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Capital Lease Aviatn - HALF YEAR RESULTS TO 31 DECEMBER 2014

RNS Number : 2850F
Capital Lease Aviation PLC
19 February 2015
 

 

 

Capital Lease Aviation Plc

 

("CLA" or "the Company")

 

HALF YEAR RESULTS TO 31 DECEMBER 2014

and Interim Management Report

 

 

19 February 2015

 

Capital Lease Aviation Plc (LSE: CLA), the aircraft leasing company, today announces unaudited financial statements for the Company and its subsidiaries for the six month period ended 31 December 2014.

 

Highlights:

 

·     CLA Group total assets of US$94,136,241;

·     Revenue of US$5,946,667;

·     Group Net post-tax profits of US$1,047,113;

·     Net assets of US$47,713,273;

·     EPS (fully diluted) of 1.08 cents.

 

 

The results for the Group's half year ended 31 December 2014 (pursuant to International Financial Reporting Standards "IFRS") and reported in United States Dollars "US$" are as follows:

 

Consolidated

6 months ended 31 Dec 2014

US$

GBP

Equivalent (1)




Revenue

5,946,667

3,657,795




Group Net post tax profits

1,047,113

644,079




Total assets

94,136,241

60,595,498




Net Assets

47,713,273

30,713,034




EPS (fully diluted)

1.08 cents

0.66 pence




 

Jeff Chatfield, Executive Chairman, said, "The Company has continued to grow net assets and restructure debt facilities. These achievements provide both short and long term financial support for the company strategy and increased shareholder value."

 

Notes: For the convenience of international shareholders, an additional column is included to show an equivalent value in Pounds Sterling "GBP".

 

1. In this announcement, the applicable exchange rate between US$ and GBP was taken to be the average exchange rate of 1: 0.6151 for Income Statement items and 1: 0.6437 for Statement of Financial Position items.



Directors' Review of Operations and Strategy

and Interim Management Report

 

 

Strategy, Background and Outcome

 

The strategic targets for management over the past six months were to strengthen our financial position, confirm the long term sustainable business model, remain profitable, actively assess aircraft and pursue new aircraft acquisitions.

 

Profit was in excess of US$1.0m generating earnings per share of 1.08 cents. The financial position of the group remains strong and it has been able to maintain a strong current asset position at the end of the period.

 

Key achievements in the period included:

 

-    Refinancing of two A321-200s with a major European Bank;

-    Lowering the cost of debt for the two aircraft from 6.23% to 4.22%

-    Repayment of US$ 4.5m of junior debt on 31 December;

-    Restructuring of the senior and junior loans has reduced the average cost of debt from 6.42% to 4.59%

 

Outlook and Risks

 

The outlook for CLA is positive with future periods expected to benefit from the recently reduced cost of capital. The Board remains optimistic and will continue to evaluate opportunities to grow the company.

 

CLA remains subject to the typical risks of the aircraft leasing industry along with the risks associated with obtaining finance, residual value risk and impairment in aircraft assets.

 

I would like to take this opportunity to thank all the shareholders for their continued support.

 

 

 

Jeff Chatfield

Executive Chairman

18 Feb 2015

 

 

Enquiries:

 

Capital Lease Aviation PLC                                                           
Jeff Chatfield, Executive Chairman                                                    +65 9735 4151

 

Nominated Adviser
James Joyce, W H Ireland                                                              +44 207 220 1666

 

Company Stockbroker

W H Ireland                                                                                     +44 207 220 1670

 

Blytheweigh

Tim Blythe / Alex Shilov / Andrea Benton                                       +44 207 138 3204


www.cl-aviation.com 


CAPITAL LEASE AVIATION PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014

 



31 December 2014

31 December 2013



US$

US$

Continuing operations




Revenue


5,946,667

6,150,000





Other income


68,092

5,527





Other operating expenses


(2,378,274)

(2,248,226)





Expenses




- Administrative expenses


(1,141,067)

