TIDMBBA
RNS Number : 8705Q
BBA Aviation PLC
03 March 2016
BBA Aviation plc
2015 Final Results
Results for the year ended
31 December 2015
FINAL RESULTS FOR PERIOD ENDED 31 DECEMBER 2015
Results in brief ($m)
Underlying results(1) Statutory results
2015 2014 % Change 2015 2014 % Change
Revenue 2,129.8 2,289.8 (7)% 2,129.8 2,289.8 (7)%
EBITDA(2) 273.1 267.2 2% 213.6 231.2 (8)%
Operating
profit 202.0 201.2 0% 130.8 154.1 (15)%
Profit before
tax 170.0 172.4 (1)% 95.3 152.4 (37)%
Profit after
tax 144.3 144.8 0% 83.1 162.5 (49)%
Basic earnings
per share 20.1c 21.9c (8)% 11.6c 24.6c (53)%
Historical
basic earnings
per share(3) 30.9c 30.7c 1% - - -
Return on
invested capital(4) 9.1% 9.4% (30)bps - - -
Free cash
flow(5) - - 88.4 51.2 73%
(640.2)
Net debt (3) (619.2) - 456.5 (619.2) -
Dividend per
share - - - 13.5c 16.2c -
Historical
dividend per
share(3) - - - 17.0c 16.2c 5%
(1) Before exceptional and other items (as defined in the
financial statements)
(2) Underlying operating profit before depreciation and
amortisation
(3) 'Historical' measures are presented on the basis of the
capital base being adjusted to remove the impact of the rights
issue
(4) Underlying operating profit return on average invested
capital including goodwill and intangibles amortised or written off
to reserves
(5) Cash generated by operations, plus dividends from
associates, less tax, net interest and net capital expenditure
These definitions as outlined above are consistently applied
throughout this results announcement.
Highlights
-- Group organic revenue growth of 2% and further underlying operating profit progress.
-- Strong operating profit growth of 19% in Flight Support (73% of Group) driven by Signature.
o Modest US Business & General Aviation growth of 1%
o Continued market outperformance from Signature together with
good operating leverage
-- Aftermarket operating profit (27% of Group) was down 33% in
soft markets, due to short-term challenges associated with the ERO
footprint rationalisation and competitive pricing. Legacy delivered
as anticipated.
-- Landmark Aviation acquisition completed, substantially
enhancing Signature's leading global network.
o Positive outcome of US Department of Justice review,
associated disposals on track
o Integration proceeding to plan
-- 2015 pro forma leverage post completion and associated
disposals is 3.5x net debt/EBITDA, with a good deleveraging
profile.
-- In response to significant inbound interest in ASIG,
reviewing value maximisation alternatives.
-- Positive underlying progress anticipated in 2016 with
increasing momentum into 2017 driven by full year benefits of
Landmark Aviation acquisition, delivery of anticipated $35m of cost
synergies and realising enhanced revenue management
opportunities.
-- Full year dividend per share up 5%.
Simon Pryce, BBA Aviation Chief Executive Officer,
commented:
"2015 was a transformational year in the history of BBA
Aviation, with the announcement of the Landmark Aviation
acquisition. We are delighted to have almost doubled our largest
business' already leading presence in the provision of value added
services to US Business and General Aviation customers, a market
that continues to demonstrate through-cycle structural growth. Our
initial review of the business since completion in February 2016
has not only reconfirmed the cost reduction opportunities from the
combination, but has also identified further opportunities through
enhanced revenue management.
We are pleased with the interest in the FBO disposals required
by the US Department of Justice and are making good progress in
this process.
Notwithstanding the transformational acquisition, Flight Support
performed very strongly in 2015, despite broadly flat markets,
driven principally by Signature, which offset net contract losses
in ASIG. Aftermarket Services had a disappointing year, despite
Legacy Support's solid performance, with greater than anticipated
production inefficiencies associated with our ERO footprint
reduction in H1 and lower than anticipated volumes and a
competitive pricing environment in H2. Against a background of a
low growth aftermarket environment we will be undertaking
additional actions in 2016 to further reduce the cost and
complexity of our ERO business. Importantly, despite ERO's
challenges, the Group delivered further growth in 2015, in line
with expectations.
We anticipate further progress in 2016, driven mainly by
Signature's continued outperformance, the application of its
operational excellence across a much larger network of high quality
locations and the realisation of the Signature/Landmark combination
benefits which enhance the Group's prospects for cash generation
and value creation. The Board therefore expects further good growth
in 2016 and beyond."
For further information please contact:
Mike Powell, Group Finance Director (020) 7514 3999
Jemma Spalton, Head of Communications & Investor
Relations
BBA AVIATION PLC
David Allchurch / Martha Walsh (020) 7353 4200
TULCHAN COMMUNICATIONS
A video interview with management is now available on
www.bbaaviation.com and www.cantos.com
A live audio webcast of the analyst presentation will be
available from 09:00 GMT today on www.bbaaviation.com and
www.cantos.com
FINAL RESULTS 2015
Overview
BBA Aviation delivered a satisfactory overall performance in
2015. Above market growth in Flight Support offset a disappointing
year for Aftermarket Services, specifically in Engine Repair &
Overhaul. The Group made transformational progress with the
significant expansion of the Flight Support network through the
acquisition of Landmark Aviation which completed on 5 February
2016. The acquisition of Landmark Aviation has impacted these
results in terms of the rights issue to finance the acquisition,
which completed in October 2015, and fees associated with the
acquisition, but not in terms of any contribution to profit as the
acquisition itself completed after the year end.
Group revenue decreased by 7% to $2,129.8 million (2014:
$2,289.8 million) reflecting the impact of lower fuel prices and
foreign exchange movements that reduced Group revenue by $248.5
million. Acquisitions contributed $48.8 million of revenue during
the period. On an organic basis, Group revenue increased by 2%
(excluding the impact of fuel prices, foreign exchange,
acquisitions and disposals).
Underlying operating profit was $202.0 million (2014: $201.2
million) including an $8.3 million contribution from acquisitions.
On an organic basis, operating profit declined by 3% with the
significant progress in Flight Support offset by a weak Aftermarket
Services performance.
Group underlying operating profit margin decreased to 9.5% (2014
constant fuel price: 9.7%) with positive margin development in
Flight Support offset by a lower margin in Aftermarket
Services.
Net underlying interest increased by $3.2 million to $32.0
million (2014: $28.8 million) due to the cost of the new
longer-term debt put in place in 2014, and the impact of higher net
debt resulting from the significant growth investments made over
the last 18 months. The Group was $456.5 million cash positive due
to the rights issue to fund the acquisition of Landmark Aviation
(2014 net debt: $619.2 million). Adjusting for the impact of the
rights issue and costs associated with the acquisition of Landmark
Aviation, historical net debt was $640.2 million. Interest cover
was 8.5x (2014: 9.3x) and the historical net debt to EBITDA ratio
was unchanged at 2.3x (2014: 2.3x).
Underlying profit before tax decreased by 1% to $170.0 million
(2014: $172.4 million).
The underlying tax rate decreased modestly to 15.1% (2014:
16.0%). This reflected both the lower proportion of the Group's
pre-tax profits arising in higher marginal tax jurisdictions,
principally in our US based Engine Repair & Overhaul businesses
and by the additional profits resulting from ASIG's acquisition of
its joint venture partner's 80% stake of ASIG Panama S.A., which
was on a tax free basis.
Adjusting for the impact of the rights issue on the capital base
the adjusted historical earnings per share grew by 1% to 30.9c
(2014: 30.7c). On a reported basis adjusted earnings per share
decreased by 8% to 20.1c (2014: 21.9c).
Statutory profit before tax of $95.3 million represented a 37%
decline against the 2014 comparator that included the $26.8 million
profit on disposal of APPH (2014: $152.4 million) and reflects the
exceptional costs detailed below.
Exceptional and other items include restructuring expenses of
$15.1 million (2014: $13.8 million). $6.8 million of this related
to the termination of ASIG's contract in Singapore and $8.3 million
is associated with Engine Repair & Overhaul's ongoing footprint
rationalisation programme. Amortisation of intangible assets are
non-cash and amounted to $11.7 million (2014: $11.1 million), and
there were $38.4 million of transaction costs (2014: $5.8 million).
All transaction costs in 2015 related to the acquisition of
Landmark Aviation.
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Unadjusted earnings per share decreased by 53% to 11.6c against
the 2014 comparator that included the profit on disposal of APPH
(2014: 24.6c).
Free cash flow increased by $37.2 million to $88.4 million
(2014: $51.2 million).
Capital expenditure amounted to $90.7 million (2014: $116.4
million). Principal items include the investment in Signature's FBO
development projects at San Jose and London Luton, as well as
Engine Repair & Overhaul's footprint rationalisation and
investment in its new Middle East facility in support of the
rotorcraft authorisations signed last year.
