Interim Results - Part 2

TBI PLC
19 November 2001

PART 2


INDEPENDENT REVIEW REPORT TO THE BOARD OF DIRECTORS OF TBI PLC



INTRODUCTION



We have been instructed by the Company to review the financial information set
out on pages 5 to 16 and we have read the other information contained in the
interim report for any apparent misstatements or material inconsistencies with
the financial information.



DIRECTORS' RESPONSIBILITIES



The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.



REVIEW WORK PERFORMED



We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board. A review consists principally of
making enquiries of management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.



REVIEW CONCLUSION



On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2001.





PricewaterhouseCoopers

Chartered Accountants

1 Embankment Place

London WC2N 6NN

19 November 2001


ADDITIONAL FINANCIAL INFORMATION

                                                                       Restated
Restated                                                          Six       Six
 Year to                                                    months to months to
31 March                                                           30        30
    2001                                                    September September
   £'000                                                         2001      2000
                                                                £'000     £'000
   
         Total operating profit before depreciation, amortisation and
         exceptional and
         non-recurring items
       - London Luton                                          14,679         -
  18,093 Belfast International                                 12,909    12,535
  12,123 Cardiff International                                  9,446     8,801
   1,602 Orlando Sanford                                        1,597     1,811
   (858) Stockholm Skavsta                                      (711)     (236)
   3,468 Bolivia                                                1,873     1,506
   1,693 Airport Services                                         628     1,142
     892 Airport Management - North America                       584       435
   (287)                - Central America                         204     (185)
     469                - UK                                      538       152
     426                - Australia                                68       185
       -         - Share of operating result of joint ventures      -      (25)
                     -  Australia
     539         - Share of operating result of joint ventures      -     1,318
                     -  UK
  38,160 Total - airports division                             41,815    27,439
     308 Other operations                                         612       142
 (6,853) Head office and US central costs                     (2,743)   (4,658)
  31,615 Total operating profit before depreciation,           39,684    22,923
         amortisation and exceptional and non-recurring
         items

 (5,558) Depreciation                                         (5,957)   (2,762)
 (4,624) Amortisation                                         (4,003)   (2,427)
 (1,028) Exceptional and non-recurring items                  (6,968)         -
  20,405 Profit before interest, taxation and non-recurring    22,756    17,734
         items
   (494) Non-recurring items including non-recurring                -         -
         interest items
       - Profit on sale on investments and joint ventures       4,940         -
 (6,734) Net interest expense                                 (6,339)   (3,385)
  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 Profit on ordinary activities after taxation          12,139     8,110
       - Equity minority interests                            (1,673)         -
   7,447 Profit for the financial period                       10,466     8,110
  13,593 Profit attributable to shareholders before            16,497    10,537
         amortisation and exceptional and non-recurring
         items (Note 6)

 2.67p   Earnings per share attributable to shareholders        2.95p     2.08p
         before amortisation and exceptional and
         non-recurring items




CORPORATE OPERATIONAL INFORMATION

AIRPORT OWNERSHIP WITH A CONTROLLING INTEREST


                             Six      Six     Six Six months     Six Six months
                          months   months  months             months
                         30 Sept  30 Sept 30 Sept    30 Sept 30 Sept    30 Sept
                            2001     2000    2001       2000    2001       2000
                          London Luton         Belfast            Cardiff
                                            International      International
                             Airport           Airport            Airport
Total passengers ('000)
Charter                    1,040     954*     604        652     812        808
Scheduled                    329     312*     802        891     180        156
Low cost                   2,389   2,274*     752        282      37         34
Transit                       19      19*      11         16       9         10
Total                      3,777   3,559*   2,169      1,841   1,038      1,008
Terminal passengers
Spend per head             £3.78   £3.39*   £2.29      £2.22   £2.68      £2.33
Net passenger
supplement per head        £3.42   £1.86*   £4.16      £4.94   £6.01      £5.96
Total                      £7.20   £5.25*   £6.45      £7.16   £8.69      £8.29
Charter services
Number of tour                24      22*      21         20      34         31
operators
Number of seats offered
('000)                     1,206   1,102*     680        760     876        874
                           
New charter                    2       1*       2          3       5          -
destinations
Scheduled services
Number of major                7       7*       8         10       5          4
airlines
Number of seats offered
('000)                     3,306   3,242*   2,352      1,852     362        321
                           
Freight tonnage           11,859  19,276*  23,569     22,585   1,823      1,464





Some of the services from London Luton Airport

Aberdeen, Alicante, Amsterdam, Arrecife, Athens, Barcelona, Belfast, Dublin,
Edinburgh, Fuerte Ventura, Geneva, Gibraltar, Ibiza, Inverness, Isle of Man,
Jersey, Larnaca, Las Palmas, Lourdes, Madrid, Malaga, Malta, Monastir, Naples,
Nice, Palma, Paphos, Tenerife, Waterford and Zurich.



Some of the services from Belfast International Airport

Aberdeen, Amsterdam, Birmingham, Bristol, Brussels, Cardiff, East Midlands,
Edinburgh, Glasgow, Jersey, Liverpool, London Heathrow, London Luton, London
Stansted, Manchester, New York and Shannon.



Some of the services from Cardiff International Airport

Amsterdam, Brussels, Cork, Dublin, Edinburgh, Glasgow, Manchester, Newcastle,
Orlando, Paris and Toronto.



* This information is for the six months to 30 September 2000 which was prior
to the acquisition by TBI.










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 Sept 30 Sept
                            2001    2000      2001      2000    2001    2000
                         Orlando Sanford  Stockholm Skavsta     Bolivian
                                               Airport          Airports
                             Airport           Airport           Airport
Total passengers ('000)
Charter                      625     595         -         4       -       -
Scheduled                      4       -         2         9     944   1,051
Low cost                     115      49       133       141       -       -
Transit                       95      89         3         3     168     190
Total                        839     733       138       157   1,112   1,241
Terminal passengers
Spend per head             £3.55   £3.54     £2.27     £3.04   £1.70   £1.37
Net passenger supplement   £1.37   £1.36     £0.71     £0.41   £4.56   £3.98
per head
Total                      £4.92   £4.90     £2.98     £3.45   £6.26   £5.35
Charter services
Number of tour operators      20      16         -         1       -       -
Number of seats offered      659     603         -         4       -       -
('000)
New charter destinations       -       -         -         -       -       -
Scheduled services
Number of major airlines       2       1         1         3      10       9
Number of seats offered      221      75       185       223   1,774   1,989
('000)

Freight tonnage            4,843   5,556     4,804    10,418  12,763  12,492



Some of the services from Orlando Sanford

Allentown, Atlantic City, Aruba, Bahamas, Belfast, Birmingham, Bristol,
Caracas, Cardiff, East Midlands, Edinburgh, Gary, Glasgow, Gulfport,
Humberside, London Gatwick, London Luton, Manchester, Memphis, Mexico City,
Newcastle, Portsmouth, San Juan, Shannon, St. Louis and Worcester.



Some of the services from Stockholm Skavsta Airport

Helsinki, London Stansted and Visby.



Some of the services from the Bolivian Airports

Asuncion, Bogota, Buenos Aires, Cancun, Caracas, Cuzco, Manaos, Lima, Mexico
City, Miami, Montevideo, Panama City, Rio de Janeiro, Sao Paulo and Santiago.