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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 No 7275h ALPHA AIRPORTS GROUP PLC 1st October 1998 RESULTS FOR THE SIX MONTHS ENDED 31 JULY 1998 Unaudited HIGHLIGHTS * Excluding the impact of the expiry of ALPHA Retail's Heathrow management contract, sales rose in all three divisions by over 10% * Underlying pre tax profit* was, as expected, lower than last year falling 7.5% to #12.3m (1997/98: #13.3m) * Adjusted earnings per share fell 11.5% to 4.94p (1997/98: 5.58p) * Exceptional provision of #5.9m arising from losses in ALPHA Retail's duty free contract in Orlando * Interim dividend maintained at 1.84p (1997/98: 1.84p) Commenting on today's announcement Rodney Galpin, Chairman of ALPHA Airports Group Plc, said "Despite being unable to sell its Retail division for fair value, ALPHA has developed several important operational initiatives which, although bringing no immediate financial reward are fundamental to improving our medium-term prospects. These measures include Retail contract extensions and Catering's move to identify and implement best practice." *Underlying pre tax profit is stated before exceptional costs of #7.0m (1997/98: exceptional profit #0.7m) and before goodwill amortisation #0.6m (1997/98: nil) Enquiries: ALPHA Airports Group Plc Kevin Abbott, Chief Executive Tel: 0171 457 2345 (1 October 1998) Stuart Siddall, Finance Director Tel: 0181 580 3200 (Thereafter) Gavin Anderson & Company Tel: 0171 457 2345 Marc Popiolek Laura Hickman Summary The Group's underlying pre tax profit on ordinary activities before exceptional items and goodwill amortisation for the half year to 31 July 1998 was #12.3m. These results were, as expected, below those for the first half of 1997/98 (#13.3m before the exceptional profit of #0.7m) following the expiry of ALPHA Retail's Heathrow management contract in March this year. Performance was also held back by losses of #1.4m (first half 1997/98 loss of #0.1m) in our Orlando Duty Free business. The increased loss in Orlando is disappointing and stems from the poor level of passenger numbers and reduced passenger spending. Retail ALPHA Retail's UK operations continue to perform well with increased sales volume and operating profit. The UK Retail business is focused on the challenges that the potential abolition of European duty free allowances will bring in 1999. With our airport partners, we are developing Travel Retail concepts that will be available for the first time to domestic travellers. We have continued to extend and re-negotiate our contracts with the UK Regional Airports. Contracts representing approximately 50% of current sales now have an expiry date of between 2002 and 2006. In addition we have revised the basis of rental payments for some of our UK Regional Airports such that rents arising on approximately 50% of our UK Regional Airport Duty Free business will be based on profit sharing arrangements if the expected abolition of Intra European Duty Free allowances occurs. Our Duty Free business in Sanford, Florida and Orient Lanka, Sri Lanka have performed well. In Barbados the travel retail business which was acquired in early 1998 is responding to the improved retailing skills that ALPHA Retail provides. I am pleased to report that the Retail business has secured 7 new specialist shops in the United Kingdom and 1 in Sanford, Florida in 1998. The estimated annual sales of these shops is approximately #3.5m. Our Inflight Retailing business secured a 25% increase in sales. Our overseas operations reported a loss as expected, but two important full service concessions for Air India and Canadian Airlines were commenced. Ground Handling Ground Handling business was affected adversely by a decline in air traffic between the USA and Asia. Nevertheless, the results for the first half of 1998/99 were in line with the same period last year. In the Spring of this year ALPHA Ground Services lost business with an annual value of #5.5m at JFK, New York as a result of the opening of a new terminal. Elsewhere in the USA we have seen a net gain in business despite the loss of contracts arising from US airlines linking in code-share arrangements with our international airlines customers. Catering Catering profits advanced 9.6% over last year. Meal volume was up 11.7% with 21.2 million meals served. Approximately 50% of the growth arose as a result of low-value return catering out of our UK facilities for shorthaul flights into Europe. Most importantly, we have improved service levels to our airline