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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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:7193K Alpha Airports Group PLC 27 September 2001 ALPHA Airports Group Plc Results for the Six Months ended 31 July 2001 Unaudited 27 September 2001 SUMMARY * Sales up 4% to #221.1m (2000: #212.7m) * EBITDA up 27% to #16.7m (2000: #13.1m) * Underlying profit before tax (before goodwill amortisation and losses from discontinued operations) up 22% at #10.7m (2000: #8.8m) * Major new UK contract awards by Manchester Airport and British Airways * Interim dividend unchanged at 1.0p per share Mr Kevin Abbott, Chief Executive, commenting on the results today said: "Our on-going focus to enhance service quality and improve efficiencies has generated new contract awards, and has turned modest 4% sales growth into a 22% profit improvement. In these uncertain times it is too early to predict the full consequences of the recent terrorist attack in the USA but ALPHA is in good shape to meet both the challenges and opportunities which arise." Enquiries: ALPHA Airports Group Plc Kevin Abbott, Chief Executive Tel: 020 7457 2345 (27 September 2001) Heather McRae, Finance Director Tel: 020 8580 3200 (thereafter) Gavin Anderson & Company Laura Hickman Tel: 020 7457 2345 Amelia Hine www.alpha-group.com Results Overview Sales Total sales increased 4% to #221.1m. Flight Services sales increased only 1% to #140.0m, whilst Retail sales increased 9% to #81.1m. Profit EBITDA has increased by 27% to #16.7m (2000: #13.1m) reflecting the enhanced efficiencies in UK Flight, the benefit of overseas acquisitions and a recovering retail performance in the UK. Net Debt Net debt was #17.8 m (2000: #5.6m) reflecting peak seasonal working capital requirements. The increase since last July is a result of the international investments made. Taxation The higher underlying tax rate of 36% (2000: 34%) on a profit before goodwill amortisation of #10.7m, reflects the high corporation tax charge on profits arising in Sri Lanka. Dividend In view of the wider uncertainty the Board has decided to leave the interim dividend unchanged at 1.00 pence per ordinary share (2000 Interim: 1.00 pence). This dividend will be payable on 9 November 2001 to shareholders on the Register as at 5 October 2001. FLIGHT SERVICES UK Sales revenues in our core business declined 4%. This was caused by a 7% decline in scheduled meals supplied to our major customers partly offset by a 5% growth in charter meals served, but leading to a 2% overall decline in meals sold. Our ongoing Innovate process improvement programme has generated further advances in employee productivity and reduced waste, thus delivering a 5% increase in profit. British Airways has awarded ALPHA the Cityflyer Express contract at London Gatwick from November 2001 onwards. It is anticipated that this may offset some of the potential reduction in sales to British Airways as it eliminates routes or transfers certain services from London Gatwick to London Heathrow. Our In-Flight Retail business which provides duty free goods and trolley bar services to airlines has achieved 16% sales growth in the UK, driven principally by the rapid development of the UK low-cost airline sector. We have recently signed a five year contract with the low-cost airline Go to serve them at Stansted Airport. International Profits at our expanded Australian regional airport kitchen network improved 10%, despite a #0.5m bad debt charge for Ansett Airlines. Whilst this Ansett bankruptcy has created short-term disruption, we expect to see a resumption of airline services at our domestic regional airports within 3 months. Our new associated company in Italy has traded profitably and has opened new kitchens in Venice and Trapani, Sicily. On 