DP Aircraft I Limited (DPA) 2024年年度報告「LSE」.pdf

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1、DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 2|Page CONTENTS 3 Fact Sheet 4 Summary 8 Highlights 10 Chairmans St

2、atement 13 Asset Managers Report 29 Directors 31 Directors Report 41 Report of the Audit Committee 44 Statement of Principal Risks and Uncertainties 47 Statement of Directors Responsibilities 49 Independent Auditors Report to the Members of DP Aircraft I Limited 55 Consolidated Statement of Comprehe

3、nsive Income 56 Consolidated Statement of Financial Position 57 Consolidated Statement of Cash Flows 58 Consolidated Statement of Changes in Equity 59 Notes to the Consolidated Financial Statements 88 Company Information 90 Appendix 1 Alternative Investment Fund Managers Directive DP AIRCRAFT I LIMI

4、TED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 3|Page 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 4-Oct-13 Share Price US$

5、0.0600 as at 31 December 2024 Earnings per Share US$0.01886 for the year ended 31 December 2024 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 Independen

6、t Auditor KPMG Channel Islands Limited Corporate Broker Investec Bank Plc Aircraft Registration HS-TQD HS-TQC Aircraft Serial Number 35320 36110 Aircraft Type and Model B787-8 Lessees Thai Airways International Public Company Limited (Thai Airways)Website DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDI

7、TED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 4|Page 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 t

8、o 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

9、shares and one intermediate lessor company,DP Aircraft UK Limited(the Lessor),a UK incorporated private limited company.The Company and its consolidated subsidiaries,DP Aircraft Guernsey III Limited,DP Aircraft Guernsey IV Limited and DP Aircraft UK Limited comprise the consolidated Group(the Group)

10、.Pursuant to the Companys 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 Companys shares were admitted to trading on the Specialist Fund Segment(previous

11、ly the Specialist Fund Market)of the London Stock Exchange on 4 October 2013 and the Company was listed on the Channel Islands Securities Exchange 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 Pl

12、acing.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 sha

13、re.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 proceeds of 1 million through the issue of 16,666,667 additional ordinary shares in the capital of the Company at a price of U

14、S$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 a

15、lso 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 Groups investment objective is to obtain income and capital returns for its shareholders by acquiring,leasing and then,when the

16、 Board considers it appropriate,selling aircraft(the Asset or Assets).THE BOARD The Board comprises of independent non-executive directors and a non-executive director(the directors or the Board).The directors are responsible for managing the business affairs of the Company and Group in accordance w

17、ith the Articles of Incorporation and have overall responsibility for the Companys and Groups activities,including portfolio and risk management while the asset management of the Group is undertaken by DS Aviation GmbH&Co.KG(the Asset Manager/DS Aviation).DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDI

18、TED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 5|Page 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 a

19、ctivities 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 787-8s equipped with Rolls Royce Trent-1000 engines which

20、 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 AIR

21、WAYS/THAI)The suspension of travel due to COVID-19 in 2020 resulted in Thai Airways entering into business rehabilitation.The Central Bankruptcy Court approved Thais Business Rehabilitation plan on 15 June 2021.The rehabilitation process is currently ongoing.Please refer to the Asset Manager Report

22、on pages 13 to 28 for details regarding the rehabilitation process.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

23、 April 2022.The effective date for the lease modification was 15 June 2021.The new 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 p

24、ayments 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

25、 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 cur

26、rent 2026 lease term,the lease terms are considered to be the period up to October and December 2026,respectively.A corresponding agreement was reached with the lenders as detailed below.DEKABANK DEUTSCHE GIROZENTRALE AND TWO OTHER CONSORTIUM MEMBERS(DekaBank)On 6 May 2021,subsequent to the LOI bein

27、g 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 new lease terms,First Amendment and Restatement to the Loan Agreements.Repayments of principal were deferred un

28、til 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.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 6|Page SUMMARY(CONTINUED)DEKABANK

29、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 wa

30、s 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 u

31、p 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 Februa

32、ry 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 M

33、SN 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

34、 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

35、proceeds being realised.IMPAIRMENT In line with each reporting date and market capitalisation of US$15.3 million at 31 December 2024,a detailed impairment assessment of the aircraft was undertaken.Following this review an impairment of US$nil(2023:US$nil)was booked against the aircraft.See note 3 fo

36、r 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

37、distributions through the period of the Companys 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 ta

38、rgets 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.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 D

39、ecember 2024 2024 7|Page 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 payme

40、nts 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 the DekaBank.Given this backdrop the Company feels that there is no real pro

41、spect of the Companys 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

42、Company.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 8|Page HIGHLIGHTS RESULTS FOR THE YEAR Results for the year ended 31 December 2024 is a profit after tax of US$4,525,060(earnings per share US$0.02).For the year ended 31 Decemb

43、er 2023 there was a loss after tax of US$2,505,687(loss per share US$0.01).The results for the year ended 31 December 2024 are mainly driven by rental income earned of US$8,777,187(2023:US$8,714,249)and finance costs incurred of US$3,872,695(2023:US$9,551,675).The decrease in finance costs in the ye

44、ar 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

45、an overall loss for the prior year.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 55 for full details of results for the year.NET ASSET VALUE(NAV)The NAV per share was US$0.18644 pe

46、r share at 31 December 2024(2023:US$0.17645).NAV per share has increased due to the profit made during the year(see above).The NAV excluding the financial effects of the straight-lining lease asset and the loan modification adjustment was US$0.16230 per share at 31 December 2024(2023:US$0.16018).The

47、 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 Groups net asset pos

48、ition.As at 31 December 2024,As at 31 December 2023 Note US$US$per share US$US$per share NAV per the financial statements 47,729,412 0.18644 42,230,434 0.17645 Less:Straight-lining lease asset 11 (6,575,897)(0.02569)(10,038,709)(0.04194)Add:Provision for straight lining lease asset 11 394,554 0.0015

49、4 1,103,254 0.00461 Add:Loan modification adjustment 6-5,042,029 0.02107 (6,181,343)(0.02415)(3,893,426)(0.01627)Adjusted NAV 41,548,069 0.16230 38,337,008 0.16018 As at 31 December 2024,the price per share was US$0.0600 which is significantly lower than the NAV per share above,excluding the straigh

50、t-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.DP AIRCRAFT I LIMITE

51、D ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 9|Page HIGHLIGHTS(CONTINUED)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 furt

52、her 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 Companys shares were first admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 4 October 2

53、013.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 10|Page CHAIRMANS STATEMENT I am pleased to present Shareholders with the Annual Report of the Group for the year ended 31 December 2024 and to advise of you of post year end develo

54、pments with our aircraft.Starting with headline financial results I can advise that earnings per share for the year was US$0.02 compared to a loss per share of US$0.01 last year.The net asset value per share at the year end was US$0.18644 compared to US$0.17645 at 31 December 2023.IFRS requires rent

55、al 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

56、 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 aircraft are operating on fixed monthly lease payments with Thai Airways International PCL(Thai)until October/Decem

57、ber 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.The board requested its asset manager to review potential market opportunities to either sell or r

58、e-lease its aircraft on enhanced lease rates and term.Following the market review the Group has elected to exercise its option,with agreement from its lenders,not to extend the Thai leases beyond the current 2026 lease term.The leases will be terminated with effect from these dates.Under the terms o

59、f the current lease,Thai will be required to return the aircraft in full-life condition at the end of the respective lease periods in October and December 2026.Following involved negotiations,I am pleased to report that in March 2025 via the Groups two new subsidiaries,DP Aircraft Ireland MSN 35320

60、Limited and DP Aircraft Ireland MSN 36110 Limited(the“New Subsidiaries”),the group has entered into new lease agreements with LOT,Polands state-owned airline,for its two Trent powered Boeing 787-8 aircraft.The leases each have a 12-year term,commencing on 29 October 2026(MSN 36110)and 9 December 202

61、6(MSN 35320).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 Pola

62、nds flag carrier and one of the worlds 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 passe

63、ngers 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 airlines fleet comprised 80 aircraft,making it th

64、e 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,furt

65、her 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 e

66、ngines.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 11|Page CHAIRMANS STATEMENT(CONTINUED)Lease developments(continued)The existing debt financing arrangements with the current lenders are set to expire in October and December 202

67、6,coinciding with the expiration of the Thai leases.The Group is actively exploring all refinancing options,including potential agreements with new lenders,and has already received several indicative proposals.The Board will be evaluating these proposals as a top priority.Existing operations Both ou

68、r aircraft,HS-TQC and HS-TQD have mainly flown in the Asian region with regular rotations to Perth in Australia as well as Brussels in Europe during the period.This has also been the case of the other four,Rolls Royce Trent 1000 powered 787-8 aircraft in the Thai fleet.The sector lengths flown throu

