9 mai 2019 LEI: 213800JLR6YIRMSCUS98
Air Partner plc
Résultats annuels pour l'exercice clos le 31 janvier 2019
Le groupe est bien placé pour poursuivre sa croissance.
Air Partner plc ("Air Partner" ou "Groupe"), groupe mondial de services aéronautiques, publie aujourd'hui les résultats de son exercice clos le 31 janvier 2019.
|
Janvier 2019 |
Janvier 2018 |
Changer% |
|
|
Valeur brute de la transaction |
273,3 M £ |
261,3 M £ |
4,6% |
|
Le revenu |
77,5 m £ |
74,3 M £ |
4,2% |
|
Bénéfice brut |
35,5 M £ |
34,7 M £ |
2,3% |
|
Sous-jacent* bénéfice avant impôts |
5,8 millions £ |
5,8 millions £ |
– |
|
Avantage légal avant taxes |
3,4 millions £ |
4,8 millions £ |
(29,1%) |
|
Trésorerie nette (trésorerie et non JetCard moins dette) |
2,0 M £ |
4,8 millions £ |
(58,3%) |
|
Sous-jacent * continuation de l'EPS de base (centimes) |
9,6 |
8.4 |
14,3% |
|
EPS de base en continu (quelques centimes) |
5.6 |
6.9 |
(18,8%) |
|
Dividende final (centimes) |
3,85 |
3.8 |
1,3% |
|
Dividende total (centimes) |
5.6 |
5.5 |
1,8% |
Principaux aspects financiers:
· La marge brute du groupe a augmenté de 2,3% à 35,5 M £ (exercice précédent: 34,7 M £):
– La marge brute sous-jacente a augmenté de 2,1%, peer to peer, en tenant compte des échanges et des acquisitions constants
– La division de la charte a été réalisée conformément à l'année précédente, avec une forte contribution des États-Unis. UU Et Fret, avec une augmentation de 30,2% et 45,3% respectivement
– Conseil et formation du bénéfice brut jusqu’à 25,0%.
· Groupe du bénéfice sous-jacent avant impôts * de 5,8 millions de £, comparable à celui de l'année précédente
· Le bénéfice avant impôts de 3,4 millions de livres sterling (FY18: 4,8 millions de livres sterling) est moins élevé, principalement en raison d’éléments exceptionnels et d’autres facteurs, voir la note 4.
· La trésorerie nette de 2,0 M £ (18 M €: 4,8 M £) est inférieure, ce qui reflète l'investissement en fonds de roulement lié à la croissance de Freight.
Points forts stratégiques:
· Avancées dans la stratégie de croissance à long terme déclarée.
· Bonne croissance organique aux Etats-Unis UU., Transport et conseil et formation
· Principales nominations effectuées pour renforcer les postes de conseil d’administration et de gestion des compétences.
· Le bureau de Los Angeles a ouvert ses portes en juin 2018, renforçant ainsi l'offre américaine.
Faits marquants du fonctionnement de la Charte:
· Performance record de la Charte aux États-Unis.
· Succès du transport motivé par des investissements dans des recrutements de qualité.
· L’investissement dans la fourniture de services gérés a été attribué à un contrat Airbus d’une durée de 3 ans.
· Le remarketing a rempli une série de mandats au cours de la période, notamment les ventes de Kenya Airways, d’Investec Bank plc et d’Air Baltic.
Conseil et formation Points forts opérationnels:
· La division contribue désormais pour 11,9% au résultat brut du groupe (exercice 2010: 9,7%)
· Bon contrat avec des clients commerciaux et militaires de première classe.
Faits marquants après la fin de l'année:
· Bureaux ouverts à Houston et à Singapour en février 2019
· Aurigny nommée pour diriger son centre de contrôle des opérations en avril 2019
· Nominations du nouveau président, Ed Warner, et du président du comité d'audit et des risques, Paul Dollman
* Les résultats sous-jacents sont indiqués avant les éléments exceptionnels et les autres (voir note 4)
Mark Briffa, PDG d'Air Partner, a déclaré: "Je suis heureux d'annoncer un ensemble de résultats solides, qui marquent, à mon sens, un tournant pour le Groupe. Nous avons pris les mesures nécessaires pour renforcer notre activité. Nous avons réalisé des progrès significatifs au cours de la dernière année. Nous enregistrons donc une bonne croissance organique, avec une très bonne performance aux États-Unis, un commerce de fret solide, une contribution croissante du conseil et de la formation et plusieurs ouvertures de bureaux.En outre, nous avons ajouté une excellente expérience à notre conseil d'administration, nous avons investi dans des postes de direction. et nous nommons de nouveaux auditeurs, ces progrès nous permettent désormais d’exécuter notre stratégie de croissance établie. "
Cet avis contient des informations d'initiés aux fins de l'article 7 du règlement (UE) n ° 596/2014.
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Requêtes: Air buddy |
01293 844788 |
|
Mark Briffa, PDG |
|
|
Joanne Estell, directrice financière |
|
|
TB Cardew (conseiller en relations financières) |
020 7930 0777 |
|
Tom Allison |
07789 998 020 |
|
Alycia MacAskill |
07876 222 703 |
|
Joe McGregor |
07766 231 520 |
A propos d'Air Partner:
Fondé en 1961, Air Partner est un groupe mondial de services aéronautiques qui propose des solutions globales pour l’industrie, le commerce, les gouvernements et les particuliers. Le groupe a-t-il deux divisions: la division de l'affrètement, qui comprend le courtage et la revente de l'affrètement aérien; et la division Conseil et formation. À des fins de reporting, le groupe est structuré en quatre divisions: avions commerciaux, avions privés, fret (charter) et conseil et formation (Baines Simmons, Clockwork Research et SafeSkys). Les avions commerciaux louent de grands avions pour déplacer des groupes de toutes tailles. Air Partner Remarketing, qui appartient à la division Jet commercial, propose des programmes de remarketing complets pour tous les types d’avions commerciaux et d’affaires à un large éventail de clients internationaux. Private Jets propose le plan JetCard prépayé exclusif de la société et la lettre sur demande. Fret cargo d'aéronefs de toutes tailles pour faire voler presque n'importe quelle cargaison n'importe où, à n'importe quel moment. Baines Simmons est un leader mondial du conseil en sûreté aérienne, spécialisé dans la réglementation de l'aviation, la conformité et la gestion de la sécurité. Clockwork Research est un cabinet de conseil de premier plan en gestion des risques liés à la fatigue. SafeSkys est l'un des principaux fournisseurs de services de contrôle du trafic aérien et de contrôle environnemental pour les aéroports internationaux et le Royaume-Uni. Air Partner est basé à l'aéroport de Gatwick au Royaume-Uni. Air Partner opère 24h / 24 et 7j / 7 toute l'année. Air Partner est coté à la Bourse de Londres (AIR) et est conforme à la norme ISO 9001: 2015 pour les compagnies aériennes commerciales et les solutions de jets privés du monde entier. www.airpartner.com
Déclaration du président
Je suis ravi d'avoir été nommé président d'Air Partner plc. C'est une entreprise avec laquelle je peux être en relation étroite, compte tenu de mon expérience passée dans le secteur de l'intermédiation. Je vois de nombreuses opportunités dans l’aviation pour nous de nous développer de manière organique et par le biais d’acquisitions.
Les résultats de l’exercice complet sont conformes à ceux de l’année précédente, ce qui, compte tenu des vents contraires des 12 derniers mois, constitue une performance honorable. Pour l'exercice clos le 31 janvier 2019, le Groupe a généré un produit brut de 35,5 millions de £, en hausse de 2,3% (FY18: 34,7 millions de £). Le bénéfice brut pour 2018 a été mis à jour conformément à la note 14 de cette déclaration. Le bénéfice sous-jacent avant impôts s’établissait à 5,8 millions de livres sterling (exercice précédent: 5,8 millions de livres sterling), comme l’année précédente. Le bénéfice avant impôts légalement établi s’élève à 29,1%, soit moins de 3,4 millions de livres sterling (exercice précédent: 4,8 millions de livres sterling), ce qui reflète les coûts exceptionnels annoncés en juin 2018, principalement liés à la révision comptable, proposition l’acquisition qui n’a pas été réalisée à la suite de l’examen et de nombreux changements au sein du conseil d’administration.
L'année dernière a été une période difficile pour Air Partner après la découverte d'un problème de comptabilité historique et la révision qui en a résulté. Cependant, ce qui est très encourageant, c’est la réaction d’Air Partner à cet épisode, qui a mis en œuvre les changements nécessaires pour améliorer l’environnement de contrôle général. Notre engagement constant à donner la priorité aux clients nous a permis de rester en règle en cette période difficile et de démontrer la force des valeurs de la société. Nous avons un modèle commercial solide, une situation financière solide et une vision stratégique claire. Maintenant que la revue comptable est derrière nous et que nous en tirons les leçons, nous nous concentrons sur la poursuite des priorités stratégiques du groupe et je suis ravi que de bons progrès aient été réalisés au second semestre, avec des résultats solides observés grâce à une plus grande diversification géographique dans le secteur. États-Unis et une acquisition antérieure. .
Ces résultats me donnent la confiance que nous sommes sur la bonne voie et que nous progressons de manière satisfaisante par rapport à notre stratégie de croissance à long terme visant à devenir un groupe mondial de services aéronautiques de classe mondiale. À cette fin, nous continuerons d’investir dans l’entreprise dans l’intérêt à long terme de toutes les parties intéressées. Nous investirons dans la promotion de la croissance interne de nos activités principales liées à la Charte. dans les personnes, les bureaux et les infrastructures; tout en recherchant des opportunités d’acquisition à ajouter à notre portefeuille de services aéronautiques dans les domaines Conseil et Formation.
Je partage l’engagement fort d’Air Partner en matière de service à la clientèle, estimant qu’il est au cœur de notre stratégie, de nos valeurs et de notre culture. Cette année, Pedro. Le prix annuel Saunders pour un service client extraordinaire a été lancé en reconnaissance de l'influence notable de notre président décédé. C'est Peter qui a introduit la stratégie Customer First qui Il s’est développé au fil des années pour nous aider à placer le client au centre de tout ce que nous faisons.
Notre peuple
Air Partner s'appuie sur des équipes d'excellents collaborateurs qui fournissent un service extraordinaire à nos clients du monde entier. Notre offre client est hautement respectée sur nos marchés internationaux. Les solides relations que nos employés ont établies dans le secteur, ainsi que leurs connaissances et leur expérience, nous permettront de continuer à nous adapter au fur et à mesure que les changements se produiront et à faire face aux défis et aux opportunités qu’ils présentent. Je suis confiant que nous pourrons continuer à grandir et développer notre clientèle enviable d'ici et je voudrais remercier toutes nos équipes pour Votre travail acharné a continué.
Le tableau
En septembre 2018, notre administrateur principal indépendant, Richard Jackson, a été nommé président par intérim, tandis qu'Air Partner a entrepris la recherche d'un successeur permanent après le décès soudain de l'ancien président, Peter Saunders. J'ai été nommé président le 1er avril 2019 et Richard a repris son poste d'administrateur principal indépendant. Au nom du conseil d'administration, je voudrais remercier Richard pour son entrée en fonction à un moment difficile pour l'entreprise et pour l'excellent soutien qu'il a fourni.
En septembre 2018, nous avons également accueilli Joanne Estell au conseil en tant que directrice financière et directrice du conseil d'administration. Joanne a remplacé Neil Morris, qui a démissionné de son poste de directeur financier en avril 2018. Un directeur financier par intérim a été établi entre avril 2018 et septembre 2018.
Le 2 mai 2019, Paul Dollman a rejoint le conseil en tant qu'administrateur non exécutif. Il présidera également le comité d'audit et des risques à compter du 26 juin 2019, date de notre assemblée générale annuelle, en remplacement de Shaun Smith, qui a annoncé en octobre 2018 son intention de se retirer du conseil lors de l'assemblée générale annuelle de 2019. Paul a une connaissance approfondie du secteur de l'aviation qui, avec son expérience financière, sera très bénéfique pour Air Partner, en alignant davantage l'expérience du Conseil avec la stratégie du groupe. Au nom du conseil, j'aimerais souhaiter la bienvenue à Paul au sein du conseil et remercier Shaun pour sa diligence, son soutien et ses conseils durant son mandat, en particulier pour sa contribution au conseil dans la gestion des enquêtes et des changements. mis en œuvre ci-dessous. La découverte de la question de la comptabilité historique.
Dividende
Le Conseil propose un dividende final de 3,85 p, une augmentation annuelle de 1,3%, ce qui porte le dividende pour l’année complète à 5,60 p, soit une augmentation annuelle de 1,8%. Le dividende final devrait être versé le 4 juillet 2019 aux actionnaires inscrits au registre des actions à la fermeture des bureaux le 7 juin 2019. La date de détachement du dividende sera le 6 juin 2019. Le Conseil souhaite réaffirmer son engagement continu dans sa politique de dividende, qui vise à couvrir entre 1,5 et 2,0 fois le bénéfice sous-jacent par action.
panorama
Air Partner a démontré sa résilience au cours de l'exercice précédent, avec un modèle d'entreprise et une stratégie solides, mis en œuvre par une équipe de personnes exceptionnelles qui se consacrent à fournir un service exceptionnel à notre clientèle mondiale. Nous avons des plans de croissance passionnants et je pense que nous pourrons continuer à les réaliser. L’exercice en cours nous incitera à investir pour soutenir notre croissance, alors que nous cherchons à renforcer notre activité principale de manière organique et à évaluer les opportunités d’acquisition afin d’élargir notre offre de services.
2019, le secteur de l'aviation devrait continuer à poser des problèmes. Notre position de leader sur le marché, notre culture d’innovation et notre stratégie à long terme nous permettent d’être bien placés pour relever les défis à court terme. Nous avons un solide portefeuille de services aéronautiques mondiaux, qui offre une exposition à divers secteurs et régions, et notre approche de portefeuille, sans produit unique ni marché dominant, contribue à atténuer la volatilité de tout marché ou gamme de produits. Le commerce actuel est légèrement en avance sur l'année précédente.
Je suis convaincu que nous avons la bonne stratégie et je suis impatient de travailler avec nos équipes dédiées pour réaliser nos ambitions de croissance à long terme.
