Press Release
BOC Aviation Announces Financial Year 2014 Results
10 Mar 2015
BOC Aviation Pte. Ltd. (the “Company” or “BOC Aviation”) announced financial results today for the year ended 31 December 2014.
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.”
Financial Highlights
- Net profit after tax was US$308.6 million, an increase of 11% over the prior year, 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
- 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
- Maintained investment grade credit ratings from Fitch Ratings and Standard & Poor’s of A- and BBB respectively
Portfolio and Operational Highlights
- Portfolio of 250 aircraft for the year ended 31 December, comprising 230 owned and 20 managed aircraft
- Leased to 60 airlines in 31 countries
- Average lease term remaining of 7.5 years for owned fleet, weighted by net book value
- Fleet utilization exceeded 99%
- Signed 79 leases, including 74 leases for new aircraft
- New orders announced for 43 Airbus A320 family aircraft, 80 Boeing 737NG family and two 777-300ER aircraft
- Delivered a record 57 new aircraft
- Delivered aircraft to nine new airline customers
- Ended the year with 201 aircraft on order with scheduled deliveries through 2021
- Sold 38 aircraft: 33 owned, 5 managed
- Raised more than US$2.0 billion in financing
- Opened London and Tianjin offices
Key Income Statement Data
(For the year ended 31 December, in USD millions)
2014 2013
Revenues 988.4 918.7
Costs & expenses (635.6) (607.8)
Profit before income tax 352.8 310.9
Net profit after income tax 308.6 277.1
Key Balance Sheet Data
(As at 31 December, in USD millions)
2014 2013
Cash, bank balances & fixed deposits 367.4 538.2
Total current assets 385.7 578.4
Total non-current assets 11,017.5 9,603.0
Total assets 11,403.2 10,181.4
Total current liabilities 1,044.5 899.7
Total non-current liabilities 8,262.3 7,355.1
Total liabilities 9,306.8 8,254.8
Net assets/Total equity 2,096.4 1,926.6
Portfolio
(As of 31 December 2014)
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Number of Aircraft on Order *
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Airbus A320CEO family
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103
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5
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60
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168
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Airbus A320NEO family
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0
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0
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44
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44
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Airbus A330 family
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10
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6
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5
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21
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Boeing 737NG family
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82
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6
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40
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128
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Boeing 737-800MAX
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0
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0
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50
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50
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Boeing 777-300ER
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15
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0
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2
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17
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Boeing 777-300
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2
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0
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0
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2
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Embraer E190 family
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14
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0
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0
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14
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Freighters
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4
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3
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0
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7
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Total
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* Includes commitments under purchase and leaseback transactions
About BOC Aviation
BOC Aviation is a leading global aircraft leasing company with a portfolio of 250 owned and managed aircraft operated by 60 airlines worldwide in 31 countries, with commitments to acquire 201 aircraft, as of 31 December 2014. The Company has one of the youngest fleets in the industry with an average owned aircraft age of less than four years. BOC Aviation, owned by Bank of China, is based in Singapore with offices in Dublin, London, Seattle and Tianjin.
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For more information, please contact:
Claire LEOW
Tel: +65 6325 9638
[email protected]
www.bocaviation.com