Nordic Aviation Capital (NAC) has reported its annual financials for 2022. Highlights of the report show US$2.8 billion of net income. Restructuring its financial liabilities led to a US$3.1billion gain which was offset by US$227 million of impairments of which a significant portion was attributed to the relinquishment of control of assets that remain in Russia and Ukraine. NAC reported US$46 million net income for the second half of 2022 following the June 1 completion of NAC’s restructuring.
The company reported US$3.7 billion of total assets. NAC owned 315 aircraft and had purchase commitments for 39 aircraft as of December 31, 2022.
Net debt was $1.7bn and book equity was US$666 million at year-end. Total available liquidity was in excess of US$1 billion at year-end between cash and warehouse facilities.
Norman C.T. Liu, President and CEO of NAC, said: “2022 was a transformative year for NAC. The company made substantial progress in terms of portfolio and platform development. Our strategy is to remain a global leader in regional aircraft leasing and expand into larger narrow-body aircraft by leveraging our world-class asset management platform.” (£1.00 = US$1.22 at time of publication).
