08 Feb 2024


Net income of US$339 million and record $1.75bn operating cashflow

Dublin | 8 February 2024: Avolon, a leading global aviation finance company, announces results for the full year, 2023.

Income Statement (US$M) Three Months Ended December 31 Year Ended December 31
(US$M) 2023 2022 $ Change % Change   2023 2022 $ Change % Change
Lease Revenue 674 594 80 +13%   2,473 2,337 136 +6%
Operating Cashflow 444 304 140 +46%   1,751 1,207 544 +45%
Adjusted EBITDA* 684 585 99 +17%   2,510 2,375 135 +6%
Net Income 110 41 69 +168%   339 9 330  

Balance Sheet (US$M) December 31, 2023 December 31, 2022 $ Change % Change
Total Available Liquidity 7,228 5,567 1,661 +30%
Total Assets 30,513 30,796 (283) (1%)
Secured Debt / Total Assets 23% 22% 1% N/A
Net Debt to Equity 2.2x 2.3x (0.1x) N/A
  • Net income of US$110 million for the fourth quarter, and US$339 million for the full year, representing a US$330 million increase on FY22 (a 34% increase excluding impact of Russia in FY22);
  • Delivered record operating cashflow of US$1.75 billion, up 45% on FY22;
  • 6% increase in lease revenue to US$2.5 billion;
  • Raised US$4.9 billion of debt across both the public and private markets;
  • Total available liquidity at year end of US$7.2 billion, including US$690 million of unrestricted cash and US$6.2 billion of undrawn debt facilities;
  • Post quarter end, issued US$1.15 billion of senior unsecured notes maturing 2029;
  • Net debt to equity of 2.2 times, a secured debt to total assets ratio of 23% and over US$16 billion of unencumbered assets; and,
  • Investment grade ratings affirmed by Moody’s, S&P, Fitch and KBRA with Fitch moving Avolon’s BBB- rating to Positive outlook.

*Adjusted EBITDA is a non-GAAP measure. For reconciliation, see Earnings Presentation posted to www.investors.avolon.aero


  • Ordered 200 new aircraft including 100 A321neo, 80 737MAX and 20 A330neo;
  • Underwrote US$4 billion of new volume through the sale and leaseback market;
  • Executed 147 lease transactions comprising new aircraft leases, follow-on leases and lease extensions;
  • Delivered 43 new aircraft and transitioned 30 aircraft to 22 customers;
  • Sold 31 aircraft and ended the year with 25 aircraft agreed for sale;
  • Added 10 new customers, giving a total of 146 airline customers operating in 65 countries;
  • Ended the year with an owned, managed and committed fleet of 1,035 aircraft, including orders and commitments for 458 fuel-efficient, new technology aircraft; and,
  • Affirmed Sustainalytics rating at 16/’Low Risk’ and supported a feasibility study into the production of Sustainable Aviation Fuel in Ireland in partnership with Boeing and ORIX Aviation. Avolon’s Sustainability Report for 2023 is also published today and can be accessed here.

Andy Cronin, Avolon CEO, commented:

“Robust demand for aircraft, combined with continued undersupply, provided a tailwind to placing our orderbook and used aircraft at attractive lease rates, which will drive future profitability. Record operating cashflow and a sharp increase in net income are testament to our success in 2023. The orders made for 200 new technology aircraft during the year strengthen our delivery pipeline and provide embedded growth to support our customers into the next decade. Against an attractive market backdrop, Avolon has an industry-leading platform and robust balance sheet to drive future earnings growth.”

For Further Information Please Contact

David Breen / Joe Brennan
Avolon Investor Relations
[email protected]
T: +353 1 231 5800

Douglas Keatinge
Avolon Head of Communications
[email protected]
T: +353 86 037 4163

2023 Sustainability Report