TIDMDNA
RNS Number : 2246L
Doric Nimrod Air One Limited
02 July 2014
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION
CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR
SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY
JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION IS
UNLAWFUL.
DORIC NIMROD AIR ONE LIMITED
Announcement of Asset Manager's Report
2 July 2014
Doric Nimrod Air One Limited (the "Company"), a
Guernsey-domiciled company, is pleased to present the quarterly
Fact Sheet in respect of the period from 1 April 2014 to 30 June
2014.
Doric GmbH, the Company's Asset Manager, has provided the
Company with this commentary on the Company's airplane and a copy
of their report is appended below for the benefit of
shareholders.
*****
On the invitation of the directors of the Company, the following
commentary has been provided by Doric GmbH as Asset Manager of the
Company and is provided without any warranty as to its accuracy and
without any liability incurred on the part of the Company, its
directors and officers and service providers. The commentary is not
intended to constitute, and should not be construed as, investment
advice. Potential investors in the Company should seek their own
independent financial advice and may not rely on this communication
in evaluating the merits of an investment in the Company. The
commentary is provided as a source of information for shareholders
of the Company but is not attributable to the Company.
QUARTERLY FACT SHEET
DORIC NIMROD AIR ONE LIMITED
LSE: DNA
CISE: DNA
The Company
Doric Nimrod Air One Limited ("the Company") is a Guernsey
domiciled company which listed on the Specialist Fund Market of the
London Stock Exchange and the Channel Islands Stock Exchange on 13
December 2010. The Company has purchased one Airbus A380-861
aircraft, manufacturer's serial number (MSN) 016, which it has
leased for an initial term of 12 years, with fixed lease rentals
for the duration, to Emirates Airline ("Emirates"), the national
carrier owned by the Investment Corporation of Dubai, based in
Dubai, United Arab Emirates.
Investment Strategy
The Company's investment objective is to obtain income returns
and a capital return for its shareholders by acquiring, leasing and
then selling a single aircraft. The Company receives income from
the lease and its directors are targeting a gross distribution to
the shareholders of 2.25 pence per share per quarter (9p per
annum). It is anticipated that income distributions will continue
to be made quarterly.
Company Facts (30 June 2014)
Listing LSE and CISE
------------------------------- ------------------------------------
Ticker DNA
------------------------------- ------------------------------------
Share Price 116.0p
------------------------------- ------------------------------------
Market Capitalisation GBP 49.2 million
------------------------------- ------------------------------------
Aircraft Registration A6-EDC
Number
------------------------------- ------------------------------------
Current/Future Anticipated 2.25p per quarter (9p per annum)
Dividend
------------------------------- ------------------------------------
Dividend Payment Dates April, July, October, January
------------------------------- ------------------------------------
Currency GBP
------------------------------- ------------------------------------
Launch Date/Price 13 December 2010 / 100p
------------------------------- ------------------------------------
Incorporation Guernsey
------------------------------- ------------------------------------
Asset Manager Doric GmbH
------------------------------- ------------------------------------
Corp & Shareholder Advisor Nimrod Capital LLP
------------------------------- ------------------------------------
Administrator JTC Fund Managers (Guernsey) Ltd
------------------------------- ------------------------------------
Auditor Deloitte LLP
------------------------------- ------------------------------------
Market Makers Jefferies International Ltd/
Numis Securities Ltd/
Shore Capital Ltd/
Winterflood Securities Ltd/
------------------------------- ------------------------------------
SEDOL, ISIN B4MF389, GG00B4MF3899
------------------------------- ------------------------------------
Year End 31 March
------------------------------- ------------------------------------
Stocks & Shares ISA Eligible
------------------------------- ------------------------------------
Website www.dnairone.com
------------------------------- ------------------------------------
Asset Manager's Comment
1. The Doric Nimrod Air One Airbus A380
The Airbus A380 is registered in the United Arab Emirates under
the registration mark A6-EDC. For the period from original delivery
of the aircraft to Emirates in November 2008 until the end of May
2014, a total of 2,907 flight cycles were registered. Total flight
hours were 24,309. This equates to an average flight duration of
approximately eight hours and 20 minutes.
