BOC Aviation Limited (HKEX Code: 2588, “BOC Aviation”) announces its operational update for the fourth quarter and year ended 31 December 2017 and as at 31 December 2017.
Commenting on the operating results, Robert Martin, Managing Director and Chief Executive Officer, said “2017 was another year of record operational performance. We took delivery of 74 aircraft, of which nine were new technology aircraft, including Airbus A320NEO and Airbus A350-900 aircraft, with new technology aircraft now accounting for over 90% of our orderbook. Net additions to our portfolio during the year totalled 41 aircraft, making 2017 our best year for portfolio growth since 2009. Furthermore, during the year we added 48 aircraft to our pipeline, with scheduled deliveries out to 2021, laying the foundation for future revenue growth.”
Key features included:
- Portfolio comprised 318 owned and managed aircraft, with an average aircraft age of 3.0 years and an average remaining lease term of 8.2 years for the owned aircraft fleet, weighted by net book value
- Order book of 173 aircraft1
- Took delivery of 28 aircraft in the fourth quarter of 2017, and 74 (including three acquired by airline customers on delivery) in 2017
- Added 22 lease commitments in the fourth quarter of 2017, and 103 in 2017
- Customer base of 80 airlines in 33 countries in the owned and managed portfolios
- Sold nine owned aircraft in the fourth quarter of 2017, and 30 in 2017. Additionally, two managed aircraft were sold in 2017
- Managed fleet comprised 31 aircraft
- 50 of the 53 new aircraft scheduled for delivery in 2018 have been committed for
lease - Aircraft utilization was 99.8% for the fourth quarter and year ended 31 December 2017 and we ended the year with all of our owned aircraft on lease
