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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Avanti Communications Group Plc | LSE:AVN | London | Ordinary Share | GB00B1VCNQ84 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0526 | 0.05 | 0.10 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2019 to Dec 2024
TIDMAVN
RNS Number : 3188K
Avanti Communications Group Plc
28 August 2019
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
28 August 2019
AVANTI COMMUNICATIONS GROUP PLC
Interim Results
Avanti Communications Group plc ("Avanti" or "the Group"), a leading provider of satellite data communications services in Europe, the Middle East and Africa, issues the following results for the six months ended 30 June 2019.
Highlights to 30 June
-- Half year EBITDA in line with Company budget -- Full year 2019 positive EBITDA guidance maintained with further material growth in 2020
-- Backlog increased 80% to $156.4 million at 30 June 2019, including 1.8Ghz of capacity sold to Turksat (30 June 2018: $87 million)
-- Successful launch of HYLAS 3 (post period end) -- Completion of new 1.5 lien credit facility
Kyle Whitehill, Avanti's CEO said:
"The steady progress in the first half of 2019 has set the foundations for the remainder of the year. We expect to see a material contribution from Government bandwidth opportunities in the second half of 2019."
For further information, please contact:
Avanti: Nigel Fox +44 (0)207 749 1600
Cenkos Securities: Max Hartley / Katy Birkin +44 (0)207 397 8900
Newgate Communications: Adam Lloyd +44 (0)203 757 9842
Notes to editors
Avanti connects people wherever they are - in their homes, businesses, in government and on mobiles. Through the HYLAS satellite fleet and more than 180 partners in 118 countries, the network provides ubiquitous internet service to a quarter of the world's population. Avanti delivers the level of quality and flexibility that the most demanding telecoms customers in the world seek.
Avanti is the first mover in high throughput satellite data communications in EMEA. It has rights to orbital slots and Ka band spectrum in perpetuity that covers an end market of over 1.7bn people.
The Group has invested $1.2bn in a network that incorporates satellites, gateway earth stations, datacentres and a fibre ring.
Avanti has a unique Cloud based customer interface that is protected by patented technology.
The Group has four satellites in orbit.
Avanti Communications is listed in London on AIM (AVN:LSE).
www.avantiplc.com
Overview
Over the six-month period ended 30 June 2019 we have made good progress and this reported EBITDA is in line with our internal forecasts. We are therefore reiterating our previous guidance of generating positive EBITDA for the full year.
Total revenues for 2019 are forecast to grow by 67% over the $53 million reported for 2018, with a further uplift of at least 30% for 2020. The key driver to this growth is bandwidth revenue, which accounted for $31 million of the $53.5 million in 2018 and is now forecast to grow by 125% and 40% in 2019 and 2020 respectively.
Our cost optimisation project is progressing well. The fully-loaded cost of delivering bandwidth in 2018 was $80 million. We expect that to fall by at least 15% in 2019 improving EBITDA margins. Additional non-bandwidth related costs, which are directly offset by equipment and project revenues, will remain flat, but the net affect will continue to be positive, albeit marginally, to the bottom line. The combination of revenue growth and the cost optimisation program should generate positive group EBITDA in 2019 with revenue growth in 2020 largely falling through to EBITDA.
HYLAS 4 came into operation just before the beginning of the reporting period and is working nominally. We were pleased to see the successful launch of HYLAS 3 earlier this month from French Guiana. Importantly, this avails to our customer base for contract up to 50 Ghz of highly attractive Ka band capacity with a weighted average fleet age of 3 years. This now completes our capital expenditure cycle for the foreseeable future. We have made strong progress with key relationships interested in this capacity, both in the wholesale and defence markets. These relationships should make a material contribution to revenue and EBITDA in the second half of 2019.
Outlook
The second half of 2019 is expected to see further significant contract wins, which should see the Company deliver a positive EBITDA for the full year.
Despite this progress, the Directors have recently recommended to shareholders that it would be in the best interests of the Company to cancel the admission of the Company's Ordinary Shares from trading on AIM for several reasons outlined in our shareholder circular dated 20 August 2019. A resolution to this effect will be put to the shareholders at a General Meeting on 5 September 2019. If approved, the last expected day of dealings in the Company's Ordinary Shares on AIM will be 17 September 2019. Since we have listed Bonds on the Irish Stock Exchange, regular financial information will continue to be published through that exchange and on our website.
