Avolon Net Income Increases 91% in First Quarter
May 02 2024 - 2:00AM
Business Wire
Net income of US$107 million and operating cashflow of US$337
million
Avolon, a leading global aviation finance company, announces
results for the first quarter (‘Q1’) of 2024.
2024 FIRST QUARTER | FINANCIAL HIGHLIGHTS
Income Statement (US$M)
Q1 2024
Q1 2023
$ CHANGE
% CHANGE
Lease revenue
621
599
22
+4%
Operating cashflow
337
310
27
+9%
EBITDA
606
580
26
+5%
Net income
107
56
51
+91%
Balance Sheet (US$M)
Q1 2024
FY 2023
$ Change
% Change
Total available liquidity
6,647
7,228
(581)
(8%)
Total assets
30,442
30,513
(71)
0%
Secured debt / Total assets
23%
23%
-
-
Net debt to Equity
2.2X
2.2x
-
-
- Net income of US$107 million for the quarter, up 91% year on
year; - Lease revenue of US$621 million and total revenue of US$663
million; - Generated US$337 million of cash from operating
activities, up 9% year on year; - Raised US$1.7 billion of debt
across both the public and private markets including $1.6 billion
of unsecured debt;
- US$1.15 billion senior unsecured notes due 2029,
- US$325 million unsecured term loans, and
- US$110 million upsize in unsecured revolving credit
facility.
- Total available liquidity at quarter end of US$6.6 billion;
and, - Net debt to equity of 2.2 times, a secured debt to total
assets ratio of 23% and US$16 billion of unencumbered assets.
2024 FIRST QUARTER | FLEET HIGHLIGHTS
- Executed 39 lease transactions comprising new aircraft leases,
follow-on leases and lease extensions; - Delivered 9 new aircraft
and transitioned 3 aircraft to a total of 7 customers; - Sold 9
aircraft and entered letters of intent for the sale of a further 17
aircraft; - Entered into letters of intent for the sale and
leaseback of 7 aircraft; - Orderbook 98% placed for next 24 months;
- Added 3 new customers, giving a total of 145 airline customers
operating in 64 countries; and, - Ended the quarter with an owned
and managed fleet of 577 aircraft, with total orders and
commitments for 456 fuel-efficient, new technology aircraft.
Andy Cronin, Avolon CEO, commented:
“The first quarter of 2024 demonstrates the upward financial
trajectory of our business, headlined by our increasing
profitability. Our large orderbook provides us with a clear
competitive advantage in an undersupplied market. Coupled with our
prudent balance sheet and liquidity position, we are in a strong
position to drive further profitability and generate long-term
shareholder value.”
About Avolon
Avolon is a leading global aviation finance company connecting
capital with customers to drive the transformation of aviation and
the economic and social benefits of global travel. We pride
ourselves on our deep customer relationships, our collaborative
team approach, and our fast execution. We invest with a long-term
perspective, diversifying risk and managing capital efficiently to
maintain our strong balance sheet. Working with 145 airlines in 64
countries, Avolon has an owned, managed, and committed fleet of
1,033 aircraft, as of 31 March 2024. www.avolon.aero
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version on businesswire.com: https://www.businesswire.com/news/home/20240501316849/en/
David Breen / Joe Brennan Avolon Investor Relations
ir@avolon.aero T: +353 1 231 5800
Douglas Keatinge Avolon Head of Communications
dkeatinge@avolon.aero T: +353 86 037 416