TIDMGMAA
RNS Number : 6289A
Gama Aviation PLC
30 September 2015
30 September 2015
Gama Aviation plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Interim results for the six months to 30 June 2015
Gama Aviation, one of the world's largest business aviation
service providers, is pleased to announce its first interim results
for the six months to 30 June 2015, following the completion of the
reverse takeover of Hangar8 plc on 5 January 2015.
In order to aid understanding of the underlying growth of the
business, the financial highlights below show the results of the
Group against both Gama's actual comparatives for the six month
period to 30 June 2014 together with an unaudited pro-forma
comparative, calculated as if Gama's reverse takeover of Hangar 8
had been in place throughout the six month period to 30 June
2014.
Financial highlights:
June June 2014 Change June 2014 Change
2015
(Pro-forma)(1) (Gama
only)
Revenue(2) $191m $157m 22% $130m 47%
Gross Profit(2) $30.3m $24.3m 24% $15.1m 100%
Gross profit
Margin 15.9% 15.6% 0.3% 11.7% 4.2%
Underlying
EBITDA(3) $8.2m $4.7m 74% $2.2m 269%
Underlying
PBT(4) $4.9m $2.9m 69% $0.8m 513%
Underlying
EPS(5) $12.5c $5.8c 115% $2.5c 400%
1 - Calculated using the Hangar 8 figures for the six months
ended 30 June 2014 and the Gama figures for the six months ended 30
June 2014, as set out in the Admission document dated 8 December
2014.
2 - Including the results of Gama Aviation's Associate in the US
and Joint Venture in Hong Kong.
3 - Underlying EBITDA is arrived at by taking operating profit
before depreciation, amortisation, and exceptional items as
disclosed in the Statement of Comprehensive Income.
4 - Underlying profit before tax is arrived at before
exceptional items.
5 - Earnings used in the underlying EPS calculation are the
profit attributable to ordinary shareholders adjusted for
exceptional items and amortisation.
Operational highlights:
-- Integration completed on schedule
-- Synergies flowing through into second half of 2015 in line with management expectations
-- Executed on Asia joint venture and growth in line with management expectations
-- Strong organic revenue and margin growth in the US, particularly in ground operations
-- Strong, scalable, client experience centric and safety first
operational delivery platform in place
-- Focus on continued growth complemented by strategic acquisition opportunities
Marwan Khalek, Chief Executive Officer commented:
"I am delighted with the performance of the business during the
six month period to 30 June 2015, a period in which we have
achieved and in some cases exceeded, the targets we set at the time
of the reverse takeover of Hangar8 plc.
The Group's ability to deliver a strong first half performance,
whilst also executing the required integration and re-organisation
of the business following the merger, highlights the capabilities
of the senior management team.
During the six month period we have acquired and completed the
integration of Hangar 8, with anticipated synergies flowing through
into the second half of the financial year as planned; increased
the scale of our business delivering strong organic growth in line
with our expectations; increased the breadth of our business with a
new strategic joint venture in Asia with Hutchinson Whampoa;
developed plans to further increase the depth and scale of our
business through further acquisitions whilst at the same time the
core business lines across our global business have delivered the
strong growth in profitability that we targeted ourselves to
achieve.
With the integration now successfully concluded, the management
is now fully focussed on our strategy of organic growth and
strategic acquisitions. We continue to trade with a high percentage
of contracted revenue and our outlook remains very positive. As we
expand the geographical breadth, depth and scale of our business,
we will stay true to our vision of maintaining a sustainable
business for our shareholders."
Sir Ralph Robins, Chairman, commented:
"We are very pleased that the first half results have been
delivered in line with management's expectations and having handled
the challenges that integrations often present, we now enter the
second half of the year with full confidence in our ability to grow
the business both organically and acquisitively.
We continue to look at the quality of our service offering
whilst maintaining a strong safety culture within the business to
ensure that our reputation and ability to leverage off our
established expertise continue to deliver the financial results
into the future."
