Avolon Continues Expansion of its Fleet and Customer Base In 2021
Avolon reported strong performance in Q4 and FY 2021, highlighted by delivering 49 new aircraft and executing 229 lease transactions, leading to a 4% increase in their fleet to 592 aircraft. They successfully raised
- Raised $3.7 billion in debt capital at a historically low cost of 2.5%.
- Increased total revolving debt capacity from $4.8 billion to $5.9 billion.
- Delivered a total of 49 new aircraft in 2021, executing 229 lease transactions.
- Owned and managed fleet increased by 4% to 592 aircraft.
- Placed 70% of VX4 order book with major airlines, indicating strong demand.
- Announced a $2 billion order for up to 500 VX4 eVTOL aircraft, focusing on zero emissions.
- The aviation industry continues to face challenges due to new COVID-19 variants, which may impact future operations.
- S&P, Moody’s and Fitch reaffirmed Avolon’s investment grade rating with Stable outlook;
- Raised
- Delivered, transitioned and sold a total of 91 aircraft; executed 229 lease transactions during 2021;
- Owned and managed fleet increased by
- Announced the world’s largest zero emissions eVTOL aircraft order with Vertical Aerospace, underscoring Avolon’s commitment to combat climate change;
- Placed
- Launch customer for the IAI A330-300 P2F cargo conversion programme to capitalise on the global growth in e-commerce.
Reviewing 2021, Dómhnal Slattery, CEO Avolon, commented:“As we predicted at the start of the year, 2021 was shaped by the rapid distribution and take-up of vaccines, which resulted in the progressive easing of government travel restrictions and a strong rebound in global air travel. The scale of pent up demand for travel, and airlines moving to meet that demand, resulted in our fourth quarter being the most active period for leasing activity in our history. It is clear that the aviation industry will continue to face challenges in 2022 given new variants, but that market backdrop creates opportunities for us, and the fundamentals of the sector remain strong. As we look ahead, we are optimistic that both our platform and our people will continue to meet the challenges we face and seize the opportunities to thrive in the year ahead.
2021 saw Avolon make its landmark investment in zero-emissions aircraft. Both our investment in, and our orderbook with, Vertical Aerospace – which successfully listed on the
Q4 FLEET METRICS & BUSINESS HIGHLIGHTS
- Executed a total of 95 lease transactions in the quarter comprising of new aircraft leases, follow-on leases and lease extensions;
- Delivered a total of 25 new aircraft to 8 customers and transitioned 6 aircraft to follow-on lessees;
- Entered into Letters of Intent for the sale and leaseback of 40 aircraft;
- Sold 12 aircraft; and
- Fangda Group‘s investment into the HNA group of airlines for an ownership stake of c.
2021 FULL YEAR HIGHLIGHTS
FY FLEET HIGHLIGHTS
- Delivered a total of 49 new aircraft and transitioned 23 aircraft to a total of 30 customers;
- Executed a total of 229 lease transactions comprising new aircraft leases, follow-on leases, lease extensions, and sale agreements for 16 aircraft;
- Owned and managed fleet of 592 aircraft at year end, with total orders and commitments for 232 fuel-efficient, new technology aircraft;
- Entered into sale and leaseback Letters of Intent commitments for 45 aircraft;
- Sold 24 aircraft in 2021, 5 of which were managed;
- Added 14 new customers during 2021, for a total of 150 airline customers operating in 62 countries;
- 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;
- Ground-breaking
- Placed
FY FINANCIAL HIGHLIGHTS
- Maintained strong credit metrics resulting in S&P, Moody’s and Fitch reaffirming Avolon’s Investment Grade credit rating with Stable outlook;
- Upsized unsecured revolving facility by
- Extended the maturity date of unsecured revolving facility from 2024 to 2026;
- Successfully raised
- Extended
ENDS
About Avolon
Headquartered in
Website: www.avolon.aero
Twitter: @avolon_aero
Note Regarding Forward-Looking Statements
This document includes forward-looking statements, beliefs or opinions, including statements with respect to Avolon’s business, financial condition, results of operations and plans. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on our management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements may and often do differ materially from actual results. No assurance can be given that such future results will be achieved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220110005482/en/
Ross O’Connor
Head of Capital Markets
roconnor@avolon.aero
T: +353 1 231 5818
Head of Communications
emoloney@avolon.aero
T: +353 1 556 4429
FTI Consulting
avolon@fticonsulting.com
M: +353 86 231 4135
Source: Avolon
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