AviTrader sponsorship ad

Sanctions see Avolon forced to record US$304 million impairment for Russian planes

Irish lessor Avolon, which has ten leased jets still trapped in Russia, has recorded a first-quarter US$304 million impairment to cover the full financial impact.

“While we continue to make every effort to recover these assets, we are recognising the full impairment this quarter, putting the financial impact of Russian sanctions firmly behind us,” Avolon’s Chief Executive Dómhnal Slattery said in a statement.

The EU sanctions came into effect on March 28, as a consequence of Russia’s attack on Ukraine, after which all aircraft lease contracts with Russian carriers had to be cancelled. Consequently, over 400 leased aircraft, worth approximately U$10 billion, are currently trapped in Russia.

Overall, Avolon posted a net loss of US$182 million for the first quarter of 2022, and an adjusted net income of US$80 million excluding the impact of Russian sanctions. This means that Avolon had it strongest quarter since the outbreak of the COVID-19 pandemic and Slattery put the improvement down to the reopening of borders in Asia and increased trends in global flights, producing higher cash collection rates. At the end of March Avolon either owned or managed 592 aircraft.  

“This performance re-affirms the inherent strengths of our business and the absolute resilience of the aircraft leasing model, providing us with confidence in the outlook for the remainder of the year,” Slattery added. (£1.00 = US$1.25 at time of publication).