69、gh the year have varied from around one hour(Phuket and Ho-Chi Minh City)to approximately six hours(Japanese and Australian routes).Since the launch of the destination of Brussels in December 2024,Thai has deployed its operating B787-8 fleet regularly on this route with an average flight time of abo

70、ut eleven hours.Other larger aircraft in the Thai fleet have also been serving Asian routes which at present represent the largest passenger segment.Under the terms of industry lease arrangements,lessees have the right to fly the routes which serve their needs.Shorter sector lengths do not reduce th

71、e 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 liaison with Thai on all operational matters and to regularly inspect our assets.An inspection was performed in February

72、2025 with no major defects found and the aircraft being airworthy.HS-TQD has been grounded awaiting the return of replacement engines and is expected to be operational in May.This delay is a result of backlogs at the Rolls Royce Singapore maintenance centre.Such delays represent a global challenge f

73、or Trent customers linked to the industrys well reported supply chain challenges.Our aircraft when in operational use or not receive full lease rates and will be returned in full life condition at the end of the lease term.Thai closed the financial year 2024 with a net loss of THB 26.93 billion comp

74、ared to a net profit of THB 28.10 billion in 2023.However,the airline remained profitable on the operational level and reported an operating profit excluding one-time items of THB 22.73 billion,a decrease of about 8 per cent compared to 2023.Thai finalized its capital restructuring plan including a

75、debt-to equity conversion in November 2024.Thai Airways will seek cancellation of the business rehabilitation before the plan to resume trading on the Thai stock exchange during Q2 2025.The aircraft valuations disclosed in the financial statements were calculated on a lease-unencumbered basis.The la

76、test independent valuations in April 2025 indicate that the valuations have not changed materially,however as a result of signing the LOT leases,the aircraft are more marketable.The Board and the Asset Manager believe that these assets,as well as Boeing 787s in general,remain highly attractive.Boein

77、g 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.With regards to uncertaintie

78、s,the position of Thai has improved considerably,and the Board is focused on working with Thai to ensure an orderly handover of the aircraft in the agreed condition in Q4 2026.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 12|Page C

79、HAIRMANS STATEMENT(CONTINUED)Existing operations(continued)Notwithstanding there has 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 continuin

80、g to defer certain amounts due.The Company raised additional equity of$1 million in November 2024.The Board and I are pleased to present this development which we believe is value enhancing and in the best interest of the Company and its shareholders.We and our advisers will continue consulting with

81、 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 24 April 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUD

82、ITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 13|Page Asset Manager Report March 2025 EXECUTIVE SUMMARY Willie Walsh,Director General of the International Air Transport Association,said that“Looking to 2025,there is every indication that demand for travel will continue to g

83、row,albeit at a moderated pace of 8.0%that is more aligned with historical averages”1.Although this sounds promising,it should not be forgotten that the aviation industry is also facing several challenges,such as continuing supply chain issues resulting in a shortage of aircraft and parts,limited ov

84、erhaul capacity,uncertainty in the global political landscape as well as rising pressure on improvements of sustainability.Amongst others,the Rolls-Royce powered B787 fleets of various operators worldwide,including Thai Airways,are impacted by a lack of spare engines,mainly due to a bottleneck at th

85、e Rolls-Royce maintenance facilities.Nevertheless,the Lessee is obliged to pay lease rents which are independent of the utilisation of the aircraft and respective engines.Thai Airways financial year 2024 was impacted by several one-time events but the carrier remained profitable on the operational s

86、ide.Competition and increasing expenses remain a challenge for Thai Airways which is expecting to exit Rehabilitation in the first half of 2025.The aircraft manufacturer Boeing continued to struggle with aircraft deliveries of all types.However,the Dreamliner B787 remains a crucial part of many airl

87、ine fleets and some airlines such as Air India and LATAM are retrofitting their early delivered B787-8s with cabin upgrades indicating they will stay in their fleet for the next years.DP Aircraft signed a 12-year lease Agreement for both Companys B787 aircraft with Polands flag carrier Polskie Linie

88、 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 In 2024,international demand for air travel-measured in RPKs(Revenue Passenger Kilometres)-increased by 10.4%compared to 202

89、3;the load factor increased to 83.5%marking a new annual record high2 Operating profit globally is expected to be USD 61.4 billion in 2024 and amount to USD 67.5 billion in 20253 Total passenger numbers are forecasted to reach 5.2 billion in 2025 which would be an increase of 6.7%compared to 20244 1

90、 IATA:“Global Air Passenger Demand Reaches Record High in 2024”;30th January 2025 2 IATA:“Global Air Passenger Demand Reaches Record High in 2024;30th January 2025 3 IATA:“Industry Statistics”;December 2024 4 IATA:“Strengthened profitability expected in 2025 even as supply chain issues persist”;10th

91、 December 2024 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 14|Page ASSET MANAGERS REPORT(CONTINUED)THE AVIATION MARKET(CONTINUED)The Global Airline Market(Continued)Source:IATA:Industry Statistics“;December 2024 Source:IATA:Indus

92、try Statistics“;December 2024 The shortage of commercial aircraft due to ongoing supply-chain issues and OEM(Original Equipment Manufacturer)production delays are expected to persist in 20255 According to Cirium,the active global passenger fleet consisted of 23,600 aircraft plus 13,800 aircraft on o

93、rder at the end of 20246 In 2024,34%of the global passenger fleet was of the latest-generation technology(including for example B787s,A350s and A320neos);an increase of 14%compared to 2019 supporting the decrease of global emissions7 5 Cirium:“Deals Report:They key aviation finance themes for 2025”;

94、18th December 2024 6 Cirium:“ANALYSIS:Can airlines achieve their fleet-growth ambitions?”;8th January 2025 7 Cirium:“ANALYSIS:Commercial aviation emissions above 2019 level in 2024”;10th February 2025-200020040060080010001200GLOBAL INDUSTRY OUTLOOKRevenues billion USDPassenger Revenue billion USDNet

95、 Result billion USDOperating Profit billion USD3%-57%19%40%31%10%8%4%-67%22%65%37%11%8%83%65%67%79%82%83%83%GLOBAL INDUSTRY OPERATIONAL STATISITICSCapacity(ASK)%change vs.previous yearDemand(RPK)%change vs.previous yearDP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS

96、 Year ended 31 December 2024 2024 15|Page ASSET MANAGERS REPORT(CONTINUED)THE AVIATION MARKET(CONTINUED)The Global Airline Market(Continued)The impact on the global economy and flaring up trade wars resulting from changes of governments is yet unknown The Asian Airline Market8 Airlines based in the

97、Asia Pacific region transported about 30%more international passengers in 2024 than in 2023 Load factor in 2024 compared to the previous year increased by 0.9 percentage points to 81.6%Source:IATA:Industry Statistics“;December 2024 Air cargo demand increased in 2024 after decreasing in the previous

98、two years Carriers heavily complain on and suffer from supply chain issues which are limiting their growth rates Subhas Menon,Director General of the Association of Asia Pacific Airlines(AAPA),anticipated a positive outlook in regard to travel demand in 2025,although at lower growth rates than in 20

99、24 and airlines of this region facing similar challenges as other airlines do globally9 According to Airbus,there will be demand for 19,500 new aircraft from Asia Pacific carriers within the next 20 years;the aircraft manufacturer increased its estimate by 3%compared to the previous year10 The Lesso

100、r Market During 2024,Irish lessor AerCap agreed on 496 lease contracts,purchased 150 aircraft and sold 166 assets;additionally,the leasing company repurchased nearly 17 million shares of about USD 1.5 billion in total11 8 AAPA:“Asia Pacific Airlines Record Solid Traffic Growth in 2024”;3rd February

101、2025 9 AAPA:“Asia Pacific Airlines Record Solid Traffic Growth in 2024”;3rd February 2025 10 Cirium:“Airbus:19,500 new aircraft needed in APAC by 2043“;13th November 2024 11 Cirium:“AerCap agreed to 496 leases in 2024”;6th January 2025-20%0%20%40%60%80%100%2021202220232024(estimated)2025(forecasted)

102、CHANGE IN DEMAND(RPK):Asia Pacific vs.GlobalGLOBAL Demand(RPK)%change vs.previousyearASIA PACIFIC Demand(RPK)%change vs.previous yearDP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 16|Page ASSET MANAGERS REPORT(CONTINUED)THE AVIATION

103、 MARKET(CONTINUED)The Lessor(Continued)Dubai based lessor DAE Capital acquired European based lessor Nordic Aviation Capital as announced in January 2025;this will increase DAE Capitals owned,managed and committed fleet by 252 aircraft to about 750 assets12 In January 2025,lessors raised USD 2.5 bil

