REG - DP Aircraft I Ltd - Interim Report and Accounts
29/09/2025 13:00
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RNS Number : 2382B DP Aircraft I Limited 29 September 2025
29 September 2025
DP Aircraft I Limited (the 'Company')
Interim Report and Accounts
The Company is pleased to provide a copy of the Unaudited Condensed
Consolidated Interim Report for the six-month period ended 30 June 2025 (the
"Interim Report"), which is available from the Company's registered office and
will shortly be available to view or download from the Company's website
www.dpaircraft.com (http://www.dpaircraft.com)
For further information, please contact:
Aztec Financial Services (Guernsey) Limited +44(0)
1481 748831
Sarah Felmingham / Chris Copperwaite
DP AIRCRAFT I LIMITED
UNAUDITED CONDENSED CONSOLIDATED INTERIM REPORT
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025
CONTENTS
3 Fact Sheet
4 Summary
8 Highlights
10 Chairman's Statement
13 Asset Manager's Report
33 Directors' information
35 Statement of Principal Risks and Uncertainties
37 Statement of Directors' Responsibilities
40 Consolidated Statement of Comprehensive Income
(Unaudited)
41 Consolidated Statement of Financial Position (Unaudited)
42 Consolidated Statement of Cash Flows (Unaudited)
43 Consolidated Statement of Changes in Equity (Unaudited)
44 Notes to the Unaudited Condensed Consolidated Financial
Statements
62 Company Information
FACT SHEET
Ticker DPA
Company Number 56941
ISIN Number GG00BBP6HP33
SEDOL Number BBP6HP3
Traded Specialist Fund Segment ('SFS') of the London Stock Exchange
SFS Admission Date 04-Oct-13
Share Price US$ 0.1250 as at 30 June 2025
Earnings per Share US$ 0.00784 for the period ended 30 June 2025
Country of Incorporation Guernsey
Current Ordinary Shares in Issue 256,000,000
Administrator and Company Secretary Aztec Financial Services (Guernsey) Limited
Asset Manager DS Aviation GmbH & Co. KG
Independent Auditor KPMG Channel Islands Limited
Corporate Brokers Investec Bank Plc
Barclays Bank Plc
Aircraft Registration HS-TQD
HS-TQC
Aircraft Serial Number 35320
36110
Aircraft Type and Model Boeing 787-8
Lessees Thai Airways International Public Company Limited
('Thai Airways')
Website www.dpaircraft.com (http://www.dpaircraft.com/)
SUMMARY
COMPANY OVERVIEW
DP Aircraft I Limited (the 'Company') was incorporated with limited liability
in Guernsey under the Companies (Guernsey) Law, 2008 on 5 July 2013 with
registered number 56941.
The Company was established to invest in aircraft. The Company is a holding
company and made its investment in aircraft held through two wholly owned
subsidiaries, DP Aircraft Guernsey III Limited and DP Aircraft Guernsey IV
Limited (collectively and hereinafter, the 'Borrowers'), each being a Guernsey
incorporated company limited by shares and other intermediate lessor
companies, DP Aircraft UK Limited (the 'Lessor'), a UK incorporated private
limited company, DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland
MSN 36110 Limited, dormant Irish subsidiaries. The Company and its
consolidated subsidiaries, DP Aircraft Guernsey III Limited, DP Aircraft
Guernsey IV Limited and DP Aircraft UK Limited, DP Aircraft Ireland MSN 35320
Limited and DP Aircraft Ireland MSN 36110 Limited comprise the consolidated
Group (the 'Group').
Pursuant to the Company's Prospectus dated 27 September 2013, the Company
offered 113,000,000 ordinary shares of no-par value in the capital of the
Company at an issue price of US$ 1.00 per share by means of a Placing. The
Company's shares were admitted to trading on the Specialist Fund Segment
(previously the Specialist Fund Market) of the London Stock Exchange on 4
October 2013 and the Company was listed on the International Stock Exchange
(TISE) until 27 May 2015.
On 5 June 2015, the Company offered 96,333,333 ordinary shares of no-par value
at an issue price of US$ 1.0589 per share by means of a Placing. These Shares
were admitted to trading on the Specialist Fund Segment of the London Stock
Exchange on 12 June 2015.
On 13 July 2022 the Company raised gross proceeds of $750,000 through the
issue of 30,000,000 additional ordinary shares in the capital of the Company
at a price of US$0.025 per share. The additional ordinary shares were admitted
to trading on the Specialist Fund Segment of the London Stock Exchange on 15
July 2022.
On 11 November 2024 the Company raised gross proceeds of £1 million through
the issue of 16,666,667 additional ordinary shares in the capital of the
Company at a price of US$ 0.06 per Share. These ordinary shares were admitted
to trading on the Specialist Fund Segment of the London Stock Exchange on 11
November 2024.
In total there are now 256,000,000 Ordinary Shares in issue with voting
rights.
In addition to the equity raised above in 2013, 2015, 2022 and 2024 the Group
also utilised external debt to fund the initial acquisition of the aircraft.
Further details are given within this summary section.
INVESTMENT OBJECTIVE & POLICY
The Company and Group's investment objective is to obtain income and capital
returns for its shareholders by acquiring, leasing and then, when the Board
considers it appropriate, selling aircraft (the 'Asset' or 'Assets').
THE BOARD
The Board comprises of independent non-executive directors and non-executive
directors (the 'directors' or the 'Board'). The directors are responsible for
managing the business affairs of the Company and Group in accordance with the
Articles of Incorporation and have overall responsibility for the Company's
and Group's activities, including portfolio and risk management while the
asset management of the Group is undertaken by DS Aviation GmbH & Co. KG
(the 'Asset Manager').
SUMMARY (CONTINUED)
THE ASSET MANAGER
The Asset Manager has undertaken to provide the asset management services to
the Company and Group under the terms of an asset management agreement but
does not undertake any regulated activities for the purpose of the UK
Financial Services and Markets Act 2000.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
The Group recognises the Paris Agreement on climate change. The Group operates
NTA ('New Technology Aircraft'); specifically, Boeing 787-8's equipped with
Rolls Royce Trent-1000 engines which are 20% more fuel efficient on a
revenue-per-kilometre basis than similar comparable legacy engine aircraft.
The Board has taken steps to reduce its own travelling and maximises the use
of virtual meetings within the Board and with all its key service providers.
THAI AIRWAYS INTERNATIONAL PCL ('THAI AIRWAYS' / 'THAI')
The suspension of travel due to COVID-19 in 2020 resulted in Thai Airways
entering into business rehabilitation. The Central Bankruptcy Court approved
Thai's Business Rehabilitation plan on 15 June 2021. The rehabilitation
process ended in June 2025. Please refer to the Asset Manager Report on pages
13 to 32 for details regarding the rehabilitation.
The Group signed a Letter of Intent ('LOI') dated 1 March 2021 with Thai
Airways under which the parties agreed to amend the lease terms that existed
then. The actual lease agreement reflecting the terms set out in the LOI was
signed on 1 April 2022. The effective date for the lease modification was 15
June 2021.
The lease terms provided for a power by the hour ('PBH') arrangement until 31
December 2022 (with rent payable by reference to actual monthly utilisation of
the Thai aircraft and engines), with scaled back monthly fixed lease payments
thereafter until October 2026 for aircraft MSN 36110 and December 2026 for
aircraft MSN 35320 reflecting reduced market rates in the long-haul market.
The lease term can be extended for a further 3 years to October and December
2029 respectively, with further scaled back monthly lease payments starting
from November 2026 and January 2027 respectively. The Extension Period is
however subject to agreement where the Group has the option to terminate the
lease early in October 2026 and December 2026 after consulting the Lenders.
The Group has elected not to extend the Thai lease beyond the current 2026
lease term, the lease terms are considered to be the period up to October and
December 2026, respectively. The Board with the Asset Manager has confirmed
that they have concluded new lease agreements with LOT Polish Airlines
commencing at the completion of the Thai contract.
A corresponding agreement was reached with the lenders (DekaBank) as detailed
below.
DEKABANK DEUTSCHE GIROZENTRALE AND TWO OTHER CONSORTIUM MEMBERS ('DekaBank')
On 6 May 2021, subsequent to the LOI being entered into by the Group and Thai
as described above, the Group and DekaBank amended and restated the existing
loan facility agreements in respect of the Thai aircraft to accommodate the
lease terms, First Amendment and Restatement to the Loan Agreements.
Repayments of principal were deferred until after the end of the PBH
arrangement (31 December 2022), and a new repayment schedule was to be
renegotiated close to the end of the PBH arrangement.
SUMMARY (CONTINUED)
DEKABANK DEUTSCHE GIROZENTRALE AND THREE OTHER CONSORTIUM MEMBERS ('DekaBank')
(CONTINUED)
On 7 February 2023, the Group and DekaBank entered into a Second Amendment and
Restatement to the Loan Agreement (the 'Loan Agreement') in which the parties
agreed on the following main terms:
· the total loan amount outstanding was split into two tranches:
o Facility A loan of US$ 61,144,842 made up of MSN 35320 loan of US$
31,099,453 and MSN 36110 loan of US$ 30,045,389. The Facility A loan amortizes
to a combined balloon of US$ 33,947,878 and represents the scheduled debt.
o Facility B loan of US$ 35,504,024 (non-amortizing), made up of MSN 35320
loan of US$ 17,366,650 and MSN 36110 loan of US$ 18,137,374. The Facility B
loan will be settled as a balloon payment at the end of the loan term in 2026.
· US$ 2.36m of surplus cash generated under the PBH period was used to
immediately repay debt on the amortizing Facility A loan in February 2023,
while an agreed cash reserve of US$ 500,000 per aircraft was retained to cover
unforeseen costs going forward.
· the interest rate swap in place for the scheduled debt was dissolved
at cost.
· the MSN 35320 and MSN 36110 Facility A loans bear fixed interest
rates of 6.61% and 6.89% respectively.
· the MSN 35320 and MSN 36110 Facility B loans bear fixed interest
rates of 5.26% and 5.42% respectively.
· from the monthly fixed lease rental of US$ 510,000 per aircraft
(which denotes the maximum amount the Company can earn in operations per
month), US$ 475,000 is contractually restricted so that those funds are only
payable to the lenders, and US$ 35,000 per aircraft can be retained by the
company to contribute towards ongoing fixed costs of the Company.
Restructuring fees associated with the second amendment and restatement may be
paid after the eventual remarketing of the aircraft, subject to surplus sales
proceeds being realised.
IMPAIRMENT
In line with each reporting date and market capitalisation of US$ 32 million
at 30 June 2025, a detailed impairment assessment of the aircraft was
undertaken. Following this review an impairment of US$ nil (2024: US$ nil) was
booked against the aircraft. See note 3 for further details regarding the
impairment and comments under Highlights on page 8 regarding the difference
between net asset value and market capitalisation.
DISTRIBUTION POLICY
Under normal circumstances, the Group aimed to provide shareholders with an
attractive total return comprising income, from distributions through the
period of the Company's ownership of the Assets, and capital, upon any sale of
the Assets. The Company originally targeted a quarterly distribution in
February, May, August, and November of each year. The target distribution was
US$ 0.0225 per share per quarter. The dividends were targets only with no
assurance or guarantee of performance or profit forecast. Investors should not
place any reliance on such target dividends or assume that the Company will
make any distributions at all.
SUMMARY (CONTINUED)
DISTRIBUTION POLICY (CONTINUED)
Due to the impact of COVID-19 on the aviation industry and therefore our
lessor, the Board suspended the payment of dividends from 3 April 2020 until
further notice. This suspension remains in place to date. Any lease rental
payments received by the Company in respect of the Thai aircraft are expected
to be applied exclusively towards the running costs of the Company and its
subsidiaries, and as a priority towards interest and principal repayments to
DekaBank. Given this backdrop the Company feels that there is no real
prospect of the Company's shareholders receiving a dividend or other
distribution under the current lending arrangement. The Board and its advisers
will continue to consult with shareholders and its advisors in the future with
a view to determining the best course of action to take for the future of the
Company.
HIGHLIGHTS
RESULTS FOR THE PERIOD
Results for the period ended 30 June 2025 is a profit after tax of
US$2,007,115 (earnings per share US$0.00784). For the period ended 30 June
2024 there was a profit after tax of US$2,647,707 (earnings per share US$
0.0111).
The results for the period ended 30 June 2025 are mainly driven by rental
income earned of US$4,340,631 (2024: US$4,364,612) and finance costs incurred
of US$1,785,542 (2024: US$1,982,139). The decrease in finance costs in the
period is a result of an adjustment required by IFRS to reflect the
modification to the loan terms in February 2023. The adjustment for the
modification to the loans in February 2023 totalled US$5,042,029 and increased
both finance costs and the loans payable at the point of modification and
resulted in an overall loss in the period ended 2023. As a result of this
adjustment, interest is now recognised at the lower original effective
interest rate as opposed to the higher modified interest rate.
Refer to page 40 for full details of results for the period.
NET ASSET VALUE ('NAV')
The NAV per share was US$ 0.19428 per share at 30 June 2025 (31 December 2024:
US$ 0.18644). NAV per share has increased due to the profit made during the
period (see above). The NAV excluding the financial effects of the
straight-lining lease asset and the loan modification adjustment was US$
0.17667 per share at 30 June 2025 (31 December 2024: US$ 0.16230).
The straight-lining lease asset and the loan modification adjustment will
reduce to nil over time. The NAV excluding the straight-lining lease asset and
loan modification adjustment is therefore presented to provide what the
directors consider to be a more relevant assessment of the Group's net asset
position.
As at 30 June 2025, As at 31 December 2024
US$ US$ per share US$ US$ per share
Note
NAV per the financial statements 49,736,527 0.19428 47,729,412 0.18644
Less: Straight-lining lease (4,796,528) (0.01874) (6,575,897) (0.02569)
asset 11
Add: Provision for straight lining lease asset 11 287,792 0.00112 394,554 0.00154
(4,508,736) (0.0176) (6,181,343) (0.02415)
Adjusted NAV 45,227,791 0.17667 41,548,069 0.16230
As at 30 June 2025, the price per share was US$ 0.1250 which is significantly
lower than the NAV per share above, excluding the straight-lining lease asset.
The main asset in the Group, the aircraft, has been assessed for impairment
(see note 9) and found not to be impaired. Other significant assets comprise
cash and receivables whose values are considered to be reflective of fair
value due to their short-term nature.
HIGHLIGHTS (CONTINUED)
INTERIM DIVIDENDS
As previously outlined, as a result of the COVID-19 pandemic on global
aviation and particularly on its lessees; the Group suspended dividends on 3
April 2020, until further notice to help preserve liquidity. Furthermore, in
accordance with the second amended loan agreement with DekaBank, the Group
will make no dividend payments.
OFFICIAL LISTING
The Company's shares were first admitted to trading on the Specialist Fund
Segment of the London Stock Exchange on 4 October 2013.
CHAIRMAN'S STATEMENT
I am pleased to present Shareholders with the Annual Report of the Group for
the period ended 30 June 2025.
Starting with headline financial results I can advise that earnings per share
for the period was US$ 0.00784 compared to a profit per share of US$ 0.0111
for the corresponding period. The net asset value per share at the period end
was US$0.19428 compared to US$0.18644 at 31 December 2024.
IFRS requires rental income to be recognised on a straight-line basis over the
remaining lease period and consequently the accounting treatment has resulted
in some income being recognised earlier than would normally be the case. In
addition, IFRS requires a provision to be made against that lease income which
has been estimated based on recent credit reports on Thai. Please refer to
page 8 which explains the net impact of this on the profit for the period and
the NAV per share.
