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Henry A. Hubschman - President and Chief Executive Officer, GE Capital Aviation Services
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For the team at GE Capital Aviation Services (GECAS), 1999 was another banner year. We delivered strong double-digit revenue and earning asset growth. GECAS customers took delivery of a record 45 new aircraft purchased from Boeing and Airbus and helped to finance another 130 aircraft. Even more importantly, GECAS established itself as much more than just the leading lessor of commercial aircraft. The GECAS team delivered on its pledge to be the world’s premier aviation solutions provider, a pledge which, in the words of one of our customers, demands of us so much more than merely providing aircraft.
In 1999, we made significant progress on our commitment to help our customers meet their fleet and balance sheet objectives. For example, at China Eastern, one of the largest Chinese airlines, GECAS helped the airline reduce its short-term capacity, standardize its fleet around CFM-powered Airbus narrowbodies and generate hard currency. With Scandinavian Airlines System (SAS), we established a joint venture for the acquisition and management of 30 of the airline’s narrowbody aircraft in which GECAS is providing the day-to-day administration and servicing of the aircraft portfolio. We initiated multi-party deals in which customers in Europe, Africa and the U.S. upgraded their fleets to new Boeing 767s, as we removed older 767s and placed them with other airlines. We also financed and leased aircraft being converted to cargo configuration in order to take advantage of the growing demand for freighters. GECAS also provided leveraged lease equity to facilitate the introduction of Canadair regional jets into a leading U.S. regional carrier.
As part of this effort to provide comprehensive solutions to our customers, we also introduced new product and service offerings, responding to our customers’ need for high-value repairable spare parts financing and spare engine leasing. And finally, through our acquisition of a preeminent flight training facility in the U.K., and a subsequent agreement with Cathay Pacific, we are offering our customers a range of training capabilities worldwide. In each instance, the GECAS team understood that our challenge - our commitment - was to help our customers succeed. As we enter 2000, the GECAS team is confident that by helping our customers win, we will continue to prosper.
Visit GE Capital Aviation Services online at: http://www.gecas.com/
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(Click photo to enlarge)
Among the aircraft financed by GECAS in 1999 were 16 GE-powered Canadair Regional Jets for Mesa Airlines, a leading U.S. regional carrier.
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