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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Alpha Airports | LSE:AAP | London | Ordinary Share | GB0000281328 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 109.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1663I Alpha Airports Group PLC 30 March 2000 PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST JANUARY 2000 30 March 2000 HIGHLIGHTS * Profit on ordinary activities before taxation increased to #19.3m (1998/99* #15.7m) * Earnings per share increased by 12% to 6.07 pence (1998/99* 5.41 pence) * Total dividend, including recommended final dividend, increased by 6.7% to 3.2 pence per ordinary share (1998/99 3.00 pence) * Group net cash #8.6m (1998/99 net debt #76.2m) * Consolidated shareholders' funds #60.5m (1998/99* #3.3m deficit) *As restated see Note 3 Commenting today Kevin Abbott, Chief Executive, said: "The sale, for #100.3m, of our US ground handling business has transformed ALPHA's ability to invest in our core Travel Retail and Flight Service activities where significant growth opportunities exist. The recent investment by Servair in ALPHA will enhance our international catering growth prospects as we jointly expand choice for the world's airlines. Servair and ALPHA share the view that together we can establish an extensive and high quality catering network across Europe." Enquiries: ALPHA Airports Group Plc Tel: 020 7457 2345: (today) Kevin Abbott, Chief Executive Tel: 020 8580 3200:(thereafter) Stuart Siddall, Finance Director Gavin Anderson & Company Tel: 020 7496 1431 Laura Hickman Corporate website : www.alpha-group.com PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST JANUARY 2000 Sales in ALPHA Inflight Retail grew strongly to #44.0m (1998/99 #39.0m) whilst sales in our catering division, ALPHA Flight Services, were stable at #219.3m (1998/99 #220.2m). Sales in ALPHA Travel Retail fell to #187.1m (1998/99 #260.6m) as expected following the expiry of a management contract at Gatwick and the abolition of Duty and Tax Free allowances for intra EU travellers. The Group's profit on ordinary activities before taxation increased by #3.6m to #19.3m. Operating profits from our continuing businesses (before goodwill amortisation and exceptional items) were #19.0m (1998/99 #22.6m). This reduction was largely as a result of the expected abolition of Duty and Tax Free allowances for travellers within the EU. Earnings per ordinary share increased to 6.07 pence (1998/99* 5.41 pence). Before goodwill amortisation and exceptional items the adjusted earnings per share were, at 7.64 pence (1998/99 9.83 pence), in line with our expectations. During the past twelve months the Group has been successful in managing the impact of the abolition of Duty and Tax Free allowances for travellers within the EU and the acquisition and integration of the British Airways kitchen at Gatwick. In addition, we have secured a 10 year extension to our UK wide catering contract with British Airways, renegotiated key UK contracts and eliminated the Group's debt following the successful sale of our US ground handling business. All of our businesses have continued to focus on the establishment of best practice. Significant progress was achieved in ALPHA Flight Services where world class service standards were maintained and productivity improvements evident. In Paris Orly ALPHA Flight Services will, following the transfer of the major international airlines to Paris Charles de Gaulle, reduce its cost base. The restructuring will cost up to #1.0m and will be incurred in 2000/01. In recognition of the progress achieved by the Group in the year the Board is recommending a final dividend of 2.20 pence per ordinary share which together with the interim dividend of 1.0 pence per ordinary share makes a total of 3.20 pence (1998/99 3.00 pence). In view of the current level of the Company's share price the Directors intend to utilise the authority granted at last year's Annual General Meeting to allow the Company to purchase ordinary