26th Jan 2009 07:00
26 January 2009
Capital Lease Aviation PLC
("CLA")
HALF YEAR RESULTS - 31 DECEMBER 2008
The Board of CLA is pleased to announce the unaudited consolidated interim results for the period from 1 July 2008 to 31 December 2008.
HIGHLIGHTS:
Income for the period: GBP 7,085,464;
Profit after tax: GBP 3,429,326;
Earnings per share (after tax): 3.51 pence
Jeff Chatfield, Executive Chairman said "Results for the half year were in line with expectations given the obviously volatile operating environment. The aircraft that the Company owns and leases have all performed well. We anticipate that further growth is available as aircraft valuations may become more attractive to operating lessors such as ourselves, as financial investors, banks and the like leave the sector and release their aircraft into the market.
The CLA group continues to build on the portfolio of aircraft already established, remains ready with its US$100 million warehouse finance facility to seek out and acquire on potentially attractive terms, leased aircraft which complement and add value to the existing aircraft portfolio."
The directors take responsibility for the contents of this announcement.
---ENDS---
Enquiries:
CAPITAL LEASE AVIATION PLC
Jeff Chatfield, Executive Chairman 07783 942 553
STOCKBROKERS
WH Ireland Limited 020 7220 1690
NOMINATED ADVISER
James Joyce, David Porter
WH Ireland Limited 020 7220 1666
Website http://www.capitalleaseaviation.com/
Directors' Review of Operations and Strategy
The Company's results reflect profits from lease income resulting from aircraft acquisitions and the benefits of business systems put in place during our first year of operations. The Company's fleet currently comprises of three F100's, two A321-200's and one A320.
In October 2008, the Company secured approval for a US$100,000,000 warehouse credit facility sourced from a European bank. A further US$50,000,000 can be made available subject to a syndicated book build. Attractive aircraft buying opportunities should be available to lessors, such as CLA, that have financing facilities approved and a willingness to act.
In its future acquisition of aircraft, the CLA group aims to focus on the Airbus A320 series and Boeing 737 family new generation aircraft as we believe these pose the lowest risk given their liquidity, appeal, little need for special mission customization and ability to remarket.
The risks to the business include typical aviation related risks, including but not limited to, any downturn in the global aviation industry, fuel costs, finance costs, war and terrorism and the like which may affect our airline customers' ability to fulfil their lease obligations. Risks also include dramatic changes in exchange rates, particularly changes in the USD : GBP exchange rate, for the sake of clarity it should noted that all of the source lease revenues of the company are denominated in USD.
The business also relies on its ability to source finance on favourable terms. Should this supply of finance contract, it would limit our fleet expansion and therefore growth.
Richard Sinclair
Chief Executive Officer
On behalf of the Board of Directors of Capital Lease Aviation PLC
23 January 2009
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HALF YEAR RESULTS CAPITAL LEASE AVIATION PLC |
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|
CONSOLIDATED INCOME STATEMENT |
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|
FOR THE PERIOD 1 JULY 2008 TO 31 DECEMBER 2008 |
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|
6 months ended 31 December |
6 months ended 31 December |
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|
2008 |
2007 |
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|
GBP |
GBP |
|||
|
From Continuing operations |
||||
|
Lease rental income |
4,796,313 |
332,054 |
||
|
Other operating income |
2,289,151 |
241,095 |
||
|
Total income |
7,085,464 |
573,149 |
||
|
Selling, general and administrative expenses |
(579,116) |
(137,916) |
||
|
Profit before depreciation & finance cost |
6,506,348 |
435,233 |
||
|
Depreciation |
(1,476,469) |
(58,798) |
||
|
Interest expense |
(1,405,620) |
(14,245) |
||
|
Profit before taxation |
3,624,259 |
362,190 |
||
|
Income tax |
(194,933) |
- |
||
|
Profit after taxation |
3,429,326 |
362,190 |
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|
Pre-tax Earnings per share |
||||
|
-Basic |
3.71 pence |
0.38 pence |
||
|
- Fully Diluted |
3.51 pence |
0.38 pence |
||
|
After tax Earnings per share |
||||
|
-Basic |
3.51 pence |
0.38 pence |
||
|
- Fully Diluted |
3.32 pence |
0.38 pence |
||
|
CAPITAL LEASE AVIATION PLC |
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CONSOLIDATED BALANCE SHEET |
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AS AT 31 DECEMBER 2008 |
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|
As at 31 December |
As at 31 December |
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|
2008 |
2007 |
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|
GBP |
GBP |
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|
ASSETS |
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|
Current assets: |
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|
Cash and cash equivalents |
1,301,700 |
9,452,278 |
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|
Trade and other receivables |
