TIDMDNA
RNS Number : 3873H
Doric Nimrod Air One Limited
14 November 2018
DORIC NIMROD AIR ONE LIMITED (the "Company")
HALF-YEARLY FINANCIAL REPORT
The Board of the Company is pleased to announce its results for
the period from 1 April 2018 to 30 September 2018.
To view the Company's half-yearly financial report please visit
the Company's website, http://www.dnairone.com.
In addition, to comply with DTR 6.3.5(1) please find below the
full text of the half-yearly financial report.
Enquiries:
For further information, please contact:
For administrative and company information:
JTC Fund Solutions (Guernsey) Limited
+44 (0) 1481 702400
For shareholder information:
Nimrod Capital LLP
Richard Bolchover
Marc Gordon
+44 (0) 20 7382 4565
E&OE - in transmission
Doric Nimrod Air One Limited
Half-yearly Financial Report
For the period from 1 April 2018 to 30 September 2018
SUMMARY INFORMATION
Listing Specialist Fund Segment of the London
Stock Exchange's Main Market
Ticker DNA
------------------------------------------------
Share Price 112.0p (as at 30 September 2018)
113.5p (as at 12 November 2018)
------------------------------------------------
Market Capitalisation GBP 47.5 million
------------------------------------------------
Current/Future Anticipated Current dividends are 2.25p per quarter
Dividend per share (9p per annum) and it is anticipated
this will continue until the aircraft
lease terminates in 2022.
------------------------------------------------
Dividend Payment Dates April, July, October, January
------------------------------------------------
Currency Sterling
------------------------------------------------
Launch Date/Price 13 December 2010 / 100p
------------------------------------------------
Incorporation and Domicile Guernsey
------------------------------------------------
Aircraft Registration Number A6-EDC (16.12.2022)
(Lease Expiry Date)
------------------------------------------------
Asset Manager Doric GmbH
------------------------------------------------
Corporate and Shareholder Nimrod Capital LLP
Advisor
------------------------------------------------
Administrator JTC Fund Solutions (Guernsey) Ltd
------------------------------------------------
Auditor Deloitte LLP
------------------------------------------------
Market Makers Canaccord Genuity Ltd,
finnCap Ltd,
Jefferies International Ltd,
Numis Securities Ltd,
Shore Capital Limited,
Winterflood Securities Ltd
------------------------------------------------
SEDOL, ISIN B4MF389, GG00B4MF3899
------------------------------------------------
Year End 31 March
------------------------------------------------
Stocks & Shares ISA Eligible
------------------------------------------------
Website www.dnairone.com
------------------------------------------------
COMPANY OVERVIEW
Doric Nimrod Air One Limited
Doric Nimrod Air One Limited (LSE Ticker: DNA) ("DNA" or the
"Company") is a Guernsey company incorporated on 8 October 2010.
Its shares were admitted to trading on the Specialist Fund Segment
("SFS") of the London Stock Exchange's Main Market ("LSE") on 13
December 2010.
The Company's total issued share capital currently consists of
42,450,000 Ordinary Preference Shares (the "Shares"). As at 12
November 2018, the latest practicable date prior to publication of
this report, the Shares are trading at 113.50 pence per Share.
Investment Objectives and Policy
The Company's investment objective is to obtain income returns
and a capital return for its shareholders (the "Shareholders") by
acquiring, leasing and then selling a single aircraft. The Company
purchased one Airbus A380-861 aircraft, manufacturers' serial
number 016 (the "Asset" or the "Aircraft") in December 2010 for
179m US dollars, which it leased (the "Lease") for twelve years to
Emirates Airline ("Emirates"), the national carrier owned by The
Investment Corporation of Dubai based in Dubai, United Arab
Emirates.
Distribution Policy
The Company aims to provide its Shareholders with an attractive
total return comprising income, from distributions through the
period of the Company's ownership of the Asset, and capital, upon
the sale of the Asset.
The Company receives income from the lease rentals paid by
Emirates pursuant to the Lease. It is anticipated that income
distributions will be made quarterly, subject to compliance with
applicable laws and regulations. The Company currently targets a
distribution of 2.25 pence per Share per quarter. Emirates bears
all costs (including maintenance, repair and insurance) relating to
the Aircraft during the lifetime of the Lease.
There is no guarantee that dividends will be paid to
Shareholders, nor is there a guarantee of the timing or amount of
any such dividend. There is also no guarantee that the Company
will, at all times, satisfy the solvency test required by section
304 of The Companies (Guernsey) Law, 2008, as amended, enabling the
Directors to effect the payment of dividends.
Performance Overview
All payments by Emirates, have to date been made in accordance
with the terms of the Lease.
During the period under review and in accordance with the
Distribution Policy the Company declared two interim dividends of
2.25 pence per Share. One interim dividend of 2.25 pence per Share
was declared after the reporting period. Further details of these
dividend payments can be found on page 25.
Return of Capital
If and when the Company is wound up (pursuant to a shareholder
resolution, including the liquidation resolution) the Company
intends to return to Shareholders the net capital proceeds upon the
eventual sale of the Asset subject to compliance with the Company's
Articles of Incorporation (the "Articles") and the applicable laws
(including any applicable requirements of the solvency test
contained therein).
Liquidation Resolution
Although the Company does not have a fixed life, the Articles
require that the Directors convene a General Meeting of the Company
six months before the end of the term of the Lease where an
ordinary resolution will be proposed that the Company proceed to an
orderly wind-up at the end of the term of the Lease and the
Directors will consider (and if necessary, propose to Shareholders)
alternatives for the future of the Company, including re-leasing
the Asset, or selling the Asset and reinvesting the capital
received from the sale of the Asset in another aircraft.
CHAIRMAN'S STATEMENT
I am pleased to present shareholders ("Shareholders") with the
Company's half-yearly financial report, covering the period from 1
April 2018 until 30 September 2018 (the "Period").
I am happy to report that during the Period the Company has
performed as anticipated and has declared and paid two quarterly
dividends of 2.25 pence per share, as expected, equivalent to 9
pence per share per annum.
The Company owns one Airbus A380 (the "Asset"), leased to
Emirates. The lease payments received by the Company from Emirates
cover repayment of the debt as well as income to pay operating
expenses and dividends to Shareholders. Emirates bears all costs
(including maintenance, repair and insurance) relating to the
aircraft during the lifetime of the lease and all payments thus far
by Emirates have been made in accordance with the terms of the
lease.
The Company's Asset Manager, Doric GmbH ("Doric"), continues to
monitor the lease and to report regularly to the Board. Nimrod
Capital LLP ("Nimrod"), the Company's Corporate and Shareholder
Adviser, continues to liaise between the Board and Shareholders,
and also communicates with Shareholders regularly regarding
relevant news flow and the Company's quarterly fact sheets.
The Airbus A380 has enjoyed significant press coverage over the
Period following the first secondary market re-lease of the model
to Hi Fly for a period of almost six years. The Board remain
cognisant of the future outlook for the A380. Doric, in its role as
the Company's Asset Manager, is in regular contact with Emirates
and is charged with remarketing the Asset ahead of the expiry of
the lease period if Emirates do not exercise their option to
purchase the aircraft. Alongside Doric's discussions with Emirates
and following discussion with the Board Nimrod will consult with
shareholders about the potential options to otherwise sell or
re-lease the Asset. All these discussions will be relayed to the
Board to inform its deliberations. The Board take some comfort from
the recent success and experience gained by Doric as a result of
executing the first re-lease on an A380 to Hi Fly. The recent news
from Dr Peters Group that they intend to part-out two of the first
A380s entered into service has also been noted, with Dr Peters
estimating proceeds from the process of around $80m per aircraft,
which would provide a profitable result for the German fund
investors. Both of these events
have given rise to increased interest in the Company's shares
and investment strategy. Shareholders should also consider the
Emirates publicly stated reliance on the A380 as well as comments
earlier this year by both Emirates President Tim Clark and Chief
Executive His Highness Sheikh Ahmed bin Saeed Al Maktoum
highlighting the vital role the aircraft performs within its
network and the success the airline has experienced operating it.
The secondary market for the A380 is not yet fully developed so it
is still too early to make predictions and uncertainty over future
residual values remain. However, some foundations have been laid
following the Hi Fly transaction and we hope to report further
progress on this in due course.Shareholders should note there is
still some four years to run until the lease term expires in
December 2022.
Finally, it is worthy of note that August 2018 marked the tenth
anniversary of Emirates' first ever A380 flight. Over the last
decade the airline has carried more than 105 million passengers on
115,000 A380 flights, clocking the equivalent to 39,000 trips
around the globe. Further details on Emirates as well as the
continued growth in air passenger traffic around the globe can be
found in the Asset Manager's Report.
In economic reality and in cash flow terms, the Company has
performed well, and as expected. However, the financial statements
do not, in the Board's view, properly convey this economic reality
due to the accounting treatments for foreign exchange, rental
income and finance costs, as required by International Financial
Reporting Standards ("IFRS").
IFRS require that transactions denominated in currencies other
than the presentation currency, (including, most importantly, the
cost of the aircraft) are translated into the presentation currency
at the exchange rate ruling at the date of the transaction whilst
monetary items (principally the outstanding borrowings) are
translated at the rate prevailing on the reporting date. The result
is that the figures sometimes show very large mismatches which are
reported as unrealised foreign exchange differences.