The Group also paid net $20.5 million of pension payments (2014:
$10.5 million), of which $10.5 million represented pension deficit
payments reflecting the agreed payments to the UK scheme.
The Group's tax payments were $5.0 million (2014: $28.4
million), reflecting the lower payments and the timing of
refunds.
Other cash flow items include the $76.6 million dividend payment
(2014: $74.2 million), $22.0 million related to share repurchases
in the first half of the year (2014: $76.6 million), $20.4 million
of cash flows associated with transaction costs, as well as the
$1,117.1 million net proceeds resulting from the rights issue.
The total spend on acquisitions and licences completed during
the year amounted to $32.9 million (2014: $161.1 million) including
$12.3 million for Legacy Support's acquisition from Pratt &
Whitney Canada of the manufacturing rights for select JT15D engine
components and $6.0 million in relation the acquisition of our
joint venture partner's share of ASIG Panama S.A.
ROIC reduced by 30 basis points to 9.1% (2014: 9.4%) reflecting
the significant investments made during the year which are expected
to generate superior returns over the longer-term.
Post the acquisition of Landmark Aviation, the Group's principal
measures of financial success will be cash tax adjusted earnings
per share and EBITDA as a percentage of invested capital.
Business Review
Flight Support
Our Flight Support division provides specialist on-airport
services including refuelling and ground handling to the business
& general aviation (B&GA) market through Signature Flight
Support (Signature) and to the commercial aviation market through
ASIG. In 2015 Signature contributed over 95% of Flight Support's
operating profit.
$m 2015 2014 Change
Revenue 1,347.4 1,536.3 (12)%
Organic revenue 0.1% - -
growth*
Underlying operating
profit 158.5 132.7 19%
Operating margins 11.8% 10.0% 180bps
Operating cash
flow 149.7 116.4 29%
Divisional ROIC 11.5% 9.9% 160bps
(* Excluding the impact of fuel prices, foreign exchange,
acquisitions and disposals)
(Operating margins at constant fuel prices)
Revenue in Flight Support decreased by 12% to $1,347.4 million
(2014: $1,536.3 million), reflecting the net impact of lower fuel
prices and foreign exchange movements that reduced revenue by
$233.6 million. Adjusting for the impact of fuel and FX, revenue
increased by 3%. Acquisitions contributed $42.8 million of revenue
during the period. On an organic basis, revenue was flat with the
strong performance in Signature offset by ASIG's net contract
losses.
Underlying operating profit in Flight Support increased by 19%
to $158.5 million (2014: $132.7 million). During the period
acquisitions contributed $8.6 million to operating profit. On an
organic basis, operating profit increased by 14%, all of which was
driven by Signature's strong operational delivery.
During the period, the division's underlying operating profit
was impacted by three one-off items with a net benefit of $5.5
million: first a reclassification of our investment in the Hong
Kong Business Aviation Centre as an associate rather than a
financial investment to more appropriately reflect its scale and
our level of influence, interest and control, which, in the first
half, resulted in the recognition of an accounting profit of $5.2
million relating to prior years, second a non-cash tax-free gain of
$4.3 million in the second half associated with ASIG's purchase of
its joint venture partner's stake in ASIG Panama at Tocumen
International Airport and third ASIG's trading losses in the first
half from the now exited contracts at Singapore Changi Airport of
$4.0 million.
Operating margins improved to 11.8% (2014 constant fuel price:
10.0%). This was driven primarily by Signature's continued market
outperformance and its strong operating leverage that more than
offset the reduced operating profit contribution from ASIG due to
net contract losses, though ASIG delivered an improved operational
performance in the second half.
Operating cash flow for the division was $149.7 million (2014:
$116.4 million). Return on invested capital increased to 11.5%
(2014: 9.9%) reflecting Signature's continued strong
performance.
Signature Flight Support delivered a very strong performance
despite modest B&GA movement growth. Signature continued to
outperform its key markets, demonstrating the strength of its
network proposition and market-leading services and facilities.
Signature's revenue decreased by 14% to $920.2 million (2014:
$1,075.8 million). Adjusting for lower fuel prices and foreign
exchange movements, and after adjusting for acquisitions that
contributed $26.3 million to revenue, organic revenue increased by
4% representing a material outperformance relative to its markets
with US B&GA movements up 1% and European B&GA movements
down 3% during the period.
During the course of the year, Signature added eight new
Signature Select(R) locations at Camarillo, Vancouver, Vienna,
Graz, Innsbruck, Klagenfurt, Linz and Salzburg, expanding its
network and relevance through this affiliate FBO programme. The
Signature Select(R) network now incorporates 15 locations
globally.
Signature's newly constructed state-of-the-art FBO at Mineta San
Jose International Airport was successfully completed and
officially opened in February 2016 in time to welcome the high
levels of B&GA traffic associated with Super Bowl 50. The
ongoing development at London Luton Airport is progressing well and
the new FBO and extended apron are on track to be completed by the
end of 2016.
In February 2016, BBA Aviation completed the transformational
acquisition of Landmark Aviation for a total consideration of
$2,065 million. The acquisition was partly funded through a $1.14
million rights issue. The acquisition represents a major expansion
of Signature, already the world's largest FBO network. The
acquisition enables Signature to extend its operational excellence
to Landmark Aviation's portfolio of FBOs and MRO facilities and
enhances its customer leading proposition to include aircraft
management and charter services. Signature's global network now
includes 195 FBO locations and 19 MRO facilities.
Landmark Aviation's financial performance in 2015 was in line
with expectations and has demonstrated continued good growth. The
process to sell the six FBOs, required under the terms of the US
Department of Justice's regulatory approval, is underway and making
good progress.
The Group's 2015 pro forma leverage post completion and
associated disposals is 3.5x net debt/EBITDA, with a good
deleveraging profile.
ASIG's revenue decreased by 7% to $427.2 million (2014: $460.5
million), with commercial aviation movements flat in North America
and up 3% in Europe. This revenue decline reflects the net contract
losses, principally the previously announced loss of the ground
handling contract at John F. Kennedy International Airport (JFK)
Terminal One in February 2015 and the loss making contract in
Singapore that we have now exited. A trading loss of $4.0 million
in relation to this contract was realised in the first half and an
exceptional charge of $6.8 million related to the closure and exit
from operations in Singapore was recognised during the year.
After a challenging first half, improvements in underlying cost
performance and service delivery led to a much improved operational
performance in the second half of the year.
In July, ASIG acquired its joint venture partner's stake in ASIG
Panama at Tocumen International Airport. This purchase resulted in
a non-cash tax-free gain of $4.3 million.
Following the recent acquisition of Landmark Aviation, we have
received a number of approaches from third parties expressing an
interest in some or all of ASIG. As part of BBA Aviation's focus on
driving long term sustainable value for our stakeholders we are
reviewing value maximisation alternatives for ASIG, including a
possible sale of all or part of the business, although there is no
certainty that this review will result in a transaction being
agreed.
Aftermarket Services
Our Aftermarket Services division is focused on the repair and
overhaul of engines through our Engine Repair & Overhaul (ERO)
businesses and the support of maturing aerospace platforms through
our Legacy Support business.
$m 2015 2014 Change
Revenue 782.4 753.5 4%
Organic revenue 6% - -
growth*
Underlying operating
profit 59.6 89.6 (33)%
Operating margins 7.6% 11.9% (430)bps
Operating cash
flow 31.8 16.3 95%
Divisional ROIC 6.7% 10.4% (370)bps
(* Excluding the impact of foreign exchange, acquisitions and
disposals)
In Aftermarket Services, revenue increased by 4% to $782.4
million (2014: $753.5 million, which included a $4.6 million
contribution from APPH that was disposed of in 2014). On an organic
basis revenue increased by 6%, in part due to engine trading during
the year, which represented $39.7 million of revenue.
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Underlying operating profit of $59.6 million decreased by 33%
(2014: $89.6 million). Legacy Support performed in line with
expectations, delivering broadly flat operating profit for the
year. ERO experienced a number of headwinds in the year that were
partly offset by profits on engine trading at higher than normal
divisional margins.
On an organic basis, operating profit was down $27.3 million or
31% with operating margins at 7.6% (2014: 11.9%).
Operating cash flow for the division was $31.8 million
reflecting the capital expenditure associated with the rotorcraft
authorisations signed last year and higher working capital as a
result of increased inventory in Legacy Support. Return on invested
capital decreased to 6.7% (2014: 10.4%) reflecting the growth
investment in the new engine repair and overhaul facilities and
operating profit decline.
In Engine Repair & Overhaul, revenue was $619.2 million
(2014: $583.4 million), representing an 8% organic revenue
increase, most of which was related to engine trading.
