Full Year 2024 Avation PLC Earnings Call Transcript
Key Points
- Avation PLC (LSE:AVAP) reported a strong net profit for the year, despite higher IFRS 9 non-cash amortization.
- The company has a diversified fleet of 34 aircraft, including widebody, narrowbody, and turboprop, with a weighted average aircraft age of 7.3 years.
- Net debt was reduced by nearly $80 million, showing effective deployment of surplus cash flows.
- The fleet is 100% utilized, with successful placements of older aircraft and new leases.
- Avation PLC (LSE:AVAP) has a 10-year growth program with 12 ATR 72s on order, aiming to double the company's size over the period.
- Total income decreased by about $4 million due to lower foreign currency exchange gains and lower distributions from Virgin Australia's administration.
- The weighted average cost of debt increased slightly to 6.4%, impacting overall financial performance.
- The company faces potential delays in ATR aircraft deliveries, which could affect future operations.
- There is a significant tax charge this year due to adjustments in deferred tax provisions, which may not be repeated in future.
- The share price remains significantly below the net asset value, indicating potential market skepticism about the company's valuation.
Good afternoon, ladies and gentlemen. Welcome to the Avation full-year results investor presentation. (Operator Instructions) Before we begin, we'd like to submit the following poll, and I'm sure the company would be most grateful for your participation.
And I'd now like to hand over the session since to Group General Counsel, Duncan Scott. Good afternoon.
Thanks, and good afternoon to everyone today on September 26, Avation published its unaudited financial results for the year ended June 30, 2024. A copy of our results announcement is available on our website at www.avation.net. This conference call is being webcast and recorded, and the webcast will be available for replay on our website.
Please note that certain statements in this conference call, including answers to your questions are forward-looking statements, including without limitation, statements regarding our future operations and performance, revenues, operating
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