On an on-going basis and assuming the lease and loan payments
are made as anticipated, such exchange differences do not reflect
the commercial substance of the situation in the sense that the key
transactions denominated in US dollars are in fact closely matched.
Rental income received in US dollars is used to pay loan repayments
due which are likewise denominated in US dollars. US dollar lease
rentals and loan repayments are furthermore fixed at the outset of
the Company's life and are very similar in amount and timing.
In addition to this, lease rental income receivable is credited
evenly to the Statement of Comprehensive Income over the planned
life of the lease. Conversely, the methodology for accounting for
interest cost means that the proportion of the loan repayments
which is treated as interest, and is debited to the Statement of
Comprehensive Income, varies over the course of the loan with a
higher proportion of interest expense recognised in earlier
periods, so that the differential between rental income and
interest cost (as reported in the Statement of Comprehensive
Income) reduces. In reality however, the amount of rental income is
fixed so as to closely match the interest and principal components
of each loan repayment instalment and allow for payments of
operating costs and dividends.
The Board encourages Shareholders to read the Company's
quarterly fact sheets which we believe provide a great deal of
interesting information and we hope these regular reports, in
addition to the communication you receive from Nimrod, are useful
and informative. We welcome Shareholder engagement and feedback and
encourage you to contact Nimrod to request a meeting.
On behalf of the Board, I would like to thank our service
providers for all their help and Shareholders for their continuing
support of the Company. I look forward to keeping all Shareholders
up to date with further progress.
Charles Wilkinson
Chairman
13 November 2018
ASSET MANAGER'S REPORT
At the request of the Directors of the Company, this commentary
has been provided by the Asset Manager of the Company.
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
September 2018, a total of 5,228 flight cycles were logged. Total
flight hours were 43,369. This equates to an average flight
duration of around eight hours and 20 minutes.
The A380 owned by the Company recently visited Bangkok,
Melbourne, Milan, Munich, Sydney and Tokyo.
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 36 month or 18,000 flight hour
intervals, whichever occurs first. The increased C check interval
allows for a higher aircraft availability due to lower
downtime.
Emirates bears all costs (including for maintenance, repairs and
insurance) relating to the aircraft during the lifetime of the
lease.
2. Market Overview
Growth in passenger traffic, measured in global revenue
passenger kilometres ("RPKs"), has remained in line with the
forecast of the International Air Transport Association ("IATA").
The industry body expected the pace of RPK growth to slow slightly
during this calendar year relative to that of last year. This is
largely due to upward pressure on airline input costs, particularly
from higher fuel prices, which has translated into a reduced boost
to demand from lower airfares. Nevertheless, RPKs increased by 6.9
per cent over the first seven months of 2018 compared to the same
period in 2017, continuing the above-trend RPK growth.
Industry-wide capacity, measured in available seat kilometres
("ASK"), increased by 6.1 per cent during the first seven months of
this year, resulting in a 0.7 percentage point increase in
worldwide passenger load factors ("PLFs") to 81.9 per cent compared
to the same period last year. Between January and July 2018,
passenger load factors of Middle East based carriers remained
unchanged at 74.7 per cent.
RPK growth in the Middle East has increased by 4.7 per cent
since the beginning of the year. While the region has been
adversely impacted by a number of policy measures in recent years,
including the temporary ban on portable electronic devices and
travel restrictions for certain categories of passengers, IATA
notes that there are tentative signs of a pick-up in the upward
trend in passenger volumes, which could develop in the coming
months.
Asia/Pacific-based operators remain the top performers in
overall market demand. Through July 2018, RPKs increased by 9.7 per
cent compared to the previous period. Latin America ranked second
with 6.4 per cent followed closely by Europe with 6.3 per cent.
North America saw an increase of 5.1 per cent. Africa experienced
the slowest growth at a rate of 2.8 per cent.
In 2018, IATA forecasts that airlines' fuel bill will increase
to 188 billion US dollars representing 24.2 per cent of average
operating costs. IATA expects an average price of 84 US dollars per
barrel for jet fuel for this year, according to its mid-year report
released in June, as jet fuel prices continue to rise with oil
prices.
(c) International Air Transport Association, 2018. Air Passenger
Market Analysis July 2018 Economic Performance of the Airline
Industry, 2018 Mid-Year Report. All Rights Reserved. Available on
the IATA Economics page.
3. Lessee - Emirates Key Financials
In the 2017/18 financial year ending on 31 March 2018, Emirates
recorded its 30(th) consecutive year of profit with a net result of
AED 2.8 billion (762 million US dollars), an improvement of 124 per
cent compared to the previous financial year, leading to a profit
margin of 3.0 per cent. Despite continuing political challenges
impacting traveller demand and fare adjustments due to a highly
competitive business environment, Emirates increased its revenue to
AED 92.3 billion (25.2 billion US dollars). This was aided by the
decline of the US dollar against currencies in most of Emirates'
key markets, which had an AED 661 million (180 million US dollars)
positive impact on the airline's bottom line.
Emirates' overall passenger traffic continued to grow during the
2017/18 financial year. The airline carried a record 58.5 million
passengers (a 4 per cent increase over last financial year) and
achieved a passenger load factor of 77.5 per cent compared to last
year's 75.1 per cent. The increase in the passenger load factor was
the result of capacity management in response to political
uncertainty and strong competition in many markets despite a
moderate 2 per cent increase in seat capacity.
Total operating costs increased by 7 per cent over the previous
financial year, largely due to the 15 per cent increase in the
average price of jet fuel during the financial year. Including a 3
per cent uplift in line with capacity expansion, the airline's fuel
bill increased by 18 per cent to AED 24.7 billion (6.7 billion US
dollars) compared to the previous financial year. Fuel now accounts
for 28 per cent of operating costs, compared to 25 per cent in the
2016/17 financial year, and it remains the largest cost category
for the airline.
As of 31 March 2018, Emirates' balance sheet amounted to AED
127.6 billion (34.8 billion US dollars), an increase of 5 per cent
compared to the previous financial year. Total equity increased by
5.6 per cent to AED 37.0 billion (10.1 billion US dollars) due to
higher profit which was partially offset by dividend payments to
the owners amounting to AED 1.0 billion (272 million US dollars).
The equity ratio remained stable at nearly 29 per cent. The
airline's cash balance amounted to AED 20.4 billion (5.6 billion US
dollars) at the end of the period, up by AED 4.7 billion (1.3
billion US dollars) compared to the previous financial year.
Proceeds from the Sukuk financing of AED 2.2 billion (600 million
US dollars) issued in the last quarter of the financial year have
been invested in short term bank deposits and will be used to
finance aircraft deliveries in 2018/19.The current ratio stood at
0.84, meaning the airline would be able to meet over 80 per cent of
its current liabilities by liquidating all its current assets.
Changes on the liabilities' side of the balance sheet included the
financing of seven new aircraft and the Sukuk issue, which were
offset by repayments of finance lease liabilities, bonds and term
loans.
Maintaining its strategy to operate a young and efficient fleet,
Emirates received 17 new aircraft, comprising of eight A380s and
nine Boeing 777-300ERs. During this time, eight older aircraft were
phased out, leading to a total fleet count of 268 at the end of
March. This fleet roll-over resulted in an average fleet age of 5.7
years. Due to the more moderate fleet renewal pace compared to the
previous year, the figure increased by around 6 months. Funding has
come from the Japanese structured finance market in conjunction
with debt from a wide-ranging group of institutions in China,
France, the United Kingdom, and Japan. Emirates raised over AED 3.7
billion (1 billion US dollars) during the year from this source.
Emirates has also refinanced a commercial bridge facility (due to
non-availability of ECA cover) of AED 3.8 billion (1.0 billion US
dollars) using a finance lease structure for five A380 aircraft,
accessing an institutional investor and bank market base from
Korea, Germany, the United Kingdom, and the Middle East. In total,
Emirates raised AED 17.9 billion (4.9 billion US dollars) using a
variety of financing structures.
In the 2017/18 financial year, Emirates launched two new
passenger services (Phnom Penh in Cambodia and Zagreb in Croatia)
and added capacity on 15 existing routes. Additionally, Emirates
entered into strategic partnerships with flydubai and Cargolux,
increasing its global connectivity and expanding the choice of air
services on offer to passenger and cargo customers respectively.
Emirates also received authorisation to extend its partnership with
Qantas until 2023. Its global route network spanned 155
destinations in 83 countries by fiscal year end.
In May 2018 FlightGlobal lists several Emirates aircraft -
including seven A380s and 13 Boeing 777 - as having been
temporarily stored. Already in April the airline acknowledged that
it had been reducing frequencies to cope with a shortfall in
cockpit crews, but expects to return to an adequate supply of crew
by September. Emirates further states that its operations are going
through its seasonal low period: "We do have some aircraft units on
the ground over slower periods, which is common industry
practice."
In July 2018 Emirates and JetBlue announced the expansion of
their codeshare on flights to Mexico City with new flights from
both Boston and New York JFK. The announcement followed the close
of a years-long dispute between the Gulf carriers and the US
mainline carriers over open skies agreements. According to
FlightGlobal, Emirates markets more than 3,200 flights weekly
operated by Alaska Airlines and JetBlue under existing codeshare
agreements. Emirates also plans to extend its partnership with
Qantas-affiliated Jetstar Group through a codeshare covering
domestic services in Vietnam as well as flights from Ho Chi Minh
City to Singapore, Bangkok, and Australia.