Financial Review
We announced in May 2019 that we had closed the new $55.0 million two-year 1.5 lien credit facility (the "1.5 Facility").
The 1.5 Facility matures in May 2021 or, if the Company's existing super senior facility (the "Super Senior Facility") is extended, in July 2021. Loans made under the 1.5 Facility will bear PIK interest at an annual rate equal to 12.50%. The 1.5 Facility ranks senior relative to the Company's high yield notes and junior relative to the Company's existing super senior debt under the Super Senior Facility for the priority of payment of enforcement proceeds. The Company will use the proceeds of the loans under the 1.5 Facility to fund the capital expenditure and working capital needs of the Company and its subsidiaries.
The Company has also obtained consent from the lenders under the Super Senior Facility to extend, at its election, the maturity to January 2021, subject to the payment of an extension fee. The annual interest rate under the Super Senior Facility is 9.5%.
Income Statement
In order to provide an easier comparison with the prior period the table below excludes the material credits arising from the Government of Indonesia (GOI) settlement in 2018, together with the one-off costs associated with the cost optimisation program.
Hot Features
Premium
Unaudited Half Year 30-Jun-19 Unaudited Half Year 30-Jun-18
Result Restructuring Adjusted Result GoI Adjusted
Result Result
------- -------------- --------- ----------- ------- ------------
$'m $'m $'m $'m $'m $'m
------- -------------- --------- ----------- ------- ------------
Revenue 30.2 - 30.2 29.9 4.3 25.6
------- -------------- --------- ----------- ------- ------------
Cost of Sales (15.1) - (15.1) (8.8) 12.5 (21.3)
------- -------------- --------- ----------- ------- ------------
Operating
Costs (22.4) (2.0) (20.4) (22.4) - (22.4)
------- -------------- --------- ----------- ------- ------------
Other Operating
Income 0.6 - 0.6 2.6 1.9 0.7
------- -------------- --------- ----------- ------- ------------
EBITDA (6.7) (2.0) (4.7) 1.3 18.7 (17.4)
------- -------------- --------- ----------- ------- ------------
Revenue increased to $30.2 million from $25.6 million for the comparative period. However, bandwidth revenue increased 92% to $25.3 million from $13.2 million.
Cost of sales decreased to $15.1 million from $21.3 million in the 6 months to June 2019, largely due to higher sub-contractor costs associated with non-bandwidth revenues in the prior period.
Staff and other operating expenses were $20.4 million (2018: $22.4 million).
This resulted in an EBITDA loss of $4.7 million, significantly improved from the EBITDA loss of $17.4 million from the previous period. This was due to the increase in bandwidth revenues combined with the results of the cost optimisation project.
There was also a significant decrease in the finance expense compared to the comparative period as a result of the debt restructuring in April 2018.
Cash flow
Cash absorbed from operations was $10.5 million. With cash interest paid of $6.1 million, cash absorbed from operating activities was $16.8 million.
Capital expenditure was $9.2 million reflecting the launch of HYLAS 3 and HYLAS 4. With net proceeds from new bond issues of $37.5 million during the period, cash increased by $6.9 million to $30.9 million.
Balance sheet
Movements on the balance sheet below refer to comparison with 31 December 2018.
Total non-current assets have decreased by $10.6 million from the last financial year end due to depreciation charged, offset by the inclusion of IFRS 16 finance leases from 1 January 2019.
In current assets, trade and other receivables reduced to $31.3 million from $33.5 million. Inventories have decreased to $19.4 million from $19.5 million as a result of fluctuations in the GBP:USD exchange rate.
The most significant movement in the period was the increase in loans and other borrowings following the drawdown of the 1.5 Lien Facility debt of $39.2 million.
The non-controlling interest in Filiago was disposed of in the period.
Backlog
Our backlog comprises our customers' committed contractual expenditure under existing contracts for the sale of bandwidth, satellite services, consultancy services and equipment sales over their current terms. Backlog does not include the value arising from potential renewal beyond a contract's current term or projected revenue from framework contracts.
