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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:2596B Alpha Airports Group PLC 29 March 2001 Part 2 PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST JANUARY 2001 HIGHLIGHTS 29 March 2001 Group Profit and Loss Account for the year ended 31 January 2001 2001 2000 Notes #m #m Turnover 1 - Continuing 431.5 441.2 - Discontinued 1.5 73.9 ------ -------- 433.0 515.1 Cost of sales (296.5) (334.5) ------- -------- Gross profit 136.5 180.6 Administration expenses (121.3) (159.8) ------- ------- EBITDA 2 28.6 35.3 Depreciation on tangible fixed assets (10.2) (11.6) Amortisation of goodwill (3.2) (2.9) Operating profit 15.2 20.8 Operating profit - Continuing 16.3 16.1 - Discontinued (1.1) 4.7 --------- --------- 3 15.2 20.8 -------- --------- Share of operating loss of associates (including goodwill (0.2) - amortisation of #0.2m) (Loss)/profit on disposal of discontinued operations 11 (8.4) 1.7 ------- -------- Profit on ordinary activities before interest 1 6.6 22.5 Interest receivable 0.2 0.5 Interest payable (0.9) (3.7) ------- -------- Profit on ordinary activities before 1 5.9 19.3 taxation Taxation on profit on ordinary activities 4 (6.4) (8.2) -------- ------- (Loss)/profit on ordinary activities after taxation (0.5) 11.1 Minority interest (equity) - (0.6) -------- -------- (Loss)/profit for the (0.5) 10.5 financial year Equity dividends 5 (5.8) (5.6) ------- -------- Retained (loss)/profit for the financial year 8 (6.3) 4.9 --------- --------- (Loss)/earnings per 6 (0.29p) 6.07p share Diluted 6 (0.29p) 6.06p (loss)/earnings per share IIMR headline 6 6.55p 7.70p earnings per share Adjusted earnings per 6 6.55p 7.64p share --------- --------- Statement of total recognised gains and losses for the year ended 31 January 2001 2001 2000 #m #m (Loss)/profit for the financial year (0.5) 10.5 Currency translation differences on foreign currency net assets and certain loans 0.3 (2.3) --------- -------- Total recognised gains and losses for the (0.2) 8.2 year There are no differences between the Group and Company reported results for the current and prior year and the results for those years on an historical cost basis. Balance Sheet at 31 January 2001 Group Company 2001 2000 2001 2000 Notes #m #m #m #m Fixed assets Intangible assets 17.7 15.8 - - Tangible assets 60.0 57.9 - - Investments 2.6 - 210.6 210.6 ----- ------ ------- ------ 80.3 73.7 210.6 210.6 Current assets Stocks 24.6 20.6 - - Debtors 28.0 26.2 48.2 66.3 Cash at bank and in hand 7 4.5 10.3 6.1 30.2 -------- ------- --------- ------- 57.1 57.1 54.3 96.5 ------- ------- -------- ------- Creditors: amounts falling due within one year Bank and other 7 (7.4) (0.6) (6.0) - borrowings Other creditors (58.0) (60.4) (22.3) (76.8) ------- ------- -------- -------- (65.4) (61.0) (28.3) (76.8) Net current (liabilities)/assets (8.3) (3.9) 26.0 19.7 ------- ------- -------- ------- Total assets less current liabilities 72.0 69.8 236.6 230.3 ------- -------- ------- -------- Creditors: amounts falling due after more than one year Other creditors (1.0) (0.4) - - Provisions for liabilities and charges (8.0) (8.6) - - ------ ------ ------- ------- Total net assets 1 63.0 60.8 236.6 230.3 Capital and reserves Called up share capital 17.1 17.5 17.1 17.5 Share premium account 42.2 42.2 42.2 42.2 Capital redemption 13 0.4 - 0.4 - reserve Other reserves - - 152.3 152.3 Profit and loss account 3.3 0.8 24.6 18.3 -------- -------- -------- ------- Shareholders' funds 8 63.0 60.5 236.6 230.3 Minority interests (equity) - 0.3 - - Total equity 63.0 60.8 236.6 230.3 ======== ======== ======== ======= Approved by the Board of Directors on 29 March 2001 Kevin Abbott, Chief Executive Heather McRae, Finance Director Group Cash Flow Statement for the year ended 31 January 2001 2001 2000 Notes #m #m 9.1 20.3 37.9 Net cash inflow from operating activities Returns on investments and servicing of finance 0.2 0.5 Interest received (0.9) (4.9) Interest paid Interest element of finance lease rental payments - (0.1) Dividends paid to minority shareholders (0.1) (0.5) in subsidiary undertakings -------- -------- Net cash outflow from returns on investments and servicing of finance (0.8) (5.0) ========= ======== Taxation (6.7) (8.2) --------- -------- Capital expenditure Purchase of tangible fixed assets (16.1) (12.8) Sale of tangible fixed assets 3.8 1.5 --------- ------- Net cash outflow for capital expenditure (12.3) (11.3) -------- ------- Acquisitions and disposals Purchase of minority interests in subidiary undertakings 10 (3.2) - Purchase of associates 10 (2.8) - Purchase of business 10 (0.2) (14.6) Disposals of businesses 11 0.7 90.3 ------- ------ ------- Netcash(outflow)/inflow for acquisitions and disposals (5.5) 75.7 ------ ------- Equity dividends paid (5.6) (2.3) ------ ------- (12.3) 86.8 ------- ------ Netcash(outflow)/inflow before financing Financing Purchase of own shares (1.7) - Unsecured loan less than 1 year 6.0 - Repayment of long-term loan - (90.0) Capital element of finance lease payments (0.6) (0.8) --------- ------- Net cash inflow/(outflow) from financing 3.7 (90.8) Decrease in cash 9.2 (6.9) (4.0) ======== ====== Notes to the Financial Information 1. Segmental analysis Turnover Profit/(loss) Net assets/ before (liabilities) interest 2001 2000 2001 2000 2001 2000 #m #m #m #m #m #m (a) Business sector analysis Flight Services - continuing operations 274.7 254.1 17.0 12.8 53.5 42.4 -discontinued operations 1.5 9.2 (1.1) - - 0.2 - share of operating loss of associates (including goodwill amortisation) - - (0.2) - - - - goodwill amortisation - - (1.4) (1.1) - - -loss on disposal of discontinued operations - - (8.4) (0.2) - - ------ ------ ------ ------ ---- ------ 276.2 263.3 5.9 11.5 53.5 42.6 Retail Services - continuing operations 156.8 187.1 2.5 6.2 18.3 15.5 - goodwill amortisation - - (1.8) (1.8) - - - exceptional items (continuing operations) - - - - (3.2) (3.3) ------ ------ ------ ------ ------- ------ 156.8 187.1 0.7 4.4 15.1 12.2 Ground Services - discontinued operations - 64.7 - 4.7 - - - profit on disposal of discontinued operation - - - 1.9 - - - 64.7 - 6.6 - - 433.0 515.1 6.6 22.5 68.6 54.8 Corporate provisions - - - - (2.2) (2.6) ------ ------ ------ ----- ------- ------ 433.0 515.1 6.6 22.5 66.4 52.2 Net interest payable - - (0.7) (3.2) - - Net (borrowings)/cash - - - - (3.4) 8.6 Turnover,profit on ordinary activities before taxation and net assets 433.0 515.1 5.9 19.3 63.0 60.8 ===== ====== ===== ==== ======= ===== In-flight Retail previously reported separately is now included in Flight Services to reflect the new operational structure. The prior year figures have been restated to show the segments on a comparable basis. Net interest payable has not been allocated recognising the centre's role and responsibility in allocating financial resources. Notes to the Financial Information continued 1. Segmental analysis (continued) Turnover Profit/ (loss) Net before assets/(liabilities) interest 2001 2000 2001 2000 2001 2000 #m #m #m #m #m #m (b) Geographical analysis United Kingdom -continuing operations 356.5 373.3 12.1 13.5 52.5 42.3 -goodwill amortisation - - (1.3) (1.1) - - ------ ----- ------- ------ ---- ------- 356.5 373.3 10.8 12.4 52.5 42.3 ------ ------ ------ ------- ----- ------- Rest of the World -continuing operations 75.0 67.9 7.4 5.5 19.3 15.6 -discontinued operations 1.5 73.9 (1.1) 4.7 - 0.2 -goodwill amortisation - - (1.9) (1.8) - - -share of operating loss of associates - - (0.2) - - - (including goodwill amortisation) -exceptional items (continuing operations) - - - - (3.2) (3.3) -(loss)/profit on disposal of discontinued operations - - (8.4) 1.7 - - ----- ------ ------ ------- ------ ------ 76.5 141.8 (4.2) 10.1 16.1 12.5 ------ ------ ------ ------ ------ ------- 433.0 515.1 6.6 22.5 68.6 54.8 Corporate provisions - - - (2.2) - (2.6) 433.0 515.1 6.6 22.5 66.4 52.2 Net interest payable - - (0.7) (3.2) - - Net (borrowings)/ cash - - - - (3.4) 8.6 ----- ------ ------ ----- ------ ------- Turnover, profit on ordinary activities before taxation and net assets 433.0 515.1 5.9 19.3 63.0 60.8 ====== ======= ======= ====== ====== ======= 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. Notes to the Financial Information continued 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 2000. The directors consider that EBITDA (earnings before interest, taxation, depreciation and amortisation) is a standard measure used widely by analysts, investors and other interested parties in the industry. Accordingly, the profit and loss account has been amended to provide this information. 