20th Feb 2013 07:00
Capital Lease Aviation Plc
("CLA" or "the Company")
FINANCIAL RESULTS
HALF YEAR RESULTS - 31 DECEMBER 2012
And Interim Management Report
20 February 2013
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 2012.
Financial Highlights:
·; Operations in line with expectations;
·; Revenues of US$5,610,000;
·; Group net post-tax profits of US$2,047,009;
·; Soeren Ferre appointed as Managing Director
·; Net assets of US$44,737,103;
·; CLA Group total assets of US$79,431,562; and
·; EPS (fully diluted) of 2.09 cents.
The results for the Group's half year ended 31 December 2012 (pursuant to International Financial Reporting Standards "IFRS") and reported in United States Dollars "US$" are as follows:
Consolidated 6 months ended 31 Dec 2012 | $US | GBP Equivalent (1) |
Revenue | 5,610,000 | 3,523,248 |
Group net post tax profits | 2,047,009 | 1,285,583 |
Total assets | 79,431,562 | 49,176,080 |
Net assets | 44,737,103 | 27,696,740 |
EPS (fully diluted) | 2.09 cents | 1.31 pence |
Jeff Chatfield, Chairman, said, "I am pleased with the progress towards each of our strategic goals. The company's strategy remains to expand our portfolio, by buying aircraft, when transactions with a balance of high returns and acceptable risk can be achieved."
Notes:
For the convenience of international shareholders, an additional column is included to show an equivalent value in Pounds Sterling "GBP".
I. In this announcement, the applicable exchange rate between US$ and GBP was taken to be the average exchange rate of 1: 0.62803 for Income Statement items and 1:0.6191 for Statement of Financial Position items.
Statement by Chairman Jeff Chatfield
Background and Outcome
The strategic targets for the management over the past six months were to strengthen our financial position, reduce our leverage and overall debt, remain profitable, distribute CLA's maiden dividend to shareholders and reduce our costs. We are pleased with the progress on all fronts. The period profit was in excess of US$ 2m for the period; earnings per share are 2.09 cents for the period.
The financial position of the group has improved and so did its cash position reaching US$ 6.2m at the end of the year.
Key achievements in the period included:
- A reduction of the size of the board from five to three members.
- The appointment of a new Managing Director Mr. Soeren Ferre.
- The Repayment of a US$ 1.5m balloon payment on an aircraft resulting in a saving of approximately US$ 100,000 in total in interest and legal fees.
- The lease of an aircraft was extended for up to two further periods of eight months.
The company's strategy remains to expand our portfolio, by buying aircraft, when transactions with a balance of high returns and acceptable risk can be achieved.
Outlook and Risks
To further develop CLA, we are taking a number of initiatives:
- Further reducing our operating overheads by benchmarking our technical costs.
- Re-leveraging our unencumbered assets to free cash with a view to acquiring additional assets.
- Diversifying our funding sources if we manage to identify suitable transactions.
- Several candidate aircraft are under consideration for purchase.
The risks remain the typical risks of the aviation and finance industry including, but not limited to, the cost and availability of funds and general aviation risks.
I would like to take this opportunity to thank all the shareholders for their continued support and look forward to creating more value for CLA as we continue on our development path.