Backlog at 30 June 2019 was $156.4 million (30 June 2018: $87 million)
CONSOLIDATED UNAUDITED INCOME STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2019
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
Notes $'m $'m $'m
------------------------------------- ------ ------------ ------------ ------------
Revenue
Capacity, services & equipment 30.2 29.9 73.7
------------------------------------- ------
Total revenue 30.2 29.9 73.7
------------------------------------- ------ ------------ ------------ ------------
Cost of sales - capacity,
services & equipment (excl.
satellite depreciation) 6 (15.1) (8.8) (51.8)
Staff costs (15.4) (15.3) (44.1)
Restructuring costs (2.0) - -
Other operating expenses (5.0) (7.1) (23.4)
Other operating income 0.6 2.6 4.0
------------------------------------- ------ ------------ ------------ ------------
EBITDA (6.7) 1.3 (41.6)
------------------------------------- ------ ------------ ------------ ------------
Depreciation and amortisation (27.9) (18.1) (63.2)
Impairment of satellites in
operation - - (79.6)
Impairment of other intangible
assets - - (1.0)
Impairment of goodwill - - (0.1)
------------------------------------- ------ ------------ ------------ ------------
Operating loss (34.6) (16.8) (185.5)
------------------------------------- ------ ------------ ------------ ------------
Finance income 7 - 1.2 2.5
Finance expense 7 (34.0) (50.9) (132.5)
Exceptional gain on restructuring
of debt 7 - 308.7 308.7
(Loss)/profit before taxation (68.6) 242.2 (6.8)
------------------------------------- ------ ------------ ------------ ------------
Taxation (0.1) 22.7 (31.4)
(Loss)/profit for the period (68.7) 264.9 (38.2)
------------------------------------- ------ ------------ ------------ ------------
(Loss)/profit attributable
to:
Equity holders of the parent 8 (68.3) 265.2 (37.2)
Non-controlling interests (0.4) (0.3) (1.0)
Basic (loss)/earnings per
share (cents) 8 (3.17c) 30.50c (3.50c)
Diluted (loss)/earnings per
share (cents) 8 (3.17c) 30.24c (3.50c)
------------------------------------- ------ ------------ ------------ ------------
CONSOLIDATED UNAUDITED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTHSED 30
JUNE 2019
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
Notes $'m $'m $'m
---------------------------------------- ------- ------------ ------------ ------------
(Loss)/profit for the period (68.7) 264.9 (38.2)
------------------------------------------------- ------------ ------------ ------------
Other comprehensive income
Exchange differences on translation
of foreign operations and investments
that may be recycled to the
Income Statement:
Foreign currency translation
differences on foreign operations (3.1) (3.3) (3.6)
Monetary items that form part
of the net investment in a
foreign operation (0.2) (0.6) (1.2)
Total comprehensive (loss)/profit
for the period (72.0) 261.0 (43.0)
------------------------------------------------- ------------ ------------ ------------
Attributable to:
Equity holders of the parent (71.6) 261.3 (42.0)
Non-controlling interests (0.4) (0.3) (1.0)
------------------------------------------------- ------------ ------------ ------------
CONSOLIDATED UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
Note $'m $'m $'m
------------------------------- ----- ------------ ------------ ------------
ASSETS
Non-current assets
Property, plant and equipment 704.0 803.3 714.4
Intangible assets 8.9 8.1 9.1
Deferred tax assets - 53.7 -
Total non-current assets 712.9 865.1 723.5
------------------------------- ----- ------------ ------------ ------------
Current assets
Inventories 19.4 20.2 19.5
Trade and other receivables 9 31.3 76.5 33.5
Cash and cash equivalents 30.9 11.0 24.0
Total current assets 81.6 107.7 77.0
------------------------------- ----- ------------ ------------ ------------
Total assets 794.5 972.8 800.5
------------------------------- ----- ------------ ------------ ------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 52.4 75.9 60.4
Loans and other borrowings 10 4.1 1.3 1.4
Provisions 0.6 - 0.6
Total current liabilities 57.1 77.2 62.4
------------------------------- ----- ------------ ------------ ------------
Non-current liabilities
Trade and other payables 6.6 8.1 7.3
Loans and other borrowings 10 537.9 407.8 465.7
Provisions 3.4 - 3.6
Total non-current liabilities 547.9 415.9 476.6
------------------------------- ----- ------------ ------------ ------------
Total liabilities 605.0 493.1 539.0
------------------------------- ----- ------------ ------------ ------------
