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Annual Financial Report

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RNS Number : 7430D
Fastjet PLC
28 June 2019
 

fastjet Plc

 

("fastjet" or the "Company")

 

(AIM: FJET)

 

Final results for the year to

 31 December 2018

 

28 June 2019

 

fastjet, the low-fare African airline, announces its audited final results for the year ended 31 December 2018. The table below summarises the financial performance of the fastjet Group's (the "Group") continuing activities.

 

 

 

2018

2017

 

US$

US$

Revenue

38.5m

  14.4m

Group Operating loss

(25.5)m

(13.2)m

Loss from continuing activities after tax

(58.2)m

(11.2)m

Loss for the year after tax

(65.0)m

(24.5)m

Loss per share from continuing activities (US$)

(0.08)

   (0.03)

Cash balance at year end

6.6m*

20.0m

 

*Cash balance at 25 June 2019 US$2.6m (of which US$ 0.4m restricted in Zimbabwe). 

 

Strategic highlights

 

·    Completion of shareholding acquisition in Federal Airlines in October 2018.

·    Exit from Tanzania following regulatory challenges and uneconomic pricing by competitors.

·    US$12.0m loan facility agreement with Solenta Aviation Holdings Limited ("SAHL") to fund the exercise of the Company's option over the purchase of the three ATR72 aircraft with the balance to be used for general working capital purposes.

·    US$2.0m loan facility from SSCG for general working capital purposes across the Group on an interest-bearing loan at 6% fixed per annum, for an initial period of six months - $1.25m of this amount has been repaid post year-end.

·  fastjet Zimbabwe deposited RTGS$5.0m of its restricted bank balances held in Zimbabwe with Annunaki on an interest-bearing deposit at 4% fixed per annum, for an initial period of six months.  This deposit has been refunded in full post year-end.

·    Fundraising of US$ 10 million in July 2018 and additional refinancing of US$ 40 million in December 2018.

 

Financial and Operational highlights

 

·    Group revenue from continuing operations increased by 167% to US$38.5m (2017: US$14.4m). This was driven by an increase in passenger numbers of 45% in Zimbabwe and 575% in Mozambique (as Mozambique only operated for two months in 2017), and an overall increase in yields of 33%.

·    Zimbabwe revenue increased 102% year on year to US$26.0m (2017: US$12.9m). This was achieved by an increase in available capacity of 30%, an increase in passengers of 45%, which included the start of Harare - Bulawayo route, a significant increase in yield of 40% and a further 5% increase in average load factors.

 

·    Mozambique revenue increased 642% year on year to US$8.9m (2017:US$1.2m). This was achieved by an increase in available capacity of 613%, an increase in passengers of 575% (based on full year of operations), an increase in yield of 10% and a 5% decrease in average load factors.

 

·    Costs from continuing operations before exceptional items increased by 132% to US$64.1m (2017: US$27.6m). This increase in costs is driven largely by the above-mentioned increase in capacity in both markets adding US$36.5m additional costs in the 2018 financial year.

 

·    Exceptional items of $ 22.1m impacting the increase in costs for the year included:

 

o  US$11.3m release of shares in lock-up transactions after the December 2018 capital raise and    following the acquisition of the E145 aircraft on lease;

the exercise of the option to purchase FedAir, requiring a purchase price allocation and valuation of FedAir to be performed, which resulted in a write down of US$4.6m;

o  the impairment of goodwill of US$1.5m;

the impairment of Air Operations Certificate of US$3.0m;

the impairment of brands US$1.3m; and

US$0.4m other costs.

 

·    The loss after tax for the year from continuing operations, excluding US$22.1m exceptional items mentioned above, and the Zimbabwe related exchange loss of US$8.5m was US$27.6m (2017: US$11.2m);

 

·    Total costs increased by 278% year on year to US$96.4m (2017: US$25.5m) of which exceptional items were US$22.1m (2017: US$ nil).

 

Discontinued Operations

The Group discontinued operations in Tanzania and reported a loss from discontinued activities net of tax and exchange differences on translation of US$6.9m (2017: US$13.3m) which related to:

·    a US$8.9m trading loss of Tanzania CGU;

·    US$16.9m gain on net liabilities no longer consolidated;

·    US$5.5m reclassification of foreign currency translation loss;

·    US$14.6m loss on disposal of the three ATR 72-600 aircraft acquired specifically for the Tanzanian business; and

·    US$0.3m relating to expenses accrued for forward sales liabilities for Tanzania.

 

Outlook

The encouraging performance of our continuing operations in the final quarter of 2018 is expected to continue into 2019, with a near break-even Group operating result in quarter 1 of 2019 (seasonally the weakest quarter of the year) supporting the Board's expectation of the Group achieving an operating profit for the 2019 financial year excluding the significant foreign exchange losses triggered in Zimbabwe specifically.

 

The Directors continue to adopt the going concern basis, notwithstanding the expected need for further funding and assumed the ability to extract hard currency funds from Zimbabwe in the foreseeable future.

fastjet, with a restructured balance sheet and optimised organisational structure, a refined operating model and having diversified its geographic revenue streams over the past two years is now better positioned to strategically deliver sustainable growth.

 

Nico Bezuidenhout, fastjet Chief Executive Officer, commented:

"2018 saw the successful completion of the stabilization process we embarked upon in 2016.  It was a year during which substantial changes were implemented which will have long-lasting, structural benefits for fastjet.  Most notably, fastjet withdrew from Tanzania - a market that had been consistently loss-making over a number of years - as well as completing its fleet transition, further reducing overhead costs, substantially reducing long-term debt, and replacing and enhancing our  financial and management information core systems.  2018 also saw a strong performance from fastjet's first full year of operations in Mozambique, the exercise of a purchase option that allows the Group entry into the South African market through the acquisition of a shareholding in a profitable business in this country, and increased seat occupancy rates and revenue levels in our Zimbabwean business. These efforts required commitment from all our stakeholders and significant time, effort and financial resource for which the Management and Board of fastjet is thankful to our employees, investors, suppliers and customers. 

"The fastjet of today is a fundamentally different business to that of eighteen months ago, as evidenced by the Group achieving operational profitability in two of its three markets for the last quarter of 2018.  We remain focused on managing the macro-economic challenges confronting the business and on improving fastjet's performance still further."

 

fastjet's report and accounts for the year ended 31 December 2018 ("2018 Annual Report and Accounts"), 

notice of a General Meeting ("GM") and the form of proxy are expected to be posted to shareholders on 28 June 2019.

 

A copy of the 2018 Annual Report and Accounts will be available to view and download shortly from the 

Company's website:  www.fastjet.com

 

This announcement is released by fastjet plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Kris Jaganah, Chief Financial Officer.

 

 

 

For more information, contact:

 

fastjet Plc

Tel: +27 (0) 10 070 5151

Nico Bezuidenhout, Chief Executive Officer

Kris Jaganah, Chief Financial Officer

 

 

 

Media - Citigate Dewe Rogerson

Tel: +44 (0) 20 7638 9571

Angharad Couch, Toby Moore, Nick Hayns

 

 

 

For investor enquiries please contact:

 

Liberum Capital Limited - Nominated Adviser and Broker

Tel: +44 (0) 20 3100 2222

Andrew Godber, Clayton Bush, James Greenwood,

Trystan Cullen, William Hall

 

 

NOTES TO EDITORS

 

About fastjet Plc

                                                                                                                   

Fastjet is a multi-award-winning value African airline that began flight operations in 2012. Their awards include, Leading African Low-Cost Carrier World Travel Awards 2016, 2017, 2018 and 2019, and Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017. Today, Fastjet connects Zimbabwe by flying between Harare and Victoria Falls, Harare and Bulawayo, and from Harare to Victoria Falls. They also offer flights from Harare and Vic Falls to Johannesburg in South Africa. The airline also began branded domestic flights in Mozambique, using Embraer E145, a 50-seater aircraft operated by Solenta Aviation Mozambique, in November 2017. As part of a codeshare agreement entered with LAM - Mozambique Airlines, fastjet is able to offer its customers flights between Maputo, Tete, Beira and Quelimane.

Since commencing operations, fastjet flown over 3 million passengers and has established itself as a punctual, reliable, and affordable low-cost carrier.

 

 

Preliminary Statement

 

During the past year, the fastjet team has worked hard in a challenging trading environment to ensure the long-term sustainability of the Group. Several strategic initiatives were completed, most notably the re-evaluation of the entire group business by country of operation. This resulted in the very difficult, yet important decision, to dispose of the group's Tanzania business entirely. The Board also decided to decentralise the business and its commercial and financial management structures to ensure that the key areas of control and management effectiveness are attained in each business.

To implement the above, a capital raise was required in December, the result of which allowed the fastjet group to end the year with significantly stronger balance sheet, a complete exit from Tanzania and the elimination of significant long-term debt and lease obligations, together with the purchase of the remaining operational fleet.

The decentralisation has been implemented. The Board and the executive management team continue to focus on the significant work ahead of improving profitability and operating cash flow and that key areas of decentralised control and effectiveness are attained in all business units in 2019.

The year saw excellent growth in our Zimbabwe market and the first full year of operations in Mozambique. fastjet Zimbabwe, the country's only major private domestic carrier, saw growth in capacity of 30% and an increase in yields of 40%, as the company entrenched itself as a competitive non-State-owned carrier in the market. Market share on the Johannesburg to Harare route grew during the year to become the most frequented carrier with up to four daily return flights. The addition of a daily Harare to Bulawayo flight in July (and a second daily flight started in early January 2019) contributed to the capacity increase. fastjet Zimbabwe's route from Harare to Victoria Falls continues to do well and saw an increase in capacity of 52% year on year.

Whilst the fastjet Zimbabwe outlook remains positive and cash generating, Zimbabwe continues to be a difficult market in which to operate. This includes a monthly devaluing RTGS$ currency and rapid inflation in 2019.  Like other Zimbabwean businesses, fastjet Zimbabwe has experienced significant difficulties in obtaining access to foreign currency to settle foreign suppliers using restricted bank balances. Although the position has improved from October 2018, with the airline starting to access US$ funds to settle certain foreign suppliers based on allocations granted by the Reserve Bank of Zimbabwe. The company continues to pursue a strategy of increasing local currency spend through localising key supply chain elements into Zimbabwe such as the relocation of the call centre which previously were being performed in South Africa.

In quarter two of 2019, through monetary policy changes in Zimbabwe and the introduction of the RTGS$ local currency and separate US$ Nostro accounts, this has allowed fastjet Zimbabwe to start selling tickets in both RTGS$ and US$ currencies. Currently these changes have allowed fastjet Zimbabwe to generate more than 50% of its ticket sales in hard currency US$ which are being used to settle foreign suppliers. However, the rapidly devaluing RTGS$ currency, rampant inflation and reduced buying power of individuals and companies has impacted our overall load factors.

fastjet Mozambique had its first full year of operations, having commenced operations in November 2017. During 2018, despite increasing capacity, load factors remained weak as a result of lack of demand and competitive activities from the local state-owned carrier Linhas Aéreas de Moçambique ("LAM"). fastjet Mozambique ceased operating the Maputo to Nampula route on the 28 of October 2018 in order to reduce route losses. This lost capacity was immediately replaced with a new route from Maputo to Quelimane on the 29 of October 2018. In December, Ethiopian Airlines entered the Mozambique market putting further pressure on the route load factors. To compete effectively and profitably, fastjet made use of its commercial agreement with LAM to provide consumers with codeshare bookings. The Board continues to monitor this market closely and will adjust its strategy accordingly to changes in market conditions.

fastjet exercised its option to purchase Federal Airlines ("FedAir") on 7 October 2018, which saw FedAir now consolidated into the Group. FedAir performed well during the year and has contributed positively to the Group results. FedAir has a well-established market in the unscheduled safari business, carrying tourists directly to their destinations in the Sabi Sands, Kruger National Park and surrounding areas. In addition, its charter business continues to do well. The acquisition of FedAir by fastjet will allow operating synergies to be achieved and provides the group with an important foothold in the important South African market for the future.

During 2018, the Tanzania market remained an extremely challenging environment for fastjet. As a result of continued regulatory and operational difficulties, together with competitive pressures, in September 2018 the Board resolved to cease providing working capital to fastjet Tanzania. The group disposed of its stake in the Tanzanian holding company on 27 November 2018. Regulatory challenges had significantly delayed the importation and clearance of the ATR72-600 fleet. Domestic route right approvals for both the ATR72-600 and ERJ190 were stalled many months with unexplained delays. Furthermore, the national carrier began an uneconomic pricing policy on the two key routes operated by fastjet, where it began flying its newly acquired B787 Dreamliner (approximately 280-seater long-haul aircraft) on short domestic sectors and at sub-economical fares.

Although 2018 presented numerous operational and strategic challenges for the group, the balance sheet has been strengthened, the operations rationalised and excellent growth achieved in the Zimbabwean market.

 

Funding Activities

Shareholder Loan Facility

In April 2018, the Company entered into a US$12.0m loan facility agreement with Solenta Aviation Holdings Limited ("SAHL") to fund the exercise of the Company's option over the purchase of the three ATR72s aircraft with the balance to be used for general working capital purposes.

 

Loan from SSCG and loan to Annunaki  

Original transaction

In July 2018, fastjet Plc borrowed US$2.0m from SSCG for general working capital purposes across the Group on an interest-bearing loan at 6% fixed per annum, for an initial period of six months.

At the same time, fastjet Zimbabwe deposited RTGS$5.0m of its restricted bank balances held in Zimbabwe with Annunaki on an interest-bearing deposit at 4% fixed per annum, for an initial period of six months.

 

 Monetary policy changes within Zimbabwe

In October 2018, the Reserve Bank of Zimbabwe ("RBZ") announced a monetary policy change introducing a new and separate US$ bank account, which was called US$ Nostro accounts. In doing this, the RBZ separated US$ restricted bank balances ("RTGS$") and accounts into two identifiable and separate new bank accounts, whereby all US$ restricted bank balances effectively became domestic RTGS$ bank balances; thereafter all companies were required to open up the new US$ Nostro account for future hard currency US$ transactions.

By doing this, the RBZ informally recognised a parallel currency, and this resulted in the Zimbabwean market no longer recognising the official exchange rate of RTGS$ 1.00 = US$ 1.00.

Because of this, management took the decision to revalue all RTGS$ denominated financial assets held at year end at an exchange rate RTGS$ 4.6923 = US$ 1.00, which significantly affected the carrying value of the original US$5.0m Annunaki loan.

At 31 December 2018, the original RTGS$5.0m was valued at US$1.1m based on management's implied exchange rate of RTGS$ 4.6923 = US$ 1.00. An exchange loss of US$3.9m was incurred because of the significant devaluation of the RTGS$ currency against the US$.

Loan amendments

On 1 March 2019, the Company agreed with both Annunaki and SSCG that the terms of the unsecured loans will be extended to 31 March 2019. The terms of the Loan Agreements will remain the same except for the following changes:

·    The loan amount from fastjet Zimbabwe to Annunaki was increased from RTGS$5.0m to RTGS$7.0m due to devaluation of the underlying RTGS$ currency;

 

·    During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$2.0 m repayment plus any outstanding interest into ordinary shares in the Company (subject always to the shareholders of the Company granting the directors sufficient authority to allot and issue such shares on a non-pre-emptive basis) (the "Option to Convert") either (i) upon the happening of an event of default under the Loan Agreements, or (ii) after 28 February 2019; and

 

·    Any ordinary shares in the Company issued pursuant to the Option to Convert shall be issued at the higher of:

 

·    the volume weighted average price per ordinary share over the preceding 30 trading days on the London Stock Exchange ending on the date on which SSCG has given such written notice to convert; or

 

·    At par value.

 

Loan - second term extension

On 05 March 2019, the parties agreed to extend the Loan arrangements to 30 June 2019.

Loan - repayment and extension

On the 11 June 2019, an amount of US$1.25m was repaid to SSCG and the remaining US$0.75m was extended to 31 January 2020.

Additionally, between 12 June 2019 and 14 June 2019, Annunaki repaid the RTGS$7.0m to fastjet Zimbabwe together with all the accrued interest.

At the time of repayment, the RTGS$7.0m was valued at US$1.1m based on the Zimbabwean interbank exchange rate of RTGS$ 6.1200 = US$1.00. Between 31 December 2018 and the time of repayment, an additional exchange loss of US$0.7m was incurred because of further devaluation of the RTGS$ currency against the US$.

