Jetrader - July/August 2013 - 20

appraisal

ATR 72-600
Angus Mackay, Principal
ICF SH&E
Senior Appraiser, ISTAT
Tel: +1 617-218-2121
angus.mackay@icfi.com

Background
Launched in October 2007, the 74-seat ATR 72-600 entered
service with Royal Air Maroc in August 2011 and was designed to
maintain family continuity with the ATR 72-500, thus retaining
the technical and economic strengths of its predecessor. Principal
operational developments include increased payload capability,
with uprated PW127M engines and optional reserve takeoff power
conferring superior short ﬁeld performance and greater operational
ﬂexibility, particularly in “hot and high” environments. Further
product upgrades include a new Thales ﬁve-screen LCD avionics
suite, which, combined with a new multi-purpose computer (MPC),
reduces pilot workload and provides enhanced ﬂight management,
required navigation performance (RNP) 0.3 navigation and Category
III approach capability. The MPC integrates all aircraft systems
and incorporates a centralized maintenance system for ready
access to key maintenance data maximizing dispatch reliability.
A number of cabin improvements have also been made with
the launch of a new Armonia interior.
A total of 67 aircraft are in service with 20 operators worldwide. Some 32 aircraft are on operating lease and 31 are owned
by operators, while the remaining aircraft are subleased or on
ﬁnance lease terms. Six aircraft are in military service—three
in the Italian Navy, one in the Italian Air Force and two in the
Turkish Navy. All aircraft are understood to be parked following
delivery awaiting specialist reconﬁguration to a surveillance role.

progressively adopt air travel and operators look to the optimized
operating economics in the low-fare, short-haul environment
that large turboprops such as the ATR 72-600 provide. Further
growth opportunities lie in mature markets with the ATR 72-600
providing potential replacement for less-efﬁcient regional jets
and older turboprops. Family associations with its ATR 42-600
sibling and the broader ATR 42 and 72 model series, the success
of ATR freighter conversion programs, the increasing price of fuel,
and the absence of new replacement technology aircraft suggest
that the strong residual value performance to date will continue
in  the medium to long term.
Current competition stems primarily from the 78-seat
Bombardier Dash 8 Q400, which has a large in-service ﬂeet of
nearly 400 aircraft but a backlog of only 32 aircraft. Given its
higher operating speeds, the Q400 competes most productively
on route sectors beyond 350 nm whereas the ATR 72-600 offers
generally better operating economics on shorter sectors—particularly those under 300 nautical miles. Competition stems from
the 70-seat regional jet products from Bombardier and Embraer,
although their backlogs have fallen to very low levels. Over the
longer term, competition may stem from 90-seat next generation
regional turboprops currently under study by ATR and Bombardier,
but such aircraft are unlikely to enter service before 2020.
Current ATR 72-600 Fleet Status (As of March 2013)
Number
of
Active
Firm
Operators Fleet Parked Backlog Total

Market Outlook
Since program launch, 314 net orders and 124 options have
been garnered for the ATR 72-600 and, as of March, the backlog
stood at 247 aircraft. Of the 74 orders taken by ATR in 2012, all
but three were for the ATR 72-600. Demand has proved strong
for the type, given its blend of good in-service reliability and
compelling operating economics in a high fuel cost environment.
These factors have driven orders not only from numerous operators but also from lessors Air Lease Corporation, Avation, GECAS
and Nordic Aviation Capital (NAC).
The growing operator base is likely to increase as developing
countries, which constitute 55 percent of ATR’s market base,

Region
Europe

6

7

6

22

35

Asia/Pacific

9

16

-

117

133

North America

-

-

-

12

12

Africa/
Middle East

1

4

-

-

4

South America

4

34

-

53

87

Undisclosed

-

-

-

43

43

61

6

247

314

TOTAL

20

ATR 72-600 Appraisal Values
Year of CMV US$
MM
Delivery

BV US$
MM

Future Base Values - Inflated at 2.5% per annum

2013

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2013

19.85

19.85

18.73

17.66

16.65

15.69

14.78

13.92

13.10

12.32

11.59

10.89

2012

19.03

19.03

17.95

16.92

15.95

15.02

14.15

13.31

12.52

11.78

11.06

10.39

2011

18.25

18.25

17.21

16.22

15.28

14.38

13.54

12.74

11.97

11.25

10.56

9.91

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.
20 The ofﬁcial publication of the International Society of Transport Aircraft Trading
http://www.naylornetwork.com/ist-nxt/
Jetrader - July/August 2013

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