Equity
Share capital 30.6 30.6 30.6
EBT shares (0.1) (0.1) (0.1)
Share premium 1,104.4 1,104.4 1,104.4
Foreign currency translation
reserve (74.4) (65.8) (72.3)
Retained earnings (871.0) (585.6) (797.0)
Total parent shareholders'
equity 189.5 483.5 265.6
Non-controlling interests - (3.8) (4.1)
------------------------------- ----- ------------ ------------ ------------
Total equity 189.5 479.7 261.5
------------------------------- ----- ------------ ------------ ------------
Total liabilities and equity 794.5 972.8 800.5
------------------------------- ----- ------------ ------------ ------------
CONSOLIDATED UNAUDITED STATEMENT OF
CASHFLOWS
FOR THE SIX MONTHSED 30 JUNE 2019
Unaudited Unaudited Audited
Half
year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
Notes $'m $'m $'m
-------------------------------------------- ------ ------------ ------------ ------------
Cash flow from operating activities
Cash absorbed by operations 11 (10.5) (17.1) (49.2)
Interest paid (6.2) (5.7) (14.7)
Interest received - 0.6 2.5
Debt restructuring costs - - (7.8)
Taxation (0.1) - (0.4)
Net cash absorbed by operating activities (16.8) (22.2) (69.6)
-------------------------------------------- ------ ------------ ------------ ------------
Cash flows from investing activities
Payments for property, plant and equipment (9.2) (31.1) (84.7)
Net cash used in investing activities (9.2) (31.1) (84.7)
-------------------------------------------- ------ ------------ ------------ ------------
Cash flows from financing activities
Net proceeds/(payments) from debt
issue 37.5 (2.9) 148.6
Net proceeds from share issue - 0.2 0.2
Repayment of debt (2.0) - -
Payment of finance lease liabilities (2.5) (0.4) (2.8)
Net cash received from/(used by) financing
activities 33.0 (3.1) 146.0
-------------------------------------------- ------ ------------ ------------ ------------
Effects of exchange rate on the balances
of cash and cash equivalents (0.1) (1.0) (0.4)
Net increase/(decrease) in cash and
cash equivalents 6.9 (57.4) (8.7)
Cash and cash equivalents at the beginning
of the financial year 24.0 68.4 32.7
Cash and cash equivalents at the end
of the financial period 30.9 11.0 24.0
-------------------------------------------- ------ ------------ ------------ ------------
CONSOLIDATED UNAUDITED STATEMENT OF CHANGES
IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2019
Employee Foreign
benefit currency
Share trust Share Retained translation Non-controlling Total
capital (EBT) premium earnings reserve interests equity
$'m $'m $'m $'m $'m $'m $'m
------------------------ --------- --------- --------- ---------- ------------- ---------------- --------
As at 1 July 2017 2.7 (0.1) 519.4 (317.7) (67.5) (3.1) 133.7
Loss for the period - - - (91.0) - (0.4) (91.4)
Other comprehensive
income - - - - 5.6 - 5.6
Share based payments - - - 0.1 - - 0.1
As at 31 December 2017
(Unaudited) 2.7 (0.1) 519.4 (408.6) (61.9) (3.5) 48.0
------------------------ --------- --------- --------- ---------- ------------- ---------------- --------
As at 1 January 2018 2.7 (0.1) 519.4 (408.6) (61.9) (3.5) 48.0
Loss for the period - - - 265.2 - (0.3) 264.9
Other comprehensive
income - - - - (3.9) - (3.9)
Issue of share capital 27.9 - 142.7 - - - 170.6
Share based payments - - - 0.1 - - 0.1
Transfer - - 442.3 (442.3) - - -
As at 30 June 2018
(Unaudited) 30.6 (0.1) 1,104.4 (585.6) (65.8) (3.8) 479.7
------------------------ --------- --------- --------- ---------- ------------- ---------------- --------
As at 1 July 2018 30.6 (0.1) 1,104.4 (585.6) (65.8) (3.8) 479.7
Loss for the period - - - (211.4) - (0.3) (211.7)
Other comprehensive
income - - - - (6.5) - (6.5)
As at 31 December 2018
(Audited) 30.6 (0.1) 1,104.4 (797.0) (72.3) (4.1) 261.5
------------------------ --------- --------- --------- ---------- ------------- ---------------- --------
As at 1 January 2019 30.6 (0.1) 1,104.4 (797.0) (72.3) (4.1) 261.5
Loss for the period - - - (68.3) - (0.4) (68.7)
Disposal of subsidiary - - - (5.7) 1.2 4.5 -
Other comprehensive
income - - - - (3.3) - (3.3)
As at 30 June 2019
(Unaudited) 30.6 (0.1) 1,104.4 (871.0) (74.4) - 189.5
------------------------ --------- --------- --------- ---------- ------------- ---------------- --------
1. General information
Avanti Communications Group plc ('the Company') is a public company incorporated and domiciled in the United Kingdom. The address of its registered office is 20 Black Friars Lane, London EC4V 6EB. The Company is listed on AIM.
