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Powered by CFM56-5A engines, Air Canada's A319 is seen soaring high above the clouds. Air Canada has 10 leases with GECAS on its fleet of CFM-powered A319s.
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GE Capital Aviation Services (GECAS) had another record year in 2000. We grew net income and net earning assets more than 20% in 2000. We took delivery of, and placed with airlines, 65 new aircraft from Boeing and Airbus, and we financed almost $4 billion worth of aircraft. We also placed incremental orders for aircraft from Boeing, Airbus and regional jet manufacturers Embraer, Bombardier and Fairchild Dornier. These aircraft will be delivered over the next seven years, assuring us of access to the latest aviation technology for our customers.
In 2000, GECAS continued to find financing solutions that met the needs
of our global customers. We provided financing for incremental Boeing and Airbus aircraft to meet Air Canada's growth requirements in connection with its merger with Canadian Airlines. We also provided 20 new 737-700s to WestJet Airlines to support its development as a low-cost airline in Canada. In the United States, GECAS provided comprehensive financing solutions to both American Trans Air (25 aircraft) and Frontier Airlines (19 aircraft).
Our success in 2000 also was demonstrated in our ability to continue diversifying our product offering. To solidify our position as one of the world's premier aviation solutions providers, GECAS acquired PK AirFinance, a first-rate aircraft debt provider based in Luxembourg. We also acquired an equity stake, along with GE Equity, in Carmen Systems AB, which is providing world-class, technology-driven operations solutions for the world's airlines.
Finally, we made great progress in 2000 by continuing our double-digit productivity of recent years. We are stretching to achieve record-breaking productivity in 2001 by re-engineering and Web-enabling all of our core processes. Our goal is to be a paperless organization by year-end 2001. To make certain that our customers share these benefits, GECAS is pioneering 24-hour Web-based functionality for our customers.
GECAS takes great pride in its record of growth, but our team understands that to continue to grow, we must bind our own passion for growth with an unrelenting passion for helping our customers succeed.
www.gecas.com
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