shares in the Company if suitable opportunities arise. STRATEGY Following the sale, for #100.3m, of the US ground handling business in August 1999 ALPHA now has the resources to invest in the core flight services, travel retail and inflight retail businesses. The Board's strategy review has confirmed that there are a number of exciting opportunities available and investment for growth and development will be our first priority. The Group's strategy is to leverage all our unique skills, embrace new technologies and harness the emerging opportunities of the dynamic travel marketplace. ALPHA Flight Services offers high quality services to our airline customers. In the UK we have a strong position and there are opportunities to grow the business by continuing to offer high levels of service, pro-active product development and increasing logistics management. We provide inflight cafe services on-board the leading low cost airlines which operate out of the UK.This success has been born out of a combination of our core catering, logistics and travel retail skills. Our service on-board easyJet has been recognised with the International Flight Catering Association's Gold Medal award for the best on-board service concept. There is no doubt that low cost air travel will continue to grow rapidly and as the proven innovator in on-board products we will remain at the forefront of these developments. Overseas the growth of our Flight Services business is likely to be accelerated following the purchase from Harrods Ltd of a 26.69% interest in the Group by Servair (the largest flight caterer in France, part owned by Air France). Servair and ALPHA share the view that together we can establish an extensive catering network across Europe and we are actively considering a number of opportunities outside our own home markets. ALPHA's Inflight Retail concessions business offers liquor, tobacco, fragrances, timepieces and gifts on-board international airlines. After significant investment this business has established itself as a credible international operator and will grow, successfully, as more airlines are added to the current portfolio. In ALPHA Travel Retail, UK Duty and Tax Free trading - adjusted for seasonal factors - has improved over the period immediately following 1st July 1999, when Duty and Tax Free allowances for intra EU travellers were abolished. We will continue to reposition our UK Duty and Tax Free shops in terms of merchandise mix and presentation to reflect the specific profile of each airport. Internationally there are opportunities to grow the "Duty and Tax Free" business into areas where travel retailing remains underdeveloped and ALPHA can add substantial value. We have developed a successful range of branded travel retail concepts (ColorMania - beauty products, Zinq - timepieces, Glorious Britain - souvenirs & gifts, World News - books, magazines, confectionery and much more, Kidz - toys) which should generate sales in excess of #50m in 2000/01. The Group foresees considerable scope to expand these brands into other travel related sites and in some cases linking our retail brands with our cafe and restaurant concepts. OUTLOOK In 2000/01 we expect our Travel Retail and Flight Services businesses to report satisfactory performance although our UK Duty and Tax Free Retail business will of course show the full year effect of the changes to Duty and Tax free allowances in July 1999. We are confident that we will be able to secure growth opportunities in both the UK and internationally. ALPHA AIRPORTS GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST JANUARY 2000 Notes to Editors * ALPHA Airports Group Plc is the UK's largest supplier of integrated airport services, encompassing retailing and catering both at airports and on-board airlines. * Following the disposal of the US ground handling business in August 1999, for #100.3m, operations are focussed on the following key areas:- - ALPHA Travel Retail (formerly known as ALPHA Retail Services) - ALPHA Flight Services (formerly known