Aviation Capital Group (ACG) has announced fourth quarter revenue of $295 million and a net loss of $145 million linked to aircraft stuck Russia after Moscow's invasion of Ukraine.
The US-based lessor said it is "vigorously pursuing insurance claims to recover losses related to our aircraft that remain in Russia" and said it had successfully regained a Boeing 737 MAX from a Russian airline during the period.
Cashflow for the quarter increased by 42% year-on-year to $620 million with a collection rate for the year of over 100%.
ACG said it ended the quarter "with $2.8 billion in immediate liquidity, comprised of $2.6 billion available under our revolving credit facilities and $0.2 billion in unrestricted cash" and funded a $300 million senior unsecured term loan that will mature in December 2027.
ACG said it took delivery of seven new technology aircraft, namely five A320neo and two 737 MAX. It also bought four used aircraft and closed three AFS financing transactions during the quarter.
"As of December 31, 2022, the weighted average age of our owned portfolio was 5.9 years and the weighted average remaining lease term was 6.9 years," ACG said, with its total assets valued at $11.2 billion and a net debt to equity ratio of 2.4 to 1 at the end of 2022.