Interim Results

TBI PLC 20 November 2000 Date: 20 November 2000 Contacts: Keith Brooks, Chief Executive Caroline Price, Group Finance Director TBI plc 020 7408 7300 David Bick/Chris Steele Holborn Public Relations 020 7929 5599 david.bick@holbornpr.co.uk TBI plc Further strong growth across the Group TBI plc, the international airport owner and operator, announces interim results for the period ended 30 September 2000. Highlights * EBITDA on continuing operations up 26% to £23m * EPS from continuing operations and excluding goodwill up 13% * Interim dividend up 17% to 0.70p * Strong performance from wholly owned airports in Belfast and Cardiff * 17% increase in passenger numbers at Cardiff, Sanford and Skavsta Commenting on the results, Keith Brooks, Chief Executive of TBI said: 'We are delighted at the continuing success of our management teams in demonstrating their ability to continue to grow profits at our most mature assets. At the same time our newer assets are showing every sign of following their example. We are similarly pleased with the progress of our minority investments.' On 4 August 2000, we announced that we had received an unsolicited approach from a third party which was very preliminary in its nature. Whilst our discussions with that particular party have been terminated, we are continuing discussions with other parties. These discussions are also preliminary in nature and may or may not lead to an offer being made for the company. Further announcements will be made as appropriate. Turning to our performance during the period - it was another good six months. At EBITDA level profits from continuing operations have increased by 26% to £23m - compared with the same period last year. This has been achieved through very good contributions from the established profit engines at Belfast and Cardiff Airports, a satisfactory contribution from the acquired AGI businesses and improved performance at Orlando Sanford. These good earnings results were achieved despite modest contributions (£1.5m) from our interests in the five airports in Australia, as well as Luton and Stockholm Skavsta. All of these have values which we believe are not commensurate with their current contributions. The good earnings picture is reflected in an increase of more than 13% in earnings per share from continuing operations before amortisation and, as a consequence, the interim dividend will be increased by almost 17% to 0.70p. This is in accordance with our progressive dividend policy. The dividend will be paid on 2 January 2001 to those shareholders who were on the register at 1 December 2000. Airport Ownership Belfast International - 100% owned Our largest wholly-owned airport is Belfast International and this again enjoyed an increase in EBITDA (8%), despite a modest (2%) increase in passenger numbers. This demonstrates a fundamental of airport economics: relatively small increases in turnover produce a disproportionate increase in profits. In any event the levelling off in passenger number growth was not surprising when compared with the exceptional growth enjoyed in the six months to 30 September 1999. Significant developments on the traffic side include the introduction of two additional daily flights to Brussels (making a total of three a day) from 29 October 2000, and from 1 November 2000 the commencement of three daily flights to Stansted by the low cost airline Go. The period also saw some 14% growth in cargo activity attributable, we believe, to the growth in e-commerce and 'just in time' delivery. Cardiff - 100% owned Like Belfast, Cardiff also experienced impressive but more dramatic growth in profitability (27% EBITDA) largely accounted for by an outstanding 17% growth in passenger numbers. Indeed, more than a million passengers passed through Cardiff in the six month period. Undoubtedly some of the increase was attributable to airport/airline initiatives such as the three flights a day to Dublin introduced during the period by British Regional Airlines Limited and the use of jets on the Paris and Brussels routes. Bolivia - 100% owned The result in Bolivia was pleasing. Difficult economic conditions during the period meant that passenger numbers were static, but passenger spend per head and per capita landing fees increased by 45% and 