In the first half of the year, ERO experienced greater than
anticipated inefficiencies related to the significant and ongoing
footprint rationalisation programme that commenced in 2014. It had
been anticipated that this footprint change would have a short-term
impact on productivity and cost; however this transition proved
more challenging than expected with greater inefficiencies
associated with the moving of overhaul cells and cross-training of
labour. This led to materially increased costs associated with
overtime payments, customer concessions and penalties and higher
engine lease costs, against a backdrop of competitive and low
growth markets.
Significant measures were implemented to improve turn times and
reduce the cost inefficiencies and these began to benefit operating
performance in the third quarter.
However, in the second half inputs and engine work scopes were
weaker than anticipated, and in a competitive market and pricing
environment we failed to achieve anticipated share gains.
Conditions in ERO remain challenging and therefore we will be
undertaking additional actions during the course of 2016 to further
reduce the cost and complexity of the ERO business, which we expect
will lead to a further exceptional cash cost of $5.0 million in
2016.
Notwithstanding the challenges ERO faced during the year, it
successfully expanded its field support capabilities with
authorisations from Honeywell for the HTF7000 engine in Brazil and
GE Aviation for the CF34 engine in Asia Pacific and renewed its
long-standing engine repair and overhaul authorisations with Pratt
& Whitney Canada on the JT15D, PT6A, PT6T and PW100
engines.
After initial weather driven delays, construction of the new
engine repair and test facility at Dallas-Fort Worth International
Airport is now progressing well and remains on track to meet the
revised fully operational date of the end of 2016. In addition, the
new rotorcraft engine repair facility in Abu Dhabi successfully
established its test cell, as well as receiving both General Civil
Aviation Authority CAR 145 approval and EASA certification ensuring
that it can meet the comprehensive MRO needs for PW200 and PT6C-67
customers throughout the EMEA region.
Revenue in Legacy Support decreased by 1% to $163.2 million
(2014: $165.5 million), or 2% on an organic basis, reflecting a
satisfactory performance and in line with our expectations.
During 2015, Legacy Support further extended its product
portfolio with the addition of important new licensors, signing its
first product licence with Thales Avionics for surveillance
equipment used on military and commercial aircraft and acquiring
the manufacturing rights from Pratt & Whitney Canada for select
JT15D engine components, expanding its existing portfolio of engine
support capabilities. Legacy Support also extended its
long-standing relationship with UTAS with a licence for hydraulic
pumps used on several military fighter jet platforms.
In addition, Legacy Support achieved FAA Part 145 certification
at its UK facility and also gained both CAAC and CAAS approval at
its Singapore facility, supporting fast turn times and wider
product availability for its customers.
The adoption of the seven licences signed during 2014 and 2015
are progressing well and Legacy Support continues to see a strong
pipeline of further licence opportunities.
Other Financial Information
Unallocated central costs were $5.0 million lower at $16.1
million (2014: $21.1 million), mainly due to lower share based
payment charges in the year, and are expected to return to more
normalised levels in 2016.
The Group was $456.5 million cash positive due to the rights
issue to fund the acquisition of Landmark Aviation (2014 net debt:
$619.2 million). Adjusting for the impact of the rights issue and
costs associated with the acquisition of Landmark Aviation,
adjusted net debt was $640.2 million. The net cash outflow included
the $76.6 million dividend payment and $22.0 million related to
share repurchases.
Interest cover based on EBITDA was 8.5x (2014: 9.3x) and the
historical adjusted net debt to EBITDA ratio was 2.3x (2014:
2.3x).
Pensions
The actuarial valuation of the UK plan as at 31 March 2015 has
now been completed, indicating a reduced funding deficit of GBP45
million ($66 million). Total deficit contributions for the year
amounted to GBP6.9 million ($10.5 million). The Company has agreed
to make additional contributions of GBP0.3 million ($0.5 million)
per annum over the next five years bringing the annual deficit
contribution to GBP3.0 million, until the next triennial valuation,
and GBP2.7 million thereafter until 2034.
As at 31 December 2015, the accounting net deficit across the UK
and US plans was $40.1 million (2014: $62.2 million). The
accounting net deficit for the Group has improved since 31 December
2014 partly as a result of the contributions of $20.5 million, of
which $10.5 million represented pension deficit payments reflecting
the agreed payments to the UK scheme.
Dividend
At the time of the interim results, the Board declared an
increased interim dividend of 4.85c per share (2014: 4.62c per
share). The Board is now proposing a final dividend of 8.68c per
share (2014: 11.58c per share), taking the dividend for the full
year to 13.53c per share (2014: 16.20c per share). Removing the
impact of the rights issue, the final dividend on a historical
basis would have been 12.15c per share, giving a historical
dividend per share for 2015 of 17.00c.
After adjusting for the impact of the rights issue this
represents a 5% increase in the dividend on a historical basis and
continues to reflect the Board's progressive dividend policy and
continuing confidence in the Group's future growth prospects.
Outlook
We anticipate further progress in 2016, driven mainly by
Signature's continued outperformance, the application of its
operational excellence across a much larger network of high quality
locations and the realisation of the Signature/Landmark combination
benefits which enhance the Group's prospects for cash generation
and value creation. The Board therefore expects further good growth
in 2016 and beyond.
Going Concern
The Directors have carried out a review of the Group's trading
outlook and borrowing facilities, with due regard to the risks and
uncertainties to which the Group is exposed, the uncertain economic
climate and the impact that this could have on trading performance.
Based on this review, the Directors believe that the Company and
the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, the financial
statements have been prepared on a going concern basis.
Directors' Responsibilities
The responsibility statement below has been prepared in
connection with the Company's full Annual Report for the year
ending 31 December 2015. Certain parts of the Annual Report are not
included within this announcement.
We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with IFRSs
as adopted by the European Union, give a true and fair view of the
assets, liabilities, financial position and profit of the Company
and the undertakings included in the consolidation taken as a
whole; and
-- the management report, which is incorporated into the
Directors' Report, includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties they face.
Signed on behalf of the Board,
Simon Pryce Mike Powell
Group Chief Executive Group Finance Director
2 March 2016 2 March 2016
This final results announcement contains forward-looking
statements including, without limitation, statements relating to:
future demand and markets of the Group's products and services;
research and development relating to new products and services;
liquidity and capital; and implementation of restructuring plans
and efficiencies. These forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Accordingly,
actual results may differ materially from those set out in the
forward-looking statements as a result of a variety of factors
including, without limitation: changes in interest and exchange
rates, commodity prices and other economic conditions; negotiations
with customers relating to renewal of contracts and future volumes
and prices; events affecting international security, including
global health issues and terrorism; changes in regulatory
environment; and the outcome of litigation. The Company undertakes
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new
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information, future events or otherwise.
This report is available in electronic format from the Company's
website www.bbaaviation.com
Consolidated Income Statement
Restated
2015 2014
--------------------------- ----- ------------- ----------- ------------ ----------------------------------------
Underlying1 Exceptional Underlying1 Exceptional
and and
other other
For the year ended 31 items Total items Total
December Notes $m $m $m $m $m $m
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Revenue 1 2,129.8 - 2,129.8 2,289.8 - 2,289.8
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Cost of sales (1,733.5) - (1,733.5) (1,863.7) - (1,863.7)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Gross profit 396.3 - 396.3 426.1 - 426.1
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Distribution costs (35.0) - (35.0) (36.8) - (36.8)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Administrative expenses (178.3) (11.7) (190.0) (192.1) (11.1) (203.2)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Other operating income 9.4 - 9.4 2.1 - 2.1
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Share of profit of
associates
and joint ventures 9.6 - 9.6 2.4 - 2.4
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Other operating expenses - (44.4) (44.4) (0.5) (22.2) (22.7)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Restructuring costs - (15.1) (15.1) - (13.8) (13.8)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
1,
Operating profit/(loss) 2 202.0 (71.2) 130.8 201.2 (47.1) 154.1
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Gain on disposal of
businesses - - - - 27.1 27.1
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Investment income 3.1 0.4 3.5 3.8 - 3.8
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Finance costs (35.1) (3.9) (39.0) (32.6) - (32.6)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Profit / (loss) before tax 170.0 (74.7) 95.3 172.4 (20.0) 152.4
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Tax 3 (25.7) 13.5 (12.2) (27.6) 37.7 10.1
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Profit/(loss) for the year 144.3 (61.2) 83.1 144.8 17.7 162.5
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Attributable to:
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Equity holders of BBA
Aviation
plc 144.4 (61.2) 83.2 145.1 17.7 162.8
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Non-controlling interest (0.1) - (0.1) (0.3) - (0.3)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
144.3 (61.2) 83.1 144.8 17.7 162.5
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Adjusted(1) Unadjusted
Earnings per share Adjusted(1) Unadjusted (Restated) (Restated)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Basic 5 20.1c 11.6c 21.9c 24.6c
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Diluted 5 20.0c 11.5c 21.8c 24.4c
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Adjusted historical
earnings
per share(2)
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
Basic 5 30.9c 30.7c
--------------------------- ----- ------------- ----------- ------------ ------------- ----------- ------------
1 Underlying profit is before exceptional and other items.
Exceptional and other items are defined in note 2.
