BOC Aviation Reports 1H 2017 Performance
29 Aug 2017
BOC Aviation Limited (“BOC Aviation” or the “Company”) is pleased to announce its unaudited results for the six months ended 30 June 2017.
Robert Martin, Managing Director and Chief Executive Officer, said: “BOC Aviation delivered an excellent result in the first half of 2017, earning a net profit after tax of US$240 million, up 13% compared with the same period last year. The net book value of aircraft, including assets held for sale, increased 25% compared with the first half of last year, to US$12.1 billion, reflecting our investment activities since our initial public offering in June 2016.”
Our financial highlights for the six months ended 30 June 2017 are:
In addition, the Board of Directors is pleased to announce a change to the dividend policy, increasing the intended annual dividend pay-out to up to 35% of net profit after tax, up from 30% previously.
- Total revenues and other income rose 16% to US$670 million
- Net profit after tax was US$240 million, an increase of 13% over 1H 2016
- Earnings per share of US$0.35, based on Shares outstanding at 30 June 2017
- Total assets increased 7% to US$14.4 billion as at 30 June 2017 from 31 December 2016
- Maintained strong liquidity with US$333 million in total cash and fixed deposits, and US$4 billion in undrawn committed credit facilities as at 30 June 2017
- Raised more than US$1 billion in new financing
- Portfolio utilisation and cash collection from airline customers of 99.6% and 100%, respectively
Portfolio and Operational Highlights
Our operational transactions as at 30 June 2017 included:
Subsequent to 30 June 2017, all aircraft scheduled for delivery in 2017 have been placed with lessees and the Company executed commitments to lease or extend the lease for all aircraft with leases scheduled to expire in 2017.
- A portfolio of 297 owned and managed aircraft, with an average aircraft age of 3.1 years and an average remaining lease term of 7.8 years for the owned aircraft fleet, each weighted by net book value
- Orderbook of 196* aircraft scheduled for delivery over the period from 1 July 2017 to 2021
- Took delivery of 37 aircraft (including three acquired by airline customers on delivery) in the first half of 2017
- Signed 55 leases in the first half of 2017
- Customer base of 75 airlines in 34 countries and regions in the owned and managed fleet
- Sold 19 aircraft, with no aircraft older than 10 years remaining in the owned portfolio
- Managed fleet comprised 36 aircraft
Key Financial Data
(For the six months ended 30 June, in USD millions)
1 Net asset per share is calculated by dividing net assets by total number of shares outstanding at 30 June 2017, and 31 December 2016, in the respective columns. Number of shares outstanding at 30 June 2017 and 31 December 2016 was 694,010,334.
2 Gearing is calculated by dividing gross debt by total equity at 30 June 2017, and 31 December 2016, in the respective columns.
Aircraft Portfolio including Orderbook (as at 30 June 2017, in number of aircraft)
The first half 2017 financial results presentation slides and unaudited interim condensed consolidated financial statements are available on the Company website at https://www.bocaviation.com/en/Investors/Financial-Results, along with a recording of the earnings conference call that will be made available on 30 August 2017.
About BOC Aviation
BOC Aviation is a leading global aircraft operating leasing company with a fleet of 493 aircraft owned, managed and on order. Its owned and managed fleet was leased to 75 airlines worldwide in 34 countries as at 30 June 2017. BOC Aviation is listed on the Hong Kong Stock Exchange (HKEx code: 2588) and has its headquarters in Singapore with offices in Dublin, London, New York and Tianjin. For more information, visit www.bocaviation.com.
For more information, please contact:
Tel: +65 6325 9878
Mobile: +65 9837 9873