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Avolon Reports Full Year Net Income up 79% and Record Operating Cashflow

News provided by business wire2025-02-13

Avolon Reports Full Year Net Income up 79% and Record Operating Cashflow

Net Income of US$608 million and US$2 billion Operating Cashflow

DUBLIN--(BUSINESS WIRE)-- Avolon, a leading global aviation finance company, announces results for the full year, 2024.

2024 | FINANCIAL HIGHLIGHTS

Income Statement (US$M)	FY24	FY23	US$ Change	% Change
Lease Revenue	2,582	2,473	+109	+4%
Operating Cashflow	2,008	1,751	+257	+15%
Net Income	608	339	+269	+79%
Adjusted Net Income	458	339	+119	+35%

Balance Sheet (US$M)	December 31, 2024	December 31, 2023	US$ Change	% Change
Total Available Liquidity	11,634	7,228	+4,406	+61%
Total Assets	33,637	30,513	+3,124	+10%
Unsecured Debt / Total Debt	67%	63%	+4%	N/A
Net Debt to Equity	2.1x	2.2x	(0.1x)	N/A

- Net Income of US$608 million for 2024, up 79% year on year;

- Adjusted Net Income of US$458 million, up 35% year on year, excludes US$177 million of settlement proceeds (US$150 million net of tax) from insurance claims in respect of our aircraft previously leased to certain Russian airlines;

- Total available liquidity of US$11.6 billion, including US$3.1 billion of unrestricted cash and US$7.2 billion in undrawn debt facilities;

- Generated record Operating Cashflow of US$2.0 billion, up 15% year on year;

- Contracted US$14 billion of funding across the public and private markets, of which 79% was unsecured;

- Net debt to equity of 2.1 times, Unsecured to Total Debt ratio of 67% and US$20 billion of unencumbered assets; and,

- Investment grade ratings on positive outlook at both Moody’s (Baa3) and Fitch (BBB-).

2024 | BUSINESS HIGHLIGHTS

- Post year end, closed and fully integrated the acquisition of Castlelake Aviation Limited (‘CA Ltd’), adding 116 aircraft to Avolon’s owned and committed fleet;

- Acquired 45 new aircraft and transitioned 23 aircraft to 25 customers;

- Placed 30 aircraft from our orderbook during the year. Ended the year with our orderbook 100% placed for next 24 months;

- Entered into agreements for the sale and leaseback of 37 new aircraft;

- Sold 55 aircraft in 2024 and ended the year with 64 aircraft agreed for sale; and,

- At year-end, Avolon had an owned, managed and committed fleet of 1,129 aircraft including the acquisition of CA Ltd.

Andy Cronin, Avolon CEO, commented:

“2024 was a successful year for Avolon. We delivered growth across all our key financial and operational metrics, including net income growth of 79% and a record US$2 billion of operating cashflow. Our in-demand assets and orderbook of new-technology aircraft position us well to capitalise on an attractive market backdrop, enhancing our earnings profile and supporting our path towards higher credit ratings.”

About Avolon

Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 140 airlines in 59 countries, Avolon has an owned, managed, and committed fleet of 1,129 aircraft, as of 31 December 2024 including the acquisition of Castlelake Aviation Limited. www.avolon.aero