Dubai, U.A.E. - 6 May 2022 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the three months ended March 31, 2022. T
1. 2021 results are adjusted to exclude one-time bond redemption costs of US$16.1 million incurred during the three months ended March 31, 2021.
Selected Business Highlights:
• Net Income before exceptional items increased by 91% to US$46.6 million
• Cash flows from operating activities increased by 64% to US$357 million
• Liquidity Ratio exceptionally strong at 486%
• Net Debt-to-Equity before exceptional items was 2.35x
• Net write-off of aircraft with airlines in Russia and no longer in the Company's control of US$537.8 million
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results for the first quarter of 2022 demonstrate the underlying strength of DAE's franchise, and the continuing demand-led recovery of global air travel. We continue to see a trend toward air travel normalcy with all major indicators pointing toward a strong summer season ahead for our airline customers.
“We proactively addressed the loss of control of our aircraft on lease to airlines in Russia by writing off our net investment. We have filed claims of US$1.0 billion under certain insurance policies and expect to file additional claims to recover amounts due to us. Our capital adequacy and liquidity metrics remain robust.
“DAE Engineering had another strong quarter, with its Joramco business again achieving record revenue, as well as adding and renewing a number of large maintenance agreements, including with GetJet Airlines, DHL, Ryanair, and Corendon Airlines in the quarter. We look forward to continuing to expand our engineering business.”
Webcast and Conference Call
In connection with DAE's first quarter 2022 earnings release, management will host a conference call on May 06, 2022 at 09:00 EDT / 14:00 BST / 17:00 GST / 20:00 SGT.
The call can be accessed live by clicking here from your laptop, tablet, or mobile device, or by dialing one of the global dial-in numbers and using the following access code: 9879585.
Forward Looking Statements
Certain information contained in this Press Release may constitute “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “continue”, “expect”, “anticipate”, “predict”, “project”, “plan”, “estimate”, “budget”, “assume”, “potential”, “future”, “intend” or “believe” or the negatives thereof or other comparable terminology. These statements reflect DAE's current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE's control.
Non-IFRS Financial Information
This Press Release may include certain non-IFRS financial information, such as Adjusted EBITDA, not prepared in accordance with IFRS. Because of the limitations of Adjusted EBITDA, it should not be considered as a substitute for financial information prepared or determined in accordance with IFRS, as applicable. Where applicable, DAE compensates for these limitations by relying primarily on its IFRS results and using Adjusted EBITDA only for supplemental purposes.