The A380 owned by the Company visited Jeddah, Munich, Hong Kong,
Sydney and Toronto during the second quarter of 2014.
Maintenance Status
Emirates maintains its A380 aircraft fleet based on a
maintenance programme according to which minor maintenance checks
are performed every 1,500 flight hours, and more significant
maintenance checks (C checks) at the earlier of 24 months or 12,000
flight hour intervals. The second C check of the aircraft took
place in the Emirates engineering facility at Dubai International
Airport in November 2012. The next heavy maintenance check will be
the 6-year check (which will include the third C check) and is due
for November 2014.
Emirates bears all costs (including maintenance, repair and
insurance) relating to the aircraft during the lifetime of the
lease.
Inspections
The asset manager Doric inspected the aircraft during the
above-mentioned C check in November 2012. The aircraft's physical
condition was good and consistent with its age. After four years in
service at that time, the passenger cabin has undergone some
significant refurbishment works, including replacement of soft
furnishings and floor coverings. A technical records audit has been
carried out in the second half of June. Results were not yet
available at the editorial deadline.
Hairline Cracks
In late 2011, hairline cracks were detected in a small number of
L-shaped metal brackets (known as wing rib feet) within the wing
structure of some A380s. The aircraft remain fully airworthy and
the hairline cracks pose no risk to flight safety as affirmed by
the European Aviation Safety Agency (EASA) and Airbus.
As previously reported, EASA released its latest Airworthiness
Directive in May 2013, outlining which modifications need to be
made and the respective compliance terms. The wing rib feet
modification programme for Emirates' aircraft is essentially
managed by Airbus. All modification activities will be covered by
the applicable manufacturer's warranties. Emirates decided to
embody all modifications in one step. The downtime required to
incorporate the permanent fix has in some cases been reduced from
the originally planned eight weeks down to 51 days. The Company has
been notified by Airbus that the implementation of the final fix
for MSN 016 has been completed on 28 March 2014. The modification
work was conducted by Sabena Technics (in Bordeaux, France).
Recurring inspections are no longer necessary.
2. Market Overview
From January to April 2014 passenger demand, measured in revenue
passenger kilometers (RPKs), expanded by 6.0% compared to the same
period the year before. After a strong start to the new year,
passenger demand softened for two consecutive months and picked-up
again in April, with an increase of 7.5% compared to the
corresponding month of the previous year. To some extent the April
results were positively biased by the timing of Easter. Between
January and April 2014 airlines increased their capacities,
measured in available seat kilometers (ASKs), by 5.8%. Overall the
growth rate of RPKs exceeded the ASK increase compared to the
period the year before.
The average passenger load factor during the first four months
of this year was 78.7%. This is an increase of 0.4%-points compared
to the same period the year before. From a historic perspective
passenger load factors remain stable on a high level. In 2014
worldwide passenger load factors could exceed 80% for the first
time in the industry's history. According to the latest traffic
forecast released by the International Air Transport Association
(IATA) in June 2014, RPKs are expected to grow by 5.9% in 2014 and
6.7% in 2015.
A regional breakdown reveals that the Middle East airlines were
once more the best-performing in terms of RPK growth with an
increase of 14.2% during the first four months of this year
compared to the same period the year before. Second best was Latin
America with 7.7%. The Asia/Pacific region grew by 6.9%. Africa
slipped into stagnation with zero growth. However, with a market
share of only 2.3% the effect on overall figures is very limited.
With 30.1% of the worldwide air passenger traffic in April 2014,
Asia/Pacific holds the highest market share followed by Europe
(27.2%) and North America (25.5%), though due to the significant
outperformance of the Middle East, market shares are shifting.