For further information please visit www.gamaaviation.com or
contact:
Gama Aviation plc +44 (0) 1252 553000
Marwan Khalek, Chief Executive Officer
Kevin Godley, Finance Director
Citigate Dewe Rogerson +44 (0) 20 7638 9571
Phil Anderson, Director +44 (0) 20 7282 1031
Chris Jarvis, Associate Director +44 (0) 20 7282 1088
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
Marc Milmo (Corporate Finance)
Catherine Leftley (Corporate Finance)
David Banks (Corporate Broking)
Business Review
Completed Integration Update
The integration of Gama Aviation and Hangar 8 was completed as
anticipated by 30 June 2015. During the period under review, the
management team has worked on successfully concluding the
integration of the two operations. This has resulted in one-off
restructuring costs of approximately $2 million with the benefit of
the synergies from the integration starting to be realised in the
second half of this financial year. Management remains confident
that these will be achieved in line with expectations. The Board is
particularly pleased that management and staff at all levels fully
embraced the integration process and adopted best practice from the
original pre-merged groups to the benefit of our customer service
offering going forwards. Crucially, the business retained the key
management personnel within each of the two combined businesses to
ensure a seamless transition for the customers.
Regional Review
US
The US has experienced significant organic growth in the first
six months of the year underpinned by long term quality contracts
within the Air and Ground operations and aided by a strong US
economy. The US Air division has managed to grow at an exceptional
rate whilst at the same time maintaining the service delivery the
US customers have come to expect from the brand.
The Ground business and its line maintenance offering continues
to grow with Texas and Dallas now fully operational and Chicago due
to open soon. The US ground maintenance now provides East to West
and North to South coverage, with almost thirty mobile maintenance
vehicles. The mobile capability has proved particularly popular at
recent major sporting events.
Europe
The EU Ground division has also experienced a strong first half
year recording healthy EBITDA growth. The ability to enhance our
service offering as a result of the reverse takeover through
utilising the Oxford maintenance base owned by Hangar 8 to attract
larger third party aircraft to the Gama Aviation service offering,
has been particularly successful.
The EU Air division has, however, experienced a more challenging
six months. The EU charter market remains flat and two important
former contracts in this region have not been as lucrative as they
have been historically. Whilst not delivering to their full
potential under their current construct, management is in the
process of renegotiating and transitioning these contracts to a
more solid commercial footing going forward.
Notwithstanding the difficulties within EU Air, the EU division
as a whole nevertheless reported a solid set of results and with
the integration now complete and the renegotiating and
transitioning of the underperforming contracts underway, the EU Air
division's future outlook remains positive.
Asia
The Air division within the Asia region has only been trading
for two of the six months of the half year but with three aircraft
already under management and a promising pipeline, this region is
well placed to scale and deliver the anticipated organic growth and
platform for expansion into the wider Asia region in conjunction
with our JV partners Hutchison Whampoa (China) Limited.
Middle East
The MENA Air division has recently gained a seventh aircraft and
now has sufficient scale for the region to break even and progress
onto delivering a positive EBITDA in future periods. Part of the
long term growth for the group has been about identifying markets
with a demand profile that make it attractive to Gama Aviation to
enter and the MENA region fits that strategy. MENA Air is now
progressing from its scaling phase towards maturity. There is still
work to be done but management expects this division to be
positively contributing shortly.
The MENA Ground business is still in its start-up phase but with
a recently upgraded FBO facility in Sharjah (UAE) and funding
agreed for hangar development to support a more concerted
maintenance presence, this division is expected to deliver positive
organic growth into 2016 and onwards. Local management has been
successful in renegotiating some local contracts and as a result
the division is expected to be generating a positive EBITDA by the
final quarter of 2015.
The Fleet
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The aircraft fleet, which stood at 139 as at 30 June 2015,
comprises aircraft types from all the major manufacturers with a
bias toward larger, more capable aircraft. The scale of the global
fleet size has a positive influence on contract value and ancillary
service volumes such as fuel, training and insurance; allowing for
increased leverage during negotiations with suppliers. Management
is seeing our ability to reduce the cost base of our current and
potential customers as a key differentiator when it comes to
management aircraft tenders particularly as fuel and insurance
represents a significant portion of owners' annual running
costs.
We continue to review the managed aircraft contracts across the
globe for contract quality within the group exiting those contracts
that no longer represent the appropriate level of commercial value,
replacing them with customers where we can deliver the margin as a
result of enhanced service offerings. As a result the number of
aircraft within the group has not grown significantly within the
first six months of the year but we have been able to extract a
higher level of Gross Profit from that customer base.
Financial Review
Total consolidated revenue for the period was $191m (2014:
$130m) an increase of 47% and an increase of 22% on a pro-forma
basis, yielding a gross profit of $30.3m (2014: $15.1m), an
increase of 100% and an increase of 24% (2014: $24.3m) on a
pro-forma basis. Underlying EBITDA generated was up 269% to $8.2m
(2014: $2.2m) and up 74% (2014: $4.7m) on a pro-forma basis.
