Half Year Results - 31 Decemb

RNS Number : 2040M

Capital Lease Aviation PLC

26 January 2009

 



26 January 2009

Capital Lease Aviation PLC

('CLA')

HALF YEAR RESULTS - 31 DECEMBER 2008

The Board of CLA is pleased to announce the unaudited consolidated interim results for the period from 1 July 2008 to 31 December 2008.

HIGHLIGHTS:

• Income for the period:     GBP  7,085,464; 

• Profit after tax: GBP  3,429,326;

• Earnings per share (after tax): 3.51 pence

Jeff Chatfield, Executive Chairman said 'Results for the half year were in line with expectations given the obviously volatile operating environment. The aircraft that the Company owns and leases have all performed well. We anticipate that further growth is available as aircraft valuations may become more attractive to operating lessors such as ourselves, as financial investors, banks and the like leave the sector and release their aircraft into the market.

The CLA group continues to build on the portfolio of aircraft already established, remains ready with its US$100 million warehouse finance facility to seek out and acquire on potentially attractive terms, leased aircraft which complement and add value to the existing aircraft portfolio.' 

The directors take responsibility for the contents of this announcement.

---ENDS---

Enquiries:

CAPITAL LEASE AVIATION PLC

Jeff Chatfield, Executive Chairman                   07783 942 553

STOCKBROKERS

WH Ireland Limited                                            020 7220 1690

NOMINATED ADVISER

James Joyce, David Porter

WH Ireland Limited                                            020 7220 1666

Website http://www.capitalleaseaviation.com/

Directors' Review of Operations and Strategy

The Company's results reflect profits from lease income resulting from aircraft acquisitions and the benefits of business systems put in place during our first year of operations.  The Company's fleet currently comprises  of three F100's, two A321-200's and one A320. 

In October 2008, the Company secured approval for a US$100,000,000 warehouse credit facility sourced from a European bank. A further US$50,000,000 can be made available subject to a syndicated book build. Attractive aircraft buying opportunities should be available to lessors, such as CLA, that have financing facilities approved  and a willingness to act. 

In its future acquisition of aircraft, the CLA group aims to focus on the Airbus A320 series and Boeing 737 family new generation aircraft as we believe these pose the lowest risk given their liquidity, appeal, little need for special mission customization and ability to remarket.

The risks to the business include typical aviation related risks, including but not limited to, any downturn in the global aviation industry, fuel costs, finance costs, war and terrorism and the like which may affect  our  airline  customers' ability to fulfil their lease obligations. Risks also include dramatic changes in exchange rates, particularly changes in the USD : GBP exchange rate, for the sake of clarity it should noted that all of the source lease revenues of the company are denominated in USD.

The business also relies on its ability to source finance on favourable terms. Should this supply of finance contract, it would limit our fleet expansion and therefore growth. 

Richard Sinclair

Chief Executive Officer

On behalf of the Board of Directors of Capital Lease Aviation PLC

23 January 2009   

HALF YEAR RESULTS CAPITAL LEASE AVIATION PLC
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD 1 JULY 2008 TO 31 DECEMBER 2008
		6 months ended 31 December		6 months ended 31 December
		2008		2007
		GBP		GBP
From Continuing operations
Lease rental income		4,796,313		332,054
Other operating income		2,289,151		241,095
Total income		7,085,464		573,149
Selling, general and administrative expenses		(579,116)		(137,916)
Profit before depreciation & finance cost		6,506,348		435,233
Depreciation		(1,476,469)		(58,798)
Interest expense		(1,405,620)		(14,245)
Profit before taxation		3,624,259		362,190
Income tax		(194,933)		-
Profit after taxation		3,429,326		362,190
Pre-tax Earnings per share
-Basic		3.71 pence		0.38 pence
- Fully Diluted		3.51 pence		0.38 pence
After tax Earnings per share
-Basic		3.51 pence		0.38 pence
- Fully Diluted		3.32 pence		0.38 pence

CAPITAL LEASE AVIATION PLC
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2008
		As at 31 December		As at 31 December
		2008		2007
		GBP		GBP
ASSETS
Current assets:
Cash and cash equivalents		1,301,700		9,452,278
Trade and other receivables		539,593		598,187
Total current assets		1,841,293		10,050,465
Non-current assets:
Plant and equipment		72,895,523		5,249,523
Total non-current assets		72,895,523		5,249,523
Total assets		74,736,816		15,299,988
LIABILITIES AND EQUITY
Current liabilities :
Trade and other payables		3,360,007		308,240
Loans and borrowings		5,843,286		-
Short term provisions		339,933		-
Provision for income tax		338,500		-
Total current liabilities		9,881,726		308,240
Non-current liabilities:
Loans and borrowings		42,194,982		3,793,967
Deferred tax liabilities		1,118,756		-
Total non-current liabilities		43,313,738		3793967
Capital and reserves:
Share capital		97,808		97,808
Share premium		10,743,621		10,737,735
Reserves		6,456,170		60
Retained earnings		4,243,753		362,178
Total equity		21,541,352		11,197,781
Total liabilities and equity		74,736,816		15,299,988

CAPITAL LEASE AVIATION PLC
CONSOLIDATED CASHFLOW STATEMENTS
FOR THE PERIOD 1 JULY 2008 TO 31 DECEMBER 2008
		6 months ended 31 December		6 months ended 31 December
		2008		2007
		GBP		GBP
Cash flow from operating activities:
Total profit		3,429,326		362,190
Adjustments for :
Income tax		194,933		-
Depreciation		1,476,469		58,798
Interest expense		1,405,620		14,245
Interest income		(5,766)		(195,150)
Operating profit before working capital changes		6,500,582		240,083
Trade and other receivables		(463,133)		(598,187)
Trade and other payables		1,054,847		293,995
Short-term provisions		229,625		-
Cash from operations		7,321,921		(64,109)
Interest paid		(1,405,620)		-
Net cash flows from (used in) operating activities		5,916,301		(64,109)
Cash flows from investing activities:
Interest received		5,766		195,150
Purchase of plant and equipment		-		(5,248,482)
Net cash from (used in) investing activities		5,766		(5,053,332)
Cash flows from financing activities:
Proceeds from issuing of new shares, net of expenses		-		10,785,443
Proceeds from borrowings		-		3,793,967
Repayment of borrowings		(2,690,039)		-
Net cash (used in) from financing activities		(2,690,039)		14,579,410
Net effect of exchange rate changes in consolidating subsidiaries		(2,484,785)		(59,779)
Net increase in cash flow		747,243		9,402,190
Cash and cash equivalent at beginning of period		554,457		50,088
Cash and cash equivalent at end of period		1,301,700		9,452,278

Approved by the board of Capital Lease Aviation PLC on the 23rd of January 2009.

The above financial information has been extracted from the management accounts and has not been audited.  

 

END

 

 

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