As of 1 October 2018 Emirates will resume a daily service to
Edinburgh, the second most visited city by tourists in the United
Kingdom (UK) and the capital of Scotland. This will bring the
number of destinations serviced in the UK to eight.
Source: ch-aviation, CNN, Emirates, FlightGlobal
4. Aircraft - A380
As of mid-September 2018, Emirates operated a fleet of 105
A380s, which currently serve 47 destinations within its global
network via its hub in Dubai. A380 destinations include: Amsterdam,
Auckland, Bangkok, Barcelona, Beijing, Birmingham, Brisbane,
Casablanca, Christchurch, Copenhagen, Dusseldorf, Frankfurt,
Guangzhou, Hong Kong, Houston, Johannesburg, Kuala Lumpur, Kuwait,
London Gatwick, London Heathrow, Los Angeles, Madrid, Manchester,
Mauritius, Melbourne, Milan, Moscow, Mumbai, Munich, New York JFK,
Nice, Paris, Perth, Prague, Rome, San Francisco, Sao Paulo, Seoul,
Shanghai, Singapore, Sydney, Taipei, Tokyo Narita, Toronto, Vienna,
Washington, and Zurich. In October 2018 Emirates will add Hamburg
and Osaka to its A380 network.
As of mid-September 2018, the global A380 fleet consisted of 226
commercially operated planes in service. The fourteen operators are
Emirates (105), Singapore Airlines (19), Deutsche Lufthansa (14),
Qantas (12), British Airways (12), Korean Air Lines (10), Etihad
Airways (10), Air France (10), Qatar Airways (10), Malaysia
Airlines (6), Thai Airways (6), Asiana Airlines (6), China Southern
Airlines (5) and Hi Fly (1). Another two are listed as in storage.
In addition, two A380s are earmarked for part-out after the owners
of the aircraft voted for such a solution. The number of
undelivered A380 orders stood at 101.
Following the redelivery of its second A380 to come off lease
from Singapore Airlines, German asset manager Dr Peters Group
announced plans to sell the parts from two of its four Airbus
A380s, while continuing to lease the engines to Rolls Royce. Dr
Peters Group anticipate that during the two year process the funds
will generate proceeds of around 80m US dollars per aircraft.
However, Dr Peters Group has not ruled out the secondary market for
future A380s. It had an additional two A380s on lease to Singapore
Airlines, which were returned only recently, and has five with Air
France.
In April 2018 Emirates president Tim Clark told journalists that
Emirates could operate its A380s until the end of their service
life, despite the airline's previous record of phasing out aircraft
at an earlier stage. In July 2018 the Portuguese wet-lease operator
Hi Fly showcased its A380 at the Farnborough International Airshow.
After being in service with Singapore Airlines for more than ten
years, this is the first A380 ever to be placed through the
secondary market. Since then it has been flying for carriers such
as Thomas Cook Airlines Scandinavia, Norwegian and Air Austral to
destinations in Europe, North America, and the Indian Ocean. This
aircraft is managed by Doric, the asset manager of the Company.
While constantly adding new A380s to its fleet, the Dubai-based
operator counts more than 80 daily departures from its hub,
including the world's shortest and the world's longest A380
non-stop route.
Emirates has announced it will operate the A380 between Dubai
and St. Petersburg for a limited period in October this year. The
decision was made in response to increased demand for travel during
the autumn school holidays and marks the first time an A380 has
operated to St. Petersburg.
Source: Emirates, FlightGlobal, Hi Fly
Directors
Charles Edmund Wilkinson - Chairman (Age 75)
Charles Wilkinson is a solicitor who retired from Lawrence
Graham LLP in March 2005. While at Lawrence Graham he specialised
in corporate finance and commercial law, latterly concentrating on
investment trust and fund work.
Charles is currently Chairman of Doric Nimrod Air Three Limited,
Chairman of the Audit Committee of Doric Nimrod Air Two Limited,
and a director of Landore Resources Ltd, a Guernsey based mining
exploration company. He is resident in Guernsey.
Geoffrey Alan Hall (Age 70)
Geoffrey Hall has extensive experience in investment management,
having previously been Chief Investment Officer of Allianz
Insurance plc, a major UK general insurance company and an
investment manager at HSBC Asset Management, County Investment
Management, and British Railways Pension Funds. Geoffrey is also
currently a director of Doric Nimrod Air Two Limited and Doric
Nimrod Air Three Limited.
Geoffrey earned his masters degree in Geography at the
University of London. He is an associate of the CFA Society of the
UK.
John Le Prevost (Age 66)
John Le Prevost is the Chief Executive Officer of Anson Group
Limited and Chairman of Anson Registrars Limited (the Company's
Registrar). He has spent over 30 years working in offshore trusts
and investment business during which time he was Managing Director
of County NatWest Investment Management (Channel Islands) Limited,
Royal Bank of Canada's mutual fund company in Guernsey and Republic
National Bank of New York's international trust company. John is a
Director of Guaranteed Investment Products I PCC Limited,
Guernsey's largest protected cell company. He is a Director of a
number of other companies associated with Anson Group's business as
well as being a trustee of the Guernsey Sailing Trust. John is also
currently a director of Doric Nimrod Air Two Limited, Doric Nimrod
Air Three Limited and Amedeo Air Four Plus Limited. He is resident
in Guernsey.
INTERIM MANAGEMENT REPORT
A description of important events which have occurred during the
Period, their impact on the performance of the Company as shown in
the financial statements and a description of the principal risks
and uncertainties facing the Company are given in the Chairman's
Statement, Asset Manager's Report, and the Notes to the Financial
Statements contained on pages 17 to 41 and are incorporated here by
reference.
There were no material related party transactions which took
place in the Period, other than those disclosed at Note 21 of the
Notes to the Financial Statements.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company for
the remaining six months of the financial year are unchanged from
those disclosed in the Company's annual financial report for the
year ended 31 March 2018.
Going Concern
The Company's principal activities are set out within the
Company Overview on page 2 to 3. The financial position of the
Company is set out on page 14. In addition, Note 18 to the
financial statements includes the Company's objectives, policies
and processes for managing its capital, its financial risk
management objectives and its exposures to credit risk and
liquidity risk. The loan interest rate has been fixed and the fixed
rental income under the Lease means that the rent should be
sufficient to repay the Loan and provide surplus income to pay for
the Company's expenses and permit payment of dividends.
After making reasonable enquiries, and as described above the
Directors have a reasonable expectation that the Company has
adequate resources to continue in its operational existence for the
foreseeable future. Accordingly, they continue to adopt the going
concern basis of accounting in preparing these financial
statements.
Responsibility Statement
The Directors jointly and severally confirm that to the best of
their knowledge:
(a) the financial statements, prepared in accordance with IFRS
give a fair, balanced and understandable view of the assets,
liabilities, financial position and profits of the Company and
performance of the Company; and
(b) this Interim Management Report includes or incorporates by
reference:
a. an indication of important events that have occurred during
the Period, and their impact on the financial statements;
b. a description of the principal risks and uncertainties for
the remaining six months of the financial year; and
c. confirmation that there were no related party transactions in
the Period that have materially affected the financial position or
the performance of the Company during that period.
Signed on behalf of the Board of Directors of the Company on 13
November 2018
Charles Wilkinson John Le Prevost
Chairman Director
STATEMENT OF COMPREHENSIVE INCOME
For the period from 1 April 2018 to 30 September 2018
1 Apr 2018 1 Apr 2017 to
to
Notes 30 Sep 2018 30 Sep 2017
GBP GBP
INCOME
A rent income 4 5,021,530 5,215,075
B rent income 4 2,260,370 2,260,370
------------------------ ----------------------
7,281,900 7,475,445
EXPENSES
Operating expenses 5 (312,735) (308,782)
Depreciation of Asset 9 (2,560,340) (1,040,691)
------------------------ ----------------------
(2,873,075) (1,349,473)
Net profit for the period
before finance costs and
foreign exchange (losses)/gains 4,408,825 6,125,972
Finance costs 10 (971,382) (1,239,898)
------------------------ ----------------------
Net profit for the period
after finance costs before
foreign exchange (losses)/
gains 3,437,443 4,886,074
Unrealised foreign exchange
(losses)/ gains 18b (2,969,994) 3,383,896
------------------------ ----------------------
Profit for the period 467,449 8,269,970
------------------------ ----------------------
Other Comprehensive Income - -
------------------------ ----------------------
Total Comprehensive Income
for the period 467,449 8,269,970
======================== ======================
Pence Pence
Earnings per Share for the
period - Basic and Diluted 8 1.10 19.48
In arriving at the results for the financial period, all amounts
above relate to continuing operations.
The notes on pages 17 to 41 form an integral part of these
financial statements.
