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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Trans Balk Inv | LSE:TBI | London | Ordinary Share | VGG900341022 | ORD NPV |
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| 0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
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| - | O | 0 | 4.00 | GBX |
Trans Balk Inv (TBI) Share Charts1 Year Trans Balk Inv Chart |
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1 Month Trans Balk Inv Chart |
Intraday Trans Balk Inv Chart |
| Date | Time | Title | Posts |
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| 21/1/2005 | 12:54 | TBI- rumours circulating Vinci bid back on | 739 |
| 08/7/2004 | 09:21 | TBI...22 MILLION TRADE JUST GONE THROUGH...BID COMING? | - |
| 18/12/2003 | 14:50 | TBI MBO PRICE OF 75P | 393 |
| 18/12/2003 | 10:40 | TBI to win Government expansion plans today?...Luton and Cardiff ? | 15 |
| 19/9/2003 | 00:42 | TBI starting to accumilate...... | 9 |
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Posted at 19/11/2004 14:22 by indomie 19 November 2004TBI plc ('TBI') In accordance with Rule 2.10 of The City Code on Takeovers and Mergers, TBI confirms that it has 558,925,576 Ordinary Shares of 10 pence each ('Ordinary Shares') in issue and options outstanding in respect of 22,123,998 Ordinary Shares as at the date of this announcement. Alterra must be very happy at the moment! Their 15m shares were valued at around 72p a share!!! Except........ "Alterra has agreed not to dispose of the TBI Shares received as consideration for a period of three months from Completion." I bet they are pressuring Mr Brooks for a sale then! * 580 Million Shares according to the 2.10 Announcement - But does this include the 15 Million shares due to be issued to Alterra? TBI are also £125m in Debt and have a £13.5 Million Pension Scheme Deficit...£1 a share would therefore take the take out price for this company to well over £700m! Perhaps some of this will be dependent on the potential bidder securing the lease extension at Luton?..... |
Posted at 19/11/2004 00:44 by lbo Todays Telegraph says £1-1.10!TBI takes off after approach By Christopher Hope, Business Correspondent (Filed: 19/11/2004) TBI shares surged to a three-year high after the airports operator, under pressure from activist shareholders to be broken up, said it had received a takeover approach. Analysts immediately suggested that potential bidders, which could have to pay up to £600m for the business, could include Australia's Macquarrie Airports, which recently invested in an airport in Belgium, or Hochtief, the German construction group which walked away from bidding for TBI in January. Speculation has been swirling around TBI, which owns Luton, Cardiff and Belfast International airports, since it was revealed last month that investors controlling 20pc of its shares were pushing for the company to be broken up. TBI said in a statement : "The board of TBI notes the recent share price movement and can confirm that it has received a preliminary approach which may or may not lead to an offer. Discussions are at a preliminary stage and there can be no assurance that agreement can be reached." TBI's shares closed up 9.75 at 85.75p. Analysts have been divided on TBI's break-up value. While some have said 80p a share, some of its investors want 100p to 110p a share, if a premium for full control of the airports is included. TBI has become increasingly attractive to a bidder after a flurry of corporate activity. A key move was its £78m acquisition of a 28pc minority holding in Luton airport three weeks ago. The minority holding has traditionally been seen as a poison pill for a bidder because Luton is such a key part of TBI's business. TBI also announced this week that it had started negotiations with Luton borough council about increasing its 30-year lease (there are 24 years left to run), as well as selling the Hilton Hotel in Cardiff to raise over £28m. TBI has also sold its airport services in America and has pledged to offload three Bolivian airports by March next year. Keith Brooks, TBI's chief executive, angrily denied this week that the company was dancing to a tune set by shareholders, which include JO Hambro, Laxey Partners and Gartmore. He said: "I have no problem with the shareholders. We are doing nothing different. They only came on to the register three months ago. All of this was planned." |
Posted at 18/11/2004 20:06 by indomie Trains shortchange planes Nov 17 2004 Rhodri Evans, Western Mail THE HEAD of airports group TBI has criticised the new station being built to serve Wales' only international airport for having a platform that is too short.Keith Brooks, chief executive of TBI, which owns Cardiff Inter-national, argued that the platform should be long enough to take inter-city trains running between Swansea and London in a bid to make the site more accessible"I think the rail link is super, but what we would like to see is a platform that could take the Paddington train," said Mr Brooks yesterday. "The catchment of Cardiff would be hugely extended, but that requires a vision and a leap of faith. At the moment the platform is not long enough."Mr Brooks also accused the Welsh Assembly Government of failing to give the sort of assistance that had been given to airports in other regions."I have to say I am a little frustrated that we have not had the support of the Assembly Government I would have hoped for," he said. "I say that in the context of Northern Ireland where they have a route development fund. At Luton there is a new dual carriageway and a railway station which wasn't there - these things make a hell of a difference."We have not got any of this at Cardiff, and Andrew Davies declares publicly he is a big supporter of the airport." Mr Brooks aired his concerns as TBI announced a significant increase in pre-tax profit in interim results.In the six months to September 30 pre-tax profits were 167% up on the previous year - at £24.1m.Increased passenger numbers overall helped increase TBI's turnover 4% to £107.6m.The company plans to maintain its dividend at 70p.But while passenger numbers rose at TBI's airports at Luton, Belfast and Stockholm, the number of passengers passing through Cardiff fell 4%, primarily due to the reduction of routes by BMIbaby.Mr Brooks also said yesterday that a £30m expansion scheme already under way at Luton Airport could be followed by further investment. "If we believe the demand is there we will make the investment," he said. However, he acknowledged that negotiations with Luton Borough Council to extend TBI's tenure at the airport were "a consideration" in future plans.The £30m investment over two years at Luton will provide a new security hall and other facilities that is expected to almost double the retail and catering space at the airport.The development will provide capacity for up to 12 million passengers and should be ready in time for the annual peak in usage next July.TBI recently agreed a £78m deal to buy the 28% stake it does not already own in Luton from Alterra, a joint venture between US engineering group Bechtel and Singapore Changi Airport.Responding to Mr Brooks's concerns about transport to the airport, yesterday a spokesman for the Assembly Government said there were good reasons why the platform was not built to accommodate inter-city trains.He also refuted the assertion that the administration in Cardiff had not helped the airport as much as it should have. He said, "The routing of 125 Swansea-London trains along the Vale line would cause considerable disruption to Valley services, and would significantly increase journey times between London and Swansea."The Assembly Government has worked closely with Cardiff International Airport to attract new routes and new airlines to Wales," he added. "The £17m Assembly-funded major pro-gramme to restore passenger services to the Vale of Glamorgan - the first time since the Beeching cuts in 1964, will bring significant benefits to the airport, and has been developed in conjunction with the airport. The suggestion that the Assembly Government is "talking" and "not doing" is therefore ludicrous."Senior representatives from the airport are currently working with an Assembly steering group into the development of a Welsh Route Fund." |
