DAE announces financial results for the nine months ended September 30, 2022

DAE announces financial results for the nine months ended September 30, 2022

Dubai, U.A.E. – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the nine months ended September 30, 2022. The consolidated financial statements can be found here.

Selected Financial Highlights:

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Nine Months Ended

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US$ millions

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Sep 30, 2022

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Sep 30, 2021

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Total Revenue

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853.9

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925.3

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Profit for the period before exceptional items (1)

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203.6

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90.5

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Operating Cash Flow

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956.6

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799.7

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Exceptional Items, net of tax

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(537.9)

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-

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Adjusted Pre-Tax Profit Margin (1)(2)

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23.5%

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14.5%

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Adjusted Pre-Tax Return on Equity (1)(2)

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8.7%

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6.0%

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As at

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US$ millions

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Sep 30, 2022

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Dec 31, 2021

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Total Assets

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11,320.1

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12,609.6

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Net Loans and Borrowings

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6,950.8

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7,813.7

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Available Liquidity

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2,803.1

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2,910.3

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Net Debt to Equity

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2.35x

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2.54x

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Unsecured Debt Percentage

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72.1%

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69.8%

- 2022 results are adjusted to exclude a net exceptional write-off related to the loss of control of 19 aircraft that are currently in Russia which were previously leased to airlines based in Russia. In compliance with applicable sanctions, DAE terminated the leasing of these aircraft. Accordingly, the Group has written-off its net exposure in respect of the 19 aircraft and this resulted in a net exceptional write-off before tax of US$576.5