customers, and we have established and trained a powerful team of ALPHA specialists to implement best practice throughout our kitchen network. We have incurred additional wage costs, partly to secure these enhanced service levels, and partly to reflect rapidly rising wage levels at some of our airports where there is very strong competition for skilled staff. The closure of our oldest Heathrow kitchen was achieved ahead of schedule. Business from this kitchen has been integrated within our other two Heathrow kitchens, and the consolidation of the Corporate and ALPHA Catering's divisional offices will be completed by October 1998. In addition three kitchens in the UK are undergoing significant refurbishment and expansion at a cost of #3m. Taxation The Group's underlying tax rate before exceptional items remained at 27%. As a consequence of the goodwill amortisation, and the exceptional provisions where only partial tax relief has been reflected in line with Financial Reporting Standards, the total tax rate was 34%. Dividend The Board has decided to hold the interim dividend at 1.84 pence (1997/98: 1.84 pence) per ordinary share. This dividend with a scrip alternative will be payable on 24th November 1998 to shareholders on the Register as at 16th October 1998. Debt Net debt increased by #2.8m to #74.1m. In August 1998 the Group replaced its existing term facilities with a 5 year #100m facility. In total the Group has committed facilities of #113m and has capacity to fund growth of the Group's core businesses at a steady pace. During August 1998 the Government of Sri Lanka exercised its option to sell its remaining 37% stake in Orient Lanka Limited to the ALPHA Group for #7m. Consequently we expect debt to rise in the second half of the year. Interest cover (before exceptional items) was 5.6 times (1997/98: 5.9 times). Exceptional loss #7.0m We have reviewed the performance of the Orlando Duty Free shops. As we cannot foresee a major recovery in passenger numbers the results are not going to improve significantly over the short term. Consequently, we have reported an exceptional provision of #5.9m in respect of this contract. Exceptional costs incurred in relation to the unsuccessful sale of the Retail Division totalled #2.1m. These relate to pre-sale advisory fees, restructuring costs, and the costs of refinancing that were necessitated by the planned sale. Closure of Catering's Heathrow kitchens has been achieved ahead of schedule. With 50% of our customers transferring to our two remaining Heathrow kitchens, redundancy costs have been lower than previously anticipated and we have reduced the closure provision made in 1997/98 by #1m. Strategy The Group has reviewed its strategy following its decision to withdraw ALPHA Retail from sale. With extended financing in place, we can develop the core businesses at a steady pace. We will continue to focus on European growth at regional airports where we expect to joint venture with local partners. In Catering, we will implement best practice, enhance our service offering and thus extend our contracts with our major customers, and grow with them as they develop their European business. In Ground Handling, we will expand our US commercial resources to offset the enhanced risk of contract losses due to code-sharing and alliances. As the European Ground Handling market opens up, we will aim to extend our Ground Handling activities into the UK and, in joint venture with local partners, into mainland Europe. In Retail, we are focused on the challenges and opportunities that will arise upon the planned abolition of Intra EU Duty Free. We envisage future opportunities to exploit new Travel Retail concepts with partners in mainland Europe. Year 2000 Compliance The Group continues to address the effects of the Millennium date change on its business. Plans are in place covering most of the critical business systems and in many cases these are well advanced with effective implementation of the first of these expected by the end of 1998. Work is ongoing in respect of other key systems where solutions are being formulated. However, appropriate contingency plans will be developed to ensure business continuity where it is felt key systems may be at risk. Key external suppliers are being contacted and we are working together with the objective of seeking an uninterrupted supply of goods and services to the company. It is estimated that the cost of modifying or replacing systems directly as a result of the Millennium issue will be around #1.4m in total of which #1m has still to be