Shareholder Fundraising

On 05 July 2018, the company issued:

·    66,495,310 new ordinary shares of 1 pence each were issued at a price of 8 pence per share raising gross proceeds of £5.3 m (US$7.0m).

 

·    28,924,538 new ordinary shares of 1 pence each to SAHL at a price of 8 pence per share, raising gross proceeds of £2.3 m (US$3.0m).

 

·    On 27 July 2018, 2,824,504 new ordinary shares of 1 pence each were issued by way of an open offer to existing shareholders at a price of 8 pence per share, on the basis of one share for every 26 existing ordinary shares. This raised gross proceeds of £0.2m (US$0.3m).

 

On 13 December 2018, the company issued:

·    3,124,999,999 new ordinary shares of 1 pence each which were issued at a price of 1 penny per share raising gross proceeds of £31.3m (US$39.3m).

 

·    55,171,979 new ordinary shares of 1 pence each which were issued by way of an open offer to existing shareholders at a price of 1 penny per share, on the basis of 57 shares for every 10 existing ordinary shares. This raised gross proceeds of £0.6m (US$0.7m).

 

Of the above US$40.0m, US$15.1m was received in cash, and US$10.0m of the Shareholder Loan Facility above was converted into equity together with arrears interest of US$0.4m. US$11.5m was used to purchase the four Embraer 145 aircraft, US$2.5m was used to settle raising fees and legal costs and US$0.5 was used to settle the penalty relating to the early termination of the SAHL lease.

 

Of the US$15.1m cash raised, US$11.5m was used to settle obligations to allow the divestment from Tanzania and the balance of US$3.6m was retained by the Group as working capital.

 

In aggregate in 2018, the issue of shares raised gross proceeds of £39.7m (US$50.3m) (2017: US$90m).

 

The Board is grateful to all the loan providers and shareholders who participated in the fundraising exercises for their continued support.

 

Financial Performance

 

The Group recorded a loss for the year of US$58.2m from continuing operations (2017: US$11.2m loss from continuing operations). The results included the start-up losses incurred in fastjet Mozambique, the impact of the divestment of the Tanzanian business and exceptional items of US$22.1m.  The exceptional items, which are more fully described in Note 6, included inter alia the write-off of the equity settled share-based payment transaction of US$11.3m following the purchase of  four E145 aircraft from SAHL,  the impairment of US$4.6m  of the FedAir Brand License Agreement from the other financial asset as detailed in Note 13, an impairment of US$3.0m of the air operations certificate, an impairment of US$1.5m of goodwill, an impairment of US$1.3m of brands and US$0.4m of other. Included also in the current year loss for the year is US$8.5m relating to Zimbabwe foreign exchange losses on financial assets. Refer to Note 8 and Note 24 of the published Annual Report for further details.

When the company purchased the four E145 aircraft from SAHL, it agreed with SAHL to conclude the old share-based payment agreement, thereby creating the need to write off the remaining balance of the Equity Settled Share Based Transaction account of US$11.3m.

Group revenue increased by US$24.1m, of which US$13.0m was from Zimbabwe's much improved capacity, yield growth and passenger numbers, US$7.8m related to the first full year of operations in Mozambique, US$3.6m related to the FedAir subsidiary which was acquired in October 2018, and the balance offset by a reduction of US$0.3m in Central revenue.

Operating costs were relatively stable, increasing in line with capacity and as a result of the addition of fastjet Mozambique for a full year of operations added to the cost base.  Operating costs were also impacted by an increase in the fuel price during the year.

Discontinued operations of fastjet Tanzania and the resultant disposal of the three ATR 72-600 aircraft which had been purchased specifically for operations in Tanzania, triggered a loss of US$6.9m. This amount consists of an operating loss by fastjet Tanzania of US$8.9m, a gain on the deconsolidation of the net liabilities of fastjet Tanzania of US$16.9m, a reclassification of foreign currency translation loss reserve of US$5.5m, a loss on disposal of the returned three ATR72-600 aircraft of US$14.6m and US$0.3m expenses relating to forward sales liabilities.

The Directors believe that after the disposal of Tanzania and the balance sheet restructuring from the December capital raise, the current economic and trading outlook in fastjet's key markets of Zimbabwe and South Africa remains positive, whilst Mozambique remains challenging.  In 2019, the Group is expecting to increase market share in the Zimbabwean market, look at growth opportunities in the South African market, and will continue to monitor the health of Mozambique.

In preparing these financial statements, the Directors have concluded that the continued adoption of the Going Concern basis is appropriate. The key assumptions and risks that the Directors have considered in reaching this conclusion are set out in the Going Concern section within the Financial Review below and in Note 1 of the notes to the Financial Statements.

 

Strategic Developments

 

Stabilisation Plan

fastjet's Stabilisation Plan, which commenced in the second half of 2016, was designed to strengthen the commercial, cost management and financial aspects of the business.  This initiative has now been concluded, and the following achievements realised:

·     Network: Since 2016, fastjet has moved from being a business with more than 99% revenue exposure to one country, Tanzania, to a business with a more-balanced geographic exposure with operations in Zimbabwe, South Africa and Mozambique; 

·      Fleet: The Company has concluded its fleet transition, moving from larger Airbus A319 aircraft to a fleet of ERJ 145 aircraft that is now fully owned and unencumbered.  The fleet changes implemented have resulted in a better match between supply and demand, translating into load factors improving from 54% in 2016 to 72% in 2018;

·      Brand, Service and Reach: fastjet has continued to build equity in its brand, which it acquired from the easyGroup in 2017, and boast one of the largest social media followings of any airline on the African continent.  During 2018 fastjet was awarded Africa's Best Low-Cost Carrier award at the World Travel Awards, following award of the same accolade in 2017. Despite this, due to the exit from Tanzania which was a significant part of fastjet group revenues and passengers carried, management has impaired the carrying value of the fastjet brand acquired from easyGroup by US$1.2m (refer to Note 11);

·    Revenue and Distribution: During the course of the Stabilisation Plan, fastjet replaced its core reservations and revenue management platforms. It also implemented global distribution partnerships with travel agent platforms such as Travelport and Amadeus. Further fastjet added Interline Agreements with Emirates and Qatar Airways. In March 2018, a strategic cooperation agreement with LAM, Mozambique's National Carrier, was established. In May 2019, this strategic cooperation transitioned into a fully-fledged codeshare agreement.  The improved supply-demand match achieved through fastjet's re-fleeting exercise, combined with increased yields, has seen the Company increase its unit revenue (RASK) by 112% from US$0.0592 in 2016 to US$0.1254 in 2018 (see page 20);  

 

·    Cost: A key feature of the Stabilisation Plan was to achieve a reduction in costs across all areas of the business. Although costs are continuously under review, the plan has already resulted in a reduction in cost-drivers such as labour cost which reduced by 43% between 2016 and 2018 (immediately prior to the disposal of the Tanzania operation);

·      Support Systems: Substantial effort was applied during the Stabilisation Plan to improve decision support and control systems within the business, in addition to the sales and distribution system changes referred to above. fastjet in 2018 implemented a new financial accounting platform across all operating units and further implemented a revenue accounting and data warehouse solution, designed to equip the business with relevant and timeous information - we continue to develop and enhance these solutions.     

The Board is pleased with the results achieved by the Stabilisation Plan which have placed fastjet on a substantially firmer footing but recognises that there is still much to be done.

 

 Business Model Flexibility

 

Having gained full control of the fastjet brand together with the establishment of the requisite system support infrastructure, has enabled fastjet to develop and implement a refined business model that is premised on centralised support and oversight and decentralised operational deployment, with a level of equity participation/commercial risk assumption that varies from country-to-country. 

fastjet is now in a position where each of its prospective markets may be assessed based on market attractiveness, entry risk/complexity and fastjet's access to start-up capital for a new geography at a given point in time. The Company is now in a position to pursue geographic expansion by means of either a franchise, joint venture or owned operation deployment.  Importantly, the deployment model for a given country is not static and may change over time, as the FedAir example in South Africa illustrated (initially a brand franchise arrangement that has now progressed to an owned basis of operation).   

We believe that the flexibility of fastjet's refined business model will better equip the Company to pursue expansion across the African continent. Accordingly, the time, cost and management bandwidth associated with entering each of the 54 African countries on a wholly owned basis may be substantially lessened in this way.

Organisational Restructuring

With the Stabilisation Plan having been completed in 2018 and considering the implications of refinements made to fastjet's business model as outlined above, as well as the Group's exit from the Tanzanian Market, the Board embarked on an organisational restructuring at the end of 2018.  This organisational restructure has resulted in a further streamlined head-office infrastructure and headcount reduction, based in Johannesburg, South Africa, and separate funding allocations per operational country which supports ground-level performance accountability and investment management aligned to shareholder return optimisation. 

 

Board of Directors

On 02 July 2018, Mark Hurst - a SAHL representative - joined the Board as a Non-Executive director. On 01 January 2019, Mark was appointed the Deputy Group CEO of the company, thereby changing his role to an Executive Director. On 18 September 2018, Peter Hyde an independent Non-Executive director, resigned from the Board. Michael Muller, the Chief Financial Officer resigned effective 29 March 2019 and Kris Jaganah joined the Board as the new Chief Financial Officer on 05 April 2019.

 

SAHL is, under the terms of the strategic partnership agreement, entitled to appoint two Non-Executive directors. In addition, the Shareholder Loan Facility granted by SAHL to fastjet in April 2018 entitles SAHL to appoint a further director.  To date SAHL have nominated one director, being Mark Hurst.

 

Corporate Governance

We believe that good governance is integral to delivering growth in shareholder value.  In line with best practice and regulations. The Corporate Governance report is presented on page 26.

 Outlook for 2019

2018 proved to be a difficult year for African aviation, with airlines on the continent, according to the International Air Transport Association, realising net losses of approximately US$400m.  For fastjet it was a year that necessitated strategic decisions and decisive actions, which resulted in two (South Africa and Zimbabwe) of the Group's three operating countries delivering profits for the last quarter of the year, the exit from one market (Tanzania) and a sharp focus on the evolution of our newest market, Mozambique.

The encouraging performance of our continuing operations in the final quarter of 2018 is expected to continue into 2019, with a near break-even Group operating result in quarter 1 of 2019 (seasonally the weakest quarter of the year) supporting the Board's expectation of the Group achieving an operating profit for the 2019 year before the significant foreign exchange losses triggered in Zimbabwe specifically.

Further evidence for this expectation is relatively robust GDP growth expectations of 4.2% and 4.5% for Zimbabwe and Mozambique respectively, according to the African Development Bank. While South Africa is expecting a more modest 2.0% GDP growth, the sheer size of the aviation market (> 20 times that of Zimbabwe and Mozambique combined) represents an exciting growth opportunity for the Group that we will pursue in the future.

In the medium to longer term the committed implementation of open skies by several African countries as encompassed in the African Union's Single African Air Transport Market ("SAATM") initiative also bodes well, as access to growing aviation markets becomes less impeded by challenging regulatory constraints and restrictions.

The Group faces risk and uncertainty from the monetary policy changes implemented by the Zimbabwean government at the end of February 2019, increased occurrences of natural disasters and greater competitive intensity in Mozambique. In this regard, fastjet's geographic revenue diversification, our localisation of services in Zimbabwe, our flexible deployment model in Mozambique and FedAir's revenues weighted towards the second half of the year, all stand fastjet in good stead.    

An enhanced risk in Zimbabwe which needs to be managed weekly is the fast devaluing RTGS$ currency against the US$ and rampant inflation triggered by this, which is forecast to reach 100% in RTGS$ terms in the imminent future. To address this, management has focused on managing all revenues and costs against US$ baseline and operating target. The key direct risk is doing this is reduced load factors against receiving the right US$ per passenger carried revenue as well as retaining key in-country resources and employees.

 

fastjet, with a restructured balance sheet and optimised organisational structure, a refined operating model and having diversified its geographic revenue streams over the past two years is now better positioned to strategically deliver sustainable growth.

 

Financial Review

 

fastjet Group

 

The Group is subject to various risks, including those that derive from the nature of the aviation industry and from operating in Africa. Risk assessment and evaluation is an essential part of the Group's planning and an important aspect of the Group's internal control system. As more fully described in the Going Concern statement in the Financial Review below, there are a number of material uncertainties and risks including but not limited to the following that may cast significant doubt upon the Group's and the parent Company's ability to continue as a going concern.

§ Safety: A major safety incident could adversely affect fastjet's operations, financial performance and reputation. fastjet's quality and safety management systems ensure that there are appropriate safety resources and procedures. There is also additional assurance from the licenced post holders in Zimbabwe and Mozambique, and oversight from the fastjet Plc Board's Safety Committee;

 

§ Strategic: The continued operation of existing routes, the commencement of operations in new markets and the selection of fleet type can have a material impact on the Group's financial performance and future prospects. During 2018 the management team has fundamentally addressed the Group's services and fleet and introduced more rigorous criteria against which new services will be evaluated;

 

§ Political uncertainty: This is continuously monitored by the Board and actions taken if and when required. The group strives to have positive working relationships in the countries it operates in and operates according to domestic and international recognised standards and principles;

 

§ Regulatory:  The retention of regulatory approvals and licences is essential for services and operations to continue uninterrupted. The Group has the management and systems in place to ensure compliance with aviation regulations in its licenced markets - Zimbabwe, South Africa and Mozambique;

 

§ Oil price: The Group does not enter into fuel hedging contracts but ensures that where possible its ticket pricing strategy reflects current oil prices. There is a residual oil price risk in possible movements in fuel price for sold but un-flown tickets. However, this is naturally mitigated by the very short timeframe from the booking date to flight date. Most fuel purchases are currently priced on a fixed monthly basis to mitigate this risk;

 

§ Commercial: Network and fleet planning, and the need for effective competitor and market analysis and revenue management are important to ensure effective on-going revenue growth.  The Group has an experienced management and commercial team, which utilises in-house marketing tools and, where appropriate, external market analysis. In addition, the Group enters into and maintains contracts with related parties which underpin the Group's operations.  Group management and the commercial team regularly monitor the Group's compliance and that of the counterparties with respect to these contracts;

 

§ Operational: Maintenance of a safe, reliable airline is essential.  The Group has in place the necessary systems and internal controls to ensure sufficient crew levels to operate the schedule and effective contract management around key supplier relationships, such as aircraft lessors, maintenance providers and ground handlers. fastjet works together with the appropriate authorities to ensure that security measures are in place and effective, and performs regular audits;

 

§ Finance: The Group needs to ensure that it has the financial resources to continue operations and deliver its strategic objectives. The Group has appropriate budgeting, forecasting and cash management systems in place. The Company is in the process of further enhancing and strengthening its reporting and internal control environment;

 

§ Information Technology ("IT"): Appropriate IT security protocols have been put in place to ensure minimal breaches to the system. Regular backups are done, and appropriate failovers are in place.

 

The risk management and internal control systems encompass the Company's policies, culture, organisational behaviour, processes and systems.  The Group has a risk management framework and process that identifies and monitors its principal risks and regularly identifies mitigating actions to those risks.

The Board ensures, and intends to further enhance, its assessment of the risks and associated mitigating actions, in relation to the approved business model and strategy.

 

 

Financial Review

fastjet Group

In the second half of 2018 the Board undertook a comprehensive and major review and restructuring of the fastjet business and operations. This concluded with the decision to discontinue the Tanzania airline cash generating unit ("CGU"). At the time, Tanzania comprised more than half our revenues, but generated most of our losses, consumed most of the cashflow, and held significant long-term liabilities. Additionally, over the years, it had consumed most of our key management's time and was the most challenging political environment in which to operate.

Whilst all our markets in Africa have challenging environments, in Zimbabwe, South Africa and Mozambique, fastjet has been welcomed and supported at all levels of government and aviation authorities.

Continuing Operations

Group revenue from continuing operations increased by 167% to US$38.5m (2017: US$14.4m). This was driven by an increase in flown passenger numbers of 45% in Zimbabwe and 575% in Mozambique (as Mozambique only operated for two months in 2017), and an overall increase in yields of 33%.

