Interim Results
TBI PLC
19 November 2001
PART 1
19 November 2001
TBI plc
Interim Results for the six months ended 30 September 2001
TBI plc, the owner and operator of regional airports and related businesses
announces interim results for the six months ended 30 September 2001.
Highlights Six months to Six months to
30/09/01 30/09/00
Group Operating profit * (£m) +83.8% 39.7 21.6
Earnings per share ** +41.8% 2.95p 2.08p
* before depreciation, amortisation and exceptional and non-recurring
costs
** before amortisation, exceptional and non-recurring items
o Group passenger numbers on a like-for-like basis up 6%.
- London Luton - up 6%.
- Cardiff International - up 3%
- Belfast International - up 18%
o Interim dividend unchanged at 0.70p.
o New 20 year agreement with easyJet at London Luton Airport provides
continuity.
o Group Board strengthened further with the appointment of Paul Kehoe,
managing director of London Luton Airport.
Commenting on prospects, Keith Brooks, Chief Executive said:
'Despite the uncertainty in the aviation industry following September 11,
short haul traffic accounts for 97% of TBI's UK airports' passengers and has
continued to increase, driven primarily by the growth of the low cost carriers
replacing the flag carriers. TBI is well positioned to take advantage of the
changing trends in the aviation industry and I believe that the outlook for
our business is encouraging'.
Enquiries:
TBI 020 7408 7300
Keith Brooks
Caroline Price
Buchanan Communications 020 7466 5000
Charles Ryland / Jeremy Garcia
The period under review has been the most dramatic in the history of TBI. The
tragic events of 11 September 2001 have had a fundamental impact on the
industry in which we operate. The economic and political consequences of the
terrorist actions were, for TBI, overlaid by a hostile bid for the Company
which began before, but lapsed after, 11 September.
Trading performance for the period was good, despite the closure of airports
in the USA for four days and the residual consequences of the foot and mouth
epidemic in the UK. Group operating profit (before depreciation, amortisation
and exceptional and non-recurring items) for the airports division increased
by 60% to almost £42 million and, whilst that included earnings from London
Luton on a consolidated basis for the first time, it still reflects a robust
underlying performance. This is reflected in an increase in adjusted earnings
per share of 42% to 2.95p and an overall increase in passenger numbers (on a
like for like basis) of 6%. Taking into account this strong performance, the
Board has decided to maintain the interim dividend at 0.70p. The dividend will
be paid on 2 January 2002 to those shareholders who were on the register at 30
November 2001.
Board appointment
To strengthen further the Board's depth of experience within the aviation
industry, we are delighted to announce the appointment of Paul Kehoe to the
Board, with effect from 19 November 2001. Paul, aged 42, is currently managing
director of London Luton Airport and was previously managing director of
Belfast International Airport. Paul has over ten years' direct experience of
the aviation industry and has been with TBI since 1997. He previously held
senior positions in aviation with Serco Group plc and British Aerospace plc.
Airport Ownership
London Luton - 71% owned
On 21 March 2001, TBI increased its stake in London Luton Airport to 71% and
the airport's performance reflects its having been under our full control for
the first time throughout the period. The results are very encouraging,
showing operating profit before depreciation, amortisation and non-recurring
items of £14.7 million compared with our share of the equity accounted
results, £1.3 million, for the corresponding period last year. The major
contributor to Luton's improved performance was the revised charging
arrangements with easyJet which are now embraced in a long term agreement. The
agreement took effect from 1 October 2001 and governs the terms of easyJet's
use of London Luton Airport for the next 20 years, including landing charges
for existing easyJet traffic volumes at a similar level to those currently
enjoyed, for the duration of the new contract. In addition, the agreement
offers a reduced landing charge for any growth in traffic as an incentive to
easyJet to increase passenger numbers. The agreement also covers operational
service levels, which we believe will enhance the operational effectiveness of
London Luton.
We are continuing negotiations with easyJet with regard to the level of future
growth. These discussions include improvements to road access and development
of airport infrastructure in relation to which easyJet, London Luton Airport
and Luton Borough Council are holding continuing negotiations. All parties are
optimistic that opportunities can be created that provide for significant
further expansion of London Luton Airport, although no announcement is
expected for some months.