Lease developments
Our two aircraft are operating on fixed monthly lease payments with Thai
Airways International PCL ('Thai') under our current contractual arrangement
until October/December 2026 respectively. The Group had an option with Thai to
either extend the leases beyond 2026 for a further three years on reduced
lease rates or to exercise an option to terminate the leases in 2026. As
previously advised, the leases with Thai will be terminated at the respective
lease ends in 2026 and the Company therefore will not exercise the option to
extend the leases. Under the terms of the current lease contracts, Thai will
be required to return the aircraft in full-life condition at the end of the
lease periods in October and December 2026.
The Board with the Asset Manager is pleased to confirm that they have
concluded new lease agreements with LOT Polish Airlines commencing at the
completion of the Thai contract. We communicated in March 2025 that via the
Group's two new subsidiaries, DP Aircraft Ireland MSN 35320 Limited and DP
Aircraft Ireland MSN 36110 Limited (the "New Subsidiaries"), the group has
entered into new lease agreements with LOT, Poland's state-owned airline, for
its two Trent 1000 powered Boeing 787-8 aircraft. The leases each have a
12-year term, commencing on 29 October 2026 (MSN 36110) and 9 December 2026
(MSN 35320) respectively. The lease rental payments are structured over the
12-year term, with a fixed monthly rate for the first eight years, followed by
a reduced fixed monthly rate for the final four years, providing rental
payments of approximately US$168m in aggregate over the full term.
LOT Polish Airlines is Poland's flag carrier and one of the world's oldest
airlines still in operation. LOT is wholly owned by Polish Aviation Group, a
Polish state-owned holding company and is a member of the International Air
Transport Association. Based at Warsaw Chopin Airport, LOT operates an
extensive network, connecting passengers to about 100 destinations across
Europe, Asia, and North America. In 2024, LOT achieved a record-breaking year
by transporting over 10 million passengers, operating 107,926 flights, and
covering a total of 148 million kilometres. As of August 2024, the airline's
fleet comprised 80 aircraft, making it the 18th largest operator in Europe.
LOT is a member of the Star Alliance, having joined in October 2003, which
allows it to offer passengers a wide range of global connections. The airline
also has codeshare agreements with various carriers, including Aegean
Airlines, Air Canada, and Singapore Airlines, further expanding its network.
Throughout its history, LOT has been recognized for its service quality,
receiving accolades such as the "Business Traveller" award for the Best
Eastern European Airline multiple times. LOT is an existing Boeing 787-8
operator, and its fleet is powered by Rolls Royce Trent 1000 engines.
The existing debt financing arrangements with the current lenders are set to
expire in October and December 2026, coinciding with the expiration of the
Thai leases. The Group has actively explored refinancing options and is now
reviewing the final proposals with a view to concluding refinancing in Q4 this
year.
CHAIRMAN'S STATEMENT (CONTINUED)
Existing operations
Both our aircraft, HS-TQC and HS-TQD have mainly flown primarily within the
Asian region but with weekly rotations to Brussels and occasionally Milan in
Europe as well as Perth, Australia during the period. In line with Thai's plan
to expand its flights frequency in China, the flight frequency to Chinese
destinations has almost been doubled with our aircraft, mainly serving
Chengdu, Guangzhou and Beijing. The other four Rolls-Royce Trent 1000-powered
787-8 aircraft within the Thai fleet have also experienced similar flight
patterns. In the first half of 2025, sector lengths of our aircraft ranged
from short-haul operations of around one hour (eg Phuket and Ho Chi Minh
City), to medium range flights to Japan and long-haul services to Brussels.
Under the terms of industry lease arrangements, lessee's have the right to fly
the routes which serve their needs. Shorter sector lengths do not reduce the
airlines responsibility to maintain the aircraft nor in our case to return the
aircraft in full life condition at the end of the lease term. Our Asset
Manager is responsible for the liaison with Thai on all operational matters
and to regularly inspect our aircraft. An inspection was performed in June
2025 with no major defects found and the aircraft being fully airworthy. In
November 2024, HS-TQD was grounded due to a lack of engines from Rolls-Royce
and later got further delayed due a lack of spare parts. TQD successfully
returned to regular operation from July 2025. It is worth noting that
regardless of the actual operation of the aircraft the Company receives full
lease rates.
Thai Airways finally left rehabilitation in June 2025. The airline met all the
requirements given by the Central Bankruptcy Court including capital
adjustments, dividend policies and the appointment of new board members. The
official approval of Thai's exit from the rehabilitation plan by the Court
marks the end of nearly five years of restructuring efforts. Following the
Court's approval, Thai will resume trading at the Bangkok stock exchange.
Furthermore, in the first half of 2025, operating profit of Thai reached 96.5
billion Thai Baht which is an increase of 7.2% for the same time period in
2024.
The independent valuations in April 2025 indicated that the valuations have
not changed materially since December 2024, however as a result of signing the
LOT leases, the aircraft are expected to be more marketable.
We are pleased to note the position of Thai has improved considerably, and the
Asset Manager is focused on working with Thai to ensure an orderly handover of
the aircraft in the agreed condition in Q4 2026 to allow a smooth transition
to LOT.
Whilst there have been some unavoidable cost increases and inflationary
pressures, with respect to ongoing working capital requirements, the Group has
been able to control the net cash burn supported by some service providers
continuing to defer certain amounts due. In addition, there will however be
costs to refinance and transition the aircraft.
The Board and the Asset Manager believe that the aircraft, as well as Boeing
787s in general, remain highly attractive. Boeing 787 wide body production
continues to lag historical levels, and delays in new aircraft deliveries are
further strengthening demand. The Board and the Asset Manager remain fully
committed to maximising shareholder value and will continue to evaluate all
available options.
We are pleased to have seen an improvement in the share price from 6 cents at
the previous equity raise to 14 cents more recently.
I am pleased that the appointment of Howard Millar has further strengthened
your Board and we are pleased to welcome him. Howard brings a wealth of
experience from his operational and aircraft leasing history.
EXISTING OPERATIONS (CONTINUED)
We and our advisers will continue consulting with Shareholders on an ongoing
basis. I am especially grateful to the Board and our key service providers for
their significant continued support. Finally, I would like to thank you our
Shareholders for your ongoing support.
Jonathan Bridel
Chairman
29 September 2025
Asset Manager Report
EXECUTIVE SUMMARY
The aviation sector in 2025 continues to face a mixed environment of strong
travel demand and persistent supply-side challenges. Globally, supply chain
disruptions remain a key concern, with aircraft deliveries and maintenance
capacity under pressure. Rolls-Royce-powered Boeing 787 fleets, including
those of Thai Airways, are particularly affected by a shortage of spare
engines and limited shop-visit slots, resulting in temporary groundings.
Geopolitical uncertainties and potential trade tensions add another layer of
risk for the sector.
Thai Airways reached a major milestone this year by successfully exiting its
Rehabilitation plan after fulfilling all legal and financial requirements. The
carrier has returned to trading on the Stock Exchange of Thailand, where
investor confidence was reflected in a strong initial share price performance.
At the same time, Thai has significantly reduced its debt burden, though a
sizeable balance remains to be repaid in the coming years. Nevertheless, the
Lessee is obliged to pay lease rents which are independent of the utilisation
of the aircraft and respective engines. Despite ongoing issues with
Rolls-Royce Trent 1000 engines, including groundings due to spare engine and
parts shortages, airlines continue to rely on the Dreamliner. Some carriers,
such as Air India and LATAM, are retrofitting early B787-8 aircraft,
signalling long-term fleet commitments.
DP Aircraft signed a 12-year lease Agreement for both Company´s B787 aircraft
with Poland´s flag carrier Polskie Linie Lotnicze "LOT" which will start
subsequent to the 12-year lease term with Thai Airways. The transition is
scheduled for end of 2026
THE AVIATION MARKET
The Global Airline Market
· As of 31(st) July 2025, Industry-wide passenger traffic which is
measured in RPK (Revenue Passenger Kilometers), grew by 4% in July compared to
last year(( 1 (#_ftn1) ))
· In July 2025, The load factor reached its highest on record for the
month of July reaching 85.5%(( 2 (#_ftn2) ))
· IATA expects Operating profit to be USD $66 billion in 2025 which is
almost USD $4 billion higher that what is estimated in 2024(( 3 (#_ftn3) ))
Total passengers number expects to reach a record high of 5 billion and it
would be then an increase of 4% compared to the previous year(( 4 (#_ftn4) ))
· Despite decrease global GDP rate to be expected, airline
profitability to increase due to declining oil prices: Jet fuel forecasts to
reach $86 per barrel where it was almost $100 per barrel(( 5 (#_ftn5) ))
ASSET MANAGER'S REPORT (CONTINUED)
Source: IATA: "Industry Statistics"; June 2025
Source: IATA: "Industry Statistics"; June 2025
· Supply-chain issues and labour shortage within the aviation industry
still persists; OEMs (Original Equipment Manufacturers) aircraft deliveries
are being further delayed(( 6 (#_ftn6) )) ; Although in 2025, around 1700
aircraft are expected to be delivered which is the highest delivery number in
one year since Covid(( 7 (#_ftn7) ))
ASSET MANAGER'S REPORT (CONTINUED)
· As of 31(st) July 2025, currently 23,600 aircraft are globally being
operated and 6,341 aircraft is on order(( 8 (#_ftn8) ))
· Between 2019 and 2026, airlines expect around 16,000 new aircraft,
but only around 10,700 are likely to be delivered-leaving a shortfall of over
5,000 next-generation aircraft(( 9 (#_ftn9) ))
· The impact on the global economy and flaring up trade wars resulting
from changes of governments is yet unknown
The Asian Airline Market
· Within first half of 2025 (Jan-Jun), Asia-Pacific carriers
transported 190 million international passengers, marking a 12% increase over
the same period in 2024(( 10 (#_ftn10) ))
· The average international passenger load factor was 82.0%, slight
increase of 1% compared to first half of 2024(( 11 (#_ftn11) ))
Source: IATA: "Industry Statistics "; July
2025
· The region recorded a 14.5% year-on-year increase in air cargo
demand, surpassing the global average growth rate(( 12 (#_ftn12) ))In 2024,
Operating revenue increased by 8% to $214 billion in this region compared to
2023, although net profit went down to $7.3 billion in 2024 which is around
$1.5 billion lower than the previous year(( 13 (#_ftn13) ))
· According to AAPA, several engine issues causing AOG (Aircraft On
Ground), supply chain issues are heavily affecting the region's growth(( 14
(#_ftn14) ))
ASSET MANAGER'S REPORT (CONTINUED)
· The International Air Transport Association (IATA) estimates that
approximately 21% of scheduled aircraft deliveries in 2025 for Asia Pacific
region will be delayed(( 15 (#_ftn15) )) resulting in heavy constraints on
the capacity of the region, says Subhas Menon, the Director General of AAPA
(Association of Asia Pacific Airlines)(( 16 (#_ftn16) ))
· According to Airbus, there will be demand for 19,500 new aircraft
from Asian Pacific carriers within the next 20 years; the aircraft
manufacturer increased its estimate by 3% compared to the previous year(( 17
(#_ftn17) ))
The Lessor Market
· London's High Court sided with the Irish lessor AerCap and other
lessors in a major insurance dispute over aircraft trapped in Russia since
2022. From AerCap's claimed losses of over $2 billion, AerCap will be
recovering a compensation of $1.035 billion(( 18 (#_ftn18) ))
· The head of Cirium Ascend Consultancy, Rob Morris, sees an eight-year
gap from ordering an aircraft to deliver and due to this lessor might take
into account of 0.8% lease rate factor on an orderbook delivery. This means
lessor will be looking to achieve monthly rent of $600,000 for an aircraft for
which current market rate is $465,000(( 19 (#_ftn19) ))
· Dubai based lessor DAE Capital acquired European based lessor Nordic
Aviation Capital as announced in January 2025; this will increase DAE
Capital´s owned, managed and committed fleet by 252 aircraft to about 750
assets(( 20 (#_ftn20) ))
· In January 2025, lessors (AerCap, BOC Aviation and Aircastle) raised
USD 2.5 billion in unsecured capital markets where coupon rates are between
4.75% and 5.375% with maturity between 2028 and 2031(( 21 (#_ftn21) )); Fitch
rated aircraft lessors issued a combined of $6.2 billion of unsecured bonds
throughout April 2025(( 22 (#_ftn22) )); multiple lessors (e.g., Azorra,
Avolon) bringing over USD 1.2 billion in unsecured bonds to market in June
2025(( 23 (#_ftn23) ))
· In Q1 2025, AerCap signed 112 lease agreements, purchased 13 aircraft
(1 B787-9) and sold 29 aircraft; closed around $1.5 billion financing
transactions and repurchased 5.7 million shares for a total of $558
million(( 24 (#_ftn24) ))
ASSET MANAGER'S REPORT (CONTINUED)
Outlook & Conclusion
The aviation industry in 2025 is characterised by strong demand fundamentals
coupled with persistent supply-side constraints. Passenger traffic and load
factors are at record highs, and industry profitability continues to improve
despite a softer global GDP outlook. The decline in jet fuel prices has
provided airlines with cost relief, while demand growth is underpinning stable
margins. At the same time, structural challenges including engine reliability
issues, supply chain delays, and labour shortages are capping capacity
expansion and delaying new aircraft deliveries.
For lessors, these conditions remain highly supportive. Limited OEM output and
a widening gap between order backlogs and actual deliveries are creating a
tight supply environment, which is translating into firm lease rate factors.
Demand for new-generation widebodies such as the Boeing 787 is particularly
strong, driven by airlines' focus on fuel efficiency, range flexibility, and
sustainability targets. Extension opportunities on expiring leases continue to
deliver favourable economics, while forward-looking delivery positions command
premium pricing.
The Asia-Pacific region stands out as the main growth engine, with
double-digit increases in both passenger and cargo volumes. However, its
disproportionate exposure to delayed deliveries - with around 21% of 2025
commitments likely to slip - amplifies reliance on leased capacity. This
imbalance should continue to benefit lessors with access to widebody aircraft.
Geopolitical risks and trade policy shifts remain uncertainties that could
affect global growth and airline profitability. Nevertheless, investor
appetite for aviation assets remains robust, as demonstrated by active capital
market issuance and sector consolidation.
Overall, the near- to medium-term outlook for 787 assets is positive. Strong
demand, limited supply, and continued focus on fleet renewal provide a
favourable environment for sustaining lease rate growth and protecting
long-term asset values, ensuring resilience for investors and lessors alike.
