There were no drawn amounts of the multicurrency revolving bank credit facility as at 31 December 2019. Disposal process making good progress, Ontic contributed underlying operating profit of $67.5 million for the ten months of ownership, Total Group free cash flow of $187.2 million continues to highlight inherently strong free cash flow generation, Leverage reduced to 2.2x net debt/underlying EBITDA on a covenant basis (including the EBITDA of Ontic for 10 months but excluding a tax payment relating to the Ontic disposal), target range of 2.5-3.0x on a covenant basis to be maintained, Underlying Total Group adjusted basic EPS of 25.6¢. 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). Signature Aviation has received two cash offers, creating a sudden spike in the share price. Rate Fix announcements are filtered from this site. Multicurrency revolving bank credit facility. The following tables summarise the impact of adopting IFRS 16 on the Group's Consolidated Income Statement and Consolidated Statement of Cash Flows for the year ended 31 December 2019 and the Consolidated Balance Sheet as at 31 December 2019. We focus on the trends in underlying profit before tax. Closing net assets of $177.6 million for discontinued do not include Ontic. Net debt is considered to be an alternative performance measure as it is not defined in IFRS. continued to face challenges in 2019 with a revenue decline of 8.1% to $68.1 million (2018: $74.1 million) as we further rationalised our footprint. Organic revenue declined 3.1% during 2019. For the purposes of the ROIC calculation only, the 2018 Balance Sheet has been presented to show ERO and Ontic Discontinued Operations separately. These notes were issued by Signature Aviation US Holdings Inc. Exceptional and other items excluding tax effect. 3  Costs previously allocated to ERO and Ontic which has now been classified as discontinued operations. 1. 1  Operating profit/(loss) from continuing operations includes $4.1 million profit (2018: $4.0 million profit) relating to profits of associates and joint ventures. 5  The Discontinued operations results include the former ERO (Middle East) business which is not part of the ERO discontinued operations. 1  Purchase of intangible assets excludes $1.1 million (2018: $1.2 million) paid in relation to Ontic licences, not accounted for as acquisitions under IFRS 3 since the directors believe these payments are more akin to expenditure in relation to acquisitions, and are therefore outside the Group's definition of free cash flow. Please note, this site uses cookies. A reconciliation from these to net debt is given below. 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. For discontinued earnings per share, refer to note 8. Financial News Articles for Signature Aviation Plc Ord 37 17/84P updated throughout the day. It was announced in March 2018 that ERO was under strategic review. The Blackstone offer has been pitched at 383p a share, valuing Signature at about £3.2 billion. We do not consider that any provision is required, based on our current assessment of the issue. Organic revenue growth is a measure which seeks to reflect the performance of the Group that will contribute to long-term sustainable growth. Impact on the Consolidated Income Statement, (Loss)/profit from ERO discontinued operations, net of tax1, Profit/(loss) from Ontic discontinued operations, net of tax1. The impairment loss of $12.5 million (2018: $14.1 million) relates to fixed assets in the Signature segment. Adjusted earnings per share is presented pre IFRS 16, and calculated on earnings before exceptional and other Items (note 2) for the purpose of the LTIP awards. In 2019 the Group issued new senior unsecured notes and used the proceeds together with some of the Ontic disposal proceeds to prepay existing external debt and unwind various intra group financing structures supporting the US businesses. Interest cover on a covenant basis decreased to 6.9x for the 12 months to 31 December 2019 (FY 2018: 7.9x). A reconciliation from Group profit to EBITDA and underlying EBITDA, is set out below. Under the transition option adopted by the Group comparatives are not restated. Cash position and its indebtedness ROIC ), was $ nil ) notes are! Cash taxes increased in line with expectations to $ 41.7 million ( restated. 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