Sky Helicópteros #2

Presentation of the company

Created in 1992, SKY HELICOPTEROS SA is active in the a helicopter services sector. The company, managed by Jose Teno Pujol, has 40 employees and is based in Marratxi.

Mr. Jose Teno Pujol, managing director, has overall 26 years of professional experience in the sector.

The company’s main activity is:

• To provide a wide range of helicopter and airplane related solutions, such as firefighting, rescue, private passenger transport and live TV streaming solutions.

The company works with the Autonomous Communities and a diversified customer base composed of individuals and companies.

Project Description

The company requests a loan of 660. 000 € over 60 months to finance a Ruag rescue hoist that will be incoporated to one of the helicopters to increase the services provided. This project will be realised in the next few months.

As a reminder, the October lending community supported €600,000, in a 60-month loan to finance the acquisition of a camera installed in one of the helicopters.

The amount offered on the platform is limited to 323400€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 10 712 846 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The variation in turnover and profitability is related to the number of fires or rescue missions year after year. The forecast is based on the performance in 2018, where the company reported a 10. 235. 000€ turnover and a pre-tax profit of 288. 191€, considering also the incorporation of one contract from the Portuguese administration of 1. 500. 000€.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,21 and a strong financial structure, with a forecast net debt / ebitda ratio of 3,02 and a net debt / shareholder equity of 112%.

The shareholder’s loans of €7,500,000, which will be blocked for the duration of the October loan, have been considered as quasi-capital.

The analysis of the project leads to a credit rating of B and a 6,75% annual interest rate.

*The multiple of FCCR at 1,22 means that the company has a safety margin of 22% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

• Good historical performance based on diversified client base.
• Good repayment ability with a forecasted FCCR of 1,21.
• Longstanding track record with 25 years in business.

Points of caution:

• Long payment term of the state owned client