Revenue prior year (continuing operations), Revenue prior year (ERO discontinued operations), Revenue prior year (Ontic discontinued operations), Revenue prior year (ASIG discontinued operations), Reported revenue prior year (continuing and discontinued operations), Rebase for disposals and discontinued operations3, Reported revenue current year (continuing and discontinued operations), Add: Impact of adopting IFRS 16 (continuing), Less: Contribution from ERO discontinued operations (note 8), Less: Contribution from Ontic discontinued operations (note 8), Organic revenue growth from continuing operations, 1  Impact from foreign exchange is calculated based on the prior year revenue translated at the current year exchange rates, 2 Impact from fuel price fluctuations is calculated based on the prior year revenue recognised at the current year fuel prices, 3  Included within the rebase for disposals and discontinued operations is $4.7 million relating to closures of FBOs (2018: $nil), 4  Organic revenue includes the former ERO (Middle East) business, this business did not trade in 2019 (2018: $3.7 million). We assess the performance of the Group using a variety of Alternative Performance Measures. With regard to new services that will contribute over the next few years, we have made positive initial progress on a US roll-out of the ELITE Class. All rights reserved. Company status Dissolved Dissolved on 13 August 2019 . 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). Investegate takes no responsibility for the accuracy of the information within Signature Flight Support handles private jets and aircraft at VIP terminals around the world. The Alternative Performance Measures we use are: organic revenue growth, underlying operating profit and margin, EBITDA and underlying EBITDA, underlying profit before tax, underlying deferred tax, adjusted basic and diluted earnings per ordinary share, return on invested capital, operating cash flow, free cash flow, cash conversion and net debt. 6. this site. The redemption of the USPP notes was funded principally by a new $400 million two-year term debt facility dated August 2019. Signature Aviation has received two cash offers, creating a sudden spike in the share price. 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. 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. 8. right to publish a filtered set of announcements. the nature of the regulatory environment. 1  Operating profit/(loss) from continuing operations includes $4.1 million profit (2018: $4.0 million profit) relating to profits of associates and joint ventures. Alternative Performance Measures have been defined and reconciled to the nearest GAAP measure below, along with the rationale behind using the measures. A one-off transitional impact on reserves has been recorded as a result of recognising finance lease subcontracts under the standard. Revenue from the sale of goods of $1,908.6 million (2018: $1,825.3 million) includes a gain of $0.6 million (2018: gain of $1.0 million) in respect of the recycling of the effective amount of foreign currency derivatives used to hedge foreign currency revenue. This is consistent with the way that financial performance is measured by management and reported to the Board and the Signature Leadership Team, and assists in providing a meaningful analysis of the trading results of the Group. 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. as held for sale. Bank overdrafts are repayable on demand. About Signature Aviation PLC Signature Aviation PLC provides air transport support services. 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 such, underlying profit before tax excludes the impact of exceptional and other items. TECHNICAir, contributed revenues of $467.3 million and underlying operating profit of $5.7 million, on a pre IFRS 16 basis. 1. For discontinued earnings per share, refer to note 8. 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. 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. We have made further progress with the implementation of our strategy and continue to deliver against the business case for the EPIC acquisition. Signature Aviation provides refuelling and other aviation services at 200 sites around the world. 22.12.2020 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. 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. NAV, EMM/EPT, Rule 8 and FRN Variable 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¢. unaudited condensed consolidated statement of changes in equity. By using this site, you agree to use the content for private use only. 22/12/2020 An acquisition or disposal of financial instruments Change represents the year over year difference for the total Group. 2. Less: Amount due for settlement within 12 months (shown within current liabilities), Amount due for settlement after 12 months. Impact on the Consolidated Balance Sheet as at 1 January 2019. The announcements are supplied by the denoted source. ROIC is calculated by dividing the last twelve months underlying operating profit for ROIC by invested capital for ROIC, both of which are at the same exchange rate which is the average of the last 13 months' spot rate. Cash taxes increased in line with expectations to $41.7 million (2018: $27.1 million). 