TIDMDNA
RNS Number : 2891I
Doric Nimrod Air One Limited
23 July 2012
DORIC NIMROD AIR ONE LIMITED
Annual Financial Report
The Board of Doric Nimrod Air One Limited is pleased to announce
its results for the period from date of incorporation (8 October
2010) to 31 March 2012.
Doric Nimrod Air One Limited
COMPANY OVERVIEW
Doric Nimrod Air One Limited (LSE:DNA) ("DNA" or the "Company")
is a Guernsey company incorporated on 8 October 2010, and admitted
to trading on the Specialist Fund Market of the London Stock
Exchange and the Channel Islands Stock Exchange on 13 December
2010.
The Company's total issued share capital currently consists of
42,450,000 Ordinary Preference Shares which were admitted to
trading at an issue price of 100 pence per Ordinary Preference
Shares. As at 18 July 2012, the latest practicable date prior to
publication of this report, the shares are trading at 123 pence per
Ordinary Preference Shares.
Investment Objectives and Policy
The Company's investment objective is to obtain income returns
and a capital return for its shareholders by acquiring leasing and
then selling a single aircraft. The Company purchased one Airbus
A380-861 Aircraft, manufacturers' serial number 016 (the "Asset")
in December 2010, which it leased (the "Lease") to Emirates
Airlines ("Emirates"), a national carrier owned by The Investment
Corporation of Dubai based in Dubai, United Arab Emirates.
Distribution Policy
The Company aims to provide its shareholders with an attractive
total return, comprising income, from distributions through the
period of the Company's ownership of the asset, and capital, upon
the sale of the asset.
Performance Overview
All payments by Emirates have to date been made in accordance
with the terms of the Lease.
During the period since the Company's inception to date and in
accordance with the Distribution Policy DNA declared four dividends
of 2.25 pence per Ordinary Preference Share during the period to 31
March 2012 and two dividends of 2.25 pence per Ordinary Preference
Share after the reporting period. Future dividend payments are
anticipated to continue to be declared and paid on a quarterly
cycle and as per the Prospectus are targeted at 2.25 pence per
Ordinary Preference Share per quarter subject to compliance with
applicable laws and regulations.
Return of Capital
If and when the Company is wound up (pursuant to a shareholder
resolution, including the liquidation resolution) the Company
intends to return to shareholders the net capital proceeds upon the
eventual sale of the asset subject to compliance with the Company's
Laws, (including any applicable requirements of the solvency test
contained therein).
Liquidation Resolution
Although the Company does not have a fixed life, the articles of
incorporation require that the Directors convene a general meeting
of the Company six months before the end of the term of the Lease
where an ordinary resolution will be proposed that the Company
proceed to an orderly wind-up at the end of the term of the Lease
and the Directors will consider (and if necessary, propose to
shareholders) alternatives for the future of the Company, including
re-leasing the Asset, or selling the Asset and reinvesting the
capital received from the sale of the Asset in another
aircraft.
Doric Nimrod Air One Limited
CHAIRMAN'S STATEMENT
I am very pleased to present shareholders with the Company's
first annual financial report, covering the period from
incorporation on 8 October 2010 until 31 March 2012.
Notwithstanding the extreme turbulence and uncertainty within
the global economy, and international markets, I am glad to report
that the Company has performed well. During the reporting period,
and in line with the targeted distribution policy outlined in the
Company's Prospectus, the Company has declared four interim
dividends of 2.25p per Ordinary Preference share and subsequently
the Company declared two further interim dividends of 2.25p per
Ordinary Preference share for the period from 1 April 2012 to date.
Future divided payments are anticipated to be declared and paid on
a quarterly basis.
The Company's 42,450,000 shares were admitted to trading on the
Specialist Fund Market of the London Stock Exchange plc. and listed
on the Channel Islands Stock Exchange on 13 December 2010. The
Company's investment objective is to obtain income returns and a
capital return for its shareholders by acquiring, leasing and then
selling a single aircraft. The Company purchased one Airbus
A380-861, aircraft manufacturer's serial number 016, which it
leased to Emirates Airlines, the national carrier owned by the
Investment Corporation of Dubai, based in Dubai, United Arab
Emirates. A senior secured finance facility provided by Westpac, in
the amount of $122m provided the monies along with the placing
proceeds for the acquisition of the aircraft. On the purchase of
the plane, the Company entered into a lease with Emirates for an
initial term of 12 years, with fixed lease rentals for the
duration. The debt portion of the funding will fully amortised over
the 12-year term of the lease, with the aim of leaving the aircraft
unencumbered on the conclusion of the lease.
Both the aircraft and the lessee have performed well over the
period. Despite the turmoil in the global economy, international
passenger air traffic remained robust (though air freight traffic
was more subdued). Emirates continue to report strong performance.
This was greatly aided by the airline's ability to adjust flight
schedules swiftly, and redeploy aircraft about the network, thus
optimising revenue. The airline
operates with a remarkably high passenger seat factor, whilst at
the same time increasing seat capacity.
The lease payments received by the Company from Emirates cover
repayment of the debt and all interest, as well as income to pay
dividends to shareholders. Emirates bears all costs (including
maintenance, repair and insurance) relating to the aircraft, during
the lifetime of the lease. The aircraft is equipped with four
Engine Alliance 7200 power plants. The Company's Asset Manager,
Doric Asset Finance & Verwaltungs GmbH, continues to monitor
the lease and reports regularly to the Board. Nimrod Capital LLP,
the Company's Placing and Corporate and Shareholder Advisory Agent,
continues to liaise between the Board and shareholders, which
includes distribution of quarterly factsheets.
On behalf of the Board, I would like to thank our service
providers for all their help and assistance and all shareholders
for their continued support of the Company.
Charles Wilkinson
Chairman
Doric Nimrod Air One Limited
ASSET MANAGERS REPORT
1. The Assets
The Airbus A380 with manufacturer's serial number (MSN) 016 is
registered in the United Arab Emirates under the registration mark
A6-EDC. For the period from acquisition of the aircraft to on 13
December 2010 until the end of May 2012, a total of 721 flight
cycles were registered. Total flight hours were 6,427. This is
equal to an average flight duration of approximately 8.66
hours.
Amongst its 169 aircraft in operation as of March 2012, Emirates
has a fleet of 21 A380s which currently serve 16 destinations
worldwide: Auckland, Bangkok, Beijing, Hong Kong, Jeddah, Kuala
Lumpur, London Heathrow, Manchester, Munich, New York JFK, Paris,
Rome, Seoul, Shanghai, Sydney and Toronto. In the second half of
2012 Emirates is planning to launch A380 flights to Melbourne,
Tokyo and Amsterdam. Emirates has an additional 69 of this model on
firm order for delivery through 2017.
Recent visits of the A380 owned by the Company (MSN 016)
included London, Munich, New York and Sydney during the second
quarter of 2012.
Maintenance status
Emirates maintains its A380 aircraft fleet based on a
maintenance program according to which minor maintenance checks are
performed every 1,500 flight hours and more significant maintenance
checks (so called C checks) every 24 months or 12,000 flight hours,
whichever comes first. The next C check is expected to fall due in
the last quarter of 2012.
Emirates bears all costs (including maintenance, repair and
insurance) relating to the aircraft during the lifetime of the
lease.
Inspections
The next inspection of the aircraft by the asset manager is
scheduled during the aforementioned C check later in 2012.
Hairline Cracks
Since late 2011, hairline cracks have been discovered in a small
number of L-shaped metal brackets within the wing structure of some
A380s. There are about 2,000 brackets (known as rib-skin
attachments or wing rib feet) in each wing, which attach the wing's
upper and lower skins to ribs running throughout the wing. The
aircraft remain fully airworthy and pose no risk to flight safety
as affirmed by European Aviation Safety Agency ("EASA") and
Airbus.
In recent months Airbus has traced the source of the cracking in
A380 wing structures to the choice of a less flexible aluminum
alloy used to make the wing brackets, stresses involved during
assembly when fitting portions of the wing together plus thermal
fatigue during flight at very low temperatures.
In February 2012, EASA issued an updated airworthiness directive
("AD") in relation to the wing rib feet cracks, which called for
all A380s in operation to be checked for cracks in the brackets
that attach to the wing's ribs before reaching 1,300 flights.
Aircraft already approaching or beyond the threshold were ordered
to perform the checks and repairs almost immediately. The aircraft
owned by the Company (MSN 016) was inspected in March 2012. The
cracks detected on this occasion were repaired. The aircraft has
since returned to normal commercial service.
In late June EASA issued a new AD pertaining to wing rib feet
cracks on the Airbus A380 aircraft, which now also specifies repeat
inspections of A380 aircraft at defined intervals. This will allow
A380 aircraft to continue flying until a permanent fix for wing rib
feet cracking has been incorporated in the aircraft. The length of
the applicable inspection interval is determined by the location
within the wing where previous wing rib feet repairs have been made
and the type of repair that has been previously made. Depending on
this, an inspection interval of between 560 and 1200 flight cycles
is required. After performing this repeat inspection, the follow-on
repeat inspections shall have an inspection interval of 560 flight
cycles.