Ed Warner
Président non exécutif
REVUE DU DIRECTEUR GÉNÉRAL
Air Partner a annoncé un bénéfice de base * avant impôts pour l'exercice clos le 31 janvier 2019 de 5,8 millions £, soit un résultat comparable à celui de l'exercice précédent et un bénéfice avant impôts de 3,4 millions £. En cette année où nous sommes confrontés à un défi considérable, je suis satisfait de cette solide performance. Outre la revue comptable, la volatilité dans le secteur de l'aviation a affecté les résultats vers la fin de l'année. Cependant, notre stratégie visant à investir dans les résultats plus stables de la division Conseil et formation a permis de compenser une partie de cette volatilité, ce qui me donne confiance dans le fait que nous orientons nos activités dans la bonne direction.
* Les résultats sous-jacents sont indiqués avant les éléments exceptionnels et les autres (voir note 4).
La stratégie
Nous en sommes maintenant à la quatrième année de mise en œuvre de notre stratégie visant à devenir un groupe mondial de services aéronautiques de classe mondiale. Notre objectif est de croître tant de manière organique que par le biais d'acquisitions, en investissant dans nos activités de charter, tout en constituant un portefeuille plus complet de services aéronautiques afin de réduire l'exposition du Groupe à la volatilité du marché des charters et d'améliorer la qualité globale de nos bénéfices. . Cette année, nous avons été déçus de ne pas réaliser une acquisition importante à la suite de l'examen comptable, mais nous continuons d'évaluer les possibilités d'améliorer ou d'étendre les services et les capacités que nous offrons à nos clients.
Nos équipes témoignent que, malgré les défis auxquels nous avons été confrontés au premier semestre, nous avons réalisé des progrès considérables dans nos initiatives de croissance organique. Nous avons investi dans nos équipes, dans de nouveaux territoires et dans des marchés à forte croissance, et le talent que nous avons attiré nous a permis de poursuivre notre croissance organique. Nous avons investi pour améliorer nos processus et, plus important encore, pour recruter les bonnes personnes pour faire progresser notre entreprise. Nous avons amélioré les postes clés de la direction et renforcé les capacités de notre conseil.
En juin 2018, nous avons annoncé l'ouverture d'un nouveau bureau à Los Angeles. Cela a renforcé notre réseau de bureaux aux États-Unis. UU., Offre une gamme plus large de services à une clientèle américaine croissante. UU Et contribuant à une troisième année consécutive de bénéfices record dans la région. Après avoir également ouvert de nouveaux bureaux à Houston et à Singapour au cours de l’exercice en cours, nous avons une large couverture géographique avec un total de 14 bureaux dans le monde.
Outre les améliorations apportées à notre principale division de la Charte, nous réalisons de solides progrès en matière de conseil et de formation. L'amélioration de la gestion et des investissements dans le développement des affaires a généré de nouvelles affaires et nous avons obtenu de bons résultats dans les contrats avec les clients de première ligne de toute la division.
D'autres initiatives stratégiques qui ont été retardées lorsque nous avons résolu le problème de comptabilité sont en cours. Parmi eux, la mise à jour de la marque Air Partner, initialement prévue pour l'été 2018, sera lancée avec le rapport annuel de cette année. C'est un moment charnière et représente la prochaine phase de notre développement organique, alors que nous unissons nos activités sous la bannière d'une marque et que nous unissons notre groupe pour renforcer le travail d'équipe et aider à saisir les opportunités de vente croisée. La prochaine phase du lancement de la marque comprendra l’investissement dans notre nouveau site Web et notre intranet, qui aura lieu vers la fin du quatrième trimestre.
En plus de notre croissance organique, notre objectif est d’élargir notre offre de services aéronautiques au moyen d’acquisitions spécifiques. Selon l'Association du transport aérien international (IATA), 2018 a été la neuvième année consécutive de croissance supérieure à la demande mondiale de passagers. Au fur et à mesure que le marché s'est développé, les besoins de nos clients en matière de services ont également évolué. Notre stratégie de croissance à long terme visant à diversifier notre portefeuille de services aéronautiques est directement alignée sur cette croissance de la demande. Depuis 2015, nous avons acquis des activités solides qui ont élargi la gamme de services que nous proposons, élargi notre clientèle et augmenté notre potentiel de croissance international. Nous commençons à tirer parti des opportunités inter-divisions et des zones géographiques présentées par cette diversification, ainsi que de la protection offerte par un portefeuille plus large de services, zones géographiques, secteurs et clients.
Des progrès significatifs
Le problème comptable historique découvert en avril 2018 et la révision qui en a résulté achevée en juin 2018 ont été un revers pour notre groupe. Cependant, tout au long de cette période, notre objectif a été de fournir un service exceptionnel à nos clients. Nous avons réalisé des progrès importants au cours des 12 derniers mois, en prenant des mesures décisives et immédiates dans les principaux enseignements tirés de l’examen. Nous avons modifié l'environnement de contrôle général en ce qui concerne la manière dont nous gérons nos activités, l'amélioration des positions clés et des contrôles financiers. Je suis profondément reconnaissant à nos équipes et à nos dirigeants opérationnels, qui ont continué à accorder la priorité à nos clients tout au long de la période et, par conséquent, au soutien que nous recevons de nos clients et de nos actionnaires. Nous reconnaissons que nous sommes en train de reconstruire la confiance avec tous nos actionnaires, mais nous estimons que les mesures que nous avons prises ont contribué à rétablir les activités. Nous progressons maintenant de manière plus en forme, plus forts et mieux équipés pour offrir nos services à long terme. ambitions de croissance.
Notre personnes
J'ai déjà dit à maintes reprises que ce sont nos employés qui dirigent cette entreprise. La relation que nous entretenons avec toutes les équipes du groupe est importante pour moi, plus que jamais alors que nous continuons à nous développer à l’échelle mondiale. Cette année, nous présentons des réunions régulières du conseil municipal, que j'organise avec d'autres membres de notre bureau d'exploitation. Celles-ci complètent notre programme de déjeuners pour les directeurs exécutifs que nous menons régulièrement dans l'ensemble du Groupe. Je suis constamment impressionné par le calibre des personnes que nous avons dans l'entreprise et par celle que nous intégrons et j'aimerais profiter de cette occasion pour remercier toutes nos personnes pour leur dévouement et leur concentration. C'est en grande partie grâce aux relations solides que nos équipes ont construites et entretenues, dans lesquelles nous avons pu compter sur un support client aussi durable au cours de la dernière année.
RÉVISION PAR DIVISION
Lettre
Notre division Charter a bénéficié d’un autre rendement record aux États-Unis. UU Et dans Cargo, 30,2% et 45,3% respectivement, tirés par les investissements que nous avons faits en personnel et l’extension de notre présence dans la région. Les États-Unis ont obtenu leur meilleure performance depuis notre arrivée dans la région il y a plus de 20 ans. L’ouverture de notre bureau de Los Angeles en juin nous a permis de prendre en charge une clientèle américaine élargie. UU Avec une gamme plus large de services de la Charte. L’introduction réussie d’une équipe Freight à Fort Lauderdale a permis d’atteindre le plus haut niveau de bénéfice brut et de nombre de clients du Groupe.
Malgré la comparaison difficile de l'important contrat individuel de l'année dernière, l'équipe de Commercial Jets a obtenu des bénéfices d'exploitation similaires par rapport à l'année précédente, ce qui démontre une bonne croissance sous-jacente. Alors que les jets privés aux États-Unis UU Ils ont obtenu de bons résultats. Au niveau du groupe, les jets privés sont restés pratiquement stables année après année, le Royaume-Uni et l’Europe ayant été touchés vers la fin de l’année par la volatilité du secteur, ainsi que par les réductions spécifiques de clients sur les vols. La marge brute de Charter pour l’exercice clos le 31 janvier 2019 est donc identique à celle de l’année précédente, à 31,3 M £ (exercice précédent: 31,3 M £), avec un résultat opérationnel sous-jacent de 7,5 M £ ( FY18: 6,7 M £).
Jets commerciaux
Les avions commerciaux ont connu une forte croissance sous-jacente dans tous les territoires. Au Royaume-Uni et en Europe, les opérations de tour ont encore une fois bien fonctionné, contribuant à de bons résultats au Royaume-Uni, en France et en Autriche, et notre visibilité en aval nous encourage. En sport, nous bénéficions de la Coupe du Monde de la FIFA en Russie au premier semestre et d'autres vols liés au football, dans lesquels les tournées avant et après la saison vers des destinations longue distance sont devenues de plus en plus importantes. le plus populaire Les services gérés constituent un domaine dans lequel nous constatons également du succès dans la croissance au sein de la Charte. Jets commerciaux hAirbus, numéro un mondial de l'aéronautique, de l'espace et des services associés, a remporté un contrat de services gérés d'une durée de trois ans toutes les exigences opérationnelles et contractuelles applicables aux vols d'entreprise d'Airbus, qui constituent un lien vital pour les employés de la société et les contractants se déplaçant entre les usines Airbus. Après la fin de l’année, nous avons également été nommés par Aurigny, le porte-drapeau du Bailliage de Guernesey, va gérer son centre de contrôle des opérations situé à Alderney.
En Europe, l’accent mis sur les ventes et le développement des entreprises a un impact positif. Nous avons développé des relations de contribution clés et une solide réputation en matière de prestation de services dans les secteurs des voyages, des services gouvernementaux, des conférences et des expositions. Aux USA Tout en tirant parti de certaines activités uniques liées aux typhons, l’activité sous-jacente dans tous les secteurs a continué de se renforcer, offrant une plate-forme pour une croissance durable et durable.. Un bon travail d'équipe et des ventes croisées à travers les territoires et les divisions nous ont permis de fournir un excellent service client à nos nombreux clients à travers le monde et ont contribué aux résultats records enregistrés aux États-Unis. UU Des opportunités de ventes croisées ont été identifiées et réalisées parmi nos équipes commerciales et privées de Jet et de Fret, près de la moitié du bénéfice brut de Commercial Jets résultant de ventes croisées.
Aux USA UU., Bien que nous bénéficions d'importantes activités spécifiques liées aux typhons, l'activité sous-jacente dans tous les secteurs a continué de se renforcer, offrant une plate-forme pour une croissance durable et durable.
Un bon travail d'équipe et des ventes croisées à travers les territoires et les divisions nous ont permis de fournir un excellent service client à nos nombreux clients à travers le monde et ont contribué aux résultats records enregistrés aux États-Unis. UU Des opportunités de vente croisée ont été identifiées et réalisées parmi nos équipes d'approvisionnement et commerciales de Jet and Freight, près de la moitié du gain commercial brut de Jet résultant de la vente croisée.
Air Partner Remarketing a conclu la vente du dernier B777-200ER pour Kenya Airways et d'un ATR72 pour Investec Bank plc. L’équipe a également signé et conclu la vente de trois B737-500 pour le compte d’Air Baltic et a plusieurs mandats exclusifs en cours. Les ventes devraient s’achever au cours du présent exercice.
De manière générale, la marge brute de la division Commercial Jets a diminué de 15,9 millions de livres sterling (18,3 millions de livres sterling pour l'exercice 2006), en raison de l'important contrat individuel signé l'année précédente. Les jets commerciaux représentent 44,9% de la marge brute du groupe.
Jets privés
Dans les jets privés, le bénéfice brut est resté pratiquement inchangé à 10,4 millions de livres sterling (exercice précédent: 10,6 millions de livres sterling). Les jets privés représentent en général 29,3% de la marge brute du groupe.
Au Royaume-Uni, nous avons investi dans de nouvelles équipes de vente, dont nous espérons voir les avantages au cours de l’année en cours. Cependant, nous avons observé un impact croissant de la volatilité dans le secteur au cours de l’année. La marge brute a donc été inférieure aux attentes. En outre, nous avons observé une réduction des niveaux d'utilisation, due au temps exceptionnellement chaud au Royaume-Uni, et à certains clients réduisant leurs plans de vol au Royaume-Uni et en Europe. Malgré cela, le nombre de cartes JetCards actives en Europe et au Royaume-Uni a augmenté, et nous avons enregistré des dépôts record au Royaume-Uni. Cette confiance des membres existants et nouveaux nous positionne bien pour une meilleure performance de l'exercice en cours.
Nous avons constaté une force continue aux États-Unis. Aux États-Unis, où les jets privés ont augmenté leurs revenus bruts, leur nombre de membres de JetCard et leurs réservations et leurs renouvellements.
Chargement
Bien que le fret soit un secteur instable et que la majorité des réserves soient constituées au cas par cas, nous avons enregistré une deuxième année record de bénéfices, avec de bonnes performances commerciales et une croissance des équipements dans l'ensemble de notre réseau de bureaux. Cette année, les besoins des clients vont du transport d'une petite boîte via notre service de messagerie embarqué croissant à la location du plus gros avion du monde, le An-225. Notre gamme de services couvre divers secteurs, notamment les secteurs de l'automobile, de l'aide, de l'aérospatiale et de l'énergie, qui offrent une certaine protection contre la récession de quiconque.
Nous continuons d’investir de manière sélective dans les effectifs de nos bureaux régionaux, en créant une nouvelle équipe aux États-Unis. UU Avec un succès immédiat et élargir notre équipe en Turquie. Nous obtenons d'importants mandats de divers clients, nouveaux et existants, dans l'ensemble du groupe. Aux États-Unis, nous avons envoyé une trentaine de lettres transportant de l'aide humanitaire à Guam et à Saipan pendant la saison des typhons. Nous transportons des matériaux de construction vers l’Afrique de l’Ouest, organisés par l’intermédiaire du bureau turc, et le Royaume-Uni a tiré parti de son travail visant à aider les compagnies aériennes à récupérer leurs avions au sol (AOG), ainsi que les vols du gouvernement. Notre bureau allemand a continué de connaître une activité soutenue dans le secteur automobile et a réalisé sa 11ème année consécutive de croissance. Le bénéfice brut du fret pour l’année a augmenté de 45,3% à 4,9 millions de £ (exercice précédent: 3,4 millions de £). La charge contribue pour 13,8% à la marge brute du groupe.
Conseil et formation
Notre division de conseil et de formation a bien performé au cours de l’année avec un bénéfice brut pouvant atteindre 25,0% à 4,2 millions de £ (exercice précédent: 3,4 millions de £). Le résultat opérationnel sous-jacent * a augmenté de 14,3% à 0,6 million de £ (exercice précédent: 0,6 million de £). Le conseil et la formation représentent désormais 11,9% du bénéfice brut du groupe. Nous avons bénéficié des investissements que nous avons réalisés dans la division, qui ont permis de développer de nouvelles activités et de mettre en évidence les opportunités de vente croisée.
* Le résultat opérationnel sous-jacent est indiqué avant les éléments exceptionnels et autres.
