![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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:2618J Alpha Airports Group PLC 27 March 2003 ALPHA AIRPORTS GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JANUARY 2003 27 March 2003 Highlights * Group profit before tax and exceptional items in line with expectations up 14.8% to #18.6m (2001/02: #16.2m), reflecting the ongoing recovery in UK Retail, and our International Flight Services expansion both of which helped to offset the decline in UK Flight Services. Group profit before tax for the year was #20.7m (2001/02: loss before tax of #6.9m). * EBITDA* before exceptional items in line with expectations at #33.1m (2002: #33.1m), reflecting a continued tight focus on costs, productivity and flexibility in a difficult and fast changing aviation market. Second half EBITDA* before exceptional items up 3.6% to #17.0m (2002: #16.4m), 5.6% ahead of the first half result. Operating profit for the year was #19.9m (2001/02: operating loss of #3.9m). * Full year sales from continuing businesses maintained at #419.3m (2001/ 02: #419.4m), with a modest second half sales recovery of 0.9%, against a first half sales decline of a similar amount. * Adjusted earnings per share improved by 3.3% to 7.50p per share (2001/ 02: 7.26p per share). Earnings per share of 6.91p (2001/02: loss per share of 8.15p). * Final dividend per share held at 2.6p per share (2001/02: 2.6p), giving a total dividend for the year held at 3.6p per share. * ALPHA retains a strong balance sheet with net debt at 31 January 2003 of only #0.3m (2002: #1.3m). *EBITDA represents operating profit before depreciation on tangible assets and amortisation of goodwill as shown in the Group's profit and loss account. EBITDA is presented as the directors consider it is a financial measure used widely by analysts, investors and other interested parties in the industry. Commenting on the results today, Graham Frost, Chairman stated: "In a difficult aviation market, we have delivered a robust set of results. We continue to focus on further improving our core business offerings, and are investing in new business concepts for future growth. We finish the year as we started, with major uncertainty as regards travellers' confidence, and hence may face a short-term disruption in airline activity. Our experience in taking the necessary action when faced with similar business pressures holds us in good stead to react to any changes in our business as it occurs during the current conflict." Enquiries: ALPHA Airports Group Plc Kevin Abbott, Chief Executive Tel: 020 7554 1400 (today) Heather McRae, Finance Director Tel: 020 8580 3200 (thereafter) Gavin Anderson & Company Laura Hickman Tel: 020 7554 1400 Amelia Hine Tel: 020 7554 1400 Website: www.alpha-group.com Sales Overview Against a difficult aviation market sales from continuing businesses remained unchanged at #419.3m (2002: #419.4m). We experienced a gradual recovery throughout the year in UK passenger numbers, led by the low-cost airlines. The aviation market, especially in our core UK market, is undergoing dramatic change. The low-cost airline sector, flying predominantly from regional airports where ALPHA has a strong presence, continues to show substantial growth in short-haul services. In response to this a number of short-haul scheduled and charter airlines are reducing fares to compete more effectively with the low-cost airlines, and are radically cutting costs and reshaping their networks, with some converting to a low-cost format. These market factors resulted in a significant 15.8% decline in sales in our UK Flight Catering business. Conversely, UK Inflight Retail and UK Retail, with a high exposure to low-cost airlines, enjoyed a combined sales growth of 14.9%. Profit Overview Group profit before tax and exceptional items increased 14.8% to #18.6m (2001/ 02: #16.2m). As a consequence of the 15.8% decline in UK Flight Catering sales, operating profit before goodwill amortisation and exceptional items from this part of our business declined nearly 37%. Conversely, the combined 14.9% sales growth in our UK Inflight Retail and UK Retail business, enhanced by major supply-chain rationalisation benefits in UK Retail, led to a dramatic recovery in operating profit in these businesses, albeit still achieving only a modest 2.2% return on sales, this ratio