Total revenue increased by 21% to US $890 million, lease revenue increased by 17% to US $748 million
With a Business Performance result of US $162 million, NAC delivered a 15% return on equity, one of the highest in the industry
Generated cash flow from operations of US $540 million and made investments of US $1 billion
Increased its fleet by 43 aircraft to 480 and total assets by 6% to US $8.2 billion
Announced two new orders at the Paris Air Show for over 100 ATR and Airbus aircraft
Welcomed GIC as a new shareholder
Injection of US $150 million in additional equity from shareholders to support growth and strengthen its balance sheet
Issued the largest private placement of US $786 million in the US by any aircraft leasing company
Successfully raised a total of US $3.1 billion, of which US $1.4 billion was unsecured and increased its unsecured debt to 46% of total debt
Commenting on the company’s performance, Søren M. Overgaard, CEO of NAC said;
“This year’s financial results demonstrate another record year for NAC. We successfully delivered on our strategic initiatives, which is a testament to and a reflection of the hardworking, dedicated, and passionate team at NAC without whom the successful year we delivered would not have been possible.
We would also like to thank our customers around the world for choosing us as their partners and for their confidence in our company. We now lease aircraft to 75 customers in 50 countries. We will continue to refine our customer-oriented approach to ensure that we remain relevant to our customers and take advantage of opportunities as they arise to build our leasing platform across the globe.
In 2019/20, we expect to continue our growth journey and deliver the 24th consecutive year of increased profit – as we remain committed to maintaining our position at the heart of regional aviation.”
In addition, NAC’s CEO Søren M. Overgaard has today informed of his intentions to join NAC’s founder and Chairman Martin Moller’s family office as CEO in the second half of 2020. Søren M. Overgaard will continue as CEO of NAC until he transitions to this role. NAC is the single largest investment in the family office and as such Søren will continue to be involved with NAC after the transition.
About Nordic Aviation Capital
NAC is the industry’s leading regional aircraft lessor serving 75 airline customers in 50 countries. The company provides aircraft to well-established carriers such as British Airways, Air Canada, LOT, Azul, Lufthansa, Garuda, Aeroméxico and airBaltic as well as major regional carriers including Air Nostrum and Widerøe. NAC’s current fleet of almost 500 aircraft includes ATR 42, ATR 72, Bombardier Dash 8, CRJ900/1000, Airbus A220 and Embraer E-Jet family aircraft.
For additional information, please visit us at www.nac.dk
Contact: Søren M. Overgaard +35361432400