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2021 Interim Results Review

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2021 Interim Results Review 2021 INTERIM RESULTS REVIEW AUGUST 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. 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 2021 OVERVIEW 3 Another Strong Performance in a Challenging Environment Resilient core business1 Robust balance sheet4 US$1,107 million 7% US$23.9 billion 1% Total revenues and other income Total assets US$557 million 0.4% US$5.8 billion 13% Operating cash flow net of interest2 Total available liquidity US$434 million 5% US$5.0 billion 5% Profit before tax and impairment Total equity charges US$7.19 5% US$344 million 6% Net assets per share Core lease rental contribution3 US$254 million 21% Interim dividend per share Net profit after tax 30% Unchanged US$0.37 21% Interim dividend payout ratio Earnings per share US$0.1098 21%6 All data as at 30 June 2021 5 Notes: Interim dividend per share 1. Percentage changes compared to the first six months of 2020 2. Calculated as net cash flow from operating activities less finance expenses paid 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. Percentage changes compared to the year ended 31 December 2020 5. Payable to shareholders registered at the close of business on the record date, being 4 October 2021 6. Compared to US$0.1398 paid for 1H 2020 4 1H 2021 NPAT Changes vs 1H 2020 Year-on-Year change (US$ million) Growth in revenues Changes in costs Changes in exceptional (+$72m) (-$50m) items (-$88m) 36 (23) (50) 20 39 (16) 16 (72) (16) (3) 323 254 1H 2020 Lease rental Interest and Other Net gain on Depreciation Finance Other costs Impairment Provisions Tax 1H 2021 NPAT income fee income income sale of expenses of aircraft for doubtful NPAT aircraft debts Core leasing business remains strong Due to rounding, numbers presented may not add up precisely to the totals provided 5 Resilient Core Business in 1H 2021 • Recorded more than US$5 billion of cumulative earnings1 • Celebrated our 5th year as a listed company • Annual General Meeting was chaired by new Chairman, Mr. Chen Huaiyu • We welcomed three new directors: Mr. Chen Huaiyu, Mr. Wang Xiao and Mdm. Wei Hanguang • Profitability has improved since the second half of 2020 • US$254 million in 1H 2021 vs US$187 million in 2H 2020 • Executed 72 transactions • Took delivery of 34 aircraft2 • 18 via purchase-and-leaseback, 16 from aircraft manufacturers • Sold nine owned and three managed aircraft • Signed 26 lease commitments • Ended 30 June 2021 with total fleet of 536 • Comprised 377 owned, 37 managed and 122 on order • Average fleet age of 3.7 years3 • Average remaining lease term of 8.1 years3 • Committed to purchase eight Airbus A320NEO aircraft via the PLB market • Improving asset quality • Diversified global customer base of 87 airlines in 38 countries and regions • 100% latest technology aircraft deliveries Strong core business performance in a difficult environment All data as at 30 June 2021 Notes: 1. Since the Company’s inception in 1993 2. Including six aircraft acquired by airline customers on delivery 3. Weighted by net book value of owned fleet including aircraft on leases classified as finance leases 6 Strong Liquidity • Raising debt funding is a core competency of our company • Raised over US$36 billion since January 2007 • The largest Singapore based corporate issuer of USD bonds in aggregate since September 2012 • Raised US$1.5 billion of bonds and US$500 million of bank loans in 1H 2021 • 1H 2021 average cost of debt improved to 2.9% • Total available liquidity of US$5.8 billion positions us well for investment opportunities • US$5.4 billion unutilised credit facilities and US$0.4 billion of cash • Maintaining strong credit ratings • A- credit ratings from S&P Global and Fitch Ratings • Outlook upgraded to stable by S&P Global; maintained at stable by Fitch Ratings Continued to access competitively priced sources of liquidity All data as at 30 June 2021 unless otherwise indicated 7 How We Invest Number of aircraft delivered, purchased and sold Global Opportunistic PLB European Financial acquisitions in the Covid-19 Crisis Crisis down cycle 41 19 13 24 9 16 14 41 45 27 (3) 4 16 6 7 22 17 19 14 31 18 21 43 5 58 61 48 50 18 12 6 5 41 44 (5) 27 31 17 22 22 16 7 14 11 (12) (12) (3) (10) (10) (6) (12) (9) (21) (6) (33) (30) (34) (28) (1) (43) (37) (3) (5) (12) (11) (10) High liquidity Low liquidity Low liquidity High liquidity From orderbook From PLB Owned aircraft sold Acquired by airline lessee at delivery Investing in aircraft through multiple cycles All data as at the end of the relevant period 8 Resilient Performance in a Difficult Market Fleet growth underpins growth in revenues High core lease rental contribution2 US$ million US$ million 366 1,107 341 344 1,035 930 1H 2019 1H 2020 1H 2021 1H 2019 1H 2020 1H 2021 Improving profit before tax and impairment Resilient NPAT performance charges1 US$ million US$ million 434 412 321 323 355 254 1H 2019 1H 2020 1H 2021 1H 2019 1H 2020 1H 2021 All data as at 30 June 2021 Notes: 1. Impairment charges comprise impairment of aircraft and financial assets 2. 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 9 Lease Rental Income Continues to Dominate
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