Exceptional Capital Strength Positions Avolon for 2021
Dómhnal Slattery, CEO Avolon, commented: “2020 was the most challenging year the commercial aviation industry has ever faced. The level of airline distress truly tested the resilience of the leasing sector business model. Through Avolon’s decisive actions to reduce our capital commitments, strengthen our liquidity and reduce our future obligations, the business is now well positioned to benefit from the recovery. We steadfastly supported our airline partners through temporary deferrals during the year and have seen cash flows improve in the second half of the year from a low in the second quarter.
It will take time for the aviation industry to recover. The pace and scale of recovery will not just be determined by the roll-out of vaccines, but also by rapid testing programmes and the depth of co-ordination between Governments. Air travel will drive economic recovery. It is clear there is a strong desire to travel and latent demand in markets across the world. It is incumbent on Governments to provide appropriate policies to facilitate that demand and drive recovery. We are well positioned and looking forward to building on continued positive momentum as the recovery takes hold through 2021.”
- Total available liquidity in excess of US$6.5 billion at year end
- Investment Grade ratings affirmed by Fitch, KBRA, Moody’s and S&P Global
- Delivered and sold a total of 83 aircraft; executed 141 lease transactions during 2020
- Entered into sale and leaseback commitments for 44 aircraft, for a total of US$2.3 billion
- Ended the year with an owned, managed and committed fleet of 842 aircraft
- Raised US$4.4 billion of debt during 2020 at an average cost of 3.7%
- Since the start of the year, reduced capital and debt principal commitments in the 2020 to 2024 timeframe by over US$9.5 billion
Dublin | 11 January 2021: Avolon, the international aircraft leasing company, issues an update for the fourth quarter (‘Q4’) and 2020 full year (‘FY’).
Q4 Fleet metrics & business highlights
2020 Full Year highlights
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