BOC Aviation’s net profit after tax for the financial year ended 31 December 2011 hit US$201m, 20% higher than the US$168m achieved the previous year. Total assets as at 31 December 2011 were US$7.6bn, up by 14% compared to the prior year while shareholders’ equity rose 15% to US$1.5bn.
During the year, the Company focused on placement of the 30 A320 aircraft ordered in 2010 with the aircraft type remaining popular with operators. Eight of the A320 were placed with Qantas Airways who also extended leases on another three aircraft, all for operation by its subsidiary Jetstar. Other new A320 customers included Dragonair, South African Airways and TransAsia. In addition, BOC Aviation signed a transaction with Jet Airways for 10 Boeing 737-800 aircraft delivering from late 2012 through to mid-2014. In total, leases for 44 aircraft were signed including four under purchase and leaseback transactions. 68% of the leases were signed with carriers in the Asia Pacific region which experienced relatively stronger growth than other regions. The Company took delivery of 28 aircraft during the year and maintained an average fleet age of four years. BOC Aviation added Embraer aircraft to its portfolio last year with its first order for 15 E190 aircraft. It also acquired another four aircraft in its first purchase and leaseback transaction for Embraer aircraft with Azul, a new customer.
On the financing side, the Company successfully raised over US$1.7bn in debt funding of which over 70% was from Asia Pacific financial institutions. This included four series of medium-term notes issued into the Singapore market, which were well received by investors. The medium-term notes programme size was doubled to US$600m at year end to allow increased issuance in the future.