Airbus has developed a permanent fix to wing rib feet cracking,
which is currently being certified by EASA. A retrofit modification
will be installed on in-service aircraft,
while a production modification will be applied for new
aircraft. The retrofit is expected to become available in late
2012/early 2013. A further AD is anticipated which will instruct
A380 operators to implement the retrofit. At that time, the
retrofit will be installed in existing A380s. New aircraft with the
production modification are expected to be delivered beginning in
early 2014. The permanent fix developed by Airbus will preserve the
full design service life of the A380 aircraft.
Airbus has confirmed that it may take up to 8 weeks to
incorporate the permanent fix in the A380. Another option is for
the fix to be gradually accomplished during regularly scheduled
"heavy checks" when the aircraft is two, four, and six years of
age. To implement the repair gradually, some extra days would be
added to each two to three week "heavy check". Aircraft operators
are expected to choose between the various repair solutions
depending on their fleet planning and flight schedules.
All the repair works will be covered by the applicable
manufacturer's warranties. In the meantime Emirates will continue
to operate the Asset and their lease rental obligations will remain
absolute and unconditional on these events.
2. Market Overview
The International Air Transport Association (IATA) released its
revised industry outlook in June 2012 according to which global
industry profits are still expected to reach USD 3.0 billion this
year, unchanged from the last update in March. A fall in oil
prices, stronger than expected growth in passenger traffic and a
bottoming out of the freight market are driving some improvements
in the profitability outlook. However, this is offset by the
continued European sovereign debt crisis, which has led markets to
expect a further deterioration and damage to economic growth.
IATA expects that 2012 will mark a second successive year of
declining airline profits. In 2010 the industry's profits peaked at
USD 15.8 billion, before dipping in 2011 to USD 7.9 billion net
profit. Although airlines face the common challenges of high fuel
prices and economic uncertainty, the regional picture is diverse.
Compared with the previous forecast in March 2012, North American
and Latin American carriers are expected to see improved prospects.
But the outlook for European,
Asian-Pacific and Middle Eastern carriers has been downgraded,
with European losses now expected to be USD 1.1 billion (nearly
double the previously forecast USD 600 million loss).
World GDP growth, a key driver of airline profitability, is
expected to be 2.1% in 2012. That is slightly better than the
anticipated 2.0% growth forecast in March. But this is still a
slower growth environment than last year, and one in which airlines
will struggle to recover cost increases. Historically, the airline
industry has fallen into losses (at a global level) when world GDP
growth drops below 2.0%.
Given the actual slower economic growth environment it has been
notable that up to April passenger demand, measured in revenue
passenger kilometers, continued to expand at an above-trend rate of
6.0%. The strongest markets have been those linked with Asia, Latin
America, and the Middle East, where economies have been more
robust. However, a weaker second half of the year is expected as
deepening problems in Europe damage confidence. Even so, the
strength of travel demand in the first part of this year has caused
an upward revision to the forecast for air travel growth to 4.8%
from 4.2% in the previous forecast.
Source: IATA
3. Lessee - Emirates Key Financials and Outlook
The aircraft is leased to Emirates for an initial term of 12
years, with fixed lease rentals for the duration.
Emirates revenue reached a record high of USD16.9 billion in the
12 months ended 31 March 2012, an increase of 16% from the previous
financial year. Passenger revenue climbed 18% year-on-year, to
USD13.3 billion due to the overall expansion of passenger numbers
as well as higher fares.
Geographically, East Asia and Australasia remains Emirates' most
important region in terms of revenue, accounting for almost 30%,
just ahead of Europe. The carrier's revenue base is increasingly
diffused globally, particularly with the introduction of
several new routes into North and South America and the
development of African destinations.
Despite this strong revenue growth, the stifling cost of jet
fuel impacted Emirates' bottom line with the airline's profit
dropping to USD 409 million, representing a decrease of 72% over
last year's record results. Fuel costs increased by 44.4% compared
to the preceding year to USD 6.6 billion, representing about 40% of
Emirates' total operating costs. Emirates Chairman and CEO, Sheikh
Ahmed bin Saeed Al Maktoum, stated that if fuel prices remained
where they were in the previous financial year, the net profit
"would have again soared to a new record high".
These solid financial results not only represent Emirates 24(th)
consecutive year of profit, but the carrier was also able to
strengthen its cash position with an increase of 11.6% to USD 4.2
billion. Emirates Net Asset as at 31 March 2012 were AED 21,466
million (approximately equivalent to US$5,844 million at the date
of this report).
Emirates received 22 new aircraft during the course of the past
financial year including 14 Boeing 777-300ERs, two Boeing 777Fs
(freighters) and six A380s from Airbus, the highest number of
aircraft received in a single year of operation. With an increased
fleet, Emirates launched 11 new destinations in 2011/2012 including
a strong focus on North America and South America in the final
quarter with Rio de Janeiro, Buenos Aires, Seattle and Dallas-Fort
Worth all launching between January and March 2012. The Emirates
fleet, one of the youngest in the industry, carried a record number
of almost 34 million passengers at an 80% passenger load factor to
a network of 122 destinations in 72 countries. As of 31 March 2012
Emirates has 169 aircraft in operation, with firm orders for
another 223 passenger aircraft, including 69 A380.
Most recently the carrier added a new route to Ho Chi Minh City
in June. This will be followed by new services to Barcelona and
Lisbon in July and Washington DC in September.
Employee numbers at the airline stand at around 42,500 and
Emirates plans to recruit more than 4,000 workers this year.
Source: Emirates
4. Aircraft - A380
At the end of May 2012, the global A380 fleet consisted of 75
planes that were in service with eight operators: Emirates (21 A380
aircraft), Singapore Airlines (17), Qantas (12), Deutsche Lufthansa
(9), Air France (7), Korean Airways (5), China Southern Airlines
(3) and Malaysia Airlines (1).
Malaysia Airlines was the latest operator to take delivery of
the 75(th) aircraft of the type at the end of May 2012. Thai
Airways is scheduled to receive its first Airbus A380 in the second
half of 2012. This will bring the total number to nine worldwide
operators. The in-service fleet is expected to approach 100
aircraft by the end of 2012.
Sources: IATA, Boeing, Airbus
Doric Nimrod Air One Limited
DIRECTORS
Charles Edmund Wilkinson - Chairman (Age 69)
Charles Wilkinson is a Solicitor who retired from Lawrence
Graham LLP in March 2005. While at Lawrence Graham, he specialised
in Corporate Finance and Commercial Law, latterly concentrating on
Investment Trust and Fund work. He is currently Chairman of the
Audit Committee of Doric Nimrod Air Two Limited. He is also a
Director of Premier Energy and Water Trust Plc., a listed
Investment Trust and Landore Resources Ltd, a Guernsey based mining
exploration Company.
Norbert Bannon (Age 63)
Norbert Bannon is a Director of the Irish and UK subsidiaries of
a major Canadian bank. He has been approved by the Central Bank of
Ireland and by the UK's Financial Services Authority. He is the
Chairman of two large pension schemes and is Chairman of Doric
Nimrod Air Two Limited. He is a Director of and Advisor to a number
of financial Companies in the UK and Ireland.
He has extensive experience in international finance having been
CEO of banks in Singapore and New York. He was Managing Director of
Ireland's largest venture capital company and was Finance Director
and Chief Risk Officer of AIB Capital Markets Plc. which he left in
2002. He has worked as consultant to a number of international
companies.
He earned a degree in economics from Queens University, studied
at Stanford Graduate School of Business and is a Chartered
Accountant.
Geoffrey Alan Hall (Age 63)
Geoffrey Hall has extensive experience in Investment Management.
He has previously been Chief Investment Officer at Allianz
Insurance Plc., a major UK insurance company, as an Investment
Manager at HSBC Asset Management, County Investment Management, and
British Railways Pension Funds. He is currently an Investment
Consultant to Cumberland Place Investment Management, and also
Chairman of WHEB Asset Management, a major firm in sustainability
investing.
Geoffrey earned his masters degree in geography at the
University of London. He is an associate of the Society of
Investment Professionals (the CFA Society of the UK).
Doric Nimrod Air One Limited
SERVICE PROVIDERS
Management and the Delegation of Functions
The Directors, whose details are set out in page 11 are
responsible for reviewing the business affairs of the Company in
accordance with the Articles of Incorporation and the Prospectus
and have overall responsibility for the Company's activities
including all business decisions, review of performance and
authorisation of distributions. All of the Directors are
independent and Non-Executive. The Directors previously delegated
the management of the Asset to Doric Asset Finance Limited
("Doric"), which is a Company incorporated in England and regulated
by the Financial Services Authority. In May 2012 the Company
delegated management of the Asset to Doric Asset Finance &
Verwaltungs GmbH ("DAFV" or the "Asset Manager"), which is a
Company incorporated in Germany and regulated by the Bundesanstalt
fur Finanzdienstleistungsaufsicht, as outlined below in more detail
below under the heading Asset Manager The Directors delegate
secretarial and administrative functions to the Anson Fund Managers
Limited ("Anson" or the "Secretary & Administrator") which is a
Company incorporated in Guernsey and licenced by the Guernsey
Financial Services Commission.