Zimbabwe revenue increased 102% year on year to US$26.0m (2017:US$12.9m). This was achieved by an increase in available capacity of 30%, an increase in flown passengers of 45%, which included the start of Harare - Bulawayo route, a significant increase in yield of 40% and a further 5% increase in average load factors.

Mozambique revenue increased 642% year on year to US$8.9m (2017:US$1.2m). This was achieved by an increase in available capacity of 613%, an increase in flown passengers of 575% (based on full year of operations), and an increase in yield of 10% and a 5% decrease in average load factors.

In October 2018, the option to acquire a stake in FedAir was exercised resulting in the consolidation of FedAir. The revenue consolidated for the three months was US$3.6m with a positive contribution.

Costs from continuing operations before exceptional items increased by 132% to US$64.1m (2017: US$27.6m). This increase in costs is driven largely by the above-mentioned increase in capacity in both markets adding US$36.5m additional costs in the 2018 year.

Exceptional items impacting the increase in costs for the year included US$11.3m release of the equity settled share-based payment transaction after the December 2018 capital raise, the exercise of the option to purchase FedAir, necessitating a purchase price allocation and valuation of FedAir to be performed, which resulted in a write down of US$4.6m, the impairment of goodwill US$1.5m, impairment of Air operations certificate US$3.0m , impairment of brands US$1.3m and US$0.4m other.

Total costs increased by 278% year on year to US$96.4m (2017: US$25.5m) of which exceptional items was US$22.1m (2017: US$ nil).

The loss after tax for the year from continuing operations was US$58.2m (2017: US$11.2m).

 

Discontinued Operations

The Group reported a loss from discontinued activities net of tax of US$6.9m (2017: US$13.3m) which related to a US$8.9m trading loss of Tanzania CGU, US$16.9m gain on net liabilities no longer consolidated , US$5.5m reclassification of foreign currency translation loss, US$14.6m loss on disposal of the three ATR 72-600 aircraft acquired specifically for the Tanzanian business and US$0.3m relating to expenses accrued for forward sales liabilities for Tanzania(see Note 3).

Key performance indicators

The Directors consider the following to be the key performance indicators ("KPIs") when measuring fastjet's underlying operational performance. The KPIs reflect standard airline industry metrics which provide measures of efficiency and business performance. They provide a mechanism for the Group to track performance at both a Group level and industry level. They are indicative of how the business is achieving its strategy and objectives from an operational, cost and revenue perspective. These measures are now split between scheduled and unscheduled services, whereby the former relates to the combined operating performance of fastjet Zimbabwe and fastjet Mozambique, and the latter to the operations of Federal Airlines.

 

 Scheduled Airline Services (Continuing Operations)

Measure

2018

2017 (restated)

Movement

Passenger numbers

254,982

136,765

86%

Revenue per Passenger (US$)

134.0

101.0

33%

Revenue per Seat (US$)

96.6

69.5

39%

Seats Flown

354,650

199,109

78%

Available Seat Kilometres ("ASK")

305,173,450

174,134,053

75%

Load Factor

72%

69%

3pp

Revenue per ASK (US cents)

                  12.54

                        8.27

52%

Cost per ASK (US cents)

(excluding exceptional items)

20.99

                      15.87

32%

Cost per ASK ex. Fuel (US cents)

(excluding exceptional items)

                    16.72

                        12.84

30%

Aircraft Utilisation (Hours)

8,67

4,84

79%

Aircraft Utilisation at Year End (Hours)

6,01

6,36

-6%

 

Unscheduled Airline Services (3 Months)

Measure

2018

2017

Movement

Passenger numbers - Shuttle

8,168

-

n/a

Passenger numbers - Charter

2,321

-

n/a

Revenue per pax (US$) - Shuttle

 

276

-

n/a

Revenue per pax (US$) - Charter

 

581

-

n/a

 

Note: 2017 comparatives figures were restated to exclude fastjet Tanzania.
 

Funding Activities

Shareholder Fundraising

On 05 July 2018, the company issued:

·    66,495,310 new ordinary shares of 1 pence each were issued at a price of 8 pence per share raising gross proceeds of £5.3 m (US$7.0m).

 

·    28,924,538 new ordinary shares of 1 pence each to SAHL at a price of 8 pence per share, raising gross proceeds of £2.3 m (US$3.0m).

 

·    On 27 July 2018, 2,824,504 new ordinary shares of 1 pence each were issued by way of an open offer to existing shareholders at a price of 8 pence per share, on the basis of one share for every 26 existing ordinary shares. This raised gross proceeds of £0.2m (US$0.3m).

On 13 December 2018, the company issued:

·    3,124,999,999 new ordinary shares of 1 pence each which were issued at a price of 1 penny per share raising gross proceeds of £31.3m (US$39.3m).

 

·    55,171,979 new ordinary shares of 1 pence each which were issued by way of an open offer to existing shareholders at a price of 1 penny per share, on the basis of 57 shares for every 10 existing ordinary shares. This raised gross proceeds of £0.6m (US$0.7m).

In aggregate in 2018, the issue of shares raised gross proceeds of £39.7m (US$50.3m) (2017: US$90m).

 

Shareholder Loan Facility

In April 2018, the Company entered into a US$12.0m loan facility agreement with Solenta Aviation Holdings Limited ("SAHL") to fund the exercise of the Company's option over the purchase of the three ATR72s aircraft with the balance to be used for general working capital purposes.

 

Loan from SSCG and loan to Annunaki  

Original transaction

In July 2018, fastjet Plc borrowed US$2.0m from SSCG for general working capital purposes across the Group on an interest-bearing loan at 6% fixed per annum, for an initial period of six months.

At the same time, fastjet Zimbabwe deposited RTGS$5.0m of its restricted bank balances within Zimbabwe with Annunaki on an interest-bearing deposit at 4% fixed per annum, for an initial period of six months.

Monetary policy changes within Zimbabwe

In October 2018, the Reserve Bank of Zimbabwe announced a monetary policy change introducing a new and separate US$ bank accounts which they called US$ Nostro accounts. In doing this, they effectively separated US$ restricted bank balances and accounts into two identifiable and separate new bank accounts, whereby all current US$ restricted bank balances became domestic RTGS$ bank balances; thereafter all companies were required to open up the new US$ Nostro account for future hard currency US$ transactions. 

By doing this, the Reserve Bank of Zimbabwe informally recognised a parallel currency, and this resulted in the Zimbabwean market no longer recognising the official exchange rate of RTGS$ 1.00 = US$ 1.00.

Because of this, management took the decision to revalue all RTGS$ denominated financial assets held at year end at an exchange rate RTGS$ 4.6923 = US$ 1.00, which significantly affected the carrying value of the original RTGS$5.0m Annunaki loan.

At 31 December 2018, the original RTGS$5.0m was valued at US$1.1m based on management's implied exchange rate of RTGS$ 4.6923 = US$ 1.00. An exchange loss of US$3.9m was incurred because of the significant devaluation of the RTGS$ currency against the US$.

Loan amendments

On 1 March 2019, the Company agreed with both Annunaki and SSCG that the terms of the unsecured loans will be extended to 31 March 2019. The terms of the Loan Agreements will remain the same except for the following changes:

·    The loan amount from fastjet Zimbabwe to Annunaki was increased from RTGS$5.0m to RTGS$7.0m due to devaluation of the underlying RTGS$ currency;

 

·    During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$2.0 m repayment plus any outstanding interest into ordinary shares in the Company (subject always to the shareholders of the Company granting the directors sufficient authority to allot and issue such shares on a non-pre-emptive basis) (the "Option to Convert") either (i) upon the happening of an event of default under the Loan Agreements, or (ii) after 28 February 2019; and

 

·    Any ordinary shares in the Company issued pursuant to the Option to Convert shall be issued at the higher of:

 

·    the volume weighted average price per ordinary share over the preceding 30 trading days on the London Stock Exchange ending on the date on which SSCG has given such written notice to convert; or

 

·    At par value.

 

Loan - second term extension

On 05 March 2019, the parties agreed to extend the Loan arrangements to 30 June 2019.

Loan - repayment and extension

On the 11 June 2019, an amount of US$1.25m was repaid to SSCG and the remaining US$0.75m was extended to 31 January 2020.

Additionally, between 12 June 2019 and 14 June 2019, Annunaki repaid the RTGS$7.0m to fastjet Zimbabwe together with all the accrued interest.

 At the time of repayment, the RTGS$7.0m was valued at US$1.1m based on the Zimbabwean interbank exchange rate of RTGS$ 6.1200 = US$1.00. Between 31 December 2018 and the time of repayment, an additional exchange loss of US$0.7m was incurred as a result of further devaluation of the RTGS$ currency against the US$.

Going Concern

The Group has in recent years operated at a loss and incurred a further operating cash outflow during 2018. The Group reviewed its current operating model in 2018 and took the following initiatives to reduce cash outflow:

-     Divestment from Tanzania;

-     Downsizing and restructuring of Head Office;

-     Conversion of debt into equity;

-     Acquisition of leased aircraft for shares;

-     Restructuring of legacy debts;

-     Localisation of services in Zimbabwe;

-     Route optimisation; and

-     Increase in fares to match costs.

 

There are risks associated with operating in Africa including but not limited to political, judicial, administrative, fiscal and other regulatory matters. Many countries in Africa, including those in which the Group currently operate may in the future experience severe socio-economic hardship and political instability, including political unrest and government change.

The commitment of local business people, government officials and agencies and the judicial system to abide by legal requirements and negotiated agreements may be more uncertain, creating concerns with respect to licences and agreements for business which may be susceptible to delay, revision or cancellation, as a result of which legal redress may be uncertain or delayed.

In preparing these financial statements, the Directors continue to adopt the going concern basis, notwithstanding the expected need for further funding and assumed the ability to extract hard currency funds from Zimbabwe in the foreseeable future.

The Directors believe, based on current financial projections and funds available and expected to be made available, that the Group will have sufficient resources to meet its operational needs over the relevant period, being at least until June 2020. Accordingly, in preparing these Financial Statements, the Directors continue to adopt the going concern basis. However, the headroom of available cash resources is minimal and the projections are very sensitive to any assumptions not being met.

The matters described above represent material uncertainties that may cast significant doubt upon the Group's and the parent Company's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The Financial Statements do not include any adjustments that would result if the basis of preparation proved inappropriate.

The key assumptions applied by the Directors in the preparation of the detailed cash flow forecasts, which form the basis of this forecast are:

-      Load factors will average 74% for second half of 2019;

-      Introduction of new initiatives to drive ex South Africa passengers;

-      Focused, country-centric marketing by the commercial teams;

-      90% of revenue generated in US$ and ZAR;

-      Mozambique operating expenses reducing following revised terms with Solenta;

-      Exchange rates: fastjet cashflows are exposed to movements in the RTGS$ and ZAR. In its forecasting fastjet has assumed that the key exchange rates remain as at current levels.

 

The Directors have considered a number of risks in preparing these forecasts, including inter alia:

-      Not achieving forecast passenger numbers and load factors;

-      An increase in aviation fuel prices, which are currently not hedged;

-      Adverse currency exchange rate movements; and

-      Ability to successfully remit cash from Zimbabwe.

 

Non-trading financial performance

Post balance sheet events

Loan from SSCG and loan to Annunaki - first term extension 

On 1 March 2019, the Company agreed with both Annunaki and SSCG that the terms of the unsecured loans will be extended to 31 March 2019. The terms of the Loan Agreements will remain the same except for the following changes:

·    The loan amount from fastjet Zimbabwe to Annunaki was increased from RTGS$5.0m to RTGS$7.0m due to devaluation of the underlying RTGS$ currency;

 

·    During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$2.0m repayment plus any outstanding interest into ordinary shares in the Company (subject always to the shareholders of the Company granting the directors sufficient authority to allot and issue such shares on a non-pre-emptive basis) (the "Option to Convert") either (i) upon the happening of an event of default under the Loan Agreements, or (ii) after 28 February 2019; and

 

·    Any ordinary shares in the Company issued pursuant to the Option to Convert shall be issued at the higher of:

 

·    the volume weighted average price per ordinary share over the preceding 30 trading days on the London Stock Exchange ending on the date on which SSCG has given such written notice to convert; or

 

·    At par value. 

 

Loan - second term extension

On 05 March 2019, the parties agreed to extend the Loan arrangements to 30 June 2019.

Loan - repayment and extension

On 11 June 2019, an amount of US$1.25m was repaid to SSCG and the remaining US$0.75m was extended to 31 January 2020.

Additionally, between 12 June 2019 and 14 June 2019, Annunaki repaid the RTGS$7.0m to fastjet Zimbabwe together with all the accrued interest.

At 31 December 2018, the original RTGS$5.0m was valued at US$1.1m based on management's implied exchange rate of RTGS$ 4.6923 = US$1.00. An exchange loss of US$3.9m was incurred because of the significant devaluation of the RTGS$ currency against the US$.

At the time of repayment, the RTGS$7.0m was valued at US$1.1m based on the Zimbabwean interbank exchange rate of RTGS$ 6.1200 = US$1.00. Between 31 December 2018 and the time of repayment, an additional exchange loss of US$0.7m was incurred as a result of further devaluation of the RTGS$ currency against the US$.

Devaluation of Zimbabwe's domestic RTGS currency against the US$

During the second half of 2018, a parallel exchange rate market developed in Zimbabwe for RTGS$ to US$.  In October 2018, the government separated RTGS$ bank accounts and US$ bank accounts held with commercial banks into two identifiable and separate bank accounts with US$ bank accounts being called a US$ Nostro account. By doing this, the Reserve Bank of Zimbabwe informally recognised a parallel currency, and this resulted in the Zimbabwean market no longer recognising the official exchange rate of RTGS$ 1.00 = US$1.00. Because of this management took the decision to revalue all RTGS$ denominated financial assets held at year end at an exchange rate RTGS$ 4.6923 = US$1.00.

On 22 February 2019, the Reserve Bank of Zimbabwe formally announced the introduction of a new domestic currency, which effectively devalued its domestic US dollar denominated assets and liabilities, including cash balances. At the same time, they introduced an interbank exchange rate of RTGS$ 2.500 = US$1.00.

Since March 2019 to date, because of the above changes, the RTGS$ to US$ exchange rates via interbank market have devalued significantly from the starting RTGS$2.500 to a current interbank rate of RTGS$6.1200 as of 18 June 2019. This has driven a significant increase in costs of all supplies in country with resultant inflation currently running at between 70% to 100% in RTGS$ terms.

Fuel cost

During the 2018 financial year fastjet purchased its fuel at prevailing market prices, and adjusted ticket prices accordingly where required.  The Board will keep its fuel price strategy under review.