as ALPHA Catering Services) - ALPHA Inflight Retail (formerly known as ALPHA Inflight Retailing) * ALPHA Travel Retail has more than 80 shopping outlets at 24 locations, principally in the UK but also in the USA, the Caribbean and the Indian sub-continent. Apart from Duty Free and Tax Free outlets, ALPHA also has a strong portfolio of exciting retail brands at airports including ColorMania (cosmetics and accessories), Zinq (jewellery and watches), Sunglasses Studio (branded sunglasses), World News (books, magazines, newspapers, CDs/audio), Glorious Britain (tourist souvenirs) and Kidz (toys). ALPHA also provides catering for passengers at airport terminals with 37 restaurants and bars at seven airports in the UK. * ALPHA Flight Services is the UK's largest independent airline caterer providing airline catering for over 100 airlines from 32 flight kitchens at 27 airports across three continents. ALPHA has 23 kitchens in the UK and 9 overseas in the Netherlands, France, the US and Australia. ALPHA Flight Services provides over 40 million meals a year. * ALPHA Inflight Retail's concession business offers liquor, tobacco, fragrances, timepieces and gifts on-board international airlines. Our bonds provide logistics services to support on-board service programmes. * On 28 January 2000, Compagnie d'Exploitation des Services Auxilaires Aeriens (Servair) acquired a 26.69% stake in ALPHA Airports from Harrods Ltd. Harrods Ltd no longer has a shareholding in ALPHA Airports. Servair, the international flight catering subsidiary of Air France, has its core activities in Paris and throughout France with an overseas presence and existing partnerships in Spain, Africa, Macau and the United States. * ALPHA Airports' web site address is www.alpha-group.com Group Profit and Loss Account for the year ended 31 January 2000 2000 1999 Notes #m #m Turnover - Continuing 450.4 519.8 - Discontinued 64.7 121.1 --------- -------- Turnover 1 515.1 640.9 Cost of sales (334.5) (407.0) ---------- ---------- Gross profit 180.6 233.9 Administration expenses before goodwill amortisation (156.9) (210.4) Goodwill amortisation (2.9) (1.5) --------- -------- Total administration expenses (159.8) (211.9) -------- --------- Other operating charges - (0.3) --------- --------- Operating profit - Continuing 16.1 13.1 - Discontinued 4.7 8.6 -------- -------- 4 20.8 21.7 -------- ------- Losses from interests in associates - discontinued operation - (0.4) Profit on disposals of discontinued operations 11 1.7 - Profit on ordinary activities before interest 22.5 21.3 Interest receivable 0.5 0.6 Interest payable (3.7) (6.2) -------- --------- Profit on ordinary activities before taxation 1 19.3 15.7 Taxation on profit on ordinary activities 5 (8.2) (5.3) -------- -------- Profit on ordinary activities after taxation 11.1 10.4 Minority interest (equity) (0.6) (1.2) -------- ------- Profit for the financial year 10.5 9.2 Equity dividends 6 (5.6) (5.1) -------- -------- Retained profit for the financial year 9 4.9 4.1 -------- -------- Earnings per share 7 6.07p 5.41p Diluted earnings per share 7 6.06p 5.41p IIMR headline earnings per share 7 7.70p 7.41p Adjusted earnings per share 7 7.64p 9.83p * The amounts for the year ended 31 January 1999 have been restated as described in Note 3 ** The amounts for the year ended 31 January 1999 include exceptional items as described in Note 4. Statement of total recognised gains and losses for the year ended 31 January 2000 2000 1999* #m #m Profit for the financial year 10.5 9.2 Currency translation differneces on foreign currency net assets and certain loans (2.3) (0.2) -------- ------- Total recognised gains/(losses) for the year 8.2 9.0 Prior year adjustment (Note 3) 0.3 -------- Total gains and losses recognised since last Annual Report 8.5 --------- Balance Sheet at 31 January 2000 Notes 2000 1999* #m #m Fixed assets Intangible assets 15.8 4.7 Tangible assets 57.9 80.7 Investments - 0.1 ---- ---- 73.7 85.5 ---- ---- Current assets Stocks 20.6 23.5 Debtors 26.2 54.7 Cash at bank and in hand 8 