TIDMCLA
RNS Number : 2850F
Capital Lease Aviation PLC
19 February 2015
Capital Lease Aviation Plc
("CLA" or "the Company")
HALF YEAR RESULTS TO 31 DECEMBER 2014
and Interim Management Report
19 February 2015
Capital Lease Aviation Plc (LSE: CLA), the aircraft leasing
company, today announces unaudited financial statements for the
Company and its subsidiaries for the six month period ended 31
December 2014.
Highlights:
-- CLA Group total assets of US$94,136,241;
-- Revenue of US$5,946,667;
-- Group Net post-tax profits of US$1,047,113;
-- Net assets of US$47,713,273;
-- EPS (fully diluted) of 1.08 cents.
The results for the Group's half year ended 31 December 2014
(pursuant to International Financial Reporting Standards "IFRS")
and reported in United States Dollars "US$" are as follows:
Consolidated US$ GBP
6 months ended Equivalent
31 Dec 2014 (1)
--------------------- ----------- ------------
Revenue 5,946,667 3,657,795
--------------------- ----------- ------------
Group Net post
tax profits 1,047,113 644,079
--------------------- ----------- ------------
Total assets 94,136,241 60,595,498
--------------------- ----------- ------------
Net Assets 47,713,273 30,713,034
--------------------- ----------- ------------
EPS (fully diluted) 1.08 cents 0.66 pence
--------------------- ----------- ------------
Jeff Chatfield, Executive Chairman, said, "The Company has
continued to grow net assets and restructure debt facilities. These
achievements provide both short and long term financial support for
the company strategy and increased shareholder value."
Notes: For the convenience of international shareholders, an
additional column is included to show an equivalent value in Pounds
Sterling "GBP".
1. In this announcement, the applicable exchange rate between
US$ and GBP was taken to be the average exchange rate of 1: 0.6151
for Income Statement items and 1: 0.6437 for Statement of Financial
Position items.
Directors' Review of Operations and Strategy
and Interim Management Report
Strategy, Background and Outcome
The strategic targets for management over the past six months
were to strengthen our financial position, confirm the long term
sustainable business model, remain profitable, actively assess
aircraft and pursue new aircraft acquisitions.
Profit was in excess of US$1.0m generating earnings per share of
1.08 cents. The financial position of the group remains strong and
it has been able to maintain a strong current asset position at the
end of the period.
Key achievements in the period included:
- Refinancing of two A321-200s with a major European Bank;
- Lowering the cost of debt for the two aircraft from 6.23% to 4.22%
- Repayment of US$ 4.5m of junior debt on 31 December;
- Restructuring of the senior and junior loans has reduced the
average cost of debt from 6.42% to 4.59%
Outlook and Risks
The outlook for CLA is positive with future periods expected to
benefit from the recently reduced cost of capital. The Board
remains optimistic and will continue to evaluate opportunities to
grow the company.
CLA remains subject to the typical risks of the aircraft leasing
industry along with the risks associated with obtaining finance,
residual value risk and impairment in aircraft assets.
I would like to take this opportunity to thank all the
shareholders for their continued support.
Jeff Chatfield
Executive Chairman
18 Feb 2015
Enquiries:
Capital Lease Aviation PLC
Jeff Chatfield, Executive Chairman +65 9735 4151
Nominated Adviser
James Joyce, W H Ireland +44 207 220 1666
Company Stockbroker
W H Ireland +44 207 220 1670
Blytheweigh
Tim Blythe / Alex Shilov / Andrea Benton +44 207 138 3204
www.cl-aviation.com
CAPITAL LEASE AVIATION PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014
31 December 31 December
2014 2013
US$ US$
Continuing operations
Revenue 5,946,667 6,150,000
Other income 68,092 5,527
Other operating expenses (2,378,274) (2,248,226)
Expenses
- Administrative expenses (1,141,067) (1,065,547)
- Finance expense (1,334,113) (1,535,427)
Profit before taxation 1,161,305 1,306,327
Taxation (114,192) (77,409)
Profit for the financial
year 1,047,113 1,228,918
------------ ------------
Other comprehensive income:
Items that may be reclassified
to profit or loss:
Foreign currency translation
loss (12,600) (49)
Other comprehensive income,
net of tax (12,600) (49)
------------ ------------
Total comprehensive income
for the financial year, all
attributable to equity holders
of the Company 1,034,513 1,228,869
============ ============
Earnings per share - continuing
and total operations
* Basic 1.08 cents 1.26 cents
============ ============
* Fully diluted 1.08 cents 1.26 cents
============ ============
CAPITAL LEASE AVIATION PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
31 December 31 December
2014 2013
US$ US$
ASSETS
Current assets
Cash and cash equivalents 3,137,818 5,994,980
Trade and other receivables 11,107,958 1,016,855
Inventories 2,840,000 -
Total current assets 17,085,776 7,011,835
Non-current assets
Property, plant and equipment 77,050,465 89,013,410
Total non-current assets 77,050,465 89,013,410
Total assets 94,136,241 96,025,245
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 1,139,934 2,602,772
Provision for taxation 19,392 65,603
Loans and borrowings 6,069,628 11,715,805
Total current liabilities 7,228,954 14,384,180
Non-current liabilities
Loans and borrowings 37,657,733 33,837,703
Deferred tax liabilities 1,536,281 1,505,835
Total non-current liabilities 39,194,014 35,343,538
Capital and reserves
Share capital 196,393 196,393
Treasury shares (631,191) -
Share premium 21,696,406 21,696,406
Asset revaluation reserve 3,839,923 3,839,923
Foreign currency translation
reserve (10,959) (453)
Retained earnings 22,622,701 20,565,258
Net equity 47,713,273 46,297,527
Total equity and liabilities 94,136,241 96,025,245
CAPITAL LEASE AVIATION PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014
31 December 31 December
2014 2013
US$ US$
Cash flows from operating activities
Profit before taxation 1,161,305 1,306,327
Adjustments for:
Depreciation expense 2,377,909 2,241,570
Interest expense 1,331,113 1,535,427
Interest income (64,020) (5,527)
Operating cash flows before
changes in working capital 4,806,307 5,077,797
Movements on:
Trade and other receivables (7,151,658) (318,003)
Trade and other payables (911,027) 811,276
Cash flows from operations (3,256,378) 5,571,070
Interest paid (1,273,207) (1,395,152)
Interest received 64,020 5,527
Corporation tax paid (59,820) (31,416)
Net cash flows (used in) from
operating activities (4,525,385) 4,150,029
Investing activity
Purchase of property, plant
and equipment (59,749) (2,004)
Net cash flows used in investing
activity (59,749) (2,004)
Financing activities
Purchase of treasury shares (383,763) -
Proceeds from loans and borrowings 10,098,941 -
Repayment of loans and borrowings (8,102,105) (3,870,009)
Cash flows from/(used in) financing
activities 1,613,073 (3,870,009)
Effects of exchange rates on
cash and cash equivalents (12,600) (49)
Net (decrease) increase in
cash and cash equivalents (2,984,661) 277,967
Cash and cash equivalents at
the beginning of the financial
period 6,122,479 5,717,013
Cash and cash equivalents at
the end of the financial period 3,137,818 5,994,980
Approved by the board of Capital Lease Aviation PLC on 18th
February 2015.
The above financial information has been extracted from the
management accounts and has not been audited.
These interim statements have been prepared on a basis
consistent with International Financial Reporting Standards (IFRS)
except that IAS34 "Interim Financial Reporting" which is not
mandatory for AIM companies, has not been adopted in the
preparation of this statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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