20789_Gama_2015_AR

2015 HIGHLIGHTS
Financial Results:
Gama Aviation Plc is pleased to report
the highlights of its maiden financial
results for the 12 months ended
31 December 2015.
Financial Highlights:
Revenue 2
$413.1m
Constant currency
When Gama Aviation was admitted to
AIM on 5 January 2015, the admission
documents and stock market research
generally applied a rate of exchange
of $1.6 to £1 in determining Gama
Aviation’s anticipated financial
performance. Accordingly, and in order
to provide stakeholders with both
Gross Profit2
$62.4m
December
2015
December
2014
(Pro-forma basis) 1
consistency and an appropriate analysis
of its results, the Board has included
below highlights of both its audited
financials for the 12 months ended
31 December 2015 together with those
derived from applying a constant
currency rate of $1.6 to £1.
Adjusted EBITDA3
$20.9m
Change
Revenue 2 $413.1m $359.0m 15.1%
Gross Profit 2 $62.4m $48.9m 27.6%
Gross Profit Margin 2 15.1% 13.6% 10.9%
Adjusted EBITDA 3 $20.9m $9.8m >100%
Adjusted EBITDA Margin 3 5.1% 2.7% 86%
Adjusted Profit before tax 4 $7.2m ($27.4m) n/a
Adjusted EPS 5 $41.75c $14.88c >100%
1 Calculated using the Hangar 8 figures for the twelve months ended 31 December 2014 and the Gama figures for the twelve months ended
31 December 2014.
2 Including 100% of the results of Gama Aviation’s Associate in the US and Joint Venture in Hong Kong.
3 Adjusted EBITDA is arrived at by taking operating profit before depreciation, amortisation, and exceptional items.
4 Adjusted Profit before tax is arrived at before exceptional items.
5 Earnings used in the Adjusted EPS calculation are the profit attributable to ordinary shareholders adjusted for exceptional items
and amortisation.
All results above are for continuing operations and calculated at a constant foreign exchange rate of $1.6 to £1.
STRATEGIC REPORT GOVERNANCE FINANCIALS
The results below are the Gama Aviation Plc statutory numbers and therefore the revenue and gross profit figures exclude
the results of Gama Aviation’s associate in the US and the joint venture in Hong Kong and are not calculated on a constant
currency basis.
Statutory
December
2015
December
2014
(Pro-forma basis)
December
2014
(Gama only)
Revenue $236.0m $285.7m $168.6m
Gross Profit $51.6m $46.4m $30.9m
Gross Profit Margin 21.9% 16.3% 18.3%
Reported Operating Profit/(Loss) $9.4m ($23.5m) ($7.7m)
Reported Profit/(Loss) before tax $6.8m ($27.1m) ($11.3m)
Reported Profit/(Loss) after tax $9.4m ($27.6m) ($11.3m)
Reported EPS $21.28c ($98.09c) ($38.55c)
Operational Highlights:
//
Merger integration complete and cost synergies delivered in line with expectations
//
Optimisation initiative under way and progressing well
//
Continued focus on driving efficiencies and margin improvements
//
Strong revenue and margin growth in our US operations
//
Sharjah hangar project launched following airport approval of our proposed development
//
Strategic acquisition opportunities identified for execution in 2016
GAMA AVIATION ANNUAL REPORT 2015 3