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AVIA SOLUTIONS GROUP PLC Condensed Consolidated Interim Financial Information, For the Three-Month Period Ended 31 March 2020 (Unaudited) Beginning of the financial period 1 January 2020 End of reporting period 31 March 2020 Name of the company Avia Solutions Group PLC (hereinafter “the Company”) Date of registration 28 February 2018 Code of enterprise HE 380586 Name of Register of Legal Entities Department of Registrar of Companies and Official Receiver Registered office 28 Oktovriou, 1 ENGOMI BUSINESS CENTER BLC E, Flat 111 Egkomi 2414, Nicosia Cyprus Telephone number +44 20 808 99777 / +370 5 252 5500 E-mail [email protected] Internet address www.aviasg.com Segments of consolidated Group Aviation Supporting Services, Aviation Logistics and Distribution Services, Aircraft Trading and Portfolio Management, Unallocated (holding and financing activities). Board of Directors: Gediminas Žiemelis (appointed from 12 July 2019) Jonas Janukėnas (appointed from 28 February 2018) Žilvinas Lapinskas (appointed from 12 July 2019) Linas Dovydėnas (appointed from 12 July 2019) Vygaudas Ušackas (appointed from 16 September 2019) Company Secretary: Fidema Services (appointed from 28 February 2018) 2 CONTENTS Pages CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ............................................................... 4 CONDENSED CONSOLIDATED BALANCE S HEET .................................................................................................................. 6 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .......................................................................... 8 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS........................................................................................ 10 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION ........................................... 12 3 AVIA SOLUTIONS GROUP PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2020 (All tabular amounts are in EUR ‘000 unless otherwise stated) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME January – March 2020 2019* Note Revenue 3 267 869 93 496 Other income 3 1 034 160 Cost of services and goods 3, 4 (185 272) (62 428) Employee related expenses 3 (39 977) (20 556) Depreciation and amortisation 3, 10 (26 639) (2 936) Other operating expenses 3, 5.1 (12 328) (5 566) Impairment losses of financial assets 3, 5.2 (1 370) (219) Other impairment-related expenses 3, 5.2 (256) (407) Other gain/(loss) – net 3 377 657 Operating profit (loss) 3 438 2 201 Finance income 6 1 059 3 Finance cost 6 (10 943) (1 155) Finance costs – net (9 884) (1 152) Share of profit (losses) of associates 840 (54) Profit (loss) before income tax (5 606) 995 Income tax 7 (1 795) (408) Profit (loss) for the period from continuing operations (7 401) 587 Profit (loss) from discontinued operations 17 - - Profit (loss) for the period (7 401) 587 Profit (loss) attributable to: Equity holders of the parent Profit (loss) from continuing operations (8 006) 459 Profit (loss) from discontinued operations - - Profit for the period attributable to equity holders of the parent (8 006) 459 Non-controlling interests Profit (loss) from continuing operations 605 128 Profit (loss) from discontinued operations - - Profit for the period attributable to non-controlling interests 605 128 (7 401) 587 4 AVIA SOLUTIONS GROUP PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2020 (All tabular amounts are in EUR ‘000 unless otherwise stated) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) January – March Note 2020 2019* Other comprehensive income Net gain on cash flow hedges 4 166 - Income tax (949) - 3 217 - Exchange differences on translation of foreign operations 126 484 Other comprehensive income (loss) for the period 3 343 484 Discontinued operations Exchange differences on translation of foreign operations - - from discontinued operations 3 343 484 Total comprehensive income for the period attributable to: Equity holders of the parent Total comprehensive income (loss) for the period from continuing operations (4 804) 976 Total comprehensive income (loss) for the period from discontinued operations - - Total comprehensive income (loss) for the period attributable to equity holders of the parent (4 804) 976 Non-controlling interests Total comprehensive income (loss) for the period from continuing operations 746 95 Total comprehensive income (loss) for the period from discontinued operations - - Total comprehensive income (loss) for the period attributable to non-controlling interests 746 95 (4 058) 1 071 Earnings per share attributable to owners of the parent during the period