BOC Aviation has posted a net profit after tax (NPAT) for the full year 2022 of US$20 million, as a strong second-half performance offset the first-half write down of the value of aircraft formerly leased to airlines in Russia. Its core NPAT and core earnings per share of US$527 million and US$0.76, respectively, when adjusted to exclude the Russian impact, were little changed from the US$561 million and US$0.81 that the company reported in 2021.
During the year ended December 2022, BOC Aviation generated record operating cash flow net of interest expense of US$1.5 billion as its collection rate exceeded 100%, and it ended the year with US$5.3 billion in available liquidity.
Total revenues and other income were up 6% year-on-year, at US$2.3 billion. The company recorded a second-half net profit after tax of US$333 million, up 8% on US$307 million in the second half of 2021. Net assets per share was US$7.50. Operating cash flows net of interest rose 14% to US$1.5 billion. BOC Aviation utilised US$1.7 billion of debt financing comprising US$1.4 billion of loans and US$300 million of bonds. The company maintained strong liquidity of US$5.3 billion, comprising US$392 million in cash and cash equivalents and US$4.9 billion in undrawn committed credit facilities as of December 31, 2022.
BOC Aviation’s operational overview as of December 31, 2022 included a total fleet of 633 aircraft owned, managed and on order, with an average aircraft age of 4.4 years and an average remaining lease term of 8.1 years for the 392 owned aircraft fleet, weighted by net book value. The company had a customer base of 84 airlines in 39 countries and regions in the owned and managed portfolios (£1.00 = US$1.19 at time of publication).
