Interim Results
TBI PLC
19 November 2002
TBI PLC
Interim results for the six months ended 30 September 2002
The TBI Group is one of the UK's leading airport operators. It owns and operates
London Luton, Belfast International and Cardiff International Airports. The
Group also owns and/or operates a number of overseas airports and
airport-related businesses.
SUMMARY
• Total group turnover: £99.7 million (2001: £107.7 million)
• EBITDA before exceptional items: £33.9 million (2001: £39.7 million)
• Profit before taxation*: £18.0 million (2001: £23.4 million)
• Earnings reductions are primarily attributable to the loss of the
flag-carriers from Belfast International Airport, which we announced in
August/September 2001
• Earnings per share: 1.34p (2001: 1.87p)
• Earnings per share before amortisation and exceptional items: 2.62p
(2001: 2.95p)
• Unchanged interim dividend of 0.7p per share
* before exceptional charges, including £2.6 million relating to the sale of the
property business in the current year
Keith Brooks, Chief Executive, comments:
'The airline industry as a whole is at a key point in its evolution, with
national carriers being forced to fight the rapid growth of the low cost
carriers by adopting many of their operational and marketing techniques. We have
adapted quickly to the changing needs of our airline customers and passengers
alike. Indeed, we anticipate significant short term growth from low cost
carriers at our European airports. Whilst there will inevitably be some delay
before we feel the full benefit of new operators and routes, the network of
routes already committed to our airport portfolio gives us confidence in the
prospects for the Group.'
19 November 2002
ENQUIRIES:
TBI plc Today: 020 7457 2020
Keith Brooks, Chief Executive Thereafter: 020 7408 7300
Caroline Price, Finance Director
College Hill Tel: 020 7457 2020
Gareth David
Justine Warren
TBI plc
Interim Results for the six months ended 30 September 2002
OVERVIEW
At the time of our preliminary results announcement in June, and again at the
time of our AGM in August, we anticipated that the current year was likely to be
one of consolidation, given the previous year's substantial progress and the
fundamental changes taking place in the airline industry.
Our cautious stance has been borne out by these results for the six months to 30
September.
Whilst the development of new routes and the attraction of new operators to our
airports offer the prospect of growing revenues and profits in the medium term,
the reduction in revenues and earnings during this period reflects the
significant loss of traditional scheduled traffic that we announced in the late
summer of 2001, notably at Belfast International Airport. The brunt of the
impact of this loss was reflected in the first half of the financial year.
Foremost among the changes affecting our business has been the rapid growth of
the low cost airlines, in part at the expense of charter traffic and of the '
full-service' scheduled carriers. The proportion of our terminal passengers
accounted for by low cost carriers has risen by 25% compared to the comparable
period last year and now accounts for 49% (2001: 39%) of our total terminal
passengers, while charter traffic has reduced to 31% of the total (2001: 35%)
and scheduled to 20% (2001: 26%). During the past six months we have been
highly successful in securing a significant share of the growing UK low cost
airline business. Notable landmarks have been the selection of Cardiff as a hub
for bmibaby, the decisions by easyJet to retain its headquarters at Luton and to
expand its services from Luton and Belfast, and the launch of new routes from
Luton by Ryanair and Hapag-Lloyd.
Financials
Total revenue for the half year fell by 7% to £99.7 million (2001: £107.7
million), with operating profit before depreciation, amortisation and
exceptional items ('EBITDA') down 15% to £33.9 million (2001: £39.7 million).
Principal factors behind this reduction were the withdrawal of British Airways
from the London - Belfast route, a significant reduction of bmi British
Midland's activities at Belfast International and the withdrawal of certain
British Regional Airways services from both Belfast International and Cardiff
International Airports.
Our profit before tax and exceptional items of £18.0 million (2001: £23.4
million) reflects not only the change in passenger profile from full-fare to low
cost, but also the reduced volume of charter traffic. Net exceptional charges in
the period were £3.0 million (2001: £2.0 million), including £2.6 million
relating to the disposal of the property business in 1999.
Earnings per share for the half year were 1.34p (2001: 1.87p) or 2.62p (2001:
2.95p) before amortisation and exceptional items. The Directors remain confident
of future prospects and have therefore resolved to pay an unchanged interim
dividend of 0.7p per share. This will be payable on 2 January 2003 to
shareholders on the register at the close of business on 29 November 2002.
