Capital additions include additions to property, plant and equipment, and intangible assets including Ontic licences not accounted for as acquisitions under IFRS 3. 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; These electric vertical take-off and landing vehicles (eVTOLs) differ from helicopters as they are quieter, safer, more affordable and more environmentally friendly. All bank loans and loan notes are unsecured. As set out in Note 1 Basis of preparation the Group adopted IFRS 16 on 1 January 2019. To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms. Other items includes amortisation of acquired intangibles accounted for under IFRS 3. we have many electric items in our ground support equipment (GSE) fleet, as well as hybrid electric crew cars available at 11 locations. UK income tax is calculated at 19.0% (2018: 19.0%) of the estimated assessable profit for the year. 'Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39 and IFRS 7'. unaudited condensed consolidated statement of changes in equity. 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. 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. Restated following the presentation of Ontic as a discontinued operation. Signature Flight Support, Neste and NetJets establish strategic partnership to accelerate the adoption of Sustainable Aviation Fuel within business aviation See all press releases As such, they exclude the impact of exceptional and other items. Signature Aviat News Headlines. The gain on disposal is included in the profit for the year from Ontic discontinued operations. The total estimated dividend to be paid is $88.5 million. 5. Shares in Signature Aviation rose sharply yesterday after the company revealed that it has received two competing takeover offers. On 1 November 2019, Signature Aviation US Holdings Inc. issued $650 million 4.00% senior notes due 2028 with the proceeds being used to repay the drawings under the new $400 million term debt and $250 million of the Facility C acquisition debt which was due to mature in September 2020. Organic revenue declined 3.1% during 2019. 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. We focus on the trends in organic revenue growth. 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 calculation of the basic and diluted earnings per share is based on the following data: Basic earnings attributable to ordinary shareholders, Adjusted earnings for adjusted earnings per share, Impact of adopting IFRS 16 on basic earnings (note 10, 11), Impact of adopting IFRS 16 on exceptional and other items, Adjusted earnings for adjusted pre IFRS 16 earnings per share, Adjusted earnings for pre IFRS 16 tax adjusted earnings per share1. 4. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rights. 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 … Registered office: 1 London Bridge Street, SE1 9GF. Leave the crowds and stress of commercial airports behind with one of Luxaviation UK… In addition to measuring the financial performance of the Group and lines of business based on underlying operating profit, we also measure performance based on EBITDA and underlying EBITDA. Current year bank loans and US senior notes are stated after their respective transaction costs and related amortisation. Net debt to underlying EBITDA calculated on a covenant basis. Signature Aviation fundamentals. 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. Results on an underlying or adjusted basis are presented before exceptional and other items. X. 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. Where applicable and for comparability these are presented on a pre IFRS 16 basis. We have made further progress with the implementation of our strategy and continue to deliver against the business case for the EPIC acquisition. 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. Multicurrency revolving bank credit facility. I confirm and agree. Interest cover on a covenant basis decreased to 6.9x for the 12 months to 31 December 2019 (FY 2018: 7.9x). 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. External revenue from continuing and discontinued operations, Less external revenue from ERO discontinued operations, note 8, Less external revenue from Ontic discontinued operations, note 8, External revenue from continuing operations, Underlying operating profit from continuing and discontinued operations, Less underlying operating profit from ERO discontinued operations, Adjusted for intergroup charges for ERO discontinued operations3, Less underlying operating profit from Ontic discontinued operations, Adjusted for intergroup charges for Ontic discontinued operations3, Underlying operating profit/(loss) from continuing operations, Underlying operating margin from continuing operations, Exceptional and other items from continuing and discontinued operations, Less exceptional and other items from ERO discontinued operations, Less exceptional and other items from Ontic discontinued operations, Exceptional and other items from continuing operations, Operating profit/(loss) from continuing operations, Exceptional net finance costs - USPP make-whole, net, Profit before tax from continuing operations, Less capital additions from ERO discontinued operations, Less