Asset Manager
During the financial period under review the Company's Asset
Manager was Doric. The Company has replaced the original Asset
Management Agreement with Doric with a new Asset Management
Agreement pursuant to which DAFV will assume Doric's asset
management services under the original Asset Management Agreement.
DAFV has been appointed by the Company to provide asset management
services to the Company. Pursuant to the Asset Management
Agreement, DAFV will: (i) monitor Emirates' and any subsequent
lessees' performance of its obligations under the Leases and any
subsequent lease respectively (which shall include the obligations
relating to the maintenance of insurance cover); (ii) provide the
Company with information regarding alternatives with respect to any
potential sale or re-lease of the Assets; (iii) carry out mid-lease
inspections of the Assets; (iv) provide the Company with asset
monitoring reports describing the state and any material changes to
the state of the Assets; and (v) liaise, as and when necessary,
with lenders, on all matters relating to the loan, as required.
DAFV has further undertaken that it will dedicate sufficient
time and resources as the Company reasonably believes is required
from time to time to fulfil any contractual arrangements it enters
into with the Company. Doric Partners LLP, a limited liability
partnership incorporated in England and Wales, has been appointed
by the Company, pursuant to the Liaison Services Agreement, to: (i)
coordinate the provision of services by DAFV to the Company under
the Asset Management Agreement; and (ii) facilitate communication
between the Company and DAFV.
DAFV is the holding company of the Doric Group of companies and
provides for the fund administration and asset management services
of the Doric Group.
The Doric Group is a leading provider of products and services
for investors in the fields of aviation, shipping, renewable energy
and real estate. The Doric Group has an international presence,
with offices in Germany, the United States and the United Kingdom,
and a multinational team which offers access to extensive
relationship networks and expert asset knowledge. One of the firm's
core competencies is its asset management expertise, which is an
integrated part of all DAFV transactions and a cornerstone of the
business. The Doric Group is also a member of ISTAT, the
International Society of Transport Aircraft Trading.
Since its establishment in March 2005, the Doric Group has built
up an asset management portfolio of USD 5.5 billion as of July
2012, which is expected to grow by an additional USD 1.4 billion up
to more than USD 6.9 billion during the course of 2012.
Doric Groups aircraft portfolio is valued at about USD 4.4
billion and consists of 29 aircraft under management. These
aircraft include young, modern and efficient commercial jet
airliners ranging from the Airbus A320 family (8), through the
Boeing 777 (6) and Airbus A330/A340 family (3), up to the Airbus
A380 (12).
Doric is the largest asset manager of leased A380s and the 3rd
largest asset manager of widebody aircraft (Airline Magazine in
February 2012).
Corporate and Shareholder Adviser
Nimrod Capital LLP (which is authorised by the Financial
Services Authority) has been appointed as the Corporate and
Shareholder adviser by the Company.
Nimrod Capital LLP was founded in 2008 as an entirely
independent organisation which specialises in generating and
sourcing interesting investment funds, themes and solutions managed
by experts in their fields for the professional investor
marketplace. It has launched six listed investment companies since
its formation and it also provides investment, marketing,
distribution and advisory services to investment companies and
their Board and managers.
Secretary & Administrator
The Secretary & Administrator carries out the general
secretarial functions required by The Companies (Guernsey) Law,
2008 (the "Law") and ensures that the Company complies with its
continuing obligations as a company listed on the Specialist Fund
Market of the London Stock Exchange and the Channel Islands Stock
Exchange. Additionally the Secretary & Administrator also
carries out the Company's general administrative and accounting
functions such as preparation of Management accounts and
calculation of the Net Asset Value, processing the Company's
invoices within the parameters authorised by the Directors and the
maintenance of accounting records.
Review
The Board keeps under review the performance of the Asset
Manager, Nimrod LLP and the Secretary & Administrator and the
powers delegated to each service provider. In the opinion of the
Board the continuing appointments of the Asset Manager, Nimrod LLP
and Secretary & Administrator on the terms agreed is in the
interest of shareholders as a whole.
Doric Nimrod Air One Limited
MANAGEMENT REPORT
A description of important events which have occurred during the
financial period, their impact on the performance of the Company as
shown in the financial statements and a description of the
principal risks and uncertainties facing the Company is given in
the Chairman's Statement, Asset Managers Report and the notes to
the financial statements contained on pages 3 to 52 and is
incorporated here by reference.
Going Concern
The Company's principal activities are set out within the
Company Overview on pages 1 to 2. The financial position of the
Company is set out on pages 29 to 30. In addition, Note 17 to the
financial statements includes the Company's objectives, policies
and processes for managing its capital; its financial risk
management objectives and its exposures to credit risk and
liquidity risk. The Loan interest rate has been fixed and the fixed
rental income under the Operating Lease means that the rent should
be sufficient to repay the Loan and provide surplus income to pay
for the company's expenses and permit payment of dividends.
After making reasonable enquiries, and as described above the
Directors have a reasonable expectation that the Company has
adequate resources to continue in its operational existence for the
foreseeable future. Accordingly, they continue to adopt the going
concern basis of accounting in preparing these annual financial
statements.
Responsibility Statement
The Board of directors jointly and severally confirm that to the
best of their knowledge:
(a) The financial statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair
view of the assets, liabilities, financial position and profits of
the Company and performance of the Company; and
(b) This Management Report includes or incorporates by reference
a fair review of the development and performance of the business
and the position of the Company, together with a description of the
principal risks and uncertainties that it faces.
Charles Wilkinson Norbert Bannon
Chairman Chairman of Audit Committee
Doric Nimrod Air One Limited
DIRECTORS' REPORT
The Directors present their report and financial statements of
the Company for the period from incorporation on 8 October 2010 to
31 March 2012 (the "Period").
Principal Activities and Business Review
The principal activity of the Company is to acquire, lease and
then sell a single aircraft. The Directors do not envisage any
change in these activities for the foreseeable future. A
description of the activities of the Company in the period under
review is given in the Asset Manager's Report on pages 5 to 10.
Status
The Company is a Guernsey domiciled company which listed on the
Specialist Fund Market of the London Stock Exchange and on the
Channel Islands Stock Exchange on 13 December 2010. Its registered
number is 52484. The Company operates in accordance with the
Companies (Guernsey) Law, 2008, as amended (the "Law").
Results and Dividends
The results of the Company for the Period are set out on pages
28 to 30.
The Company paid dividends during the period to date as
follows:
Quarter End Announcement Dividend per
Date Share (pence)
First interim for
financial period
ended 31 March 2012 31 March 2011 21 April 2011 2.25
Second interim for
financial period
ended 31 March 2012 30 June 2011 7 July 2011 2.25
Third interim for
financial period 30 September
ended 31 March 2012 2011 28 October 2011 2.25
Fourth interim for
financial period
ended 31 March 2012 31 December 2011 28 December 2011 2.25
Final for financial
period ended 31
March 2012 31 March 2012 3 April 2012 2.25
First interim for
financial period
ended 31 March 2013 30 June 2012 3 July 2012 2.25
The Company aims to continue to pay quarterly dividends of 2.25
pence per Ordinary Preference share, in line with the distribution
policy. There is no guarantee that any future dividends will be
paid.
Directors
The Directors in office are shown on pages 17 to 25, and all
directors remain in office as at the date of signature of these
financial statements. Further details of the Director's
responsibilities are given on pages 20 and 25.
No Director has a contract of service with the Company, nor are
any such contracts proposed.
The following interests in shares of the Company are held by
Directors and their connected persons:
Number of Ordinary Preference
Shares
Charles Wilkinson 100,000
Geoffrey Hall 50,000
Other than the above share transactions, none of the Directors
nor any persons connected with them had a material interest in any
of the Company's transactions, arrangements or agreements during
the period and none of the Directors has or has had any interest in
any transaction which is or was unusual in its nature or conditions
or significant to the business of the Company, and which was
effected by the Company during the reporting period.
At the date of this report, there are no outstanding loans or
guarantees between the Company and any Director.
There were non material related party transactions which took
place in the financial period, other than those disclosed in the
Directors' Report and at Note 20 to the financial statements.
Substantial Shareholdings
The Company has been notified of the following substantial
interests, in accordance with Chapter 5 of the Disclosure and
Transparency Rules, in the Company's share capital as at the date
of this report.
