Investing.com
Published Feb 08, 2024 07:32
Net income of US$339 million and record $1.75bn operating cashflow
DUBLIN--(BUSINESS WIRE)--Avolon, a leading global aviation finance company, announces results for the full year, 2023.
2023 | FINANCIAL HIGHLIGHTS
Income Statement | Three Months Ended |
| Year Ended | ||||||
| 2023 | 2022 | $ Change | % Change |
| 2023 | 2022 | $ Change | % Change |
Lease revenue | 674 | 594 | 80 | +13% |
| 2,473 | 2,337 | 136 | +6% |
Operating cashflow | 444 | 304 | 140 | +46% |
| 1,751 | 1,207 | 544 | +45% |
Adjusted EBITDA | 684 | 585 | 99 | +17% |
| 2,510 | 2,375 | 135 | +6% |
Net income | 110 | 41 | 69 | +168% |
| 339 | 9 | 330 |
|
Balance Sheet (US$M) | December 31, | December 31, | $ Change | % Change |
Total available liquidity | 7,228 | 5,567 | 1,661 | +30% |
Total assets | 30,513 | 30,796 | (283) | (1%) |
Secured debt / Total assets | 23% | 22% | 1% | N/A |
Net debt to Equity | 2.2x | 2.3x | (0.1x) | N/A |
Adjusted EBITDA is a non-GAAP measure. For reconciliation, see Earnings Presentation posted to www.investors.avolon.aero |
2023 | BUSINESS HIGHLIGHTS
Andy Cronin, Avolon CEO, commented:
Robust demand for aircraft, combined with continued undersupply, provided a tailwind to placing our orderbook and used aircraft at attractive lease rates, which will drive future profitability. Record operating cashflow and a sharp increase in net income are testament to our success in 2023.
The orders made for 200 new technology aircraft during the year strengthen our delivery pipeline and provide embedded growth to support our customers into the next decade. Against an attractive market backdrop, Avolon has an industry-leading platform and robust balance sheet to drive future earnings growth.
About Avolon
Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative tam approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 146 airlines in 65 countries, Avolon has an owned, managed, and committed fleet of 1,035 aircraft, as of 31 December 2023. www.avolon.aero
View source version on businesswire.com: https://www.businesswire.com/news/home/20240207886477/en/
David Breen / Joe Brennan
Avolon Investor Relations
ir@avolon.aero
T: +353 1 231 5800
Douglas Keatinge
Avolon Head of Communications
dkeatinge@avolon.aero
T: +353 86 037 4163
Source: Avolon
Written By: Investing.com
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