London Luton
Taking into account earnings generated at EBITDA level and earnings from a
Technical Services Agreement, London Luton Airport generated £15.2 million
(2001: £15.2 million). Luton has benefited from the rapid growth in the low cost
sector and particularly the expansion of easyJet activity at the airport
following last year's signing of a new 20-year agreement with the airline. A
decline in charter traffic led to a slight reduction in overall passenger
numbers to 3.65 million (2001: 3.78 million), but within that total there was an
increase in low cost passengers, who now account for 70% of all passengers using
the airport (2001: 63%).
We believe that there is enormous potential for further growth in low cost
traffic at Luton and it is pleasing to see Ryanair's recent decision to launch a
new route from Luton to Milan. Hapag-Lloyd has also launched a new route between
Luton and Cologne. These two routes should generate 400,000 new passengers from
London Luton Airport.
We recently completed a £6.0 million investment in new passenger facilities,
which will improve the customer experience of the airport, encourage passengers
to remain in the retail and catering areas for longer, and provide operational
efficiencies.
Another key priority in maximising revenues and service to passengers is to
improve the car parking facilities at Luton. Car parking accounts for some 25%
of total revenues at Luton and, with demand exceeding supply at peak travel
periods, there is a clear need to move towards the yield management techniques
of our airline customers.
Belfast International
Belfast International Airport has seen the biggest switch from scheduled to low
cost traffic of any of our airports, following the withdrawal of British Airways
and the scaling down of operations by bmi British Midland on the one hand, and
the development of activities by easyJet on the other. While overall passenger
numbers were little changed during the period, at 2.06 million (2001: 2.17
million), the proportion accounted for by low cost traffic has risen from 35% in
2001 to 62% in the current year. Total EBITDA contribution from the airport fell
to £7.2 million (2001: £12.9 million).
The rapid development of low cost operations has underlined the quality of
facilities at the airport and the need to re-engineer airport operations to
reflect the requirements of our changed customer profile. We expect only a
marginal fall in total passenger throughput for the year as a whole.
Cardiff International
Unlike Luton and Belfast, Cardiff has traditionally relied heavily on charter
traffic, which accounted for 79% of the 0.89 million passengers using the
airport in the first half of the current year (2001: 1.04 million). That
situation has begun to change: in July we announced Cardiff's success in
attracting the new low cost carrier, bmibaby, which launched its second UK hub
at Cardiff, resulting in a further 120 flights per week.
Cardiff Airport has been identified for further growth in a recent Government
White Paper on aviation policy and the local authority has called for the area
around the airport to be protected from any developments that would restrict
further expansion of the airport. Since its acquisition in 1995, TBI has
invested a total of some £20.0 million in upgrading the terminal facilities and
the airport now has a capacity of three million passengers per annum.
Other activities
The total number of passengers handled at our five non-UK airports was virtually
unchanged during the half year at 2.1 million. Orlando Sanford has been affected
by the decision of certain tour operators to cut capacity and the three Bolivian
airports, whose traffic is solely scheduled, have seen modest increases in
passenger numbers. Stockholm Skavsta was profitable at EBITDA level and has made
great progress to secure additional passenger volume in its discussions with low
cost carriers and tour operators. In EBITDA terms, the contribution from these
five airports, together with our airport services and airport management
activities, rose by 21% to £3.9 million in the half year (2001: £3.2 million).
Current Trading and Outlook
Airports are scarce and valuable assets in the UK and our scope to expand by
acquisition in this market is limited. However, we continue to evaluate
potential opportunities to expand our airport portfolio and meet the aspirations
of the low cost carriers for an ever increasing choice of departure airports. At
the same time, we keep under review the future of our non-core businesses and
will consider disposals if we believe that they are in the best interests of
shareholders.
Our core assets in the UK are well placed to benefit from continued growth in
air travel. We are currently preparing our formal response to the Government's
consultation document on the future of airport development in the South East,
but are pleased to note its identification of Luton as suitable for substantial
future expansion in order to meet the anticipated growth in demand for air
travel in the period up to the year 2030.
We continue to focus on controlling costs and have achieved a further 14%
reduction in head office costs during this period. We remain committed to
maximising the potential of our existing assets through a process of constantly
upgrading the facilities at our airports to meet changing passenger needs. In
particular, the switch from traditional to low cost carriers, with their '
no-frills' levels of on-board service, has created opportunities to expand the
catering facilities at our airports and we are working with our partners to meet
these requirements.