capital additions from Ontic discontinued operations, Capital additions from continuing operations, Less depreciation and amortisation from ERO discontinued operations, Less depreciation and amortisation from Ontic discontinued operations, Depreciation and amortisation from continuing operations, Less net assets/(liabilities) from ERO discontinued operations, Net assets/(liabilities) from continuing operations5, Adjusted for intergroup charges for ERO discontinued operations, Net assets/(liabilities) from continuing operations. Cash taxes increased in line with expectations to $41.7 million (2018: $27.1 million). However, we also believe it is an important indicator of our liquidity. $65.3 million, net of cash acquired (2018: $210.6 million). We assess the performance of the Group using a variety of Alternative Performance Measures. See pages 34 to 44. 6. This website is for Private Investors* only, To continue to use Investegate, please confirm you are a private investor. Investegate reserves the - we have five Leadership in Energy and Environmental Design (LEED) certified and LEED Silver certified FBO buildings in the network and ten hangars and a further three LEED FBO projects, including our new Atlanta (ATL) terminal building, in progress. On 6 November 2019, the Group filed an appeal with the EU General Court seeking to annul the EU State Aid decision. We believe this is further evidence of Signature redefining the market reach for B&GA infrastructure. This represented an increase in revenue of $174.8 million (2018: $292.5 million), with $230.2 million resulting from an additional six months' contribution compared to 2018, offset by a reduction in fuel prices of $26.7 million, foreign exchange of $0.1 million and organic revenue decline of $28.6 million. The transaction completed on 31 October 2019. Exceptional and other items are disclosed and reconciled to the nearest GAAP measure in note 2 to the Consolidated Financial Statements. Signature Aviation has received two cash offers, creating a sudden spike in the share price. As part of the refinancing undertaken in October, the RCF was amended to reduce the facility size to $400 million and amended certain covenant levels and related definitions. The existing VIP suite service offered at the IAM Jet Centre locations in Barbados (BGI) and Grenada (GND) has enhanced our offering and build is underway for a dedicated suite at our Atlanta Hartsfield (ATL) sole source FBO. Underlying operating profit performance in Signature was $361.0 million (2018: $320.6 million) which includes $43.6 million relating to the adoption of IFRS 16. Signature Flight Support, Neste and NetJets celebrate the official launch of Sustainable Aviation Fuel with ceremonial first gallons at SFO and LTN airports Signature Flight Support, Neste, and NetJets establish strategic partnership to accelerate the adoption of Sustainable Aviation Fuel within business aviation was 16.3¢, on a pre IFRS 16 basis 18.2¢ (2018 restated: 16.3¢). 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. 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. Some of the cookies are essential for parts of the site to operate and have already been set. Those shareholders who have not elected to participate in this plan, and who would like to participate, please register via the share portal. 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 We provide encompassing aviation support to private individuals, corporations and governments around the world. 2. We principally discuss the Group's results on an 'adjusted' and/or 'underlying' basis. On three further projects at Teterboro (TEB), Newark (EWR) and Stewart (SWF) International we are working to deliver LEED equivalent sustainability standards set by the Port Authority of New York and New Jersey. All rights reserved. We focus on the trends in underlying profit before tax. For discontinued earnings per share, refer to note 8. The Group continues to monitor developments in relation to the EU State Aid investigation including the European Commission's decision in April that concluded the UK's Controlled Foreign Company regime partially represents State Aid and the UK authorities' subsequent appeal of this decision. The floating rate debt exposes the Group to cash flow interest rate risk whilst the fixed rate US senior notes expose the Group to changes in the fair value of fixed rate debt due to changes in interest rates. 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. Aviation services specialist BBA provides refuelling, cargo handling, maintenance and other services to the airline industry. Cash conversion is defined as operating cash flow as a percentage of continuing and discontinued operating profit. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so; Registered office: 1 London Bridge Street, SE1 9GF. 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. 2  The disclosure of non-current assets by geographical segment has been amended to exclude deferred tax of $9.1 million (2018: $nil) and financial instrument balances of $17.7 million (2018: $12.5 million) in all periods, as required under IFRS 8. Disposals and assets and associated liabilities classified as held for sale. As at 31 December 2019, the Group had $1,150 million (2018: $500 million) of US senior notes outstanding with $575 million (2018: $250 million) accounted for at fair value through profit and loss as the fair value interest rate risk has been hedged from fixed to floating rates. 