TIDMAIP
RNS Number : 0555L
Air Partner PLC
23 April 2015
Air Partner plc
("Air Partner" or "the Group" or "the Company")
Results for the year ended 31 January 2015
Strong second half recovery delivers full year results ahead of
revised expectations
23 April 2015 - Air Partner, the global aviation charter
specialist for corporates, individuals and governments, today
reports results for the year ended 31 January 2015.
Due to the change in accounting reference date in the prior
period, the narrative to these results is based on audited results
for the year ended 31 January 2015, with a comparative based on
unaudited pro-forma results for the year ended 31 January 2014.
31 January 31 January
2015 2014
(audited) (unaudited)*
------------------------------ ----------- --------------
Revenue GBP192.1m GBP211.5m
------------------------------ ----------- --------------
Underlying profit before tax GBP2.6m GBP4.1m
------------------------------ ----------- --------------
Profit before tax GBP2.6m GBP2.7m
------------------------------ ----------- --------------
Profit after tax GBP2.8m GBP1.9m
------------------------------ ----------- --------------
Cash# GBP18.8m GBP18.4m
------------------------------ ----------- --------------
Underlying basic EPS 27.7p 28.6p
------------------------------ ----------- --------------
Basic EPS 27.6p 19.2p
------------------------------ ----------- --------------
Final dividend 15.4p 14.0p
------------------------------ ----------- --------------
* - as restated. = "underlying excludes non-trading items and
discontinued operations. # = includes JetCard cash of GBP14.1m
(2014: GBP8.8m), of which GBP1.8m held on a client account (2014:
GBPnil).
Financial highlights:
* Group responded well to disappointing H1 trading, leading to a
much improved H2
* The recovery in H2 led to full year results being ahead of the
revised expectations
* Profit after tax further assisted by GBP0.9m of tax
credits
* Group remains debt free, with cash of GBP18.8m (2014:
GBP18.4m), of which GBP14.1m is JetCard deposits (2014:
GBP8.8m)
* Proposed final dividend up 10% to 15.4p, taking the total
dividend for the year to 22.06p
* Year-to-date trading and forward order visibility in line with
management expectations
Group highlights:
* Areas of strategic focus continue to progress with new
contract wins across all areas
* Successful Tour Operating programme in Italy led to record
profits for the region
* Excellent broking for automotive launch programmes led to
record year for the German Commercial Jets division
* Investment in Private Jets sales staff leading to record new
JetCard sales of GBP9.6m
* Investment in the Freight division has started to show returns
with excellent improvements in sales and profits
Mark Briffa, CEO of Air Partner, commented: "This has proved to
be a year of two very different halves, as reflected in the
disappointing half-year results, which were lower than expected as
a result of fewer material one-off contracts in our Commercial Jet
division. However, the second half of the year delivered better
results than anticipated helping us achieve a full year result
ahead of revised expectations. With no debt and over GBP18m of
cash, the Board has increased the final dividend by 10% to 15.4p.
Air Partner remains well funded with a robust cash balance and this
strong financial position allows us to invest in areas across the
Group that will help deliver its strategy and remain at the
forefront of the global charter market."
Air Partner plc T. 01293 844 788
Mark Briffa, CEO or Neil Morris,
CFO
Temple Bar Advisory T. 0207 002 1080
Tom Allison (0778 999 8020) or Alycia
MacAskill
CHAIRMAN'S STATEMENT
Results
A stronger than expected performance in the second half of the
year contrasted with the disappointing trading in the first half
resulting in full year revenue of GBP192.1m and underlying profit
before tax of GBP2.6m (2014: revenue of GBP211.5m and underlying
profit before tax of GBP4.1m). The stronger second half of the year
was driven by a good performance from the Commercial Jets division,
particularly in Italy and Germany which delivered record six month
performances, resulting in a full year underlying operating profit
of GBP2.7m (2014: GBP3.9m), and the Freight division, which
delivered an underlying operating profit of GBP0.4m, up GBP0.5m on
the prior year (2014: loss of GBP0.1m).
The Group remains cash generative and debt free: as at 31
January 2015, the cash balance stands at GBP18.8m (2014: GBP18.4m).
JetCard deposits have increased to GBP14.1m (2014: GBP8.8m),
demonstrating the success of the continued sales focus in this
area.
The reduction of the cost base in Commercial Jets, the
recruitment of new talent into the division and improved trading
conditions has led to a renewed confidence in the outlook for our
largest division. Private Jets has continued to progress and the
sales team is gaining real traction with our popular JetCard
product, which is increasingly being recognised as one of the most
flexible and smartest ways to access private jet travel for
corporates and high net worth individuals. The Freight division
showed strong improvement, albeit from a low base. The global
economic downturn particularly affected aviation freight, and while
we quickly adjusted the size of our freight team to reflect lower
demand, we are pleased to see some momentum being built as the
sector and economy starts to improve. Reflecting this gradual
improvement, we added to our sales team in the division, and this,
coupled with the Group's strong brand and expertise in its sector,
has translated into a good financial performance for the year.
Dividend
The Board remains confident in the Group's long-term prospects
and is pleased to propose a final dividend of 15.4p per share, to
be paid on 15 June 2015 to shareholders on the register on 15 May
2015, subject to approval at the annual general meeting. This will
result in a total dividend for the year of 22.06p per share, a 10%
increase over the final and first interim dividend from the prior
financial period.
Board Changes
The financial year saw a number of changes to the Board at Air
Partner. Firstly, and as reported in the last annual report, Tony
Mack retired from the Board following the last annual general
meeting, and is now the Life President of the Company.
As previously announced in the last annual report, Gavin
Charles, former Chief Financial Officer, left the business on 30
April 2014, with Neil Morris, former Group Financial Controller,
being appointed as his replacement in June 2014. Neil was
previously Group Finance Director of All Leisure Group plc, an AIM
traded tour operator, and before that spent 11 years at Deloitte
LLP, primarily working in the aviation and travel sector.
Non-executive director, Chuck Pollard, who had served for five
years, resigned from the Board on 2 December 2014. Grahame Chilton
resigned from the Board on 16 March 2015 to accept a role as Chief
Executive Officer of Arthur J. Gallagher International, which
regrettably meant that he could no longer dedicate the time to be a
Non-executive director of Air Partner.
Peter Saunders joined the Board in September 2014. As
non-executive director of Canadian Tire Corporation, Godiva
Chocolatier NV, Total Wines & More and Jack Wills Ltd, and
being the former chief executive officer of Body Shop International
plc, Peter brings to the Board a wealth of proven experience in
marketing and customer service.
On behalf of the Board, I would like to express my thanks to all
of our employees who continue to work diligently for the Group. It
is the knowledge, skills and professionalism of our employees
across the world that make a difference to our customers and
continue to build Air Partner's brand and reputation.
Outlook
Current trading is in line with the Board's expectation and
this, together with the level of forward bookings, means that we
begin the 2015/16 financial year with a degree of optimism. The
Board remains confident that its strategy to focus on providing
outstanding client service and solutions, while continuing to seek
the further diversification of our client base, will deliver
enhanced shareholder returns in the future.
Richard Everitt, Chairman
CHIEF EXECUTIVE'S REVIEW
The stronger second half of the year was much needed after a
disappointing start. The improvement was driven by management
action taken in the Commercial Jet division, better trading
conditions and hard work across the Air Partner team. The Group
generated underlying profit before tax of GBP2.6m, which is ahead
of the revised market expectations, but still down 35.6% on prior
year due to our disappointing first six months. However, we believe
some of the momentum generated in the second half of the year can
now be carried forward.
Commercial Jet Broking
Revenue in the year decreased by 19.5% to GBP115.9m (2014:
GBP143.9m), with underlying operating profit 31.6% lower at GBP2.7m
(2014: GBP3.9m). The reduction is due to fewer material one-off
Commercial Jet contracts, particularly in the UK and US, together
with the impact of a reduced Tour Operating programme in our French
business compared to the prior year.
Following a change in management in the summer, I have
personally taken responsibility of the UK Commercial Jet division
and taken a number of steps to re-focus our operations, reduce
costs, develop a clear strategy and invest in new, experienced,
talent. These actions have contributed towards the improved trading
performance in the second half of the year. There have been a
number of positives for the division during the year: Italy
achieved its highest ever profits as a result of a successful Tour
Operating programme; and Germany achieved its strongest ever set of
results, which was driven by a number of ad-hoc automotive car
launches.
It remains our strategy to diversify revenues and improve the
quality of earnings by building sustainable, repeat business beyond
government and military contracts. Despite the reduction in Tour
Operating revenues in France as noted above, strong progress was
made in Italy and Austria. Moreover, given the increased programme
in France for summer 2015, we consider the setback suffered this
year to be temporary.
Oil & Gas activity produced consistent revenues compared to
prior year, leading to a 24% increase in gross profit. We were also
pleased to secure an excellent contract win in H2 with a major
exploration company. During the year, our government relationships
worldwide continued to generate contract wins and contribute
towards the division's profits, albeit at the lower levels that the
Group now expects.