incurred. Economic and Monetary Union (EMU) Preparations are also being made to enable ALPHA to adapt its commercial and financial processes so that it can conduct business in the Euro after its initial introduction from 1st January 1999. Conversion of internal systems to the Euro will not require significant level of expenditure. Outlook During the summer months we have seen increased uncertainty in some of the markets in which we operate. However, the UK Regional Duty Free market seems to have been less affected than other markets and we expect ALPHA Retail's UK Regional Duty Free business to perform satisfactorily. As previously indicated, with the expiry of ALPHA Retail's Heathrow management contract our Retail profits will be below those achieved in 1997/98. Ground Handling is likely to see a small reduction in volume in the second half as a result of decreased Asian traffic and reduced activity in New York. Catering Services is expected to see less growth in the second half. We continue to invest resources for the development of best practice throughout our kitchen network, and we expect to continue to incur additional costs to maintain the high service levels achieved through the summer. Group Profit and Loss Account Unaudited Total Six Six Year Before Except- months months ended Except- ional ended ended 31 ional Items 31 July 31 July January Items (Note 5) 1998 1997 1998 Notes #m #m #m #m #m Turnover 2 325.3 - 325.3 341.9 702.2 Cost of sales (189.6) 0.7 (188.9) (199.3) (410.9)* ----- ----- ----- ----- ----- Gross profit 135.7 0.7 136.4 142.6 291.3 Administration and other costs before goodwill amortisation (120.3) (7.7) (128.0) (126.6) (271.3)* Goodwill amortisation 4 (0.6) - (0.6) - - ----- ----- ----- ----- ----- Total administration and other costs (120.9) (7.7) (128.6) (126.6) (271.3) ----- ----- ----- ----- ----- Other operating income - exceptional profit on sales of current - - - 0.7 0.7 asset investment ----- ----- ------ ----- ----- 14.8 (7.0) 7.8 16.7 20.7 Operating profit/(loss) Income from interest in associated undertakings (0.4) - (0.4) - - ----- ----- ----- ----- ----- Profit/(loss) on ordinary activities before interest 2 14.4 (7.0) 7.4 16.7 20.7 Interest receivable 0.2 - 0.2 0.3 0.7 Interest payable (2.9) - (2.9) (3.0) (5.9) ------ ----- ----- ----- ----- Profit/(loss) on ordinary activities before taxation 2 11.7 (7.0) 4.7 14.0 15.5 Taxation on profit on ordinary activities (3.2) 1.6 (1.6) (3.2) (6.4) ----- ----- ----- ----- ----- Profit/(loss) on ordinary activities after taxation 8.5 (5.4) 3.1 10.8 9.1 Minority interest (equity) (0.8) - (0.8) (0.7) (1.5) ----- ----- ----- ----- ---- Profit/(loss) for the financial period 7.7 (5.4) 2.3 10.1 7.6 Dividends 3 (3.1) - (3.1) (3.1) (9.0) ----- ----- ----- ------ ---- Retained profit/ (loss) for the period 4.6 (5.4) (0.8) 7.0 (1.4) ==== ==== ==== ==== ==== Net earnings per share 6 1.35p 6.00p 4.52p IIMR headline earnings per share 6 1.71p 6.00p 4.52p Adjusted earnings per share 6 4.94p 5.58p 11.60p *The amounts for the year ended 31 January 1998 include exceptional items as described in Note 5. Statement of total recognised gains and losses Six months Six months Year ended ended ended 31 July 31 July 31 Jan 1998 1997 1998 #m #m #m Profit for the financial period 2.3 10.1 7.6 Currency translation differences on foreign currency net assets and certain loans (0.1) (1.4) (1.2) ---- ----- ----- Total recognised gains for the period (2.2) (8.7) (6.4) ----- ----- ----- There are no differences between the reported results for the current and prior periods and the results for those periods restated on a historical cost basis. Group Balance Sheet Unaudited 31 July 31 July 31 Jan 1998 1997 1998 Notes #m #m #m Fixed assets Tangible assets 80.7 85.9 79.7 Investments - 0.4 0.5 ----- ---- ----- 80.7 86.3 80.2 ----- ---- ----- Current assets Stocks 29.4 32.2 27.1 Debtors 63.5 58.1 53.5 Cash at bank and in hand 5.3 5.5 2.7 ---- ---- ----- 98.2 95.8 83.3 ----- ----- ---- Creditors: amounts falling due within one year Bank and other borrowings (1.8) (5.7) (8.0) Other creditors (95.7) (99.7) (91.0) ----- ----- ----- (97.5) (105.4) (99.0) ----- ----- ----- Net current assets/(liabilities) 0.7 (9.6) (15.7) Total assets less current liabilities 81.4 76.7 64.5 Creditors: amounts falling due after more than one year Bank and other borrowings 10(b) (75.4) (70.2) (63.4) Other creditors (4.6) (4.2) (1.8) ----- ----- ----- (80.0) (74.4) (65.2) ----- ----- ----- Provision for liabilities (9.5) (4.4) (9.9) and charges ----- ----- ----- Total net liabilities (8.1) (2.1) (10.6) ----- ----- ----- Capital and reserves Called up share capital 17.1 16.8 16.8 Share premium account 40.7 38.5 38.7 Profit and loss account (68.4) (59.9) (68.1) ----- ----- ----- Shareholders' funds 7 (10.6) (4.6) (12.6) Minority interests (equity) 2.5 2.5 2.0 ----- ----- ---- Total Equity (8.1) (2.1) (10.6) ----- ----- ----- Group Cash Flow Statement Unaudited Six months Six months Year ended ended ended 31 July 31 July 31 Jan 1998 1997 1998 Notes #m #m #m Net cash inflow from operating activities 8(1) 14.2 21.9 45.9 Net cash outflow for returns on investments and servicing of finance (3.1) (3.6) (6.6) Taxation paid (0.8) (1.0) (9.1) Net capital expenditure (8.1) (7.7) (15.3) Acquisition of subsidiary undertaking 9 (1.3) - (0.1) Equity dividend (3.6) (5.6) (8.5) paid ----- ----- ----- Net cash (outflow)/inflow before financing (2.7) 4.0 6.3 ----- ----- ----- Financing Debt due beyond one year - Unsecured loan repayable in 2000 (see note 10(b)) 8.0 - - Repayment of external borrowings (1.5) (5.1) (11.9) Capital element of finance lease payments (0.4) (0.4) (0.9) ------ ----- ----- Net cash inflow/(outflow) from financing 6.1 (5.5) (12.8) ----- ----- ----- Increase/(decrease) in cash 8(2) 3.4 (1.5) (6.5) ----- ----- ------ Notes to the Interim Financial Statements 1. Basis of accounting The consolidated interim financial statements have been prepared under the historical cost convention and in accordance with applicable accounting and financial reporting standards. The accounting policies are the same as those set out in the financial statements of the Group for the year ended 31 January 1998, except for the adoption of FRS10 "Goodwill and Intangible Assets" which is now effective. FRS10 requires that goodwill arising on acquisitions occurring after 1 February 1998 is capitalised and amortised through the profit and loss account over its useful economic life and will be subject to regular impairment review. This represents a change from the previous accounting policy under which goodwill arising prior to 1 February 1998 was written off direct to reserves upon acquisition. As permitted by the FRS10 transitional arrangements, goodwill previously written off to reserves has not been reinstated. This change in accounting policy has had no effect on the current period profit and loss account but has necessitated a prior year adjustment transferring goodwill previously charged against a 'Goodwill reserve' to the profit and loss reserve. The taxation charge is based on the estimated effective rate for the full year. The interim financial statements are unaudited but have been reviewed by the auditors, and their report to the Directors is set out on page 16. The comparative figures for the year to 31 January 1998 have been extracted from the Group's financial statements which have been delivered to the Registrar of Companies. The auditors' report on those statements was unqualified and did not include a statement under Section 237(2) or (3) of the Companies Act 1985. 2. Segmental Analysis Six months Six months Year ended ended Ended 31 July 31 July 31 Jan 1998 1997 1998 #m #m #m (a) Turnover Business sector analysis ALPHA Catering Services 115.6 104.1 212.6 ALPHA Retail Services 132.4 169.7 345.5 ALPHA Inflight Retailing 18.1 14.5 31.3 ALPHA Ground Services 59.2 53.6 112.8 ---- ---- ---- Total turnover 325.3 341.9 702.2 ---- ---- ---- Geographical analysis United Kingdom 233.3 260.8 531.2 USA 65.9 57.7 123.6 Rest of the world 26.1 23.4 47.4 ---- ---- ---- Total turnover 325.3 341.9 702.2 ---- --- ---- 2. Segmental analysis Six months Six months Year (continued) ended ended Ended 31 July 31 July 31 Jan 1998 1997 1998 Notes #m #m #m (b) Profit before taxation Business Sector analysis ALPHA Catering Services - before exceptional items 6.8 6.2 13.2 - exceptional items 5 1.0 - (12.2) --- ---- ---- 7.8 6.2 1.0 --- ---- ---- ALPHA Retail Services - before exceptional items 5 4.0* 6.1 12.7 - exceptional items (5.9) 0.7 (0.7) --- ---- ---- (1.9) 6.8 12.0 --- ---- ---- ALPHA Inflight Retailing - before exceptional items 5 (0.1) - 0.1 - exceptional items - - (0.3) --- ---- ---- (0.1) - (0.2) --- ---- ---- ALPHA Ground Services 3.7 3.7 7.9 Corporate exceptional 5 (2.1) - - provision --- ---- ---- 7.4 16.7 20.7 Net Interest (2.7) (2.7) (5.2) --- ---- ---- Profit on ordinary 4.7* 14.0 15.5 activities before --- ---- ---- taxation *stated after deducting goodwill amortisation #0.6m (1997/98 #nil). In the six months to 31 July 1997 ALPHA On Board Sales & Services and Flight Bonds were included within ALPHA Retail Services and have now been reclassified as ALPHA Inflight Retailing to reflect the operational structure. In January 1998, Jersey Retail was included in ALPHA Inflight Retailing, but is now part of ALPHA Retail Services. Accordingly, the prior period figures for the six months ended 31 July 1997 and the year ended 31 January 1998 have been restated to show the segments on a comparable basis. 