104、lion in unsecured capital markets,including AerCap,BOC Aviation and Aircastle;coupon rates are between 4.75%and 5.375%with maturity between 2028 and 203113 According to chief executive James Meyler of the lessor ORIX Aviation,aircraft trading might return to pre-pandemic levels in 2025 while another

105、 source also mentioned that compared to pre-pandemic times,more agreed deals fall apart due to the inability of financing14 Outlook&Conclusion The overall aviation market has recovered from the pandemic but continues to suffer from the shortage of new aircraft and supply chain delays which also affe

106、cts the availability of replacement parts.This situation is expected to last in 2025 and even beyond.Some airlines are struggling to increase capacity due to aircraft groundings resulting from Engine issues and aforementioned delays of aircraft deliveries.This might lead to an increase in air fares,

107、at least during peak seasons.Lessors might be in the position to benefit from the shortage of new aircraft in case they have delivery positions in the near future or expiring leases which they are able to extend at favourable rates to the existing lessees without paying any transition costs.After th

108、e recovery of the pandemic,attention on sustainability is going to increase again.In 2024,less than 1%of jet fuel had been SAF(Sustainable Aviation Fuel)as production capacity is far behind global demand15.As recently outlined by IATAs director General Willie Walsh,this will put a burden on the airl

109、ines goal to achieve net-zero emissions in 2050 and put further pressure on fleet renewals16.Nevertheless,the current development of the airline market is promising,but it remains vulnerable to external shocks.The impact of the election in the United States and other countries is unknown yet and geo

110、political tensions as well as conflicts might further spread.Additionally,economic growth in China,India and Japan is anticipated to be lower than expected before17,which might impact travel,at least within Southeast Asia.THE CURRENT LESSEE THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED Snapshot1

111、8 Shareholders equity turned positive after capital restructuring Operating profit in 2024(excluding one-time items)fell by nearly 7.6%compared to the same period of the previous year The carrier operates flights to 66 destinations across 30 countries19 The carrier had a fleet of 79 aircraft as of 3

112、1st December 2024 12 Cirium:“DAE to acquire NAC”;7th January 2025 13 ISHKA:“Capital Markets update:Lessors raise$2.5 billion in January”;6th February 14 Cirium:“DEALS REPORT:Lessors report frenzied trading environment”;10th February 2025 15 Cirium:“ANALYSIS:Commercial aviation emissions above 2019 l

113、evel in 2024”;10th February 2025 16 Cirium:“IATA will need to revisit 2050 net-zero target:director general”;3rd March 2025 17 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and Its Subsidiarie

114、s“18 Thai Airways International PCL:“Submission of financial statements for the year ended December 31,2024”;26th February 2025 19 ch-Aviation:“Thai Airways primed for doubling of fleet,network growth”;21st February 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMEN

115、TS Year ended 31 December 2024 2024 17|Page ASSET MANAGERS REPORT(CONTINUED)THE CURRENT LESSEE THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED(CONTINUED)Source:Cirium:“Thai Airways International Fleet Summary”;25th February 2025 The carrier is suffering from supply chain issues including aircraft,

116、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 engines20 According to Thai Airways CEO Chai Eamsiri,shop visits of Trent 1000 engines are taking more than six months where it was 90

117、 days before the pandemic and on-wing time has also decreased as well21 In 2024,35.5 million tourists visited Thailand which is an increase of 26%compared to 2023 and nearly 90%of pre-pandemic visitor numbers22 The number of Chinese tourists visiting Thailand during the Lunar New Year might fall by

118、10%to 20%as safety concerns have risen after an illegal gang incident involving a Chinese actor;additionally,China is promoting inbound travel due to its own sluggish economy23 Restructuring and Rehabilitation Process:since June 202424 Debt repayment according to the Business Rehabilitation Plan is

119、on track;the airline has already repaid more than THB 7 billion to its creditors by the end of October 2024 Thai signed sale contracts for additional three aircraft Thai Airways issued about 21 billion shares in November 2024 to convert THB 55 billion(approx.USD 1.6 billion)of debt to equity25 20 Ci

120、rium:Thai leases 20 A321neos from three lessors amid capacity crunch“;19th November 2024 21 Cirium:Thai leases 20 A321neos from three lessors amid capacity crunch“;19th November 2024 22 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airwa

121、ys International Public Company Limited and Its Subsidiaries 23 Bangkok Post:Fears over decrease in Chinese New Year visitors”;9th January 2025 24 Thai Airways International PLC:“The update on the 14th progress of the implementation of the Business Rehabilitation Plan for the period from 15 Septembe

122、r 2024 to 14 December 2024(2nd quarter of the 4th year)”;27th December 2024 25 Ch-aviation:“Thai Airways looks to raise 44bn in share rights offering”;29th November 2024 01020304050787-8787-9TrentGenxIn-ServiceOn orderCurrent FleetEngines of Current FleetCurrent Fleet vs.OrdersThais Current and Futu

123、re B787 FleetDP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 18|Page ASSET MANAGERS REPORT(CONTINUED)THE CURRENT LESSEE THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED(CONTINUED)Restructuring and Rehabilitation Process:since June 2

124、024(Continued)At the creditor meeting,which took place on 29th November 2024,all three suggested amendments of the Business Rehabilitation Plan,including the addition of two Plan Administrators were approved by the majority of votes26 In January 2025,The Central Bankruptcy Court of Thailand rejected

125、 all three requested changes considering them as either delaying the process or not essential27 On 5th March 2025,Thai Airways registered a decrease of capital to deal with accumulated accounting losses;the par share value was reduced from THB 10.00 to THB 1.30 per share whereas the amount of shares

126、 did not change28 On 12th March 2025,the Stock Exchange of Thailand announced that Thai Airways eliminated the cause of a possible delisting by closing the financial year 2024 with shareholders equity being positive again;consequently,the airline will enter into a two-year period for repossession of

127、 qualification to be allowed to resume trading29 Thai Airways confirmed that after appointing a new board,the carrier will have met all criteria to exit rehabilitation;the final candidates will be approved by the shareholders at the AGM on 18th April 202530 The carrier still intends to exit Rehabili

128、tation in the first half of 202531 26 THAI Airways International:“Notification on the resolutions of the creditors meeting regarding the consideration of three petitions to amend the business rehabilitation plan,which was held on 29 November 2024”;29th November 2024 published at the website of SET 2

129、7 Cirium:“Court rejects Thais request to amend rehabilitation plan”;22nd January 2025 28 Thai Airways International:“Notification on the registration of capital reduction by reducing par value of shares of Thai Airways International Public Company Limited in order to make up for accumulated accounti

130、ng losses”;6th March 2025/ch-Aviation:“Thai Airways to get new board ahead of rehabilitation exit”;5th March 2025 29 Stock Exchange of Thailand:“SET announces that THAI has entered the period for repossession of qualifications in order to resume trading(Resume Stage)”;12th March 2025 30 The nation:“

131、Thai Airways prepares for board shake-up as rehab nears end”;20th February 2025 31 Thai Airways International PCL:“Thai Airways Opportunity Day Y2024”;12th March 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 19|Page ASSET MANA

132、GERS REPORT(CONTINUED)THE CURRENT LESSEE THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED(CONTINUED)Thais financial&operational performance in brief(incl.subsidiaries)32 *Exchange rate THB:USD as at 31st December 2024:1.00 THB:0.029 USD34 32 Thai Airways International PCL:“Managements Discussion an

133、d Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and Its Subsidiaries“33 Available Seat Kilometres 34 Bundesverband deutscher Banken e.V.:Whrungsrechner“;26th February 2025 billion THB*2024 2023 Change Operating Revenues 187.99 161.07+17%-Passenger and

134、 Excess Baggage 154.97 132.74+17%-Freight and Mail 17.27 15.46+12%-Other Businesses 10.88 9.25+18%-Other Income 4.88 3.62+35%Operating Expenses 146.47 120.86+21%-Fuel and Oil 50.47 47.77+6%-Non-Fuel Operating Costs 96.00 73.09+31%Finance Costs 18.78 15.61+20%Operating Result excl.One-Time Items 22.7

135、3 24.60-8%Net Result-26.93 28.10 DOWN Capacity-ASK33(million)65,696 54,280+21%Demand-RPK(million)51,741 43,268+20%Load Factor 78.8%79.7%-0.9pp Passengers(million)16.14 13.76+17%Passenger Yield THB/RPK 2.98 3.06-3%Aircraft Utilisation block hours 13.2 12.2+8%Number of Aircraft 79 70+13%Cash&Cash Equi

136、valents bn THB 84.21 52.94+59%Current Ratio(consolidated)3.52 2.51 UP DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 20|Page ASSET MANAGERS REPORT(CONTINUED)THE CURRENT LESSEE THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED(CONTIN