THE CURRENT LESSEE - THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED
Snapshot
· In Q2 2025, Thai Airways' operating profit is THB 24,589 million
(~USD $674m), around 45% year on year increase(( 25 (#_ftn25) ))
· As of Q2 2025, the carrier operates flights to 62 destinations
throughout 27 countries and within that 8 destinations are domestic(( 26
(#_ftn26) ))
· Thai Airways appointed 8 new Board of Directors to facilitate the
rehabilitation plan in April 2025(( 27 (#_ftn27) ))
· Shareholders´ equity turned positive after capital
restructuring(( 28 (#_ftn28) ))
· The carrier has a fleet of 79 aircraft as of 31(st) July 2025(( 29
(#_ftn29) ))
ASSET MANAGER'S REPORT (CONTINUED)
Source: Cirium: "Thai Airways International Fleet Summary"; 31(st) July 2025
Source: Cirium: "Thai Airways International Fleet Summary"; 31(st) July 2025
· The carrier is suffering from supply chain issues including aircraft,
engines and parts; as a consequence, the airline operates with less aircraft
and lower engine spare capacity as needed: at least one B787-8 is grounded due
to a lack of engines(( 30 (#_ftn30) ))
· At Routes Asia 2025 conference, Thai Airways' Head of scheduling,
Thiti Arayakhun, emphasized that delivery delays of widebody aircraft are a
significant obstacle to the airline's expansion plans. He said that although
2025 was intended to be a year of growth, the airline simply "cannot get the
aircraft in time," making network planning "very challenging"(( 31 (#_ftn31)
))
ASSET MANAGER'S REPORT (CONTINUED)
· According to Thai Airways´ CEO Chai Eamsiri, shop visits of Trent
1000 engines are taking more than six months where it was 90 days before the
pandemic and on-wing time decreased as well(( 32 (#_ftn32) ))
· In the first half of 2025, Thailand received about 16.6 million
foreign visitors, down 4.6% from 17.5 million in the same period of 2024(( 33
(#_ftn33) ))
· According to the Bangkok Post, Thai Airways CEO Chai Eamsiri said
that the global aircraft shortage may delay the airline's expansion plans. He
noted that while demand is strong, delays in widebody deliveries are limiting
growth and could force Thai to postpone the launch of new routes until
additional leased or ordered aircraft become available(( 34 (#_ftn34) ))
· Thailand experienced a significant drop in foreign visitors, with
numbers falling by nearly 19% in the first quarter of 2025 compared to
previous year. This decline is attributed to safety concerns, including
reports of scams, as well as a stronger Thai baht making travel more
expensive(( 35 (#_ftn35) ))
Restructuring and Rehabilitation Process: since June 2024(( 36 (#_ftn36) ))
· January 2025: The Central Bankruptcy Court scheduled hearings to
amend the Business Rehabilitation Plan, including proposals for capital
adjustments and dividend policies(( 37 (#_ftn37) ))
· April 2025: The carrier held a shareholder meeting and assigned 11
new board members to fulfil the final requirement of rehabilitation plan.
Later in April 2025, Thai submitted a petition to the Central Bankruptcy Court
requesting the Court to cancel the business rehabilitation plan(( 38
(#_ftn38) ))
· June 2025: The Central Bankruptcy Court officially approved THAI's
exit from the rehabilitation plan on 16(th) June 2025, marking the end of
nearly five years of restructuring efforts.(( 39 (#_ftn39) ))
· July 2025: The airline announced plans to resume trading on the SET
on August 4, 2025, following the court's approval. On its first day back, the
airline's share price soared over 200%, reflecting investor confidence in its
turnaround.(( 40 (#_ftn40) ))
· Following the court approval on exiting the rehabilitation, the
carrier has appointed a new Chairman, Lavaron Sangsnit(( 41 (#_ftn41) ))
· The carrier still has a debt of Baht 95.5 billion to be paid within
2036(( 42 (#_ftn42) ))
· THAI successfully reduced its debt from 400 billion baht to
approximately 190 billion baht through debt-to-equity conversions and other
measures(( 43 (#_ftn43) ))
· In February 2024, Thai Airways placed an order for 45 Boeing 787-9
Dreamliners, with options for an additional 35 aircraft. Deliveries are
expected to commence in 2027(( 44 (#_ftn44) ))
ASSET MANAGER'S REPORT (CONTINUED)
· The carrier announced to invest 170 billion Baht between timespan of
2024 and 2029 focusing on fleet modernisation, digital transformation, and
premium cabin expansion to boost high-margin business travel revenue(( 45
(#_ftn45) ))
Thai´s financial & operational performance in brief (incl. subsidiaries)-
For the first six months of 2025(( 46 (#_ftn46) ))
[billion THB**] 2025 (First Six Months) 2024 (First Six Months) Change Remark*
Operating Revenues 96.5 90 + 7.2 %
- Passenger and Excess Baggage 79.36 74.61 + 6.4 % a)
- Freight and Mail 8.6 8 + 8.1 %
- Other Businesses 5.6 5.2 + 6.8 % b)
- Other Income 2.8 2.1 + 36 %
Operating Expenses 71.86 72.94 - 1.5 % c)
- Fuel and Oil 23.98 26.66 -10.1 % d)
- Non-Fuel Operating Costs 47.88 46.26 + 3.5 % e)
Finance Costs 6.87 9.4 + 26.9 %
Operating Result excl. One-Time Items 17.7 7.5 + 133.2 %
Net Result 22 2.7 + 702.5% f)
Capacity - ASK(( 47 (#_ftn47) )) (million) 35.28 30.64 + 15.2 %
Demand - RPK (million) 28.29 23.92 + 18.3
Load Factor 50.9% 52.3 % - 1.4pp
Passengers (million) 8.3 7.68 + 8.1 %
Passenger Yield THB/RPK 2.79 3.11 - 10.3%
Aircraft Utilisation [block hours] 13.6 13 + 4.6 %
Number of Aircraft 78 77 + 1.3 %
Cash & Cash Equivalents [bn THB] 82.69 84.21 + 1.52 %
Current Ratio (consolidated) 3.47 2.45 UP g)
**Exchange rate THB:USD as at 30(th) June 2025: 1.00 THB : 0.033 USD(( 48
(#_ftn48) ))
*Remarks
a) Strongest growth of passenger and excess baggage revenues on domestic
routes (+6%) despite decrease in average passenger yield
b) Catering, ground services, cargo handling, etc.
c) Operating expenses is lower than 2024 due to decreased fuel price.
d) Decrease in the average fuel price of and an appreciation of the
average Thai Baht to US dollar exchange rate.
e) Crew expenses, aircraft maintenance, lease of aircraft, etc.
f) Net one-time items generated THB 4,259 million in income for the
first half of 2025. Compared to the same period last year, this led to a net
profit of THB 21,973 million, up THB 19,235 million (+702.5%).
g) Improvement in liquidity and the ability to pay debt services
(Current Ratio = Current Assets/Current Liabilities)
Outlook & Opportunities
· In 2025, Thai Airways expects the delivery of two Boeing 787-9s, one
Airbus A330-300 and one Airbus A321neo(( 49 (#_ftn49) ))
· Thai projects to expand its fleet number to 150 by the year 2033,
including 98 widebody and 52 narrow body model(( 50 (#_ftn50) )). The number
of aircraft types is expected to decrease to four including B787s,
B777-300ERs, A350-900s and A320/321neos(( 51 (#_ftn51) ))
· Thai Airways plans to remove first-class seats from their fleet,
currently limited to Bangkok-London and Bangkok-Tokyo routes, ending a
long-standing premium product. The carrier will instead focus on fleet
modernization with new business-class suites and a "business class plus"
concept(( 52 (#_ftn52) ))
· The carrier signed operating leases for 20 Airbus A321neos in total
with China Aircraft Leasing Group, SMBC Aviation Capital and BOC Aviation with
delivery dates between 2026 and 2028(( 53 (#_ftn53) ))
· Thai Airways is rolling out "state-of-the-art" Royal Silk business
class suites across its Airbus A350, Boeing 787, and Boeing 777 fleets(( 54
(#_ftn54) ))
ASSET MANAGER'S REPORT (CONTINUED)
· The airline intends to upgrade the cabin product of its B777-300ER
fleet including a Premium Economy class which is already available on selected
A330-300s(( 55 (#_ftn55) ))
· Thai Airways will have completed the installation of a new Business
Class in its narrow-body fleet in the second quarter of 2025 in order to offer
its passengers a consistent product on its entire route network(( 56
(#_ftn56) ))
· Thai plans to expand routes and operate more flights in China region.
The carrier is planning on doubling the frequency of flights to Guangzhou and
Beijing routes(( 57 (#_ftn57) ))
· The carrier focuses on the expansion of its Chinese, European and
Australian network to further increase its market share (measured in passenger
numbers) at Bangkok Suvarnambhumi Airport from 26% 2024 to 35% by 2029(( 58
(#_ftn58) ))
· The airline is reviewing a potential spin-off of its MRO
(maintenance, repair, overhaul) and inflight catering divisions as its CEO
believes that this would increase the prospect to generate further third-party
business and to increase revenues(( 59 (#_ftn59) ))
· As it seems, the issues with the limited availability of spare Trent
1000 engines for Thai´s B787 fleet might continue at least in the near future
· World Bank revised their forecast regarding Thailand's economy and
now decreased the nation's GDP growth in 2025 to 1.8%. This downgrade has
taken into account the ongoing trade war(( 60 (#_ftn60) ))
· Tourist numbers are expected to reach pre-pandemic level within first
half of 2025 amounting to 40 million(( 61 (#_ftn61) ))
· According to IATA, passenger numbers at Thailand´s airports are
expected to annually grow by 3.88% over the next twenty years; to accommodate
the growth, further investments in the aviation infrastructure and airports
will be essential(( 62 (#_ftn62) ))
· The Tourism Authority of Thailand (TAT) has decided to take several
measurements to support inbound travel, including amongst others the
organisation of major events, new travel routes, special tour packages and the
invitation of global influencers(( 63 (#_ftn63) ))
Comments & Conclusions
Thai Airways reached an important milestone in 2025 by officially exiting its
rehabilitation plan, ending nearly five years of restructuring. The return to
trading on the Stock Exchange of Thailand and the sharp rise in its share
price show renewed investor confidence. Shareholders' equity is now positive,
and total debt has been reduced, though THB 95.5 billion remains to be repaid
by 2036.
The airline delivered a strong financial performance in the first half of
2025, with operating revenues up 7% and net profit exceeding THB 22 billion,
helped by lower fuel costs and one-time income gains. At the same time,
passenger yields and load factors declined slightly, reflecting competitive
pressures and limits on capacity.
ASSET MANAGER'S REPORT (CONTINUED)
Engine shortages, especially for the Trent 1000 powering some 787s, and other
supply chain issues continue to restrict growth and challenge operations.
Thai's fleet strategy is focused and promising. The airline is simplifying to
four main aircraft types and investing in new widebodies and narrowbodies,
which should improve efficiency and product consistency. Cabin upgrades,
including new Royal Silk business class suites and premium economy, strengthen
its long-haul offerings. Potential spin-offs of MRO and catering operations
could bring extra revenue.
External risks remain, including a weaker Thai GDP outlook and a slower
tourism recovery in early 2025. Still, medium-term prospects are positive,
supported by growing demand in China, Europe, and Australia, as well as
ongoing infrastructure investments. Overall, Thai Airways has become a
stronger and leaner airline, but careful management will be essential to
maintain its recovery.
THE NEW LESSEE - POLSKIE LINIE LOTNICZE "LOT"
Snapshot(( 64 (#_ftn64) ))
· Flag carrier of Poland and based at Warsaw Chopin Airport(( 65
(#_ftn65) ))
· One of the 12 oldest airlines in the world: Founded in 1929 and
operating since 1931
· Owned by Polish Aviation Group, a Polish state-owned holding
company(( 66 (#_ftn66) ))
· Member of IATA and Star Alliance
· First airline in Central and Eastern Europe which operated Boeing
aircraft
· First European airline receiving B787s; the first was delivered to
LOT in 2012
Source: Cirium: Fleet results for LOT Polish Airlines: As of 31(st) July 2025
ASSET MANAGER'S REPORT (CONTINUED)
Source: Cirium: "LOT Polish Airline Fleet Summary"; 31(st) July 2025
· In July 2025, LOT Polish Airlines posted all-time operational highs
with transporting 1.18 million passengers, 11,072 flight operations and 25,623
block hours. This represents the carrier's strongest month in its 96-year
history, exceeding the previous July 2019 record by nearly 1,000 block
hours(( 67 (#_ftn67) ))
· More than 10 million passengers carried in 2024(( 68 (#_ftn68) ))
· A network of about 100 destinations on four continents
ASSET MANAGER'S REPORT (CONTINUED)
LOT´s financial & operational performance 2024 in brief(( 69 (#_ftn69)
))
[million PLN**] 2024
Revenues 9,930
Operating Profit (EBIT) 806
Operating Profit Margin % 8.1%
Net Result 689
Passengers (million) 10.7
Number of flights 107,926
Number of Aircraft 86
Equity 1,142
**Exchange rate PLN:USD as at 31st December 2024: 1.00 PLN : 0.243 USD(( 70
(#_ftn70) ))
· LOT does not publicly share full accounts
· As of 31(st) August 2025, LOT hasn't published their half yearly
financial performance of 2025
· Operating profit of 2024 decreased by 27% compared to 2023
· In 2024, eleven aircraft (narrow-body and regional types) joined the
fleet
· The airline increased its charter operations and carried 1.3 million
charter passengers in 2024 which is an increase of nearly 19 % compared to the
previous year
Update
· In June 2025, LOT ordered 40 Airbus 220s plus the option to upgrade
the order to 84 aircraft of this type for their regional network(( 71
(#_ftn71) ))
· LOT will be featuring RECARO seats for new Airbus A220 cabins and
will be manufactured in their own production facility in Świebodzin,
Poland(( 72 (#_ftn72) ))
· LOT expands its network and already started or will start direct
flights from Gdansk to Istanbul (Turkey) as well as flights from Warsaw to
Valletta (Malta), Marrakesh (Marocco) and Thessaloniki (Greece), additionally
the carrier launched new seasonal flights from Warsaw-Radom airport to
Barcelona (Spain) and Preveza (Greece) during summer 2025 and from Warsaw main
airport to Rovaniemi (Finland) during the next winter season(( 73 (#_ftn73)
))
ASSET MANAGER'S REPORT (CONTINUED)
· Flight frequencies between Berlin and Warsaw have been increased with
beginning of the summer season 2025(( 74 (#_ftn74) ))
· LOT closed its base in Budapest due to lacking profitability on the
offered routes(( 75 (#_ftn75) ))
· The interline agreement between LOT and Italian ITA Airways was
converted into a codeshare agreement, improving passengers´ comfort by
uniform baggage and fare policies and an extended network(( 76 (#_ftn76) ))
· The Polish carrier signed a codeshare agreement with EVA Air from
Taiwan(( 77 (#_ftn77) ))
· The airline had been nominated to assist under the EU´s rescue
programme; therefore, the carrier will assign three aircraft of its fleet to
be kept available on a 24/7 basis(( 78 (#_ftn78) ))
· By receiving the CEIV (Center of Excellence for Independent
Validators) Live Animals certification by IATA, LOT is the second European
carrier holding all four CEIV awards by IATA including the categories Pharma,
Fresh and Lithium Batteries, proofing that the carrier complies with the
highest standards of these four categories (( 79 (#_ftn79) ))
· LOT achieved the IATA Environmental Assessment (IEnvA) being audited
in March 2025 after a successful implementation of a comprehensive
environmental management system(( 80 (#_ftn80) ))
· The carrier had been named "Best Airline in Eastern Europe" and
awarded as 4 stars airline in the Skytrax 2025 World Airline Awards
competition(( 81 (#_ftn81) ))
· As part of its strategic focus, LOT opened a refurbished and upgraded
Business Class Lounge at the Warsaw Chopin Airport(( 82 (#_ftn82) ))
DP Aircraft signed Lease agreement with LOT
· On 27(th) March 2025, DP Aircraft signed two 787-8s lease agreement,
MSN 36110 and 35320 (currently leased to Thai Airways), with POLSKIE LINIE
LOTNICZE "LOT" S.A. (LOT POLISH AIRLINES) staring in October and December
2026.
· The aircraft will be placed on 12-year leases with fixed monthly
payments for the first eight years, followed by a reduced rate for the final
four years.
· DP Aircraft will exercise its right to cancel any extensions of the
existing leases with Thai Airways beyond 2026; the aircraft must be returned
in full-life condition.
· The fund is actively exploring refinancing options with current and
potential new lenders, with several indicative proposals already received.