2. Segmental Analysis Six months Six months Year (continued) ended ended ended 31 July 31 July 31 Jan 1998 1997 1998 Notes #m #m #m (b) Profit before taxation - Geographical analysis United Kingdom - before exceptional items 9.4 9.9 21.1 - exceptional items 5 (1.1) - (7.9) ----- ------ ------ 8.3 9.9 13.2 ----- ------ ------ USA - before exceptional items 2.7 3.8 7.8 - exceptional items 5 (5.9) - - ----- ------ ------ (3.2) 3.8 7.8 ----- ------ ------ Rest of the world - before exceptional items 2.3* 3.0 5.0 - exceptional items 5 - - (5.3) ----- ------ ------ 2.3 3.0 (0.3) ----- ------ ------ 7.4 16.7 20.7 Net interest (2.7) (2.7) (5.2) ------ ------ ------ Profit on ordinary 4.7* 14.0 15.5 activities ------ ------ ------ before taxation *stated after deducting goodwill amortisation #0.6m (1997/98 #nil). 3. Dividends An interim dividend of 1.84 pence (31 July 1997 - 1.84 pence) per ordinary share will be paid on 24 November 1998 to shareholders on the register at the close of business on 16 October 1998. 4. Goodwill amortisation As discussed in the Annual Report 1997/98 with effect from 1 February 1998 goodwill which arose on the acquisition of the 63% shareholding of Orient Lanka Limited in 1996 is being amortised over 8.5 years (the remaining life of the licence). The amortisation charge for the six months ended 31 July 1998 was #0.6m. 5. Exceptional items The exceptional items for the half year to 31 July 1998 comprise #5.9m in respect of the duty free retail operations in Orlando (an impairment provision of #1.6m in respect of the fixed assets, and #4.3m being the directors' estimate of the unavoidable costs accruing under this onerous contract); #2.1m costs associated with the unsuccessful sale of the retail division, pre-sale restructuring costs and the refinancing costs incurred in anticipation of such sale: offset by the release of #1.0m being exceptional closure costs made in 1997/98 which are no longer required. The full year to 31 January 1998 included exceptional items of #1.8m in cost of sales and #12.1m in administration and other costs, and an exceptional profit on the sale of a current asset investment. The exceptional items comprised a writedown of fixed assets in the UK and France (#7.4m), closure costs for one of the kitchens at Heathrow Airport (#3.8m), a provision in respect of uncertainties associated with the group's joint venture in Hong Kong (#1.2m), and costs associated with closing two overseas businesses of AOBSS and the cost of consolidating corporate offices (#1.5m). The profit on the sale of the current investment arose from the sale of Euro-Hub shares. 6. Earnings per share Profit/(loss) for the period Earnings per share 31 31 31 31 31 31 July July Jan July July Jan 1998 1997 1998 1998 1997 1998 #m #m #m Pence Pence Pence Profit for the financial period and net earnings per share 2.3 10.1 7.6 1.35 6.00 4.52 Adjustment for goodwill amortisation 0.6 - - 0.36 - - --- ---- ---- --- ---- ---- Adjusted profit and IIMR headline earnings per share 2.9 10.1 7.6 1.71 6.00 4.52 Adjustment for exceptional provisions 7.0 - 13.9 4.16 - 8.27 Adjusted for exceptional profit on sale of current asset investment - (0.7) (0.7) - (0.42) (0.42) Taxation relating to these items (1.6) - (1.3) (0.93) - (0.77) --- ---- ---- --- ---- ---- Adjusted profit and adjusted earnings per share 8.3 9.4 19.5 4.94 5.58 11.60 --- ---- ---- --- ---- ---- Weighted average number of shares in issue during the six months to 31 July 1998 were 168,607,435 (31 July 1997: 167,896,429 and 31 January 1998: 168,055,238). Net earnings per ordinary share are calculated by dividing the profit for the financial period by the weighted average number of shares in issue during the period. 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 standard earnings to eliminate certain items, adjusted for any tax effect. 