Jeff Chatfield
Chairman
Singapore , 19 Feb 2013
Enquiries
Blythe Weigh Communications
Tim Blythe, Nathalie Raper, Kawthar Badda 0207 138 3204
Capital Lease Aviation Plc Jeff Chatfield, Executive Chairman +65 9735 4151
Nominated Adviser - WH Ireland LimitedJames Joyce and James Bavister 0207 220 1666
Company Stockbroker
W H Ireland Limited 0207 220 1690
Websitewww.capitalleaseaviation.com
CAPITAL LEASE AVIATION PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 JULY 2012 TO 31 DECEMBER 2012
31 December | 31 December | |||
2012 | 2011 | |||
US$ | US$ | |||
Continuing operations | ||||
Revenue | 5,610,000 | 8,116,215 | ||
Gross profit | 5,610,000 | 8,116,215 | ||
Other income | 6,897 | 5,871 | ||
Other operating expenses | (1,881,591) | (3,333,286) | ||
Expenses: | ||||
- Administrative expenses | (484,800) | (529,870) | ||
- Finance expense | (1,067,463) | (1,448,113) | ||
Profit before taxation | 2,183,043 | 2,810,817 | ||
Taxation | (136,034) | (442,982) | ||
Profit after tax from continuing operations | 2,047,009 | 2,367,835 | ||
Profit for the period, all attributable to equity holders of the Company | 2,047,009 | 2,367,835 | ||
Other comprehensive income: | ||||
Currency translation differences arising on consolidation | 3,858 | (124) | ||
Other comprehensive income, net of tax | 3,858 | (124) | ||
Total comprehensive income for the period, all attributable to equity of holders of the Company | 2,050,867 | 2,367,711 | ||
Earnings per share | ||||
Basic - continuing and total operations | 2.09 cents | 2.42 cents | ||
Fully diluted - continuing and total operations | 2.09 cents | 2.42 cents | ||
CAPITAL LEASE AVIATION PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012
31 December | 31 December | ||
2012 | 2011 | ||
US$ | US$ | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 6,258,216 | 2,593,050 | |
Trade and other receivables | 1,095,451 | 1,628,068 | |
Total current assets | 7,353,667 | 4,221,118 | |
Non-current assets: | |||
Plant and equipment | 72,077,895 | 94,801,542 | |
Total non-current assets | 72,077,895 | 94,801,542 | |
Total assets | 79,431,562 | 99,022,660 | |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Trade and other payables | 1,131,684 | 1,424,505 | |
Provision for taxation | 103,039 | 463,452 | |
Loans and borrowings | 6,599,452 | 9,593,120 | |
Short term provisions | - | 2,551,655 | |
7,834,175 | 14,032,732 | ||
Non-current liabilities: | |||
Trade and other payables | - | 596,000 | |
Loans and borrowings | 25,256,752 | 34,019,089 | |
Deferred tax liabilities | 1,603,532 | 2,950,388 | |
Total non-current liabilities | 26,860,284 | 37,565,477 | |
Capital and reserves: | |||
Share capital | 196,393 | 196,393 | |
Share premium | 21,696,406 | 21,696,406 | |
Reserves | 5,502,621 | 10,069,252 | |
Retained earnings | 17,341,683 | 15,462,400 | |
Net equity | 44,737,103 | 47,424,451 | |
Total liabilities and equity | 79,431,562 | 99,022,660 | |
CAPITAL LEASE AVIATION PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JULY 2012 TO 31 DECEMBER 2012
31 December | 31 December | ||
2012 | 2011 | ||
US$ | US$ | ||
Cash flow from operating activities: | |||
Profit before tax | 2,183,043 | 2,810,817 | |
Adjustments for: | |||
Maintenance reserve provisions | - | 642,882 | |
Depreciation expense | 1,855,549 | 2,690,404 | |
Interest expense | 1,067,463 | 1,448,113 | |
Interest income | (6,897) | (359) | |
Operating profit before working capital changes | 5,099,158 | 7,591,857 | |
Movements on: | |||
Trade and other receivables | 3,185,070 | (387,155) | |
Trade and other payables | (756,531) | (477,774) | |
Short term provisions | - | (230,875) | |
Cash from operations | 7,527,697 | 6,496,053 | |
Interest paid | (885,535) | (1,448,113) | |
Interest received | 6,897 | 359 | |
Corporation tax paid | (17,184) | (12,347) | |
Net cash from operating activities | 6,631,875 | 5,035,952 | |
Cash flows used in financing activity: | |||
Repayment of borrowings | (3,186,091) | (4,582,922) | |
Net cash used in financing activity | (3,186,091) | (4,582,922) | |
Effects of exchange rates on cash and cash equivalents | 3,862 | (124) | |
Net increase in cash and cash equivalents | 3,449,646 | 452,906 | |
Cash and cash equivalents at beginning of period | 2,808,570 | 2,140,144 | |
Cash and cash equivalents at end of period | 6,258,216 | 2,593,050 | |
Approved by the board of Capital Lease Aviation PLC on 19 Feb 2013.
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.
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