REG - Gama Aviation PLC - Unaudited interim results
30/09/2020 07:00
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RNS Number : 5169A Gama Aviation PLC 30 September 2020
Date: 30 September 2020
Gama Aviation Plc (AIM: GMAA)
("Gama", "the Company" or "the Group")
Unaudited interim results for six months to 30 June 2020
H1 results impacted by COVID-19, as expected; improved cash position
Financial Highlights (post IFRS 16 basis, 2019 comparatives restated)
· Adjusted Revenue $93.7m (H1 2019: $121.8m), down 23%, at constant
currency down 22%.
· Adjusted Gross Profit $16.7m (H1 2019: $23.1m), down 28%, at
constant currency down 27%.
· Adjusted Gross Profit Margin 17.8% (H1 2019: 19.0%), down
1.2ppts, at constant currency down 1.2ppts.
· Adjusted EBIT loss of $2.2m (H1 2019: profit of $5.2m), down
141%, at constant currency down 142%.
· Adjusting items of $0.2m profit (H1 2019: loss of $4.2m), up 105%
largely due to disposal accounting of the US Air Associate partially offset by
impairments and net of taxation.
· Net Debt, inclusive of obligations under leases, decreased to
$87.9m from $98.0m at 31 December 2019.
Financial Summary
Adjusted(1) $m Statutory $m
Jun-20 Jun-19 Jun-20 Jun-19
Restated(2) Restated(2)
Revenue 93.7 121.8 109.2 121.8
Gross Profit 16.7 23.1 32.2 23.1
Gross Profit % 17.8% 19.0% 29.5% 19.0%
EBIT (2.2) 5.2 4.0 0.5
(Loss)/ Profit Before Tax (4.0) 3.2 2.2 (1.6)
(Loss)/ Profit After Tax (4.4) 2.3 (4.2) (2.0)
Earnings per share (cents) (6.9) 3.7 (6.6) (2.9)
(1 )The Alternative Performance Measures (APMs) are defined in Note 4 of the
notes to the interim financial statements and reconciled to the nearest IFRS
measure. APMs include Adjusted EBIT as well as organic and constant currency
Revenue, Gross Profit and Adjusted EBIT.
(2 )The results for 2019 have been restated for the interim effect of
restatement items identified in the 2019 full-year results. Restatements are
detailed in Note 2 of the notes to the financial statements.
· Financial performance across the Group during the period reflects
the impact of the global pandemic on the aviation sector.
· Group supported during the pandemic by US Government Paycheck
Protection Program loan of $5.75m, of which $3.8m loan forgiveness has been
reflected within Adjusted EBIT in the first half of 2020.
· On 2(nd) March 2020 the Group announced the sale of the US Air
associate, for total consideration of $33m.
· Group's liquidity remains strong with $18.1m cash and $29.9m of
its $50m revolving credit facilities undrawn as at 30 June 2020.
Operational Highlights:
· Multiple new major contracts won and commenced in special
missions and technology & outsourcing:
o In the Global Services Division, myairops secured a $2.5m Software as a
Service contract in March, with one of the world's largest business aviation
operators.
o Together with Atkins, Gama was reappointed in May to continue delivering
Military Airworthiness Reviews (MARs) to the RAF's HQ Command and the British
Army's Joint Helicopter Command.
o Gama commenced all Helicopter Emergency Medical Services (HEMS) on behalf
of for the Scottish Ambulance Service on 1 June 2020 using its fleet of three
Airbus H145 helicopters.
o Since period end, the Group was awarded two contracts to provide air
ambulance services to Guernsey and Jersey, for an initial 5 years from July
2020 with options to extend by up to 5 years.
· Air Division profitability stable supported by reduced start-up
funding in the Middle East.
o Ground Division's profitability impacted by a pandemic-related reduction
in FBO and MRO revenues and an absence of the one-off gains that benefitted
the prior year comparator in Europe.
o China Aircraft Services Limited (CASL) suffered substantial losses due to
vastly reduced commercial aviation volumes at Hong Kong airport, impacted by
COVID-19 resulting in the Group taking $2.0m of losses in respect of its 20%
holding during the period.
Current trading & outlook
· Q3 trading to end September was stable and in line with
management expectations.
· Encouraging pipeline for special missions contracts and improved
demand levels at the Bournemouth UK facility for jet and turboprop engineering
activities.
· Recognising the uncertainty inherent in the ongoing pandemic,
underlying performance in the second half is expected to be broadly similar to
the first half, however results will be impacted by reduced government
support.
· Continued focus on cash generation and conservation with c$30m
RCF undrawn and cash of c$18m as at 28 September 2020.
Commenting on the half year results, Marwan Khalek, Chief Executive said:
"Over the years we have strategically evolved resilience into our business and
robustness into our business model to ensure that we can overcome the
challenges of an inevitable periodic downturn. This pandemic and the
significantly detrimental economic consequences that flow from it will
continue to test us.
The H1/20 results we are announcing today show that the Group is fairing
relatively well in this very difficult business and operating environment.
Notwithstanding the share of associate investment loss of $2.0m, the Group has
delivered a near breakeven Adjusted EBIT performance from its core operations
and the activities where it can exercise full management and operation
control. The Group has also preserved its healthy liquidity position
throughout this crisis. We have, however, recognised the potential
consequences of these challenging times in considering the future prospects
for our investments and have also re-assessed the allocation of income from
the sale of the US Air Associate and the carrying value of other investments.
The Group's ability to deliver such a performance, both in terms of profits
and cash generation, in the most challenging market, economic and operating
environment it has ever faced is reflective of the prompt actions of
management, the support and confidence of our clients and the dedication and
commitment of our people, of whom I am very proud.
I am also very pleased that, despite the challenges and focus on the pandemic
and its impact, we have continued to drive our business forward with pleasing
and long term contract wins in the special mission division and sizeable
maintenance inputs into our Bournemouth maintenance facility.
I have no doubt that our resilience will continue to be severely tested by
this evolving pandemic and the resulting uncertainty that it generates.
However, I believe that with good control of the cost base and a healthy
liquidity, the Group is well placed to navigate through this crisis and emerge
stronger."
-ENDS-
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
For further information please visit www.gamaaviation.com
(http://www.gamaaviation.com/) or contact:
Gama Aviation Plc
+44 (0) 1252 553029
Marwan Khalek, Chief Executive Officer
Daniel Ruback, Chief Financial Officer
Camarco
+44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Jefferies International +44 (0)
20 7029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (AIM:GMAA) is a global business aviation services group
that specialises in providing support for individuals, corporations and
government agencies; allowing them to deliver on the promises they make.
The Group's services are split into two core divisions: Air and Ground. Air
services include aircraft management, special mission support and charter.
Ground services cover aircraft maintenance services, aircraft modification
design and installation, and Fixed Base Operations (FBO). Other products and
services are included in the Global Services Division.
More details can be found at: http://www.gamaaviation.com/
(https://protect-eu.mimecast.com/s/gq3yCA16t9VR43FG7_VX?domain=gamaaviation.com)
Chief Executive Officer's Report
The onset and rapid global spread of the COVID-19 pandemic since the start of
2020 and the resulting global economic crisis has understandably overshadowed
and impacted every aspect of our business, operational and financial
performance during the first half of 2020.
We took prompt, decisive and pro-active action to protect and safeguard our
business. Our first and over-riding priority was and remains the safety and
security of our global workforce and our clients. By continuing to operate
under the enhanced preventative and protective measures advised by the World
Health Organization and by National Governments all our divisions have
remained operational throughout the period delivering services in support of
our clients' missions across all our operational bases and geographies.
I am very proud of how our people and our teams across the world have
responded to and dealt with the challenges presented to us by this pandemic.
By maintaining business continuity across our operation, we have been able to
support our clients throughout this period, particularly for those providing
critical services such as NHS Scotland, the Ministry of Defence and other key
industries.
Our other priority is to safeguard the financial performance and stability of
our business and we acted swiftly and decisively by immediately implementing a
raft of measures to reduce costs and preserve cash as reported in our
announcement of 25(th) March 2020. The sale of our US Air Associate, Gama
Aviation LLC, on March 2(nd), represented good value and proved very timely.
We have also re-assessed the prospects for Group investments not fully under
our control, given the level of uncertainty remaining in those markets.
Further details are provided in this report and in the finance review.
These results, delivered during a period of significant disruption and
uncertainty, demonstrate the effectiveness of the actions and measures we have
taken as well as the resilience of our business and robustness of our business
model. We continue to monitor the development and on-going impact of this
pandemic on a daily basis and we will continue to take the necessary and
proportionate actions to safeguard our business both in respect of its current
performance and future prospects.
Alongside our focused effort to mitigate the impact of the pandemic on our
business, we have also maintained the necessary and appropriate focus on
continuing to grow the business and implement our strategy. The period saw
the successful launch of our rotary services to the Scottish Ambulance Service
following a major transition programme involving three new aircraft and the
construction of a new operating base. We are also very pleased to have won
other special mission contracts such as the Jersey and Guernsey air ambulance
services and the renewal of our contract providing critical airworthiness
review services to the MoD in partnership with Atkins. The transitions in
Scotland and the Channel Islands were delivered on time and operating as
planned, a significant achievement in current environment which showcases the
skills expertise and dedication of our people.