Baines Simmons
Depuis son acquisition en 2015, nous avons travaillé dur pour nous intégrer et progresser dans Baines Simmons, et nous constatons maintenant de bons résultats grâce aux changements que nous avons apportés. Nous avons investi dans le développement des affaires et une gestion solide. Ian Holder, consultant principal et ancien pilote civil et militaire, a été nommé directeur général en avril 2018. Ian a dirigé la formulation de la stratégie de croissance de Baines Simmons, la direction claire de l'équipe. Cela a jeté une base solide pour la croissance future.
Baines Simmons a donc connu une autre bonne année. L'Académie de Formation a eu une performance particulièrement bonne, motivée par une stratégie coordonnée entre les départements. Nous avons assisté à certaines des périodes les plus réussies de formation en histoire des affaires au cours du second semestre et cette dynamique se poursuit au cours du présent exercice.
Tout au long de l’année, nous avons gagné des clients, qu’ils soient nouveaux ou existants. Nous continuons à travailler avec les régulateurs civils et militaires du monde entier, à la fois en formant leur personnel et en soutenant le développement de la réglementation. Le contrat avec le ministère de la Défense du Royaume-Uni pour offrir un programme efficace de formation à la sécurité, garanti à la fin du dernier exercice, est déjà bien établi et nous avons eu beaucoup de succès en soutenant la RAF d’Oman avec un programme de re-développer sa réglementation militaire. Ces contrats devraient durer au moins trois ans.
También hemos ganado nuevos contratos con varias organizaciones gubernamentales internacionales europeas y varias aerolíneas europeas han solicitado trabajo adicional en Diagnósticos de gestión de seguridad. Además, estamos trabajando cada vez más con Ground Operations a nivel mundial para desarrollar sistemas de gestión de clase mundial adecuados para el mercado de manejo de terreno en desarrollo.
Las oportunidades de venta cruzada entre nuestras divisiones de Consultoría y Capacitación y Charter están aumentando y se está cristalizando una tubería. Estamos brindando buenas pistas a nuestros colegas de la Carta, lo que les ha permitido obtener nuevos contratos. Par exemple, El trabajo que realizamos para un fabricante de Fórmula 1 ha ayudado a asegurar al equipo como un nuevo cliente para Commercial Jets en el Reino Unido. Además, la inclusión de Consultoría y Capacitación dentro del Grupo ha servido como un importante diferenciador. Nous sommes los clientes de Charter en Baines Simmons también están empezando a ver oportunidades y continúan las discusiones que ofrecen el potencial de crecimiento tanto nacional como internacional.
Investigación de Mecanismo
Aunque pequeña, Clockwork Research complementa nuestro negocio de Baines Simmons y ahora ofrecemos Fatigue Risk Management como parte de la cartera de servicios de Baines Simmons. Trabajando con Southwest Airlines y la NASA, Clockwork Research fue coautor de la guía de la industria sobre el descanso controlado en la cabina de vuelo y, a principios de año, emprendió con éxito un caso de seguridad para Air France. El equipo también realizó un trabajo adicional con Jet2.com, que este año realizó una Encuesta de Cultura de Seguridad en toda la organización.
SafeSkys
SafeSkys, adquirido en septiembre de 2017, es un proveedor de servicios de gestión de vida silvestre y control de tráfico aéreo (ATC) a aeropuertos del Reino Unido e internacionales. La integración del negocio en la oferta de Baines Simons está ahora muy avanzada.
Dentro de ATC, después de la adquisición, se identificaron dos contratos deficitarios, para los cuales se ha reconocido una provisión de £ 0.7 millones en el balance de apertura. Nuestro equipo está trabajando a través de los contratos para abordar los problemas y tomar medidas correctivas. Dentro de Wildlife Management, la división ha construido una sólida posición de mercado en el Reino Unido, donde tenemos contratos de varios años con Royal Air Force (RAF) y aeropuertos a nivel nacional. Durante el año hemos ganado nuevos y ampliados contratos existentes. Nuestra participación mayoritaria en las estaciones de vuelo de la RAF llave en mano se reforzó a través del aseguramiento de la región occidental por un mínimo de tres años. El equipo también ha ganado contratos para apoyar a las fuerzas aéreas de los gobiernos extranjeros en estaciones estratégicas de transporte y capacitación dentro de Europa, y estamos logrando avances significativos y emocionantes en los mercados de capacitación y consultoría.
panorama
En resumen, nuestra estrategia de crecimiento a largo plazo está progresando bien y demostrando ser efectiva. Todavía hay mucho por hacer, pero los elementos clave están alineados; tenemos un negocio bien invertido, excelentes personas y una sólida base de clientes globales. Hemos aprendido de los eventos desafiantes de la primera mitad del año y hemos logrado un progreso significativo al abordar los problemas destacados. Como resultado de las acciones que hemos tomado y las inversiones que hemos realizado en nuestro negocio, avanzamos con mayor confianza y una base más sólida. Seguiremos invirtiendo para el futuro en los intereses a largo plazo de todos nuestros grupos de interés, en nuestros equipos en todas las regiones, en la infraestructura y en los procesos. Continuamos evaluando oportunidades de inversión, tanto orgánicas como a través de adquisiciones, para mejorar o ampliar el servicio y las capacidades que ofrecemos a nuestros clientes, lo que en última instancia fortalecerá y promoverá nuestro negocio.
Para el resto de este año, esperamos que persistan las incertidumbres macroeconómicas. Entre ellos se encuentra el resultado aún poco claro de Brexit. Si bien Brexit presenta algunos desafíos para Air Partner, también ofrece oportunidades potenciales. Dentro de Charter, solo un pequeño porcentaje de nuestro negocio actual se vería afectado por cualquier cambio en los permisos para volar. Las sólidas relaciones que tenemos entre los operadores de las aerolíneas nos permitirán buscar operadores alternativos y seguir fletando el avión que mejor se adapte a las necesidades de nuestros clientes. Dentro de Consultoría y Capacitación, los cambios a las reglas y regulaciones tienden a crear negocios para nosotros; proporcionando al Grupo un balance de oportunidades contra cualquier riesgo percibido. El comercio actual está ligeramente por delante del año anterior.
Como siempre declaramos, el negocio chárter global ha sido, y seguirá siendo, una industria volátil. En este contexto, gestionamos el negocio a largo plazo, con una estrategia de alineación muy clara a las necesidades de nuestra base de clientes global. Tenemos una sólida cartera de servicios de aviación global que nos brinda oportunidades para abordar diversos sectores y geografías. Our portfolio approach, without any single product or market dominance, often enables us to mitigate volatility, in either direction, in any one market or product line over the course of a year.
Aviation can be both challenging and exciting, but we have never been more aligned to our customers in our near 60-year history than today. Our clear long-term strategy is delivering results and opportunity. We have this year withstood an unwelcome, turbulent and costly event, but we look forward with an exciting strategic outlook and compelling growth plans.
Mark Briffa, Chief Executive Officer
FINANCIAL REVIEW
I was delighted to accept the role as Chief Financial Officer for Air Partner. I believe in the Company's strategy and I am very much looking forward to working with Mark, the Board and the rest of the Air Partner team to deliver value to our shareholders.
As part of my new role, I have undertaken an assessment of the Company's key processes and controls and visited a number of locations. This has enabled me to appreciate the operating business model, its principal risks and the overall financial control environment.
It is against this background I have been able to understand the consequence of Air Partner's accounting review in April 2018, which was widely reported at the time and dealt with in the FY18 financial statements. I recognise it has been a challenging period in the Company's history and one of my key priorities since joining Air Partner has been to address the matters arising.
As part of the accounting review, with the help of external advisers, the Company undertook a deep dive of the Company's systems, people and processes, and developed a comprehensive work plan to improve the overall internal controls. I am pleased to report we have made good progress against this work plan and implemented the following changes in the year:
· Upgraded and upskilled key members of the finance and head office team.
· Individuals roles and responsibility have been reviewed, reducing the dependency on one person and removing 'single points of failure'.
· A new Risk and Assurance role has been created, reporting directly to me with a direct line to the Chair of the Audit and Risk Committee.
· We have tightened the balance sheet control and review process and improved the quality and frequency of management information.
· A number of key policies and procedures have been implemented and we have increased the level of training in the organisation.
In summary, I believe we are on a road to recovery and are making good progress. We have improved the control environment and importantly put in place processes to continually review and challenge these arrangements.
GTV and Le revenu
Gross transaction value (GTV) of £273.3m (FY18: £261.3m) was up 4.6%. GTV represents the total value invoiced to clients and is stated exclusive of value added tax. Revenue of £77.5m (FY18: £74.3m) increased by 4.2% year on year. It is noted here that we have had a change in presentation and quantum of overall revenues recognised in FY18 and FY19 following the first-time adoption of IFRS 15 and misstatements in the prior year; refer to notes 2 and 14.
Beneficio bruto
Air Partner primarily uses gross profit as its key indicator of business performance. This is due to the potential for revenue, as determined under IFRS, to fluctuate depending on the number of contracts enacted in the year where the Company acts as principal as opposed to an agent. Gross profit was £35.5m (FY8: £34.7m1), an increase of 2.3% on the prior year. This includes the full year impact of the SafeSkys acquisition, which was made in September 2017. On a comparative basis, adjusting for constant exchange rates and the acquisition of SafeSkys, gross profit improved by 2.1%.
1 2018 Gross profit has been restated. Refer to note 14.
At a divisional level, the gross profit of the Charter division was flat year on year at £31.3m (FY18: £31.3m) with the prior year comparative heavily supported by a significant one-off contract in Commercial Jets. As a result of investing in new offices and attracting key talent we had stronger performance in the year from the US, with growth of 30.2% in gross profit, and in the Freight division, which increased gross profit by 45.3% year on year.
Consulting & Training gross profit of £4.2m (FY: £3.4m) increased by 25.0% year on year given the full year effect of the SafeSkys acquisition. On a comparative basis Consulting & Training grew gross profits by 14.9% driven by a strong performance in Baines Simmons. Further details of which can be found in the Divisional Reviews sections and the segmental analysis note 3.
Administrative expenses
Costs included in administrative expenses in the consolidated income statement are the Charter personnel costs, sales and marketing, finance, information systems, human resource management, legal and compliance and other administrative costs.
Underlying administrative costs of £29.0m increased year on year by 1.1%, driven by investments made in back office support to strengthen the overall control environment post the accounting review.
The Group expects to make further investments in administrative expenses as we continue to improve the overall control environment and pursue our growth plans to grow organically across new territories. The cost benefit of which will be assessed at the time before commitments are made.
Net impairment losses on financial assets of £0.4m (FY18: £0.1m), relate to the first time adoption of IFRS9.
Finance costs
The net interest charge for the year was £0.2m (FY18: £0.1m). The charge increased in the period as an additional £3.0m of debt was called down from the revolving credit facility (RCF) in September 2018 to support the growth we are experiencing in the Freight division.
Underlying profit before tax
The above results translated to an underlying* profit before tax of £5.8m, in line with the prior year (FY18: £5.8m).
*Underlying profit before tax is stated before exceptional and other items.
Exceptional and other items
As expected, post the accounting review process, the results have been affected by a number of one-off exceptional items. Exceptional items are excluded from underlying performance measures by virtue of their size and nature, in order to better reflect management's view of the performance of the Group. In the year under review, the net effect of exceptional items on operating profit was £2.4m (FY18: £1.0m).
Exceptional items excluded from the underlying profits comprise £1.3m relating to the cost of the accounting review process, £0.5m of abortive acquisition fees, £0.4m of costs relating to the change of Board composition, and £0.4m of amortisation of acquired intangibles. These items have been partially offset by the release of deferred consideration relating to the Clockwork Research acquisition of £0.2m. The table below sets out the position:
|
Year ended 31 January 2019 (£m) |
2019 £m |
2018 £m |
|
Underlying profit before tax |
5.8 |
5.8 |
|
Cost related to the accounting review and associated items |
(1.3) |
– |
|
Abortive acquisition costs |
(0.5) |
(0.3) |
|
Changes in board composition |
(0.4) |
– |
|
Amortisation of purchased intangibles |
(0.4) |
(0.3) |
|
Acquisition & non-cash acquisition related costs |
– |
(0,1) |
|
Coûts de restructuration |
– |
(0.3) |
|
Release of deferred consideration |
0,2 |
– |
|
Statutory reported profit before tax (£m) |
3.4 |
4.8 |
Statutory reported profit before tax
After the above exceptional items, statutory reported profit before tax was £3.4m down by 29.1% on the prior year (FY18: £4.8m).
Les taxes
The Group seeks to manage the cost of taxation in a responsible manner to enhance its competitive position on a global basis while managing its relationships with tax authorities on the basis of full disclosure and legal compliance.
The underlying tax charge* for FY19 of £0.5m (FY18: £1.2m) represents an effective rate of 8.3% (FY18: 20.3%) on the underlying profits before tax. On a statutory reported profit basis, the effective rate of taxation was 14.4% (FY18: 24.7%). This was lower than the prior year as HMRC confirmed an overpayment of a tax relief claim, relating to the accounting review of £0.4m, was allowable.
* Adjusting for exceptional and other items.
A rate of 25.0% is expected for the year ending 31 January 2020 given the Group's expected increase in profits from the US.
Earnings per share
Basic underlying* earnings per share from continuing operations was 9.6p (FY18: 8.4p), up 14.3% on the prior year. On a statutory basis, earnings per share from continuing operations was 5.6p (FY18: 6.9p) down by 18.8%, with FY18 affected by the level of exceptional items in the year.
*Underlying earnings are stated before exceptional and other items see note 7.
Les dividendes
Following the accounting review process, the Directors have considered the available headroom from distributable reserves to pay dividends and can confirm there is sufficient headroom to meet the proposed final dividend. Air Partner's stated dividend policy targets cover of between 1.5 and 2.0 times underlying earnings per share.
As a result, the Directors are proposing a final dividend of 3.85p (FY18: 3.80p). Taken with the interim dividend of 1.75p (FY18: 1.70p) this would bring the total dividend for the year to 5.60p per ordinary share (FY18: 5.50p), an increase of 1.8%.
The final dividend is expected to be paid on 4 July 2019 to shareholders on the Company register at the close of business on 7 June 2019. The ex-dividend date will be 6 June 2019.
Statement of financial position
Shareholders' funds
After considering the profit for the year, dividend payments and exchange rate differences, overall shareholders' funds have remained in line with the prior year at £11.7m (FY18: £11.4m).
Goodwill and intangibles
Under IFRS, goodwill is subject to annual impairment tests. There were no impairments identified in the year. Goodwill in the Statement of Financial Position is carried at £6.8m (FY18: £6.8m). Intangible assets arising from business combinations are assessed at the time of acquisition in accordance with IFRS 3 and are amortised over their expected useful life. This amortisation is excluded from underlying profits.