 

 

Consolidated income statement

 

 

 

Year ended
31 December 2018
US$'000

(Re-presented)

Year ended
31 December 2017
US$'000

 

Revenue

 

 

38,514

14,396

Cost of sales

 

(50,273)

(18,095)

Gross loss

 

(11,759)

(3,699)

 

 

 

 

Administrative costs

 

(13,774)

(9,539)

Operating loss

 

(25,533)

(13,238)

 

 

 

 

Exceptional items

 

(22,106)

-

Finance income

 

431

2,131

Finance charges

 

(10,641)

(44)

Loss from continuing activities before tax

 

(57,849)

(11,151)

 

 

 

 

Taxation

 

(324)

-

 

 

 

 

Loss from continuing activities after tax

 

(58,173)

(11,151)

 

 

 

 

Loss from discontinued activities net of tax

 

(6,867)

(13,345)

 

 

 

 

Loss for the year

 

(65,040)

(24,496)

 

 

 

 

Attributable to:

 

 

 

Shareholders of the parent company

 

(65,040)

(24,496)

Non-controlling interests

 

-

-

 

 

 

 

Loss per share (basic and diluted) (US$)

 

 

 

From continuing activities

 

(0.08)

(0.03)

From discontinued activities

 

(0.01)

(0.03)

Total

 

(0.09)

(0.06)

 

Consolidated statement of comprehensive income

 

 

 

 

 

Year ended
31 December 2018
US$'000

(Re-presented)

Year ended
31 December 2017        
US$'000

 

 

 

 

Loss for the year

 

(65,040)

(24,496)

 

 

 

 

Items that may be reclassified to profit or loss:

 

-

-

- Exchange differences on translation of continuing operations

 

73

(3,222)

- Exchange differences on translation of discontinued operations

 

(5,491)

-

Total other comprehensive income / (expense) for the year

 

(5,418)

(3,222)

 

 

 

 

Total comprehensive expense

 

(70,458)

(27,718)

 

 

 

 

Attributable to:

 

 

 

Shareholders of the parent company

 

(70,458)

(27,718)

Non-controlling interests

 

-

-

Total comprehensive expense

 

(70,458)

(27,718)

 

Consolidated balance sheet

 

 

Year ended
31 December 2018
US$'000

Year ended
31 December 2017
US$'000

 

 

Non-current assets

 

 

 

Intangible assets

6,384

2,921

 

Property, plant and equipment

16,561

42,322

 

 

22,945

45,243

 

Current assets

 

 

 

Inventory

138

-

 

Cash and cash equivalents

6,573

20,079

 

Trade and other receivables

4,409

6,439

 

Loan to Annunaki

1,090

-

 

Other financial assets

-

11,000

 

 

12,210

37,518

 

 

 

 

 

Total assets

35,155

82,761

 

 

 

 

 

Equity

 

 

 

Share capital

192,077

150,752

 

Share premium account

215,004

209,216

 

Treasury shares

(288)

(288)

 

Shares in lock-up transactions

-

(16,571)

 

Reverse acquisition reserve

11,906

11,906

 

Retained earnings

(403,297)

(338,538)

 

Translation reserve

(4,997)

421

 

Equity attributable to shareholders of the Parent Company

10,405

16,898

 

Non-controlling interests

-

-

 

Total equity

10,405

16,898

 

 

 

 

 

Liabilities

 

 

 

Non-current liabilities

 

 

 

Loans and other borrowings

3,767

7,577

 

Obligations under finance leases

-

27,678

 

Deferred tax liability

3,746

-

 

 

7,513

35,255

 

Current liabilities

 

 

 

Loans and other borrowings

2,709

1,107

 

Obligations under finance leases

-

3,418

 

Trade and other payables

14,528

25,984

 

Taxation

-

99

 

 

17,237

30,608

 

 

 

 

 

Total liabilities

24,750

65,863

 

 

 

 

 

Total liabilities and equity

35,155

82,761

 

 

 

 

 

           

 

 

 

 

Consolidated cash flow statement

 

 

 

Year ended
31 December 2018
US$'000

(Re-presented)

Year ended
31 December 2017

US$'000

Operating activities

 

 

 

Loss for the year

 

(65,040)

(24,496)

Adjustments for non-cash items:

 

 

 

Loss from discontinued activities

 

6,867

13,345

Equity-settled share-based payment - released

 

11,317

-

Equity-settled share-based payment - services received

 

5,254

2,653

Amortisation of other intangible assets

 

1,034

198

Impairment of FedAir Brand Licensing Agreement

 

4,609

-

Impairment of goodwill

 

1,499

-

Impairment of air operations certificate

 

2,979

-

Impairment of fastjet Plc brand

 

1,220

-

Impairment of FedAir brand

 

108

-

Lease rental arrears on the aircraft converted into equity

 

495

-

Finance income

 

(431)

(2,131)

Finance charges

 

10,641

44

Depreciation of aircraft

 

692

-

Depreciation of other property, plant and equipment

 

111

110

Share option charges

 

281

579

Tax expense (continuing operations)

 

324

-

 

 

 

 

Changes in working capital:

 

 

 

Decrease in trade and other receivables

 

1,405

2,623

(Decrease) in trade and other payables

 

(14,672)

(28,711)

Cash utilised in operating activities

 

(31,307)

(35,786)

Cash generated from operating activities of discontinued activities

 

1,426

1,033

Interest received

 

124

-

Net cash utilised in operating activities

 

(29,757)

(34,753)

 

 

 

 

Investing activities

 

 

 

Purchase of subsidiary (net of cash acquired)

 

(2,412)

-

Purchase of intangibles

 

(526)

(2,809)

Purchase of property, plant and equipment

 

(627)

(2)

Disposal of discontinued operation (net of cash disposed)

 

(84)

-

Investing activities from discontinued operations

 

(41)

-

Net cash flow from investing activities

 

(3,690)

(2,811)

 

 

 

 

Financing activities

 

 

 

Proceeds from the issue of shares (net of expenses)

 

24,668

56,947

Loan received - SAHL

 

12,000

-

Loan received - SSCG

 

2,000

-

Loan advanced - Annunaki

 

(5,000)

-

Interest paid

 

(1,642)

(1,878)

Instalment sale liabilities repayments

 

(177)

-

Finance lease obligations repayments

 

(2,284)

-

Loan notes and interest paid - discontinued operations

 

(1,234)

(959)

 

 

 

 

Net cash flow from financing activities

 

28,331

54,110

 

 

 

 

Net movement in cash and cash equivalents

 

(5,116)

16,546

Effect of exchange rate changes on cash

 

(8,390)

(74)

Opening net cash

 

20,079

3,607

Closing net cash

 

6,573

20,079

 

 

 

 

 

 

Consolidated statement of changes in equity

 

 

Share Capital

Share Premium

Treasury Shares

Shares in lock-up transactions

Reverse Acquisition Reserve

Translation Reserve

Retained Earnings

Equity

 

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

 

Balance at 

31 December 2016

145,324

127,185

-

-

11,906

3,643

(314,621)

(26,563)

 

 

 

 

 

 

 

 

 

Shares issued *

4,882

71,577

(288)

(19,224)

-

-

-

56,947

Shares issued for business combination *

546

10,454

-

-

-

-

-

11,000

Share based payments

-

-

-

-

-

-

579

579

Share services received

-

-

-

2,653

-

-

-

2,653

Transactions with owners

5,428

82,031

(288)

(16,571)

-

-

579

71,179

 

 

 

 

 

 

 

 

 

Loss for the year

-

-

-

-

-

-

(24,496)

(24,496)

Other comprehensive income

-

-

-

-

-

(3,222)

-

(3,222)

Total comprehensive loss for the year

-

-

-

-

-

(3,222)

(24,496)

(27,718)

 

 

 

 

 

 

 

 

 

Balance at                                  31 December 2017

150,752

209,216

(288)

(16,571)

11,906

421

(338,538)

16,898

 

 

 

 

 

 

 

 

 

Shares issued net of issuance costs *

41,325

5,788

-

-

-

-

-

47,113

Share based payments

-

-

-

-

-

-

281

281

Share services received **

-

-

-

5,254

-

-

-

5,254

Share services released **

-

-

-

11,317

-

-

-

11,317

Transactions with owners

41,325

5,788

-

16,571

-

-

281

63,965

 

 

 

 

 

 

 

 

 

Loss for the year

-

-

-

-

-

-

(65,040)

(65,040)

Other comprehensive income:

- Exchange differences on translation of continuing operations

-

-

-

-

-

73

-

73

- Exchange differences on translation of discontinued operations recycled to income statement

-

-

-

-

-

(5,491)

-

(5,491)

Total other comprehensive income

-

-

-

-

-

(5,418)

-

(5,418)

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the year

-

-

-

-

-

(5,418)

(65,040)

(70,458)

 

 

 

 

 

 

 

 

 

Balance at                                  31 December 2018

192,077

215,004

(288)

-

11,906

(4,997)

(403,297)

10,405

 

 

 

Notes to the consolidated financial statements

 

1.    Significant accounting policies

fastjet Plc is the Group's parent company. It is incorporated in England and Wales. The address of its registered office is the 6th Floor, 60 Gracechurch Street, London, EC3V OHR. The Company's shares are quoted on the AIM market of the London Stock Exchange.

 

Holding Company

fastjet Plc's holding company is Solenta Aviation Holdings Limited ("SAHL"), a Maltese company, registered under company number C 86476, of registered office 4th Floor, Avantech Building, St Julian's Road, San Gwann, SGN 2805, Malta. Solenta Aviation Holdings Limited holds 59.34% of the group's equity as at 31 December 2018 (2017: 29.91%).

 

Basis of preparation

 

The financial information has been abridged from the audited financial information for the year ended 31 December 2018.

The financial information set out above does not constitute the Company's consolidated statutory accounts for the years ended 31 December 2018 or 2017 but is derived from those accounts. 

Statutory  accounts for 2017 have been delivered to the Registrar of Companies and those for 2018 will be delivered following the Company' Annual General Meeting. The Auditors have reported on those accounts; their reports were unqualified but did draw attention to the material uncertainty over going concern without qualifying their reports. 

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards ('IFRS'), this announcement does not itself contain sufficient financial information to comply with IFRS. The Group will be publishing full financial statements that comply with IFRS in June 2019.

These financial statements are prepared on the historical cost basis except certain financial assets and liabilities that are stated at their fair value, and equity-settled share based payments which are measured at fair value on the date of grant and expensed on a straight line basis over the vesting period.

They are prepared in accordance with applicable International Financial Reporting Standards ("IFRS") as adopted by the EU and the applicable reporting requirements of the Companies Act 2006.

The significant accounting policies are set out below and have, unless otherwise stated, been applied consistently, in all material respects, throughout all periods presented in these financial statements.

 

Presentation of results

The Group has presented results in the income statement to separately identify exceptional items and discontinued operations in order to provide readers with a clear and consistent presentation of the underlying operating performance of the Group's ongoing business, see Note 3 and Note 6 respectively.

 

On 26 November 2018 the Group sold its shares in fastjet Air TZ (BVI) Limited, which further held 49% in fastjet Airlines Limited. In addition, the Board further resolved to close the Guernsey structure which consisted of dormant entities, as further described in Note 3. The closure of these entities resulted in a loss from discontinued operations after tax of US$6.9m (see Note 3). The 2017 comparatives have therefore been re-presented to report fastjet Air TZ (BVI) Limited, fastjet Airlines Limited and the dormant entities as discontinued operations.

 

Functional and presentation currencies

All amounts are presented in US$, being the Company's functional currency and the Group's reporting and presentation currency. This currency has been chosen as the Group's expenses and product prices are denominated in US$, due to the nature of operating in the aviation sector. All amounts are shown in round thousands (US$'000) except where indicated. In preparing the financial statements of the individual companies, transactions denominated in foreign currencies in that country are translated into the respective functional currency of the Group entities using the exchange rates prevailing at the dates of transactions.

The functional currency of the various Group subsidiary companies is as follows:

- fastjet Tanzania is Tanzania shillings;

- fastjet Zimbabwe is US$;

- fastjet Mozambique is Mozambican metical;

- fastjet Africa is South African rand;

- Federal Airlines ("FedAir") is South African rand;

- fastjet Zambia is Zambian kwacha;

- fastjet Kenya is Kenyan shillings; and

- fastjet Plc is US$.

Non-monetary assets and liabilities are translated at the historic rate. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rates of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that fair value was determined.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the income statement for the period. Exchange differences arising on translating foreign cash balances are shown as finance income or expense. Exchange differences arising on the retranslation of non-monetary items carried at fair value in respect of which gains and losses are recognised directly in equity, are also recognised directly in equity.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group's foreign operations are translated at exchange rates prevailing at the reporting date. Income and expense are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case weighted average rates are used. Exchange differences arising, if any, are classified in equity and are transferred to the Group's foreign currency translation reserve within equity. Such translation is recognised as income or as expense in the period in which the operation is disposed of.

Subsidiaries within the Group hold monetary intercompany balances for which settlement is neither planned nor likely to occur in the foreseeable future and thus are considered to be part of the Group's net investment in the relevant subsidiary. Due to the equity-like nature of these balances, any exchange differences arising on translation are recognised on consolidation directly into equity through the Consolidated Statement of Other Comprehensive Income, only being recognised in the Consolidated Income Statement on the disposal of the net investment.

The exchange rates that has been used to translate the operating results, assets and liabilities of key foreign businesses to US$ are:

 

Year 2018

Year 2017

Currency

Income Statement (average rate)

Balance Sheet (closing rate)

Income Statement (average rate)

Balance Sheet (closing rate)

 

 

 

 

 

South African rand

13.284

14.3960

13.30625

12.3936

Mozambican metical

60.4774

61.3799

60.0225

58.9057

Zambian Kwacha

10.6410

11.9328

9.5633

10.08919

Tanzanian shilling *

2,275.6287

2,300.0138

2,239.2441

2,237.1104

Kenyan shilling

101.2916

-

103.7892

103.2950

 

* For 2018, the Balance Sheet (closing rate) for Tanzanian shillings is the closing rate on 30 November 2018, the date of the fastjet Tanzania CGU disposal.

 

 

Going Concern

The Group has in recent years operated at a loss and incurred a further operating cash outflow during 2018. The Group reviewed its current operating model in 2018 and took the following initiatives to reduce cash outflow:

-     Divestment from Tanzania;

-     Downsizing and restructuring of Head Office;

-     Conversion of debt into equity;

-     Acquisition of leased aircraft for shares;

-     Restructuring of legacy debts;

-     Localisation of services in Zimbabwe;

-     Route optimisation; and

-     Increase in fares to match costs.

 

There are risks associated with operating in Africa including but not limited to political, judicial, administrative, fiscal and other regulatory matters. Many countries in Africa, including those in which the Group currently operate may in the future experience severe socio-economic hardship and political instability, including political unrest and government change.

The commitment of local business people, government officials and agencies and the judicial system to abide by legal requirements and negotiated agreements may be more uncertain, creating concerns with respect to licences and agreements for business which may be susceptible to delay, revision or cancellation, as a result of which legal redress may be uncertain or delayed.

In preparing these financial statements, the Directors continue to adopt the going concern basis, notwithstanding the expected need for further funding and assumed the ability to extract hard currency funds from Zimbabwe in the foreseeable future.

The Directors believe, based on current financial projections and funds available and expected to be made available, that the Group will have sufficient resources to meet its operational needs over the relevant period, being at least until June 2020. Accordingly, in preparing these Financial Statements, the Directors continue to adopt the going concern basis. However, the headroom of available cash resources is minimal and the projections are very sensitive to any assumptions not being met.

The matters described above represent material uncertainties that may cast significant doubt upon the Group's and the parent Company's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The Financial Statements do not include any adjustments that would result if the basis of preparation proved inappropriate.

 

The key assumptions applied by the Directors in the preparation of the detailed cash flow forecasts, which form the basis of this forecast are:

-      Load factors will average 74% for the second half of 2019;

-      Introduction of new initiatives to drive ex South Africa passengers;

-      Focused, country-centric marketing by the commercial teams;

-      90% of revenue generated in US$ and ZAR;

-      Mozambique operating expenses reducing following revised terms with Solenta; and

-      Exchange rates: fastjet cashflows are exposed to movements in the RTGS$ and ZAR. In its forecasting fastjet has assumed that the key exchange rates remain as at current levels.

 

The Directors have considered a number of risks in preparing these forecasts, including inter alia:

-      Not achieving forecast passenger numbers and load factors;

-      An increase in aviation fuel prices, which are currently not hedged;

-      Adverse currency exchange rate movements; and

-      Ability to successfully remit cash from Zimbabwe.

 

New accounting standards, interpretations and amendments

The Group has adopted IFRS 15 and IFRS 9 for the first time in the year ended 31 December 2018. 

 

Due to the transition methods chosen by the Group in applying these standards, comparative information throughout these financial statements has not been restated to reflect the requirements of the new standards except for separately presenting impairment loss on trade receivables.

 

The effect of initially applying these standards is mainly attributed to the following:

 

·    An increase in impairment losses recognised on financial assets; and

·    Deferring revenue from ancillary services received before year end for flights scheduled for the following year.

 

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced IAS 18 Revenue and related interpretations.

On adopting IFRS 15, only passenger ancillary fees were affected. The amount and the effect on retained earnings at 1 January 2018 was not material at US$51k.

Under IFRS 15, revenue is recognised when a customer obtains control of the goods or services (passenger has flown). Determining the timing of the transfer of control at a point in time or over time requires judgement. In the company's case when a passenger actually flies, revenue is recognised.

The Group has adopted IFRS 15 using the cumulative effect method. The effects of adopting this standard have been recognised on 01 January 2018. Accordingly, the information presented for 2017 has not been restated.

There was no material impact on the Group's income statement, statement of comprehensive income, balance sheet and cash flows for the year ended 31 December 2018.

