In This Article:
Net Income of US$608 million and US$2 billion Operating Cashflow
DUBLIN, February 13, 2025--(BUSINESS WIRE)--Avolon, a leading global aviation finance company, announces results for the full year, 2024.
2024 | FINANCIAL HIGHLIGHTS
| Income Statement (US$M) | FY24 | FY23 | US$ Change | % Change |
| Lease Revenue | 2,582 | 2,473 | +109 | +4% |
| Operating Cashflow | 2,008 | 1,751 | +257 | +15% |
| Net Income | 608 | 339 | +269 | +79% |
| Adjusted Net Income | 458 | 339 | +119 | +35% |
| Balance Sheet (US$M) | December 31, 2024 | December 31, 2023 | US$ Change | % Change |
| Total Available Liquidity | 11,634 | 7,228 | +4,406 | +61% |
| Total Assets | 33,637 | 30,513 | +3,124 | +10% |
| Unsecured Debt / Total Debt | 67% | 63% | +4% | N/A |
| Net Debt to Equity | 2.1x | 2.2x | (0.1x) | N/A |
- Net Income of US$608 million for 2024, up 79% year on year;
- Adjusted Net Income of US$458 million, up 35% year on year, excludes US$177 million of settlement proceeds (US$150 million net of tax) from insurance claims in respect of our aircraft previously leased to certain Russian airlines;
- Total available liquidity of US$11.6 billion, including US$3.1 billion of unrestricted cash and US$7.2 billion in undrawn debt facilities;
- Generated record Operating Cashflow of US$2.0 billion, up 15% year on year;
- Contracted US$14 billion of funding across the public and private markets, of which 79% was unsecured;
- Net debt to equity of 2.1 times, Unsecured to Total Debt ratio of 67% and US$20 billion of unencumbered assets; and,
- Investment grade ratings on positive outlook at both Moody’s (Baa3) and Fitch (BBB-).
2024 | BUSINESS HIGHLIGHTS
- Post year end, closed and fully integrated the acquisition of Castlelake Aviation Limited (‘CA Ltd’), adding 116 aircraft to Avolon’s owned and committed fleet;
- Acquired 45 new aircraft and transitioned 23 aircraft to 25 customers;
- Placed 30 aircraft from our orderbook during the year. Ended the year with our orderbook 100% placed for next 24 months;
- Entered into agreements for the sale and leaseback of 37 new aircraft;
- Sold 55 aircraft in 2024 and ended the year with 64 aircraft agreed for sale; and,
- At year-end, Avolon had an owned, managed and committed fleet of 1,129 aircraft including the acquisition of CA Ltd.
Andy Cronin, Avolon CEO, commented:
"2024 was a successful year for Avolon. We delivered growth across all our key financial and operational metrics, including net income growth of 79% and a record US$2 billion of operating cashflow. Our in-demand assets and orderbook of new-technology aircraft position us well to capitalise on an attractive market backdrop, enhancing our earnings profile and supporting our path towards higher credit ratings."