IATA released its latest industry outlook in June 2014 according
to which global industry profits are expected to reach USD 18.0
billion in 2014. Jet fuel remains the largest single cost item
representing roughly 30% of total operating costs, but airlines all
over the world have intensified their efforts to improve fuel
efficiency including fleet replacement with new aircraft and better
operations. According to IATA airspace and airport inefficiencies
waste around 5% of fuel burn each year. Eliminating these
inefficiencies could reduce the industry fuel bills by more than
USD 10 billion a year and save more than 36 million tonnes of CO(2)
emissions.
Source: IATA
3. Lessee - Emirates Key Financials and Outlook
Emirates has announced its 26(th) consecutive year of profit and
company-wide growth for the financial year ended on 31 March 2014,
despite competitive pressure and a global economic environment that
is only slowly recovering.
Revenue reached a record high of USD 22.5 billion, up by 13%
compared to the previous financial year, and continues to be well
balanced with no region contributing more than 30%. East Asia and
Australasia remained the highest revenue contributing regions with
USD 6.5 billion, up 14.1% from 2012/2013. Gulf and Middle East (up
16.6% to USD 2.3 billion), Europe (up 16.3% to USD 6.4 billion) and
Africa (up 15.1% to USD 2.1 billion) saw the most significant
growth rates, reflecting new destinations as well as increased
frequency and capacity to these regions.
The airline posted a net profit of USD 887 million, representing
an increase of 43% over last year's results. With a share of nearly
40% fuel remains the largest operating cost category. Compared to
last financial year, the average price of jet fuel was slightly
lower relieving the carrier's bottom line. Due to the growing fleet
Emirates' fuel bill increased by 10% to reach USD 8.4 billion.
Total operating costs showed a smaller increase (+11.5%) than the
revenues (+13%) in the financial year 2013/2014 resulting in an
improved profit margin of 3.9%.
As of 31 March 2014 the balance sheet total amounted to USD 27.7
billion, an increase of 7.2% from the previous year. Total equity
increased by 10.6% to USD 6.9 billion with an equity ratio of
25.1%. The current ratio was 0.84; therefore the airline would be
able to meet most of its current liabilities by liquidating all of
its current assets. Significant items on the liabilities side of
the balance sheet included finance leases in the amount of USD 8.6
billion and revenues received in advance from passenger and freight
sales (USD 3.1 billion). As of 31 March 2014 the carrier's cash
balance reached USD 4.5 billion.
Between April 2013 and March 2014, as compared to the prior
financial year, the airline's ASKs increased by 14.6%. Measured in
RPKs passenger traffic grew by 14.2%, resulting in an average
passenger load factor of 79.4%. This is slightly below the 79.7%
reached in the period before. A record 44.5 million passengers flew
with Emirates between April 2013 and March 2014 - an increase of
13.1% compared to the previous period.
During the last financial year the airline received 24 widebody
aircraft, including 16 Airbus A380s, 6 Boeing 777-300ER and 2
Boeing 777-200LRF aircraft. At the Dubai Air Show in November 2013
Emirates signed contracts with Airbus and Boeing for a combined
value of USD 99 billion (list prices) consisting of 150 Boeing 777X
and another 50 Airbus A380. According to the operator, the first 25
of the additional A380 will come into service before the first
quarter of 2018. Deliveries for the 777Xs are scheduled to start in
2020. By that year Emirates expects to have more than 250 widebody
aircraft in the air serving some 70 million passengers a year.
The airline is not only heavily investing in new aircraft, but
it is also running the world's largest paint hangar owned by an
airline. Twice the size of a football field, the facility operates
24 hours a day, seven days a week. Between January and December
2013 Emirates completed 21 "make-overs" comprising paint stripping
and repaint of complete aircraft. According to the airline, the
first A380 which entered into service in August 2008 will be due
for a repaint in 2015.
As of 31 May 2014 Emirates had 208 widebody aircraft in
operation, another 13 are parked. The temporary grounding of some
aircraft is related to the runway upgrading works at Dubai
International Airport. Started on 1 May 2014 Emirates is reducing
flights to 41 destinations for an 80 day period. At the same time
engineering maintenance and onboard enhancements with the parked
fleet is scheduled. It is expected, that the carrier's revenues
will be impacted by approx. USD 270 million.