Private Jet Broking
The Private Jet division comprises two distinct product
offerings: JetCard, Air Partner's private jet card programme, with
transparent pricing and no hidden charges, verified by Conklin and
de Decker to be the most flexible in the market; and Ad-hoc
broking, our on demand charter service. In JetCard, our targeted
investment to strengthen the sales team, particularly in the UK and
US, has helped JetCard deposits rise to a record high of GBP14.1m
(2014: GBP8.8m) and the number of JetCard holders increased to
nearly 200 globally. This growth demonstrates the flexibility and
value for money that this product offers, which differentiates it
in the eyes of our customers, creating a demand that has resulted
in GBP9.6m of card sales to new customers and GBP8.1m of renewals
to existing customers in the period under review, helping increase
our market share. However, JetCard revenue is not recognised until
the client has flown the hours and therefore, despite a 153%
year-on-year increase in new deposits and a 2% increase in renewals
from existing customers, utilisations increased just 3% on prior
year. The success in increasing JetCard deposits leaves the
division well-placed for the current financial year.
In Ad-hoc broking, the picture has been mixed: our US business
suffered as a result of decreased flying by one of our major
corporate clients and in Europe the overall market has contracted
slightly, reflecting uncertainty in the Eurozone. We took decisive
action to reduce our cost base in these areas, with the associated
redundancy costs being reflected in the current year, but leaving
the business leaner and fitter for the future. Both of these
factors contributed to lower revenue for the division as a whole,
which reduced revenue by 6.7% to GBP52.1m (2014: GBP55.9m), with
underlying operating profit falling by 51.3% to GBP0.8m (2014:
GBP1.6m).
Freight Broking
Over the past year, the Freight division has seen year-on-year
revenue and gross profit growth, reflecting new business wins
generated by the investment made in skilled recruits. Our ability
to attract and retain experienced sales people from competitors has
certainly contributed to the strong results, with the division
reporting a 105.4% increase in revenue to GBP24.1m (2014:
GBP11.7m). This led to a significant improvement in underlying
operating profit from a loss of GBP0.1m in 2014 to a profit of
GBP0.4m. Our Red Track technology, which aids our 'aircraft on
ground' (AOG) business, and the continuation of our work with
government global aid agencies has helped to build strong
relationships and a good reputation with freight forwarders, key
contributors to the turnaround we are seeing in the Freight
division.
Freight remains an important part of Air Partner's product
offering; this represents a good example of where we have focused
our energies and investments in order to replace and grow revenue
and the results are encouraging.
Customer First and Project Connect
Air Partner is embarking on an exciting and robust 'Customer
First' programme, with the ultimate aim of growing our business
through being recognised as industry leaders and differentiating
ourselves from our competitors through delivery of an elevated and
consistent customer experience. We will report more about this
project at the time of our half-year results.
The Customer First initiative has been enabled by Project
Connect, the multi-year global technology project which included
the deployment of Microsoft Dynamics CRM across the business,
alongside a programme to address the Group's historical
underinvestment in technology. The roll out of the CRM across the
group system was implemented in the summer of 2014 and as the
investment starts to embed, we are seeing early positive signs of
the benefits it will deliver. We have also implemented a complete
IT infrastructure upgrade, taking the total technology investment
in the period to GBP1.5m. Our capital expenditure on IT
infrastructure is now broadly complete and will be significantly
lower in the current financial year.
Outlook
The second half of the year provided a great deal to be positive
about including a major new contract win in Oil & Gas, which
commenced in the current financial year. Looking further ahead, I
am encouraged by the return to a two aircraft programme for our
French Tour Operator division and the continuation of the momentum
gained in Italy. We also anticipate a return on our investment in
our Private Jets division in Europe and the US, as well as
continued growth in our JetCard product. In addition, we are
embarking on an exciting programme to improve customer experience -
putting the customer at the heart of our business, which will be
key to the longevity of Air Partner. However, despite the progress
and potential, we continue to monitor costs and drive efficiencies
wherever possible.
Air Partner remains well funded with a robust cash balance and
this strong financial position allows us to invest in areas across
the Group that will help deliver our strategy and remain at the
forefront of the global charter market. Our unique and deep
expertise around the world ensures that we provide our customers
with what they want - a tailored, reliable and transparent service
that takes care of every detail. We are looking to further cement
our focus on this service through our Customer First project.
I would like to express my sincere thanks to all of my Air
Partner colleagues for the hard work, dedication and commitment
that they have shown throughout the year. I am proud of our people
and their ability to deliver the highest standards of service every
day.
Mark Briffa, Chief Executive Officer
FINANCE REVIEW
Cash
Overall, the total cash balance of GBP18.8m has increased
slightly from the prior year comparative of GBP18.4m. However,
JetCard deposits have increased significantly, reflecting the
strong sales of new cards within the period, and they now comprise
GBP14.1m of the overall cash balance (2014: GBP9.7m), of which
GBP1.8m is held in our segregated client account, which is referred
to as restricted cash on the balance sheet (2014: GBPnil).
The fall in non-JetCard cash of GBP5.0m to GBP4.7m (2014:
GBP9.7m) has been driven by capital expenditure and significant
working capital movements, particularly in respect of a series of
ad-hoc Commercial Jet projects in Germany and the servicing of a
major government aid contract simultaneously in the final quarter
of the financial year. While these projects have had a temporary
impact on the Group's cash balance, it also demonstrates that Air
Partner has the financial strength to deliver projects which a
number of our competitors do not have the financial wherewithal to
do so.
Taxation
It has been possible to implement a number of tax initiatives
that have delivered benefits this financial year: firstly, the
Group has received nearly GBP0.5m from a research and development
tax claim arising from its investment in technology projects;
secondly, GBP0.2m from a one-off credit arising from the treatment
of JetCard deposits in the US; and finally, GBP0.2m from the
recognition of deferred tax assets from capital allowances and
losses in France. While some of these benefits are of a 'one-off'
nature, the Group is actively reviewing its tax structure going
forward.
Neil Morris, Chief Financial Officer
Financial information
This preliminary announcement of annual results was approved by
the Board of Directors on 22 April 2015. The announcement has been
prepared solely to provide additional information to shareholders,
in accordance with the UK Listing Authority's Disclosure and
Transparency Rules. It should not be relied on by any other party,
for any other purpose.
The financial information in this preliminary announcement which
comprises the consolidated income statement, consolidated statement
of comprehensive income, consolidated statement of financial
position, consolidated statement of changes in equity, consolidated
statement of cash flows, summary accounting policies and related
notes does not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 January 2015 have not
yet been delivered to the Registrar of Companies. The auditor's
reports on the financial statements for the year ended 31 January
2015 and for the 18 month period ended 31 January 2014 were
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. The financial statements for the 18 month
ended 31 January 2014 have been delivered to the Registrar of
Companies.
Forward-looking statements
Announcements issued by Air Partner plc may contain
forward-looking statements, indicated by words such as "aims",
"believes," "expects", "intends," and similar expressions. These
statements reflect current views and expectations up to the date of
approval of this statement and are made in good faith by the
directors. Unless otherwise required by laws, regulations or
changes in accounting standards, Air Partner accepts no obligation
to update these statements as a result of future events or new
information subsequently obtained. New announcements will be made
to the market as required under the Disclosure and Transparency
Rules.
Trends and factors affecting the business
Lead times for ad-hoc bookings are measured in days or weeks,
rather than months. Forward bookings can be impacted very suddenly
by changes in financial markets, political instability and natural
events affecting the movement of people or cargo from one country
to another. Economic uncertainty affects corporate, government and
individual clients and affects the quality of supply of aircraft as
operators consolidate or leave the market. These are trends outside
the Group's control but the strategy remains to diversify to
address seasonality and changes in the client mix.
Principal risks and uncertainties facing the Group
The pervasive risk to Air Partner's business is the fact that
lead times for ad-hoc bookings are measured in days or weeks,
rather than months. Forward bookings can be impacted very suddenly
by changes in financial markets, political instability and natural
events affecting the movement of people or cargo from one country
to another. Economic uncertainty affects corporate, government and
individual clients and affects the quality of aircraft supply as
operators consolidate or leave the market. These trends are outside
the Group's control but the strategy remains to diversify in order
to address seasonality and changes in the client mix.
However, this risk is balanced in so much as aircraft charter
broking on the Air Partner model can be classed as a relatively low
financial risk business, in that the broker sells capacity on
aircraft owned and operated by a third party and contracts are
normally placed as mirrored transactions. The Group does not have
any contractual arrangements with any significant individual or
company which are essential to continuation of the business.
The Board has reviewed the processes for identification and
reporting of risks during the year and considers the principal
risks to include volatile market conditions, reputational risk,
managing the Group's cost structure, cash management, legal and
regulatory risk, recruitment and retention of key staff, retaining
competitive advantage and risk of business interruption. The
profile of both financial and operational risks varies from time to
time with the principal risks to the Group stemming from the
ongoing financial position of clients and the general economic
conditions in which they operate, which affects their willingness
to charter. Ad-hoc charters are likely to continue to be impacted
by serious economic instability in the major world markets.
Going concern
After making enquiries, the directors are satisfied that the
Group and the Company have adequate resources to continue in
business for the foreseeable future. The directors have therefore
continued to adopt the going concern basis in the preparation of
these financial statements.
Directors' responsibility statement
The responsibility statement below has been prepared in
accordance with the Company's full annual report for the year ended
31 January 2015. Certain parts thereof are not included in this
announcement.
Each of the directors serving at the date of approval of the
accounts confirms that, to the best of his knowledge and
belief:
-- the financial statements, which have been prepared in
accordance with IFRS as adopted by the European Union, give a true
and fair view of the assets, liabilities, financial position and
financial performance of the Group; and
-- the Chairman's Statement, the Chief Executive's Review and
the Finance Review, together with the supporting notes, give a fair
review of the Group, including a description of the principal risks
and uncertainties faced by Air Partner plc.