Our new CFO Daniel Ruback is continuing his diligent and detailed efforts to
strengthen our finance function by continuous improvement process for people,
system and processes. Much work remains to be done but I am confident we are
on the right path in this critical area that has previously held back and
impacted our financial performance.
H1/20 Financial Performance
Adjusted revenues were down by 23% to $93.7m for the period (H1 2019, $121.8m)
due to the fall in activity resulting from the pandemic and associated
lockdowns. Despite this drop in revenues, Adjusted Gross Profit margins were
modestly impacted, down 1.2 ppts to 17.8% (H1 2019, 19.0%), reflecting both
the effectiveness of the operational cost reduction measures as well the
reality of the trading environment and was coupled with the appropriate use of
government support initiatives. However, in absolute terms, Adjusted Gross
Profits were down $6.4m to $16.7m (H1 2019, $23.1m).
Initiatives to streamline and reduce the overhead cost structure of the Group
at both divisional and central level were already underway pre the pandemic
and these, with the additional pandemic related cost saving measures, have
helped ensure that Adjusted EBIT was not more adversely affected, despite
significant increases in adjusted depreciation and amortisation of intangibles
in the period.
The Adjusted EBIT loss of $2.2m for the period includes a $2.0m share of
associate losses relating to our 20% equity investment holding in China
Aircraft Services Limited (CASL), the loss has no cash impact to the Group.
CASL provides maintenance and ramp services to airline customers at Hong Kong
airport where its revenues have been very severely impacted by the significant
drop in movements at the airport. Notwithstanding this share of associate
losses, the Group has delivered a near breakeven Adjusted EBIT performance
from its core operations and activities over which it exercises management and
operational control.
The group generated a net cash inflow from operating activities in the period
of $21.8m (2019: $2.2m) which helped fund investment capital expenditure and
other relatively small levels of maintenance capital expenditure whilst
maintaining a strong liquidity position. As at 30(th) June 2020 the Group
had $18.1m of cash and $29.9m of its $50m revolving credit facilities undrawn.
Sale of US Air Associate
On 2(nd) March 2020 the Group announced the sale of its US Air associate, Gama
Aviation LLC, in which the Group had a 24.5% equity interest, for a total
consideration of $33m. The finance review section and Note 7 provide detailed
commentary on the final accounting treatment that we have applied to the sale
proceeds and the reasons for the differences from our original judgment. The
economic substance of the transaction remains unchanged.
The strategic rationale was to enable the Group to monetise, at an attractive
value, its investment in an associate over which it exercises no control, and
which had grown increasingly dependent on a major customer who had an interest
in purchasing the business. This sale will allow the Group to focus its US
activities on its 100% owned Ground Division which is capable of continuing to
deliver significant growth.
Impairment of Investments
The Board has undertaken a review of the carrying values of certain
investments with a view to determine the level of impairments that may be
necessary with COVID-19 uncertainties prevailing globally.
As stated above and as is evident from the financial statements, the
performance of CASL (the Groups' Hong Kong based associate) has been very
severely impacted by the pandemic. With revenues running at some 85% below
pre pandemic levels, CASL has suffered significant losses during the first
half of 2020 resulting in the Group recognising a $2m share of associate loss
in its interim results. Despite the cost saving measures implemented by CASL
management, losses will continue through the remainder of 2020 and into 2021,
and a return to profitability is not expected until there is a significant
upturn in activity. Given the continuing uncertainty surrounding the
pandemic and the timing of any eventual recovery, the Board has decided to
take an impairment write-down in the carrying value of its investment in CASL.
Similarly, the Board has also decided to impair the 'asset under construction'
carrying value of its investment in the Sharjah Business Aviation Center
project.
Given the one-off and non-recurring nature of these impairment costs, they
have been treated as adjusting items. It is however the intention of
management to work closely with CASL management, and our partners in Sharjah,
to maximise value from these investments.
Strategy
In our FY19 results announced on July 31(st), 2020 we notified the market that
we are conducting a strategic review of the business to ensure that, going
forward, we are focused on the things that we do best. This review is
progressing well and has identified the following primary areas of market
focus:
· Special Missions, building on the Group's proven strength in
delivering high availability aviation services for defence, law enforcement,
healthcare and critical infrastructure.
· Business Aviation, involving the global delivery of the Group's
core offerings of aircraft management, charter and engineering to high value
customers, with clear priority placed on key markets, especially the United
States.
· Technology and Outsourcing, where the Group will leverage its
investment in the myairops software platform, FlyerTech and its
industry-leading capabilities in core aviation managed service components to
offer compelling outsource solutions.
The review will of course take into account the evolving impact of the
pandemic and we will make further announcements in due course, including any
changes to our future segmental reporting.
Outlook
The Q3 trading to end September was stable and in line with management
expectations. We are encouraged by our development of a strong pipeline for
special mission opportunities and improved demand levels at the Bournemouth UK
facility for jet and turboprop engineering activities.
Recognising the uncertainty inherent in the ongoing pandemic, underlying
performance in the second half is expected to be broadly similar to the first
half, however results will be impacted by reduced government support as the US
PPP scheme ends, and UK and other schemes are reduced.
The Group is expected to maintain its healthy liquidity position. As at 28
September 2020, the Group has cash of c$18m and c$30m RCF borrowing facilities
undrawn.
Marwan Khalek
Chief Executive Officer
Group Operational Performance
Revenue
$'000
Adjusted Statutory
2020 2019 2020 2019
Air Division 50,501 65,398 66,001 65,398
Ground Division 41,461 54,879 41,461 54,879
Global Services Division 1,768 1,508 1,768 1,508
Total 93,730 121,785 109,230 121,785
Gross Profit
$'000
Adjusted Statutory
2020 2019* 2020 2019*
Air Division 5,287 5,559 20,787 5,559
Ground Division 10,000 16,509 10,000 16,509
Global Services Division 1,405 1,081 1,405 1,081
Total 16,692 23,149 32,192 23,149
EBIT
$'000
Adjusted Statutory
2020 2019* 2020 2019*
Air Division 1,516 1,197 16,897 979
Ground Division 650 6,764 (3,790) 3,943
Global Services Division (6) 219 (160) 93
Associates Division (1,957) 252 (5,567) 252
Central Costs (2,366) (3,217) (3,390) (4,778)
Total (2,163) 5,215 3,990 489
* The results for 2019 have been restated for the interim
effect of restatement items identified in the 2019 full-year results.
Restatements are detailed in Note 2 of the notes to the financial statements.
The above Group results are explained in detail below.
Air Division
The Air Division supports customers using business aviation as an integral
part of their mission, including corporations and public services such as air
ambulance and aerial survey. It provides aircraft management, crewing, charter
services, airworthiness and engineering oversight both to single aircraft
operations and fleets, and delivers substantial special mission contracts for
complex, time critical services.
Adjusted
$'000
US Europe Middle East Asia Total
2020 2019* 2020 2019* 2020 2019* 2020 2019* 2020 2019*
Revenue 1,875 1,875 31,284 46,314 8,574 7,030 8,768 10,179 50,501 65,398
Gross Profit 1,875 1,875 2,062 2,336 731 746 619 602 5,287 5,559
GP % 100% 100% 7% 5% 9% 11% 7% 6% 10% 8%
EBIT 1,854 1,815 (127) (100) (36) (601) (175) 83 1,516 1,197
EBIT % 99% 97% 0% 0% 0% (9%) (2%) 1% 3% 2%
The Air Division revenues fell on reported basis by 23% to $50.5m (2019:
$65.4m). On a constant currency basis, the fall was 21% after rebasing for the
impact of foreign exchange of $1.2m, as shown in Note 4 of the notes to the
financial statements. Reduced recharges as a result of lower flying activity
due to the COVID-19 pandemic was the primary driver for revenue reductions in
both Europe (down 31% ) and Asia (down 14%), whereas higher recharges relating
to maintenance boosted revenues in the Middle East (up 22%). The changes in
recharge revenues had no effect on profits, but smaller pandemic-related
reductions in revenues from management fees, charter sales and flight planning
services did flow through to gross profits. The size of the global managed
aircraft fleet increased by one in the first half of 2020 compared to the
prior half comparative period.
Total Air Division Adjusted EBIT improved by $0.3m to $1.5m (2019: $1.2m),
with the above gross profit shortfalls compensated for by overhead
reductions. Adjusted EBIT remained stable in the US and Europe. The Middle
East improved due to reduced levels of funding of the start-up business in
Saudi Arabia. Cost control in Asia was offset by $0.5m of loss allowances for
doubtful debtors.
The in-sourcing by Europe Air of the helicopter emergency medical services
(HEMS) for the Scottish Ambulance Service progressed according to plan,
leading to the successful go-live of this operation on 1st June 2020.
Additionally, in July the Group was awarded new special mission contracts to
provide fixed wing air ambulance services to the governments of Guernsey and
Jersey for an initial term of 5 years plus options to extend by up to 5 years.