 

 

Ancillary fees

Included in the Group's Ancillary fees are flight alteration fees and credit card payment fees. Under IAS 18, flight alteration fees and credit card fees were recognised when a passenger requested a change and pays the fees. These transactions were considered as separate services.

 

Under IFRS 15, the alteration fees and credit card fees are not considered distinct because the customer cannot benefit from it without taking the flight. Although these services are provided in advance of the flight, the benefit from it is not provided until the customer takes the flight. As a result, the charge is recognized as revenue together with the original ticket sale that is on the date of travel.  The impact of this change on items other than revenue is an increase in deferred revenue which is now included in contract liabilities.

IFRS 15 did not have significant impact on the Group's accounting policy with respect to revenue for the provision of air travel.

IFRS 9

On transition to IFRS 9, there was no impact on the group's retained earnings.

IFRS 9 contains three principal classification categories whereby financial assets are measured at:

·    amortised cost;

·    fair value through other comprehensive income ("FVOCI"); and

·    fair value through profit and loss ("FVTPL").

 

The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. The adoption of IFRS 9 had no effect on the Group's accounting policies related to financial liabilities.
 

The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Group's financial assets and financial liabilities as at 01 January 2018. The effect of adopting IFRS 9 on the carrying amounts of financial assets at 01 January 2018 relates solely to the new impairment requirements.

 

 

Original classification under IAS 39

New classification under IFRS 9

Carrying amount under IAS 39 01 Jan 2018

 Carrying amount under IFRS 9 01 Jan 2018

 

 

 

US$'000

US$'000

 

 

 

 

 

Financial assets

 

 

 

 

Trade and other receivables

Loans and receivables

Amortised cost

4,920

4,920

Cash and cash equivalents

Loans and receivables

Amortised cost

20,079

20,079

FedAir brand license agreement

Fair value through profit and loss

Fair value through profit and loss

4,609

4,609

Call option asset

Fair value through profit and loss

Fair value through profit and loss

6,391

6,391

 

 

 

 

 

Total financial assets

 

 

35,999

35,999

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

Trade payables

Other financial liabilities

Other financial liabilities

19,652

19,652

Loans and borrowings

Other financial liabilities

Other financial liabilities

8,684

8,684

Finance lease obligations

Other financial liabilities

Other financial liabilities

31,096

31,096

 

 

 

 

 

Total financial liabilities

 

 

59,432

59,432

 

The following table reconciles the carrying amounts of financial assets under IAS 39 to the carrying amounts under IFRS 9 on transition to IFRS 9 on 1 January 2018.

 

 

IAS 39 carrying

amount at        31 Dec 2017

Reclassification

Remeasurement

IFRS9 carrying amount at

 1 Jan 2018

 

US$'000

US'$000

US$'000

US'$000

 

 

 

 

 

Financial assets

 

 

 

 

Amortised cost

 

 

 

 

Cash and cash equivalents

-

-

-

-

Brought forward: Loans and receivables

20,079

-

-

-

Remeasurement

 

-

-

 

Carried forward amortised cost

-

-

-

20,079

 

 

 

 

 

Trade and other receivables

-

-

-

-

Brought forward: Loans and receivables

6,439

-

-

-

Remeasurement

 

-

-

 

Carried forward amortised cost

-

-

-

6,439

 

 

 

 

 

 

 

 

Impairment of financial assets

IFRS 9 replaces the 'incurred loss' model in IAS 39 with an 'expected credit loss' ("ECL") model. The new impairment model applies to financial assets measured at amortised cost. Under IFRS 9, credit losses are recognised earlier than under IAS 39.

For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The Group has determined that the application of IFRS 9's impairment requirements at 1 January 2018 results in an additional allowance for impairment as follows:

 

Loss allowance as at 31 December 2017 under IAS 39

-

Additional impairment recognised as 1 January 2018 on:

-

 

 

Trade and other receivables

-

Cash and cash equivalents

-

 

 

Loss allowance as 1 January 2018 under IFRS 9

-

 

Recent accounting developments

The following new accounting standards, amendments and interpretations to existing standards have been published but are not yet effective and have not been applied early by the Group in these financial statements. The anticipated impact on adoption is currently being assessed.

·   IFRS 16 Leases - This is effective for periods beginning on or after 01 January 2019.

 

The new standard eliminates the classification of leases as either operating leases or finance leases and instead introduces a single lessee accounting model. The Group has a number of operating leases for assets including aircraft and property. All aircraft operating leases are short term in nature (one year or less) and can generally be terminated by the group on ninety (90) day notice. Property leases vary in duration from one to five years.

Details of the Group's operating lease commitments are disclosed in Note 25.

 

The Group has assessed the impact of the new standard and expects its implementation to have a minimal impact on the financial statements from the date of adoption. The main changes will be as follows:

 

·    The amounts recognised as assets and liabilities on adoption of IFRS 16 will be subject to a number of judgements, estimates and assumptions. This includes:

a)    Assumptions used to calculate the discount rate to apply to lease obligations, which is likely to be based on the incremental borrowing rate for the estimated lease term.

b)    Estimation of the lease term, including options to extend the lease where the Group is reasonably certain to extend.

 

·    Interest-bearing borrowings and non-current assets will increase on implementation of the standard as obligations to make future payments under leases currently classified as operating leases will be recognised on the balance sheet, along with the related 'right-of-use' asset. It is expected that lease obligations, which are not US dollar denominated, will be recognised at the exchange rate ruling on the date of adoption and the appropriate incremental borrowing rate at that date, with the related 'right-of-use' asset recognised at the exchange rate ruling at the commencement of the lease.

 

·    There will be a reduction in expenditure on operations and an increase in finance costs as operating lease costs are replaced with depreciation and lease interest expense.

 

·    The Group's operating and financial statistics will also be impacted. These comprise operating margin and operating margin before exceptional items; earnings before interest, tax, depreciation, amortisation and rent "EBITDAR" and net debt/total capital ratio. The definitions of these metrics will be reviewed on adoption of IFRS 16 to ensure that they continue to measure the outcome of the Group's strategy and monitor performance against long-term planning targets.

 

·    For future reporting periods after adoption, foreign exchange movements on lease obligations, will be re-measured at each balance sheet date, however the right-of-use asset will be recognised at the historic exchange rate. This will create volatility in the income statement.

 

Annual operating lease expense, which would have been recognized under the existing leases standard, will be replaced by anticipated similar levels of depreciation and interest expense, such that no major impact on profit before tax is expected in the year of transition.

 

With respect to IFRS 16, fastjet anticipates applying the modified transition method.

 

·   IFRIC 23 Uncertainty over Income Tax Treatments - It is expected that this will have no material impact on reported transactions.

 

Basis of consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

Loss of control

When the group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest ("NCI") and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

 

 Business combinations

The group accounts for the acquisition of subsidiaries and businesses using the purchase method. The cost of acquisition is measured at the aggregate of the fair values of assets given and equity instruments issued, plus any liabilities assumed. The acquired entities' assets, liabilities and contingent liabilities that meet the recognition criteria set out in IFRS 3 (Revised) are recognised at fair value. Costs directly attributable to the business combination are expensed as incurred except the costs to issue debt which are amortised as part of the effective interest and costs to issue equity which are included in equity.

Goodwill

Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. 

Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree.  Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. 

Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date.

The interest of non-controlling interests in the acquired entities is initially measured at the non-controlling party's proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.

Exceptional items

The Group presents those items which, because of their size, nature or expected infrequency of events giving rise to them, merit separate presentation to allow the users of the financial statements to understand better the Group's financial performance in the period. Examples of items that may give rise to disclosure as exceptional items include:

·    Impairments of intangible assets or property, plant and equipment as well as the reversal of such write downs or impairments;

·    Restructuring provisions or their reversal including redundancy costs, lease surrender costs or similar contract cancellation costs;

·    Corporate-related costs including refinancing costs, and significant costs relating to acquisitions and disposals;

·    Disposals of items of property, plant and equipment and intangible assets; and

·    Abnormal legal costs, litigation settlements and other similar settlements.

 

Where these exceptional items are material in size and nature to the performance of the Group in the period, they are disclosed on a separate line in the consolidated statement of comprehensive income.

 

Discontinued operations

A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or has been abandoned, or is a subsidiary acquired exclusively with a view to resale.

Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale.

When an operation is classified as a discontinued operation, the statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative period. Discontinued operations are presented in the consolidated statement of comprehensive income as a single line which comprises the post-tax profit or loss of the discontinued operation along with the post-tax gain or loss recognised on the re-measurement to fair value less costs to sell or on disposal of the assets or disposal Groups constituting discontinued operations.

Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and any provision for impairment. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

 

Owned aircraft

- 25 years

Leased aircraft

- 25 years

Leasehold property

- term of the lease

Motor vehicles

- 4 years

Fixtures, fittings and office equipment

- 4 to 7 years

Plant and machinery

- 10 years

 

Aircraft

Aircraft held under finance leases are depreciated over their expected useful lives, as shown above.

Residual values, where applicable, are reviewed annually against prevailing market rates at the balance sheet date for equivalently aged assets and depreciation rates adjusted accordingly on a prospective basis. The carrying value is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

Aircraft purchased with some economic life expired are depreciated over the remaining economic life. Subsequent costs incurred which lend enhancement to future periods, such as long-term scheduled maintenance and major overhaul of aircraft and engines are capitalised and depreciated over the length of period benefiting from these enhancements. All other maintenance costs are charged to the income statement as incurred.

Each component of an item of aircraft and other fixed assets with a cost that is significant in relation to the total cost of the item is depreciated separately. The depreciation charge for each period is recognised in profit or loss unless it is included in the carrying amount of another asset.

On acquisition, each aircraft is split into its component assets, being each of its engines and its airframes. Major engine maintenance incurred by the company is capitalised into the cost of each engine asset. Depreciation of Airframe and Landing Gear is provided on the straight-line method and depreciation of aircraft engines (Engine Overhaul or Shop Restoration, plus Engine Hot Section Inspection and Auxiliary Power Unit) is provided on the sum-of-units method to write off the cost of each asset to its residual values over the estimated useful life.

The estimated useful lives are as follows;

 

Aircraft fleet

Airframe 1

Engine Overhaul / Shop Restoration 2

Engine             Hot Section Inspection 2

Landing Gear 1

Auxiliary Power Unit ("APU") 2

 

 

 

 

 

 

Embraer 145

25 years

7,000 Hours

-

144 months

5,000 Hours

C208B Fleet

25 years

3,600 Hours

1,800 Hours

-

-

PC12 Fleet

25 years

3,600 Hours

2,000 Hours

-

-

 

1.        Depreciated on the straight-line method

2.        Depreciated on the sum-of-units method (per hour flown / utilized)

 

Goodwill and other intangible assets

Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration paid over the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and liabilities of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the income statement. Goodwill is stated at cost less accumulated impairment losses. It has indefinite expected useful life and is tested for impairment at least annually or where there is indication of impairment.

Intangible assets (other than goodwill) are recognised at cost less accumulated amortisation charges and any provision for impairment, or they are deemed to have an indefinite economic life and are not amortised but tested annually for impairment or more frequently, if events or changes in circumstances indicate the carrying value may not be recoverable.

Amortisation is charged on a straight-line basis, as follows:

Air Operator Certificates (AOCs)

- 10 years

Brand licence agreement

- 10 years

Purchased Brand

- Indefinite

Computer Software

- 4 years

 

Impairment of assets

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level.

 

All individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

 

An impairment loss is recognised for the amount by which the assets' or cash-generating unit's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of value in use and fair value less costs to sell. To determine the recoverable amount, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Group's latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect their respective risk profiles as assessed by management.

 

Impairment losses for cash-generating units reduce the recognised value of assets in the cash-generating unit. All assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit's recoverable amount exceeds its carrying amount. Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other comprehensive income. An impairment charge on the value of goodwill cannot be reversed in a subsequent period.

 

Leases

Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

 

Operating leases

Rental charges on operating leases are charged to the income statement on a straight-line basis over the life of the lease. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis over the life of the respective asset.

 

Finance leases

The asset is recorded in the balance sheet as property, plant and equipment, and is depreciated over the estimated useful life to the Group. The asset is recorded at the lower of its fair value, less accumulated depreciation, and the present value of the minimum lease payments at the inception of the finance lease. Future instalments under such leases, net of finance charges, are included as obligations under finance leases. Rental payments are apportioned between the finance element, which is charged to the income statement, and the capital element, which reduces the outstanding obligation for future instalments. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Provisions

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Revenue

The Group has applied IFRS 15 from 1 January 2018. Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over goods and services to a customer. Revenue for the provision of air travel is recognised on the date of departure. Ancillary fees such as baggage fees, credit card fees and flight alteration fees are also recognised on the date of departure as these are not considered distinct because the customer cannot benefit from it without taking the flight.

 

The Group incurs costs to obtain a customer contract that would otherwise not have been incurred. Such costs include credit card fees, travel agency fees and other commissions paid and global distribution systems ("GDS") booking fees .The Group has elected to apply the optional practical expedient for costs to obtain a contract which allows the Group to immediately expense sales commissions (included under employee benefits and part of cost of sales) because the amortisation period of the asset that the Group otherwise would have used is one year or less.

For shuttle and charter, clients are invoiced at an agreed rate, based on the higher of actual aircraft utilisation during the actual flight and a minimum fixed amount quoted per shuttle ticket or charter flight. Revenue is only recognised in the income statement when the actual flight has been performed. Any amounts received prior to flight date are recorded as creditors under deferred income. See Note 15.

 

Inventory

Inventories are stated at the lower of cost or net realisable value. Cost is determined using the weighted average cost method. Inventory comprises aircraft general spares and rotables. Inventory excludes borrowing costs and freight. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion and applicable variable selling expenses.

 

Pension costs

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees.

 

Taxation

Current tax is the tax currently payable or receivable based on the result for the period.

 

Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred tax assets.

 

Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.

 

Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity in which case the related deferred tax is also charged or credited directly to equity.

 

Share-based payments

 

Employee benefits

The Company operates equity-settled share-based remuneration plans for certain employees (including Directors).

 

Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the Company's estimate of the number of shares that will vest.

 

Fair value is measured using the Black-Scholes pricing model. The expected life used in the model is adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Where employees are rewarded using share-based payments, the fair values of employees' services are determined indirectly by reference to the fair value of the instrument granted to the employee.  Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate to share premium.

Equity-settled share-based payment transactions

Share-based payment arrangements in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Company.

Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision Maker, in the context of IFRS 8 "Operating segments", is considered to be the Board of Directors. The Board of Directors monitors the performance of business segments and makes decisions about the allocation of resources between those segments.

 

Financial instruments

 

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits.

 

Equity

Equity comprises the following:

·    "Share capital" represents the nominal value of equity shares that have been issued.

·    "Share premium" represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.

·    "Retained earnings" mostly comprise all current and prior period results as disclosed in the income statement as well as costs taken directly to equity.

·    "Translation reserve" represents the cumulative amount of foreign exchange gains and losses recognised outside of retained earnings.

·    "Reverse acquisition reserve" represents the balancing figure on combination of Rubicon and Lonrho's reserves in 2012.

·    "Treasury shares" represents the value of shares in fastjet Plc that are held by fastjet Plc Employee Benefit Trust.

·    "Shares in lock-up transactions" represent the value as at 31 December 2017 of fastjet shares issued to Solenta Aviation Holdings Limited for services that were to be received in future, see Note 23.

 

Financial assets

All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument.

 

On initial recognition the group classifies, a financial asset as measured at:

 

·      Amortised cost

·      Fair value through profit and loss

 

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value through profit and loss:

 

- It is held within a business model whose objective is to hold assets to collect contractual cash flows;

- Its contractual terms give rise on specified dates to cashflows that are solely payments of principal and interest on the principal amount outstanding.

 

 

 

Amortised cost: 

 

These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest.  They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.  

 

The Group's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated statement of financial position. Cash and cash equivalents include cash in hand and deposits held at call with banks.

 

All financial assets not classified as measured at amortised cost are measured at fair value through profit and loss. This includes all derivative financial assets.

 

Fair value through profit or loss:

 

All financial assets not classified as measured at amortised cost are measured at fair value through profit and loss. This includes all derivative financial assets. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.  Other than derivative financial instruments which are not designated as hedging instruments, the Group does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value through profit or loss.

