TIDMDNA
RNS Number : 4246U
Doric Nimrod Air One Limited
22 November 2019
DORIC NIMROD AIR ONE LIMITED (the "Company")
(Legal Entity Identifier: 2138009FPM7EH4WDS168)
HALF-YEARLY FINANCIAL REPORT
The Board of the Company is pleased to announce its results for
the period from 1 April 2019 to 30 September 2019.
To view the Company's half-yearly financial report please follow
the link below:
http://www.rns-pdf.londonstockexchange.com/rns/4246U_1-2019-11-22.pdf
The half-yearly financial report will also shortly be available
on the Company's website www.dnairone.com.
In addition, to comply with DTR 6.3.5(1) please find below the
full text of the half yearly financial report.
For further information, please contact:
For administrative and company information:
JTC Fund Solutions (Guernsey) Limited
+44 (0) 1481 702400
For shareholder information:
Nimrod Capital LLP
+44 (0) 20 7382 4565
OF ANNOUNCEMENT
E&OE - in transmission
Doric Nimrod Air One Limited
Half-Yearly Financial Report
For the period from 1 April 2019 to 30 September 2019
SUMMARY INFORMATION
Listing Specialist Fund Segment of the London
Stock Exchange's Main Market
Ticker DNA
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Share Price 88.5p (as at 30 September 2019)
83.5p (as at 19 November 2019)
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Market Capitalisation GBP 35.45 million (as at 19 November
2019)
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Current/Future Anticipated Current dividends are 2.25p per quarter
Dividend per share (9p per annum) and it is anticipated
this will continue until the aircraft
lease terminates in 2022.
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Dividend Payment Dates April, July, October, January
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Currency Sterling
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Launch Date/Price 13 December 2010 / 100p
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Incorporation and Domicile Guernsey
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Aircraft Registration Number A6-EDC (16 December 2022)
(Lease Expiry Date)
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Asset Manager Doric GmbH
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Corporate and Shareholder Nimrod Capital LLP
Advisor
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Administrator JTC Fund Solutions (Guernsey) Limited
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Auditor Deloitte LLP
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Market Makers finnCap Ltd,
Investec Bank,
Jefferies International Ltd,
Numis Securities Ltd,
Shore Capital Ltd,
Winterflood Securities Ltd
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SEDOL, ISIN, LEI B4MF389, GG00B4MF3899, 2138009FPM7EH4WDS168
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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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COMPANY OVERVIEW
Doric Nimrod Air One Limited (LSE Ticker: DNA) ("DNA" or the
"Company") is a Guernsey company incorporated on 8 October 2010.
Its shares were admitted to trading on the Specialist Fund Segment
("SFS") of the London Stock Exchange's Main Market ("LSE") on 13
December 2010.
The Company's total issued share capital currently consists of
42,450,000 ordinary preference shares (the "Shares") which were
admitted to trading at an issue price of 100 pence per Share. As at
19 November 2019, the latest practicable date prior to publication
of this report, the Shares were trading at 83.5 pence per
Share.
Investment Objectives and Policy
The Company's investment objective is to obtain income returns
and a capital return for its shareholders (the "Shareholders") by
acquiring, leasing and then selling a single aircraft. The Company
purchased one Airbus A380 ("A380") aircraft, manufacturer's serial
number 016 (the "Asset" or the "Aircraft") in December 2010 for
$179 million, which it leased (the "Lease") for twelve years to
Emirates Airline ("Emirates"), the national carrier owned by The
Investment Corporation of Dubai based in Dubai, United Arab
Emirates.
The operating lease is for an Airbus A380 aircraft. The term of
the Lease is for 12 years ending December 2022 with reduced rental
payments in the last two years and no extension option.
At the end of the lease term the lessee has the right to
exercise an option to purchase the Asset if the Company chooses to
sell the Asset. If a purchase option event occurs the Company and
the lessee will be required to arrange for a current market value
appraisal of the Asset to be carried out by three independent
appraisers. The purchase price will be equal to the average
valuation of those three appraisals.
Emirates bears all costs (including maintenance, repair and
insurance) relating to the Aircraft during the lifetime of the
Lease.
Distribution Policy
The Company currently targets a distribution of 2.25 pence per
Share per quarter.
There can be no guarantee that dividends will be paid to
Shareholders and, if dividends are paid, as to the timing and
amount of any such dividend. There can also be no guarantee that
the Company will, at all times, satisfy the solvency test required
to be satisfied pursuant to section 304 of The Companies (Guernsey)
Law, 2008, as amended (the "Law") enabling the Directors to effect
the payment of dividends.
Performance Overview
All payments by Emirates, have to date been made in accordance
with the terms of the Lease.
During the period under review, and in accordance with the
Distribution Policy, the Company declared two interim dividends of
2.25 pence per Share. One interim dividend of 2.25 pence per Share
was declared after the reporting period. Further details of these
dividend payments can be found on page 25.
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 Articles of Incorporation (the "Articles") and the
applicable laws (including any applicable requirements of the
solvency test contained therein).
Liquidation Resolution
Although the Company does not have a fixed life, the Articles
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.
CHAIRMAN'S STATEMENT
During the period from 1 April 2019 until 30 September 2019 (the
"Period") Doric Nimrod Air One Limited ("DNA1" or the "Company")
has declared and paid two quarterly dividends of 2.25 pence per
share, as expected, equivalent to 9 pence per share per annum.
The Company's investment objective is to obtain income returns
and a capital return for its shareholders (the "Shareholders") by
acquiring, leasing and then selling a single aircraft. The Company
purchased the aircraft (the "Aircraft") in December 2010 which it
leased to Emirates Airline ("Emirates"). A senior secured finance
facility provided by Westpac, in the amount of $122 million made up
the monies along with the placing proceeds for the acquisition of
the Asset. Upon the purchase of the Aircraft, the Company entered
into a 12 year lease with Emirates with fixed lease rentals for the
duration. The debt portion of the funding will be fully amortised
over the term of the lease, which will leave the Aircraft
unencumbered on the conclusion of the lease. Emirates bears all
costs (including maintenance, repair and insurance) relating to the
Aircraft during the lifetime of the lease and all payments thus far
by Emirates have been made in accordance with the terms of the
lease.
Whilst I am mindful of reporting a decline in the Company's
share price over the Period and year-to-date, Shareholders should
be reassured that the Company's Asset continues to be well utilised
and that Emirates are meeting all financial obligations on time and
in full. However, sentiment and recent news flow relating to the
Airbus A380 appears to be persisting as a headwind. The Board is
aware that the market is not currently balanced as between buyers
and sellers nor between ongoing users and those that are likely to
or have announced that they will discontinue use of the aircraft.
The situation is expected to continue to be fluid and will depend
on a number of factors including the position of manufacturer
deliveries of new widebody aircraft to airlines, including
Emirates, and passenger traffic generally. The Board and its
advisors continue to monitor the situation and as part of the lease
arrangements are in regular contact with the airline. As reported
in my statement accompanying the most recent annual financial
report the announcement by Airbus of the cessation of production of
new A380s has no direct impact on the Company's leases nor its
ability to pay targeted distributions. Furthermore, the Company's
debt structure is such that all loan liabilities will be fully paid
off at the end of the lease (subject only to the continued solvency
of Emirates) at which point the Aircraft will be unencumbered.
Recent comments by Emirates with regard to the A380 continue to be
supportive in many respects but, in the absence of concrete
evidence, the Company and its asset manager, Doric GmbH ("Doric"),
are somewhat constrained in their ability to report more positive
developments at this time. While the Company's lease expiry does
not fall due for over three years (December 2022) Doric has been
and will continue to be in regular dialogue with Emirates about
their future fleet planning requirements. Further details on the
A380 and Emirates can be found in the Asset Manager's Report.
Doric continues to monitor the lease and to report regularly to
the Board. Nimrod Capital LLP ("Nimrod"), the Company's Corporate
and Shareholder Advisor, continues to liaise between the Board and
Shareholders, and also communicates with Shareholders regularly
regarding relevant news flow and the Company's financial statements
and quarterly fact sheets.