1st August, we announced a #8.8m investment for 51% control of a flight kitchen in Jordan. RETAIL UK ALPHA has a strong retail presence in the UK's regional airports. In the first half year, ALPHA has enjoyed a 15% growth in UK duty and tax free sales on a 9% increase in international departing passengers. As announced in July, ALPHA has been awarded a new five year contract at Manchester Airport where ALPHA becomes the sole duty free retailer. ALPHA has provided duty and tax free retail services at Manchester's Terminal 1 for the past 19 years. Last year, we were awarded a 7 year contract extension for Terminal 1. ALPHA has now been awarded duty and tax free concessions from January 2002 for both Terminal 2 and Terminal 3. ALPHA will thus become Manchester's exclusive duty and tax free retailer for liquor, tobacco and perfume. Anticipated additional sales at the start of this 5 year contract are some #35m per annum. In addition, ALPHA has also been awarded a new 5 year contract for Liverpool's John Lennon Airport. This contract covers duty and tax free retailing, World News and airside retail catering. ALPHA's UK specialist retailing business, which includes World News and Glorious Britain, saw sales growth of 6% which was satisfactory given the high exposure to a 2% decline in international passengers passing through London Heathrow's Terminals 3 and 4. Whilst the RoadChef motorway services trial for World News has generated a small profit it will not be extended. ALPHA will exit the contract this autumn, with a full return of its #1.5m initial investment. Following the 1999 abolition of intra EU duty and tax free allowances, ALPHA has restructured its UK shops, it supply chain and its central organisation. We have seen the consequent benefits in the first half results, where UK sales have increased 13% leading to an underlying break-even result (2000: loss of #1.2m). However #0.7m of reorganisation costs have been incurred in the period. International Overall our international retail sales have declined 5% primarily due to the strength of the US dollar and weaker tourist spending in the Americas. In the late summer, Sri Lanka's Colombo airport suffered a terrorist attack. As a consequence, ALPHA's Sri Lanka retail results will be adversely affected by reduced tourist numbers in the second half. Our first half Sri Lankan profits were maintained, but full year results may be down some #1m on the previous year. We believe that the situation will improve in the next financial year as European tourists return to this quality holiday destination. Outlook The recent terrorist attack in the USA has created significant uncertainty. At this stage, it is just too early to predict the longer term consequences for our business. But for this year, with the peak summer trading months already behind us, ALPHA is in good shape. Group Profit and Loss Account Unaudited Six Year ended months ended 31 July 31 July 31 Jan 2001 2000 2001 Notes #m #m #m Turnover - Continuing 221.1 211.4 431.5 - Discontinued - 1.3 1.5 Turnover 2 221.1 212.7 433.0 Cost of sales (150.4) (142.7) (296.5) Gross profit 70.7 70.0 136.5 Administration expenses (61.5) (63.6) (121.3) EBITDA 16.7 13.1 28.6 Depreciation on tangible assets (5.6) (5.1) (10.2) Amortisation of goodwill (1.9) (1.6) (3.2) Operating profit 9.2 6.4 15.2 Operating profit - Continuing 9.2 7.5 16.3 - Discontinued - (1.1) (1.1) Operating profit 9.2 6.4 15.2 Share of operating loss of associates (including goodwill amortisation of #0.3m (Six months ended July 2000:#nil) (0.2) (Year ended Jan 2001:#0.2m)) - (0.2) Loss on disposal of discontinued operations - (8.3) (8.4) Profit/(loss) on ordinary activities before 2 9.0 (1.9) 6.6 interest Interest receivable 0.2 0.1 0.2 Interest payable (0.7) (0.4) (0.9) Profit/(loss) on ordinary activities