Registered Holder % of Total Voting Number of Ordinary
Rights Shares
Baillie Gifford & Co 17.04% 7,234,550
Insight Investment Management
(Global) Limited 11.78% 5,000,000
East Riding of Yorkshire Council 10.60% 4,500,000
City of Bradford Metropolitan
District Council 9.42% 4,000,000
Nestle Capital Management Limited 9.42% 4,000,000
Baring Asset Management Limited 4.94% 2,097,500
Corporate Governance
Statement of Compliance with the UK Corporate Governance
Code
The Guernsey Financial Services Commission ("GFSC") has issued a
new Corporate Governance Code (the "Code") which came into effect
on 1 January 2012. The Company is, however, not required by
Guernsey law to comply with the Code, as it is not regulated by the
GFSC.
The Company has, however, voluntarily committed to comply with
the UK Corporate Governance Code. Companies which report against
the UK Corporate Governance Code are also deemed to meet the
requirements of the Code.
Save for departing from the requirements to: (i) have a chief
executive (since the Company does not have any executive
Directors); (ii) have a senior independent director (since the
Company considers that each Director who is not Chairman can
effectively fulfil this function); (iii) have a remuneration
committee (given the small size of the exclusively non-executive
and independent Board); (iv) have a nomination committee (given the
small size of the exclusively non-executive and independent Board);
(v) appoint the Directors for a term of six years (given the term
of the Leases is twelve years) and (vi) have an internal audit
function (as the Company has no executives or employees of its
own), the Company is not presently aware of any departures from the
UK Corporate Governance Code.
Board Responsibilities
The Board comprises three Directors, who meet quarterly to
consider the affairs of the Company in a prescribed and structured
manner. Biographies of the Directors appear on page 11
demonstrating the wide range of skills and experience they bring to
the Board. All the Directors are non-executive and independent. The
Board regularly reviews the balance, knowledge and effectiveness of
the Board, to identify if any additional experience or skills are
needed and to ensure that the current directors have sufficient
available time to undertake the tasks required and remain
independent.
To date no director of the Company has resigned. However,
directors are able and encouraged to provide statements to the
Board of their concerns and ensure that any items of concern are
recorded in the Board minutes.
All directors receive an annual fee and there are no share
options or other performance related benefits available to them.
All Directors are paid a fee of GBP15,000 per annum and the
Chairman is paid an additional fee of GBP5,000 per annum. The
Chairman of the Audit Committee is paid an additional GBP3,000 per
annum.
Board meetings are held at least four times per year to consider
the business and affairs of the Company for the previous quarter,
at which meetings the Directors also consider and if thought
suitable, approve, the payment of a dividend in accordance with the
Company's distribution policy. Between these quarterly meetings the
Board keeps in contact by email and telephone as well as meeting to
consider specific matters of a transactional nature. Additionally
it holds strategy meetings with its relevant advisors as
appropriate. The directors are kept fully informed by the Asset
Manager and Secretary of all matters that are relevant to the
business of the Company and should be brought to the attention of
the directors and/or shareholders. There is regular contact with
the Secretary who is responsible to the Board for ensuring that
Board procedures are followed.
The Directors also have access to the advice and services of the
Asset Manager, Corporate and Shareholder Advisory Agent and the
Secretary. The Directors may also, in the furtherance of their
duties, take independent professional advice at the Company's
expense.
During the Period the Board met seven times. Of those seven
meetings six were quarterly board meetings and one was an ad hoc
meeting in respect of the listing of the Company's shares. The
director's attendance is summarised below:-
Director Board Meetings Ad-Hoc Meeting
-------------------- ---------------- ----------------
Charles Wilkinson 6/6 1/1
-------------------- ---------------- ----------------
Norbert Bannon 6/6 1/1
-------------------- ---------------- ----------------
Geoffrey Hall 4/6 1/1
-------------------- ---------------- ----------------
Audit Committee
The directors are all members of the Audit Committee, with
Norbert Bannon acting as Chairman. The Audit Committee has regard
to the Guidance on Audit Committees published by the Financial
Reporting Council in October 2008 and December 2010. The Audit
Committee examines the effectiveness of the Company's internal
control systems, the annual and half-yearly reports and financial
statements, the auditors' remuneration and engagement, as well as
the auditors' independence and any non-audit services provided by
them.
The Audit Committee considers the nature, scope and results of
the auditor's work and reviews prior to providing a recommendation
to the Board on the re-appointment or removal of the auditor. The
Audit Committee receives information from the Secretary and the
external auditors in respect of the audited financial statements
prior to making a recommendation to the Board.
The Audit Committee meets at least twice annually, being before
the Board meets to consider the Company's half-yearly and annual
financial reports. The Audit Committee operates within clearly
defined terms of reference and provides a forum through which the
Company's external auditors report to the Board. The terms of
reference of the Audit Committee are available upon request of the
Secretary. During the Period the Audit Committee met once and all
three members attended this meeting.
Internal Control and Financial Reporting
The Board is responsible for the Company's system of internal
control and for reviewing its effectiveness. The Board confirms
that there is an ongoing process for identifying, evaluating and
monitoring the significant risks faced by the Company.
The internal control systems are designed to meet the Company's
particular needs and the risks to which it is exposed. Accordingly,
the internal control systems are designed to manage rather than
eliminate the risk of failure to achieve business objectives and by
their nature can only provide reasonable and not absolute assurance
against misstatement and loss.
The Board on a semi-annual basis conducts a full review of the
Company's risk management systems including consideration of a risk
matrix which covers various areas of risk including corporate
strategy, accuracy of published information, compliance with laws
and regulations, relationships with service providers and business
activities.
Administration and Secretarial duties for the Company are
performed by Anson. Asset Management services are provided by
DAFV.
The directors of the Company clearly define the duties and
responsibilities of their agents and advisors. The appointment of
agents and advisers is conducted by the Board after consideration
of the quality of the parties involved and the Board monitors their
ongoing performance and contractual arrangements. The Board also
specifies which matters are reserved for a decision by the Board
and which matters may be delegated to its agents and advisers.
Dialogue with Shareholders
All holders of Ordinary Preference Shares in the Company have
the right to receive notice of, and attend, the general meetings of
the Company, during which members of the Board will be available to
discuss issues affecting the Company.
The primary responsibility for Shareholder relations lies with
the Company's Corporate and Shareholder Advisory Agent. In
addition, the Directors are always available to enter into dialogue
with shareholders and the Chairman is always willing to meet major
shareholders as the Company believes such communication to be
important. The Company's Directors can be contacted at the
Company's registered office or via the Secretary.
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Directors'
Report and the financial statements in accordance with applicable
law and regulations.
The Law requires the Directors to prepare financial statements
for each financial year. Under the Law they have elected to prepare
the financial statements in accordance with International Financial
Reporting Standards ("IFRS") and applicable law.
The financial statements are required by law to give a true and
fair view of the state of affairs of the company and of the profit
or loss of the company for that period.
In preparing these financial statements, the Directors are
required to:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- provide additional disclosures when compliance with the
specific requirements in IFRSs are insufficient to enable users to
understand the impact of particular transactions, other events and
conditions on the entity's financial position and financial
performance; and
-- make an assessment of the company's ability to continue as a going concern.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the company and to enable them to ensure that
the financial statements comply with the Law. They have general
responsibility for taking such steps as are reasonably open to them
to safeguard the assets of the company and to prevent and detect
fraud and other irregularities.
The directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
company's website. Legislation in Guernsey governing the
preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Disclosure of information to auditors
The Directors who held office at the date of approval of this
Directors' Report confirm in accordance with the provisions of
Section 249 of the Law that, so far as they are each aware, there
is no relevant audit information of which the Company's Auditors
are unaware; and each Director has taken all the steps that he
ought to have taken as a Director to make himself aware of any
relevant audit information and to establish that the Company's
Auditors are aware of that information.
Auditors
Ernst & Young LLP have expressed their willingness to
continue in office as Auditor.
Signed on behalf of the Board on 21 July 2012
Charles Wilkinson
Chairman
Doric Nimrod Air One Limited (the "Company")
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORIC NIMROD AIR
ONE LIMITED
We have audited the financial statements of Doric Nimrod Air One
Limited for the period ended 31 March 2012 which comprise the
Statement of Comprehensive Income, the Statement of Financial
Position, the Statement of Cash Flows, the Statement of Changes in
Equity and the related notes 1 to 20. The financial reporting
framework that has been applied in their preparation is applicable
law and International Financial Reporting Standards (IFRS).
This report is made solely to the company's members, as a body,
in accordance with Section 262 of the Companies (Guernsey) Law,
2008. Our audit work has been undertaken so that we might state to
the company's members those matters we are required to state to
them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company's
members as a body, for our audit work, for this report, or for the
opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities
Statement set out on pages xx to xx, the directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view. Our responsibility
is to audit the financial statements in accordance with applicable
law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's
Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and
disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the directors; and the
overall presentation of the financial statements. In addition, we
read all the financial and non-financial information in the Annual
Financial Report to identify material inconsistencies with the
audited financial statements. If we become aware of any apparent
material misstatements or inconsistencies we consider the
implications for our report.