These unaudited condensed consolidated interim financial statements ("the interim financial statements") were approved for issue on 27 August 2019.
2. Basis of preparation
These interim financial statements for the six months ended 30 June 2019 have been prepared in accordance with IAS 34, "Interim Financial Reporting", as adopted by the EU. The interim financial statements should be read in conjunction with the financial statements for the 18-month period ended 31 December 2018, which have been prepared in accordance with International Financial Reporting Standards ("IFRSs"), as adopted by the EU.
The accounting policies applied are consistent with those of the financial statements for the period ended 31 December 2018.
The interim financial statements have not been audited or reviewed and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The audited statutory accounts for the period ended 31 December 2018 were approved by the Board of Directors on 7 June 2019 and have been delivered to the Registrar of Companies. The auditor's report on these accounts was not qualified, did not contain statements under section 498(2) or (3) of the Companies Act 2005 but did draw attention to a matter by way of emphasis.
3. Accounting policies
The same accounting policies, presentation and methods of computation are followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's financial statements for the period ended 31 December 2018.
The condensed consolidated interim financial information presented does not comply with the full disclosure requirements of all applicable IFRSs.
4. Segmental reporting
Operating segment(s) are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment(s), has been identified as the Avanti Executive Board who make the strategic decisions.
5. Income tax
No income tax credit or deferred tax asset has been recognised in respect of the losses for the six month period to 30 June 2019 (30 June 2018: $22.7 million). Whilst the company foresees utilising the losses in future periods, it has not recognised the income tax credit or deferred tax in this period.
6. Cost of sales
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m
---------------------------------- ------------ ------------ ------------
Other cost of sales (15.1) (21.3) (64.3)
Government of Indonesia bad debt
release - 12.5 12.5
------------ ------------ ------------
Cost of sales (15.1) (8.8) (51.8)
---------------------------------- ------------ ------------ ------------
During the year to 30 June 2017 the Group provided for debt from the Government of Indonesia and commenced arbitration proceedings, resulting in a write off of unbilled accrued income of $1.4m, and a provision against trade receivables of $16.8m comprised of a bad debt expense of $12.5m following termination of the contract post year end, and the reclassification of $4.3m from deferred income to the bad debt provision related to amounts billed but for which services had not been delivered at 30 June 2017.
Following a ruling in the Group's favour as announced on 7 June 2018, this provision was released in full resulting in a credit of $12.5m to the bad debt expense and recognition of previously deferred revenue of $4.3m.
The Group received the full $20.1m outstanding payment from the Government of Indonesia on 13 August 2018.
7. Net finance (expense)/income
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m
--------------------------------- ------------ ------------ ------------
Finance income
Interest income - 1.2 2.5
- 1.2 2.5
--------------------------------- ------------ ------------ ------------
Finance expense
Interest expense on borrowings
and loans (31.4) (75.4) (196.0)
Foreign exchange loss (1.0) (0.6) (0.4)
Finance lease expense (0.9) (0.8) (1.9)
Other finance expense (0.7) - -
Costs of refinancing - (5.8) (8.1)
Less: interest capitalised to
satellite in construction - 31.7 73.9
---------------------------------
(34.0) (50.9) (132.5)
--------------------------------- ------------ ------------ ------------
Exceptional gain on debt for
equity swap - 254.9 254.9
Exceptional gain on substantial
modification of debt - 53.8 53.8
Net finance (expense)/income (34.0) 259.0 178.7
--------------------------------- ------------ ------------ ------------
8. (Loss)/earnings per share
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m
----------------------------------------- -------------- ------------ --------------
Basic earnings/ (loss) per share (3.17) 30.50 (3.50)
Diluted earnings/ (loss) per
share (3.17) 30.24 (3.50)
----------------------------------------- -------------- ------------ --------------
The calculation of basic and diluted earnings/(loss) per
share is based on the earnings attributable to
ordinary shareholders divided by the weighted average number
of shares in issue during the year.
