     233       (1,443)          
355         (847)
      Selling, general and
       administrative     
       expenses             27,934       36,337        
82,161       66,571
      Total Expenses       277,828      247,572       
723,355      463,287
    
      Income from         
       continuing         
       operations before
       income taxes and  
       minority interest    58,046       52,795       
168,607      139,509
    
      Provision for income
       taxes                (9,288)      (6,167)      
(24,971)     (23,203)
    
      Net income before   
       minority interest    48,758       46,628       
143,636      116,306
    
      Minority interest,  
       net of taxes           (152)          37          
(298)         730
    
      Net Income           $48,606      $46,665      
$143,338     $117,036
    
      Basic and diluted   
       earnings per share     0.57         0.60          
1.69         1.50
    
      Weighted average    
       shares outstanding 
       - basic and 
       diluted         $85,036,957  $78,236,957   
$85,036,957  $78,236,957
    
      * - Adjusted for our adoption of FSP No. AUG AIR-1
"Accounting for      
      Planned Major Maintenance Activities" on January
1, 2007.
    
      (A) - Includes the results of operations of
AeroTurbine from the date of
      our acquisition - April 26, 2006.

 
      AerCap Holdings N.V.
      Consolidated Statements of Cash Flows - Unaudited
      (In thousands of U.S. Dollars)

                                     Three months ended   
Nine months ended 
                                        September 30,      
 September 30,
                                              2006         
       2006
                                      2007 (Adjusted*)(A) 
2007 (Adjusted*)(A)
    
      Net income                     48,606   46,665    
143,338    117,036
      Adjustments to reconcile net  
       income to net cash provided  
       by operating activities
      Minority interest                 152       (37)     
 298       (730)
      Depreciation                   35,143    20,859   
106,298     72,347
      Amortisation of debt issuance 
       cost                           3,302     2,191    
34,861      5,886
      Amortisation of intangibles     2,939     1,575     
7,862      8,656
      Gain on elimination of fair   
       value guarantee                    -         -   
(10,736)         -
      Provision for doubtful notes  
       and accounts receivable          233      (545)     
 355         51
      Capitalised interest on pre-  
       delivery payments             (1,621)   (1,109)   
(4,607)    (3,747)
      Gain on disposal of assets    (31,304)  (26,731)  
(74,788)   (48,153)
      Change in fair value of       
       derivative instruments         2,823    18,660      
 339       (187)
      Deferred taxes                 (2,120)    6,142    
10,536     22,966
      Share-based compensation        3,243    13,058     
8,017     14,993
      Changes in assets and         
       liabilities
         Trade receivables and notes
          receivable, net            (7,231)   19,665   
(16,271)    36,442
         Inventories                 24,899   (30,824)   
12,973    (32,833)
         Other assets                (6,084)   (3,314)  
(25,602)    (4,354)
         Accounts payable and       
          accrued expenses,         
          including                                        
   -          -
          accrued maintenance    
          liability, lessee     
          deposits                  (11,962)    4,034   
(38,178)   (14,789)
         Deferred revenue            (1,123)      675     
1,946      2,708
      Net cash provided by operating
       activities                    59,895    70,964   
156,641    176,292
    
      Purchase of flight equipment  (68,273) (134,111) 
(457,450)  (390,437)
      Proceeds from sale/disposal of
       assets                       147,256   158,695   
332,438    218,481
      Prepayments on flight         
       equipment                    (37,432)  (25,080) 
(106,634)   (59,946)
      Purchase of subsidiaries, net 
       of cash acquired                   -         -      
   -   (145,246)
      Purchase of intangibles             -         -   
(16,794)         -
      Movement in restricted cash   117,302    (7,645)   
51,463     32,665
      Net cash provided by (used in)
       investing activities         158,853    (8,141) 
(196,977)  (344,483)
    
      Issuance of debt               50,804    80,227 
2,104,368    540,523
      Repayment of debt            (246,812)
(163,886)(1,880,097)  (347,042)
      Debt issuance costs paid         (398)   (1,140)  
(42,417)   (25,007)
      Capital contributions from    
       minority interests                 -         -      
   -     32,750
      Net cash (used in) provided 
       by financing activities     (196,406)  (84,799)  
181,854    201,224
                                          -
      Net increase (decrease) in    
       cash and cash equivalents     22,342   (21,976)  
141,518     33,033
      Effect of exchange rate       
       changes                         (469)      (87)     
(722)    (1,262)
      Cash and cash equivalents at  
       beginning of period          250,124   237,388   
131,201    183,554
      Cash and cash equivalents at  
       end of period                271,997   215,325   
271,997    215,325
    
      * - Adjusted for our adoption of FSP No. AUG AIR-1
"Accounting for      
      Planned Major Maintenance Activities" on January
1, 2007.
    
      (A) - Includes the results of operations of
AeroTurbine from the date of
      our acquisition - April 26, 2006.




    For more information, please contact:

    For Investors:
     Keith Helming
     Chief Financial Officer
     Tel:   +31-20-655-9670
     Email: khelming@aercap.com

     Peter Wortel
     Investor Relations
     Tel:   +31-20-655-9658
     Email: pwortel@aercap.com

    For Media:
     Frauke Oberdieck
     Corporate Communications
     Tel:   +31-20-655-9616
     Email: foberdieck@aercap.com
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