In economic reality and in cash flow terms, the Company has
performed well, and as expected. However, the financial statements
do not, in the Board's view, properly convey this economic reality
due to the accounting treatments for foreign exchange, rental
income and finance costs, as required by International Financial
Reporting Standards ("IFRS").
IFRS, with which the Company is fully compliant, requires that
transactions denominated in currencies other than the presentation
currency (including, most importantly, the cost of the Aircraft)
are translated into the presentation currency at the exchange rate
ruling at the date of the transaction whilst monetary items
(principally the outstanding borrowings) are translated at the rate
prevailing on the reporting date. The result is that the figures
sometimes show very large mismatches which are reported as
unrealised foreign exchange differences.
On an on-going basis and assuming the lease and loan payments
are made as anticipated, such exchange differences do not reflect
the commercial substance of the situation in the sense that the key
transactions denominated in US dollars are in fact closely matched.
Rental income received in US dollars is used to make loan
repayments due which are likewise denominated in US dollars.
Furthermore, the US dollar lease rentals and loan repayments are
fixed at the outset of the Company's life and are very similar in
amount and timing.
In addition to this, lease rental income receivable is credited
evenly to the Statement of Comprehensive Income over the planned
life of the lease. Conversely, the methodology for accounting for
interest cost means that the proportion of the loan repayments
which is treated as interest, and is debited to the Statement of
Comprehensive Income, varies over the course of the loan with a
higher proportion of interest expense recognised in earlier
periods, so that the differential between rental income and
interest cost (as reported in the Statement of Comprehensive
Income) reduces. In reality however, the amount of rental income is
fixed so as to closely match the interest and principal components
of each loan repayment instalment and allow for payments of
operating costs and dividends.
Suzie Procter and Andreas Tautscher were appointed as
independent, non-executive directors of the Company on 19 August
2019. The Board are pleased that both Suzie and Andreas have agreed
to join the Board. Suzie and Andreas bring significant knowledge
and expertise from their respective backgrounds in asset management
and banking and from having served on investment company boards.
Further, bringing diversity and new perspectives to the Board, and
combining these with the continuity provided by its existing
directors, should prove valuable to the Company and its
shareholders.
The Board encourages Shareholders to read the Company's
quarterly fact sheets which we believe provide a great deal of
interesting information and we hope these regular reports, in
addition to the communication you receive from Nimrod, are useful
and informative. We welcome Shareholder engagement and feedback and
encourage you to contact Nimrod to request a meeting or relay your
feedback.
On behalf of the Board, I would like to thank our service
providers for all their help and, most importantly, Shareholders
for their continuing support of the Company. I look forward to
keeping all Shareholders up to date with further progress.
Charles Wilkinson
Chairman
21 November 2019
ASSET MANAGER'S REPORT
At the request of the Directors of the Company, this commentary
has been provided by the Asset Manager of the Company.
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
September 2019, a total of 5,748 flight cycles were logged. Total
flight hours were 47,190. This equates to an average flight
duration of around eight hours and 13 minutes.
The A380 owned by the Company recently visited Athens,
Dusseldorf, Melbourne, and Osaka.
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 36-month or 18,000-flight hour
intervals, whichever occurs first.
Emirates bears all costs (including for maintenance, repairs and
insurance) relating to the aircraft during the lifetime of the
lease.
Inspections
Doric, the asset manager, conducted a records audit of the
aircraft in April 2019. The results were in compliance with the
provisions of the lease agreement.
2. Market Overview
According to the International Air Transport Association
("IATA"), industry-wide passenger traffic, measured in global
revenue passenger kilometres ("RPKs"), grew at a rate of 4.7%
between January and July 2019 against the same period in the year
before. Growth in RPK has been running below the long-term average
rate of 5.5% and IATA expects an annual growth of 5.0% for this
year, largely due to declining growth in the Asia Pacific region.
IATA notes that this slower growth trend is likely to continue
against the backdrop of weaker growth in several large economies
and a pick-up in global risks.
Industry-wide capacity, measured in available seat kilometres
("ASKs"), increased by 4.1% between January and July 2019 versus
the first seven months of the previous year, resulting in a 0.5
percentage point increase in the worldwide passenger load factor
("PLF") to 82.6%. So far in 2019, all regions have recorded modest
capacity growth and high load factors with July's PLF of 85.7%, a
new all-time high for any month of the year.
Passenger traffic in the Middle East increased by 1.5% between
January and July 2019 against the same period in the previous year.
Capacity grew by 0.7%, which resulted in a 0.7 percentage point
increase in PLF to 76.0%. IATA's seasonally-adjusted data show a
clear levelling off in passenger traffic volumes since the first
half of 2018. This is attributable to the weakness in global trade,
volatile oil prices and heightened geopolitical tensions.
European-based operators continue to be the top performers in
overall market demand so far in 2019, as RPKs increased by 5.6%
compared to the same period in the previous year. Latin America
ranked second once again with 5.2% followed closely by the Asia
Pacific region with 5.1%. Africa experienced an increase of 4.9%
while North America saw positive growth at 4.0%.
(c) IATA, 2019. Air Passenger Market Analysis July 2019. All
Rights Reserved. Available on the IATA Economics page.
3. Lessee - Emirates Key Financials
In the 2018/19 financial year ending on 31 March 2019, Emirates
increased revenue by 6% to AED98 billion (USD26.7 billion) compared
to the previous financial year. However, as operating costs rose by
8%, Emirates' net profit fell nearly 70% compared to last year to
AED871 million (USD237.3 million). The decrease in profit was
attributed to higher fuel prices, strong competition, and
unfavourable foreign exchange effects.
Emirates overall passenger traffic grew marginally during the
2018/19 financial year with the airline carrying 58.6 million
passengers. Passenger traffic, measured in RPKs, increased by 2.7%,
while capacity, measured in ASKs, grew by 3.6%. This resulted in a
PLF of 76.8% compared to last year's 77.5%.
The rise in total operating costs was largely due to increasing
fuel prices, which grew 22% over the financial year. This came on
top of the 15% increase in fuel prices during the previous year.
Fuel continued to be the largest cost component, making up 32% of
the airline's total operating costs. Additionally, Emirates saw an
AED572 million (USD155.9 million) negative impact on its financial
results due to the strengthening of the US Dollar against many
revenue generating currencies.
As of 31 March 2019, Emirates' balance sheet amounted to
AED127.4 billion (USD34.7 billion), largely flat compared to the
end of the previous financial year. Total equity increased
marginally by 1.9% to AED37.7 billion (USD10.3 billion). The equity
ratio remained stable at 29.6%. The airline's cash balance amounted
to AED17.0 billion (USD4.6 billion) at the end of the financial
year, down by AED3.4 billion (USD921.8 million) compared to the end
of the previous financial year.
In the 2018/19 financial year, Emirates received 13 new aircraft
- seven A380s and six Boeing 777-300ERs - and retired 11 older
aircraft, bringing its fleet total to 270 as of 31 March 2019,
including 12 freighters. The fleet roll-over resulted in an average
fleet age of 6.1 years. In February 2019, Emirates signed a heads
of agreement with Airbus to order 40 A330neos and 30 A350-900s to
be delivered from 2021 and 2024 respectively. At the same time it
adjusted its A380 order book position and will receive 14 more
A380s from 2019 until the end of 2021, taking the total number of
A380s delivered to Emirates to 123 aircraft. Emirates' latest
report, however, omitted the USD 15 billion agreement for 40 Boeing
787-10 from the 2017 Dubai Air Show, which had previously been
included in its 2017/18 financial report.
Emirates' half-year results for 2019/20 are expected to be
released in November 2019.
According to Tim Clark, the airline's president, uncertainty
over the status of key widebody programmes is preventing Emirates
from revamping its orders with Airbus and Boeing. Delays in
Boeing's 777X programme with Emirates as launch customer have
prevented the airline from entering into discussions around
contract adjustments or introducing new aircraft to existing deals.
