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June 2017

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FLYdocs has reported an increase in revenues in excess of 50% over the past 12 months, with 80% of this being accounted for by foreign revenue. Client growth reached 60% year on year, pushing global users of the FLYdocs platform to around 14,000 worldwide, up 40% year on year. With projections proving strong and the business model showing stability long term, FLYdocs are predicting revenue of £12-14 million in the 2018/2019 reporting period.


Additional highlights include strategic platform investment in a new Big Data Compliance-on-Demand product offering within FLYdocs that enables customers to cut the time to manage aircraft compliance by 80%, presenting savings that are likely to reach millions of dollars per annum. FLYdocs also secured a groundbreaking new global partnership agreement with Lufthansa Technik to maintain the rate of positive expansion. 


The FLYdocs team of over 250 employees across 10 offices globally delivered $140 million in client cost savings, with over 500 contracted lease returns and audits in the pipeline and 140 aircraft delivered on time or ahead of schedule within the year, a 40% increase year-on-year.


SIA Engineering Company (SIAEC) recorded a profit attributable to owners of the parent of S$332.4 million for the financial year which ended 31 March 2017. During the first quarter, the Group made a S$141.6 million gain from the divestment of its 10% stake in Hong Kong Aero Engine Services Limited (HAESL) to Rolls-Royce Overseas Holdings Limited and Hong Kong Aircraft Engineering Company Limited (HAECO). In addition, the Group received a special dividend of S$36.4 million from HAESL following the divestment of its 20% stake in Singapore Aero Engine Services Limited (SAESL) to Rolls-Royce Singapore, bringing the overall gain from divestment to S$178 million.


Revenue decreased by S$8.6 million or 0.8% to S$1.1041 billion. Fleet management revenue also decreased, but was partially mitigated by higher line maintenance revenue. 


Expenditure increased by S$23.8 million or 2.4%, mainly due to increases in staff costs, offset in part by lower subcontract costs. The increase in staff costs was due mainly to a provision made in the first quarter for the increase in the profit-linked component of staff remuneration arising from the gain on divestment of HAESL, based on profitability-related key performance indicators. Salary increments and an increase in overtime as more staff are released for training on new aircraft types also contributed to the increase in staff costs. Operating profit before the provision was S$93.3 million, a decrease of S$11.1 million or 10.6%. Operating profit after taking into account the one-time impact on staff costs arising from divestment was S$72 million.


Share of profits of associated and joint venture companies increased by S$2.3 million or 2.4% to S$96.5 million. Contributions from the engine repair and overhaul centres increased S$3 million or 5.9%, with higher share of profits from Eagle Services Asia partially offset by lower contributions from SAESL as the work content of engines shipped for the current year was lower.


In 4Q16, the Group posted a profit attributable to owners of S$45.9 million for the fourth quarter ending 31 March 2017, an increase of S$4.5 million or 10.9%. Revenue for the quarter was S$295.4 million, comparable to the same period last year. Expenditure rose by S$4.8 million or 1.8%, reaching a total of S$271.5 million, due mainly to an increase in staff costs partially offset by a reduction in subcontract costs and lower exchange losses. The resulting operating profit  of S$23.9 million was S$3.6 million or 13.1% lower.


Share of profits of associated and joint venture companies of S$27 million were higher by S$8.7 million or 47.5%. Contributions from the engine repair and overhaul centres amounted to S$12.6 million, an increase of S$4.4 million or 53.7%.


StandardAero’s acquisition of PAS Technologies has been officially approved by the required regulatory agencies. All PAS Technologies facilities and employees will become part of the Components, Helicopters and Accessories division


Vx Capital Partners (Vx), a privately held aviation company, has announced the successful closure of its first private equity fund Vx Freighter Investment Fund (VXF). Vx held a final close on 2 February 2017. The fund was oversubscribed exceeding its fundraising target of $100 million. VXF is dedicated to the acquisition of mid-life narrowbody jets and their subsequent conversion from passenger to cargo configuration. While owned by VXF, the equipment will be placed on lease to cargo airlines globally. The fund currently owns 10 aircraft in freighter configuration on lease, and another 10 aircraft undergoing or awaiting cargo conversion.

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