up from 0.6% before exceptional items in 2001/02. Internationally, the Group enjoyed a strong, initial full year contribution from our Flight Services investment in Jordan. Sri Lanka Retail continued to return another excellent contribution. As anticipated the Australian Flight Services result declined, reflecting both the full year impact following the demise of Ansett in September 2001 and the costs of acquiring and upgrading the seven empty Ansett flight kitchens. As announced in the first half, the exceptional profit of #2.1m primarily reflects the disposal of our 25% investment in an associated company, Inflight Sales Group (Asia) Limited, and the transfer of a related airline contract to the purchaser. Following this disposal, our Inflight Retail business is now focussed on the UK and Europe. In the second half we released #0.2m of excess environmental provisions established in 1999 on the disposal of our US ground handling business. Overall, Group profit before tax for the year was #20.7m (2001/02: loss before tax of #6.9m). Earnings per Share Earnings per share of 6.91 pence increased from a loss per share of 8.15 pence in 2001/02 as the loss reflected the exceptional restructuring, onerous contract and impairment provisions required post September 11th 2001. There is an underlying 3.3% increase in adjusted earnings per share to 7.50 pence per share (2001/02: 7.26 pence per share). Dividend The Board is pleased to announce a final dividend per share held at 2.6 pence per share, giving a total dividend for the year held at 3.6 pence per share. This will be paid on 4 June 2003 to shareholders on the register at the close of business on 11 April 2003. Balance Sheet The Group retains a very strong balance sheet, with net debt at the year-end of only #0.3m (2001/02: #1.3m) against shareholders' funds of some #49.9m (2001/02: #43.3m). The major change year-on-year has been a #9.7m investment in working capital, as a result of both higher stocks in Retail, and earlier payments to our trade partners, in both Flight Services and Retail compared with the period following September 11th. The Company continues to have significant headroom in its #60m bank facility. Pensions The triennial actuarial valuation of the UK pension scheme was conducted at 6th April 2002. This valuation indicated an unsmoothed deficit of #7.7m, and a smoothed deficit of #5.0m. The Pension Trustees and the Board have proposed a joint funding programme to redress the deficit and to retain existing pension benefits going forward, recognising that the pension scheme is relatively immature with more than six active members to every current pensioner. Pension fund members are being invited to increase their contributions by 2% from 6% of salary to 8% of salary from 1st August 2003 with a similar increase in contributions from the company to cover both future service and the financing of the smoothed deficit of #5.0m over the next 12 years. For the Group, the pension charge in 2002/03 of #3.0m continues to be calculated on a SSAP24 basis. The Group has complied with FRS17 "Retirement benefits" for the year-end financial statements. The transitional requirement permits the Group to disclose the effects of FRS17 on the balance sheet and on the profit and loss account, but not to account under this method. For the Group, there is a world-wide net pension deficit as at 31 January 2003 which would have resulted in a #17.3m charge to group reserves if we had adopted FRS 17 at that date. On the basis of the deficit of #17.3m, and with an enhanced company contribution to future funding under FRS 17, the net pension charge in the profit and loss account would have been #3.0m. Flight Services Post September 11th 2001, market conditions remained challenging throughout the year. In line with our expectations, total sales from continuing operations declined 6.2% to #245.4m (2001/02: #261.7m), with a first half decline of 8.1%, followed by a reduced decline of 4.2% in the second half. Profit before tax from continuing operations (before goodwill amortisation and exceptional items) was down by 11.8% to #15.7m (2001/02: #17.8m). UK scheduled and charter meal volumes declined 13.5%. With our UK airline customers continuing to seek savings in the difficult market conditions, average meal spend declined 1.4%, generating an overall sales reduction in our major