STATEMENT OF FINANCIAL POSITION
As at 30 September 2018
30 Sep 2018 31 Mar 2018
Notes GBP GBP
NON-CURRENT ASSETS
Aircraft 9 84,520,159 87,080,499
---------------------- -------------------
CURRENT ASSETS
Cash and cash equivalents 16 3,961,958 3,984,293
Accrued income - 468,114
Receivables 12 7,997 12,743
---------------------- -------------------
3,969,955 4,465,150
---------------------- -------------------
TOTAL ASSETS 88,490,114 91,545,649
---------------------- -------------------
CURRENT LIABILITIES
Borrowings 14 10,319,288 9,328,715
Deferred income 11,928,130 11,027,679
Payables - due within one year 13 28,105 127,972
---------------------- -------------------
22,275,523 20,484,366
NON-CURRENT LIABILITIES
Borrowings 14 20,010,354 23,414,245
---------------------- -------------------
20,010,354 23,414,245
---------------------- -------------------
TOTAL LIABILITIES 42,285,877 43,898,611
---------------------- -------------------
TOTAL NET ASSETS 46,204,237 47,647,038
---------------------- -------------------
EQUITY
Share capital 15 39,016,728 39,016,728
Retained earnings 7,187,509 8,630,310
---------------------- -------------------
46,204,237 47,647,038
---------------------- -------------------
Pence Pence
Net asset value per Ordinary
Preference
Share based
on 42,450,000 (Mar 2018:
42,450,000) shares
in issue 108.84 112.24
The financial statements were approved by the Board of Directors
and authorised for issue on
13 November 2018 and are signed on its behalf by:
Charles Wilkinson John Le Prevost
Director Director
The notes on pages 17 to 41 form an integral part of these
financial statements.
STATEMENT OF CASH FLOWS
For the period from 1 April 2018 to 30 September
2018
1 Apr 2017
Notes 1 Apr 2018 to to
30 Sep 2018 30 Sep 2017
GBP GBP
OPERATING ACTIVITIES
Profit for the period 467,449 8,269,970
Movement in accrued and deferred
income 528,896 525,201
Depreciation of Asset 9 2,560,340 1,040,691
Loan interest 10 941,022 1,209,538
Decrease in payables (99,867) (3,033)
Decrease in receivables 4,746 6,101
Amortisation of debt arrangement
costs 10 30,360 30,360
Foreign exchange movement 18b 2,969,994 (3,383,896)
---------------------- -----------------
NET CASH FROM OPERATING ACTIVITIES 7,402,940 7,694,932
---------------------- -----------------
FINANCING ACTIVITIES
Dividends paid 7 (1,910,250) (1,910,250)
Repayments of capital on borrowings 19 (4,760,895) (4,641,785)
Repayments of interest on borrowings 19 (911,199) (1,206,906)
---------------------- -----------------
NET CASH USED IN FINANCING ACTIVITIES (7,582,344) (7,758,941)
---------------------- -----------------
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 3,984,293 4,376,502
Decrease in cash and cash equivalents (179,404) (64,009)
Effects of foreign exchange rates 157,069 (188,921)
---------------------- -----------------
CASH AND CASH EQUIVALENTS AT
OF
PERIOD 3,961,958 4,123,572
---------------------- -----------------
The notes on pages 17 to 41 form an integral part of these
financial statements.
STATEMENT OF CHANGES IN EQUITY
For the period from 1 April 2018 to 30 September 2018
Notes Share Retained Total
Capital Earnings
GBP GBP GBP
Balance as at 1 April 2018 39,016,728 8,630,310 47,647,038
Total Comprehensive Income for
the period - 467,449 467,449
Dividends paid 7 - (1,910,250) (1,910,250)
------------------- ------------------ ------------------
Balance as at 30 September
2018 39,016,728 7,187,509 46,204,237
------------------- ------------------ ------------------
Notes Share Retained Total
Capital Earnings
GBP GBP GBP
Balance as at 1 April 2017 39,016,728 407,386 39,424,114
Total Comprehensive Income for
the period - 8,269,970 8,269,970
Dividends paid 7 - (1,910,250) (1,910,250)
------------------- ------------------ ----------------
Balance as at 30 September
2017 39,016,728 6,767,106 45,783,834
------------------- ------------------ ----------------
The notes on pages 17 to 41 form an integral part of these
financial statements.
NOTES TO THE FINANCIAL STATEMENTS
For the period from 1 April 2018 to 30 September 2018
1 GENERAL INFORMATION
Doric Nimrod Air One Limited (the "Company") was incorporated in
Guernsey on 8 October 2010 with registered number 52484.
Its share capital consists of one class of Ordinary Preference
Shares and one class of Subordinated Administrative
Shares("Administrative Shares"). The Company's Ordinary Preference
Shares have been admitted to trading on the Specialist Fund Segment
("SFS") of the London Stock Exchange's Main Market (the "LSE").
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.
2 ACCOUNTING POLICIES
The significant accounting policies adopted by the Company are
as follows:
(a) Basis of Preparation
The financial statements have been prepared in conformity with
the International Accounting Standard 34 Interim Financial
Reporting as adopted by the European Union ("EU"), and applicable
Guernsey law. The financial statements have been prepared on a
historical cost basis.
This report is to be read in conjunction with the annual report
for the year ended 31 March 2018 which is prepared in accordance
with the International Financial Reporting Standards ("IFRS") as
adopted by the EU and any public announcements made by the Company
during the interim reporting period.
The accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting period,
except for the adoption of new and amended standards as set out
below:
Changes in accounting policies and disclosure
The following Standards or Interpretations have been adopted in
the current period. Their adoption has not had any impact on the
amounts reported in these financial statements and is not expected
to have any impact on future financial periods:
-- IFRS 9, 'Financial Instruments - Classification and
Measurement, Impairment of Financial Assets, Hedge Accounting'.
Effective for accounting periods commencing on or after 1 January
2018 and is endorsed by the EU.
-- IFRS 15 and amendments to IFRS 15 Revenue from contracts with
customers - The standard and amendments are effective for annual
periods beginning on or after 1 January 2018 and is endorsed by the
EU.
The impact of the adoption of the above standards and the new
accounting policies are disclosed in Note 22.
-- IFRIC 22 'Foreign currency transactions and advance
consideration' - this IFRIC addresses foreign currency transactions
or parts of transactions where there is consideration that is
denominated or priced in a foreign currency. The interpretation
provides guidance for when a single payment/receipt is made as well
as for situations where multiple payments/receipts are made. The
guidance aims to reduce diversity in practice, is effective for
annual periods beginning on or after 1 January 2018 and is endorsed
by the EU.
The following Standards or Interpretations, which are expected
to affect the Company, have been issued but not yet adopted by the
Company. Other Standards or Interpretations issued by the
International Accounting Standards Board ("IASB") and International
Financial Reporting Standards Interpretations Committee ("IFRIC")
are not expected to affect the Company.
-- IFRS 16 Leases - specifies how an IFRS reporter will
recognise, measure, present and disclose leases. The standard
provides a single lessee accounting model, requiring lessees to
recognise assets and liabilities for all leases unless the lease
term is 12 months or less or the underlying asset has a low value.
Lessors continue to classify leases as operating or finance, with
IFRS 16's approach to lessor accounting substantially unchanged
from its predecessor, IAS 17. This standard is effective for annual
periods beginning on or after 1 January 2019 and is endorsed by the
EU.
The Directors have considered the above and are of the opinion
that the above Standards and Interpretations are not expected to
have an impact on the Company's financial statements except for the
presentation of additional disclosures and changes to the
presentation of components of the financial statements. These items
will be applied in the first financial period for which they are
required.
(a) Taxation
The Company has been assessed for tax at the Guernsey standard
rate of 0 per cent.
(c) Share Capital
Ordinary Preference Shares (the "Shares") are classified as
equity. Incremental costs directly attributable to the issue of
Shares are recognised as a deduction from equity.
(d) Expenses
All expenses are accounted for on an accruals basis.
(e) Interest Income
Interest income is accounted for on an accruals basis.
(f) Foreign Currency Translation
The currency of the primary economic environment in which the
Company operates (the functional currency) is Pounds Sterling
("GBP" or "Sterling"), which is also the presentation currency.
Transactions denominated in foreign currencies are translated
into Sterling at the rate of exchange ruling at the date of the
transaction.
Monetary assets and liabilities denominated in foreign
currencies at the reporting date are translated into the functional
currency at the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised in the
Statement of Comprehensive Income.
(g) Cash and Cash Equivalents
Cash at bank and short term deposits which are held to maturity
are carried at cost. Cash and cash equivalents are defined as call
deposits, short term deposits with a term of no more than three
months from the start of the deposit and highly liquid investments
readily convertible to known amounts of cash and subject to
insignificant risk of changes in value.
(h) Segmental reporting
The Directors are of the opinion that the Company is engaged in
a single segment of business, being the acquiring, leasing and
selling of one Airbus A380-861 aircraft (the "Asset").
(i) Going Concern
After making enquiries, the Directors have a reasonable
expectation that the Company has adequate resources to continue in
operational existence for the foreseeable future. The Directors
believe the Company is well placed to manage its business risks
successfully as the interest on the Company's Loan has been fixed
and the fixed rental income under the operating lease means that
the rents should be sufficient to repay the Loan and provide
surplus income to pay for the Company's expenses and permit payment
of dividends. Accordingly, the Directors have adopted the going
concern basis in preparing the financial information. The Board is
not aware of any material uncertainty that may cast significant
doubt upon the Company's ability to continue as a going
concern.
(j) Leasing and Rental Income
The lease relating to the Asset has been classified as an
operating lease as the terms of the lease do not transfer
substantially all the risks and rewards of ownership to the lessee.
The Asset is shown as a non-current asset in the Statement of
Financial Position. Further details of the lease are given in Note
11.
Rental income and advance lease payments from the operating
lease are recognized on a straight-line basis over the term of the
lease. Initial direct costs incurred in negotiating and arranging
an operating lease are added to the carrying amount of the leased
asset and recognized in profit or loss on a straight-line basis
over the lease term.