The airline industry as a whole is at a key point in its evolution, with
national carriers being forced to fight the rapid growth of the low cost
carriers by adopting many of their operational and marketing techniques. We have
adapted quickly to the changing needs of our airline customers and passengers
alike. Indeed, we anticipate significant short term growth from low cost
carriers at our European airports. Whilst there will inevitably be some delay
before we feel the full benefit of new operators and routes, the network of
routes already committed to our airport portfolio gives us confidence in the
prospects for the Group.
Consolidated Profit and Loss Account
for the six months ended 30 September 2002
Restated
Year to Six months to Six months to
31 March 30 September 30 September
2002 Notes 2002 2001
£'000 £'000 £'000
186,170 Group Turnover 2.1 99,690 107,715
(27,078) Cost of sales (12,260) (14,152)
159,092 Gross Profit 87,430 93,563
(135,735) Administrative expenses (64,342) (70,807)
53,061 Group operating profit before 2.2 33,898 39,684
depreciation, amortisation and
exceptional items
(12,235) Depreciation - normal (6,294) (5,957)
(5,743) - accelerated - -
(8,244) Amortisation - normal (4,162) (4,003)
5,630 - accelerated - -
(9,112) Exceptional items 2.4 (354) (6,968)
23,357 Group Operating Profit 2.3 23,088 22,756
4,940 Profit on sale of investments and joint - 4,940
ventures
- Additional cost on disposal of property 3 (1,000) -
business
(11,752) Net interest payable 4 (7,062) (6,339)
16,545 Profit on ordinary activities before tax 15,026 21,357
(6,397) Tax on profit on ordinary activities 5 (5,796) (9,218)
10,148 Profit on ordinary activities after tax 9,230 12,139
(1,909) Equity minority interests (1,723) (1,673)
8,239 Profit For The Financial Period 7,507 10,466
(12,854) Dividends 6 (3,912) (3,912)
(4,615) Retained profit/(loss) for the period 3,595 6,554
1.47p Earnings Per Share 7 1.34p 1.87p
1.47p Diluted earnings per share 7 1.34p 1.87p
3.71p Earnings per share before normal 7 2.62p 2.95p
amortisation and exceptional items
The six months to 30 September 2001 has been restated because exceptional items
are now disclosed on the face of the profit and loss account in order to be
consistent with the treatment adopted for the current period and the audited
accounts for the year ended 31 March 2002.
The Group operating profit shown above is almost entirely derived from
continuing operations.
Consolidated Balance Sheet 30 September 2002
Restated
31 March 30 September 30 September
2002 Notes 2002 2001
£'000 £'000 £'000
Fixed assets
141,688 Goodwill 142,517 145,322
- Negative goodwill - (5,680)
13,140 Other intangible assets 5,858 11,929
154,828 Intangible assets 148,375 151,571
214,520 Tangible assets 213,767 221,669
123,283 Investment properties 123,092 127,742
1,232 Trade investments 1,471 -
493,863 486,705 500,982
Current assets
1,026 Stock 1,169 1,017
45,646 Debtors 34,530 68,452
35,181 Cash at bank and in hand 8 49,038 24,932
81,853 84,737 94,401
Current liabilities
(61,068) Creditors - amounts falling due within 9 (69,092) (61,401)
one year
20,785 Net current assets 15,645 33,000
514,648 Total assets less current liabilities 502,350 533,982
(200,037) Creditors - amounts falling due after 10 (176,117) (199,522)
more than one year
(2,747) Accruals and deferred income (2,718) (2,548)
(16,784) Provisions for liabilities and charges (21,015) (18,454)
295,080 Net Assets 302,500 313,458
Capital and reserves
55,889 Called up share capital 55,889 55,889
166,611 Share premium account 166,611 166,611
49,634 Capital reserve 49,634 49,634
7,137 Revaluation reserve 7,137 14,681
18,677 Profit and loss account 24,374 29,357
297,948 Equity Shareholders' Funds 14 303,645 316,172
(2,868) Equity minority interests (1,145) (2,714)
295,080 Capital Employed 302,500 313,458
The balance sheet as at 30 September 2001 has been restated following the
implementation of FRS 19.