Posted at 18/11/2004 17:21 by lbo I expect to see circa £1.The Questor column in yesterdays Telegraph called it!Some could give TBI air space When New Zealand's All Blacks scrum down at the Hilton hotel in Cardiff this week before the weekend showdown with Wales, they will be standing on prime airport real estate. As unlikely as it sounds, the hotel is owned by TBI, the airports operator, which yesterday said it was looking for buyers for the building, with its fabulous views over Cardiff castle. The Hilton sale is the latest in a flurry of corporate activity at TBI. So far this year the company has sold off its airport services business and announced plans to dispose of its three airports in Bolivia by the end of March. It has also bought out the minority stake in Luton airport, which had previously been seen as a poison pill for potential bidders, and is trying to extend its 30-year lease (with 24 years left to run). Keith Brooks, chief executive, says TBI has long been planning this intensive buying and selling spree. Others suggest that Mr Brooks' actions have taken on new urgency since the arrival of investor activists on the share register angling for a break-up. Opinion on the sum-of-the-parts valuation of TBI is divided, ranging from about 80p to 110p a share for all its assets, which include Luton, Cardiff and Belfast International airports. The business itself is in pretty good shape, posting a 166pc rise in pre-tax profits in the six months to September due to buoyant trading from the budget airline customers who stream through Luton, and the lack of any exceptionals in the half. Down 2 at 75p, the shares yield 3pc, trade on 26 times prospective earnings and look fully valued. But with aggressive shareholders bearing down on management, there is a good chance the sum-of-the-parts value could be realised shortly. It's not cheap, but TBI could be one for those who buy into the break-up story. |
Posted at 18/11/2004 13:31 by prothus RNS Number:3934FTBI PLC 18 November 2004 18 November 2004 TBI plc ("TBI" or the "Company") The Board of TBI notes the recent share price movement and can confirm that it has received a preliminary approach which may or may not lead to an offer for the entire issued and to be issued share capital of the Company. Discussions are at a preliminary stage and there can be no assurances that agreement can be reached. A further announcement will be made when appropriate. Enquiries: TBI Tel: 020 7408 7300 Keith Brooks, Chief Executive Caroline Price, Finance Director Dresdner Kleinwort Wasserstein Tel: 020 7623 8000 Charles Batten Ishbel Macpherson Michael Covington College Hill Tel: 020 7457 2020 Justine Warren Dresdner Kleinwort Wasserstein Limited which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for TBI and for no one else and will not be responsible to anyone other than TBI for providing the protections afforded to customers of Dresdner Kleinwort Wasserstein Limited nor for providing advice in relation to any matter referred to in this announcement. This information is provided by RNS The company news service from the London Stock Exchange END OFDILFFVLRLTLIS |
Posted at 16/11/2004 07:51 by prothus RNS Number:2618FTBI PLC 16 November 2004 TBI PLC ("TBI" or "the Group") Interim Results for the Six Months ended 30 September 2004 The TBI Group is one of the UK's leading airport operators. It owns and/or operates London Luton, Belfast International and Cardiff International Airports, as well as a number of overseas airports. SUMMARY * Group turnover increased 4% to #107.6 million (2003: #103.4 million) * Operating profit was up 64% to #24.1 million (2003: #14.7 million) * Profit before tax was up 167% to #19.2 million (2003: #7.2 million), reflecting improved recurrent trading and the absence of any exceptional charges during the period * Earnings per share: 1.79 pence (2003: 0.01 pence); Earnings per share before amortisation and exceptional items: 2.53 pence (2003: 2.13 pence) * Proposed interim dividend maintained at 0.70 pence * Passengers* rose to 10.8 million during the first six months of the year (2003: 9.6 million), a rise of 12% primarily driven by low cost, although there was growth across all three categories of traffic (charter, full service and low cost) * Significant expansion by both easyJet and Ryanair at London Luton: easyJet is increasing capacity by 25%, adding three new aircraft and Ryanair has committed four new aircraft and nine new routes although any additional revenue is not expected to impact the current financial year * Acquisition of remaining 28.6% interest in London Luton Airport from Alterra for approximately #78 million giving the Group total control of this core asset. This acquisition is subject to shareholders' consent and certain financing conditions * Disposal of AGI airport services for approximately US$24.0 million in cash (#13.3 million) * October traffic statistics show a 13.8% increase in passenger traffic at the Group's European airports to 1.4 million (October 2003: 1.2 million), driven by low cost, up 19.4% (* passengers = passengers excluding transit) Keith Brooks, Chief Executive, comments: "This period has been all about delivery. As well as producing increased passenger numbers, revenues and profits, we have also achieved our objective of making TBI a more focused airport operator. The sale of AGI ahead of schedule and the acquisition of the London Luton minority leaves TBI well placed to deliver increased value to shareholders." 16 November 2004 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 Justine Warren Tom Baldock Interim review 2004/5 Overview These results reflect the growth in passenger volumes referred to in our trading update last month. The number of passengers travelling through our airports in the first six months of our financial year grew by 12% to 10.8 million passengers (2003: 9.6 million). Whilst the majority of growth was driven by passengers flying with low cost airlines, we saw growth in every category of traffic (charter, full service and low cost) and at almost every airport. This growth has translated to a #3.5 million increase in turnover at our owned airports in the first half of the year, of which #2.7 million is reflected at the operating profit before depreciation, amortisation and exceptional items (" EBITDA") level. During this period of steadily improving performance we have also brought to fruition some of the objectives which management has been working on for some time. On 27 October 2004 we announced, subject to shareholder approval and certain financing conditions, the acquisition of the remaining 28.6% shareholding in London Luton Airport Group Limited which we did not previously own. On completion, the