XLON:DPA ESEF Annual Report
DP AIRCRAFT I LIMITED (XLON:DPA)
ESEF Annual Report
2025-04-29
For: 2024-12-31
View Original
Added on
September 22, 2026
| 2024 US$ | 2023 US$ | |
| Straight lining rental income | 8,777,187 | 8,714,249 |
| Total lease rental income | 8,777,187 | 8,714,249 |
| 31 Dec 2024 | Boeing 787-8 Serial No: 35320 US$ | Boeing 787-8 Serial No: 36110 US$ | Total US$ |
| 2025 | 6,120,000 | 6,120,000 | 12,240,000 |
| 2026 | 5,758,065 | 5,067,097 | 10,825,162 |
| 11,878,065 | 11,187,097 | 23,065,162 | |
| 31 Dec 2023 | US$ | US$ | US$ |
| 2024 | 6,120,000 | 6,120,000 | 12,240,000 |
| 2025 | 6,120,000 | 6,120,000 | 12,240,000 |
| 2026 | 5,758,065 | 5,067,097 | 10,825,162 |
| 17,998,065 | 17,307,097 | 35,305,162 |
| 2024 US$ | 2023 US$ | |
| Administration fees | 272,434 | 227,569 |
| External accounting services | 12,927 | 21,726 |
| Aircraft agency fees | - | 5,523 |
| Aircraft valuation fees | (2,662) | 13,266 |
| Aircraft security trustee fees | 23,988 | 25,079 |
| Audit fees | 155,315 | 123,398 |
| Company broker fees | 167,900 | 167,899 |
| Directors' fees and expenses | 208,782 | 196,520 |
| Insurance costs, including directors' insurance | 56,711 | 89,249 |
| Foreign exchange | 12,602 | 26,095 |
| IT and printing costs | 7,757 | 19,036 |
| Legal and professional expenses | 55,186 | 24,221 |
| Regulatory and Registration fees | 34,494 | 4,455 |
| Registrar fees | 18,744 | 26,016 |
| Other expenses | 27,521 | 6,642 |
| Total ongoing costs | 1,051,699 | 976,694 |
| Restructuring fees | - | 152,946 |
| Total general and administrative expenses | 1,051,699 | 1,129,640 |
| 2024 US$ | 2023 US$ | |
| Loan interest | 3,872,695 | 4,494,653 |
| Loan Modification adjustment | - | 5,042,029 |
| Loan arrangement fee | - | 14,993 |
| Total finance costs | 3,872,695 | 9,551,675 |
| 2024 US$ | 2023 US$ | |
| Profit/(Loss) for the year | 4,525,060 | (2,505,687) |
| Weighted average number of shares | 239,989,041 | 239,333,333 |
| Earnings/(Loss) per Share | 0.01886 | (0.01047) |
| Aircraft US$ | Lease Premium US$ | Total US$ | |
| COST | |||
| As at 1 January 2024 and 31 December 2024 | 238,731,161 | 17,398,493 | 256,129,654 |
| ACCUMULATED DEPRECIATION / AMORTISATION | |||
| As at 1 January 2024 | 55,768,882 | 8,200,047 | 63,968,929 |
| Charge for the year | 440,783 | - | 440,783 |
| As at 31 December 2024 | 56,209,665 | 8,200,047 | 64,409,712 |
| IMPAIRMENT | |||
| As at 1 January 2024 | 58,839,697 | 9,198,446 | 68,038,143 |
| As at 31 December 2024 | 58,839,697 | 9,198,446 | 68,038,143 |
| CARRYING AMOUNT | |||
| As at 31 December 2024 | 123,681,799 | - | 123,681,799 |
| Aircraft US$ | Lease Premium US$ | Total US$ | |
| COST | |||
| As at 1 January 2023 and 31 December 2023 | 238,731,161 | 17,398,493 | 256,129,654 |
| ACCUMULATED DEPRECIATION / | |||
| AMORTISATION | |||
| As at 1 January 2023 | 54,425,384 | 8,200,047 | 62,625,431 |
| Charge for the year | 1,343,498 | - | 1,343,498 |
| As at 31 December 2023 | 55,768,882 | 8,200,047 | 63,968,929 |
| IMPAIRMENT | |||
| As at 1 January 2023 | 58,839,697 | 9,198,446 | 68,038,143 |
| As at 31 December 2023 | 58,839,697 | 9,198,446 | 68,038,143 |
| CARRYING AMOUNT | |||
| As at 31 December 2023 | 124,122,582 | - | 124,122,582 |
| Current assets | 2024 US$ | 2023 US$ |
| Security deposit accounts | 101 | 97 |
| Lease rental accounts | 1,161,561 | 1,093,662 |
| 1,161,662 | 1,093,759 | |
| Non-current assets | ||
| Maintenance reserves accounts | 16,624,501 | 15,735,805 |
| Total restricted cash | 17,786,163 | 16,829,564 |
| 2024 US$ | 2023 US$ | |
| Prepayments | 50,624 | 61,914 |
| Maintenance reserve receivable (note 12) | 484,092 | - |
| Straight-lining lease asset | 6,575,897 | 10,038,709 |
| Total trade and other receivables | 7,110,613 | 10,100,623 |
| Less: Expected credit loss on straight lining lease asset | (394,554) | (1,103,254) |
| Less: Expected credit loss on maintenance reserve receivable | (29,045) | - |