Consolidated Cash Flow Statement for the six months ended 30 September 2002
Year to Six months to Six months to
31 March 30 September 30 September
2002 Notes 2002 2001
£'000 £'000 £'000
40,345 Net cash inflow from operating 11 23,782 13,790
activities
Returns on investments and servicing of
finance
3,802 Interest received 618 3,187
(13,629) Interest paid (5,969) (7,301)
(419) Interest element of finance lease and (198) (249)
hire purchase repayments
(10,246) Net cash outflow from returns on (5,549) (4,363)
investments and servicing of finance
(2,601) Tax 1,088 (1,420)
Capital expenditure and financial
investment
(4,331) Additions to tangible fixed assets (3,267) (2,832)
(3,215) Additions to investment properties (1,648) (1,216)
143 Sale of tangible fixed assets 108 75
101 Grant received - -
(7,302) Net cash outflow for capital expenditure (4,807) (3,973)
and financial investment
Acquisitions and disposals
28,700 Sale of trade investments and joint - 28,823
ventures
(1,232) Purchase of trade investments (346) -
(451) Other acquisitions and disposals - (1,113)
27,017 Net cash (outflow)/inflow for (346) 27,710
acquisitions and disposals
(12,041) Equity dividends paid - (8,129)
Management of liquid resources
(5,499) Cash (placed on)/ withdrawn from deposit (19,536) 8,441
(1,629) Sale/(purchase) of US securities 5,404 707
(7,128) Net cash (outflow)/inflow from (14,132) 9,148
management of liquid resources
Financing
- Proceeds from loan note 19,000 -
2,829 Bank loans drawn down 4,444 4,108
(28,102) Repayment of bank loans (21,218) (29,006)
(2,355) Capital element of finance lease and (1,267) (1,090)
hire purchase repayments
(27,628) Net cash inflow/(outflow) from financing 959 (25,988)
416 Increase in cash in the period 12 995 6,775
Consolidated Statement Of Total Recognised Gains and Losses
for the six months ended 30 September 2002
Restated
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
8,239 Profit for the financial period 7,507 10,466
(45) Exchange differences on overseas 2,102 (534)
investments
(7,544) Unrealised deficit on revaluation of - -
investment properties
650 Total gain for the period 9,609 9,932
(5,034) Prior year adjustment - in respect of FRS - (5,034)
19
(4,384) Total gain/(loss) recognised in the period 9,609 4,898
Notes
1 Basis of preparation
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 2002.
The interim report and accounts are unaudited but have been formally reviewed by
the auditors. The information shown for the year ended 31 March 2002 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 2002 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.
2 Segmental information
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
2002 2002 2001
£'000 £'000 £'000
82,659 Airport Ownership Traffic income 45,638 52,099
49,856 Commercial income 26,278 26,861
12,296 Tenant income 7,583 7,915
30,230 Airport Services 13,441 15,484
3,838 Airport Management 2,358 1,960
178,879 Total airports 95,298 104,319
7,291 Other operations 4,392 3,396
186,170 Group turnover from all operations 99,690 107,715
2.2 Group operating profit before depreciation, amortisation and
exceptional items is analysed as follows:
Restated
Year to Six months to Six months to
31 March 30 September 30 September
2002 2001
2002
£'000 £'000 £'000
52,442 Airport Ownership 33,453 39,793
1,804 Airport Services 274 628
2,618 Airport Management 1,472 1,394
56,864 Total airports 35,199 41,815
1,322 Other operations 612
1,051
(5,125) Head office costs (2,352) (2,743)
53,061 Group operating profit before depreciation, 33,898 39,684
amortisation and exceptional items
2.3 Group operating profit is analysed as follows:
Restated
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000
£'000
36,715 Airports 25,390 32,540
287 Other operations 527 60
(4,533) Head office costs (2,475) (2,876)
(9,112) Exceptional items (354) (6,968)
23,357 Group operating profit 23,088 22,756
2.4 These exceptional items are analysed as follows:
Restated
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
(5,900) Bid defence costs - (6,000)
(351) Litigation (costs)/recoveries relating to (250) 74
discontinued operations and periods prior to
acquisition by the Group
(3,283) Reorganisation costs (104) (1,685)
828 Release of provision against reimbursable third - 1,049
party development costs
(406) Costs associated with failure of insurer - (406)
(9,112) (354) (6,968)
3 Additional cost on disposal of property business
In June 1999, the Group disposed of its property business for £190 million. Of
this amount, £170 million was paid in cash at completion and the balance of £20
million was deferred by way of a loan note receivable which fell due on 30 June
2001. During the six months ended 30 September 2002, the £20 million loan note
was redeemed at a discount of £1 million, reflecting a 0.5% price reduction.
