Operating lessor AerCap says it will receive 50 new technology aircraft in the second half of this year.
The lessor will take delivery of the first of 50 E190/E195-E2 aircraft during the period, becoming the first lessor for the type.
AerCap’s scheduled deliveries (either through purchase and leasebacks and orders) also include 34 Airbus A320neo family aircraft, four A350-900s, five Boeing 737 Max aircraft and six 787-9s. The lessor expects a third of the deliveries to occur in the third quarter and two-thirds of the deliveries in the final quarter.
Chief executive officer Aengus Kelly says capital expenditure (Capex) in 2018 will reach $6 billion, but the lessor is entering a period of high Capex and asset growth.
“Between now and 2020, AerCap expects to invest $15 billion in new technology aircraft,” says Kelly.
In 2019, AerCap will add 87 new aircraft to its portfolio including 42 Airbus A320neo family aircraft, two A350-900s, 17 737 Max aircraft, 12 787-9s and 14 E190/E195-E2. The 2020 delivery schedule includes 49 Airbus A320neo family aircraft, 27 737 Max aircraft, seven 787-9s and 14 E190/E195-E2.
In the second quarter of this year the lessor took delivery of 20 aircraft and total capex reached $1.5 billion. AerCap received 15 A320neo family aircraft, one A350-900 and four 787-9s.
Chief financial officer Peter Juhas says liquidity stood at $11.7 billion at 30 June, a record level for the lessor. Along with AerCap's operating cash flows this gives total sources of $14.9 billion. This represents 1.3 times over its cash flow of $11.1 billion over the next 12 months.
Aercap continues to trade older assets and as a result, average fleet age was 6.6 years at the end of the second quarter, compared with 7.3 years a year ago. By 2020 the AerCap average fleet age will be around six years, says Juhas.
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