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13 Oct 2011 07:00
Capital Lease Aviation Plc
("CLA" or "the Company")
Audited Financial Results for the Year Ended 30 June 2011
Highlights regarding the CLA group's operations and Audited Financial Results
·; The consolidated net profit after tax increased by 23.5% to $4,655,693;
·; The Net assets increased by 15.1% to $45,056,740;
·; Total assets at balance date were $ 100,873,003;
·; An improvement in balance sheet and repayments have resulted in total outstanding loans reducing to a level of 47.8% of the total assets;
·; CLA has experienced a reduction in finance costs; and
·; Fully diluted earnings per share increased to 4.76 cents.
The audited financial results for the CLA group's full financial year ended 30 June 2011 (pursuant to International Financial Reporting Standards "IFRS") and reported in United States Dollars "US$" are as follows:
Consolidated 12 months ended 30 June 2011 | Audited $US | GBP Equivalent (1) |
Revenue | 15,798,477 | 9,935,662 |
Group Net post tax profits | 4,655,693 | 2,927,965 |
Total assets | 100,873,003 | 62,975,016 |
Net Assets | 45,056,740 | 28,128,923 |
EPS (fully diluted) | 4.76 cents | 2.99 pence |
Notes:
For the convenience of international shareholders, an additional column is included to show an equivalent value in Pounds Sterling "GBP".
I. In this announcement, the applicable exchange rate between US$ and GBP was taken to be the average exchange rate of 1: 0.6289 for Income Statement items and 1:0.6243 for Balance Sheet items.
CHAIRMAN'S STATEMENT
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2010
Dear Fellow Shareholder,
I am pleased to report that your Company has enjoyed a year of solid earnings which has resulted in a stronger financial position for the year ended 30th June 2011. The Directors are pleased to report a record profit result. Consolidated net profit after tax increased by 23.5% to $4,655,693 with earnings per share at 4.76 cents. This result was achieved through strident cost management, continued focus on reducing finance cost and debt levels and by targeted refinancing of the groups more expensive mezzanine finance facilities so as to achieve lower finance costs.
The financial position of the group has been strengthened with outstanding aircraft finance loans at a conservative level of 47.8% of total assets. Net assets are up by 15.1% to $45,056,740 compared to the prior year with total assets this year at $100,873,003. Given the difficult financing environment that prevailed throughout the year, it was particularly pleasing to note the group was able to secure a $2,000,000 loan to refinance a mezzanine finance facility which formed part of the original acquisition finance for the group's Airbus aircraft.
The key performance objectives for the group for this period were to strengthen our financial position, remain profitable and reduce overall debt. The Directors are pleased to advise that we have been successful by all measures in achieving these goals.
Aircraft prices have remained at relatively high levels despite the economic turmoil, supported by strong demand from airlines, aircraft lessors and the growth in air traffic. Our strategy remains to expand our portfolio of aircraft when transactions with appropriate return considering the associated risk can be achieved.
The company requires a combination of debt and equity to fund most transactions and, despite our continued strong banking relationships; it remains a risk that such funding may be difficult to raise in the future. Other risks to the company include credit and general risk relating to the aviation industry.
I would like to take this opportunity to thank all our shareholders for your continued support and look forward to creating more value for you as we continue to develop our business.