 

Share options:

Share options are classified as financial assets at fair value through profit or loss. When the company purchases an option, an amount equal to the fair value which is based on the premium paid is recorded as an asset.

Subsequent to initial recognition, share options are measured at fair value with changes in fair value recognised in profit and loss in the period in which they arise.

The group purchased a share option to purchase shareholding in Federal Airlines Proprietary Limited. Further details of the call option agreement are included in Note 13.

 

Derivatives

Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with unrealised gains or losses reported in profit or loss.

Changes in the fair value of derivative financial instruments are recognised in profit or loss as they arise.

Derivatives are classified as financial assets at fair value through profit or loss.

Subsequent to initial recognition, derivatives are measured at fair value with changes in fair value recognised in profit and loss in the period in which they arise.

 

Options

An option is a contractual arrangement under which the seller (writer) grants the purchaser (holder) the right, but not the obligation, either to buy (a call option) or sell (a put option) at or by a set date or during a set period, a specific amount of securities or a financial instrument at a predetermined price. The seller receives a premium from the purchaser in consideration for the assumption of the future securities price. The group is exposed to credit risk on purchased options only to the extent of their carrying amount, which is their fair value.

 

 

Financial liabilities

Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are classified according to the substance of the contractual agreements entered into.

 

The Group's financial liabilities include finance leases, borrowings, and trade and other payables.

 

Loan notes are initially recognised at fair value, net of transactions costs, and are subsequently recorded at amortised cost using the effective interest method.

 

Other financial liabilities are initially recognised at fair value, net of transaction costs, and are subsequently recorded at amortised cost using the effective interest method.

 

Treasury shares

Purchases of own shares (treasury shares), including the related costs, are deducted directly from equity in the Consolidated Financial Statements.

 

Key judgements and estimates

The preparation of financial statements in conformity with adopted IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

 

Estimates made by management in the application of adopted IFRS that have significant effect on the financial statements with a significant risk of material adjustment in the next year are discussed in the following Notes:

 

·    The valuation of the FedAir CGU, using the discounted cashflow method, resulted in the valuation of the business at US$5.0m as at 31 December 2018 (see Note 11). The valuation makes use of estimates to determine future load factors, pricing, revenue, costs and capital expenditure requirements. The recoverable amount of FedAir was assessed by management to have been lower than the carrying amount of the assets and liabilities and hence an impairment loss was recognised. This resulted in the impairment of goodwill of US$1.5m, impairment of the FedAir Air Operations Certificate ("AOC") of US$3.0m and impairment of FedAir brand of US$0.1m as at 31 December 2018.

 

·    Impairment of the US$4.6m FedAir brand license agreement held by the Group, for the right to charge Brand Licence Fees to FedAir, due to the call option having been exercised during 2018; this resulted therefore in the asset lacking substance to be carried forward as an asset.

 

·   Impairment of intangible assets (Note 11). Intangible assets comprise of the fastjet and FedAir brands which were acquired at US$2.5m and US$0.3m respectively and had an indefinite useful life. Impairment of the fastjet brand is assessed annually making use of the company's forecasts on future brand licence fees to fastjet branded airline subsidiaries, on a discounted cash flow method. There are a number of sensitivities on the forecasts that support the value of the intangible assets. This future brand license fees recoverable, based on the current operating airline businesses, resulted in a provision for impairment of these brands of US1.3m.

 

 

 

Judgements made by management in the application of adopted IFRS that have significant effect on the financial statements. These include:

 

·    the determination of going concern shown above on page 23 - 24.

 

·   the determination of the functional currencies of subsidiaries. Judgement is used within operating entities regarding use of functional currency. The functional currency which is considered appropriate is determined depending on the cost base and the revenue denomination of the entity. This includes an element of judgement due to the number of currencies in use in subsidiaries, including local currency and US$. This judgement impacts the foreign exchange gains/losses within the income statement and the translation reserve.

 

·    the determination of the implied exchange rate in Zimbabwe between US$ and RTGS during the course of 2018. Since 2009, Zimbabwe had operated in a multi-currency system with US dollars emerging as the primary and functional currency of the economic environment. In 2016, monetary policy introduced Real Time Gross Settlement (RTGS) dollars and bond notes as legal tender officially maintaining these at parity with US$. However, during 2018, there was an unofficial difference in rates between US dollars and RTGS/bond notes which the Zimbabwean market well understood. Management made the judgement that RTGS$, from October 2018, met the definition of a currency. As at 31 December 2018, the Directors took the decision to fair value all monetary assets using an implied exchange rate of RTGS$4.6923 to US$1.00. In the absence of an official exchange rate, management used the Old Mutual Implied Rate ("OMIR") as a proxy for the exchange rate between RTGS$ and US$; being the only market source of data available in the public domain. Please also see Note 24 for further considerations. Whilst this indicates a high inflation, management judgement for 2018 is that the Zimbabwean economy was not hyper-inflationary. Please see Note 24 for further details.

 

·    The group holds less than 50% voting rights in the following companies. The group consolidates these subsidiaries even though the parent company holds less than 50% of the voting rights:

 

- fastjet Zimbabwe;

- fastjet Zambia; and

- Parrot Aviation (Proprietary) Limited.

 

Management believes that the consolidation of the above subsidiaries is appropriate as the parent company has influence over the management team, board representation, airline commercial activities support, operational route network and fleet selection and ticket distribution systems, through the fastjet brand licencing agreements with these companies, together with inter-group loan agreements supporting working capital needs of the operational subsidiary.

 

Additionally, the group has pre-emptive rights to acquire additional shareholding above the current shareholding from remaining shareholders that would allow the group shareholding to increase past 50%. This is always subject to any local shareholding restrictions and requirements for airline companies that apply from time to time in each respective country.

 

Due to the above, management does not recognise any non-controlling interest.

 

·      With respect to FedAir, management consolidated the results effective from 07 of October 2018. The change and updated shareholding between Parrot (75%) and fastjet Plc (25%) has been notified to the regulatory authorities in accordance with regulations.

 

 

 

2.    Segmental reporting

The Group's continuing business comprises that of airline services. That business operates across a number of different geographical territories, all within Africa. Accordingly, these geographical territories are the basis for the Company's segmental reporting disclosure.

The results of fastjet Plc head office and the Group's several holding companies are disclosed under the heading 'Central'. The accounting policies of these segments are in line with those set out in Note 1.

Year ended 31 December 2018

Zimbabwe

Mozambique

Central

Federal Airlines

Eliminate Inter-segment

Total

 

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

 

 

 

 

 

 

 

External

25,930

8,937

5

3,642

-

38,514

Inter-segment

32

-

28,407

-

(28,439)

-

Total revenue

25,962

8,937

28,412

3,642

(28,439)

38,514

 

 

 

 

 

 

 

EBITDA

(4,341)

(6,238)

(29,661)

245

-

(39,995)

 

 

 

 

 

 

 

Other finance income / (expense)

(7,739)

(100)

(4,866)

(50)

3,751

(9,004)

Depreciation and amortisation

(643)

-

(6,984)

(17)

-

(7,644)

 

 

 

 

 

 

 

Loss before tax

(12,723)

(6,338)

(41,511)

178

3,751

(56,643)

Tax

-

-

-

(324)

-

(324)

Net loss

(12,723)

(6,338)

(41,511)

(146)

3,751

(56,967)

 

 

 

 

 

 

 

Non-current assets

11,108

-

8,031

3,806

-

22,945

 

Year ended 31 December 2017 (Re-presented)

Zimbabwe

Mozambique

Central

Federal Airlines

Eliminate Inter-segment

Total

 

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

 

 

 

 

 

 

 

External

12,961

1,187

248

-

-

14,396

Inter-segment

-

-

20,815

-

(20,815)

-

Total revenue

12,961

1,187

21,063

-

(20,815)

14,396

 

 

 

 

 

 

 

EBITDA

(5,578)

(640)

(6,712)

-

-

(12,930)

 

 

 

 

 

 

 

Other finance income / (expense)

(1,442)

459

(3,091)

-

6,161

2,087

Depreciation and amortisation

(55)

-

(253)

-

-

(308)

Loss before tax

(7,075)

(181)

(10,056)

-

6,161

(11,151)

Tax

-

-

-

-

-

-

Net loss

(7,075)

(181)

(10,056)

-

6,161

(11,151)

 

 

 

 

 

 

 

Non-current assets

129

-

44,964

-

1501

45,243

 

The Board monitors the performance of the business units and the overall Group. It monitors loss after tax and its individual components and therefore these are disclosed above. (1 relates to Tanzania assets in 2017)

 

 

3.    Discontinued operations

 

The loss from discontinued operations net of tax comprise of the following components:

 

Component

Year ended

31 December 2018
US$'000

Year ended

31 December2017
US$'000

 

 

 

fastjet Airlines Limited:

 

 

- trading loss net of tax (see note 3.1)

(8,907)

(13,241)

- gain on net liabilities no longer consolidated (see note 3.2)

16,944

-

fastjet Air TZ (BVI) Limited

21

17

ATR 72-600 disposal (see note 3.3)

(14,630)

-

Guernsey structure (dormant entities)

-

(121)

Forward sales liability

(295)

-

 

 

 

Total

(6,867)

(13,345)

 

3.1  fastjet Airlines Limited - trading loss net of tax

 

On 26 November 2018 the Group sold its shares in fastjet Air TZ (BVI) Limited, which held 49% of fastjet Airlines Limited, to Lawrence Masha and Hein Kaiser (collectively the Purchaser) for a purchase consideration of US$ 1.00. As the shares in the company were sold at par value, there was no capital gains tax.

fastjet Air TZ (BVI) Limited and its subsidiary, fastjet Airlines Limited, no longer form part of the Group Consolidated accounts with effect from this date. Consequently, these entities have been deconsolidated and disclosed as discontinued operations with comparative results re-presented.

The loss from discontinued activities net of tax in the consolidated income statement comprises:

 

 

Year ended

31 December 2018

US$'000

(Re-presented)

Year ended

31 December 2017

US$'000

 

 

 

Revenue

27,185

31,844

Cost of sales

(27,567)

(33,527)

Gross loss

(382)

(1,683)

Administrative costs

(7,568)

(10,288)

Exceptional items

(409)

-

Operating loss

(8,359)

(11,971)

Finance charges

(442)

(1,174)

Loss before tax

(8,801)

(13,145)

Taxation

(106)

(96)

 

 

 

Loss for the year

(8,907)

(13,241)

 

3.2  fastjet Airlines Limited - gain on net liabilities no longer consolidated

 

The effect of the disposal of individual assets and liabilities of fastjet Airlines Limited is as follows:

 

Balance Sheet as at November 2018 - Assets / (Liabilities)

Total                               

US$'000

 

 

Property, plant and equipment

95

Trade and other receivables

2,039

Cash and cash equivalents

84

Loans and borrowings - non-current

(6,728)

Loans and borrowings - current

(700)

Trade and other payables

(6,118)

Tax

(125)

 

 

Total

(11,453)

 

 

Reclassification of foreign exchange translation reserve

(5,491)

 

 

Gain on disposal

(16,944)

 

 

3.3  ATR 72-600 disposal

 

The ATR 72-600 fleet had been acquired for the fastjet Airlines Limited (Tanzania) operations. Unfortunately, the aircraft remained undeployed due to ongoing regulatory challenges and delays from the authorities. Due to the Board's decision to discontinue the Tanzanian operation, the fleet was no longer required, and could not be deployed operationally within the remaining business units. In light of this, a decision was taken to dispose of the fleet in order to terminate the remaining nine-year financial obligation attached to the fleet and US$14.6m was written off.

 

Net cash outflow on disposal of fastjet Tanzania

 

Year ended
31 December 2018
US$'000

(Re-presented) 

 Year ended
31 December 2017
US$'000                 

 

 

 

Cash consideration received

-

-

Cash disposed off

(84)

(696)

 

 

 

Net cash outflow on disposal of Tanzania

(84)

(696)

 

 

 

 

4.    Revenue

Revenue from continuing operations is made up of the following:

 

 

Year ended
31 December 2018
US$'000
*

(Re-presented*)

Year ended
31 December 2017
US$'000                 

 

 

 

Passenger revenue

35,034

12,539

Charter revenue

1,415

-

Ancillary services

1,965

1,857

Cargo revenue

16

-

Other revenue

84

-

Total

38,514

14,396

 

The group has disaggregated revenue into various categories in the table below, which is intended to enable users to understand the nature of the revenue by country.

 

Year ended 31 December 2018

 

Zimbabwe
US$'000

Mozambique
US$'000

FedAir
US$'000

Central
US$'000

Total        US$'000

 

 

 

 

 

 

Passenger revenue

24,369

8,411

2,254

-

35,034

Charter revenue

67

-

1,348

-

1,415

Ancillary services

1,462

503

-

-

1,965

Cargo revenue

16

-

-

-

16

Other revenue

16

23

40

5

84

Total

25,930

8,937

3,642

5

38,514

 

 

Year ended 31 December 2017

(re-presented *)

Zimbabwe
US$'000

Mozambique
US$'000

FedAir
US$'000

Central
US$'000

Total        US$'000

 

 

 

 

 

 

Passenger revenue

11,504

1,035

-

-

12,539

Charter revenue

-

-

-

-

-

Ancillary services

1,457

152

-

248

1,857

Cargo revenue

-

-

-

-

-

Other revenue

-

-

-

-

-

 

 

 

 

 

 

Total

12,961

1,187

-

248

14,396

* 2018 figures and 2017 comparative figures exclude fastjet Tanzania discontinued operations.    

The Group applied IFRS 15 from 1 January 2018.

 

Revenue for the provision of air travel or charters is recognised on the date of departure / flight.

 

Ancillary fees such as baggage fees, credit card fees and flight alteration fees are also recognised on the date of departure as these are not considered distinct because the customer cannot benefit from it without taking the flight.

On adopting IFRS 15, only passenger ancillary fees were affected. The amount and the effect on retained earnings at 1 January 2018 was not material at US$51k.

Deferred income (forward ticket sales)

 

Amounts included in Trade and other payables

(linked to forward ticket sales)

 

Year ended
31 December 2018
US$'000

Year ended
31 December 2017
US$'000                

 

 

 

Balance - 01 January

2,524

2,065

Amounts released to revenue during the year

(2,524)

(2,065)

Tickets booked and banked in advance for the following year not recognised as revenue during the period - included in liabilities 

2,517

2,524

 

 

 

Balance - 31 December

2,517

2,524

 

5.    Operating loss

Operating loss is stated after charging the following disclosable items:

Year ended
31 December 2018
US$'000

(Re-presented)

 Year ended
31 December 2017
US$'000

 

 

 

Operating lease costs

 

 

-       Property

254

426

-       Aircraft from the SAHL group (related party)

16,637

6,568

-       Aircraft from other lessors or operators

4,065

2,116

 

 

 

Fuel

13,036

5,279

Net foreign exchange gains

278

2,105

Foreign exchange loss on Zimbabwean financial assets

8,475

-

Amortisation of other intangible assets

1,034

198

Depreciation of property, plant and equipment

 

 

-       Property, plant and equipment

111

110

-       Aircraft

692

-

fastjet Plc brand - gain on purchase

-

(1,769)

Audit fees paid:

 

 

-       Group - 2018 (BDO)

105

-

-       Group - 2017 (KPMG)

207

248

-       Subsidiary companies - 2018 (BDO)

168

-

-       Subsidiary companies - 2017 (KPMG)

39

49

-       Subsidiary companies - 2018 (PWC and Deloitte)

73

-

-       Subsidiary company - 2017 (Deloitte)

52

-

 

 

 

Non-audit services - FedAir due diligence: KMPG South Africa

-

63

Share option charges

281

579

 

 

 

 

 

 

 

 

 

                  

                   Cost of sales:

 

Cost of sales analysis for continuing operations comprise of the following main cost categories:

Year ended
31 December 2018
US$'000

(Re-presented)

Year ended
31 December 2017
US$'000

 

 

 

Aircraft leases

20,702

8,684

Fuel

13,036

5,279

Crew costs and training

 

 

- Flight crew and cabin crew salaries

1,979

236

- Other crew costs

902

450

- Training

330

-

Aircraft maintenance and overhaul

4,191

(489)

Airport costs (landing, parking, overfly and navigation)

2,239

1,086

Ground handling

2,606

1,321

Passenger variable costs

2,945

619

Aircraft depreciation

692

-

Other passenger costs

149

74

Aircraft insurance

216

235

Other operational costs

286

600

 

 

 

Total

50,273

18,095

 

Administrative costs:

 

Administrative costs for continuing operations comprise of the following main cost categories:

Year ended
31 December 2018
US$'000

(Re-presented)

Year ended
31 December 2017
US$'000

Employee costs

 

 

- salaries and wages

5,426

5,062

- other employee costs

791

671

- sub-contractors and consultants

921

1,448

Legal and professional

2,118

814

Marketing and advertising costs

1,609

1,417

Depreciation of property, plant and equipment

111

110

Amortisation of intangible assets

1,034

198

Other costs

1,049

423

fastjet Plc brand gain on purchase

-

(1,769)

IT costs

715

1,165

 

 

 

Total

13,774

9,539

 

6.    Exceptional Items

Exceptional items include the following non-cash items:

 

 

Year ended
31 December 2018
US$'000

Year ended
31 December 2017
US$'000

 

 

 

Shares in lock-up transactions * (a)

11,317

-

Other financial assets - FedAir Brand License Agreement *(b)

4,609

-

Goodwill impairment * (c)

1,499

-

Air Operations Certificate impairment* (c)

2,979

-

Impairment of FedAir brand * (c)

108

 

Impairment of fastjet Plc brand * (d)

1,220

-

Other exceptional items

374

-

 

 

 

Total

22,106

-

 

a)    Of the US$16.6m at 31 December 2017 relating to the shares in lock-up transactions, US$5.3m was expensed during 2018 for flying services received and US$11.3m was written off due to the SAHL services contract being terminated as part of the December 2018 capital raise (refer to Note 23 on page 99 - 101). This value represents the unexpended share-based payment portion relating to the lease termination.