ASSET MANAGER'S REPORT (CONTINUED)
THE ASSETS
Update Boeing 787
· In first half of 2025, Boeing delivered 280 aircraft where more than
hundred were B737 and 24 of them were B787(( 83 (#_ftn83) ))
· Qatar Airways ordered historic amount of 210 widebody aircraft from
Boeing where 130 of are B787's. This is the largest single B787 order that
Boeing has ever received(( 84 (#_ftn84) ))
· In first half of 2025, Boeing received a total of 243 B787 orders, 45
B787 delivered and currently has a backlog of 935 B787 for future
delivery(( 85 (#_ftn85) ))
· All Nippon Airways, Japan Airlines, and Skymark Airlines have 108
Boeing aircraft on order between them, including the 737 Max, 777X, and 787
series, according to Cirium fleet statistics(( 86 (#_ftn86) )); Gulf Air
ordered 12 B787 with an option for six more(( 87 (#_ftn87) ))
· TAAG Angola Airlines to receive $297 million support from US based
bank EXIM bank with respect to the delivery of B787-10 aircraft and GE
Aerospace engines(( 88 (#_ftn88) ))
· In 2024, Boeing delivered 348 aircraft (including 51 B787s), received
377 net orders (including 48 B787s) and stated an end-of the year back-log of
5,595 aircraft (including 719 B787s)(( 89 (#_ftn89) ))
Source: Boeing: "Airplane Gross Orders: B787"; 31(st) July 2025
· Airlines still face groundings and limitations regarding their
Rolls-Royce powered B787 fleets due to a lack of spare engines and delays in
receiving replacement parts; affected airlines are, amongst others Thai
Airways, All Nippon Airways (ANA), Air New Zealand and British Airways(( 90
(#_ftn90) ))
ASSET MANAGER'S REPORT (CONTINUED)
· Latest transactions
o February 2025
§ Lessor DAE Capital is evaluating bids for B787-9s which the company has on
lease with the Bahraini carrier Gulf Air(( 91 (#_ftn91) ))
§ Indian low-cost carrier IndiGo agreed to wet-lease one B787-9 from Norse
Atlantic Airways(( 92 (#_ftn92) ))
§ Four B787-8s on lease with LATAM Airlines and its Brazilian affiliate had
been sold by Vmo Aircraft Leasing to lessor Altavair(( 93 (#_ftn93) ))
§ ANA announced to order additional 18 B787-9s powered by GE-engines(( 94
(#_ftn94) ))
o March 2025
§ Norse Atlantic announced its early redelivery of three B787-8s leased from
AerCap which had been dry leased to the Spanish carrier Air Europa and not
operated by Norse Atlantic itself(( 95 (#_ftn95) ))
§ High Ridge Aviation bought one B787-9 from Lessor ORIX Aviation which is
leased to Korean Air(( 96 (#_ftn96) ))
o April 2025
§ Air India will start refitting B787-8s of its first deliveries with a new
entertainment system and new seats; this indicates that these aircraft are an
essential part of the airline´s fleet strategy(( 97 (#_ftn97) ))
o May 2025
§ Etihad Airways came into a commitment with Boeing and GE Aerospace to
invest $14.5 billion for 28 B787 and B777X; all will be powered by GE
Aerospace engines(( 98 (#_ftn98) ))
§ AIP Capital and Phoenix Aviation Capital have leased a Boeing 787-8
(powered by RR Trent-1000) to Polish carrier LOT on a long-term
agreement(( 99 (#_ftn99) ))
§ Turkish Airlines has filed three applications with the US Export-Import
Bank, each exceeding $100 million, seeking guarantees to finance upcoming
Boeing aircraft deliveries which(( 100 (#_ftn100) ))
o June 2025
§ Shortly after takeoff, a Boeing 787-8 operated by Air India from Ahmedabad
to Gatwick crashed in western India, marking the 787's first fatal
crash(( 101 (#_ftn101) ))
§ All Nippon Airways and Moog have extended their agreement to provide
maintenance assistance for the Japanese airline's Boeing 787 fleet for an
extra ten years(( 102 (#_ftn102) ))
ASSET MANAGER'S REPORT (CONTINUED)
o July 2025
§ Following the agency's investigation into the deadly Air India tragedy, the
Singapore Airlines Group and Air India have identified no anomalies during
fuel-control switch checks throughout their Boeing 787 fleets(( 103
(#_ftn103) ))
o According to MyAirtrade remarketing update in July 2025, one B787-9 is
actively advertised for sale or lease(( 104 (#_ftn104) ))
Assets & Operations
Due to a shortage of spare engines from the engine manufacturer Rolls Royce
and lack of airframe spare parts, Thai Airways is currently facing operational
challenges regarding the B787 fleet. However, both TQC and TQD are in regular
commercial service. The aircraft and respective titled engines´ utilisation
since new is shown in the following tables:
AIRCRAFT OPERATIONS Thai Airways
HS-TQC HS-TQD
AIRFRAME STATUS (31(st) July 2025)
Total Flight Hours 29,452 24,722
Total Flight Cycles 7,109 5,965
TITLED ENGINES HS-TQC HS-TQD
(31(st) July 2025)
ESN 10239 ESN 10243 ESN 10244 ESN 10248
Total Time [Flight Hours] 26,911 20,070 24,003 26,535
Total Flight Cycles 6,493 4,279 6,029 6,055
Location SHOP HS-TQF HS-TQE HS-TQC
On 2(nd) November 2024, TQD was grounded due to a lack of engines by
Rolls-Royce and later got further delayed due lack of spare parts for Return
to Service (RTS) workpack. However, after completing Return to Service (RTS)
workpack, TQD is back in regular operation since 18(th) July 2025. To ensure
compliance with the lease agreement, DS Aviation carries out regular
inspections on TQD to assess the storage conditions and follows-up in case of
any findings. The last physical inspection was performed 5(th) June 2025
The last physical inspection of TQC was performed at Bangkok Suvarnabhumi
Airport on 4(th) June 2025.
Monthly lease rentals are fixed and independent from the utilisation of
Airframe and Engines.
ASSET MANAGER'S REPORT (CONTINUED)
Snapshot: Destinations of HS-TQC between 1(st) May 2025 and 31(st) July 2025
Destination Average Flight Time Frequency - TQC
Brussels, Belgium 11:15 17
Beijing 4:08 3
Chitose, Japan 6:27 20
Chennai, India 2:76 2
Chengdu; China 2:50 15
Chiang Mai, Thailand 0:56 3
Delhi, India 3:05 17
Dhaka, Bangladesh 2:02 2
Guangzhou, China 2:27 1
Ho Chi Minh City, Vietnam 1:10 5
Hong Kong 2:35 3
Jakarta, Indonesia 2:45 6
Kuala Lumpur, Malaysia 1:48 3
Milan, Italy 10:25 1
Phnom Penh, Cambodia 1:01 1
Phuket; Thailand 1:10 5
Pasay City, Philippines 2:52 2
Perth, Australia 6:23 2
Singapore, Singapore 1:55 8
Taipei, Taiwan 3:18 7
Source: Flightaware; 1(st) April 2025 to 31(st) July 2025
ASSET MANAGER'S REPORT (CONTINUED)
Snapshot: Destinations of HS-TQD between 1st May 2025 and 31(st) July 2025
(TQD was parked during this period until 18(th) July 2025 due to a shortage of
available engines and spare parts)
Destination Average Flight Time Frequency - TQD
Chitose, Japan 6:17 2
Chengdu; China 2:36 4
Delhi, India 3:3.7 5
Taoyuan, Taiwan 3:26 2
Brussels, Belgium 10:7 3
Phnom, Combodia 0:56 1
Manila, Philippines 2:7 2
Source: Flightaware; 1(st) April 2025 to 31(st) July 2025
Asset Manager´s actions ensure asset value
As mentioned above, regular asset monitoring, including physical inspections,
is essential and a top priority for DS Aviation as DP Aircraft's Asset
Manager. The key is to ensure that the Lessee is keeping the aircraft in the
best condition per the manufacturer's and Lessor's requirements, even if the
aircraft might be parked for a certain period. DS Aviation is dedicated to
maintaining a constant exchange with Thai Airways as it is essential to ensure
a prompt exchange of updated information. Additionally, DS Aviation continues
to have an "on-demand" contract with an on-site service provider. Their
expertise and workforce are available whenever the circumstance calls for it,
ensuring prompt and efficient support on the spot.
Comments & Conclusions
Operational challenges related to the Trent 1000 engines persist, with several
airlines, including Thai Airways, experiencing groundings and delays due to
limited spare engines and extended shop-visit timelines. Recent certification
of an improved high-pressure-turbine blade for the Trent 1000 TEN engine is
expected to increase on-wing time by roughly 30%, which should reduce
maintenance disruptions over the medium term. Nonetheless, some operational
constraints remain, and full resolution of engine availability issues will
take time.
Boeing's delivery performance has improved in 2025, with 24 B787s delivered in
the first half of the year and 243 orders received, including historic
widebody orders from Qatar Airways. Despite this, global production backlogs
and supply-chain limitations continue to affect delivery schedules. Market
uncertainties, including potential tariffs and geopolitical risks, may also
influence pricing and delivery timelines for new aircraft.
The B787 remains a highly sought-after asset, with secondary market activity
gradually increasing, particularly for B787-8s. Some carriers, such as Air
India, are refurbishing early deliveries to extend operational life. Within
the DP Aircraft portfolio, HS-TQD and HS-TQC have returned to or maintained
regular service, and engine and airframe utilisation is closely monitored.
ASSET MANAGER'S REPORT (CONTINUED)
DS Aviation, as the asset manager, continues to ensure the aircraft are
maintained to the highest standards, coordinating with lessees and providing
on-demand technical support when required. Through regular inspections and
active oversight, DS Aviation safeguards asset value. Overall, despite ongoing
engine and supply-chain challenges, the Boeing 787 fleet remains in high
demand and operationally relevant, supporting stable lease revenues and
long-term residual value.
DS Aviation GmbH & Co. KG
Asset Manager
29 September 2025
DIRECTORS' INFORMATION
Jonathan (Jon) Bridel, Non-Executive Chairman (60), appointed 10 July 2013
Jon is a Guernsey resident, Jon was previously managing director of Royal Bank
of Canada's ('RBC') investment businesses in the Channel Islands and served as
a director on other RBC companies including RBC Regent Fund Managers Limited.
He was previously a non-executive director at eight London Listed companies
including two FTSE 250. Prior to joining RBC, Jon served in a number of senior
management positions in banking, specialising in credit and corporate finance
and private businesses as Chief Financial Officer in London, Australia and
Guernsey having previously worked at Price Waterhouse Corporate Finance in
London.
Jon graduated from the University of Durham with a degree of Master of
Business Administration, holds qualifications from the Institute of Chartered
Accountants in England and Wales (1987) where he is a Fellow, the Chartered
Institute of Marketing and the Australian Institute of Company Directors. Jon
is a Chartered Marketer and a Member of the Chartered Institute of Marketing,
a Chartered Director and Fellow of the Institute of Directors and a Chartered
Fellow of the Chartered Institute for Securities and Investment.
Jeremy Thompson, Non-Executive Director (70), appointed 10 July 2013
Jeremy Thompson is a Guernsey resident. He acts as a non-executive director to
a number of businesses which include three private equity funds, an investment
manager serving the listed NextEnergy Solar Fund Limited and London listed
Riverstone Energy Limited. Prior to that he was CEO of four autonomous global
businesses within Cable & Wireless PLC and earlier held CEO roles within
the Dowty Group.
Jeremy currently serves as chairman of the States of Guernsey Renewable Energy
Team and is a commissioner of the Alderney Gambling Control Commission. He is
also an independent member of the Guernsey Tax Tribunal panel. Jeremy is an
engineering graduate of Brunel (B.Sc) and Cranfield (MBA) Universities and
attended the UK's senior defence course (Royal College of Defence Studies). He
holds the Institute of Directors (IoD) Certificate and Diploma in Company
Direction and is an associate of the Chartered Institute of Arbitration. He
completed an M.Sc in Corporate Governance in 2016 and qualified as a Chartered
Company Secretary in 2017.
Harald Brauns, Non-Executive Director (71), appointed 1 November 2019
Harald is a German banker with extensive experience in the specialised lending
sector. He joined NORD/LB Hannover, Germany in 1977 with a first engagement in
the shipping segment. In 1985 he started the aircraft finance activities for
the bank from scratch. As the Global Head of Aircraft Finance, he built
successively a team of more than 40 dedicated aviation experts located in
Hannover, New York and Singapore. Focused on an asset-based business model
with sophisticated solutions for selected clients, he and his team advanced to
global leaders in commercial aircraft finance with an exposure of well above
US$ 10 billion split over a portfolio of 650 aircraft assets. After more than
35 years in the aviation industry Harald retired in October 2019. He is
resident in Germany and was appointed as a director of the Company with effect
from 1 November 2019.
DIRECTORS' INFORMATION (CONTINUED)
Robert Knapp, Director (58), appointed 24 May 2024
Robert represents Ironsides Partners LLC ("Ironsides"), which has an interest
of 73,186,272 shares in the Company.
Robert is the founder and CIO of Ironsides and is a specialist in closed-ended
funds and asset value investing. Over his career he has served as a director
of numerous listed investment and operating companies. In addition to the
Company, he is a director of Barings BDC, Inc. and Okeanis Eco Tankers Corp.,
both of which are listed on the New York Stock Exchange, and Africa
Opportunity Fund Limited, which is listed on the Specialist Fund Segment of
the London Stock Exchange. Robert earned a BSc in Electrical Engineering from
Princeton University and a BA in PPE from New College, Oxford University.
Howard Millar, Director (64), appointed 24 July 2025.
Howard is a 50% shareholder of Brightstar Capital, which has an interest of
12,698,000 shares in the Company.
Howard served as Deputy CEO and CFO of Ryanair Holdings PLC from 1992 to 2014,
a company listed on NASDAQ and Euronext Dublin. He served on the board as a
non-executive director for 10 years between 2015 and 2025. Howard is the
Co-Founder and former CEO of Sirius Aviation Capital Holdings, a global
aircraft leasing company headquartered in Abu Dhabi. He has also served on the
boards of several international aviation businesses, including Viva Colombia,
Viva Peru Airlines, ASL Airlines (a leading global cargo operator), and
Applegreen Group, a former UK-listed forecourt retailer with operations across
the USA, UK, and Ireland. Howard holds a B.Sc. in Management from Trinity
College Dublin and is a Fellow of the Associate of Chartered Certified
Accountants (FCCA).
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
Geopolitical and economic risks
The Company leases aircraft to a customer in Thailand exposing it to (i)
Thailand's varying economic, social, legal and geopolitical risks, (ii)
instability of Thailand markets and (iii) the impact of global health
pandemics and other global market disruptions. Exposure to Thailand's
jurisdiction may adversely affect the Company's future performance, position
and growth potential if Thailand's economy does not perform well or if laws
and regulations that have an adverse impact on the aviation industry are
passed in Thailand. The adequacy and timeliness of the Company's response to
emerging risks in this jurisdiction is of critical importance to the
mitigation of their potential impact on the Company.
The rivalry between the US and China puts Thailand in a potentially precarious
situation. As Thailand manages its diplomatic ties with both nations, any
increase in tensions could influence international travel demand and trade
routes. Additionally, geopolitical instability in other regions, such as
disputes in the South China Sea and more recently in eastern and north western
Europe, can disrupt air travel routes and undermine passenger confidence.
Exposure to the commercial airline industry
As a supplier to and partner of the airline industry, the Group is exposed to
the financial condition of the airline industry as it leases its aircraft to
commercial airline customers. The financial condition of the airline industry
is affected by, among other things, geopolitical events, outbreaks of
communicable pandemic diseases and natural disasters, fuel costs and the
demand for air travel. To the extent that any of these factors adversely
affect the airline industry they may result in (i) downward pressure on lease
rates and aircraft values, (ii) higher incidences of lessee defaults,
restructuring, and repossessions and (iii) inability to lease aircraft on
commercially acceptable terms of return.