UK Flight Catering business of 15.8%. As expected with the transfer of many British Airways' short and long-haul flights from Gatwick to Heathrow, our Gatwick Flight kitchens suffered an #11 million decline in activity. Following implementation of full domestic back-catering by both British Airways and bmi towards the year-end, our regional kitchens also suffered. However, the continued application of our Innovate process improvement model across our UK Flight Services operations enabled us to achieve a further 6% improvement in our wage cost to sales ratio, thereby mitigating some of the profits decline from depleted customer meal budgets and lower meal volumes. Inflight Retail, providing onboard retail services (including food and beverage trolley service sales) for low-cost and charter airline customers, continued to grow with sales ahead of last year by 21.9% and now representing nearly 29% of our UK Flight Services activity. Internationally the results benefited from a strong full year contribution from our recent Jordan flight kitchen acquisition, which more than offset a reduced contribution from Australia. The seven ex-Ansett flight kitchens that we acquired on short-term leases are being refurbished, with four already operational serving Australian regional airlines. Retail The Retail division enjoyed a sales growth of 10.3% to #173.9m from continuing operations, with operating profits before goodwill amortisation and exceptional items up 58.1% to #6.8m (2001/02: #4.3m). UK Retail sales increased 12.2%, with like-for-like sales growth in ALPHA Airport Shopping (duty and tax-free) at UK regional airports up 10% on a 6% growth in passengers led by continued growth of the low-cost airlines. Following two years of losses, UK Retail has returned an operating profit of #2.1m (a 1.4% return on sales), due to a combination of sales growth, supply-chain simplification, divisional overhead savings and a withdrawal from loss-making contracts. International Retail results (from continuing businesses) were maintained, with the ongoing recovery in Sri Lanka tourist arrivals continuing throughout the second half. Business Development To drive future sales and profit growth, we are currently expensing some #1m of costs on an annualised basis through our investment in two key Flight Services development initiatives. Firstly, the development of our Inflight Service Management concept in the UK to manage the total inflight catering requirements of our network airline customers. We are delighted that British Airways CitiExpress, the UK and European short-haul subsidiary of British Airways operating outside London, will be our launch customer and we are investing in the necessary people and technology infrastructure to fulfil this initiative. Secondly, the development of ALPHA D'Lish, our internet pre-order meal project for short-haul travellers booking their airline tickets on the internet, with an anticipated trial and launch date in 2003. Costs this year include people, market research and website development expenditure. People After the trauma of the loss of 923 jobs at the end of 2001/02, we thank all our ALPHA colleagues for their excellent on-going commitment and flexibility in achieving service success in a very challenging and fast changing market. We are continuing to invest in the further development of our people and, via annual Employee Opinion Surveys, we listen acutely and responsively to their needs. We are pleased that satisfaction rates across the UK have increased significantly during the past year. Board I have thoroughly enjoyed my first year as Chairman of ALPHA. We have seen significant change in the Board during the year, ending with the imminent retirement of Sir Hugh Bidwell as a Non-Executive Director on 31 March 2003. We thank him for his tremendous input and service over 10 years. I am delighted that in Terry Stannard and Lesley James we have been able to recruit to the Board high quality, independent Non-Executive Directors with appropriate catering and retailing backgrounds. As previously announced on 1 February 2003, we also welcome David King to the Board as Executive Director for ALPHA Airport Shopping in the UK, whose personal contribution to the recovery of this business has been significant. Strategy and Outlook The company's strategy remains focussed on the continued development of