Operating cash flow reflects the cash we generate from operations after net capital expenditure which is a significant ongoing cash outflow associated with investing in our infrastructure. Measuring ROIC ensures the Group is focused on efficient use of assets, with the target of operating returns generated across the cycle exceeding the cost of holding the assets. Revenue from the sale of goods of $1,908.6 million (2018: $1,825.3 million) includes a gain of $0.6 million (2018: gain of $1.0 million) in respect of the recycling of the effective amount of foreign currency derivatives used to hedge foreign currency revenue. Shares in Signature Aviation rose sharply yesterday after the company revealed that it has received two competing takeover offers. Where applicable, divisional measures are calculated in accordance with Group measures. Signature Aviation Blesses $4.3 Billion Blackstone Approach (Bloomberg) -- Signature Aviation Plc said it will accept a $4.3 billion buyout from Blackstone Group Inc. if the U.S. private-equity firm makes a solid offer.The U.K. company, whose No.1 shareholder is Bill Gates, would accept the $5.17-a-share price made in an approach by Blackstone, according to a statement Monday. Gama Aviation is a global aviation company providing special mission, business aviation and technology and outsourcing services across commercial and business aviation clients. A reconciliation from these to net debt is given below. ROIC is calculated by dividing the last twelve months underlying operating profit for ROIC by invested capital for ROIC, both of which are at the same exchange rate which is the average of the last 13 months' spot rate. By clicking "I Agree" below, you acknowledge that you accept our, A video with Mark Johnstone, Group Chief Executive, and David Crook, Group Finance Director, is now available on, Signature FBO network outperformed the US B&GA market by 90 basis points, Sale of Ontic to CVC for $1,365 million and $833.6 million of capital returned to shareholders, Total Group underlying operating profit $441.1 million, Continuing Group underlying operating profit $320.8 million, Total Group operating profit on a statutory basis up 19.6% at $312.7 million (2018: $261.5 million) due primarily to the adoption of IFRS 16 on 1 January 2019, Signature FBO organic revenue up 1.1%, with new commercial initiatives contributing to our outperformance of the US B&GA market, US B&GA market growth of 0.2% in the twelve months to 31 December 2019, Improved market outperformance of 100 basis points in H2 2019, Signature underlying operating profit $361.0 million, ERO delivered underlying operating profit of $52.8 million through robust trading, and with the benefit of continued suspension of depreciation and amortisation, ERO impairment of $124.7m to reflect fair value less cost to sell. This business did not trade in 2019, however, in 2019 it incurred $0.2 million of exceptional and other items (2018: revenue of $3.7 million, an underlying operating loss of $0.7 million, exceptional and other items $4.9 million; statutory loss of $5.6 million) and its net asset position at the end of 2019 was $2.1 million (2018: $11.2 million). The total charge for the year can be reconciled to the accounting profit as follows: Profit before tax on continuing operations, Tax at the rates prevailing in the relevant tax jurisdictions 24.3% (2018: 24.3%), Tax effect of offshore financing net of UK CFC charge, Tax effect of expenses that are not deductible in determining taxable profit, Items on which deferred tax has not been recognised, Recognition of previously unrecognised tax attributes, Difference in tax rates on overseas earnings, Tax expense for the year on continuing operations. In addition to measuring the financial performance of the Group and lines of business based on underlying operating profit, we also measure performance based on EBITDA and underlying EBITDA. The London-listed company, the world’s biggest servicing operation for private aviation and business jets, said it had rejected a bid from Global Infrastructure Partners but is in talks with Blackstone, the US private equity firm. 22.12.2020 We booked an impairment on our ERO business of $124.7 million in the year. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer. Registered office: 1 London Bridge Street, SE1 9GF. This website is for Private Investors* only, To continue to use Investegate, please confirm you are a private investor. This increase largely represents timing of payments between 2018 and 2019. By using this site, you agree to use the content for private use only. Effect of the disposal group on financial position of the Group. 'Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39 and IFRS 7'. On 30 July 2019, the Group announced that it had entered into an agreement to sell the Ontic business to Bleriot US Bidco Inc, an entity controlled by CVC Fund VII for cash consideration of $1,365 million on a cash-free and debt-free basis. Investegate takes no responsibility for the accuracy of the information within 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. View recent trades and share price information for Signature Aviation plc (SIG) Ordinary 37.20238p Revenue prior year (continuing operations), Revenue prior year (ERO discontinued operations), Revenue prior year (Ontic discontinued operations), Revenue prior year (ASIG discontinued operations), Reported revenue prior year (continuing and discontinued operations), Rebase for disposals and discontinued operations3, Reported revenue current year (continuing and discontinued operations), Add: Impact of adopting IFRS 16 (continuing), Less: Contribution from ERO discontinued operations (note 8), Less: Contribution from Ontic discontinued operations (note 8), Organic revenue growth from continuing operations, 1 Impact from foreign exchange is calculated based on the prior year revenue translated at the current year exchange rates, 2 Impact from fuel price fluctuations is calculated based on the prior year revenue recognised at the current year fuel prices, 3 Included within the rebase for disposals and discontinued operations is $4.7 million relating to closures of FBOs (2018: $nil), 4 Organic revenue includes the former ERO (Middle East) business, this business did not trade in 2019 (2018: $3.7 million). 