(k) Property, Plant and Equipment - Aircraft
In line with IAS 16 Property Plant and Equipment, the Asset is
initially recorded at the fair value of the consideration paid. The
cost of the Asset is made up of the purchase price of the Asset
plus any costs directly attributable to bringing it into working
condition for its intended use. Costs incurred by the lessee in
maintaining, repairing or enhancing the Asset are not recognised as
they do not form part of the costs to the Company. Accumulated
depreciation and any recognised impairment loss are deducted from
cost to calculate the carrying amount of the Asset.
Depreciation is recognised so as to write off the cost of the
Asset less the estimated residual value of GBP63.1 million (2017:
GBP80.4 million) over the estimated useful life of the Asset of 12
years, using the straight line method. Residual values have been
arrived at by taking into account disposition fees.The depreciation
method reflects the pattern of benefit consumption. The residual
value is reviewed annually and is the amount the Company would
receive currently if the Asset were already of the age and
condition expected at the end of its useful life. Useful life is
also reviewed annually and, for the purposes of the financial
statements, represents the likely period of the Company's ownership
of the Asset. Depreciation starts when the Asset is available for
use.
In the 2017 financial year, the residual value of the A380
aircraft were determined using values including inflationary
effects. However, following discussions between the Directors,
auditors and the Company's advisors for the year ended 31 March
2018, it was determined that the strict application of IAS 16
Property, Plant and Equipment be applied to the assets of the
Company and that the use of forecast values excluding inflation
best approximates residual value as required by IAS 16. This has
resulted in a reduction in US dollar terms in the anticipated
residual values of the aircraft since the 2017 financial year.
At each audited Statement of Financial Position date, the
Company reviews the carrying amounts of the Asset to determine
whether there is any indication that the Asset has suffered any
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). Further details are given in Note 3.
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 the Asset is estimated to be less
than its carrying amount, the carrying amount of the Asset is
reduced to its recoverable amount. An impairment loss is recognised
immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying
amount of the Asset 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 in prior years. A
reversal of an impairment loss is recognised immediately in profit
or loss.
(l) Financial Liabilities
Financial liabilities consist of payables and borrowings. The
classification of financial liabilities at initial recognition
depends on the purpose for which the financial liability was issued
and its characteristics. All financial liabilities are initially
measured at fair value, net of transaction costs. All financial
liabilities are recorded on the date on which the Company became
party to the contractual requirements of the financial liability.
Financial liabilities are subsequently measured at amortised cost
using the effective interest method, with interest expense
recognised on an effective yield basis.
The effective interest method is a method of calculating the
amortised cost of the financial liability and of allocating
interest expense over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash
payments through the expected life of the financial liability, or,
where appropriate, a shorter period, to the net carrying amount on
initial recognition.
The Company derecognises financial liabilities when, and only
when, the Company's obligations are discharged, cancelled or they
expire.
3 SIGNIFICANT JUDGEMENTS AND ESTIMATES
In the application of the Company's accounting policies, which
are described in Note 2, the Directors are required to make
judgements, estimates and assumptions about the carrying amounts of
assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and 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 the revision affects both current and future
periods.
The following are the critical judgements and estimates, that
the Directors have made in the process of applying the Company's
accounting policies and that have the most significant effect on
the amounts recognised in financial statements.
Estimates
Residual Value and Useful Life of the Asset
As described in Note 2 (k), the Company depreciates the Asset on
a straight line basis over the estimated useful life of the Asset
after taking into consideration the estimated residual value. IAS
16 Property, Plant and Equipment requires residual value to be
determined as an estimate of the amount that the Company would
currently obtain from the disposal of the Asset, after deducting
the estimated costs of disposal, if the Asset were of the age and
condition expected at the end of its useful life. However, there
are currently no aircraft of a similar type of sufficient age for
the Directors to make a direct market comparison in making this
estimation.After consulting with the Auditor and the Company's
Advisors, the Directors have concluded that an uninflated value for
the Aircraft at the end of its useful life best represents residual
value as required by a strict interpretation of relevant accounting
standards. In estimating residual value for the 2017/18 year, the
Directors referred to uninflated values for the Asset obtained from
three independent expert aircraft valuers and determined that the
residual value, based on uninflated valuations, was GBP63.1 million
at the year end. The residual value for the previous year end were
based on inflated valuations and was GBP80.4 million. In both cases
the residual value took into account the estimated costs of
disposal. The residual value has been changed to reflect the most
recent average appraised value of the aircraft, excluding the
effect of inflation. This has been disclosed in Note 9.
This, together with the effect of foreign exchange fluctuations
on the residual value, has resulted in a reduction in the
anticipated residual values of the aircraft since the prior
financial year details of which have been disclosed in Note 9.
Apart from the aforementioned, the Asset Manager has confirmed
in the year ended 31 March 2018 that there were no other required
changes to the methodology used to determine the residual value at
the year end and they believe that the value of the Asset is,
absent the two factors explained above, not substantially different
from those of the Asset as appraised at 31 March 2017.
The estimation of residual value remains subject to inherent
uncertainty. If the estimate of residual value had been decreased
by 20 per cent. with effect from the beginning of this period, the
net profit for the period and closing shareholders' equity would
have been decreased by approximately GBP1.2 million (30 Sep 2017:
GBP1.2 million). An increase in residual value by 20 per cent.
would have been an equal but opposite effect. This reflects the
range of estimates of residual value that the Directors believe
would be reasonable at this time. The estimated useful life of the
Asset is based on the expected period for which the Company will
own and lease the Asset.
Judgements
Operating Lease Commitments - Company as Lessor
The Company has entered into a lease on the Asset. The Company
has determined, based on an evaluation of the terms and conditions
of the arrangements, that it retains all the significant risks and
rewards of ownership of this asset and accounts for the contract as
an operating lease.
The Company has determined that the operating lease on the Asset
is for 12 years without an extension option.
Impairment
As described in Note 2(k),an impairment exists when the carrying
value of an asset or cash generating unit exceeds its recoverable
amount, which is the higher of its fair value less costs to sell
and its value in use. The Directors review the carrying amount of
its Asset at each audited Statement of Financial Position date and
monitor the Asset for any indications of impairment as required by
IAS 16 Property, Plant and Equipment and IAS 36 Impairment of
Assets.
At the 31 March 2018 year end the Directors reviewed the
carrying value of the Asset and concluded that there was no
indication of an impairment.
3 RENTAL INCOME
1 Apr 2018 1 Apr 2017
to to
30 Sep 2018 30 Sep 2017
GBP GBP
A rent income 5,649,980 5,839,830
Revenue received but not
yet earned (628,450) (624,755)
-------------------- ------------------
5,021,530 5,215,075
B rent income 2,160,816 2,160,816
Revenue earned but not yet received 99,554 99,554
-------------------- ------------------
2,260,370 2,260,370
Total rental income 7,281,900 7,475,445
-------------------- ------------------
Rental income is derived from the leasing of the Asset. Rent is
split into A rent, which is received in US dollars ("$") and B
rent, which is received in Sterling. Rental income received in US
dollars is translated into the functional currency (Sterling) at
the date of the transaction.
A and B rental income receivable will decrease / increase
respectively, 10 years from the start of the lease between the
Company and Emirates (the "Lease"). An adjustment has been made to
spread the actual total income receivable evenly over the term of
the Lease.
5 OPERATING EXPENSES
1 Apr 2018 1 Apr 2017
to to
30 Sep 2018 30 Sep 2017
GBP GBP
Corporate shareholder and adviser
fee (Note 21) 58,426 57,142
Asset management fee (Note 21) 146,067 142,853
Liaison agency fees 5,675 5,550
Administration fees 30,930 30,650
Accountancy fees 5,575 5,465
Registrars fee (Note 21) 4,454 4,907
Audit fee 11,400 10,500
Directors' remuneration (Note 6) 25,000 34,000
Directors' and Officers' insurance 3,961 4,037
Legal and professional expenses 7,108 1,200
Annual fees 4,848 3,514
Other operating expenses 9,291 8,964
------------------
312,735 308,782
---------------------- ------------------
6 DIRECTORS' REMUNERATION
Under their terms of appointment, each Director is paid a fee of
GBP15,000 per annum by the Company, except for the Chairman, who
receives GBP20,000 per annum. Where an individual has been
appointed to the position, the Chairman of the audit committee is
entitled to receive an additional GBP3,000 per annum.
7 DIVIDS IN RESPECT OF EQUITY SHARES
1 Apr 2018 to
30 Sep 2018
GBP Pence per
share
First interim dividend 955,125 2.25
Second interim dividend 955,125 2.25
------------------- -------------------
1,910,250 4.50
------------------- -------------------
1 Apr 2017 to
30 Sep 2017
GBP Pence per
share
First interim dividend 955,125 2.25
Second interim dividend 955,125 2.25
------------------- -------------------
1,910,250 4.50
------------------- -------------------
8 EARNINGS PER SHARE
Earnings per Share ("EPS") is based on the net profit for the
period attributable to holders of Ordinary Shares in the
Company("Shareholders") of GBP467,449 (30 Sep 2017: net profit for
the period of GBP8,269,970) and 42,450,000 Shares (30 Sep 2017:
42,450,000) being the weighted average number of Ordinary Shares in
issue during the period. There are no dilutive instruments and
therefore basic and diluted EPS are identical.