Doric Nimrod Air One Limited (the "Company")
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORIC NIMROD AIR
ONE LIMITED (continued)
Opinion on financial statements
In our opinion the financial statements:
-- give a true and fair view of the state of the company's
affairs as at 31 March 2012 and of its profit for the period then
ended;
-- have been properly prepared in accordance with International
Financial Reporting Standards (IFRS); and
-- have been prepared in accordance with the requirements of the
Companies (Guernsey) Law, 2008.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies (Guernsey) Law, 2008 requires us to report to
you if, in our opinion:
-- proper accounting records have not been kept; or
-- the financial statements are not in agreement with the accounting records; or
-- we have not received all the information and explanations we require for our audit.
Ernst & Young LLP
Guernsey, Channel Islands
Date: 23 July 2012
Doric Nimrod Air One Limited (the "Company")
STATEMENT OF COMPREHENSIVE INCOME
for the period 8 October 2010 to 31 March 2012
8 Oct 2010 to
Notes 31 Mar 2012
GBP
Income
A rent income 4 12,902,645
B rent income 4 6,767,214
Bank interest received 2,205
---------------
19,672,064
Expenses
Operating expenses 5 (711,544)
Depreciation of Aircraft 9 (4,789,248)
---------------
(5,500,792)
Net profit for the period
before finance costs
and foreign exchange
losses 14,171,272
---------------
Finance costs
Finance costs 10 (5,177,879)
Unrealised foreign exchange
profit 397,593
---------------
Profit for the period 9,390,986
---------------
Other Comprehensive
Income -
---------------
Total Comprehensive
Income for the period 9,390,986
===============
Pence
Earnings per Share for
the period- Basic and
Diluted 8 22.12
---------------
In arriving at the results for the financial period, all
amounts above relate to continuing operations.
The notes on pages 28 to 52 form an integral part of these
financial statements
Doric Nimrod Air One Limited (the "Company")
STATEMENT OF FINANCIAL POSITION
as at 31 March 2012
31 Mar 2012
Notes GBP
NON-CURRENT ASSETS
Aircraft 9 110,369,924
---------------
CURRENT ASSETS
Cash and cash equivalents 4,484,057
Receivables 12 7,632
---------------
4,491,689
TOTAL ASSETS 114,861,613
===============
CURRENT LIABILITIES
Borrowings 14 5,829,257
Payables - due within
one year 13 53,234
---------------
5,882,491
NON-CURRENT LIABILITIES
Borrowings 14 63,446,167
Deferred income 1,286,991
---------------
64,733,158
TOTAL LIABILITIES 70,615,649
===============
TOTAL NET ASSETS 44,245,964
---------------
EQUITY
Share capital 15 39,016,728
Retained Earnings 5,229,236
---------------
44,245,964
---------------
Doric Nimrod Air One Limited (the "Company")
STATEMENT OF FINANCIAL POSITION (continued)
as at 31 March 2012
31 Mar 2012
Pence
Net asset value per Ordinary
Share based on 42,450,000 shares
in issue 104.23
---------------
The Financial Statements were approved by the Board of Directors
and authorised for issue on 21 July 2012 and are signed on
its behalf by:
Charles Wilkinson
Director
The notes on pages 28 to 52 form an integral part of these
financial statements
Doric Nimrod Air One Limited (the "Company")
STATEMENT OF CASH FLOWS
for the period ended
31 March 2012
8 Oct 2010 to
31 Mar 2012
GBP
OPERATING ACTIVITIES
Profit for the period 9,390,986
Amortisation of advance rental 1,286,991
Interest received (2,205)
Depreciation of Aircraft 4,789,248
Loan interest 5,164,885
Increase in payables 53,234
Increase in receivables (7,632)
Amortisation of debt arrangement
costs 12,994
Foreign exchange movement (397,594)
NET CASH FLOW FROM OPERATING
ACTIVITIES 20,290,907
---------------
INVESTING ACTIVITIES
Purchase of Aircraft (115,159,172)
Interest received 2,205
NET CASH FLOW FROM INVESTING
ACTIVITIES (115,156,967)
---------------
FINANCING ACTIVITIES
Dividends paid (3,820,500)
Repayments of capital on borrowings (6,918,735)
Repayments of interest on
borrowings (5,149,834)
Proceeds on issue of shares 39,625,022
Share issue costs (949,544)
New bank loans raised 76,729,560
Costs associated with loans
raised (72,500)
NET CASH FLOW FROM FINANCING
ACTIVITIES 99,443,469
---------------
Doric Nimrod Air One Limited (the "Company")
STATEMENT OF CASH FLOWS (continued)
for the period ended 31 March 2012
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD -
Increase in cash and cash
equivalents 4,577,409
Exchange rate adjustment (93,352)
CASH AND CASH EQUIVALENTS
AT END OF PERIOD 4,484,057
-----------------
The notes on pages 28 to 52 form an integral part of these
financial statements
Doric Nimrod Air One Limited (the "Company")
STATEMENT OF CHANGES IN EQUITY
for the period ended 31 March 2012
Notes Share Retained Total
Capital Earnings
GBP GBP GBP
Balance as at 8 October
2010 - - -
Total Comprehensive
Income
for the period - 9,390,986 9,390,986
Share issue proceeds 15 39,625,022 - 39,625,022
Share issue costs 15 (949,544) - (949,544)
Fair value adjustment
on share issue 15 341,250 (341,250) -
Dividends paid 7 - (3,820,500) (3,820,500)
---------------- ----------------- ---------------
Balance as at 31 March
2012 39,016,728 5,229,236 44,245,964
---------------- ----------------- ---------------
The notes on pages 28 to 52 form an integral part of these financial
statements
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
1 GENERAL INFORMATION
Doric Nimrod Air One Limited (the "Company") was incorporated
in Guernsey on 8 October 2010 with registered number 52484.
Its share capital is denominated in Sterling and consists
of one class of Ordinary Preference Shares and one class of
Subordinated Administrative Shares. The Company's Ordinary
Preference Shares are listed on the London Stock Exchange
("LSE") and Channel Islands Stock Exchange ("CISX") and have
been admitted to trading on the Specialist Fund Market ("SFM").
The Company's investment objective is to obtain income returns
and a capital return for its shareholders by acquiring, leasing
and then selling a single aircraft.
The significant accounting policies adopted by the Company
are as follows:
2 ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements have been prepared in conformity
with IFRS as adopted in the EU which comprise standards and
interpretations approved by the International Accounting Standards
Board ("IASB") and International Financial Reporting Interpretations
Committee ("IFRIC") and applicable Guernsey law. The financial
statements have been prepared on a historical cost basis.
The currency of the primary economic environment in which
the Company operates (the functional currency) is Great British
Pounds ("GBP") which is also the presentation currency.
Changes in accounting policy and disclosure
The following Standards or Interpretations that are expected
to affect the Company have been issued but not yet adopted
by the Company as shown below. Other Standards or Interpretations
issued by the IASB and IFRIC are not expected to affect the
Company.
IFRS 7 Financial Instruments: Disclosure - amendments enhancing
disclosures about transfers of financial assets effective
for annual periods beginning on or after 1 July 2011.
IFRS 9 Financial Instruments - Classification and Measurement
effective for annual periods beginning on or after 1 January
2013.
IFRS 13 Fair Value Measurement effective for annual periods
beginning on or after 1 January 2013.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
2 ACCOUNTING POLICIES (continued)
Basis of Preparation
(a) (continued)
IAS 1 Presentation of Financial Statements- amendments to
revise the way other comprehensive income is presented effective
for annual periods beginning on or after 1 July 2012.
IAS 24 Related Party Disclosures- revised definition of related
parties effective for annual periods beginning on or after
1 January 2011.
No formal analysis has been completed on the impact of the
adoption of any of the above standards and interpretations
on the financial statements in the period of initial application.
(b) Taxation
The Company has been assessed for tax at the Guernsey standard
rate 0%. Income Tax has been provided based on the tax rate
applicable to the Company, on its current year profits.
(c) Share capital
Ordinary Preference Shares ("Shares") are classified as equity.
Incremental costs directly attributable to the issue of Shares
are recognised as a deduction from equity.
(d) Expenses
All expenses are accounted for on an accruals basis.
(e) Interest Income
Interest income is accounted for on an accruals basis.
(f) Foreign currency translation
Transactions denominated in foreign currencies are translated
into GBP at the rate of exchange ruling at the date of the
transaction.
Monetary assets and liabilities denominated in foreign currencies
at the reporting date are translated into the functional currency
at the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised
in the Statement of Comprehensive Income.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
2 ACCOUNTING POLICIES (continued)
(g) Cash and Cash equivalents
Cash at bank and short term deposits which are held to maturity
are carried at cost. Cash and cash equivalents are defined
as call deposits, short term deposits with a term of no more
than 3 months from the start of the deposit and highly liquid
investments readily convertible to known amounts of cash and
subject to insignificant risk of changes in value. For the
purposes of the Statement of Cash Flow, cash and cash equivalents
consist of cash and deposits at bank.