Additionally, Emirates has delayed the firming up of its deal for
A330neos and A350s, both of which are exclusively powered by
Rolls-Royce, due to concerns about the engines' ability to meet its
specific performance requirements. Setbacks in Rolls-Royce's
programmes have led Emirates to demand definitive guarantees for
trouble-free performance "from day one" before the airline will
commit to any further orders.
Weeks before Emirates concluded the first six months of its
2019/20 finanical year ending on 30 September 2019 Tim Clark
provided some guidance on the expected financial results: "I'm
pleased with our performance to date." At the same time he sees
"difficulties" on multiple fronts including demand issues in South
America with the collapsing peso in Argentina, challenges in Asia
with the unrest in Hong Kong and the Brexit discussions in Europe.
Emirates had also to manage the closure of one of its two runways
at the airline's Dubai hub due to maintenance for a period of six
weeks. Clark was in particular pleased with the operation to
London, Emirates' strongest A380 destination outside its Dubai hub,
reporting a 93% load factor on the nine daily A380 flights the
airline runs out of London Heathrow and London Gatwick. The latter
airport is serviced by A380s with a 615 seat high-density
configuration.
Source: Bloomberg, Cirium
4. Aircraft - A380
As of mid-September 2019, Emirates operated a fleet of 108
A380s, which currently serve 52 destinations within its global
network via its hub in Dubai. A380 destinations include: Amsterdam,
Athens, Auckland, Bangkok, Barcelona, Beijing, Birmingham,
Brisbane, Casablanca, Christchurch, Copenhagen, Dusseldorf,
Frankfurt, Guangzhou, Hamburg, Hong Kong, Houston, Johannesburg,
Kuala Lumpur, Kuwait, London Gatwick, London Heathrow, Los Angeles,
Madrid, Manchester, Mauritius, Melbourne, Milan, Moscow, Mumbai,
Munich, Muscat, New York JFK, Nice, Osaka, Paris, Perth, Prague,
Riyadh, Rome, San Francisco, Sao Paulo, Seoul, Shanghai, Singapore,
Sydney, Taipei, Tokyo Narita, Toronto, Vienna, Washington, and
Zurich.
As of mid-September 2019, the global A380 fleet consisted of 231
planes in commercial service. The fourteen operators are Emirates
(108), Singapore Airlines (19), Deutsche Lufthansa (14), Qantas
(12), British Airways (12), Korean Air Lines (10), Etihad Airways
(10), Air France (10), Qatar Airways (10), Malaysia Airlines (6),
Thai Airways (6), Asiana Airlines (6), China Southern Airlines (5),
All Nippon Airways (2) and Hi Fly (1). Another six aircraft are
listed as in storage, including four from Emirates, which were
parked at Dubai-World Central International airport.
During the period under review the first two A380 part-outs have
been initiated by Dr Peters Group, which estimates USD 45 million
in revenue per aircraft from component sales alone due to the
demand for parts from existing A380 operators preparing for
upcoming maintenance events. Dr Peters estimates a total revenue as
high as USD 80 million per aircraft. The Rolls-Royce Trent 900
engines are currently leased to Rolls-Royce through 2020, after
which Dr Peters intends to sell the engines.
Since 1 July, Emirates has been operating its shortest A380
route at just 340km (184nm). Twice-daily flights between Dubai and
Oman's capital Muscat with A380s replacing the Boeing 777-300ERs,
which served the route before. The announcement came a month after
the launch of A380s operations on another short route between Dubai
and the Saudi Arabian capital Riyadh (870km, 470nm). Emirates'
shortest regular route for the A380 was previously Dubai-Kuwait,
which covers a distance of roughly 850km (460nm). Emirates stated,
"The new A380 services to Muscat demonstrate the airline's agile
approach to fleet deployment and its commitment to providing an
enhanced on-board experience for its passengers".
In July, Air France announced that it intends to retire its
entire Airbus A380 fleet by 2022 and is studying options to replace
the double-deck type with twinjets. The airline had previously
announced plans to retire at least three of its 10 A380s, but has
now approved "in principle" the retirement of the remaining
aircraft. Five of the aircraft are owned by Air France, while the
rest are on operating leases.
At the end of July, Flynas announced that it operated its first
Haj pilgrims flight on A380s wet-leased from Malaysia Airlines. The
Saudi carrier anticipates transporting 200,000 pilgrims from 17
countries.
In September, the Portuguese wet-lease operator Hi Fly confirmed
its plans to acquire additional second-hand A380 aircraft. Chief
executive Paulo Mirpuri stated "as more A380s become available, we
will be taking more aircraft", further adding that the market would
"say how many". The operator's current A380 has mainly been used
for transatlantic flights, but has also been deployed on routes to
South America, Indian Ocean destinations and during Operation
Matterhorn involving the repatriation of Thomas Cook holiday makers
back to the UK.
Also in September, Emirates' president Tim Clark stated that the
airline is conducting a review of its fleet and network structure
as it plans to start a gradual retirement of the A380 from its
fleet. Noting that "this aircraft will still be flying in Emirates
in 2035" Clark expects Emirates' A380 fleet to peak shortly and
then stabilise at around 115 aircraft, before declining to about
90-100 by the mid-2020s. Two Emirates-owned A380s are earmarked to
be withdrawn from service shortly and will serve as a spares source
to meet upcoming overhaul requirements for its operational fleet.
According to Tim Clark, the A380 will remain a pillar of Emirates'
fleet mix for the next 15 years. However, Emirates has dropped
plans to install new first class suites on its A380 aircraft, but
will introduce new premium economy seats on its A380s towards the
end of next year.
Source: Bloomberg, Cirium, Gulf News
DIRECTORS
Charles Edmund Wilkinson - Chairman (Independent non-executive
director)
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.
Charles is a director of Doric Nimrod Air Two Limited, Chairman
of Doric Nimrod Air Three Limited and a director of Landore
Resources Ltd, a Guernsey based mining exploration company. He is
resident in Guernsey.
Geoffrey Alan Hall (Independent non-executive director)
Geoffrey Hall has extensive experience in investment management,
having previously been Chief Investment Officer of Allianz
Insurance plc, a major UK general insurance company and an
investment manager at HSBC Asset Management, County Investment
Management, and British Railways Pension Funds. Geoffrey is also
Chairman of Doric Nimrod Air Two Limited and a director of Doric
Nimrod Air Three Limited.
Geoffrey earned his masters degree in Geography at the
University of London. He is an associate of the CFA Society of the
UK and is resident in the United Kingdom.
John Le Prevost (Independent non-executive director)
John Le Prevost was the Chief Executive Officer of Anson Group
Limited and Chairman of Anson Registrars Limited (the Company's
Registrar). He has spent over 30 years working in offshore trusts
and investment business during which time he was Managing Director
of County NatWest Investment Management (Channel Islands) Limited,
Royal Bank of Canada's mutual fund company in Guernsey and Republic
National Bank of New York's international trust company. John is a
Director of Guaranteed Investment Products I PCC Limited,
Guernsey's largest protected cell company. He is a Director of a
number of other companies associated with Anson Group's business as
well as being a trustee of the Guernsey Sailing Trust.
John is also a director of Doric Nimrod Air Two Limited, Doric
Nimrod Air Three Limited and Amedeo Air Four Plus Limited. He is
resident in Guernsey.
Suzanne Elaine Procter (Independent non-executive director -
appointed 19 August 2019)
Suzie Procter brings over 37 years' experience in financial
markets, with specific expertise in asset management. She was
previously a non-executive director of TR Property Investment Trust
plc, an investment company listed on the FTSE 250 index. Her
executive roles included Partner and member of the Executive
Management Committee at Cantillon Capital Management LLC, Managing
Director of Lazard Asset Management, Head of Institutional Sales at
INVESCO Asset Management, Director and Head of Fixed Income
Business at Pictet International Management Ltd and Head of Fixed
Income at Midland Montagu Asset Management.
Suzie is also a director of Doric Nimrod Air Two Limited and
Doric Nimrod Air Three Limited. She is resident in the United
Kingdom.
