Celsius Res Regulatory News (CLA)

29 Jan 2008 07:00

Capital Lease Aviation PLC29 January 2008 29 January 2008 Capital Lease Aviation PLC ("CLA") INTERIM RESULTS The Board of CLA is pleased to announce the unaudited consolidated results for the interim period from 1 July 2007 to the 31 December 2007. HIGHLIGHTS: • Revenues for the period: GBP 573,149 ; • Profit before tax: GBP 362,190 ; • Earnings per share (pre tax): 0.38 pence Jeff Chatfield, Chairman said "The initial results that we now report indicatethat the Company has commenced profitable operations. The profit is entirelysatisfactory. The results were achieved with only two aircraft in the portfoliofor three months of the financial period. This was at a time when the managementwas concentrating its efforts upon admitting the Company's shares to AIM." The directors take responsibility for the contents of this announcement. ---ENDS--- Enquiries: CAPITAL LEASE AVIATION PLCJeff Chatfield, Executive Chairman 07783 942 553 STOCKBROKERSWH Ireland Limited 020 7220 1670 MEDIAMaxine Barnes, Nick Rome & Nick FarmerBishopsgate Communications 020 7562 3350 NOMINATED ADVISERJames Joyce, David PorterWH Ireland Limited 020 7220 1666 Review of Operations and Strategy The Company's results were achieved with only two aircrafts acquired at the endof September 2007. Given the early stage of the Company, the profits wereentirely satisfactory. After admission to trading on AIM on 14 December 2007, a further US$7.57maviation finance facility was secured to ready CLA for more acquisitions in2008. CLA is in the process of securing more aircraft and indeed has paid adeposit of US $0.5m for the purchase of its next plane. We are focussed on growing the business by expanding our potential customerbase, as well as diversifying the type of aircraft assets that we hold. The risks to the business include, but are not limited to, a general downturn inthe global aviation industry, which may lower lease rates or reduce our abilityto lease or sell aircraft. The business also relies on its ability to sourcefinance on favourable terms. Should this prove difficult, it may limit our fleetexpansion and therefore growth. Richard Sinclair Chief Executive Officer London CAPITAL LEASE AVIATION PLCCONSOLIDATED INCOME STATEMENTFOR THE PERIOD 1 July 2007 - 31 December 2007 GBP From Continuing operations Lease rental income 332,054Other operating income 241,095Total Income 573,149Selling, general and administrative expenses (137,916)Profit before depreciation and finance costs 435,233Depreciation (58,798)Interest expense (14,245)Profit before taxation 362,190Profit before taxation from continuing operations 362,190Profit attributable to the shareholders 362,190 Pre Tax Earnings per share- Basic 0.38 pence- Fully Diluted 0.38 pence CAPITAL LEASE AVIATION PLCCONSOLIDATED BALANCE SHEETAS AT 31 DECEMBER 2007 2007 GBPASSETSCurrent assets:Cash and cash equivalents 9,452,278Trade and other receivables 598,187Total current assets 10,050,465 Non-current assets:Plant and Equipment 5,249,523Total non-current assets 5,249,523 Total assets 15,299,988 LIABILITIES AND EQUITYCurrent liabilities:Trade and other payables 308,240Total current liabilities 308,240 Non-current liabilities:Loan and borrowings 3,793,967Total non-current liabilities 3,793,967 Capital and reserves:Share capital 97,808Share premium 10,737,735Foreign Currency Translation Reserve 60Retained earnings 362,178Net equity 11,197,781 Total liabilities and equity 15,299,988 CAPITAL LEASE AVIATION PLCCONSOLIDATED CASH FLOWAS AT 31 DECEMBER 2007 2007 GBPOperating activitiesProfit for the interim period 362,190 Adjustments for:Depreciation 58,798Interest expense 14,245Interest income (195,150) 240,083 Changes in working capital:Trade and other receivables (598,187)Trade and other payables 293,995Cash used in operating activity (64,109) Investing activities:Interest received 195,150Purchase of plant and equipment (5,248,482)Cash from investing activities (5,053,332) Financing activities:Proceeds from issue of new shares, net of expenses 10,785,443Proceeds from borrowings 3,793,967Cash from financing activities 14,579,410 Net effect of exchange rates on consolidating subsidiaries (59,779) Net increase in cash and cash equivalents 9,402,190Cash and Cash equivalents at the beginning of the period 50,088Cash and Cash equivalents at the end of the period 9,452,278 Approved by the board on 28th January 2008. The above information has been extracted from the management accounts and hasnot been audited. No provision for taxation has been made for the half year. This information is provided by RNS The company news service from the London Stock Exchange