The responsibility statement was approved by the Board of
Directors on 22 April 2015.
Air Partner plc
("Air Partner" or "the Group" or "the Company")
Results for the year ended 31 January 2015
Unaudited pro-forma financial information
Consolidated income statement (unaudited)
for the year ended 31 January 2015
Year ended 31 January
2014
Year ended 31 January (as restated - see
2015 note 1)
=================================== ===================================
Non-trading Non-trading
Underlying* items Total Underlying* items Total
Continuing operations Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============================ ==== =========== =========== ========= =========== =========== =========
Revenue 2 192,100 - 192,100 211,541 - 211,541
Cost of sales (170,075) - (170,075) (188,176) - (188,176)
============================ ==== =========== =========== ========= =========== =========== =========
Gross profit 22,025 - 22,025 23,365 - 23,365
Administrative expenses (19,393) - (19,393) (19,264) (1,392) (20,656)
============================ ==== =========== =========== ========= =========== =========== =========
Operating profit 2,632 - 2,632 4,101 (1,392) 2,709
Finance income 25 - 25 21 - 21
Finance expense (21) - (21) (29) - (29)
============================ ==== =========== =========== ========= =========== =========== =========
Profit before tax 2,636 - 2,636 4,093 (1,392) 2,701
Taxation 7 151 - 151 (1,184) 332 (852)
============================ ==== =========== =========== ========= =========== =========== =========
Profit for the year
from continuing operations 2,787 - 2,787 2,909 (1,060) 1,849
Discontinued operations
(Loss)/profit for the
year from discontinued
operations 13 (7) - (7) 120 (21) 99
============================ ==== =========== =========== ========= =========== =========== =========
Profit for the year 2,780 - 2,780 3,029 (1,081) 1,948
============================ ==== =========== =========== ========= =========== =========== =========
Attributable to:
Owners of the parent
company 2,780 - 2,780 3,029 (1,081) 1,948
============================ ==== =========== =========== ========= =========== =========== =========
Earnings/(loss) per
share:
Continuing operations
Basic 5 27.7p - 27.7p 28.6p (10.4)p 18.2p
Diluted 5 27.5p - 27.5p 28.2p (10.3)p 17.9p
============================ ==== =========== =========== ========= =========== =========== =========
Discontinued operations
Basic 5 (0.1)p - (0.1)p 1.2p (0.2)p 1.0p
Diluted 5 (0.1)p - (0.1)p 1.1p (0.2)p 0.9p
============================ ==== =========== =========== ========= =========== =========== =========
Continuing and discontinued
operations
Basic 5 27.6p - 27.6p 29.8p (10.6)p 19.2p
Diluted 5 27.4p - 27.4p 29.3p (10.5)p 18.8p
============================ ==== =========== =========== ========= =========== =========== =========
*Before non-trading items (see note 3)
Consolidated statement of comprehensive income (unaudited)
for the year ended 31 January 2015
Year Year
ended ended
31 January 31 January
2015 2014
GBP'000 GBP'000
========================================================= =========== ===========
Profit for the year 2,780 1,948
Other comprehensive income - items that may subsequently
be reclassified to profit or loss:
Exchange differences on translation
of foreign operations (8) (137)
=========================================================== =========== ===========
Total comprehensive income for the
year 2,772 1,811
=========================================================== =========== ===========
Attributable to:
Owners of the parent
company 2,772 1,811
============================================================== =========== ===========
Consolidated statement of financial position (unaudited)
as at 31 January 2015
31 January 31 January
2015 2014
Note GBP'000 GBP'000
================================= ==== ========== ==========
Assets
Non-current assets
Goodwill 8 838 918
Other intangible assets 9 1,066 396
Property, plant and equipment 10 1,273 697
Deferred tax assets 299 247
================================= ==== ========== ==========
3,476 2,258
================================= ==== ========== ==========
Current assets
Trade and other receivables 21,029 20,812
Current tax assets 1,157 665
========== ==========
Restricted bank balances 1,842 -
Other cash and cash equivalents 16,952 18,419
========== ==========
Total cash and cash equivalents 18,794 18,419
40,980 39,896
================================= ==== ========== ==========
Total assets 44,456 42,154
================================= ==== ========== ==========
Current liabilities
Trade and other payables (2,660) (5,746)
Current tax liabilities (87) (128)
Other liabilities (4,067) (4,071)
Deferred income (23,669) (18,916)
Provisions 12 (512) (734)
Derivative financial instruments (150) (46)
================================= ==== ========== ==========
(31,145) (29,641)
================================= ==== ========== ==========
Net current assets 9,835 10,255
================================= ==== ========== ==========
Total liabilities (31,145) (29,641)
================================= ==== ========== ==========
Net assets 13,311 12,513
================================= ==== ========== ==========
Equity
Share capital 513 513
Share premium account 4,518 4,518
Own shares (1,051) (1,154)
Translation reserve 1,093 1,101
Share option reserve 1,485 1,430
Retained earnings 6,753 6,105
================================= ==== ========== ==========
Total equity 13,311 12,513
================================= ==== ========== ==========
Consolidated statement of changes in equity (unaudited)
for the year ended 31 January 2015
Share Share
Share Premium Own Translation Option Retained Total
capital account Shares reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============================ ======== ======== ======== =========== ======== ========= ========
Opening equity as at 1
February 2013 513 4,518 - 1,238 1,330 6,418 14,017
Profit for the year - - - - - 1,948 1,948
Exchange differences on
translation of foreign
operations - - - (137) - - (137)
============================ ======== ======== ======== =========== ======== ========= ========
Total comprehensive income
for the year - - - (137) - 1,948 1,811
Share option movement
for the year - - - - 100 - 100
Deferred tax on share-based
payment transactions - - - - - 68 68
Own shares acquired during
the year - - (2,000) - - - (2,000)
Share options exercised
during the year - - 846 - - (271) 575
Dividends paid - - - - - (2,058) (2,058)
============================ ======== ======== ======== =========== ======== ========= ========
Closing equity as at 31
January 2014 513 4,518 (1,154) 1,101 1,430 6,105 12,513
============================ ======== ======== ======== =========== ======== ========= ========
Share Share
Share Premium Own Translation Option Retained Total
capital account Shares reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================== ======== ======== ======== =========== ======== ========= ========
Opening equity as at 1
February 2014 513 4,518 (1,154) 1,101 1,430 6,105 12,513
================================== ======== ======== ======== =========== ======== ========= ========
Profit for the year - - - - - 2,780 2,780
Exchange differences on
translation of foreign
operations - - - (8) - - (8)
================================== ======== ======== ======== =========== ======== ========= ========
Total comprehensive income
for the year - - - (8) - 2,780 2,772
Share option movement
for the year - - - - 55 - 55
Deferred tax on share-based
payment transactions - - - - - 8 8
Share options exercised
during the year - - 103 - - (22) 81
Remeasurements of post-employment
benefit obligations - - - - - (41) (41)
Dividends paid - - - - - (2,077) (2,077)
================================== ======== ======== ======== =========== ======== ========= ========
Closing equity as at 31
January 2015 513 4,518 (1,051) 1,093 1,485 6,753 13,311
================================== ======== ======== ======== =========== ======== ========= ========
Consolidated statement of cash flows (unaudited)
for the year ended 31 January 2015
Year
Year ended
ended 31
31 January January
2015 2014
Note GBP'000 GBP'000
===================================================== ==== =========== ========
Net cash inflow from operating activities 6 4,405 4,874
===================================================== ==== =========== ========
Investing activities
Interest received 25 21
Purchases of property, plant and equipment (820) (72)
Purchases of intangible assets (705) (597)
Purchases in respect of asset held for sale - (10)
Proceeds on disposal of property, plant and
equipment - 8
Proceeds on disposal of asset held for sale - 815
Net cash (used in)/generated by investing activities (1,500) 165
===================================================== ==== =========== ========
Financing activities
Continuing operations
* Dividends paid 4 (2,077) (2,058)
* Proceeds on exercise of share options 81 575
* Purchase of own shares - (2,000)
===================================================== ==== =========== ========
Net cash used in financing activities (1,996) (3,483)
===================================================== ==== =========== ========
Net (decrease)/increase in cash and cash equivalents 909 1,556
Opening cash and cash equivalents 18,419 17,252
Effect of foreign exchange rate changes (534) (389)
===================================================== ==== =========== ========
Closing cash and cash equivalents 18,794 18,419
===================================================== ==== =========== ========
JetCard cash
The closing cash and cash equivalents balance can be further
analysed into 'JetCard cash' (being restricted and unrestricted
cash received by the Group in respect of its JetCard product) and
'non-JetCard cash' as follows:
31 January 31 January
2015 2014
GBP'000 GBP'000
===================================== ========== ==========
JetCard cash restricted in its use 1,842 -
Jetcard cash unrestricted in its use 12,251 8,752
===================================== ========== ==========
Total JetCard cash 14,093 8,752
Non-JetCard cash 4,701 9,667
===================================== ========== ==========
Cash and cash equivalents 18,794 18,419
===================================== ========== ==========
Notes to the unaudited pro-forma financial information
For the year ended 31 January 2015
1 ACCOUNTING POLICIES
Basis of preparation
As a result of the change of accounting reference date to 31
January during the prior financial period, the following pages
present 'unaudited pro-forma' financial information comprising a
consolidated income statement, a consolidated statement of
comprehensive income, a consolidated statement of changes in
equity, consolidated statement of financial position and
consolidated statement of cash flows and selected notes comparing
the financial performance for the year ended 31 January 2015 to
that for the year ended 31 January 2014.
