Amedeo's net asset value dips as it awaits outcome for Emirates leases

(Alliance News) - Amedeo Air Four Plus Ltd on Monday reported a lower interim net asset value but swung to a profit from a loss, and said it will need to start preparing the redelivery of two aircraft in the absence of an Emirates agreement.

The Guernsey-based investment firm acquires, leases and sells aircraft, with its fleet portfolio all on long-term leases to either Emirates or Thai Airways.

Net asset value per share fell 4.7% to 107.39 pence at September 30 from 112.74p at March 31.

Shares in Amedeo rose 0.7% to 65.97 pence on Monday afternoon in London.

Income fell 3.2% to GBP87.0 million from GBP89.9 million in the same period a year ago.

However, Amedeo swung to a pretax profit of GBP6.6 million from a loss of GBP3.2 million, owing to a 56% shrink in the fair value loss on derivatives and finance costs narrowing 16%.

Eight of Amedeo's current fleet are leased to Emirates and four are leased to Thai Airways.

The company said it is 12 months away from the end of the Emirates leases for its first two A380 aircraft.

It said it has not currently agreed with Emirates on an extension or acquisition of the aircraft, and therefore will "soon need to begin preparations for the redelivery of the first two A380s."

It noted that Emirates' public statements express an intention to maintain the A380s flying through the 2030s and that the airline has made recent purchases.

"In conjunction with any redelivery, the company will likely incur certain costs to ferry, store, maintain, insure, and dispose of the aircraft," Amedeo said.

Regarding Thai Airways, the company said it had returned to profitability but noted ongoing concerns about Thailand's economic reliance on China.

"Our A350 aircraft are leased through to 2035/6 so that their values are strongly linked to rent (due to be reset to market in 2029), debt refinancing in 2029 for three out of the four, and the credit standing of Thailand and Thai Airways," Chair Robin Hallam said.

"Please be assured that the board is working very hard to find solutions to all these issues."

The company had declared a 2.00p interim dividend at the beginning of October.

By Roya Shahidi, Alliance News reporter

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