In addition the Group forgave £1.6 million of interest which had accrued on the
loan note.
4 Net interest payable
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
13,256 Interest payable on bank and similar loans 5,721 7,277
419 Interest on finance lease and hire purchase 198 250
arrangements
298 Bank charges 219 102
483 Amortisation of debt issue costs 239 236
(2,704) Interest receivable (922) (1,526)
- Forgiveness of accrued interest receivable 1,607 -
11,752 Total 7,062 6,339
5 Tax on profit on ordinary activities
The tax charge has been derived by applying the anticipated effective rate of
tax for the year ending 31 March 2003 to the results for the six months to 30
September 2002.
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
556 Corporation tax 996 1,678
5,841 Deferred tax 4,800 7,540
6,397 Total 5,796 9,218
6 Dividends
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
3,912 Interim proposed (0.70 pence) - payable on 2 3,912 3,912
January 2003
8,942 Final paid (1.60 pence) - -
12,854 3,912 3,912
The interim dividend proposed in respect of the year ending 31 March 2003 will
be payable to shareholders on the register on 29 November 2002.
The final dividend for the year ended 31 March 2002 was paid on 1 October 2002.
7 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:
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
8,239 Profit attributable to shareholders (£'000) 7,507 10,466
20,768 Earnings before normal amortisation and 14,630 16,497
exceptional items(£'000)
559 Basic weighted average share capital (number of 559 559
shares, million)
560 Diluted weighted average share capital (number of 560 560
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 normal amortisation and exceptional
items is based on the following analysis:
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
8,239 Profit for the financial period 7,507 10,466
8,244 Normal amortisation 4,162 4,003
9,225 Exceptional items** 354 6,968
- Additional cost on disposal of property business 1,000 -
- Forgiveness of accrued interest receivable 1,607 -
(4,940) Profit on sale of investments and joint ventures* - (4,940)
20,768 14,630 16,497
* This is in respect of the disposal of the Group's Australian airport interests
and assets.
** For the year ended 31 March 2002, the exceptional items comprise the
following:
£'000
As shown in Note 2.4 9,112
Accelerated depreciation 5,743
Accelerated amortisation (5,630)
9,225
8 Cash at bank and in hand
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
4,478 Cash 5,040 10,716
30,703 Other bank deposits 43,998 14,216
35,181 49,038 24,932
Included within cash are amounts of:
• £3.4 million (US$5.5 million) which a US subsidiary company is
required, under the terms of the US Bonds, to retain as restricted cash to meet
specified future operating costs and debt service.
Included within other bank deposits are amounts of:
• £0.7 million (US$1.1 million) which a US subsidiary company is
required, under the terms of the US Bonds, to retain as restricted deposits to
meet specified future operating costs and debt service.
• £15.3 million which resides in the accounts of a UK subsidiary
company and over which there are restrictions as to the transferability to other
Group companies.
9 Creditors - amounts falling due within one year
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
8,247 Bank loans 7,841 5,229
827 US Industrial Development Revenue Bonds - 754 802
Series 1995
2,302 Amounts due under finance lease and hire 2,062 2,085
purchase arrangements
15,462 Trade creditors 18,204 16,987
3,458 Corporation tax 5,218 7,041
1,376 Other tax and social security 2,059 1,889
5,369 Other creditors 4,408 10,708
8,942 Dividends payable 12,854 3,912
15,085 Accruals and deferred income 15,692 12,748
61,068 69,092 61,401
10 Creditors - amounts falling due after more than one year
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
157,752 Bank loans 137,418 157,708
20,371 US Industrial Development Revenue Bonds - 17,785 19,562
Series 1995
5,403 Amounts due under finance lease and hire 4,763 5,328
purchase arrangements
12,909 Other loans 12,786 12,669