This unaudited pro-forma financial information does not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
January 2015 were approved by the board of directors on 22 April
2015, but have not yet been delivered to the Registrar of
Companies. The auditor's reports on the financial statements for
the periods ended 31 January 2015 and 31 January 2014 were
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. The financial statements for the period
ended 31 January 2014 have been delivered to the Registrar of
Companies.
Restatement of prior year
During the year the directors reviewed the accounting for
certain contracts relating to its Aircraft, Crew, Maintenance and
Insurance (ACMI) and travel agency departments. Following this
review, revenue and cost of sales in the prior period was restated
as shown below. There was no impact on reported profit or cash
flows.
In addition, as detailed in note 13, management closed the Fuel
department. Accordingly, results of the Fuel department have been
presented as discontinued operations. The table below reconciles
the income statement as previously stated to the current
position.
As previously ACMI
/
Stated Travel
agency Fuel As restated
Year ended 31 January 2014 GBP'000 GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
=========================== ============= ============ ============ ============
Revenue 223,977 (7,048) (5,388) 211,541
Cost of sales (200,158) 7,048 4,934 (188,176)
=========================== ============= ============ ============ ============
Gross profit 23,819 - (454) 23,365
Administrative expenses (20,981) - 325 (20,656)
=========================== ============= ============ ============ ============
Operating profit 2,838 - (129) 2,709
=========================== ============= ============ ============ ============
2 SEGMENTAL ANALYSIS
The services provided by the Group consist of chartering
different types of aircraft and related aviation services.
Following a change in management structure, and the closure of
the Fuel department, results of the Emergency Planning division
have been aggregated with Commercial Jets. In addition, overheads,
with the exception of Corporate costs, are allocated to the Group's
operating segments in relation to operating activities. As a
result, prior year segmental analysis has been restated to reflect
the current segmental reporting of continuing operations.
Sales transactions between operating segments are carried out on
an arm's length basis. All revenues, results, assets and
liabilities reviewed by the Board (which is the chief operating
decision maker) are prepared on a basis consistent with those that
are reported in the financial statements.
The Board does not review assets and liabilities at segmental
level, therefore these items are not disclosed.
The segmental information, as provided to the Board on a monthly
basis, is as follows:
Year ended 31 January 2015 Commercial Private Corporate
(Unaudited) Jet Broking Jet Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================= ============ ============ ======== ========= ========
Total revenues 117,543 52,208 24,980 - 194,731
Revenues from transactions
with other operating segments (1,672) (70) (889) - (2,631)
================================= ============ ============ ======== ========= ========
Revenues from external customers 115,871 52,138 24,091 - 192,100
================================= ============ ============ ======== ========= ========
Depreciation and amortisation (177) (84) - - (261)
================================= ============ ============ ======== ========= ========
Underlying operating profit 2,693 791 368 (1,220) 2,632
Non-trading items (see note
3) - - - - -
================================= ============ ============ ======== ========= ========
Segment result 2,693 791 368 (1,220) 2,632
================================= ============ ============ ======== ========= ========
Finance income 25
Finance expense (21)
================================= ============ ============ ======== ========= ========
Profit before tax 2,636
Tax 151
================================= ============ ============ ======== ========= ========
Profit after tax 2,787
Discontinued operations (7)
================================= ============ ============ ======== ========= ========
Profit for the year 2,780
================================= ============ ============ ======== ========= ========
Year ended 31 January 2014 Commercial Private Corporate
(Unaudited) Jet Broking Jet Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================= ============ ============ ======== ========= =========
Total revenues 146,180 55,965 11,979 - 214,124
Revenues from transactions with
other operating segments (2,244) (87) (252) - (2,583)
================================= ============ ============ ======== ========= =========
Revenues from external customers 143,936 55,878 11,727 - 211,541
================================= ============ ============ ======== ========= =========
Depreciation and amortisation (122) (63) - - (185)
================================= ============ ============ ======== ========= =========
Underlying operating profit 3,938 1,624 (107) (1,354) 4,101
Non-trading items (see note 3) (220) (155) (33) (984) (1,392)
================================= ============ ============ ======== ========= =========
Segment result 3,718 1,469 (140) (2,338) 2,709
================================= ============ ============ ======== ========= =========
Finance income 21
Finance expense (29)
================================= ============ ============ ======== ========= =========
Profit before tax 2,701
Tax (852)
================================= ============ ============ ======== ========= =========
Profit after tax 1,849
Discontinued operations 99
================================= ============ ============ ======== ========= =========
Profit for the year 1,948
================================= ============ ============ ======== ========= =========
The Company is domiciled in the UK but, due to the nature of the
Group's operations, a significant amount of revenue from external
customers is derived from overseas countries. The Group reviews
revenue based upon the location of the assets used to generate
those revenues. Apart from the UK and France, no single country is
deemed to have material non-current asset levels.
The Group's revenue from external customers by geographical
location is as follows:
United Rest
United States of the
Kingdom Europe of America World Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================================= ======== ========= =========== ======== =========
Year ended 31 January 2015 (Unaudited)
Revenues from external customers 85,290 82,333 21,902 2,575 192,100
Non-current assets (excluding deferred
tax assets) 2,094 1,017 66 - 3,177
======================================= ======== ========= =========== ======== =========
Year ended 31 January 2014 (Unaudited)
Revenues from external customers 91,495 83,230 34,045 2,771 211,541
Non-current assets (excluding deferred
tax assets) 968 736 280 27 2,011
======================================= ======== ========= =========== ======== =========
Europe can be further analysed as:
France Germany Italy Other Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================================= ======== ======== ======== ======== ========
Year ended 31 January 2015 (Unaudited)
Revenues from external customers 29,586 26,328 19,103 7,316 82,333
======================================= ======== ======== ======== ======== ========
Year ended 31 January 2014 (Unaudited)
Revenues from external customers 44,189 19,856 9,859 9,326 83,230
======================================= ======== ======== ======== ======== ========
3 NON-TRADING ITEMS
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
Continuing operations GBP'000 GBP'000
================================== ============ ============
Impairment of intangible assets - (774)
Restructuring costs - (618)
================================== ============ ============
Non-trading items before taxation - (1,392)
================================== ============ ============
Tax effect of non-trading items - 332
================================== ============ ============
Non-trading items after taxation - (1,060)
================================== ============ ============
In the prior period, management conducted a review of ongoing
intangible asset related projects and identified that an impairment
of GBP774,000 was required to write down the assets to their
recoverable amount.
The reorganisation of the Group to report on a product-led basis
has resulted in restructuring costs of GBP618,000 in the prior
period. These costs comprised redundancy payments, external legal
advice, outplacement costs and were included within administrative
expenses.
4 DIVIDENDS
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
======================================================= ============ ============
Amounts recognised as distributions to owners of the
parent company
Final dividend for the eighteen month period ended
31 January 2014 of 14.0 pence
(2014: First interim dividend for the eighteen month
period ended 31 January 2014 of 6.05 pence) per share 1,406 621
Interim dividend for the year ended 31 January 2015
of 6.66p per share
(2014: Second interim dividend for the eighteen month
period ended 31 January 2014 of 14.0 pence) per share 671 1,437
======================================================= ============ ============
2,077 2,058
======================================================= ============ ============
5 EARNINGS PER SHARE
Year
ended Year ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
From continuing and discontinued operations GBP'000 GBP'000
==================================================== ============ ============
Earnings
Profit attributable to equity holders owners of the
parent company 2,780 1,948
Non-trading items - 1,081
==================================================== ============ ============
Earnings for the calculation of basic and diluted
earnings per share 2,780 3,029
==================================================== ============ ============
Number of shares Number Number
=============================================================== ========== ==========
Weighted average number of ordinary shares for the calculation
of basic earnings per share 10,056,276 10,169,490
Effect of dilutive potential ordinary shares: share options 75,764 155,875
=============================================================== ========== ==========
Weighted average number of ordinary shares for the calculation
of diluted earnings per share 10,132,040 10,325,365
=============================================================== ========== ==========
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
From continuing operations GBP'000 GBP'000
====================================================== ============ ============
Earnings
Profit attributable to equity holders owners of the
parent company 2,780 1,948
Adjustment to exclude loss/(profit) for the year from
discontinued operations 7 (99)
====================================================== ============ ============
Earnings for the calculation of basic and diluted
earnings per share 2,787 1,849
Non-trading items - 1,060
====================================================== ============ ============
Earnings for the calculation of continuing underlying
basic and diluted earnings per share 2,787 2,909
====================================================== ============ ============
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
From discontinued operations GBP'000 GBP'000
====================================================== ============ ============
Earnings
Earnings for the calculation of basic and diluted
earnings per share (7) 99
Non-trading items - 21
====================================================== ============ ============
Earnings for the calculation of continuing underlying
basic and diluted earnings per share (7) 120
====================================================== ============ ============
The denominators used are the same as those above for both basic
and diluted earnings per share from continuing and discontinued
operations.
The calculation of underlying earnings per share (before
non-trading items) is included as the directors believe it provides
a better understanding of the underlying performance of the Group.
