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Avolon: 2020 Full Year Results
February 11, 2021 GMT
Avolon, the international aircraft leasing company, announces results for the 2020 full year.
Consolidated financial statements for the year ended 31 December, 2020 have been prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”). The supplemental schedule in the appendix to Avolon’s financial statements explains the principal adjustments made by Avolon in restating its IFRS financial statements under US GAAP.
2020 | FINANCIAL HIGHLIGHTS
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- Raised $4.4 billion of debt during 2020 at an average cost of 3.7%;
- Post financial year-end, in January 2021, issued $1.5 billion of senior unsecured notes at Avolon’s lowest ever public coupon;
THE chairman of Dublin-based aircraft leasing giant Avolon – HNA joint chief executive Adam Tan – has stepped down from the role to assist the re-organisation of the troubled Chinese conglomerate.
HNA is an indirect shareholder in Avolon. Bohai Leasing owns 70pc of Avolon, while HNA owns just over 52pc of Bohai.
HNA is facing bankruptcy after a years-long spending spree that saw it splash out tens of billions of euro on a range of assets.
It owns Hainan Airlines, considered HNA’s flagship business.
Three units of HNA claimed recently that about €8bn had been embezzled by shareholders.
Bohai Leasing acquired Avolon in 2016 as a flood of Chinese money entered the aircraft leasing market. A 30pc stake in Avolon was bought by Japanese financial services group Orix in 2018.