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Press releases

Avolon
22 January 2013

2012 Trading Update

Fleet reaches 167 aircraft – US$5.1bn capital raised

Avolon, the international aircraft leasing group, today issues a trading update for 2012 announcing that its fleet had reached 167 aircraft at 31 December, 2012 and that total capital raised has exceeded US$5 billion.

2012 Highlights

  • Raised US$300 million of new equity from the Government of Singapore Investment Corporation and US$1.3 billion of new debt finance bringing total capital raised to in excess of US$5.1 billion.
  • Delivered 40 aircraft valued at over US$2 billion – placing Avolon in the top three lessors globally for new aircraft deliveries in 2012.
  • Placed forward orders for 20 Airbus 320neo and 20 Boeing 737MAX aircraft, one of the first global lessors to secure valuable delivery slots in both programmes.
  • Formed Avolon Capital Partners, a joint-venture with Wells Fargo, to build a US$500m aircraft portfolio.
  • Expanded the customer base to 34 airlines and the lending group to 24 financial institutions

2012 Performance Overview

  December 2010 December 2011 December 2012

Commited Fleet
Delivered Fleet
Customers

60
16
9

93
55
27

167
91
34

Equity Capital
Debt Capital
Lending Capital

US$750m
US$650m
7

US$1.1bn
US$2.3bn
17

US$1.4bn
US$3.7bn
24

Dómhnal Slattery, Avolon CEO, commented:

“2012 marked a year of significant progress for Avolon as we delivered strong performance against every financial and operating measure.

Our achievements in respect of portfolio growth, diversification of our funding base and the generation of strong risk-adjusted returns clearly demonstrate the best-in-class operational capability of our platform, the global relationships of our team and the strength of our franchise."

Financial Strength

  • Raised US$300m of new equity from the Government of Singapore Investment Corporation (GIC) completed in January 2012.
  • Equity investment by GIC awarded AirFinance Journal ‘Equity Deal of the Year’ and ‘M&A Deal of the Year’ by Aviation Finance.
  • Raised US$1.3billion of new debt financing bringing total debt raised to US$3.7 billion.
  • Secured financing commitments from 7 new lending banks – global lending group of 24 institutions.
  • Completed first financing guaranteed by the Export-Import Bank of the United States to support the delivery of four new aircraft.
  • Completed second financing guaranteed by Export Credits Guarantee Department and Euler Hermes to support the delivery of seven new aircraft.
  • Total committed capital now in excess of US$5.1 billion.
  • Formed Avolon Capital Partners in joint-venture with leading US bank, Wells Fargo.

Fleet Growth

  • Placed forward orders for 20 Airbus 320neo and 20 Boeing 737MAX aircraft.
  • Delivered 40 aircraft, valued at over US$2 billion.
  • Successfully completed placement of 12 aircraft from first direct order of Boeing 737-800 NG aircraft and announced a further order for 10 737-800 NGs to support growth plans.
  • Successfully completed the sale of four aircraft on long-term leases to three new investor clients.
  • Total fleet has increased to 167 aircraft (163 committed and 4 managed); Avolon’s delivered fleet now stands at 91 aircraft.

Global Customer Base & Team

  • Avolon added 7 new customers in 2012 and serves 34 customers in 22 countries globally.
  • Opened two new offices in Dubai and Singapore.
  • Continued growth in the business is delivered by the strength of the Avolon team which now comprises 44 professionals across 6 offices.

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