Final Results - Part 2

TBI PLC 20 June 2000 PART 2 Unaudited consolidated profit and loss account for the year ended 31 March 2000 Notes Contin- Acquisi- Total Discont- Total uing tions contin- inued operat- uing opera- ions opera- tions ions 2000 2000 2000 2000 2000 1999 £'000 £'000 £'000 £'000 £'000 £'000 Turnover: Group 70,472 25,810 96,282 5,390 101,672 98,750 and share of joint ventures Less: share of joint ventures' - (5,570) (5,570) - (5,570) - turnover ---------------------------------------------- Group turnover 1 70,472 20,240 90,712 5,390 96,102 98,750 Cost of sales (756) (11,055)(11,811) (2,137)(13,948)(18,701) ------------------------------------------------ Gross profit 1 69,716 9,185 78,901 3,253 82,154 80,049 Administrative expenses (49,667) (9,437) (59,104) (585) (59,689) (47,177) ------------------------------------------------- Group operating 1 23,814 3,997 27,811 2,772 30,583 35,981 profit before depreciation, amortisation and reorganisation costs Depreciation 1 (3,699) (597) (4,296) (104) (4,400) (3,135) Amortisation of 1 intangible assets (66) (2,147) (2,213) - (2,213) 26 ------------------------------------------------- Group operating 1 20,049 1,253 21,302 2,668 23,970 32,872 profit before reorganisation costs Reorganisation costs - (1,505) (1,505) - (1,505) - Group operating 1 20,049 (252) 19,797 2,668 22,465 32,872 profit/(loss) Share of operating loss in - (792) (792) - (792) - joint ventures ------------------------------------------------ Total operating 20,049 (1,044) 19,005 2,668 21,673 32,872 profit: Group and share of joint ventures (Loss)/profit on (47) 3,818 sale of investment properties Profit on sale of 7 992 76 investments Loss on sale of 7 (21,471) - property business Net interest 2 (5,638) (15,712) --------------- (Loss)/profit on (4,491) 21,054 ordinary activities before taxation Taxation on 3 (loss)/profit on (732) (3,645) ordinary activities --------------- (Loss)/profit (5,223) 17,409 attributable to shareholders Dividends 4 (9,759) (7,735) --------------- Retained (loss)/profit for (14,982) 9,674 the year --------------- Earnings per 5 (1.10)p 3.94p share Diluted earnings 5 (1.09)p 3.91p per share Earnings per 5 2.36p 1.82p share derived from continuing operations Unaudited balance sheets 31 March 2000 2000 1999 2000 1999 Group Group Company Company £'000 £'000 £'000 £'000 Fixed assets Goodwill 80,437 - - - Negative goodwill (5,830) (5,930) - - Other intangible assets 14,772 - - Intangible assets 89,379 (5,930) - - Tangible assets 139,885 104,160 780 436 Investment properties 109,461 231,318 - - Investments in joint ventures: -share of gross assets 31,307 - - - -share of gross liabilities (24,480) - - - 6,827 - - - Trade investments 24,644 - - - Investments in subsidiaries - - 91,559 59,095 Investments 31,471 - 91,559 59,095 --------------------------------- 370,196 329,548 92,339 59,531 Current assets Development properties - 86,486 - - Stock 775 497 - - Debtors 54,424 29,769 273,480 407,674 Cash at bank and in hand 13,452 11,036 8,624 2,203 ---------------------------------- 68,651 127,788 282,104 409,877 Current liabilities Creditors - amounts falling due within one year (52,607) (37,866) (27,859) (117,062) ---------------------------------- Net current assets 16,044 89,922 254,245 292,815 ---------------------------------- Total assets less current 386,240 419,470 346,584 352,346 liabilities Creditors - amounts falling due (108,343)(190,672) (60,578) (126,125) after more than one year Accruals and deferred income (830) (916) - - Provisions for liabilities and (5,439) (602) - - charges ---------------------------------- Net assets 271,628 227,280 286,006 226,221 ---------------------------------- Capital and reserves Called up share capital 50,695 44,202 50,695 44,202 Share premium account 136,304 85,186 136,304 85,186 Capital reserve 49,634 46,043 69,653 69,653 Revaluation reserve 3,391 3,943 - - Profit and loss account 30,307 46,609 29,354 27,180 ---------------------------------- Equity shareholders' funds 270,331 225,983 286,006 226,221 Equity minority interests 1,297 1,297 - - ---------------------------------- Capital employed 