our core skills of catering and retailing for airlines and airports, and building deeper and wider outsourcing relationships with our customers. The company is in good shape, both managerially and financially, to grow organically and by acquisition, both in the UK and internationally. Under normal circumstances, ALPHA would be well positioned to deliver growth in sales and profits in the coming year. However, given the recent commencement of military action in Iraq and continued concerns about terrorism, it is possible that traveller confidence and hence aviation activity could be negatively affected over the peak Summer months, with a consequent impact on ALPHA's business during this critical period in our financial year. Group Profit and Loss Account for the year ended 31 January 2003 Before Exceptional Exceptional Items Items (Note 2) Total 2003 2002 2002 2002 Notes #m #m #m #m Turnover - Continuing 419.3 419.4 - 419.4 - Discontinued - 11.4 - 11.4 Turnover 1 419.3 430.8 - 430.8 Cost of sales (267.1) (283.3) - (283.3) Gross profit 152.2 147.5 - 147.5 Administration expenses (132.3) (129.3) (22.1) (151.4) EBITDA 2 33.1 33.1 (10.3) 22.8 Depreciation on tangible assets (10.3) (10.7) (1.2) (11.9) Amortisation of goodwill (2.9) (4.2) (10.6) (14.8) Operating profit/ (loss) 2 19.9 18.2 (22.1) (3.9) Operating profit/ (loss) - Continuing 19.6 17.9 (22.1) (4.2) - Discontinued 0.3 0.3 - 0.3 19.9 18.2 (22.1) (3.9) Share of operating profit/(loss) of associates (including goodwill charges of #0.1m (2001/02: #2.3m)) 0.2 (0.7) (1.7) (2.4) Profit on disposal of discontinued operations 2 2.1 - 0.7 0.7 Profit/(loss) on ordinary activities before interest 1 22.2 17.5 (23.1) (5.6) Interest receivable 0.4 0.2 - 0.2 Interest payable (1.9) (1.5) - (1.5) Profit/(loss) on ordinary activities before taxation 1 20.7 16.2 (23.1) (6.9) Taxation on profit/ (loss) on ordinary activities 3 (7.2) (7.8) 1.6 (6.2) Profit/(loss) on ordinary activities after taxation 13.5 8.4 (21.5) (13.1) Minority interest (equity) (1.7) (0.8) - (0.8) Profit/(loss) for the financial year 11.8 7.6 (21.5) (13.9) Equity dividends 4 (6.2) (6.1) - (6.1) Retained profit/ (loss) for the financial year 7 5.6 1.5 (21.5) (20.0) Earnings/(loss) per share 5 6.91p (8.15p) Diluted earnings/ (loss) per share 5 6.87p (8.15p) IIMR headline earnings per share 5 7.50p 2.28p Adjusted earnings per share 5 7.50p 7.26p Statement of total recognised gains and losses for the year ended 31 January 2003 2003 2002 #m #m Profit/(loss) for the financial year 11.8 (13.9) Currency translation differences on foreign currency net assets and certain loans (0.5) (0.9) Total recognised gains and losses for the year 11.3 (14.8) 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 Sheets at 31 January 2003 Group Company 2003 2002 2003 2002 Notes #m #m #m #m Fixed assets Intangible assets 13.0 14.7 - - Tangible assets 53.5 56.9 - - Investments 3.7 3.1 201.4 201.0 70.2 74.7 201.4 201.0 Current assets Stocks 20.2 18.9 - - Debtors 25.7 24.1 42.0 35.9 Cash at bank and in hand 6 6.4 21.8 0.3 41.1 52.3 64.8 42.3 77.0 Creditors: amounts falling due within one year Bank and other borrowings 6 (6.7) (23.1) (6.0) (23.0) Other creditors (57.5) (60.0) (20.4) (35.4) (64.2) (83.1) (26.4) (58.4) Net current (liabilities)/ assets (11.9) (18.3) 15.9 18.6 Total assets less current liabilities 58.3 56.4 217.3 219.6 Provisions for liabilities and charges (7.5) (12.2) - - Total net assets 1 50.8 44.2 217.3 219.6 Capital and reserves Called up share capital 17.1 17.1 17.1 17.1 Share premium account 42.5 42.2 42.5 42.2 Capital redemption reserve 0.4 0.4 0.4 0.4 Other reserves - - 152.3 152.3 Profit and loss account (10.1) (16.4) 5.0 7.6 Shareholders' funds 7 49.9 43.3 217.3 219.6 Minority interests (equity) 0.9 0.9 - - Total equity 50.8 44.2 217.3 219.6 Approved by the Board of Directors on 27 March 2003 Kevin Abbott, Chief Executive Heather McRae, Finance Director Group Cash Flow Statement for the year ended 31 January 2003 2003 2002 Notes #m #m Net cash inflow from operating activities 8.1 23.5 40.8 Returns on investments and servicing of finance Interest received 0.4 0.2 Interest paid (1.9) (1.5) Dividends paid to minority shareholders in subsidiary undertakings (1.6) (0.5) Dividends received from associates 0.1 - Net cash outflow from returns on investments and servicing of finance (3.0) (1.8) Taxation (6.7) (8.2) Capital