 

 

The lease agreement was terminated to avoid paying the future cash component of the total lease obligations of US$615k per month, for the remaining 42-month period under the original 60-month lease commitment. This resulted in a contractual cash outflow saving of US$25.8m. However as certain services under the original agreement (maintenance, crew support and training) will remain under a revised replacement agreement, the net cash saving from acquisition over the 42-month period will be US$7.0m. This arose following the purchase of four Embraer 145 aircraft from SAHL during the December 2018 capital raise and the decision to fully crew and operate the Zimbabwean aircraft fleet, minimising hard currency obligations from within Zimbabwe.

 

b)    In 2017, a valuation was undertaken to determine the future economic value of the 8% Brand Licence Agreement signed with FedAir over the five (5) year period, to which a future value of US$4.6m was assigned and recognised in 2017. Following the acquisition of FedAir by Parrot in October 2018, and the consolidation of its results into the Group, the future economic value attached to the Brand Licence Agreement has been nullified, and in light of this the company decided to impair this asset fully in 2018 (refer to Note 13).

 

It is noted that the fair value of this asset was carved out of the overall valuation of FedAir in September 2017 of US$15.0m less the future exercise consideration of US$4.0m (as detailed in Note 11). As such this US$4.6m impairment of the brand licence agreement asset is related to the overall US$9.2m decrease in the valuation of FedAir in October 2018 at the point of acquisition. It is noted that a further $0.8m decrease in the value of FedAir was due to dividends being taken by the previous shareholder prior to the call option being exercised (which reduced the future consideration price down to US$3.2m from the original US$4.0m - see (c) below). As such the overall decrease from the September 2017 valuation to that made in October 2018 was US$10.0m.  The remaining US$4.6m was recognised in the resultant investment in FedAir (on exercise of the FedAir call option (see point c below)).

 

c)    On exercise of the call option, a further US$3.2m was paid to complete the acquisition of FedAir by Parrot in October 2018. The total purchase consideration of US$9.6m was the sum of this exercise payment together with the original US$6.4m paid for the option in 2017. An amount of US$1.5m was recognised as goodwill, an amount of US$7.9m was recognised relating to the air operations certificate ("AOC") and US$0.3m was recognised relating to the FedAir brand.

 

As noted above the FedAir brand licence agreement (point b above) and this the initial FedAir call option (which crystallised into the investment in FedAir) are intrinsically linked. Following 07 October 2018, being management's judgement of the point of control, management calculated the recoverable amount of FedAir to be US$5.0m. Based on this updated valuation, an amount of US$4.6m was impaired to the FedAir investment. A further US$4.6m impairment was recognised on the FedAir brand licence agreement (as noted in b above). As such the overall impairment across these linked assets was US$9.2m. The FedAir investment impairment of US$4.6m was first allocated to the goodwill of US$1.5m and the balance was allocated to the air operations certificate US$3.0m and the FedAir brand US$0.1m.

 

Management's US$5.0m valuation reflected a forecast decreased cash flow outlook as compared to the 2017 valuation reflecting both a specific loss of revenue to a competitor and a general decrease in market outlook. The forecast cash flow compound average growth and terminal growth rates of the value in use valuation models were seen to decrease from 9.5% to 2.5% and 3.0% to 2.0% respectively (refer to Note 11).

 

The fastjet Plc brand was impaired on 31 December 2018. This was after management had established that the recoverable amount was lower than the carrying amount. The recoverable amount of the fastjet Plc brand has been calculated with reference to value generated through its use which is modelled on the cash flows generated from the 0.5% royalty on operating entity revenue. Full details relating to this are in Note 11.
 

Intangible assets

 

Goodwill

US$000

AOCs**

US$'000

Brands*

US$'000

Computer software

US$'000

Cost

 

 

 

 

 

At 31 December 2016

-

5,462

11,764

553

17,779

 

 

 

 

 

 

Additions

-

-

2,500

309

2,809

Acquired through Business Combination

-

-

-

-

-

Disposals

-

-

(11,764)

-

(11,764)

 

 

 

 

 

 

At 31 December 2017

-

5,462

2,500

862

8,824

 

 

 

 

 

 

Additions

-

-

-

526

526

Acquired through Business Combination

1,499

7,893

297

2

9,691

Discontinued operations Tanzania

-

(5,462)

-

-

(5,462)

Foreign currency difference

-

-

-

90

90

 

 

 

 

 

 

At 31 December 2018

1,499

7,893

2,797

1,480

13,669

 

 

 

 

 

 

Less:

Amortisation and Impairment

 

 

 

 

 

 

 

 

 

 

 

At 31 December 2016

-

5,462

11,764

241

17,467

Disposals

-

-

(11,764)

-

(11,764)

Charge for the year

-

-

-

200

200

 

 

 

 

 

 

At 31 December 2017

-

5,462

-

441

5,903

 

 

 

 

 

 

Discontinued operations Tanzania

-

(5,462)

-

-

(5,462)

Charge for the year

-

-

-

1,038 2

1,038

Impairments for the year

1,499 1

2,979 1

1,328 1

-

5,806

 

 

 

 

 

 

At 31 December 2018

1,499

2,979

1,328

1,479

7,285

 

 

 

 

 

 

Net carrying amount

 

 

 

 

 

At 31 December 2016

-

-

-

312

312

At 31 December 2017

-

-

2,500

421

2,921

At 31 December 2018

-

4,914

1,469

1

6,384

             

 

1 Included in exceptional items - Note 6

2 US$1,038k included in administrative costs - Note 5 and US$4k relating to discontinued operations; net amount excluding discontinued operations of US$1,034k as per cashflow statement.
 

* Indefinite life intangible assets considered significant in comparison to the Group's total carrying amount of such assets have been allocated to cash generating units or groups of cash generating units as follows:

 

 

Indefinite life Intangible asset

Year ended
31 December 2018
US$'000

Year ended
31 December 2017
US$'000

 

 

 

fastjet Plc brand 1

2,500

2,500

Less: impairment

(1,220)

-

 

1,280

2,500

 

 

 

FedAir brand 2

297

-

Less: impairment

(108)

-

 

189

-

 

 

 

 

 

 

Total

1,469

2,500

 

1 fastjet Plc brand:

The recoverable amount of the fastjet Plc brand has been calculated with reference to its value in use based on brand licensing fees chargeable to fastjet branded airline operations. The key assumptions of this calculation are shown below:

 

Key Assumptions

Year ended

31 December 2018

Year ended

31 December 2017

 

 

 

Period in which management forecasts are based

2019-2022

2018 - 2021

Growth rate applied beyond approved forecast period

3.00%

4.00% 

Discount rate

15.00%

16.00%

 

The recoverable amount of the Cash Generating Units (CGUs) to which this brand asset is allocated have been measured based on value in use, using a discounted cash flow method. Cash flow projections are based on the business plan approved by the Board covering a four-year period. Cash flows beyond the two-year period are projected to increase in line with the long-term growth rate mentioned above.  The indefinite life intangible asset is allocated to the following Cash Generating Units ("CGU"):

 

Cash Generating Unit

Year ended

31 December 2018

Year ended

31 December 2017

 

 

 

fastjet Airlines Limited (Tanzania) - discontinued operation

-

1,220

fastjet Zimbabwe

1,171

1,171

fastjet Mozambique

109

109

FedAir (airline operations)

-

-

 

 

 

Total

1,280

2,500

 

Sensitivity Analysis:

If the inputs to the valuation model above were 1% higher / lower, while all other variables were held constant, the carrying amount of the brand would change as reflected below:

 

1% decrease in the growth rate

(US$ 77,394)

1% increase in the discount rate

(US$ 103,930)

 

 

 

 

2 FedAir brand:

On the acquisition of FedAir by Parrot on 07 October 2018, an amount of US$1.5m was recognised as goodwill, an amount of US$7.9m was recognised relating to the air operations certificate and US$0.3m was recognised relating to the FedAir brand. The air operations certificate value was based on the intrinsic value of being able to operate the fastjet brand using the FedAir air operations certificate. (refer to Note 22).

 

As at 31 December 2018, management calculated the recoverable amount of FedAir using a discounted cashflow method based on FedAir's current shuttle business (being a single CGU).

 

The key assumptions of this calculation are shown below:

 

Key Assumptions

Year ended

31 December 2018

Year ended

31 December 2017

 

 

 

Period in which management forecasts are based

2019-2022

n/a

Growth rate applied beyond approved forecast period

2.40%

n/a

Discount rate

15.00%

n/a

Foreign exchange rate ZAR: US$

R14.00 = US$1.00

n/a

 

The recoverable amount was established to be US$5.0m and an amount of US$4.6m had to be written off as impairment. The impairment was first allocated to the goodwill of US$1.5m and US$3.1 was split pro-rata between the air operations certificate at US$3.0m and the FedAir brand at US$0.1m refer to Note 6.

 

Sensitivity Analysis:

If the inputs to the valuation model above were 1% higher / 1% lower or R1.00 fluctuation in exchange rate, while all other variables were held constant, the carrying amount of the FedAir business would change as reflected below based on the discounted cashflow model:

 

1% decrease in the growth rate

(US$ 413,913)

1% increase in the discount rate

(US$ 384,746)

R1:00 increase in ZAR:US$ exchange rate

(US$ 331,995)

 

 

** FedAir Air Operators Certificate ("AOC")

 

On the acquisition of FedAir by Parrot on 07 October 2018, an amount of US$1.5m was recognised as goodwill, an amount of US$7.9m was recognised relating to the air operations certificate and US$0.3m was recognised relating to the FedAir brand. The air operations certificate value was based on the intrinsic value of being able to operate the fastjet brand using the FedAir air operations certificate. (refer to Note 22).

 

As at 31 December 2018, management calculated the recoverable amount of FedAir using a discounted cashflow method based on FedAir's current shuttle business. The recoverable amount was established to be US$5.0m and an amount of US$4.6m was hence written off as impairment. The impairment was first allocated to the goodwill of US$1.5m and US$3.1m was split pro-rata between the air operations certificate at US$3.0m and the FedAir brand at US$0.1m. Management's US$5.0m valuation reflected a forecast decreased cash flow outlook as compared to the 2017 valuation reflecting both a specific loss of revenue to a competitor and a general decrease in market outlook. The forecast cash flow compound average growth and terminal growth rates of the value in use valuation models were seen to decrease from 9.5% to 2.5% and 3.0% to 2.0% respectively.

 

Other financial assets

 

Year ended
31 December 2018
US$'000

Year ended
31 December 2017
US$'000

 

 

 

FedAir brand license agreement

-

4,609

Call Option asset

-

6,391

 

-

11,000

 

 

 

 

On 29th September 2017, as part of the funding exercise, the Company entered into three agreements with SAHL to support its growth initiatives. All three agreements were signed simultaneously and were not mutually exclusive. The agreements were:

 

a)     A Restraint of Trade Agreement ("RTA");

b)    Call Option Agreement to acquire an equity interest in FedAir; and

c)     Brand Licence Agreement with FedAir and Solenta Aviation Mozambique Limitada ("SAM").

 

Restraint of trade agreement ("RTA"): US$11.0m

 

SAHL, the holding company of Federal Airlines (Pty) Limited ("Fedair") and SAM, entered into a restraint of trade agreement ("RTA") for US$11.0m in favour of fastjet pursuant to which SAHL covenanted that it will not (whether by itself, a connected person, subsidiary or affiliate), for a period of 5 years from the date of the RTA, carry on or be engaged or interested in the carriage of passengers by air and/or any business which would be in competition with the Company's activities in the Republic of South Africa, Tanzania, Zimbabwe and Mozambique. 

 

Call Option agreement:

 

Parrot Aviation Proprietary Limited ("Parrot") is a joint venture company in which the Company acquired a 25% equity interest and Rashid Wally, the Company's Chairman, acquired a 75% equity interest. Parrot acquired a call option (the "Option") with the shareholders of Fedair granting Parrot the option to buy 100% of the shares in Fedair at any time or to subscribe for the share capital of Fedair to the maximum extent permissible under South African Aviation Legislation, subject to the necessary approvals from relevant governing authorities or regulators as and when appropriate.

 

The Option was exercised on 7 October 2018, and Parrot entered into a share purchase agreement to acquire the shareholding in FedAir, resulting in the payment of US$3.2m cash to the selling shareholders of FedAir.

 

FedAir brand license agreement:

 

Fedair signed a Brand Licence Agreement with the company allowing Fedair to use the Fastjet brand for a period of five (5) years in return for an 8% royalty income from Fedair's future revenues.

 

In 2017, the US$11.0m paid for the RTA, was valued and allocated between the above three agreements, as follows:

 

Restraint of Trade Agreement - US$0m of US$ 11.0m

 

No future economic value was assigned to this agreement, as on signature it was enforced, and SAHL had no competing commercial airline businesses at the time.

 

 

FedAir brand license agreement - US$4.6m of US$ 11.0m

 

A valuation was undertaken to determine the future economic value of the 8% Brand Licence Agreement signed with FedAir over the five (5) year period, to which a value of US$4.6m was assigned.  This asset was recognised in 2017 and represented the future discounted cashflow value of this agreement over the five-year period.

 

Due to the acquisition of FedAir and the consolidation of its results into the Group, the future economic value attached to the Brand Licence Agreement has been nullified, and in light of this, the company decided to impair this asset in 2018.

 

Call Option Asset - US$6.4m of US$ 11.0m

 

The remaining value of the US$11.0m less the FedAir brand license agreement of US$4.6m, was then assigned to the Call Option on FedAir. The ability to acquire FedAir allowed the company to start scheduled airline operations in South Africa and deploy the fastjet Brand into Africa's biggest aviation market.

 

Following the exercise of the call option to acquire FedAir, the total consideration of US$9.6m made up of the original $6.4m call option asset paid in 2017, together with the cash purchase price of US$3.2m on exercise, was crystallised into the investment value on the 07 October 2018, which when compared to the updated management valuation of FedAir as at 31 December 2018 of US$5.0m, resulted in an impairment of US$4.6m.

 

Loans and other borrowings

 

Year ended
31 December 2018
US$'000

Year ended
31 December 2017
US$'000

Non-current

 

 

Solenta Aviation Holdings Limited loan 1

2,000

-

Instalment sale liabilities 2

1,767

-

4% loan notes issued by fastjet Airlines Limited 1

-

7,577

Total

3,767

7,577

 

 

 

Current

 

 

Instalment sale liabilities 2

689

-

4% loan notes issued by fastjet Airlines Limited 1

-

1,107

Loan from SSCG 1  

2,020

-

Total

2,709

1,107

 

1 US$ denominated

2 South African Rands (ZAR) denominated

 

Solenta Aviation Holdings Limited loan

 

On 4 April 2018 the Company entered into a US$12.0m loan facility agreement with Solenta Aviation Holdings Limited ("SAHL") to fund the exercise of the Company's option over the three ATR 72-600 with the balance to be used for general working capital purposes. These same aircraft were part of the Tanzania divestment in November 2018 which triggered a loss on disposal of US$14.6m (refer to Note 3.3).