9 PROPERTY, PLANT AND EQUIPMENT - AIRCRAFT
COST Aircraft
As at 1 Apr 2018 GBP
114,532,547
----------------
As at 30 Sep 2018 114,532,547
----------------
ACCUMULATED DEPRECIATION
As at 1 Apr 2018 27,452,048
Depreciation charge for the period 2,560,340
----------------
As at 30 Sep 2018 30,012,388
----------------
CARRYING AMOUNT
As at 31 Mar 2018 87,080,499
----------------
As at 30 Sep 2018 84,520,159
----------------
The cost in US dollars and the exchange rates at
acquisition for the aircraft was as follows:
Cost in USD 178,549,805
GBP/US dollars exchange rate 1.5502
The Company is depreciating its Asset so as to ensure that the
carrying value of its Asset at the termination of its lease equals
the uninflated residual dollar value determined at 31 March 2018 in
accordance with the methodology set out in Note 3, translated into
Sterling at the exchange rate prevailing at 31 March 2018.
The Company may dispose of the Asset during the term of the
Lease, but is required to meet certain conditions and needs
Emirates' consent (such consent not be unreasonably withheld). If
at the end of the Lease the Company makes the choice to sell the
Asset rather than leasing it out again, Emirates will be given
first refusal to purchase the Asset at an independently appraised
value.
Under IAS 17 Leases the direct costs attributed in negotiating
and arranging the Lease have been added to the carrying amount of
the Asset and will be recognised as an expense over the lease
term.
10 FINANCE COSTS
1 Apr 2018 1 Apr 2017
to to
30 Sep 2018 30 Sep 2017
GBP GBP
Amortisation of debt arrangement
costs 30,360 30,360
Loan interest 941,022 1,209,538
------------ ------------
971,382 1,239,898
------------ ------------
11 OPERATING LEASES
The amounts of minimum future lease receipts at the reporting
date under non cancellable operating leases are detailed below:
30 September 2018 After
Next 12 1 to 5 5
months years years Total
GBP GBP GBP GBP
Aircraft - A rental
payments 11,715,161 19,699,515 - 31,414,676
Aircraft - B rental
payments 4,321,632 15,243,024 - 19,564,656
----------- ----------- ------ -----------
16,036,793 34,942,539 - 50,979,332
----------- ----------- ------ -----------
31 March 2018 After
Next 12 1 to 5 5
months years years Total
GBP GBP GBP GBP
Aircraft - A rental
payments 10,890,292 23,757,639 - 34,647,931
Aircraft - B rental
payments 4,321,632 17,403,840 - 21,725,472
----------- ----------- ------ -----------
15,211,924 41,161,479 - 56,373,403
----------- ----------- ------ -----------
The operating lease is for an Airbus A380-861 aircraft. The term
of the lease is for 12 years ending December 2022 with reduced
rental payments in the last two years and no extension option.
At the end of the lease term the lessee has the right to
exercise an option to purchase the Asset if the Company chooses to
sell the Asset. If a purchase option event occurs the Company and
the lessee will be required to arrange for a current market value
appraisal of the Asset to be carried out by three independent
appraisers. The purchase price will be equal to the average
valuation of those three appraisals.
12 RECEIVABLES
30 Sep 2018 31 Mar 2018
GBP GBP
Prepayments 7,986 12,732
Sundry debtors 11 11
7,997 12,743
------------------- --------------------
The above carrying value of receivables is equivalent to its
fair value.
30 Sep 2018 31 Mar 2018
GBP GBP
Accrued administration
fees 6,049 6,011
Accrued audit fee 10,800 12,960
Accrued asset manager and corporate
and shareholder adviser fees - 99,998
Other accrued expenses 11,256 9,003
28,105 127,972
------------ ------------
The above carrying value of payables is equivalent to its fair
value.
13 BORROWINGS
30 Sep 2018 31 Mar 2018
GBP GBP
Bank loan 30,584,300 33,027,979
Transaction costs (254,658) (285,019)
------------ ------------
30,329,642 32,742,960
------------ ------------
Current portion 10,319,288 9,328,715
============ ============
Non-current portion 20,010,354 23,414,245
============ ============
Notwithstanding the fact that GBP4.8 million of capital was
repaid during the period, as per the Statement of Cash Flows, the
value of the borrowings has only decreased by GBP2 million due to
the 7 per cent. decrease in the Sterling/US dollar exchange rate
for the period from 1 April 2018 to 30 September 2018.
The amounts below detail the future contractual undiscounted
cash flows in respect of the Loan, including both the principal and
interest payments, and will not agree directly to the amounts
recognised in the Statement of Financial Position:
Amount due for settlement within 12
months 11,785,672 10,955,849
----------------- --------------
Amount due for settlement after 12 months 21,670,032 25,622,181
----------------- --------------
The loan was arranged with Westpac Banking Corporation
("Westpac") for $122,000,000, runs for 12 years until December
2022, and has an effective interest rate of 5.4950 per cent., which
is the same as the contractual fixed interest rate. The Loan is
secured on the Asset. No breaches or defaults occurred in the
Period. Transaction costs of arranging the Loan have been deducted
from the carrying amount of the Loan and are being amortised over
its life.
In the Directors' opinion, the above carrying value of the bank
loan is approximate to its fair value.
14 SHARE CAPITAL
The Share Capital of the Company is represented by an unlimited
number of shares of no par value being issued or reclassified by
the Company as Ordinary Shares or Administrative Shares.
Issued Subordinated Ordinary
Administrative Preference
Shares Shares
Issued shares as at 30 September
2018 and as at 31 March 2018 2 42,450,000
------------------------ --------------
Issued Share Capital GBP
Total Share Capital as at 30 September 2018
and as at 31 March 2018 39,016,728
--------------
Members holding Ordinary Shares are entitled to receive and
participate in any dividends out of income; other distributions of
the Company available for such purposes and resolved to be
distributed in respect of any accounting period; or other income or
right to participate therein. On a winding up, members are entitled
to the surplus assets remaining after payment of all the creditors
of the Company. Members have the right to receive notice of and to
attend, speak and vote at general meetings of the Company.
The holders of Subordinated Administrative Shares are not
entitled to receive, and participate in, any dividends out of
income; other distributions of the Company available for such
purposes and resolved to be distributed in respect of any
accounting period; or other income or right to participate therein.
On a winding up, holders are entitled to a return of capital paid
up on them after the Ordinary Shares have received a return of
their capital paid up but ahead of the return of all additional
capital to the holders of Ordinary Shares. Holders of
Administrative Shares shall not have the right to receive notice of
and shall have no right to attend, speak and vote at general
meetings of the Company, except for the Liquidation Proposal
Meeting (general meeting convened six months before the end term of
the Lease where the Liquidation Resolution will be proposed) or if
there are no Ordinary Shares in existence.
The Ordinary Shares are not puttable instruments as the holder
does not have the right to put the Shares back to the Company for
cash or another financial instrument.
15 CASH AND CASH EQUIVALENTS
30 Sep 2018 31 Mar 2018
GBP GBP
Cash at bank 3,961,958 3,984,293
16 FINANCIAL INSTRUMENTS
The Company's main financial instruments comprise:
(a) Cash and cash equivalents that arise directly from the
Company's operations; and
(b) Loan secured on non-current asset.
18 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's objective is to obtain income returns and a
capital return for its Shareholders by acquiring, leasing and then
selling a single aircraft.
The following table details the categories of financial assets
and liabilities held by the Company at the reporting date:
30 Sep 2018 31 Mar 2018
GBP GBP
Financial assets
Cash and cash equivalents 3,961,958 3,984,293
Receivables (excluding prepayments) 11 11
----------------------- ------------
Financial assets at amortised cost 3,961,969 3,984,304
----------------------- ------------
Financial liabilities
Payables 28,105 127,972
Loans payable 30,329,642 32,742,960
----------------------- ------------
Financial liabilities measured
at amortised cost 30,357,747 32,870,932
----------------------- ------------
The main risks arising from the Company's financial instruments
are capital management risk, foreign currency risk, credit risk,
liquidity risk and interest rate risk. The Board regularly reviews
and agrees policies for managing each of these risks and these are
summarised below:
(a) Capital Management
The Company manages its capital to ensure that the Company will
be able to continue as a going concern while maximising the return
to Shareholders through the optimisation of the debt and equity
balance. The Company is not subject to any externally imposed
capital requirements.
The capital structure of the Company consists of debt, which
includes the borrowings disclosed in Note 14, cash and cash
equivalents disclosed in Note 16 and equity attributable to equity
holders, comprising issued capital and retained earnings.
The Company's Board reviews the capital structure on a bi-annual
basis.
Equity includes all capital and reserves of the Company that are
managed as capital.
No changes were made in the objectives, policies or processes
for managing capital during the period ended 30 September 2018.
(b) Foreign Currency Risk
The Company's accounting policy under IFRS requires the use of a
Sterling historic cost of the Asset and the value of the US dollar
loan as translated at the spot exchange rate on every statement of
financial position date. In addition, US dollar operating lease
receivables are not immediately recognised in the statement of
financial position and are accrued over the period of the Lease.
The Directors consider that this introduces artificial variance due
to the movement over time of foreign exchange rates. In actuality,
the US dollar operating lease receivables should offset the US
dollar payables on amortising loans. The foreign exchange exposure
in relation to the Loan is thus almost entirely hedged.