During the course of the year, the provisional fair values recorded on the acquisition of SafeSkys Limited were revisited and adjusted as appropriate. Further details of which can be found in note 12.
Other intangible assets comprise software development costs. In the year we spent £0.4m on rolling out the Customer Relationship Management (CRM) system and a new booking tool for the Charter division.
Other balances
Movements in other balances within the State of Financial Position reflect the trading results of the period.
The Group has property, plant and equipment totalling £0.9m (FY18: £1.2m). Capital expenditure in the year was £0.1m (FY18: £0.4m).
In terms of material working capital movements, deferred income and JetCard deposits increased by £1.1m. £1.8m of this related to JetCard deposits offset by a reduction in deferred income. Trade and receivables increased by £2.7m driven by an increase in prepayments to suppliers in Europe for our key customers programmes.
Cash generation and net debt
Operating cash from trading activities after investment in capital expenditure and software was £2.7m. Given the level of exceptional items in the year operating cash in real terms did not increase (excluding JetCard movements). Non-JetCard cash in the bank was £7.5m versus £7.3m in the prior year.
Net cash (cash offset by bank debt) was £2.0m (FY18: £4.8m). The level of debt has increased in the business to support the growth in the Freight division, where we can have some sizeable contracts at relatively short notice for various government agencies. An important element of winning this business is the ability to mobilise fast and secure the supply base ahead of the competition.
Bank facilities
The Group had total debt facilities with NatWest of £9.0m. £7.5m of this is a revolving credit facility and was drawn down by £5.5m at the 31 January 2019 (FY18: £2.5m). This facility has been used to fund past acquisitions and the working capital needs of the business. This is repayable in February 2021 with no formal repayment schedule prior to that date. To support short-term liquidity, the Group has access to a £1.5m overdraft facility. This was not utilised at the 31 January 2019. The Group has complied with all the financial covenants relating to these facilities.
Exchange rates
The results of overseas operations are translated into Sterling at average exchange rates. The net assets are translated at period-end rates. The principle exchange rates, expressed in terms of the value of Sterling, are shown in the following table.
|
Average rates |
Period -end rates |
|||||
|
31 January 2019 |
31 January 2018 |
31 January 2019 |
31 January 2018 |
|||
|
Dólar estadounidense |
1.32 |
1,29 |
USD weakened by 2.3% |
1,31 |
1.42 |
USD strengthened by 7.7% |
|
EUR |
1.13 |
1.14 |
EUR strengthened by 0.9% |
1.13 |
1.14 |
EUR strengthened by 0.9% |
Accounting policies and recent accounting developments
The accounts in this report are prepared under IFRS, as adopted by the European Union (EU). The accounting polices used in preparing these accounts are set out in note 2.
A number of new standards and amendments to standards and interpretations have been adopted retrospectively in preparing the accounts: IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments. The effect of these changes is captured in the detailed notes to the accounts.
In respect to IFRS 16 Leases, the standard now requires all material lease liabilities and corresponding 'right to use' assets to be recognised in the Statement of Financial Position. We have undertaken an initial assessment of the impact, which will come into effect for next year's accounts. Based on the Group's provisional estimates, it anticipates that it will recognise additional right of use assets of approximately £2.7m at 31 January 2019 and additional lease creditor of approximately £2.8m with a reduction in retained earnings of £0.1m. Refer to note 2a).
Reflecting on the learnings from the past year, we have taken the opportunity to have a fresh look at the presentation of the accounts and the corresponding notes. This has been done to provide greater clarity and transparency on how the Group reports its results and balances.
We have made several improvements and enhancements to provide the reader with greater clarity and insight. The overall effect of this change has been captured in note 2a.
Treasury and risk management
Foreign currency effects
Where possible, the Group uses natural hedges to minimise its foreign exchange exposure, for example matching JetCard deposits denominated in Euro or US Dollar with the respective liability. In addition, the Group uses derivatives to hedge certain transactions in accordance with its internal policies.
Financial risks
The main financial risks faced by the Group are credit risk, foreign currency risk, interest rate risk and liquidity risk. The Directors regularly review and agree policies for managing these risks.
Credit risk is managed by monitoring limits and payment performance of counterparties. The Directors consider the level of general credit risk in current market conditions to be higher than normal. Where a customer is deemed to represent a level of credit risk, terms of trade are modified to limit the Group's exposure.
Foreign currency risk is managed by matching payments and receipts in foreign currency to minimise exposure.
Interest rate risk is managed by holding a mixture of cash and borrowings in Sterling, US Dollar and Euro at fixed and floating rates of interest.
Liquidity risk is managed by the Group having access to an RCF, which can be used for working capital means, and a moderate overdraft facility to provide short-term flexibility.
Going concern
The Group's business activities, together with the factors likely to affect its future performance, are set out on in the Strategic Report and in the section 'Principal Risks and Uncertainties' of the 2019 Annual Report.
The Directors believe that the Group is well placed to manage its business risks and, after reviewing the Group's current financial position, including factors affecting its cost base, the availability of financing facilities and forecasts for a period of not less than 12 months from the date of approval of these financial statements, the Directors are satisfied that the Group has adequate resources to continue in business for the foreseeable future and that the Company is a going concern.
Financial Reporting Council review letter
In October 2018, the Company received a letter from the Corporate Reporting Review Team (CRRT) of the Financial Reporting Council (FRC) in relation to its regular review and assessment of the quality of corporate reporting in the UK. The letter focused on the balance of the Strategic Report, the disclosures of critical accounting judgements and estimates and the disclosures of other provisions. In addition, the CRRT highlighted areas of improvement in the presentation of the notes to the accounts.
The Directors responded to the CRRT's questions, providing clarifying information that addressed the questions and comments raised. The FRC has confirmed this matter as now being closed. The recommendations from the review have been incorporated into the 2019 financial statements.
Joanne Estell
Directeur financier
Forward-looking statements
Announcements issued by Air Partner plc may contain forward looking statements, indicated by words such as "aims", "believes," "expects", "intends," and similar expressions. These statements reflect current views and expectations up to the date of approval of this statement and are made in good faith by the directors. Unless otherwise required by laws, regulations or changes in accounting standards, Air Partner accepts no obligation to update these statements as a result of future events or new information subsequently obtained. New announcements will be made to the market as required under the Disclosure and Transparency Rules.
Trends and factors affecting the business
Following the accounting irregulates highlighted in April 2018, the business has focussed on its risk management framework and internal financial controls. The organisation has reviewed and introduced several improvements involving both people and processes. This work will continue throughout 2019.
The United Kingdom is in the process of withdrawing from the European Union. There may be significant regulatory change depending on the terms of this withdrawal, currently being negotiated by the UK Government and the European Union. We are closely following events as they develop; we comply with all relevant regulations and are confident that we will continue to do so post-Brexit.
Economic uncertainty affects corporate, government and individual clients and affects the quality of supply of aircraft as operators consolidate or leave the market. These trends are outside the Group's control, but the strategy remains to diversify the addressable market and broaden the client mix.
Principal risks and uncertainties facing the Group
In addition to the Internal Financial Controls and Brexit risks as highlighted above, the Group continues to operate in a highly competitive market where there are number of inherent risks including operational aviation related risks (such as quality and quantity of supply, adverse weather conditions, competitive pricing pressure and regulatory changes) and financial risks (such as foreign exchange and interest rate fluctuations, credit risk and liquidity and cash flow management).
In order to counteract the market challenges, the organisation continues to diversify and acquire businesses that provide good economic and operational synergies. Whilst this will have a positive impact, there is also a risk involving integration within the Group.
The Board reviews risks which may have a significant impact on the Group. The principal risks and uncertainties of the Group are detailed in the relevant section in the annual report.
Related party transactions
There has been no significant change in the level of transactions between Air Partner plc and its subsidiaries since that disclosed in the annual report for the year ended 31 January 2018. Such transactions did not materially affect the financial position or performance of the Group in the period under review. There are no other related party transactions which are required to be disclosed under DTR 4.2.8R.
Directors' responsibility statement
The responsibility statement below has been prepared in accordance with the Company's full annual report for the year terminó 31 January 2019. Certain parts thereof are not included in this announcement.
Each of the directors serving at the date of approval of the accounts confirms that, to the best of his knowledge and belief:
· The financial statements, which have been prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group; et
· The Chair's Statement, the Chief Executive's Review and the Financial Review, together with the supporting notes, give a fair review of the Group, including a description of the principal risks and uncertainties faced by Air Partner plc.
The responsibility statement was approved by the Board of Directors on 9 May 2019.
|
Mark Briffa |
Joanne Estell |
|
Directeur exécutif |
Directeur financier |
|
9 mai 2019 |
9 mai 2019 |
The directors of Air Partner plc are listed on our website at www.airpartner.com.
Consolidated income statement
for the year ended 31 January 2019
|
Year ended |
||||
|
Year ended |
31 January |
|||
|
31 January |
2018 |
|||
|
2019 |
as restated?1 ,2 |
|||
|
Gross transaction value (GTV) |
||||
|
Administrative expenses before exceptional and other items |
(29,039) |
(28,726) |
||
|
Exceptional and other items |
||||
|
Total administrative expenses |
||||
|
Net impairment losses on financial assets |
||||
|
Operating profit before exceptional and other items |
||||
|
Produit financier |
32 |
11 |
||
|
Profit before income tax and exceptional and other items |
||||
|
Attributable to: |
||||
|
Owners of the parent company |
||||
|
Earnings per share: |
||||
|
Continuing operations |
||||
|
BASIC |
7 |
5.6p |
6.9p |
|
1 Revenue has been restated for the prior year following the introduction of IFRS 15 and misstatements. Please refer to note 14 for further detail.
2 Gross profit and administrative expenses before exceptional and other items have been restated for the prior year. Please refer to note 14 for further detail.
Consolidated statement of comprehensive income
for the year ended 31 January 2019
|
Year ended |
Year ended |
|
|
31 January |
31 January |
|
|
2019 |
2018? |
|
|
Profit for the year |
2,885 |
3,580 |
|
Other comprehensive income/(expense) – items that may subsequently be reclassified to profit or loss: |
||
|
Exchange differences on translation of foreign operations |
||
|
Total comprehensive income for the year |
||
|
Attributable to: |
||
|
Owners of the parent company |
The above consolidated income statement and consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Consolidated statement of changes in equity
for the year ended 31 January 2019
|
Partager |
Own |
||||||
|
cousine |
Merger |
Partager |
Retained |
Total |
|||
|
Partager |
account as |
reserve as |
reserve as |
Translation |
les gains |
l'équité |
|
|
capital |
restated?1 |
restated?1 |
restated?2 |
réservation |
as restated?2,3 |
as restated?2,3 |
|
|
Opening equity as at 1 February 2017 (as previously stated) |
522 |
4,755 |
354 |
(672) |
1,410 |
4,588 |
10,957 |
|
Opening equity as at 1 February 2017 (as restated – as restated) |
522 |
4,814 |
295 |
(672) |
1,410 |
4,473 |
10,842 |
|
Profit for the year |
– |
– |
– |
– |
– |
3,580 |
3,580 |
|
Exchange differences on translation of foreign operations |
|||||||
|
Total comprehensive (expense)/income for the year |
– |
– |
– |
– |
(372) |
3,580 |
3,208 |
|
Transactions with owners of the Company: |
|||||||
|
Share option movement in the year |
– |
– |
– |
(500) |
– |
401 |
(99) |
|
Share options exercised during the year |
– |
– |
– |
424 |
– |
(215) |
209 |
|
Total transactions with owners of the Company |
|||||||
|
Closing equity as at 31 January 2018 (as restated) |
|
Partager |
Own |
||||||
|
cousine |
Merger |
Partager |
Retained |
Total |
|||
|
Partager |
account as |
reserve as |
reserve as |
Translation |
les gains |
l'équité |
|
|
capital |
restated?1 |
restated?1 |
restated?2 |
réservation |
as restated?2,3 |
as restated?2,3 |
|
|
Opening equity as at 1 February 2018 (as restated) |
522 |
4,814 |
295 |
(748) |
1,038 |
5,487 |
11,408 |
|
Profit for the year |
– |
– |
– |
– |
– |
2,885 |
2,885 |
|
Exchange differences on translation of foreign operations |
|||||||
|
Total comprehensive income for the year |
– |
– |
– |
– |
26 |
2,885 |
2,911 |
|
Transactions with owners of the Company: |
|||||||
|
Share option movement in the year |
– |
– |
– |
– |
– |
252 |
252 |
|
Share options exercised during the year |
– |
– |
– |
422 |
– |
(422) |
– |
|
Total transactions with owners of the Company |
|||||||
|
Closing equity as at 31 January 2019 |
1 Share premium and merger reserve have been restated as explained in note 14
2 The share option movement for the prior year has been restated by £70,000 as explained in note 14.
3 Retained earnings have been restated for the effects of the introduction of IFRS 9 Financial Instruments as explained in notes 2a and 14.
