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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advent Air | LSE:AAIR | London | Ordinary Share | SG9999002018 | ORD SGD0.20 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7430H Advent Air Limited 14 November 2007 14th November 2007, RNS AIM Code AAIR (effective 20th November AIM code SKYW) Advent Air Limited ("Advent Air" or the "Company") Audited Results for the 12 months ended 30th June 2007 Highlights in Results * Revenues increased to $130m up from $98m the prior year; * Group EBITDAR increased to $26.6m up from $17.85m the prior year with the pre-tax profits increasing to $12.7m up from $5.7m in the prior year; * Group Net Profit after Tax increased to $7.966m up from $3.9m the prior year notwithstanding tax charges of $4.77m; * Final Dividend payment for the year of 1.8 cents per share; * Company proposes further share buybacks and other capital management initiatives; * Report of improvements in operating performance and profit margin; and * Company to be renamed Skywest Airlines Ltd effective 20th November 2007 with new code on AIM to be SKYW. The results for the full year ended 30 June 2007 based on the Audited Financial Statements (as audited under Singapore Financial Reporting Standards) as reported are as follows along with an equivalent in Pounds Sterling: Consolidated Audited GBP Equivalent 12 months ended 30 June 2007 (ii) In Singapore In GBP Dollars Revenue from ordinary activities 130,485,459 43,639,557 EBITDAR 26,656,540 8,915,013 (earnings before interest, tax, depreciation and aircraft rental) Net Profit after income tax 7,966,082 2,664,176 Profit attributable to 7,178,222 2,664,176 shareholders Earnings Per Share 3.61 cents 1.21 pence Second and Final Dividend per 1.8 cents 0.602 pence share Dividend Payout Ratio 1.33 1.33 Enquires: Advent Air Ltd (Skywest Airlines Ltd) 07783 942 553 Jeff Chatfield, Executive Chairman Nominated Adviser 0207 220 1666 James Joyce/David Porter, W H Ireland Limited Stockbrokers W H Ireland Limited 0207 220 1690 Financial Public Relations Bishopsgate Communications 0207 562 3350 Maxine Barnes Nick Rome Websites: www.advent.com.sg www.skywest.com.au Notes: (i) As at the date of this report Skywest Ltd (since renamed A.C.N. 098 904 262 Pty Ltd) is now a 100% wholly owned subsidiary. The Company results are audited under Singapore Financial Reporting Standards ('SFRS') and are required to be reported to shareholders. The Company's principal operating subsidiary Skywest Ltd and Skywest Airlines Pty Ltd are audited by KPMG under Australian International Financial Reporting Standards. Under the AIM Rules, the Company is required to publish by 31 December 2007 Annual Audited Accounts prepared in accordance with certain specified Accounting Standards, which in the Company's case will be International Accounting Standards ('IFRS'). The Company will therefore be preparing Accounts audited to IFRS shortly. Shareholders should note that the Accounts under SFRS state 'that the adoption of IFRS did not result in substantial changes to the Group's accounting policies' and these accounts are in accordance with Singapore company law being sent to shareholders and will also be available from the Company's registered office: 510 Thomson Road, #12-04 SLF Building, Singapore 298 135 and on the Company's website: www.advent.com.sg. Any material changes in the Audited Accounts under IFRS will be announced on RNS in due course. (ii) In this announcement the applicable exchange rate between GBP and SGD at the average exchange rate of 0.33444 which was used in the presentation of the accounts. This exchange rate will be used for the payment of the proposed final dividend. Executive Chairman's Statement regarding the operations and the results The Company announces the completion of a satisfactory year in which we managed to achieve continuing improvements in operating performance along with an increased profit margin. Group revenues for the year increased to S$130 million compared to S$98 million in the last year. EBITDAR increased to S$26.6 million. Profit before tax increased to S$12.6 million, net group profit attributable to the shareholders of the Company was S$7.1 million, an increase over the S$4 million in the prior year. The Company is proposing further capital management initiatives including share buybacks and other measures to better utilize the strength of its currently under-leveraged balance sheet. Consolidated earnings per share increased to 3.61 cents per share. The Company intends to declare a second and final dividend for FY2007 representing a final payment of 1.8 cents per share, the payment of this final dividend is subject to shareholder approval at the AGM. The payment timing will be announced pursuant to the AGM notice. Results for this financial year improved across several measures including yield, revenue and profit increases, passenger number increases and revenue seat passenger kilometers. The Group now includes 100% of the Skywest Airlines group after a successful mop-up takeover offer with all remaining minority shareholders bought out. As at the date of this announcement, the Group owns 7 aircraft, with 12 in operation in total. The Company estimates that the aircraft operated and owned within the group have a useful life which will amount to 11 to 14 years of use. Safety is a major priority and Skywest has been managing a Change Management Program. The Company results were negatively impacted by certain issues including increased corporation tax and fuel price increases. The Company has utilized the majority of the carry forward historical tax losses