Andreas Josef Tautscher (Independent non-executive director -
appointed 19 August 2019)
Andreas Tautscher brings over 30 years' financial services
experience. He serves as a non-executive director and member of the
Audit Committee of BH Global Limited, a Guernsey closed-ended
investment company whose shares are traded on the Main Market of
the London Stock Exchange. He is also a director and CEO of Altair
Group, a leading independent director services business in the
Channel Islands. From 1994 to 2018 Andreas held various roles at
Deutsche Bank and was most recently CEO of the Channel Islands and
Head of Financial Intermediaries for EMEA. He was previously a
non-executive director of the Virgin Group. Andreas qualified as a
Chartered Accountant in 1994.
Andreas is also a director of Doric Nimrod Air Two Limited and
Doric Nimrod Air Three Limited. He is resident in Guernsey.
INTERIM MANAGEMENT REPORT
A description of important events which have occurred during the
period from 1 April 2019 until 30 September 2019 (the "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 are given in the Chairman's
Statement, Asset Manager's Report, and the Notes to the Financial
Statements contained on pages 16 to 37 and are incorporated here by
reference.
There were no material related party transactions which took
place in the Period, other than those disclosed at note 22 of the
Notes to the Financial Statements.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company for
the remaining six months of the financial year are unchanged from
those disclosed in the Company's Annual Financial Report for the
year ended 31 March 2019.
Going Concern
The Company's principal activities are set out within the
Company Overview on page 2 to 3. The financial position of the
Company is set out on page 13. In addition, note 19 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 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 taking into account the
cash flow characteristics described above, the Directors have a
reasonable expectation that the Company has adequate resources to
continue in its operational existence to lease maturity in December
2022 . Accordingly, they continue to adopt the going concern basis
of accounting in preparing these financial statements.
Responsibility Statement
The Directors jointly and severally confirm that to the best of
their knowledge:
(a) the financial statements, prepared in accordance with
International Financial Reporting Standards ("IFRS") give a fair,
balanced and understandable view of the assets, liabilities,
financial position and profits of the Company and performance of
the Company; and
(b) this Interim Management Report includes or incorporates by
reference:
a. an indication of important events that have occurred during
the Period, and their impact on the financial statements;
b. a description of the principal risks and uncertainties for
the remaining six months of the financial year; and
c. confirmation that there were no related party transactions in
the Period under review that have materially affected the financial
position or the performance of the Company during that Period.
Signed on behalf of the Board of Directors of the Company on 21
November 2019.
Charles Wilkinson
Chairman
21 November 2019
STATEMENT OF COMPREHENSIVE INCOME
For the period from 1 April 2019 to 30 September 2019
1 Apr 2019 1 Apr 2018 to
to
Notes 30 Sep 2019 30 Sep 2018
GBP GBP
INCOME
A rent income 4 5,426,194 5,021,530
B rent income 4 2,260,370 2,260,370
------------ ------------------------
7,686,564 7,281,900
EXPENSES
Operating expenses 5 (312,921) (312,735)
Depreciation of Asset 9 (1,901,824) (2,560,340)
------------ ------------------------
(2,214,745) (2,873,075)
Net profit for the period
before finance costs and
foreign exchange losses 5,471,819 4,408,825
Finance costs 10 (722,129) (971,382)
------------
Net profit for the period
after finance costs before
foreign exchange losses 4,749,690 3,437,443
Unrealised foreign exchange
losses 7 (2,101,034) (2,969,994)
------------ ------------------------
Profit for the period 2,648,656 467,449
------------ ------------------------
Other Comprehensive Income - -
------------ ------------------------
Total Comprehensive Income
for the period 2,648,656 467,449
------------ ------------------------
Pence Pence
Earnings per Ordinary Share
for the period - Basic and
Diluted 8 6.24 1.10
In arriving at the results for the financial period, all amounts
above relate to continuing operations. The notes on pages 16 to 37
form an integral part of these financial statements.
STATEMENT OF FINANCIAL POSITION
As
at 30 September 2019
30 Sep 2019 31 Mar 2019
Notes GBP GBP
NON-CURRENT ASSETS
Aircraft 10 81,385,419 83,287,243
----------------------- -------------------
CURRENT ASSETS
Cash and cash equivalents 17 3,912,971 4,009,908
Accrued income 953,531 853,978
Receivables 13 4,368 13,582
----------------------- -------------------
4,870,870 4,877,468
----------------------- -------------------
TOTAL ASSETS 86,256,289 88,164,711
----------------------- -------------------
CURRENT LIABILITIES
Borrowings 15 11,563,919 10,603,335
Deferred income 199,108 199,108
Payables - due within one year 14 26,967 175,811
----------------------- -------------------
11,789,994 10,978,254
NON-CURRENT LIABILITIES
Borrowings 15 9,730,574 14,658,681
Deferred income 14,622,707 13,153,168
----------------------- -------------------
24,353,281 27,811,849
----------------------- -------------------
TOTAL LIABILITIES 37,485,458 38,790,103
----------------------- -------------------
TOTAL NET ASSETS 50,113,014 49,374,608
----------------------- -------------------
EQUITY
Share capital 16 39,016,728 39,016,728
Retained earnings 11,096,286 10,357,880
----------------------- -------------------
50,113,014 49,374,608
----------------------- -------------------
Pence Pence
Net asset value per Ordinary Share based
on 42,450,000 (Mar 2019: 42,450,000) shares 116.31
in issue 118.05
The financial statements were approved by the Board of Directors
and authorised for issue on
21 November 2019 and are signed on its behalf by:
Charles Wilkinson Geoffrey Hall
Director Director
The notes on pages 16 to 37 form an integral part of these financial
statements. STATEMENT OF CASH FLOWS
For the period from 1 April 2019 to 30 September 2019
1 Apr 2018
Notes 1 Apr 2019 to to
30 Sep 2019 30 Sep 2018
GBP GBP
OPERATING ACTIVITIES
Profit for the period 2,648,656 467,449
Movement in accrued and deferred
income 560,284 528,896
Depreciation of Asset 10 1,901,824 2,560,340
Loan interest 10 691,769 941,022
Decrease in payables (148,844) (99,867)
Decrease in receivables 9,214 4,746
Amortisation of debt arrangement
costs 11 30,360 30,360
Foreign exchange movement 7 2,101,034 2,969,994
-------------------- -----------------
NET CASH FROM OPERATING ACTIVITIES 7,794,297 7,402,940
-------------------- -----------------
FINANCING ACTIVITIES
Dividends paid 8 (1,910,250) (1,910,250)
Repayments of capital on borrowings 20 (5,440,053) (4,760,895)
Repayments of interest on borrowings 20 (689,989) (911,199)
NET CASH USED IN FINANCING ACTIVITIES (8,040,292) (7,582,344)
-------------------- -----------------
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 4,009,908 3,984,293
Decrease in cash and cash equivalents (245,995) (179,404)
Effects of foreign exchange rates 149,058 157,069
CASH AND CASH EQUIVALENTS AT OF PERIOD 17 3,912,971 3,961,958
-------------------- -----------------
The notes on pages 16 to 37 form an integral part of these
financial statements.
STATEMENT OF CHANGES IN EQUITY
For the period from 1 April 2019 to 30 September 2019
Notes Share Retained
Capital Earnings Total
GBP GBP GBP
Balance as at 1 April 2019 39,016,728 10,357,880 49,374,608
Total Comprehensive Income
for the period - 2,648,656 2,648,656
Dividends paid 8 - (1,910,250) (1,910,250)
------------------- ------------- -------------
Balance as at 30 September
2019 39,016,728 11,096,286 50,113,014
------------------- ------------- -------------
Notes Share Retained
Capital Earnings Total
GBP GBP GBP
Balance as at 1 April 2018 39,016,728 8,630,310 47,647,038
Total Comprehensive Income
for the period - 467,449 467,449
Dividends paid 8 - (1,910,250) (1,910,250)
------------------- ------------- -------------
Balance as at 30 September
2018 39,016,728 7,187,509 46,204,237
------------------- ------------- -------------
The notes on pages 16 to 37 form an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS
For the period from 1 April 2019 to 30 September 2019
1 GENERAL INFORMATION
Doric Nimrod Air One Limited (the "Company") was incorporated in
Guernsey on 8 October 2010 with registered number 52484. The
address of the registered office is given on page 38.
