Nordic Aviation Capital continued to grow revenue and earnings in the fiscal year 2016/17 and strengthened its position as the world’s premier lessor of regional aircraft.
Fiscal year 2016/17, ending June 30, 2017 showed a continued expansion of NAC’s business platform through the addition of new aircraft and new customers and increased business with existing customers. As a result, NAC improved its financial performance for the 21st consecutive year:
- Ordinary operating profit (EBITDA) increased to USD 587 million
- Business Performance Result increased to USD 153 million, delivering a Return on Equity of 22%
“We successfully integrated the acquisitions made late last year, establishing our presence in the Regional Jet market, and expanded our customer base to 69 customers in 46 countries. In line with our ambitions to develop flexible and cost-efficient funding options, we also established unsecured facilities with renown financial institutions and made our first private placement. This will allow us to continue to serve our customers with flexible, timely solutions in the regional markets,” says CEO Søren M. Overgaard.
At the end of the fiscal year, NAC owned 356 aircraft, managed 39 and had purchase commitments for 55 aircraft totaling 450 aircraft. As at end of June 2017, NAC had total assets of USD 6.6 billion, including aircraft of USD 5.3 billion.
As a testament to the strong results, platform, and leading market position, NAC obtained a BBB+ corporate rating from Kroll Bond Rating Agency in May 2017, and will be expanding its unsecured facility as well as tapping the private placement market in the coming years.
“We took delivery and/or delivered to customers a total of 153 aircraft during the fiscal year. None of these achievements would have been possible without the hard work and perseverance of our dedicated and experienced team of professionals,” says CEO Søren M. Overgaard.