concession at London Luton Airport would be wholly owned by TBI, with all the benefits - strategic and tactical, operational and financial - that full control brings. On the same day, we also announced the disposal of our Airport Services business, AGI, for approximately US$24.0 million in cash (#13.3 million). Plans to sell this business were announced at the time of our preliminary announcement in June this year. Financials Passenger numbers in the first half of the year increased by 12% and this is the key driver of our business, however the full financial impact of growth in passenger numbers is almost always muted initially because of reductions in average aeronautical revenues in the early years of new services coming on stream. Total revenues therefore increased by 4% to #107.6 million (2003: #103.4 million). The conversion of revenue to profit at our owned and managed airports is usually at a high rate on the incremental revenues because airports are relatively fixed cost in nature. Accordingly EBITDA increased by 8% to #35.3 million (2003: #32.7 million). For owned and managed airports this represented an EBITDA margin of 40% (2003: 38%) overall and a marginal rate of 77% on the incremental revenue. Operating profit was #24.1 million (2003: #14.7 million). Profit before tax for the period was #19.2 million (2003: #7.2 million), reflecting both improved recurrent trading as well as the absence of any exceptional charges during this period. Earnings per share for the six month period were 1.79p (2003: 0.01p), or 2.53p (2003: 2.13p), before amortisation and exceptional items. The interim dividend is being maintained at 0.70p per share. This will be payable on 4 January 2005 to shareholders on the register at the close of business on 26 November 2004. London Luton Overall passenger numbers increased by 9% to 4.1 million (2003: 3.8 million) during the six months to 30th September 2004. In July both easyJet and Ryanair announced significant expansion of their services out of London Luton, commencing over the next eight months. easyJet will increase its capacity by 25%, adding three new aircraft, and Ryanair has committed four new aircraft and nine new routes. This traffic has not yet started and therefore the benefit of any additional revenue is not expected to impact the current financial period. As a result of the capacity demand at Luton we have commenced an extensive expansion programme. This is expected to complete in July 2005, to coincide with the annual peak in passengers using the airport. The programme will cost approximately #30.0 million, spread over two financial years, and will deliver a new security hall to the first floor of the new terminal building and a new airside facility to handle all passengers travelling through the airport. The new airside facility will be some 9,000m2 - and will almost double the retail and catering space. In addition there will be a new pier, a new immigration hall, new arrivals and onward travel areas, eight new gates and two new aircraft aprons. This development will provide capacity for up to 12.0 million passengers a year. Belfast International Belfast ("BIA") has continued to demonstrate good growth in the six months to 30 September 2004. Passenger numbers were up 12% to 2.5 million (2003: 2.2 million) due to strong low cost and charter growth. However, it is not anticipated that the forthcoming winter charter traffic will demonstrate similar levels of growth. The low cost growth profile is likely to extend into the winter period, reflecting the full year effect of the new international services provided by the low cost airlines. Continuing the theme of direct international services, Continental Airlines has recently announced the launch of a non stop scheduled service between Belfast and New York (Newark) from May 2005, firmly positioning BIA as the only international gateway to Northern Ireland. It is anticipated that this international service will benefit from high levels of demand both from business and leisure customers in Northern Ireland and its catchment area. Cardiff Passenger numbers at Cardiff fell by 4% to 1.2 million (2003: 1.2 million), primarily as a result of the reduction in capacity and services flown by bmibaby. The financial impact of this was mitigated in part by the increase in the number of passengers flying on KLM. Average aeronautical revenues per passenger rose by 9% as a consequence of the change in mix. We are delighted that the Welsh Assembly Government has announced the re-opening of the Vale of Glamorgan Line with a new railway station adjacent to the airport in Spring 2005. The station will be known as Rhoose Cardiff International Airport and will improve access to this airport's natural catchment area. Stockholm Skavsta Skavsta has demonstrated strong growth in passenger numbers in the period, up 22% to 0.7 million (2003: 0.6 million), as a result of the success of the Ryanair services. Not only did passenger volumes increase significantly but both commercial and aeronautical revenues per passenger also increased. As a result, turnover increased by approximately #0.8 million when compared with last year - with a 100% rate of marginal conversion into EBITDA. More recently Ryanair has announced that it will base a further aircraft at Stockholm Skavsta from March 2005 serving three new routes to Dusseldorf, Barcelona (Girona) and Riga. Ryanair has subsequently announced that a further two aircraft will be based at Stockholm Skavsta from 2006. Some limited additional investment will be necessary to expand the ramp and apron at this location in order to accommodate these additional services. Orlando Sanford In Orlando, notwithstanding the adverse weather conditions in August/September, passenger numbers increased by almost 50% to 1.2 million (2003: 0.8 million). Despite the #0.2 million cost of managing and maintaining the business through the hurricanes, EBITDA increased to #2.3 million (2003: #1.9 million). Other activities In June 2004 the Board announced its intention to dispose of the Group's non core airport assets in Bolivia and the Airport Services business in the US ("AGI"). The disposal process for our airports in Bolivia is now well underway and we expect to be able to conclude a disposal by the end of the current financial year. The disposal of AGI to BBA Group PLC for approximately US$24.0 million in cash (#13.3 million) was announced on 27 October 2004. On 27 October 2004, following discussions which started in February 2004, we also announced the proposed acquisition of the remaining interests in London Luton held by Alterra. The completion of this transaction would mean that London Luton becomes a 100% subsidiary of the TBI Group, with all the operational and financial benefits that complete control would bring. SERAS We have continued our work in relation to the Government's White Paper on the Future of Air Transport in the UK - in particular at London Luton. One of the options open to London Luton is subject to a Judicial Review, the outcome of which will be known early in 2005. Once the outcome is known we will lodge a future airport master plan in December 2005. We are pleased that the regional policy for the East of England is now to support only a single runway at Stansted along with the full use of London Luton's runway up to the maximum stated in the White Paper. International Financial Reporting Standards ("IFRS") The Group is currently assessing the impact of IFRS which will become mandatory for the first time in the