Obtains access to the information in a personal capacity; 22.12.2020 Under the transition option adopted by the Group comparatives are not restated. Continuing Group basic adjusted earnings per share. In 2019 the net debt definition changed to exclude all lease liabilities including the original IAS 17 leases of $3.1 million. All other borrowings are held at amortised cost. Operating profit from ERO discontinued operations, Operating profit from Ontic discontinued operations, Less: share of profit from associates and joint ventures, Depreciation of property, plant and equipment, Profit on sale of property, plant and equipment, Operating cash inflows before movements in working capital, Net cash inflow from operating activities, Dividends received from associates and joint ventures. We have updated our Privacy and Cookie Policy. Signature Aviation plc, formerly known as BBA Aviation plc, is a United Kingdom-based provider of global aviation support services primarily focused on servicing the business and general Aviation … An acquisition or disposal of financial instruments For its first thirty years, the production and sale of these belts comprised the company's main commercial activity; over time, Wilson Cobbett expanded into numerous specialist industrial niches and … Overall Signature Aviation performed in line with our expectations, with Signature FBO growing ahead of a flat US B&GA market. increased by 6.1% to $2,260.5 million (2018 restated: $2,131.3 million) including an additional six-month contribution from EPIC and a first-time contribution from IAM Jet Centre of $235.5 million in total. As at 31 December 2019, included within liabilities classified as held for sale is $nil (2018: $3.0 million) of Other loans (see note 8). Exceptional items are items which are material or non-recurring in nature, and include costs relating to acquisitions which are material to the associated business segment, costs related to strategic disposals (including those previously completed) and significant restructuring programmes some of which span multiple years. In common with many other UK-based multinational groups whose arrangements were in line with UK CFC legislation, the Group may be affected by this decision. 2  On 22 November 2019, the Company undertook a consolidation of shares on the basis of four new shares with nominal value of 3717/84 pence for every five shares held on that date. Based on the above, the operating segment of the Group identified in accordance with IFRS 8 is Signature, which comprises Signature FBO, TechnicAir and EPIC Fuels. Signature Aviation plc (), might not be a large cap stock, but it saw a double-digit share price rise of over 10% in the past couple of months on the LSE.With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price. 2021 FE fundinfo. Measuring ROIC ensures the Group is focused on efficient use of assets, with the target of operating returns generated across the cycle exceeding the cost of holding the assets. Total from continuing and discontinued operations. © 2021 FE fundinfo. 1  In 2018 net debt for covenant purposes includes lease liabilities previously accounted for as finance leases under IAS 17. Underlying operating profit on a pre IFRS 16 basis decreased to $nil million (2018: $3.7 million). In the current low growth US B&GA market we have continued to invest in our Signature FBO network either through the addition of FBO locations, such as the five sole source locations acquired with IAM Jet Centre, lease renewals or through investment in new technology. Signature Aviation PLC (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure. Net debt is a measure of the Group's net indebtedness that provides an indicator of the overall balance sheet strength. The remainder is accounted for at amortised cost. was 6.8% (2018 restated: 20.6%). The invested capital for ROIC is calculated by adding net assets for ROIC and net debt for ROIC, both of which are calculated by averaging their respective balance over the last 13 months. Privacy and Cookie Policy  Terms, *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: Closing net assets of $177.6 million for discontinued do not include Ontic. Shares in Signature Aviation rose sharply yesterday after the company revealed that it has received two competing takeover offers. For the purposes of the ROIC calculation only, the 2018 Balance Sheet has been presented to show ERO and Ontic Discontinued Operations separately. The net assets of Ontic at the date of disposal, 31 October 2019, were as follows: Recycling of translational differences accumulated in equity, Consideration received in cash and cash equivalents, Proceeds from disposal of businesses, net of cash disposed of. . We assess the performance of the Group using a variety of Alternative Performance Measures. The discontinued operations segment results show the effect of the ERO business which is held for sale at year end and the Ontic business which was sold in October 2019. Leave the crowds and stress of commercial airports behind with one of Luxaviation UK… Key components of this for continuing operations are the non-cash amortisation of acquired intangibles accounted for under IFRS 3 ($73.8 million), restructuring expenses ($5.6 million) as part of a multi-year restructuring programme, indemnification provisions and associated legal fees in respect of previously disposed businesses ($36.5 million), to $187.2 million (2018: $224.8 million). Signature Flight Support handles private jets and aircraft at VIP terminals around the world. Those shareholders who have not elected to participate in this plan, and who would like to participate, please register via the share portal. 