137、UED)Thais financial&operational performance in brief(incl.subsidiaries)(Continued)Outlook&Opportunities In 2025,Thai Airways expects the delivery of two Boeing 787-9s,one Airbus A330-300 and one Airbus A321neo35 The carrier signed operating leases for 20 Airbus A321neos in total with China Aircraft

138、Leasing Group,SMBC Aviation Capital and BOC Aviation with delivery dates between 2026 and 202836 Thai Airways plans to have a fleet of 143 aircraft in 2027 and 150 aircraft in 2033;the number of aircraft types is expected to decrease to four including B787s,B777-300ERs,A350-900s and A320/321neos37 T

139、he airline intends to upgrade the cabin product of its B777-300ER fleet including a Premium Economy class which is already available on selected A330-300s38 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 of

140、fer its passengers a consistent product on its entire route network39 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%until 202940 The airline is

141、 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 revenues41 As it seems,the issues with the limited availability of spare Trent 100

142、0 engines for Thais B787 fleet might continue at least in the near future.35 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and Its Subsidiaries“36 Cirium:“Thai leases 20 A321neos from three le

143、ssors amid capacity crunch“;19th November 2024 37 ch-Aviation:“Thai Airways primed for doubling of fleet,network growth”;21st February 2025 38 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and

144、 Its Subsidiaries“/Thai Airways International PCL:“Thai Airways Opportunity Day Y2024”;12th March 2025 39 Cirium:“Thai rolls out business class on A320s”;30th January 2025 40 Bangkok Post:“THAI set to emerge from rehab with plan to double fleet”;18th February 2025 41 Cirium:“Thai mulls spinning off

145、MRO and catering businesses”;9th October 2024 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 21|Page ASSET MANAGERS REPORT(CONTINUED)THE CURRENT LESSEE THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED(CONTINUED)Outlook&Opportunitie

146、s(continued)Thailands economy is expected to grow by 2.3%to 3.3%in 202542 According to IATA,passenger numbers at Thailands 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 essen

147、tial43 Tourists travelling to Thailand are expected to increase from 35.5 million in 2024 to 39.0 million in 202544 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,spe

148、cial tour packages and the invitation of global influencers45 In the first quarter of 2025,Thailands first SAF plant is anticipated to start production;by 2036 it is expected that 8%of jet fuel needs within the country could be covered by SAF46 Comments&Conclusions Although Thai Airways closed 2024

149、with a net loss,its operational result was positive.The net result was mainly impacted by a huge loss as a consequence of the capital restructuring being a one-time item and necessary to fulfil all criteria to exit Rehabilitation.The qualification of re-listing at the Stock Exchange of Thailand was

150、another milestone achieved by the airline.The planned exit of Rehabilitation would be a significant next step into the right direction and support the carriers growth strategy.This would also improve Thai Airways credit rating and facilitate the growth of the company.Moreover,capacity and demand gro

151、w more or less in the same amount so that the load factor just decreased marginally.Fleet utilisation increased by 8 per cent47.This indicates that Thai Airways is growing its network in a sustainable way choosing suitable destinations and frequencies.The outlook for travel demand in the Asian regio

152、n is positive which will support Thais growth strategy as well as several measurements initiated by the TAT to boost inbound travel.However,it would be beneficial if the issues with the Trent 1000 engines would be solved in the near future,ensuring that Thai Airways use of its current B787 fleet wou

153、ld increase and therefore minimise costs.Increasing costs are a burden for nearly every airline and Thai Airways needs to focus on cost cutting as expenses increased in 2024 more strongly than revenues.Regarding the Rehabilitation,Thai is fulfilling all its obligations and focuses on the exit from R

154、ehabilitation in the second quarter 2025.It will be interesting to see then,how the carrier will develop and possibly amend its strategy being more flexible in decision making and getting better access to the capital market for financing fleet growth and investments.It is not forgotten that Thai has

155、 not performed well financially before the pandemic but two of the opportunities for the carrier after leaving Rehabilitation will be that the airline is not majority-owned by the Government allowing for more flexibility in decision making and that the carrier seems to have a more solid financial ba

156、sis.42 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and Its Subsidiaries“43 Cirium:“IATA urges Thailand to further strengthen aviation sector”;31st October 2024 44 Thai Airways International

157、PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and Its Subsidiaries“45 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Lim

158、ited and Its Subsidiaries“46 Cirium:“IATA urges Thailand to further strengthen aviation sector”;31st October 2024 47 Thai Airways International PCL:“Managements Discussion and Analysis for year ended December 31,2024,for Thai Airways International Public Company Limited and Its Subsidiaries“DP AIRCR

159、AFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 22|Page ASSET MANAGERS REPORT(CONTINUED)THE NEW LESSEE POLSKIE LINIE LOTNICZE“LOT”Snapshot48 Flag carrier of Poland and based at Warsaw Chopin Airport One of the 12 oldest airlines in the world

160、:Founded in 1929 and operating since 1931 Owned by Polish Aviation Group,a Polish state-owned holding company 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 As o

161、f December 2024,the fleet consisted of 88 aircraft(85 in service and 3 in storage)Source:Cirium:“LOT Polish Airline Fleet Summary”;1st April 2025 69 aircraft of LOTs fleet are on operating leases49 More than 10 million passengers carried in 202450 A network of about 100 destinations on four continen

162、ts 48 LOT:“History of LOT in a nutshell”;1st April 2025/LOT:“Most interesting facts and figures about LOT”;1st April 2025 49 Cirium:“LOT Polish Airline Fleet Summary”;1st April 2025 50 LOT:“LOT Polish Airlines Achieved Record Results in 2024”;25th February 2025 0123456789101112131415161718192021777-

163、200E195 E2E170737-800787-9E190787-8E175E195737 Max 8LOTs FleetIn ServiceStorageOn OrderDP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 23|Page ASSET MANAGERS REPORT(CONTINUED)THE NEW LESSEE POLSKIE LINIE LOTNICZE“LOT”(CONTINUED)LOTs

164、financial&operational performance 2024 in brief51 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 US

165、D52 LOT does not publicly share full accounts Operating profit 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

166、19%compared to the previous year Outlook&Conclusion LOTs long and successful history highlights the resilience of the airline and being governmental owned underlines its system relevance for the country of Poland.The airline recovered from Covid 19 and is reporting net profits since 202253.The airli

167、ne is facing risks similar to other global airlines including increasing competition which results in weaker ticket prices54.LOT has implemented a growth strategy and aims to transport 16.9 million passengers and to operate a fleet of about 110 aircraft in 202855.The strategy also comprises the goal

168、 to increase the network by 20 destinations within five years and to focus on increasing sustainability throughout the company56.The implementation of the strategy is demonstrated by the addition of eleven aircraft and eight new destinations in 202457.LOT has proved in the past to be a resilient and

169、 reliant player in the industry and expected to continue in the same way.51 LOT:“LOT Polish Airlines Achieved Record Results in 2024”;25th February 2025/Cirium:“LOT profit dips as it targets rapid expansion”;25th February 2025 52 Bundesverband deutscher Banken e.V.:Whrungsrechner“;2nd April 2025 53

170、Cirium:“LOT Polish Airlines Financials”;1st April 2025 54 Cirium:“LOT profit dips as it targets rapid expansion”;25th February 2025 55 Cirium:“LOT profit dips as it targets rapid expansion”;25th February 2025 56 LOT:“LOT Polish Airlines unveils strategy for 2024-2028”;5th October 2023 57 LOT:“Record

171、-breaking year 2024”;2nd April 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 24|Page ASSET MANAGERS REPORT(CONTINUED)THE ASSETS Update Boeing 787 In 2024,Boeing delivered 348 aircraft(including 51 B787s),received 377 net order

172、s(including 48 B787s)and stated an end-of the year back-log of 5,595 aircraft(including 719 B787s)58 Source:Boeing:“Airplane Gross Orders:B787”;27th February 2025 According to Cirium,Boeing should be able to deliver about 600 aircraft in 2025 as the manufacturer still has undelivered B737MAXs and B7

173、87s in its inventory59 For the financial year 2024,Boeing reported a loss of USD 11.8 billion;reclusive strikes in the last three months of 2024 made the manufacturer lose USD 3.8 billion60 Boeing decided to invest about USD 1 billion to improve the B787 production infrastructure by 2027 with the go

174、al to increase production capacity61 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 B

175、ritish Airways62 Latest transactions o November 2024 Royal Jordanian decided to stay with GE engines for its on-order B787-9s;the airline operates seven B787-8s powered by GE63 One B787-9(vintage 2018)on long-term lease to American Airlines had been sold by the lessor ORIX Aviation to Phoenix Aviati

176、on Capital and AIP Capital64 Israeli carrier El Al is looking for financing of its 17th B787 delivery by a local bank65 58 Boeing:“Boeing Announces Fourth Quarter Deliveries”;14th January 2025/FlightGlobal:“Boeings 2024 orders and deliveries slipped as Airbus widened edge”;14th January 2025 59 Ciriu