(1,065,547)

- Finance expense


(1,334,113)

(1,535,427)









Profit before taxation


1,161,305

1,306,327





Taxation


(114,192)

(77,409)









Profit for the financial year


1,047,113

1,228,918





Other comprehensive income:




Items that may be reclassified to profit or loss:




Foreign currency translation loss


(12,600)

(49)









Other comprehensive income, net of tax


(12,600)

(49)









Total comprehensive income for the financial year, all attributable to equity holders of the Company


1,034,513

1,228,869









Earnings per share - continuing and total operations












- Basic


1.08 cents

1.26 cents





- Fully diluted


1.08 cents

1.26 cents

 



CAPITAL LEASE AVIATION PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014

 

 



31 December 2014

31 December 2013

 



US$

US$

ASSETS

 







Current assets








Cash and cash equivalents


3,137,818

5,994,980

Trade and other receivables


11,107,958

1,016,855

Inventories


2,840,000









Total current assets


17,085,776

7,011,835









Non-current assets








Property, plant and equipment


77,050,465

89,013,410









Total non-current assets


77,050,465

89,013,410









Total assets


94,136,241

96,025,245













EQUITY AND LIABILITIES








Current liabilities








Trade and other payables


1,139,934

2,602,772

Provision for taxation


19,392

65,603

Loans and borrowings


6,069,628

11,715,805









Total current liabilities


7,228,954

14,384,180









Non-current liabilities








Loans and borrowings


37,657,733

33,837,703

Deferred tax liabilities


1,536,281

1,505,835









Total non-current liabilities


39,194,014

35,343,538













Capital and reserves








Share capital


196,393

196,393

Treasury shares


(631,191)

Share premium


21,696,406

21,696,406

Asset revaluation reserve


3,839,923

3,839,923

Foreign currency translation reserve


(10,959)

(453)

Retained earnings


22,622,701

20,565,258









Net equity


47,713,273

46,297,527













Total equity and liabilities


94,136,241

96,025,245













 

 



CAPITAL LEASE AVIATION PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014



31 December 2014

31 December

2013



US$

US$

Cash flows from operating activities








Profit before taxation


1,161,305

1,306,327

Adjustments for:








  Depreciation expense


2,377,909

2,241,570

  Interest expense


1,331,113

1,535,427

  Interest income


(64,020)

(5,527)









Operating cash flows before changes in working capital


4,806,307

5,077,797





Movements on:








Trade and other receivables


(7,151,658)

(318,003)

Trade and other payables


(911,027)

811,276









Cash flows from operations


(3,256,378)

5,571,070





Interest paid


(1,273,207)

(1,395,152)

Interest received


64,020

5,527

Corporation tax paid


(59,820)

(31,416)









Net cash flows (used in) from operating activities


(4,525,385)

4,150,029













Investing activity








Purchase of property, plant and equipment


(59,749)

(2,004)









Net cash flows used in investing activity


(59,749)

(2,004)













Financing activities








Purchase of treasury shares


(383,763)

-

Proceeds from loans and borrowings


10,098,941

-

Repayment of loans and borrowings


(8,102,105)

(3,870,009)









Cash flows from/(used in) financing activities


1,613,073

(3,870,009)









Effects of exchange rates on cash and cash equivalents


(12,600)

(49)









Net (decrease) increase in cash and cash equivalents


(2,984,661)

277,967

Cash and cash equivalents at the beginning of the financial period


6,122,479

5,717,013









Cash and cash equivalents at the end of the financial period


3,137,818

5,994,980













 

Approved by the board of Capital Lease Aviation PLC on 18th February 2015.

 

The above financial information has been extracted from the management accounts and has not been audited.

 

These interim statements have been prepared on a basis consistent with International Financial Reporting Standards (IFRS) except that IAS34 "Interim Financial Reporting" which is not mandatory for AIM companies, has not been adopted in the preparation of this statement.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Market: AIM
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