BOC Aviation reports record profits and 64% increase in dividends

Published on : Wednesday, March 14, 2018

BOC AviationBOC Aviation Limited  is pleased to announce its audited financial results for the full year ended 31 December 2017.

Robert Martin, Managing Director and Chief Executive Officer, said: “We are delighted to report net profit after tax of US$587 million, which translates to a return on equity of 16.3%, as we grew the business in 2017. The Board has recommended a final dividend of US$0.192 per share representing a total dividend of US$0.2958 per share for 2017, a 64% increase on the total dividend for 2016. After a record 74 deliveries in 2017, BOC Aviation started its 25th year in its best condition ever, with liquidity, balance sheet and earnings outlook deliberately structured for expansion.”

Financial Highlights

Our financial highlights for the year ended 31 December 2017 are:
· Total revenues and other income rose 17% year-on-year, to US$1,401 million
· Net profit after tax was US$587 million, an increase of 40% over 2016
· Earnings per share of US$0.85, based on Shares outstanding1 at 31 December 2017
· Total assets increased 19% year-on-year, to US$16 billion at 31 December 2017
· Raised US$2.9 billion in total debt, including a first ever US$1 billion dual-tranche bond offering

· Maintained strong liquidity with US$305 million in total cash and fixed deposits and US$3.7 billion in undrawn committed credit facilities at 31 December 2017
· Portfolio utilisation of 99.8% and cash collection from airline customers of 99.9%
· Board recommended a final dividend for 2017 of US$0.192 per Share, pending approval at the AGM to be held on 30 May 2018. The final dividend will be payable to Shareholders registered at the close of business on the record date, being Thursday, 7 June 2018, bringing the total dividend for 2017 to US$0.29582 per Share
1 Number of shares outstanding at 31 December 2017 and 31 December 2016 was 694,010,334.
2 Includes interim dividend of US$0.1038 per Share paid to Shareholders registered at the close of business on 25 September 2017.
Portfolio and Operational Highlights

As at 31 December 2017, BOC Aviation:
· Had a portfolio comprising 318 owned and managed aircraft3, 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
· Leased aircraft to 80 airlines in 33 countries and regions
· Took delivery of 74 aircraft, including three acquired by airline customers on delivery, in 2017 with 28 aircraft delivered in 4Q 2017 alone
· Signed 103 leases in 2017
· Sold 30 owned and two managed aircraft in 2017
· Had an orderbook of 173 aircraft4
· Had committed for lease 50 of the 53 new aircraft scheduled for delivery in 20185
· Had committed future revenues of US$15.3 billion from owned and scheduled deliveries of aircraft
· Recorded aircraft utilization of 99.8% for the fourth quarter and year ended 31 December 2017 and ended the year with all owned aircraft on lease

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