Thursday, 29 April 2021

Avolon's first-quarter 2021 results.

Avolon, the international aircraft leasing company has announced its results for the first quarter of the year, showing the company delivered a total of 8 new aircraft to 6 customers and transitioned 3 aircraft to follow-on lessees. Avolon also agreed an option to defer 34 single-aisle and 3 twin-aisle order book commitments from the 2022/23 period to 2025 and beyond.

Dómhnal Slattery, Avolon CEO, commented: “While the recovery continues to be uneven, the worst effects of the pandemic on aviation are behind us. As we move towards summer it is clear that the recovery of the sector is firmly underway across the globe. We are seeing definitive signs that demand is increasing in the US and Chinese domestic markets – the two largest domestic markets in the world – with air traffic numbers in those markets projected to reach pre-pandemic levels over the coming months.

The increase in domestic air travel demand and the rollout of vaccine programs across the globe will continue to fuel the recovery. As we move into the second half of this year, we expect a material uptick in air travel in domestic markets, followed by intra-regional recovery, with the sector to experience a more substantial global recovery from 2022 onwards.

As the recovery takes hold there will be more growth opportunities in the market. Avolon’s strong liquidity position, coupled with our low leverage and minimal near-term debt maturities, means we are well placed to take advantage of such opportunities.” 

Highlights

 - Owned and managed fleet of 578 aircraft at end of Q1, with total orders and commitments for 262 fuel-efficient, new technology aircraft;

- Average owned fleet age of 5.4 years with an average remaining lease term of 6.7 years;

- Executed a total of 31 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions;

- Entered into Letters of Intent for the placement of 27 owned aircraft;

- Delivered a total of 8 new aircraft to 6 customers and transitioned 3 aircraft to follow-on lessees;

- Agreed an option to defer 34 single aisle and 3 twin aisle orderbook commitments from the 2022/23 period to 2025 and beyond; and,

- Total of 146 airline customers operating in 61 countries. 

2021 FIRST QUARTER | FINANCIAL HIGHLIGHTS

 

US$ MILLION

Q1 2021

Q1 2020

CHANGE

Lease Revenue

470

644

(174)

Net (Loss)/Income

(83)

141

(224)

Total Available Liquidity

7,057

5,539

1,518

Total Assets

31,099

32,266

(1,167)

Secured Debt / Total Assets

23%

22%

1%

Net Debt to Equity

2.4x

2.3x

0.1x 

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