expenditure and financial investment Purchase of tangible fixed assets (6.8) (11.5) Purchase of own shares 9 (0.5) - Sale of tangible fixed assets - 2.3 Net cash outflow for capital expenditure and financial investment (7.3) (9.2) Acquisitions and disposals Purchase of businesses - (11.6) Disposal of businesses 10 1.3 1.2 Purchase of associates - (2.8) Net cash inflow/(outflow) for acquisitions and disposals 1.3 (13.2) Equity dividends paid (6.1) (5.8) Net cash inflow before financing 1.7 2.6 Financing (Decrease)/increase in unsecured loans less than 1 year (17.1) 17.1 Issue of shares 0.3 - Capital element of finance lease payments - (0.5) Net cash (outflow)/inflow from financing (16.8) 16.6 (Decrease)/increase in cash (15.1) 19.2 Notes to the Financial Information 1. Segmental analysis Profit/(loss) before Net assets/ Turnover interest (liabilities) 2003 2002 2003 2002 2003 2002 #m #m #m #m #m #m (a) Business sector analysis Flight Services - continuing operations * 245.4 261.7 15.7 17.8 38.3 39.5 - discontinued operations - 7.8 0.3 0.8 (0.5) - - share of operating profit/(loss) of associates (including goodwill amortisation) - - 0.2 (0.7) - - - exceptional item - associates goodwill impairment charge - - - (1.7) - - - goodwill amortisation - - (1.1) (2.3) - - - exceptional items (continuing - - - (13.1) - (0.7) operations) - profit on disposal of discontinued operations - - 1.9 - - - 245.4 269.5 17.0 0.8 37.8 38.8 Retail - continuing operations * 173.9 157.7 6.8 4.3 13.3 16.9 - discontinued operations - 3.6 - (0.5) - - - goodwill amortisation - - (1.8) (1.9) - - - exceptional items (continuing operations) - - - (9.0) - (9.7) - loss on disposal of discontinued operations - - - (0.2) - - 173.9 161.3 5.0 (7.3) 13.3 7.2 419.3 430.8 22.0 (6.5) 51.1 46.0 Corporate - profit on disposal of discontinued operations - - 0.2 0.9 - (0.5) 419.3 430.8 22.2 (5.6) 51.1 45.5 Net interest payable - - (1.5) (1.3) - - Net borrowings - - - - (0.3) (1.3) Turnover, profit/ (loss) on ordinary activities before taxation and net assets 419.3 430.8 20.7 (6.9) 50.8 44.2 * Before goodwill amortisation and exceptional items. 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) Notes to the Financial Information continued 1.Segmental analysis (continued) Profit/(loss) before Net assets/ Turnover interest (liabilities) 2003 2002 2003 2002 2003 2002 #m #m #m #m #m #m (b) Geographical analysis United Kingdom - continuing operations * 355.5 357.2 13.3 14.9 30.4 30.8 - goodwill amortisation - - - (1.3) - - - exceptional items - - - (15.2) - (3.4) (continuing operations) 355.5 357.2 13.3 (1.6) 30.4 27.4 Rest of the World - continuing operations * 63.8 62.2 9.2 7.2 21.2 25.6 - discontinued operations - 11.4 0.3 0.3 (0.5) - - goodwill amortisation - - (2.9) (2.9) - - - share of operating profit/(loss) of associates (including goodwill - - 0.2 (0.7) - - amortisation) - exceptional item - associates goodwill impairment charge - - - (1.7) - - - exceptional items (continuing operations) - - - (6.9) - (7.0) - profit/(loss) on disposal of discontinued operations - - 1.9 (0.2) - - 63.8 73.6 8.7 (4.9) 20.7 18.6 419.3 430.8 22.0 (6.5) 51.1 46.0 Corporate - profit on disposal of discontinued operations - - 0.2 0.9 - (0.5) 419.3 430.8 22.2 (5.6) 51.1 45.5 Net interest - - (1.5) (1.3) - - Net borrowings - - - - (0.3) (1.3) Turnover, profit/(loss) on ordinary activities before taxation and net assets 419.3 430.8 20.7 (6.9) 50.8 44.2 * Before goodwill amortisation and exceptional items. 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. Operating profit is analysed between continuing and discontinued operations as follows: Continuing Discontinued Continuing Discontinued Exceptional operations operations Total operations operations items Total 2003 2003 2003 2002 2002 2002 2002 #m #m #m #m #m #m #m Turnover 419.3 - 419.3 419.4 11.4 - 430.8 Cost of sales (267.3) 0.2 (267.1) (276.8) (6.5) - (283.3) Gross profit 152.0 0.2 152.2 142.6 4.9 - 147.5 Administration expenses (132.4) 0.1 (132.3) (124.7) (4.6) (22.1) (151.4) EBITDA 32.8 0.3 33.1 32.6 0.5 (10.3) 22.8 Depreciation on tangible assets (10.3) - (10.3) (10.5) (0.2) (1.2) (11.9) Amortisation (2.9) - (2.9) (4.2) - (10.6) (14.8) of goodwill Operating profit/(loss) 19.6 0.3 19.9 17.9 0.3 (22.1) (3.9) Exceptional items The only exceptional item in the year ended 31 January 2003 arose from the profit on