Other factors contributing to the airport's good performance included an
overall increase of 6% in passenger numbers and the initial impact of a major
cost saving exercise, which is still under way. This has been a good start,
but there is still much to achieve if London Luton is to realise its full
potential and ensure that its organisation and operations are as efficient as
possible.
Belfast International - 100% owned
Our Belfast airport suffered most from the foot and mouth epidemic in the UK
and this continued to have an effect on passenger numbers during the summer.
Nevertheless, passenger numbers for the period increased by 18%, reflecting
significant increases in passengers travelling with 'low cost' airlines. The
different use of the airport and different terms and conditions applicable to
these rapidly growing airlines meant that operating profit before
depreciation, amortisation and non-recurring items for the period increased by
3% to £12.9 million.
In August 2001, when British Midland decided to move its Heathrow and East
Midlands services from Belfast International, we announced that in the worst
case, assuming no allowance for replacement revenues, there would be a
reduction in profit before tax of £2 million for the year to 31 March 2002 and
£6 million for the year to 31 March 2003. In the weeks that followed, we made
significant progress in replacing the British Midland passenger volume, with
both easyJet and Go Fly commencing operation of routes from Belfast
International to Scotland, which on an annualised basis represent additional
capacity of more than one million seats.
Whilst we were disappointed by the withdrawal of British Airways' services
from Belfast International, we firmly believed that the 350,000 passengers
affected would still need a route between Northern Ireland and London. Indeed,
we announced on 27 September that we would be discussing this situation with
other carriers. Further to these discussions, British Midland announced on 5
October that it would reinstate four daily services between Belfast
International and Heathrow. British Midland is now offering just under 400,000
seats on the Heathrow service from Belfast International which goes a long way
to replacing the British Airways service. The British Midland decision
underlines the obvious demand by the travelling public to use the excellent
facilities and infrastructure offered by Belfast International.
It is interesting to reflect that, while the decisions outlined above were
only implemented after the end of the period, British Midland and British
Airways passenger numbers out of Belfast were already in relative decline
during the six months in question.
Cardiff - 100% owned
Cardiff once again had a good six months with operating profit before
depreciation and amortisation increasing by 7% to £9.4 million. This was
achieved through an increase of 3% in passenger numbers and an encouraging
increase of 15% in spend per head. The relatively modest overall growth in
passenger numbers is not surprising having regard to the spectacular growth of
17% in the similar period last year. This relative consolidation was most
apparent on the charter side of the business, compared with the scheduled
element which grew by 14%.
Bolivia - 100% owned
Another respectable earnings return from our South American operations, where
operating profit before depreciation, amortisation and non-recurring items
increased by 24% to £1.9 million for this six month period. Our Bolivian
airports are well-managed businesses in a developing country and, while such
relative per capita poverty does not wholly immunise the businesses from world
events and cyclical economics, it does mean that its performance from such a
low base is less affected by such matters.
Orlando Sanford - 100% owned
There was a steady earnings contribution by this airport - despite its
closure for four days from 11 September. The international prospects for this
business will undoubtedly reflect the transatlantic sensitivity to recent
world events. During the period under review, however, the most dynamic
performance indicator was the growth in domestic traffic which, albeit from a
low base, more than doubled to 119,000 passengers during the period. This
level of growth underpins our belief that Orlando Sanford has the potential to
provide the greater Orlando area with a genuine overspill airport; such
airports being commonplace in other US conurbations of similar size. Overall
passenger numbers grew 15% to 839,000 for the six months.
Stockholm Skavsta - 90% owned
This airport registered a loss of £0.7 million for the period which is a
simple reflection that its cost base exceeded the income derived from
aeronautical activities. In short, the terms and conditions for our airline
customers, taking into account the number of passengers handled, make Skavsta
uneconomic at present. As a result, the Board is critically analysing the cost
base and reviewing the relationship with Ryanair, whose current agreement ends
in February 2002. On a positive note, Finnair commenced a four times daily
flight to Helsinki from 29 October 2001, an indication of the potential which
is clearly evident at this airport.
Airport Services and Airport Management
Our North American Airport Management business produced a similar level of
contribution (on a like for like basis) to last year. Airport Services,
however, has been materially affected by the aftermath of the events of 11
September and that is the major reason for the reduction of £0.5 million in
operating profit before depreciation and amortisation to £0.6 million. Whilst
that is a concern, it has to be put in the context of the small percentage
contribution to the Group emanating from this business.