177、m:“ANALYSIS:The outlook for aircraft values and lease rates in 2025”;24th February 2025 60 BBC:“Boeing loses almost$1bn every month in 2024”;28th January 2025 61 Cirium:“Boeing to invest$1bn in expanding South Carolina operations”;12th December 2024 62 Cirium:“Air New Zealand engine woes to weigh on

178、 first half profit“;25th November 2024/Cirium:“ANA flags ongoing impact of engine and delivery issues”;5th February 2025/Cirium:“Air New Zealand forced to cut Seoul seasonal due to engine woes”;5th February 2025/ch-Aviation:“Rolls-Royce engine issues see carriers cur more B787 flights”;31st December

179、 2024 63 Cirium:“Royal Jordanian stays with GEnx for incoming 787s”;13th November 2024 64 Cirium:“Phoenix and AIP acquire 787 from ORIX”;20th November 2024 65 Cirium:“Israeli flag carrier taps local banks for 787 financing”;25th November 2024 GE-Engines22%Not Selected78%RR-Engines0%B787 ENGINE SELEC

180、TION OF 2024 ORDERSDP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 25|Page ASSET MANAGERS REPORT(CONTINUED)THE ASSETS(CONTINUED)Update Boeing 787(continued)China Southern announced to remarket its ten B787-8s plus two spare engines;t

181、he aircraft are GE powered with vintage 2013 to 2014 and available in 2025 to 202666 o December 2024 British Airways financed one of its B787-9s via a JOLCO67 EgyptAirs eighth B787-9 powered by Rolls Royce Trent 1000 engines-had been delivered to the airline68 AerCap closed a sale and leaseback deal

182、 with TAAG Angola Airlines regarding one B787-9 with delivery in January 2025;the airline has an order of four B787s powered by GE-engines in place69 o January 2025 Chinese carrier Hainan Airlines announced plans to dispose its B787-8 fleet(nine owned and one leased aircraft)as part of its restructu

183、ring programme70 o February 2025 Lessor DAE Capital is evaluating bids for B787-9s which the company has on lease with the Bahraini carrier Gulf Air71 Indian low-cost carrier IndiGo agreed to wet-lease one B787-9 from Norse Atlantic Airways72 Four B787-8s on lease with LATAM Airlines and its Brazili

184、an affiliate had been sold by Vmo Aircraft Leasing to lessor Altavair73 ANA announced to order additional 18 B787-9s powered by GE-engines74 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

185、not operated by Norse Atlantic directly75 High Ridge Aviation bought one B787-9 from Lessor ORIX Aviation which is leased to Korean Air76 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 a

186、n essential part of the airlines fleet strategy77 66 Cirium:China Southern looks to sell 10 787-8s,two spare engines“;21st November 2024 67 Cirium:“BA closes 787 JOLCO“;13th December 2024 68 Cirium:DEALS REPORT:The key aviation finance themes for 2025”;18th December 2024/Cirium:“EgyptAir Fleet Summa

187、ry”;5th February 2025 69 Cirium:“TAAG and AerCap agree 787 sale and leaseback”;27th December 2024/“TAAG receives its first 787”;30th January 2025 70 Cirium:“Hainan flags plan to dispose of 787-8s”;28th January 2025 71 Cirium:“DAE seeks bids on Gulf Air 787s:source”;5th February 2025 72 Cirium:“IndiG

188、o confirms it will wet lease 787-9 from Norse Atlantic”;6th February 2025 73 Cirium:“Vmo sells batch of 787s to Altavair:sources”;10th February 2025 74 Cirium:“ANA to order up to 77 jets from Boeing,Airbus and Embraer”;25th February 2025 75 Cirium:“Norse Atlantic completes 787-8 redeliveries”,10th M

189、arch 2025 76 Cirium:High Ridge adds second widebody via trade with ORIX”;13th March 2025 77 Cirium:“Air India tweaks northern summer network as 787 refits start”;14th February 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 26|P

190、age ASSET MANAGERS REPORT(CONTINUED)THE ASSETS(CONTINUED)Update Boeing 787(continued)According to ISHKAs February 2025 remarketing update,one B787-9 is actively advertised for sale or lease78 Assets&Operations Due to a shortage of spare engines from the engine manufacturer Rolls Royce,Thai Airways i

191、s currently facing operational challenges regarding the B787 fleet.TQC is in regular commercial service whereas TQD is parked since 2nd November 2024.All titled engines of DP Aircraft are in operation.The aircrafts and respective titled engines utilisation since new is shown in the following tables:

192、Titled engine ESN 10243 returned from the SAESL facility in Singapore on 30th September 2024 and was installed to HS-TQF(B787-8)on 2nd October 2024.On 2nd November 2024,TQD was grounded due to a lack of engines by Rolls-Royce.The aircraft is currently without engines until a suitable second engine f

193、rom the Rolls-Royce maintenance facility will arrive and can be paired with ESN 10288 The First Engine already arrived at Bangkok on 11th March 2025.Thai Airways expects to receive a second engine from the overhaul facility mid to end of April 2025 and to return TQD back to service in May 2025.To en

194、sure compliance with the lease agreement,DS Aviation carries out regular inspections to assess the storage conditions and follows-up in case of any findings.The last physical inspection was performed 11th February 2025.The last visit of TQC was performed at Bangkok Suvarnabhumi Airport on 11th Febru

195、ary 2025.Monthly lease rentals are fixed and independent from the utilisation of Airframe and Engines.78 ISHKA:“Remarketing Watch Data Sheet:February 2025”;27th February 2025/MyAirTrade:“Available Boeing 787”;28th February 2025 AIRCRAFT OPERATIONS Thai Airways HS-TQC HS-TQD AIRFRAME STATUS(28th Febr

196、uary 2025)Total Flight Hours 27,754 24,538 Total Flight Cycles 6,763 5,921 TITLED ENGINES(28th February 2025)HS-TQC HS-TQD ESN 10239 ESN 10243 ESN 10244 ESN 10248 Total Time Flight Hours 25,421 18,181 22,560 24,837 Total Flight Cycles 6,140 3,870 5,711 5,709 Location HS-TQA HS-TQF HS-TQE HS-TQC DP A

197、IRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 27|Page ASSET MANAGERS REPORT(CONTINUED)Snapshot:Destinations of HS-TQC between 1st December 2024 and 28th February 2025(TQD was parked during this period due to a shortage of available eng

198、ines as mentioned above)Destination Average Flight Time Frequency TQC Brussels,Belgium 11:13 14 Calcutta,India 2:06 9 Chengdu;China 2:50 14 Chiang Mai,Thailand 0:54 1 Delhi,India 3:37 4 Denpasar,Indonesia 3:50 1 Dhaka,Bangladesh 2:03 4 Hanoi,Vietnam 1:33 1 Ho Chi Minh City,Vietnam 1:10 4 Hong Kong 2

199、:34 1 Jakarta,Indonesia 2:53 7 Kuala Lumpur,Malaysia 1:46 8 Lahore,Pakistan 4:09 2 Madras,India 2:52 3 Milano,Italy 10:55 1 Perth;Australia 6:23 2 Phuket;Thailand 1:10 1 Singapore,Singapore 2:00 12 Taipei,Taiwan 3:08 12 Source:Flightaware;3rd January;6th February and 5th March 2025 Asset Managers ac

200、tions ensure asset value As mentioned above,regular asset monitoring,including physical inspections,is essential and a top priority for DS Aviation as DP Aircrafts Asset Manager.The key is to make sure that the Lessee is keeping the aircraft in the best condition per the manufacturers and Lessors re

201、quirements,even if the aircraft might be parked for a certain period,for example due to a lack of Rolls-Royce spare engines.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 con

202、tinues 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.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 D

203、ecember 2024 2024 28|Page ASSET MANAGERS REPORT(CONTINUED)Comments&Conclusions The issues with the Trent 1000 engines continue and airlines,including Thai Airways,are suffering from groundings due to the bottleneck of spare engines and shop-visit slots.It will remain to be seen if improvements of th

204、e Trent 1000 engines will increase the on-wing time of the engines as announced by Rolls-Royce.The situation with delays of aircraft deliveries,including Boeing aircraft,will continue.Experts anticipate production rates to be back on track in 2028 the earliest,not taking into account the backlog of

205、thousands of aircraft caused by the delivery delay during the precedent years79.Although Boeing seems to work on its issues and it is expected that deliveries will increase in 2025 compared to 2024,Boeing might fall short of Airbus delivery numbers this year again80.Another unknown remains the threa

206、t of tariffs imposed by the U.S.which would affect all aircraft manufacturer by some means or other.According to Aengus Kelly,CEO of the aircraft lessor AerCap,tariffs imposed by the U.S.could increase the purchase price of a newly build Boeing B787 by USD 40 million in the worst-case81.The B787 in