(h) Segmental Reporting
The directors are of the opinion that the Company is engaged
in a single segment of business, being acquisition and lease
of one Airbus A380-861 aircraft (the "Aircraft").
(i) Going concern
The directors' made an assessment of the Company having adequate
resources to continue in operational existence for the foreseeable
future. The directors believe the Company is well placed to
manage its business risks successfully despite the current
economic climate as the Loan interest has been fixed and the
fixed rental income under the Operating Lease means that the
rent should be sufficient to repay the Loan and provide surplus
income to pay for the company's expenses and permit payment
of dividends. Accordingly, the directors have adopted the
going concern basis in preparing the financial information.
Management is not aware of any material uncertainty that may
cast significant doubt upon the Company's ability to continue
as a going concern.
(j) Leasing and rental income
The lease relating to the Aircraft has been classified as
an operating lease as the terms of the lease do not transfer
substantially all the risks and rewards of ownership to the
lessee. The Aircraft is shown as a non-current asset in the
Statement of Financial Position. Further details of the lease
are given in Note 11.
Rental income from the operating lease is recognised on a
straight-line basis over the term of the lease. Initial direct
costs incurred in negotiating and arranging an operating lease
are added to the carrying amount of the leased asset and recognised
on a straight-line basis over the lease term.
(k) Property, plant and equipment - Aircraft
In line with IAS 16 Property Plant and Equipment, the Aircraft
is initially recorded at the fair value of the consideration
paid. The cost of the asset is made up of the purchase price
of the Aircraft plus any costs directly attributable to bringing
it into working condition for its intended use. Accumulated
depreciation and any recognised impairment loss are deducted
from cost to calculate the carrying amount of the Aircraft.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
2 ACCOUNTING POLICIES (continued)
(k) Property, plant and equipment - Aircraft (continued)
Depreciation is recognised so as to write off the cost of
the asset less the estimated residual value of GBP69.2 million
over the estimated useful life of the asset of 12 years, using
the straight line method. The depreciation method reflects
the pattern of benefit consumption. The residual value is
reviewed annually and is the amount the entity would receive
currently if the asset were already of the age and condition
expected at the end of its useful life. Useful life is also
reviewed annually and for the purposes of the financial statements
represents the likely period of the Company's ownership of
these assets. Depreciation starts when the asset is available
for use.
At each balance sheet date, the Company reviews the carrying
amounts of its Aircraft to determine whether there is any
indication that the asset has suffered any impairment loss.
If any such indication exists, the recoverable amount of the
asset is estimated to determine the extent of the impairment
loss (if any).
Recoverable amount is the higher of fair value less costs
to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset
for which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of the asset is estimated to be
less than its carrying amount, the carrying amount of the
asset is reduced to its recoverable amount. An impairment
loss is recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of
its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for
the asset in prior years. A reversal of an impairment loss
is recognised immediately in profit or loss.
(l) Financial liabilities
Financial liabilities, including borrowings, are initially
measured at fair value, net of transaction costs and subsequently
measured at amortised cost using the effective interest method.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
2 ACCOUNTING POLICIES (continued)
Financial liabilities
(l) (continued)
The effective interest method is a method of calculating the
amortised cost of the financial liability and of allocating
interest expense over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial liability,
or, where appropriate, a shorter period, to the net carrying
amount on initial recognition.
The Company derecognises financial liabilities when, and only
when, the Company's obligations are discharged, cancelled
or they expire.
(m) Net asset value
In circumstances where the directors, as advised by the Asset
Manager, are of the opinion that the net asset value ("NAV")
or NAV per Share, as calculated under prevailing accounting
standards, is not appropriate or could give rise to a misleading
calculation, the directors, in consultation with the Administrator
and the Asset Manager may determine, at their discretion,
an alternative method for calculating the value of the Company
and shares in the capital of the Company, which they consider
more accurately reflects the value of the Company.
3 SIGNIFICANT JUDGEMENTS AND ESTIMATES
In the application of the Company's accounting policies, which
are described in note 2, the directors are required to make
judgements, estimates and assumptions about the carrying amounts
of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are
based on historical experience and other factors that are
considered to be relevant. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision
and future periods if the revision affects both current and
future periods.
Critical judgements in applying the Company's accounting policies.
The following are the critical judgements and estimates that
the directors have made in the process of applying the Company's
accounting policies and that have the most significant effect
on the amounts recognised in the financial statements.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
3 SIGNIFICANT JUDGEMENTS AND ESTIMATES (continued)
Residual value and useful life of Aircraft
As described in note 2 (k), the Company depreciates the Aircraft
on a straight line basis over the estimated useful life of the
Aircraft and taking into consideration the estimated residual
value. In making its judgement regarding residual value estimates
the directors considered previous sales of similar aircraft and
other available aviation information. The useful life of the
asset is estimated based on the expected period for which the
Company will own and lease the aircraft.
Issue of initial shares
As described in note 15, Shares issued prior to the public Placing
were accounted for at the fair value of the Shares on the date
of issue. The directors estimated the value of these Shares issued
based on the anticipated launch price and their assessment of
the respective dates of issue and the probability of a successful
launch. The difference between fair value and actual cash proceeds
is shown as a movement in reserves in the Statement of Changes
in Equity.
Operating lease commitments- Company as lessor
The Company has entered into an operating lease on an Aircraft.
The Company has determined, based on an evaluation of the terms
and conditions of the arrangements, that it retains all the significant
risks and rewards of ownership of this asset and accounts for
the contract as an operating lease.
The Company has determined that the operating lease on the Aircraft
is for 12 years based on an initial term of 10 years followed
by an extension term of 2 years. Should the lessee choose to
exit their respective lease at the end of the initial term of
10 years, a penalty equal to the remaining 2 years would be due.
Impairment
Impairment exists when the carrying value of an asset or cash
generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs to sell and its value in
use. The directors monitor the assets for any indications of
impairment as required by IAS 16 Property, Plant and Equipment
and IAS 36 Impairment of Assets.
Impairment indicators for the Aircraft could include items such
as cracks in the wing, however the directors take expert advice
on any indicators which arise.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
4 RENTAL INCOME
8 Oct 2010
to
31 Mar 2012
GBP
A rent income 14,474,402
Revenue received but
not yet earned (1,571,757)
---------------------
12,902,645
B rent income 6,482,448
Revenue received but
not yet earned 284,766
---------------------
6,767,214
Total rental income 19,669,859
---------------------
Rental income is derived from the leasing of the Aircraft.
Rent is split into A rent, which is received in US Dollars
("USD") and B rent, which is received in GBP. Rental
income received in USD is translated into the functional
currency (GBP) at the date of the transaction.
A and B rental income receivable will decrease/increase
respectively, 10 years from the start of each lease.
An adjustment has been made to spread the actual total
income receivable over the term of the leases on an
annual basis.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
5 OPERATING EXPENSES
8 Oct 2010
to
31 Mar 2012
GBP
Management fee 129,932
Asset management fee 324,323
Administration fees 78,421
Accountancy fees 12,719
Registrars fee 10,772
Audit fee 23,500
Directors' remuneration 70,025
Directors' and Officers'
insurance 10,720
Legal & professional
expenses 13,375
Annual fees 6,164
Sundry costs 18,373
Other operating expenses 13,220
-------------
711,544
-------------
The audit fee includes GBP3,500 for agreed upon procedures
work in relation to the Company's interim financial
statements. The only other fees earned by the auditors
during the period were GBP27,000 for acting as reporting
accountant to the Company on its initial launch. Such
fees are included in share issue costs and charged directly
to Share Capital.
6 DIRECTORS' REMUNERATION
Under their terms of appointment, each Director is paid
a fee of GBP15,000 per annum by the Company, except
for the Chairman, who receives GBP20,000 per annum.
The Chairman of the audit committee also receives an
extra GBP3,000 per annum.
7 DIVIDENDS IN RESPECT OF EQUITY SHARES
8 Oct 2010 to
31 Mar 2012
Pence
GBP per
share
First interim payment
(paid Mar 2011) 955,125 2.25
Second interim payment
(paid Jul 2011) 955,125 2.25
Third interim payment
(paid Oct 2011) 955,125 2.25
Fourth interim payment
(declared Dec 2011,
paid Jan 2012) 955,125 2.25
------------- ----------------
3,820,500 9.00
------------- ----------------
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
8 EARNINGS PER SHARE
Earnings Per Share ('EPS') is based on the net gain for
the period attributable to shareholders of GBP9,390,986
and on 42,450,000 Shares, being the weighted average number
of Shares in issue during the period. The directors are
of the opinion that calculating EPS using 42,450,000 Shares
follows the substance of IAS 33 Earnings per Share, paragraph
26 as the share transactions prior to the Placing did not
result in a corresponding change in the Company's resources.
