(trading as flydubai ) Unaudited financial statements for the six months ended 30 June 2015
Unaudited financial statements for the six months ended 30 June 2015 Pages Statement of financial position 1 Income statement 2 Statement of comprehensive income 3 Statement of changes in equity 4 Statement of cash flows 5
Statement of financial position Unaudited Audited 30 June 2015 31 Dec 2014 Assets Non-current assets Property and equipment 3,092,664 2,876,503 Intangible assets 49,705 31,771 Trade and other receivables - 360,000-3,142,369 3,259,274 Current assets - Inventories 18,727 17,318 Trade and other receivables 1,135,976 837,671 Due from related parties 921 6,122 Derivative financial instruments 93 - Cash and cash equivalents 743,419 857,760 -- 1,899,136 1,718,871 Total assets -- 5,041,505 4,978,145 ========== ========= Equity Capital 500,000 500,000 Retained earnings 139,816 287,216 Hedging reserve (114,037) (193,342) Total equity 525,779 593,874 Liabilities Non-current liabilities Borrowings and lease liabilities 2,889,445 ----------------- 2,942,705 Derivative financial instruments 30,721 60,536 Provisions 142,802 115,357-3,062,968 3,118,598 Current liabilities - Trade and other payables 1,139,844 928,953 Borrowings and lease liabilities 107,935 107,587 Due to related parties 96,717 71,474 Derivative financial instruments 108,262 157,659 1,452,758 1,265,673 Total liabilities 4,515,726 4,384,271 Total equity and liabilities 5,041,505 4,978,145 ========= ========= 1. Property and equipment include Pre-delivery payments (PDPs) of AED 823.1 million to Boeing (31 Dec 2014: AED 1,173.1 million) in respect of aircraft due for delivery. 2. The company has approval for additional, undrawn documented credit facilities of AED 1,055.6 million (31 Dec 2014: 1,165.0 million) from banks 1
Income statement Unaudited results For the six months ended 30 June 2015 30 June 2014 Revenue 2,072,864 1,889,590 Other operating income 110,124 118,756 Operating costs (2,300,196) (1,939,702) - - Operating (loss) / profit (117,208) 68,644 Finance income 13,647 1,431 Finance costs (40,164) (12,232) (Loss) / profit before income tax (143,725) 57,843 Income tax expense (3,675) (4,743) (Loss) / profit for the period (147,400) 53,100 ========= ========= 2
Statement of comprehensive income Unaudited results For the six months ended 30 June 2015 30 June 2014 (Loss) / profit for the period (147,400) 53,100 Other comprehensive income: Items that may be subsequently reclassified to profit or loss Cash flow hedges 79,305 (1,515) - - Total comprehensive (loss) / income for the period (68,095) 51,585 ========= ========= 3
Statement of changes in equity Hedging Retained Capital reserve earnings Total At 1 January 2014 500,000 27,788 37,146 564,934 Profit for the year - - 250,070 250,070 Other comprehensive income Fair value loss on cash flow hedges - (221,130) - (221,130) ---------------- ---------------- ---------------- --------------- Total comprehensive income for the year - (221,130) 250,070 28,940 ---------------- ---------------- ---------------- --------------- At 31 December 2014 500,000 (193,342) 287,216 593,874 Loss for the period - - (147,400) (147,400) Other comprehensive income Fair value gain on cash flow hedges (net) - 79,305-79,305 ---------------- ---------------- ----------------- Total comprehensive loss for the period - 79,305 (147,400) (68,095) ---------------- ---------------- ----------------- At 30 June 2015 500,000 (114,037) 139,816 525,779 ======== ========= ======== ======== 4
Statement of cash flows Unaudited For the six months ended For the six months ended 30 June 2015 30 June 2014 Operating activities (Loss) / profit before income tax (143,725) 57,843 Adjustments for: Depreciation 109,323 61,662 Amortisation 4,679 3,956 Provision for employees end of service benefits 12,515 9,927 Profit on sale of property and equipment (29,304) (46,555) Finance income (13,647) (1,431) Finance costs 40,164 12,232 Operating (loss) / profit before changes in working capital ----------------- ----------------- and payment of employees end of service benefits (19,995) 97,634 Payment of employees' end of service benefits (1,321) (1,323) Income taxes paid (3,874) (4,738) Changes in working capital: Inventories (1,409) (2,052) Trade and other receivables (net of interest accrued) (40,353) (90,990) Due from related parties 5,201 (5,268) Trade and other payables (net of interest accrued) 227,535 30,093 Due to related parties 25,243 (21,179) ----------------- - Net cash generated from operating activities 191,027 2,177 ----------------- Investing activities Purchase of property and equipment (net of capitalised interest and assets acquired under finance lease) (727,052) (498,397) Purchase of intangible asset (22,613) (10,364) Proceeds from sale of property and equipment 531,534 324,004 Interest received 13,079 1,824 ---- -- Net cash used in investing activities (205,052) (182,933) ---- - Financing activities Proceeds from borrowings - 592,190 Repayment of borrowings - (158,333) Repayment of loan from a related party - (237,575) Repayment of lease liabilities (53,711) (33,172) Interest paid (46,605) (23,071) --- - Net cash (used in) / generated from financing activities (100,316) 140,039 --- - Net decrease in cash and cash equivalents (114,341) (40,717) Cash and cash equivalents at the beginning of the period 857,760 409,384 -- - Cash and cash equivalents at the end of the period 743,419 368,667 =========== ========== 5