Prospects
The aviation industry is in a position of uncertainty, and has experienced a
significant downturn in business since 11 September. From a UK perspective,
the majority of that downturn related to long haul and, in particular,
transatlantic traffic. For TBI, however, the lion's share of our earnings
(approximately 90%) comes from our UK businesses and long haul and
transatlantic traffic accounts for less than 3% of passengers handled by those
airports. That relative immunity to the current slow down is evidenced by
passenger numbers from our UK airports, which are demonstrating considerable
resilience. In overall terms, the number of passengers handled by our UK
businesses for the month of October 2001 is 9% higher than in October last
year. Of particular relevance is Belfast International Airport which, from 28
October, lost the British Airways service to Heathrow and part of the British
Midland services operating from that airport. Despite these losses, passenger
numbers for the week commencing 29 October this year were more than 13% ahead
of those for the same week in the year 2000. The reason is that the market gap
created by the departure of the flag carriers was more than filled by low-cost
carriers. That kind of replacement is likely to be a recurring phenomenon in
the UK aviation industry. We are well positioned to take advantage of these
changing trends and believe that the outlook for our business is encouraging.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2001
Restated Restated
Year to Six Six
31 March months to months to
30 30
2001 September September
£'000 Notes 2001 2000
£'000 £'000
139,145 Turnover: Group and share of joint ventures 107,715 78,220
(14,037) Less: share of joint ventures' turnover - (8,157)
125,108 Group turnover 2.1 107,715 70,063
(29,670) Cost of sales (14,152) (14,169)
95,438 Gross profit 93,563 55,894
(74,127) Administrative expenses (70,807) (39,453)
31,493 Group operating profit before depreciation,
amortisation and exceptional costs 2.2 38,716 21,630
(5,558) Depreciation (5,957) (2,762)
(4,624) Amortisation (4,003) (2,427)
21,311 Group operating profit before exceptional 28,756 16,441
costs
- Exceptional costs (6,000) -
21,311 Group operating profit 2.3 22,756 16,441
(906) Share of operating profit/(loss) in joint - 1,293
ventures
21,311 Group operating profit 22,756 16,441
539 Share of operating profit in joint ventures - 1,293
before exceptional items
21,850 Total operating profit before exceptional 22,756 17,734
items in joint ventures: Group and share of
joint ventures
(1,445) Share of exceptional loss in joint ventures - -
20,405 Total operating profit: Group and share of 22,756 17,734
joint ventures
- Profit on sale of investments and joint 4,940 -
ventures
(7,228) Net interest expense 3 (6,339) (3,385)
13,177 Profit on ordinary activities before 21,357 14,349
taxation
(5,730) Taxation on profit on ordinary activities 4 (9,218) (6,239)
7,447 Profit on ordinary activities after taxation 12,139 8,110
- Equity minority interests (1,673) -
7,447 Profit for the financial period 6 10,466 8,110
(11,686) Dividends 5 (3,912) (3,557)
(4,239) Retained profit/(loss) for the period 6,554 4,553
1.46p Earnings per share 6 1.87p 1.59p
1.46p Diluted earnings per share 6 1.87p 1.59p
2.67p Earnings per share before amortisation and 6 2.95p 2.08p
exceptional and non-recurring items
The results on an historical cost basis and the consolidated statement of
total recognised gains and losses are shown below. All the results shown above
are derived from continuing operations.