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m
-------------- ------------ --------------
(Loss)/profit for the year attributable
to equity holders of the parent
Company $(68.3)m $265.2m $(37.2)m
Weighted average number of ordinary
shares for the
purpose of basic earnings per
share 2,155,830,294 869,344,814 1,065,920,979
----------------------------------------- -------------- ------------ --------------
9. Trade and other receivables
Unaudited Unaudited Audited
Half year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m
------------------------------- ------------ ------------ ------------
Trade receivables 12.0 44.0 10.0
Less provision for impairment
of trade receivables (0.9) (0.7) (1.1)
Net trade receivables 11.1 43.3 8.9
------------------------------- ------------ ------------ ------------
Accrued income 7.4 8.1 6.2
Prepayments 10.1 17.7 14.1
Other receivables 2.7 7.4 4.3
31.3 76.5 33.5
------------------------------- ------------ ------------ ------------
10. Loans and borrowings
Current Non-current
----------------------------------------------------- --------------------------------------------
Unaudited Unaudited Audited Unaudited Unaudited Audited
Half Half Half
year year 18m ended year Half year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18 30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m $'m $'m $'m
-------------- ---------------- ------------------- ------------ ---------------- ------------
Secured at
amortised
cost
PIK Toggle Notes - - - 329.6 282.7 306.2
Super Senior Notes - - - 148.9 115.0 150.2
1.5 Lien Facility - - - 37.5 - -
Finance lease
liabilities 4.1 1.3 1.4 21.9 10.1 9.3
4.1 1.3 1.4 537.9 407.8 465.7
-------------------- -------------- ---------------- ------------------- ------------ ---------------- ------------
Original
Description of notional
Issuer instrument value Due
Avanti Communications PIK Toggle Notes 1 October
Group plc $360.1m 2022
Avanti Communications Super Senior Notes 30 June 2020
Group plc $152.5m
Avanti Communications 1.5 Lien 31 July 2021
Group plc $39.2m
Unaudited Unaudited Audited
Half Half
year year 18m ended
30-Jun-19 30-Jun-18 31-Dec-18
$'m $'m $'m
------------------------ ------------------ --------------- ------------ ------------------
PIK Toggle notes 376.3 343.7 360.1
Super Senior notes 150.5 118.0 152.5
1.5 Lien Facility 39.2 - -
------------------------ ------------------ --------------- ------------ ------------------
566.0 461.7 512.6
Less:
Unamortised credit on substantial
modification (46.7) (61.0) (53.9)
Debt issuance costs (3.3) (3.0) (2.3)
516.0 397.7 456.4
------------------------ ------------------ --------------- ------------ ------------------
11. Cash absorbed by operations
Unaudited Unaudited Audited
Half
year Half year 18m ended
30-Jun-19 30-Jun-19 31-Dec-18
$'m $'m $'m
------------------------------------------ --- ------------ ------------ ------------
(Loss)/profit before taxation (68.6) 242.2 (6.8)
Interest receivable - (1.3) (2.5)
Interest payable 25.1 25.2 89.1
Amortised bond issue costs 8.0 25.0 54.0
Foreign exchange losses in operating
activities 0.9 0.8 0.2
Depreciation and amortisation of non-current assets 27.9 18.1 64.3 Provision for doubtful debts (0.2) (11.0) (20.3) Exceptional credit on debt for equity swap - (254.9) (254.9) Exceptional credit on substantial modification - (53.8) (64.7) Share based payment expense - - 0.2 Impairment - - 80.7 Decrease/(Increase) in stock - 0.5 (16.9) Increase/(decrease) in debtors 0.4 (9.5) 41.9 (Decrease)/increase in trade and other payables (5.5) 3.0 (6.2) Effects of exchange rate on the balances of working capital 1.5 (1.4) (7.3) Cash absorbed by operations (10.5) (17.1) (49.2) ----------------------------------------------- ------------ ------------ ------------
12. Post balance sheet events
HYLAS 3 was successfully launched on 6 August 2019. HYLAS 3 is Avanti's latest High Throughput Satellite that will provide flexible and quick-to-deploy Ka-band communications across EMEA. HYLAS 3 has been built in partnership with the European Space Agency (ESA), MDA, Airbus, and OHB. It shares a platform with EDRS-C, a data relay mission for low earth orbiting satellites.
With over 4GHz capacity, HYLAS 3 is a unique cluster of 8 steerable beams that can be quickly moved wherever needed across the region. HYLAS 3 Ka-band steerable guarantee high-capacity anywhere within the visible earth disk. The high-strength and high-efficiency Ka-band beams allow to generate the greatest capacity using the smallest terminals. HYLAS 3 is also hub-agnostic, with the widest range of terminals accredited for use on Avanti network.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LLFIRTSIDFIA
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