The number of Emirates orders yet to be delivered at the end of
May was 222 aircraft. The airline operates the world's largest
fleets of Airbus A380 and Boeing 777-300ER aircraft. During the
financial year 2013/2014 Emirates raised USD 3.3 billion in new
funding mainly to secure its on-going fleet expansion. The carrier
made use of a variety of financing structures to meet its
refinancing needs, including a second Enhanced Equipment Trust
Certificates (EETCs) emission through a lessor (Doric Nimrod Air
Three Ltd.).
With its increased fleet and resources, Emirates launched nine
additional destinations during the last financial year. In May 2014
Emirates operated flights to 141 destinations in 80 countries on
six continents. During the calendar year 2013 the airline's fleet
travelled more than 751 million kilometers, circling the globe over
18,000 times and carrying over 43 million passengers. As of May
2014 the airline operates nearly 3,200 flights per week.
In the current financial year the airline envisages adding at
least another five passenger routes including Abuja (Nigeria),
Brussels, Chicago, Kano (Nigeria) and Oslo.
In June 2014 Emirates announced the cancellation its order of 70
Airbus A350 which were due for delivery from 2019 onwards.
Source: Ascend, Emirates, Flightglobal
4. Aircraft - A380
As of May 2014 Emirates had a fleet of 48 A380s which currently
serve from their Dubai's hub 26 destinations worldwide: Amsterdam,
Auckland, Bangkok, Barcelona, Beijing, Brisbane, Hong Kong, Jeddah,
Kuala Lumpur, London Gatwick, London Heathrow, Los Angeles,
Manchester, Mauritius, Melbourne, Moscow, Munich, New York JFK,
Paris, Rome, Seoul, Shanghai, Singapore, Sydney, Toronto and
Zurich. During the next months, the carrier's A380 network will be
further expanded. Starting in July Kuwait and Mumbai will receive a
daily A380 service. Frankfurt (1 September), Dallas (1 October),
San Francisco (1 December), and Houston (3 December) will be added
in the course of this year.
At the end of May 2014, the global A380 fleet consisted of 132
commercially used planes in service. The current eleven operators
are Emirates (48 A380 aircraft), Singapore Airlines (19), Qantas
(12), Deutsche Lufthansa (12), Air France (9), Korean Airways (8),
China Southern Airlines (5), Malaysia Airlines (6), Thai Airways
(6), British Airways (6) and Asiana (1). The delivery of Qatar's
first Airbus A380 has been deferred for the second time by some
weeks due to ongoing cabin interior works. In June 2014 Japan-based
Skymark Airlines announced the deferral of its first delivery
originally planned for August 2014 by six months into 2015.
The order book for A380 aircraft has expanded considerably over
the last two quarters. In November 2013 Emirates announced at the
Dubai Air Show an order for another 50 A380s in addition to the 90
already ordered. In February 2014 widebody leasing company Amedeo
firmed up an order of 20 A380s with the aim of leasing these planes
on to commercial airlines. This brings the number of undelivered
orders to191 aircraft at the end of May 2014. Qantas, Air France
and Virgin Atlantic have announced various postponements from their
original delivery datesand Deutsche Lufthansa has cancelled options
to buy three aircraft following a fleet planning revision in
2013.
According to Airbus, until May 2014 the worldwide A380 fleet has
accumulated around 1.3 million flight hours. The number of
passengers flying aboard an Airbus A380 to date is 55 million.
Source: Airbus, Ascend, Emirates, Flightglobal
Contact Details
Company
Doric Nimrod Air One Limited
Frances House, Sir William Place
St Peter Port
Guernsey GY1 4EU
Tel: +44 1481 702400
www.dnairone.com
Corporate & Shareholder Advisor
Nimrod Capital LLP
3 St Helen's Place
London EC3A 6AB
Tel: +44 20 7382 4565
www.nimrodcapital.com
END OF ANNOUNCEMENT
E&OE - in transmission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRUGURAMUPCGUP
Doric Nimrod Air One (LSE:DNA)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Doric Nimrod Air One (LSE:DNA)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