The revenue and gross profit figures set out above include those
revenues and gross profits within the business that are, in
accordance with accounting convention, removed for statutory
purposes as they relate to an associate and a joint venture. We
have chosen to set out the full, consolidated revenues and gross
profits of the Group as the board believes that this sets out the
true performance of the global Gama Aviation business. The majority
of the revenues and gross profits generated in our US Air division
are in respect of an associate and all the revenues and gross
profits generated within our Hong Kong Air division are in respect
of a joint venture. As a result, following recognised IFRS
accounting practice, the statutory income statement of these
divisions are netted into one line in the Company's consolidated
income statement: share of the results of associates.
The underlying EBITDA is the same on a consolidated or statutory
basis. For a breakdown of the performance by segment on both a
consolidated and statutory basis please refer to note 5, segmental
analysis.
The statutory primary financial statements shows revenues up 29%
to $115m (2014: $89m) and level (2014 $116m) on a pro-forma basis.
These revenues yield a gross profit up 79% to $25.5m (2014: $14.3)
and up 9% (2014: $23.5m) on a pro-forma basis with the gross margin
up 6% to 22% (2014: 16%) and up 2% (2014: 20%) on a pro-forma
basis.
Underlying EBITDA is stated before exceptional costs of $5.5m,
details of which are included in note 3, discontinued operations of
$0.5m, which are the operating losses incurred on the group's owned
aircraft that are deployed on ad-hoc charter only and also before
depreciation and amortisation of approximately $1.99m (2014: $701k
on a pro forma basis).
Overhead costs of $24.8m (2014: $19.6m on a pro-forma basis)
have increased by $5.2m primarily as a result of the exceptional
costs incurred in the six months of $5.5m. Please see note 3 for an
explanation of exceptional items.
As part of the integration process, management has performed a
further review of the recoverability of certain debts at 31
December 2014 and, based on a review of the payment history of
certain contracts it has been determined appropriate to increase
the provision for doubtful debts by a further $2.3m.
Cash increased to $12m, up $6.3m (2014: $5.7m) and down $2.2m
(2014: $14.2m) on a pro forma basis.
Adjusted EPS is up 400% to $12.5c (2014: $2.5c).
Board Director
With the integration of Hangar 8 now complete and with the
enlarged group on solid foundations, Dustin Dryden, the former
Chief Executive of Hangar 8 has expressed his desire to the Board
to resign his position to pursue his own personal non-competing
business interests. Mr. Dryden is therefore leaving the board of
the Company with immediate effect and the Board would like to thank
Dustin for his significant contribution both in developing Hangar 8
and assisting with its integration into Gama.
Related Party transactions
The Company has entered into certain arm's length commercial
contracts with customers who have other potential business
interests with a separate non-competing business interest of Dustin
Dryden. The performance of these contracts has been well below the
Board's expectation and accordingly, as part of its review of the
operations of the Group during the integration process, the Board
has been considering whether to withdraw from these contracts
whilst they are renegotiated. Following conversations with Dustin
Dryden, who has a detailed understanding of the underlying
customers in question, the Board has taken the decision to try and
renegotiate the arrangements with the existing contracts still in
place during these negotiations. In order to preserve the integrity
of the Company's actions, Dustin Dryden has entered into an
agreement with the Company pursuant to which he has agreed to
underwrite their performance and any outstanding debts that may
arise from these customers whilst the Company transitions them into
a more commercially viable basis. Pursuant to this agreement,
Dustin Dryden will underwrite up to $2m of potential performance
and debt associated with these contracts should the quantum's due
from these contracts not be paid by 30 November 2015. As part of
the agreements, Dustin Dryden has agreed to provide security to the
Company against his beneficial interest of 2,159,886 ordinary
shares in the Company.
This agreement between the Company and Dustin Dryden is
considered to be a related party transaction for the purposes of
AIM Rule 13, and accordingly the Board having consulted with Cantor
Fitzgerald Europe, the Company's nominated adviser, considers the
terms of the transaction to be fair and reasonable insofar as the
Company's shareholders are concerned.