271,628 227,280 286,006 226,221 Unaudited consolidated cash flow statement for the year ended 31 March 2000 2000 2000 1999 1999 £'000 £'000 £'000 £'000 Net cash inflow from operating 29,212 47,742 activities Returns on investments and servicing of finance Interest received 4,359 1,869 Interest paid (10,831) (17,776) Interest element of finance lease and hire purchase repayments (588) (675) -------- -------- Net cash outflow from returns on (7,060) (16,582) investments and servicing of finance Taxation (2,522) (3,768) Capital expenditure and financial investment Purchase of tangible fixed assets (12,463) (1,629) Sale of investment properties 6,953 33,746 Purchase of investment properties (4,877) (25,635) Sale of tangible fixed assets 211 48 Grant received - 1,188 ------- -------- Net cash (outflow)/inflow for (10,176) 7,718 capital expenditure and financial investment Acquisitions and disposals Purchase of subsidiaries (31,375) (1,969) (including costs of acquisition) Purchase of other business (21,175) - interests Sale of property business 169,993 - Transaction costs in respect of (16,211) - sale of property business Sale of trade investments 8,198 618 Other acquisitions and disposals 915 - Net cash acquired with subsidiaries 1,070 441 -------- ------- Net cash inflow/(outflow) for 111,415 (910) acquisitions and disposals Equity dividends paid (8,177) (7,735) Management of liquid resources Cash (placed on)/withdrawn from (4,030) 2,795 deposit Purchase of US securities (1,269) (964) ------- ------- Net cash (outflow)/inflow from (5,299) 1,831 management of liquid resources Financing Share options exercised 163 - Bank loans drawn down 23,608 48,202 Repayment of bank loans (132,693) (73,016) Capital element of finance lease and hire purchase repayments (1,733) (1,323) ------- ------- Net cash outflow in respect of (110,655) (26,137) financing ------------------------- (Decrease)/increase in net cash in the year (3,262) 2,159 ------------------------- Unaudited consolidated statement of total recognised gains and losses for the year ended 31 March 2000 2000 1999 £'000 £'000 (Loss)/profit attributable to shareholders (5,223) 17,409 Unrealised surplus/(deficit) on revaluation 834 (4,114) of investment properties Exchange differences on overseas investments (2,706) (297) ------------------ Total net (losses)/gains for the year (7,095) 12,998 ------------------ Unaudited historical cost profits and losses for the year ended 31 March 2000 2000 1999 £'000 £'000 (Loss)/profit on ordinary activities before (4,491) 21,054 taxation Realised revaluation surplus/(deficit) of 1,386 (589) previous years Taxation on (loss)/profit on ordinary (732) (3,645) activities ------------------- Historical cost (loss)/profit on ordinary (3,837) 16,820 activities after taxation Dividends (9,759) (7,735) ------------------- Retained historical cost (loss)/profits for (13,596) 9,085 the year ------------------- 1. Segmental information Business analysis Turnover from airport operations has been analysed to separately identify traffic income (which now includes income related to passenger numbers in addition to aircraft movements), commercial income and tenant income. This is a change from previous analyses, and has been reflected in the comparative amounts because the directors believe this provides a more relevant indication of the relative performance of the various elements of the business. In the segmental information below, airport ownership relates to airports which are either owned or operated under long term interests. Contin- Acquisi- Total Disconti- Total Restat- uing tions contin- nued ed operat- uing operat- ions operat- ions ions 2000 2000 2000 2000 2000 1999 £'000 £'000 £'000 £'000 £'000 £'000 Group turnover Airport Traffic 43,151 3,584 46,735 - 46,735 39,170 Ownership income Commercial 15,031 1,084 16,115 - 16,115 16,206 income Tenant 5,885 399 6,284 - 6,284 5,409 income Airport - 13,452 13,452 - 13,452 - Services Airport Management - 1,721 1,721 - 1,721 - ------------------------------------------------- 64,067 20,240 84,307 - 84,307 60,785 Property - - - 5,390 5,390 34,291 Other operations 6,405 - 6,405 - 6,405 3,674 ------------------------------------------------- 70,472 20,240 90,712 5,390 96,102 98,750 ------------------------------------------------- Gross profit Airport Traffic 43,151 3,584 46,735 - 46,735 39,170 Ownership income Commercial 15,031 1,084 16,115 - 16,115 16,206 income Tenant 5,885 399 6,284 - 6,284 5,329 income Airport - 2,628 2,628 - 2,628 - Services Airport Management - 1,490 1,490 - 1,490 - ------------------------------------------------- 64,067 9,185 73,252 - 73,252 60,705 Property - - - 3,253 3,253 15,670 Other operations 5,649 - 5,649 - 5,649 3,674 ------------------------------------------------- 69,716 9,185 78,901 3,253 82,154 80,049 ------------------------------------------------- Group operating profit before depreciation, amortisation and reorganisation costs Airport Ownership 28,139 1,625 29,764 - 29,764 26,516 Airport Services - 1,803 1,803 - 1,803 - Airport Management - 1,178 1,178 - 1,178 - -------------------------------------------------- 28,139 4,606 32,745 - 32,745 26,516 Property - - - 2,772 2,772 13,725 Other operations 1,318 - 1,318 - 1,318 938 Head office costs (5,643) (609) (6,252) - (6,252) (5,198) ------------------------------------------------- 23,814 3,997 27,811 2,772 30,583 35,981 Depreciation ------------------------------------------------- Airports (2,754) (597) (3,351) - (3,351) (2,396) Property - - - (104) (104) (75) Other operations (708) - (708) - (708) (377) Head office costs (237) - (237) - (237) (287) ------------------------------------------------- (3,699) (597) (4,296) (104) (4,400) (3,135) -------------------------------------------------- Amortisation of intangible assets Airports 33 (2,147) (2,114) - (2,114) 77 Property - - - - - - Other operations (99) - (99) - (99) (51) Head office costs - - - - - - ----------------------------------------------- (66) (2,147) (2,213) - (2,213) 26 ----------------------------------------------- Group operating profit before reorganisation costs Airports 25,418 1,862 27,280 - 27,280 24,197 Property - - - 2,668 2,668 13,650 Other operations 511 - 511 - 511 510 Head office costs (5,880) (609) (6,489) - (6,489) (5,485) -------------------------------------------------- 20,049 1,253 21,302 2,668 23,970 32,872 -------------------------------------------------- Group operating profit/(loss) Airports 25,418 357 25,775 - 25,775 24,197 Property - - - 2,668 2,668 13,650 Other operations 511 - 511 - 511 510 Head office costs (5,880) (609) (6,489) - (6,489) (5,485) ------------------------------------------------- 20,049 (252) 19,797 2,668 22,465 32,872 ------------------------------------------------- (Loss)/profit on ordinary activities before taxation Airports 25,418 (435) 24,983 - 24,983 24,197 Property - - - 2,621 2,621 17,468 Other operations 511 - 511 - 511 586 Head office costs (5,880) (609) (6,489) - (6,489) (5,485) Exceptional items - 992 992 (21,471) (20,479) - Net interest (4,166) (369) (4,535) (1,103) (5,638) (15,712) --------------------------------------------------- 15,883 (421) 15,462 (19,953) (4,491) 21,054 --------------------------------------------------- The exceptional items, included in the profit/(loss) on ordinary activities before taxation table above, represent the profit on the sale of 29% of Northern Territories Airports of some £1.0 million, and the loss on sale of the property business of some £21.5 million as shown in Note 7. The 1999 operating profit was analysed as follows: Continuing Discontinued Total operations operations £'000 £'000 £'000 Turnover 63,942 34,808 98,750 ------------------------------------- Gross profit 63,862 16,187 80,049 Administrative expenses, (41,549) (2,519) (44,068) excluding depreciation ------------------------------------- and amortisation of intangible assets Operating profit before 22,313 13,668 35,981 depreciation and amortisation of intangible assets Depreciation (3,000) (135) (3,135) Amortisation of 50 (24) 26 intangible assets ------------------------------------- Operating profit 19,363 13,509 32,872 ------------------------------------- 2000 1999 £'000 £'000 Net assets Airports 316,458 208,801 Property - 190,739 Other