3. Operating profit is analysed between continuing and discontinued operations as follows: Continuing Discontinued Continuing Discontinued operations operations Total operations operations Total 2001 2001 2001 2000 2000 2000 #m #m #m #m #m #m Turnover 431.5 1.5 433.0 441.2 73.9 515.1 Cost of sales (294.5) (2.0) (296.5) (282.9) (51.6) (334.5) ------- ------ ------- -------- ------- ------- Gross Profit 137.0 (0.5) 136.5 158.3 22.3 180.6 (120.7) (0.6) (121.3) (142.2) (17.6) (159.8) Administration expenses EBITDA 29.7 1.1 28.6 28.6 6.7 35.3 Depreciation on fixed tangible assets (10.2) - (10.2) (9.6) (2.0) (11.6) Amortisation of goodwill (3.2) - (3.2) (2.9) - - ------- ------ ------ ------ ------ ------ Operating profit/(loss) 16.3 (1.1) 15.2 16.1 4.7 20.8 4. Taxation 2001 2000 #m #m United Kingdom corporation tax 7.1 5.9 at 30 % (1999/00 - 30.2%) Double tax relief (3.2) 1.8) Prior year adjustments (0.4) (0.1) Overseas taxation 3.0 2.7 Movement in deferred tax (0.1) 1.5 ----- ------ 6.4 8.2 ----- ------ Taxation as a percentage of profit before taxation 108% 42% Taxation as a percentage of profit before taxation, exceptional items and goodwill amortisation 36% 33% The movement in deferred tax of #1.5m in the year ending 31 January 2000 arose from the disposal of DynAir. Compared to 1999/00, taxation at 108% of profit before tax is unusually high principally due to a goodwill write-off of #9.0m on the disposal of discontinued businesses. Notes to the Financial Information continued 5. Equity dividends 2001 2000 #m #m Interim dividend of 1.0p per ordinary share (1999/00 -1.0p) 1.7 1.7 Proposed final dividend of 4.1 3.9 2.4p per ordinary share (1999/00 - 2.2p) Total dividend of 3.4p per 5.8 5.6 ordinary share (1999/00 - 3.2p) 6. Earnings per share (Loss)/profit for the year (Loss)/earnings per share 2001 2000 2001 2000 #m #m Pence Pence Loss/profit for the financial year and (loss) /earnings per share (0.5) 10.5 (0.29) 6.07 Adustment for loss/(profit) on disposal of discontinued operations 8.4 (1.7) 4.87 (0.98) Adjustment for loss on sale of fixed assets - 0.1 - 0.06 Adjustment for goodwill amortisation 3.4 2.9 1.97 1.68 Taxation relating to these items - 1.5 - 0.87 ------ ------- ------- -------- Adjusted profit and IIMR headline earnings per share 11.3 13.3 6.55 7.70 Adjustment for loss on sale of fixed assets - (0.1) - (0.06) ------ ------- ------- ------- Adjusted profit and adjusted earnings per share 11.3 13.2 6.55 7.64 ====== ====== ======= ======== The weighted average number of shares in issue during the year was 172,491,309(1999/00:172,889,466).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 theInstitute ofInvestment Management and Research (IIMR). The IIMRheadline 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 shar by eliminating the effect of exception alite ms and profits and losses on sale of fixed assets, adjusted for any tax effect. Diluted loss per share of 0.29 p (1999/00:earnings per share of 6.06p) has been calculated by reference to the loss for the financial year of #0.5m (1999/00: profit of #10.5m) and the weighted average number of shares in issue during the year of 172,491,309 (1999/00:172,889,466), as adjusted for potentially dilutive ordinary shares of 208,976 (1999/00: 281,535). Notes to the Financial Information continued 7. Net cash/(borrowings) 2001 2000 #m #m 7.1 Bank and other borrowings Unsecured loans (6.0) - Bank overdrafts (1.4) (0.6) ------ ------- Total bank and other borrowings (7.4) (0.6) ------ ------- 7.2 Repayment analysis Repayable otherwise than by instalments: - within one year or on demand (7.4) (0.6) 7.3 Net (borrowings)/cash Total bank and other borrowings (7.4) (0.6) Finance lease obligations: -due within one year (0.3) (0.7) -due between one and two years (0.2) (0.3) -due