TIDMDNA
RNS Number : 4655J
Doric Nimrod Air One Limited
07 April 2015
QUARTERLY FACT SHEET
31 March 2015
DORIC NIMROD AIR ONE LIMITED
LSE: DNA
The Company
Doric Nimrod Air One Limited ("the Company") is a Guernsey
domiciled company, which was listed on the Specialist Fund Market
(SFM) 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.
The total return of a shareholder investing today at current
share price (March 31, 2015) consists of future income
distributions during the remaining lease duration and a return of
capital at dissolution of the Company. The latter payment is
subject to the future market value and the respective sales
proceeds of the aircraft, quoted in US dollars and the USD/GBP
exchange rate at that point in time. Since launch three independent
appraisers provide the Company with their future market values for
the aircraft at the end of each financial year. The latest
appraisals available are dated the end of March 2014. The table
below summarizes the total return components, calculated on
different exchange rates and using the average value of the
aircraft as provided by the three independent external appraisers.
The expected return figures are not a forecast and assume the
Company has not incurred any unexpected costs. Regarding the
following two tables, there is no guarantee that the aircraft will
be sold at such sale price or that such capital return would be
generated. It is also assumed that the lessee will honor all of its
contractual obligations during the entire anticipated lease
term.
I. Target Future Total Return Components(1)
per Share Income Distributions Return of Capital Total Return(2)
--------------------- --------------------------- ---------------------------
Prospectus Latest Prospectus Latest
Appraisal Appraisal(3) Appraisal Appraisal(3)
--------------------- ----------- -------------- ----------- --------------
Prospectus
FX Rate(4) 72p 161p 161p 233p 233p
------------- --------------------- ----------- -------------- ----------- --------------
Current FX
Rate(5) 72p 172p 172p 244p 244p
------------- --------------------- ----------- -------------- ----------- --------------
(1) See final sentences of Investment Strategy
(2) Excluding earned dividend
(3) Average of the three appraisals as at the Company's year end in
the expiry year of the lease
(4) 1.5900 USD/GBP
(5) 1.4835 USD/GBP (31 March 2015)
II. Company Facts (31 March 2015)
Listing LSE
----------------------------- ----------------------------------------
Ticker DNA
----------------------------- ----------------------------------------
Current Share Price 113.75p (closing)
----------------------------- ----------------------------------------
Market Capitalisation GBP 48.3 million
----------------------------- ----------------------------------------
Initial Debt USD 122 million
----------------------------- ----------------------------------------
Outstanding Debt Balance USD 81.3 million (67% of Initial Debt)
----------------------------- ----------------------------------------
Current/Future Anticipated 2.25p per quarter (9p per annum)
Dividend
----------------------------- ----------------------------------------
Earned Dividends 36p
----------------------------- ----------------------------------------
Current Dividend Yield 7.91%
----------------------------- ----------------------------------------
Dividend Payment Dates April, July, October, January
----------------------------- ----------------------------------------
Expected Future Total 2.15 (based on the Current Share Price)
Cash Multiple(1)
----------------------------- ----------------------------------------
Currency GBP
----------------------------- ----------------------------------------
Launch Date/Price 13 December 2010 / 100p
----------------------------- ----------------------------------------
Remaining Lease Duration 7 years 9 months
----------------------------- ----------------------------------------
Incorporation Guernsey
----------------------------- ----------------------------------------
Aircraft Registration A6-EDC (16.12.2022)
Number (Lease Expiry Date)
----------------------------- ----------------------------------------
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
----------------------------- ----------------------------------------
(1) See final sentences of Investment Strategy
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
February 2015, a total of 3,249 flight cycles were logged. Total
flight hours were 27,162. This equates to an average flight
duration of approximately eight hours and 20 minutes.
The A380 owned by the Company visited Frankfurt, Melbourne, New
York, Rome, and Sydney during the first quarter of 2015.
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 24 month or 12,000 flight hour
intervals, whichever occurs sooner. The last heavy maintenance
check, which was the 6-year check, was completed in December
2014.
Emirates bears all costs (including for maintenance, repairs and
insurance) relating to the aircraft during the lifetime of the
lease.
Inspections
During the period under review no physical inspection of the
aircraft was carried out.