| Net trade and other receivables | 6,687,014 | 8,997,369 |
| Current assets | 2024 US$ | 2023 US$ |
| Prepayments | 50,624 | 61,914 |
| Straight-lining lease asset | 3,277,586 | 3,082,249 |
| 3,328,210 | 3,144,163 | |
| Non-current assets | ||
| Straight-lining lease asset | 2,903,757 | 5,853,206 |
| Maintenance reserve receivable | 455,047 | - |
| 3,358,804 | 5,853,206 | |
| Trade and other receivables | 6,687,014 | 8,997,369 |
| 2024 US$ | 2023 US$ | |
| Opening provision on Straight lining lease asset | (1,103,254) | (1,486,453) |
| Expected credit loss on straight lining lease asset | 708,700 | 383,199 |
| Closing provision on Straight lining lease asset | (394,554) | (1,103,254) |
| Expected credit loss on maintenance reserve receivable | (29,045) | - |
| Total impairment provision for trade receivables | (423,599) | (1,103,254) |
| Current | 2024 US$ | 2023 US$ |
| Accruals and other payables | 266,204 | 255,581 |
| Asset Manager fees payable (note 22) | 431,651 | 283,011 |
| Broker fees payable | 518,701 | 321,809 |
| Director fees payable (note 21) | 221,251 | 225,105 |
| Taxation payable | 3,784 | 6,560 |
| 1,441,591 | 1,092,066 | |
| Non-current | - | - |
| Total trade and other payables | 1,441,591 | 1,092,066 |
| 2024 US$ | 2023 US$ | |
| Current liabilities: Bank interest payable and Bank borrowings | 8,096,300 | 7,684,502 |
| Non-current liabilities: Bank borrowings | 77,088,618 | 85,027,721 |
| Total liabilities | 85,184,918 | 92,712,223 |
| Interest payable | 158,546 | 183,992 |
| Within one year | 7,937,754 | 7,500,510 |
| In two to five years | 77,088,618 | 85,027,721 |
| Total Bank borrowings | 85,184,918 | 92,712,223 |
| 2024 US$ | 2023 US$ | |
| Opening balance | 92,528,231 | 98,304,863 |
| Loan modification adjustment (note 6) | - | 5,042,029 |
| Repayment of loan | (6,035,672) | (9,556,363) |
| Amortisation of deferred finance costs | (1,466,187) | (1,262,298) |
| Principal Bank borrowings | 85,026,372 | 92,528,231 |
| Interest payable | 158,546 | 183,992 |
| Total Bank borrowings | 85,184,918 | 92,712,223 |
| Cash and cash equivalents US$ | Principal US$ | Interest US$ | Net Debt US$ | |
| At 1 January 2024 | 914,505 | (92,528,231) | (183,992) | (91,797,718) |
| Cash flows | 738,140 | 6,035,672 | 5,364,328 | 12,138,140 |
| Non cash: - Modification adjustment | - | - | - | - |
| Amortisation adjustment | - | 1,466,188 | (1,466,188) | - |
| Interest charge | - | - | (3,872,695) | (3,872,695) |
| At 31 December 2024 | 1,652,645 | (85,026,371) | (158,547) | (83,532,273) |
| Cash and cash equivalents US$ | Principal US$ | Interest US$ | Net Debt US$ | |
| At 1 January 2023 | 1,479,541 | (98,304,863) | (181,493) | (97,006,815) |
| Cash flows | (565,036) | 9,556,363 | 5,769,445 | 14,760,772 |
| Non cash: - Modification adjustment | - | (5,042,029) | - | (5,042,029) |
| Amortisation adjustment | - | 1,262,298 | (1,262,298) | - |
| Interest charge | - | - | (4,494,653) | (4,494,653) |
| Loan arrangement fee | - | - | (14,993) | (14,993) |
| At 31 December 2023 | 914,505 | (92,528,231) | (183,992) | (91,797,718) |
| Year ended 31 December 2024 | Subordinated Administrative Share | Ordinary Shares | Total |
| Issued and fully paid (no par value shares): | Number | Number | Number |
| Shares as at 1 January 2024 | 1 | 239,333,333 | 239,333,334 |
| Shares issued during the year | - | 16,666,667 | 16,666,667 |
| Shares as at 31 December 2024 | 1 | 256,000,000 | 256,000,001 |
| US$ | US$ | US$ | |
| Share capital as at 1 January 2024 | - | 211,279,828 | 211,279,828 |
| Proceeds from the issue of shares | - | 1,000,000 | 1,000,000 |
| Issue costs paid | - | (26,082) | (26,082) |
| Share capital as at 31 December 2024 | - | 212,253,746 | 212,253,746 |
| Issued and fully paid (no par value shares): | Subordinated Administrative Share Number | Ordinary Shares Number | Total Number |
| Shares as at 1 January 2023 | 1 | 239,333,333 | 239,333,334 |
| Shares as at 31 December 2023 | 1 | 239,333,333 | 239,333,334 |
