DOCSLIB.ORG

2020 Interim Results Review

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2020 Interim Results Review 2020 INTERIM RESULTS REVIEW AUGUST 2020 Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities. Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither BOC Aviation nor any of its affiliates, advisors, agents or representatives including directors, officers and employees shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This document is highly confidential and is being given solely for your information and for your use and may not be shared, copied, reproduced or redistributed to any other person in any manner. This document may contain “forward-looking statements”, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “will”, “would”, “aim”, “aimed”, “will likely result”, “is likely”, “are likely”, “believe”, “expect”, “expected to”, “will continue”, “will achieve”, “anticipate”, “estimate”, “estimating”, “intend”, “plan”, “contemplate”, “seek to”, “seeking to”, “trying to”, “target”, “propose to”, “future”, “objective”, “goal”, “project”, “should”, “can”, “could”, “may”, “will pursue” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond BOC Aviation’s control that could cause the actual results, performance or achievements of BOC Aviation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Neither BOC Aviation nor any of its affiliates, agents, advisors or representatives (including directors, officers and employees) intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. Any securities or strategies mentioned herein (if any) may not be suitable for all investors. Recipients of this document are required to make their own independent investigation and appraisal of the business and financial condition of BOC Aviation and/or any other relevant person, and any tax, legal, accounting and economic considerations that may be relevant. This document contains data sourced from and the views of independent third parties. In replicating such data in this document, BOC Aviation does not make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should not be treated as an indication that BOC Aviation agrees with or concurs with such views. 2 1H 2020 OVERVIEW 3 A Strong Performance in a Challenging Environment Resilient earnings growth1 Robust balance sheet4 US$323 million 1% US$22.6 billion 14% Net profit after tax Total assets US$0.47 1% US$4.6 billion 1% Earnings per share Total equity Driven by: US$6.69 1% US$1,035 million 11% Net assets per share Total revenues and other income 8.2% Stable Higher interim dividend per share Net lease yield2 US$366 million 7% US$0.1398 1%6 Core lease rental contribution3 Interim dividend per share5 US$354 million 1% Profit before tax All data as at 30 June 2020 Notes: 1. Compared to the first six months of 2019 unless otherwise indicated 2. Calculated as operating lease rental income less finance expenses apportioned to operating lease rental income, divided by average of aircraft net book value (including aircraft held for sale). Net lease yield for 1H 2020 is calculated on an annualised basis 3. Calculated as operating lease rental income and finance lease interest income less aircraft depreciation, finance expenses apportioned to operating lease rental income and finance lease interest income, amortisation of deferred debt issue costs and lease transaction closing costs 4. Compared to the year ended 31 December 2019 5. Payable to shareholders registered at the close of business on the record date, being 6 October 2020 4 6. Compared to US$0.1388 paid for 1H 2019 Achieved First Half Growth Across the Business • Recorded new milestones1: • Committed to purchase 900 aircraft • Signed more than 1,000 lease commitments • Signed 76 lease commitments • All aircraft scheduled for delivery from our orderbook before 2023 have been placed with airline customers • Took delivery of 23 aircraft2 • 20 via purchase-and-leaseback, three from aircraft manufacturers2 • Sold five owned aircraft • Ended June 2020 with total fleet of 571 comprising 334 owned, 40 managed and 197 on order • Portfolio utilization of 99.8% and collection rate of 88.8% • Average fleet age of 3.5 years3 • Average remaining lease term of 8.5 years3 • Total expected capital expenditure of close to US$6 billion for 2020 • We expect total capital expenditure of US$3 billion for 2H 2020 • Utilised US$3.8 billion in bonds and term loans in 1H 2020 • Total liquidity of US$4 billion as at 30 June 2020 • S&P Global Ratings and Fitch Ratings have reaffirmed our credit ratings of A- A resilient performance in a difficult environment All data as at 30 June 2020 unless otherwise indicated Notes: 1. Since the Company’s inception in 1993 2. Including one aircraft acquired by an airline customer on delivery 3. Weighted by net book value of owned fleet including aircraft on leases classified as finance leases 5 Stable Revenues and Earnings Growth Fleet and other income growth underpins Rising core lease rental contribution1 