BOC Aviation (2588) Deutsche Bank Leasing Conference 2024 Presentation summary

Financial performance and profitability

• Achieved record net profit after tax of $460 million in 1H 2024, up 76% year-on-year.

• Core net profit after tax rose 9% to $284 million, with continued asset recovery from Russia-related events.

• Interim dividend per share increased 76% to $0.1988, marking a record payout.

• Operating cash flow net of interest reached a record $908 million, with collection rates above 100%.

• Total revenues grew 11% to $1.17 billion, driven primarily by lease rental income.

Balance sheet, liquidity, and capital structure

• Total assets reached $24.3 billion and total equity surpassed $6 billion for the first time.

• Maintained strong liquidity with $5.5 billion available and a gross debt-to-equity ratio of 2.7x.

• Diverse funding sources utilized, including bonds, bank loans, and asset sales.

• Long-term unsecured debt remains a key strength, with a balanced fixed and floating rate profile.

• Committed liquidity of $5.5 billion and undrawn credit facilities of $4.9 billion as of June 2024.

Fleet, investments, and orderbook

• Owned fleet grew to 429 aircraft, with total aircraft assets up 8% year-on-year.

• 100% of the orderbook comprises latest technology aircraft; 79% of the existing fleet is latest technology.

• Strong orderbook of 219 aircraft and committed capex pipeline of $12 billion.

• Added 14 aircraft to 2024's delivery schedule in 1H 2024.

• Gains on aircraft sales reached 14% margin, above the long-run average.