14-Feb-2019 8:53 AM

Avolon announces operational and strategic highlights for 2018

Avolon announced (13-Feb-2019) the following highlights for 2018:

  • Operational:
    • Delivered 33 aircraft, including the world's first A330neo;
    • Executed 153 lease transactions and contracted sale agreements for 130 aircraft;
    • Sold 87 aircraft with USD2.2 billion in total proceeds from disposal of property, plant and equipment;
    • 58 aircraft held for sale at the end of 2018, representing USD1.2 billion of aircraft related assets;
    • Increased asset management activity with 49 managed aircraft at the end of 2018;
    • 99.5% fleet utilisation;
    • 100% of committed fleet placed through to the end of 2019 and 80% placed through to the end of 2020;
    • 7% year-on-year increase in owned, managed and committed fleet to 971 aircraft;
    • Average owned fleet age of 5.0 years with an average remaining lease term of 6.8 years;
  • Strategic:
    • Added ORIX Aviation Systems as a new 30% shareholder and incorporated a revised governance structure enhancing protections for debt investors;
    • Placed on positive outlook by Fitch and corporate credit rating upgraded to Ba1 by Moody;
      Airbus' largest aircraft lessor backlog customer with an order for 100 A320neo family aircraft;
    • Established two asset management platforms in partnership with third party investors;
    • Total revolving debt capacity of USD4.2 billion;
    • Reduced secured debt by USD1.6 billion, increasing unencumbered assets by USD2.9 billion to a total of USD8.7 billion. [more - original PR]

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