2. Market Overview
During the year 2014 passenger demand, measured in revenue
passenger kilometres (RPKs), increased by 5.9% compared to the year
before. This is slightly above the 10-year average growth rate of
5.6%. The growth trend in air travel is continuing according to the
International Air Transport Association (IATA), but may lose some
momentum in the near future. A gradual easing in business
confidence is already impacting demand for international travel. On
the other hand the low oil price over the last few months should
support economic activity, one of the main drivers for passenger
demand. During 2014 airlines increased their capacities, measured
in available seat kilometres (ASKs), by 5.6%. The Middle East
(+11.5%) and Asia/Pacific (+7.5%) were by far the most active
regions in terms of capacity growth. All other regions expanded
their capacities below the overall average.
The average passenger load factor during the last calendar year
was 79.7%. This is an increase of 0.2 percentage points compared to
the year before, but did not meet IATA's previous expectation of a
load factor beyond 80% on average. Additional capacities provided
by operators in the Asia/Pacific region were not fully absorbed by
the additional demand. For 2015 IATA is forecasting a worldwide
passenger load factor of 79.6%, slightly below the estimate for
2014. The growth in capacity will be driven by an increased number
of aircraft and a higher utilization of the in-service fleet. RPKs
are expected to grow by 7.0% in 2015.
A regional breakdown reveals that the Middle East airlines
continue to outperform the overall market in 2014 by far. RPKs
increased by 12.6% compared to the year before. Second best were
Asia/Pacific based operators with 7.1%. Latin America grew by 6.4%
and 5.8% growth in Europe was slightly below the market average
across all regions. North American market participants recorded
2.7% more RPKs. Africa showed modest growth of 0.3%.
After a sharp decline in oil prices starting in the autumn of
2014, IATA has revised its fuel price target significantly,
expecting in its report released in December 2014 an average of USD
116.6 per barrel in 2014 and USD 99.9 in 2015. Fuel is the largest
single operating cost item of airlines and has significant effects
on the industry's profitability. Based on IATA's latest forecasts
released in December 2014, the average share of fuel costs in
operating expenses could decrease substantially from 30.1% in 2013
to 26.1% in 2015 boosting industry-wide net profits by more than
135% to an estimated USD 25 billion. The associated net profit
margin of 3.2% would be the highest for more than a decade.
Source: IATA
3. Lessee - Emirates Key Financials
Emirates recorded steady performance and significant growth
during the first six months of the financial year 2014/15 ending on
31 March 2015. Revenue, including other operating income, reached a
record high of USD 12.0 billion, up by 11% compared to the same
period in the previous financial year.
The airline posted a net profit of USD 514 million, representing
an increase of 8% over last half year results. According to His
Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief
Executive of Emirates Airline and Group, the bottom line was
influenced by the 80-day runway upgrading works from May to July
2014 at Dubai International Airport. Due to capacity constraints
during this time, the lessee temporarily grounded some of its
aircraft. Profitability was further challenged by a strong US
dollar against major revenue-generating currencies. Relieving
effects from lower oil prices were limited in the six month period
ending September 2014. The airline's fuel bill accounted for 38% of
operating costs compared with 39% in the same period the year
before.
As of 30 September 2014 the balance sheet total amounted to USD
29 billion, an increase of 4.8% over the beginning of the financial
year. Total equity increased by 8.7% to USD 7.5 billion with an
equity ratio of 26%. The current ratio was 0.82; 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 current and
non-current borrowings and lease liabilities in the amount of USD
12.9 billion. As of 30 September 2014 the carrier's cash balance
was USD 3.7 billion, down by USD 832 million compared with the
beginning of the current financial year. Liquidity was mainly spent
on investments in new aircraft and other airline-related
infrastructure projects.
Between April and September 2014, as compared to the first six
months in the prior financial year, the airline's ASKs increased by
6.5%. Measured in RPKs, passenger traffic grew by 9.8%, resulting
in an average passenger load factor of 81.5%. This is significantly
above the 79.2% reached in the period between April and September
2013. A record 23.3 million passengers flew with Emirates between 1
April and 30 September 2014 - an increase of 8.4% compared to the
previous financial year's period.
During the calendar year 2014 Emirates received 27 wide-body
aircraft including 13 Airbus A380s, 12 Boeing 777-300ERs and two
Boeing 777 freighters. This included the delivery of the 100(th)
Boeing 777-300ER to Emirates nearly ten years after the carrier
received its first aircraft of this type. As of 30 September 2014
the carrier's average fleet age was 76 months, compared to 74
months a year ago.