growth in revenues US$ million US$ million 366 341 1,035 327 930 825 264 228 670 579 1H 2016 1H 2017 1H 2018 1H 2019 1H 2020 1H 2016 1H 2017 1H 2018 1H 2019 1H 2020 Continuing PBT Growth Stable NPAT performance US$ million US$ million 321 323 352 354 297 329 269 240 240 212 1H 2016 1H 2017 1H 2018 1H 2019 1H 2020 1H 2016 1H 2017 1H 2018 1H 2019 1H 2020 All data as at 30 June 2020 Note: 1. Calculated as operating lease rental income and finance lease interest income less aircraft depreciation, finance expenses apportioned to operating lease rental income and finance lease interest income, amortisation of deferred debt issue costs and lease transaction closing costs 6 Lease Rental Income Continues to Dominate Revenue Lease rental income consistently over 85% of total revenues and other income US$ million Net gain on sale of aircraft 1,035 930 2.5% 121 Interest, fee income and 76 26 others 22 11.7% 832 888 1H 2019 1H 2020 Lease rental income Net gain on sale of aircraft Lease rental income Interest, fee income and others 85.8% Depreciation of aircraft plus financing costs make up >80% of total costs US$ million 681 Other variable costs Other fixed costs 5.1% 579 123 6.1% 70 Provision for doubtful 220 213 debt 6.8% 338 Aircraft costs1 296 49.7% 1H 2019 1H 2020 Finance expenses 1 32.3% Aircraft costs Finance expenses Other costs All data as at 30 June 2020 Note: 1. Comprises aircraft depreciation and impairment 7 Core Leasing Business Supports Earnings Growth Around 70% of PBT is from core lease rental We have a long average remaining lease contribution1, net of costs term4 Net gain on sale of aircraft Number of years 7% Interest and fee 8.5 income2 8.2 8.3 8.4 11% 7.3 Others 13% Core lease rental contribution, net of costs 69% 2016 2017 2018 2019 1H 2020 and reflects continued investment in our fleet and high future committed lease revenue US$ billion (0.2) (0.3) US$ billion 1.0 19.0 15.3 16.0 16.4 16.3 billion 12.3 17.3 16.8 unchanged since 1 Jan 2020 3 Aircraft NBV Additions Sales Aircraft Aircraft NBV 2016 2017 2018 2019 1H 2020 at 1 January costs at 30 June 2020 2020 All data as at 30 June 2020 Notes: 1. Calculated as operating lease rental income and finance lease interest income less aircraft depreciation, finance expenses apportioned to operating lease rental income and finance lease interest income, amortisation of deferred debt issue costs and lease transaction closing costs 2. Calculated as interest and fee income less finance expenses apportioned to interest and fee income 3. Comprises aircraft depreciation and impairment 4. Weighted by net book value of owned fleet including aircraft on leases classified as finance leases 8 Maintained Stable Net Lease Yield Lease rate factor1 reflects large amount of new Cost of debt3 reflects lower floating rates and business added in 1H 2020 active fund raising at lower rates 10.3% 10.5% 10.8% 10.7% 10.4% 3.6% 3.3% 3.2% 2.8% 2.5% 2016 2017 2018 2019 1H 2020 2016 2017 2018 2019 1H 2020 Fixed rate leases continue to dominate2 Maintained stable net lease yield4 By net book value 8.3% 8.5% 8.6% 8.4% 8.2% 17% 16% 34% 24% 46% 83% 84% 66% 76% 54% 2016 2017 2018 2019 1H 2020 2016 2017 2018 2019 1H 2020 Fixed rate Floating rate All data as at 30 June 2020 Notes: 1.
Load more

Recommended publications
  • Flying Outside The
    ISSN 1718-7966 June 26, 2017/ VOL. 596 WEEKLY AVIATION HEADLINES Read by thousands of aviation professionals and technical decision-makers every week www.avitrader.com WORLD NEWS Ryanair launches connecting flights in Milan Ryanair, the largest airline in Italy ex- tended its connecting flights service to Milan Bergamo Airport, providing Ryanair customers with an expanded route choice, and the opportunity to book and transfer directly onto con- necting Ryanair flights. This come following the successful launch of connecting flights at Rome Fiumicino last month. In other news Ryanair (Europe) announced the purchase of 10 more Boeing 737 Max 200 “Ga- mechanger” aircraft, 5 of which will deliver in the first half of 2019, with the second 5 delivering in the first half of 2020. Airbus unveiled new innovations Nasmyth Group opens new met- in Paris. al treatment facility in California Pegasus Nasmyth Group announces Photo: Airbus the opening of a new metal surface treatments facility in the Santa Clarita Flying outside the box Valley (SCV) in Valencia, California, sig- OEMs spread their wings at Paris nificantly expanding Nasmyth TMF’s footprint and ability to deliver services This year’s Paris Air Show was rela- unit), would allow an aircraft fitted unit also sends data automatically to aerospace and defence clients in the tively upbeat in terms of orders espe- with it to taxi without using its jet into efficiency applications such as USA. The processing line will be able to cially by the big two Boeing and Air- engines or requiring airport tractors weather, flight planning, logbooks, operate 24 hours a day, seven days a bus but the common theme across or tugs.