publication of the interim results for the six months ended 30 September 2005. A project team has been constituted and is assessing the financial and non financial impact to the Group. However, we continue to believe that the presentation of our accounts is unlikely to change materially as we consider that the current presentation is clear and appropriate. The way we currently choose to segment our business is likely to remain unchanged although we may provide further analysis. We are revisiting in some detail our treatment of investment property. In future goodwill will not be amortised unless there has been an impairment of the asset. We have adopted FRS17 and hence our balance sheet treatment of pensions will probably remain unchanged. Further information will be communicated following announcement of the Group's full year results in June 2005. Restated results in respect of the 2004 interim and full year results will be presented in the period between the announcement of the Group's 31 March 2005 full year and the 30 September 2005 interim results. Current trading and outlook We are pleased by the progress made in TBI's core businesses - we generated more turnover and earned greater profits in the first half of this year at each of our five continuing airports compared to the same period last year. Four of those five airports also enjoyed increased passenger numbers. The businesses have moved forward and, in the Board's view, look set to continue in this vein. Substantial capacity increases have been announced by airlines at London Luton, Belfast International and Stockholm Skavsta and these will come on stream over the next six to eight months. Consistent with previous practice our investment programme is tailored to follow that increase in demand, with facilities being built to meet our airline customers' requirements. Trading in the initial weeks of the second half has been encouraging and the growth in passenger traffic to both domestic and European destinations, which characterised the first half, has continued. In October, overall passenger numbers increased 14% to 1.4 million (October 2003: 1.2 million) across the Group's four European airports. Of this growth, low cost remained the driver of volume growth, up 19%, while full service increased 6% and charter saw a marginal 3% decline. Passenger numbers at London Luton increased 18% and Belfast International continued to see good levels of growth with traffic up 12%. Traffic at Cardiff International was flat and Stockholm Skavsta again revealed a strong performance with a 24% increase in passenger traffic. We are also pleased that the first of the Group's proposed divestments, the disposal of AGI, has now completed since 30 September 2004 - achieving a profit on disposal of approximately US$5.0 million (#2.8 million) and completing ahead of schedule. It is notable that the proceeds from the sale of this non core asset may now be reinvested almost immediately in gaining full control of London Luton. Following the acquisition of the minority interest in London Luton, the Board will continue to consider the case for further major investment in London Luton - over and above the considerable expansion programme outlined above. The Board recognises that the potential for this asset is significant and will therefore involve substantial capital commitment from the Group as the passenger traffic at this airport grows. Accordingly the Board is currently in discussions with Luton Borough Council regarding an extension to the term of the concession and the necessary pre-conditions for this major investment. In addition, TBI's recent disposal of AGI constitutes progress on the rationalisation of TBI's portfolio into a focused airport group. The process on Bolivia continues to be on track and the Board is also pursuing a disposal of its Cardiff hotel. We are confident that the Group enters the second half with increased focus on our portfolio of core assets and that the demand for capacity at those assets, and our ability to satisfy that demand profitably, will deliver increased value to shareholders. Consolidated profit and loss account For the six months ended 30 September 2004 Restated Audited Unaudited Unaudited Unaudited Unaudited Continuing Discontinued Total Total operations operations Six Six Six months Six months to 30 months to to months to September 30 30 September 30 September Year to 2004 September 2004 2003 31 March #'m 2004 #'m #'m 2004 Notes #'m #'m 186.2 Turnover 2.1 94.0 13.6 107.6 103.4 (24.3) Cost of sales (1.0) (11.8) (12.8) (12.5) 161.9 Gross profit 93.0 1.8 94.8 90.9 (142.7) Administrative expenses (68.3) (2.4) (70.7) (76.2) 47.9 Operating profit before 2.2 34.9 0.4 35.3 32.7 depreciation, amortisation and exceptional items (13.9) Depreciation (6.6) (0.5) (7.1) (7.0) (8.3) Amortisation - normal (3.6) (0.5) (4.1) (4.2) (5.9) - exceptional - - - (6.2) (0.6) Exceptional items - other 2.4 - - - (0.6) 19.2 Operating profit 2.3 24.7 (0.6) 24.1 14.7 (13.0) Net interest payable 3 (4.9) (7.5) 6.2 Profit on ordinary activities before 19.2 7.2 tax (5.5) Tax on profit on ordinary activities 4 (7.7) (6.1) 0.7 Profit on ordinary activities after 11.5 1.1 tax (1.5) Equity minority interests (1.5) (1.1) (0.8) Profit/(loss) for the financial 10.0 - period (12.9) Dividends 5 (3.9) (3.9) (13.7) Retained profit/(loss) for the 6.1 (3.9) period (0.17)p Earnings/(loss) per share 6 1.79p 0.01p (0.17)p Diluted earnings/(loss) per share 6 1.79p 0.01p 2.66p Earnings per share before 6 2.53p 2.13p amortisation and exceptional items 2.66p Diluted earnings per share before 6 2.52p 2.13p amortisation and exceptional items The discontinued operations relate to the Group's Airport Services business which was disposed of on 27 October 2004. Consolidated balance sheet 30 September 2004 Restated Audited Unaudited Unaudited 31 March 30 September 30 September 2004 Notes 2004 2003 #'m #'m #'m Fixed assets 116.2 Goodwill 112.7 121.5 9.3 Other intangible assets 9.1 10.4 125.5 Intangible assets 121.8 131.9 227.2 Tangible assets 227.6 226.3 135.0 Investment properties 137.3 135.6 1.8 Trade investments 1.8 1.9 489.5 488.5 495.7 Current assets 1.2 Stock 1.3 1.3 23.9 Debtors 30.9 33.4 23.4 Cash at bank and in hand 7 40.5 34.7 48.5 72.7 69.4 Current liabilities (64.7) Creditors - amounts falling due within one year 8 (71.0) (69.9) (16.2) Net current assets/(liabilities) 1.7 (0.5) 473.3 Total assets less current liabilities 490.2 495.2 (157.6) Creditors - amounts falling due after more than one year 9 (162.3) (172.6) (4.1) Accruals and deferred income (4.1) (4.6) (20.0) Provisions for liabilities and charges (25.1) (20.0) 291.6 Net assets excluding pension scheme liability 298.7 298.0 (14.0) Pension scheme liability (13.5) (14.6) 277.6 Net assets 285.2 283.4 Capital and reserves 55.9 Called up share capital 55.9 55.9 166.6 Share premium account 166.6 166.6 4.6 Capital reserve 4.6 4.6 17.0 Revaluation reserve 17.0 16.0 34.6 Profit and loss account 40.7 42.1 278.7 Equity shareholders' funds 13 284.8 285.2 (1.1) Equity minority interests 0.4 (1.8) 277.6 Capital employed 285.2 283.4 Consolidated cash flow statement For the six months ended 30 September 2004 Audited Unaudited Unaudited Year to Six months Six months 31 March to to 2004 30 September 30 #'m Notes September 2004 2003 #'m #'m 56.1 Net cash inflow from operating activities 10 27.2 32.0 Returns on investments and servicing of finance 0.7 Interest received 0.5 0.3 (11.2) Interest paid (5.1) (6.8) (0.7) Interest element of finance lease and hire purchase