2 Adjusted historic earnings per share is an additional measure
with the weighted average number of shares adjusted for the impact
of the rights issue, for further explanation see note 5.
Consolidated Statement of Comprehensive Income
2015 2014
For the year ended 31 December $m $m
---------------------------------------------------- ------ ------
Profit for the period 83.1 162.5
---------------------------------------------------- ------ ------
Other comprehensive income
---------------------------------------------------- ------ ------
Items that will not be reclassified subsequently
to profit or loss
---------------------------------------------------- ------ ------
Actuarial gains / (losses) on defined benefit
pension schemes 7.6 (37.7)
---------------------------------------------------- ------ ------
Change in pension asset under IFRIC 14 - 24.6
---------------------------------------------------- ------ ------
Tax relating to components of other comprehensive
income that will not be reclassified subsequently
to profit or loss (1.7) 4.0
---------------------------------------------------- ------ ------
5.9 (9.1)
---------------------------------------------------- ------ ------
Items that may be reclassified subsequently
to profit or loss
---------------------------------------------------- ------ ------
Exchange difference on translation of foreign
operations 20.8 29.2
---------------------------------------------------- ------ ------
Losses on net investment hedges (35.4) (57.3)
---------------------------------------------------- ------ ------
Transfer of the revaluation reserve to retained
earnings on the disposal of property (5.9) -
---------------------------------------------------- ------ ------
Fair value movements in foreign exchange cash
flow hedges 0.5 (9.8)
---------------------------------------------------- ------ ------
Transfer to / (from) profit or loss from other
comprehensive income on foreign exchange cash
flow hedges (1.1) 4.5
---------------------------------------------------- ------ ------
Fair value movement in interest rate cash flow
hedges (2.6) (4.8)
---------------------------------------------------- ------ ------
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Transfer to profit or loss from other comprehensive
income on interest rate cash flow hedges 3.7 3.5
---------------------------------------------------- ------ ------
Tax relating to components of other comprehensive
income that may be subsequently reclassified
to profit or loss 0.1 3.3
---------------------------------------------------- ------ ------
(19.9) (31.4)
---------------------------------------------------- ------ ------
Other comprehensive loss for the year (14.0) (40.5)
==================================================== ====== ======
Total comprehensive income for the year 69.1 122.0
==================================================== ====== ======
Attributable to:
---------------------------------------------------- ------ ------
Equity holders of BBA Aviation plc 68.7 122.3
---------------------------------------------------- ------ ------
Non-controlling interests 0.4 (0.3)
==================================================== ====== ======
69.1 122.0
==================================================== ====== ======
Consolidated Balance Sheet
Restated
2015 2014
As at 31 December Notes $m $m
-------------------------------------------- ----- --------- ---------
Non-current assets
-------------------------------------------- ----- --------- ---------
Goodwill 889.6 897.9
-------------------------------------------- ----- --------- ---------
Other intangible assets 266.2 253.7
-------------------------------------------- ----- --------- ---------
Property, plant and equipment 645.0 635.9
-------------------------------------------- ----- --------- ---------
Interests in associates and joint ventures 12.0 7.4
-------------------------------------------- ----- --------- ---------
Trade and other receivables 22.1 22.1
-------------------------------------------- ----- --------- ---------
Deferred tax asset 8.2 16.5
============================================ ===== ========= =========
1,843.1 1,833.5
============================================ ===== ========= =========
Current assets
-------------------------------------------- ----- --------- ---------
Inventories 221.3 204.3
-------------------------------------------- ----- --------- ---------
Trade and other receivables 341.7 385.3
-------------------------------------------- ----- --------- ---------
Cash and cash equivalents 966.4 166.3
-------------------------------------------- ----- --------- ---------
Tax recoverable 2.0 6.5
-------------------------------------------- ----- --------- ---------
1,531.4 762.4
============================================ ===== ========= =========
Total assets 1 3,374.5 2,595.9
============================================ ===== ========= =========
Current liabilities
-------------------------------------------- ----- --------- ---------
Trade and other payables (439.4) (464.0)
-------------------------------------------- ----- --------- ---------
Tax liabilities (39.5) (38.3)
-------------------------------------------- ----- --------- ---------
Borrowings (12.3) (20.4)
-------------------------------------------- ----- --------- ---------
Provisions (27.0) (16.3)
-------------------------------------------- ----- --------- ---------
(518.2) (539.0)
============================================ ===== ========= =========
Net current assets 1,013.2 223.4
============================================ ===== ========= =========
Non-current liabilities
-------------------------------------------- ----- --------- ---------
Borrowings (511.1) (778.4)
-------------------------------------------- ----- --------- ---------
Trade and other payables due after one year (23.1) (21.4)
-------------------------------------------- ----- --------- ---------
Pensions and other post-retirement benefits (40.1) (62.2)
-------------------------------------------- ----- --------- ---------
Deferred tax liabilities (83.1) (86.6)
-------------------------------------------- ----- --------- ---------
Provisions (30.5) (29.3)
-------------------------------------------- ----- --------- ---------
(687.9) (977.9)
============================================ ===== ========= =========
Total liabilities 1 (1,206.1) (1,516.9)
============================================ ===== ========= =========
Net assets 2,168.4 1,079.0
============================================ ===== ========= =========
Equity
-------------------------------------------- ----- --------- ---------
Share capital 8 508.5 252.3
-------------------------------------------- ----- --------- ---------
Share premium account 8 1,594.4 733.1
-------------------------------------------- ----- --------- ---------
Other reserves 1.0 6.9
-------------------------------------------- ----- --------- ---------
Treasury reserve (90.0) (71.9)
-------------------------------------------- ----- --------- ---------
Capital reserve 38.1 41.6
-------------------------------------------- ----- --------- ---------
Hedging and translation reserves (87.0) (72.4)
-------------------------------------------- ----- --------- ---------
Retained earnings 208.2 194.4
-------------------------------------------- ----- --------- ---------
Equity attributable to equity holders of
BBA Aviation plc 2,173.2 1,084.0
-------------------------------------------- ----- --------- ---------
Non-controlling interest (4.8) (5.0)
============================================ ===== ========= =========
Total equity 2,168.4 1,079.0
============================================ ===== ========= =========
Consolidated Cash Flow Statement
2015 2014
For the year ended 31 December Notes $m $m
----------------------------------------------- ----- ------- -------
Operating activities
----------------------------------------------- ----- ------- -------
Net cash flow from operating activities 9 188.4 187.7
----------------------------------------------- ----- ------- -------
Investing activities
----------------------------------------------- ----- ------- -------
Interest received 11.7 4.3
----------------------------------------------- ----- ------- -------
Dividends received from associates 3.4 1.0
----------------------------------------------- ----- ------- -------
Purchase of property, plant and equipment (81.8) (85.8)
----------------------------------------------- ----- ------- -------
Purchase of intangible assets (22.4) (53.2)
----------------------------------------------- ----- ------- -------
Proceeds from disposal of property, plant
and equipment 16.7 0.4
----------------------------------------------- ----- ------- -------
Acquisition of subsidiaries net of cash/(debt)
acquired 10 (19.4) (138.5)
----------------------------------------------- ----- ------- -------
Proceeds from disposal of subsidiaries and
associates - 125.3
----------------------------------------------- ----- ------- -------
Investment in associates - (0.1)
=============================================== ===== ======= =======
Net cash outflow from investing activities (91.8) (146.6)
=============================================== ===== ======= =======
Financing activities
----------------------------------------------- ----- ------- -------
Interest paid (41.1) (25.8)
----------------------------------------------- ----- ------- -------
Dividends paid (76.6) (74.2)
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----------------------------------------------- ----- ------- -------
Gains from realised foreign exchange contracts 2.4 2.0
----------------------------------------------- ----- ------- -------
Proceeds from issue of ordinary shares net
of issue costs 1,117.5 0.6
----------------------------------------------- ----- ------- -------
Purchase of own shares (22.0) (76.6)
----------------------------------------------- ----- ------- -------
(Decrease)/increase in loans (267.4) 133.5
----------------------------------------------- ----- ------- -------
Decrease in finance leases - (1.4)
----------------------------------------------- ----- ------- -------
(Decrease)/increase in overdrafts (8.0) 6.7
=============================================== ===== ======= =======
Net cash inflow/(outflow) from financing
activities 704.8 (35.2)
=============================================== ===== ======= =======
Increase in cash and cash equivalents 801.4 5.9
----------------------------------------------- ----- ------- -------
Cash and cash equivalents at beginning of
year 166.3 165.0
----------------------------------------------- ----- ------- -------
Exchange adjustments (1.3) (4.6)
=============================================== ===== ======= =======
Cash and cash equivalents at end of year 966.4 166.3
=============================================== ===== ======= =======
Net debt at beginning of year (619.2) (478.5)
----------------------------------------------- ----- ------- -------
Increase in cash and cash equivalents 801.4 5.9
----------------------------------------------- ----- ------- -------
Decrease/(increase) in loans 267.4 (133.5)
----------------------------------------------- ----- ------- -------
Decrease in finance leases - 1.4
----------------------------------------------- ----- ------- -------
Decrease/(increase) in overdrafts 8.0 (6.7)
----------------------------------------------- ----- ------- -------
Exchange adjustments (1.1) (7.8)
=============================================== ===== ======= =======
Net debt at end of year 456.5 (619.2)
=============================================== ===== ======= =======
Purchase of intangible assets includes $13.5 million (2014:
$22.6 million) paid in relation to Ontic licences.