operations 33,157 14,931 Net debt (Note 8) (77,987) (187,191) ---------------------- 271,628 227,280 ---------------------- Other operations include the hotel, aircraft and unallocated head office assets and liabilities. Geographical analysis (origin and destination) 2000 1999 £'000 £'000 Turnover United Kingdom 64,159 86,646 Rest of Europe 4,552 3,146 North America 22,255 8,958 South America 5,136 - --------------------- 96,102 98,750 --------------------- Profit before interest United 20,550 34,895 and taxation Kingdom* Rest of Europe (770) (457) North America 280 2,328 South America 1,510 - Australasia** 1,048 - --------------------- 22,618 36,766 --------------------- *This excludes the loss on sale of the property business ** This includes the profit arising on the Group's disposal of 29.1% of Northern Territories Airports PTY Limited. Net assets United Kingdom 137,570 208,378 Rest of Europe 25,290 6,516 North America* 79,975 12,386 South America 1,069 - Australasia 27,724 - ---------------------- 271,628 227,280 ---------------------- *The goodwill arising on the acquired operations has been allocated to North America. 2. Net interest 2000 1999 £'000 £'000 Interest payable and similar charges Continuing operations Interest payable on bank and similar 8,663 8,636 loans Interest on finance lease and hire 586 673 purchase arrangements Bank charges 29 65 Group's share of joint ventures' 692 - interest charges --------------------- 9,970 9,374 --------------------- Discontinued operations Interest payable on bank and similar 632 5,915 loans Debenture interest 442 2,012 Interest on finance lease and hire 2 2 purchase arrangements Bank charges 48 277 --------------------- 1,124 8,206 --------------------- --------------------- Total 11,094 17,580 --------------------- Interest receivable and similar income Continuing operations Short term deposits and corporate 3,426 1,322 bonds Interest receivable from other 2,009 - investments -------------------- 5,435 1,322 Discontinued operations -------------------- Short term deposits and corporate 21 546 bonds -------------------- 21 546 -------------------- -------------------- Total 5,456 1,868 -------------------- Net interest payable Continuing operations 4,535 8,052 Discontinued operations 1,103 7,660 -------------------- Total 5,638 15,712 -------------------- The net interest expense relating to discontinued operations represents interest on loans and deposits specifically attributed to the Group's property business. 3. Taxation 2000 1999 £'000 £'000 The charge for taxation is made up as follows: Continuing operations Airport and other operations Current year UK corporation tax at 30% 3,345 3,286 Deferred taxation 155 - Share of joint ventures' taxation - - Overseas taxation 724 - Prior years UK corporation taxation (582) - Deferred taxation 568 - ----------------------- 4,210 3,286 Discontinued operations ----------------------- Property and other operations Current year UK corporation tax at 30% (3,478) 359 ------------------------ (3,478) 359 ------------------------ ------------------------ Total 732 3,645 ------------------------ Included within overseas taxation from continuing operations there is a taxation charge of £160,000 in respect of the profit arising on the Group's disposal of 29.1% of Northern Territories PTY Limited. In addition, included within UK corporation tax from discontinued operations there is a taxation credit of some £3.5 million in respect of the loss arising on the sale of the property business. As at 31 March 2000, losses estimated at £20 million (1999 : £23 million) were available to be carried forward for taxation purposes and offset against future taxable profits. The taxation relating to discontinued operations arises in respect of the companies engaged in the carrying on and financing of the Group's property operations. 