    [Show full text]
  • Annual Report 2008
    Annual Report 2008 BABCOCK & BROWN AIR LIMITED Babcock & Brown Air Limited (B&B Air) acquires and leases modern, high- demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. B&B Air is managed and serviced by Babcock & Brown Aircraft Management (BBAM), the world’s fourth largest aircraft leasing company. As our servicer, BBAM arranges and manages the leases of our fleet and acquires and divests our aircraft. BBAM has more than 20 years of experience in aircraft and lease origination, re-marketing, administration, technical management and disposition. BBAM manages a fleet of approximately 300 commercial aircraft valued at more than $7.8 billion, leased to 80 airlines in 35 countries. BBAM’s established leadership position in the aircraft leasing industry, its experienced senior management team and its extensive relationships throughout the world allow us to maximize the value of our portfolio throughout its life cycle by acquiring aircraft economically, accessing the most attractive markets, re-marketing our aircraft efficiently when leases expire and disposing of our aircraft for the best value when market conditions warrant. 1 LETTER From THE CHAIRMAN AND THE CEO Dear Fellow Shareholders, We are pleased to report on B&B Air’s first year as a public company. In 2008, B&B Air produced strong financial results. Our net income was $48.1 million, or $1.44 per share, on revenues of $236.1 million. During the year our unrestricted cash balance increased by $41.2 million to $56.8 million, after returning nearly $74 million to shareholders through a combination of dividends and share repurchases.
    [Show full text]
  • UBS Business Services, Leisure and Transport Conference 2018
    UBS Business Services, Leisure and Transport Conference 2018 London September 2018 Disclaimer This presentation contains general background information about the activities of BOC Aviation Limited (“BOC Aviation”), current as at the date hereof. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. The information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. None of BOC Aviation or any of its affiliates, advisers or representatives (including directors, officers and employees) shall have any liability whatsoever for any loss whatsoever arising from any use of this document or its contents or otherwise arising in connection with this document (whether direct, indirect, consequential or other). No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • UBS Virtual Transport and Logistics Day 2021
    UBS Virtual Transport and Logistics Day 2021 18 MAY 2021 Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities. Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • Daiwa Investment Conference Hong Kong 2020
    Daiwa Investment Conference Hong Kong 2020 30 NOVEMBER 2020 Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities. Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • Financial Institutions BOC Aviation Limited Credit Report
    Financial Institutions Singapore BOC Aviation Limited Credit Report Ratings Overview LTICR ............................................. A- We have assigned a first-time global-scale long-term issuer credit rating (LTICR) of ‘A-’ to BOC Aviation Limited (BOC Aviation) with a Stable Outlook. Outlook ................................... Stable The rating incorporates a standalone credit profile (SACP) of ‘bbb’, which reflects BOC Aviation’s strong operating profile, robust funding capabilities, resilient earnings outlook, and seasoned management. In addition, the rating considers the extraordinary support from the company’s parent, Bank of China Ltd (BOC). We are of the view that BOC has a strong willingness to support BOC Aviation in a distressed scenario, given the latter’s status within the group and potential reputation risks associated with any failure of this subsidiary. Contents These strengths are partially offset by BOC Aviation’s asset-heavy balance sheet, increasing cost of debt as it adjusts its funding structure, and uncertainties around Overview .......................................... 1 Boeing 737 MAX deliveries. However, we note that many of these credit characteristics are intrinsic to the aircraft leasing industry and BOC Aviation’s Financial Summary........................... 1 standalone profile compares favorably with its peers’ globally. Key Rating Factors ........................... 2 The Stable Outlook reflects our opinion that, despite a potentially more challenging NBFI Industry Credit Index (NICI) .... 3 global economic environment, the company’s profitability, capitalization and asset quality are likely to remain commensurate with our expectations for the current rating Business Profile Assessment ........... 5 level in the next 12 months. Capital Formation ............................. 6 We would consider a downgrade if BOC Aviation’s financial profile is materially Capital Adequacy ............................