The calculation of EPS under the alternative method would
give an EPS of 24.91 pence based on 37,702,222 Shares, being
the alternative weighted average number of Shares in issue
during the period. There are no dilutive instruments and
therefore basic and diluted earnings per Share are identical.
9 PROPERTY, PLANT AND EQUIPMENT - AIRCRAFT
Aircraft
COST GBP
As at 8 Oct 2010 -
Additions 115,159,172
-------------------
As at 31 Mar 2012 115,159,172
===================
ACCUMULATED DEPRECIATION
As at 8 Oct 2010 -
Charge for the year 4,789,248
-------------------
As at 31 Mar 2012 4,789,248
===================
CARRYING AMOUNT
As at 8 Oct 2010 -
===================
As at 31 Mar 2012 110,369,924
===================
The Company can not sell the asset during the term of the
lease without terminating the lease or Special Termination
Events (as defined by the Lease) occurring. If at the end
of the lease the Company makes the choice to sell the asset
rather than leasing it out again, Emirates will be given
first refusal on the asset.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
9 PROPERTY, PLANT AND EQUIPMENT - AIRCRAFT (continued)
Under IAS 17 the direct costs attributed in negotiating
and arranging the operating lease have been added to
the carrying amount of the leased asset and recognised
as an expense over the lease term.
10 FINANCE COSTS
31 Mar 2012
GBP
Amortisation of debt arrangement
costs (12,994)
Loan interest (5,164,885)
---------------
(5,177,879)
11 OPERATING LEASES
The amounts of minimum lease receipts at the reporting
date under non cancellable operating leases are detailed
below:
2 to 5 After
Next 12 years 5 years Total
months
GBP GBP GBP GBP
Aircraft- A rental
receipts 9,536,489 38,146,138 39,877,274 87,559,901
Aircraft- B rental
receipts 4,321,632 17,286,528 26,047,104 47,655,264
------------ --------------- ------------- ---------------
13,858,121 55,432,666 65,924,378 135,215,165
------------ --------------- ------------- ---------------
The Operating lease is for an Airbus A380-861 aircraft.
The term of the lease is for 12 years ending November
2022. The initial lease is for 10 years ending November
2020, with an extension period of 2 years ending November
2022, in which rental payments reduce. The present value
of the remaining rentals in the extension period must
be paid even if the option is not taken.
At the end of the lease term the lessee has the right
to exercise an option to purchase the Aircraft if the
Company chooses to sell the Aircraft. If a purchase option
event occurs the Company and the lessee will be required
to arrange for a current market value appraisal of the
Aircraft to be carried out by three independent appraisers.
The purchase price will be equal to the average valuation
of those three appraisals.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
12 RECEIVABLES
31 Mar 2012
GBP
Accrued income -
Prepayments 7,610
Sundry debtors 22
7,632
------------------
The above carrying value of receivables is equivalent
to the fair value.
13 PAYABLES (amounts falling due within one year)
31 Mar 2012
GBP
Accrued administration
fees 6,053
Accrued audit fee 20,000
Accrued management fees 25,000
Other accrued expenses 2,181
53,234
------------------
The above carrying value of payables is equivalent to
the fair value.
14 BORROWINGS
TOTAL
31 Mar 2012
GBP
Bank loan 69,334,930
Transaction costs (59,506)
69,275,424
------------------
Amount due for settlement within
12 months 5,829,257
==================
Amount due for settlement after
12 months 63,446,167
==================
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
14 BORROWINGS (continued)
The loan is from Westpac for USD 122,000,000, runs for
12 years until December 2022 and has an effective interest
rate of 5.4950%, this is the same as the contractual
fixed interest rate. The loan is secured on the Aircraft.
No breaches or defaults occurred in the period. Transaction
costs of arranging the loan have been deducted from the
carrying amount of the loan and will be amortised over
its life.
In the directors' opinion, the above carrying values
of the bank loans are approximate to their fair value.
15 SHARE CAPITAL
The Share Capital of the Company is represented by an
unlimited number of shares of no par value being issued
or reclassified by the Company as Ordinary Preference
Shares ("Shares") or Subordinated Administrative Shares.
Issued
Subordinated
Administrative
shares Shares
Shares issued at incorporation - 1
Shares issued 11 October
2010 - 4,000,000
Shares issued 1 December
2010 - 1,000,000
Shares redeemed 1 December
2010 - (2,175,001)
Shares issued 6 December
2010 2 -
Shares issued in Placing - 39,625,000
---------------- -------------
Issued share capital
as at 31 March 2012 2 42,450,000
---------------- -------------
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
15 SHARE CAPITAL (continued)
Issued
GBP
Ordinary Preference Shares
1,825,000 Shares issued prior
to Placing- Fair value 91,260
1,000,000 Shares issued prior
to Placing- Fair value 250,010
39,625,000 Shares issued in Placing 39,625,000
Share issue costs (949,544)
------------
Issued share capital as at 31
March 2012 39,016,726
Subordinated Administrative Shares
Shares issued 6 December 2010 2
------------
Total share capital as at 31 March
2012 39,016,728
============
Members holding Ordinary Preference Shares are entitled
to receive, and participate in, any dividends out of
income; other distributions of the Company available
for such purposes and resolved to be distributed in respect
of any accounting period; or other income or right to
participate therein. On a winding up, members are entitled
to the surplus assets remaining after payment of all
the creditors of the Company. Members have the right
to receive notice of and to attend, speak and vote at
general meetings of the Company.
The holders of Subordinated Administrative Shares are
not entitled to receive, and participate in, any dividends
out of income; other distributions of the Company available
for such purposes and resolved to be distributed in respect
of any accounting period; or other income or right to
participate therein. On a winding up, holders are entitled
to a return of capital paid up on them after the Ordinary
Preference Shares have received a return of their capital
paid up but ahead of the return of all additional capital
to the holders of Ordinary Preference Shares. Holders
shall not have the right to receive notice of and no
right to attend, speak and vote at general meetings of
the Company, except for the Liquidation Proposal Meeting
(general meeting convened six months before the end term
of the Lease where the Liquidation Resolution will be
proposed) or if there are no Ordinary Preference Shares
in existence.
A fair value adjustment arose on the issue of 1,825,000
and 1,000,000 Ordinary Preference shares for which the
consideration was GBP10 and GBP10 respectively. The fair
value adjustment of GBP341,250 has been adjusted through
reserves.
The Ordinary Preference Shares are not puttable instruments
as the holder does not have the right to put the Shares
back to the Company for cash or another financial instrument.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
16 FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
Cash and cash equivalents that arise directly from the
(a) Company's operations; and
(b) Loan secured on non current asset
17 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's objective is to obtain income and returns
and a capital return for its shareholders by acquiring,
leasing and then selling a single aircraft.
The following table details the categories of financial
assets and liabilities held by the Company at the reporting
date:
31 Mar 2012
GBP
Financial assets
Cash and cash equivalents 4,484,057
Receivables 22
----------------
Total assets 4,484,079
----------------
Financial liabilities
Accrued expenses 53,234
Loans payable 69,275,424
----------------
Financial liabilities measured at
amortised cost 69,328,658
----------------
The main risks arising from the Company's financial instruments
are capital management risk, foreign currency risk, credit
risk, liquidity risk and interest rate risk. The Board
regularly review and agrees policies for managing each
of these risks and these are summarised below:
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
17 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Capital management
The Company manages its capital to ensure that the Company
will be able to continue as a going concern while maximising
the return to shareholders through the optimisation of
the debt and equity balance. The Company is not subject
to any externally imposed capital requirements.
The capital structure of the Company consists of debt,
which includes the borrowings disclosed in note 14, cash
and cash equivalents and equity attributable to equity
holders, comprising issued capital and retained earnings.
The Company's Board of directors reviews the capital
structure on a bi-annual basis.
Equity includes all capital and reserves of the Company
that are managed as capital.
(b) Foreign currency risk
The Company's accounting policy under IFRS requires the
use of a GBP historic cost of the assets and the value
of the USD loan as translated at the spot exchange rate
on every balance sheet date. In addition, USD operating
lease receivables are not immediately recognised in the
balance sheet and are accrued over the period of the
lease. The directors consider that this introduces artificial
variance due to the movement over time of foreign exchange
rates. In actuality, the USD operating lease receivables
should offset the USD payables on amortising loans. The
foreign exchange exposure in relation to the loan is
thus largely naturally hedged.
Lease rentals (as detailed in Notes 4 and 11) are received
in USD and GBP. Those lease rentals received in USD are
used to pay the loan repayments due, also in USD. Both
USD lease rentals and loan repayments are fixed and are
for similar sums and similar timings. The matching of
lease rentals to settle loan repayments therefore mitigates
risks caused by foreign exchange fluctuations.