disposal of discontinued operations of #2.1m comprising a profit of #1.1m arising on the disposal of the Group's associate investment in Inflight Sales Group Asia Limited, deferred consideration of #0.8m which was received in July 2002 relating to the disposal of the Group's In-Flight Retail Canada operation in November 2001 which was not recognised in 2001/02 and a release of a provision of #0.2m no longer required. The results for the year ended 31 January 2002 included the following exceptional items: A net profit on disposal of discontinued operations of #0.7m arose on the disposal of AG Retail Inc (Barbados) which generated a loss on disposal of #0.2m, offset by the release of a provision of #0.9m no longer required in respect of environmental exposures set up following the disposal of the Group's US ground handling operation, DynAir. A charge of #22.1m against operating profit which comprised restructuring costs in the UK (#3.0m), provisions made for onerous contracts in Orlando (#4.9m) and the UK (#2.4m), fixed asset write down in the UK (#0.8m) and Australia (#0.4m) and goodwill impairment charges in respect of the Group's Gatwick operation (#9.1m) and the Banksia Pacific Pty Ltd acquisition in Australia (#1.5m). A charge of #1.7m included in the share of operating loss of associates where goodwill impairment charges were made in relation to the Group's associate investments in Virgin Express Catering Services N.V. (formerly Virgin Express Tax Free Shops S.A/N.V.) (#0.4m) and Inflight Sales Group (Asia) Limited (#1.3m). 3. Taxation 2003 2002 #m #m Current tax United Kingdom Corporation tax at 30% (2001/02 - 30%) 5.9 7.4 Double tax relief (1.1) (3.0) Tax on exceptional items 0.1 (0.6) Prior year adjustments - (0.1) 4.9 3.7 Overseas Corporation taxes 2.6 3.7 Share of taxation of associates 0.3 0.1 Prior year adjustments 0.3 - Total current tax 8.1 7.5 Deferred tax United Kingdom Origination and reversal of timing differences (0.7) (0.3) Tax on exceptional items - (0.7) (0.7) (1.0) Overseas Origination and reversal of timing differences (0.2) - Tax on exceptional items - (0.3) Total deferred tax (0.9) (1.3) Total tax on profit on ordinary activities 7.2 6.2 Taxation as a percentage of profit/(loss) before taxation 35% (90%) Taxation as a percentage of profit before taxation before 38% 48% exceptional items Taxation as a percentage of profit before taxation, 33% 37% exceptional items and goodwill amortisation 4. Equity Dividends 2003 2002 Interim dividend of 1.0p per ordinary share (2001/02 - 1.0p) 1.7 1.7 Proposed final dividend of 2.6p per ordinary share (2001/02 - 4.5 4.4 2.6p) Total dividend of 3.6p per ordinary share (2001/02 - 3.6p) 6.2 6.1 5. Earnings/(loss) per share Profit/(loss) for the year Earnings/(loss) per share 2003 2002 2003 2002 #m #m Pence Pence Profit/(loss) for the financial year and earnings/(loss) per share 11.8 (13.9) 6.91 (8.15) Adjustment for profit on disposal of discontinued operations (2.1) (0.7) (1.23) (0.41) Adjustment for impairment in fixed assets - 1.2 - 0.70 Adjustment for loss on disposal of fixed assets - 0.2 - 0.12 Adjustment for goodwill amortisation and impairment 3.0 17.1 1.76 10.02 Taxation relating to these items 0.1 - 0.06 - Adjusted profit and IIMR headline earnings per share 12.8 3.9 7.50 2.28 Adjustment for exceptional items - 10.3 - 6.04 Adjustment for loss on disposal of fixed assets - (0.2) - (0.12) Taxation relating to these items - (1.6) - (0.94) Adjusted profit and adjusted earnings per share 12.8 12.4 7.50 7.26 The weighted average number of shares in issue during the year was 170,722,782 (2001/02: 170,581,815). 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 6.87p (2001/02: loss per share of 8.15p) has been calculated by reference to the profit for the financial year of #11.8m (2001/02: loss of #13.9m) and the weighted average number of shares in issue during the year of 170,722,782 (2001/02: 170,581,815), as adjusted for potentially dilutive ordinary shares of 883,836 (2001/02: nil). Notes to the Accounts 6. Net debt 2003 2002 #m #m 6.1 Bank and other borrowings Unsecured loans (6.0) (23.1) Bank overdrafts (0.7) - Total bank and other borrowings due within one (6.7) (23.1) year 6.2 Net debt Total bank and other borrowings (6.7) (23.1) Cash at bank and in hand 6.4 21.8 Net debt (0.3) (1.3) 7. Reconciliation of movements in shareholders' funds 2003 