2022 Second Quarter Results
Avolon reported
- Total available liquidity increased to
$6.7 billion , including$4.9 billion of undrawn debt facilities. - Lease revenue for H1 2022 reported at
$1.2 billion , up from$1.1 billion in H1 2021. $86 million of net income (excluding Russia) for H1 2022 compared to a loss of$173 million in H1 2021.- Fitch reaffirmed Avolon's credit rating at BBB- with a Stable outlook.
- Entered into 54 lease transactions in Q2 2022, expanding operational footprint.
- Net income reported at
$8 million for Q2 2022, significantly lower than$64 million in Q2 2021. - Total assets decreased to
$30.6 billion from$31 billion in FY 2021.
Avolon Reports
Founding CEO Dómhnal Slattery to Step Down; Andy Cronin Appointed CEO Designate
2022 SECOND QUARTER | FINANCIAL & BUSINESS HIGHLIGHTS |
||||||||
INCOME & CASHFLOW ($ MILLION) |
Q2 2022 |
H1 2022 |
Q2 2021 |
H1 2021 |
||||
Lease Revenue |
539 |
1,197 |
610 |
1,080 |
||||
Operating Cashflow |
305 |
624 |
195 |
313 |
||||
Net Income |
8 |
(173) |
64 |
(20) |
||||
Net Income (excluding |
6 |
86 |
64 |
(20) |
BALANCE SHEET ($ MILLION) |
Q2 2022 |
FY 2021 |
CHANGE |
|||
Total Available Liquidity (incl contracted sales) |
6,693 |
6,387 |
306 |
|||
Total Assets |
30,593 |
30,984 |
(391) |
|||
Secured Debt / Total Assets |
|
|
|
|||
Net Debt to Equity |
2.4x |
2.4x |
- |
- Ended the quarter with total available liquidity and contracted sales of approximately
- Recognised
- Net Income (excluding
- Ended the quarter with over
- Fitch re-affirmed Avolon’s credit rating at BBB- with Stable outlook;
- Received inaugural ESG Rating from Sustainalytics with a score of 16.0 placing Avolon in the ‘Low Risk’ category and the top
- Extended the maturity date of Avolon’s secured recourse revolving credit facility from 2024 to 2027. Following the effective date of 15 July, the total facility size will be
2022 SECOND QUARTER | FLEET HIGHLIGHTS
- Executed a total of 54 lease transactions in the quarter comprising new aircraft leases, follow-on leases and lease extensions;
- Entered into Letters of Intent for the sale and leaseback of 13 aircraft and the placement of 31 aircraft from Avolon’s orderbook;
- Sold 2 owned aircraft and entered into binding sale agreements for the sale of 30 owned aircraft;
- Owned and managed fleet of 591 aircraft at quarter end, with total orders and commitments for 260 fuel-efficient, new technology aircraft;
- Average owned fleet age of 6.2 years with an average remaining lease term of 6.7 years; and
- Ended the quarter with a total of 146 airline customers operating in 62 countries.
LEADERSHIP TRANSITION
- As announced separately today, Avolon’s founding CEO, Dómhnal Slattery, has informed the Board of his intention to step down from his executive role and from the Board later in 2022.
- In addition,
This market backdrop, together with our strong liquidity, attractive orderbook of new technology aircraft, global scale and multi-cycle experience underpins our confidence in the medium-term outlook for our business and the wider industry.”
About Avolon
Headquartered in
Website: www.avolon.aero
Twitter: @avolon_aero
View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005239/en/
Ross O’Connor
Head of Capital Markets
roconnor@avolon.aero
T: +353 1 231 5818
FTI Consulting
avolon@fticonsulting.com
M: +353 86 231 4135
Source: Avolon
FAQ
What is Avolon's net income for H1 2022?
How much liquidity does Avolon have as of Q2 2022?
Who has been appointed as the new CEO of Avolon?
What was Avolon's lease revenue for H1 2022?