Thai Airways
Thai went into debt rehabilitation on 27 May 2020, and the business
rehabilitation plan was approved on 15 June 2021, by the Central Bankruptcy
Court of Thailand. The airline successfully exited its rehabilitation
program in June 2025. While this represents a significant milestone in the
airline's recovery, residual risks remain regarding the long-term
sustainability and effectiveness of the rehabilitation measures. There is a
possibility that the business rehabilitation plan may not fully achieve its
intended outcomes, particularly in light of Thai Airways' remaining debt
obligations. Any deterioration in Thai Airways' financial or operational
performance could adversely affect its ability to meet lease obligations or
return aircraft in the agreed condition.
Thai is under the contractual obligation to return the aircraft in full life
condition. The additional requirement to cash collateralize the obligation by
payment of Maintenance Reserves was waived in the novated lease agreement.
This leaves the company with the risk that in case of a Thai default under the
lease the aircraft may not be returned in a full life status.
Asset and transition risk
The Company's Assets as at period end comprise of two Boeing 787-8 aircraft.
The Group bears the risk of selling or re-leasing the aircraft in its fleet at
the end of their lease terms or if the lease is terminated. If demand for
aircraft decreases market lease rates may fall, and should such conditions
continue for an extended period, it could affect the market value of aircraft
in the fleet and may result in an impairment charge.
The Group also faces transition risk, which arises during the period between
lease expiry and the commencement of new lease agreements. This includes the
risk that aircraft may not be returned in a timely manner or in the required
condition, particularly by Thai Airways, which could delay re-leasing and
result in additional costs for reconfiguration, maintenance, or downtime.
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
Asset and transition risk (continued)
Such costs may be substantial and are dependent on prevailing market
conditions and the specific requirements of future lessees.
The directors have engaged an asset manager with appropriate experience of the
aviation industry to manage the fleet and remarket or sell aircraft as
required to reduce and address these risks.
There is no guarantee that, upon expiry or cessation of the leases, the Assets
could be sold or re-leased for an amount that would enable shareholders to
realise a capital profit on their investment or to avoid a loss. Costs
regarding any future re-leasing of the assets would depend upon various
economic factors and would be determinable only upon an individual re-leasing
event. Potential reconfiguration costs could in certain circumstances be
substantial.
In March 2025, through its newly incorporated subsidiaries, DP Aircraft
Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited (the "New
Subsidiaries"), the group has entered into new lease agreements with LOT,
Poland's state-owned airline, for its two Trent powered Boeing 787-8
aircrafts. The leases each have a 12-year term, commencing on 29 October 2026
(MSN 36110) and 9 December 2026 (MSN 35320).
Key personnel risk
The ability of the Company to achieve its investment objective is
significantly dependent upon the advice of certain key personnel at its Asset
Manager DS Aviation GmbH & Co. KG; there is no guarantee that such
personnel will be available to provide services to the Company for the
scheduled term of the Leases or following the termination of the Lease.
However, Key Man clauses within the Asset Management agreement do provide a
base line level of protection against this risk.
Credit risk & Counterparty risk
Credit risk is the risk that a significant counterparty will default on its
contractual obligations. The Group's most significant counterparty is Thai
Airways as lessee and provider of income and DekaBank Deutsche Girozentrale
('DekaBank') as holder of the Group's cash and restricted cash. The lessee
does not maintain a credit rating. The Moody's credit rating of DekaBank is
Aa1 (2024: Aa2).
Thai Airways successfully exited its rehabilitation program in June 2025,
having met all the requirements set by the Central Bankruptcy Court, including
capital adjustments, dividend policies, and the appointment of new board
members. Although the rehabilitation process has shown positive developments,
failure in a material aspect of the business following the exit could
adversely affect Thai Airways' ability to meet its obligations under the
Letter of Intent (LOI) signed in March 2021 and the amended lease agreement
entered in 2022.
Any failure by Thai Airways to pay any amounts when due could have an adverse
effect on the Group's ability to comply with its obligations under the
DekaBank loan agreements and could result in the lenders enforcing their
security and selling the relevant Assets on the market, potentially negatively
impacting the returns to investors. Thai Airways is however an international
full-service carrier and is important to Thailand's economy and as such it is
unlikely that the government will not provide it with the necessary support to
see it through its restructure. There is no guarantee and hence a significant
risk remains.
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
Refinancing risk
The Group is required to present a plan for refinancing or similar to the
lenders before the expiry of the current loan facilities in the last quarter
of 2026. There is a risk that the Group will not be able to replace the
DekaBank debt obligation with new debt before the expiry of the current loan
facilities. If not able to refinance, the Group would have to dispose the
aircraft to settle the loan and there is no guarantee that
the Assets could be sold for an amount that would enable shareholders to
realise a capital profit on their investment or to avoid a loss.
Liquidity risk
In order to finance the purchase of the Assets, the Group entered into loan
agreements. Pursuant to the loan agreements, the lenders are given first
ranking security over the Assets. Under the provisions of each of the loan
agreements, the Borrowers are required to comply with the qualitative loan
covenants and undertakings. A failure to comply with such covenants or
undertakings may result in the relevant lenders recalling the relevant loan.
In such circumstances, the Group may be required to remarket the relevant
Asset (either sell or enter into a subsequent lease) to repay the outstanding
relevant loan and/or re-negotiate the loan terms with the relevant lender.
Cyber risk
The Group relies on its key third party service providers' cyber security
measures including firewalls, encryption protocols, employee training programs
and regular security assessments to safeguard the Group's data and records
from unauthorized access and harmful exploitations. Given the heightened
geopolitical tensions in Eastern Europe, including increased cyber activity
linked to Russian state and non-state actors, the Group recognises a risk of
cyber threats targeting critical infrastructure and financial systems. The
Management Engagement Committee receives quarterly confirmation from all its
third parties service providers to ensure that controls over cyber security
and IT infrastructure are in place. The Group continues to work closely with
its service providers to ensure robust cyber resilience and timely threat
intelligence updates.
Boeing
The Company is exposed to Boeing being able to resolve any identified 787
related problems which the FAA or other regulatory bodies designate as
restricting commercial operations. At present no such restrictions exist. The
787 is considered a latest generation aircraft type which has pioneered areas
including the extensive use of carbon fibre in its fuselage and wing
construction.
Rolls Royce
The Company has exposure to Rolls Royce as suppliers of the Trent 1000 engines
in terms of ongoing support. The Trent 1000 is a highly fuel-efficient engine,
representing the latest engine technology. As such the Company is exposed to
any future as yet unknown performance issues. This situation is partially
mitigated by Thai using Rolls Royce Total Care and by the Asset Manager having
oversight of performance issues from both physical and desktop checks.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
Statement of directors' responsibilities
The Directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules ('the DTR')
of the UK's Financial Conduct Authority ('the UK FCA').
In preparing the condensed set of consolidated financial statements included
within the half-yearly financial report, the Directors are required to:
· prepare and present the condensed set of consolidated financial
statements in accordance with IAS 34 Interim Financial Reporting issued by the
International Accounting Standards Board ('IASB') and the DTR of the UK FCA;
· ensure the condensed set of consolidated financial statements has
adequate disclosures;
· select and apply appropriate accounting policies; and
· make accounting estimates that are reasonable in the circumstances.
· assess the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
The Directors are responsible for designing, implementing and maintaining such
internal controls as they determine is necessary to enable the preparation of
the condensed set of consolidated financial statements that is free from
material misstatement whether due to fraud or error.
We confirm that to the best of our knowledge:
(1) The condensed set of consolidated financial statements included within
the half-yearly financial report of DP Aircraft I Limited for the six months
ended 30 June 2025 (the 'Interim Financial Information'), which comprises
condensed consolidated statement of comprehensive income, condensed
consolidated statement of financial position, condensed consolidated statement
of cash flows, condensed consolidated statement of changes in equity and the
related explanatory notes, have been presented and prepared in accordance with
IAS 34, Interim Financial Reporting, as issued by the IASB and the DTR of the
UK FCA.
(2) The Interim Financial Information presented, as required by the DTR of
the UK FCA, includes:
a. an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
Interim Financial Statements;
b. a description of the principal risks and uncertainties for the
remaining six months of the financial year;
c. related parties' transactions that have taken place in the first
six months of the current financial year and that have materially affected the
financial position or the performance of the enterprise during that period;
and
d. any changes in the related parties' transactions described in the
last annual report that could have a material effect on the financial position
or performance of the enterprise in the first six months of the current
financial year.
STATEMENT OF DIRECTORS' RESPONSIBILITIES (CONTINUED)
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Group's website.
Legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions
Signed on behalf of the Board by
Jonathan Bridel
Jeremy Thompson
Director
Director
29 September 2025
29 September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the six-month period ended 30 June 2025
30 June 2025 30 June 2024
(unaudited) (unaudited)
Notes US$ US$
Income
Lease rental income 4 4,340,631 4,364,612
Expenses
Asset management fees 18 (297,275) (253,621)
General and administrative expenses 5 (848,413) (467,105)
Movement in expected credit loss 11 109,168 192,917
Depreciation 9 - (220,391)
(1,036,520) (748,200)
Operating profit 3,304,111 3,616,412
Finance costs 6 (1,785,542) (1,982,139)
Other Income 54,640 556,664
Finance income 440,604 460,285
Net finance costs (1,290,298) (965,190)
Profit before tax 2,013,813 2,651,222
Taxation 7 (6,698) (3,515)
Profit for the period 2,007,115 2,647,707
Total Comprehensive Income for the period 2,007,115 2,647,707
Earnings per Share for the period - basic and diluted 8 0.00784 0.0111
All income is attributable to the Ordinary Shares of the Company.
The notes on pages 44 to 61 form an integral part of these Interim financial
statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
For the six-month period ended 30 June 2025
30 June 2025 31 Dec 2024
(Unaudited) (Audited)
Notes US$ US$
NON-CURRENT ASSETS
PPE- Aircraft & Related Components 9 123,681,799 123,681,799
Trade and other receivables 11 1,231,150 3,358,804
Restricted Cash 10 17,047,389 16,624,501
Total non-current assets 141,960,338 143,665,104
CURRENT ASSETS
Trade and other receivables 11 3,732,102 3,328,210
Restricted cash 10 795,148 1,161,662
Cash and cash equivalents - available for use 1,511,766 1,652,645
Total current assets 6,039,016 6,142,517
TOTAL ASSETS 147,999,354 149,807,621
EQUITY
Share Capital 15 212,253,746 212,253,746
Accumulated losses (162,517,219) (164,524,334)
TOTAL EQUITY 49,736,527 47,729,412
NON-CURRENT LIABILITIES
Bank borrowings 14 74,410,119 77,088,618
Maintenance reserves provision 12 15,451,700 15,451,700
Total non-current liabilities 89,861,819 92,540,318
CURRENT LIABILITIES
Bank borrowings 14 6,860,340 8,096,300
Trade and other payables 13 1,540,668 1,441,591
Total current liabilities 8,401,008 9,537,891
TOTAL LIABILITIES 98,262,827 102,078,209
TOTAL EQUITY AND LIABILITIES 147,999,354 149,807,621
The financial statements on pages 40 to 61 were approved by the Board of
directors and were authorised for issue on September 2025. They were
signed on its behalf by:
The notes on pages 44 to 61 form an integral part of these Interim financial
statements.
Jonathan Bridel
Jeremy Thompson
Chairman
Director
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the six-month period ended 30 June 2025
Notes 30 June 2025 30 June 2024
US$ US$
(unaudited) (unaudited)
Profit for the period 2,007,115 2,647,707
Adjusted for:
Depreciation 9 - 220,391
Finance costs 6 1,785,542 1,982,139
Taxation 7 6,698 3,515
Movement in straight lining lease asset 1,781,776 1,755,387
Movement in expected credit loss 11 (109,168) (192,917)
Tax-paid (6,016) (1,037)
Changes in:
Increase in maintenance reserves provision 12 - -
Increase in trade and other payables 13 98,394 195,225
Decrease/Increase in trade and other receivables 11 51,155 (456,273)
NET CASH FLOW FROM OPERATING ACTIVITIES 5,615,496 6,154,137
INVESTING ACTIVITIES
Increase in Restricted cash (56,374) (449,402)
NET CASH FLOW USED IN INVESTING ACTIVITIES (56,374) (449,402)
FINANCING ACTIVITIES
Bank loan principal repaid 14 (3,190,410) (2,966,233)
Bank loan interest paid 14 (2,509,591) (2,733,767)
NET CASH FLOW USED IN FINANCING ACTIVITIES (5,700,001) (5,700,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,652,645 914,505
(Decrease)/Increase in cash and cash equivalents (140,879) 4,735
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,511,766 919,240
The notes on pages 44 to 61 form an integral part of these Interim financial
statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
For the six-month period ended 30 June 2025
Accumulated Total
Share capital losses Equity
Note US$ US$ US$
As at 1 January 2025 15 212,253,746 (164,524,334) 47,729,412
Total comprehensive income for the period
Profit for the period - 2,007,115 2,007,115
Total comprehensive profit - 2,007,115 2,007,115
As at 30 June 2025 (unaudited) 212,253,746 (162,517,219) 49,736,527
As at 1 January 2024 211,279,828 (169,049,394) 42,230,434
Total comprehensive expenses for the year
Profit for the year - 4,525,060 4,525,060
Total comprehensive profit - 4,525,060 4,525,060
Transactions with owners
Issue of ordinary 1,000,000 1,000,000
shares
Share issue costs paid (26,082) (26,082)
As at 31 December 2024 212,253,746 (164,524,334) 47,729,412
The notes on pages 44 to 61 form an integral part of these Interim financial
statements.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six-month period ended 30 June 2025
1) GENERAL INFORMATION
The unaudited condensed consolidated interim financial statements (the
'Interim Financial Statements') incorporate the results of the Company and
that of wholly owned subsidiary entities DP Aircraft Guernsey III Limited, DP
Aircraft Guernsey IV Limited (collectively and hereinafter, the 'Borrowers'),
each being a Guernsey incorporated company limited by shares and one
intermediate lessor company, DP Aircraft UK Limited (the 'Lessor'), a UK
incorporated private limited company respectively, DP Aircraft Ireland MSN
35320 Limited and DP Aircraft Ireland MSN 36110 Limited, both dormant
companies. The Company and its subsidiaries (the Borrowers and the Lessor)
comprise the Group.
The Company was incorporated on 5 July 2013 with registered number 56941. The
Company is admitted to trading on the Specialist Fund Segment of the London
Stock Exchange. The Share Capital of the Company comprises 256,000,000
ordinary shares of no-par value and one Subordinated Administrative Share of
no-par value. The Company's investment objective is to obtain income and
capital returns for its shareholders by acquiring, leasing and then, when the
Board considers it appropriate, selling aircraft.
The unaudited condensed consolidated interim financial statements were
approved by the Board of directors and authorised for issue on September
2025.
2) MATERIAL ACCOUNTING POLICY INFORMATION
a) Basis of preparation
The Interim Financial Statements for the period 1 January 2025 to 30 June 2025
have been prepared in accordance with International Accounting Standard
('IAS') 34 'Interim Financial Reporting' issued by the International
Accounting Standards Board ('IASB') and the DTR of the UK FCA.
The Interim Financial Statements do not include all the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Group's annual report and consolidated financial
statements for the year ended 31 December 2024. The Group's annual financial
statements for the year ended 31 December 2024 have been prepared in
accordance with International Financial Reporting Standards ('IFRS') issued by
the IASB and are available on the Company's website or from the Company
Secretary.
The Interim Financial Statements have been prepared on the basis of the
accounting policies set out in the Group's annual consolidated financial
statements for the year ended 31 December 2024 but also taking into account
any new policies that will be applied in the Group's annual consolidated
financial statements for the year ended 31 December 2025.