Its share capital consists of one class of Ordinary Preference
Shares ("Ordinary Shares") and one class of Subordinated
Administrative Shares ("Administrative Shares"). The Company's
Ordinary Shares have been admitted to trading on the Specialist
Fund Segment ("SFS") of the London Stock Exchange's Main Market
(the "LSE").
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 principal activities of the
Company are set out in the Chairman's Statement on pages 4 to 5 and
Interim Management Report on pages 10.
2 ACCOUNTING POLICIES
The significant accounting policies adopted by the Company are
as follows:
(a) Basis of Preparation
The financial statements have been prepared in conformity with
the International Accounting Standard 34 Interim Financial
Reporting as adopted by the European Union ("EU") and applicable
Guernsey law. The financial statements have been prepared on a
historical cost basis.
This report is to be read in conjunction with the annual
financial report for the year ended 31 March 2019 which is prepared
in accordance with the International Financial Reporting Standards
("IFRS") as adopted by the EU and any public announcements made by
the Company during the interim reporting period from 1 April 2019
to 30 September 2019 (the "Period").
The accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting period,
except for the adoption of new and amended standards as set out
below:
(b) Adoption of new and revised Standards
New and amended IFRS Standards that are effective for the
current period
The following Standard and Interpretation issued by the
International Accounting Standards Board ("IASB") and International
Financial Reporting Standards Interpretations Committee ("IFRIC")
has been adopted in the current period. The adoption has not had
any impact on the amounts reported in these financial statements
and is not expected to have any impact on future financial
periods:
-- IFRS 16 Leases - The standard provides a single lessee
accounting model, requiring lessees to recognise assets and
liabilities for all leases unless the lease term is 12 months or
less or the underlying asset has a low value. Lessors continue to
classify leases as operating or finance, with IFRS 16's approach to
lessor accounting substantially unchanged from its predecessor, IAS
17. Accordingly, the Company is not required to make any
adjustments on transition to IFRS 16 and accounts for its leases in
accordance with IFRS 16 from the date of initial application.
New and Revised Standards in issue but not yet effective
At the date of approval of these financial statements there were
no standards and interpretations in issue but not yet effective,
which were considered to be material to the Company.
(c) Taxation
The Company has been assessed for tax at the Guernsey standard
rate of 0 per cent.
(d) Share Capital
Ordinary Shares are classified as equity. Incremental costs
directly attributable to the issue of Shares are recognised as a
deduction from equity.
(e) Expenses
All expenses are accounted for on an accruals basis.
(f) Interest Income
Interest income is accounted for on an accruals basis.
(g) Foreign Currency Translation
The currency of the primary economic environment in which the
Company operates (the functional currency) is Pounds Sterling
("GBP", "GBP" or "Sterling"), which is also the presentation
currency.
Transactions denominated in foreign currencies are translated
into Sterling 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.
(h) 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 three
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.
(i) Segmental Reporting
The Directors are of the opinion that the Company is engaged in
a single segment of business, being the acquiring, leasing and
selling of one Airbus A380-861 aircraft (the "Asset" or the
"Aircraft").
(j) Going Concern
After making enquiries, the Directors have a reasonable
expectation that the Company has 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 as the interest on the Company's bank loan (the
"Loan") has been fixed and the fixed A and B rental income under
the operating lease with Emirates (the "Lease") means that the
rents 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. The Board is
not aware of any material uncertainty that may cast significant
doubt upon the Company's ability to continue as a going
concern.
(k) Leasing and Rental Income
The Lease relating to the Asset 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 Asset is shown as a non-current asset in the Statement of
Financial Position. Further details of the Lease are given in note
12.
Rental income and advance lease payments from the operating
lease are recognized 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 recognized in profit or loss on a straight-line basis
over the lease term.
(l) Property, Plant and Equipment - Aircraft
In line with IAS 16 Property Plant and Equipment, the Asset 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 Asset
plus any costs directly attributable to bringing it into working
condition for its intended use. Costs incurred by the lessee in
maintaining, repairing or enhancing the Aircraft are not recognised
as they do not form part of the costs to the Company. Accumulated
depreciation and any recognised impairment loss are deducted from
cost to calculate the carrying amount of the Asset.
Depreciation is recognised so as to write off the cost of the
Asset less the estimated residual value of GBP69.3 million (2018:
GBP63.1 million) over the estimated useful life of the Asset of 12
years, using the straight line method. Residual values have been
arrived at by taking the average amount of three independent
external valuers and after taking into account disposition fees.
The Directors consider that the use of future base values excluding
inflation best approximates residual value as required by IAS 16
Property, Plant and Equipment.
The depreciation method reflects the pattern of benefit
consumption. The residual value is reviewed annually and is an
estimate of the amount the Company would receive today 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 the Asset. Depreciation starts when
the Asset is available for use.
At each audited Statement of Financial Position date, the
Company reviews the carrying amounts of the Asset to determine
whether there is any indication that the Asset has suffered an
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). Further details are given in note 3.
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.
(m) Financial instruments
A financial instrument is recognised when the Company becomes a
party to the contractual provisions of the instrument. Financial
liabilities are derecognised if the Company's obligations,
specified in the contract, expire or are discharged or cancelled.
Financial assets are derecognised if the Company's contractual
rights to the cash flows from the financial assets expire, are
extinguished, or if the Company transfers the financial assets to a
third party and transfers all the risks and rewards of ownership of
the Asset, or if the Company does not retain control of the Asset
and transfers substantially all the risk and rewards of ownership
of the Asset.
Under IFRS 9, on initial recognition, a financial asset is
classified as measured at:
- Amortised cost;
- Fair value through other comprehensive income ("FVOCI"); or
- Fair value through profit or loss ("FVTPL").
The classification of financial assets under IFRS 9 is generally
based on the business model in which a financial asset is managed
and its contractual cash flow characteristics. The Company only has
financial assets that are classified as amortised cost.
i) Financial assets held at amortised cost
A financial asset is measured at amortised cost if it meets both
of the following conditions and is not designated as at FVTPL:
- it is held within a business model whose objective is to hold
assets to collect contractual cash flows; and
- its contractual terms give rise on specified dates to cash
flows that are solely payments of principal and interest on the
principal amount outstanding.
Assets that are held for collection of contractual cash flows
where those cash flows represent solely payments of principal and
interest are measured at amortised cost. These assets are
subsequently measured at amortised cost using the effective
interest method. The effective interest method calculates the
amortised cost of financial instruments and allocates the interest
over the period of the instrument.
The Company's financial assets held at amortised cost include
trade and other receivables and cash and cash equivalents.
The Company assesses on a forward looking basis the expected
credit losses associated with its financial assets held at
amortised cost. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
ii) Financial liabilities held at amortised cost
Financial liabilities consist of payables and borrowings. The
classification of financial liabilities at initial recognition
depends on the purpose for which the financial liability was issued
and its characteristics. All financial liabilities are initially
measured at fair value, net of transaction costs. All financial
liabilities are recorded on the date on which the Company becomes
party to the contractual requirements of the financial liability.
Financial liabilities are subsequently measured at amortised cost
using the effective interest method, with interest expense
recognised on an effective yield basis.
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.
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.
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 financial statements.
Estimates
Residual Value and Useful Life of the Asset
As described in note 2 (l), the Company depreciates the Asset on
a straight line basis over the estimated useful life of the Asset
after taking into consideration the estimated residual value. IAS
16 Property, Plant and Equipment requires residual value to be
determined as an estimate of the amount that the Company would
currently obtain from the disposal of the Asset, after deducting
the estimated costs of disposal, if the Asset were of the age and
condition expected at the end of its useful life. However, there
are currently no aircraft of a similar type of sufficient age for
the Directors to make a direct market comparison in making this
estimation. After consulting with the Company's advisors, the
Directors have concluded that a future base value (determined
annually) for the Aircraft at the end of its useful life (excluding
inflationary effects) best represents residual value as required by
a strict interpretation of relevant accounting standards. In
estimating residual value, the Directors refer to future base
values (excluding inflationary effects) for the Asset obtained from
three independent expert aircraft valuers.