Lease rentals (as detailed in Notes 4 and 11) are received in US
dollars and Sterling. Those lease rentals received in US dollars
are used to pay the loan repayments due, also in US dollars. Both
US dollar lease rentals and loan repayments are fixed and are for
similar sums and similar timings. The matching of lease rentals to
settle loan repayments therefore minimises risks caused by foreign
exchange fluctuations.
The carrying amounts of the Company's foreign currency
denominated monetary assets and liabilities at the reporting date
are as follows:
30 Sep 2018 31 Mar 2018
GBP GBP
Bank loan (USD) - liabilities (30,584,300) (33,027,979)
Cash and cash equivalents (USD) -
assets 2,382,206 2,247,268
================== =============
The following table details the Company's sensitivity to a 25
per cent (31 March 2018: 25 per cent) appreciation of Sterling
against the US dollar. 25 per cent. (31 March 2018: 25 per cent.)
represents the Directors' assessment of the reasonably possible
change in foreign exchange rates. The sensitivity analysis includes
only outstanding foreign currency denominated monetary items and
adjusts their translation at the period end for a 25 per cent. (31
March 2018: 25 per cent.) change in foreign currency rates. A
positive number below indicates an increase in profit and equity
where Sterling strengthens 25 per cent. (31 March 2018: 25 per
cent.) against the US dollar. For a 25 per cent. (31 March 2018: 25
per cent.) weakening of Sterling against the US dollar, there would
be a comparable but opposite impact on the profit and equity.
30 Sep 2018 31 Mar 2018
USD impact USD impact
GBP GBP
Profit or loss 5,640,419 6,156,142
Assets (476,441) (449,454)
Liabilities 6,116,860 6,605,596
============ ============
On the eventual sale of the Asset, the Company will be subject
to foreign currency risk if the sale will be made in a currency
other than Sterling. Transactions in similar assets are typically
priced in US dollars.
(c) Credit Risk
Credit risk refers to the risk that a counterparty will default
on its contractual obligations resulting in financial loss to the
Company.
The credit risk on cash transactions is mitigated by transacting
with counterparties that are regulated entities subject to
prudential supervision, or with high credit ratings assigned by
international credit rating agencies.
The Company's financial assets exposed to credit risk are as
follows:
30 Sep 2018 31 Mar 2018
GBP GBP
Receivables (excluding prepayments) 11 11
Cash and cash equivalents 3,961,958 3,984,293
3,961,969 3,984,304
----------------------- --------------------
Surplus cash is held in accounts with Barclays and Westpac
Banking Corporation, which have credit ratings given by Moody's of
A2 (stable) and Aa3 (stable) respectively.
There is a contractual credit risk arising from the possibility
that the lessee may default on the lease payments. This risk is
mitigated, as under the terms of the lease agreements between the
lessee and the Company, any non-payment of the lease rentals
constitutes a Special Termination Event, under which the lease
terminates and the Company may either choose to sell the Asset or
lease it to another party.
At the inception of the Lease, the Company selected a lessee
with a strong balance sheet and financial outlook. The financial
strength of Emirates is regularly reviewed by the Board and the
Asset Manager.
(d) Liquidity Risk
Liquidity risk is the risk that the Company will encounter
difficulty in realising assets or otherwise raising funds to meet
financial commitments. The Company's main financial commitments are
its ongoing operating expenses and loan repayments to Westpac.
Ultimate responsibility for liquidity risk management rests with
the Board of Directors, which established an appropriate liquidity
management framework at the incorporation of the Company, through
the timings of lease rentals and loan repayments. The Company
manages liquidity risk by maintaining adequate reserves, banking
facilities and borrowing facilities, by monitoring forecast and
actual cash flows, and by matching profiles of financial assets and
liabilities.
The table below details the residual contractual maturities of
financial liabilities, including estimated interest payments. The
amounts below are contractual undiscounted cash flows, including
both principal and interest payments, and will not agree directly
to the amounts recognised in the statement of financial
position.
30 Sep 2018 1-3 months 3-12 months 1-2 years 2-5 years over 5 years
GBP GBP GBP GBP GBP
Financial
liabilities
Payables
- due within
one year 28,105 - - - -
Loans
payable 2,946,418 8,839,254 11,785,672 9,884,360 -
2,974,523 8,839,254 11,785,672 9,884,360 -
--------------- -------------------- ------------------- ------------------------ ----------------------
31 Mar 2018 1-3 months 3-12 months 1-2 years 2-5 years over 5 years
GBP GBP GBP GBP GBP
Financial
liabilities
Payables
- due within
one year 127,972 - - - -
Loans
payable 2,738,962 8,216,887 10,955,849 14,666,332 -
2,866,934 8,216,887 10,955,849 14,666,332 -
--------------- -------------------- ------------------- ------------------------ ----------------------
(e) Interest Rate Risk
Interest rate risk arises from the possibility that changes in
interest rates will affect future cash flows. It is the risk that
fluctuations in market interest rates will result in a reduction in
deposit interest earned on bank deposits held by the Company.
The Company mitigates interest rate risk by fixing the interest
rate on the Loan and the lease rentals.
The following table details the Company's exposure to interest
rate risks, by interest rate refinancing period:
30 September Variable Fixed Non-interest
2018 interest interest Bearing
GBP GBP GBP TotalGBP
Financial
assets
Receivables - - 7,997 7,997
Cash and cash
equivalents 3,961,958 - - 3,961,958
---------------------- --------------------- ------------------------------ ----------------------
Total
financial
assets 3,961,958 - 7,997 3,969,955
---------------------- --------------------- ------------------------------ ----------------------
Financial
liabilities
Payables - - 28,105 28,105
Loans payable - 30,584,300 - 30,584,300
---------------------- --------------------- ------------------------------ ----------------------
Total
financial
liabilities - 30,584,300 28,105 30,612,405
---------------------- --------------------- ------------------------------ ----------------------
Total
interest
sensitivity
gap 3,961,958 30,584,300
---------------------- ---------------------
31 March Variable Fixed Non-interest
2018 interest interest Bearing TotalGBP
GBP GBP GBP
Financial
assets
Receivables - - 12,743 12,743
Cash and cash
equivalents 3,984,293 - - 3,984,293
---------------------- --------------------- ------------------------------ ----------------------
Total
financial
assets 3,984,293 - 12,743 3,997,036
---------------------- --------------------- ------------------------------ ----------------------
Financial
liabilities
Payables - - 127,972 127,972
Loans payable - 33,027,979 - 33,027,979
---------------------- --------------------- ------------------------------ ----------------------
Total
financial
liabilities - 33,027,979 127,972 33,155,951
---------------------- --------------------- ------------------------------ ----------------------
Total
interest
sensitivity
gap 3,984,293 33,027,979
---------------------- ---------------------
If interest rates had been 50 basis points higher throughout the
period and all other variables were held constant, the Company's
profit for the period and net assets attributable to Shareholders
as at 30 September 2018 would have been GBP19,810 (31 March 2018:
GBP19,921) greater due to an increase in the amount of interest
receivable on the bank balances.
If interest rates had been 50 basis points lower and all other
variables were held constant, the Company's profit for the period
and net assets attributable to Shareholders as at 30 September 2018
would have been GBP19,810 (31 March 2018: GBP19,921) lower due to
an decrease in the amount of interest receivable on the bank
balances.
19 CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
The following table discloses the effects of the amendments
to IAS 7 Statement of Cash Flows which requires additional
disclosures that enable users of financial statements to
evaluate changes in liabilities arising from financing activities,
including both changes arising from cash flows and non-cash
flows.
30 Sep 2018 31 Mar 2018
GBP GBP
Opening Balance 33,027,979 46,748,096
Cash flows paid - capital (4,760,895) (9,216,397)
Cash flows paid - interest (911,199) (2,231,299)
Non-cash flows
* Interest accrued 941,022 2,230,594
* Effects of foreign exchange 2,032,735 (4,503,015)
Closing Balance 30,329,642 33,027,979
------------ ------------
20 ULTIMATE CONTROLLING PARTY
In the opinion of the Directors, the Company has no ultimate
controlling party.
21 RELATED PARTIES
Nimrod Capital LLP ("Nimrod") is the Company's Corporate and
Shareholder Adviser. The Company pays to Nimrod for its services as
Corporate and Shareholder Adviser a fee of GBP100,000 per annum
(adjusted annually for inflation from 2012 onwards at 2.25 per
cent. per annum) payable quarterly in arrears.
During the Period, the Company incurred GBP58,630 (30 September
2017: GBP57,142) of fees and expenses with Nimrod, of which GBPnil
(31 March 2018: GBP28,571) was outstanding to this related party at
30 September 2018.
Doric GmbH ("Doric") is the Company's Asset Manager. The Company
pays Doric a management and advisory fee of GBP250,000 per annum
(adjusted annually for inflation from 2012 onwards, at 2.25 per
cent. per annum), payable quarterly in arrears.
During the Period, the Company incurred GBP146,067 (30 September
2017: GBP142,853) of expenses with Doric, of which GBPnil (31 March
2018: GBPnil) was outstanding to this related party at 30 September
2018.
John Le Prevost is a director of Anson Registrars Limited
("Anson"), the Company's registrar, transfer agent and paying
agent. During the Period GBP4,454 (30 September 2017: GBP4,907) of
costs were incurred with Anson, of which GBP689 (31 March 2018:
GBP585) was outstanding as at 30 September 2018.