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. These notes were issued by Signature Aviation US Holdings Inc. A reconciliation from the basic and diluted earnings per ordinary share, the most directly comparable IFRS measure, to the cash basic and diluted earnings per ordinary share is set out below. Exceptional items are items which are material or non-recurring in nature, and include costs relating to acquisitions which are material to the associated business segment, costs related to strategic disposals (including those previously completed) and significant restructuring programmes some of which span multiple years. 894646. All rights reserved. Results on an underlying or adjusted basis are presented before exceptional and other items. revenue for the 10 months of ownership to 31 October 2019 increased to $218.6 million (2018: $216.0 million for 12 months) and Ontic delivered a strong underlying operating profit performance of $66.9 million on a pre IFRS 16 basis for the 10 months of ownership (2018: $62.9 million for 12 months). Signature Aviation provides refuelling and other aviation services at 200 sites around the world. X. Signature Aviation PLC. 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. 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. Zaven Boyrazian explains what might happen next. 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. 1 In 2018 net debt for covenant purposes includes lease liabilities previously accounted for as finance leases under IAS 17. NAV, EMM/EPT, Rule 8 and FRN Variable Fair value adjustment on US private placement senior notes. Net cash flow from exceptional items including completed disposals was an inflow of $1,182.4 million (2018: outflow of $19.5 million). Underlying operating profit for ROIC pre IFRS 16, Add back lease liabilities recognised under IFRS 16. Cash flows from/(used in) Ontic discontinued operations, Net cash (outflow) from investing activities. 6 The impairment of fixed assets of $12.5 million (2018: $14.1 million) relates to the Signature segment. Signature is also the ground based operator of choice for Uber's helicopter services in Manhattan. We provide encompassing aviation support to private individuals, corporations and governments around the world. Examples of charges or credits meeting the above definition and which have been presented as exceptional items in the current and/or prior years include costs relating to acquisitions which are material to the associated business segment, costs related to strategic disposals (including those previously completed), significant restructuring programmes some of which span multiple years asset and impairment charges. We principally discuss the Group's results on an 'adjusted' and/or 'underlying' basis. Cash conversion is defined as operating cash flow as a percentage of continuing and discontinued operating profit. of an announcement should be directed to the source. In determining whether an event or transaction is treated as an exceptional and other item, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. During the year we rolled out our, enhanced EPoS technology across the US network and deployed our revenue optimisation tools. Continuing Group basic unadjusted earnings per share, , for continuing and discontinued operations, totalled $400.0 million of income (2018: $102.6 million loss) of which $524.1 million of income (2018 restated: $17.7 million loss) related to discontinued operations. The Group's Income Statement and segmental analysis separately identify trading results before exceptional and other items. In the current low growth US B&GA market we have continued to invest in our Signature FBO network either through the addition of FBO locations, such as the five sole source locations acquired with IAM Jet Centre, lease renewals or through investment in new technology. The proposed dividend is payable to all shareholders on the register of members on 12 April 2019. External revenue from continuing and discontinued operations, Less external revenue from ERO discontinued operations, note 8, Less external revenue from Ontic discontinued operations, note 8, External revenue from continuing operations, Underlying operating profit from continuing and discontinued operations, Less underlying operating profit from ERO discontinued operations, Adjusted for intergroup charges for ERO discontinued operations3, Less underlying operating profit from Ontic discontinued operations, Adjusted for intergroup charges for Ontic discontinued operations3, Underlying operating profit/(loss) from continuing operations, Underlying operating margin from continuing operations, Exceptional and other items from continuing and discontinued operations, Less exceptional and other items from ERO discontinued operations, Less exceptional and other items from Ontic discontinued operations, Exceptional and other items from continuing operations, Operating profit/(loss) from continuing operations, Exceptional net finance costs - USPP make-whole, net, Profit before tax from continuing operations, Less capital additions from ERO discontinued operations, Less capital additions from Ontic discontinued operations, Capital additions from continuing operations, Less depreciation and amortisation from ERO discontinued operations, Less depreciation and amortisation from Ontic discontinued operations, Depreciation and amortisation from continuing operations, Less net assets/(liabilities) from ERO discontinued operations, Net assets/(liabilities) from continuing operations5, Adjusted for intergroup charges for ERO discontinued operations, Net assets/(liabilities) from continuing operations. 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