The estimation of residual value remains subject to inherent
uncertainty. If the estimate of residual value had been decreased
by 20 per cent. with effect from the beginning of this period, the
net profit for the Period and closing Shareholders' equity would
have been decreased by approximately GBP1.5 million (30 Sep 2018:
GBP1.2 million). An increase in residual value by 20 per cent.
would have been an equal but opposite effect. This reflects the
range of estimates of residual value that the Directors believe
would be reasonable at this time. The estimated useful life of the
Asset is based on the expected period for which the Company will
own and lease the Asset.
Judgements
Operating Lease Commitments - Company as Lessor
The Company has entered into a lease on the Asset. 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 Asset
is for 12 years without an extension option.
Impairment
As described in note 2(l), an impairment loss 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 review the
carrying amount of its Asset at each audited Statement of Financial
Position date and monitor the Asset for any indications of
impairment as required by IAS 16 Property, Plant and Equipment and
IAS 36 Impairment of Assets.
In assessing value-in-use, the estimated future cash flows
expected to be generated by the asset (ie the income streams
associated with the lease and the expected future market value of
the Aircraft at the end of the lease) 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.
In determining fair value less costs of disposal, recent market
transactions are taken into account, if available. If no such
transactions can be identified, an appropriate valuation model is
used. Such valuation reflects the highest and best use of the Asset
given the fact that the Aircraft are held for use in a leasing
business.
Factors that are considered important which could trigger an
impairment review include, but are not limited to, significant
decline in the market value beyond that which would be expected
from the passage of time or normal use, significant changes in the
technology and regulatory environments, evidence from internal
reporting which indicates that the economic performance of the
Asset is, or will be, worse than expected.
The Board together with the Asset Manager believed that it was
prudent to conduct an impairment test as at the 31 March 2019 year
end as the below items may result in pricing changes for the
current portfolio of Aircraft:
-- As further Airbus A380 aircraft reach comparable 12 year ages
and exit their first lease agreements further market data may
become available to Doric and the asset valuers.
-- Lack of publicly available secondary market data for the specific aircraft.
-- Changing technologies, market innovation and changes to key
production programs as well as the success and / or failure as well
as the timing of new aircraft model launches.
-- Information regarding Airbus cancellation of the A380
programme, creating uncertainty as to the liquidity of the future
market for sale or re-lease.
The assessment was performed by comparing the net book value of
the Aircraft to the higher of its respective fair value less costs
to sell and value-in-use. In determining the value-in-use, the
gross value of future contractual cash flows including a residual
value assumption was discounted to present value, using the
Company's discount rate, as the cash flows are contractual. Any
assumptions with regards to issues in counterparty credit risk
would be reflected in the discount rate used to calculate the net
present value of future contractual cash flows. There were no
indications at 31 March 2019 that Emirates would default or that
the Aircraft would not be marketable post lease. In determining the
fair value less costs to sell, the current market value of the
Aircraft was used, less estimated costs to dispose of the
Aircraft.
The Asset Manager considered that 6.5 per cent. was the most
appropriate discount rate for the following reasons;
-- the discount rate should be a rate commensurate with what a
normal market participant would consider to be the risk inherent in
the assets; and
-- the Aircraft are with Emirates, who is considered to have a low credit risk profile.
Based on the impairment review performed, the Directors were of
the opinion that no impairment loss was required to be recognised
at 31 March 2019.
In addition, these values were tested for their sensitivity to
the discount rate and the residual value, the following being the
two largest inputs into the calculation:
-- discount rates at -1 per cent. and +1 per cent. intervals
were tested on either side of the Company discount rate (6.5 per
cent.); and
-- a reduction of the residual value used in the calculation by
10 per cent. and 20 per cent. respectively.
The sensitivity test exhibited that the recoverable amount was
greater than the net book value at the 2019 financial year end for
the Aircraft, except when using an 8.5 per cent. or higher discount
rate and a 20 per cent. or higher reduction in residual value, a
situation the Asset Manager considers to be highly unlikely. As
such, no impairment was identified.
The Board has considered the carry book value of its aircraft
and discussed whether in light of recent announcements since 1
April 2019, whether an impairment review needs to be carried out
again at this juncture. On the advice of its Asset Manager, the
conclusion reached was that whilst it would be wise not to lay too
great a reliance on the current carry book value as a measure of
net asset value for investment purposes, there were still too few
new data points available on which a new appraisal at this time can
be justified. The Company will again be carrying out a full and
thorough appraisal of residual values come the next March financial
year end.
4 RENTAL INCOME
1 Apr 2019 1 Apr 2018
to to
30 Sep 2019 30 Sep 2018
GBP GBP
A rent income 6,086,032 5,649,980
Revenue received but not yet earned (659,838) (628,450)
------------ ------------
5,426,194 5,021,530
B rent income 2,160,816 2,160,816
Revenue earned but not yet received 99,554 99,554
------------ ------------
2,260,370 2,260,370
Total rental income 7,686,564 7,281,900
------------ ------------
Rental income is derived from the leasing of the Asset. Rent is
split into A rent, which is received in US dollars ("$") and B
rent, which is received in Sterling. Rental income received in US
dollars is translated into the functional currency (Sterling) at
the date of the transaction.
A and B rental income receivable will decrease / increase
respectively, 10 years from the start of the Lease between the
Company and Emirates. An adjustment has been made to spread the
actual total income receivable evenly over the term of the
Lease.
5 OPERATING EXPENSES
1 Apr 2019 1 Apr 2018
to to
30 Sep 2019 30 Sep 2018
GBP GBP
Corporate shareholder and advisor fee
(note 22) 59,742 58,426
Asset management fee (note 22) 149,353 146,067
Liaison agency fees 5,852 5,675
Administration fees 30,934 30,930
Accountancy fees 5,692 5,575
Registrars fee (note 22) 4,802 4,454
Audit fee 11,426 11,400
Directors' remuneration (note 6) 31,154 25,000
Directors' and Officers' insurance 3,961 3,961
Legal and professional expenses 5,391 7,108
Annual fees 1,123 4,848
Other operating expenses 3,491 9,291
------------ ------------
312,921 312,735
------------ ------------
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 and the Chair of Audit, who receives
GBP18,000 per annum
7 UNREALISED FOREIGN EXCHANGE LOSSES
1 Apr 2019 1 Apr 2018
to to
30 Sep 2019 30 Sep 2018
GBP GBP
Cash at bank 149,058 157,069
Deferred income (809,702) (839,670)
Borrowings (1,440,390) (2,287,393)
(2,101,034) (2,969,994)
------------ -------------
8 DIVIDS IN RESPECT OF EQUITY SHARES
1 Apr 2019 to
30 Sep 2019
GBP Pence per
share
First interim dividend 955,125 2.25
Second interim dividend 955,125 2.25
---------- -----------
1,910,250 4.50
---------- -----------
1 Apr 2018 to
30 Sep 2018
GBP Pence per
share
First interim dividend 955,125 2.25
Second interim dividend 955,125 2.25
------------------- -----------
1,910,250 4.50
------------------- -----------
9 EARNINGS PER SHARE
Earnings per Share ("EPS") is based on the net profit for the
Period attributable to holders of Ordinary Shares in the Company
("Shareholders") of GBP2,648,656 (30 Sep 2018: net profit for the
period of GBP467,449) and 42,450,000 Ordinary Shares (30 Sep 2018:
42,450,000) being the weighted average number of Ordinary Shares in
issue during the Period. There are no dilutive instruments and
therefore basic and diluted EPS are identical.