repayments (0.3) (0.3) (11.2) Net cash outflow from returns on investments and servicing of finance (4.9) (6.8) (0.8) Tax (0.6) (0.3) Capital expenditure and financial investment (18.6) Additions to tangible fixed assets (7.8) (10.9) (2.2) Additions to investment properties (1.5) (1.3) 0.2 Sale of tangible fixed assets 0.1 0.1 (20.6) Net cash outflow for capital expenditure and financial investment (9.2) (12.1) Acquisitions and disposals (0.3) Purchase of trade investments - (0.3) (0.3) Net cash outflow for acquisitions and disposals - (0.3) (12.9) Equity dividends paid - - Management of liquid resources 5.3 Cash (placed on)/withdrawn from deposit (16.4) 7.0 0.4 Sale of US securities 0.3 0.2 5.7 Net cash (outflow)/inflow from management of liquid resources (16.1) 7.2 Financing 83.1 Bank loans drawn down 29.5 79.1 (91.9) Repayment of bank loans (24.0) (83.1) (2.4) Repayment of other loans - - (2.2) Capital element of finance lease and hire purchase repayments (1.1) (1.1) (13.4) Net cash inflow/(outflow) from financing 4.4 (5.1) 2.6 Increase in cash in the period 11 0.8 14.6 Consolidated statement of total recognised gains and losses For the six months ended 30 September 2004 Restated Audited Unaudited Unaudited Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m (0.8) Profit/(loss) for the financial period 10.0 - 1.4 Exchange differences on overseas investments - 0.4 1.0 Unrealised surplus on revaluation of investment properties - - 2.2 Actuarial gain on pension scheme - - (0.3) Minority interest effect on actuarial gain - - 0.1 Other effect on actuarial gain - - (0.7) Movement in deferred tax on pension scheme - - 1.3 Net effect of pension schemes - - 2.9 Total net gain/(loss) for the period 10.0 0.4 (13.2) Prior year adjustment in respect of FRS 17 - (13.2) (10.3) Total gains/(losses) recognised in the period 10.0 (12.8) Notes 1 Basis of preparation Except for the implementation of UITF17 (Revised), 'employee share schemes', 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 2004. The change in accounting policy has had no impact on the interim financial statements. The 30 September 2003 comparative figures have been restated in the interim financial statements to reflect the Group's full adoption of FRS 17 'post retirement benefits' in the financial year ended 31 March 2004. The full adoption of the standard represents a change in accounting policy and the 30 September 2003 comparative figures have been restated accordingly. The interim report and accounts are unaudited but have been formally reviewed by the auditors. The information shown for the year ended 31 March 2004 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 31 March 2004 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 In the segmental information provided below, Airport Ownership relates to airports which are either owned or operated under long term agreements. Turnover is derived from third parties. The discontinued operations relate to the Group's Airport Services business which was disposed of on 27 October 2004 (see Note 15). 2.1. Turnover is analysed as follows: Continuing Discontinued Total Total operations operations Six months to Six months to Year to 30 September 30 September Six months to Six months to 2004 2004 31 March 30 September 30 September 2004 #'m #'m 2004 2003 #'m #'m #'m 77.1 Airport Ownership Traffic income 47.5 - 47.5 46.1 56.1 Commercial income 32.2 - 32.2 30.8 13.4 Tenant income 7.2 - 7.2 6.5 25.6 Airport Services - 13.6 13.6 13.0 4.2 Airport Management 2.2 - 2.2 2.4 176.4 Total airports 89.1 13.6 102.7 98.8 9.8 Other operations 4.9 - 4.9 4.6 186.2 Turnover from all operations 94.0 13.6 107.6 103.4 2.2. Operating profit before depreciation, amortisation and exceptional items is analysed as follows: Restated Continuing Discontinued Total Total operations operations Year to Six months to Six months to 31 March 30 September 30 September Six months to Six months to 2004 2004 2004 30 September 30 September #'m #'m #'m 2004 2003 #'m #'m 45.5 Airport Ownership 34.5 - 34.5 31.8 1.5 Airport Services - 0.4 0.4 0.2 2.7 Airport Management 1.4 - 1.4 1.5 49.7 Total airports 35.9 0.4 36.3 33.5 2.6 Other operations 1.3 - 1.3 1.3 (4.4) Head office costs (2.3) - (2.3) (2.1) 47.9 Operating profit before depreciation, 34.9 0.4 35.3 32.7 amortisation and exceptional items 2.3 Operating profit is analysed as follows: Restated Continuing Discontinued Total Total operations operations Year to Six months to Six months to 31 March 30 September 30 September Six months to Six months to 2004 2004 2004 30 September 30 September #'m #'m #'m 2004 2003 #'m #'m 29.0 Airports 26.5 (0.6) 25.9 23.1 1.3 Other operations 0.6 - 0.6 0.6 (4.6) Head office costs (2.4) - (2.4) (2.2) (5.9) Amortisation - exceptional - - - (6.2) (0.6) Exceptional items - other - - - (0.6) 19.2 Operating profit 24.7 (0.6) 24.1 14.7 Notes (cont'd) 2.4 These exceptional items are analysed as follows: Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m (0.2) Litigation costs relating to discontinued operations and periods - (0.2) prior to acquisition by the Group (0.4) Reorganisation costs - (0.4) (0.6) - (0.6) 3. Net interest payable Restated Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m 9.3 Interest payable on bank and similar loans 4.4 5.2 0.7 Interest on finance lease and hire purchase arrangements 0.3 0.3 0.6 Bank charges 0.1 0.1 0.7 Amortisation of debt issue costs 0.4 0.2 (0.7) Interest receivable (0.5) (0.3) 0.4 Other finance costs arising on FRS17 0.2 0.2 2.0 Interest swap break cost - exceptional - 1.8 13.0 Total 4.9 7.5 4 Tax The tax charge has been derived by applying the anticipated effective rate of tax for the year ending 31 March 2005 to the results for the six months to 30 September 2004. Year to Six months to Six months to 31 March 30 September 2004 30 September 2004 2003 #'m #'m #'m 2.3 Corporation tax 2.3 1.7 3.2 Deferred tax 5.4 4.4 5.5 Total 7.7 6.1 5 Dividends Year to Six months to Six months to 31 March 30 September 30 September 2004 2003 2004 #'m #'m #'m 3.9 Interim proposed (0.70 pence) 3.9 3.9 9.0 Final payable (1.60 pence) - - 12.9 3.9 3.9 The interim dividend proposed in respect of the year ending 31 March 2005 will be payable on 4 January 2005 to shareholders on the register on 3 December 2004. The final dividend for the year ended 31 March 2004 was paid on 1 October 2004. Notes (cont'd.) 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: Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 (0.8) Profit/(loss) attributable to shareholders (#'m) 10.0 - 15.0 Earnings before amortisation and exceptional items (#'m) 14.1 11.8 559 Basic weighted average share capital (number of shares, million) 559 559 560 Diluted weighted average share capital (number of shares, 560 559 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 items is based on the following analysis: Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m (0.8) Profit/(loss) for the financial period 10.0 - 8.3 Amortisation - normal 4.1 4.2 5.9 - exceptional - 6.2 0.6 Exceptional items - other - 0.6 2.0 Interest swap break cost - 1.8 (1.0) Effect of tax and equity minority interests on above - (1.0) adjustments 15.0 14.1 11.8 7 Cash at bank and in hand 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m 4.9 Cash 5.7 17.2 18.5 Other bank deposits 34.8 17.5 23.4 40.5 34.7 Included within cash are amounts of: * #0.1 million (US$0.2 million) which reside in the accounts of a US subsidiary company and over which there are restrictions as to the transferability to other Group companies Included