Thursday, 20 August 2020

BOC Aviation reports a first half profit of $323 million.

BOC Aviation, a leading global aircraft operating leasing company with a fleet of 571 aircraft owned, managed and on order has released its latest results, showing a half-year profit of US$323 million for 2020.  

The firm saw total revenues and other income rise by up 11% to US$1,035 million from US$930 million in the first half of last year.  During the six months ended June 2020, BOC aviation generated positive operating cash flow net of finance expenses of US$555 million compared with US$629 million in the first half of 2019, and ended the half-year with US$4 billion in available liquidity.

Key figures

Total revenues and other income rose 11% to US$1,035 million
Net profit after tax rose to US$323 million, compared with US$321 million in the first
half of 2019
Earnings per share of US$0.47
Interim dividend of US$0.1398 per share, up from the 2019 interim dividend of
US$0.1388 per share
Total assets increased 14% to US$22.6 billion as at 30 June 2020 from 31 December
Utilised US$3.8 billion in bonds and term loans 

                          “BOC Aviation successfully navigated its way through the first half and delivered a resilient performance in a challenging environment. We proactively supported our airline customers through purchase and leasebacks,” Robert Martin, Managing Director and Chief Executive Officer, BOC Aviation, commented.  “We successfully accessed the debt capital markets on three occasions in January, April and June, ending the half year with US$4 billion of liquidity available.” 
Portfolio and Operational Highlights

Our operational transactions as at 30 June 2020 included:

 A portfolio of 5711 owned, managed and committed aircraft

Reshaped the orderbook, committing to purchase 86 incremental aircraft and restructuring our Boeing 737 MAX order, ending the period with an orderbook of 197 aircraft scheduled for delivery through to 31 December 2024

Signed 76 lease commitments in the first half of 2020, with all aircraft scheduled for delivery from our orderbook before 2023 now placed with airline customers Total deliveries of 23 aircraft, including one acquired by an airline customer on delivery, in the first half of 2020 

Sold five aircraft, all from the owned fleet

Owned fleet of 334 aircraft, with an average age of 3.5 years and an average remaining lease term of 8.5 years, each weighted by net book value

Customer base of 91 airlines in 40 countries and regions in the owned and managed fleet Owned aircraft utilisation at 99.8%, with two owned single aisle aircraft off lease at 30 June 2020, and cash collection from airline customers of 88.8% for the first half of 2020

Managed fleet comprised 40 aircraft, with one managed single aisle aircraft off lease at 30 June 2020

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