Avolon has posted a $37 million loss for 2020, from a $725 million profit in 2019.
The Dublin-based lessor saw lease revenue decline 13% year-on-year to $2.28 billion, while its total assets increased 5% to $30.84 billion.
During the year it entered into sale and leaseback commitments for 44 aircraft, delivered 57 new aircraft and transitioned 10 aircraft.
It also sold 29 aircraft, three of which were managed.
At year-end its owned and managed fleet numbered 572 aircraft with an average age of 5.3 years and average remaining lease term of 6.8 years.
To shore up its balance sheet and protect liquidity during 2020, Avolon reduced its near-term debt maturities by $1.4 billion, and reduced capital and debt principal commitment from 2020-24 by more than $9.5 billion.
This included a reduction of 100 aircraft purchase commitments from 2020 to 2023.
Also in 2020 the lessor raised $4.4 billion of debt at an average interest rate of 3.7%.
“We worked closely with our customers to provide support while also prudently managing our own capital position. We proactively re-aligned our capital commitments and addressed near term debt maturities to position our business for what we anticipated to be a gradual recovery,” said Avolon chief executive officer Domhnal Slattery.
The lessor finished the year with $6.88 billion of available liquidity, up 20% from a year earlier. This was further bolstered in January when Avolon issued $1.5 billion of senior unsecured notes.