The businesses within the Signature segment provide refuelling, ground handling, line maintenance and other services to the Business and General Aviation (B&GA) and commercial aviation markets. unaudited condensed consolidated statement of changes in equity. In common with many other UK-based multinational groups whose arrangements were in line with UK CFC legislation, the Group may be affected by this decision. Current year bank loans and US senior notes are stated after their respective transaction costs and related amortisation. The directors consider that this gives a useful indication of underlying performance and better visibility of Key Performance Indicators. An analysis of the Group's revenue for the year is as follows: A portion of the Group's revenue from the sale of goods denominated in foreign currencies is cash flow hedged. Free cash flow is set out in note 7 to the Condensed Financial Statements and reconciled to net cash inflow from operating activities, the most directly comparable IFRS measure. 1 The net assets of the ERO business held for sale as at 31 December 2019 exclude deferred tax assets of $18.7 million (2018: $15.3 million deferred tax liabilities) and tax liabilities of $3.8 million (2018: $0.2 million) which remain within the Group tax position. Mark Johnstone, Signature Aviation Group Chief Executive, commented: "2019 has been a transformational year as we continued to invest in our core Signature business and fully recognised the strategic value of our Ontic business. Operating cash flow is defined as the aggregate of cash generated by operations, purchase of property, plant and equipment, purchase of intangible assets less Ontic licences not accounted for under IFRS 3, and proceeds from disposal of property, plant and equipment. Bank overdrafts are repayable on demand. Rate Fix announcements are filtered from this site. 1 $5.0 million issue costs have been capitalised and are being amortised over the life of this facility. Norges Bank - Correction : Form 8.3 - Signature Aviation Plc PR Newswire London, December 21 ERROR ON THE TRADE DATA - CORRECTED FORM... 21/12/2020 15:18:09 Cookie Policy +44 (0) 203 8794 460 Free Membership Login Underlying operating profit performance in Signature was $361.0 million (2018: $320.6 million) which includes $43.6 million relating to the adoption of IFRS 16. Profit for the year has been arrived at after charging/(crediting): Underlying profit is shown before exceptional and other items on the face of the Income Statement. As such, underlying profit before tax excludes the impact of exceptional and other items. During Q3, the Group redeemed its outstanding US private placement (USPP) senior notes for an aggregate redemption price of $417.0 million (comprising $380 million of outstanding notes, $5.5 million interest expense and $31.5 million make-whole payment). SIG Share News. As at 31 December 2019, 51% (2018: 44%) of the Group's borrowings are fixed at a weighted average interest rate of 4.6% (2018: 4.2%) for a weighted average period of seven years (2018: five years). Principal capital expenditure items include investment in Signature's FBO developments at Teterboro (TEB), and Palm Beach (PBI). Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; Operating cash flow is primarily an overall operational performance measure. Company Overview for SIGNATURE AVIATION LTD (11241402) Filing history for SIGNATURE AVIATION LTD (11241402) People for SIGNATURE AVIATION LTD (11241402) More for SIGNATURE AVIATION LTD (11241402) Registered office address Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX . Operating profit from ERO discontinued operations, Operating profit from Ontic discontinued operations, Less: share of profit from associates and joint ventures, Depreciation of property, plant and equipment, Profit on sale of property, plant and equipment, Operating cash inflows before movements in working capital, Net cash inflow from operating activities, Dividends received from associates and joint ventures. The discontinued operations segment results show the effect of the ERO business which is held for sale at year end and the Ontic business which was sold in October 2019. On 6 November 2019, the Group filed an appeal with the EU General Court seeking to annul the EU State Aid decision. A reconciliation from underlying operating profit to underlying operating profit for ROIC is set out below. The calculation of the basic and diluted earnings per share is based on the following data: Basic earnings attributable to ordinary shareholders, Adjusted earnings for adjusted earnings per share, Impact of adopting IFRS 16 on basic earnings (note 10, 11), Impact of adopting IFRS 16 on exceptional and other items, Adjusted earnings for adjusted pre IFRS 16 earnings per share, Adjusted earnings for pre IFRS 16 tax adjusted earnings per share1. Amortisation of intangible assets arising on acquisition and valued in accordance with IFRS 3, IFRS 16 impact on underlying operating profit, Underlying operating profit pre IFRS 16 margin. SIGNATURE AVIATION Plc (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure: 22 December 2020 Total spend on acquisitions included the acquisition of IAM Jet Centre ($33.5 million), deferred consideration on an Ontic licence acquired in December 2018 ($11.5 million), the acquisition