Robert Jeffries Chatfield
Chairman
--ENDS-
Enquiries:
Capital Lease Aviation Plc +65 62522077Jeff Chatfield, Executive Chairman
Nominated AdviserJames Joyce, W H Ireland Limited 0207 220 1666
Company Stockbroker
W H Ireland Limited 0207 220 1690
Share Register
Computershare Investor Services Plc 0870 702 0003
Websitewww.capitalleaseaviation.com
Audited Consolidated Statement of Comprehensive Income
2011 | 2010 | ||
US$ | US$ | ||
Continuing operations | |||
Revenue | 15,798,477 | 16,383,067 | |
Other income | 2,008 | 2,167 | |
Other operating expenses | (6,387,338) | (6,874,693) | |
Expenses | |||
- Administrative expenses | (950,142) | (890,708) | |
- Finance expense | (3,404,391) | (4,220,106) | |
Profit before taxation | 5,058,614 | 4,399,727 | |
Taxation | (402,921) | (630,756) | |
Profit after tax from continuing operations | 4,655,693 | 3,768,971 | |
Profit for the year, attributable to equity holders of the Company | 4,655,693 | 3,768,971 | |
Other comprehensive income: | |||
Revaluation gains on property, plant and equipment, gross of tax | 1,486,748 | - | |
Deferred tax on revaluation gains on property, plant and equipment | (206,937) | - | |
Other comprehensive income, net of tax | 1,279,811 | - | |
Total comprehensive income for the year, all attributable to equity holders of the Company | 5,935,504 | 3,768,971 | |
Earnings per share | |||
- Basic - continuing and total operations | 4.76 cents | 3.85 cents | |
- Fully diluted - continuing and total operations | 4.76 cents | 3.85 cents | |
Audited Consolidated Balance Sheet
30 June 2011 | 30 June 2010 | ||
(restated) | |||
ASSETS | US$ | US$ | |
Current assets: | |||
Cash and cash equivalents | 2,140,144 | 1,295,762 | |
Trade and other receivables | 1,240,913 | 552,337 | |
Total current assets | 3,381,057 | 1,848,099 | |
Non-current assets: | |||
Property, plant and equipment | 97,491,946 | 101,266,323 | |
Total assets | 100,873,003 | 103,114,422 | |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Trade and other payables | 1,902,279 | 4,120,730 | |
Provision for taxation | 62,067 | 21,786 | |
Loan and borrowings | 9,472,823 | 8,670,050 | |
Short term provisions | 2,139,648 | 1,387,979 | |
Total current liabilities | 13,576,817 | 14,200,545 | |
Non-current liabilities: | |||
Trade and other payables | 596,000 | 596,000 | |
Loan and borrowings | 38,722,308 | 46,507,343 | |
Deferred tax liabilities | 2,921,138 | 2,689,298 | |
Total non-current liabilities | 42,239,446 | 49,792,641 | |
Capital and reserves: | |||
Share capital | 196,393 | 196,393 | |
Share premium | 21,696,406 | 21,696,406 | |
Asset revaluation reserve | 10,069,376 | 8,789,565 | |
Retained earnings | 13,094,565 | 8,438,872 | |
Net equity | 45,056,740 | 39,121,236 | |
Total liabilities and equity | 100,873,003 | 103,114,422 |
Audited Consolidated Statement of Cash Flows
2011 | 2010 | |
US$ | US$ | |
Cash flows from operating activities: | ||
Profit before income tax | 5,058,614 | 4,399,727 |
Adjustments for: | ||
Maintenance reserves provision | 1,003,958 | 1,423,973 |
Depreciation expense | 5,282,355 | 5,063,711 |
Interest expense | 3,284,711 | 3,837,145 |
Interest income | (2,008) | (2,167) |
Operating profit before working capital changes | 14,627,630 | 14,722,389 |
Movements on : | ||
Trade and other receivables | (688,576) | 501,115 |
Trade and other payables | (2,468,093) | (256,522) |
Short term provisions | (252,289) | (1,286,855) |
Cash from operations | 11,218,672 | 13,680,127 |
Interest paid | (3,035,069) | (3,575,124) |
Interest received | 2,008 | 2,167 |
Corporation tax paid | (337,738) | (535,313) |
Net cash from operating activities | 7,847,873 | 9,571,857 |
Cash flows used in investing activities: | ||
Purchase of property, plant and equipment | (21,229) | - |
Net cash used in investing activities | (21,229) | - |
Cash flows used in financing activities: | ||
Net proceeds from issuance of ordinary shares | - | 36,262 |
Proceeds from borrowings | 2,000,000 | - |
Repayment of borrowings | (8,982,262) | (9,733,589) |
Net cash used in financing activities | (6,982,262) | (9,697,327) |
Net increase/(decrease) in cash and cash equivalents | 844,382 | (125,470) |
Cash and cash equivalents at beginning of financial year | 1,295,762 | 1,421,232 |
Cash and cash equivalents at end of financial year | 2,140,144 | 1,295,762 |
Notes :
1. The results for the financial period are derived from continuing activities.
2. The audited results have been prepared on a going concern basis and on the basis of the accounting policies adopted in the audited accounts for the year ended 30 June 2011.
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