5. At that time, as a major line of the Group's business, the ERO operations were also classified as a discontinued operation. These notes were issued by Signature Aviation US Holdings Inc. The announcements are supplied by the denoted source. The impairment loss of $12.5 million (2018: $14.1 million) relates to fixed assets in the Signature segment. The decrease in the underlying tax rate primarily reflects the tax deductibility of deferred interest charges following the refinancing of the Group, previously written off in 2017 upon the implementation of US tax reform. Net debt is considered to be an alternative performance measure as it is not defined in IFRS. We have noticed that there is an issue with your subscription billing details. Shares in Signature Aviation rose sharply yesterday after the company revealed that it has received two competing takeover offers. Net debt to underlying EBITDA on a covenant basis decreased to 2.2x (FY 2018: 2.8x). The London-listed company, the world’s biggest servicing operation for private aviation and business jets, said it had rejected a bid from Global Infrastructure Partners but is in talks with Blackstone, the US private equity firm. The RCF includes a second option, which is at the lenders' option, to extend the maturity date for a further year at the second anniversary. 4. Signature Aviat News Headlines. A reconciliation from the growth in reported revenue, the most directly comparable IFRS measures, to the organic revenue growth is set out below. As at 31 December 2019, 51% (2018: 44%) of the Group's borrowings are fixed at a weighted average interest rate of 4.6% (2018: 4.2%) for a weighted average period of seven years (2018: five years). Results on an underlying or adjusted basis are presented before exceptional and other items. Free cash flow represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base. payments increased to $141.5 million (2018: $58.3 million) following the recognition of interest on lease liabilities under IFRS 16 and the non-repeat of swap gains in the prior period. Cash flows from/(used in) Ontic discontinued operations, Net cash (outflow) from investing activities. 1  (Loss)/profit from ERO and Ontic discontinued operations includes $5.7 million of finance costs of which $4.4 million represents finance costs relating to the adoption of IFRS 16. Restated following the presentation of Ontic as a discontinued operation. Impact on the Consolidated Balance Sheet as at 1 January 2019. Signature Flight Support, Neste and NetJets establish strategic partnership to accelerate the adoption of Sustainable Aviation Fuel within business aviation See all press releases The businesses within the Signature segment provide refuelling, ground handling, line maintenance and other services to the Business and General Aviation (B&GA) and commercial aviation markets. Rate Fix announcements are filtered from this site. Net cash flow from other items was $nil (2018: $nil). In 2019 the Group issued new senior unsecured notes and used the proceeds together with some of the Ontic disposal proceeds to prepay existing external debt and unwind various intra group financing structures supporting the US businesses. Heavy jet traffic (over 5k gallon uplifts) was down within our Signature FBO network, which has limited our ability to outperform the overall US B&GA market at our usual levels, though initiatives undertaken in the second half have reduced this impact. 5  The Discontinued operations results include the former ERO (Middle East) business which is not part of the ERO discontinued operations. The applicable tax rate of 24.3% (2018: 24.3%) represents a blend of the tax rates of the jurisdictions in which taxable profits have arisen. The Group's Income Statement and segmental analysis separately identify trading results before exceptional and other items. A reconciliation from these adjusted performance measures to the nearest measure prepared in accordance with IFRS is presented below. These electric vertical take-off and landing vehicles (eVTOLs) differ from helicopters as they are quieter, safer, more affordable and more environmentally friendly. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so; A reconciliation from deferred tax, the most directly comparable IFRS measure, to the underlying deferred tax is set out below: Adjust for exceptional deferred tax credit/(charge), Underlying deferred tax charge/(credit) pre IFRS 16, Cash basic and diluted earnings per ordinary share. See pages 34 to 44. 2  Unallocated corporate balances include debt, tax, provisions, pensions, insurance captives and trading balances from central activities. 'Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39 and IFRS 7'. Defined and reconciled to reported financials under Alternative Performance Measures (APMs). All rights reserved. On 6 November 2019, the Group filed an appeal with the EU General Court seeking to annul the EU State Aid decision. revenue increased 1.1% on an organic basis. Cash adjusted basic and diluted earnings per ordinary share set out in note 5 to the Condensed Financial Statements are calculated by removing exceptional and other items and underlying deferred tax to better reflect the underlying basic and diluted earnings per share. (Alliance News) - Signature Aviation PLC said Monday it has told Blackstone it "would currently be minded to recommend" a firm takeover offer at … the management report, which is incorporated into the Directors' Report, includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face. 3  Costs previously allocated to ERO and Ontic which has now been classified as discontinued operations. 