7. Reconciliation of movements in shareholders' funds Six months Six months Year ended ended ended 31 July 31 July 31 Jan 1998 1997 1998 #m #m #m Profit for the financial period 2.3 10.1 7.6 Dividends (3.1) (3.1) (9.0) --- ---- ---- Retained (loss)/profit for the financial (0.8) 7.0 (1.4) period Issue of additional share capital to 2.3 0.3 0.5 shareholders Currency translation differences on foreign currency net (0.1) (1.4) (1.2) assets and certain loans Amount written back in respect of goodwill amortised in profit and loss account 0.6 - - --- ---- ---- Net increase/(decrease) to shareholders' funds 2.0 5.9 (2.1) Opening shareholders' funds (12.6) (10.5) (10.5) --- ---- ---- Closing shareholders' funds (10.6) (4.6) (12.6) --- ---- ---- 8. Notes to the cash flow statement (1) Reconciliation of operating profit to net cash inflow/(outflow) from operating activities Operating profit 7.8 16.7 20.7 Depreciation (including exceptional items #1.6m) 7.9 5.9 20.0 Goodwill amortisation 0.6 - - Increase in stocks (0.8) (9.0) (4.0) Increase in debtors (8.9) (8.6) (1.7) Increase in creditors 7.6 16.9 10.9 --- ---- ---- Net cash inflow from operating activities 14.2 21.9 45.9 --- ---- ---- (2) Reconciliation to net debt Increase/(decrease) in cash in the period 3.4 (1.5) (6.5) (Increase)/decrease in debt and lease financing (6.1) 5.5 12.8 --- ---- ---- Change in net debt from cash flows (2.7) 4.0 6.3 Translation differences (0.1) 0.7 0.5 --- ---- ---- Movements in net debt in period (2.8) 4.7 6.8 Opening net debt (71.3) (78.1) (78.1) --- ---- ---- Closing net debt (74.3) (73.4) (71.3) --- ---- ---- 9. Acquisition of a business On 1 February 1998 the Group acquired a 51% interest in a duty free and duty paid retail business in Barbados for a cash consideration of #1.3m. Goddard Enterprises Limited, Barbados, holds the remaining interest. Although the fair value adjusted balance sheet is still being finalised, there is not likely to be a material amount of goodwill arising on this acquisition. 10. Post balance sheet events (a) On 29 August 1998 the government of Sri Lanka exercised its option to sell the group its remaining 37% interest in Orient Lanka Limited at a cost of approximately #7.0m. The goodwill arising on this transaction (approximately #5m) will be capitalised and amortised over approximately eight years in accordance with FRS10 (Goodwill and Intangible Assets). (b) Subsequent to 31 July 1998 the unsecured loan facility due for repayment in 2000 was repaid and a new loan facility of #100m due for repayment in 2003 became effective. Under the terms of this facility, proceeds from the sale of assets up to a maximum of #30m will be used to reduce the facility amount available. 11. Related party transactions In addition to the ongoing business relations described in the ALPHA Groups Annual Report 1997/98, the ALPHA Group has a commission agreement with Mr R S Jayawardena, who occupies a senior position in the ALPHA Group, to develop business and provide support for ALPHA activities performed in the Indian Sub-Continent. For the period to 31 July 1998 #65,000 is payable (for the year ended 31 January 1998 #120,000). 12. Payment to former director Mr P F Ashworth resigned as a director on 24 June 1998. He received a severance payment of #140,000 plus the retention of certain benefits to 30 June 1998. 13. Approval of Financial Statements The financial statements were approved by a committee of the Board of Directors on 1 October 1998. Review Report by the Auditors to the Board of Directors of ALPHA Airports Group Plc We have reviewed the interim financial statements for the six months ended 31 July 1998, which are the responsibility of, and have been approved by, the Directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin "Review of Interim Financial Information" issued by the Auditing Practices Board. This review consisted principally of applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of the group management responsible for the financial accounting matters. The review excluded audit procedures such as tests of controls and verification of assets and liabilities and was therefore substantially less in scope than an audit performed in accordance with Auditing Standards. Accordingly, we do not express an audit opinion on the interim financial statements. On the basis of our review: - In our opinion the interim financial information has been prepared using accounting policies consistent with those adopted by ALPHA Airports Group Plc in its financial statements for the year ended 31 January 1998 except for the adoption of FRS 10 "Goodwill and intangible assets" as described in Note 1. - We are not aware of any material modifications that should be made to the interim financial information as presented. PricewaterhouseCoopers Chartered Accountants London END IR KBFFXVKKXBKV
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