Adjustments to EBIT
$'000
US Europe Middle East Asia Total
2020 2019* 2020 2019* 2020 2019* 2020 2019* 2020 2019*
Exceptional items - - - (105) - - - - - (105)
Amortisation - - (60) (54) - - (59) (59) (119) (113)
Accelerated branding fees 15,500 - - - - - - - 15,500 -
Total adjustments 15,500 - (60) (159) - - (59) (59) 15,381 (218)
Statutory
$'000
US Europe Middle East Asia Total
2020 2019* 2020 2019* 2020 2019* 2020 2019* 2020 2019*
EBIT 17,354 1,815 (187) (259) (36) (601) (234) 24 16,897 979
EBIT % 100% 97% (1%) (1%) 0% (9%) (3%) 0% 25% 1%
*The results for 2019 have been restated for the interim effect of restatement
items identified in the 2019 full-year results. Restatements are detailed in
Note 2 of the notes to the financial statements.
Air Division Statutory EBIT increased from $1.0m in 2019 to $16.9m in 2020 due
to accelerated branding fees on the disposal of the US Air associate, see Note
7 for further details on the disposal. Exceptional items did not recur in the
current period and amortisation of the remaining acquired intangibles
continues in line with policy.
Ground Division
The Ground Division provides global support to the business aviation, air
ambulance, law enforcement and military sectors, deploying a service mix that
is designed to deliver new capability and maintain availability of the
aircraft for the operator. With a global network and increasingly rare
independence from manufacturer ownership, the Division has approvals to
maintain aircraft from Gulfstream, Dassault Falcon, Bombardier, Embraer and
Textron, providing heavy, ad-hoc and emergency maintenance as well as
modifications and refurbishments.
Adjusted
$'000
US Europe Middle East Asia Total
2020 2019* 2020 2019* 2020 2019* 2020 2019* 2020 2019*
Revenue 20,578 24,296 18,490 27,321 1,476 2,266 917 996 41,461 54,879
Gross Profit 4,403 3,748 4,844 11,359 262 963 491 439 10,000 16,509
GP % 21% 15% 26% 42% 18% 42% 54% 44% 24% 30%
EBIT 1,146 653 (41) 6,203 (442) 71 (13) (163) 650 6,764
EBIT % 6% 3% (0%) 23% (30%) 3% (1%) (16%) 2% 12%
The Ground Division revenues fell on reported basis by 24% to $41.5m (2019:
$54.9m). On a constant currency basis, the fall was 23% after rebasing for the
impact of foreign exchange of $0.7m, as shown in Note 4 of the notes to the
financial statements. All divisions experienced reductions in revenue: Europe
by 31%, Middle East by 35%, US by 15% and Asia by 8%. In Europe, the fall in
revenue is $8.8m, or $8.1m on a constant currency basis, with significant
variances due to the prior year comparative benefitting from one-off equipment
sales of $5.5m, closure of the loss-making Fairoaks maintenance business, and
reduced demand for FBO, MRO and design services following the start of the
COVID-19 pandemic. In the US, the fall in revenue of $3.7m was materially
driven by the COVID-19 pandemic however the impact was partially offset by
growth in the Florida Paint-Shop of $1.1m to $1.8m (2019: $0.7m). In the
Middle East, revenue fell due to lower FBO movements, lower parking from
planes being grounded elsewhere, and a knock-on effect of reduced activity on
MRO revenues. Asia also experienced a COVID-related reduction in maintenance
revenues of $0.1m to $0.9m (2019: $1.0m).
Adjusted EBIT fell by $6.1m to $0.7m, due to Europe ($6.2m down, on a constant
currency basis $6.0m down) and Middle East (down $0.5m to a loss of $0.4m),
partially offset by US ($0.5m up to $1.1m) and Asia ($0.2m reduction in
losses). In Europe, Gross Profit in the prior period benefited compared to the
current period by $2.9m from one-off equipment sales and cost credits which
dropped down into Adjusted EBIT, and 2020 was impacted by the COVID-related
services revenue reductions. In the Middle East, reduced FBO activity resulted
in an Adjusted EBIT loss with fixed cost savings unable to offset gross profit
shortfalls. Despite the impact of COVID-19 on revenues and a $0.2m increase
in doubtful debts provisions, Adjusted EBIT in the US improved as a result of
reduced losses in the first half of 2020 from the Florida Paint-Shop and was
supported by PPP loan forgiveness of $3.8m. Asia's Adjusted EBIT improved by
$0.2m to a breakeven position (2019: $0.2m loss) due to a combination of
improved mix within gross profit plus reduced overheads.
Adjustments to EBIT
$'000
US Europe Middle East Asia Total
2020 2019* 2020 2019* 2020 2019* 2020 2019* 2020 2019*
Exceptional items - - - (1,364) - - - - - (1,364)
Amortisation - (228) - (96) - - - - - (324)
Impairment charge - - - (1,133) (4,440) - - - (4,440) (1,133)
Total adjustments - (228) - (2,593) (4,440) - - - (4,440) (2,821)
Statutory
$'000
US Europe Middle East Asia Total
2020 2019* 2020 2019* 2020 2019* 2020 2019* 2020 2019*
EBIT 1,146 425 (41) 3,610 (4,882) 71 (13) (163) (3,790) 3,943
EBIT % 6% 2% (1%) 13% (331%) 3% (1%) (16%) (9%) 7%
*The results for 2019 have been restated for the interim effect of restatement
items identified in the 2019 full-year results. Restatements are detailed in
Note 2 of the notes to the financial statements.
Ground division Statutory EBIT fell from a profit of $3.9m in 2019 to a loss
of $3.8m in 2020 as a result of the impairment of assets under the course of
construction at Sharjah airport of $4.4m in addition to the fall in Adjusted
EBIT. Exceptional items did not recur in the current period.
Global Services Division
The Global Services Division comprises two businesses, FlyerTech and myairops.
FlyerTech provides continuing airworthiness management (CAM) and airworthiness
review certification (ARC) services for business aviation and commercial
airline operators. myairops has developed a suite of business aviation
products deployed as "Software as a Service" (SaaS) and mobile app solutions
for business aviation operators, flight support companies, FBOs and regional
airports.
Adjusted
$'000
Total
2020 2019
Restated*
Revenue 1,768 1,508
Gross Profit 1,405 1,081
GP % 79% 72%
EBIT (6) 219
EBIT % (0%) 15%
The Global Services Divisions grew revenues by 17% to $1.8m (2019: $1.5m)
however EBIT fell to nil (2019: $0.2m). Growth in revenue and gross profit was
driven by performance in myairops following the launch of three new products
and associated product sales including a $2.5m three-year contract with a
large business aviation operator. Associated with the product launches,
amortisation of the product development commenced, impacting Adjusted EBIT in
the first half by $0.5m. FlyerTech traded broadly in line with prior half,
with a modest reduction in revenue offset by enhanced margin performance.
Adjustments to EBIT
$'000
Total
2020 2019
Amortisation (154) (126)
Total adjustments (154) (126)
Statutory
$'000
Total
2020 2019
Restated*
EBIT (160) 93
EBIT % (9%) 6%
*Restated to show the impact of IFRS 16 within Adjusted EBIT, divisionally for
year on year comparability. Refer to Note 2 of the notes to the interim
financial statements.
Adjustments to EBIT relate to amortisation of acquired Customer Relationship
intangibles of $0.2m (2019: $0.1m). Overall, Global Services Division
Statutory EBIT fell to a loss of $0.2m in the first half from a profit of
$0.1m in 2019.
Associate Investments
Adjusted
$'000
US Air China Aircraft Total
Associate
Services Limited
2020 2019 2020 2019 2020 2019
EBIT 78 29 (2,035) 223 (1,957) 252
The US Air associate was sold on 2 March 2020, see Note 7 of the notes to the
interim financial statements for further details. The $78k of Adjusted EBIT
represents the Group's share of results from the US Air associate prior to
disposal.
China Aircraft Services Limited (CASL) suffered substantial losses of $2.0m
due to vastly reduced commercial aviation volumes at Hong Kong airport,
impacted by COVID-19.
Adjustments to EBIT
$'000
US Air China Aircraft Total
Associate
Services Limited
2020 2019 2020 2019 2020 2019
Impairment charge - - (10,633) - (10,633) -
Profit on disposal of interest in associates 7,023 - - - 7,023 -
Total adjustments 7,023 - (10,633) - (3,610) -
Statutory
$'000
US Air China Aircraft Total
Associate
Services Limited
2020 2019 2020 2019 2020 2019
EBIT 7,101 29 (12,668) 223 (5,567) 252
In view of the ongoing COVID-19 pandemic and the related uncertainties, an
impairment charge of $10.6m (2019: nil) has been made against the equity
accounted investment in CASL, see Note 4 for further details. The disposal of
the US Air Associate resulted in a profit before taxation on disposal of the
Group's equity interest of $7.0m. Overall, associate Statutory EBIT decreased
from a profit of $0.3m in 2019 to a loss of $5.6m in 2020.
Financial Review
Adjusted(1) $m Statutory $m
Jun-20 Jun-19 Jun-20 Jun-19
Restated(2) Restated(2)
Revenue 93.7 121.8 109.2 121.8
Gross Profit 16.7 23.1 32.2 23.1
Gross Profit % 17.8% 19.0% 29.5% 19.0%
EBIT (2.2) 5.2 4.0 0.5
(Loss)/ Profit Before Tax (4.0) 3.2 2.2 (1.6)
(Loss)/ Profit After Tax (4.4) 2.3 (4.2) (2.0)
Earnings per share (cents) (6.9) 3.7 (6.6) (2.9)
(1)The Alternative Performance Measures (APMs) are defined in Note 4 of the
notes to the interim financial statements and reconciled to the nearest IFRS
measure. APMs include Adjusted EBIT as well as organic and constant currency
Revenue, Gross Profit and Adjusted EBIT.