from the years before Skywest was under Company control. The taxes payable have increased to $4.77 million, this is a dramatic increase as in the prior year the taxes were $1.078m. Fuel costs have continued to increase and remain a concern. The experience of the Company indicates that hedging of fuel purchases has some mitigating influence in delaying increases as does the Fuel Levy imposed on ticket sales. Another area of concern is that the airline employees entitlements including various vacation and leave provisions continue to increase faster than the employees appear able to utilize them, a parameter which is becoming a concern to Directors and one which shall receive appropriate attention in the current period. Skywest has in place Enterprise Bargaining Agreements with its Engineers and Pilots which have lead in recent years to a stable workforce. The Company and subsidiaries is undergoing an on-going recruitment program for more pilots, engineers and flight attendants. Change of Name The takeover of the remaining shares in Skywest Ltd by the Group is considered to be successful with all companies now 100% owned. In view of the growth of contribution in terms of profits for the group booked by Skywest Airlines and pursuant to the approval granted by shareholders on the 15th of May 2006 the directors have taken steps to change the name of the Company to "Skywest Airlines Ltd". Pursuant to this process the name of the Company has been changed to "Skywest Airlines Ltd" with effect from 20th November 2007. Effective the 20th of November 2007, the new trading symbol for the Company will be SKYW. Capital Management The Company has enjoyed a strong balance sheet, with net cash and ownership of 7 aircraft along with low borrowings. With a view to capital management and increasing shareholder value the Company has been buying back shares for cancellation. The Company repurchased and cancelled approximately 6.8 million shares during the year. The Company will seek at the AGM shareholder approval to continue this process. Avation PLC Spin Off The Company paid as a dividend all of the ordinary shares in Avation PLC to its shareholders in a 1: 10 distribution. Avation PLC was listed on Plus Markets in London during the financial year. Existing shareholders were rewarded with a quoted share as a further dividend. As at the date of this report the shares in Avation PLC were quoted at 68.5 pence per share. The result of the creation of Avation PLC included that Skywest has an accommodating leasing company related to it which seeks to service Skywest ongoing needs. This arrangement may be useful as and when Skywest Airlines expands. It is the directors' opinion that airlines prefer to lease some or all of their fleet for two main reasons: leasing provides operational leverage so as to give an airline flexible access to more aircraft and also that there is a lowering of the ownership risk to shareholders. This ownership risk relates to the concept that the valuations of airlines are correlated strongly to the resale values of the planes themselves. Airlines are a cyclical industry and spinning off the ownership risk associated with some of the aircraft fleet lowers the overall risk to the shareholders of the airline in any future downturn in airline or aircraft market conditions. Skywest's Exclusive Sole Operating Rights Skywest is the operator of services on the coastal network of Western Australia under an exclusive right granted by the Government of Western Australia for a term of 3 years commencing January 2006, with an option for a further 2-year extension. This exclusive right now represents approximately 50% of the Company's passenger numbers. Fuel Fuel continues to be a concern. Skywest maintains a fuel levy on its ticket sales, which is reviewed and adjusted from time to time by the management. Core Market Outlook The Company's airline revenues are expected to continue to grow on the Skywest traditional routes including Albany, Esperance, Geraldton, Carnarvon, and Exmouth. Skywest continues to seek opportunities for growth and in particular is focusing on securing additional charter business as result of opportunities presenting from the robust mining and resource industry in Western Australia. The Company believes that activity within the mining and resource sectors remain the key driver for increased passenger numbers. Skywest is in the process of announcing new routes and additional frequencies including routes such as Kalgoorlie - Melbourne. Skywest recently was entered into the Western Australian Tourism Hall of Fame after winning a major Tourism Award in 3 consecutive years. Tourism remains a key interest to the Company and we seek to expand our tourism related services. Skywest has joined the VirginBlue Velocity loyalty program so as to seek to improve its appeal to travelers and tourists. The group has increasing focus on ancillary revenue sources such as that which result from partnerships with Avis, Wotif and Mondial Insurance. Other recent initiatives include a carbon offset program in the form of the SkyGreen initiative. The Company is continuing with its A320 project. The Western Australian economy is strong which is being lead by an expanding resources sector. A strategy of the Company is that we seek to obtain long term scheduled charter contracts with the major mining companies operating in the Northern Territory and Western Australia. This strategy has increased the scheduled charter revenue from a low base in 2003 to approximately $45 million in FY07. The Company seeks to service its clients with a reliable, on time and safe air services. The Company