Avincis Group releases results overview for 2013 Q3

Avincis Group releases results overview for 2013 Q3

29-Nov-2013 Source: Avincis Group

Avincis Mission Critical Services Group S.A.U (“Avincis”) (previously Prioris Aviation Spain S.A.U) today reported strong results for the third quarter of 2013, including improved margins, a growing order book and continuing efficiency gains.    [Editor note – This really is “selected highlights only”. We requested the full numbers, but Avincis declined to provide them]

Financial Highlights
 
• Order intake up 130% to €990.5m (Q3 2012: €430.9m)
• Backlog up 65% to €2144.7m (Q3 2012: €1302.6m)
• 14 new contracts awarded year to date which will deliver expected annual revenues of €96.4m
• Successful renewal of €110.8m of contracts, in line with historic trend
• Q3 Ebitda up 5% to €51.9m (Q3 2012: €49.4m)
• Net debt down 2% to €894.3m (Q3 2012: €907.7m)
• Modern fleet of around 350 aircraft with high retained asset value (market value €722.0m)
• Working capital needs decreased by more than 40% to €48.7m (Q3 2012: €84.7m)
Operational Highlights
 
• Entered energy services market in Asia-Pacific market with new five year contract
• Became first UK air ambulance operator to be certified to operate night flights
• Increased diversification of offshore fleet
• Strengthened Group and Regional senior executive structure
• Secured new framework agreements with major Original Equipment Manufacturers and negotiated reduced aircraft lease rate terms with lessors
Avincis Group CEO James Drummond said: “The services we provide are vital to the communities we serve, and our sustained focus on improving our capability has established high standards and operational excellence.  These encouraging results show our strategy is working as we continue to secure the order intake that will drive future growth in sales, earnings and cash.”
Full details of the quarterly results are available on the Investor Relations section of the Avincis website www.avincisgroup.com.  [Editor note – you can try, but unless you are an investor (bond holder), you have no chance of getting the results]

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