within other bank deposits are amounts of: * #4.0 million (US$7.2 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 * #15.0 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 Notes (cont'd.) 8 Creditors - amounts falling due within one year 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m - Bank loans 2.8 1.9 0.5 US Industrial Development Revenue Bonds - Series 1995 0.9 0.7 0.5 Other loans 0.6 0.6 22.1 Trade creditors 20.1 23.3 5.1 Corporation tax 6.9 6.0 1.7 Other tax and social security 2.6 1.6 2.4 Amounts due under finance lease and hire purchase arrangements 2.3 2.4 5.5 Other creditors 4.6 4.8 17.9 Accruals and deferred income 17.3 15.7 9.0 Dividends payable 12.9 12.9 64.7 71.0 69.9 9 Creditors - amounts falling due after more than one year 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m 124.2 Bank loans 130.5 133.7 14.7 US Industrial Development Revenue Bonds - Series 1995 13.1 16.0 8.9 Other loans 8.6 11.8 7.6 Amounts due under finance lease and hire purchase arrangements 7.1 8.1 2.2 Other creditors 3.0 3.0 157.6 162.3 172.6 10 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 2004 2004 2003 #'m #'m #'m 19.2 Operating profit 24.1 14.7 13.9 Depreciation 7.1 7.0 14.2 Amortisation 4.1 10.4 (0.4) Release of deferred income (0.2) (0.2) - Increase in stock (0.2) (0.1) 1.2 (Increase)/decrease in debtors (6.6) (7.5) 8.0 (Decrease)/increase in creditors and provisions (1.1) 7.7 56.1 Net cash inflow from operating activities 27.2 32.0 11 Reconciliation of net cash flow to movement in net debt Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m 2.6 Increase in cash in the period 0.8 14.6 13.4 Cash (inflow)/outflow from movement in debt, finance lease and (4.4) 5.1 hire purchase arrangements 16.0 (Increase)/decrease in net debt resulting from cashflows (3.6) 19.7 (5.7) Movements in other bank deposits during the period 16.1 (7.2) (6.2) New finance lease and hire purchase arrangements (0.5) (5.5) (0.7) Other non-cash items (0.4) (0.3) (6.9) Non-cash items (0.9) (5.8) 10.3 Exchange movements (1.6) 1.9 13.7 Movement in net debt during the period 10.0 8.6 (149.1) Net debt at the beginning of the period (135.4) (149.1) (135.4) Net debt at the end of the period (125.4) (140.5) 12 Analysis of net debt Cash Other bank Sub total Debt due Debt due Finance lease Total deposits within one after one and hire year year purchase arrangements #'m #'m #'m #'m #'m #'m #'m At 31 March 2004 4.9 18.5 23.4 (1.0) (147.8) (10.0) (135.4) Cashflow 0.8 16.1 16.9 (2.3) (3.2) 1.1 12.5 Non-cash changes - - - (1.0) 0.6 (0.5) (0.9) Exchange movements - 0.2 0.2 - (1.8) - (1.6) At 30 September 2004 5.7 34.8 40.5 (4.3) (152.2) (9.4) (125.4) At 31March 2003 2.7 25.1 27.8 (8.5) (162.3) (6.1) (149.1) Cashflow 14.6 (7.2) 7.4 (1.0) 5.0 1.1 12.5 Non-cash changes - - - 6.2 (6.5) (5.5) (5.8) Exchange movements (0.1) (0.4) (0.5) 0.1 2.3 - 1.9 At 30 September 2003 17.2 17.5 34.7 (3.2) (161.5) (10.5) (140.5) At 31 March 2003 2.7 25.1 27.8 (8.5) (162.3) (6.1) (149.1) Cashflow 2.6 (5.7) (3.1) 8.2 3.0 2.2 10.3 Non-cash changes - - - (1.1) 0.4 (6.2) (6.9) Exchange movements (0.4) (0.9) (1.3) 0.4 11.1 0.1 10.3 At 31 March 2004 4.9 18.5 23.4 (1.0) (147.8) (10.0) (135.4) Notes (cont'd.) 13 Reconciliation of movement in equity shareholders' funds Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m (0.8) Profit/(loss)attribu (12.9) Dividends (3.9) (3.9) (13.7) Retained profit/(loss) for the period 6.1 (3.9) 1.0 Surplus on revaluation of investment properties - - 1.4 Exchange differences on overseas investments - 0.4 1.3 Actuarial gain on pension scheme - - (10.0) Net increase/(decrease) in equity shareholders' funds 6.1 (3.5) 288.7 Opening equity shareholders' funds as previously reported 278.7 301.9 - Prior year adjustment in respect of FRS17 - (13.2) 288.7 Opening equity shareholders' funds as restated 278.7 288.7 278.7 Closing equity shareholders' funds 284.8 285.2 14 Contingent liabilities The Group had the following contingent liabilities as at 30 September 2004: * The Group guaranteed the performance of a company in Costa Rica, in which the Group own 10% of the issued share capital, under the terms of certain bank loan arrangements amounting to #0.6 million (US$1.1 million) * The Group guaranteed the performance of a company in Costa Rica, in which the Group owns 10% of the issued share capital, under the terms of certain obligations amounting to #0.4 million (US$0.7 million) The Group is dealing with a small number of legal claims. The directors have reviewed all of these claims and, on the basis of legal advice received, believe that exposure to future losses is unlikely. 15 Post balance sheet events Acquisition of remaining interests in London Luton Airport Group Limited (" London Luton") On 27 October 2004, the Group entered into a conditional agreement to acquire Alterra Luton (UK) Limited, the registered holder of the remaining 28.6% of the ordinary shares, the redeemable shares (collectively the "Luton Shares") and loan notes of London Luton not already held by the Group from Alterra Partners ("Alterra"). The consideration for the Luton Shares comprises cash of approximately #67.3 million and the issue to Alterra of 14,925,372 shares valued at approximately #10.7 million. In addition TBI will pay approximately #2.7 million in replacement of the loan notes referred to above. TBI expects to finance these amounts from a mixture of its existing resources and new bank facilities. On completion of the acquisition, the Group will capitalise the goodwill arising from the acquisition which is expected to be in the region of #80 million depending on London Luton's net assets at completion. The Group has fully consolidated the results of London Luton in its financial statements since 1 April 2001, recognising the Luton Shares as an equity minority interest which, on completion, the Group will eliminate. The Group currently accounts for the loan notes as third party indebtedness in its consolidated financial statements and this amount will be eliminated on consolidation following completion. The agreement is subject to the following: * shareholders' consent * certain financing conditions Disposal of Airport Services business On 27 October 2004, the Group disposed of its Airport Services business for approximately $24.0 million (#13.3 million) to BBA Group PLC, the international aviation and materials technology company. The cash consideration, which is on a debt and cash free basis, is subject to the subsequent determination of certain balance sheet items at the date of completion. The net assets of the Airport Services business at the date of completion are anticipated to be some US$17.0 million (#9.4 million) dependent upon the subsequent determination of certain balance sheet items referred to above. The exceptional profit before tax, after disposal-related costs, is expected to be approximately US$5.0 million (#2.8 million). Additional financial information Restated Year to Six months to Six months to 31 March 30 September 30 September 2004 2004 2003 #'m #'m #'m Operating profit before depreciation, amortisation and exceptional items 22.1 London Luton 13.7 13.6 10.2 Belfast International 8.9 7.6 10.1 Cardiff International 8.0 7.8 1.8 Orlando Sanford 2.3 1.9 (1.7) Stockholm Skavsta 0.2 (0.6) 3.0 Bolivia 1.4 1.5 1.5 Airport Services 0.4 0.2 1.0 Airport Management - North America 0.4 0.5 1.4 - London Luton 0.9 0.9 0.3 - Costa Rica 0.1 0.1 49.7 Total - airports division 36.3 33.5 2.6 Other operations 1.3 1.3 (4.4) Head office (2.3) (2.1) 47.9 Operating profit before depreciation, amortisation and 35.3 32.7 exceptional items (13.9) Depreciation |
