BOC Aviation hits new records in 2014

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By TESTCustomwebLP TESTCustomwebLP March 10, 2015 21:15

BOC Aviation hits new records in 2014

For the 12 months to end December 2014, BOC Aviation posted a 11% increase in net profit after tax to US$308.6 million, increasing total equity to US$2.1 billion. Total revenue was US$988.4 million, reflecting 8% year-on-year growth. Total assets grew 12% to US$11.4 billion at year-end. The Singapore-based lessor maintained strong liquidity with US$367.4 million in total cash and fixed deposits, and more than US$2.4 billion in committed revolving debt facilities. BOC Aviation also maintained investment grade credit ratings from Fitch Ratings and Standard & Poor’s of A- and BBB, respectively

Robert Martin, Managing Director and Chief Executive Officer, said, “In the past year, we hit new records in net profit after tax, revenues and total assets, maintaining a strong balance sheet and liquidity whilst building the foundation for the future with an attractive pipeline of popular aircraft.”

BOC Aviation ended the year with a portfolio of 250 aircraft, comprising 230 owned and 20 managed aircraft, which are leased to 60 airlines in 31 countries. The average lease term remaining is 7.5 years for owned fleet, weighted by net book value. The lessor’s fleet utilization exceeded 99%. During 2014, BOC Aviation signed 79 leases, including 74 leases for new aircraft, and announced new orders for 43 Airbus A320 family aircraft, 80 Boeing 737NG family and two 777-300ER aircraft. The lessor delivered a record 57 new aircraft and delivered aircraft to nine new airline customers.

The lessor ended the year with 201 aircraft on order with scheduled deliveries through 2021. It sold 38 aircraft – 33 owned and five – managed aircraft, and raised more than US$2.0 billion in financing.

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By TESTCustomwebLP TESTCustomwebLP March 10, 2015 21:15