Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the year ended December 31, 2021.
Selected Financial Highlights:
| Full Year | ||
| US$ millions | 2021 | 2020 |
| Total Revenue | 1,238.3 | 1,300.3 |
| Adjusted Profit Before Tax (1) | 196.6 | 250.2 |
| Operating Cash Flow | 1,143.0 | 867.9 |
| Adj. Pre-Tax Profit Margin (1) | 15.9% | 19.2% |
| Adj. Pre-Tax Return on Equity (1) | 6.7% | 8.4% |
| Collection Rate (2) | 94% | 86% |
| Year End | ||
| US$ billions | 2021 | 2020 |
| Net Debt-to-Equity | 2.54x | 2.57x |
| Available Liquidity | 2.9 | 2.7 |
| Unsecured Debt Percentage | 69.8% | 62.6% |
- Adjusted to exclude one-time bond redemption costs of US$38.3 million incurred during the year ended December 31, 2021.
- Collection Rate is defined as the sum of all cash collected from lease rentals as a percentage of the total contracted receivables due for the period after incorporating the effect of any lease amendment or deferral agreements executed as of December 31, 2021.
Selected Business Highlights:
- Ordered and placed on long-term lease 14 Boeing 737 MAX 8 aircraft
- Increased the number of aircraft under management to 79
- Recorded highest annual revenue and aircraft maintenance events at DAE Engineering
- Awarded the ESG Industry Top-Rated and ESG Regional Top-Rated accreditations for 2021 from Sustainalytics
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results for the full year are indicative of the of the actions we took over the last year to strengthen the franchise. We ended the year with a robust balance sheet, exceptional liquidity, high fleet utilization, and are positioned well to capture opportunities for growth as markets reopen in 2022.
“Requests for relief and support from our clients have stabilized. Our collection rate returned to 100% in the final quarter of 2021. Our operating cashflow for the year increased to US$1,143.0 million in the year, up from US$867.9 million in 2020. The amount of capital DAE deployed both for our own balance sheet and for our aircraft investor partners since the onset of the pandemic passed US$3.0 billion.
“We placed an order with Boeing for new, fuel-efficient aircraft, which we have all been placed on long-term leases. We transitioned narrow- and wide-body aircraft in difficult market conditions to provide capacity to carriers who wanted to be ready for resumption of demand. We refinanced a record amount of debt to lower our interest expense and stagger debt maturities.
“DAE Engineering is seeing record revenue and demand for airframe maintenance, repair, and overhaul (MRO) services. We passed one million man-hours billed in 2021 for the first time in our history, and inducted a record 360 aircraft in 2021.”
Webcast and Conference Call
In connection with DAE’s full year 2021 earnings release, management will host a conference call on February 09, 2022 at 09:00 EST / 14:00 GMT / 18:00 GST / 22:00 SGT.
About DAE:
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: Aircraft Leasing and Engineering. Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
DAE’s award-winning Aircraft Leasing division has an owned, managed, committed, and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion. DAE’s Engineering division serves customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 13 aircraft types and has regulatory approval from over 25 regulators globally.