These are unaudited non-statutory interim financial statements, and they have
not been reviewed by the auditors. The last audited statutory financial
statements were issued on 24 April 2025 in respect of the year ended 31
December 2024.
The financial statements are presented in United States Dollars (US$) which is
also the functional currency of the Company and its subsidiaries.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
a) Basis of preparation (continued)
Material uncertainty relating to going concern
The directors believe that it is appropriate to prepare these consolidated
financial statements on a going concern basis as the current cash flow
forecasts demonstrate that the Group, with continued deferral of fees, as
outlined below, from some service providers and the successful tap issue of
$1million has sufficient cash to cover operating costs for a period of at
least twelve months from the signing of the consolidated financial statements
(the "going concern period").
Should a plausible downside or new scenario develop, additional finance may be
required to provide sufficient funding to fund the Group's activities to cover
any negotiations with the lenders as further detailed below. The Board will
continue to consult with its two brokers regarding any proposed forward
capital needs and its timing.
However, given the successful tap issue of $1 million, the Board feels that if
has sufficient cash to cover operating costs for a period of at least twelve
months from the signing of the consolidated financial statements (the "going
concern period").
The Board therefore concludes that to sufficiently cover off all going concern
scenarios, there is a material uncertainty, however it remains appropriate to
prepare the financial statements on a going concern basis.
In making this conclusion, the Board have taken into consideration:
· that Thai Airways have made monthly fixed lease rental payments on
time and in full from the start of the revised fixed rental period commencing
in January 2023. Further that Thai have reported a consistent return to
profitability and have exited their formal rehabilitation Period in June 2025;
· that given Thai Airways improved performance that the Company will
continue to receive US$ 35,000 per aircraft per month as a contribution
towards its operating costs with the rest going towards the pay down of the
Group's outstanding loan arrangements;
· the continued deferral of some fees by the Board, the Asset Manager
and the Broker as noted in note 13;
· as in previous years and as a matter of prudence, the Company will
need to consider costs associated with the winding up of the Group should it
be required.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
3) USE OF JUDGEMENTS AND ESTIMATES
The preparation of unaudited condensed consolidated Interim Financial
Statements in compliance with IAS 34 requires management to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities
that are not readily apparent from their sources.
Information about assumptions and estimation uncertainty at 30 June 2025, that
have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities in the Interim Financial Statements for the
period are:
Significant estimates
Impairment of property, plant and equipment
An impairment is recognised if the carrying amount of an asset exceeds its
recoverable amount. Impairment losses are recognised in profit or loss.
At each reporting date, the Group reviews the carrying amounts of its PPE to
determine whether there is any indication of impairment. If any such
indication exists, then the assets' recoverable amount is estimated. The
recoverable amount of an asset is the higher of the value in use and fair
value less cost to disposal. In considering the impairment assessment of the
Aircraft, the Board concluded that the fair value less costs of disposal was
the recoverable amount. The fair value less costs of disposal used in the
assessment is based on the full-life market value of each aircraft as
determined by two independent appraisers given the aircraft have a lease with
a full-life return condition attached to them.
The Board considered all possible valuation ranges and concluded that the Thai
Aircraft were not impaired as at 30 June 2025 given the average fair value
less costs of disposal was greater than the book value of the aircraft. Two
independent appraisers determined that the full life market value of each
aircraft as at 30 June 2025 ranges from US$ 66.216m to US$ 66.640m. It should
be noted that every appraiser has its own opinion of the market and how the
market will develop. On a specific aircraft type one appraiser might be more
favourable compared to another firm and vice versa. In addition, appraisers
obtain their market information from different sources and use different
calculation models. This has an influence on future and current market values
hence the wide range. In order to eliminate peaks in one or the other
direction the Board take the average of the two appraisers in determining
market values for the aircraft. This approach is consistent with the approach
adopted by other market participants (lessors, lenders, etc) and is consistent
with prior periods. Given the nature and life of the aircraft this approach is
considered to be reasonable. The average market value less selling costs for
each aircraft is more than each Aircraft's carrying value. Therefore, no
impairment loss has been recognised during the financial period ended 30 June
2025 ( 2024: US$ nil).
The Board also considered if there was any indication that the accumulated
impairment recognised in previous years on the Aircraft of US$ 58,839,697 had
reversed partially or in full. The Board has concluded that based on the
possible ranges of the aircraft valuations, there was no reversal during the
period ended 30 June 2025.
The airframe and engines status are outlined on page 29 of the asset managers
report. Note that the aircraft will be returned in a full-life condition on
termination of the leases hence full-life market value was used in the
impairment assessment.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
3) USE OF JUDGEMENTS AND ESTIMATES (CONTINUED)
Impairment of property, plant and equipment (continued)
Depreciation of aircraft
The Group depreciates the Aircraft on a straight-line basis over the remaining
lease life and taking into consideration the estimated residual value at the
end of the lease term. The Group engages independent expert valuers
(appraisers) each year to provide a valuation of the Aircraft and take into
account the average of the valuations provided.
Residual value estimates of the Aircraft were determined by the full life
inflated base values at the end of the leases from external valuations and
discounted by the inflation rate incorporated into those valuations.
The full life inflated base value is the appraiser's opinion of the underlying
economic value of the aircraft in an open, unrestricted, stable market
environment with a reasonable balance of supply and demand and assumes full
consideration of its 'highest and best use'. The full life inflated values
used within the financial statements match up the two lease termination dates
(October 2026 and December 2026) and have been discounted by the inflation
rate incorporated into the valuations. The residual value of the aircraft does
not represent the current fair value of the aircraft.
The residual value estimates at the end of each year are used to determine the
aircraft depreciation of future periods. The residual value estimates for
aircraft as at 31 December 2024 was US$ 130,173,016 (31 December 2023: US$
122,852,389) and the carrying value as at 30 June 2025 was US$ 123,681,799 (31
December 2024: US$ 123,681,799).
No depreciation has been recognised in the current period as the residual
value is higher than the carrying value of the aircraft.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
4) LEASE RENTAL INCOME
30 June 2025 30 June2024
US$ US$
(unaudited)
(unaudited)
Straight lining rental income 4,340,631 4,364,612
Total lease rental income 4,340,631 4,364,612
All lease rental income was derived from Thai Airways and the related two
Boeing 787-8 aircraft leased to them.
From 31 December 2022, lease payments are fixed at US$ 510,000 per month until
October and December 2026 respectively for each lease.
The lease term has been determined to be the period to October 2026 and
December 2026 which is the non-cancellable term of each aircraft lease. The
Group's UK subsidiary has cancelled any extension of existing leases with Thai
Airways (Thai) beyond 2026. Following the expiration of the Thai leases, the
aircraft will be 12 years old with an obligation to return the aircraft in
full-life condition.
The contracted cash lease rental payments to be received under non-cancellable
operating leases at the reporting date are:
Boeing 787-8 Boeing 787-8
Serial No: 35320 Serial No: 36110 Total
30 June 2025 US$ US$ US$
< 1 year 6,120,000 6,120,000 12,240,000
1 to 2 years 2,698,065 2,007,097 4,705,162
8,818,065 8,127,097 16,945,162
30 June 2024 US$ US$ US$
<1 year 6,120,000 6,120,000 12,240,000
1 to 2 years 6,120,000 6,120,000 12,240,000
2 to 3 years 2,698,065 2,007,097 4,705,162
14,938,065 14,247,097 29,185,162
US$ 4,340,631 (2024: US$ 4,364,612) of the future contracted lease rental
payments are recognised as a straight lining lease asset as at period end.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
5) GENERAL AND ADMINISTRATIVE EXPENSES
30 June 2025 30 June 2024
US$ US$
Administration fees 113,728 114,068
External accounting services 17,262 16,548
Aircraft valuation fees 2,187 -
Aircraft security trustee fees 5,597 5,971
Audit fees 90,087 72,726
Company broker fees 83,950 83,950
Directors' fees and expenses 106,609 102,600
Insurance costs, including directors' insurance 28,638 34,864
Miscellaneous costs 1,989 9,868
Legal and professional expenses 1,037 -
Regulatory fees 6,044 6,060
Registrar fees 9,078 11,229
Tax advice fees 2,992 7,207
Total ongoing costs 469,198 465,091
Restructuring fees 379,215 2,014
Total general and administrative expenses 848,413 467,105
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
6) FINANCE COSTS
30 June 2025 30 June 2024
(unaudited)
(unaudited)
US$ US$
Loan interest 1,785,542 1,982,139
Total finance costs 1,785,542 1,982,139
During the year ended 31 December 2023 there was a restructure of the loans
advanced by DekaBank. Management, in line with IFRS 9, assessed whether the
modification was substantial or not. The assessment was done on a quantitative
basis and compared the net present value of the modified cash flows per the
amended loan terms including any fees payable or receivable, discounted at the
original effective interest rate, against the carrying value of the loans
prior to the modification. A difference of 10% or more would have been
considered substantial as is advised in IFRS 9. Management concluded that the
modification was not substantial, and a modification adjustment, being the
difference between the net present value of the cash flows under the revised
terms discounted at the original agreement's effective interest rate and the
carrying value of the loans immediately prior to the modification, was made to
the existing loan in line with IFRS 9. This totalled US$ 5,042,029 and
increased both finance costs and the loans payable at the point of
modification. This adjustment recognised a loss in 2023 due to the less
favourable terms (primarily interest rate increases) under the modified terms
compared to the original terms. As a result of this adjustment, interest is
now recognised at the lower original effective interest rate as opposed to the
higher modified interest rate.
7) TAXATION
With the exception of DP Aircraft UK Limited, DP Aircraft Ireland MSN 35320
Limited and DP Aircraft Ireland MSN 36110 Limited, all companies within the
Group are exempt from taxation in Guernsey and are charged an annual exemption
fee of £1,600 each (2024: £1,600).
DP Aircraft UK Limited are subject to taxation at the applicable rate in the
United Kingdom. They recorded a tax expense of US$6,698 during the period
compared to a tax expense of US$3,515 in 2024. The directors do not expect the
taxation payable to be material to the Group.
A tax reconciliation has not been presented in these Interim Financial
Statements as the effective tax rate is not material and the reconciliation is
not relevant to the understanding of the Company's results for the period end.
8) EARNINGS PER SHARE
30 June 2025 30 June 2024
(unaudited)
(unaudited)
US$ US$
Profit for the period 2,007,115 2,647,707
Weighted average number of shares 256,000,001 239,333,333
Earnings per Share 0.00784 0.0111
There are no instruments in issue that could potentially dilute earnings per
ordinary share in future periods.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
9) PROPERTY, PLANT & EQUIPMENT - AIRCRAFT & RELATED
COMPONENTS
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2025 and 30 June 2025 238,731,161 17,398,493 256,129,654
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2025 56,209,665 8,200,047 64,409,712
Charge for the year - - -
As at 30 June 2025 56,209,665 8,200,047 64,409,712
IMPAIRMENT
As at 1 January 2025 58,839,697 9,198,446 68,038,143
As at 30 June 2025 58,839,697 9,198,446 68,038,143
CARRYING AMOUNT
As at 30 June 2025 123,681,799 - 123,681,799
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2024 and 31 December 2024 238,731,161 17,398,493 256,129,654
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2024 55,768,882 8,200,047 63,968,929
Charge for the year 440,783 - 440,783
As at 31 December 2024 56,209,665 8,200,047 64,409,712
IMPAIRMENT
As at 1 January 2024 58,839,697 9,198,446 68,038,143
As at 31 December 2024 58,839,697 9,198,446 68,038,143
CARRYING AMOUNT
As at 31 December 2024 123,681,799 - 123,681,799
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
9) PROPERTY, PLANT & EQUIPMENT - AIRCRAFT & RELATED
COMPONENTS (CONTINUED)
As at period end PPE is comprised of two aircraft leased to Thai Airways under
an operating lease. Under the terms of the leases that existed during the
year, the cost of repair and maintenance of the Assets is to be borne by Thai
Airways and Thai Airways has a contractual obligation to return the Assets in
a full life condition. However, after expiry or termination of the leases with
Thai, the cost of repair and maintenance will fall upon the Group. Therefore,
after expiry or termination of the Thai leases, the Group may bear higher
costs and the terms of any subsequent leasing arrangements (including terms
for repair, maintenance and insurance costs relative to those agreed under the
leases) may be less favourable, which could reduce the overall distributions
paid to the shareholders.
Refer to note 3 for details regarding residual value estimates. The Group
depreciates the aircraft on a straight-line basis over the remaining lease
term. The lease term has been determined to end in 2026.
As detailed in note 3, as at 30 June 2025 there is no impairment charge for
the year on the aircraft and there are no indications of reversal of prior
year impairment either. Refer to note 3 for further details.
The loans entered into by the Group to complete the purchase of the two Thai
aircraft are cross collateralised. Each of the loans are secured by way of
security taken over each of the two aircraft.
10) RESTRICTED CASH
30 June 2025 31 December 2024
(unaudited)
(audited)
Current assets US$ US$
Security deposit accounts 103 101
Lease rental accounts 795,045 1,161,561
795,148 1,161,662
Non-current assets
Maintenance reserves accounts 17,047,389 16,624,501
Total restricted cash 17,842,537 17,786,163
Maintenance reserves held at reporting date, are to be used solely to cover
costs related to the maintenance of the two aircraft.
The majority of security deposits were transferred to Lease Rental Accounts
during the prior period and are being used to service loan payments due to
DekaBank in accordance with the DekaBank financing arrangements. Monies
received into the Lease Rental Accounts during the fixed rent period are to be
transferred into Borrower Rental Accounts and applied in a specific manner as
agreed between DekaBank and the Group.
Access to the Lease Rental Accounts, Security deposit accounts and Maintenance
reserves accounts is physically restricted by DekaBank therefore these monies
are classified as restricted cash.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
11) TRADE AND OTHER RECEIVABLES
30 June 2025 31 December 2024
(unaudited)
(audited)
US$ US$
Prepayments 37,174 50,624
Maintenance reserve receivable (note 12) 443,981 484,092
Straight-lining lease asset 4,796,528 6,575,897
Total trade and other receivables 5,277,683 7,110,613
Less: Expected credit loss on straight lining lease asset (287,792) (394,554)
Less: Expected credit loss on maintenance reserve receivable (26,639) (29,045)
Net trade and other receivables 4,963,252 6,687,014
Current and non-current split as at year end is as follows:
2025 2024
Current assets US$ US$
Prepayments 37,174 50,624
Maintenance reserve receivable 417,342 455,047
Straight-lining lease asset 3,277,586 3,277,586
3,732,102 3,328,210
Non-current assets
Straight-lining lease asset 1,231,150
2,903,757
1,231,150 3,358,804
Trade and other receivables 4,963,252 6,687,014
The Group has assessed the straight-lining lease asset
and maintenance provision receivables for impairment. This balance represents
the result of straight lining of future fixed Thai lease payments over the
lease term. The Group has performed an assessment on the straight-lining lease
asset taking into account current and future information relating to the
airline industry as well as the lessee specifically and concluded that the
impairment provision as at 30 June 2025 is US$ 287,792 (31 December 2024: US$
394,554).
For the maintenance reserve receivable, the Company has also assessed the
receivable balance for impairment, as at 30 June 2025, an impairment provision
of US$ 26,639 (31 December 2024: US$ 29,045) was debited to statement of
comprehensive income.