    [Show full text]
  • Aviation Industry Leaders Report 2021: Route to Recovery
    The Aviation Industry Leaders Report 2021: Route to Recovery www.aviationnews-online.com www.kpmg.ie/aviation KPMG REPORT COVERS 2021.indd 1 20/01/2021 14:19 For what’s next in Aviation. Navigating Change. Together. Your Partner For What’s Next KPMG6840_Aviation_Industry_Leaders_Report REPORT COVERS 2021.indd 2021 2 Ads x 4_Jan_2021.indd 4 19/01/202120/01/2021 15:37:29 14:19 CONTENTS 2 List of 10 Regional Review 24 Airline Survivorship 36 Return of the MAX 54 Chapter Four: The Contributors and Post-Covid World Acknowledgements Chapter One Assessing which Boeing’s 737 MAX incorporates a regional airlines will survive the aircraft was cleared for The recovery from 4 Foreword from Joe review of the aviation immediate health crisis return to service after the devastation the O’Mara, Head of market. and the subsequent the US Federal Aviation coronavirus pandemic Aviation, KPMG recovery period has Administration officially has wrought on the 18 Government rescinded the grounding world is expected to be Ireland become an essential Lifelines skill for lessors, lenders order. Industry experts slow but how will the 6 Chapter One: and suppliers. discuss the prospects new world environment This section takes a for the aircraft type and impact demand for air Surviving the Crisis deep dive into the levels 28 Chapter Two: Fleet how it will be financed. travel. This chapter also of government support considers the impact This chapter considers Focus for the aviation industry 44 Chapter Three: The of climate change the macroeconomic and around the world and Airlines are likely to Credit Challenge concerns on the aviation geopolitical shock of the considers its impact emerge from the crisis coronavirus pandemic industry.
    [Show full text]
  • Janfeb 2009.Qxd
    Aviation Strategy Issue No: 155 September 2010 Up, up and ...? CONTENTS he air transport industry is remarkably resilient. It can get knocked Toff its long term growth path by extraneous events, but bounces back. The global recession sparked off by the collapse of Lehman Bros two years ago had a dramatic impact on the industry: 2009 saw a Analysis decline in overall traffic volumes of 3-4%, with a slightly higher rate of decline in international traffic, to mark only the second year in the Traffic and yields industry's history that traffic had actually fallen. Yields however col - in the upturn 1-2 lapsed by an astonishing 13% - the largest annual decline experienced in the industry's history, although partly because fuel prices also fell in the period – and it is estimated that the industry generated an operat - Leasing market in recovery mode: ing loss of $1.2bn and a net loss of nearly $10bn for the year. Annual survey of the major players We are now surely in the upturn of the cycle. Since the beginning and new entrants in aircraft leasing of 2010 the year-on-year rate of growth has been far better than 3-13 many might have expected – with the exception of the disruption caused by the closure of European air-space in April following the eruption of an unpronounceable Icelandic volcano. IATA has report - Briefing ed an average growth in RPKs of 8% on international traffic since January against a relatively muted growth in capacity. Load factors LAN/TAM merger: rebounded to over 80% in July, three points higher than the previous Two local leaders become year, while the average improvement in load factors so far this year global LATAM 14-19 has averaged five percentage points.