3. A reconciliation from profit before tax, the most directly comparable IFRS measure, to the underlying profit before tax is set out below. Aviation services specialist BBA provides refuelling, cargo handling, maintenance and other services to the airline industry. Disposal process making good progress, Ontic contributed underlying operating profit of $67.5 million for the ten months of ownership, Total Group free cash flow of $187.2 million continues to highlight inherently strong free cash flow generation, Leverage reduced to 2.2x net debt/underlying EBITDA on a covenant basis (including the EBITDA of Ontic for 10 months but excluding a tax payment relating to the Ontic disposal), target range of 2.5-3.0x on a covenant basis to be maintained, Underlying Total Group adjusted basic EPS of 25.6¢. In addition, operating cash flow excludes cash flows that are determined at a corporate level independently of ongoing trading operations such as dividends, share buy-backs, acquisitions and disposals, financing costs, tax payments, dividends from associates and the repayment and raising of debt. Signature Aviation can trace its origins back to W. Wilson Cobbett Ltd, an industrial belting works originally based in Scotland. Cash earnings per share pre IFRS 16 is presented for LTIP 2017 and 2018, calculated on earnings before exceptional and other Items (note 2) and using current tax charge, not the total tax charge for the period, thereby excluding the deferred tax charge. The incremental Impact of adopting IFRS 16 in the year on total Group Net debt Is an Increase of $1,242.4 million. I confirm and agree. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; For comparability and where applicable, a reconciliation has been presented below to a pre IFRS 16 basis. , including the impact of IFRS 16, was $143.6 million (2018: $65.7 million). We focus on the trends in underlying operating profit and margins. The fair values of the assets held for sale are categorised within Level 2 of the fair value hierarchy on the basis that their fair value has been calculated using inputs that are observable in active markets which are related to the individual asset or liability. Underlying operating profit for ROIC pre IFRS 16, Add back lease liabilities recognised under IFRS 16. The total estimated dividend to be paid is $88.5 million. There were no disposals of subsidiaries in 2018. Other items includes amortisation of acquired intangibles accounted for under IFRS 3. Our rational approach to capital allocation continues, as evidenced by a couple of FBO divestments during the year. The stock rose 40.1 per cent to close 107½p higher at 375½p, a 13-month high, valuing it at £3.1 billion. Current year bank loans and US senior notes are stated after their respective transaction costs and related amortisation. Operating cash flow has been reconciled above to the most directly comparable IFRS measure, being cash generated from operations. X. 2. Acquisition facility bank term loan - Facility C, $300m US private placement senior notes - Series B, $300m US private placement senior notes - Series C, $200m US private placement senior notes - Series A, $200m US private placement senior notes - Series B, $200m US private placement senior notes - Series C. During the first half of 2019, on the first anniversary of the $650 million multicurrency revolving credit facility (RCF), the lenders approved an extension to the facility for an additional year which extended the RCF maturity date to March 2024. Weighted average number of 3717/84p ordinary shares (2018: 2916/21p ordinary shares)2: Dilutive potential ordinary shares from share options, The cash EPS is presented for the LTIP issued in 2017 and 2018. 1  Underlying profit and adjusted earnings per share is stated before exceptional and other items. 1  $5.0 million issue costs have been capitalised and are being amortised over the life of this facility. The FTSE 250 company confirmed in a statement to the stock exchange that Blackstone … Company Overview for SIGNATURE AVIATION LTD (11241402) Filing history for SIGNATURE AVIATION LTD (11241402) People for SIGNATURE AVIATION LTD (11241402) More for SIGNATURE AVIATION LTD (11241402) Registered office address Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX . Multicurrency revolving bank credit facility. Cash flows from ERO discontinued operations, Net cash inflow/(outflow) from operating activities, Net cash outflow from investing activities, Net cash (outflow)/inflow from financing activities. Cash conversion is defined as operating cash flow as a percentage of continuing and discontinued operating profit. 6  The impairment of fixed assets of $12.5 million (2018: $14.1 million) relates to the Signature segment. unaudited condensed consolidated statement of changes in equity. In respect of the current year, the directors propose that a final dividend of 10.57¢ per share will be paid to shareholders on 29 May 2020. 2  The gain on disposal of $724.0 million reported in exceptional and other items includes $40.0 million of transaction costs, $24.2 million recycling of translational differences accumulated in equity, and the gain/(loss) on disposal. The increase of $77.9 million resulted primarily from the adoption of IFRS 16, with the introduction of additional net interest on lease liabilities of $70.2, Continuing Group underlying profit before tax. as held for sale. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; We booked an impairment on our ERO business of $124.7 million in the year. Accordingly the Group has recognised a deferred tax asset for the interest available to the continuing group and taken the associated credit of $20.5 million in the continuing tax charge. From continuing and discontinued operations. EBITDA and underlying EBITDA are not direct measures of our liquidity, which is shown by our cash flow statement, and need to be considered in the context of our financial commitments. amounted to $980.9 million (2018: $140.7 million) reflecting a core dividend of $147.3 million, increased by 5% compared to 2018, and a special dividend of $833.6 million in respect of the net proceeds from the Ontic sale. Signature Aviation Plc manufactures aircraft parts and provides flight support services. Certain new EU-endorsed standards and amendments to existing standards and interpretations, are effective for annual periods beginning on or after 1 January 2020 and have not been early adopted in preparing the Consolidated Financial Statements of the Group, with the exception of the early adoption of. This website is for Private Investors* only, To continue to use Investegate, please confirm you are a private investor. 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