539,593 |
598,187 |
||
|
Total current assets |
1,841,293 |
10,050,465 |
||
|
Non-current assets: |
||||
|
Plant and equipment |
72,895,523 |
5,249,523 |
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|
Total non-current assets |
72,895,523 |
5,249,523 |
||
|
Total assets |
74,736,816 |
15,299,988 |
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LIABILITIES AND EQUITY |
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Current liabilities : |
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Trade and other payables |
3,360,007 |
308,240 |
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|
Loans and borrowings |
5,843,286 |
- |
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|
Short term provisions |
339,933 |
- |
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|
Provision for income tax |
338,500 |
- |
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Total current liabilities |
9,881,726 |
308,240 |
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Non-current liabilities: |
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|
Loans and borrowings |
42,194,982 |
3,793,967 |
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|
Deferred tax liabilities |
1,118,756 |
- |
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Total non-current liabilities |
43,313,738 |
3793967 |
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Capital and reserves: |
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|
Share capital |
97,808 |
97,808 |
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|
Share premium |
10,743,621 |
10,737,735 |
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Reserves |
6,456,170 |
60 |
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Retained earnings |
4,243,753 |
362,178 |
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Total equity |
21,541,352 |
11,197,781 |
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Total liabilities and equity |
74,736,816 |
15,299,988 |
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CAPITAL LEASE AVIATION PLC |
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CONSOLIDATED CASHFLOW STATEMENTS |
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FOR THE PERIOD 1 JULY 2008 TO 31 DECEMBER 2008 |
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|
6 months ended 31 December |
6 months ended 31 December |
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|
2008 |
2007 |
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|
GBP |
GBP |
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|
Cash flow from operating activities: |
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Total profit |
3,429,326 |
362,190 |
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Adjustments for : |
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|
Income tax |
194,933 |
- |
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|
Depreciation |
1,476,469 |
58,798 |
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|
Interest expense |
1,405,620 |
14,245 |
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|
Interest income |
(5,766) |
(195,150) |
||
|
Operating profit before working capital changes |
6,500,582 |
240,083 |
||
|
Trade and other receivables |
(463,133) |
(598,187) |
||
|
Trade and other payables |
1,054,847 |
293,995 |
||
|
Short-term provisions |
229,625 |
- |
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|
Cash from operations |
7,321,921 |
(64,109) |
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|
Interest paid |
(1,405,620) |
- |
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|
Net cash flows from (used in) operating activities |
5,916,301 |
(64,109) |
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Cash flows from investing activities: |
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Interest received |
5,766 |
195,150 |
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|
Purchase of plant and equipment |
- |
(5,248,482) |
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Net cash from (used in) investing activities |
5,766 |
(5,053,332) |
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Cash flows from financing activities: |
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|
Proceeds from issuing of new shares, net of expenses |
- |
10,785,443 |
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Proceeds from borrowings |
- |
3,793,967 |
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|
Repayment of borrowings |
(2,690,039) |
- |
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|
Net cash (used in) from financing activities |
(2,690,039) |
14,579,410 |
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Net effect of exchange rate changes in consolidating subsidiaries |
(2,484,785) |
(59,779) |
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|
Net increase in cash flow |
747,243 |
9,402,190 |
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|
Cash and cash equivalent at beginning of period |
554,457 |
50,088 |
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|
Cash and cash equivalent at end of period |
1,301,700 |
9,452,278 |
Approved by the board of Capital Lease Aviation PLC on the 23rd of January 2009.
The above financial information has been extracted from the management accounts and has not been audited.
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