Avolon, the international aircraft leasing company has released details of its performance for last year, which showed a net income for the year ended 31 December of $47 million.
2021 | FINANCIAL HIGHLIGHTS
INCOME STATEMENT ($ MILLION) | FY 2021 | FY 2020 | CHANGE |
Lease Revenue | 2,144 | 2,279 | (135) |
Net Income / (Loss) | 47 | (37) | 84 |
BALANCE SHEET ($ MILLION) | FY 2021 | FY 2020 | CHANGE |
Total Available Liquidity | 6,256 | 6,867 | (611) |
Total Assets | 30,984 | 30,838 | 146 |
Secured Debt / Total Assets | 20% | 25% | (5%) |
Net Debt to Equity | 2.4x | 2.3x | 0.1x |
- Net Income for the year ended 31 December of $47 million;
- Delivered $2.1 billion of lease revenue and generated $895 million of net cash from operating activities in the year;
- Total available liquidity of $6.3 billion at end of FY2021, including $775 million of unrestricted cash and $5.5 billion of undrawn debt facilities;
- Investment Grade rating with Stable outlook affirmed by S&P, Moody’s and Fitch;
- Upsized unsecured revolving facility by $1.1 billion to $4.3 billion, extended the maturity date from 2024 to 2026, bringing total revolving debt capacity to $5.8 billion at year end;
- Successfully raised $3.7 billion of new debt, at a historically low average cost of 2.5%;
- Extended $2 billion of unsecured note maturities to 2027 and reduced the weighted average interest rate from 5.31% to 2.53%; and
- Ended the year with a secured debt to total assets ratio of 20%, a decrease of 5% in the year, and in excess of $17.5 billion of unencumbered assets.
2021 | FLEET HIGHLIGHTS
- Owned and managed fleet grew by 4% to 592 aircraft at year-end, with total orders and commitments for 232 fuel-efficient, new technology aircraft;
- Delivered a total of 49 new aircraft and transitioned 23 aircraft to a total of 30 customers;
- Added 14 new customers during 2021, for a total of 150 airline customers operating in 62 countries;
- Entered into sale and leaseback Letters of Intent commitments for 45 aircraft;
- Sold 24 aircraft in 2021, 5 of which were managed;
- Executed a total of 228 lease transactions comprising new aircraft leases, follow-on leases, lease extensions, and sale agreements;
- Average owned fleet age of 5.8 years with an average remaining lease term of 6.9 years;
- Partnered with IAI to become the launch customer for the IAI A330-300 P2F cargo conversion programme, with a commitment for 30 conversion slots between 2025 and 2028; and
- Ground-breaking $2 billion order for up to 500 VX4 eVTOL zero-emissions aircraft, 70% of which were placed with airlines, such as GOL and Japan Airlines, at year-end.
2021 SUSTAINABILITY REPORT
- Avolon announces the release of its inaugural sustainability report. The report presents an overview of our sustainability progress to date and our future commitments.
Dómhnal Slattery, Avolon CEO, commented: “While 2021 was another challenging year for the aviation industry, we saw clear evidence of recovery in both our own business, and among our airline customers, as the year progressed. While challenges remain in the short-term, and recovery will be uneven across markets, we have passed an inflection point and we are in the re-build phase for our industry.
We delivered across a number of key performance metrics in 2021 – returning to profitability, expanding our fleet, and further reducing both our cost of capital and secured debt on our balance sheet. As a result, we enter 2022 with a stronger business and significant liquidity; positioned to take advantage of opportunities as they arise.”
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