REG - Avation PLC Avation PLC - AVAW - RESULTS ANNOUNCEMENT AND TRADING UPDATE

AvationAnnouncement

15/09/2022 08:15

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RNS Number : 5709Z  Avation PLC  15 September 2022

 Via RNS and SGXNET

AVATION PLC

("Avation" or "the Company")

 

RESULTS ANNOUNCEMENT AND CLOSED PERIOD TRADING UPDATE

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company
provides an update on the results for the year ending 30 June 2022 and the
timing of the results announcement.

 

Results Announcement - Return to Profit

The Company expects to publish its unaudited results for the year ending 30
June 2022 on 29 September 2022, earlier than had previously been disclosed.
There will be a conference call and investor Q&A on the day of the results
announcement, further details of which will be announced by the Company ahead
of the publication date.

It is anticipated that the financial results for the year ending 30 June 2022
will show the Company returning to net profit, following a recovery in the
performance of the Company and the sector. For the year ended 30 June 2022
Avation had income of approximately $115 million (unaudited).

The Company will also provide an update on its strategy for the coming years
with the financial results announcement.

 

Key Strategy - Sustainable Low CO2 Lessor

The Company's key future business strategy will be to focus on leasing modern,
low CO2 emissions, fuel-efficient aircraft. We anticipate gradually trading
out of older aircraft types and focussing on modern low CO2 emissions aircraft
types such as the Airbus NEO and Airbus A220 series and the ATR72 aircraft
with new generation engines. The Company's portfolio already comprises a
significant proportion of Airbus A220 and ATR 72 type aircraft showing our
commitment and track record in these low CO2 and new technology and fuel
efficient aircraft.

 

Virgin Australia - Creditors' Trust Dividend

The Company has been advised that it will receive an initial distribution from
the Virgin Australia restructuring of 5.4 cents in the dollar on its
adjudicated claim of AUD $101.4 million on 15 September 2022. Further
distributions based on funds withheld by the Trustees and additional funds
being made available to creditors should Virgin Australia meet performance
targets in future financial years.

Executive Chairman Jeff Chatfield said "Avation will be pleased to announce a
net profit once again.  Overall, we believe that air travel is gradually
recovering as evidenced by global passenger numbers. Avation understands it is
one of the world's largest holders of long-term ATR purchase rights for 28 ATR
72-600 aircraft. ATR has demonstrated that these aircraft can operate using
100% sustainable aviation fuel and produce extremely low CO2 emissions on a
net basis. Low CO2 emissions will advantage airlines in terms of taxes and
government imposts.  Our current inventory of unplaced aircraft is low with
two ATR 72-600s and one Boeing 737-800 available for sale or lease. Investors
are invited to attend the results conference call and Q & A".

-ENDS-

Enquiries:

Avation PLC - Jeff Chatfield, Executive
Chairman
+65 6252 2077

Avation welcomes shareholder questions and comments and advises the email
address for questions is: investor@avation.net (mailto:investor@avation.net)
and the Company provides an investor Q & A during the conference call
associated with release of results.

Notes to Editors: Avation PLC is an aircraft leasing company, headquartered in
Singapore, owning and managing a fleet of commercial passenger aircraft which
it leases to airlines around the world. More information on Avation is
available at www.avation.net (http://www.avation.net) .

 

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