Posted at 29/10/2004 14:38 by lbo TBI lands jewel in the crown Oct 29 2004Sion Barry, Western Mail AIRPORTS group TBI yesterday announced a £80m deal to buy out the minority shareholder in its jewel in the crown London Luton Airport operation. After protracted negotiations TBI, which also owns Cardiff International Airport, revealed to the City plans to acquire Alterra Partners' 28.6% stake in London Luton, which over the next year is projected to increase passenger numbers by 40% from seven million to 11 million. Alterra is a joint venture between American-owned Bechtel and Singapore Changi Airport Group. The vehicle has a pre-emptive agreement which in effect means that TBI cannot sell Luton without its approval. However, with the removal of what TBI's chief executive Keith Brooks yesterday described as the "poison pill," he conceded that a trade sale of the airports group was now a far more attractive proposition. Cardiff-born Mr Brooks said, "This deal in theory does make a trade sale of TBI easier. "However, our primary consideration, subject to shareholder approval in December, is getting our hands on greater cash flow at Luton. "We are investing £30m in the airport which will see a 40% increase in passengers over the next year with another three aircraft being introduced by EasyJet and four by Ryanair." Mr Brooks said the Alterra agreement also opened up the possibility of a separate flotation of London Luton. "It would be irresponsible to say that this deal doesn't give us a number of potential options moving forward," said Mr Brooks. "However, the board has yet to meet to discuss any future strategies, but our main focus is on expansion." The airports group, whose share performance over the past decade has outperformed that of the FTSE-250 and the London Stock Market's transport index, has been linked with takeover and break-up speculation since a number of active fund managers, including JO Hambro and Laxey Partners, recently took up equity positions in the company. Yesterday the Welsh chairman of City stockbrokers and investment bank Evolution, Richard Griffiths, said he believed that a break-up of TBI was now a strong possibility afterthe removal of the "Alterra barrier." Mr Griffiths added "This deal removes the stumbling block to realising the true value of TBI. "It is a triumph for proactive shareholder pressure on the management of TBI. "However, I believe this deal provides a win win situation for both management and shareholders. "It makes a trade sale far more likely, but I personally think a stronger contender is an unbundling of TBI's assets. "Luton alone now has a value far higher than the quoted £280m-£290m. "I am far more optimistic and feel it could go for £400m, while a break up of TBI could be achieved for as high as £1 per share." In a separate announcement yesterday TBI said it had completed the sale of its US-based airport services group Airport Group International (AGI). London-based aviation and materials technology firm BBA has bought AGI for around $24m (£13.3m). Mr Brooks confirmed that six bidders were now in the running for acquiring TBI's airport interests in Bolivia. Shares in TBI climbed marginally yesterday to close at 72 p. |
Posted at 11/6/2004 00:27 by maestro. the great Guru Tempus speaks...June 11, 2004 Tempus TBI hopes for take-off as low-cost carriers go to war By Robert Cole IF 2003 was a year of struggle for TBI, then 2004 could be a year of transformation. Like its airline customers, Britain's second largest airports operator endured a tough year. The collapse in pre-tax profits for last year was in line with forecasts, hit largely because of writedowns on its troubled Airport Services operation in the US. But the core business looks healthy and, barring any geopolitical shock, TBI will be able to build on this strength. TBI will, however, be caught in the crossfire over the fares war breaking out between budget airlines. Ryanair and easyJet look certain to survive. Bmibaby, which operates from TBI's Cardiff airport, is a weaker player. All three, however, will attempt to screw down take-off and landing charges as the competition hots up over the next 12 months. Rising fuel costs will make the budget airlines especially keen to keep a lid on other costs. TBI's income per passenger generated from landing charges fell last year and will probably do so again in future as charter and full-service business fades. In the process TBI is becoming dependent on budget airlines and they already pay less in airport charges because of the volume of traffic they bring in. That said, the general aviation upturn that TBI forecasts will gather steam in 2004 should enable the company to find a buyer for Airport Services. This division, along with the Bolivian airports that are also on the block, were earmarked for sale before 9/11. But market conditions meant potential buyers were scarce. If TBI can offload them this year, management can focus on its core operations. Chief among these is Luton airport, where easyJet has vowed to continue expanding despite the fares war and warning of a "bloodbath" among budget airlines. The full effect of easyJet's most recent expansion at Luton has yet to be felt. And now that the Government's White Paper has cleared Luton to expand the number of passengers that can use the airport, it should galvanise the local council and TBI to think about investment in raising capacity and ways to attract further business to the facility. Passengers are also spending much more on car parking, food and in retail outlets and, as yesterday's figures showed, these provide TBI with a good slice of extra income. In addition there is half a chance that TBI could be bid for. Hold. |
Posted at 10/6/2004 07:34 by grupo guitarlumber RNS Number:6139ZTBI PLC 10 June 2004 TBI PLC Preliminary Results for the Year ended 31 March 2004 The TBI Group is one of the UK's leading airport operators. It owns and/or 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 * Group turnover was #186.2 million (2003: #177.6 million) * EBITDA* was #47.9 million (2003: #47.2 million) * Operating profit was #19.2 million (2003: #24.3 million) * Profit before amortisation, tax and exceptional items was #23.0 million (2003: #23.6 million) * Profit before tax was #6.2 million (2003: #11.2 million) * Earnings per share before amortisation and exceptional items: 2.66 pence (2003: 2.91 pence) * Earnings per share: (0.17) pence loss (2003: 0.94 pence) * Proposed final dividend of 1.60 pence, maintaining the total dividend for the year at 2.30 pence * Terminal passengers rose to 17.5 million during the year, a rise of 15% driven by growth in the low cost sector * Low cost traffic increased by 31% primarily as a result of easyJet growing out of London Luton and Belfast, Ryanair launching its base at Stockholm Skavsta (April 2003) and a full year's contribution from bmibaby at Cardiff * London Luton benefited from a number of new easyJet services as well as additional rotations to existing routes; NCP appointed to operate the car parking concession at this location * Operating profit before depreciation, amortisation and exceptional items Keith Brooks, Chief Executive, comments: "Overall, this has been a year of steady improvement for the Group which has seen us further strengthen our platform for growth. Within the context of a continuingly tough environment, our core European airports remain well placed to take advantage of the continued expansion in low cost travel, in particular, and there is a clear indication of markedly improved trading across our US businesses which is encouraging. We will also continue to focus on driving revenue and managing costs." 