207、general remains an aircraft of demand and being in operations for more than a decade,the secondary market starts to open,although only few B787s are available for remarketing and mostly the B787-8 model.Some airlines such as Air India are starting the refurbishment of their initial B787-8 aircraft i

208、ndicating that such carriers will keep this kind of aircraft in the fleet for the next years.DS Aviation as the Groups asset manager continues to monitor the market and DP Aircrafts asset conditions closely.DS Aviation GmbH&Co.KG Asset Manager March 2025 79 Cirium:DEALS REPORT:OEM rates normalising

209、best for lessors in long run“;7th March 2025 80 Cirium:“ANALYSIS:The outlook for aircraft values and lease rates in 2025”;24th February 2025 81 ISHKA:“AerCap CEO says tariffs could increase the cost of a 787 by$40mn“;14th March 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANC

210、IAL STATEMENTS Year ended 31 December 2024 2024 29|Page DIRECTORS 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 Canadas(RBC)investment businesses in the Channel Islands and served as a director o

211、n 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 p

212、rivate 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 A

213、ccountants 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 Charte

214、red Fellow of the Chartered Institute for Securities and Investment.Jeremy Thompson,Non-Executive Director(69),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 se

215、rving 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

216、 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 UKs senior defence course(Royal College of Defence Studi

217、es).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),

218、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 o

219、f 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 w

220、ith 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.DP AIRCRAFT I LIMITED A

221、NNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 30|Page DIRECTORS(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 founde

222、r 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

223、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.DP AIRCRAFT I LIMITED ANNUA

224、L REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 31|Page DIRECTORS REPORT The Directors present their Annual Report and Audited Consolidated Financial Statements for DP Aircraft I Limited for the year ended 31 December 2024.Principal Activity and Review of the

225、Business The Companys principal activity is to purchase,lease and then sell two Boeing 787-8 Aircraft(the Assets).The Company wholly owns two subsidiary entities,DP Aircraft Guernsey III Limited and DP Aircraft Guernsey IV Limited(collectively and hereinafter,the Borrowers),each being a Guernsey inc

226、orporated company limited by shares and one intermediate lessor company,DP Aircraft UK Limited(the Lessor),a UK incorporated private limited company.The Company and its consolidated subsidiaries,DP Aircraft Guernsey III Limited,DP Aircraft Guernsey IV Limited and DP Aircraft UK Limited comprise the

227、consolidated Group(the Group).The investment objective of the Group is to obtain income and capital returns for the Companys shareholders by acquiring,leasing and then,when the Board considers it appropriate,selling the Assets.The Company has made its investments in the Assets through its subsidiari

228、es.The Ordinary Shares of the Company are currently trading on the Specialist Fund Segment of the London Stock Exchange.On 2 November 2024,TQD was grounded due to a lack of engines by Rolls-Royce.The aircraft is currently without engines until a suitable second engine from the Rolls-Royce maintenanc

229、e facility will arrive and can be paired with ESN 10288.The First Engine already arrived at Bangkok on 11 March 2025.Thai Airways expects to receive a second engine from the overhaul facility mid to end of April and to return TQD back to service in May 2025.The lease rental income is fixed,and the a

230、ircraft will be returned in full life.Therefore,there is no impact on the aircrafts carrying value.A more detailed review of the business and prospects is contained in detail in the Asset Managers Report on pages 13 to 28.Results and Dividends For the year ended 31 December 2024 the Group made a pro

231、fit of US$4,525,060(2023:loss of US$2,505,687).The results for the year ended 31 December 2024 are mainly driven by rental income earned of US$8,777,187(2023:US$8,714,249)and finance costs incurred of US$3,872,695(2023:US$9,551,675).Historically,under normal circumstances,the Company aimed to provid

232、e Shareholders with an attractive total return comprising income,from distributions through the period of the Companys ownership of the Assets,and capital,upon any sale of the Assets.The Company targeted a quarterly distribution in February,May,August and November of each year.The target distributio

233、n is US$0.0225 per Share per quarter.On 3 April 2020,the Company announced a suspension of dividends until further notice due to the impact of Covid-19 in global aviation and especially with long haul operations.The suspension is continuing and as noted in Summary report on pages 4 to 7,there is no

234、realistic prospect of the Companys shareholders receiving a dividend or any other distribution.Subsequent Events Refer to note 23 for further details regarding Subsequent Events.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 32|Page

235、 DIRECTORS REPORT(CONTINUED)Directors The Directors of the Company,who served during the year and to date,are as shown below:Jonathan Bridel;Jeremy Thompson;Harald Brauns;and Robert Knapp Directors Interests The Directors interests in the shares of the Company as at 31 December 2024 are set out belo

236、w and there have been no changes in such interests up to the current date:Number of ordinary shares 31 December 2024 Number of ordinary shares 31 December 2023 Connected parties of Jon Bridel 90,000 90,000 Jeremy Thompson 15,000 15,000 Harald Brauns Robert Knapp -73,186,272 -N/A Mr Robert Knapp repr

237、esents Ironsides Partners LLC who currently have an interest of 73,186,272 shares in the Company.Principal Risks and Uncertainties The Statement of Principal Risks and Uncertainties are as described on pages 44 to 46.Substantial Shareholdings The Directors note the following substantial interests in

238、 the Companys share capital as at 31 December 2024(10%and more shareholding):o Ironsides Partners -73,186,272 shares 28.63%o M&G Investments -59,427,837 shares 23.21%o Momentum Global -25,650,000 shares 10.02%Investment Management As at the date of this report there have been no significant changes

239、in the above list of substantial shareholdings.The Board The Board consists of independent Directors and a non-executive Director.Mr Bridel and Mr Thompson satisfy all the criteria for assessing Director independence set out by the Association of Investment Companies(AIC)and adopted by the Board.Mr

240、Bridel and Mr Thompson have served on the Board for over ten years,it is the opinion of the other member of the Board that they both continue to demonstrate objective and independent thought processes during Board meetings and in their dealings with the Asset Manager,and therefore consider them both

241、 to be independent,despite their long service.Jeremy Thompson was appointed as Senior Independent Director(the SID)on 1 April 2016.During the year ended 31 December 2024,Robert Knapp was appointed as a Director and the Board had a breadth of experience relevant to the Company and a balance of skills

242、 and experience.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 33|Page DIRECTORS REPORT(CONTINUED)Board Independence and Disclosure The Board recognises the importance of diversity and will evaluate applicants to fill any vacant pos

243、itions regardless of gender and without prejudice.Applicants will be assessed on their broad range of skills,expertise and industry knowledge,and business and other expertise.In view of the long-term nature of the Companys investments,the Board believes that a stable board composition is fundamental

244、 to run the Company.The Board has not stipulated a maximum term of any directorship.The Board is composed of independent Directors and a non-independent Director,who meet as required without the presence of the Asset Manager or service providers to scrutinise the achievement of agreed goals,objectiv

245、es and monitor performance.Through the Audit Committee and the Management Engagement Committee they are able to ascertain the integrity of financial information and confirm that all financial controls and risk management systems are robust and analyse the performance of the Asset Manager and other s

246、ervice providers on a regular basis.The Directors have challenged the Asset Manager throughout the year under review and for the purposes of assessing compliance with the AIC Code,the Board as a whole considers that each Director is independent of the Asset Manager and free from any business or othe

247、r relationship that could materially interfere with the exercise of their independent judgment.If required,the Board is able to access independent professional advice.Open communication between the Asset Manager and the Board is facilitated by regular Board meetings,to which the Asset Manager is inv

248、ited to attend and update the Board on the current status of the Companys aircraft,along with ad hoc meetings as required.Jon Bridel and Jeremy Thompson have served for over ten years and together with Harald Brauns and Robert Knapp have acted in the best interests of the Company.The Board is now fo

249、cused on using its experience to work with the Asset Manager to maximise value for shareholders.Directors As the Company is not a FTSE 350 company,Directors were not subject to annual election by the shareholders nor for the requirement for the external audit contract to be put out to tender every 1

250、0 years.Historically,the Directors had offered themselves by rotation for re-election at each annual general meeting(AGM).Jeremy Thompson was re-elected and Robert Knapp was elected at the last AGM.Jon Bridel is offering himself for re-election at the forthcoming AGM.The Directors are on a terminati

251、on notice of three months.Directors Duties and Responsibilities The Board of Directors has overall responsibility for the Companys affairs and is responsible for the determination of the investment policy of the Company,resolving conflicts and for monitoring the overall portfolio of investments of t

252、he Company.To assist the Board in the day-to-day operations of the Company,arrangements have been put in place for the performance of certain of the day-to-day operations of the Company to third-party service providers,such as the Asset Manager,Administrator and Company Secretary,under the supervisi