between two and five years - (0.1) ------ ------- (0.5) (1.1) Cash at bank and in hand 4.5 10.3 ------ ------- Net (borrowings)/cash (3.4) 8.6 7.4 Currency Analysis Bank and other borrowingts are payable in the following currencies: -Sterling (7.4) - -French Franc - (0.2) -Barbados Dollar - (0.4) ----- ------ (7.4) (0.6) Cash at Bank and in hand is analysed in the following currencies: -Australian Dollar 0.4 0.4 -Canadian Dollar 0.6 0.2 -Sterling - 5.8 -United States Dollar 2.2 2.7 -Netherland Guilder 1.0 1.1 -Others 0.3 0.1 ------ ------- 4.5 10.3 ====== ======= Notes to the Financial Information continued 8. Reconciliation of movements in shareholders' funds 2001 2000 #m #m (Loss)/profit for the financial year (0.5) 10.5 Dividends (5.8) (5.6) ------ ------- Retained (loss)/profit for the financial year (6.3) 4.9 Issue of additional share capital to shareholders - 1.4 Currency translation differences on foreign currency net assets and certain loans 0.3 (2.3) Goodwill reinstated on disposal of businesses 9.0 58.6 Goodwill charged to the profit and loss account previously written off directly to reserves 1.2 1.2 Purchase of own shares (Note 13) (1.7) - ------ ------- Net increase in shareholders' funds 2.5 63.8 Opening shareholders' funds 60.5 (3.3) ----- ------- Closing shareholders' funds as at 31 January 2001 63.0 60.5 ===== ======= In the year ending 31 January 2000 an exchange loss of #0.5m on relevant foreign currency loans was 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 as at that date). Accordingly, the charge in the profit and loss account of #1.2m (1999/00: #1.2m) has been added back into shareholders' funds. Notes to the Financial Information continued 9. Notes to the cash flow statement 9.1 Reconciliation of operating profit to net cash inflow from operating activities Continuing Discontinued Total Total 2001 2001 2001 2000 #m #m #m #m Operating 16.3 (1.1) 15.2 20.8 profit/(loss) Loss on sale of fixed - - - 0.1 assets Depreciation 10.2 - 10.2 11.6 Goodwill amortisation 3.2 - 3.2 2.9 (Increase)/decrease in stocks (3.4) - (3.4) 2.3 (Increase)/decrease in debtors (3.0) (0.2) (3.2) 6.8 Decrease)/increase in creditors (1.9) 0.2 (1.7) (6.6) ------ ------ ------ ------- Net cash inflow from operating activities 21.4 (1.1) 20.3 37.9 ======= ======= ======= ======= 9.2 Reconciliation of net cash flow to movement in net debt 2001 2000 #m #m (Decrease) in cash in the period (6.9) (4.0) (Increase)/decrease in debt and lease financing (5.4) 90.8 ------ ------- Change in net cash from cash flows (12.3) 86.8 Translation differences 0.3 (2.0) ------- ------- Movements in net cash in period (12.0) 84.8 Net cash/(debt) at 1 February 2000 8.6 (76.2) ------ ------ Net (debt)/cash at 31 January 2001 (3.4) 8.6 ====== ====== 9.3 Analysis of net debt 1 February Cash Exchange 31 January 2000 flows movement 2001 #m #m #m #m Cash at bank and in hand 10.3 (6.1) 0.3 4.5 Overdrafts (0.6) (0.8) - (1.4) 9.7 (6.9) 0.3 3.1 Debt due within 1 year - (6.0) - (6.0) Finance leases due after 1 year (1.1) 0.6 - (0.5) ------ ------ ------ ------ (1.1) (5.4) - (6.5) ----- ------- ------ ------ Total 8.6 (12.3) 0.3 (3.4) ====== ======= ====== ====== Notes to the Financial Information continued 10. Acquisitions of businesses Provisional ALPHA fair value and Flight Tax Free book value at the Services Shops ISG AIFR ATS date of acquistion Pty #m #m #m #m #m #m Goodwill 1.8 0.6 1.8 1.2 0.9 6.3 Share of net assets acquired - 0.4 - - - 0.4 Minority interest 0.1 - - 0.1 - 0.2 ------- ------ ------ ------ ------ ----- Total net assets acquired 1.9 1.0 1.8 1.3 0.9 6.9 Satisfied by: Cash (including costs of acquisitions) 1.9 1.0 1.8 1.3 0.2 6.2 Deferred consideration - - - 0.7 0.7 ------ ------ ------ ----- ------- -------- 1.9 1.0 1.8 1.3 0.9 6.9 On 1 February 2000 the Group acquired the remaining 15% minority interest in ALPHA Flight Services Pty. Limited for a consideration of #1.9m. This resulted in a further #1.8m of goodwill which is being amortised over 20 years. On 15 June 2000 the Group paid #1.0m to Virgin Express, Brussels for a 49.98% interest in Tax Free Shops. This resulted in provisional