10.3 15.2 ---- ---- 57.1 93.4 ---- ---- Creditors: amounts falling due within one year Bank and other borrowings 8 (0.6) - Other creditors (60.4) (85.2) ---- ---- (61.0) (85.2) ---- ---- Net current (liabilities)/assets (3.9) 8.2 ---- ---- Total assets less current liabilities 69.8 93.7 ----- ----- Creditors: amounts falling due after more than one year Bank and other borrowings 8 - (89.5) Other creditors (0.4) (1.1) ---- ------- (0.4) (90.6) ---- ---- Provisions for liabilities and charges (8.6) (5.5) ---- ---- Total net assets/(liabilities) 1 60.8 (2.4) ---- ---- Capital and reserves Called up share capital 17.5 17.2 Share premium account 42.2 41.1 Profit and loss account 0.8 (61.6) ------ ------ Shareholders'funds 9 60.5 (3.3) Minority interest (equity) 0.3 0.9 ------ ------ Total equity 60.8 (2.4) ---- ---- *The amounts at 31 January 1999 have been restated as described in Note 3. Approved by the Board of Directors on 30 March 2000. Kevin Abbott, Chief Executive Stuart Siddall, Finance Director Group Cash Flow Statement for the year ended 31 January 2000 Notes 2000 1999 #m #m Net cash inflow from operating activities 10(1) 37.9 40.8 Returns on investments and servicing of finance Interest received 0.5 0.6 Interest paid (4.9) (5.7) Interest element of finance lease rental payments (0.1) (0.1) Dividends paid to minority shareholders in subsidiary undertakings (0.5) (0.5) ---- ---- Net cash outflow from returns on investments and servicing of finance (5.0) (5.7) Taxation (8.2) (10.7) ---- ---- Capital expenditure Purchase of tangible fixed assets (12.8) (14.9) Sale of tangible fixed assets 1.5 0.1 ----- ------ Net cash outflow for capital expenditure (11.3) (14.8) ----- ----- Acquisitions and disposals Purchase of subsidiary undertakings - (8.1) Purchase of business 12 (14.6) - Disposals of businesses 11 90.3 - ----- ----- Net cash inflow/(outflow) for acquisitions and disposals 75.7 (8.1) ----- ---- Equity dividends paid (2.3) (6.2) ----- ---- Net cash inflow/(outflow) before financing 86.8 (4.7) ---- ---- Financing New long-term loan - 89.5 Repayment of long- term loan (90.0) (69.0) Capital element of finance lease payments (0.8) (0.7) Net cash (outflow)/inflow from financing (90.8) 19.8 ---- ---- (Decrease)/increase in cash 10(2) (4.0) 15.1 ---- ---- Of the 1998/99 final equity dividend of #2.0m and the 1999/00 interim equity dividend of #1.7m, total scrip dividend taken up was #1.4m and therefore #2.3m was paid as a cash dividend. (1998/99: Of the 1997/98 final equity dividend of #5.9m and the 1998/99 interim equity dividend of #3.1m, total scrip dividend take up was #2.8m and therefore #6.2m was paid as a cash dividend). Notes to the Financial Information 1. Segmental Analysis Turnover Profit/(loss) Net before interest assets/(liabilities) 2000 1999 2000 1999* 2000 1999* #m #m #m #m #m #m a) Business sector analysis ALPHA Flight Services - continuing operations 219.3 220.2 12.6 13.1 39.4 34.3 - discontinued operation - - - (0.4) - - - goodwill amortisation - - (1.1) - - - - exceptional items (continuing operations) - - - 0.4 - (0.4) - exceptional items (discontinued - - - 0.2 - - operations) - loss on disposal of discontinued operation - - (0.2) - - - ------- ------- ------- ------- ------- ------- 219.3 220.2 11.3 13.3 39.4 33.9 ------- ------- ------- ------- ------- ------- ALPHA Travel Retail - continuing operations 187.1 260.6 6.2 10.1 15.5 13.6 - goodwill amortisation - - (1.8) (1.5) - - - exceptional items (continuing operations) - - - (6.1) (3.3) (3.8) ------- ------- ------- ------- ------- -------- 187.1 260.6 4.4 2.5 12.2 9.8 ------- ------- ------- ------- ------- ------- ALPHA Inflight Retail - continuing operations 44.0 39.0 0.2 (0.6) 3.2 4.5 - exceptional items (continuing operations) - - - (0.2) - - ------- ------- ------- ------- ------- ------- 44.0 39.0 0.2 (0.8) 3.2 4.5 ------- ------- ------- ------- ------- ------- ALPHA Ground Services - discontinued operations 64.7 121.1 4.7 8.4 - 25.8 - profit on disposal of discontinued operation - - 1.9 - - - ------- ------- ------- ------- ------- ------- 64.7 121.1 6.6 8.4 - 25.8 ------ ------ ----- ------ ------ ------ 515.1 640.9 22.5 23.4 54.8 74.0 Corporate exceptional - - - (2.1) (2.6) (0.2) items ------- ------ ------ ------ ----- ------- 515.1 640.9 22.5 21.3 52.2 73.8 Net interest - - (3.2) (5.6) - - Net cash/(borrowings) - - - - 8.6 (76.2) ---- ---- ---- ---- ---- ---- Turnover, profit on ordinary activities before taxation and net assets/ (liabilities) 515.1 640.9 19.3 15.7 60.8 (2.4) * The amounts for the year ended 31 January 1999 have been restated as described in Note 3. Passenger Catering previously included within ALPHA Flight Services has been reclassified in ALPHA Travel Retail to reflect the new operational structure. The prior year figures have been restated to show the segments on a comparable basis. 1. Segmental Analysis (continued) Turnover Profit/(loss) Net before interest assets/(liabilities) 2000 1999 2000 1999* 2000 1999* #m #m #m #m #m #m b) Geographical analysis United Kingdom - continuing operations 373.3 448.0 13.5 17.1 42.3 32.4 - goodwill amortisation - - (1.1) - - - - exceptional items (continuing operations) - - - 0.2 - (0.4) ------ ------ ----- ------ ------- ----- 373.3 448.0 12.4 17.3 42.3 32.0 ------- ------ ------ ------- ------ ------- USA - continuing operations 15.1 15.9 0.4 (0.7) 2.7 29.4 - discontinued operations 64.4 120.5 4.9 8.5 - - - exceptional items (continuing operations) - - - (5.9) (3.3) - - exceptional items (discontinued - - - 0.2 - (3.8) operations) - profit on disposal of discontinued operation - - 2.2 - - - ------- ------ ----- ------ ------ ------- 79.5 136.4 7.5 2.1 (0.6) 25.6 ------- ------ ------ ------- ------ ------- Rest of the World - continuing operations 62.0 55.9 5.1 6.2 13.1 16.4 - discontinued operations 0.3 0.6 (0.2) (0.5) - - - goodwill amortisation - - (1.8) (1.5) - - - exceptional items - - - (0.2) - - (discontinued operations) - loss on disposal of discontinued - - (0.5) - - - operation ------ ------ ----- ------ ------ ----- 62.3 56.5 2.6 4.0 13.1 16.4 ------- ------ ------- ------- ------ ------- 515.1 640.9 22.5 23.4 54.8 74.0 Corporate exceptional - - - (2.1) (2.6) (0.2) items ---- ---- ---- ---- ---- ---- 515.1 640.9 22.5 21.3 52.2 73.8 Net interest - - (3.2) (5.6) - - Net cash/(borrowings) - - - - 8.6 (76.2) ---- ---- ---- ---- ---- ---- Turnover, profit on ordinary activities before taxation and net assets/ (liabilities) 515.1 640.9 19.3 15.7 60.8 (2.4) ----- ---- ---- ---- ---- ---- * The amounts for the year ended 31 January 1999 have been restated as described in Note 3. Turnover is disclosed by origin. There is no material difference in turnover by destination. Net interest payable has not been allocated recognising the centre's role and responsibility in allocating financial resources. 2. Accounting Policies The accounting policies are the same as those set out in the financial statements of the Group for the year ended 31 January 1999, except for the adoption of FRS12 "Provisions, contingent liabilities and contingent assets" which is effective for the first time this year and has necessitated a prior year adjustment as described in Note 3. 3. Prior year adjustment The application of FRS12 requires a prior year adjustment in respect of a provision created in 1997/98. Accordingly the exceptional release in 1998/99 of #0.8m and the balance brought forward of #0.5m at 31 January 1999 have been eliminated. There are corresponding prior year adjustments in deferred tax. The change in accounting policy has had no impact on the profit and loss account of the current year. 4. Operating Profit Operating profit is analysed between continuing operations, discontinued operations and exceptional items as follows: Cont- Dis- Cont- Dis- inuing cont'd inuing cont'd Exc. Ops Ops Total Ops Ops Items Total 2000 2000 2000 1999 1999 1999* 1999* #m #m #m #m #m #m #m Turnover 450.4 64.7 515.1 519.8 121.1 - 640.9 Cost of sales (290.1) (44.4) (334.5) (324.0) (83.0) - (407.0) ------- ------- ------- ------- ------- ------- ------- Gross