Basic and diluted earnings per share From continuing operations (0,103) 0,059 From discontinued operations - - From profit for the period 9 (0,103) 0,059 *Restated, see Note 17 5 AVIA SOLUTIONS GROUP PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2020 (All tabular amounts are in EUR ‘000 unless otherwise stated) CONDENSED CONSOLIDATED BALANCE SHEET Notes 31 March 2020 31 December 2019 ASSETS Non-current assets Property, plant and equipment 10 405 787 363 286 Investments property 10 12 645 11 842 Intangible assets 10 94 381 74 412 Investments accounted for using the equity method 48 816 47 034 Deferred tax assets 7 15 222 9 615 Non-current trade and other receivables 12 47 791 40 319 Non-current derivative financial instruments 7 665 3 672 Long-term bank deposits 997 983 633 304 551 163 Current assets Inventories 14 39 111 95 847 Trade and other receivables 12 183 817 142 850 Contract assets 10 924 7 376 Prepaid income tax 2 494 1 156 Derivative financial instruments - 377 Short-term bank deposit 172 597 84 011 Cash and cash equivalents 13 136 283 217 252 Assets of disposal group classified as held for sale 17 - - 545 226 548 869 Total assets 3 1 178 530 1 100 032 6 AVIA SOLUTIONS GROUP PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2020 (All tabular amounts are in EUR ‘000 unless otherwise stated) CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED) Notes 31 March 2020 31 December 2019 EQUITY Equity attributable to the Group’s equity shareholders Share capital 8 22 556 22 556 Share premium 282 158 282 158 Other reserves 132 60 Treasury shares (1 010) (1 010) Merger reserve (456) (456) Fair value reserve 2 785 (432) Cumulative translations differences (2 971) (2 956) Retained earnings 33 116 41 122 Equity attributable to equity holders of the parent 336 310 341 042 Non-controlling interests 5 726 4 980 Total equity 342 036 346 022 LIABILITIES Non-current liabilities Borrowings 274 735 270 317 Lease liabilities 176 956 161 201 Government grants 713 773 Security deposits received 692 1 097 Trade and other payables 15 4 142 4 600 Derivative financial instruments 3 747 4 686 Deferred income tax liabilities 7 21 279 14 434 482 264 457 108 Current liabilities Trade and other payables 15 179 378 121 769 Lease liabilities 89 060 75 992 Borrowings 6 749 6 817 Contract liabilities 45 621 66 098 Security deposits received 8 891 7 123 Current income tax liabilities 24 531 19 103 Liabilities of disposal group classified as held for sale 17 - - 354 230 296 902 Total liabilities 836 494 754 010 Total equity and liabilities 1 178 530 1 100 032 7 AVIA SOLUTIONS GROUP PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2020 (All tabular amounts are in EUR ‘000 unless otherwise stated) CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Equity attributable to equity holders of the Group Share Share Treasury Merger Legal Fair value Currency Retained Total Non- Total capital premium shares reserve reserve reserve translation earnings control-ling equity differences interests Balance at 31 December 2018 2 256 33 133 - (457) 237 2 (210) 30 456 65 417 (662) 64 755 Adjustment on initial application of IFRS 16 (net of tax) - - - - - - - (786) (786) - (786) Balance at 1 January 2019 2 256 33 133 - (457) 237 2 (210) 29 670 64 631 (662) 63 969 Comprehensive income Currency translation difference - - - - - - 517 - 517 (33) 484 Profit (loss) for the period from - - - - - - - 459 459 128 587 continuing operations Profit (loss) for the period from - - - - - - - - - - - discontinuing operations Total comprehensive income - - - - - - 517 459 976 95 1 071 Transactions with owners Transfer to legal reserve - - - - - - - - - - - Total transactions with owners - - - - - - - - - - - Balance at 31 March 2019 2 256 33 133 - (457) 237 2 307 30 129 65 607 (567) 65 040 8 AVIA SOLUTIONS GROUP PLC CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2020 (All tabular amounts are in EUR ‘000 unless otherwise stated) CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Equity attributable to equity holders of the Group Share Share Treasury Merger Other Fair value Currency Retained Total Non-control- Total capital premium shares reserve reserves reserve translation earnings ling equity differences interests Balance at 1 January 2020 22 556 282 158 (1 010) (456) 60 (432) (2 956) 41 122 341 042 4 980 346 022 Comprehensive income Net profit (loss) on cash flow hedge - - - - - 3 217 - - 3 217 - 3 217 Currency translation difference - - - - - - (15) - (15) 141 126 from continuing operations Profit (loss) for the period from - - - - - - - (8 006) (8 006) 605 (7 401) continuing operations Total comprehensive
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