15% respectively. Current indicators suggest that the economy is improving. Orlando Sanford - 100% owned This airport experienced an encouraging 17% increase in passenger numbers and a commendable increase of 30% in commercial spend per head. Almost three quarters of a million passengers, passed through the airport during the period; of these only 50,000 were US domestic passengers but we intend to expand the domestic operation with the opening of the domestic terminal which is expected to occur in the next two months. Stockholm Skavsta - 90.1% owned This airport gave a disappointing financial performance primarily because of the withdrawal of KLM from the Swedish Air Freight Market which resulted in a significant reduction in the level of cargo activity. Whilst official designation as the second Stockholm airport is still awaited, the Swedish Government has announced that its plans for the development of a new airport near Stockholm have been shelved in favour of developing Skavsta and the main Arlanda airport. Australia - various equity stakes In Australia, we continue to review our options and we have undertaken an exercise to determine the market value of our assets. Luton - 25% owned Results have improved albeit that a pricing agreement with the major airline user has not yet been reached. Airport Services and Airport Management Both made positive contributions and on the services side additional contracts were secured at seven of the locations. Costa Rica In Costa Rica, we were unable to secure terms and conditions with the Government which were acceptable and, as a result, the extent of our possible interest in the concession to run the airport will be significantly reduced. Prospects The number of passengers travelling by air is predicted to increase and acquisition opportunities have revived. We have all the qualifications necessary to take advantage of such an environment. Consolidated profit and loss account For the six months ended 30 September 2000 Year to Six months to Six months to 31 March 30 September 30 September 2000 2000 1999 £'000 Notes £'000 £'000 Turnover: Group and share of joint ventures 96,282 Continuing operations 78,220 40,167 5,390 Discontinued operations - 5,383 101,672 78,220 45,550 Less: share of joint ventures' turnover (5,570) Continuing operations (8,157) - 90,712 Group turnover from continuing operations 70,063 40,167 5,390 Group turnover from discontinued operations - 5,383 96,102 Group turnover 70,063 45,550 (13,948) Cost of sales (14,169) (2,213) 82,154 Gross profit 55,894 43,337 (59,689) Administrative expenses (39,396) (24,295) 30,583 Group operating profit before depreciation, amortisation and reorganisation costs 1 21,687 20,877 (4,400) Depreciation (2,762) (1,887) (2,213) Amortisation of intangible assets (2,427) 52 23,970 Group operating profit before reorganisation costs 16,498 19,042 (1,505) Reorganisation costs - - 22,465 Group operating profit 16,498 19,042 (792) Share of operating profit/(loss) in joint ventures 1,293 - 19,005 Total operating profit from continuing operations 17,791 16,418 2,668 Total operating profit from discontinued operations - 2,624 21,673 Total operating profit 2 17,791 19,042 Non-operating items (47) Loss on sale of investment properties - (47) 992 (Loss)/profit on sale of investments (57) - (21,471) Loss on sale of property business - (20,992) (5,638) Net interest expense 3 (3,385) (3,200) (4,491) Profit/(loss) on ordinary activities before taxation 14,349 (5,197) (732) Taxation on profit/(loss) on ordinary activities 4 (3,633) (995) (5,223) Profit/(loss) attributable to shareholders 6 10,716 (6,192) (9,759) Dividends 5 (3,557) (2,652) (14,982) Retained profit/(loss) for the period 7,159 (8,844) (1.10)p Earnings per share 6 2.11p (1.39)p (1.09)p Diluted earnings per share 6 2.11p (1.38)p 2.83p Earnings per share before the amortisation of intangible assets from continuing operations 6 2.59p 2.29p Consolidated balance sheet As at 30 September 2000 Restated Restated 31 March 30 September 30 September 2000 2000 1999 £'000 Notes £'000 £'000 Fixed assets 81,437 Goodwill 80,656 63,268 (5,830) Negative goodwill (5,780) (5,878) 12,779 Other intangible assets 13,615 6,676 88,386 Intangible assets 88,491 64,066 139,885 Tangible assets 142,061 135,292 109,461 Investment