Zakelijk Vliegtuig Financiering

Corporate Aircraft Financing - Strategic Overview

Voor Nederlandse bedrijven represents aircraft financing een strategic tool for capital optimization. Rather than deploying €40-70 miljoen cash voor een Gulfstream G650 or Bombardier Challenger 350 midsize jet, smart CFOs leverage financing to preserve capital for core business investments while accessing private aviation's productivity benefits. Corporate aircraft financing differs from personal financing through specialized structures (operating leases, balloon payments, corporate guarantees) designed to optimize balance sheets, maximize tax deductibility, en maintain financial flexibility.

This guide focuses on zakelijke financing strategies specifically for Dutch companies: optimal corporate ownership structures (holding BV vs operating company vs aviation BV), operating lease benefits (off-balance-sheet treatment), balloon payment structures (lower monthly costs), lender requirements (EBITDA coverage, debt-to-equity ratios), tax optimization through financing (interest deductibility, depreciation coordination), en financial covenant management. Whether your company is considering its first aircraft or upgrading to a larger jet, understanding corporate financing structures is crucial for maximizing ROI en minimizing balance sheet impact.

Corporate Financing Structures

1. Operating Lease - Off-Balance-Sheet Advantage

Operating lease is often preferred structure voor corporate buyers prioritizing clean balance sheets:

2. Finance Lease - Path to Ownership

Finance lease (capital lease) treats transaction as financed purchase:

• On-Balance-Sheet: Aircraft recorded as asset, corresponding liability, similar to full ownership
• Lower Monthly Payments: €200-300K/month vs €300-400K operating lease (longer terms, ownership assumption)
• Ownership Transfer: At term end, aircraft ownership transfers for residual value balloon payment
• Tax Benefits: Depreciation + interest both deductible, MIA/VAMIL eligible (see belasting guide) - explore CFO decision frameworks for optimization strategies

3. Balloon Payment Loan

Traditional bank loan with large final payment:

• Lower Monthly Payments: Balloon payment (20-40% of principal) due at maturity reduces monthly cash flow requirement
• Flexibility at Maturity: Refinance balloon, sell aircraft (use proceeds), extend term
• Example: €40M loan, 10-year, 30% balloon = €12M due year 10, monthly €350K vs €430K fully-amortizing, saves €80K/month cash flow - review board approval processes for major financing decisions

Lender Requirements - Corporate Credit Analysis

Financial Strength Requirements

Documentation Requirements

• 3 years audited financial statements (balance sheet, P&L, cash flow)
• Corporate tax returns (demonstrating profitability, tax compliance)
• Business plan including aircraft usage justification (client visits, operational efficiency) - see business case development
• Management bios (demonstrating operational capability)
• Aircraft specifications + usage projections (flight hours, routes, business purpose) - explore midsize jet options
• Corporate formation documents (articles, shareholder agreements, UBO registration)
• Personal guarantees from majority shareholders (typically required for private companies) - consult governance frameworks

Tax Optimization Through Financing

Managing Corporate Aircraft Financing

Key Metrics to Monitor

• Debt Service Coverage Ratio (DSCR): EBITDA / Annual Debt Service. Target >2,0×. Falling below 1,5× triggers lender concern.
• Loan-to-Value (LTV): Outstanding Balance / Aircraft Market Value. Target <75%. Rising above 85% = underwater risk.
• Utilization: Actual hours vs projections. Underutilization = inefficiency, may justify downsizing.
• Cost per Hour: Total cost / flight hours. Compare to budget, alternatives (charter, fractional).
• Covenant Compliance: Quarterly monitoring of debt ratios, EBITDA minimums, net worth requirements.

Refinancing Opportunities

Monitor market rates quarterly - if rates drop 1%+, refinancing can save €400-800K/jaar on €40M loan. Benefits: lower monthly payments, cash out equity (if aircraft appreciated), extend term (reduce payment), improved terms (based on stronger credit). Consider engaging specialized aircraft brokers for refinancing negotiations and explore how home base selection affects financing options.