4. Dividends 2000 1999 2000 1999 Pence per Pence per £'000 £'000 share share Interim dividend - paid 0.60 0.50 2,652 2,210 Final dividend - 1.40 1.25 7,107 5,525 proposed -------------------------------------- 2.00 1.75 9,759 7,735 -------------------------------------- 5. Earnings per share Earnings per share have been calculated in accordance with FRS 14, 'earnings per share', by dividing the (loss)/profit attributable to shareholders for the year by the weighted average number of ordinary shares in issue during the year, based on the following information: Year ended Year ended 31 March 2000 31 March 1999 (Loss)/profit attributable to (5,223) 17,409 shareholders (£'000) Earnings from continuing operations 11,252 8,025 (£'000) Basic weighted average share capital 476 442 (number of shares, million) Diluted weighted average share capital 479 446 (number of shares, million) The difference between the basic and the diluted weighted average number of shares is wholly attributable to outstanding share options. The calculation of earnings per share from continuing operations is based on the following analysis: Year to 31 Year to 31 March 2000 March 1999 Continuing operations Turnover 90,712 63,492 ----------------------- Operating profit before reorganisation 20,510 19,363 costs Non-recurring items* (513) - ----------------------- Profit on ordinary activities before 19,997 19,363 interest and taxation Net interest expense (4,535) (8,052) ----------------------- Profit on ordinary activities before 15,462 11,311 taxation Taxation on profit on ordinary (4,210) (3,286) activities ----------------------- Profit for the financial period 11,252 8,025 ----------------------- Discontinued operations Turnover 5,390 34,808 ----------------------- Operating profit before reorganisation 2,668 13,509 costs Non-recurring items** (21,518) 3,894 ----------------------- (Loss)/profit on ordinary activities (18,850) 17,403 before interest and taxation Net interest expense (1,103) (7,660) ----------------------- (Loss)/profit on ordinary activities (19,953) 9,743 before taxation Taxation on (loss)/profit on ordinary 3,478 (359) activities ------------------------ (Loss)/profit for the financial period (16,475) 9,384 ------------------------ Total operations ------------------------ (Loss)/profit for the financial period (5,223) 17,409 ------------------------ *This includes reorganisation costs of £1.5 million and the profit recognised on the partial sale of Northern Territories Airports PTY Limited of £1 million. **This relates to the loss on the sale of the property business and the loss on sale of investment properties. The directors believe that it is appropriate to calculate earnings per share on continuing operations because the year ended 31 March 2000 is a transitional year for the Group with significant non-recurring items reported. 6. Principal acquisitions Airport Group International During the year, the Group acquired the entire issued share capital of Airport Group International Holdings, LLC ('AGI'). The fair value attributed to the assets and liabilities acquired and the goodwill arising on the transaction was accounted for in accordance with FRS 7, 'fair value in acquisition accounting'. Date of acquisition 20 September 1999 Fair value of consideration £86 million Form of : cash £28 million consideration : shares £58 million Costs of acquisition £3 million Note AGI Accounting Fair Fair unaudited policy value value to consolida alignment adjustmen the Group ted ts balance sheet as at 20 September 1999 £'000 £'000 £'000 £'000 Tangible fixed assets 3,569 (566) - 3,003 Intangible assets (a) - - 7,560 7,560 Investments in joint (b) 8,113 - 349 8,462 ventures Other investments (b) 31,900 - 1,335 33,235 Stock 135 - - 135 Debtors (c) 14,887 - (3,331) 11,556 Short term investments 360 - - 360 Cash 1,064 - 6 1,070 Creditors: due within (d) (13,919) - (3,170) (17,089) one year Provisions for (e) - - (3,150) (3,150) liabilities and charges Loans (a) (16,516) - (7,574) (24,090) Minority interest (41) - 41 - ---------------------------------------- Net assets acquired 29,552 (566) (7,934) 21,052 ---------------------------------------- Consideration 85,759 Costs of acquisition 3,065 Goodwill arising (67,772) ------- 21,052 ------- The investments in joint ventures comprise the AGI interests in London Luton Airport and Hobart International Airport in Australia. The other investments