Avation PLC TRADING UPDATE (7896Y)
10 Maggio 2023 - 8:00AM
UK Regulatory
TIDMAVAP
RNS Number : 7896Y
Avation PLC
10 May 2023
Via RNS and SGXNET
AVATION PLC
("Avation" or "the Company")
TRADING UPDATE AND FULL UTILISATION
Avation PLC (LSE: AVAP) , the commercial passenger aircraft
leasing company, is pleased to announce that it has entered into a
new lease agreement for its final remaining aircraft from
inventory. The ATR72-600 aircraft has been leased to an airline in
the Pacific at a market rate for six years and is scheduled for
delivery in July 2023.
Trading Update
In placing on-lease the last remaining inventory aircraft, all
of Avation's aircraft, which were repossessed during the COVID-19
pandemic and became "off-lease" aircraft are now placed or have
been sold. Since inception in 2006 Avation has purchased a total of
73 aircraft, has sold a total of 37 and traded two aircraft
purchase options. Avation has also successfully transitioned a
total of 13 aircraft between airlines.
Avation expects the global passenger market capacity to recover
to 2019 levels by the end of calendar 2023 as stated by Cirium an
aviation industry consultancy.
Cost of Borrowing
Avation's weighted average cost of borrowing as at 31 March 2023
is 6.08% (unaudited) and 99% (unaudited) is hedged. Avation's net
asset value per ordinary share as at 31 December 2022 is USD $3.42
(unaudited).
ATR and SAF
The Company is encouraged by ATR's target to certify ATR
aircraft to be capable of using 100% sustainable aviation fuel
("SAF") by 2025. This enables ATR aircraft to remain compliant with
any EU regulations which may require aircraft fuel to include a
certain proportion of SAF, such as the regulations currently being
considered by the EU Commission. Avation PLC is one of the leading
aircraft lessors for ATR aircraft and we look forward to delivering
our two orders and 28 purchase rights for ATR aircraft over the
coming years which should help to reduce aviation CO(2)
emissions.
Finance Costs
Avation's Executive Chairman, Jeff Chatfield said: "Avation now
has no remaining aircraft unleased in inventory as the Company has
entered into a lease agreement with a new airline customer, with
the aircraft scheduled to be delivered in July 2023 on completion
of technical checks. We expect Avation's cost base to improve in
the next financial year as the holding cost of inventory is now
eliminated and reconfiguration and transition costs have all been
reduced."
-ENDS -
Enquiries:
Avation PLC - Jeff Chatfield, Executive Chairman +65 6252 2077
Avation welcomes shareholder questions and comments and advises
the email address for questions is: investor@avation.net and the
Company provides an investor Q & A during the conference call
associated with release of results. The head office telephone
number is +65 62522077.
Notes to Editors: Avation PLC is an aircraft leasing company,
headquartered in Singapore, owning and managing a fleet of
commercial passenger aircraft which it leases to airlines around
the world. More information on Avation is available at
www.avation.net .
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END
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May 10, 2023 02:00 ET (06:00 GMT)
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