Profit 160.3 20.3 180.6 195.8 38.1 - 233.9 Admin- istration expenses (141.3) (15.6) (156.9) (173.2) (29.4) (7.8) (210.4) Goodwill amortisation (2.9) - (2.9) (1.5) - - (1.5) Other operating charges - - - - (0.3) - (0.3) ------- ------- ------- ------- ------- ------- ------- Operating profit/(loss) 16.1 4.7 20.8 21.1 8.4 (7.8) 21.7 ------- ------- ------- ------- ------- ------- ------- * The amounts for the year ended 31 January 1999 have been restated as described in Note 3. The exceptional items for the year ended 31 January 1999, included #5.9m in respect of the duty free retail operation in Orlando and #2.1m for other corporate exceptional items. 5. Taxation 2000 1999* #m #m United Kingdom corporation tax at 30.2% (1998/99 -31%) 5.9 4.5 Less: Double tax relief (1.8) (1.9) Prior year adjustments (0.1) 0.1 Overseas taxation 2.7 3.9 Movement in deferred tax 1.5 (1.3) ----- ---- 8.2 5.3 ----- ---- Taxation as a percentage of profit before taxation 42% 34% Taxation as a percentage of profit before taxation, exceptional items and goodwill amortisation 33% 28% *The amounts for the year ended 31 January 1999 have been restated as described in Note. 3. The movement in deferred tax in 1999/00 arises from the disposal of DynAir. The charge for taxation in 1998/99 included a benefit of #1.6m in respect of exceptional items relating to that year. 6. Equity Dividends 2000 1999 #m #m Interim dividend of 1.0p per ordinary share( 1998/99 - 1.84p) 1.7 3.1 Proposed final dividend of 2.2p per ordinary share (1998/99 -1.16p) 3.9 2.0 ------ ------ Total dividend of 3.2p per ordinary share ( 1998/99 - 3.00p) 5.6 5.1 ------ ------ Under a scrip dividend scheme, #0.6m of the 1998/99 final dividend and #0.8m of the 1999/00 interim dividend were paid by way of shares. Following the changes in tax legislation the Board will not be offering ordinary shareholders the choice of taking shares instead of the final cash dividend. 7. Earnings per share Profit/(loss) for the year Earnings per share 2000 1999* 2000 1999* #m #m Pence Pence Profit for the financial year and earnings per share 10.5 9.2 6.07 5.41 Adjustment for profit on disposal of discontinued operations (1.7) - (0.98) - Adjustment for impairment in fixed assets - 1.6 - 0.94 Adjustment for loss on sale of fixed assets 0.1 0.3 0.06 0.18 Adjustment for goodwill amortisation 2.9 1.5 1.68 0.88 Taxation relating to these items 1.5 - 0.87 - ----- ----- ----- ------ Adjusted profit and IIMR headline earnings per share 13.3 12.6 7.70 7.41 Adjustment for exceptional items - 6.2 - 3.65 Adjustment for loss on sale of fixed assets (0.1) (0.3) (0.06) (0.18) Taxation relating to these items - (1.8) - (1.05) ----- ------ ------- ------- Adjusted profit and adjusted earnings per share 13.2 16.7 7.64 9.83 ----- ----- ------ ------ * The amounts for the year ended 31 January 1999 have been restated as described in Note 3. The weighted average number of shares in issue during the year was 172,889,466 (1998/99:169,924,375). Earnings per share are calculated by dividing the profit for the financial year by the weighted average number of shares in issue during the year. An additional measure of earnings per share has been recommended by the Institute of Investment Management and Research (IIMR). The IIMR headline earnings require the adjustment of earnings to eliminate certain items, adjusted for any tax effect. Finally, the IIMR headline earnings per share is adjusted to arrive at an adjusted earnings per share by eliminating the effect of exceptional items and the loss on sale of fixed assets, adjusted for any tax effect. Diluted earnings per share of 6.06p (1998/99:5.41p) has been calculated by reference to the profit for the financial year of #10.5m ( 1998/99: #9.2m) and the weighted average number of shares in issue during the year of 172,889,466 (1998/99:169,924,375), as adjusted for potentially dilutive ordinary shares of 281,535 (1998/99:58,407). 