has been successful in providing services to Argyle Diamonds, BHP Billiton, Rio Tinto, Fortescue Metals Group, Macmahon, Portman Iron Ore, Barminco and Newmont. To facilitate this strategy the Company has leased more F100 jets and made certain improvements in scheduling and operations so as to improve its on time performance. Bidding for more scheduled charters, on time performance and the safety management systems will remain key areas of management attention in the coming year. Skywest is pleased that it recently achieved a 3 year roll-over of its Air Operators Certificate, prior to this year 2 years was the typical extension granted by the Aviation Regulator CASA. In due course an annual report and notice of meeting for the Annual General Meeting will be posted to shareholders. The Company shortly will have available a set of accounts audited under IFRS. Interested persons can view these on the Company website or may request a hard copy by contacting the Company. Copies of the annual report will be available on the company website at www.advent.com.sg, and at the offices of the Company. R J (Jeff) Chatfield Executive Chairman Financial Statements, Audited Consolidated Group Income Statement In Singapore dollars 12 months ended 12 months ended 30 June 2007 30 June 2006 Revenue 130,485,459 98,948,644 Cost of sales (63,492,515) (51,333,293) Gross profit 66,992,944 47,615,351 Other income 1,160,884 4,730,458 Administrative expenses (41,271,278) (33,926,136) Other expenses (226,010) (566,936) Earnings before rental of aircraft, depreciation and 26,656,540 finance cost 17,852,737 Rental of aircraft (5,735,877) (6,103,590) Depreciation (7,951,259) (5,495,449) Finance cost (273,095) (456,701) Earnings after rental of aircraft, depreciation and finance cost 12,696,309 5,796,997 Income tax (4,730,227) (1,078,288) Profit after income tax 7,966,082 4,718,709 Minority interests (750,022) (787,860) Profit attributable to shareholders of the company 7,178,222 3,968,687 Earnings per share 3.61 cents 3.08 cents Audited Consolidated Balance Sheet In Singapore dollars 30 June 2007 30 June 2006 ASSETS Non-current assets Fixed assets 42,616,763 29,981,443 Goodwill 17,278,267 9,710,276 59,895,030 39,691,719 Current assets Available for sale financial assets 1,144,071 26,598 Inventories 1,213,360 1,023,708 Trade receivables 12,321,944 5,373,692 Other receivables 3,485,581 3,474,172 Cash 14,528,864 24,543,185 32,693,820 34,441,355 Total assets 92,588,850 74,133,074 EQUITY AND LIABILITIES Equity Share capital 43,049,248 41,167,116 Assets revaluation reserve 625 625 Currency translation reserve 2,439,541 42,027 Accumulated profits 2,028,860 (3,433,132) 47,518,274 37,776,636 Minority interests - 7,786,026 47,518,274 45,562,662 Non-current liabilities Borrowings 5,295,481 - Deferred tax liabilities 3,607,110 984,629 Provisions 86,653 169,221 8,989,244 1,153,850 Current liabilities Trade payables 6,528,429 10,733,074 Other payables 21,704,558 12,517,815 Borrowings - 86,517 Provisions 5,327,552 3,803,701 Income tax payable 2,520,793 275,455 36,081,332 27,416,562 Total liabilities and equities 92,588,850 74,133,074 Consolidated cash flow statement for the financial year ended 30 June 2007 12 months 12 months ended ended 30/06/2007 30/06/2006 Cash flows from operating activities Profit before income tax 12,696,309 5,796,997 Adjustments for: Allowance for doubtful debts 258,353 66,690 Allowance for doubtful debts release (258,353) (176,173) Allowance for stock obsolescence 76,310 100,083 Assets written off 1,382,448 57,945 Deemed gain on disposal of subsidiary - 118,439 Depreciation charges 7,951,259 5,495,449 (Gain)/ loss on disposal of assets (15,964) 56,519 Interest paid 273,095 456,701 Interest received (835,086) (471,544) Provision for aircraft handback 466,997 (16,293) Operating profit before working capital changes 21,995,368 11,484,813 Inventories (265,962) (189,076) Trade and other receivables (6,959,661) 1,891,747 Trade and other payables 5,956,384 (3,616,890) Cash generated from operations 20,726,129 9,570,594 Interest paid (273,095) (456,701) Interest received 835,086 471,544 Income tax paid (136,172) (199,610) Net cash generated from operating activities 21,151,948 9,385,827 Investing activities Acquisition of additional interest in subsidiary (16,156,796) - Acquisition of available-of-sale financial assets (1,117,473) (80,404) Acquisition of property plant and equipment (19,453,463) (8,539,642) Proceeds from sales of property, plant and equipment 21,907 64,939 Net cash (used in) investing activities (36,705,825) (8,555,107) Financing activities Dividends paid on ordinary shares (1,716,230) (4,425,584) Proceeds from borrowings 5,295,481 - Proceeds from shares issued 1,882,132 24,939,148 Repayment of borrowings (86,517) (6,662,644) Net cash generated from financing activities 5,374,866 13,850,920 Net (decrease)/ increase in cash and cash equivalents (10,179,011) 14,681,640 Net effect of exchange difference in consolidation of foreign subsidiaries 164,690 (341,724) Cash and cash equivalents at beginning of year 24,543,185 10,203,269 Cash and cash equivalents at end of year 14,528,864 24,543,185 Notes: 1. The company intends to declare a final dividend 1.8 cents (Singapore) per share. 2. The results for the period are derived from continuing activities. 3. The audited results have been prepared on a going concern basis and on the basis of the accounting policies adopted in the audited accounts for the period ended 30 June 2007 This information is provided by RNS The company news service from the London Stock Exchange END FR USAVRBURAAAA
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