CONSOLIDATED BALANCE SHEET
30 September 2001
Restated Restated
31 March 30 30
September September
2001 Notes 2001 2000
£'000 £'000 £'000
Fixed assets
150,128 Goodwill 145,804 80,656
(5,730) Negative goodwill (5,680) (5,780)
13,747 Other intangible assets 11,929 13,615
158,145 Intangible assets 152,053 88,491
225,273 Tangible assets 221,669 142,160
127,682 Investment properties 127,742 113,525
Investments in joint ventures
4,296 - share of gross assets - 32,625
(3,086) - share of gross liabilities - (24,762)
1,210 - 7,863
22,568 Trade investments - 24,127
23,778 Investments - 31,990
534,878 501,464 376,166
Current assets
1,206 Stock 1,017 785
54,322 Debtors 68,452 64,458
27,646 Cash at bank and in hand 7 24,932 42,200
83,174 94,401 107,443
Current liabilities
(64,612) Creditors - amounts falling due within one 8 (61,401) (46,063)
year
18,562 Net current assets 33,000 61,380
553,440 Total assets less current liabilities 534,464 437,546
(231,717) Creditors - amounts falling due after more 9 (199,522) (152,025)
than one year
(2,694) Accruals and deferred income (2,548) (2,922)
(12,782) Provisions for liabilities and charges (18,454) (10,568)
306,247 Net assets 313,940 271,031
Capital and reserves
55,889 Called up share capital 55,889 50,790
166,611 Share premium account 166,611 136,709
49,634 Capital reserve 49,634 49,634
14,681 Revaluation reserve 14,681 3,391
23,819 Profit and loss account 29,839 30,210
310,634 Equity shareholders' funds 13 316,654 270,734
(4,387) Equity minority interests (2,714) 1,297
306,247 Capital employed 313,940 272,031
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2001
Year to Notes Six Six
31 March months to months to
30 30
2001 September September
£'000 2001 2000
£'000 £'000
25,834 Net cash inflow from operating activities 10 13,790 14,133
Returns on investments and servicing of
finance
3,417 Interest received 4,772 1,719
(8,815) Interest paid (8,886) (4,812)
(540) Interest element of finance lease and hire (249) (290)
purchase repayments
(5,938) Net cash outflow from returns on (4,363) (3,383)
investments and servicing of finance
(1,085) Taxation (1,420) (272)
Capital expenditure and financial
investment
(11,206) Additions to tangible fixed assets (2,832) (5,106)
9,250 Sale of investment properties - -
(5,363) Additions to investment properties (1,216) (2,663)
757 Sale of tangible fixed assets 75 60
1,922 Grant received - 2,123
Net cash outflow for capital expenditure (3,973) (5,586)
(4,640) and financial investment
Acquisitions and disposals
(60,931) Purchase of subsidiaries (including costs - -
of acquisition)
- Sale of trade investments and joint 28,823 -
ventures
(4,878) Other acquisitions and disposals (1,113) (2,974)
65 Net cash acquired with subsidiaries - -
(65,744) Net cash inflow/(outflow) for acquisitions 27,710 (2,974)
and disposals
(10,664) Equity dividends paid (8,129) (7,094)
Management of liquid resources
(8,518) Cash withdrawn from/(placed on) deposit 8,441 (21,999)
2,231 Sale of US securities 707 2,652
Net cash inflow/(outflow) from management 9,148 (19,347)
(6,287) of liquid resources
Financing
35,501 Shares issued - 500
227,690 Bank loans drawn down 4,108 113,930
(189,640) Repayment of bank loans (29,006) (80,090)
(1,979) Capital element of finance lease and hire (1,090) (968)
purchase repayments
71,572 Net cash (outflow)/inflow from financing (25,988) 33,372
3,048 Increase in cash in the period 11 6,775 8,849
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 September 2001
Restated Restated
Year to Six months Six months
31 March to to
30 30
2001 September September
£'000 2001 2000
£'000 £'000
7,447 Profit for the financial period 10,466 8,110
(2,748) Exchange differences on overseas investments (534) (1,432)
11,290 Unrealised surplus on revaluation of investment - -
properties
15,989 Total net gain for the period 9,932 6,678
- Prior year adjustment - in respect of FRS 19 (4,552) -
(894) - in respect of UITF 24 - -
15,095 Total gain recognised in the period 5,380 6,678
Historical cost profits and losses
For the six months ended 30 September 2001
Restated Restated
Year to Six months Six months
31 March to to
30 September 30
2001 September
2001 2000
£'000 £'000 £'000
13,177 Profit on ordinary activities before taxation 21,357 14,349
(5,730) Taxation on profit on ordinary activities (9,218) (6,239)
7,447 Historical cost profit on ordinary activities after 12,139 8,110
taxation
(11,686) Dividends (3,912) (3,557)
(4,239) Retained historical cost profit/(loss) for the 8,227 4,553
period
NOTES TO THE INTERIM REPORT AND ACCOUNTS
30 September 2001
1 Basis Of Preparation
Except for the implementation of FRS 19, 'deferred tax', the interim report
and accounts have 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 2001. FRS 19 requires full provision to be made for deferred tax arising
from timing differences between the recognition of gains and losses in the
financial statements and their recognition in tax computations. In adopting
FRS 19 the Group has chosen not to discount deferred tax assets and
liabilities.