In addition, pursuant to the terms of the agreement entered into
in the first quarter of 2012 relating to the acquisition of
Ronaldson Airmotive Limited by a group company of Gama Aviation,
the minority shareholders who currently own 6% of Gama Aviation
(Engineering) Limited, have exercised their put option for that
group company to purchase their remaining shareholding on the third
anniversary of the acquisition. Such exercise of the put option
triggered an independent valuation of the Gama Aviation
(Engineering) Limited business.
That independent valuation attributed a value of GBP742,500 for
the 6% minority shareholding on the business and therefore Gama
Aviation will pay the selling shareholders GBP742,500 in cash to
the minority shareholders. As a result, the relevant group company
of Gama Aviation will own 100% of the shares in Gama Aviation
(Engineering) Limited, which sits within the EU ground
division.
One of the minority shareholders selling their interests remains
a director of Ronaldson Airmotive Limited, a subsidiary of the
Company and is therefore considered a related party pursuant to the
AIM Rules. Therefore the acquisition of the outstanding shares in
Gama Aviation (Engineering) Limited is considered to be a related
party transaction for the purposes of AIM Rule 13, and accordingly
the Board having consulted with Cantor Fitzgerald Europe, the
Company's nominated adviser, considers the terms of this
transaction to be fair and reasonable insofar as the Company's
shareholders are concerned.
Dividend Policy
The group retains its desire to maintain a progressive dividend
policy and is currently in discussions with its advisers with a
view to a possible capital reduction exercise so as to enable the
Group to be in a position to consider paying a dividend at the end
of this current financial year.
Outlook - building on a strong platform
The Group enters the second half of 2015 in a strong position
and the Board remains confident about the outcome for the full
financial year.
The business is experiencing strong growth in many of its global
divisions underpinned by its high quality revenue streams. Trading
in the US region has continued its positive momentum since the
period end and the Board is pleased with the trends being seen in
the Group as a whole. With the integration now completed, synergies
anticipated to be realised through the second half of the year and
the business now being positioned to leverage off our increased
scale, breadth and depth of service offering, Gama Aviation has a
strong platform from which to deliver on-going organic growth
whilst also looking to pursue its strategy of adding value
enhancing acquisitions to the Group. The Board therefore looks to
the future with confidence.
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CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME
Six months Six months
ended ended
30 June 30 June
2015 2014*
(unaudited) (unaudited)
Note $'000 $'000
Continuing operations
Revenue 115,129 89,385
Cost of sales (89,566) (75,070)
Gross Profit 25,563 14,315
------------ ------------
Gross profit percentage 22% 16%
Administrative expenses (24,792) (11,880)
---------------------------------------------- ------- ------------ ------------
Adjusted EBITDA 8,225 2,151
Exceptional items 3 (5,466) 604
Depreciation and amortisation (1,988) (320)
---------------------------------------------- ------- ------------ ------------
Operating profit 771 2,435
Finance costs (1,053) (1,154)
Share of results of associates (283) 78
------------ ------------
(Loss)/profit before tax from
continuing operations (565) 1,359
Taxation 4 - (16)
------------ ------------
(Loss)/profit from continuing
operations (565) 1,343
Discontinued operations
Loss after tax for the period (499) -
from discontinued operations
------------ ------------
(Loss)/profit for the period (1,064) 1,343
Attributable to:
Owners of the company (1,044) 1,282
Non-Controlling interest (20) 61
(1,064) 1,343
============ ============
Items that may be reclassified
to profit and loss:
Exchange gains arising on
translation of foreign operations 148 512
------------ ------------
(916) 1,855
Non-controlling interest 20 (61)
------------ ------------
(Loss)/profit and total comprehensive
income for the period attributable
to the owners of the Company (896) 1,794
============ ============
Earnings per share attributable
to the equity holders of the
parent
- basic (cents) 6 (2.4c) 4.7c
- diluted (cents) (2.4c) 4.7c
- Adjusted basic (cents) 12.5c 2.5c
- Adjusted diluted (cents) 12.5c 2.5c
*The comparative figures for the six months ended 30 June 2014
set out above are for Gama Aviation Holdings (Jersey) Limited prior
to the reverse takeover of Hangar8 plc that was concluded on 5
January 2015.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL
POSITION
30 June 30 June
Note 2015 2014
(unaudited) (unaudited)
