Avation PLC

Good afternoon and welcome to the Avation PLC full-year results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated in the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where appropriate to do so. Before we begin, I would like to submit the following poll. And I would now like to hand you over to Duncan Scott, Group General Counsel. Good afternoon to you.

Thank you. Today, on the 28th of September, Evasion published its unaudited financial results for the year ended 30th of June, 2023. A copy of our results announcement is available on our website at www.evasion.net. This conference call is being webcast and recorded, and the webcast will be available for replay on our website. Please note that certain statements from this conference call regulatory announcements, including an annual report and Thank you, Duncan.

Thank you for joining this investor update call where we will discuss our full year results in the year ended 30 June, 2023. Baytion's generated profit includes fleet utilisation, maintain liquidity and continue to substantially reduce debt. The company is well positioned to execute its business strategy as the aviation sector continues to recover from the effects of the COVID-19 pandemic. According to the IATA market update, global domestic air travel now exceeds pre-pandemic levels, while international travel has recovered to around 89% of pre-pandemic levels. We expect that growth in travel will continue to drive demand for leased aircraft as airlines rebuild and grow their fleets, which supports the company's business plan. So I'll take you to the snapshot. The snapshot as at 30th of June, 2023. At the end of the year, Avatian's fleet comprised 36 aircraft, at least 17 airlines in 14 countries. Avatian owns a diverse fleet comprising 51% narrow-body aircraft, 31% regional turboprop aircraft and 18% wide-body aircraft by value. The fleet has good metrics with a 6.4-year weighted average and 5-year weighted average remaining lease. Fleet assets have a net value of $899 million. Total assets are around $1.2 billion and there is $492 million of future contracted lease receivables. The portfolio. Avation's diversified fleet is dominated by fuel efficient regional and narrow body aircraft, which generally operate on domestic and short haul international routes. These sectors were the fastest to recover after the COVID-19 pandemic. Utilisation of Avation's fleet has improved during the year as three off-lease aircraft were sold and another aircraft started the lease with a new airline customer in Nepal. Avation has also agreed to sell one of its two last off-lease aircraft and lease the remaining aircraft. They're expected to close the transaction shortly and a new lease to commence in November 2023. Aviation has two firm orders for ATR72 aircraft scheduled for delivery in April and May 2024. And we have 28 purchase rights going forward on ATR aircraft. In terms of customers, we had 17 customers in 14 countries, and we'll add another customer on commencement of the lease, which will start in November 23. Around 74% of Avation's customers by revenue are located in Asia, with the remainder in Europe. Avation's top three customers by revenue are Vietjet, Air Baltic and EVA Air, which currently provide 56% of monthly revenue. A lease for an Airbus A3-2200 expired earlier this month. The aircraft has been delivered to a maintenance repair organisation for its maintenance check. and then we'll commence a new lease with Cebu Pacific. The next lease expiry is not, so our next lease expiry is not until September 2024. Baytion has a focus on new and relatively young aircraft and therefore is a natural seller of midlife and older aircraft. highlights. Well, these are mainly operational highlights. The company sold two ATR 72 aircraft in December 22, which had been unutilised since re-delivery from the customers. The company also sold a Boeing 737-800 which had been unutilised since it was repossessed from Garuda following Garuda's default on the lease in April 22. The aircraft required extensive maintenance work before the sale, which was arranged and overseen by Invasion's in-house technical team. As previously announced in our July trading update, we're in the process of selling one of our last off-lease aircraft. This sale has been delayed due to, amongst other things, supply chain issues with spare parts, but the sale is expected to be completed shortly. A new lease for an ex-virgin Australia ATR 72 to Yeti Airlines in Nepal started in September 22. The lease is currently performing well. Aviation terminated the lease of an ATR 72 to an airline in Myanmar in August 22. The airline had ceased operations following a military coup in that country and was in default. The aircraft is now on lease with an airline in Tahiti who are performing well. Our last remaining off-lease aircraft is due to commence the lease to a new customer in November following the completion of the required maintenance tasks. I'll now hand over to Ian Court, the Chief Financial Officer, who will provide details on the financial results.