The interim report and accounts are unaudited but have been formally reviewed
by the auditors and their report is set out on page 17. The information shown
for the year ended 31 March 2001 does not constitute full financial statements
within the meaning of Section 240 of the Companies Act 1985 and has been
extracted from the full financial statements for the year ended March 2001
filed with the Registrar of Companies. The report of the auditors on these
accounts was unqualified and did not contain a statement under section 237(2)
or section 237(3) of the Companies Act 1985.
The fair value provisions established on the acquisition of London Luton
Airport Group Limited remain provisional as at 30 September 2001 and the
formal review will be completed by 31 March 2002.
2 Segmental information
The segmental information provided below incorporates minor reclassifications.
Airport Ownership relates to airports which are either owned or operated
under long term agreements.
2.1. Group turnover is analysed as follows:
Year to Six months to Six months to
31 March 30 September 30 September
2001 2001 2000
£'000 £'000 £'000
54,995 Airport Ownership Traffic income 52,099 33,842
16,914 Commercial income 26,861 9,948
9,430 Tenant income 7,915 4,490
32,355 Airport Services 15,484 15,474
3,125 Airport Management 1,960 1,380
116,819 Airport operations 104,319 65,134
8,289 Other operations 3,396 4,929
125,108 Group turnover from all operations 107,715 70,063
2.2. Group operating profit before depreciation, amortisation and
exceptional costs is analysed as follows:
Restated Restated
Year to Six Six
31 March months to months to
30 30
2001 September September
£'000 2001 2000
£'000 £'000
34,428 Airport Ownership 39,793 24,414
1,693 Airport Services 628 1,145
1,500 Airport Management 1,394 587
37,621 Airport operations 41,815 26,146
308 Other operations 612 142
(6,853) Head office and US central costs (2,743) (4,658)
417 Non-recurring items (Note 2.4) (968) -
31,493 Group operating profit before depreciation, 38,716 21,630
amortisation and exceptional costs
2.3 Group operating profit is analysed as follows:
Restated Restated
Year to Six months to Six months to
31 March 30 September 30 September
2001 2001 2000
£'000 £'000 £'000
28,938 Airports 32,540 21,863
(692) Other operations 60 (468)
(7,352) Head office and US central costs (2,876) (4,954)
- Exceptional costs (6,000) -
417 Non-recurring items (Note 2.4) (968) -
21,311 Group operating profit 22,756 16,441
The exceptional costs shown above represent the defence costs arising from the
take-over bid by Vinci SA.
2.4 Non-recurring items are analysed as follows:
Year Six Six
to months to months to
31 30 30
March September September
2001 2001 2000
£'000 £'000 £'000
(844) Litigation recoveries/(costs) relating to 74 -
discontinued operations and periods prior to
acquisition by the Group
- Reorganisation costs (1,685) -
1,936 Release of fair value litigation provisions no longer - -
required
(675) Release of provision/(provision) against reimbursable 1,049 -
third party development costs
- Costs associated with failure of insurer (406) -
417 (968) -
2.5 Net assets are analysed as follows:
Restated 31 March Restated
2001 30 September 30 September
£'000 2001 2000
£'000 £'000
450,062 Airports 438,707 325,082
40,462 Other operations 33,684 34,480
(184,277) Net debt (Note 12 ) (158,451) (87,531)
306,247 313,940 272,031
The net assets of other operations include hotel, aircraft and head office
assets and liabilities.
3 Net interest expense
Year to Six Six
31 months to months to
March 30 30
September September
2001 2001 2000
£'000 £'000 £'000
8,988 Interest payable on bank and similar loans 7,277 4,568
540 Interest on finance lease and hire purchase 250 290
arrangements
266 Bank charges 338 100
494 Write-off of unamortised issue costs on bank - -
facilities replaced by new facilities
1,334 Group's share of joint ventures' interest charges - 215
(4,394) Interest receivable (1,526) (1,788)
7,228 Total 6,339 3,385
4 Taxation on profit on ordinary activities
The taxation charge for the six months to 30 September 2000 and 30 September
2001 has been derived by applying the anticipated effective rate of taxation
for the Group's operations for the years ending 31 March 2001 and 31 March
2002 respectively.