$'000 $'000
Non-current assets
Goodwill 37,460 2,902
Intangible assets 11,411 4,855
------------ ------------
Total Intangible assets 48,871 7,757
Property, plant and equipment 15,349 12,220
Investment in associate - 337
Deferred tax asset 460 459
64,680 20,773
------------ ------------
Current assets
Assets held for resale 3,599 12,999
Inventories 9,585 7,237
Trade and other receivables 76,502 46,351
Cash and cash equivalents 11,961 5,668
101,647 72,255
------------ ------------
Current liabilities
Trade and other payables (79,322) (48,108)
Obligations under finance
leases (1,541) (1,465)
Borrowings (1,168) (1,347)
Provisions (2,781) -
Deferred revenue (20,661) (19,839)
Corporation tax liability (785) -
(106,258) (70,759)
------------ ------------
Net current (liabilities)/assets (4,611) 1,496
Non-current liabilities
Obligations under finance
leases (6,657) (7,958)
Borrowings (1,165) (16,362)
Deferred tax liability (1,642) (987)
(9,464) (25,307)
------------ ------------
Net assets/(liabilities) 50,605 (3,038)
------------ ------------
Capital and reserves attributable
to equity holders of the company
Share capital 670 426
Share premium 35,458 8,846
Merger relief reserve 132,847 -
Reverse acquisition reserve (95,828) (9,272)
Other reserve 20,209 20,209
Foreign exchange reserve (912) (512)
Retained earnings (41,918) (23,718)
50,526 (4,021)
------------ ------------
Non-controlling interest 79 983
Total surplus/(deficit) 50,605 (3,038)
------------ ------------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASHFLOWS
Six months Six months
ended ended
30 June 30 June
2015 2014
Note (unaudited) (unaudited)
$'000 $'000
Cash flows from operating activities
(Loss)/profit before tax from
continuing operations (565) 1,359
Loss before tax from discontinued (499) -
operations
------------ ------------
(Loss)/profit before tax (1,064) 1,359
Depreciation and amortisation 1,988 320
Loss on disposal of property,
plant and equipment 371 11
Foreign exchange (gain)/loss (9) 223
Finance costs 1,053 1,154
Increase in inventories (4,648) (2,167)
Decrease/(increase) in trade
and other receivables 7,171 (10,416)
(Decrease)/increase in trade
and other payables (10,450) 550
Movement in provisions - (616)
Increase in deferred revenue - 7,456
Net cash flows from operating
activities (5,588) (2,126)
------------ ------------
Cash flows from Investing activities
Purchases of property, plant
and equipment (568) (1,611)
Proceeds on disposal of property,
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plant and equipment - 120
Sales of assets 1,564 -
Purchase of subsidiary: cash 3,213 -
Interest paid (1,052) -
Net cash used in investing activities 3,157 (1,491)
------------ ------------
Income taxes paid (902) -
------------ ------------
Financing activities
Repayment of obligations under
finance leases (720) (602)
Decrease in borrowings (15,679) 3,164
Issue of ordinary shares 27,722 -
Share issue costs (1,014) -
Net cash from financing activities 10,309 2,562
------------ ------------
Net increase/(decrease) in cash
and cash equivalents 6,976 (1,055)
Cash and cash equivalents at
beginning of year 4,985 6,815
Effect of exchange rate fluctuations
on cash held - (92)
Cash and cash equivalents at
end of year 11,961 5,668
------------ ------------
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(unaudited)
Merger Reverse Foreign Non-
Share Share relief acquisition Other exchange Retained controlling
capital premium reserve reserve reserve reserve earnings interest Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
At 1 January
2015 426 8,846 - (9,272) 20,209 (1,060) (40,874) 99 (21,626)
Issue of
shares 244 26,612 - - - - - - 26,856
Reverse
merger
transaction - - 132,847 (86,556) - - - - 46,291
Transactions
with owners 670 35,458 132,847 (95,828) 20,209 (1,060) (40,874) 99 51,521
--------------- -------- --------- ---------- ------------ --------- ---------- ----------- ------------ -----------
Loss for
the period - - - - - - (1,044) (20) (1,064)
Foreign
exchange - - - - - 148 - - 148
Total
comprehensive
income - - - - - 148 (1,044) (20) 916
--------------- -------- --------- ---------- ------------ --------- ---------- ----------- ------------ -----------
At 30 June
2015 670 35,458 132,847 (95,828) 20,209 (912) (41,918) 79 50,605
--------------- -------- --------- ---------- ------------ --------- ---------- ----------- ------------ -----------
The accompanying notes are an integral part of this interim
financial information.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM STATEMENTS
1. Basis of preparation
Gama Aviation plc, formerly Hangar8 plc, (the "Company") is a
company domiciled in England. The basis of preparation of this
financial information is consistent with the basis that will be
adopted for the full year accounts which will be prepared in
accordance with IFRS as adopted by the European Union.