properties 113,525 105,059 Investments in joint ventures 31,307 - Share of gross assets 32,625 31,987 (24,480) - Share of gross liabilities (24,762) (23,874) 6,827 7,863 8,113 24,644 Trade investments 24,127 31,900 31,471 Investments 31,990 40,013 369,203 376,067 344,430 Current assets 775 Stock 785 719 54,424 Debtors 64,458 66,404 13,452 Cash at bank and in hand 7 42,200 70,061 68,651 107,443 137,184 Current liabilities (52,607) Creditors - amounts falling due within one year 8 (47,349) (85,045) 16,044 Net current assets 60,094 52,139 385,247 Total assets less current liabilities 436,161 396,569 (108,343) Creditors - amounts falling due after more than one year 9 (152,025) (116,675) (830) Accruals and deferred income (2,922) (872) (5,439) Provisions for liabilities and charges (4,352) (430) 270,635 Net assets 276,862 278,592 Capital and reserves 50,695 Called up share capital 50,790 50,675 136,304 Share premium account 136,709 136,161 49,634 Capital reserve 49,634 49,633 3,391 Revaluation reserve 3,391 2,263 29,314 Profit and loss account 35,041 38,522 269,338 Equity shareholders' funds 275,565 277,254 1,297 Equity minority interests 1,297 1,338 270,635 Capital employed 276,862 278,592 Consolidated cashflow statement For the six months ended 30 September 2000 Year to Six months to Six months to 31 March 30 September 30 September 2000 2000 1999 £'000 Notes £'000 £'000 29,212 Net cash inflow from operating activities 10 14,133 13,104 Returns on investments and servicing of finance 4,359 Interest received 1,719 2,042 (10,831) Interest paid (4,812) (5,360) (588) Interest element of finance lease and hire purchase repayments (290) (316) (7,060) Net cash outflow from returns on investments and servicing of finance (3,383) (3,634) (2,522) Taxation (272) (537) Capital expenditure and financial investment (12,463) Purchase of tangible fixed assets (5,106) (2,358) 6,953 Sale of investment properties and investments - 2,866 (4,877) Additions to investment properties (2,663) (6,487) 211 Sale of tangible fixed assets 60 62 - Grant received 2,123 - (10,176) Net cash outflow for capital expenditure and financial investment (5,586) (5,917) Acquisitions and disposals (31,375) Purchase of subsidiaries (including costs of acquisition) - (29,523) (21,175) Purchase of other business interests - - 169,993 Sale of property business - 169,993 (16,211) Transaction costs in respect of sale of property business - (15,422) 8,198 Sale of trade investments (57) - 915 Other acquisitions and disposals (2,917) - 1,070 Net cash acquired with subsidiaries - 1,064 111,415 Net cash (outflow)/inflow for acquisitions and disposals (2,974) 126,112 (8,177) Equity dividends paid (7,094) (5,494) Management of liquid resources (4,030) Cash placed on deposit (21,999) (56,159) (1,269) Sale/(purchase) of US securities 2,652 1,125 (5,299) Net cash outflow from management of liquid resources (19,347) (55,034) Financing 163 Share options exercised 500 - 23,608 Bank loans drawn 113,930 22,955 (132,693) Repayment of bank loans (80,090) (86,894) (1,733) Capital element of finance lease and hire purchase repayments (968) (873) (110,655) Net cash inflow/(outflow) from financing 33,372 (64,812) (3,262) Increase/(decrease) in cash in the period 11 8,849 3,788 Notes to the interim report and accounts 30 September 2000 Segmental information 1 Group operating profit before depreciation, amortisation and reorganisation costs is analysed as follows: Year Six Six to months to months to 31 30 30 March September September 2000 2000 1999 £'000 £'000 £'000 32,745 Airports 26,146 20,029 1,318 Other operations 142 600 (6,252) Head office and US central costs (4,601) (2,443) 27,811 Group operating profit before depreciation, amortisation and reorganisation costs from continuing activities 21,687 18,186 2,772 Property - 2,691 2,772 Group operating profit before depreciation, amortisation and reorganisation costs from discontinued activities - 2,691 32,745 Airports 26,146 20,029 2,772 Property - 2,691 1,318 Other operations 142 600 (6,252) Head office costs (4,601) (2,443) 30,583 Group operating profit before depreciation, amortisation and reorganisation costs from all activities 21,687 20,877 2 Operating profit is analysed as follows: Year to Six months Six months 31 to to March 30 30 2000 September