Non-trading items are disclosed in note 3.
6 NET CASH INFLOW FROM OPERATING ACTIVITES
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
========================================================= ============ ============
Profit for the year
Continuing operations 2,787 1,849
Discontinued operations (7) 99
========================================================= ============ ============
2,780 1,948
Finance income (25) (21)
Finance expense 21 29
Income tax (153) 882
Depreciation and amortisation 261 185
Impairment of intangible assets - 774
Loss on disposal of property, plant and equipment 5 4
Profit on disposal of asset held for sale - (82)
Fair value losses on derivative financial instruments 104 65
Share option charge for year 55 100
(Decrease)/increase in provisions (238) 62
Foreign exchange differences 496 174
========================================================= ============ ============
Operating cash flows before movements in working capital 3,306 4,120
(Increase)/decrease in receivables (773) 12,519
Increase/(decrease) in payables 2,343 (11,086)
========================================================= ============ ============
Cash generated from operations 4,876 5,553
Income taxes paid (463) (650)
Interest paid (8) (29)
========================================================= ============ ============
Net cash inflow from operating activities 4,405 4,874
========================================================= ============ ============
7 TAXATION
Continuing Discontinued
operations operations Total
========================== ========================== ==========================
Year Year Year Year Year Year
ended ended ended ended ended ended
31 January 31 January 31 January 31 January 31 January 31 January
2015 2014 2015 2014 2015 2014
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================== ============ ============ ============ ============ ============ ============
Current tax:
UK corporation tax 207 473 (2) 30 205 503
Foreign tax 513 158 - - 513 158
Current tax adjustments in respect
of prior years (788) (148) - (788) (148)
================================== ============ ============ ============ ============ ============ ============
(68) 483 (2) 30 (70) 513
Deferred tax (83) 369 - - (83) 369
================================== ============ ============ ============ ============ ============ ============
Total tax (credit)/charge (151) 852 (2) 30 (153) 882
================================== ============ ============ ============ ============ ============ ============
Of which:
Tax on underlying profit (151) 1,184 (2) 37 (153) 1,221
Tax on non-trading items (see
note 3) - (332) - (7) - (339)
================================== ============ ============ ============ ============ ============ ============
(151) 852 (2) 30 (153) 882
================================== ============ ============ ============ ============ ============ ============
8 GOODWILL
Goodwill
(Unaudited) GBP'000
======================================================== ========
Cost
At 1 February 2013 956
Foreign currency adjustments (38)
======================================================== ========
At 31 January 2014 918
Foreign currency adjustments (80)
======================================================== ========
At 31 January 2015 838
======================================================== ========
Provision for impairment
At 1 February 2013, 31 January 2014 and 31 January 2015 -
======================================================== ========
Net book value
At 31 January 2015 838
======================================================== ========
At 31 January 2014 918
======================================================== ========
At 1 February 2013 956
======================================================== ========
9 OTHER INTANGIBLE ASSETS
Software
(Unaudited) GBP'000
============================= ========
Cost
At 1 February 2013 621
Additions 597
Foreign currency adjustments (1)
============================= ========
At 31 January 2014 1,217
Additions 705
Foreign currency adjustments (1)
============================= ========
At 31 January 2015 1,921
============================= ========
Amortisation
At 1 February 2013 20
Charge for the year 27
Impairment loss 774
============================= ========
At 31 January 2014 821
Charge for the year 35
============================= ========
Foreign currency adjustments (1)
============================= ========
At 31 January 2015 855
============================= ========
Net book value
At 31 January 2015 1,066
============================= ========
At 31 January 2014 396
============================= ========
At 1 February 2013 601
============================= ========
There were no commitments at year end to purchase any intangible
assets.
10 PROPERTY, PLANT AND EQUIPMENT
Short
leasehold
property
and leasehold Fixtures Motor
improvements and equipment vehicles Total
(Unaudited) GBP'000 GBP'000 GBP'000 GBP'000
============================= ============== ============== ========= ========
Cost
At 1 February 2013 828 1,752 44 2,624
Additions 8 72 - 80
Foreign currency adjustments (5) (30) (2) (37)
Disposals (8) (8) (38) (54)
============================= ============== ============== ========= ========
At 31 January 2014 823 1,786 4 2,613
Additions 71 749 - 820
Foreign currency adjustments (6) (20) (1) (27)
Disposals (119) (88) (3) (210)
============================= ============== ============== ========= ========
At 31 January 2015 769 2,427 - 3,196
============================= ============== ============== ========= ========
Depreciation
At 1 February 2013 237 1,567 28 1,832
Charge for the year 55 99 4 158
Foreign currency adjustments (5) (25) (2) (32)
Disposals (6) (7) (29) (42)
============================= ============== ============== ========= ========
At 31 January 2014 281 1,634 1 1,916
Charge for the year 83 143 - 226
Foreign currency adjustments (3) (11) - (14)
Disposals (119) (85) (1) (205)
============================= ============== ============== ========= ========
At 31 January 2015 242 1,681 - 1,923
============================= ============== ============== ========= ========
Net book value
At 31 January 2015 527 746 - 1,273
============================= ============== ============== ========= ========
At 31 January 2014 542 152 3 697
============================= ============== ============== ========= ========
At 1 February 2013 591 185 16 792
============================= ============== ============== ========= ========
There were no commitments at year end to purchase any items of
property, plant or equipment.
11 CONTIGENT LIABILITIES
The Group had issued the following guarantees at 31 January
2015.
Description Currency 2015 2014
'000 '000
================================= ========= ===== =====
Passenger sales agency agreement Sterling 398 376
Dubai employee rights Sterling 17 17
Aircraft operator Euros 1,400 -
Aircraft operator Euros 47 -
Rental deposit Euros 11 -
================================= ========= ===== =====
In addition, the Company's bankers hold a free and floating
charge over the Company's assets.
12 PROVISIONS
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
====================== ============ ============
Administration claims 478 465
Restructuring 34 269
====================== ============ ============
512 734
====================== ============ ============
A provision of GBP478,000 (31 January 2014: GBP465,000) was held
in relation to the potential costs of settlement of claims which
have been received from third parties following the closure of Air
Partner Private Jets Limited. All remaining claims within this
provision are expected to be settled by 31 March 2016.
13 DISCONTINUED OPERATIONS
On 20 January 2014, management closed the Group's Fuel
department. Accordingly, trading results of the Fuel department,
which were previously disclosed as continuing operations, have now
been disclosed as discontinued operations:
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
========================================================== ============ ============
Revenue 62 5,388
Cost of sales (64) (4,934)
========================================================== ============ ============
Gross (loss)/profit (2) 454
Administrative expenses (7) (325)
========================================================== ============ ============
(Loss)/profit before tax (9) 129
Taxation 2 (30)
========================================================== ============ ============
Net (loss)/profit attributable to discontinued operations (7) 99
========================================================== ============ ============
Cash flows attributable to the Fuel department were as
follows:
Year Year
ended ended
31 January 31 January
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
========================= ============ ============
Net operating cash flows (7) 99
========================= ============ ============
Air Partner plc
("Air Partner" or "the Group" or "the Company")
Audited results for the year ended 31 January 2015
Consolidated income statement
for the year ended 31 January 2015
18 months ended 31
January 2014
Year ended 31 January (as restated - see
2015 note 2)
==== =================================== ===================================
Non-trading Non-trading
Underlying* items Total Underlying* items Total
Continuing operations Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============================== ==== =========== =========== ========= =========== =========== =========
Revenue 2 192,100 - 192,100 308,257 - 308,257
Cost of sales (170,075) - (170,075) (274,565) - (274,565)
============================== ==== =========== =========== ========= =========== =========== =========
Gross profit 22,025 - 22,025 33,692 - 33,692
Administrative expenses (19,393) - (19,393) (28,348) (1,392) (29,740)
============================== ==== =========== =========== ========= =========== =========== =========
Operating profit 2,632 - 2,632 5,344 (1,392) 3,952
Finance income 25 - 25 37 - 37
Finance expense (21) - (21) (32) - (32)
============================== ==== =========== =========== ========= =========== =========== =========
Profit before tax 2,636 - 2,636 5,349 (1,392) 3,957
Taxation 7 151 - 151 (1,675) 332 (1,343)
============================== ==== =========== =========== ========= =========== =========== =========
Profit for the year/period
from continuing operations 2,787 - 2,787 3,674 (1,060) 2,614
Discontinued operations
Profit for the year/period
from discontinued operations 13 (7) - (7) 173 (21) 152
============================== ==== =========== =========== ========= =========== =========== =========
Profit for the year/period 2,780 - 2,780 3,847 (1,081) 2,766
============================== ==== =========== =========== ========= =========== =========== =========
Attributable to:
Owners of the parent