Restated Restated
Year to Six months to Six months to
31 March 30 September 2001 30 September 2000
2001 £'000 £'000
£'000
2,402 Corporation tax 1,678 3,633
3,328 Deferred taxation 7,540 2,606
5,730 Total 9,218 6,239
The Group has reviewed its treatment of deferred taxation following the
introduction of FRS 19. As a result:
* net assets have decreased by £2.9 million as at 31 March 2001 and
by £4.9 million as at 30 September 2000
* profit for the financial period has decreased by £2.2 million for
the year ended 31 March 2001 and by £2.6 million for the six months
ended 30 September 2000
5 Dividends
Year Six months to Six months
to 30 September to
31 2001 30
March September
2001 £'000 2000
£'000 £'000
3,557 Interim proposed (0.70 pence) - payable on 2 3,912 3,557
January 2002
8,129 Final paid (1.60 pence) - paid on 10 August - -
2001
11,686 3,912 3,557
The interim dividend proposed in respect of the year ending 31 March 2002 will
be payable to shareholders on the register on 30 November 2001.
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 for the period by the
weighted average number of ordinary shares in issue during the period, based
on the following information:
Restated Restated
Year to Six Six
31 March months to months to
2001 30 30
September September
2001 2000
7,447 Profit attributable to shareholders (£'000) 10,466 8,110
13,593 Earnings before amortisation and exceptional and 16,497 10,537
non-recurring items (£'000)
509 Basic weighted average share capital (number of 559 507
shares, million)
510 Diluted weighted average share capital (number of 560 508
shares, million)
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 before amortisation and exceptional and
non-recurring items is based on the following analysis:
Restated Restated
Year to Six months Six months
31 March to to
2001 30 30
September September
2001 2000
£'000 £'000 £'000
7,447 Profit for the financial period 10,466 8,110
4,624 Amortisation 4,003 2,427
- Exceptional costs 6,000 -
1,522 Non-recurring items* 968 -
- Profit on sale of investments and joint (4,940) -
ventures**
13,593 16,497 10,537
* This amount in the year ended 31 March 2001 includes the non-recurring
items of £(0.4) million shown in Note 2.4, the Group's share of the
exceptional loss in joint ventures of £1.4 million and the write-off of
unamortised issue costs of £0.5 million in respect of replaced bank
facilities.
** This is in respect of the disposal of the Group's Australian airport
interests and assets.
7 Cash at bank and in hand
31 March 30 September 30 September
2001 2001 2000
£'000 £'000 £'000
4,063 Cash 10,716 9,897
23,583 Other bank deposits 14,216 32,303
27,646 24,932 42,200
Included within other bank deposits are amounts of:
* £4.0 million ($6.5 million) (30 September 2000: £4.5 million ($6.6
million)) which a subsidiary company is required to retain as restricted
deposits to meet specified future operating costs and debt service
* £1.7 million (30 September 2000: £nil) which a subsidiary company is
required to maintain as a restricted deposit until certain capital expenditure
is incurred
8 Creditors - amounts falling due within one year
Restated Restated
31 March 30 30
2001 September September
2001 2000
£'000 £'000 £'000
2,109 Bank loans 5,229 516
765 US Industrial Development Revenue Bonds - Series 802 660
1995
1,886 Amounts due under finance lease and hire purchase 2,085 1,940
arrangements
19,615 Trade creditors 16,987 12,753
6,376 Corporation tax 7,041 6,597
1,883 Taxation and social security 1,889 1,002
10,289 Other creditors 10,708 7,446
8,129 Dividends payable 3,912 3,570
13,560 Accruals and deferred income 12,748 11,579
64,612 61,401 46,063
9 Creditors - amounts falling due after more than one year
31 30 30
March September September
2001 2001 2000
£'000 £'000 £'000
188,435 Bank loans 157,708 112,668
20,915 US Industrial Development Revenue Bonds - Series 19,562 20,390
1995
5,113 Amounts due under finance lease and hire purchase 5,328 5,980
arrangements
12,700 Other loans 12,669 7,577
