BOC Aviation (2588) HSBC Eighteenth Annual Global Transport & Logistics Conference Presentation summary

Financial performance and profitability

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

• Total revenues and other income rose 11% to $1.17 billion in 1H 2024.

• Core net profit after tax increased, supported by asset recoveries related to Russia.

• Interim dividend per share reached $0.1988, 76% higher than 2023.

• Operating cash flow net of interest hit a record $908 million in 1H 2024.

Asset base, fleet, and orderbook

• Owned, managed, and on-order aircraft total 693, with an average fleet age of 5.0 years.

• Orderbook stands at 231 aircraft, all latest technology models.

• 79% of the existing fleet is comprised of latest technology aircraft by net book value.

• Delivered 25 new aircraft and signed 90 lease commitments in 9M 2024.

• Committed capex totals $12 billion, supporting future deliveries.

Liquidity, balance sheet, and capital structure

• Total liquidity of $5.5 billion as of June 2024.

• Total assets reached $24.3 billion, with equity surpassing $6 billion for the first time.

• Gross debt to equity ratio improved to 2.7x.

• Issued $500 million of 7-year bonds at a 4.65% coupon in August 2024.

• Maintains A- credit ratings from S&P and Fitch.