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Company statement of changes in equity
for the year ended 31 January 2019
|
Partager |
Own |
|||||
|
cousine |
Merger |
Partager |
Retained |
|||
|
Partager |
account as |
reserve as |
reserve as |
les gains |
Total |
|
|
capital |
restated?1 |
restated?1 |
restated?2 |
as restated?2 |
l'équité |
|
|
Opening equity as at 1 February 2017 (as previously stated) |
522 |
4,755 |
354 |
(672) |
4,051 |
9,010 |
|
Opening equity as at 1 February 2017 (as restated) |
||||||
|
Total comprehensive income for the year |
– |
– |
– |
– |
3 389 |
3 389 |
|
Transactions with owners of the Company: |
||||||
|
Share option movement in the year |
– |
– |
– |
(500) |
401 |
(99) |
|
Share options exercised during the year |
– |
– |
– |
424 |
(215) |
209 |
|
Total transactions with owners of the Company |
||||||
|
Closing equity as at 31 January 2018 |
|
Partager |
Own |
|||||
|
cousine |
Merger |
Partager |
Retained |
|||
|
Partager |
account as |
reserve as |
reserve as |
les gains |
Total |
|
|
capital |
restated?1 |
restated?1 |
restated?2 |
as restated?2 |
l'équité |
|
|
Opening equity as at 1 February 2018 (as restated) |
522 |
4,814 |
295 |
(748) |
4,874 |
9,757 |
|
Total comprehensive income for the year |
– |
– |
– |
– |
5 100 |
5 100 |
|
Transactions with owners of the Company: |
||||||
|
Share option movement for the year |
– |
– |
– |
– |
255 |
255 |
|
Share options exercised during the year |
– |
– |
– |
422 |
(422) |
– |
|
Transactions with owners of the Company |
||||||
|
Closing equity as at 31 January 2019 |
1 Share premium and merger reserve have been restated as explained in note 14.
2 The share option movement for the prior year has been restated by £70,000 as explained in note 14.
The above Company statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated statement of financial position
as at 31 January 2019
|
31 January |
||||
|
31 January |
2018 as |
|||
|
2019 |
restated?1 |
|||
|
BIENES |
||||
|
Non-current assets |
||||
|
Goodwill |
6,750 |
6,753 |
||
|
Other intangible assets |
4,882 |
5 337 |
||
|
Property, plant and equipment |
855 |
1,188 |
||
|
Current assets |
||||
|
Trade and other receivables |
8 |
19,062 |
16,314 |
|
|
JetCard bank balances |
17,692 |
15,891 |
||
|
Other cash and cash equivalents |
||||
|
Total cash and cash equivalents |
||||
|
PASSIF |
||||
|
Current liabilities |
||||
|
Trade and other payables |
10 |
(8,044) |
(6,717) |
|
|
Current tax liabilities |
(593) |
(1,528) |
||
|
Autres passifs |
11 |
(3,736) |
(4,925) |
|
|
Deferred income and JetCard deposits |
(25,412) |
(24,293) |
||
|
Derivative financial instruments |
(8) |
(12) |
||
|
Deferred consideration |
(800) |
– |
||
|
Total du passif à court terme |
||||
|
Non-current liabilities |
||||
|
Emprunts |
9 |
(5,500) |
(2,500) |
|
|
Deferred consideration |
– |
(800) |
||
|
Deferred tax liability |
(700) |
(775) |
||
|
Total non-current liabilities |
||||
|
EQUIDAD |
||||
|
Share capital |
522 |
522 |
||
|
Share premium account |
4,814 |
4,814 |
||
|
Merger reserve |
295 |
295 |
||
|
Own shares reserve |
(326) |
(748) |
||
|
Translation reserve |
1,064 |
1,038 |
||
1 The consolidated statement of financial position at 31 January 2018 has been restated for the finalisation of the fair value of net assets arising on the acquisition of SafeSkys Limited in September 2017 and certain other restatements. Please see notes 12 and 14 for further details.
These financial statements were approved and authorised for issue by the Board of Directors on 9 May 2019 and were signed on its behalf by:
M A Briffa J E Estell
Director Director
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Company statement of financial position
as at 31 January 2019
|
31 January |
||||
|
31 January |
2018 |
|||
|
2019 |
as restated?1 |
|||
|
BIENES |
||||
|
Non-current assets |
||||
|
Intangible assets |
956 |
1 045 |
||
|
Property, plant and equipment |
450 |
616 |
||
|
Investments |
12,173 |
12,350 |
||
|
Current assets |
||||
|
Trade and other receivables |
8 |
17,131 |
17,309 |
|
|
JetCard bank balances |
12,635 |
7,486 |
||
|
Other cash and cash equivalents |
||||
|
Total cash and cash equivalents |
||||
|
PASSIF |
||||
|
Current liabilities |
||||
|
Trade and other payables |
10 |
(3,279) |
(3,540) |
|
|
Current tax liabilities |
(171) |
(976) |
||
|
Autres passifs |
11 |
(8,917) |
(6,228) |
|
|
Deferred income and JetCard deposits |
(15,212) |
(15,438) |
||
|
Derivative financial instruments |
(8) |
(14) |
||
|
Deferred consideration |
(800) |
– |
||
|
Total du passif à court terme |
||||
|
Net current assets/(liabilities) |
||||
|
Non-current liabilities |
||||
|
Emprunts |
9 |
(5,500) |
(2,500) |
|
|
Deferred consideration |
– |
(800) |
||
|
Total non-current liabilities |
||||
|
EQUIDAD |
||||
|
Share capital |
522 |
522 |
||
|
Share premium account |
4,814 |
4,814 |
||
|
Merger reserve |
295 |
295 |
||
|
Own shares reserve |
(326) |
(748) |
||
1 The Company statement of financial position at 31 January 2018 has been restated for certain items. Please refer to note 14 for further details.
The parent company profit after tax for the financial year was £5,100,000 (2018: £3,389,000).
These financial statements were approved and authorised for issue by the Board of Directors on 9 May 2019 and were signed on its behalf by:
M A Briffa J E Estell
Director Director
Air Partner plc Registered no. 00980675
The above company statement of financial position should be read in conjunction with the accompanying notes.
Consolidated and Company statement of cash flows
for the year ended 31 January 2019
|
Year |
||||||
|
Year |
terminó |
Year |
Year |
|||
|
terminó |
31 January |
terminó |
terminó |
|||
|
31 January |
2018 as |
31 January |
31 January |
|||
|
2019 |
restated?1 |
2019 |
2018 |
|||
|
Cash generated from/(used in) operations |
||||||
|
– Interest received |
32 |
11 |
– |
4 |
||
|
– Interest paid |
(224) |
(138) |
(224) |
(139) |
||
|
Net cash inflow/(outflow) from operating activities |
||||||
|
Investing activities |
||||||
|
– Purchases of property, plant and equipment |
(136) |
(433) |
(85) |
(170) |
||
|
– Purchases of intangible assets |
(351) |
(204) |
(329) |
(185) |
||
|
– Acquisition of subsidiaries |
– |
(1,974) |
– |
(2,200) |
||
|
El efectivo neto utilizado en actividades de inversión |
||||||
|
Financing activities |
||||||
|
– Dividends paid to the Company's shareholders |
(2,890) |
(2,752) |
(2,890) |
(2,752) |
||
|
– Proceeds on exercise of share options |
– |
269 |
– |
269 |
||
|
– Purchase of own shares |
– |
(500) |
– |
(500) |
||
|
– Increase in/(repayments of) borrowings |
||||||
|
Net cash generated from/(used in) financing activities |
||||||
|
Net increase/(decrease) in cash and cash equivalents |
1,532 |
3,928 |
8,260 |
(6,659) |
||
|
Opening cash and cash equivalents |
23,193 |
19,795 |
7,486 |
14,202 |
||
|
Effect of changes in foreign exchange rates |
||||||
|
Closing cash and cash equivalents |
||||||
1 Net cash inflow from group operating activities and the purchases of fixed assets in 2018 have both been reduced by £275,000. There has not been an impact on cash and cash equivalents. .
JetCard cash
The closing cash and cash equivalents balance can be further analysed into 'JetCard cash' and 'non-JetCard cash' as follows:
|
2019 |
2018 |
2019 |
2018 |
||
|
Total JetCard cash (see explanation below) |
17,692 |
15,891 |
12,635 |
7,486 |
|
|
Trésorerie et équivalents de trésorerie |
|||||
JetCard cash is cash received from customers participating in the JetCard programme in advance of bookings being made. It is managed through segregated bank accounts set aside for these purposes and is not used for Air Partner's working capital needs.
The above consolidated and company statement of cash flows should be read in conjunction with the accompanying notes.
Notes to the condensed financial statements
for the year ended 31 January 2019
1 General information
Air Partner plc (the Company) is a public listed company which is listed on the London Stock Exchange and incorporated and domiciled in the UK under registration number 00980675. The address of the registered office is 2 City Place, Beehive Ring Road, Gatwick, West Sussex RH6 0PA. The nature of the Group's operations and its principal activities are set out in the 2019 Annual Report.
The condensed financial information set out herein does not constitute the Group's statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 January 2018 have been delivered to the Registrar of Companies and those for the 2019 year end will be delivered following the Group's Annual General Meeting to be held on 26 June 2019.
The external auditors have reported on the 2019 accounts and their report is qualified and contained statements under section 498 (2) and (3) of the Companies Act 2006. Their report is qualified following the predecessor auditors' qualification in respect of an accounting issue which arose in accounting periods dating back at least as far as the year ended 31 July 2011, further details of which can be found in the 2018 Annual Report. The qualification for the current year is solely in respect of the possible effect of this matter on the comparability of the current period's figures in the consolidated income statement, consolidated and company statement of changes in equity, consolidated and company statements of financial position, consolidated and company statements of cash flows and the corresponding figures.
2 Accounting policies
a) Basis of preparation of financial statements and accounting restatement
The accounting policies adopted are consistent with those of the previous financial year, except as described in the following sections.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and interpretations issued by IFRS Interpretation Committee (IFRIC) adopted for use in the European Union in accordance with EU law (IAS Regulation EC1606/2002) and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The Company has been able to prepare its 31 January 2019 statement of financial position fully in accordance with applicable accounting standards.
The financial statements have been prepared on a historical cost basis, except for the revaluation of certain financial instruments which are stated at fair value, and are presented in Sterling, being the currency of the primary economic environment in which the Group operates. Unless otherwise stated, figures are rounded to the nearest thousand.
As a result of the accounting issue explained in the Financial Review and Audit and Risk Committee Report within the Annual Report for 2018, the Company had to estimate in which historical accounting periods the £4.4m (£4.0m net of an intended tax reclaim of £0.4m) accounting issue arose between years ended 31 July 2011 and 31 January 2018 as accurate prior period accounting records could not be recreated. Of the £4.4m identified, £0.9m is a known issue relating to the year ended 31 July 2011.
The Directors spread the accounting error of £4.4m as being £0.4m in the year ended 31 January 2018, £0.4m in the year ended 31 January 2017 and £3.6m in the years ended 31 July 2011 to 31 January 2016.
A straight-line approach was used as this was deemed the most appropriate way to account for the issue.
The £0.4m tax reclaim has since been agreed with the tax authorities and has therefore been included in the corporation tax calculations for the current year as shown in note 5.
Adoption of new and revised standards
The following new and revised standards and interpretations have been adopted in the current year.
IFRS 9
The Company has adopted IFRS 9 Financial Instruments on a fully retrospective basis. IFRS 9 Financial Instruments sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement.
IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities and the adoption of IFRS 9 has not had a material effect on the Group's accounting policies related to financial instruments.
IFRS 9 eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale. Under IFRS 9, on initial recognition, a financial asset is classified as:
• amortised cost;
• fair value through other comprehensive income (FVTOCI) – debt investment;
• FVTOCI – equity investment; o
• fair value through profit or loss (FVTPL).
The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.
Financial assets are subject to new rules regarding provisions for impairment; however, as the Group has minimal financial assets (other than trade receivables) and a history of minimal impairments against these assets, the impact on transition is not material.
The Group has elected to measure loss allowances for trade receivables at an amount equal to lifetime extended credit losses.
Please see note 14 for the impact which IFRS 9 has had on trade and other receivables on its adoption. IFRS 9 has had no impact on cash and cash equivalents and as the Company has no hedging arrangements there is no impact in these respects arising on adoption of the standard.
IFRS 15
In the current year, the Group has applied IFRS 15 Revenue from Contracts with Customers. IFRS 15 introduces a five-step approach to revenue recognition and replaces IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. Far more prescriptive guidance has been added in IFRS 15 to deal with specific scenarios.
The effect of initially applying IFRS 15 has been an equal reduction in both trade receivables and deferred income in respect of contracts where a customer has been invoiced by Air Partner in advance but the service was not delivered and payment was not received by the statement of financial position date. The statements of financial position at 31 January 2019 and 31 January 2018 include this adjustment. The timing of revenue recognition has not been affected by IFRS 15, under which revenue is recognised when a customer obtains control of goods or services in line with identifiable performance obligations, and therefore there has been no effect upon the opening reserves at 31 January 2018 nor on the results for the year to 31 January 2019.
The Group has adopted this standard using the fully retrospective effect method and so has recognised the cumulative effect of applying the new standard at the beginning of this period with a restatement of comparative periods. IFRS 15 uses the terms 'contract asset' and 'contract liability' to describe what might more commonly be known as 'accrued income' and 'deferred income'; however, the standard does not prohibit an entity from using alternative descriptions in the statement of financial position. The Group has not adopted the terminology used in IFRS 15 to describe such balances.
Apart from as described above, the application of IFRS 15 has not had a significant impact on the financial position of the Group.
The Group recognises broking revenues at the point of flight departure, including those of the JetCard programme, as this is considered to be the point at which contract performance obligations have been satisfied. The key judgement in relation to revenue recognition is the judgement of whether the Group is acting as principal or agent in transactions with customers. In making its judgement, management considers the detailed terms of sales transactions with customers in order to determine whether the Group is performing as the principal obligor. This assessment determines how revenue is recognised as either principal or agent in accordance with the criteria set out IFRS 15 and the Group has therefore re-reviewed this assessment. As a result of this review Air Partner is now considered to be principal in certain additional types of customer contracts rather than agent, as was the case before, and therefore the revenue for the previous year has been restated. This change has had no impact on gross profit.
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, less VAT and other sales-related taxes.
A third balance sheet at 31 January 2017 is not required as there would be no changes to net assets if a prior year restatement were to be made.
New standards, amendments and interpretations in issue but not yet effective
The IASB and IFRS Interpretations Committee have issued the following standards and interpretations with an effective date of implementation for accounting periods beginning after the date on which the Group's financial statements for the current year commenced.
|
Effective after 31 January 2019 |
Effective for accounting periods beginning on or after |
|
|
New standards |
||
|
IFRS 16 Leases |
1 January 2019 |
Oui |
|
IFRS 17 Insurance Contracts |
||
|
Effective for accounting periods beginning on or after |
||
|
Amendments |
||
|
IFRS 9 Financial Instruments |
1 January 2019 |
Oui |
|
IAS 28 Investments in Associates |
1 January 2019 |
Oui |
|
IFRIC 23 Uncertainty over Income Tax |
1 January 2019 |
Oui |
|
IAS 19 Employee Benefits |
1 January 2019 |
Oui |
|
IFRS 3 Business Combinations |
1 January 2019 |
Non |
|
IFRS 11 Joint Arrangements |
1 January 2019 |
Oui |
|
IAS 12 Income Taxes |
1 January 2019 |
Oui |
|
IAS 23 Borrowing Costs |
1 January 2019 |
Oui |
|
IAS 1 Presentation of Financial Statements |
1 January 2020 |
Non |
|
IAS 8 Accounting Policies |
1 January 2020 |
Non |
|
References to the Conceptual Framework in IFRS Standards |
IFRS 16 will be implemented by the Group from 1 February 2019. The Standard will replace IAS 17 'Leases' and will require lease liabilities and 'right of use' assets to be recognised on the statement of financial position for almost all leases. The potential impact of IFRS 16 for the Group has been assessed as immaterial.