10 June 2004 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 Justine Warren CHAIRMAN'S STATEMENT This has been a satisfactory year for the Group which saw EBITDA* increase by #0.7m, the completion of several important capital projects and the future potential of our UK airports acknowledged in the Government's White Paper on Aviation. While operating profit and profit before tax declined by #5.1m and #5.0m respectively this is almost entirely due to the increased incidence of exceptional items in the year, notably the #5.9m write down of goodwill in our Airport Services business which was charged to profits in the first half of the year. I am pleased with this year's achievements as I believe they signal the beginning of a turn-around in the fortunes of the aviation industry in general and TBI in particular. That said, the ongoing threat of geo-political risk or the impact which a serious rise in oil prices could have on the industry cannot be underestimated. Indeed, at the beginning of this financial year, the industry and TBI felt the impact from the Iraq war and the SARS virus. But, for TBI, I believe that the change in our customer base following the events of the 11th September 2001 and the associated structural changes in the industry is now complete and, consequently, year on year comparisons have a greater validity. The increase in EBITDA includes two components worthy of particular comment: firstly the improved performances of our North American businesses. At Orlando Sanford, EBITDA improved by 125% and Airport Services saw an 87% improvement on the prior year. Secondly, the EBITDA loss of #1.7m incurred at Stockholm Skavsta which was largely attributable to the cost of a significant amount of operational transition for that business which saw passenger numbers increase more than three-fold on an annualised-basis. The Board is recommending maintaining the dividend. This represents a final dividend of 1.60p to be paid on 1 October 2004 to shareholders on the register at the close of business on 3 September 2004, bringing the total dividend for the year to 2.30p per share. December 2003 saw the publication of the Government's White Paper on the Future of Aviation in the United Kingdom up to 2030. In that paper, the Government provided the strategic direction for all three of our UK airports to expand. London Luton was effectively given the go-ahead to increase passenger numbers to 31 million and Belfast to eight or nine million from the current year numbers of seven million and four million respectively. In the context of Cardiff, the White Paper was drawn up in conjunction with the Welsh Assembly Government and affirmed Cardiff as the principal airport in Wales, effectively ending speculation regarding new airport developments at Newport or Severnside which was particularly pleasing. Our UK Airports are all well placed to take advantage of the Government's direction and future strategy for aviation. At London Luton, new services have been introduced to Berlin, Dortmund, Budapest and Katovice. To accommodate and facilitate this passenger growth we invested some #7m during the year at this location to build a new taxiway and three new aircraft stands capable of accommodating large aircraft. The executive jet market also continues to flourish and in recent months has demonstrated growth considerably in excess of 20%. Passenger numbers at Belfast International exceeded four million for the first time through substantial increases of approximately 20% in both the holiday charter and low cost operations. I am also particularly pleased to record that Belfast International has made significant inroads into the continental European market with scheduled flights to Prague, Paris, Nice, Alicante and Malaga. This means that for the first time passengers from Northern Ireland will be able to take direct flights to continental Europe. Such a facility is long overdue and I am optimistic that there is more to come. Again we have invested, and will be investing in future, to accommodate this growth. During the year impressive new catering facilities were completed and a major refurbishment of the duty free shop, incorporating a 5,000 sq.ft. extension to the terminal, is planned for December 2004. Cardiff also saw growth in activity with passenger numbers increasing to almost two million. This growth was all achieved from low cost services, but significantly the level of charter business was also maintained. Capital improvements included extensions to the departure lounge and the security check area, as well as the construction of a new business lounge. An important development to the growth of the airport will be the opening of a railway station near to the airport in May 2005. When remarking on capital projects, it would be remiss not to make special mention of Stockholm Skavsta. A major extension to the terminal was substantially completed in the year and the airport can now comfortably handle the 1.1m passengers that currently use it, and has the capacity to accommodate three times that number. At Orlando Sanford, the British are returning and UK traffic increased by 21% during the year, but perhaps even more significantly Sanford is making its mark with the American domestic passenger. Almost 600,000 US passengers used the airport last year, an increase of 67%. Overall we have seen a cautious improvement, but one certainly moving in the right direction and with the right platforms in place to take the business forward. In addition to the infrastructure I have mentioned, those springboards, of course, also include the Group's people. We have great teams in each of the business entities and they have again performed very well this year. Thanks to them, the TBI executive team led by Keith Brooks, and also my fellow non-executive directors, including Tim Simon who retired during the year. We are making good progress in finding a replacement. The improvements made this year have encouraged me and that view is supported by activity levels in the first two months of the new financial year where passenger numbers are more than 11% higher than for the corresponding two months in 2003. The growth is apparent, without exception, at all our airports and includes all types of service: low cost by 10%, charter by 13% and full service by 12%. Whilst passenger numbers are holding up well and we are involved in a number of significant route development initiatives, we continue to see pressure on yields. G. Stanley Thomas Chairman 10 June 2004 |
Posted at 09/1/2004 10:35 by curryms Positive news from Easyjet not a significant factor for TBI share price. TBI interim figures (Nov) reported 5% growth in revenues, which is obviously good, BUT TBI profits fell - BAD. TBI failed to control cost hence the City has concerns about the ability of the current management to take the company forward even when passenger numbers are rising via Easyjet etc. The good news is that under these circumstances TBI remains in play - somebody if not the Germans will take TBI over. Unfortunately we are likely to see further weakness in TBI share price until TBI are subject to an offer. Current share price is supported by the Germans potential bid not revenue growth/profit growth. DYOR |
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