4,554 Other creditors 4,255 5,410
231,717 199,522 152,025
10 Reconciliation of operating profit to net cash inflow from
operating activities
Year to Six months Six months
31 to to
March 30 30
September September
2001 2001 2000
£'000 £'000 £'000
20,405 Total operating profit before taxation 22,756 17,791
906 Group's share of operating (profit)/loss of - (1,293)
joint ventures
5,558 Depreciation 5,957 2,762
4,624 Amortisation 4,003 2,427
(58) Release of deferred income (26) (31)
(255) Decrease/(increase) in stock 169 (2)
372 (Increase)/decrease in debtors (14,750) (5,986)
(5,718) Decrease in creditors and provisions (4,319) (1,535)
25,834 Net cash inflow from operating activities 13,790 14,133
11 Reconciliation of net cashflow to movement in net debt
Year to Six Six
31 March months to months to
2001 30 30
£'000 September September
2001 2000
£'000 £'000
3,048 Increase in cash in the period 6,775 8,849
(36,071) Cash inflow/(outflow) from movement in debt, 25,988 (32,872)
finance lease and hire purchase arrangements
(33,023) Changes in net debt resulting from cashflows 32,763 (24,023)
(79,038) Debt acquired with purchase of subsidiary - -
4,200 Other bank deposits acquired with purchase of - -
subsidiary
6,287 Movements in other bank deposits during the (9,148) 19,347
period
(736) Non-cash changes (236) -
(1,291) New finance lease and hire purchase arrangements (1,504) (1,201)
(2,689) Exchange movements 3,951 (3,667)
(106,290) Movement in net debt during the period 25,826 (9,544)
(77,987) Net debt at the beginning of the period (184,277) (77,987)
(184,277) Net debt at the end of the period (158,451) (87,531)
12 Analysis of net debt
Finance
lease and
Cash Other Debt due Debt due hire
at bank within after one purchase
bank Loan note deposits Sub one year year arrange
and in receivable total ments Total
hand
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At
31 March
2001 4,063 20,000 23,583 47,646 (2,874) (222,050) (6,999) (184,277)
Cashflow 6,775 - (9,148) (2,373) (2,312) 27,210 1,090 23,615
Non-cash
changes - - - - (839) 603 (1,504) (1,740)
Exchange
movements(122) - (219) (341) (6) 4,298 - 3,951
At 30
September
2001 10,716 20,000 14,216 44,932 (6,031) (189,939) (7,413) (158,451)
At 31 March
2000 936 20,000 12,516 33,452 (8,582) (95,170) (7,687) (77,987)
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
movements 112 - 440 552 (172) (4,047) - (3,667)
At 30
September
2000 9,897 20,000 32,303 62,200 (1,176) (140,635) (7,920) (87,531)
At 31 March
2000 936 20,000 12,516 33,452 (8,582) (95,170) (7,687) (77,987)
Cashflow 3,048 - 6,287 9,335 187,355 (225,405) 1,979 (26,736)
Acquisitions - - 4,200 4,200 - (79,038) - (74,838)
Non-cash - - - - (181,463) 180,727 (1,291) (2,027)
changes
Exchange
movements 79 - 580 659 (184) (3,164) - (2,689)
At 31 March
2001 4,063 20,000 23,583 47,646 (2,874) (222,050)(6,999) (184,277)
13 Reconciliation of movement in equity shareholders' funds
Restated Restated
Year to Six Six
31 March months to months to
2001 30 30
£'000 September September
2001 2000
£'000 £'000
9,675 Profit attributable to shareholders as previously 10,466 10,716
stated
(2,228) Prior year adjustment in respect of FRS 19 - (2,606)
7,447 Profit attributable to shareholders as restated 10,466 8,110
(11,686) Dividends (3,912) (3,557)
(4,239) Retained profit/(loss) for the period 6,554 4,553
35,501 Issue of shares in period - 500
11,290 Surplus on revaluation of investment properties - -
(2,748) Exchange differences on overseas investments (534) (1,432)
3,717 Reversal of equity accounted results of LLAG upon - -
transfer to a subsidiary of the Group
43,521 Net addition to equity shareholders' funds 6,020 3,621
269,437 Opening equity shareholders' funds as previously 310,634 269,338
reported
(2,324) Prior year adjustment - in respect of FRS 19 - (2,324)
- in respect of UITF 24 - 99
267,113 Opening equity shareholders' funds as restated 310,634 267,113
310,634 Closing equity shareholders' funds 316,654 270,734
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