company 2,780 - 2,780 3,847 (1,081) 2,766
============================== ==== =========== =========== ========= =========== =========== =========
Earnings/(loss) per
share:
Continuing operations
Basic 5 27.7p - 27.7p 36.0p (10.4)p 25.6p
Diluted 5 27.5p - 27.5p 35.6p (10.3)p 25.3p
============================== ==== =========== =========== ========= =========== =========== =========
Discontinued operations
Basic 5 (0.1)p - (0.1)p 1.7p (0.2)p 1.5p
Diluted 5 (0.1)p - (0.1)p 1.7p (0.2)p 1.5p
============================== ==== =========== =========== ========= =========== =========== =========
Continuing and discontinued
operations
Basic 5 27.6p - 27.6p 37.7p (10.6)p 27.1p
Diluted 5 27.4p - 27.4p 37.3p (10.5)p 26.8p
============================== ==== =========== =========== ========= =========== =========== =========
*Before non-trading items (see note 3)
Consolidated statement of comprehensive income
for the year ended 31 January 2015
18 months
Year ended ended
31 January 31 January
2015 2014
GBP'000 GBP'000
========================================================= =========== ===========
Profit for the year/period 2,780 2,766
Other comprehensive income - items that may subsequently
be reclassified to profit or loss:
Exchange differences on translation of foreign
operations (8) 138
Exchange differences on liquidation of foreign
operations - 22
========================================================= =========== ===========
Total comprehensive income for the year/period 2,772 2,926
========================================================= =========== ===========
Attributable to:
Owners of the parent company 2,772 2,926
========================================================= =========== ===========
Consolidated statement of financial position
as at 31 January 2015
31 January 31 January
2015 2014
Note GBP'000 GBP'000
================================= ==== ========== ==========
Assets
Non-current assets
Goodwill 8 838 918
Other intangible assets 9 1,066 396
Property, plant and equipment 10 1,273 697
Deferred tax assets 299 247
================================= ==== ========== ==========
3,476 2,258
================================= ==== ========== ==========
Current assets
Trade and other receivables 21,029 20,812
Current tax assets 1,157 665
========== ==========
Restricted bank balances 1,842 -
Other cash and cash equivalents 16,952 18,419
========== ==========
Total cash and cash equivalents 18,794 18,419
40,980 39,896
================================= ==== ========== ==========
Total assets 44,456 42,154
================================= ==== ========== ==========
Current liabilities
Trade and other payables (2,660) (5,746)
Current tax liabilities (87) (128)
Other liabilities (4,067) (4,071)
Deferred income (23,669) (18,916)
Provisions 12 (512) (734)
Derivative financial instruments (150) (46)
================================= ==== ========== ==========
(31,145) (29,641)
================================= ==== ========== ==========
Net current assets 9,835 10,255
================================= ==== ========== ==========
Total liabilities (31,145) (29,641)
================================= ==== ========== ==========
Net assets 13,311 12,513
================================= ==== ========== ==========
Equity
Share capital 513 513
Share premium account 4,518 4,518
Own shares (1,051) (1,154)
Translation reserve 1,093 1,101
Share option reserve 1,485 1,430
Retained earnings 6,753 6,105
================================= ==== ========== ==========
Total equity 13,311 12,513
================================= ==== ========== ==========
Consolidated statement of changes in equity
for the year ended 31 January 2015
Share Share
Share premium Own Translation option Retained Total
capital account shares reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============================ ========= ======== ========= ============ ======== ========== =========
Opening equity as at 1
August 2012 513 4,518 - 941 1,238 6,903 14,113
Profit for the period - - - - - 2,766 2,766
Exchange differences on
translation of foreign
operations - - - 138 - - 138
Exchange differences on
liquidation of foreign
operations - - - 22 - - 22
============================ ========= ======== ========= ============ ======== ========== =========
Total comprehensive income
for the period - - - 160 - 2,766 2,926
Share option movement
for the period - - - - 192 - 192
Deferred tax on share-based
payment transactions - - - - - 68 68
Own shares acquired during
the period - - (2,000) - - (2,000)
Share options exercised
during the period - - 846 - - (271) 575
Dividends paid - - - - - (3,361) (3,361)
============================ ========= ======== ========= ============ ======== ========== =========
Closing equity as at 31
January 2014 513 4,518 (1,154) 1,101 1,430 6,105 12,513
============================ ========= ======== ========= ============ ======== ========== =========
Share Share
Share premium Own Translation option Retained Total
capital account shares reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================== ========= ======== ========= ============ ======== ========== =========
Opening equity as at 1
February 2014 513 4,518 (1,154) 1,101 1,430 6,105 12,513
================================== ========= ======== ========= ============ ======== ========== =========
Profit for the year - - - - - 2,780 2,780
Exchange differences on
translation of foreign
operations - - - (8) - - (8)
================================== ========= ======== ========= ============ ======== ========== =========
Total comprehensive income
for the year - - - (8) - 2,780 2,772
Share option movement
for the year - - - - 55 - 55
Deferred tax on share-based
payment transactions - - - - - 8 8
Share options exercised
during the year - - 103 - - (22) 81
Remeasurements of post-employment
benefit obligations - - - - - (41) (41)
Dividends paid - - - - - (2,077) (2,077)
================================== ========= ======== ========= ============ ======== ========== =========
Closing equity as at 31
January 2015 513 4,518 (1,051) 1,093 1,485 6,753 13,311
================================== ========= ======== ========= ============ ======== ========== =========
Consolidated statement of cash flows
for the year ended 31 January 2015
Year 18 months
ended ended
31 January 31 January
2015 2014
Note GBP'000 GBP'000
============================================================= ==== =========== ===========
Net cash inflow from operating
activities 6 4,405 7,245
============================================================= ==== =========== ===========
Investing activities
Continuing operations
* Interest received 25 37
* Dividends received from subsidiaries - -
* Purchases of property, plant and equipment (820) (87)
* Purchases of intangible assets (705) (920)
* Purchases in respect of asset held for sale - (10)
* Proceeds on disposal of property, plant and equipment - 8
* Proceeds on disposal of asset held for sale - 815
Net cash (used in)/generated by
investing activities (1,500) (157)
============================================================= ==== =========== ===========
Financing activities
Continuing operations
* Dividends paid 4 (2,077) (3,361)
* Proceeds on exercise of share options 81 575
* Purchase of own shares - (2,000)
============================================================= ==== =========== ===========
Net cash used in financing activities (1,996) (4,786)
============================================================= ==== =========== ===========
Net (decrease)/increase in cash
and cash equivalents 909 2,302
Opening cash and cash equivalents 18,419 15,716
Effect of foreign exchange rate
changes (534) 401
============================================================= ==== =========== ===========
Closing cash and cash equivalents 18,794 18,419
============================================================= ==== =========== ===========
JetCard cash
The closing cash and cash equivalents balance can be further
analysed into 'JetCard cash' (being restricted and unrestricted
cash received by the Group and Company in respect of its JetCard
product) and 'non-JetCard cash' as follows:
2015 2014
GBP'000 GBP'000
===================================== ======== ========
JetCard cash restricted in its use 1,842 -
===================================== ======== ========
Jetcard cash unrestricted in its use 12,251 8,752
JetCard cash 14,093 8,752
Non-JetCard cash 4,701 9,667
===================================== ======== ========
Cash and cash equivalents 18,794 18,419
===================================== ======== ========
1 GENERAL INFORMATION, BASIS OF PREPARATION AND ACCOUNTING POLICIES
General information
The Company is a limited liability company incorporated and
domiciled in England and Wales under registration number 00980675.
The address of its registered office is 2 City Place, Beehive Ring
Road, Gatwick, West Sussex RH6 0PA. The Company is listed on the
London Stock Exchange.
This condensed consolidated financial information was approved
for issue on 22 April 2015.
This condensed consolidated financial information does not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
January 2015 were approved by the board of directors on 22 April
2015, but have not yet been delivered to the Registrar of
Companies. The auditor's reports on the financial statements for
the periods ended 31 January 2015 and 31 January 2014 were
unqualified and did not contain a statement under Section 498 of
the Companies Act 2006. The financial statements for the period
ended 31 January 2014 have been delivered to the Registrar of
Companies.
Basis of preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted for
use in the European Union in accordance with EU law (IAS regulation
EC1606/2002) and those parts of the Companies Act 2006 applicable
to companies reporting under IFRS. While the financial information
included in this preliminary announcement has been prepared in
accordance with the recognition and measurement criteria of IFRS,
this announcement does not itself contain sufficient information to
comply with IFRS. The Company expects to publish full financial
statements that comply with IFRS in May 2015.
Accounting policies
The accounting policies adopted are consistent with those of the
previous financial year, except as described in the following
sections:
Restatement of prior period
During the year the management reviewed the accounting for
certain contracts relating to its Aircraft, Crew, Maintenance and
Insurance (ACMI) and travel agency departments. Following this
review, revenue and cost of sales in the prior period was restated
as shown below.
In addition, as detailed in note 13, management announced the
closure of its Fuel department. Accordingly, results of the Fuel
department have been presented as discontinued operations. The
table below reconciles the income statement as previously stated to
the current position.