The carrying amounts of the Company's foreign currency
denominated monetary assets and liabilities at the reporting
date are as follows:
Liabilities Assets
GBP GBP
Bank loan (USD) 69,334,930 -
Cash and cash equivalents
(USD) - 3,162,388
================= =============
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
17 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Foreign currency risk (continued)
The following table details the Company's sensitivity
to a 15 per cent increase in GBP against USD. 15 per
cent represents the directors' assessment of the reasonably
possible change in foreign exchange rates. The sensitivity
analysis includes only outstanding foreign currency denominated
monetary items and adjusts their translation at the period
end for a 15 per cent change in foreign currency rates.
A positive number below indicates an increase in profit
and other equity where GBP strengthens 15 per cent against
USD. For a 15 per cent weakening of the GBP against USD,
there would be a comparable impact on the profit and
other equity, and the balances below would be negative:
USD impact
GBP
Profit or loss 8,631,202
Assets (412,485)
Liabilities 9,043,687
=====================
On the eventual sale of the Aircraft, the Company, because
aircraft prices are generally determined in US dollars
will be subject to foreign currency risk.
(c) Credit Risk
Credit risk refers to the risk that a counterparty will
default on its contractual obligations resulting in financial
loss to the Company.
The credit risk on cash transactions are mitigated by
transacting with counterparties that are regulated entities
subject to prudential supervision, or with high credit
ratings assigned by international credit rating agencies.
The Company's financial assets exposed to credit risk
are as follows:
31 Mar 2012
GBP
Receivables 22
Cash and cash equivalents 4,484,057
4,484,079
---------------------
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
17 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Credit Risk (continued)
Cash is held in accounts with Barclays and Westpac Banking
Corporation ("Westpac"), which have credit ratings given
by Moody's of A3 and Aa2 respectively.
There is a contractual credit risk arising from the possibility
that the lessee may default on the lease payments. This
risk is mitigated, as under the terms of the lease agreements
between the lessee and the Company, any non payment of
the lease rentals constitutes a Special Termination Event,
under which the lease terminates and the Company may
either choose to sell the asset or lease the Aircraft
to another party.
At the inception of each lease, the Company selected
a lessee with a strong balance sheet and financial outlook.
The financial strength of Emirates is regularly reviewed
by the Board and the Asset Manager.
(d) Liquidity Risk
Liquidity risk is the risk that Company will encounter
difficulty in realising assets or otherwise raising funds
to meet financial commitments. The Company's main financial
commitments are its ongoing operating expenses and loan
repayments to Westpac.
Ultimate responsibility for liquidity risk management
rests with the board of directors, which established
an appropriate liquidity management framework at the
incorporation of the Company, through the timings of
lease rentals and loan repayments. The Company manages
liquidity risk by maintaining adequate reserves, banking
facilities and borrowing facilities, by monitoring forecast
and actual cash flows, and by matching profiles of financial
assets and liabilities.
The table below details the residual contractual maturities
of financial liabilities. The amounts below are contractual
undiscounted cash flows, including both principal and interest
payments, and will not agree directly to the amounts recognised
in the statement of financial position.
1-3 3-12 1-2 years 2-5 years over 5
months months years
GBP GBP GBP GBP GBP
Financial liabilities
Payables - due within
one year 53,234 - - - -
Loans payable 2,398,474 7,195,422 9,593,896 28,781,689 41,624,807
----------- ----------- ----------- ------------ ------------
2,451,708 7,195,422 9,593,896 28,781,689 41,624,807
----------- ----------- ----------- ------------ ------------
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
17 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Interest rate risk
(e)
Interest rate risk arises from the possibility that changes
in interest rates will affect future cash flows. It is
the risk that fluctuations in market interest rates will
result in a reduction in deposit interest earned on bank
deposits held by the Company.
The Company mitigates interest rate risk by fixing the
interest rate on the loan and the lease rentals.
The following table details the Company's exposure to
interest rate risks:
Fixed
Less than interest Non-interest Total
1 month Bearing
GBP GBP GBP GBP
Financial assets
Accrued income - - - -
Receivables - - 7,632 7,632
Cash and cash equivalents 4,484,057 - - 4,484,057
Total financial
assets 4,484,057 - 7,632 4,491,689
----------- ----------- -------------- -----------
Financial liabilities
Accrued expenses - - 53,234 53,234
Loans payable - 69,275,424 - 69,275,424
Total financial
liabilities - 69,275,424 53,234 69,328,658
----------- ------------ -------- ------------
Total interest
sensitivity gap 4,484,057 69,275,424
----------- ------------
If interest rates had been 50 basis points higher and
all other variables were held constant, the Company's
net assets attributable to shareholders as at 31 March
2012 would have been GBP22,420 greater due to an increase
in the amount of interest receivable on the bank balances.
If interest rates had been 50 basis points lower and
all other variables were held constant, the Company's
net assets attributable to shareholders as at 31 March
2012 would have been GBP22,420 lower due to a decrease
in the amount of interest receivable on the bank balances.
Doric Nimrod Air One Limited (the "Company")
Notes to the Financial Statements
as at 31 March 2012
18 ULTIMATE CONTROLLING PARTY
In the directors' opinion, the Company has no ultimate
controlling party.
19 SUBSEQUENT EVENTS
On 3 April 2012 a further dividend of 2.25 pence per
Ordinary Preference Share was declared and this was
paid on 19 April 2012.
On 3 July 2012 a further dividend of 2.25 pence per
Ordinary Preference Share was declared.
20 RELATED PARTIES
Nimrod Capital LLP ("Nimrod") is the Company's Placing
Agent and Corporate and Shareholder Adviser. In consideration
for Nimrod acting as placing agent in the Placing, the
Company agreed to pay Nimrod at Admission, a placing
commission equal to 0.43 per cent. of the Initial Gross
Proceeds.
The Company pays Nimrod for its services as Corporate
and Shareholder Adviser a fee of GBP100,000 per annum
(adjusted annually for inflation from 2012 onwards,
at 2.25 per cent. per annum) payable quarterly in arrears.
During the period, the Company incurred GBP638,389 of
expenses with Nimrod, of which GBP25,000 was outstanding
to this related party at 31 March 2012. GBP504,859 of
expenses have been deducted from equity as a launch
cost.
Doric Asset Finance Limited ("Doric") was the Company's
Asset Manager during the Period. Doric received a fee
as at Admission, equal to 1.14 per cent. of the Initial
Gross Proceeds.
The Company also paid Doric a management and advisory
fee of GBP250,000 per annum (adjusted annually for inflation
from 2012 onwards, at 2.25 per cent. per annum), payable
quarterly in arrears.
During the period, the Company incurred GBP1,657,269
of expenses with Doric, of which GBPnil was outstanding
to this related party at 30 September 2011. GBP1,325,000
of expenses have been capitalised as direct costs attributable
in bringing the Aircraft into working condition and
have been added to the carrying amount of the Aircraft.
Doric Nimrod One Limited
KEY ADVISERS AND CONTACT INFORMATION
Key Information
Exchange
Ticker
Listing Date
Fiscal Year End
Base Currency
ISIN
SEDOL
Country of Incorporation
Management and Administration
Registered Office
Doric Nimrod Air One Limited
Anson Place
Mill Court
La Charroterie
St Peter Port
Guernsey GY1 EJ
Asset Manager
Doric Asset Finance & Verwaltungs GmbHBerlingerStrasse
114
Offenbach
63065 Germany
Placing and Corporate and Shareholder Advisory Agent
Nimrod Capital LLP
4 The London Fruit and Wool Exchange
Brushfield Street
London E1 6HB
Solicitors to the Company (as to English Law)
Herbert Smith LLP
Exchange House
Primrose Street
London EC2A 2HS
Specialist Fund Market of the LSE/ CISX
DNA
13 December 2010
31 March
GBP
GG00B4MF3899
B4MF389
Guernsey - Registration number 52484
Company Secretary and Administrator
Anson Fund Managers Limited
P.O. Box 405, Anson Place
Mill Court
La Charroterie
St Peter Port
Guernsey GY1 3GF
Liaison Agent
Doric Partners LLP
5 Royal Exchange Buildings
London
EC3V 3NL
Registrar
Anson Registrars Limited
PO Box 426, Anson Place
Mill Court, La Charroterie
St Peter Port
Guernsey GY1 3WX
Advocates to the Company (as to Guernsey Law)
Mourant Ozannes
1 Le Marchant Street
St Peter Port
Guernsey
GY1 4HP
Auditor
Ernst & Young LLP
Royal Chambers
St Julian's Avenue
St Peter Port
Guernsey
GY1 4AF
By order of the Board
23 July 2012
For further information, please contact:
For administrative and company information:
Anson Fund Managers Limited
+44 (0) 1481 722260
For shareholder information:
Nimrod Capital LLP
+44 (0) 20 3355 6855
E&OE - in transmission
This information is provided by RNS
The company news service from the London Stock Exchange
END
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