2002 #m #m Profit/(loss) for the financial year 11.8 (13.9) Dividends (6.2) (6.1) Retained profit/(loss) for the financial year 5.6 (20.0) Currency translation differences on foreign currency net assets and certain loans (0.5) (0.9) Goodwill charged to the profit and loss account previously written off directly to reserves 1.2 1.2 Issue of shares 0.3 - Net increase/(decrease) to shareholders' funds 6.6 (19.7) Opening shareholders' funds 43.3 63.0 Closing shareholders' funds as at 31 January 2003 49.9 43.3 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 (2001/02: #1.2m) has been added back into shareholders' funds. Notes to the Accounts continued 8. Notes to the cash flow statement 8.1 Reconciliation of operating profit to net cash inflow from operating activities 2003 2002 #m #m Operating profit/(loss) 19.9 (3.9) Loss on sale of fixed assets - 0.2 Depreciation 10.3 11.9 Goodwill amortisation 2.9 14.8 Long term incentive plan amortisation charge 0.1 - (Increase)/decrease in stocks (1.8) 3.1 (Increase)/decrease in debtors (2.0) 4.4 (Decrease)/increase in creditors (5.9) 10.3 Net cash inflow from operating activities 23.5 40.8 8.2 Reconciliation of net cash flow to movement in net debt 2003 2002 #m #m (Decrease)/increase in cash in the period (14.4) 19.2 Increase in overdrafts in the period (0.7) - Decrease/(increase) in debt and lease financing 17.1 (16.6) Change in net debt from cash flows 2.0 2.6 Translation differences (1.0) (0.5) Movements in net debt in period 1.0 2.1 Net debt at 1 February (1.3) (3.4) Net debt at 31 January (0.3) (1.3) 8.3 Analysis of net debt 1 February Cash Exchange 31 January 2002 flows movement 2003 #m #m #m #m Cash at bank and in hand 21.8 (14.4) (1.0) 6.4 Overdrafts - (0.7) - (0.7) 21.8 (15.1) (1.0) 5.7 Debt due within 1 year (23.1) 17.1 - (6.0) (23.1) 17.1 - (6.0) Total (1.3) 2.0 (1.0) (0.3) Notes to the Financial Information Continued 9. Interest in own shares At the Annual General Meeting on 30 May 2002, a Long-Term Incentive Plan for the Chief Executive was approved. During July 2002 715,000 shares were purchased by a trust company in the open market using funds provided by the Group at a total cost of #0.5m. 10. Disposal of businesses Net cash inflows arising on the disposal of businesses comprised : #m Cash consideration for disposal of Inflight Sales Group 0.8 (Asia) Limited (Note 2) Deferred consideration relating to the disposal of ALPHA 0.8 In-Flight Retail Canada (Note 2) Payment in respect of environmental exposures provided for (0.3) upon the disposal of DynAir (Note 2) 1.3 11. Pensions The Group continues to account for pensions in accordance with SSAP 24, but will make the additional disclosures required under the transitional arrangements described in FRS 17 in the Annual Report. The Group's actuaries, Hewitt Bacon & Woodrow, have completed the latest actuarial valuation, as at 6 April 2002, and as a result the pension charge for the year ended 31 January 2003 in respect of the UK pension fund on a SSAP24 basis is #2.7m (2001/02 : #2.6m). In respect of FRS 17, the market value of the assets at 31 January 2003 was #34.5m and the net present value of the schemes' liabilities was #59.1m. If the Group had accounted for pensions under FRS 17, the charge for the year would have been the same as the SSAP 24 charge and net assets at the end of the year would have been #17.3m lower. 12. Preliminary Announcement The preliminary results for the year ended 31 January 2003 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 2002 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 2003 will be finalised on the basis of the financial information presented by the Directors in the preliminary announcement. 13. Dividend The record date for the final dividend is 11 April 2003 and payment date is 4 June 2003. 14. Issue of Annual Reports and Accounts The Annual Report 2002/03 will be posted to shareholders by 29 April 2003. 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. 15. Annual General Meeting The Annual General Meeting of ALPHA Airports Group Plc will be held at the Conference Centre, Le Meridien Hotel, Bath Road, Heathrow on 29 May 2003 at 11am. This information is provided by RNS The company news service from the London Stock Exchange END FR SESFUMSDSELD
1 Year Alpha Airports Chart |
1 Month Alpha Airports Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions