• Stable rental income of £182mn
• Operating profit up 3 per cent to £57.9mn
• 47 per cent share price discount to NAV
• 13.3 per cent dividend yield
Annual results from aircraft leasing fund Amedeo Air Four Plus (AA4: 60p) highlight an improving financial performance from its leases and market values of its aircraft.
The fund owns a fleet of six A380 and two 777-300ER aircraft (leased to Emirates) and four A350-900s aircraft (leased to Thai Airways). They have a carrying valuation of £872mn, generate annual rental income of £182mn and produce a net profit of £57.9mn before net finance costs of £27.6mn (excluding fair value movements on interest rate derivatives used for hedging).