Purchase of shares includes the share purchases for the share
buy-back scheme, shares purchased for the Employee Benefit Trust
and shares purchased for employees to settle their tax liabilities
as part of the share schemes.
Within the Group's definition of net debt, the US private
placement is included at its face value of $500 million, reflecting
the fact that the liabilities will be in place until maturity.
This is $13.5 million (2014: $13.3 million) lower than its
carrying value.
Consolidated Statement of Changes in Equity
Share Share Retained Other Non-controlling Total
capital premium earnings reserves Total interests equity
$m $m $m $m $m $m $m
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Balance at 1 January 2014 251.8 733.0 121.2 (7.3) 1,098.7 (4.7) 1,094.0
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Profit for the year - - 162.8 - 162.8 (0.3) 162.5
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Other comprehensive loss for
the year - - (5.8) (34.7) (40.5) - (40.5)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Total comprehensive income
for the year - - 157.0 (34.7) 122.3 (0.3) 122.0
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Dividends - - (74.2) - (74.2) - (74.2)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Issue of share capital 0.5 0.1 - - 0.6 - 0.6
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Movement on treasury reserve - - - (72.0) (72.0) - (72.0)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Credit to equity for equity-settled
share-based payments - - - 7.5 7.5 - 7.5
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Tax on share-based payment
transactions - - 1.1 - 1.1 - 1.1
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Transfer to retained earnings - - (10.7) 10.7 - - -
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Balance at 1 January 2015 252.3 733.1 194.4 (95.8) 1,084.0 (5.0) 1,079.0
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Profit for the year - - 83.2 - 83.2 (0.1) 83.1
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Other comprehensive loss for
the year - - 6.0 (20.5) (14.5) 0.5 (14.0)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Total comprehensive income
for the year - - 89.2 (20.5) 68.7 0.4 69.1
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Dividends - - (76.6) - (76.6) - (76.6)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Issue of share capital 256.2 861.3 - - 1,117.5 - 1,117.5
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Movement on treasury reserve - - - (21.9) (21.9) - (21.9)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Credit to equity for equity-settled
share-based payments - - - 2.8 2.8 - 2.8
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Changes in minority shareholdings - - - - - (0.2) (0.2)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Tax on share-based payment
transactions - - (1.3) - (1.3) - (1.3)
------------------------------------ -------- -------- --------- --------- ------- --------------- -------
Transfer to retained earnings - - 2.5 (2.5) - - -
==================================== ======== ======== ========= ========= ======= =============== =======
Balance at 31 December 2015 508.5 1,594.4 208.2 (137.9) 2,173.2 (4.8) 2,168.4
==================================== ======== ======== ========= ========= ======= =============== =======
Accounting Policies of the Group
Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) adopted for use
in the European Union (EU) and therefore comply with Article 4 of
the EU International Accounting Standards (IAS) Regulation and the
Companies Act 2006 applicable to companies reporting under
IFRS.
The financial information for the year ended 31 December 2015
contained in this preliminary announcement was approved by a duly
appointed and authorised committee of the Board of Directors on 2
March 2016. The announcement does not constitute statutory accounts
of the Company within the meaning of section 435 of the Companies
Act 2006, but is derived from those accounts.
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Statutory accounts for the year ended 31 December 2014 have been
delivered to the Registrar of Companies. Statutory accounts for the
year ended 31 December 2015 will be delivered to the Registrar of
Companies following the Company's Annual General meeting.
The Group's annual financial statements for the year ended 31
December 2015 have been reported upon by the Group's auditor. The
report of the auditor was unqualified, did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and did not contain a
statement under section 498(2) or 498(3) of the Companies Act
2006.
Except as described below, these consolidated financial
statements have been prepared in accordance with the accounting
policies, presentation and methods of calculation as set out in the
Group's consolidated financial statements for the year ended 31
December 2014.
Presentational re-classifications
There has been a re-classification of $17.8 million between cost
of sales and administrative expenses in the prior period to improve
consistency of treatment within cost of sales.
There has been a re-classification of $8.3 million between
non-current liabilities and current liabilities in the prior year
end to improve consistency of treatment between current and
non-current liabilities. The 2014 comparatives have been restated
to account for these changes.
There has been a re-classification between current payables and
current or non-current provisions in both the current and prior
year end to improve consistency of treatment of provisions. The
re-classification moved $25.9 million of current trade and other
payables to provisions split $9.5 million and $16.4 million between
current and non-current respectively. The 2014 comparatives have
been restated to account for these changes.
New financial reporting requirements
A number of EU-endorsed amendments to existing standards and
interpretations are effective for annual periods beginning on or
after 1 January 2015 and have been applied in preparing the
Consolidated Financial Statements of the Group. There is no impact
on the Group Consolidated Financial Statements from applying these
standards.
Financial reporting standards applicable for future financial
periods
A number of EU-endorsed standards and amendments to existing
standards and interpretations, which are described below, are
effective for annual periods beginning on or after 1 January 2016
and have not been applied in preparing the Consolidated Financial
Statements of the Group.
In addition to the above, IFRS 9: Financial Instruments (IFRS 9)
and IFRS 15: Revenue from contracts with customers (IFRS 15) have
been issued but not yet been endorsed by the EU. Therefore, the
date from which they become effective is not yet known. IFRS 9
addresses the classification, measurement and recognition of
financial assets and financial liabilities. IFRS 15 addresses
recognition of revenue from customer contracts and impacts on the
amounts and timing of the recognition of such revenue. The Group is
yet to assess the impact of IFRS 9 and IFRS 15 on the Consolidated
Financial Statements.
The IASB released IFRS 16: Leases on 13 January 2016. The
expected date for adoption into EU-IFRS has not yet been set. Given
the proximity to year end, management have not yet formally
assessed the impact of the final standard on the Group's financial
statements. However, we note that the Group has substantial
operating lease commitments as disclosed in the Group's annual
report and accounts.
Notes to the Consolidated Financial Statements
1. Segmental information
The primary reportable segments of the Group have been deemed to
be Flight Support, which comprises Signature Flight Support and
ASIG, and Aftermarket Services, which comprises Engine Repair &
Overhaul and Legacy Support.
The businesses within the Flight Support segment provide
refuelling, ground handling and other services to the Business
& General Aviation and commercial aviation markets. The
businesses within the Aftermarket Services segment maintain and
support engines and aerospace components, sub-systems and
systems.
Sales between segments are immaterial.
Flight Aftermarket Unallocated
Support(1) Services(2) Total corporate(3) Total
Business segments $m $m $m $m $m
---------------------------- ----------- ------------ ------- ------------- -------
2015
---------------------------- ----------- ------------ ------- ------------- -------
External revenue 1,347.4 782.4 2,129.8 - 2,129.8
---------------------------- ----------- ------------ ------- ------------- -------
Underlying operating profit 158.5 59.6 218.1 (16.1) 202.0
---------------------------- ----------- ------------ ------- ------------- -------
Exceptional items (16.7) (12.0) (28.7) (42.5) (71.2)
---------------------------- ----------- ------------ ------- ------------- -------
Segment result 141.8 47.6 189.4 (58.6) 130.8
---------------------------- ----------- ------------ ------- ------------- -------
Underlying operating margin 11.8% 7.6% 10.2% - 9.5%
---------------------------- ----------- ------------ ------- ------------- -------
Net finance costs (35.5)
============================ =========== ============ ======= ============= =======
Profit before tax 95.3
============================ =========== ============ ======= ============= =======
(1) Flight Support's segment result includes $4.3 million
in respect of the bargain purchase gain in relation
to the acquisition of ASIG Panama as set out in note
10 and $9.6 million profit (2014: $2.4 million profit)
of associates and joint ventures. As described in the
accounting policies in the year we have reclassified
our investment in Hong Kong Business Aviation Centre
from a financial instrument to an associate. The reclassification
of the investment resulted in the recognition of $5.2
million of operating profit during the year which relates
to prior periods
(2) In the year ERO entered into a series of sale and
lease-back transactions with respect to parts of its
rental engine fleet. The transactions led to the recognition
of $39.7 million of revenue (2014: $10.3 million)
(3) Unallocated corporate balances includes debt, tax,
provisions, insurance captives and trading balances
from central activities.