As of 28 February 2015 Emirates had 231 wide-body aircraft in
operation. According to company sources, Emirates is the world's
largest operator of wide-body passenger aircraft. The number of
Emirates' orders yet to be delivered at the end of February 2015
was 283 aircraft. The airline operates the world's largest fleets
of Airbus A380 and Boeing 777-300ER aircraft.
With its increased fleet and resources, Emirates launched eight
additional destinations during the 2014 calendar year including
Abuja, Boston, Brussels, Budapest, Chicago, Kiev, Oslo and Taipei.
In addition, the operator added frequencies to 20 existing
destinations. In 2014 the airline carried more than 45 million
passengers, operating 3,516 flights per week on average and flew
756 million kilometres in total.
In December 2014 Emirates published its fourth annual
Environmental Report presenting environmental performance data of
Emirates Group including its airline operations. During the
financial year 2013-14 total fuel efficiency for all passenger and
freighter flights improved by 0.5% on a tonne kilometre basis.
Compared to the IATA average the airline's fuel efficiency is 14.5%
better. These achievements are a result of ongoing efforts to drive
operational efficiencies and the removal of four older and hence
less fuel-efficient aircraft. On a fleet level Emirates was also
able to improve its noise performance, especially with landing
aircraft.
Source: Ascend, Emirates
4. Aircraft - A380
As of March 2015 Emirates had a fleet of 59 A380s which
currently serve 32 destinations from its Dubai hub: Amsterdam,
Auckland, Bangkok, Barcelona, Beijing, Brisbane, Dallas, Frankfurt,
Hong Kong, Houston, Jeddah, Kuala Lumpur, Kuwait, London Gatwick,
London Heathrow, Los Angeles, Manchester, Mauritius, Melbourne,
Milan, Mumbai, Munich, New York JFK, Paris, Rome, San Francisco,
Seoul, Shanghai, Singapore, Sydney, Toronto and Zurich. During 2014
Emirates launched ten new A380 destinations in total. Furthermore,
the airline has announced an increase in capacity on existing A380
routes and further A380 destinations during this calendar year:
Perth, the capital of Western Australia, will join Emirates' A380
network at the beginning of May. This will bring the number of
daily A380 services operated by the lessee and its partner Qantas
from Dubai to Australia to seven. On 1 July Emirates will add
Dusseldorf (Germany) to its A380 network, followed by Madrid
(Spain) starting a month later, which brings the number of European
cities served by the A380 to 13.
The global A380 fleet consisted of 154 commercially used planes
in service at the end of February 2015. The thirteen operators are
Emirates (58 A380 aircraft), Singapore Airlines (19), Qantas (12),
Deutsche Lufthansa (12), Air France (10), Korean Airways (10),
China Southern Airlines (5), Malaysia Airlines (6), Thai Airways
(6), British Airways (9), Asiana (2), Qatar Airways (4) and Etihad
Airways (1).
At the end of February 2015 the number of undelivered A380
orders stood at 163 aircraft. Air France announced in December 2014
its intention to cancel its two outstanding orders for A380s, which
would bring down the total of undelivered orders to 161.
According to Airbus, in the period from the aircraft's first
introduction to December 2014 the combined worldwide A380 fleet has
accumulated over 1.7 million flight hours, taking off or landing
every four minutes on average around the globe. Over 75 million
passengers have flown aboard an Airbus A380 to date. In early
December 2014 Airbus announced there were 94 routes to 44
destinations served by A380 aircraft.
Source: Airbus, Ascend, Emirates
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
Disclaimer
This document is issued by Doric Nimrod Air One Limited (the
"Company") to and for the information of its existing shareholders
and does not in any jurisdiction constitute investment advice or an
invitation to invest in the shares of the Company. The Company has
used reasonable care to ensure that the information included in
this document is accurate at the date of its issue but does not
undertake to update or revise the information, including any
information provided by the Asset Manager, or guarantee the
accuracy of such information.
To the extent permitted by law neither the Company nor the Asset
Manager nor their directors or officers shall be liable for any
loss or damage that anyone may suffer in reliance on such
information. The information in this document may be changed by the
Company at any time. Past performance cannot be relied on as a
guide to future performance. The value of an investment may go down
as well as up and some or all of the total amount invested may be
lost.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRIRMPTMBBMMPA
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
