PHOTO
Dubai, U.A.E. – Dubai Aerospace Enterprise (DAE) Ltd. reported its financial results for the six months ended 30 June 2020. The consolidated financial statements can be found on DAE’s website at dubaiaerospace.com/investors.
Highlights included:
• Total Revenue: US$672.6 million (H1 2019: US$735.2 million)
• Net Income: US$121.7 million (H1 2019: US$197.1 million)
• Pre-Tax Profit Margin: 20% (H1 2019: 29%)
• Pre-Tax Return on Equity: 8.9% (H1 2019: 12.5%)
• Net Debt-to-Equity: 2.51x (Year-end 2019: 2.64x)
• Unsecured Debt as a percentage of Total Debt: 62% (Year-end 2019: 62%)
• Available Liquidity: US$2,818 million (Year-end 2019: US$2,404 million)
• Unencumbered Assets: US$6.5 billion (June 2019: US$6.1 billion)
• Fleet Utilization: 99.2% (June 2019: 99.3%)
Commenting on the financial results, Firoz Tarapore, Chief Executive Officer of DAE, said: “Our financial results for the first half of 2020 were characterized by excellent and abundant liquidity, strengthening balance sheet and lower reported profitability. The reported Net Income in H1 2020 was lower attributable primarily to 23 fewer aircraft in the Owned Aircraft portfolio, fewer asset sales resulting in lower gains on sale of assets, reduced finance income, and higher provisions for trade receivables offset by lower interest expense.
To date, we have provided meaningful rent deferral solutions that created value for both our clients and DAE. As of July 31, 2020, we have granted rent deferral requests from 34 airlines totaling aggregate rent of approximately 16% of annual reported revenue. We are currently evaluating rent deferral requests from an additional 24 airlines totaling aggregate rent of approximately 13% of annual reported revenue. We expect to provide additional assistance to our clients and we also expect arrears to climb.
As of June 30, 2020, we had US$2.8 billion of cash and available liquidity. During the first half of the year, we repurchased US$187 million of our bonds and have US$229 million of remaining repurchase authorization.
Fitch Ratings affirmed our investment grade unsecured debt rating in early July.”, Tarapore concluded.
About DAE
Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.
DAE’s award-winning leasing division DAE Capital has an owned, managed, committed and mandated to manage fleet of approximately 400 Airbus, ATR and Boeing aircraft with a fleet value of US$15 billion. More information can be found on the company’s web site at www.dubaiaerospace.com.
For further information, please contact:
Media
Arne Bevaart
+971 4 428 9591
press.office@dubaiaerospace.com
Fixed Income Investors
Sinan Kahya
+971 4 428 9593
investorrelations@dubaiaerospace.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