    [Show full text]
  • Aircraft Financing (US): Overview
    Resource ID: W-001-5042 Aircraft Financing (US): Overview PRACTICAL LAW FINANCE WITH RICHARD FUREY, HOLLAND & KNIGHT LLP, BASED ON AN ORIGINAL ARTICLE BY MARA ABOLS, DARCY BINDER, JAMES HAYDEN AND CHRISTIAN HANSEN OF WHITE & CASE LLP Search the Resource ID numbers in blue on Westlaw for more. An overview of aircraft financing and the The different national and sub-national laws and regulations and challenges posed by these transactions. international treaties and conventions that must be taken into account when structuring and documenting aircraft financing This Note also discusses the parties typically transactions. The interrelationship among these different laws, involved in aircraft financing transactions and regulations, and treaties create significant complexity that must be considered when negotiating these transactions. For more their roles, including manufacturers, owner information on these issues, see Practice Note, Aircraft Financing: trustees, lessees, export credit agencies, and US and International Laws, Regulations and Registration Requirements (W-001-6310). development banks. The potential liability for participants involved in aircraft financing transactions in case of an accident or other loss event. The illiquid nature of the aviation market. There are not many Aircraft or aviation financing is the financing of the purchase and potential buyers of the aircraft if there is a default under the loan operation of one or more aircraft and related assets, by an airline, agreement, indenture or lease, as applicable. Even if a buyer can aircraft lessor or other entity using one of a variety of financing be secured: structures. Depending on the needs of the participants, the financing zthe cost of transferring ownership to that buyer may be may be structured as a secured loan, a debt offering, or a lease significant; and (whether an operating lease or finance lease).
    [Show full text]
  • Boc Aviation Investor Update
    BOC AVIATION INVESTOR UPDATE JANUARY 2020 Disclaimer This presentation contains information about BOC Aviation Limited (“BOC Aviation”), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities. Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
    [Show full text]
  • Buy BOC Aviation
    Deutsche Bank Markets Research Rating Company Date 5 December 2016 Buy BOC Aviation Initiation of Coverage Asia Singapore Reuters Bloomberg Exchange Ticker Price at 1 Dec 2016 (HKD) 39.00 Banking / Finance 2588.HK 2588 HK HSI 2588 Price target - 12mth (HKD) 48.50 Other Financial Services 52-week range (HKD) 43.30 - 36.58 Straits Times Index 2,905 Sustaining profitability; initiating with Jacky Zuo Hans Fan, CFA Buy Research Associate Research Analyst (+852 ) 2203 6255 (+852 ) 2203 6353 The 5th largest global aircraft lessor about to re-lever up; Buy with HK$48.5 TP [email protected] [email protected] We expect BOCA to start a rapid fleet expansion with the asset base growing 17-20% yoy in 2016-18E to reach a 3.5x debt-to-equity ratio at end-FY18 (vs. 1H16: 2.9x after HK IPO). We expect the fast growth to be supported by its Price/price relative large order book (~100% of the existing fleet), high Asian exposure (55% of 45 lease portfolio), strong funding capability (2% funding cost) and young fleet 44 (3.3 years). We forecast the lessor to sustain pre-IPO profitability with average 42 ROE of 14.5% in 2016-18E. We initiate with Buy and a target price of HK$48.5. 41 39 We believe the stock may play catch-up after the recent rally of its US peers. 38 36 A new phase of growth 6/16 BOCA targets to raise leverage back to the pre-IPO level, i.e. 3.5-4.0x debt-to- BOC Aviation equity by the end of 2018.
    [Show full text]
  • Israel I. Sanchez Partner | Miami Israel I
    Israel I. Sanchez Partner | Miami Israel I. Sanchez is a Partner in the Global Transport Practice of Smith, Gambrell & Russell, LLP. Mr. Sanchez’s primary areas of practice are aviation and aircraft finance, leasing, structured finance, and corporate law. Israel has experience in the structuring, drafting and negotiation of financing and leasing transactions (including tax-based leveraged and cross border leasing, synthetic and operating leases), workouts, restructuring and bankruptcy matters on behalf of banks, financial institutions, lessors, lessees, owner trustees, guarantors, manufacturers and purchasers and sellers of equipment (including commercial, regional, corporate and cargo aircraft, aircraft engines and spare parts). He also has particular experience in all aspects of financing and leasing of business Contact Information jet aircraft and fractional interest ownership programs. p: 786-522-2540 f: 786-522-2612 Representative Experience: e: [email protected] • Representation of Volaris in connection with the negotiation Areas of Practice of operating lease transactions with various aircraft and engine Global Transport lessors including AWAS, BOC Aviation, ILFC, SMBC Aviation Capital, Financing and Commercial Jackson Square Aviation, CIT, Avolon, Amentum, Macquarie, GE Transactions Capital Aviation, and ELFC. Mergers & Acquisitions • Representation of Volaris in connection with the negotiation of Structured Finance Airbus A320 aircraft family purchase agreements with Airbus Corporate Law S.A.S. • Representation of Copa Airlines
    [Show full text]