3,602 Other creditors 3,365 4,255
200,037 176,117 199,522
11 Reconciliation of operating profit to net cash inflow from
operating activities
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
23,357 Group operating profit before tax 23,088 22,756
17,978 Depreciation 6,294 5,957
2,614 Amortisation 4,162 4,003
(51) Release of deferred income (77) (26)
180 (Increase)/decrease in stock (159) 169
6,701 (Increase)/decrease in debtors (11,612) (14,750)
(10,434) Increase/(decrease) in creditors and provisions 2,086 (4,319)
40,345 Net cash inflow from operating activities 23,782 13,790
12 Reconciliation of net cashflow to movement in net debt
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
416 Increase in cash in the period 995 6,775
27,628 Cash (inflow)/outflow from movement in debt, (959) 25,988
finance lease and hire purchase arrangements
28,044 Changes in net debt resulting from cashflows 36 32,763
7,128 Movements in other bank deposits during the 14,132 (9,148)
period
(483) Amortisation of debt issue costs (239) (236)
(3,061) New finance lease and hire purchase (407) (1,504)
arrangements
- Discount on redemption of loan note (1,000) -
19 Exchange movements 5,737 3,951
31,647 Movement in net debt during the period 18,259 25,826
(184,277) Net debt at the beginning of the period (152,630) (184,277)
(152,630) Net debt at the end of the period (134,371) (158,451)
13 Analysis of net debt
Cash at Loan Other Sub total Debt due Debt due Finance lease Total
bank and note bank within after one and hire
in hand receivable deposits one year year purchase
arrangements
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 March 2002 4,478 20,000 30,703 55,181 (9,074) (191,032) (7,705) (152,630)
Cashflow 995 (19,000) 14,132 (3,873) 5,809 10,965 1,267 14,168
Non-cash changes - (1,000) - (1,000) (5,560) 5,321 (407) (1,646)
Exchange movements (433) - (837) (1,270) 230 6,757 20 5,737
At 30 September 2002 5,040 - 43,998 49,038 (8,595) (167,989) (6,825) (134,371)
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 2001 4,063 20,000 23,583 47,646 (2,874) (222,050) (6,999) (184,277)
Cashflow 416 - 7,128 7,544 (1,921) 27,194 2,355 35,172
Non-cash changes - - - (4,280) 3,797 (3,061) (3,544)
-
Exchange movements (1) - (8) (9) 1 27 - 19
At 31 March 2002 4,478 20,000 30,703 55,181 (9,074) (191,032) (7,705) (152,630)
14. Reconciliation of movement in equity shareholders' funds
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
8,239 Profit attributable to shareholders 7,507 10,466
(12,854) Dividends (3,912) (3,912)
(4,615) Retained profit/(loss) for the period 3,595 6,554
(7,544) Deficit on revaluation of investment - -
properties
(45) Exchange differences on overseas investments 2,102 (534)
Net addition to/(reduction in) equity 5,697 6,020
(12,204) shareholders' funds
310,152 Opening equity shareholders' funds as 297,948 310,634
previously reported
- Prior year adjustment in respect of FRS 19 - (482)
310,152 Opening equity shareholders' funds as 297,948 310,152
restated
297,948 Closing equity shareholders' funds 303,645 316,172
Additional Financial Information
Year to Six months to Six months to
31 March 30 September 30 September
2002 2002 2001
£'000 £'000 £'000
Total operating profit before depreciation,
amortisation and exceptional items
20,413 London Luton 14,494 14,679
15,619 Belfast International 7,211 12,909
12,574 Cardiff International 8,083 9,446
1,085 Orlando Sanford 1,548 1,597
(960) Stockholm Skavsta 166 (711)
3,711 Bolivia 1,951 1,873
1,804 Airport Services 274 628
998 Airport Management - North America 636 584
316 - Costa Rica 166 204
1,220 - London Luton 670 538
84 - Australia - 68
56,864 Total - airports division 35,199 41,815
1,322 Other operations 1,051 612
(5,125) Head office costs (2,352) (2,743)
53,061 Total operating profit before depreciation, 33,898 39,684
amortisation and exceptional items
(12,235) Depreciation - normal (6,294) (5,957)
(5,743) - accelerated - -
(8,244) Amortisation - normal (4,162) (4,003)
5,630 - accelerated - -
(9,112) Exceptional items (354) (6,968)
23,357 Group operating profit 23,088 22,756
- Additional cost on disposal of property (1,000) -