----------------------------------------------------------------------------------------
Flight Aftermarket Unallocated Total
Support Services Total corporate
Business segments $m $m $m $m $m
----------------------------------------- -------- ----------- -------- ----------- --------
2014
----------------------------------------- -------- ----------- -------- ----------- --------
External revenue 1,536.3 753.5 2,289.8 - 2,289.8
----------------------------------------- -------- ----------- -------- ----------- --------
Underlying operating profit 132.7 89.6 222.3 (21.1) 201.2
----------------------------------------- -------- ----------- -------- ----------- --------
Exceptional items (16.6) (28.6) (45.2) (1.9) (47.1)
----------------------------------------- -------- ----------- -------- ----------- --------
Segment result* 116.1 61.0 177.1 (23.0) 154.1
----------------------------------------- -------- ----------- -------- ----------- --------
Underlying operating margin 8.6% 11.9% 9.7% - 8.8%
----------------------------------------- -------- ----------- -------- ----------- --------
Gain on the disposal of businesses 27.1
========================================= ======== =========== ======== =========== ========
Net finance costs (28.8)
========================================= ======== =========== ======== =========== ========
Profit before tax 152.4
----------------------------------------- -------- ----------- -------- ----------- --------
* Segment result includes $2.4 million
profit of associates and joint ventures
within Flight Support.
----------------------------------------- -------- ----------- -------- ----------- --------
1. Segmental information - continued
------------------------------------- ------------ -------- -------------- ------------
Capital Restated
Revenue Revenue
by by Non-current
destination origin additions(1) assets(2)
Geographical Segments $m $m $m $m
------------------------------------- ------------ -------- -------------- ------------
2015
------------------------------------- ------------ -------- -------------- ------------
United Kingdom 212.4 356.0 19.7 216.8
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------------------------------------- ------------ -------- -------------- ------------
Mainland Europe 116.8 32.0 0.5 34.7
------------------------------------- ------------ -------- -------------- ------------
North America 1,665.8 1,705.7 74.9 1,533.0
------------------------------------- ------------ -------- -------------- ------------
Rest of World 134.8 36.1 9.1 33.3
===================================== ============ ======== ============== ============
Total 2,129.8 2,129.8 104.2 1,817.8
===================================== ============ ======== ============== ============
2014
------------------------------------- ------------ -------- -------------- ------------
United Kingdom 267.0 398.4 33.9 237.9
------------------------------------- ------------ -------- -------------- ------------
Mainland Europe 117.1 41.6 0.4 40.0
------------------------------------- ------------ -------- -------------- ------------
North America 1,782.7 1,822.0 91.6 1,516.3
------------------------------------- ------------ -------- -------------- ------------
Rest of World 123.0 27.8 13.1 5.5
===================================== ============ ======== ============== ============
Total 2,289.8 2,289.8 139.0 1,799.7
===================================== ============ ======== ============== ============
(1) Capital additions represent cash expenditures in the
year.
(2) The disclosure of non-current assets by geographical segment
has been amended to exclude deferred tax of $8.2million (2014:
$16.5million) and financial instrument balances of $17.1million
(2014: $17.3million) in all periods,
as required under IFRS 8.
An analysis of the Group's revenue for the year is as
follows:
Revenue
from Revenue
sale from
of goods services
--------------------- --------------- -----------------
2015 2014 2015 2014
$m $m $m $m
--------------------- ----- -------- ------- --------
Flight Support 714.8 924.1 632.6 612.2
--------------------- ----- -------- ------- --------
Aftermarket Services 187.2 203.8 595.2 549.7
===================== ===== ======== ======= ========
902.0 1,127.9 1,227.8 1,161.9
===================== ===== ======== ======= ========
2. Profit for the year
Underlying profit is shown before exceptional and other items on
the face of the income statement. Exceptional and other items are
items which are material or non-recurring in nature and also
include costs relating to acquisitions and disposals and
amortisation of acquired intangibles. The directors consider that
this gives a useful indication of underlying performance and better
visibility of key performance indicators.
Administrative Administrative
Other Other
operating Restructuring operating Restructuring
expenses expenses costs Total expenses expenses costs Total
2015 2015 2015 2015 2014 2014 2014 2014
$m $m $m $m $m $m $m $m
---------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Restructuring
expenses
---------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
ERO footprint
rationalisation - - 8.3 8.3 - - 7.5 7.5
-------------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Re-organisation of
Flight Support
management - - - - - - 6.3 6.3
==================== ============== ========== ============== ======= ============== ========== ============== =======
Closure of ASIG
Singapore - - 6.8 6.8 - - - -
==================== ============== ========== ============== ======= ============== ========== ============== =======
Department of
Justice - - - - - 16.4 - 16.4
==================== ============== ========== ============== ======= ============== ========== ============== =======
Acquisition
related
================ ============== ========== ============== ======= ============== ========== ============== =======
Amortisation of
intangible
assets arising on
acquisition and
valued
in accordance with
IFRS 3 11.7 - - 11.7 11.1 - - 11.1
-------------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Transaction costs(1) - 38.4 - 38.4 - 5.8 - 5.8
-------------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Other - 6.0 - 6.0 - - - -
==================== ============== ========== ============== ======= ============== ========== ============== =======
Operating loss 11.7 44.4 15.1 71.2 11.1 22.2 13.8 47.1
==================== ============== ========== ============== ======= ============== ========== ============== =======
Gain on disposal of
businesses - (27.1)
-------------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Net finance
costs 3.5 -
---------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Loss before tax 74.7 20.0
==================== ============== ========== ============== ======= ============== ========== ============== =======
Refund from the US
tax authorities
following
settlement in
relation
to prior periods - (20.5)
-------------------- -------------- ---------- -------------- ------- -------------- ---------- -------------- -------
Tax impact of
exceptional
and other items (13.5) (17.2)
==================== ============== ========== ============== ======= ============== ========== ============== =======
Loss / (profit) for
the year 61.2 (17.7)
==================== ============== ========== ============== ======= ============== ========== ============== =======
1All transaction costs presented as exceptional in the current
year related to the acquisition of Landmark Aviation.
Net cash flows from exceptional items was an out flow of $28.6
million (2014: inflow of $115.1 million).
3. Income tax
Restated
2015 2014
Recognised in the Income Statement $m $m
-------------------------------------- ----- --------
Current tax expense 14.1 21.4
-------------------------------------- ----- --------
Adjustments in respect of prior years
- current tax 0.3 (19.6)
-------------------------------------- ----- --------
Deferred tax (1.4) (10.8)
-------------------------------------- ----- --------
Adjustments in respect of prior years
- deferred tax (0.8) (1.1)
====================================== ===== ========
Income tax expense / (credit) for the
year 12.2 (10.1)
====================================== ===== ========
UK income tax is calculated at 20.3% (2014: 21.5%) of the
estimated assessable profit for the year. Taxation for other
jurisdictions is calculated at the rates prevailing in the relevant
jurisdictions.
The $19.6 million tax credit in respect of prior year in 2014
include a current tax credit of $20.5 million in respect of amounts
refunded from the US tax authorities following settlement in
relation to prior tax periods.
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3. Income tax - continued
Tax credited/(expensed) to other comprehensive income and equity
is as follows:
2015 2014
Recognised in other comprehensive income $m $m
--------------------------------------------------------- ----- -----
Tax on items that will not be reclassified subsequently
to profit or loss
--------------------------------------------------------- ----- -----
Current tax credit on pension deficit payments 2.0 1.4
--------------------------------------------------------- ----- -----
Deferred tax (charge)/credit on actuarial gains/(losses) (3.7) 2.6
========================================================= ===== =====
(1.7) 4.0
========================================================= ===== =====
Tax on items that may be reclassified subsequently
to profit or loss
--------------------------------------------------------- ----- -----
Current tax credit on foreign exchange movements 1.2 1.2
--------------------------------------------------------- ----- -----
Deferred tax charge on derivative instruments (1.1) -
--------------------------------------------------------- ----- -----
Adjustment in respect of prior periods - deferred
tax - 2.1
--------------------------------------------------------- ----- -----
Total tax (charge) / credit within other comprehensive
income (1.6) 7.3
--------------------------------------------------------- ----- -----
Recognised in equity
--------------------------------------------------------- ----- -----
Current tax credit on share-based payments movements 0.5 2.1
--------------------------------------------------------- ----- -----
Deferred tax charge on share-based payments
movements (1.8) (1.0)
--------------------------------------------------------- ----- -----
Total tax (charge) / credit within equity (1.3) 1.1
--------------------------------------------------------- ----- -----
Total tax (charge) / credit within other comprehensive
income and equity (2.9) 8.4
========================================================= ===== =====
4. Dividends
The directors propose that a final dividend of 8.68c per share
will be paid to shareholders on 20 May 2016. The proposed dividend
is payable to all shareholders on the register of members on 8
April 2016. The total estimated dividend to be paid is $89.5
million. This dividend is subject to approval by shareholders at
the AGM and, in accordance with IAS 10: Events after the Reporting
Period, has not been included as a liability in these financial
statements.
