Trans Balk Inv Share Discussion Threads

[maestro.] 16/6/2004 20:40

bid coming imho...long overdue..looking at 85p

[luckygit] 16/6/2004 13:18

Some big trades starting to go through. Starting to look interesting.

[spob] 11/6/2004 07:47

So where is all the money that these pasengers are spending ?

There is no evidence of it on the bottom line

The only perceived attraction here is to cling to the hope that they will be bid for

Things are going to get worse before they get better. If i were considering a bid i would wait for the inevitable and buy TBI at a price which reflects it's dwindling margins.

[maestro.] 11/6/2004 00:27

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.

[topinvestor] 10/6/2004 17:52

hopefully see some movement upwards, i hold a shedful of these

[curryms] 10/6/2004 17:38

maestro

Oriel Securities is not put off by the results - they have reiterated their add rating for TBI.

[spob] 10/6/2004 12:53

"What you've seen is reductions in profitability rather than levels of
activity," he said.

run that by me again Brooks ?

[curryms] 10/6/2004 12:35

maestro

If TBI drop below 60p bid talk will not be far behind.

[maestro.] 10/6/2004 12:29

curryms...nevermind i'll wait for the yearly bid then

[curryms] 10/6/2004 12:21

Maestro

Do not see anything in these results to prompt broker upgrade

Merrill Lynch has repeated its neutral stance after the figures.

Panmure Gordon has repeated its sell advice and said the lack of an outlook is bizarre and the comment that there is pressure on yields is "strange for an airport .

[curryms] 10/6/2004 11:27

Poor set of results (not unexpected by the market-TBI regularly disappoints)

Turnover up 4.8%

EBITDA up only 1.4%

Profits down

Says it all - management unable to control costs.

Hence TBI has under performed the transport sector by 8%

TBI remains ripe for takeover

[spob] 10/6/2004 10:43

"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", adding that the company continued to witness downward
pressure on yields. (veiled profit warning )


The management are not that stupid ! - Re ; buy out

[maestro.] 10/6/2004 10:06

or maybe a management buy out?

[maestro.] 10/6/2004 10:06

should be a few broker upgrades soon..then it will fly!

[grupo guitarlumber] 10/6/2004 08:03

LONDON (AFX) - TBI PLC year to March 31 2004 results:
Sales - 186.2 mln stg vs 177.6
EBITDA - 47.9 mln stg vs 47.2 mln
Pretax profit pre-ex pre-goodwill - 23 mln stg vs 23.6 mln
Pretax profit - 6.2 mln stg vs 11.2 mln
EPS pre-ex pre-goodwill - 2.66 pence vs 2.91p
Loss per share - 0.17 pence vs EPS 0.94p
Final div - 1.60 pence, unchanged
Total div - 2.30 pence, unchanged
[e-mail]
lam

[spob] 10/6/2004 08:02

This company is useless. Passenger numbers continue to soar and margins continue to dwindle. Lets face it, airport operators (and airlines ) are a sure fire way to decrease shareholder value.

These results are so full of Ebitda

[maestro.] 10/6/2004 07:37

very upbeat indeed...looks like they've turned the corner...could shoot up pretty quickly now

[grupo guitarlumber] 10/6/2004 07:34

RNS Number:6139Z
TBI 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: [phone]
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

[blowson2000] 09/6/2004 20:54

Me too. Think volume will have gone up a lot again.But profits wont be up as much because it cheapyfares.Although i still believe theyre undervalued.

[maestro.] 09/6/2004 17:51

i'm very surprised there are few posters at the moment when results are out tomoro...still think 64p is very undervalued ...i'm expecting a very up beat report tomoro