(2)The results for 2019 have been restated for the interim effect of
restatement items identified in the 2019 full-year results. Restatements are
detailed in Note 2 of the notes to the financial statements.
Adjusted Revenue Bridge
$m
Revenue - 2019 121.8
Impact of foreign exchange movement (1.9)
Revenue - 2019 at 2020 exchange rate 119.9
Air Division (13.7)
Ground Division (12.8)
Global Services Division 0.3
Revenue - 2020 93.7
· The Air Division had reduced recharges of costs due to reduced
flying hours as a result of the ongoing COVID-19 pandemic.
· Ground Division revenue reduced primarily in Europe (a reduction
of $8.8m) with the prior year benefiting from one-off equipment sales of $5.5m
whilst in the US aircraft maintenance was materially impacted by the ongoing
COVID-19 pandemic with a $3.7m reduction in US Ground revenues.
Adjusted EBIT Bridge $m
Adjusted EBIT - 2019 (restated)* 5.2
Impact of foreign exchange movement (0.1)
Adjusted EBIT - 2019 at 2020 exchange rate 5.1
Gross Profit (6.1)
Share of loss from associates (2.3)
Decrease in administrative expenses: 1.1
Adjusted EBIT - 2020 (2.2)
* The results for 2019 have been restated for the interim
effect of restatement items identified in the 2019 full-year results.
Restatements are detailed in Note 2 of the notes to the financial statements.
· Reduced Gross Profit driven by Europe Ground reductions partially
offset by gross profit growth in US Ground and the Air Division.
· China Aircraft Services Limited (CASL) suffered substantial
losses of $2.0m due to vastly reduced commercial aviation volumes at Hong Kong
airport, impacted by COVID-19.
Disposal of US Air Associate
On 2(nd) March 2020 the Group disposed of its shareholding in its US Air
associate for a total consideration of $33m, of which $13m cash was received
at closing with the balance due to be received, with interest, at six monthly
intervals over the following four years. Following on from the judgement
communicated at the time of announcing the disposal, Note 35 to the Group's
2019 Annual Report and Accounts stated that this transaction was expected to
be accretive to underlying earnings to FY2020 and FY2021 as well as resulting
in a one-off profit on disposal of the Group's equity interest. The Board has
now concluded, after consultation with the Group's external auditors PwC, that
it is more appropriate only to recognise in Adjusted EBIT for 2020 and 2021
the pre-existing level of branding fee of $3.75m per year (total $7.5m), and
to treat the remaining $15.5m relating to accelerated branding fees and other
trading items as an adjusting revenue item in the 2020 first half results
given its material one-off and non-recurring nature. Adjusted EBIT will
continue to reflect branding fee for a two year period. Given the nature of
the agreement and the continuing operational and financial uncertainties
resulting from the COVID-19 pandemic it is now extremely difficult to assess
whether or not the transaction will be accretive to earnings in FY20 and FY21.
Notwithstanding the above, the economic substance and the cashflows of the
transaction remain unchanged. Refer to Note 7 for further details on the
disposal.
Impairments of Investment
The COVID-19 pandemic has also required the Board to consider whether other
investment focused assets show signs of impairment. The Board has concluded
that the value of the Group's 20% equity interest in its Asia associate, China
Aircraft Services Limited, has been adversely impacted by significantly
reduced levels of commercial aviation activity at Hong Kong airport.
Accordingly, the Group has taken a $10.6m impairment as an exceptional item in
the first half of 2020 in respect of this investment. Similarly, the Group's
$4.4m asset under construction, representing investment at Sharjah in the
Middle East Ground division, has been impaired in full as an exceptional item,
due to uncertainties regarding the recoverability of the initial project
development costs incurred to date.
The Board considers that treating all three material amounts as exceptional
items presents the most fair, balanced and understandable view of the
accounting consequences for shareholders.
Statutory EBIT Bridge
$m
Statutory EBIT - 2019 (restated)* 0.5
Items impacting Adjusted EBIT (7.4)
Adjusting items: 10.9
- Accelerated branding fees 15.5
- Impairment of assets under construction (4.4)
- Impairment of CASL (10.6)
- prior year impairment of Fairoaks right-of-use asset 1.1
- Profit on disposal 7.0
- Depreciation and amortisation 0.3
- Integration and business recognition costs 0.9
- Litigation costs 1.4
- Transaction costs (0.2)
- Other (0.1)
Statutory EBIT - 2020 4.0
*The results for 2019 have been restated for the interim effect of restatement
items identified in the 2019 full-year results. Restatements are detailed in
Note 2 of the notes to the financial statements.
· $15.5m of accelerated branding fees have been recognised in
adjusting items following the disposal of the US Air Associate and the
settlement of existing contractual arrangements (see Note 7 for further
details on the disposal).
· Impacted by the ongoing COVID-19 pandemic, impairment charges
relate to $4.4m in relation to Sharjah and $10.6m in relation to CASL. The
prior period included an impairment of the right-of-use asset associated with
the Fairoaks lease.
· $7.0m profit before taxation on disposal of the US Air Associate
(see Note 7 for further details on the disposal).
· Adjusting items only include amortisation of acquired
intangibles. The prior period included amortisation of internally generated
intangibles.
· Integration and business re-organisation costs at Fairoaks and
Bournemouth did not recur in the first half of 2020.
· Significant reduction on litigation costs following progress on
legacy matters.
· Increased transaction cost of $0.2m relating to potential
acquisition opportunities.
Interest
Net finance cost of $1.8m (2019: $2.0m), include $0.4m (2019: nil) of finance
income on deferred consideration following the disposal of the US Air
Associate.
Taxation
There is an adjusted taxation charge for the period of $0.4m (2019: charge of
$0.9m) arising from profits in the US where the group has an effective tax
rate of 28%. An increased deferred tax asset for additional losses incurred in
other jurisdictions has not been recognised due to the uncertainty of future
available taxable profits to utilise the losses.
On disposal of the US Air Associate there was a corporation taxation charge of
$7.7m, which is included within the Corporation tax liability at 30 June 2020.
In addition, a deferred taxation credit of $1.5m has been recognised on
deferred revenue on the disposal, and this will be charged to deferred tax in
future periods as the revenue is recognised. There is a statutory taxation
charge for the period of $6.3m (2019: charge of $0.4m), which reflects a
significant increase as a result of the US Air Associate disposal.
EPS
Shares in issue remain unchanged and the average share price for the six
months ended was lower than the exercise price of outstanding options and
therefore there is no dilutive effect for diluted earnings per share. Basic
Statutory EPS reflects an increase loss per share of 6.6 cents (2019: 2.9c).
Net debt and cash flow movements
Jun-20 Jun-19
$m Restated*
$m
Net cash inflow on operating activities 21.8 2.2
Capital expenditure (23.0) (14.4)
Lease payments (5.0) (5.7)
Interest paid (0.6) (0.6)
Proceeds on disposal of US Air Associate, net of transaction costs 9.7 -
Proceeds from borrowings 30.4 15.1
Repayment of borrowings (23.4) -
Acquisition of Florida Paint-Shop - (1.4)
Net cash used in investing and financing activities (11.9) (7.0)
Increase / (decrease) in cash 9.9 (4.8)
Cash at the beginning of the period 8.5 10.0
Effect of foreign exchange rates (0.3) (3.2)
Cash at the end of the period* 18.1 2.0
Borrowings (46.7) (24.6)
Obligation under leases (59.3) (58.3)
Net (debt) (87.9) (80.9)
*Restatements are detailed in Note 2 of the notes to the financial statements.
**Net (debt) at 30 June 2019 excluded obligations under leases that weren't
covenant defined. For comparability, Net (debt) with all Obligations under
leases is shown above and reconciled in further detail in Note 4.
· The improvement in the net cash inflow on operating activities
has been driven by general improvements in working capital and;
o $3.3m US Air Associate consideration, which was in addition to the $9.7m
for the disposal of the investment, relating to trading related matters (see
Note 7 for further details on the disposal)
o As part of COVID-19 support in the UK, VAT payment of $4.0m have been
deferred
o Net receipts on long term contracts in the first half of the year were
$5.4m higher than the prior half of the year
· Capital expenditure includes the purchase, for $18.3m of two new
helicopters by Europe Air as part of the helicopter emergency medical services
which went live on 1(st) June 2020, leasehold property improvements of $1.7m,
Fixtures & Fittings of $1.4m and internally developed software arising
from myairops software development of $1.3m.
· Lease payments reduced by $0.7m on the prior period due to timing
of aircraft lease payments.
· $9.7m proceeds on disposal of the US Air Associate, net of
transaction costs. Refer to Note 7 for further details on the disposal.
· Proceeds from borrowings include $24.7m in relation to the £20m
Term loan for Helicopters and $5.7m from a Payment Protection Program Loan.
$23.4m repayment of revolving credit facility borrowings as a result of
financing the Helicopters via the Term loan.