8. Net cash/(borrowings) 2000 1999 #m #m 8.1 Bank and other borrowings Unsecured loans - (89.5) Bank overdrafts (0.6) - ------ ------- Total bank and other borrowings (0.6) (89.5) ------ ------- 8.2 Repayment analysis Repayable otherwise than by instalments: -within one year or on demand (0.6) - -between two and five years - (89.5) ------ ------- (0.6) (89.5) ------ ------ 8.3 Net cash/ (borrowings) Total bank and other borrowings (0.6) (89.5) ----- ------- Finance lease obligations: -due within one year (0.7) (0.8) -due between one and two years (0.3) (0.6) -due between two and five years (0.1) (0.5) ------ ------ (1.1) (1.9) ------ ------ Cash at bank and in hand 10.3 15.2 ------ ------ Net cash/(borrowings) 8.6 (76.2) ==== ==== 8.4 Currency analysis Bank and other borrowings are payable in the following currencies: -Sterling - (58.8) -United States Dollar - (30.7) -French Franc (0.2) - -Barbados Dollar (0.4) - ------ ------ (0.6) (89.5) ------ ------ Cash at Bank and in hand is analysed in the following currencies: -Sterling 5.8 5.8 -United States Dollar 2.7 7.4 -Netherlands Guilder 1.1 1.0 -Others 0.7 1.0 ------ ------ 10.3 15.2 ------ ------ 9. Reconciliation of movements in shareholders' funds 2000 1999* #m #m Profit for the financial year 10.5 9.2 Dividends (5.6) (5.1) -------- -------- Retained profit for the financial year 4.9 4.1 Issue of additional share capital to shareholders 1.4 2.8 Currency translation differences on foreign currency net assets and certain loans (2.3) (0.2) Goodwill reinstated on disposal of businesses 58.6 - Goodwill charged to the profit and loss account previously written off directly to reserves 1.2 1.2 Adjustment to goodwill relating to an acquisition in a prior year - 0.5 ------- ------ Net increase to shareholders' funds 63.8 8.4 Opening shareholders' funds As previously reported (3.6) (12.6) Prior year adjustment (Note 3) 0.3 0.9 As restated (3.3) (11.7) ------- ------ Closing shareholders' funds as 60.5 (3.3) at 31 January 2000 ==== ===== * The amounts for the year ended 31 January 1999 have been restated as described in Note 3. An exchange loss of #0.5m (1998/99:nil) on relevant foreign currency loans is taken to reserves and offset against the exchange profit arising on the translation of the net investments in overseas subsidiary undertakings. Goodwill of #10.3m which arose on the acquisition of the original shareholding of Orient Lanka Limited in 1996 was written off to reserves. With effect from 1 February 1998 this is being amortised through the profit and loss account over 8.5 years (the remaining life of the licence). Accordingly the charge in the profit and loss account of #1.2m (1998/99:#1.2m) has been added back in to the shareholders' funds. 10. Notes to the cash flow statement 10.1 Reconciliation of operating profit to net cash inflow from operating activities Continuing Discontinued Total Total 2000 2000 2000 1999* #m #m #m #m Operating profit 16.1 4.7 20.8 21.7 (Profit)/loss on sale of fixed assets (0.1) 0.2 0.1 0.3 Depreciation (excluding exceptiona items) 9.7 1.9 11.6 12.9 Accelerated depreciation (exceptional item) - - - 1.6 Goodwill amortisation 2.9 - 2.9 1.5 Decrease/(increase) in stocks 2.5 (0.2) 2.3 4.8 Decrease/(increase) in debtors 7.2 (0.4) 6.8 (1.9) (Decrease)/increase in creditors (9.1) 2.5 (6.6) (0.1) ------ ------ ------- ------ Net cash inflow from operating activities 29.2 8.7 37.9 40.8 ------ ------- ------- ------ * The amounts for the year ended 31 January 1999 have been restated as described in Note 3. 10.2 Reconciliation of net cash flow to movement in net cash 2000 1999 #m #m (Decrease)/increase in cash in period (4.0) 15.1 Decrease/ (increase)in debt and lease financing 90.8 (19.8) ---- ------ Change in net cash from cash flows 86.8 (4.7) Translation differences (2.0) (0.2) ----- ------ Movements in net cash in period 84.8 (4.9) Net debt at 1 February 1999 (76.2) (71.3) ----- ------ Net cash/(debt) at 31 January 2000 8.6 (76.2) ----- ------ 10.3 Analysis of net cash 1 February 31 January 1999 Cash Exchange 2000 Flows Movement #m #m #m #m Cash at bank and in hand 15.2 (3.4) (1.5) 10.3 Overdrafts - (0.6) - (0.6) ------ ------ ------ -------- 15.2 (4.0) (1.5) 9.7 ------- ------- ------- -------- Debt due after 1 year (89.5) 90.0 (0.5) - Finance leases (1.9) 0.8 - (1.1) ------- ------ ------ ------- (91.4) 90.8 (0.5) (1.1) -------- ------ ------ ------ Total (76.2) 86.8 (2.0) 8.6 ===== ===== ==== ==== 11. Disposals of businesses On 3 August 1999 the Group completed the sale of DynAir, its ground handling business in the USA, generating a net profit taxation on disposal of #1.9m as follows: #m Net assets disposed of: Tangible fixed assets 23.9 Investments 0.1 Stocks 0.8 Debtors 20.5 Cash at bank and in hand 7.6 Creditors (18.2) Provisions (1.5) Deferred Tax 2.4 Minority Interest (0.7) ----- 34.9 Goodwill previously eliminated against 58.0 reserves Costs of disposal 5.5 Profit on sale before taxation 1.9 ------- 100.3 ==== Satisfied by: Cash consideration 100.3 ==== The profit attributable to the Group includes profits of #4.7m earned by DynAir up to its date of disposal on 3 August 1999. #m Net cash inflows arising on the sale of DynAir comprised: Cash consideration 100.3 Costs of disposal (2.8) Cash at bank and in hand of business sold (7.6) ----- 89.9 === DynAir contributed #8.7m to the Group's net operating cash flows, paid #0.1m in respect of net returns on investments and servicing of finance, paid #0.8m in respect of taxation and utilised #2.2m for capital expenditure. In addition, during the year the Group disposed of its interest in Allied Caterers Limited (Trinidad) for #0.1m, generating a loss on disposal of #0.5m (including goodwill written off of #0.6m which had been previously eliminated against reserves). Also, the Group received #0.3m from the recovery of debtors previously written off on the sale of a business in the USA in 1996. 12. Purchase of business In June 1999 the Group acquired a catering facility at Gatwick as part of a ten year supply agreement with British Airways. The cash consideration was #14.0m which, together with acquisition costs, increased to #14.6m. The group acquired fixed assets with a book value of #3.1m. These assets have subsequently been revalued by the directors and the fair value reduced to #1.8m. Accordingly goodwill arising on the acquisition has increased to #12.8m which has been capitalised and included within intangibles. The goodwill arising is being amortised over the duration of the contract. The facility was previously run on a management contract basis and has been integrated into the ALPHA flight services business. As a results it is not practicable to disclose its results separately. 13. Post balance sheet event Since the year end the group has exercised an option to purchase the remaining 15% minority interest in ALPHA Flight Services Pty. Limited (formerly Connat Flight Services Pty. Limited) for #1.9m. This subsidiary is now wholly owned by the Group. 14. Preliminary Announcement The financial information set out above does not constitute the Group's audited statutory accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 31 January 1999 has been extracted from the statutory accounts for that year which have been delivered to the registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The Group accounts for the year ended 31 January 2000 will be finalised on the basis of the financial information presented by the Directors in the preliminary announcement. 15. Dividend The record date for the final dividend is 14 April 2000 and payment date is 19 June 2000. 16. Issue of the Annual Report and Accounts The 2000 Annual Report and Accounts will be posted to shareholders by 27 April 2000. Copies may be obtained after this date from the Company Secretary, ALPHA Airports Group Plc, Europa House, 804 Bath Road, Cranford, Middlesex, TW5 9US. Telephone No. 020 8580 3200. 17. Annual General Meeting The 2000 Annual General Meeting of ALPHA Airports Group Plc will be held in the Hilton London Heathrow Airport Hotel, Terminal 4, Heathrow Airport, Hounslow, Middlesex, TW6 3AF on 15 June 2000, at 11am. END FR SEEEEUSSSEID
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