If approved the dividend per share for the year ending 2015 will
total 13.53c per share. Removing the impact of the rights issue the
final dividend would have been 12.15c, giving a 2015 Historical
dividend per share of 17.0c.
5. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
2014
2015 Restated
$m $m
----------------------------------------------------- ------- ---------
Basic and diluted
----------------------------------------------------- ------- ---------
Earnings:
----------------------------------------------------- ------- ---------
Profit for the year 83.1 162.5
----------------------------------------------------- ------- ---------
Non-controlling interests 0.1 0.3
----------------------------------------------------- ------- ---------
Basic earnings attributable to ordinary shareholders 83.2 162.8
----------------------------------------------------- ------- ---------
Exceptional items (net of tax) 61.2 (17.7)
===================================================== ======= =========
Adjusted earnings 144.4 145.1
===================================================== ======= =========
Number of shares
----------------------------------------------------- ------- ---------
Weighted average number of 29(16) /(21) p ordinary
shares:
----------------------------------------------------- ------- ---------
For basic earnings per share 718.6 661.5
----------------------------------------------------- ------- ---------
Exercise of share options 2.9 5.3
===================================================== ======= =========
For diluted earnings per share 721.5 666.8
===================================================== ======= =========
For historical adjusted earnings per share
----------------------------------------------------- ------- ---------
Basic weighted average number of 29(16) /(21)
p ordinary shares 718.6 661.5
----------------------------------------------------- ------- ---------
Adjustment for the weighted average number of
29(16) /(21) p ordinary shares in relation to
the rights issue (251.9) (189.0)
----------------------------------------------------- ------- ---------
Historical basic weighted average number of
29(16) /(21) p ordinary shares 466.7 472.5
----------------------------------------------------- ------- ---------
Earnings per share
----------------------------------------------------- ------- ---------
Basic:
----------------------------------------------------- ------- ---------
Adjusted 20.1c 21.9c
----------------------------------------------------- ------- ---------
Unadjusted 11.6c 24.6c
----------------------------------------------------- ------- ---------
Diluted:
----------------------------------------------------- ------- ---------
Adjusted 20.0c 21.8c
----------------------------------------------------- ------- ---------
Unadjusted 11.5c 24.4c
----------------------------------------------------- ------- ---------
Historic adjusted earnings per share
----------------------------------------------------- ------- ---------
Basic:
----------------------------------------------------- ------- ---------
Adjusted 30.9c 30.7c
----------------------------------------------------- ------- ---------
Adjusted earnings per share is shown calculated on earnings
before exceptional items (note 2) because the directors consider
that this gives a useful indication of underlying performance.
The 2014 results have been restated to adjust for the impact of
the October 2015 rights issue with the discount reflected as a
bonus issue under the requirements of IAS 33. The restatement
adjusts the 2014 results for the impact of the bonus factor but not
the increase in the Group's available capital which was raised but
not deployed in the period due to the related acquisition of
Landmark Aviation requiring regulatory clearance. As such, an
additional measure, 'Historical adjusted earnings per share', has
been presented to enable the comparison of 2015 performance on a
consistent capital base. This has been achieved by adjusting the
2015 weighted average number of shares for this measure to remove
the full effect of the rights issue. The directors consider that
this gives an underlying measure which is comparable to underlying
earnings per share presented historically.
6. Employees
Average monthly number (including executive 2015 2014
directors) number number
-------------------------------------------- ------- -------
At 31 December 10,924 11,246
============================================ ======= =======
7. Pensions and other post-retirement benefits
The actuarial valuation of the UK Income and Protection Plan as
at 31 March 2015 indicated a funding deficit of GBP45 million ($66
million) excluding the value of the Asset-Backed Funding (ABF)
structure. In addition to the ABF payments set out below, the
Company will pay GBP0.3 million ($0.5 million) p.a. over the next
five years in order to reduce the deficit.
As at 31 December, the accounting net deficit across the UK and
US plans was $40.1 million (2014: $62.2 million).
Under the terms of the Asset-Backed Funding (ABF) structure
which was put in place for the UK defined benefit pension plan in
2014, the Group made an additional one-off payment of GBP4.2
million ($6.4 million) on top of the agreed annual deficit
contributions of GBP2.7 million ($4.1 million) payable each year
until 2034.
The accounting net deficit for the Group has improved since 31
December 2014 partially as a result of contributions of $20.5
million.
8. Share capital and reserves
Issue of share capital
On 27 October 2015, the Company raised $1,117.1 million (net of
expenses of $26.0 million) through a rights issue of 562,281,811
ordinary shares at 133p each on the basis of six new ordinary
shares for every five existing ordinary shares. The issue price
represented a discount of 47.8% to the closing share price on 23
September 2015, the announcement date of the rights issue.
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The discount element inherent in the rights issue is treated as
a bonus issue of 224.9 million shares. Earnings per share has been
restated for all comparative periods presented, by adjusting the
weighted average number of shares to include the impact of the
bonus shares. For comparability, in note 4 dividends per share are
also presented after taking account of the bonus element of the
rights issue.
9. Cash flow from operating activities
Restated
2015 2014
$m $m
--------------------------------------------------- ------ --------
Operating profit 130.8 154.1
--------------------------------------------------- ------ --------
Share of profit from associates and joint ventures (9.6) (2.4)
--------------------------------------------------- ------ --------
Profit from operations 121.2 151.7
--------------------------------------------------- ------ --------
Depreciation of property, plant and equipment 58.5 56.6
--------------------------------------------------- ------ --------
Amortisation of intangible assets 24.3 20.5
--------------------------------------------------- ------ --------
(Profit) / loss on sale of property, plant and
equipment (3.7) 0.2
--------------------------------------------------- ------ --------
Share-based payment expense 2.8 7.5
--------------------------------------------------- ------ --------
Increase / (decrease) in provisions 5.7 (1.5)
--------------------------------------------------- ------ --------
Pension scheme payments (15.3) (9.1)
--------------------------------------------------- ------ --------
Other non-cash items 21.0 2.6
--------------------------------------------------- ------ --------
Unrealised foreign exchange movements 0.6 (0.4)
--------------------------------------------------- ------ --------
Operating cash inflows before movements in working
capital 215.1 228.1
--------------------------------------------------- ------ --------
Increase in working capital (21.7) (12.0)
--------------------------------------------------- ------ --------
Cash generated by operations 193.4 216.1
--------------------------------------------------- ------ --------
Net income taxes paid (5.0) (28.4)
=================================================== ====== ========
Net cash inflow from operating activities 188.4 187.7
=================================================== ====== ========
Dividends received from associates 3.4 1.0
--------------------------------------------------- ------ --------
Purchase of property, plant and equipment (81.8) (85.8)
--------------------------------------------------- ------ --------
Purchase of intangible assets* (8.9) (30.6)
--------------------------------------------------- ------ --------
Proceeds from disposal of property, plant and
equipment 16.7 0.4
--------------------------------------------------- ------ --------
Interest received 11.7 4.3
--------------------------------------------------- ------ --------
Interest paid (41.1) (25.8)
--------------------------------------------------- ------ --------
Free cash flow 88.4 51.2
=================================================== ====== ========
* Purchase of intangible assets excludes $13.5 million (2014:
$22.6 million) paid in relation to Ontic licences, since the
directors believe these payments are more akin to expenditure in
relation to acquisitions, and are therefore outside of the Group's
definition of free cash flow. These amounts are included within
purchase of intangible assets on the face of the Cash Flow
Statement.
10. Acquisition of businesses
During the period the Group made the following acquisitions:
On 30 June 2015 the Group's Legacy Support business acquired the
manufacturing rights and processes from Pratt & Whitney Canada
for selected JT15D engine component parts for a total consideration
of $14.0 million. The rights and processes acquired in this
acquisition constitute a business under the definition of IFRS 3.
All of the consideration has been attributed to intangible
assets.