Litigation
Following the litigation update provided in the Company's 2019 Annual Report,
the Company continues to pursue the recovery of its long-standing trade
receivables that amount to approximately $3m both through enforcement actions
in the UK and in other jurisdictions. Since the announcement of 2019 Annual
Report, the Company has made progress through court proceedings in the UK. It
remains the Board's expectation that other than the provisions already made by
the Company against these claims, no further provisions will be required.
Responsibility Statements
The Directors confirm that to the best of their knowledge:
a) the condensed consolidated set of financial statements has been prepared in
accordance with IAS 34 "Interim Financial Reporting";
b) the interim financial report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year); and,
c) the interim financial report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
The basis of preparation of the consolidated financial statements is shown in
Note 1 and Note 2, and related party transactions are shown in Note 13. The
principal risks and uncertainties for the remaining six months of the year
remain the same as set out in the Group's recently published statutory
financial statements for the year ended 31 December 2019 and shown below.
The directors consider the principal risks to the business are:
/ Poor operational performance or air accident damaging the Group's
reputation.
/ Changes in economic climate that make air transport less attractive such as
the ongoing COVID-19 pandemic.
/ Following the UK departure from the EU any changes to the open skies
arrangement that may impact air travel, and a slow-down in customs processes
that may lead to delays in the cross-border flow of fuel, materials and
engines, both for Gama Aviation, our suppliers and their upstream supply
chains, and customers shipping engines for repair and overhaul.
/ Increasing regulatory burden and costs of compliance.
/ Foreign exchange risk.
Signed on behalf of the Board,
Marwan Khalek
Chief Executive Officer
Gama Aviation Plc
Consolidated income statement
For the period ended 30 June 2020
Period ended 30 June 2020 Period ended 30 June 2019 Restated*
Statutory result Adjustments Adjusted result Statutory result Adjustments Adjusted
$'000
$'000
$'000
$'000
$'000
result
$'000
Revenue 109,230 (15,500) 93,730 121,785 - 121,785
Cost of sales (77,038) - (77,038) (98,636) - (98,636)
Gross profit 32,192 (15,500) 16,692 23,149 - 23,149
- administrative expenses (14,188) 1,024 (13,164) (18,733) 3,032 (15,701)
- depreciation and amortisation (3,191) 273 (2,918) (3,434) 1,694 (1,740)
- impairment loss (4,440) 4,440 - - - -
- impairment of financial assets (816) - (816) (745) - (745)
Total administrative expenses (22,635) 5,737 (16,898) (22,912) 4,726 (18,186)
Operating profit/(loss) 9,557 (9,763) (206) 237 4,726 4,963
Share of results from equity (12,590) 10,633 (1,957) 252 - 252
accounted investments
Profit on disposal of interest in associates (note 7) 7,023 (7,023) _
- - -
Earnings before interest and taxation 3,990 (6,153) (2,163) 489 4,726 5,215
Finance income 407 - 407 - - -
Finance expense (2,246) - (2,246) (2,049) - (2,049)
Profit/(loss) before tax 2,151 (6,153) (4,002) (1,560) 4,726 3,166
Taxation (6,302) 5,945 (357) (412) (493) (905)
(Loss)/profit after tax (4,151) (208) (4,359) (1,972) 4,233 2,261
Attributable to:
Owners of the Company (4,180) (208) (4,388) (1,854) 4,233 2,379
Non-controlling interests 29 0 29 (118) - (118)
* Restatements are detailed in Note 2.
Earnings per share attributable to the equity holders of the parent
Basic and diluted (cents) (6.6)c (0.3)c (6.9)c (2.9)c 6.6c 3.7c
Gama Aviation Plc
Consolidated statement of comprehensive income
For the period ended 30 June 2020
Period Period
ended 30 June
ended
2020
30 June 2019 Restated*
$'000
$'000
Loss for the period (4,151) (1,972)
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations (1,106) (1,660)
Total comprehensive loss for the period (5,257) (3,632)
Total comprehensive loss is attributable to:
Owners of the Company (5,286) (3,514)
Non-controlling interest 29 (118)
(5,257) (3,632)
Gama Aviation Plc
Consolidated balance sheet
As at 30 June 2020 and 31 December 2019
2020 2019
$'000
Restated*
$'000
Non-current assets
Goodwill (note 8) 20,395 21,750
Other intangible assets (note 9) 9,903 10,148
Total intangible assets 30,298 31,898
Property, plant and equipment (note 10) 48,390 35,324
Right-of-use assets (note 11) 49,236 52,315
Investments accounted for using equity method 2,413 15,112
Trade and other receivables 20,040 4,392
Deferred tax asset 3,774 2,252
Total Non-current assets 154,151 141,293
Current assets
Assets held for sale (note 7) - 2,598
Inventories 7,282 7,271
Trade and other receivables 52,261 73,167
Current tax receivable 338 338
Cash and cash equivalents 18,088 8,463
77,969 91,837
Total assets 232,120 233,130
Current liabilities
Trade and other payables (35,765) (51,596)
Current tax liabilities (8,099) -
Obligations under leases (note 11) (15,328) (16,366)
Provisions (513) (521)
Borrowings (note 12) (46,689) (45,615)
Deferred revenue (12,130) (2,867)
(118,524) (116,965)
Total assets less current liabilities 113,596 116,165
Non-current liabilities
Borrowings (note 12) - (627)
Deferred revenue (7,053) (4,553)
Obligations under leases (note 11) (44,012) (43,838)
Provisions (894) (594)
Deferred tax liabilities (753) (819)
(52,712) (50,431)
Total liabilities (171,236) (167,396)
Net assets 60,884 65,734
* Restatements are detailed in Note 2.
Gama Aviation Plc
Consolidated balance sheet (continued)
As at 30 June 2020 and 31 December 2019
2020 2019
$'000
Restated*
$'000
Shareholders' equity
Share capital 953 953
Share premium 63,473 63,473
Other reserves 35,205 34,798
Foreign exchange reserve (30,285) (29,179)
Accumulated loss (9,242) (5,062)
Total shareholders' equity 60,104 64,983
Non-controlling interest 780 751
Total equity 60,884 65,734
Gama Aviation Plc
Consolidated statement of changes in equity
For the period ended 30 June 2020
Share capital Share premium Other reserves Foreign exchange reserve Accumulated profit/(losses) Total shareholders' equity Non-controlling interest Total equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 31 December 2018, as restated** 953 63,473 33,937 (28,055) 8,112 78,420 656 79,076
Loss for the period, as reported - - - - (2,128) (2,128) (118) (2,246)
Restatement* - - - - 274 274 - 274
Loss for the period, as restated - - - - (1,854) (1,854) (118) (1,972)
Other comprehensive income, as reported - - - (1,660) - (1,660) - (1,660)
Total comprehensive loss for the period - - - (1,660) (1,854) (3,514) (118) (3,632)
Cost of share-based payments - - 336 - - 336 - 336
Balance at 30 June 2019 953 63,473 34,273 (29,715) 6,258 75,242 538 75,780
Loss for the period - - - - (9,700) (9,700) 213 (9,487)
Other comprehensive income - - - 536 - 536 - 536
Total comprehensive loss for the period - - - 536 (9,700) (9,164) 213 (8,951)
Cost of share-based payments - - 525 - - 525 - 525
Dividend paid (1,620) (1,620) - (1,620)
Balance at 31 December 2019 953 63,473 34,798 (29,179) (5,062) 64,983 751 65,734
Profit for the period - - - - (4,180) (4,180) 29 (4,151)
Other comprehensive income - - - (1,106) - (1,106) - (1,106)
Total comprehensive loss for the period - - - (1,106) (4,180) (5,286) 29 (5,257)
Cost of share-based payments - - 407 - - 407 - 407
Balance at 30 June 2020 953 63,473 35,205 (30,285) (9,242) 60,104 780 60,884
* Restatements are detailed in Note 2.
** Balance at 31 December 2018 as restated in the 2019 audited annual report.
Gama Aviation Plc
Consolidated cash flow statement
For the period ended 30 June 2020
Period
ended 30 June Period ended
2020 30 June 2019 Restated*
$'000 $'000
Net cash inflow on operating activities (note 6) 21,808 2,207
Cash flows from investing activities
Purchases of property, plant and equipment (note 10) (21,678) (12,792)
Purchases of intangibles (note 9) (1,262) (1,656)
Acquisition of subsidiary, net of cash acquired - (1,365)
Proceeds from disposal of assets held for sale (note 7) 9,699 -
Net cash used in investing activities (13,241) (15,813)
Cash flows from financing activities
Interest paid (573) (608)
Lease payments (note 11) (5,037) (5,672)
Proceeds from borrowings 30,405 15,107
Repayment of borrowings (23,426) -
Net cash from financing activities 1,369 8,827
Net increase/(decrease) in cash and cash equivalents 9,936 (4,779)
Cash and cash equivalents at the beginning of the period 8,463 10,020
Effect of foreign exchange rates (311) (3,205)
Cash and cash equivalents at the end of the period 18,088 2,036
* Restatements are detailed in Note 2.