 

The salient terms of the Facility were as follows:

 

·      The Facility was for a loan of up to US$12.0m to be provided by SAHL to fastjet; 

 

·      An interest rate of (i) the higher of US$ 30-day LIBOR plus 6.45% pa or 8% pa until 30 June 2019, and (ii) from 1 July 2019, the higher of US$ 30-day LIBOR plus 8.45% pa or 10% pa;

 

·      Repayment of the loan by either (at fastjet's election) bullet repayment in full on 30 June 2019 or eight quarterly instalments of 12.5% of the loan, commencing 29 March 2019 and concluding 28 December 2020;

·      Drawdown of the Facility was available until 30 April 2018, or such later date as the parties may agree and subject first to satisfying certain conditions precedent including execution and delivery of security for the loan;

 

·      The required security for the loan comprises security over certain key material assets of the fastjet Group including the fastjet brand and trademarks, the majority interest in the shares held by the Group in fastjet Zimbabwe Limited, the shares acquired by the Group in Federal Airlines (Pty) Limited ("FedAir") and the economic rights of the Group to be acquired in the three ATRs;

 

·      The security includes an SAHL right to nominate directors to the boards of FedAir and fastjet Zimbabwe Limited together with an additional director to the Board of fastjet Plc (such nominated individuals in each case to constitute a minority of directors of the respective boards of the companies);

  

·      fastjet utilised the Facility principally for the purpose of the payment of the ATR Purchase Option Deposit of approximately US$11.0m;  

 

·      SAHL was entitled to a raising fee of US$240,000 on the date of drawdown of the Facility and this was capitalised. As per the December 2018 capital raise where US$10.0m of the original loan and some outstanding interest was converted to equity the original loan was seen to have been extinguished and hence the previously capitalised transaction costs were realised to the income statement; and

 

·      The Facility agreement includes standard representations, warranties and events of default, including restrictions on future borrowing and security (subject to exceptions).

 

As part of the December 2018 capital raise, SAHL agreed to convert US$10.0m of the loan together with accumulated unpaid interest of US$448,752 into fastjet Plc shares.

Additionally, the following were the main changes to the loan terms mentioned above:

 

·      The applicable interest rate was changed to a fixed 6% per annum;

 

·      Bullet repayment date and final repayment dates were removed and replaced with repayment after 48 months provided that there has been six months of trading profitability;

 

·      The lender can allow repayment after 36 months, provided that the six months profitability condition has been met; and

 

·      Addition of fastjet Africa (excluding fastjet Mozambique Limitada) as additional security for the remaining term.

 

·      Due of the extinguishment of the original loan, there was a change in the original effective interest which would  result increase the cashflows by US$2.1m.

 

Instalment sale liabilities

Liabilities under instalment sale agreements are South African Rand denominated loans held with Standard Bank of South Africa Limited. The loans arose when FedAir purchased four of their operational aircrafts which are currently reflected under owned aircraft (included in business combination US$5,0m see Note 12). The loans bear interest at South African prime (currently 10.25%) plus or minus 1%. Final instalments are due between 2019 and 2022.

As at 31 December 2018, the instalment sale liabilities are secured by the four owned aircraft with a book value in FedAir of US$3.6m and motor vehicles with a book value in FedAir of US$35k.

 

Acquisition of Federal Airlines Proprietary Limited

On 07 October 2018, Parrot Aviation Proprietary Limited, a company in which the Company has a 25% interest and Rashid Wally, the Company's Chairman who has a 75% equity interest, acquired 100% of the shares of Federal Airlines Proprietary Limited.

 

Consideration transferred

 

The following table summarises the acquisition date fair value of each major class of consideration transferred

 

 

 

US$'000

Call option asset*

6,391

Cash

3,200

Total consideration

9,591

 

* Details relating to the call option assets are explained in Note 13.

 

Identifiable assets acquired and liabilities assumed

 

The table below summarises the recognised amounts of assets acquired, and liabilities assumed at the date of acquisition being 01 October 2018. FedAir assets and liabilities are predominately South African Rand denominated and as at date of acquisition these values were translated from South African Rand to US$ at an exchange rate of R14.18 = US$1.00.

 

 

Carrying                              

 amount      

US$'000

Fair value adjustments US$'000

Adjusted fair value   US$'000

 

 

 

 

Property, plant and equipment

4,205

982

5,187

Intangible assets

2

8,190

8,192

Inventory

141

-

141

Trade and other receivables

1,283

-

1,283

Tax receivable

101

-

101

Cash and cash equivalents

946

-

946

Loans and borrowings - non-current

(2,157)

-

(2,157)

Deferred tax liability

(847)

(2,568)

(3,415)

Trade and other payables

(2,186)

-

(2,186)

 

 

 

 

Total identifiable net assets acquired

1,488

6,604

8,092

 

Purchase of FedAir subsidiary - cash consideration

 

The following table summarises the acquisition date fair value of each major class of consideration transferred

 

 

 

US$'000

Cash paid to shareholders of FedAir on acquisition

3,200

Foreign exchange difference

158

Cash and cash equivalents held in FedAir on acquisition

(946)

Net cash consideration paid on purchase of subsidiary (as per consolidated cashflow statement)

2,412

 

 

 

Goodwill

 

Goodwill arising from the date of acquisition has been recognised as follows:

 

 

US$'000

Consideration transferred

9,591

Fair value of identifiable assets

(8,092)

 

 

Goodwill

1,499

 

 

As at 31 December 2018, management calculated the recoverable amount of FedAir using a discounted cashflow method based on FedAir's current shuttle business only. The recoverable amount was established to be US$5.0m and an amount of US$4.6m had to be written off as impairment. The impairment was first allocated to the goodwill of US$1.5m and the balance was allocated to Air operations certificate US$3.0m and the FedAir brand US$0.1m.

 

Since the acquisition date, FedAir has contributed US$3.6m to group revenues and US$178k to group profit before tax. If the acquisition had occurred on 01 January 2018, FedAir would have contributed US$13.1m to group revenues and US$1.1m to group profit before tax.

 

Loan from SSCG

 

Original transaction

In July 2018, fastjet Plc borrowed US$2.0m from SSCG for general working capital purposes across the Group on an interest-bearing loan at 6% fixed per annum, for an initial period of six months.

 

At the same time, fastjet Zimbabwe deposited RTGS$5.0m with Annunaki, on an interest-bearing deposit at 4% fixed per annum for an initial period of six months.

 

Loan - first term extension

 

On 1 March 2019, the Company agreed with both Annunaki and SSCG that the terms of the unsecured loans will be extended to 31 March 2019. The terms of the Loan Agreements will remain the same except for the following changes:

 

·      The loan amount from fastjet Zimbabwe to Annunaki was increased from RTGS$5.0m to RTGS$7.0m due to devaluation of the underlying RTGS$ currency;

 

·      During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$2.0 m repayment plus any outstanding interest into ordinary shares in the Company (subject always to the shareholders of the Company granting the directors sufficient authority to allot and issue such shares on a non-pre-emptive basis) (the "Option to Convert") either (i) upon the happening of an event of default under the Loan Agreements, or (ii) after 28 February 2019; and

 

·      Any ordinary shares in the Company issued pursuant to the Option to Convert shall be issued at the higher of:

 

·      the volume weighted average price per ordinary share over the preceding 30 trading days on the London Stock Exchange ending on the date on which SSCG has given such written notice to convert; or

 

·      At par value.

 

Loan - second term extension

 

On 05 March 2019, the parties agreed to extend the Loan arrangements to 30 June 2019.

 

Loan - repayment and extension

 

On the 11 June 2019, an amount of US$1.25m was repaid to SSCG and the remaining US$0.75m was extended to 31 January 2020.

 

Additionally, between 12 June 2019 and 14 June 2019, Annunaki repaid the RTGS$7.0m to fastjet Zimbabwe together with all the accrued interest.

 

Related Parties

Solenta:

Solenta Aviation Holdings Limited ("SAHL") is currently a 59.34% shareholder in fastjet Plc and provides aircraft leasing and related services to the Group.

During 2017, fastjet Plc entered into various agreements with SAHL and/or its subsidiaries which included (i) an option to purchase FedAir, (ii) FedAir brand licence agreement, (iii) a restraint of trade agreement with SAHL group (as further explained in Note 13).

During 2018, fastjet Plc entered into a loan agreement with SAHL as further explained in Note 17.

On 07 October 2018, Parrot Aviation and fastjet Plc exercised its option to purchase the shareholding of FedAir, which at the time of purchase was owned 67.60% by Solenta Investment Holdings Proprietary Limited, a subsidiary company of SAHL.

The amounts included in the balance sheet for these items are as follows:

 

 

 

SAHL group entity

Year ended
31 December 201
8
US$'000

Year ended
31 December 2017
US$'000

 

 

 

 

Current assets

 

 

 

Other financial assets

SAHL

-

11,000

 

 

 

 

Non-current liabilities

 

 

 

Long term loan

SAHL

2,000

-

 

 

 

 

Current liabilities

 

 

 

ATR 72-600 accrual1

AL&M

-

10,946

Accruals

 

157

512

Trade payables

 

 

 

-       Solenta Aviation Holdings Limited

SAHL

97

-

-       Solenta Aviation Mozambique Limitada

SAM

857

301

-       Solenta Aviation (Pty) Limited

PTY

570

-

 

 

 

 

Equity

 

 

 

Equity-settled share-based payment transactions

SAHL

-

16,571

 

 

 

 

 

1 AL&M is a subsidiary company of the ACIA Aero Capital Limited ("AACL") group, which is not part of the SAHL group of companies. However, a 1.24% shareholder of SAHL also owns shares of AACL and via this relationship, AL&M has been reflected as a related party for total transparency purposes. 

On 1 November 2017, Solenta Aviation Mozambique Limitada ("SAM") and fastjet Mozambique Limited ("FAM") entered into an agreement in which Solenta Mozambique S.A supplies to fastjet Mozambique Limited all the required flight operations activities and functions, administration and management support, administration support for the purpose of settlement of operations and related billing, maintenance activities and operations, supervision of fuel uplifting provided by the third-party suppliers, supervision of airside ground handling activities provided by the third party suppliers and airside oversight of asset security. The amounts relating to this are reflected in the table above.

Additionally, fastjet Plc entered into a brand license agreement with SAM to allow SAM to operate on its AOC the fastjet brand. There have been no transactions during the year with SAM in regard to this agreement.

 

The amounts included in the Income Statement in relation to transactions with the SAHL group of companies during the year were as follows:

 

 

  Year ended

 31 December 2018 US$'000

Year ended

31 December 2017 US$'000

 

 

 

Crew, Maintenance, Insurance services - Solenta Aviation Mozambique S.A.

3,059

-

Aircraft operating dry leases - Solenta Aviation Holdings Limited

2,400

1,320

Aircraft operating dry leases - share release component - Solenta Aviation Holdings Limited (see Note 23, page 99 - 101)

5,254

2,653

Crew and Maintenance services - Solenta Aviation (Pty) Ltd

5,924

2,595

 

 

 

 

16,637

6,568

 

 

 

Interest charges - SAHL loan

628

-

 

 

 

Raising fee - SAHL loan

240

-

 

 

 

 

Liberum Capital Limited:

 

Liberum is fastjet's nominated advisor and currently holds a 5.52% shareholding in fastjet. The following were the transactions that took place between Liberum and fastjet during the year:

 

 

 

  Year ended

 31 December 2018 US$'000

Year ended

31 December 2017 US$'000

 

 

 

Professional fees

2,469

4,317

 

 

 

 

Directors:

Directors are considered related parties, further information of which can be found on pages 28 - 30 of the Director's Report.

Additionally, Mark Hurst, the fastjet Group Deputy CEO with effect from 01 January 2019, is also a Director of ACIA Aero Capital Limited and certain of its subsidiaries.          

 

Transactions with subsidiaries:

Transactions with Group companies have been eliminated on consolidation and are not disclosed separately under related parties above. See Note 21 for the list of subsidiaries.

 

 

Post balance sheet events

 

Loan from SSCG and loan to Annunaki - first term extension 

 

On 1 March 2019, the Company agreed with both Annunaki and SSCG that the terms of the unsecured loans will be extended to 31 March 2019. The terms of the Loan Agreements will remain the same except for the following changes:

 

·     The loan amount from fastjet Zimbabwe to Annunaki was increased from RTGS$5.0m to RTGS$7.0m due to devaluation of the underlying RTGS$ currency;

 

·     During the term of the Loan Agreement with SSCG, SSCG shall have the option to convert the US$2.0 m repayment plus any outstanding interest into ordinary shares in the Company (subject always to the shareholders of the Company granting the directors sufficient authority to allot and issue such shares on a non-pre-emptive basis) (the "Option to Convert") either (i) upon the happening of an event of default under the Loan Agreements, or (ii) after 28 February 2019; and

 

·      Any ordinary shares in the Company issued pursuant to the Option to Convert shall be issued at the higher of:

 

·      the volume weighted average price per ordinary share over the preceding 30 trading days on the London Stock Exchange ending on the date on which SSCG has given such written notice to convert; or

 

·      At par value.

 

Loan - second term extension

 

On 05 March 2019, the parties agreed to extend the Loan arrangements to 30 June 2019.

 

Loan - repayment and extension

 

On the 11 June 2019, an amount of US$1.25m was repaid to SSCG and the remaining US$0.75m was extended to 31 January 2020.

 

Additionally, between 12 June 2019 and 14 June 2019, Annunaki repaid the RTGS$7.0m to fastjet Zimbabwe together with all the accrued interest.

 

At 31 December 2018, the original RTGS$5.0m was valued at US$1.1m based on management's implied exchange rate of RTGS$ 4.6923 = US$1.00. An exchange loss of US$3.9m was incurred because of the significant devaluation of the RTGS$ currency against the US$. Please see Note 24 for further details.

 

At the time of repayment, the RTGS$7.0m was valued at US$1.1m based on the Zimbabwean interbank exchange rate of RTGS$ 6.1200 = US$1.00. Between 31 December 2018 and the time of repayment, an additional exchange loss of US$0.7m was incurred because of further devaluation of the RTGS$ currency against the US$.

 

Devaluation of Zimbabwe's domestic RTGS currency against the US$

During the second half of 2018, a parallel exchange rate market developed in Zimbabwe for RTGS$ to US$.  In October 2018, the government separated RTGS$ bank accounts and US$ bank accounts held with commercial banks into two identifiable and separate bank accounts with US$ bank accounts being called a US$ Nostro account. By doing this, the Reserve Bank of Zimbabwe informally recognised a parallel currency, and this resulted in the Zimbabwean market no longer recognising the official exchange rate of RTGS$ 1.00 = US$1.00. As a result of this management took the decision to revalue all RTGS$ denominated financial assets held at year end at an exchange rate RTGS$ 4.6923 = US$1.00. Please see Note 24 for further details.

 

On 22 February 2019, the Reserve Bank of Zimbabwe formally announced the introduction of a new domestic currency, which effectively devalued its domestic US dollar denominated assets and liabilities, including cash balances. At the same time, they introduced an interbank exchange rate of RTGS$ 2.500 = US$1.00.

 

Since March 2019 to date, because of the above changes, the RTGS$ to US$ exchange rates via interbank market have devalued significantly from the starting RTGS$2.500 to a current interbank rate of RTGS$ 6.1200 as of 18 June 2019. This has driven a significant increase in costs of all supplies in country with resultant inflation currently running at between 70% to 100% in RTGS$ terms.

 

On 26 June 2019, an official (s35 of exchange control regulations statutory instrument 109 of 1996) announcement was made by the Reserve Bank of Zimbabwe of the removal of multi-currency, with the RTGS$/ bond notes as the only legal tender in country. Management will consider the implications for pricing in two currencies going forward, as well as the impact of using the US$ proceeds to settle local costs.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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