BOC Aviation reports first-half profit

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BOC Aviation reported net profit after tax (NPAT) of US$254 million for the first half of 2021. Profitability has improved since the second half of 2020, as the earnings and cash flow outlook improved for most of its airline customers, particularly in China, Europe and USA. During the six months ended June 2021, the company generated positive operating cash flow net of interest expenses of US$557 million and ended the half year with a record US$5.8 billion in available liquidity. The board of directors approved a distribution of US$0.1098 per share by way of interim dividend, which represents 30 percent of NPAT in the first half of 2021 and is the same proportion of NPAT that was distributed as an interim dividend in prior years.

Aircraft Portfolio as at 30 June 2021, by number of aircraft Aircraft Type 

Owned Aircraft 

Managed Aircraft 

Aircraft on Order1 

Total 

Airbus A320CEO family 

108 

15 

0 

123 

Airbus A320NEO family 

79 

0 

51 

130 

Airbus A330CEO family 

12 

1 

0 

13 

Airbus A330NEO family 

4 

0 

2 

6 

Airbus A350 family 

9 

0 

0 

9 

Boeing 737NG family 

75 

14 

0 

89 

Boeing 737 MAX family 

40 

0 

45 

85 

Boeing 777-300ER 

24 

4 

3 

31 

Boeing 777-300 

0 

1 

0 

1 

Boeing 787 family 

21 

1 

21 

43 

Freighters 

5 

1 

0 

6 

Total 

377 

37 

122 

536 

“BOC Aviation’s underlying earnings continued to improve during 1H 2021 with profit before tax and impairment charges rising 5 percent to US$434 million, reflecting our disciplined investment in modern aircraft, placed on long term leases to high quality airline customers,” said Robert Martin, managing director and chief executive officer. “We celebrated our fifth year as a listed company in June and have generated over US$5 billion in cumulative earnings since our inception 27 years ago.” 

The financial highlights for the six months ended 30 June 2021 are: 

  • Total revenues and other income increased 7 percent to US$1.10 billion;
  • Profit before tax and charges for impairment of aircraft and financial assets of US$434 million, up 5 percent from US$412 million in the first half of 2020;
  • Operating cash flow net of interest increased 0.4 percent in the first six months of 2021 compared with 1H 2020;
  • Net profit after tax declined to US$254 million, compared with US$323 million in the first half of 2020;
  • Earnings per share of US$0.37;
  • Interim dividend of US$0.1098 per share, maintaining the same payout ratio as in previous years;
  • Total assets increased to US$23.9 billion as at 30 June 2021 from US$23.6 billion as at 31 December 2020;
  • Raised US$2 billion in new financing;
  • Maintained strong liquidity with US$460 million in cash and cash equivalents in addition to US$5.4 billion in undrawn committed revolving credit facilities as at 30 June 2021.

Operational transactions as at 30 June 2021 included:

A portfolio of 5361 owned, managed and committed aircraft 

Owned fleet of 377 aircraft, with an average age of 3.7 years and an average remaining lease term of 8.1 years, each weighted by net book value 

An orderbook of 1221 aircraft scheduled for delivery through to 31 December 2024 

Total deliveries of 34 aircraft, including six acquired by airline customers on delivery, in the first half of 2021 

Signed 26 lease commitments in the first half of 2021, with all aircraft scheduled for delivery from our orderbook before 2023 placed with airline customers 

Customer base of 87 airlines in 38 countries and regions in the owned and managed fleet 

Sold nine aircraft from the owned fleet and three from the managed fleet 

Owned aircraft utilisation at 99.6%, with six twin aisle aircraft (all of which are now subject to new leases) and two single aisle aircraft off lease at 30 June 2021 

Managed fleet comprised 37 aircraft, with two single aisle aircraft off-lease at 30 June 2021.


 中银航空租赁公布2021年上半年表现 

中银航空租赁有限公司(股票代码:2588,“中银航空租赁”或“公司”)欣然公布公司截至2021630日止六个月未经审计业绩。 

中银航空租赁于2021年上半年录得税后净利润2.54亿美元。自2020年下半年以来,随着大多数航空公司客户(特别是中国、欧洲及美国客户)的盈利和现金流前景改善,公司盈利亦有所改善。 

截至20216月止六个月期间,公司扣除利息费用后的经营现金流量为正的5.57亿美元,截至上半年末的可用流动性达到创纪录的58亿美元。 

董事会批准派发中期股息每股0.1098美元,占2021年上半年税后净利润的30%,与我们在过往年度派发中期股息占税后净利润的比例相同。 

中银航空租赁总经理兼首席执行官Robert Martin表示:“中银航空租赁的基础盈利在2021年上半年继续改善,扣除所得税及减值损失前利润上升5%4.34亿美元,反映出公司投资于现代化飞机,并将飞机以长期租赁租予优质航空公司客户的严谨投资策略。今年6月,公司上市满五周年,公司成立27年以来实现的累计盈利超过50亿美元。” 

财务摘要 

公司截至2021630日止六个月的财务摘要如下: 

经营收入及其他收入总额增加7%11.07亿美元 

• 扣除所得税及飞机和金融资产减值损失前利润由2020年上半年的4.12亿美元增加5%4.34亿美元 

• 2021年前6个月的经营现金流量(扣除利息)较2020年上半年增加0.4% 

税后净利润由2020年上半年的3.23亿美元减少至2.54亿美元 

• 每股收益为0.37美元 

• 中期股息为每股0.1098美元,与过往年度保持相同派息率 

• 资产总额由截至20201231日的236亿美元增至2021630日的239亿美元 

• 新融资活动筹集20亿美元 

• 流动性保持强劲,截至2021630日,除54亿美元的未动用承诺循环信贷额度外,还拥有4.60亿美元的现金及现金等价物 

机队及经营摘要 

截至2021630日,公司的经营交易包括: 

自有、代管及已订购的飞机共计5361 

自有机队共有377架飞机,经账面净值加权后的平均机龄为3.7年、平均剩余租期为8.1 

• 订单簿中1221飞机,计划交付日期一直到20241231 

• 2021年上半年共交付34架飞机,其中6架由航空公司客户于交付时购买 

• 2021年上半年共签署26份租赁承诺,订单簿中所有计划于2023年前交付的飞机均已确定航空公司客户 

• 自有及代管机队共服务于38个国家和地区的87家航空公司 

• 共售出9架自有飞机及3架代管飞机 

• 截至2021630日,自有飞机利用率为99.6%,有6架双走道飞机(现已全部签署新租约)及2架单走道飞机脱租 

• 截至2021630日,代管机队共有37架飞机,有2架单走道飞机脱租 

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