10 PROPERTY, PLANT AND EQUIPMENT - AIRCRAFT Aircraft
GBP
COST
As at 1 Apr 2019 114,532,547
-------------
As at 30 Sep 2019 114,532,547
-------------
ACCUMULATED DEPRECIATION
As at 1 Apr 2019 31,245,304
Depreciation charge for the Period 1,901,824
-------------
As at 30 Sep 2019 33,147,128
-------------
CARRYING AMOUNT
As at 31 Mar 2019 83,287,243
-------------
As at 30 Sep 2019 81,385,419
-------------
The cost in US dollars and the exchange rates at acquisition
for the Aircraft was as follows:
Cost in US dollars 178,549,805
GBP/US dollars exchange rate 1.5502
The Company believes that the use of future base values
excluding inflation best approximates residual value as required
per IAS 16 Property, Plant and Equipment (refer to note 3). The
Company is depreciating its Asset so as to ensure that the carrying
value of its Asset at the termination of its Lease equals the
uninflated residual dollar value determined at 31 March 2019 in
accordance with the methodology set out in note 3, translated into
Sterling at the exchange rate prevailing at 31 March 2019.
The Company may dispose of the Asset during the term of the
Lease, but is required to meet certain conditions and needs
Emirates' consent (such consent not be unreasonably withheld). 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 to purchase the Asset at an independently appraised
value.
Under IFRS 16 leases the direct costs attributed in negotiating
and arranging the Lease have been added to the carrying amount of
the Asset and will be recognised as an expense over the lease
term.
Refer to note 3 for details on the impairment review and
sensitivities conducted.
11 FINANCE COSTS
1 Apr 2019 1 Apr 2018
to to
30 Sep 2019 30 Sep 2018
GBP GBP
Amortisation of debt arrangement
costs 30,360 30,360
Loan interest 691,769 941,022
------------ ------------
722,129 971,382
------------ ------------
12 OPERATING LEASES
The amounts of minimum future lease receipts at the reporting
date under non cancellable operating leases are detailed below:
30 September 2019 Next 12 1 to 5 After 5
months years years Total
GBP GBP GBP GBP
Aircraft - A rental
payments 12,422,549 8,466,407 - 20,888,956
Aircraft - B rental
payments 4,321,632 10,921,392 - 15,243,024
----------- ----------- -------- -----------
16,744,181 19,387,799 - 36,131,980
----------- ----------- -------- -----------
31 March 2019 Next 12 1 to 5 After 5
months years years Total
GBP GBP GBP GBP
Aircraft - A rental
payments 11,711,566 13,837,692 - 25,549,258
Aircraft - B rental
payments 4,321,632 13,082,208 - 17,403,840
----------- ----------- -------- -----------
16,033,198 26,919,900 - 42,953,098
----------- ----------- -------- -----------
The operating lease is for an Airbus A380-861 aircraft. The term
of the Lease is for 12 years ending December 2022 with reduced
rental payments in the last two years and no extension option.
At the end of the lease term the lessee has the right to
exercise an option to purchase the Asset if the Company chooses to
sell the Asset. If a purchase option event occurs the Company and
the lessee will be required to arrange for a current market value
appraisal of the Asset to be carried out by three independent
appraisers. The purchase price will be equal to the average
valuation of those three appraisals.
13 RECEIVABLES
30 Sep 2019 31 Mar 2019
GBP GBP
Prepayments 4,357 13,571
Sundry debtors 11 11
4,368 13,582
------------ ------------
The above carrying value of receivables is equivalent to its
fair value.
14 PAYABLES (amounts falling due within one year)
30 Sep 2019 31 Mar 2019
GBP GBP
Accrued administration fees 6,106 6,015
Accrued audit fee 11,425 13,710
Accrued asset manager and corporate
and shareholder advisor fees - 147,711
Other accrued expenses 9,436 8,375
26,967 175,811
------------ ------------
The above carrying value of payables is equivalent to its fair
value.
15 BORROWINGS
30 Sep 2019 31 Mar 2019
GBP GBP
Bank loan 21,488,598 25,486,481
Transaction costs (194,105) (224,465)
------------ ------------
21,294,493 25,262,016
------------ ------------
Current portion 11,563,919 10,603,335
------------ ------------
Non-current portion 9,730,574 14,658,681
------------ ------------
Notwithstanding the fact that GBP5.4 million of capital was
repaid during the Period, as per the Statement of Cash Flows, the
value of the borrowings has only decreased by GBP4 million due to
the 5.7 per cent. decrease in the Sterling/US dollar exchange rate
for the period from 1 April 2019 to 30 September 2019.
The amounts below detail the future contractual undiscounted
cash flows in respect of the Loan, including both the principal and
interest payments, and will not agree directly to the amounts
recognised in the Statement of Financial Position:
30 Sep 2019 31 Mar 2019
GBP GBP
Amount due for settlement within 12
months 12,497,282 11,782,056
----------- -----------
Amount due for settlement after 12 months 10,481,169 15,772,354
----------- -----------
The loan was arranged with Westpac Banking Corporation
("Westpac") for $122,000,000, runs for 12 years until December
2022, and has an effective interest rate of 5.4950 per cent., which
is the same as the contractual fixed interest rate. The Loan is
secured on the Asset. 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 are being amortised over
its life.
In the Directors' opinion, the above carrying value of the bank
loan is approximate to its fair value.
16 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 Shares or Administrative Shares (together
the "Share Capital").
Issued Subordinated Ordinary
Administrative Shares
Shares
Issued shares as at 30 September 2019
and as at 31 March 2019 2 42,450,000
------------------------ --------------
Issued Share Capital GBP
Total Share Capital as at 30 September
2019 and as at 31 March 2019 39,016,728
--------------
Members holding Ordinary 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 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 Shares have received a return of their capital paid up
but ahead of the return of all additional capital to the holders of
Ordinary Shares. Holders of Administrative Shares shall not have
the right to receive notice of and shall have 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 Shares in
existence.
The Ordinary 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.
17 CASH AND CASH EQUIVALENTS
30 Sep 2019 31 Mar 2019
GBP GBP
Cash at bank 3,912,971 4,009,908
------------ ------------
18 FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
(a) Cash and cash equivalents that arise directly from the Company's operations; and
(b) Loan secured on non-current asset.
19 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's objective is to obtain income 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:
30 Sep 2019 31 Mar 2019
GBP GBP
Financial assets
Cash and cash equivalents 3,912,971 4,009,908
Receivables (excluding prepayments) 11 11
------------ ------------
Financial assets at amortised cost 3,912,982 4,009,919
------------ ------------
Financial liabilities
Payables 26,967 175,811
Borrowings 21,294,493 25,262,016
------------ ------------
Financial liabilities measured
at amortised cost 21,321,460 25,437,827
------------ ------------
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 agree policies for managing each of these risks and these are
summarised below:
(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 15, cash and cash
equivalents disclosed in note 17 and equity attributable to equity
holders, comprising issued capital and retained earnings.
The Company's Board reviews the capital structure on a bi-annual
basis.
Equity includes all capital and reserves of the Company that are
managed as capital.
No changes were made in the objectives, policies or processes
for managing capital during the period ended 30 September 2019.
(b) Foreign Currency Risk
The Company's accounting policy under IFRS requires the use of a
Sterling historic cost of the Asset and the value of the US dollar
loan as translated at the spot exchange rate on every statement of
financial position date. In addition, US dollar operating lease
receivables are not immediately recognised in the Statement of
Financial Position 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 US dollar operating lease receivables should offset the US
dollar payables on amortising loans. The foreign exchange exposure
in relation to the Loan is thus almost entirely hedged.
Lease rentals (as detailed in notes 4 and 12) are received in US
dollars and Sterling. Those lease rentals received in US dollars
are used to pay the loan repayments due, also in US dollars. Both
US dollar 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 minimises 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:
30 Sep 2019 31 Mar 2019
GBP GBP
Bank loan (US dollar) - liabilities (21,488,598) (25,486,481)
Cash and cash equivalents (US dollar)
- assets 2,451,260 2,346,211
------------- -------------
The following table details the Company's sensitivity to a 25
per cent. (31 March 2019: 25 per cent) appreciation of Sterling
against the US dollar. 25 per cent. (31 March 2019: 25 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 25 per cent. (31
March 2019: 25 per cent.) change in foreign currency rates. A
positive number below indicates an increase in profit and equity
where Sterling strengthens 25 per cent. (31 March 2019: 25 per
cent.) against the US dollar. For a 25 per cent. (31 March 2019: 25
per cent.) weakening of Sterling against the US dollar, there would
be a comparable but opposite impact on the profit and equity.