IFRS 17 is not applicable to the Group, as it does not issue insurance or investment contracts.
• IFRS 16 Leases – effective for periods beginning on or after 1 January 2019
IFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. IFRS 16 will supersede the current lease guidance including IAS 17 Leases and the related interpretations when it becomes effective for accounting periods beginning on or after 1 January 2019. The group will adopt IFRS 16 for the year ending 31 January 2020. No decision has been made about whether to use any of the transitional options in IFRS 16.
Its principal effect will be to gross up the Group's statement of financial position to recognised additional right of use assets within property, plant and equipment and additional lease liabilities in respect of leases that are currently treated as operating leases. The associated operating lease charge that is currently recorded within operating costs will be removed and replaced with a depreciation charge and an interest charge in respect of the additional lease creditors recognised.
The Group will not apply the standard to short-term leases (being those with an initial term of 12 months or less) nor leases of low-value items (defined as leases of assets with an initial cost of less than US$5,000 (approximately £4,000) as required by the standard.
Adopting IFRS 16 requires the Group to exercise judgement. In particular:
• IFRS 16 requires the Group to take into account periods covered by options to extend or terminate leases to the extent that it is reasonably certain that the leases will continue for those terms. In assessing what is reasonably certain, the Group considers past practice, its future needs and the lease terms.
• IFRS 16 requires the Group to estimate incremental rates of borrowing in respect of leases for which no interest rate is implicit in the lease. The Group has determined the incremental rates of borrowing for individual leases based on its average cost of borrowing.
Based on the Group's provisional estimates it anticipates that it will recognise additional right of use assets of approximately £2.7m at 31 January 2019 and additional lease creditors of approximately £2.8m with a reduction in retained earnings of £0.1m. Of the right of use assets that will be recognised at 31 January 2019 approximately £1.4m relates to properties and approximately £1.3m to fixtures and equipment and motor vehicles. This reduction in retained earnings compared to the pre-IFRS 16 position is a timing difference which will reverse over the next years as these leases expire. The overall impact of this reversal in the income statement in each year will be immaterial.
There are no standards and interpretations in issue but not yet adopted which, in the opinion of the Directors, will have a material effect on the reported income or net assets of the Group or Company.
b) Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control.
The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
c) Going concern
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the 2019 Annual Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the 2019 Annual Report.
The Group has sufficient cash resources supported by a moderate level of debt. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
d) Foreign currency
i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the time of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency of the entity at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
ii) Financial statements of foreign operations
The assets and liabilities of foreign operations are translated at exchange rates prevailing at the reporting date. Income and expenses are translated at the average rate for the period. Exchange differences arising are classified as equity and transferred to the Group's translation reserve.
e) Goodwill
Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest (if any) in the entity over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed.
Goodwill denominated in currencies other than Sterling is revalued at the rate of exchange ruling at the statement of financial position date.
If, after reassessment, the Group's interest in the fair value of the acquiree's identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
f) Intangible assets
Internally generated assets
Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met:
• an asset is created that can be identified;
• it is probable that the asset created will generate future economic benefits; et
• the development cost of the asset can be measured reliably.
Amortisation is charged to the income statement so as to write off the cost of assets less their residual values over their estimated useful lives. The carrying value of intangible assets with a finite life is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Other intangible assets
Intangible assets arising on acquisition are stated at fair value less accumulated amortisation and any impairment losses. Amortisation of the carrying value of intangible assets arising on acquisition is charged to the income statement over the estimated useful life, which is as follows:
Brands 10%-50% per annum on a straight-line basis
Mandates/order book 100% per annum
Customer relationships 5%-33.3% per annum on a straight-line basis
Training materials 10% per annum on a straight-line basis
Software 20%-33.3% per annum on a straight-line basis
The carrying value of intangible assets with a finite life is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Similarly, the remaining useful life of intangible assets are reviewed and if any of those needs to be shortened due to events or changes in circumstances then the amortisation charge is correspondingly increased to reflect the shorter life.
g) Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.
Depreciation is charged to the income statement so as to write off the cost of assets less their residual values over their estimated useful lives, as follows:
Short leasehold property over the life of the lease on a straight-line basis
Leasehold improvements over the life of the lease on a straight-line basis
Fixtures and equipment 10%-33% per annum on a straight-line basis
Motor vehicles 25% reducing balance and 20% per annum on a straight-line basis
h) Impairment of tangible and intangible assets excluding goodwill
At each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
i) Financial instruments
Financial assets
The Group classifies its financial assets in the following categories: at fair value through profit or loss, or at amortised cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.
Purchases and sales of financial assets are recognised on the trade date – the date on which the Group commits to purchase or sell the asset. Financial assets are initially recognised at fair value plus transaction costs, except for financial assets held at fair value through profit or loss, which are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Financial assets at fair value through profit or loss
A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as fair value through profit and loss unless they are designated as hedges. Assets in this category are classified as current assets if they are expected to be settled within 12 months; otherwise, they are classified as non-current. Financial assets at fair value through profit or loss are initially recognised at fair value at the date the contract is entered into, and subsequently gains or losses arising from changes in their fair value are presented in the income statement within administrative expenses in the period in which they arise. The Group's financial assets at fair value through profit or loss comprise derivative financial instruments.
Derivative financial instruments
From time to time the Group enters into derivative financial instruments, including foreign exchange forward contracts, to manage its exposure to foreign exchange rate risk. Derivatives not designated into an effective hedge relationship are classified as a financial asset or a financial liability. The Group has not designated any derivatives as hedging items and therefore does not apply hedge accounting.
Trade and other receivables and accrued income
Trade and other receivables and accrued income are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months at the end of the reporting period. These are classified as non-current assets. Trade and other receivables and accrued income are subsequently carried at amortised cost using the effective interest method.
Trade receivables
Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.
IFRS 9 has been implemented on a fully retrospective basis and this has given rise to an expected credit loss model provision against trade receivables in addition to specific provisions made.
Other receivables
Other receivables are other amounts contractually due from third parties, for example deposits receivable for leased assets.
Accrued income
Accrued income is revenue that has been contracted and recognised in accordance with the Group's accounting policies, but not yet invoiced.
Trésorerie et équivalents de trésorerie
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value.
Financial liabilities
The Group classifies its financial liabilities in the following categories: at fair value through profit or loss and at amortised cost. The classification depends on the purpose for which the financial liabilities were acquired. Management determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised when the Group becomes a party to the contractual agreement of the instrument.
Financial liabilities at fair value through profit or loss
A financial liability is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as fair value through profit and loss unless they are designated as hedges. Liabilities in this category are classified as current liabilities if they are expected to be settled within 12 months; otherwise, they are classified as non-current. Financial liabilities at fair value through profit or loss are initially recognised at fair value at the date the contract is entered into, and subsequently gains or losses arising from changes in their fair value are presented in the income statement within administrative expenses in the period in which they arise. The Group's financial liabilities at fair value through profit or loss comprise derivative financial instruments.
Financial liabilities at amortised cost
The Group's financial liabilities at amortised cost comprise trade payables, other payables, accrued costs and borrowings. They are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method. JetCard deposits are included within financial liabilities as they are contractually repayable upon demand.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Other payables
Other payables that are financial liabilities at amortised cost are certain customer deposits which are contractually refundable to customers on demand.
Accrued costs
Accrued costs are costs that have been contracted and recognised in accordance with the Group's accounting policies, but for which invoices have not yet been received or payments made, as applicable.
Emprunts
Borrowings consist of an interest-bearing bank loan, which is recorded at book amortised cost.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Equity instruments issued by the Group
An equity instrument is a contract that evidences a residual interest in the asset of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. The Group's equity instruments comprise share capital in the statement of financial position.
j) Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value.
A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it.
k) Revenue
Revenues are derived from aircraft chartering services, aircraft remarketing services, aircraft inspection services and the provision of aviation related training and safety consulting services. In line with IFRS 15 Revenue from Contracts with Customers, where a contract has been determined as principal, the full amount of the invoice is recognised as revenue. Where Air Partner is not acting as principal, revenue is recognised on an agency basis and only gross margin is reported as revenue. Revenue is measured as the transaction price receivable for the provision of goods and services to third-party customers and is stated exclusive of value added tax and is only recognised when control has passed to the customer.
Aircraft chartering services
Amounts receivable in respect of aircraft chartering services are recognised as revenue when the economic benefits are deemed to have passed to the customer, which is generally the flight date. This applies equally whether or not the client is in the JetCard programme. In instances where the Group is acting as agent, the net amount receivable by the Group is recognised as revenue. The determination as to whether Air Partner is considered principal or agent in a contract depends on whether or not Air Partner is contractually obliged under the terms of the contract to provide the particular service.
Aircraft remarketing services
Air Partner Remarketing's (formerly Cabot Aviation) principal activity is that of an aircraft remarketing broker. Fees earned in respect of these services are recognised when legal title to the aircraft has passed to the customer.
Aircraft inspection services
Aircraft registered with the Isle of Man Aircraft Registry, which is managed by Baines Simmons Limited, require an annual inspection. Amounts receivable in respect of such inspections are recognised as revenue once the aircraft has been inspected.
Provision of aviation-related training and safety consulting services
Baines Simmons Limited, Clockwork Research Limited and SafeSkys Limited provide various aviation-related specialist training and consultancy services. Revenue is recognised by reference to the delivery of the services. Amounts in respect of unbilled services provided to clients are recognised as revenue at the statement of financial position date.
l) Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, which is responsible for resource allocation and assessing performance of the operating segments, is considered to be the Board. The nature of the operating segments is set out in note 3.
m) Share-based payments
From time to time the Group will grant options to employees to subscribe for ordinary shares in the Company. The fair value of options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date using the Monte Carlo method and spread over the period during which employees become unconditionally entitled to the options, based on management's estimate of the number of options which will ultimately vest, adjusting at each reporting date for the effect of non-market based vesting conditions.
n) Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense in the period in which the employees render service. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Group's obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.
Air Partner SAS operates a defined benefit pension scheme and the liability of the scheme is recognised in the statement of financial position at the present value of the obligation at the statement of financial position date. The obligation is calculated annually by independent actuaries and actuarial gains and losses arising from experience adjustments and changes in assumptions are recognised in full in the period in which they occur.
o) Taxation
The tax expense represents current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustments to the tax payable in respect of previous years.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the statement of financial position liability method. Deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are enacted or substantively enacted at the reporting date.
p) Leasing
Leases are classified as finance leases whenever the terms of the lease transfer all, or substantially all, of the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Rental income or expenditure from operating leases is recognised on a straight-line basis over the lease term.
q) Dividends
Final dividends on ordinary shares are recognised as a liability in the period in which the dividends are approved by the Company's shareholders. Dividends are recognised as a liability in the period in which they are approved.
r) Deferred income
Deferred income is comprised of amounts received or receivable from customers in respect of which services are yet to be provided or flights that are yet to occur.
For contracts where the Company is the principal, the full amount of deferred revenue will be recognised within revenue upon performance of services. For contracts where the Company is acting as agent, the amount of future revenue to be recognised will be purely the Company's agency commission element of these amounts.
In the charter business Air Partner generally invoices its customers in advance of the flight date. The value of these invoices is taken to deferred income and is only released to the income statement when the revenue is recognised at the time of the flight date on an invoice by invoice basis.
However IFRS 15 requires in cases where trade receivables are matched by deferred consideration, i.e. the flight has not yet taken place, that neither of those amounts is recognised in the statements of financial position. Therefore deferred income under IFRS 15 relates only to contracts where Air Partner has raised an invoice(s) to the customer and been paid for the same by the date of the statement of financial position.
Please refer to note 2a for further information of the impact of IFRS 15 upon deferred income and trade receivables.
s) JetCard programme
The JetCard programme is one where the customer purchases a JetCard in advance for their future flight requirements. The JetCard balance changes over time as the customer uses that balance for flights or replenishes it. The Company manages its JetCard cash balances through segregated bank accounts and it only uses this cash to satisfy JetCard orders not for its own working capital purposes, and for this reason JetCard cash is separately disclosed in the statement of financial position. The JetCard cash balances are assets of the Company, are included in the financial statements and are matched by equal JetCard deposit liabilities so the impact on net assets is nil.
The timing of revenue recognition is the same for flights chartered through the JetCard programme as that for other flights.
t) Gross profit
In the charter business segments the gross profit relating to a flight is calculated as being its charter price less all the direct costs associated with its fulfilment. It does not include the cost of Air Partner staff nor overheads.
In the training and consultancy business segment, gross profit is calculated as being the price of a contract less all the direct costs associated with delivering that contract including the costs of staff and contractors directly engaged in delivering the contracted service. It does not include the cost of other general Air Partner staff nor overheads.
u) Other non GAAP measures
Gross transaction value (GTV) represents the total value invoiced to clients and is stated exclusive of value added tax.
Operating profit before exceptional and other items and profit before tax before exceptional and other items are disclosed in order to present what the Directors consider the underlying performance of the Group.
The Directors believe that the underlying profit and earnings per share measures provide additional useful information for shareholders on the underlying performance of the business. These measures are consistent with how underlying business performance is measured internally and these are referred to in the Annual Report. The underlying profit before tax measure is not a recognised profit measure under IFRS and may not be directly comparable with adjusted profit measures used by other companies. The adjustments made to reported profit before tax are to exclude the following:
• restructuring costs;
• significant and one-off impairment charges and provisions that distort underlying trading;
• costs relating to strategy changes that are not considered normal operating costs of the underlying business;
• acquisition costs;
• amortisation of intangible assets recognised on acquisition; et
• acquisition consideration classified as an employee cost under IFRS 3 Business Combinations.
v) Critical accounting judgements and sources of estimation uncertainty
The preparation of financial statements requires management to make estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances. Actual results could differ from these estimates. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if these are also affected. Management also needs to exercise judgement in applying the Group's accounting policies.
Critical judgements in applying the Group's accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in financial statements.
Revenue recognition
One of the key judgements in relation to revenue recognition is the judgement of whether the Group is acting as principal or agent in transactions with customers in its charter business. In making its judgement, management considers the detailed terms of sales transactions with customers in order to determine whether the Group is performing as the principal obligor. This assessment determines how revenue is recognised as either principal or agent in accordance with IFRS 15. Note 3 gives a comparison of gross transaction value and revenue by revenue stream.
Key sources of estimation uncertainty
There are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Impairment
The Directors consider the recoverable amount of goodwill allocated to SafeSkys Limited of £2,882,000 to be sensitive to certain key assumptions in the Company's impairment model. This model is based upon forecasts of anticipated market conditions that have been considered and approved by the Board. These forecasts are then discounted back to net present value using a weighted average cost of capital.