With the ongoing progress on Thai Airways' Rehabilitation Plan, it has been
agreed that the Group is entitled to recover unpaid maintenance reserves owed
by Thai Airways from previous years amounting to US$ 553,248 This amount will
be paid in eight equal instalments beginning in June 2024 and will continue
every 6 months up to December 2027.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
Movements in the impairment provision for trade receivables is as follows:
2025 2024
US$ US$
Opening provision on Straight lining lease asset (394,554) (1,103,254)
Expected credit loss on straight lining lease asset 106,762 708,700
Closing provision on Straight lining lease asset (287,792) (394,554)
Expected credit loss on maintenance reserve receivable (26,639) (29,045)
Total impairment provision for trade receivables (314,431) (423,599)
12) MAINTENANCE RESERVES PROVISION
The maintenance reserves receivable relates to funds received from Thai
Airways reserved for covering the cost of maintenance. Effective 15 June 2021,
the Group no longer receives maintenance reserves contributions from the
lessee in line with the updated lease terms.
13) TRADE AND OTHER PAYABLES
30 June 2025 31 December 2024
(unaudited)
(audited)
Current US$ US$
Accruals and other payables 90,673 266,204
Asset Manager fees payable 581,935 431,651
Broker fees payable 602,651 518,701
Director fees payable 260,943 221,251
Taxation payable 4,466 3,784
1,540,668 1,441,591
Non-current - -
Total trade and other payables 1,540,668 1,441,591
All directors, brokers fees and most of the asset manager fees have been
classified as current liabilities under IFRS but these creditors have agreed
the amounts are not payable within twelve months unless there is a sale of the
aircraft or a refinancing enabling repayment. It is however noted that these
liabilities take preference over any distributions to shareholders.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
14) BANK BORROWINGS
30 June 2025 31 December 2024
(unaudited)
(audited)
US$ US$
Current liabilities: Bank interest payable and Bank borrowings 8,096,300
6,860,340
Non-current liabilities: Bank borrowings 74,410,119 77,088,618
Total liabilities 81,270,459 85,184,918
The borrowings are repayable as follows:
Interest payable
158,545 158,546
Within one year 6,701,795 7,937,754
In two to five years 74,410,119 77,088,618
Total Bank borrowings 81,270,459 85,184,918
The table below analyses the movements in the Group's bank borrowings:
30 June 2025 31 December 2024
(unaudited)
(audited)
US$ US$
Opening balance 85,026,370 92,528,231
Loan modification adjustment (note 6) - -
Repayment of loan (3,190,410) (6,035,672)
Amortisation of deferred finance costs (724,048) (1,466,187)
Principal Bank borrowings 81,111,912 85,026,372
Interest payable 158,547 158,546
Total Bank borrowings 81,270,459 85,184,918
The table below sets out an analysis of net debt and the movements in net debt
for the year ended 31 December 2024.
Cash and cash equivalents Principal Interest Net Debt
US$ US$ US$ US$
At 1 January 2025 1,652,645 (85,026,371) (158,547) (83,532,273)
Cash flows (140,879) 3,190,410 2,509,591 5,559,122
Non cash: -
Modification adjustment - - - -
Amortisation adjustment - 724,049 (724,049) -
Interest charge - - (1,785,542) (1,785,542)
At 30 June 2025 1,511,766 (81,111,912) (158,547) (79,758,693)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
14) BANK BORROWINGS (CONTINUED)
Cash and cash equivalents Principal Interest Net Debt
US$ US$ US$ US$
At 1 January 2024 914,505 (92,528,231) (183,992) (91,797,718)
Cash flows 738,140 6,035,672 5,364,328 12,138,140
Non cash: -
Modification adjustment - - - -
Amortisation adjustment - 1,466,188 (1,466,188) -
Interest charge - - (3,872,695) (3,872,695)
At 31 December 2024 1,652,645 (85,026,371) (158,547) (83,532,273)
DekaBank
On 6 May 2021, subsequent to the LOI being entered into by the Group and Thai
as described in the summary in pages 5-7, the Group and DekaBank amended and
restated the existing loan facility agreements in respect of the Thai aircraft
to accommodate the new lease terms, First Amendment and Restatement to the
Loan Agreements. Repayments of principal were deferred until after the end of
the PBH arrangement (31 December 2022), and a new repayment schedule was to be
renegotiated close to the end of the PBH arrangement.
On 7 February 2023, the Group and DekaBank entered into a Second Amendment and
Restatement to the Loan Agreement in which the parties agreed on the following
main terms:
· The total loan amount outstanding was split into two tranches:
o Facility A loan of US$ 61,144,842, made up of MSN 35320 loan of US$
31,099,453 and MSN 36110 loan of US$ 30,045,389. The Facility A loan amortizes
to a combined balloon of US$ 33,947,878 and represents the scheduled debt.
o Facility B loan of US$ 35,504,024 (non-amortizing), made up of MSN 35320
loan of US$ 17,366,650 and MSN 36110 loan of US$ 18,137,374. The Facility B
loan will be settled as a balloon payment at the end of the loan term in 2026.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
14) BANK BORROWINGS (CONTINUED)
· USD 2.36m of surplus cash generated under the PBH period was used to
immediately repay debt on the amortizing Facility A loan in February 2023,
while an agreed cash reserve of US$ 500,000 per aircraft will be retained to
cover unforeseen costs going forward.
· the interest rate swap in place for the scheduled debt was dissolved
at no net gain or loss.
· the MSN 35320 and MSN 36110 Facility A loans bear fixed interest
rates of 6.61% and 6.89% respectively.
· the MSN 35320 and MSN 36110 Facility B loans bear fixed interest
rates of 5.26% and 5.42% respectively.
· from the monthly fixed lease rental of US$ 510,000 per aircraft
(which denotes the maximum amount the Company can earn in operations per
month), US$ 475,000 is contractually restricted so that those funds are only
payable to the lenders, while the remaining US$ 35,000 per aircraft can be
retained by the company to contribute towards ongoing fixed costs of the
Company.
The MSN 35320 loan and the MSN 36110 loan have a final maturity date of 9
December 2026 and 29 October 2026 respectively.
Restructuring fees of up to US$ 600,000 associated with the second amendment
and restatement may potentially be paid after the eventual remarketing of the
aircraft, subject to surplus sales proceeds being realised. While there are
covenants attached to the loans, there has been no issues of non-compliance
within the period.
15) SHARE CAPITAL
Company's authorised share capital is unlimited.
Year ended 30 June 2025 Subordinated
Administrative Ordinary
Share Shares Total
Issued and fully paid (no par value shares): Number Number Number
Shares as at 1 January 2025 1 256,000,000 256,000,001
Shares issued during the year - - -
Shares as at 30 June 2025 1 256,000,000 256,000,001
US$ US$ US$
Share capital as at 1 January 2025 - 212,253,746 212,253,746
Share capital as at 30 June 2025 - 212,253,746 212,253,746
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
15) SHARE CAPITAL (Continued)
Year ended 31 December 2024 Subordinated
Administrative Ordinary
Share Shares Total
Issued and fully paid (no par value shares): Number Number Number
Shares as at 1 January 2024 1 239,333,333 239,333,334
Shares issued during the year - 16,666,667 16,666,667
Shares as at 31 December 2024 1 256,000,000 256,000,001
US$ US$ US$
Share capital as at 1 January 2024 - 211,279,828 211,279,828
Proceeds from the issues of shares - 1,000,000 1,000,000
Issue costs paid (26,082) (26,082)
Share capital as at 31 December 2024 - 212,253,746 212,253,746
Subject to the applicable company law and the Company's Articles of
Incorporation, the Company may issue an unlimited number of shares of par
value and/or no par value or a combination of both. The Subordinated
Administrative Share is held by DS Aviation GMBH.co.kg (the Asset Manager).
Holders of Subordinated Administrative Shares are not entitled to participate
in any dividends and other distributions of the Company. On a winding up of
the Company the holders of the Subordinated Administrative Shares are entitled
to an amount out of the surplus assets available for distribution equal to the
amount paid up, or credited as paid up, on such shares after payment of an
amount equal to the amount paid up, or credited as paid up, on the Ordinary
Shares to the Shareholders. Holders of Subordinated Administrative Shares
shall not have the right to receive notice of and have no right to attend,
speak and vote at general meetings of the Company except if there are no
Ordinary Shares in existence.
The directors are entitled to issue and allot C Shares. No C Shares have been
issued since the Company was incorporated.
On 11 November 2024, the Company raised gross proceeds of US$ 1 million
through the issue of 16,666,667 new ordinary shares in the capital of the
Company at a price of US$0.06 per new ordinary share.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
16) FAIR VALUE MEASUREMENT
Financial assets and financial liabilities at amortised cost
The fair value of cash and cash equivalents, trade and other receivables
(excluding prepayment and straight lining lease asset), restricted cash and
interest payable approximate their carrying amounts due to the short-term
maturities of these instruments.
17) RELATED PARTY TRANSACTIONS
The directors who served during the year received the following remuneration:
Current fee 30 June 2025 30 June 2024
(annual) (unaudited) (unaudited)
£ US$ US$
Jon Bridel (Chairman) 61,750 39,705 39,005
Jeremy Thompson (Chairman of the Audit and Risk Committee and Senior 49,450 31,665 31,236
Independent Director)
Harald Brauns (Chairman of the 49,450 31,230 31,230
Management Engagement Committee)
Robert Knapp - - -
Howard Millar (from 24 July 2025) 49,450 - -
Total 259,550 102,600 101,471
Up to 30 September 2022, 10% of base fees and all extra fees were not paid by
way of cash payments but were deferred to be settled in the future or to be
paid by way of equity. There has been no settlement of director remuneration
via the issue of equity in the current period (31 December 2024: US$ nil) and
the deferred fees remain outstanding as at 30 June 2025 (see note 13).
Robert Knapp was appointed with effect from 23 May 2024, he will not receive
any fees but is able to claim
for any expenses incurred in relation to DP Aircraft up to $15,000 per annum,
plus the cost of attending one industry conference per annum.
Howard Millar was appointed with effect from 24 July 2025, he will receive an
annual fee of £49,450 per annum payable monthly. However, it is agreed this
fee shall be deferred until such time all other deferred fees due to the
directors have been paid.
Directors' expenses totalling US$ 4,009 were paid during the period ended 30
June 2025 (30 June 2024: US$ 1,129), with US$ nil due to be paid at the
year-end (30 June 2024: US$ nil).
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
17) RELATED PARTY TRANSACTIONS (continued)
Base annual fees are as follows:
Annual Fees 2025 2024
Jonathan Bridel £61,750 £61,750
Jeremy Thompson £49,450 £49,450
Harald Brauns £49,450 £49,450
Howard Millar £49,450 -
Robert Knapp N/A N/A
*Note: directors fees were payable in GBP, the financial statements are
presented in USD
The directors interests in the shares of the Company as at 30 June 2025 are
set out below:
Number of Number of
ordinary shares ordinary shares
30 June 2025 31 December 2024
Connected parties of Jon Bridel 90,000 90,000
Jeremy Thompson 15,000 15,000
Robert Knapp 73,186,272 73,186,272
Howard Millar 12,698,000 -
Mr Knapp represents Ironsides Partners LLC who currently have an interest of
73,186,272 shares in the Company.
Mr. Howard represents Brightstar Capital, who currently have an interest of
12,698,000 shares in the Company. He owns a 50% equity interest in Brightstar
Capital.
There has been no distribution of dividends to the directors during the period
ended 30 June 2025 (2024:US$ nil)
18) MATERIAL CONTRACTS
Asset Management Agreement
The Asset Management Agreement dated 19 September 2013, between the Group and
DS Aviation was initially amended on 5 June 2015 to reflect the acquisition of
two new aircraft. A second amendment via a side letter, effective 1 January
2021, was made to the Asset Management Agreement on 7 May 2021.
Disposal fee
The initial amendment provides a calculation methodology for the disposal fee
which will only become payable when both Assets have been sold after the
expiry of the second Thai Airways lease in December 2026.
The fee will be calculated as a percentage of the aggregate net sale proceeds
of the asset, such percentage rate depending upon the Initial Investor Total
Asset Return per share being the total amount distributed to an initial
investor by way of dividend, capital return or otherwise over the life of the
Company. If each of the Assets is sold subsequent to the expiry of their
respective leases, the percentage rate shall be:
· Nil if the Initial Investor Total Asset Return per Share is less than
205%;
· 1.5% if the Initial Total Asset Return per Share equals or exceeds
205% but is less than 255%;
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the six-month period ended 30 June 2025
18) MATERIAL CONTRACTS (continued)
· 2% if the Initial Total Asset Return per Share equals or exceeds 255%
but is less than 305%; or
· 3% if the Initial Total Asset Return per Share equals or exceeds
305%.
Management fees
In the event that any of the Assets are sold prior to the expiry of its lease
the percentage hurdles set out above will be adjusted on the following basis:
· An amount will be deducted in respect of each Asset sold prior to the
expiry of its lease, equal to the net present value of the aggregate amount of
dividends per Share that were targeted to be paid but were not paid as a
result of the early divestment of the relevant Asset; and
· A further amount will be deducted, in respect of each Asset sold
prior to the expiry of its lease, equal to the amount by which the proportion
of the non-dividend component of the relevant percentage hurdle attributable
to the relevant Asset would need to be reduced in order to meet its net
present value.
Per the second amendment, payment of any Disposal Fee per above (if any) in
connection with the sale of
any of the Assets that were under receivership is subordinated to the DekaBank
loans and will only become payable after the loans (including the deferred
element) have been repaid or prepaid in full.
The disposal fee is a cash-settled payment to the Asset Manager.
The Asset Manager is paid a monthly base fee of US$ 21,334 per asset in
respect of the two Assets that are currently held by the Group, increasing by
2.5 per cent per annum.
For the period ended 30 June 2025, Asset Management fees amounted to US$
256,008 (30 June 2024: US$ 253,621). In addition to the Asset Management
fees US$41,267 was charged in relation to other charges and reimbursements
incurred by the Asset Manager and recharged to the Group (30 June 2024: US$
nil). A restructuring fee of US$ 40,278 was also paid to the Asset Manager
which is included in general and administrative expenses. A deferred fee of
US$ 581,935 (Note 13) is payable to the Asset Manager as at 30 June 2025 (31
December 2024: US$ 431,651).
Administration Agreement
The Administrator of the Company is Aztec Financial Services (Guernsey)
Limited. Aztec Financial Services (Guernsey) Limited and Aztec Financial
Services (UK) Limited provide administration services to the Company's
underlying subsidiaries. These administrator companies are collectively known
as the "Administrators".
Total fees charged by the Administrators during the period were US$ 112,441
(30 June 2024: US$ 114,068).
The Administrators have the right to be reimbursed from the Company for any
reasonable out of pocket expenses incurred in carrying out their
responsibilities.
Directors' fees
Details of the fees paid to the directors are included in note 17.
19) SUBSEQUENT EVENTS
Subsequent to the period end, Mr. Howard Millar was appointed to the Board of
Directors of DP Aircraft on 24 July 2025.