predominantly comprise the AGI interests in Perth and Darwin airports in Australia. Significant fair value adjustments (a) This adjustment predominantly represents the recognition of the loan obligations acquired under the concession agreement to operate the Bolivian airports together with the corresponding intangible asset of this said agreement (b) The Group have valued the joint venture and trade investments on the basis of available market information (c) The Group have assessed that some £3.3 million of debtors are not readily collectable (d) The Group have identified liabilities of some £3.2 million not reflected in the AGI balance sheet (e) As part of the Group's fair value exercise, some further £3.2 million of unrecorded liabilities were not properly reflected. These amounts are in respect of pending claims in respect of which the outcome is uncertain US Airports, Inc On 12 October 1999, the Group acquired certain net assets and the goodwill of the above company. The fair value attributed to the assets and liabilities acquired and the goodwill arising on the transaction was accounted for in accordance with FRS 7 'fair value in acquisition accounting'. Date of acquisition: 12 October 1999 Fair value of consideration: £13.0 million Form of initial £10.5 million consideration: deferred £2.5 million US Airports , Inc audited balance sheet as at 12 October 1999 and fair value to the Group. £'000 Tangible fixed assets 1,714 Stock 47 Debtors 848 Creditors (599) ----- Net assets acquired 2,010 ----- Initial consideration 10,474 Costs of acquisition 35 Deferred consideration 2,509 Goodwill arising (11,008) ------ 2,010 ------ There were no fair value adjustments arising on this transaction. There were other acquisitions in the period, giving rise to aggregate goodwill amounting to £3.4 million, but these are not considered significant enough to warrant further disclosures. 7. Sale of property business and partial disposal of trade investment Property business On 21 June 1999, the Group disposed of its property business which encompassed its non-airport related investment and development properties, excluding the Hilton Cardiff Hotel, to London & Regional Properties Limited ('London & Regional'). The total transaction proceeds were £190 million including the issue of a loan note from a subsidiary of London & Regional for a principal amount of £20 million. The loan note is interest bearing and has a maturity date of 30 June 2001. This transaction was timed to coincide with the early redemption of the £22.5 million 8 3/4 % First Mortgage Debenture Stock ('Debenture') and the repayment of certain other indebtedness. The loss on sale of the property business amounted to some £17.9 million after expensing the penalties on early redemption of the Debenture and other indebtedness and professional fees. A further amount of £3.6 million, representing the reinstatement and write- off of goodwill previously written off directly to reserves, increased the total charge in the period in respect of the sale of the property business to £21.5 million. Northern Territories Airports PTY Limited, Australia ('Northern Territories') On 31 March 2000, the Group divested of 29.1% of its original interest of 49.0% in Northern Territories which it had acquired as part of the AGI transaction. The total transaction proceeds were £8.20 million (A$21.65 million) which realised a profit on sale of £0.99 million (A$2.65 million). 8.Analysis of net debt Cash Loan Other Sub Debt Debt Finance Total note bank total due due lease receiv deposi within after and able ts one one hire year year purchase arrange- ments £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 31 4,240 - 6,796 11,036 (11,070) 178,728 (8,429) (187,191) March 1999 Cashflow (3,262) - 5,299 2,037 19,115 89,970 1,733 112,855 Acquisitions - - 360 360 (16,114) (6,690) - (22,444) Non-cash - 20,000 - 20,000 4 (4) (991) 19,009 changes Exchange (42) - 61 19 (517) 282 - (216) movements At 31 936 20,000 12,516 33,452 (8,582) (95,170) (7,687) (77,987) March 2000 ------------------------------------------------------------- At 31 2,062 - 8,476 10,538 (5,603)(191,091) (6,336)(192,492) March 1998 Cashflow 2,159 - (1,831) 328 (5,467) 30,281 1,323 26,465 Acquisitions - - - - - (17,254) - (17,254) Non-cash - - - - - - (3,416) (3,416) changes Exchange 19 - 151 170 - (664) - (494) movements At 31 4,240 - 6,796 11,036 (11,070)(178,728) (8,429)(187,191) March 1999 -------------------------------------------------------------- Corporate operational information Airport ownership with a controlling interest 31 31 31 31 31 31 31 31 31 31 March March March March March March March March March March 2000 1999 2000 1999 2000 1999 2000 1999 2000 1999 Belfast Cardiff Orlando Stockholm Bolivian International International Sanford Skavsta Airports Airport Airport Airport Total passengers Charter 768,962 658,005 988,077 945,687 860,555 1,106,033 13,839 19,754 - - Schedule 2,318,018 319,852 1,038,100 2,011,108 303,972 22,728 - 236,060 187,952 2,388,386 Transit 24,759 43,205 29,322 33,622 113,218 221,140 8,308 4,657 - - ----------------------------------------------------------------------------- Total 3,111,739 1,337,251 996,501 258,207 1,038,100 2,712,318 1,283,281 1,327,173 212,363 2,388,386 ----------------------------------------------------------------------------- Terminal Passengers Spend per head £2.18 £2.18 £2.78 £3.58 £4.17 £3.74 £1.74 £4.87* £0.72** N/A Net passenger supplement per head £4.54 £4.86 £5.63 £4.58 £1.52 £1.34 £0.47 £0.44* £0.33** N/A ------------------------------------------------------------------------------ Total £6.72 £7.04 £8.41 £8.16 £5.69 £5.08 £2.21 £5.31* £1.05** N/A ------------------------------------------------------------------------------ Charter services Number of tour operators 22 20 28 30 16 16 3 3 - - Number of seats (capacity) 880,000 785,000 1,135,721 1,074,971 905,000 1,165,000 14,644 21,950 - - New charter destinations 3 4 - 1 - - - - - - Scheduled services Number of major airlines 11 10 4 4 1 - 2 2 7 9 Number of seats (capacity) 3,180,000 542,151 75,394 - 340,272 858,600 3,000,000 533,340 268,394 1,880,280 Freight tonnage 41,474 41,068 3,091 2,649 9,775 11,519 25,519 31,676 5,929 11,700 Some of the direct services from Belfast International Airport - Aberdeen, Birmingham, Brussels, Cardiff, East Midlands, Edinburgh, Glasgow, Jersey, Liverpool, London Heathrow, London Luton, Manchester, New York and Shannon. Some of the services from Cardiff International Airport - Amsterdam, Brussels, Dublin, Glasgow, Edinburgh, Orlando, Paris and Toronto. Some of the services from Orlando Sanford - Atlantic City, Bahamas, Belfast, Birmingham, Bristol, Cardiff, Dublin, East Midlands, Edinburgh, Gary, Glasgow, Gulfport, Humberside, London Gatwick, London Luton, Manchester, Memphis, Newark, Newcastle, Pittsburg, Portsmouth, Shannon and Teesside. Some of the services from Stockholm Skavsta Airport - Crete, London Stansted, Mallorca, Malmo, Tenerife and Visby. Some of the services from the Bolivian Airports - Asuncion, Buenos Aires, Caracas, Lima, Panama City, Rio de Janeiro, Santiago, Sao Paulo and Trindad. *This information is calculated for the period post acquisition by TBI. ** This information relating to a period prior to the acquisition by TBI is not available in a reliable form. 9. Basis of preparation This preliminary announcement has been prepared on the basis of accounting policies consistent with those set out in the Annual Report and Accounts for the year ended 31 March 1999, except that, following the acquisition of Airport Group International the following additional accounting policies have been adopted: a. Investments in joint ventures Investments in joint ventures are included at cost together with the Group's share of retained profits or losses. b. Other investments Other investments are valued at cost less provision for any permanent diminution in value. c. Other intangible assets Other intangible assets, including deferred start-up costs, are capitalised and amortised on a straight-line basis over the lower of 20 years or the minimum life of the related asset, subject to review for impairment. This preliminary announcement was approved by the Board on 19 June 2000.

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