DUBLIN, May 26, 2020 /PRNewswire/ -- AerCap Holdings N.V. ("AerCap" or the "Company") (NYSE: AER) today announced that it has rescheduled the delivery of 37 aircraft that were previously expected to be delivered in 2021 and 2022. These aircraft are now expected to be delivered in 2023 and later years.
Working in concert with the aircraft manufacturers and our airline customers, AerCap has rescheduled the delivery of over 100 aircraft that were originally planned to be delivered in 2020, 2021 and 2022.
The rescheduling of these deliveries has reduced our cash capital expenditures in 2020 and 2021 by a total of approximately $4.7 billion. We currently expect to have cash capital expenditures of approximately $1.1 billion for the remainder of 2020 and approximately $2.5 billion for 2021. We expect our cash capital expenditures during these years to decrease further as we continue our discussions with the aircraft manufacturers and our customers. All of the aircraft delivering in 2020 and 2021 have already been placed on long-term leases.
"On our first quarter earnings call, I noted the positive trends that we were starting to see in Chinese air traffic. Similarly, since the low point in mid-April we have seen a steady increase in air traffic in Europe and the United States. As economies begin to reopen, our airline customers will play a vital role in the recovery of their respective countries," said Aengus Kelly, CEO of AerCap. "We have taken these steps to better align our delivery schedule with the needs of our airline customers and our OEM partners during this period of market dislocation. We expect to reschedule additional aircraft deliveries in the future as we continue to work with our customers and the manufacturers."
AerCap is the global leader in aircraft leasing with 1,372 aircraft owned, managed or on order and $47.1 billion of total assets as of March 31, 2020. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE AerCap Holdings N.V.