September 2000 1999 £'000 £'000 £'000 Group operating profit/(loss) 24,983 Airports 23,156 18,561 511 Other operations (468) 453 (6,489) Head office costs (4,897) (2,596) 19,005 Group operating profit from continuing operations 17,791 16,418 2,668 Property - 2,624 2,668 Group operating profit from discontinued operations - 2,624 Operating profit from all operations 24,983 Airports 23,156 18,561 2,668 Property - 2,624 511 Other operations (468) 453 (6,489) Head office costs (4,897) (2,596) 21,673 Total operating profit from all operations 17,791 19,042 3 Net interest expense Year to Six months Six months 31 to to March 30 30 2000 September September 2000 1999 £'000 £'000 £'000 Continuing operations 8,663 Interest payable on bank and similar loans 4,568 3,826 586 Interest on finance lease and hire purchase 290 316 arrangements 29 Bank charges 100 23 692 Group's share of joint ventures' interest 215 - charges (5,435) Interest receivable (1,788) (2,040) 4,535 3,385 2,125 Discontinued operations 632 Interest payable on bank and similar loans - 626 442 Debenture interest - 451 2 Interest on finance lease and hire purchase - - arrangements 48 Bank charges - 24 (21) Interest receivable - (26) 1,103 - 1,075 5,638 Total 3,385 3,200 4 Taxation on profit/(loss) on ordinary activities The taxation charge for the six months to 30 September 1999 and 30 September 2000 has been derived by applying the anticipated effective rate of taxation for the Group's current continuing and discontinued operations for the years ending 31 March 2000 and 31 March 2001. Year to Six months to Six months to 31 March 30 September 2000 30 September 2000 £'000 1999 £'000 £'000 Continuing operations 4,210 Airport and other operations 3,633 4,050 Discontinued operations (3,478) Property and other operations - (3,055) 732 Total 3,633 995 5 Dividends Year Six months to Six months to to 30 September 30 September 31 2000 1999 March £'000 £'000 2000 £'000 2,652 Interim proposed (0.70 pence) - payable on 2 3,557 2,652 January 2001 7,107 Final paid (1.4 pence) - paid on 7 August - - 2000 9,759 3,557 2,652 The interim dividend proposed in respect of the year ending 31 March 2001 will be payable to shareholders on the register on 1 December 2000. 6 Earnings per share Earnings per share have been calculated in accordance with FRS 14 'earnings per share' for all periods by dividing the profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period, based on the following information: Year Six months Six months to to to 31 30 30 March September September 2000 2000 1999 (5,223) Profit/(loss) attributable to shareholders (£'000) 10,716 (6,192) 11,252 Earnings from continuing operations (£'000) 10,716 10,243 476 Basic weighted average share capital (number of shares, million) 507 445 479 Diluted weighted average share capital (number of shares, million) 508 448 The difference between the basic and the diluted weighted average share capital is wholly attributable to outstanding share options. The calculation of earnings per share from continuing operations is based on the following analysis: Year to Six months Six months to to 31 March 30 30 September September 2000 2000 1999 £'000 £'000 £'000 Continuing operations 90,712 Turnover 70,063 40,167 20,510 Operating profit before reorganisation costs 17,791 16,418 (513) Non-recurring items* (57) - 19,997 Profit on ordinary activities before interest 17,734 16,418 and taxation (4,535) Net interest expense (3,385) (2,125) 15,462 Profit on ordinary activity before taxation 14,349 14,293 (4,210) Taxation on profit on ordinary activities (3,633) (4,050) 11,252 Profit for the financial period 10,716 10,243 Discontinued operations 5,390 Turnover - 5,383 2,668 Operating profit before reorganisation costs - 2,624 (21,518) Non-recurring items** - (21,039) (18,850) Loss on ordinary activities before interest and - (18,415) taxation (1,103) Net interest expense - (1,075) (19,953) Loss on ordinary activity before taxation - (19,490) 3,478 Taxation on loss on ordinary activities - 3,055 (16,475) Loss for the financial period - (16,435) Total operations (5,223) Profit/(loss) for the financial period 10,716 (6,192) * In the year to 31 March 2000 this includes reorganisation costs of £1.5 million and the profit recognised on the partial sale of Northern Territory Airports PTY Limited of £1.0 million. ** In the year to 31 March 2000 this relates to the loss on the sale of the property business and the loss on sale of investment properties. 