As previously ACMI
Stated /
GBP'000 Travel
agency Fuel As restated
Period ended 31 January 2014 GBP'000 GBP'000 GBP'000
============================= ============= ======== ======== ===========
Revenue 326,125 (9,701) (8,167) 308,257
Cost of sales (291,823) 9,701 7,557 (274,565)
============================= ============= ======== ======== ===========
Gross profit 34,302 - (610) 33,692
Administrative expenses (30,151) - 411 (29,740)
============================= ============= ======== ======== ===========
Operating profit 4,151 - (199) 3,952
============================= ============= ======== ======== ===========
Adoption of new and revised Standards
The following standards and interpretations have been adopted in
the current financial year, none of which has resulted in a
restatement of the prior financial period's results:
- Annual Improvements 2009-2011 cycle
- IAS 19 Employee Benefits (2011)
- IFRS 10 Consolidated Financial Statements ("IFRS 10") and IAS
27 (2011) Separate Financial Statements ("IAS 27")
- IFRS 11 Joint Arrangements ("IFRS 11") and IAS 28 (2011)
Investment in Associates and Joint Ventures ("IAS 28")
- IFRS 12 Disclosure of Interests in Other Entities ("IFRS 12")
- IFRS 13 Fair Value Measurement ("IFRS 13")
- Amendments to IFRS 7 (Offsetting Financial Assets and
Financial Liabilities) and Amendments to IAS 32 (Offsetting -
Financial Assets and Financial Liabilities)
- Amendments to IAS 36 (Recoverable Amount Disclosures for Non-Financial Assets)
- Amendments to IAS 39 (Novation of Derivatives and Continuation of Hedge Accounting)
- Amendments to IFRS 1 (Government Loans)
- Consolidated Financial Statements, Joint Arrangements and
Disclosure of Interests in Other Entities: Transition Guidance
- Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
2 SEGMENTAL ANALYSIS
The services provided by the Group consist of chartering
different types of aircraft and related aviation services.
Following a change in management structure, and the closure of
the Fuel department, results of the Emergency Planning division
have been aggregated with Commercial Jets. In addition, overheads,
with the exception of Corporate costs, are allocated to the Group's
operating segments in relation to operating activities. As a
result, prior year segmental analysis has been restated to reflect
the current segmental reporting of continuing operations.
Sales transactions between operating segments are carried out on
an arm's length basis. All revenues, results, assets and
liabilities reviewed by the Board (which is the chief operating
decision maker) are prepared on a basis consistent with those that
are reported in the financial statements.
The Board does not review assets and liabilities at segmental
level, therefore these items are not disclosed.
The segmental information, as provided to the Board on a monthly
basis, is as follows:
Year ended 31 January 2015
Commercial Private Corporate
Jet Broking Jet Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
====================================== ============ ============ ======== ========= =========
Total revenues 117,543 52,208 24,980 - 194,731
Revenues from transactions with other
operating segments (1,672) (70) (889) - (2,631)
====================================== ============ ============ ======== ========= =========
Revenues from external customers 115,871 52,138 24,091 - 192,100
====================================== ============ ============ ======== ========= =========
Depreciation and amortisation (177) (84) - - (261)
====================================== ============ ============ ======== ========= =========
Underlying operating profit 2,693 791 368 (1,220) 2,632
Non-trading items - - - - -
====================================== ============ ============ ======== ========= =========
Segment result 2,693 791 368 (1,220) 2,632
====================================== ============ ============ ======== ========= =========
Finance income 25
Finance expense (21)
====================================== ============ ============ ======== ========= =========
Profit before tax 2,636
Tax 151
====================================== ============ ============ ======== ========= =========
Profit after tax 2,787
Discontinued operations (7)
====================================== ============ ============ ======== ========= =========
Profit for the year 2,780
====================================== ============ ============ ======== ========= =========
Commercial Private Corporate
Eighteen months to 31 January 2014 Jet Broking Jet Broking Freight costs Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
====================================== ============ ============ ======== ========= =========
Total revenues 212,810 78,699 19,970 - 311,479
Revenues from transactions with other
operating segments (2,736) (162) (324) - (3,222)
====================================== ============ ============ ======== ========= =========
Revenues from external customers 210,074 78,537 19,646 - 308,257
====================================== ============ ============ ======== ========= =========
Depreciation and amortisation (203) (105) - - (308)
====================================== ============ ============ ======== ========= =========
Underlying operating profit 5,024 1,985 389 (2,054) 5,344
Non-trading items (see note 5) (220) (155) (33) (984) (1,392)
====================================== ============ ============ ======== ========= =========
Segment result 4,804 1,830 356 (3,038) 3,952
====================================== ============ ============ ======== ========= =========
Finance income 37
Finance expense (32)
====================================== ============ ============ ======== ========= =========
Profit before tax 3,957
Tax (1,343)
====================================== ============ ============ ======== ========= =========
Profit after tax 2,614
Discontinued operations 152
====================================== ============ ============ ======== ========= =========
Profit for the year 2,766
====================================== ============ ============ ======== ========= =========
The Company is domiciled in the UK but, due to the nature of the
Group's operations, a significant amount of revenue from external
customers is derived from overseas countries. The Group reviews
revenue based upon the location of the assets used to generate
those revenues. Apart from the UK and France, no single country is
deemed to have material non-current asset levels.
The Group's revenue from external customers by geographical
location is as follows:
United Rest
United States of the
Kingdom Europe of America World Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================================= ======== ========= =========== ======== =========
Year ended 31 January 2015
Revenues from external customers 85,290 82,333 21,902 2,575 192,100
Non-current assets (excluding deferred
tax assets) 2,094 1,017 66 - 3,177
======================================= ======== ========= =========== ======== =========
Eighteen months to 31 January 2014
Revenues from external customers 139,001 119,388 45,446 4,422 308,257
Non-current assets (excluding deferred
tax assets) 968 736 280 27 2,011
======================================= ======== ========= =========== ======== =========
Europe can be further analysed as:
France Germany Italy Other Total
Continuing operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=================================== ======== ======== ======== ======== ========
Year ended 31 January 2015
Revenues from external customers 29,586 26,328 19,103 7,316 82,333
=================================== ======== ======== ======== ======== ========
Eighteen months to 31 January 2014
Revenues from external customers 57,238 31,487 15,612 15,051 119,388
=================================== ======== ======== ======== ======== ========
The Group did not have any customers who accounted for more than
10% of the Group's external revenue during the year (2014:
nil).
3 NON-TRADING ITEMS
2015 2014
Continuing operations GBP'000 GBP'000
================================== ======== ========
Impairment of intangible assets - (774)
Restructuring costs - (618)
================================== ======== ========
Non-trading items before taxation - (1,392)
Tax effect of non-trading items - 332
================================== ======== ========
Non-trading items after taxation - (1,060)
================================== ======== ========
In the prior period, management conducted a review of ongoing
intangible asset related projects and identified that an impairment
of GBP774,000 was required to write down the assets to their
recoverable amount.
The reorganisation of the Group to report on a product-led basis
resulted in restructuring costs of GBP618,000 in the prior period.
These costs comprised redundancy payments, external legal advice,
outplacement costs and were included within administrative
expenses.
4 DIVIDENDS
2015 2014
GBP'000 GBP'000
====================================================== ======== ========
Amounts recognised as distributions to owners of the
parent company
Final dividend for the eighteen month period ended
31 January 2014 of 14.0 pence
(Final dividend for year ended 31 July 2012 of 12.7
pence) per share 1,407 1,303
Interim dividend for the year ended 31 January 2015
of 6.66p per share
(First interim dividend for eighteen month period
ended 31 January 2014 of 6.05 pence) per share 670 621
Second interim dividend for the eighteen month period
ended 31 January 2014
of 14.0 pence per share - 1,437
====================================================== ======== ========
2,077 3,361
====================================================== ======== ========
The Air Partner Employee Benefit Trust, which held 199,236
(2014: 224,932) ordinary shares at 31 January 2015 representing
1.9% (2014: 2.2%) of the Company's issued share capital is not
entitled to receive dividends.
5 EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following data:
2015 2014
Continuing and discontinued operations GBP'000 GBP'000
======================================================= ======== ========
Earnings for the calculation of basic and diluted
earnings per share
Profit attributable to owners of the parent company 2,780 2,766
Non-trading items - 1,081
======================================================= ======== ========
Underlying profit attributable to owners of the parent
company 2,780 3,847
======================================================= ======== ========
Number of shares Number Number
=============================================================== ========== ==========
Weighted average number of ordinary shares for the calculation
of basic earnings per share 10,056,276 10,216,004
Effect of dilutive potential ordinary shares: share options 75,764 105,414
=============================================================== ========== ==========
Weighted average number of ordinary shares for the calculation
of diluted earnings per share 10,132,040 10,321,418
=============================================================== ========== ==========
2015 2014
From continuing operations GBP'000 GBP'000
======================================================== ======== ========
Earnings
Profit attributable to equity holders owners of the
parent company 2,780 2,766
Adjustment to exclude loss/(profit) for the year/period
from discontinued operations 7 (152)
======================================================== ======== ========
Earnings for the calculation of continuing underlying
basic and diluted earnings per share 2,787 2,614
Non-trading items - 1,060
======================================================== ======== ========
Earnings for the calculation of basic and diluted
earnings per share 2,787 3,674
======================================================== ======== ========
2015 2014
From discontinued operations GBP'000 GBP'000
====================================================== ======== ========
Earnings
Earnings for the calculation of basic and diluted
earnings per share (7) 152
Non-trading items - 21
====================================================== ======== ========
Earnings for the calculation of continuing underlying
basic and diluted earnings per share (7) 173
====================================================== ======== ========
The denominators used are the same as those above for both basic
and diluted earnings per share from continuing and discontinued
operations.
The calculation of underlying earnings per share (before
non-trading items) is included as the directors believe it provides
a better understanding of the underlying performance of the Group.
Non-trading items are disclosed in note 3.
