Press Release

Issued by FAI Technik.

February 27, 2018

FAI Technik, the maintenance division of Germany's FAI Aviation Group, has reported record financial results in 2017, achieving revenues of 9.7 million euros for the first time in the company's history. The division's revenues mark a significant increase of 40% compared with 2016.

Siegfried Axtmann, FAI group chairman, comments: "We are extremely pleased to close the year with record results. Our excellent performance was driven by our ability to expand our capacity to meet a growing demand for MRO services. I am very proud of our organization as we continue to develop our MRO business."

The company inaugurated its new 4,500 sqm carbon neutral Hangar 8, the largest general aviation hangar complex in Germany, last year, complementing its existing 2,000 sqm Hangar 6 and 3,000 sqm Hangar 7.

FAI Technik's strong performance has also been buoyed by its ability to take on more challenging projects. The Nuremberg-based MRO, which is supported by some 60 full time staff, has recently succeeded in undertaking its most expansive and challenging project to date. FAI Technik has completed a 6,000 man-hour cabin conversion of a classic Global Express aircraft for a corporate client, including the installation of an XRS cabin, a 180 month inspection and re-paint.

The MRO has also just completed a combined 96 and 192 month inspection as well as a full cabin refurbishment and new paint on a Challenger 604 on behalf of German GA operator, Air Independence.

Currently in progress for the same customer is another full cabin refurbishment of a Global Express, including a Batch 3 Honeywell avionics upgrade to enhance the existing features and capabilities; the introduction of mandatory ADS-B Out technology and the installation of high-speed internet, among other technical modifications to meet EASA standard.

Furthermore, this month, FAI Technik completed its first combined 12 year/12,000 hour inspection of a Learjet 60, having already complied with several 12 year inspections on Learjet aircraft in the past.

"Looking forward, our team remains focused on extending our remit and capabilities and delivering excellent results for our customers. We anticipate taking on more challenging MRO projects as we continue to grow in 2018."