7 Cash at bank and in hand 31 March 30 September 30 September 2000 2000 1999 £'000 £'000 £'000 936 Cash 9,897 8,001 12,516 Other bank deposits 32,303 62,060 13,452 42,200 70,061 Included within short term deposits are amounts of £4.5 million (US$6.6 million) (30 September 1999: £4.7 million (US$8.0 million)) which a subsidiary company is required to retain as restricted deposits to meet specified future operating costs and debt service. 8 Creditors - amounts falling due within one year 31 30 30 March September September 2000 2000 1999 £'000 £'000 £'000 7,977 Bank loans 512 46,039 605 US Industrial Development Revenue Bonds - Series 660 - 1995 1,742 Amounts due under finance lease and hire purchase arrangements 1,942 1,628 12,585 Trade creditors 12,753 11,652 4,522 Corporation tax 7,883 3,948 1,311 Taxation and social security 1,002 1,018 8,666 Other creditors 7,448 2,999 7,107 Dividends payable 3,570 2,683 8,092 Accruals and deferred income 11,579 15,078 52,607 47,349 85,045 9 Creditors - amounts falling due after more than one year 31 30 30 March September September 2000 2000 1999 £'000 £'000 £'000 68,441 Bank loans 112,668 78,359 19,247 US Industrial Development Revenue Bonds - Series 20,390 18,592 1995 5,945 Amounts due under finance lease and hire purchase arrangements 5,980 6,325 7,482 Other loans 7,577 8,412 7,228 Other creditors 5,410 4,987 108,343 152,025 116,675 10 Reconciliation of operating profit to net cash inflow from operating activities Year Six months Six months to to to 31 30 30 March September September 2000 2000 1999 £'000 £'000 £'000 21,673 Operating profit before taxation 17,791 19,042 792 Group's share of operating (profit)/loss of (1,293) - joint ventures 4,400 Depreciation 2,762 1,887 2,213 Amortisation 2,427 (52) (86) Release of deferred income (31) (44) (86) Profit on sale on tangible fixed assets - - (88) (Increase)/decrease in stock and development (2) 1,482 properties (23) Increase in debtors (5,986) (7,984) 417 (Decrease)/increase in creditors (1,535) (1,227) 29,212 Net cash inflow from operating activities 14,133 13,104 11 Reconciliation of net cashflow to movement in net debt Year Six Six to months to months to 31 30 30 March September September 2000 2000 1999 £'000 £'000 £'000 (3,262) Increase/(decrease) in cash in the period 8,849 3,788 110,818 Cash (inflow)/outflow from movement in debt, finance lease and hire purchase arrangements (32,872) 64,812 107,556 Changes in net debt resulting from cashflows (24,023) 68,600 (22,804) Debt acquired with purchase of subsidiary - (24,905) 360 Other bank deposits acquired with purchase of subsidiary - 360 20,000 Loan note in respect of the sale of property business - 20,000 5,299 Movements in other bank deposits during the period 19,347 55,034 - Write-off of unamortised debt issue costs - (1,111) (991) New finance lease and hire purchase arrangements (1,201) (397) (216) Exchange movements (3,667) 316 109,204 Movement in net debt during the period (9,544) 117,897 (187,191) Net debt at the beginning of the period (77,987) (187,191) (77,987) Net debt at the end of the period (87,531) (69,294) 12 Analysis of net debt Finance lease and Cash at Debt Debt hire bank and due due in hand Loan note Other purchase receivable bank within after deposits Sub one one arrangements Total total year year £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 31 March 936 20,000 12,516 33,452 (8,582)(95,170)(7,687)(77,987) 2000 Cashflow 8,849 - 19,347 28,196 (101) 33,739) 968 (4,676) Non-cash - - - - 7,679 (7,679)(1,201) (1,201) changes Exchange 112 - 440 552 (172) (4,047) - (3,667) movements At 30 9,897 20,000 32,303 62,200(1,176) (140,635)(7,920)(87,531) September 2000 At 31March 4,240 - 6,796 11,036(11,070)(178,728)(8,429)(187,191) 1999 Cashflow 3,788 - 55,034 58,822 (18,855) 82,794 873 123,634 Acquisitions - - 360 360 - (24,905) - (24,545) Non-cash - 20,000 - 20,000 (16,114) 15,003 (397) 18,492 changes Exchange (27) - (130) (157) - 473 - 316 movements At 30 8,001 20,000 62,060 90,061 (46,039)(105,363)(7,953)(69,294) September 1999 At 31 March 4,240 - 6,796 11,036(11,070)(178,728)(8,429)(187,191) 