253、on of the Board.The Board receives full details of the Companys assets,liabilities and other relevant information in advance of Board meetings.The Board undertakes an annual evaluation of its own performance and the performance of its audit committee and individual Directors.This is to ensure that t

254、hey continue to act effectively and efficiently and to fulfil their respective duties,and to identify any training requirements.The results of the most recent evaluation have been reviewed by the Chairman and his fellow Directors.No significant corporate governance issues arose from this review.DP A

255、IRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 34|Page DIRECTORS REPORT(CONTINUED)Directors Duties and Responsibilities(continued)The Board also undertakes an annual review of the effectiveness of the Companys system of internal control

256、s and the safeguarding of shareholders investments and the Companys assets.A Management Engagement Committee,chaired by Harald Brauns has been established to further this safeguarding.At each quarterly meeting the Audit and Risk Committee reviews a risk matrix.Issues identified as a result of this r

257、eview are discussed and action plans put in place as is necessary.There is nothing to highlight from the reviews of these reports as at the date of this report.Board Meetings The Board meets at least four times a year to consider the business and affairs of the Company for the previous quarter.Betwe

258、en these quarterly meetings the Board keeps in regular contact by email and video calls as well as meeting to consider specific matters of a transactional nature.There is regular contact with the Secretary and administrator.The Directors are kept fully informed of investment and financial controls a

259、nd other matters that are relevant to the business of the Company.The Directors also have access,where necessary in the furtherance of their duties,to professional advice at the expense of the Company.The Board considers agenda items laid out in the Notice and Agenda which are formally circulated to

260、 the Board in advance of any meeting as part of the board papers.Such items include but are not limited to;investment performance,share price performance,review of marketing and shareholder communication.The Directors may request any agenda items to be added that they consider appropriate for Board

261、discussion.In addition,each Director is required to inform the Board of any potential or actual conflict of interest prior to Board discussion.Board meetings are attended by representatives of the Asset Manager.The Companys corporate brokers also attend to assist the Directors in understanding the v

262、iews of major shareholders about the Company.Board Meeting attendance The table below shows the attendance at Board meetings and Audit Committee meetings during the year.Directors No of board meetings attended No of audit committee meetings attended Jonathan Bridel 4 4 Jeremy Thompson 4 4 Harald Bra

263、uns 4 4 Robert Knapp*3-No.of meetings during the year 4 4 *Mr Knapp was appointed on 24 May 2024 and therefore was only eligible to attend 3 board meetings during the year.The Directors also attended committee meetings for the Management Engagement Committee meeting in addition to the regular quarte

264、rly meetings as shown in the above table and the Chairman attended further meetings with various stakeholders and on management related matters.Directors Remuneration The remuneration of the non-executive Directors is reviewed on an annual basis and compared with the level of remuneration for direct

265、orships of funds with similar responsibilities and commitments DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 35|Page DIRECTORS REPORT(CONTINUED)Directors Remuneration(continued)Base annual fees are as follows:Annual Fees Jan 24 to

266、Dec 24 Jan 23 to Dec 23 Jonathan Bridel 61,750 61,750 Jeremy Thompson 49,450 49,450 Harald Brauns 49,450 49,450 Robert Knapp N/A N/A During the current and prior year each Director received the following remuneration in the form of Directors fees from Group companies:Year ended Year ended 31 Decembe

267、r 2024 31 December 2023 US$equivalent US$equivalent Jonathan Bridel(Chairman)61,750 79,226 61,750 78,608 Jeremy Thompson(Audit Committee Chairman)49,450 63,445 49,450 62,950 Harald Brauns(Management Engagement Committee Chairman)49,450 62,030 49,450 62,950 Robert Knapp N/A N/A N/A N/A 160,650 204,70

268、1 160,650 204,508 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 year(2023:nil)a

269、nd the deferred fees remain outstanding as at 31 December 2024.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.There are no executive Director service contracts in is

270、sue.Remuneration Policy All Directors of the Company are non-executive and therefore there are no incentive or performance schemes.Each Directors appointment is subject to an appointment letter and article 24 of the Companys articles of association.Base remuneration is paid monthly in arrears and re

271、flects the experience,responsibility,time,commitment and position on the main board as well as responsibility for sitting on subsidiary boards when required.The Chairman,Audit Committee Chairman(SID)and other committee Chairman may receive additional remuneration to reflect the increased level of re

272、sponsibility and accountability.The maximum amount of Directors fees payable by the Company in any one year is currently set at 200,000 in accordance with article 24.Remuneration may if deemed appropriate also be payable for special or extra services if required in accordance with article 24.This is

273、 defined as work undertaken in connection with a corporate transaction including a new prospectus to acquire,finance and lease an aircraft and/or engines,managing a default,refinancing,sale or re-lease of aircraft and for defending a takeover bid.This may include reasonable travel time if applicable

274、.The Board may appoint an independent consultant to review fees if it is considered an above inflation rise may be appropriate.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 36|Page DIRECTORS REPORT(CONTINUED)Internal Controls and R

275、isk Management Review The Board is responsible for the Companys system of internal control and for reviewing its effectiveness.The Board confirms that there is an ongoing process for identifying,evaluating and monitoring the significant risks faced by the Company.The Board carries out an annual revi

276、ew of internal controls including those of the administrator.The internal control systems are designed to meet the Companys particular needs and the risks to which it is exposed.Accordingly,the internal control systems are designed to manage rather than eliminate the risk of failure to achieve busin

277、ess objectives and by their nature can only provide reasonable and not absolute assurance against misstatement and loss.The Directors of the Company clearly define the duties and responsibilities of their agents and advisors.The appointment of agents and advisers is conducted by the Board after cons

278、ideration of the quality of the parties involved and the Board monitors their ongoing performance and contractual arrangements.Each service provider is reviewed annually,and key risks and operating matters are addressed as part of that review.Dialogue with Shareholders All holders of shares in the C

279、ompany have the right to receive notice of,and attend,all general meetings of the Company,during which the Directors are available to discuss issues affecting the Company.The Directors are available to enter into dialogue with shareholders and make themselves available for such purpose when reasonab

280、ly required.The Company believes such communications to be important.Reports are provided to the Board of Directors on shareholders views about the Company and any issues or concerns they might have.Board Policy on Tenure and Independence The Board has not yet formed a policy meeting on tenure.Howev

281、er,it does consider the independence of each Director on an annual basis during the performance evaluation process.All Directors are considered independent.Independent Auditor KPMG Channel Islands Limited have indicated their willingness to continue in office.Going Concern The Directors believe that

282、 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 recent successful tap issue of$1million has sufficient ca

283、sh 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 maybe required to provide sufficient funding of the Groups activities to cove

284、r any negotiations with the lenders as further detailed below.The Board will continue to consult with its broker regarding any proposed forward capital needs and its timing.However,given the recent successful tap issue of$1 million,the Board feels that the Group has sufficient cash to cover operatin

285、g costs for a period of at least twelve months from the signing of the consolidated financial statements(the“going concern period”).DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 37|Page DIRECTORS REPORT(CONTINUED)Going Concern(cont

286、inued)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 Airwa

287、ys 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 projected that they will exit their formal rehabilitation Period in Q2 2025;

288、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 Groups outstanding loan arrangements;the continued deferral of some fees by the Board,

289、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.Viability Statement As with previous reports the Directors regularly assess the viability of

290、 the Group with respect to the impact of potential risks the Group faces and the Groups current position.In February 2023,the Group and DekaBank entered into Second Amendment and Restatement to the Loan Agreements in which the parties agreed to new repayment schedules for the loans in place.Under th

291、e revised repayment schedules,monthly payments of fixed interest and principal will be limited to net lease rental monies available for application towards the loans of US$475,000 per loan and the final balloon repayments will be settled out of proceeds from sale of the aircraft at the end of the le

292、ase term.These new repayment terms are aligned with the lease agreements in place.The PBH period on the Thai Airways leases expired on 31 December 2022 and now the Group is receiving fixed monthly rental payments of US$510,000 per aircraft.This is in line with the amended lease agreements finalised

293、and signed on 1 April 2022.US$35,000 per aircraft of the fixed monthly rental payments are retained by the Group to contribute to ongoing fixed costs,the remainder is used to cover principal and fixed interest payable on the DekaBank loans per above.Thai Airways,at the end of the lease term,have an

294、obligation to return the aircraft in full life condition.This is either by undertaking all the work themselves to do this or provide the lessor with the equivalent cash to undertake the work required.The viability and therefore continuation of the Group looks positive save any major,likely force maj

295、eure,scenarios.The Company is though dependent on contracted lease payments paid on time and in full.Mindful of the significant challenges which could still impact the airline industry,Thai Airways in particular and the Company,the Company has extended its viability period to June 2026 assuming Thai