COMPANY INFORMATION
Directors Jonathan Bridel
Jeremy Thompson
Harald Brauns
Robert Knapp
Howard Millar (appointed from 24 July 2025)
Registered Office East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP, Channel Islands
Asset Manager DS Aviation GmbH & Co. KG
Stockholmer Allee 53
44269 Dortmund
Germany
Solicitors to the Company Norton Rose Fulbright LLP
(as to English law) 3 More London Riverside
London
SE1 2AQ, United Kingdom
Advocates to the Company Mourant
(as to Guernsey law) Royal Chambers
St Julian's Avenue
St Peter Port
Guernsey
GY1 4HP, Channel Islands
Independent Auditor KPMG Channel Islands Limited
Glategny Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 1WR, Channel Islands
Administrator and Company Secretary Aztec Financial Services (Guernsey) Limited
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP, Channel Islands
COMPANY INFORMATION (CONTINUED)
Corporate Brokers
Investec Bank Plc
30 Gresham Street
London
EC2V 7QP,
United Kingdom
Barclays Bank Plc
1 Churchill Place
London E14 5HP,
United Kingdom
1 (#_ftnref1) IATA: "Air Passenger Market Analysis"; July 2024
2 (#_ftnref2) IATA: "Air Passenger Market Analysis"; July 2024
3 (#_ftnref3) IATA;Airline Profitability to Strengthen Slightly in 2025
Despite Headwinds"; 2(nd) June 2025
4 (#_ftnref4) IATA;Airline Profitability to Strengthen Slightly in 2025
Despite Headwinds"; 2(nd) June 2025
5 (#_ftnref5) IATA;Airline Profitability to Strengthen Slightly in 2025
Despite Headwinds"; 2(nd) June 2025
6 (#_ftnref6) SimpleFlying: "Down 8%. Airbus delivered 56 new aircraft in
April": 8(th) May 2025
7 (#_ftnref7) IATA;Airline Profitability to Strengthen Slightly in 2025
Despite Headwinds"; 2(nd) June 2025
8 (#_ftnref8) Cirium: "Cirium Dashboard- Fleets: 31(st) July 2025
9 (#_ftnref9) ATAG: Environmental Performance: 31(st) July 2025
10 (#_ftnref10) AAPA: Presse Release; 28(th) July 2025
11 (#_ftnref11) AAPA: Presse Release; 28(th) July 2025
12 (#_ftnref12) AeroTime: "Asia Pacific airlines demonstrated financial
resilience in 2024 amid challenges"; 11 July 2025
13 (#_ftnref13) CIRIUM; "Asia Pacific airlines profit fell 17% in 2024;
09(th) July 2025
14 (#_ftnref14) CIRIUM; "Asia Pacific airlines profit fell 17% in 2024;
09(th) July 2025
15 (#_ftnref15) Airline Rating: "The state of the Asia Pacific airline
industry"; 26(th) March 2025
16 (#_ftnref16) Aviation Week: "Asia Pacific airlines facing capacity
handicaps, AAPA Head says"; 25(th) March 2025
17 (#_ftnref17) Cirium: "Airbus: 19,500 new aircraft needed in APAC by
2043"; 13th November 2024
18 (#_ftnref18) Reuters: "AerCap can recover over $1 bn, UK court rules in
case over jets 'lost' in Russia"; 11(th) June 2025
19 (#_ftnref19) Cirium: "The risks in an eight-year gap from order to
delivery"; 24(th) July 2025
20 (#_ftnref20) Cirium: "DAE to acquire NAC"; 7(th) January 2025
21 (#_ftnref21) ISHKA: "Capital Markets update: Lessors raise $2.5 billion
in January"; 6(th) February
22 (#_ftnref22) FitchRatings: "Fitch completes aicraft lessors peer review,
sector outlook remains neutral": 13(th) May 2025
23 (#_ftnref23) ISHKA: "Cap Markets: Lessor raise $1.25 billion in June as
Phoenix Aviation Capital makes debut bond issuance"; 2(nd) July 2025
24 (#_ftnref24) AerCap; "AerCap leased, purchased and sold 203 assets in the
first quarter 2025"; 04(th) April 2025
25 (#_ftnref25) Thai Airways: "Financial Statement Q2 2025": 30(th) June
2025
26 (#_ftnref26) Thai Airways: "Financial Statement Q2 2025": 30(th) June
2025
27 (#_ftnref27) Thai Airways: "Financial Statement Q2 2025": 30(th) June
2025
28 (#_ftnref28) Thai Airways International PCL: "Submission of financial
statements for the year ended December 31, 2024"; 26(th) February 2025
29 (#_ftnref29) Cirium: Dashboard fleets: 31(st) July 2025
30 (#_ftnref30) Cirium: "Thai leases 20 A321neos from three lessors amid
capacity crunch"; 19th November 2024
31 (#_ftnref31) CAPA: "Thai Airways expansion held back by aircraft delivery
delays"; 25(th) March 2025
32 (#_ftnref32) Cirium: "Thai leases 20 A321neos from three lessors amid
capacity crunch"; 19th November 2024
33 (#_ftnref33) Reuters; "Thailand foreign visitors down 4.6% y/y so far in
2025": 1(st) July 2025
34 (#_ftnref34) Bangkok Post: "Global aircraft shortage may delay Thai
expansion plan": 28(th) August 2025
35 (#_ftnref35) Pattaya Mail: "The profound reasons behind the sharp decline
of Chinese tourists to Thailand- A recovery that could take years": 9(th) May
2025
36 (#_ftnref36) Thai Airways International PLC: "The update on the 14th
progress of the implementation of the Business Rehabilitation Plan for the
period from 15 September 2024 to 14 December 2024 (2nd quarter of the 4th
year)"; 27(th) December 2024
37 (#_ftnref37) Thai Airways: Thai's journey: 31(st) July 2025
38 (#_ftnref38) Thai Airways: "Financial Statement Q2 2025": 30(th) June
2025
39 (#_ftnref39) Thai Airways: "Financial Statement Q2 2025": 30(th) June
2025
40 (#_ftnref40) Thai Airways: Thai Airways is set to resume trading on the
Stock Exchange on August 4": 30(th) July 2025
41 (#_ftnref41) Cirium: "Thai Airways exits rehabilitation, appoints new
chairman": 17 une 2025
42 (#_ftnref42) Cirium: "Thai Airways exits rehabilitation, appoints new
chairman": 17 June 2025
43 (#_ftnref43) The Business Times: "Thai Airways' share price soars more
than 200% after trading resumption"; 4(th) August 2025
44 (#_ftnref44) AeroTime; "Thai Airways secures third deal in a week for
Boeing 787-9 Dreamliner aircraft": 27(th) February 2025
45 (#_ftnref45) The Nation; "Thai Airways Unveils Comprehensive Five-Year
Investment Strategy Worth 170 Billion Baht": 24(th) July 2025
46 (#_ftnref46) Thai Airways International PCL: "Management´s Discussion
and Analysis for the second quarter of 2025 ended June 30, 2025, for Thai
Airways International Public Company Limited and Its Subsidiaries"
47 (#_ftnref47) Available Seat Kilometres
48 (#_ftnref48) Bundesverband Deutscher Banken; 26(th) February 2025
49 (#_ftnref49) Thai Airways International PCL: "Management´s Discussion
and Analysis for year ended December 31, 2024, for Thai Airways International
Public Company Limited and Its Subsidiaries"
50 (#_ftnref50) Bangkok Post; "THAI aims to double fleet by 2033": 4(th)
August 2025
51 (#_ftnref51) ch-Aviation: "Thai Airways primed for doubling of fleet,
network growth"; 21(st) February 2025
52 (#_ftnref52) Aviation A2Z: "This Asian Airline To Remove First Class
Seats from its Fleet": 13(th) September 2025
53 (#_ftnref53) Cirium: "Thai leases 20 A321neos from three lessors amid
capacity crunch"; 19(th) November 2024
54 (#_ftnref54) Executive Traveller: " Thai Airways new business class,
premium economy": 29h April 2025
55 (#_ftnref55) Thai Airways International PCL: "Management´s Discussion
and Analysis for year ended December 31, 2024, for Thai Airways International
Public Company Limited and Its Subsidiaries" // Thai Airways International
PCL: "Thai Airways - Opportunity Day Y2024"; 12th March 2025
56 (#_ftnref56) Cirium: "Thai rolls out business class on A320s"; 30(th)
January 2025
57 (#_ftnref57) Bangkok Post: "Thai Airways to expand network, flight
frequencies": 24(th) August 2025
58 (#_ftnref58) Bangkok Post: "THAI set to emerge from rehab with plan to
double fleet"; 18(th) February 2025
59 (#_ftnref59) Cirium: "Thai mulls spinning off MRO and catering
businesses"; 9(th) October 2024
60 (#_ftnref60) The Nation: "World Bank cuts Thailand's 2025 GDP growth
forecast to 1.8%": 3(rd) July 2025
61 (#_ftnref61) WorldBank: "Thailand Economic Monitor February 2025:
Unleashing Growth - Innovation, SMEs and Startups": 14(th) February 2025
62 (#_ftnref62) Cirium: "IATA urges Thailand to further strengthen aviation
sector"; 31(st) October 2024
63 (#_ftnref63) Thai Airways International PCL: "Management´s Discussion
and Analysis for year ended December 31, 2024, for Thai Airways International
Public Company Limited and Its Subsidiaries"
64 (#_ftnref64) LOT: "History of LOT in a nutshell"; 1(st) April 2025 //
LOT: "Most interesting facts and figures about LOT"; 1(st) April 2025
65 (#_ftnref65) LOT: "Our hub airport in Warsaw"; 1(st) April 2025
66 (#_ftnref66) Cirium: "Polish Aviation Group"; 1(st) April 2025
67 (#_ftnref67) LOT:" LOT Polish Airlines with record-high July results -
the airline carried over 1.18 million passengers, with its planes covering
15.5 million kilometres": 21(st) August 2025
68 (#_ftnref68) LOT: "LOT Polish Airlines Achieved Record Results in 2024";
25th February 2025
69 (#_ftnref69) LOT: "LOT Polish Airlines Achieved Record Results in 2024";
25(th) February 2025 // Cirium: "LOT profit dips as it targets rapid
expansion"; 25(th) February 2025
70 (#_ftnref70) Bundesverband deutscher Banken e. V.: "Währungsrechner";
2(nd) April 2025
71 (#_ftnref71) Cirium: "LOT hails 'new era' in relationship with Airbus";
16(th) June 2025
72 (#_ftnref72) LOT: "A Look Inside LOT Polish Airlines' New Airbus A220
Cabins": 27(th) August 2025
73 (#_ftnref73) LOT: "LOT POLISH AIRLINES LAUNCHES DIRECT FLIGHTS FROM
GDAŃSK TO ISTANBUL - THE CITY WHERE CONTINENTS MEET"; 27(th) June 2025 //
LOT: "From Warsaw-Radom Airport Straight to Costa Brava: LOT Polish Airlines
Launches New Route to Barcelona"; 16(th) June 2025 // LOT: "EXPLORE THE MAGIC
OF NORTHERN FINLAND: LOT POLISH AIRLINES LAUNCHES TICKET SALES FOR ROVANIEMI
FLIGHTS"; 5(th) June 2025 // LOT: "THE CULINARY CAPITAL OF GREECE JUST A
STONE'S THROW AWAY. LOT POLISH AIRLINES LAUNCHED A NEW CONNECTION TO
THESSALONIKI"; 17(th) June 2025 // LOT: "DISCOVER SUNNY MALTA! DIRECT FLIGHTS
FROM WARSAW NOW AVAILABLE WITH LOT POLISH AIRLINES"; 16(th) April 2025 // LOT:
"Marrakesh - The City of a Thousand Scents and Flavours: LOT Polish Airlines
to Launch Flights for the Winter Season"; 23(rd) April 2025
74 (#_ftnref74) Flughafen Berlin Brandenburg GmbH: "LOT Polish Airlines
stockt Warschau-Flüge auf"; 2nd April 2025
75 (#_ftnref75) Ch-Aviation: "LOT Polish Airlines shutters Budapest base";
3(rd) April 2025
76 (#_ftnref76) LOT: "LOT Polish Airlines entered into codeshare partnership
with ITA Airways"; 9(th) April 2025
77 (#_ftnref77) LOT: "LOT POLISH AIRLINES AND EVA AIR EXPAND THEIR FLIGHT
OFFER UNDER A CODESHARE AGREEMENT"; 6(th) June 2025
78 (#_ftnref78) Ch-Aviation: "LOT Polish Airlines inks EU rescue service
deal"; 8(th) July 2025
79 (#_ftnref79) LOT: "LOT POLISH AIRLINES WITH FULL CROWN OF IATA CEIV
CERTIFICATES JOINS THE GLOBAL CARGO ELITE"; 16(th) April 2025
80 (#_ftnref80) LOT: "LOT POLISH AIRLINES AWARDED IATA IENVA CERTIFICATION";
4(th) June 2025
81 (#_ftnref81) LOT: "LOT Polish Airlines with a 4-star SKYTRAX World
Airline Rating"; 23(rd) June 2025
82 (#_ftnref82) aeroTELEGRAPH: "LOT eröffnet rundum erneuerte Business
Lounge in Warschau - mit Spa"; 3(rd) April 2025
83 (#_ftnref83) Aviation A2Z: "Boeing Beats Airbus in June 2025 New
Deliveries and More": 9(th) July 2025
84 (#_ftnref84) Boeing: "Boeing and Qatar Airways Announce Historic Order
for up to 210 Widebody Airplanes": 14(th) May 2025
85 (#_ftnref85) Boeing: Orders and Delivery: 05(th) August 2025
86 (#_ftnref86) Cirium: "Japan commits to 100 Boeing aircraft buy": 25(th)
July 2025
87 (#_ftnref87) Cirium: "Gulf Air orders a dozen Boeing 787s": 18(th) July
2025
88 (#_ftnref88) Cirium: "EXIM greenlights $297 million to support TAAG 787
deliveries": 17(th) July 2025
89 (#_ftnref89) Boeing: "Boeing Announces Fourth Quarter Deliveries"; 14(th)
January 2025 // FlightGlobal: "Boeing's 2024 orders and deliveries slipped as
Airbus widened edge"; 14(th) January 2025
90 (#_ftnref90) Cirium: "Air New Zealand engine woes to weigh on first half
profit"; 25(th) November 2024 // Cirium: "ANA flags ongoing impact of engine
and delivery issues"; 5(th) February 2025 // Cirium: "Air New Zealand forced
to cut Seoul seasonal due to engine woes"; 5(th) February 2025 // ch-Aviation:
"Rolls-Royce engine issues see carriers cur more B787 flights"; 31(st)
December 2024
91 (#_ftnref91) Cirium: "DAE seeks bids on Gulf Air 787s: source"; 5(th)
February 2025
92 (#_ftnref92) Cirium: "IndiGo confirms it will wet lease 787-9 from Norse
Atlantic"; 6(th) February 2025
93 (#_ftnref93) Cirium: "Vmo sells batch of 787s to Altavair: sources";
10(th) February 2025
94 (#_ftnref94) Cirium: "ANA to order up to 77 jets from Boeing, Airbus and
Embraer"; 25(th) February 2025
95 (#_ftnref95) Cirium: "Norse Atlantic completes 787-8 redeliveries",
10(th) March 2025
96 (#_ftnref96) Cirium: "High Ridge adds second widebody via trade with
ORIX"; 13(th) March 2025
97 (#_ftnref97) Cirium: "Air India tweaks northern summer network as 787
refits start"; 14(th) February 2025
98 (#_ftnref98) Cirium: "Etihad orders 28 Boeing 787 and 777X widebodies:
White House": 16(th) May 2025
99 (#_ftnref99) CIRIUM: "Phoenix and AIP acquire 787 on lease to LOT": 7(th)
May 2025
100 (#_ftnref100) Cirium: "Turkish requests EXIM guarantees for Boeing
deliveries": 29(th) May 2025
101 (#_ftnref101) Cirium: "UK-bound Air India 787 crashes outside
Ahmedabad": 12(th) June 2025
102 (#_ftnref102) Cirium: "Moog and ANA renew contract for 787 fleet
support": 17(th) June 2025
103 (#_ftnref103) Cirium: "Air India and SIA find no anomalies during 787
fuel-switch checks": 17(th) July 2025
104 (#_ftnref104) MyAirTrade: Available 787: 31(st) July 2025
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. END IR FLFSLAIIAFIERecent news on DP Aircraft I
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AnnouncementREG - DP Aircraft I Ltd - Appointment of Joint Corporate Broker
AnnouncementREG - DP Aircraft I Ltd - Director Appointment
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