While the financial figures included in this half-yearly report
have been computed in accordance with IFRS applicable to interim
periods, this half-yearly report does not contain sufficient
information to constitute an interim financial report as that term
is defined in IAS 34.
This interim financial information has neither been audited nor
reviewed pursuant to guidance issued by the Auditing Practices
Board and the financial information contained in this report does
not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006. The 30 June 2014 figures have been
extracted from the unaudited financial statements for that period
from the admission document.
2. Accounting policies
The condensed consolidated interim financial information has
been prepared using accounting policies consistent with those set
out in the historical financial document within the admission
document except as set out below. These accounting policies have
been applied consistently to all periods presented in this
Financial Information.
Critical accounting estimates & judgements and principal
risks & uncertainties
There have been no changes to any of the Group's critical
accounting estimates and judgements of its principal financial
risks with the exception of the accounting estimates and judgements
on the fair value of intangibles under IFRS 3.
Going concern
The Directors are of the opinion that as at 30 June 2015, the
Group and Company's liquidity and capital resources are adequate to
deliver the current strategic objectives and business plan and that
both the Group and the Company remain a going concern.
3. Exceptional Items
Operating profit is stated after exceptional items and
discontinued activities.
Exceptional items relate to the transaction costs incurred in
the current period that are in respect of the commercial
transaction with Hangar8 plc, $3.5m and the subsequent integration
and business re-organisation costs, $2m.
Exceptional items in the prior period relate to owned aircraft
plane impairment of $0.22m, litigation related costs of $1.04m that
were settled in late March 2014 and a loan settlement discount
credit of $1.87m received for early settlement of loan finance on
owned aircraft.
The Discontinued activities relate to the losses generated by
the owned aircraft within the group that are held for sale as part
of the group strategy to exit the business model of owned aircraft
that are deployed solely for the purposes of ad-hoc charter.
4. Taxation
The tax charge for the half year is calculated on the basis of
the estimated full year effective tax rate and therefore an
estimated corporation tax charge for the period of GBPNil (2014:
$16,000).
5. Segmental Analysis
Six months ended 30 June 2015 (unaudited) - consolidated
US Europe MENA Asia Other Totals
Air Ground Air Ground Air Ground Air
Revenue 78,156 9,681 70,118 18,867 10,473 1,390 1,426 737 190,848
Gross
Profit 6,642 2,626 7,519 11,474 957 543 152 341 30,254
Gross
Profit
% 8.5% 27.1% 10.7% 60.8% 9.1% 39.1% 10.7% 46.3% 15.9%
EBITDA 1,923 1,351 1,166 6,698 (229) (313) (171) (2,200) 8,225
EBITDA
% 2.5% 14.0% 1.7% 35.5% (2.2%) (22.5%) (12.0%) (298.5%) 4.3%
Six months ended 30 June 2015 (unaudited) - statutory
US Europe MENA Asia Other Totals
Air Ground Air Ground Air Ground Air
Revenue 3,876 9,681 70,118 18,867 10,473 1,390 - 724 115,129
Gross
Profit 2,116 2,626 7,519 11,474 957 543 - 328 25,563
Gross
Profit
% 54.6% 27.1% 10.7% 60.8% 9.1% 39.1% - 45.3% 22.2%
EBITDA 1,923 1,351 1,166 6,698 (229) (313) (171) (2,200) 8,225
EBITDA
% 49.6% 14% 1.7% 35.5% (2.2%) (22.5%) - (303.9%) 7.1%
Six months ended 30 June 2014 (unaudited) - statutory
US Europe MENA Asia Other Totals
Air Ground Air Ground Air Ground Air
Revenue 20,084 6,381 32,625 18,808 8,702 1,570 - 1,215 89,385
Gross
Profit 1,195 664 3,690 8,249 784 536 - (803) 14,315
Gross
Profit
% 6.0% 10.4% 11.3% 43.9% 9.0% 34.1% - (66.1%) 16.0%
EBITDA (548) 313 731 3,578 (194) (30) - (1,621) 2,229
EBITDA
% (2.7%) 4.9% 2.2% 19.0% (2.2%) (1.9%) - (133.4%) 2.5%
6. Earnings per share ("EPS")
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