Signs new long-term lease agreements for 31 additional aircraft in Q3 2020
Dubai, U.A.E., 04 November 2020 – Dubai Aerospace Enterprise (DAE) Ltd. reported its financial results for the nine months ended September 30, 2020. The consolidated financial statements can be found here.
Commenting on these results, DAE’s Chief Executive Officer, Firoz Tarapore said: “The third quarter of 2020 was characterized by excellent new business origination, strong capitalization, robust liquidity and continuing efforts to assist our clients in this difficult operating environment.
“During Q3 2020, we signed agreements to acquire 31 aircraft with a total value of approximately US$1.1 billion, of which approximately US$0.2 billion was booked in Q3 2020. The remainder will be booked in Q4 2020 and 2021.
“Throughout the quarter, we maintained robust liquidity and ended this period with available liquidity of US$2.1 billion after repaying a US$430 million bond in August. Furthermore, we ended the quarter with strong capital levels – our Net Debt-to-Equity ratio was below 2.5x. Our strong financial condition and our disciplined risk management practices facilitated confirmation of our investment grade ratings from Moody’s (Baa3) and Fitch (BBB-).
“We continue to work with our customers on a case-by-case basis to provide a range of solutions that create value for both our clients and for DAE. As of September 30, 2020, we have provided the following two broad types of assistance to our clients:
“During Q3 2020, our cash collection rate increased to 77% from 69% in Q2 2020. For the nine months ended September 30, 2020 our cash collection rate is 80%”, Mr. Tarapore concluded.
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Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.
DAE’s award-winning leasing division DAE Capital has an owned, managed, and committed to own and manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion. More information can be found on the company’s web site at www.dubaiaerospace.com.
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