Thursday December 7, 2023
ALIA aircraft in Air New Zealand livery
Air New Zealand has officially revealed ALIA as the initial acquisition in its Mission Next Gen Aircraft programme, marking the airline’s foray into next-generation aviation technology. Air New Zealand has made a firm order for one aircraft wit... Read More »
Thursday December 7, 2023
Horizon Aircraft Cavorite X7 (concept design)
Robinson Aircraft, a hybrid eVTOL aircraft developer (Horizon Aircraft), has announced a strategic investment in the form of a convertible note purchased by certain accounts of Canso Investment Counsel (Canso) and affiliated companies for an aggregate CA$6.7 m... Read More »
Thursday December 7, 2023
The fourth A321 freighter named ¡Hola España! has been integrated into Lufthansa Cargo's fleet
Since November, the fourth A321 freighter has been operating in Lufthansa Cargo’s network, making a significant contribution to the cargo carrier’s expansion plans. The freighter with the registration D-AEUJ completes the A321F fleet, meeting the growing f... Read More »
Thursday December 7, 2023
Honeywell's Ground Control Station successfully enabled dynamic flight plan adjustments and contingency management within new airspace for unmanned vehicles
Honeywell, in collaboration with Pipistrel, a Textron company and a leading electric aircraft manufacturer, ENAV, an Italian air navigation service provider and D-Flight, an Italian-based company providing air traffic management services for drones, marked a s... Read More »
Thursday December 7, 2023
Transport Canada Civil Aviation (TCCA) has granted type certification for the H160 helicopter
Airbus Helicopters has received Transport Canada Civil Aviation (TCCA) type certification for the H160 helicopter, positioning the aircraft type for entry into the Canadian market. “The H160’s multi-mission capabilities and advanced features contributing t... Read More »
Thursday December 7, 2023
Asia Digital Engineering staff members with the 100th C-check aircraft
In celebration of International Civil Aviation Day, Asia Digital Engineering (ADE), a wholly-owned subsidiary of Capital A Berhad specialising in aircraft maintenance, repair, and overhaul (MRO), has marked a significant accomplishment by successfully completi... Read More »
Wednesday December 6, 2023
Inside the cockpit of EcoPulse's first hybrid-electric flight ©
EcoPulse, the hybrid-electric distributed propulsion aircraft demonstrator jointly developed by Daher, Safran and Airbus to support aviation’s decarbonisation roadmap, has successfully performed its first flight test in hybrid-electric mode. The demonstrator... Read More »
Wednesday December 6, 2023
AMOS will support the maintenance activities related to the fleet of Asiana Airlines and its subsidiaries, counting up to 108 aircraft
Swiss AviationSoftware (Swiss-AS) has inked contracts with Asiana IDT, the IT services provider of Asiana Airlines and its subsidiaries. The company signed for a tailored edition of AMOS to support the maintenance activities related to the fleet of Asiana Airl... Read More »
Wednesday December 6, 2023
IATA’s outlook for the airline industry reveals an optimistic trajectory for 2023 and 2024. Projected net profits are US$23.3 billion in 2023 (2.6% margin) and US$25.7 billion in 2024 (2.7% margin), with operating profits expected to surge from US$40.7 b... Read More »
Wednesday December 6, 2023
Fokker Services Group has converted a Gulfstream G550 jet into an advanced surveillance aircraft
Fokker Services Group (Fokker), an independent integrator in aircraft completions and conversions, has received the EASA Supplement Type Certificate (STC) related to a special mission project conducted in partnership with Gulfstream Aerospace (Gulfstream) and ... Read More »
Wednesday December 6, 2023
Max Roberts and Belinda Finch
IFS, the global cloud enterprise software company, has made two senior appointments with Max Roberts and Belinda Finch joining the company’s executive leadership team as Chief Operating Officer and Chief Information Officer, respectively. The appointments un... Read More »
Wednesday December 6, 2023
ExecuJet Haite General Manager Paul Desgrosseilliers and CBM General Manager Li Yingyong signing the contract
ExecuJet Haite Aviation Services China (ExecuJet Haite) has signed an agreement with Capital Airport Holding Business Aviation Management (CBM) to operate a new MRO facility at Beijing Daxing International Airport. The binding agreement allows ExecuJet Haite t... Read More »
Wednesday December 6, 2023
The newly renovated international terminal of Kansai International Airport (KIX)
VINCI Airports, in collaboration with Japanese company Orix, presented the newly renovated international terminal of Kansai International Airport (KIX), marking a significant milestone in their partnership since 2016. The extensive renovation aims to not only ... Read More »
Tuesday December 5, 2023
Travelport Worldwide Limited (Travelport), a global technology company that powers travel bookings for hundreds of thousands of travel suppliers worldwide, has released that a group of its existing equity holders and lenders have agreed to invest US$570 millio... Read More »
Tuesday December 5, 2023
John McKirdy
Kellstrom Aerospace Group, a leading provider of aviation life-cycle cost management solutions, has appointed John McKirdy as its Chief Commercial Officer. In his new capacity, McKirdy will leverage his extensive expertise and proven track record in delivering... Read More »
Tuesday December 5, 2023
AirSwift ATR 72-600
Nordic Aviation Capital (NAC) is to collaborate with ATR and TotalEnergies to offer the equivalent of 6% SAF on NAC’s ATR delivery flights. The initiative provides for a blend of 30% SAF to be used for one-out-of-five deliveries of new ATR aircraft to NAC, r... Read More »
Tuesday December 5, 2023
Vincent Metz
Vincent Metz is joining SR Technics as VP Business Development Europe. In this role, he will leverage his experience in the aviation industry to grow SR Technics’ market share in Europe. With over two decades in aviation, Metz held key roles at Air France KL... Read More »
Tuesday December 5, 2023
Pratt & Whitney GTF engine
In its latest webinar on the narrow-body engine market, IBA, a leading aviation market intelligence and consultancy company, has predicted that engine market values and lease rates are likely to increase given the current and ongoing supply chain issues and th... Read More »
Tuesday December 5, 2023
Turkish Airlines Chief Investment and Technology Officer Levent Konukcu and Riyadh Air CEO, Tony Douglas at the MoU signing
Turkish Airlines (TK) and Riyadh Air (RX) have agreed a strategic cooperation memorandum of understanding (MoU) to offer a comprehensive range of benefits for guests traveling between the Kingdom, Türkiye and points beyond their Riyadh and Istanbul hubs, as w... Read More »
Tuesday December 5, 2023
Avian Inventory Management (AIM)
AVIAN Inventory Management (AIM), a division of AVIAN Component Solutions (ACS),a customised inventory capital solutions and financing services for the aviation industry, has successfully finalised the acquisition of two Embraer ERJ 170-100 LR aircraft from gl... Read More »
AviTrader MRO magazine

2023 MEDIA KIT

Aviation Media Pack

Learn more on how AviTrader can expand your market

Please contact

Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada

Subscribe to the most widely accepted news source in the aviation industry!


Free Daily, Weekly and MRO Publications delivered to your Inbox!
News Alerts, Editorials, Marketplace, Executive Interviews +more

Select publications:

*we respect your privacy and AviTrader will not share your email address to any 3rd Parties.

Scroll to Top