| US$ | US$ | US$ | |
| Share capital as at 1 January 2023 | - | 211,279,828 | 211,279,828 |
| Share capital as at 31 December 2023 | - | 211,279,828 | 211,279,828 |
| Name | Date of Incorporation | Country of Incorporation | Proportion of ownership interest at 31 December 2024 |
| DP Aircraft Guernsey III Limited | 21 May 2015 | Guernsey | 100% |
| DP Aircraft Guernsey IV Limited | 21 May 2015 | Guernsey | 100% |
| DP Aircraft UK Limited | 14 April 2015 | United Kingdom | 100% |
| 2024 US$ | 2023 US$ | |
| Cash and cash equivalents | 1,652,645 | 914,505 |
| Restricted cash | 17,786,163 | 16,829,564 |
| Trade and other receivables (excluding prepayments and straight-lining lease asset) | 484,092 | - |
| Financial assets measured at amortised cost | 19,922,900 | 17,744,069 |
| Financial liabilities | ||
| Bank borrowings | 85,184,917 | 92,712,223 |
| Maintenance reserves provision | 15,451,700 | 14,829,296 |
| Trade and other payables (excluding tax) | 1,437,807 | 1,092,066 |
| Financial liabilities measured at amortised cost | 102,074,424 | 108,633,585 |
| 31 December 2024 | Fixed rate instruments | Variable rate instruments | Non-interest bearing instruments | Total |
| US$ | US$ | US$ | US$ | |
| Restricted cash | - | 17,786,163 | - | 17,786,163 |
| Trade and other receivables (excluding prepayments and straight-lining lease asset) | - | 484,092 | - | 484,092 |
| Cash and cash equivalents | - | 1,652,645 | - | 1,652,645 |
| Total financial assets | - | 19,922,900 | - | 19,922,900 |
| Trade and other payables (excluding ta payable) | - | - | (1,437,807) | (1,437,807) |
| Maintenance reserves provision | - | - | (15,451,700) | (15,451,700) |
| Bank borrowings* | (85,026,371) | - | (158,546) | (85,184,917) |
| Total financial liabilities | (85,026,371) | - | (17,048,053) | (102,074,424) |
| Total interest rate sensitivity gap | (85,026,371) | 19,922,900 |
| 31 December 2023 | Fixed rate instruments | Variable rate instruments | Non-interest bearing instruments | Total |
| US$ | US$ | US$ | US$ | |
| Restricted cash | - | 16,829,564 | - | 16,829,564 |
| Cash and cash equivalents | - | 914,505 | - | 914,505 |
| Total financial assets | - | 17,744,069 | - | 17,744,069 |
| Trade and other payables | - | - | (1,092,066) | (1,092,066) |
| Maintenance reserves provision | - | - | (14,829,296) | (14,829,296) |
| Bank borrowings* | (92,528,231) | - | (183,992) | (92,712,222) |
| Total financial liabilities | (92,528,231) | - | (16,105,354) | (108,633,585) |
| Total interest rate sensitivity gap | (92,528,231) | 17,744,069 | - | - |
| 31 December 2024 | Next 12 months US$ | 2-5 years US$ | Total US$ |
| Bank borrowings and interest | (11,400,000) | (79,901,902) | (91,301,902) |
| Maintenance reserves provision | - | (15,451,700) | (15,451,700) |
| Trade and other payables | (1,441,591) | - | (1,441,591) |
| Total | (12,841,591) | (95,353,602) | (108,195,193 |
| 31 December 2023 | Next 12 months US$ | 2-5 years US$ | Total US$ |
| Bank borrowings and interest | (11,400,000) | (91,301,902) | (102,701,902) |
| Maintenance reserves provision | - | (14,829,296) | (14,829,296) |
| Trade and other payables | (1,092,066) | - | (1,092,066) |
| Total | (12,492,066) | (106,131,198) | (118,623,264) |
| 2024 US$ | 2023 US$ | |
| Jonathan Bridel (Chairman) | 86,039 | 78,608 |
| Jeremy Thompson (Chairman of the Audit Committee and Senior Independent Director) | 63,445 | 62,950 |
| Harald Brauns (Chairman of the Management Engagement Committee) | 59,298 | 62,950 |
| Robert Knapp | - | - |
| Total | 208,782 | 204,508 |
| Annual Fees | Jan 24 to Dec 24 | Jan 23 to Dec 23 |
| Jonathan Bridel | £61,750 | £61,750 |
| Jeremy Thompson | £49,450 | £49,450 |
| Harald Brauns | £49,450 | £49,450 |
| Robert Knapp | N/A | N/A |
| Number of ordinary shares 31 December 2024 | Number of ordinary shares 31 December 2023 | |
| Connected parties of Jon Bridel | 90,000 | 90,000 |
| Jeremy Thompson | 15,000 | 15,000 |
| Robert Knapp | 73,186,272 | N/A |