3 Segmental analysis
The services provided by the Group consist of chartering different types of aircraft and related aviation services.
The Group has four segments: Commercial Jets, Private Jets, Freight and Consulting & Training. Air Partner Remarketing's (formerly Cabot Aviation) results are aggregated into Commercial Jets. Overheads with the exception of corporate costs are allocated to the Group's segments in relation to operating activities.
Sales transactions between operating segments are carried out on an arm's length basis. All results, assets and liabilities reviewed by the Board (which is the chief operating decision maker) are prepared on a basis consistent with those that are reported in the financial statements.
The Board does not review assets and liabilities at segmental level, therefore these items are not disclosed. The segmental information, as provided to the Board on a monthly basis, is as follows:
|
Year ended 31 January 2019 |
Commercial |
Private |
Consultant |
D'entreprise |
||
|
Jets |
Jets |
Freight |
& Training |
les coûts |
Total |
|
|
Administrative expenses and net impairment losses on financial assets |
||||||
|
Depreciation and amortisation of non-acquired assets (included within administrative expenses) |
||||||
|
Operating profit before exceptional and other items |
4,089 |
1,451 |
1,997 |
641 |
(2,172) |
6,006 |
|
Exceptional and other items (see note 4) |
||||||
|
Segment result |
3,797 |
1,451 |
1,997 |
442 |
(4,126) |
3,561 |
|
Produit financier |
32 |
|||||
|
Profit before income tax |
3,369 |
|||||
|
Year ended 31 January 2018 (note 1) |
||||||
|
Consulting & |
||||||
|
Commercial |
Private |
Training as |
D'entreprise |
Total as |
||
|
Jets |
Jets |
Freight |
restated?1 |
les coûts |
restated?1 |
|
|
Administrative expenses and net impairment losses on financial assets |
||||||
|
Depreciation and amortisation of non-acquired assets (included within administrative expenses) |
||||||
|
Operating profit before exceptional and other items |
3,821 |
1,081 |
1,761 |
561 |
(1,334) |
5,890 |
|
Exceptional and other items (see note 4) |
||||||
|
Segment result |
3,074 |
1,081 |
1,761 |
297 |
(1,334) |
4,879 |
|
Produit financier |
11 |
|||||
|
Profit before income tax |
4,752 |
|||||
1 Gross profit for the Consulting & Training segment has been restated to include the costs of staff directly engaged in delivering the consulting and training activities. This restatement has lowered gross profit by £1,414,000 and increased administrative expenses for that segment and the total. There has also been the same effect on the UK segment below. There has been no change to operating profit. Refer to note 14.
The Company is domiciled in the UK but, due to the nature of the Group's operations, a significant amount of gross profit is derived from overseas countries. The Group reviews gross profit based upon location of the business operations used to generate that gross profit. Apart from the UK, no single country is deemed to have material non-current asset levels other than there is goodwill in relation to the French operation of £974,000 (2018: £977,000).
The Board also reviews information on a geographical basis based on parts of the world in which it has business operations. As a result the following additional information is provided showing a geographical split of the UK, Europe, the USA and the Rest of the world based upon the location of the relevant business operation which contracts the business.
|
UK as |
Rest of |
Total as |
|||
|
restated?1 |
Europe |
États Unis |
le monde |
restated?1 |
|
|
Year ended 31 January 2019 |
|||||
|
Beneficio bruto |
17,426 |
9,915 |
8,067 |
50 |
35,458 |
|
Non-current assets (excluding deferred tax assets) |
|||||
|
Year ended 31 January 2018 |
|||||
|
Gross profit (restated1) |
17,616 |
9,795 |
6,198 |
1,059 |
34,668 |
|
Non-current assets (excluding deferred tax assets) |
Europe can be further analysed as:
|
Francia |
Germany |
Italy |
Autre |
Total |
|
|
Year ended 31 January 2019 |
|||||
|
Year ended 31 January 2018 |
|||||
4 Exceptional and other items
The Group has identified a number of items which are material due to the significance of their nature and/or amount. They are listed separately here to provide a better understanding of the financial performance of the Group.
|
2019 |
2018 |
|
|
Change in Board composition1 |
(396) |
– |
|
Coûts de restructuration2 |
– |
(277) |
|
Costs relating to the accounting review and associated items3 |
(1,300) |
– |
|
Amortisation of purchased intangibles4 |
(376) |
(279) |
|
Frais d'acquisition5 |
– |
(61) |
|
Non-cash acquisition costs6 |
– |
(87) |
|
Abortive acquisition costs7 |
(550) |
(307) |
|
Release of deferred consideration8 |
||
|
Tax effect of other items9 |
||
|
Exceptional and other items after taxation |
1 Changes in Board composition relate to the unforeseen costs of changing the Group's Chief Financial Officer; the hiring of an Interim Chief Financial officer; the recruitment costs for a new Chair following the untimely death of Peter Saunders and the costs of recruiting the Senior Non-executive Director. The level of Board changes and associated costs in the year were considered highly unusual.
2 Restructuring costs in 2018 related to management and finance structure changes.
3 The costs of the accounting review and associated expense relate to the accounting review as explained in the Strategic Report.
4 Relates to amortisation of purchased intangibles.
5 The acquisition costs incurred in 2018 were in respect of SafeSkys Limited.
6 The non-cash acquisition costs in the prior year comprised a share-based payment charge in respect of Cabot Aviation Services Limited.
7 In 2019, the abortive acquisition costs in the main relate to professional fees expensed in respect of potential transactions, which were abandoned due to the aforementioned accounting review. Aborted costs in 2018 related to other potential acquisitions.
8 The release of the deferred consideration is in respect of Clockwork Research Limited, where no further deferred consideration is payable.
9 A tax credit has been included in the current year in respect of substantially all of the exceptional and other items apart from those in relation to the abortive acquisition costs and the release of deferred consideration regarding Clockwork Research Limited.
5 Income tax expense
|
2019 |
2018 |
|
|
Current tax: |
||
|
UK corporation tax |
665 |
1,086 |
|
Foreign tax |
289 |
163 |
|
Current tax adjustments in respect of prior years (UK)1 |
(563) |
(60) |
|
Current tax adjustments in respect of prior years (overseas) |
||
|
431 |
1,189 |
|
|
Of which: |
||
|
Tax on underlying profit |
806 |
1,390 |
|
Tax on other items (see note 7) |
||
1 The current tax adjustment in respect of the prior years in the UK includes a £409,000 credit in respect of the accounting issue adjustments made in the prior year's financial statements which has now been agreed with the tax authorities. This amount was anticipated and referred to in note 2a in the 2018 Annual Report and Accounts.
Corporation tax in the UK was calculated at 19.0% (2018: 19.16%) of the estimated assessable profit for the year. Taxation for other jurisdictions was calculated at the rates prevailing in the respective jurisdictions.
The charge for the year can be reconciled to the profit per the consolidated income statement as follows:
|
2019 |
2018 |
|
|
Profit from continuing operations before income tax expense |
||
|
Income tax at the UK corporation tax rate of 19.0% (2018: 19.16%) |
641 |
910 |
|
Effect of changes in tax rates |
– |
89 |
|
Tax effect of items that are not recognised in determining taxable profit |
81 |
212 |
|
Tax effect of different tax rates of subsidiaries operating in other jurisdictions |
57 |
22 |
|
Current tax adjustments in respect of prior years1 |
(657) |
(7) |
|
Deferred tax not recognised |
290 |
78 |
1 The current tax adjustment in respect of the prior years in the UK includes a £409,000 credit in respect of the accounting issue adjustments made in the prior year's financial statements which has now been agreed with the tax authorities. This amount was anticipated and referred to in note 2a in the 2018 Annual Report and Accounts.
A further reduction to the UK corporation tax rate has been announced. A reduction to 17% on 1 April 2020 was substantively enacted on 16 October 2016 and the deferred tax balance was adjusted in the prior period to reflect this change.
6 Dividends
|
2019 |
2018 |
|
|
Amounts recognised as distributions to owners of the parent company |
||
|
Final dividend for the year ended 31 January 2018 of 3.8 pence per share |
1 979 |
– |
|
Final dividend the year ended 31 January 2017 of 3.6 pence per share |
– |
1,869 |
|
Interim dividend for the year ended 31 January 2019 of 1.75 pence per share |
911 |
– |
|
Interim dividend for the year ended 31 January 2018 of 1.7 pence por acción |
||
The Directors propose a final dividend for the year ended 31 January 2019 of 3.85 pence per share, subject to shareholder approval at the Annual General Meeting to be held on 26 June 2019.
The Air Partner Employee Benefit Trust, which held 146,883 ordinary shares of 1 pence each at 31 January 2019 (2018: 402,690 ordinary shares of 1 pence each) representing 0.28% (2018: 0.70%) of the Company's issued share capital, is not entitled to receive dividends. A further 181,820 ordinary shares of 1 pence each (2018: 272,731 ordinary shares of 1 pence each) are also held by the Trust in a nominee capacity for one (2018: one) beneficiary of the Trust but dividends are received in respect of those shares.
7 Earnings per share
|
2019 |
2018 |
|
|
Continuing operations |
||
|
BASIC |
5.6 |
6.9 |
1 The diluted earnings per share for the prior period has changed from 6.6p to 6.7p due to the restatement of the diluted number of shares as set out below.
|
2019 |
2018 |
|
|
Excluding exceptional and other items |
||
|
BASIC |
9.6 |
8.4 |
|
2019 |
2018 |
|
|
From continuing operations |
||
|
Ganancias |
||
|
Profit attributable to owners of the parent company |
2,885 |
3,580 |
|
Adjustment to exclude exceptional and other items1 |
||
|
Underlying earnings for the calculation of basic and diluted earnings per share |
1 The calculation of underlying earnings per share (before exceptional and other items) is included as the Directors believe it provides a better understanding of the underlying performance of the Group. Exceptional and other items are disclosed in note 4.
The calculation of the basic and diluted earnings per share is based on the following data:
|
2018 |
||
|
Weighted average number of ordinary shares |
2019 |
Le numéro |
|
Issued and fully paid |
52,217,565 |
52,217,565 |
|
Less those held by the Air Partner Employee Benefit Trust |
||
|
Number for the calculation of basic earnings per share |
||
|
Effect of dilutive potential ordinary shares: share options |
||
|
Number for the calculation of diluted earnings per share |
1 The weighted average number of ordinary shares used in the calculation for the prior period has been restated to remove the weighted average number of ordinary shares held by the Air Partner Employee Benefit Trust as they do not attract dividends.
2 The weighted average number of ordinary shares used in the calculation for the prior period has been restated to include future IFRS 2 charges along with the exercise price. This change has reduced the number of dilutive potential ordinary shares: share options from 2,076,265 to 1,742,664.
This has changed the diluted earnings per share figure calculated for last year from 6.6p to 6.7p.
8 Trade and other receivables
|
2018 as |
2018 as |
||||
|
2019 |
restated?1,2 |
2019 |
restated?1 |
||
|
Gross trade receivables |
8,893 |
9,258 |
2,616 |
2,789 |
|
|
Trade receivables |
8,195 |
8,957 |
2,615 |
2,789 |
|
|
Amounts owed by Group undertakings |
– |
– |
10,953 |
10,409 |
|
|
Social security and other taxes |
509 |
460 |
331 |
741 |
|
|
Other receivables |
651 |
349 |
– |
– |
|
|
Prepayments and accrued income |
|||||
1 IFRS 15 has been retrospectively applied, reducing Group gross trade receivables in 2018 by £10,058,000 and Company gross trade receivables in 2018 by £4,476,000.
2 IFRS 9 has been retrospectively applied, increasing the allowance for bad and doubtful debts and reducing Group gross trade receivables in 2018 by £142,000.
3 The fair value of the trade receivables acquired on the acquisition of SafeSkys Limited in 2018 has been reduced by £98,000.
Amounts owed by Group undertakings are interest-free, unsecured and repayable on demand.
Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days of becoming due.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
All trade and other receivables have been reviewed for indicators of impairment. The movement in impaired receivables in the year is shown below:
|
Groupe |
||
|
as restated?1 |
Empresa |
|
|
At 31 January 2017 |
464 |
– |
|
Charge for the year |
52 |
– |
|
Receivables written off during the year |
||
|
At 31 January 2018 |
301 |
– |
|
Charge for the year |
413 |
1 |
|
Receivables written off during the year |
||
1 IFRS9 has been retrospectively applied, increasing the allowance for bad and doubtful debts and reducing group gross trade receivables in 2018 by £142,000.
Of the amounts impaired during the period, £67,000 (2018: £60,000) was for an amount past due by less than one year with the remainder being all overdue by more than one year.
An analysis of these financial assets at the statement of financial position date for 2019 is as follows:
|
Allowance |
|||
|
for bad and |
|||
|
Gross trade |
douteux |
Trade |
|
|
comptes à recevoir |
les dettes |
Receivables |
|
|
2019 |
2019 |
2019 |
|
|
Current |
3,711 |
(63) |
3,648 |
|
Aged: |
|||
|
– By not more than three months |
4,271 |
(74) |
4,197 |
|
– By more than three months but not more than six months |
315 |
(12) |
303 |
|
– By more than six months but not more than one year |
103 |
(68) |
35 |
|
Allowance |
|||
|
for bad and |
|||
|
Gross trade |
douteux |
Trade |
|
|
comptes à recevoir |
les dettes |
Receivables |
|
|
2018 |
2018 |
2018 |
|
|
Current |
3,957 |
(61) |
3,898 |
|
Aged: |
|||
|
– By not more than three months |
3,438 |
(53) |
3,383 |
|
– By more than three months but not more than six months |
542 |
(8) |
534 |
|
– By more than six months but not more than one year |
519 |
(8) |
511 |
|
Allowance |
|||
|
for bad and |
|||
|
Gross trade |
douteux |
Trade |
|
|
comptes à recevoir |
les dettes |
Receivables |
|
|
2019 |
2019 |
2019 |
|
|
Current |
1,513 |
– |
1,513 |
|
Aged: |
|||
|
– By not more than three months |
1,083 |
(1) |
1,082 |
|
– By more than three months but not more than six months |
18 |
– |
18 |
|
– By more than six months but not more than one year |
– |
– |
– |
|
Allowance |
|||
|
for bad and |
|||
|
Gross trade |
douteux |
Trade |
|
|
comptes à recevoir |
les dettes |
Receivables |
|
|
2018 |
2018 |
2018 |
|
|
Current |
299 |
– |
299 |
|
Aged: |
|||
|
– By not more than three months |
2,087 |
– |
2,087 |
|
– By more than three months but not more than six months |
229 |
– |
229 |
|
– By more than six months but not more than one year |
6 |
– |
6 |
Prepayments and accrued income include £4,953,000 of operator prepayments (2018: £3,728,000).
