DAE said today that it ended 1Q2020 with available liquidity of approximately US$2.8 billion and its owned, managed and mandated-to-manage fleet exceeded 400 aircraft.
During 1Q2020, DAE sold or novated 15 aircraft, acquired 4 aircraft and transitioned or extended leases on 8 aircraft.
Firoz Tarapore, DAE’s chief executive said, “In these unprecedented times, DAE has positioned itself to operate calmly and to balance the needs of all our important constituents – employees, customers, bondholders and banks, and shareholders.
During the last two years, we raised significant liquidity to protect our business from unforeseen market developments, sold more assets than we acquired to proactively manage our portfolio composition, refrained from placing speculative OEM orders to avoid steep contingent liabilities, and built a large-scale aircraft asset management business to help investors navigate the complexities of committing capital to this sector.
These actions have contributed to the making of a fortified balance sheet. Today, we have over US$2.8 billion of available liquidity and modest liquidity requirements of approximately US$430 million for bond maturity and capex commitments over the next 12 months,” he said.