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: Underlying operating profit for ROIC pre IFRS 16, Add back lease liabilities recognised under IFRS 16. An analysis of the Group's revenue for the year is as follows: A portion of the Group's revenue from the sale of goods denominated in foreign currencies is cash flow hedged. Operating profit/(loss) including Group charges, Impairment and other charges on classification You may delete and block all cookies from this site, but if you do, parts of the site may not work. A reconciliation from Group profit to EBITDA and underlying EBITDA, is set out below. For more information refer to the "Implementation of policy in 2019" on page 82 of the 2018 Annual Report. Multicurrency revolving bank credit facility. The Blackstone offer has been pitched at 383p a share, valuing Signature at about £3.2 billion. Please note, this site uses cookies. On 6 November 2019, the Group filed an appeal with the EU General Court seeking to annul the EU State Aid decision. Signature FBO organic revenue grew 1.1% during 2019 after adjusting for the first-time contribution from IAM Jet Centre ($5.3 million), the impact of lower fuel prices ($45.1 million), foreign exchange movements ($9.1 million), FBO divestments ($1.4m) and the impact of adopting IFRS 16 ($4.5 million). The directors consider that this gives a useful indication of underlying performance and better visibility of Key Performance Indicators. was 6.8% (2018 restated: 20.6%). Our banking covenants are tested on the accounting standards in force prior to IFRS 16, consequently they are not impacted by the adoption of IFRS 16. Financial News Articles for Signature Aviation Plc Ord 37 17/84P updated throughout the day. 1  Purchase of intangible assets excludes $1.1 million (2018: $1.2 million) paid in relation to Ontic licences, not accounted for as acquisitions under IFRS 3 since the directors believe these payments are more akin to expenditure in relation to acquisitions, and are therefore outside the Group's definition of free cash flow. 4. Continuing Group basic adjusted earnings per share. 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. Net free cash flow from exceptional items was an outflow of $16.4 million (2018: outflow of $19.5 million). Potential ordinary shares only treated as dilutive when their conversion to ordinary shares would decrease earnings per share or Increase the loss per share. 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. We believe this is further evidence of Signature redefining the market reach for B&GA infrastructure. In 2019 the net debt definition changed to exclude all lease liabilities including the original IAS 17 leases of $3.1 million. This was delivered against a backdrop of US B&GA movements (source: FAA) which were up 0.2% for the twelve months to 31 December 2019, representing outperformance of 90 basis points for the year as a whole but an improved second half outperformance of 100 basis points, against 70 basis points in the first half. Overall Signature Aviation performed in line with our expectations, with Signature FBO growing ahead of a flat US B&GA market. Total Group Return on Invested Capital (ROIC), was 9.9%. As a large purchaser of GSE, we have a significant opportunity to influence our supply chain and drive new product development as well as support new models coming to the market. 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. From continuing and discontinued operations. 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: 22 December 2020 Registered office: 1 London Bridge Street, SE1 9GF. 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. Management believes that it is probable that the revised intra group debt profile together with the US projected taxable profits that the Group will benefit from access to the previously limited interest deductions. This increase largely represents timing of payments between 2018 and 2019. These electric vertical take-off and landing vehicles (eVTOLs) differ from helicopters as they are quieter, safer, more affordable and more environmentally friendly. This dividend is subject to approval by shareholders at the AGM and, in accordance with IAS 10: Events after the Reporting Period, has not been included as a liability in these financial statements. All other borrowings are held at amortised cost. The following tables summarise the impact of adopting IFRS 16 on the Group's Consolidated Income Statement and Consolidated Statement of Cash Flows for the year ended 31 December 2019 and the Consolidated Balance Sheet as at 31 December 2019. 1  The fair value adjustment relates to the change in fair value of hedged risk for notes which are subject to fair value hedging. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds; Principal capital expenditure items include investment in Signature's FBO developments at Teterboro (TEB), and Palm Beach (PBI). Organic revenue declined 3.1% during 2019. Under the transition option adopted by the Group comparatives are not restated. Signature Aviation Blesses $4.3 Billion Blackstone Approach (Bloomberg) -- Signature Aviation Plc said it will accept a $4.3 billion buyout from Blackstone Group Inc. if the U.S. private-equity firm makes a solid offer.The U.K. company, whose No.1 shareholder is Bill Gates, would accept the $5.17-a-share price made in an approach by Blackstone, according to a statement Monday. Issuer ( please mark with an `` X '' if appropriate ) non-UK issuer ( please with! Us network and deployed our revenue optimisation tools had a solid year, with a Signature... Group that will contribute to long-term sustainable growth do not consider that provision... To fair value hedging covenant purposes includes lease liabilities recognised under IFRS 3 5.9 million.... Progress with the rationale behind using the measures 2019 '' on page 82 of the Group 's profit before.... Less cost to sell incurred to date announcements are filtered from this site, you agree to the... 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