Notes to the interim financial statements
For the period ended 30 June 2020
1. Corporate information and basis of preparation
Gama Aviation Plc is a public company limited by shares, incorporated in the
United Kingdom. The address of the registered office has changed from
"Business Aviation Centre, Farnborough Airport, Hampshire, GU14 6XA" to "1st
Floor, 25 Templer Avenue, Farnborough, Hampshire, England, GU14 6FE" in the
first half of 2020. The Company's shares are publicly traded on the AIM market
of the London Stock Exchange.
The financial information for the period end 30 June 2020 set out in this
interim report does not constitute statutory accounts as defined in section
434 of the Companies Act 2006. Following the Group's recent Annual General
Meeting (AGM), the Group's statutory financial statements for the year ended
31 December 2019 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain statements under Section 498 of the Companies Act 2006. The interim
results are unaudited.
These interim consolidated financial statements (the interim financial
statements) are for the six months ended 30 June 2020. They have been
prepared in accordance with IAS 34 "Interim Financial Reporting". They do
not include all the information required for full annual financial statements
and should be read in conjunction with the consolidated financial statements
of the Group for the year ended 31 December 2019.
2. Accounting policies
The accounting policies set out in the Group's statutory financial statements
for the year ended 31 December 2019 have been applied in the preparation of
the interim financial statements. The Directors consider that the Group has
adequate resources to remain in operation for the foreseeable future and have
therefore continued to adopt the going concern basis in preparing the interim
financial statements.
During the period there has been the adoption of IAS 20, Accounting for
Government Grants and Disclosure of Government Assistance.
In the period to 30 June 2020 the Group received a forgivable loan under the
US government Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Under IAS 20 a forgivable loan from government is treated as a government
grant when there is reasonable assurance that the entity will meet the terms
for forgiveness of the loan. The Group has adopted the income approach where
government grants should be recognised in profit or loss on a systematic basis
over the periods in which the entity recognises as expenses the related costs
for which the grant is intended to compensate.
$5,750k was received on 12 May 2020 and is recognised as borrowings in current
liabilities. During the period to 30 June 2020 $3,778k has been offset
against what the company has deemed to be qualifying expenditure reducing the
amount of borrowings at the period end to $1,970k. The utilisation of the
grant is reflected against the related expenses in cost of sales and
administrative expenses.
Restatements
The comparatives have been restated for several items following the
restatements made to 2018 in the 2019 financial statements. The impact of
restatements on the interim financial statements, where items included in the
income statement or statement of cash flows for the six month comparative
period ended 30 June 2019 or items presented in the statement of financial
position as at 31 December 2019 have been restated, are detailed below:
i. Interest paid of $608k has been restated from operating cash flows to
financing cash flows. This is a change in accounting policy to be consistent
with the treatment of interest on lease obligations in 2019. The impact of
foreign currency movements on borrowings and intercompany loans, which was
restated from administrative expenses to finance cost in the 2019 financial
statements was not material in the six months ended 30 June 2019, and as a
result has not been restated.
ii. The impact of IFRS 16 in the prior year was a credit of $870k to
Statutory and Adjusted EBIT of which the credit to gross profit was $582k. The
presentation of the impact of IFRS 16 was aggregated into one line item in the
prior year and in the current year this has been disaggregated across the
respective divisions for year on year comparability. In addition, on the
statement of cash flows, lease payments of $5,672k, which were included within
operating activities, have been reclassified into financing activities.
iii. Following the disposal of the US Air associate (see Note 7), the
presentation of the current tax payable and receivable is material at 30 June
2020 and has been presented separately on the face of balance sheet. As a
result, balance sheet reclassifications on current tax receivable ($338k
increase),Trade and other receivables ($338k decrease), current tax
liabilities ($9k increase) and Trade and other payables ($9k decrease) have
been reflected to the balance sheet at 31 December 2019.
v. Tax on Adjusting Items has been restated from nil to $493k, with no impact
on the statutory tax charge.
vi. Following a review of mapping to financial statement line items in the
prior year, an income statement reclassification between administrative
expenses ($920k decrease) and cost of sales ($920k increase) has been
reflected.
vii. As communicated in the 2019 financial statements, full year 2018 was
restated for errors on accruing for administrative expenses, resulting in a
charge to administrative expenses of $274k and an equivalent increase in
accruals. These costs were accrued in the six months ending 30 June 2019 and
as a result administrative expenses and retained earnings have been restated
by an equivalent amount. The reported statutory loss for the six months ending
30 June 2019 of $2,246k has been restated by $274k to $1,972k.
3. Segment information
The Group has eleven reportable segments (Air Division - four regional
businesses; Ground Division - four regional businesses; Global Services
Division - two businesses combined as one reportable segment; the Associates
Division - two businesses; and Central Costs), which are defined by markets
rather than product type. Each segment includes businesses with similar
operating and marketing characteristics. These segments are consistent with
the internal reporting reviewed each month by the Group Chief Executive.
Segment information is contained in full in the operational performance review
and has not been reproduced here. Reportable segments are operating segments
that either meet the thresholds and conditions set out in IFRS 8 for separate
reporting or are considered by the Board to be appropriately aggregated into
reportable segments under IFRS 8.
Reconciliation of divisional to overall Group performance is tabulated
below:
2020 2019
Adjusted Revenue Adjusted Gross profit Statutory EBIT Adjusted EBIT Revenue Gross profit (Restated*) Statutory EBIT Adjusted EBIT
(Restated*)
(Restated*)
US Air 1,875 1,875 17,354 1,854 1,875 1,875 1,815 1,815
Europe Air 31,284 2,062 (187) (127) 46,314 2,336 (259) (100)
Middle East Air 8,574 731 (36) (36) 7,030 746 (601) (601)
Asia Air 8,768 619 (234) (175) 10,179 602 24 83
Air Division 50,501 5,287 16,897 1,516 65,398 5,559 979 1,197
US Ground 20,578 4,403 1,146 1,146 24,296 3,748 425 653
Europe Ground 18,490 4,844 (41) (41) 27,321 11,359 3,610 6,203
Middle East Ground 1,476 262 (4,882) (442) 2,266 963 71 71
Asia Ground 917 491 (13) (13) 996 439 (163) (163)
Ground Division 41,461 10,000 (3,790) 650 54,879 16,509 3,943 6,764
Global Services 1,768 1,405 (160) (6) 1,508 1,081 93 219
Associates - - (5,567) (1,957) - - 252 252
Central Costs - - (3,390) (2,366) - - (4,778) (3,217)
Adjusted Result 93,730 16,692 3,990 (2,163) 121,785 23,149 489 5,215
Adjusting items - - - 6,153 - - - (4,726)
Statutory result 93,730 16,692 3,990 3,990 121,785 23,149 489 489
*Restatements are detailed in Note 2 of the notes to the interim financial
statements.
4. Alternative performance measures
The Adjusted result has been arrived at after the following Adjusting items:
Period ended 30 June 2020 Period ended 30 June 2019
Restated*
$'000 $'000
Exceptional items
Transaction costs 296 100
Integration and business re-organisation (3) 906
Legal costs 324 1,690
Total exceptional items 617 2,696
Share-based payments expense 407 336
Amortisation of intangible assets 273 561
Impairment of right-of-use assets - 1,133
Impairment of assets under construction 4,440 -
Impairment of investment in associate 10,633 -
Accelerated branding fees (15,500) -
Profit on disposal of interest in associates (7,023) -
Adjusting items in EBIT (6,153) 4,726
Tax related to adjusting items 5,945 (493)
Adjusting items in profit (208) 4,233
Transaction costs
Transaction costs in the current year of $296k relate to prospective
acquisitions. In the prior year, $100k was incurred in relation to aborted
acquisitions.
Integration and business re-organisation costs
Integration and business re-organisation costs include:
· Fairoaks direct closure costs of nil (2019: $684k);
· Non-recurring expenditure related to property and facility
re-organisation at Bournemouth and Farnborough of nil (2019: $222k)
Amortisation of intangible assets
Acquisition related intangible amortisation relates to acquired intangible
assets (customer lists and brands) recognised as part of the accounting for
business combinations $273k (2019: $375k) and amortisation arising on
internally generated intangible assets, such as setting up new bases of
operations in the US Ground business nil (2019: $186k).
Legal costs
Legal cost in the current and prior year principally relate to professional
fees in relation to ongoing litigation in respect of legacy cases going back
many years.
Impairment
Impairments comprise:
· An impairment charge of $10,633k has been recognised to reduce
the equity accounted investment in CASL from the carrying amount of $13,046k
to its recoverable amount of $2,413k. (2019: nil).
· An impairment charge of $4,440k has been recognised to reduce the
Business Aviation Centre ("BAC") at Sharjah Airport to its recoverable amount
following uncertainties related to the ongoing COVID-19 pandemic (2019:
nil).
· Fairoaks impairment of the right-of-use asset associated with the
lease of nil (2019: $1,113k).
Accelerated branding fees and profit on disposal of interest in associates
See Note 7 for further details on the profit on disposal.
Tax related to adjusting items
On disposal of the US Air Associate there was a corporation taxation charge of
$7,721k, which is included within the Corporation tax liability at 30 June
2020. In addition, a deferred taxation credit of $1,462k has been recognised
on deferred revenue on the disposal, and this will be charged to deferred tax
in future periods as the revenue is recognised.
