Jetrader - March/April 2013 - 35

appraisal

Airbus A380-800
Chris Wills, Senior Analyst
Certiﬁed ISTAT Appraiser
Ascend, a Flightglobal Advisory Service

Background
The A380 program was formally launched in 2000 with the ﬁrst ﬂight occurring in
2005 and ﬁrst delivery in 2007 (Rolls-Royce Trent powered, and 2008 for ﬁrst Engine
Alliance GP7200 powered).
The A380-800 has a basic 569 tonne MTOW and maximum payload of some 85 tonnes.
Range with maximum structural payload is around 6,500 nm, whilst with max passenger
payload is up to 8,300 nm. The “vertical ovoid” fuselage cross-section allows two full
length decks—a main deck wider than the 747 and an upper deck similar to the A340.
There are currently 97 Airbus A380-800 aircraft in passenger service with nine operators, with a further 159 aircraft on order with 18 customers and no aircraft in storage.
The in-service ﬂeet includes 52 aircraft powered by RR engines and 45 EA-engined
with the backlog split 89 EA powered, 51 RR and 19 to be decided.

Top 5 A380 Airline Operators
(In Service/On Order)

- Market values and lease rates have declined at the start of 2013, although in constant
terms the new year of build has increased in market value and remained stable for
lease rates.
- Airbus reached its 2012 target of 30 deliveries—reaching and exceeding its three per
month target rate in the second half with 13 deliveries in the last quarter, resulting
in a rate above four per month. However, production will slow in 2013 to 25 in order
to sort out the wing support bracket cracking issue.
- A new 575 tonne MTOW variant is being introduced in 2013.
- New customer, Transaero of Russia, ordered four aircraft in Q2 and Singapore Airlines
ordered ﬁve more.
- Thai Airways International is the latest airline to introduce A380s into service with
British Airways due to be a new recipient in 2013.
- Emirates, which has ordered 90 aircraft, is the major market player—taking one per
month. In 2013, Emirates has ﬁve daily A380s to London Heathrow.
- In December 2012 Hong Kong Airlines noted that it might cancel its remaining A380
orders or swap them for a smaller widebody type to focus on short-haul routes.
Year
of
Build
2006
2007
2008
2009
2010
2011
2012
2013

Current
Market
Value
$139.0m
$143.0m
$148.0m
$154.0m
$161.3m
$170.0m
$180.5m
$193.0m

Qty.

Emirates

90

Qantas

20

Singapore Airlines

19

Lufthansa

Market Outlook

Airline

17

Air France

12

TOTAL

158

Airbus A380 Fleet Distribution
(In Service/On Order)

Africa
1%

Europe
20%

Middle East
43%

Asia-Pacific
36%

Base Values at 2.0% annual inﬂation rate
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

$132.0m
$138.5m
$145.9m
$154.2m
$163.5m
$174.6m
$189.5m
$203.5m

$124.7m

$117.6m
$123.1m
$129.4m
$136.6m
$144.5m
$154.0m
$166.8m
$179.3m

$110.7m
$115.8m
$121.7m
$128.2m
$135.5m
$144.3m
$156.1m
$168.0m

$104.1m
$108.8m
$114.2m
$120.2m
$126.9m
$135.0m
$145.9m
$157.1m

$97.7m
$102.0m
$106.9m
$112.5m
$118.7m
$126.1m
$136.2m
$146.6m

$91.6m
$95.5m
$100.0m
$105.1m
$110.8m
$117.6m
$126.8m
$136.7m

$85.7m
$89.3m
$93.4m
$98.0m
$103.2m
$109.5m
$118.0m
$127.2m

$80.0m
$83.3m
$87.1m
$91.3m
$96.0m
$101.7m
$109.5m
$118.2m

$74.6m
$77.6m
$81.0m
$84.9m
$89.2m
$94.4m
$101.5m
$109.6m

$69.5m
$72.2m
$75.3m
$78.8m
$82.7m
$87.5m
$94.0m
$101.5m

$130.7m
$137.5m
$145.2m
$153.8m
$164.1m
$177.9m
$191.2m

The aircraft values stated herein are the product and the property of independent third-party sources, and ISTAT neither approves nor endorses the information contained herein or the use thereof for any purpose
whatsoever.

Jetrader 35
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Jetrader - March/April 2013

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