goodwill of #0.6m which is being amortised over the life of the in-flight retailing contract with Virgin Express (5 years). On 4 October 2000 the Group acquired a 25% interest in Inflight Sales Group (Asia) Limited ("ISG"), a Hong Kong based in-flight retailer, with operations in the USA and Far East. The consideration was US $2.5m (#1.8m) and goodwill of #1.8m arising on this acquisition will be written off over 5 years. An additional deferred consideration of up to US$2.5m would be payable contingent on ISG's profits exceeding a target in the year to 31 August 2001 which, based on latest forecasts, ISG is unlikely to achieve. Therefore, no provision for deferred consideration has been made. On 23 October 2000 the Group acquired the remaining 20% minority interest in ALPHA On Board Sales and Services (later renamed as ALPHA In-flight Retail Limited), for a consideration of #1.3m. This resulted in goodwill of #1.2m which is being written off over 20 years. On 28 January 2001 ALPHA Flight Services Pty. Limited purchased the business of ATS Air Terminal Services Pty Limited, a catering business based in Brisbane, for a consideration of #0.8m payable in four instalments, of which #0.2m was paid on acquisition. In addition, a final amount of #0.1m will become payable in 2003 provided the airline contract is renewed prior to the date of that payment. Total goodwill of #0.9m arose on the acquisition and is being amortised over 22 months (the remaining life of the airline catering contract). Notes to the Financial Information continued 11. Disposals of businesses ALPHA Flight Services OBSS SAS Sri Lanka Total #m #m #m Net assets disposed of: Tangible fixed assets 0.4 - 0.4 Stocks 0.1 - 0.1 Debtors 0.9 0.5 1.4 Creditors (1.5) (0.3) (1.8) ------ ------- ----- (0.1) 0.2 0.1 Goodwill previously eliminated against reserves 8.1 0.9 9.0 Loss on disposal of discontinued businesses (8.1) (0.3) (8.4) (0.1) 0.8 0.7 Satisfied by: Closure costs (0.1) - (0.1) Cash consideration - 0.8 0.8 ------ ------ ------- (0.1) 0.8 0.7 On 25 June 2000 the flight kitchen at Paris Orly ceased trading and was closed shortly afterwards, assisted by the French courts. Losses of #1.1m up until the date of cessation of operations have been reported within trading profit. The loss on disposal of discontinued business (#8.1m) includes the costs of cessation together with goodwill of #8.1m previously charged against reserves. On 23 October 2000 the Group sold its interest in OBSS Sri Lanka for a consideration of #0.8m which resulted in a loss on sale of #0.3m after charging goodwill of #0.9m previously eliminated against reserves. 12. Post balance sheet events Since the year end the Group has acquired a 25% interest in Airchef 2000 Srl, for #2.9m. In December 2000, the Group paid a deposit of #0.1m in respect of a proposed purchase for the flight catering business of Banksia Pacific Pty Ltd. The purchase was completed on 6 March 2001 for a total consideration of #1.7m. 13. Purchase of own shares During the year the Company purchased a total of 4.1m shares representing 2.35% of the ordinary share capital of the Company as at 31 January 2000. The nominal value of the shares purchased (#0.4m) has been credited to the capital redemption reserve. The total cost of the purchase of #1.1m has been charged to the profit and loss account reserve (Note 8). 14. Preliminary Announcement The preliminary results for the year ended 31 January 2001 are unaudited. 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 2000 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 2001 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 6 April 2001 and payment date is 6 June 2001. 16. Issue of Annual Reports and Accounts The 2001 Annual Report and Accounts will be posted to shareholders by 4 May 2001. 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. 020 580 3200. 17. Annual General Meeting The 2001 Annual General Meeting of ALPHA Airports Group Plc will be held in the Aviation Suite, Heathrow Park Hotel, Bath Road, Longford, West Drayton, Middlesex UB7 0EQ on 31 May 2001, at 11am.
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