Organic and constant currency growth
Organic and constant currency growth in Revenue, Gross Profit and EBIT is a
measure which seeks to reflect the performance of the Group that will
contribute to long-term sustainable growth. As such, organic and constant
currency growth excludes the impact of acquisitions or disposals, and foreign
exchange movements. Constant currency growth has been calculated using a
constant foreign exchange rate of $1.26 to £1, being the cumulative average
USD-GBP exchange rate for the first half of 2020 instead of the reported
exchange rate of $1.29 to £1 for the first half of 2019. A reconciliation
from the growth in reported revenue, gross profit and EBIT the most directly
comparable IFRS measures, to the organic and constant currency growth is set
out below.
Results of acquired and disposed businesses are excluded where the results
include only part-year results in either current or prior periods. In the
prior year, the paint and interior business acquired on 10 January 2019
("Paint-Shop") was excluded in calculating organic growth. In the current
year, the Paint-Shop is in all material respects comparable half on half and
not adjusted for the purpose of organic growth. The US Air associate was sold
on 2 March 2020 resulting in $78k of Adjusted EBIT in the current half prior
to disposal and $29k Adjusted EBIT in the prior half, which in all material
respects is comparable half on half and not adjusted for the purpose of
organic growth.
2020 2019
Adjusted Revenue % Constant currency growth Revenue, as restated* Rebase for FX Rebased comparative revenue
US Air 1,875 - 1,875 - 1,875
Europe Air 31,284 (31%) 46,314 (1,176) 45,138
Middle East Air 8,574 22% 7,030 - 7,030
Asia Air 8,768 (14%) 10,179 - 10,179
Air 50,501 (21%) 65,398 (1,176) 64,222
US Ground 20,578 (15%) 24,296 - 24,296
Europe Ground 18,490 (31%) 27,321 (694) 26,627
Middle East Ground 1,476 (35%) 2,266 - 2,266
Asia Ground 917 (8%) 996 - 996
Ground 41,461 (23%) 54,879 (694) 54,185
Global Services 1,768 20% 1,508 (38) 1,470
Total 93,730 (22%) 121,785 (1,908) 119,877
2020 2019
Adjusted Gross Profit % Constant currency growth Gross Profit, as restated* Rebase for FX Rebased comparative Gross Profit
US Air 1,875 - 1,875 -
1,875
Europe Air 2,062 (9%) 2,336 (60) 2,276
Middle East Air 731 (2%) 746 - 746
Asia Air 619 3% 602 - 602
Air 5,287 (4%) 5,559 (60) 5,499
US Ground 4,403 17% 3,748 - 3,748
Europe Ground 4,844 (56%) 11,359 (271) 11,088
Middle East Ground 262 (73%) 963 - 963
Asia Ground 491 12% 439 - 439
Ground 10,000 (38%) 16,509 (271) 16,238
Global Services 1,405 33% 1,081 (27) 1,054
Total 16,692 (27%) 23,149 (358) 22,791
2020 2019
Adjusted EBIT % Constant currency growth Adjusted EBIT as restated* Rebase for FX Rebased comparative Adjusted EBIT
US Air 1,854 2% 1,815 -
1,815
Europe Air (127) 36% (100) 3 (97)
Middle East Air (36) 94% (601) - (601)
Asia Air (175) (311%) 83 - 83
Air 1,516 26% 1,197 3 1,200
US Ground 1,146 75% 653 - 653
Europe Ground (41) (99%) 6,203 (158) 6,045
Middle East Ground (442) (722%) 71 - 71
Asia Ground (13) (92%) (163) - (163)
Ground 650 (90%) 6,764 (158) 6,606
Associates (1,957) (876%) 252 - 252
Central costs (2,366) 25% (3,217) 82 (3,135)
Global Services (6) (103%) 219 (6) 213
Total (2,163) (142%) 5,215 (79) 5,136
Net Debt
A reconciliation of the IFRS financial statement line items that represent the
Net Debt APM is tabulated below.
Jun-20 Dec-19
$'000 $'000
Cash 18,088 8,463
Borrowings (46,689) (46,242)
Net Debt pre IFRS 16 (28,601) (37,779)
Obligations under leases (59,340) (60,204)
Net Debt (87,941) (97,983)
5. Earnings per share ("EPS")
The calculation of earnings per share is based on the earnings attributable to
the ordinary shareholders divided by the
weighted average number of shares in issue during the period.
Earnings $m Jun-20 Jun-19
Restated*
Numerator (4,180) (1,854)
Loss attributable to ordinary equity holders of the parent for basic earnings:
Adjusting items (208) 4,233
Profit attributable to ordinary shareholders for Adjusted earnings (4,388) 2,379
Denominator
Weighted average number of shares used in basic and diluted EPS 63,636,279 63,636,279
Earnings per share (cents)
Statutory - Basic and diluted (6.6) (2.9)
Adjusted - Basic and diluted (6.9) 3.7
The average share price for the six months ended was lower than the exercise
price of outstanding options and therefore there is no dilutive effect.
6. Net cash generated by operating activities
Jun-20 Jun-19
$'000 $'000
Profit/ (loss) before tax 2,151 (1,560)
Adjustments for:
Finance income (407) -
Finance costs 2,246 2,049
Depreciation - wholly owned assets 1,793 1,572
Depreciation - ROU assets in admin expense 327 -
Depreciation - ROU assets in COS 7,127 5,456
Amortisation of acquired intangible assets 273 561
Amortisation of other intangible assets 798 168
Impairment of right-of-use assets - 1,133
Impairment loss 4,440 -
Utilisation of PPP Loan (3,778) -
Share of loss/(profit) of associates 12,590 (252)
Profit on disposal of interest in associates (7,023) -
Share based payment expense 407 336
Operating cash inflow before movements in working capital 20,944 9,463
Unrealised foreign exchange movements (589) (323)
Increase in inventories (11) (3,232)
Decrease/(increase) in receivables 4,442 (6,203)
Non-cash doubtful debt provision expense 816 745
Decrease in payables (15,831) (7,867)
Increase in deferred revenue 11,763 10,257
Increase in provisions 292 -
Cash generated by operations 21,826 2,840
Taxes paid (18) (633)
Net cash flows from operating activities 21,808 2,207
7. Disposal of assets held for sale
On 2 March 2020 the Group announced the sale of its US Air associate, Gama
Aviation LLC (doing business as "Gama Aviation Signature") to Wheels Up
Partners Holdings LLC ("Wheels Up"). Gama Aviation Signature was owned 49% by
GB Aviation Holdings LLC, a joint venture between the Group and Signature
Aviation Plc, with the remaining 51% held by the Group's US partners.
Gama Aviation received consideration of $33.0m, comprising $10.0m in return
for its 24.5% equity interest and $23.0m for licencing and other trading
related considerations. $13.0m of the consideration was received in cash at
closing, with the remaining $20.0m to be paid in cash, with interest of
$2,774k, in eight equal six-month instalments over the next four years.
The $20.0m of deferred consideration is recognised as a financial asset and is
measured at amortised cost. The effective interest rate of this financial
asset is 6.0%, which results in the recognition of finance income of $403k in
the income statement for the 6 months ending 30 June 2020.
Included within trade & other receivables at 30 June 2020 is deferred
consideration of $20,403k, with $4,755k in current asset and $15,648k in
non-current assets. Included within deferred revenue at 30 June 2020 is
licencing and other trading related considerations of $6,250k, with $3,750k in
current liabilities and $2,500k in non-current liabilities.
As part of the transaction, GB Aviation Holdings LLC has licensed the
continued use of the Gama Aviation Signature brand for up to two years, for
which $7.5m of consideration has been allocated and will be recognised as
revenue over the two year period. Post disposal, $1.25m has been recognised as
revenue for this licencing component in the first half of 2020, in line with
the $3.75m annual licence fee prior to disposal. In addition, an accelerated
branding fee of $15.5m has been recognised in adjusting items.
Period
ended
June 30 2020
$'000
Cash received 13,000
Fair value of deferred consideration 20,000
Total discounted consideration receivable at the transaction date 33,000
Less: Branding fees and other trading related considerations 23,000
Gross proceeds on disposal 10,000
Add: Closing working capital, cash and indebtedness adjustments 591
Less: Transaction costs (892)
Proceeds on disposal of assets held for sale, net of transaction costs 9,699
Assets held for sale at 31 December 2019 2,598
Share of profit of equity accounted investments prior to disposal 78
Carrying amount of net assets sold 2,676
Gain on sale before taxation 7,023
Following on from the judgement communicated at the time of announcing the
disposal, Note 35 to the Group's 2019 Annual Report and Accounts stated that
this transaction was expected to be accretive to underlying earnings to FY2020
and FY2021 as well as resulting in a one-off profit on disposal of the Group's
equity interest. The Board has now concluded, after consultation with the
Group's external auditors PwC, that it is more appropriate only to recognise
in Adjusted EBIT for 2020 and 2021 the pre-existing level of branding fee of
$3.75m per year (total $7.5m), and to treat the remaining $15.5m relating to
accelerated branding fees and other trading items as an adjusting revenue item
in the 2020 first half results given its material one-off and non-recurring
nature. Adjusted EBIT will continue to reflect branding fee for a two year
period. Given the nature of the agreement and the continuing operational and
financial uncertainties resulting from the COVID-19 pandemic it is now
extremely difficult to assess whether or not the transaction will be accretive
to earnings in FY20 and FY21. Notwithstanding the above, the economic
substance and the cashflows of the transaction remain unchanged. Refer to Note
7 for further details on the disposal.