30 Sep 2019 31 Mar 2019
USD impact USD impact
GBP GBP
Profit or loss 3,807,467 4,628,054
Assets (490,252) (469,242)
Liabilities 4,297,719 5,097,296
------------ -----------------
On the eventual sale of the Asset, the Company will be subject
to foreign currency risk if the sale will be made in a currency
other than Sterling. Transactions in similar assets are typically
priced in US dollars.
(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 is 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:
30 Sep 2019 31 Mar 2019
GBP GBP
Receivables (excluding prepayments) 11 11
Cash and cash equivalents 3,912,971 4,009,908
3,912,982 4,009,919
------------ ------------
Surplus cash is held in accounts with Barclays and Westpac
Banking Corporation, which have credit ratings given by Moody's of
A2 (positive) and Aa2 (stable) 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 it to another party.
At the inception of the 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 the 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, including estimated interest payments. 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.
30 Sep 2019 over 5
1-3 months 3-12 months 1-2 years 2-5 years years
GBP GBP GBP GBP GBP
Financial
liabilities
Payables
- due within
one year 26,967 - - - -
Loans payable 3,124,320 9,372,961 5,883,139 4,598,031 -
3,151,287 9,372,961 5,883,139 4,598,031 -
----------- ------------ ----------- ----------- ----------------------
31 Mar 2019 over 5
1-3 months 3-12 months 1-2 years 2-5 years years
GBP GBP GBP GBP GBP
Financial
liabilities
Payables
- due within
one year 175,811 - - - -
Loans payable 2,945,514 8,836,542 11,782,056 15,772,354 -
3,121,325 8,836,542 11,782,056 15,772,354 -
----------- ------------ ----------- ----------- ----------------------
(e) Interest Rate Risk
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, by interest rate refinancing period:
30 September 2019 Variable Fixed Non-interest
interest interest Bearing Total
GBP GBP GBP GBP
Financial assets
Receivables (excluding
prepayments) - - 11 11
Cash and cash equivalents 3,912,971 - - 3,912,971
--------- ---------- ------------ ----------
Total financial assets 3,912,971 - 11 3,912,982
--------- ---------- ------------ ----------
Financial liabilities
Payables - - 26,967 26,967
Loans payable - 21,488,598 - 21,488,598
--------- ---------- ------------ ----------
Total financial liabilities - 21,488,598 26,967 21,515,565
--------- ---------- ------------ ----------
Total interest sensitivity
gap 3,912,971 21,488,598
--------- ----------
31 March 2019 Variable Fixed Non-interest
interest interest Bearing Total
GBP GBP GBP GBP
Financial assets
Receivables (excluding
prepayments) - - 11 11
Cash and cash equivalents 4,009,908 - - 4,009,908
--------- ---------- ------------ ----------
Total financial assets 4,009,908 - 11 4009,919
--------- ---------- ------------ ----------
Financial liabilities
Payables - - 175,811 175,811
Loans payable - 25,486,481 - 25,486,481
--------- ---------- ------------ ----------
Total financial liabilities - 25,486,481 175,811 25,662,292
--------- ---------- ------------ ----------
Total interest sensitivity
gap 4,009,908 25,486,481
--------- ----------
If interest rates had been 50 basis points higher throughout the
Period and all other variables were held constant, the Company's
profit for the Period and net assets attributable to Shareholders
as at 30 September 2019 would have been GBP19,565 (31 March 2019:
GBP20,050) 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 profit for the Period
and net assets attributable to Shareholders as at 30 September 2019
would have been GBP19,565 (31 March 2019: GBP20,050) lower due to
an decrease in the amount of interest receivable on the bank
balances.
20 CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
The following table discloses the effects of the amendments
to IAS 7 Statement of Cash Flows which requires additional disclosures
that enable users of financial statements to evaluate changes
in liabilities arising from financing activities, including
both changes arising from cash flows and non-cash flows.
30 Sep 2019 30 Sep 2018
GBP GBP
Opening Balance 25,486,481 33,027,979
Cash flows paid - capital (5,440,053) (4,760,895)
Cash flows paid - interest (689,989) (911,199)
Non-cash flows
* Interest accrued 691,769 941,022
* Effects of foreign exchange 1,440,390 2,287,393
Closing Balance 21,488,598 30,584,300
------------ ---------------
21 ULTIMATE CONTROLLING PARTY
In the opinion of the Directors, the Company has no ultimate
controlling party.
22 RELATED PARTIES
Nimrod Capital LLP ("Nimrod") is the Company's Corporate and
Shareholder Advisor. The Company pays to Nimrod for its services as
Corporate and Shareholder Advisor 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 GBP59,742 (30 September
2018: GBP58,426) of fees and expenses with Nimrod, of which GBPnil
(31 March 2019: GBPnil) was outstanding to this related party at 30
September 2019.
Doric GmbH ("Doric") is the Company's Asset Manager. The Company
pays 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 GBP155,205 (30 September
2018: GBP146,067) of fee and expenses with Doric, which consisted
of asset management fees of GBP149,353 (30 September 2018:
GBP146,067) and liaison agency fees of GBP5,852 (30 September 2018:
GBP5,675). GBPnil (31 March 2019: GBP147,711) was outstanding and
GBP1,815 (31 March 2019: GBP7,666) was prepaid to this related
party at 30 September 2019.
John Le Prevost is a director of Anson Registrars Limited
("Anson"), the Company's registrar, transfer agent and paying
agent. During the Period GBP4,802 (30 September 2018: GBP4,454) of
costs were incurred with Anson, of which GBP142 (31 March 2019:
GBP534) was outstanding as at 30 September 2019.
23 SUBSEQUENT EVENTS
On 10 October 2019, a further dividend of 2.25 pence per
Ordinary Share was declared and this was paid on 31 October
2019.
ADVISORS AND CONTACT INFORMATION
KEY INFORMATION
Exchange: Specialist Fund Segment of the London Stock Exchange's
Main Market
Ticker: DNA1
Listing Date: 13 December 2010
Financial Year End: 31 March
Base Currency: Pound Sterling
ISIN: GG00B4MF3899
SEDOL: B4MF389
LEI: 2138009FPM7EH4WDS168
Country of Incorporation: Guernsey
Registration number: 52484
MANAGEMENT AND ADMINISTRATION
Registered Office Company Secretary and
Doric Nimrod Air One Limited Administrator
Ground Floor JTC Fund Solutions (Guernsey) Limited
Dorey Court Ground Floor
Admiral Park Dorey Court
St Peter Port Admiral Park
Guernsey St Peter Port
GY1 2HT Guernsey
GY1 2HT
Asset Manager Liaison Agents
Doric GmbH Amedeo Services (UK) Limited
Berliner Strasse 114 29-30 Cornhill
63065 Offenbach am Main London, England
Germany EC3V 3NF
Corporate and Shareholder Advisor Lease and Debt Arranger
Nimrod Capital LLP Doric Asset Finance GmbH & Co. KG
3 St Helen's Place Berliner Strasse 114
London, England 63065 Offenbach am Main
EC3A 6AB Germany
Solicitors to the Company Advocates to the Company (as to
(as to English Law) Guernsey Law)
Herbert Smith Freehills LLP Carey Olsen
Exchange House Carey House
Primrose Street Les Banques
London, England St Peter Port
EC2A 2EG Guernsey GY1 4HP
Registrar Auditor
Anson Registrars Limited Deloitte LLP
Ground Floor Regency Court
Dorey Court Glategny Esplanade
Admiral Park St Peter Port
St Peter Port Guernsey GY1 3HW
Guernsey GY1 2HT
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BLBDBSXDBGCD
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