On 1 July 2015, ASIG Ltd acquired control and 100% of the
shareholding in ASIG Panama S.A. for a total consideration of $1.8
million, being the carrying value of the Group's original holding
in the entity of $1.6 million plus cash consideration of $0.2
million. The total fair value of the assets and liabilities
acquired was $4.3 million higher than the fair value of the
consideration. As such, a bargain gain was recognised on the
acquisition within other income in operating profit in the year.
The gain arose as the transaction was not made on an arm's length
basis in an open market.
In the year an increase in goodwill has been recognised in
respect of prior year acquisitions in Flight Support as a result of
completing final fair value exercises.
The fair value of the net assets acquired and goodwill arising
on these acquisitions are set out below:
Current year acquisitions
------------------------- -------------------------------------------------------------------------------
Total
Finalisation
of
acquisition
balance
ASIG sheets Ontic
Panama & deferred Flight JT15D Aftermarket
S.A consideration Support assets services 2015
$m $m $m $m $m $m
------------------------- ------- -------------- -------- ------- ----------- ------
Intangible assets 1.5 - 1.5 15.8 15.8 17.3
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Property, plant
and equipment 14.5 (0.9) 13.6 0.1 0.1 13.7
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Inventories - - - 0.2 0.2 0.2
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Receivables 2.6 - 2.6 - - 2.6
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Payables (6.7) (0.3) (7.0) - - (7.0)
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Provisions - - - (2.1) (2.1) (2.1)
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Taxation - - - - - -
------------------------- ------- -------------- -------- ------- ----------- ------
Net borrowings (5.8) - (5.8) - - (5.8)
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Net assets/(liabilities) 6.1 (1.2) 4.9 14.0 14.0 18.9
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Goodwill - 1.2 1.2 - - 1.2
========================================= ======= ============== ======== ======= =========== ======
Bargain purchase
gain (4.3) - (4.3) - - (4.3)
========================================= ======= ============== ======== ======= =========== ======
Total consideration
(including deferred
consideration) 1.8 - 1.8 14.0 14.0 15.8
========================================= ======= ============== ======== ======= =========== ======
Satisfied by:
------------------------- ------- -------------- -------- ------- ----------- ------
Cash 0.2 - 0.2 12.3 12.3 12.5
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Carrying value
of previous holding 1.6 - 1.6 - - 1.6
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========================================= ======= ============== ======== ======= =========== ======
Deferred consideration - 1.1 1.1 1.7 1.7 2.8
========================================= ======= ============== ======== ======= =========== ======
Net cash consideration 1.8 1.1 2.9 14.0 14.0 16.9
========================================= ======= ============== ======== ======= =========== ======
Net cash flow
arising on acquisition
------------------------- ------- -------------- -------- ------- ----------- ------
Cash consideration 0.2 1.1 1.3 12.3 12.3 13.6
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Cash and cash
equivalents acquired (1.1) - (1.1) - - (1.1)
----------------------------------------- ------- -------------- -------- ------- ----------- ------
Debt acquired 6.9 - 6.9 - - 6.9
========================================= ======= ============== ======== ======= =========== ======
Directly attributable
costs - - - - - -
========================= ======= ============== ======== ======= =========== ======
6.0 1.1 7.1 12.3 12.3 19.4
===================================== ======= ============== ======== ======= =========== ======
All acquisition costs incurred in the year are in relation to
the Landmark Aviation acquisition and recognised as part of
transactions under exceptional and other items.
In the year $1.1 million of deferred consideration was paid in
relation to prior year acquisitions in Flight Support. Deferred
consideration related primarily to transactions undertaken in 2014
with $0.9 million in relation to the 2014 acquisition of Maguire
Aviation Group LLC. Finalisation of prior period acquisition
balance sheets was also completed in the period and saw an increase
in goodwill of $1.2 million. The goodwill arising on these
acquisitions is attributable to the anticipated profitability
arising from the growth of the Signature network and expansion of
the Group's ASIG business, together with anticipated future
operating synergies. $1.2 million of the goodwill is expected to be
deductible for income tax purposes.
In the period since acquisition, the operations acquired have
contributed $12.5 million and $8.5 million to revenue and operating
profit respectively. If the acquisitions had occurred on the first
day of the financial year, the total revenue and operating profit
from these acquisitions is estimated to be $22.4 million and $13.1
million respectively. However, we note that these figures are not
representative of the businesses' future contributions to the Group
as the ASIG Panama business was significantly restructured at the
point it was acquired.
The fair value of the financial assets includes receivables with
a fair value and book value of $2.6 million. The best estimate at
the acquisition date of the contractual cash flows not expected to
be collected is $nil.
11. Post balance sheet events
Acquisition of Landmark Aviation
On 5 February 2016, the Group completed the acquisition of
Landmark Aviation, a leading provider of specialist B&GA
support services, for a total consideration of $2,065 million
following the receipt of clearance under the Hart-Scott Rodino
Antitrust Improvements Act of 1976.
Landmark is one of the largest FBO networks in the world, with
68 locations in the United States, Canada, France and the United
Kingdom. It has locations at premier airports including New York
(White Plains), New Jersey (Teterboro), Los Angeles, Miami, San
Diego, Washington DC (Dulles), Paris (Le Bourget) and London
(Luton). Landmark is one of the leading charter operators in the
United States currently with over 110 aircraft under its charter
and management flying over 15,000 charter hours annually.
The acquisition was a class 1 transaction under the UK listings
rules, receiving shareholder approval on 9 October 2015. The deal
is funded by the combination of a rights issue and a debt raise. As
set out in note 8 the rights issue was completed on 27 October
2015. The Company raised $1,117.1 million (net of expenses of $26.0
million). Further details on the rights issue are available in the
Prospectus.
On completion the deal funding was completed by the draw down
under an acquisition financing facility which provides a committed
facility of $1,000 million. This acquisition debt facility
comprises a $150 million, $400 million and $450 million term loan
facilities. On 5(th) February 2016 a total of $1,000 million was
drawn down under the acquisition financing facility and $316
million under the group existing $650 million revolving credit
facility. The funds drawn down in conjunction with the maturity of
money market deposits provided the total funding for the completion
of the acquisition of Landmark Aviation.
Given the proximity of the transaction to the announcement of
the Group's financial statements, a full purchase price allocation
exercise has not yet been undertaken, the valuation of the assets
acquired is subject to amendment on the finalisation of the fair
value exercise. However, for the purposes of the transaction and
the related rights issue a pre-acquisition assessment of the fair
value of the acquired assets was undertaken. That study indicated
that the provisional fair value of the net assets acquired and the
provisional goodwill arising on this acquisition is expected to be
as follows:
Unaudited Unaudited Unaudited
Provisional
fair Provisional Provisional
value settlement fair
Unaudited adjustments of borrowings value
2015 2015 2015 2015
$m $m $m $m
--------------------- --------- ------------- --------------- ------------
Assets
--------------------- --------- ------------- --------------- ------------
Cash 5.5 - - 5.5
--------------------------------- --------- ------------- --------------- ------------
Accounts receivable,
net 60.9 - - 60.9
--------------------------------- --------- ------------- --------------- ------------
Inventory 16.9 - - 16.9
--------------------------------- --------- ------------- --------------- ------------
Other current
assets 13.1 - - 13.1
--------------------------------- --------- ------------- --------------- ------------
Total Current
Assets 96.4 - - 96.4
--------------------------------- --------- ------------- --------------- ------------
Property, plant
and equipment 355.2 - - 355.2
--------------------------------- --------- ------------- --------------- ------------
Goodwill 318.1 600.6 - 918.7
--------------------------------- --------- ------------- --------------- ------------
Intangible assets 494.3 376.9 - 871.2
--------------------------------- --------- ------------- --------------- ------------
Investment in
affiliates 0.9 - - 0.9
--------------------------------- --------- ------------- --------------- ------------
Deferred financing
costs, net 18.7 - (18.7) -
--------------------------------- --------- ------------- --------------- ------------
Total Assets 1,283.6 977.5 (18.7) 2,242.4
--------------------------------- --------- ------------- --------------- ------------
Liabilities
--------------------- --------- ------------- --------------- ------------
Accounts payable (34.3) - - (34.3)
--------------------------------- --------- ------------- --------------- ------------
Accrued liabilities (51.8) - - (51.8)
--------------------------------- --------- ------------- --------------- ------------
Purchase accounting
reserves (1.3) - - (1.3)
--------------------------------- --------- ------------- --------------- ------------
Notes payable (7.2) - 7.2 -
--------------------------------- --------- ------------- --------------- ------------
Total Current
Liabilities (94.6) - 7.2 (87.4)
--------------------------------- --------- ------------- --------------- ------------
Borrowings (872.3) - 872.3 -
--------------------------------- --------- ------------- --------------- ------------
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