1999 Cashflow (3,262) - 5,299 2,037 19,115 89,970 1,733 112,855 Acquisition - - 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 March 936 20,000 12,516 33,452 (8,582) (95,170) (7,687)(77,987) 2000 Additional financial information Year Six Six to months to months to 31 30 30 March September September 2000 2000 1999 £'000 £'000 £'000 Total operating profit before depreciation, amortisation and reorganisation costs 17,664 Belfast International 12,535 11,587 9,713 Cardiff International 8,801 6,946 873 Orlando Sanford 1,811 1,283 (111) Stockholm Skavsta (236) 213 1,625 Bolivia 1,506 - - Costa Rica (185) - 1,803 Airport Services 1,142 - 516 Airport - North America 435 - 662 Management 337 - 102 - Australia and UK (894) - Share of operating result of joint ventures - Australia (25) - - Share of operating result of joint ventures - UK 1,318 - 31,953 Total - airports division 27,439 20,029 1,318 Other operations 142 600 2,772 Property - 2,691 (6,252) Head office and US central costs (4,601) (2,443) 29,791 Total operating profit before depreciation, 22,980 20,877 amortisation and reorganisation costs (4,400) Depreciation (2,762) (1,887) (2,213) Amortisation (2,427) 52 (1,505) Reorganisation costs - - 21,673 Profit before interest, taxation and non-recurring 17,791 19,042 items (20,526)Non-recurring items (57)(21,039) (5,638) Net interest expense (3,385) (3,200) (4,491) Profit/(loss) on ordinary activities before taxation 14,349 (5,197) (732) Taxation on profit/(loss) on ordinary activities (3,633) (995) (5,223) Profit/(loss) attributable to shareholders 10,716 (6,192) 13,465 Profit/(loss) attributable to shareholders from 13,143 10,191 continuing operations before amortisation 2.83p Earnings per share attributable to shareholders from 2.59p 2.29p continuing operations before amortisation Corporate operational information Airport ownership with a controlling interest Six Six Six Six Six Six months months months months months months 30 Sept 30 Sept 30 Sept 30 Sept 30 30 Sept Sept 2000 1999 2000 1999 1999 2000 Belfast Cardiff International International Orlando Airport Airport Sanford Total passengers Charter 651,783 593,747 807,392 672,555 595,050 564,190 Scheduled 1,173,323 1,193,712 189,364 171,610 49,244 - Transit 15,668 19,683 9,819 18,420 88,502 61,616 Total 1,840,774 1,807,142 1,006,575 862,585 732,796 625,806 Terminal Passengers Spend per head £1.28 £1.32 £2.34 £2.93 £4.78 £3.69 Net passenger supplement per head £4.94 £4.74 £5.97 £5.38 £1.75 £1.40 Total £6.22 £6.06 £8.31 £8.31 £6.53 £5.09 Charter services Number of tour operators 20 19 31 28 16 15 Number of seats (capacity) 760,000 690,000 874,000 764,000 603,000 594,000 New charter destinations 3 4 - - 5 - Scheduled services Number of major airlines 10 10 4 4 1 - Number of seats (capacity) 1,852,000 1,708,000 321,000 281,000 75,394 - Freight tonnage 22,585 19,879 1,464 1,466 5,556 5,558 Some of the 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, Edinburgh, Glasgow, 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, St. Louis and Teesside. Corporate operational information Airport ownership with a controlling interest (continued) Six months Six months Six Six months months 30 Sept 30 Sept 30 Sept 30 Sept 2000 1999 1999 2000 Stockholm Skavsta Airport Bolivian Airports Total passengers Charter 3,507 10,190 - - Scheduled 149,814 121,356 525,623 552,286* Transit 3,191 4,246 190,264 190,334* Total 156,512 135,792 715,887 742,620* Terminal Passengers Spend per head £3.04 £3.45 £2.99 £2.06* Net passenger supplement per £0.41 £0.50 £4.51 £3.92* head Total £3.45 £3.95 £7.50 £5.98* Charter services Number of tour operators 1 5 - - Number of seats (capacity) 3,880 13,038 - - New charter destinations - 4 - - Scheduled services Number of major airlines 3 2 10 9 Number of seats (capacity) 222,690 161,034 1,321,695 1,362,090* Freight tonnage 10,418 13,889 12,492 12,228* Some of the services from Stockholm Skavsta Airport - London Stansted, Malmo, Preveza and Visby. Some of the services from the Bolivian Airports - Asuncion, Buenos Aires, Cancun, Lima, Mexico City, Miami, Panama City, Rio de Janeiro, Santiago and Sao Paulo. * This information is for the six months to 30 September 1999 which was prior to the acquisition by TBI.

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