Doric Nimrod Air One Limited Quarterly Factsheet (0616L)
January 06 2016 - 11:30AM
UK Regulatory
TIDMDNA
RNS Number : 0616L
Doric Nimrod Air One Limited
06 January 2016
QUARTERLY FACT SHEET
31 December 2015
DORIC NIMROD AIR ONE LIMITED
LSE: DNA
The Company
Doric Nimrod Air One Limited ("the Company") is a Guernsey
domiciled company, which is listed on the Specialist Fund Market
(SFM) of the London Stock Exchange. The Company has purchased one
Airbus A380-861 aircraft, manufacturer's serial number (MSN) 016,
which it has leased for an initial term of 12 years, with fixed
lease rentals for the duration, to Emirates Airline ("Emirates"),
the national carrier owned by the Investment Corporation of Dubai,
based in Dubai, United Arab Emirates.
Investment Strategy
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 receives income from
the lease and its directors are targeting a gross distribution to
the shareholders of 2.25 pence per share per quarter (9p per
annum). It is anticipated that income distributions will continue
to be made quarterly.
The total return for a shareholder investing today (31 December
2015) at the current share price consists of future income
distributions during the remaining lease duration and a return of
capital at dissolution of the Company. The latter payment is
subject to the future value and the respective sales proceeds of
the aircraft, quoted in US dollars and the USD/GBP exchange rate at
that point in time. Since launch three independent appraisers
provide the Company with their future values for the aircraft at
the end of each financial year. The latest appraisals available are
dated the end of March 2015. The table below summarizes the total
return components, calculated on different exchange rates and using
the average value of the aircraft as provided by the three
independent external appraisers. Regarding the following two
tables, there is no guarantee that the aircraft will be sold at
such a sale price or that such capital returns would be generated.
It is also assumed that the lessee will honour all its contractual
obligations during the entire anticipated lease term.
I. Implied Future Total Return Components Based on
Appraisals(1)
The implied return figures are not a forecast and assume the Company
has not incurred any unexpected costs.
Aircraft value at lease expiry according to
* Prospectus appraisal USD 110 million
* Latest appraisal USD 104 million
==============================================================================================
per Share Income Distributions Return of Capital Total Return(2)
--------------------- --------------------------- ---------------------------
Prospectus Latest Prospectus Latest
Appraisal Appraisal(3) Appraisal Appraisal(3)
--------------------- ----------- -------------- ----------- --------------
Prospectus
FX Rate(4) 65p 161p 152p 226p 218p
--------------------- ----------- -------------- ----------- --------------
Current FX
Rate(5) 65p 173p 163p 238p 229p
--------------------- ----------- -------------- ----------- --------------
(1) See final sentences of Investment Strategy
(2) Excluding earned dividend
(3) Average of the three appraisals as at the Company's year-end in
the expiry year of the lease
(4) 1.5900 USD/GBP
(5) 1.4804 USD/GBP (31 Dec. 2015)
II. Company Facts (31 December 2015)
Listing LSE
Ticker DNA
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Current Share Price 113p (closing)
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Market Capitalisation GBP 48 million
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Initial Debt USD 122 million
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Outstanding Debt Balance USD 73.1 million (60% of Initial Debt)
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Current/Future Anticipated 2.25p per quarter (9p per annum)
Dividend
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Earned Dividends 42.75p
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Current Dividend Yield 7.96%
----------------------------------------
Dividend Payment Dates April, July, October, January
----------------------------------------
Expected Future Total 2.02 (based on the Current Share Price)
Cash Multiple(1)
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Total Expense Ratio 1.4% (based on Average Net Assets)
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Currency GBP
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Launch Date/Price 13 December 2010 / 100p
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Remaining Lease Duration 7 years
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Incorporation Guernsey
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Aircraft Registration A6-EDC (16.12.2022)
Number (Lease Expiry Date)
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Asset Manager Doric GmbH
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Corp & Shareholder Advisor Nimrod Capital LLP
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Administrator JTC (Guernsey) Ltd
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Auditor Deloitte LLP
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Market Makers Jefferies International Ltd,
Numis Securities Ltd,
Shore Capital Ltd,
Winterflood Securities Ltd
----------------------------------------
SEDOL, ISIN B4MF389, GG00B4MF3899
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Year End 31 March
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Stocks & Shares ISA Eligible
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Website www.dnairone.com
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(1) See final sentences of Investment Strategy
Asset Manager's Comment
1. The Doric Nimrod Air One Airbus A380
The Airbus A380 is registered in the United Arab Emirates under
the registration mark A6-EDC. For the period from original delivery
of the aircraft to Emirates in November 2008 until the end of
November 2015, a total of 3,679 flight cycles were logged. Total
flight hours were 30,918. This equates to an average flight
duration of approximately eight hours and 25 minutes.
The A380 owned by the Company visited Auckland, Brisbane,
Frankfurt, Perth and Zurich during the fourth quarter of 2015.
Maintenance Status
Emirates maintains its A380 aircraft fleet based on a
maintenance programme according to which minor maintenance checks
are performed every 1,500 flight hours, and more significant
maintenance checks (C checks) at 24 month or 12,000 flight hour
intervals, whichever occurs first. The last heavy maintenance
check, the 6-year check, was completed in December 2014.
Emirates bears all costs (including for maintenance, repairs and
insurance) relating to the aircraft during the lifetime of the
lease.
Inspections
In November 2015 the asset manager Doric inspected the aircraft
during an extended layover at Dubai International Airport. The
physical condition of the A380 was in compliance with the
provisions of the lease agreement.
2. Market Overview
From January to October 2015 passenger demand, measured in
revenue passenger kilometres (RPKs), increased by 6.8% compared to
the year before. The recent softening in economic growth, mostly in
emerging markets, has had no adverse impacts on RPK volumes so far.
Lower fares fuelled demand in air travel, particularly in the
leisure travel segment. Despite the recent moderation in economic
activity in a number of emerging markets, particularly China,
growth in passenger travel is expected to continue into the New
Year. Improved conditions in developed economies and persistent low
fuel prices are supporting factors. In its latest forecast released
in December, IATA expects an RPK growth of 6.7% for 2015 - an
increase of 0.7 percentage points compared to the previous year's
growth rate. Between January and October 2015 airlines increased
their capacities, measured in available seat kilometres (ASKs), by
6.0%. The Middle East (+14.5%) and Asia/Pacific (+7.0%) were the
most active regions in terms of capacity growth. The only shrinking
market was Africa again.
The average passenger load factor in the first ten months of
2015 was 80.7%. This is an increase of 0.5 percentage points
compared to the same period the year before. IATA estimates an
average worldwide passenger load factor of 80.6% for the full year
2015.
January 06, 2016 11:30 ET (16:30 GMT)
Tel: +44 20 7382 4565
www.nimrodcapital.com
Disclaimer
This document is issued by Doric Nimrod Air One Limited (the
"Company") to and for the information of its existing shareholders
and does not in any jurisdiction constitute investment advice or an
invitation to invest in the shares of the Company. The Company has
used reasonable care to ensure that the information included in
this document is accurate at the date of its issue but does not
undertake to update or revise the information, including any
information provided by the Asset Manager, or guarantee the
accuracy of such information.
To the extent permitted by law neither the Company nor the Asset
Manager nor their directors or officers shall be liable for any
loss or damage that anyone may suffer in reliance on such
information. The information in this document may be changed by the
Company at any time. Past performance cannot be relied on as a
guide to future performance. The value of an investment may go down
as well as up and some or all of the total amount invested may be
lost.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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