business
4,940 Profit on sale on investments and joint - 4,940
ventures
(11,752) Net interest payable - normal (5,455) (6,339)
- Forgiveness of accrued interest receivable (1,607) -
16,545 Profit on ordinary activities before tax 15,026 21,357
(6,397) Tax on profit on ordinary activities (5,796) (9,218)
10,148 Profit on ordinary activities after tax 9,230 12,139
(1,909) Equity minority interests (1,723) (1,673)
8,239 Profit for the financial period 7,507 10,466
20,768 Profit attributable to shareholders before 14,630 16,497
normal amortisation and exceptional items
(Note 7)
3.71p Earnings per share attributable to 2.62p 2.95p
shareholders before normal amortisation and
exceptional items
Airport Operational Information
Airport Ownership With A Controlling Interest
Six months Six months Six months Six months Six months Six months
30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept
2002 2001 2002 2001 2002 2001
London Luton Belfast International Cardiff International
Airport Airport Airport
Total passengers ('000)
Charter 765 1,040 537 604 702 812
Scheduled 309 329 228 802 144 180
Low cost 2,565 2,389 1,272 752 39 37
Transit 10 19 21 11 4 9
Total 3,649 3,777 2,058 2,169 889 1,038
Terminal passengers
Spend per head £3.93 £3.78 £2.25 £2.29 £3.01 £2.69
Net passenger £3.22 £3.42 £2.89 £4.16 £6.17 £6.01
supplement per head
Total £7.15 £7.20 £5.14 £6.45 £9.18 £8.70
Charter services
Number of tour operators 24 24 19 21 36 34
Number of seats 875 1,206 604 680 756 876
offered ('000)
New charter destinations 1 2 1 2 3 5
Scheduled and
low cost services
Number of major airlines 7 7 4 8 5 5
Number of seats 3,600 3,306 2,003 2,352 309 362
offered ('000)
Freight tonnage 11,022 11,859 22,634 23,569 1,170 1,823
Some of the services from London Luton Airport
Aberdeen, Alicante, Amsterdam, Athens, Barcelona, Belfast, Dublin, Edinburgh,
Faro, Galway, Geneva, Gibraltar, Glasgow, Inverness, Isle of Man, Jersey,
Madrid, Mahon, Malaga, Malta, Nice, Palma, Paris, Tenerife, Waterford and
Zurich.
Some of the services from Belfast International Airport
Amsterdam, Birmingham, Bristol, Edinburgh, Glasgow, Liverpool, London Heathrow,
London Luton and London Stansted.
Some of the services from Cardiff International Airport
Alicante, Amsterdam, Brussels, Cork, Dublin, Edinburgh, Faro, Geneva, Glasgow,
Jersey, Malaga, Milan and Paris.
Airport Operational Information
Airport Ownership With A Controlling Interest
Six months Six months Six months Six months Six months Six months
30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept
2002 2001 2002 2001 2002 2001
Orlando Sanford Stockholm Skavsta Airport Bolivian Airports
Total passengers ('000)
Charter 662 665 - - - -
Scheduled - 4 10 2 973 944
Low cost 116 115 155 133 - -
Transit 48 95 4 3 150 168
Total 826 839 169 138 1,123 1,112
Terminal passengers
Spend per head £3.45 £4.00 £1.88 £2.27 £1.36 £1.70
Net passenger £1.06 £1.34 £1.09 £0.37 £2.40 £2.54
supplement per head
Total £4.51 £5.34 £2.97 £2.64 £3.76 £4.24
Charter services
Number of tour operators 25 20 - - - -
Number of seats 828 659 - - - -
offered ('000)
New charter destinations 10 - - - - -
Scheduled and
low cost services
Number of major airlines 1 2 2 1 9 10
Number of seats 242 221 249 185 1,794 1,774
offered ('000)
Freight tonnage 4,205 4,843 7,033 4,804 2,710 2,991
Some of the services from Orlando Sanford
Allentown, Atlanta, Atlantic City, Aruba, Bahamas, Baltimore, Belfast,
Birmingham, Cancun, Cardiff, Charlotte, Edinburgh, Gary, Glasgow, Gulfport,
Humberside, London Gatwick, Manchester, Memphis, Mexico City, Miami, Montego
Bay, Newcastle, Portsmouth and San Juan.
Some of the services from Stockholm Skavsta Airport
Helsinki, London Stansted, Paris and Visby.
Some of the services from the Bolivian Airports
Asuncion, Bogota, Brasilia, Buenos Aires, Caracas, Cuzco, Lima, Mexico City,
Miami, Montevideo, Panama City, Rio de Janeiro and Santiago.
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 9 hours ago Rathbones Group
- 10 hours ago The Artisanal Spirits Company
- 10 hours ago Tritax Eurobox (EUR)
- 11 hours ago Videndum
- 11 hours ago Legal & General Group