22 CHANGE IN ACCOUNTING POLICIES
This note explains the impact of the adoption of IFRS 9 'Financial
Instruments' and IFRS 15 'Revenue from Contracts with Customers'
on the Company's financial statements and also discloses the
new accounting policies that have been applied from 1 January
2018, where they are different to those applied in prior periods.
(a) IFRS 9 'Financial Instruments '- Impact of adoption
IFRS 9 replaces the provisions of IAS 39 that relate to the
recognition, classification and measurement of financial assets
and financial liabilities, derecognition of financial instruments,
impairment of financial assets and hedge accounting.
The adoption of IFRS 9 'Financial Instruments' from 1 April
2018 only resulted in changes in accounting policies. The new
accounting policies are set out in Note 22 (c) below. No adjustments
were deemed necessary to the amounts recognised in the financial
statements and accordingly there was no impact on the retained
earnings as at 1 April 2018.
Classification Financial Assets and of Financial Liabilities
IFRS 9 contains three principal classification categories for
financial assets and liabilities: measured at amortised cost,
fair value through other comprehensive income ("FVOCI") and
fair value through profit or loss ("FVTPL"). IFRS 9 classification
is generally based on the business model in which a financial
asset is managed and its contractual cash flows.
Based on the Company's assessment, this standard does not have
a material impact on the classification of financial assets
and financial liabilities of the Company. This is because:
financial instruments currently measured at amortised cost
are accrued income, short-term investments, cash and cash equivalents,
receivables, borrowings, deferred income and payables. These
instruments meet the solely principal and interest criterion
and are held in a held-to-collect business model. Accordingly,
they will continue to be measured at amortised cost under IFRS
9.
Impairment of Financial Assets
IFRS 9 replaces the 'incurred loss' model in IAS 39 with an
'expected credit loss' model. The new impairment model also
applies to certain loan commitments and financial guarantee
contracts but not to equity investments. Under IFRS 9, credit
losses are recognised earlier than under IAS 39.
The Company assesses on a forward looking basis the expected
credit losses associated with its debt instruments carried
at amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit
risk. The Company has chosen to apply the simplified approach
to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables.
Based on the Company's assessment, changes to the impairment
model do not have a material impact on the financial assets
of the Company. This is because:
the accrued income and receivables at amortised cost are short-term
(i. e. no longer than 12 months) and considered to be of high
credit quality as the Company selected a lessee with a strong
balance sheet and financial outlook which has no history of
defaulting on any rental payments. Under the terms of the lease
agreements between the lessee and the Company, any non-payment
of the lease rentals constitutes a Special Termination Event,
under which the lease terminates and the Company may either
choose to sell the Asset or lease the Asset to another party.
Accordingly, the identified impairment losses on such assets
are expected to be small; and
-while cash and cash equivalents are also subject to the impairment
requirements of IFRS 9, the identified impairment loss is expected
to be small as the instruments are held with regulated entities
subject to prudential supervision, or with high credit ratings
assigned by international credit rating agencies.
(b) IFRS 15 'Revenue from Contracts with Customers' - Impact of adoption
IFRS 15 deals with revenue recognition and establishes principles
for reporting useful information to users of financial statements
about the nature, amount, timing and uncertainty of revenue and
cash flows arising from an entity's contracts with customers.
Revenue is recognised when a customer obtains control of a good
or service and thus has the ability to direct the use and obtain
the benefits from the good or service. The standard replaces
IAS 18 'Revenue' and IAS 11 'Construction contracts', related
interpretations. The only contractual receipts which the Company
currently has are rental income from Emirates leasing its Aircraft.
Rental income is currently recognised in accordance with IAS
17 (which will be replaced by IFRS 16 which is specifically excluded
from IFRS 15. The adoption of IFRS 15 'Revenue from Contracts
with Customers' from 1 April 2018 does thus not materially impact
the financial statements.
IFRS 9 'Financial Instruments' - Accounting policies applied
(c) from 1 January 2018
Investments and other financial assets
(i) Classification
From 1 January 2018, the Company classifies its financial assets
in the following measurement categories:
those to be measured subsequently at fair value (either through
other comprehensive income ("OCI"), or through profit or loss),
and
those to be measured at amortised cost.
The classification depends on the Company's business model for
managing the financial assets and the contractual terms of the
cash flows.
For assets measured at fair value, gains and losses will either
be recorded in profit or loss or OCI. For investments in equity
instruments that are not held for trading, this will depend on
whether the Company has made an irrevocable election at the time
of initial recognition to account for the equity investment at
FVOCI
The Company reclassifies debt investments when and only when
its business model for managing those assets changes.
(ii) Measurement
At initial recognition, the Company measures a financial asset
at its fair value plus, in the case of a financial asset not
at FVTPL, transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of
financial assets carried at FVTPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in
their entirety when determining whether their cash flows are
solely payment of principal and interest.
(c) IFRS 9 'Financial Instruments' - Accounting policies applied
from 1 January 2018 (continued)
(ii) Measurement (continued)
Debt instruments
Subsequent measurement of debt instruments depends on the Company's
business model for managing the asset and the cash flow characteristics
of the asset. There are three measurement categories into which
the Company classifies its debt instruments:
Amortised cost: Assets that are held for collection of contractual
cash flows where those cash flows represent solely payments
of principal and interest are measured at amortised cost. Interest
income from these financial assets is included in finance income
using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in profit or loss and
presented in other gains/(losses), together with foreign exchange
gains and losses. Impairment losses are presented as separate
line item in the statement of profit or loss.
FVOCI: Assets that are held for collection of contractual cash
flows and for selling the financial assets, where the assets'
cash flows represent solely payments of principal and interest,
are measured at FVOCI. Movements in the carrying amount are
taken through OCI, except for the recognition of impairment
gains or losses, interest revenue and foreign exchange gains
and losses which are recognised in profit or loss. When the
financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to
profit or loss and recognised in other gains / (losses). Interest
income from these financial assets is included in finance income
using the effective interest rate method. Foreign exchange
gains and losses are presented in other gains/(losses) and
impairment expenses are presented as separate line item in
the statement of profit or loss.
FVTPL: Assets that do not meet the criteria for amortised cost
or FVOCI are measured at FVTPL. A gain or loss on a debt investment
that is subsequently measured at FVTPL is recognised in profit
or loss and presented net within other gains/(losses) in the
period in which it arises.
Equity instruments
The Company subsequently measures all equity investments at
fair value. Where the Company's management has elected to present
fair value gains and losses on equity investments in OCI, there
is no subsequent reclassification of fair value gains and losses
to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in
profit or loss as other income when the Company's right to
receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised
in other gains/(losses) in the statement of profit or loss
as applicable. Impairment losses (and reversal of impairment
losses) on equity investments measured at FVOCI are not reported
separately from other changes in fair value.
(iii) Impairment
From 1 January 2018, the Company assesses on a forward looking
basis the expected credit losses associated with its debt instruments
carried at amortised cost and FVOCI. The impairment methodology
applied depends on whether there has been a significant increase
in credit risk.
For trade receivables, the Company applies the simplified
approach permitted by IFRS 9, which requires expected lifetime
losses to be recognised from initial recognition of the receivables.
23 SUBSEQUENT EVENTS
On 10 October 2018, a further dividend of 2.25 pence per
Ordinary Preference Share was declared and this was paid on 31
October 2018.
ADVISORS AND CONTACT INFORMATION
KEY INFORMATION
Exchange: Specialist Fund Segment of the London Stock Exchange's
Main Market
Ticker: DNA1
Listing Date: 13 December 2010
Financial Year End: 31 March
Base Currency: Pound Sterling
ISIN: GG00B4MF3899
SEDOL: B4MF389
Country of Incorporation: Guernsey
Registration number: 52484
MANAGEMENT AND ADMINISTRATION
Registered Office Company Secretary and Administrator
Doric Nimrod Air One Limited JTC Fund Solutions (Guernsey)
Limited
Ground Floor Dorey Court Admiral Park
Ground Floor St Peter Port
Dorey CourtGuernsey GY1 2HTAdmiral Park
St Peter Port
Guernsey GY1 2HT
Asset Manager Liaison Agents
Doric GmbH Amedeo Services (UK) Limited
Berliner Strasse 114 29-30 Cornhill
63065 Offenbach am Main London, England
Germany EC3V 3NF
Corporate and Shareholder Advisor Lease and Debt Arranger
Nimrod Capital LLP Doric Asset Finance GmbH & Co. KG
3 St Helen's Place Berliner Strasse 114
London, England 63065 Offenbach am Main
EC3A 6AB Germany
Solicitors to the Company Advocates to the Company (as to
(as to English Law) Guernsey Law)
Herbert Smith Freehills LLP Carey Olsen
Exchange House Carey House
Primrose Street Les Banques
London, England St Peter Port
EC2A 2EG Guernsey GY1 4HP
Registrar Auditor
Anson Registrars Limited Deloitte LLP
PO Box 426 Regency Court
Anson House Glategny Esplanade
Havilland Street St Peter Port
St Peter Port Guernsey GY1 3HW
Guernsey GY1 3WX
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BLBDBXSBBGIS
(END) Dow Jones Newswires
November 14, 2018 11:59 ET (16:59 GMT)
Doric Nimrod Air One (LSE:DNA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Doric Nimrod Air One (LSE:DNA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