of new licences by Ontic during 2019 ($17.4 million) and the final working capital settlements in respect of EPIC and Firstmark ($3.3 million), all net of $0.4 million cash acquired. Key components of this for continuing operations are the non-cash amortisation of acquired intangibles accounted for under IFRS 3 ($73.8 million), restructuring expenses ($5.6 million) as part of a multi-year restructuring programme, indemnification provisions and associated legal fees in respect of previously disposed businesses ($36.5 million), to $187.2 million (2018: $224.8 million). Signature Aviation PLC (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure. TECHNICAir, contributed revenues of $467.3 million and underlying operating profit of $5.7 million, on a pre IFRS 16 basis. At the end of May 2018, management committed to a plan to sell substantially all of the ERO business and as such at that point the relevant assets and liabilities were classified as held for sale. All other borrowings are held at amortised cost. Capital additions include additions to property, plant and equipment, and intangible assets including Ontic licences not accounted for as acquisitions under IFRS 3. Adjustments in respect of prior years - current tax, Adjustments in respect of prior years - deferred tax, Income tax expense for the year from continuing and discontinued operations, Income tax (credit)/expense for the year from continuing operations. Signature Aviation said on Monday that talks with private equity group Blackstone were ongoing and its board was minded to recommend a firm $5.17 (£3.86) a … 1 As disclosed in the 2018 Annual Report, the Remuneration Committee decided to simplify the earnings per share measure used for the LTIP and use underlying earnings per share. Based on the above, the operating segment of the Group identified in accordance with IFRS 8 is Signature, which comprises Signature FBO, TechnicAir and EPIC Fuels. In addition, a reconciliation from net assets, the most directly comparable IFRS measure, to invested capital for ROIC is set out below. This presentation is consistent with the way that financial performance is measured by management and reported to the Board and the Signature Leadership Team and assists in providing a meaningful analysis of the trading results of the Group. The following table summarises the impact of adopting IFRS 16 on the Group's condensed Consolidated Balance Sheet as at 1 January 2019. The fair value loss on its US senior notes at 31 December 2019 was $13.4 million (2018: $4.0 million loss). Other items include amortisation of intangible assets arising on acquisition and valued in accordance with IFRS 3. View recent trades and share price information for Signature Aviation plc (SIG) Ordinary 37.20238p On 13 December 2019, the 2019 special dividend of 80.71¢ per share (total dividend $833.6 million) was paid to shareholders (2018: $nil). increased by 6.1% to $2,260.5 million (2018 restated: $2,131.3 million) including an additional six-month contribution from EPIC and a first-time contribution from IAM Jet Centre of $235.5 million in total. The RCF includes a second option, which is at the lenders' option, to extend the maturity date for a further year at the second anniversary. A reconciliation from operating profit, the most directly comparable IFRS measure, to the underlying operating profit and margin is set out below. (Alliance News) - Signature Aviation PLC said Monday it has told Blackstone it "would currently be minded to recommend" a firm takeover offer at … The Alternative Performance Measures we use are: organic revenue growth, underlying operating profit and margin, EBITDA and underlying EBITDA, underlying profit before tax, underlying deferred tax, adjusted basic and diluted earnings per ordinary share, return on invested capital, operating cash flow, free cash flow, cash conversion and net debt. As at 31 December 2019, the Group had $1,150 million (2018: $500 million) of US senior notes outstanding with $575 million (2018: $250 million) accounted for at fair value through profit and loss as the fair value interest rate risk has been hedged from fixed to floating rates. Obtains access to the information in a personal capacity; We principally discuss the Group's results on an 'adjusted' and/or 'underlying' basis. About Signature Aviation PLC Signature Aviation PLC provides air transport support services. Cash taxes increased in line with expectations to $41.7 million (2018: $27.1 million). The decrease primarily resulted from the adoption of IFRS 16 ($25.8 million). It was announced in July 2019 that, following significant inbound interest, management was assessing value maximising options for the Group's investment in the Ontic business, part of the then Ontic segment. Both the Group 's underlying profitability with peer companies, a 13-month high, valuing Signature at £3.2. An appeal with the EU State Aid decision to assess both the Group 's cash position its. To have a material impact on free cash flow as a discontinued operation costs of $ million... Expected to have a material impact on reserves has been closed in Manhattan performance measures to most! Will update the market in due course cargo handling, maintenance and other charges on classification as held sale. 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