9 Cash, borrowings and net cash
|
2019 |
2018 |
2019 |
2018 |
||
|
JetCard cash |
17,692 |
15,891 |
12,635 |
7,486 |
|
|
Trésorerie et équivalents de trésorerie |
|||||
|
2019 |
2018 |
2019 |
2018 |
||
|
2019 |
2018 |
2019 |
2018 |
||
|
Amount due for settlement within 12 months |
– |
– |
– |
– |
|
|
Amount due for settlement after 12 months |
|||||
|
2019 |
2018 |
2019 |
2018 |
||
|
Cash |
25,154 |
23,193 |
15,736 |
7,486 |
|
|
2019 |
2018 |
2019 |
2018 |
||
|
Net cash/(debt) excluding JetCard cash |
|||||
|
Non JetCard cash |
7,462 |
7,302 |
3,101 |
2,283 |
|
|
Net cash/(debt) excluding JetCard cash |
|||||
All borrowings are in Sterling.
The Group's borrowings consist of a bank loan of £5.5m (2018: £2.5m) from the Company bankers. The loan was taken out on 12 August 2016 and refinanced using a new revolving credit facility provided by the Group's main banker. The facility is for £7.5m, expiring in February 2021, and carries an interest rate of 2.5% above LIBOR. The loan is secured by a floating charge over the Company's assets.
10 Trade and other payables
|
2018 |
|||||
|
2019 |
as restated?1 |
2019 |
2018 |
||
|
Trade payables |
6,383 |
4,532 |
3,056 |
2,595 |
|
|
Other taxation and social security payable |
|||||
1 The fair value of the trade payables acquired on the acquisition of SafeSkys Limited in 2018 has been increased by £4,000.
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
11 Other liabilities
|
2018 as |
|||||
|
2019 |
restated?1 |
2019 |
2018 |
||
|
Accruals |
2,704 |
4,437 |
1,658 |
2,173 |
|
|
Autres passifs |
1,032 |
488 |
80 |
62 |
|
|
Amounts owed to Group undertakings |
|||||
1 The fair value of the other liabilities acquired on the acquisition of SafeSkys Limited in 2018 has been increased by £170,000.
Amounts owed to Group undertakings are interest-free, unsecured and repayable on demand.
The Directors consider that the carrying amount of other liabilities approximates to their fair value.
12 Prior year acquisition of subsidiaries
On 1 September 2017, Air Partner plc acquired 100% of the issued share capital of SafeSkys Limited, obtaining control of the company on that date. SafeSkys Limited is a leading supplier of turnkey ATC services and wildlife management services. The acquisition of SafeSkys Limited adds specialist consulting expertise and knowledge to the Group.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed have been modified since the provisional amounts included in the 2018 financial statements. In particular, the provisions of £710,000 relate to two onerous contracts identified in the SafeSkys business as part of the fair value exercise on acquisition. As a result, management is in discussions with the previous owner in relation to a warranty claim under the sale and purchase agreement. The revised amounts together with the original provisional amounts are as follows:
|
Revisado |
Provisional |
|
|
des montants |
Amounts |
|
|
Fair value of net assets acquired |
||
|
Financial assets |
534 |
632 |
|
Property, plant and equipment |
87 |
90 |
|
Intangible assets – customer relationships |
622 |
487 |
|
Intangible assets – SafeSkys trade name |
14 |
14 |
|
Deferred tax liability on intangible assets |
(140) |
(113) |
|
Financial liabilities |
(289) |
(115) |
|
Provisions |
(710) |
– |
|
Total net assets acquired |
||
|
Satisfied by |
||
|
Cash |
2,200 |
2,200 |
|
Net cash outflow arising on acquisition |
||
|
Cash consideration |
2,200 |
2,200 |
|
Less cash and cash equivalents acquired |
||
The balance sheet at 31 January 2018 shown as a comparative in this report has been restated for these changes.
Deferred consideration of £400,000 was due for payment in September 2018. Due to a warranty claim, as permitted in the sale and purchase agreement, management has offset this liability with the associated claim and not paid the due amount. At the statement of financial position date this matter had not been resolved so the maximum amount payable £800,000 is still recognised in the accounts adopting a prudent approach.
No goodwill is deductible for tax purposes.
The goodwill of £2,882,000 arising from the acquisition is attributable to the value of the assembled workforce and the ability of the senior staff to generate future business.
Acquisition-related costs (included in other items in the previous year) amounted to £61,000.
13 Net cash inflow from operating activities
|
2018 as |
|||||
|
2019 |
restated?1 |
2019 |
2018 |
||
|
Profit for the year |
|||||
|
Continuing operations |
2,885 |
3,580 |
5 100 |
3 389 |
|
|
Adjustments for: |
|||||
|
Produit financier |
(32) |
(11) |
– |
(4) |
|
|
Charge financière |
224 |
138 |
224 |
139 |
|
|
Impôt sur la rente |
484 |
1,172 |
293 |
888 |
|
|
Depreciation, amortisation and loss on disposal |
1 275 |
854 |
669 |
459 |
|
|
Fair value movement on derivative financial instruments |
(4) |
3 |
(6) |
5 |
|
|
Share option cost for period |
252 |
341 |
255 |
341 |
|
|
(Decrease)/increase in provisions |
(100) |
120 |
277 |
120 |
|
|
Foreign exchange differences |
|||||
|
Operating cash flows before movements in working capital |
4,990 |
6,166 |
6,822 |
5,394 |
|
|
Change in receivables |
(2,958) |
(987) |
172 |
(8,432) |
|
|
Cash generated from/(used in) operations |
1 Depreciation and amortisation in 2018 have been reduced by £275,000.
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
Groupe
|
Un |
Un |
|||
|
1 February |
Cash flow |
Exterior |
31 January |
|
|
2018 |
mouvements |
échanger |
2019 |
|
|
Cash |
23,193 |
1,532 |
429 |
25,154 |
|
Un |
Un |
|||
|
1 February |
Cash flow |
Exterior |
31 January |
|
|
2017 |
mouvements |
échanger |
2018 |
|
|
Cash |
19,795 |
3,928 |
(530) |
23,193 |
Empresa
|
Un |
Un |
|||
|
1 February |
Cash flow |
Exterior |
31 January |
|
|
2018 |
mouvements |
échanger |
2019 |
|
|
Cash |
7,486 |
8,260 |
(10) |
15,736 |
|
Un |
Un |
|||
|
1 February |
Cash flow |
Exterior |
31 January |
|
|
2017 |
mouvements |
échanger |
2018 |
|
|
Cash |
14,202 |
(6,659) |
(57) |
7,486 |
14 Restatement of 2018 financial statements
The consolidated income statement has been restated as shown in this table:
|
Restated |
Restated |
Year ended |
|||||
|
As per 2018 |
Restated |
revenue as a |
comme un |
31 January |
|||
|
financier |
entrenar y |
résultat de |
résultat de |
2018 |
|||
|
déclarations |
consultant |
Restated |
IFRS 15 |
IFRS 9 |
as restated |
||
|
Gross transaction value (GTV) |
|||||||
|
Beneficio bruto |
3 |
36,082 |
(1,414) |
– |
– |
34,668 |
|
|
Administrative expenses before exceptional and other items and net impairment on financial assets |
|||||||
|
Exceptional and other items and net impairment on financial assets |
|||||||
|
Total administrative expenses |
(31,203) |
1,414 |
– |
– |
– |
(29,737) |
|
|
Net impairment losses on financial assets |
– |
– |
– |
– |
(52) |
(52) |
|
|
Operating profit |
4,879 |
– |
– |
4,879 |
|||
|
Operating profit before exceptional and other items |
5,890 |
– |
– |
– |
– |
5,890 |
|
|
Produit financier |
11 |
– |
– |
– |
– |
11 |
|
|
Profit before tax |
4,752 |
– |
– |
– |
– |
4,752 |
|
|
Profit before tax before exceptional and other items |
|||||||
1 Gross profit has been restated to include the costs of staff directly engaged in delivering the training and consulting activities. This restatement has lowered both gross profit and administrative expenses before exceptional and other items by £1,414,000. There has been no change to operating profit.
2 The revenue has been restated by a £11,019,000 increase. There has been no change to gross profit. This restatement is due to:
i) a £9,107,000 increase in respect of charter customer contracts due to a misstatement last year. This arose because certain contracts which should have been considered principal were incorrectly classified as agent.
ii) a £1,912,000 increase in respect of the training and consulting business segment where certain direct costs were mistakenly not grossed up for in calculating the revenue.
3 As set out in note 2a, a review of customer contracts has taken place following the introduction of the new accounting standard IFRS 15 Revenue from Contracts with Customers. As a result of this review Air Partner is now considered to be principal in certain additional types of customer contracts rather than agent, as was the case before, and therefore the revenue for the previous year has been restated for this increase.
Consolidated statement of financial position as at 31 January 2018
The consolidated statement of financial position has been restated as shown in this table:
|
Deferred |
||||||||
|
SafeSkys |
Société |
consideration/ |
||||||
|
Original |
valor razonable |
taxe |
Reserves |
provision |
Restated |
|||
|
Marchandises |
||||||||
|
Non-current assets |
||||||||
|
Goodwill |
5,876 |
877 |
– |
– |
– |
– |
– |
6,753 |
|
Other intangible assets |
5 202 |
135 |
– |
– |
– |
– |
– |
5 337 |
|
Property, plant and equipment |
1,191 |
(3) |
– |
– |
– |
– |
– |
1,188 |
|
Current assets |
||||||||
|
Trade and other receivables |
26,612 |
(98) |
– |
– |
– |
(10,058) |
(142) |
16,314 |
|
Current tax assets |
683 |
– |
– |
– |
– |
– |
– |
683 |
|
Total cash and cash equivalents |
23,193 |
– |
– |
– |
– |
– |
– |
23,193 |
|
Current liabilities |
– |
– |
– |
– |
– |
– |
– |
– |
|
Trade and other payables |
(7,269) |
(4) |
556 |
– |
– |
– |
– |
(6,717) |
|
Current tax liabilities |
(972) |
– |
(556) |
– |
– |
– |
– |
(1,528) |
|
Autres passifs |
(4,755) |
(170) |
– |
– |
– |
– |
– |
(4,925) |
|
Deferred income |
(34,351) |
– |
– |
– |
– |
10,058 |
– |
(24,293) |
|
Provisions |
– |
(409) |
– |
– |
– |
– |
– |
(409) |
|
Derivative financial instruments |
||||||||
|
Total du passif à court terme |
||||||||
|
Non-current liabilities |
||||||||
|
Emprunts |
(2,500) |
– |
– |
– |
– |
– |
– |
(2,500) |
|
Deferred consideration |
(977) |
– |
– |
– |
177 |
– |
– |
(800) |
|
Provisions |
(120) |
(301) |
– |
– |
(177) |
– |
– |
(598) |
|
Total non-current liabilities |
||||||||
|
Équité |
||||||||
|
Share capital |
522 |
– |
– |
– |
– |
– |
– |
522 |
|
Share premium account |
4,696 |
– |
– |
118 |
– |
– |
– |
4,814 |
|
Merger reserve |
413 |
– |
– |
(118) |
– |
– |
– |
295 |
|
Own shares reserve |
(818) |
– |
– |
70 |
– |
– |
– |
(748) |
|
Translation reserve |
1,038 |
– |
– |
– |
– |
– |
– |
1,038 |
The consolidated statement of financial position at 31 January 2018 has been restated for:
1 The finalisation of the fair value of net assets acquired in relation to SafeSkys Limited which was acquired in September 2017.
2 A balance sheet misclassification which was made at 31 January 2018, when £556,000 of current tax liability was included in trade and other payables in error.
3 Misstatements which were made in respect to the share premium account, merger reserve, own share reserves and retained earnings.
4 The earn-out amount provided in respect of the Clockwork acquisition was included in deferred consideration but should have been included in provisions as it was earnings dependent.
5 The adoption of IFRS 15 which has reduced both trade and other receivable and deferred income amounts by £10,058,000. The equivalent reductions made in the consolidated statement of financial position at 31 January 2019 were £16,293,000.
6 The adoption of IFRS 9 which has reduced trade and other receivables by £142,000, reduced the deferred tax liability by £27,000 and retained earnings by £115,000.
Company statement of financial position as at 31 January 2018
The Company statement of financial position has been restated as shown in this table:
|
Deferred |
|||||
|
consideration/ |
|||||
|
Reserves |
provision |
Restated |
|||
|
Marchandises |
|||||
|
Non-current assets |
|||||
|
Intangible assets |
1 045 |
– |
– |
– |
1 045 |
|
Property, plant and equipment |
616 |
– |
– |
– |
616 |
|
Investments |
12,350 |
– |
– |
– |
12,350 |
|
Current assets |
|||||
|
Trade and other receivables |
21,785 |
– |
– |
(4,476) |
17,309 |
|
Current tax assets |
566 |
– |
– |
– |
566 |
|
Total cash and cash equivalents |
|||||
|
Current liabilities |
|||||
|
Trade and other payables |
(3,540) |
– |
– |
– |
(3,540) |
|
Current tax liabilities |
(976) |
– |
– |
– |
(976) |
|
Autres passifs |
(6,228) |
– |
– |
– |
(6,228) |
|
Deferred income |
(19,914) |
– |
– |
4,476 |
(15,438) |
|
Derivative financial instruments |
|||||
|
Total du passif à court terme |
|||||
|
Non-current liabilities |
|||||
|
Emprunts |
(2,500) |
– |
– |
– |
(2,500) |
|
Deferred consideration |
(977) |
– |
177 |
– |
(800) |
|
Total non-current liabilities |
|||||
|
Équité |
|||||
|
Share capital |
522 |
– |
– |
– |
522 |
|
Share premium account |
4,696 |
118 |
– |
– |
4,814 |
|
Merger reserve |
413 |
(118) |
– |
– |
295 |
|
Own shares reserve |
(818) |
70 |
– |
– |
(748) |
The Company statement of financial position at 31 January 2018 has been restated for:
1 Misstatements which were made in respect to the share premium account, merger reserve, own share reserves and retained earnings.
2 The earn-out amount provided in respect of the Clockwork acquisition which was included in deferred consideration but should have been included in provisions as it was earnings dependent.
3 The adoption of IFRS 15 which has reduced both trade and other receivable and deferred income amounts by £4,476,000. The equivalent reductions made in the consolidated statement of financial position at 31 January 2019 were £5,713,000.