8. Goodwill
$'000
Cost
At 31 December 2019
46,520
Exchange differences (2,590)
At 30 June 2020
43,930
Accumulated impairment losses
At 31 December 2019 (24,770)
Exchange differences
1,235
At 30 June 2020 (23,535)
Carrying amount
At 30 June 2020 20,395
At 31 December 2019 21,750
The recoverable amount of goodwill is allocated to the following cash
generating units ("CGUs"):
Jun-2020 Dec-2019
$'000
$'000
US: Ground 787
787
Europe: Ground 20,963
19,608
21,750
20,395
As a result of the ongoing COVID-19 pandemic in first half of 2020, the Group
performed an impairment review to determine whether recoverable amounts of the
two CGUs above exceeded the carrying amount.
Considering the sensitivity to changes in assumptions and noting that the
recoverable amount of all CGUs exceed the carrying amount, no impairment has
been recognised.
9. Intangible fixed assets
Commence operations Part 145 approvals Licence and brands Customer relationships Computer software Total
$'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2020 1,481 3,442 1,605 15,479 7,334 29,341
Additions - - - - 1,262 1,262
Write off (1,481) (3,442) - - - (4,923)
Foreign exchange differences - - (4) (40) (515) (559)
At 30 June 2020 - - 1,601 15,439 8,081 25,121
Amortisation and accumulated impairment losses
At 1 January 2020 (1,481) (3,442) (1,549) (12,204) (517) (19,193)
Charge through adjusting items - - (118) (155) - (273)
Charge through adjusted result - - - - (798) (798)
Write off 1,481 3,442 - - - 4,923
FX - - 113 (88) 98 123
At 30 June 2020 - - (1,554) (12,447) (1,217) (15,218)
Carrying Amount
At 30 June 2020 - - 47 2,992 6,864 9,903
At 31 December 2019 - - 56 3,275 6,817 10,148
Customer relationship assets are amortised over their useful economic lives
estimated to be ten years.
Licences and brands (which include protected intellectual property) are
amortised over their useful economic lives estimated
to be ten years. There are no individually material items within this balance.
Commence operations and part 145 approvals are legacy intangible balances
comprising internally generated costs which are fully amortised and have been
written-off in the current period.
Computer software costs comprise internally developed software costs arising
in the Group's myairops business as well as purchased software, such as
operational and financial systems. All costs are amortised over their useful
economic lives estimated to be between three and five years. The carrying
value of internally developed software within this balance is $5,550k (31
December 2019: $5,310k).
10. Property, plant and equipment
Leasehold property Aircraft hull and refurbishments Fixtures, fittings and equipment Motor vehicles Asset under construction Total
Helicopters
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Cost
Balance at 1 January 2020 15,302 9,142 9,516 2,735 12,914 49,609
-
Additions 1,659 - 1,384 19 18,343 273 21,678
Capitalised interest - - - - - 176
176
Transfer - - - - 8,194 (8,194) -
Foreign Exchange Difference 352 (858) 1,293 (36) (553) (248)
(446)
At 30 June 2020 17,313 8,284 12,193 2,718 26,267 4,440 71,215
Accumulated Depreciation & impairment
Balance at 1 January 2020 (5,077) (2,252) (5,571) (1,385) - (14,285)
-
Charge for the year (462) (239) (770) (248) - (1,793)
(74)
Impairment - - - - - (4,440) (4,440)
Foreign Exchange Difference (761) 206 (1,784) 32 - (2,307)
-
At 30 June 2020 (6,300) (2,285) (8,125) (1,601) (4,440) (22,825)
(74)
Carrying amount
At 30 June 2020 11,013 5,999 4,068 1,117 26,193 - 48,390
At 31 December 2019 10,225 6,890 3,945 1,350 - 12,914 35,324
Helicopters
As previously reported deployment of the helicopters occurred on 1st June 2020
in support of a long-term contract. As a result, helicopters have been
transferred from assets under construction into the helicopters asset class
within property, plant and equipment. They have been brought into use and
depreciated from 1 June 2020.
11. Obligations under leases
The Group leases many assets including property, aircraft, vehicles, fixtures,
fittings and equipment. Information about leases for which the Group is a
lessee is presented below.
Leasehold property Aircraft Fixtures, fittings and equipment Total
Vehicles
Right-of-use assets $'000 $'000 $'000 $'000 $'000
Cost
Balance at 1 January 2020 51,596 19,118 72 70,991
205
Additions 6,727 - - - 6,727
Foreign Exchange Difference
(2,077) (1,245) (4) (13) (3,339)
At 30 June 2020 56,246 17,873 68 192 74,379
Accumulated Depreciation
Balance at 1 January 2020 (8,270) (10,285) (46) (75) (18,676)
Charge for the year-admin (290) - (16) (21) (327)
Charge for the year-cost of sales (2,638) (4,469) - (20) (7,127)
Foreign Exchange Difference 173 805 2 7 987
At 30 June 2020 (11,025) (13,949) (60) (109) (25,143)
Carrying amount
At 30 June 2020 45,221 3,924 8 83 49,236
At 31 December 2019 43,326 8,833 26 130 52,315
Leasehold property Aircraft Fixtures, fittings and equipment Total
Vehicles
Obligations under leases $'000 $'000 $'000 $'000
$'000
Cost
Balance at 1 January 2020 47,817 12,228 20 139 60,204
Additions 6,727 - - - 6,727
Finance expense 1,250 124 - 2 1,376
Lease payments (3,056) (1,972) (3) (6) (5,037)
Foreign Exchange Difference (2,342) (1,577) 34 (45) (3,930)
At 30 June 2020 50,396 8,803 51 90 59,340
At 30 June 2020
Accruals for lease payments 1,376 4,739 44 - 6,159
Lease liabilities 5,648 3,451 5 65 9,169
Current 7,024 8,190 49 65 15,328
Non-current 43,372 613 2 25 44,012
Total 50,396 8,803 51 90 59,340
Additions relate to two new property leases;
· A land lease at Inverness airport which commenced on 1 January
2020, for a 23 year lease term. Construction of a helipad, office building and
hangar building at the airport has commenced to service the Group's SAS
contract.
· The Group entered into an additional property lease which serves
as the new UK headquarters.
In June 2017 the Group entered into a non-cancellable Build-Operate-Transfer
and Service Concession agreement with Sharjah Airport Authority under which
the Group is committed to construct a Business Aviation Centre ("BAC") at
Sharjah Airport. The agreement runs from June 2017 until June 2042 with a
ten-year extension option to June 2052. The 10-year extension has not been
formalised at the date of signing the financial statements. The lease term for
IFRS 16 accounting purposes has not included the 10-year extension because the
option to extend is not reasonably certain. The lease liability has been
discounted at an incremental borrowing rate of 7.3%. The Sharjah BAC includes
a $7,209k right-of-use asset and $7,636k obligation under leases at 30 June
2020.
12. Borrowings
June-2020 Dec-2019
$'000
Restated*
$'000
Secured borrowing at amortised cost
Other loans 112 1,475
Bank borrowings 44,605 44,767
Paycheck Protection Program Loan 1,972 -
46,689 46,242
Total borrowings
Other loans 112 848
Bank borrowings 44,605 44,767
Payment Protection Program Loan 1,972 -
Amount due for settlement within 12 months 46,689 45,615
Other loans - 627
Amount due for settlement after 12 months - 627
* Restatements are detailed in Note 2.
The Paycheck Protection Program (PPP) loan is a loan arrangement from Citi
bank guaranteed by the US government for COVID-19 support. $5,750k funds were
received on 12 May 2020 and during the period to 30 June 2020 $3,778k has been
used against what the company has deemed to be qualifying expenditure reducing
the amount of borrowings at the period end to $1,972k. The loan is forgivable
if used for payroll costs and other qualifying expenditure within a 24-week
period from the date funds were received. Any amounts unused or that do not
meet the definition of qualifying expenditure within the 24-week period will
need to be repaid along with any incurred interest which accrues from the date
the funds are received. The loan matures on 8(th) May 2022 and has been
presented as current on the basis that settlement, via forgiveness, is
expected within 12 months from the balance sheet date.
13. Related party transactions
China Aircraft Services Limited
China Aircraft Services Limited (CASL) is an associate in which the Group owns
a 20% equity interest. As at 30 June 2020 there were amounts owed to CASL of
$2,340k (2019: $3,344k) and amounts due of $1,248k (2019: $4,224k).
Merritt Property LLC
As reported in the 2018 Annual Report, in January 2017 the Group entered into
a Termination Agreement (the "Agreement") with Gama Aviation LLC. The
Agreement brought the previous branding agreement between the Group and Gama
Aviation LLC to a close at the same time as the Group entered into a new
branding agreement with GB Aviation Holdings LLC. The Termination Agreement
made provision for a final payment from Merritt Property LLC (which was a 39%
owner of Gama Aviation LLC at the time) to the Group of $1.0m in lieu of
branding fees forgone. On 2 March 2020, the Group received cash consideration
of $1m to settle the full amount due.
14. Dividends
The Directors do not propose a dividend to be paid for the six months to 30
June 2020 (30 June 2019: nil).
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