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    AVAP   GB00B196F554

AVATION PLC

(AVAP)
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Delayed London Stock Exchange  -  05/23 11:35:22 am EDT
66.50 GBX   +3.91%
08:58aAVATION PLC ('Avation' or 'the Company') SUSTAINABLE FUEL AND DECARBONISATION GROWTH STRATEGY
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AVATION PLC SALE OF AIRCRAFT, TRADING UPDATE, AND RESPONSE TO ANALYST QUESTION

01/20/2022 | 09:43am EDT

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, advises that it has completed the sale of the first of a series of three ex-Virgin Australia Airlines ATR72- 600s to Aegean Airlines.

Trading update

The company finished the period ended 31 December 2021 with 42 aircraft in the fleet of which 50% where modern narrowbody commercial aircraft. The average age was 5.3 years with remaining lease duration of 6.0 years. The fleet has unearned contracted revenue from operating leases of $575 million (unaudited) and an additional $64 million (unaudited) of minimum lease payments receivable under finance leases.

The collection rate of cash compared with contracted revenues as at the month of December 2021 was 171% (unaudited) with year-to-date 31 December 2021 cash collection rate of 91%. The cash and bank balances as at 31 December 2021 were $121 million (unaudited).

Response to Analyst Question

In respect of Philippine Airlines 777-300 aircraft power by the hour rent collections for the period September 2021 to November 2021 the average monthly rental was around 95% of the notional level of the applicable contracted fixed rent. The sale of three ATR aircraft to Aegean Airlines, in addition to the sale of an Airbus A321 and an Airbus A220 previously announced since 1 July 2021, will increase liquidity and release approximately $42 million in aggregate net proceeds.

Results Announcement

The company is expected to release its unaudited results for the first half of the financial year ended 31 December 2021 on 3 March 2022.

Avation's Executive Chairman, Jeff Chatfield said: 'We see the air travel industry experiencing a gradual recovery from COVID-19 with most of our airline clients having navigated to stabilization of activity levels. We expect that the results for the first half will demonstrate certain improvements, albeit remain a loss. The Company sees improvements in liquidity, revenue collections and a gradual stabilisation of the business. The Company expects material receipts in the coming months from the sale of aircraft, the creditor pay out from the Virgin Australia administration and the PAL restructuring as well as continued collection of debtors and cashflow from operations.'

Contact:

Avation PLC

Jeff Chatfield

Executive Chairman

T: +65 6252 2077

Avation PLC is an aircraft leasing company, headquartered in Singapore, owning and managing a fleet of commercial passenger aircraft which it leases to airlines around the world. More information on Avation is available at www.avation.net

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AEGEAN AIRLINES S.A. -1.17% 5.07 Delayed Quote.6.76%
AVATION PLC 3.91% 66.5 Delayed Quote.-27.68%
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Financials
Sales 2022 120 M 151 M 151 M
Net income 2022 21,9 M 27,5 M 27,5 M
Net Debt 2022 951 M 1 196 M 1 196 M
P/E ratio 2022 2,15x
Yield 2022 16,1%
Capitalization 44,5 M 55,9 M 55,9 M
EV / Sales 2022 8,30x
EV / Sales 2023 8,17x
Nbr of Employees 23
Free-Float 77,5%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 64,00 GBX
Average target price 149,00 GBX
Spread / Average Target 133%
EPS Revisions
Managers and Directors
Robert Jeffries Chatfield Executive Chairman & Group Chief Executive Officer
Richard John Wolanski Finance Director
Iain Cawte Chief Financial Officer
Stephen John Fisher Independent Non-Executive Director
Derek Sharples Independent Non-Executive Director
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