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. The following table summarises the impact of adopting IFRS 16 on the Group's profit before tax and underlying profit before tax. 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. We booked an impairment on our ERO business of $124.7 million in the year. Defined and reconciled to reported financials under Alternative Performance Measures (APMs). Impact on the Consolidated Balance Sheet as at 1 January 2019. Underlying operating profit for ROIC pre IFRS 16, Add back lease liabilities recognised under IFRS 16. on a reported basis increased to $2,250.7 million (2018: $1,332.2 million) following the adoption of IFRS 16 which results in the recognition of an additional $1,242.4 million in lease liabilities within the definition of net debt. © The Alternative Performance Measures we use may not be directly comparable with similarly titled measures used by other companies. EBITDA is a common measure used by investors and analysts to evaluate the operating financial performance of companies. 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. The proposed dividend is payable to all shareholders on the register of members on 12 April 2019. EBITDA is defined as the Group profit or loss before depreciation, amortisation, net finance expense and taxation. Examples of charges or credits meeting the above definition and which have been presented as exceptional items in the current and/or prior years include costs relating to acquisitions which are material to the associated business segment, costs related to strategic disposals (including those previously completed), significant restructuring programmes some of which span multiple years asset and impairment charges. 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. Net free cash flow from exceptional items was an outflow of $16.4 million (2018: outflow of $19.5 million). 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. In 2019, our first full year of ownership, we made good progress on penetration of the fuel card within the Signature FBO network and delivered the direct fuel supply savings from 1, overall revenue, which includes Signature FBO, TECHNICAir, There are 198 locations in Signature's market leading owned global network, including 19. franchise locations. All other borrowings are held at amortised cost. On a reported basis revenue was down 2.0% to $1,725.1 million (2018: $1,761.0 million) as a result of lower fuel prices of $45.1 million, foreign exchange movements of $9.1 million, divestments of $1.4 million and the impact of adopting IFRS 16 of $4.5 million. A reconciliation from underlying operating profit to underlying operating profit for ROIC is set out below. 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. The Group's Income Statement and segmental analysis separately identify trading results before exceptional and other items. Fair value adjustment on US private placement senior notes. 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. 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 … 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. The remaining $200 million of the Facility C acquisition debt was repaid from the proceeds of the Ontic disposal. Overall Signature Aviation performed in line with our expectations, with Signature FBO growing ahead of a flat US B&GA market. Norges Bank - Correction : Form 8.3 - Signature Aviation Plc PR Newswire London, December 21 ERROR ON THE TRADE DATA - CORRECTED FORM... 21/12/2020 15:18:09 Cookie Policy +44 (0) 203 8794 460 Free Membership Login revenue for the 10 months of ownership to 31 October 2019 increased to $218.6 million (2018: $216.0 million for 12 months) and Ontic delivered a strong underlying operating profit performance of $66.9 million on a pre IFRS 16 basis for the 10 months of ownership (2018: $62.9 million for 12 months). Unadjusted basic earnings per share pre IFRS 16, Cash basic earnings per share pre IFRS 16, Unadjusted diluted earnings per share pre IFRS 16, Cash diluted earnings per share pre IFRS 16. Signature Aviation (LSE:SIG) Aviation services specialist BBA provides refuelling, cargo handling, maintenance and other services to the airline industry. Investegate takes no responsibility for the accuracy of the information within Signature Aviation plc (formerly known as BBA Aviation plc) and Signature Aviation US Holdings Inc. (formerly known as BBA US Holdings Inc.) continue to be borrowers under the RCF. In 2019 the net debt definition changed to exclude all lease liabilities including the original IAS 17 leases of $3.1 million. . As set out in note 5 to the Condensed Financial Statements, the adjusted basic and diluted earnings per ordinary share are calculated using the adjusted basic and diluted earnings. to enhance our fuel and non-fuel revenue management capabilities. Net debt is a measure of the Group's net indebtedness that provides an indicator of the overall balance sheet strength. 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