6 NET CASH INFLOW FROM OPERATING ACTIVITIES
Group
==================
2015 2014
GBP'000 GBP'000
========================================== ======== ========
Profit for the year
Continuing operations 2,787 2,614
Discontinued operations (7) 152
========================================== ======== ========
2,780 2,766
Adjustments for:
Dividends received - -
Finance income (25) (37)
Finance expense 21 32
Income tax (credit)/expense (153) 1,390
Depreciation and amortisation 261 308
Impairment of intangible assets - 774
Impairment of investments - -
Loss on disposal of property, plant and
equipment 5 4
Profit on disposal of asset held for sale - (82)
Fair value (gains)/losses on derivative
financial instruments 104 (44)
Share option cost for period 55 192
(Decrease)/increase in provisions (238) 10
Foreign exchange differences 496 (182)
========================================== ======== ========
Operating cash flows before movements in
working capital 3,306 5,131
(Increase)/decrease in receivables (773) 10,351
Increase/(decrease) in payables 2,343 (6,404)
========================================== ======== ========
Cash generated from operations 4,876 9,078
Income taxes paid (463) (1,801)
Interest paid (8) (32)
========================================== ======== ========
Net cash flow from operating activities 4,405 7,245
========================================== ======== ========
7 TAXATION
Continuing Discontinued
operations operations Total
================== ================== ==================
2015 2014 2015 2014 2015 2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=================================== ======== ======== ======== ======== ======== ========
Current tax:
UK corporation tax 207 724 (2) 47 205 771
Foreign tax 513 446 - - 513 446
Current tax adjustments in respect
of prior years (788) (108) - - (788) (108)
=================================== ======== ======== ======== ======== ======== ========
(68) 1,062 (2) 47 (70) 1,109
Deferred tax (83) 281 - - (83) 281
=================================== ======== ======== ======== ======== ======== ========
Total tax (151) 1,343 (2) 47 (153) 1,390
=================================== ======== ======== ======== ======== ======== ========
Of which:
Tax on underlying profit (151) 1,675 (2) 54 (153) 1,729
Tax on non-trading items (see
note 3) - (332) - (7) - (339)
=================================== ======== ======== ======== ======== ======== ========
(151) 1,343 (2) 47 (153) 1,390
=================================== ======== ======== ======== ======== ======== ========
Corporation tax in the UK was calculated at 21.3% (2014: 23.4%)
of the estimated assessable profit for the period. Taxation for
other jurisdictions was calculated at the rates prevailing in the
respective jurisdictions.
The charge for the period can be reconciled to the profit per
the consolidated income statement as follows:
2015 2014
GBP'000 GBP'000
=========================================================== ======== ========
Profit from continuing operations before tax 2,636 3,957
(Loss)/profit from discontinued operations before
tax (9) 199
=========================================================== ======== ========
Accounting profit before tax 2,627 4,156
=========================================================== ======== ========
Tax at the UK corporation tax rate of 21.3% (2014:
23.4%) 560 973
Effect of UK corporation tax rate at 23% from 1 February
2014 to 31 March 2014 (2014: 24% from 1 August to
31 March 2013) - 5
Tax effect of items that are not recognised in determining
taxable profit (24) 219
Tax effect of losses not previously recognised (82) (8)
Tax effect of different tax rates of subsidiaries
operating in other jurisdictions 181 309
Current tax adjustments in respect of prior years (788) (108)
=========================================================== ======== ========
Total tax (credit)/charge (153) 1,390
=========================================================== ======== ========
The UK corporation tax rate decreased from 23% to 21% from 1
April 2014. The impact on the tax charge is shown above.
Further reductions to the UK corporation tax rate have been
announced. A reduction to 20% effective from 1 April 2015 was
substantively enacted on 17 July 2013 and the deferred tax balance
has been adjusted to reflect this change.
8 GOODWILL
Goodwill
Group GBP'000
====================================================== ========
Cost
At 1 August 2012 871
Foreign currency adjustments 47
====================================================== ========
At 31 January 2014 918
Foreign currency adjustments (80)
====================================================== ========
At 31 January 2015 838
====================================================== ========
Provision for impairment
At 1 August 2012, 31 January 2014 and 31 January 2015 -
====================================================== ========
Net book value
At 31 January 2015 838
====================================================== ========
At 31 January 2014 918
====================================================== ========
At 1 August 2012 871
====================================================== ========
Goodwill has been allocated entirely to one cash generating
unit, being Air Partner International SAS.
For the purpose of impairment testing, the recoverable amount of
the cash generating unit was measured on the basis of its value in
use, by applying cash flow projections based on financial forecasts
covering a three-year period. The key assumptions for the value in
use calculation were those regarding the discount rates, growth
rates and expected changes to selling prices and direct costs
during the forecast period. The estimated growth rates were based
on past performance and expectation of future changes in the
market. The growth rate used to extrapolate cash flow projections
beyond the period covered by the financial forecasts was 2% (2014:
2%). The pre-tax rate used to discount the forecast cash flows was
11% (2014: 14%).
The directors do not believe that there are any reasonably
possible changes to the key assumptions that would result in a
material impairment of goodwill.
9 OTHER INTANGIBLE ASSETS
Group
Software GBP'000
============================= ========
Cost
At 1 August 2012 297
Additions 920
============================= ========
At 31 January 2014 1,217
Additions 705
Foreign currency adjustments (1)
============================= ========
At 31 January 2015 1,921
============================= ========
Amortisation and impairment
At 1 August 2012 10
Charge for the period 37
Impairment loss 774
============================= ========
At 31 January 2014 821
Charge for the year 35
Foreign currency adjustments (1)
============================= ========
At 31 January 2015 855
============================= ========
Net book value
At 31 January 2015 1,066
============================= ========
At 31 January 2014 396
============================= ========
At 1 August 2012 287
============================= ========
Other intangible assets comprise acquired software. Refer to
notes 3 for further details regarding the nature of the impairment
loss incurred during the prior financial period.
10 PROPERTY, PLANT AND EQUIPMENT
Short
leasehold
property
and Fixtures
leasehold and Motor
improvements equipment vehicles Total
Group GBP'000 GBP'000 GBP'000 GBP'000
============================= ============= =========== ========== =========
Cost
At 1 August 2012 816 1,691 39 2,546
Additions 8 79 - 87
Foreign currency adjustments 7 24 3 34
Disposals (8) (8) (38) (54)
============================= ============= =========== ========== =========
At 31 January 2014 823 1,786 4 2,613
Additions 71 749 - 820
Foreign currency adjustments (6) (20) (1) (27)
Disposals (119) (88) (3) (210)
============================= ============= =========== ========== =========
At 31 January 2015 769 2,427 - 3,196
============================= ============= =========== ========== =========
Depreciation and impairment
At 1 August 2012 180 1,455 21 1,656
Charge for the period 100 164 7 271
Foreign currency adjustments 7 22 2 31
Disposals (6) (7) (29) (42)
============================= ============= =========== ========== =========
At 31 January 2014 281 1,634 1 1,916
Charge for the year 83 143 - 226
Foreign currency adjustments (3) (11) - (14)
Disposals (119) (85) (1) (205)
============================= ============= =========== ========== =========
At 31 January 2015 242 1,681 - 1,923
============================= ============= =========== ========== =========
Net book value
At 31 January 2015 527 746 - 1,273
============================= ============= =========== ========== =========
At 31 January 2014 542 152 3 697
============================= ============= =========== ========== =========
At 1 August 2012 636 236 18 890
============================= ============= =========== ========== =========
There were no commitments at year end to purchase any items of
property, plant or equipment.
11 CONTINGENT LIABILITIES
The Group had issued the following guarantees at 31 January
2015.
Description Currency 2015 2014
'000 '000
================================= ========== ===== =====
Passenger sales agency agreement Sterling 398 376
Dubai employee rights Sterling 17 17
Aircraft operator Euros 1,400 -
Aircraft operator Euros 47 -
Rental deposit Euros 11 -
================================= ========== ===== =====
In addition, the Company's bankers hold a free and floating
charge over the Company's assets.
12 PROVISIONS
2015 2014
GBP'000 GBP'000
====================== ======== ========
Administration claims 478 465
Restructuring 34 269
====================== ======== ========
512 734
====================== ======== ========
Administration
claims Restructuring Total
GBP'000 GBP'000 GBP'000
============================= ============== ============= ========
At 1 February 2014 465 269 734
Utilisation of provision - (238) (238)
Unwinding of discount 13 - 13
Foreign currency adjustments - 3 3
============================= ============== ============= ========
At 31 January 2015 478 34 512
============================= ============== ============= ========
A provision of GBP478,000 (2014: GBP465,000) was held in
relation to the potential costs of settlement of claims which have
been received from third parties following the closure of Air
Partner Private Jets Limited. All remaining claims within this
provision are expected to be settled by 31 March 2016.
13 DISCONTINUED OPERATIONS
On 20 January 2014, management closed the Fuel department.
Accordingly, results of the Fuel department, shown below which were
previously disclosed as continuing operations, have now been
disclosed as discontinued operations:
2015 2014
GBP'000 GBP'000
========================================================== ======== ========
Revenue 62 8,167
Cost of sales (64) (7,557)
========================================================== ======== ========
Gross (loss)/profit (2) 610
Administrative expenses (7) (411)
========================================================== ======== ========
(Loss)/profit before tax (9) 199
Taxation 2 (47)
========================================================== ======== ========
Net (loss)/profit attributable to discontinued operations (7) 152
========================================================== ======== ========
Cash flows attributable to the Fuel department were as
follows:
2015 2014
GBP'000 GBP'000
========================= ======== ========
Net operating cash flows (7) 152
========================= ======== ========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXLAASASEFF
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