296、 Airways continue to DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 38|Page DIRECTORS REPORT(CONTINUED)Viability Statement(continued)meet its lease payment obligations and certain service providers(Asset Manager,Broker and Directors

297、)continue to defer some of their fees as agreed.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.After the year end 2024 the group established two new wholly owned subsidiaries,DP Aircraft I

298、reland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited.On the 27 March 2025,these subsidiaries entered into 12-year lease agreements with LOT Polish Airlines for the two Boeing 787-8 aircraft.The New leases with LOT will commence in October and December 2026 respectively.The leases will

299、be for 12 years and the lease payments are structured with a fixed rate for the first eight years and a reduced rate for the final four years,totalling approximately$168 million.Continuing and foremost amongst the near-term risks faced by the Group,is the successful emergence from restructuring of T

300、hai Airways and the recovery from Covid related restrictions to Thais tourist economy.So far,the news from Thai Airways has been positive.The Directors note that whilst they believe that Thai Airways is currently in a good position to exit rehabilitation,there is no guarantee of this.The Directors c

301、ontinue to monitor the developments of the rehabilitation process and the impact on the Group.The Directors regularly consider and assess the viability of the Company and take into account the Companys current position and the potential impact of the principal risks outlined below.The Directors have

302、 considered the impact of the ongoing trade competition between US and China and other emerging conflicts and have concluded that to date there has been no material impact on the operations of the Group save for indirect impacts such as rising fuel costs.Of note is that the Companys aircraft current

303、ly operate in the Indo-Pacific region where there are at present no overfly or other restrictions.The Directors continue to consider that an investment in the Company should be regarded as long term in nature and is suitable only for sophisticated investors,investment professionals,high net worth bo

304、dies corporate,unincorporated associations and partnerships and trustees of high value trusts and private clients(all of whom will invest through brokers),in each case,who can bear the economic risk of a substantial or entire loss of their investment and who can accept that there may be limited liqu

305、idity in the shares.The Directors consider that the Notes to the Financial Statements are integral to the support of the Viability Statement.Annual General Meeting The next AGM of the Company will be held in Guernsey at a date that will be communicated in the future at East Wing,Trafalgar Court,Les

306、Banques,St Peter Port,Guernsey.The meeting will be held to,inter alia;receive the Annual Report and Audited Consolidated Financial Statements;re-elect Directors;propose the reappointment of the auditor;authorise the Directors to determine the auditors remuneration;approve the Directors remuneration

307、policy.Shareholders are encouraged to vote in advance by proxy.The formal notice of AGM will be issued to shareholders in due course.The Board continues to welcome engagement with its shareholders and those who have questions relating directly to the business of the AGM can forward their questions t

308、o the Company Secretary by email to DPAaztecgroup.co.uk by no later than one week before the AGM.A Q&A reflecting the questions received and responses provided will be made available on the Companys website at as soon as practicable following the AGM.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED C

309、ONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2024 2024 39|Page DIRECTORS REPORT(CONTINUED)On 27 November 2024 at the Companys last AGM,all resolutions were passed.The Board is thankful to all shareholders for their continuous support.Corporate Governance The Company is not required to com

310、ply with any particular corporate governance codes in the UK or Guernsey,but the Directors take corporate governance seriously and will have regard to relevant corporate governance standards in determining the Companys governance policies including without limitation in relation to corporate reporti

311、ng,risk management and internal control procedures.The Directors intend to comply,and ensure that the Company complies,with any obligations under the Companies(Guernsey)Law,2008 and the Articles to treat shareholders fairly as between themselves.Directors Share Dealings The Board has agreed to adopt

312、 and implement the Market Abuse Regulation for Directors dealings.The Board will be responsible for taking all proper and reasonable steps to ensure compliance with the Market Abuse Regulation.Board Committees The Board of Directors has established an audit committee,which operates under detailed te

313、rms of reference,copies of which are available on request from the Company Secretary.Details of the Company Secretary are included within the Company information on page 88.The Board have established a Management Engagement Committee which reviewed the performance of the Asset Manager and the key se

314、rvice providers at least annually and this review includes a consideration of the service providers internal controls,risk management,operational management,information technology and their effectiveness.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31

315、December 2024 2024 40|Page DIRECTORS REPORT(CONTINUED)Alternative Investment Fund Managers Directive(AIFMD)In July 2013 the European Alternative Investment Fund Management Directive(AIFMD)came into effect with transitional provisions until July 2014.The Company has been determined to be a self-manag

316、ed Guernsey Alternative Investment Fund(AIF)and as such will be treated as a non-EU AIFM for the purposes of the Directive.The Company has registered with the Financial Conduct Authority(and notified the Guernsey Financial Services Commission)under the AIFMD(Marketing)Rules,2013.For a non-EU AIFM th

317、at has over EUR 100 million(equivalent to US$103.5 million at 31 December 2024)of net assets under management and also utilises leverage,certain Annual Investor Disclosures are required.For the purpose of AIFMD,the Company is a Self-Managed Alternative Investment Fund Manager with assets above the E

318、UR 100 million(equivalent to US$103.5 million at 31 December 2024),with leverage,threshold.AIFMD does not prescribe use of any one particular accounting standard.However,the financial statements must be audited by an auditor empowered by law to audit the accounts in accordance with the EU Statutory

319、Audit Directive.The required disclosures for investors are contained within the Financial Conduct Authority checklist and the Companys compliance therewith can be found in Appendix 1 to these financial statements.Environmental,social and governance(ESG)The Group recognises the Paris Agreement on cli

320、mate change.The Group operates NTA(New Technology Aircraft);specifically Boeing 787-8s equipped with Rolls Royce Trent-1000 engines which are 20%more fuel efficient on a revenue-per-kilometre basis than similar comparable current technology legacy aircraft.The Board continue to implement steps to re

321、duce its own travelling and maximises the use of virtual meetings within the Board and with all its key service providers.Jonathan Bridel Jeremy Thompson Director Director 24 April 2025 24 April 2025 DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 Dece

322、mber 2024 2024 41|Page REPORT OF THE AUDIT COMMITTEE On the following pages,we present the Audit Committee(the Committee)Report for 2024,setting out the Committees structure and composition,principal duties and key activities during the year.The Committee has reviewed the Companys financial reportin

323、g,the independence and effectiveness of the independent auditor(the auditor)and the internal control and risk management systems of service providers.The Board is satisfied that for the period under review and thereafter the Committee possesses recent and relevant commercial and financial knowledge

324、sufficient to satisfy the requirements of the Committees remit.Structure and Composition The Committee is chaired by Mr Thompson and its other members are Mr Bridel and Mr Brauns.The Committee conducts formal meetings not less than three times a year.There were four meetings during the period under

325、review and multiple ad-hoc meetings.All directors were present and forming part of the quorum.The auditor is invited to attend those meetings at which the annual and interim reports are considered.Principal Duties The role of the Committee includes:Monitoring the integrity of the published financial

326、 statements of the Group;Keeping under review the consistency and appropriateness of accounting policies on a year to year basis;Satisfying itself that the annual financial statements,the interim statement of financial results and any other major financial statements issued by the Group follow Inter

327、national Financial Reporting Standards and give a true and fair view of the Group and its subsidiaries affairs;matters raised by the external auditors about any aspect of the financial statements or of the Groups internal control,are appropriately considered and,if necessary,brought to the attention

328、 of the Board,for resolution;Monitoring and reviewing the quality and effectiveness of the auditor and their independence;Considering and making recommendations to the Board on the appointment,reappointment,replacement and remuneration of the Groups auditor;Monitoring and reviewing the internal cont

329、rol and risk management systems of the service providers;and Considering at least once a year whether there is a need for an internal audit function.The complete details of the Committees formal duties and responsibilities are set out in the Committees terms of reference,a copy of which can be obtai

330、ned from the Secretary.Independent Auditor The Committee is also the forum through which the auditor reports to the Board of directors.The Committee reviews the scope and results of the audit,its cost effectiveness and the independence and objectivity of the auditor,with particular regard to the ter

331、ms under which it is appointed to perform non-audit services including fees.The Committee has established pre-approval policies and procedures for the engagement of KPMG Channel Islands Limited(KPMG)to provide non-audit services.DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL

332、STATEMENTS Year ended 31 December 2024 2024 42|Page REPORT OF THE AUDIT COMMITTEE(CONTINUED)Independent Auditor(Continued)The audit fees proposed by the auditor each year are reviewed by the Committee taking into account the Groups structure,operations and other requirements during the year and the

333、Committee make appropriate recommendations to the Board.There were no non-audit services provided by KPMG during the year.The Committee considers KPMG Channel Islands Limited to be independent of the Company.The Committee also met with the external auditors without the Asset Manager or Administrator being present so as to provide a forum to raise any matters of concern in confidence.Evaluations or