before 2 8.5 (2.2) 5.9 taxation Taxation on profit on ordinary activities (3.9) (2.6) (6.4) Profit/(loss) for the financial period 4.6 (4.8) (0.5) Equity dividends 3 (1.7) (1.7) (5.8) Retained profit/(loss) for the financial period 2.9 (6.5) (6.3) Earnings/(loss) per share 4 2.70p (2.76p) (0.29p) Diluted earnings/(loss) per share 4 2.68p (2.76p) (0.29p) IIMR headline earnings per share 4 3.99p 2.93p 6.55p Adjusted earnings per share 4 3.99p 2.93p 6.55p Statement of total recognised gains and losses Profit/(loss) for the financial period 4.6 (4.8) (0.5) Currency translation differences on foreign (0.6) 0.5 0.3 currency net assets and certain loans Total gains and losses recognised since last 4.0 (4.3) (0.2) Annual Report Group Balance Sheet Unaudited 31 July 31 July 31 Jan 2001 2000 2001 Notes #m #m #m Fixed assets Intangible assets 18.8 17.2 17.7 Tangible assets 60.9 60.9 60.0 Investments 7 5.1 0.4 2.6 84.8 78.5 80.3 Current assets Stocks 28.1 27.4 24.6 Debtors 36.8 39.0 28.0 Cash at bank and in hand 7.0 5.2 4.5 71.9 71.6 57.1 Creditors: amounts falling due within one year Bank and other borrowings (7.5) (2.9) (7.4) Other creditors (59.5) (69.6) (58.4) (67.0) (72.5) (65.8) Net current assets/(liabilities) 4.9 (0.9) (8.7) Total assets less current liabilities 89.7 77.6 71.6 Creditors: amounts falling due after more than one year Bank and other borrowings (17.0) (7.0) - Other creditors (0.2) (0.4) (0.6) Provisions for liabilities and charges (6.6) (8.2) (8.0) Total net assets 65.9 62.0 63.0 Capital and reserves Called up share capital 17.1 17.2 17.1 Share premium account 42.2 42.2 42.2 Capital redemption reserve 0.4 0.3 0.4 Profit and loss account 6.2 2.3 3.3 Shareholders' funds 5 65.9 62.0 63.0 Total equity 65.9 62.0 63.0 Group Cash Flow Statement Unaudited Six Six Year months months ended ended ended 31 July 31 July 31 Jan 2001 2000 2001 Notes #m #m #m Net cash inflow from operating 6(1) 6.5 4.7 20.3 activities Net cash outflow from returns on investments and servicing of finance (0.5) (0.5) (0.8) Taxation paid (3.0) (1.6) (6.7) Net capital expenditure (6.4) (8.4) (12.3) Purchases of businesses (5.9) (3.0) (6.2) Disposal of business (0.7) (0.4) 0.7 Equity dividends paid (4.1) (3.9) (5.6) Net cash outflow before financing (14.1) (13.1) (10.6) Financing Purchase of own shares - (1.2) (1.7) Unsecured loan more than 1 year 17.0 7.0 6.0 Capital element of finance lease payments (0.2) (0.2) (0.6) Net cash inflow from financing 16.8 5.6 3.7 Increase/(decrease) in cash 6(2) 2.7 (7.5) (6.9) Notes to the Financial Information 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 2001, except for the adoption of FRS 19 " Deferred Taxation " which is effective for the first time this year. The adoption of this standard has not resulted in any restatement for the Group's financial statements for the year ended 31 January 2001. The interim financial statements are unaudited but have been reviewed by the auditors. The comparative figures for the year ended 31 January 2001 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 2001 31 July 2000 31 Jan 2001 #m #m #m (a) Turnover Business sector analysis Flight Services - continuing operations 140.0 136.9 274.7 - discontinued operations - 1.3 1.5 140.0 138.2 276.2 Retail Services 81.1 74.5 156.8 Total turnover 221.1 212.7 433.0 Geographical analysis United Kingdom 183.8 176.5 356.5 Rest of the world - continuing operations 37.3 34.9 75.0 - discontinued operations - 1.3 1.5 37.3 36.2 76.5 Total turnover 221.1 212.7 433.0 Notes to the Financial Information Continued 2. Segmental analysis (continued) Six Six Year months months ended ended ended 31 July 31 July 31 Jan 2001 2000 2001 #m #m #m (b) Profit before taxation Business sector analysis Flight Services - continuing operations 10.1 8.4 17.0 - discontinued operations - (1.1) (1.1) - share of operating loss of associates (0.2) - (0.2) (including goodwill amortisation) - goodwill amortisation (1.0) (0.7) (1.4) - loss on disposal of discontinued operations - (8.3) (8.4) 8.9 (1.7) 5.9 Retail Services - continuing operations 1.0 0.7 2.5 - goodwill amortisation (0.9) (0.9) (1.8) 0.1 (0.2) 0.7 9.0 (1.9) 6.6 Net interest (0.5) (0.3) (0.7) Profit/(loss) on ordinary activities before taxation 8.5 (2.2) 5.9 Geographical analysis United Kingdom - continuing operations 8.0 5.7 12.1 - goodwill amortisation (0.6) (0.6) (1.3) 7.4 5.1 10.8 Rest of the World - continuing operations 3.1 3.4 7.4 - discontinued operations - (1.1) (1.1) - share of operating loss of associates (0.2) - (0.2) (including goodwill amortisation) - goodwill amortisation (1.3) (1.0) (1.9) - loss on disposal of discontinued operations - (8.3) (8.4) 1.6 (7.0) (4.2) 9.0 (1.9) 6.6 Net interest (0.5) (0.3) (0.7) Profit/(loss) on ordinary activities before taxation 8.5 (2.2) 5.9 Notes to the Financial Information Continued 3. Dividends An interim dividend of 1.0 pence (31 July 2000 1.0 pence) per ordinary share will be paid on 9 November 2001 to shareholders on the register at the close of business on 5 October 2001. 4. Earnings per share Profit/(loss) for the Earnings per share period 31 July 31 July 31 31 31 31 Jan Jan July July 2001 2000 2001 2001 2000 2001 #m #m #m Pence Pence Pence Profit/(loss) for the financial period and earnings/(loss) per share 4.6 (4.8) (0.5) 2.70 (2.76) (0.29) Adjustment for loss on disposal of discontinued operations - 8.3 8.4 - 4.77 4.87 Adjustment for goodwill 2.2 1.6 3.4 1.29 0.92 1.97 amortisation Adjusted profit and IIMR headline 6.8 5.1 11.3 3.99 2.93 6.55 earnings per share Adjusted profit and adjusted earnings per share 6.8 5.1 11.3 3.99 2.93 6.55 The weighted average number of shares in issue during the six months ended 31 July 2001 were 170,576,555 (31 July 2000:173,976,555 and 31 January 2001: 172,491,309). Earnings per 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 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 2.68p (2000/01: loss per share of 2.76p) has been calculated by reference to the profit for the financial period of #4.6m (2000/ 01: loss of #4.8m) and the weighted average number of shares in issue during the period of 170,576,555 (2000/01: 173,976,555), as adjusted for potentially dilutive ordinary shares of 1,144,699 (2000/01: 200,558). Notes to the Financial Information continued 5. Reconciliation of movements in shareholders' funds Six Six Year months months ended ended ended 31 July 31 July 31 Jan 2001 2000 2001 #m #m #m Profit/(loss) for the financial period 4.6 (4.8) (0.5) Dividends (1.7) (1.7) (5.8) Retained profit/(loss) for the financial period 2.9 (6.5) (6.3) Currency translation differences on foreign currency net assets and certain loans (0.6) 0.5 0.3 Goodwill reinstated on disposal of businesses - 8.1 9.0 Goodwill charged to the profit and loss account previously written off directly to reserves 0.6 0.6 1.2 Purchase of own shares - (1.2) (1.7) Net increase in shareholders' funds 2.9 1.5 2.5 Opening shareholders' funds 63.0 60.5 60.5 Closing shareholders' funds 65.9 62.0 63.0 6. Notes to the cash flow statement 6.1 Reconciliation of operating profit to net cash inflow from operating activities Six Six Year months months ended ended ended 31 July 31 July 31 Jan 2001 2000 2001 #m #m #m Operating profit 9.2 6.4 15.2 Depreciation 5.6 5.1 10.2 Goodwill amortisation 1.9 1.6 3.2 Increase in stocks (3.4) (6.3) (3.4) Increase in debtors (8.8) (13.3) (3.2) Increase/(decrease) in creditors 2.0 11.2 (1.7) Net cash inflow from operating activities 6.5 4.7 20.3 Notes to the Financial Information continued 6. Notes to the cash flow statement (continued) 6.2 Reconciliation of net debt Six months Six months Year ended ended ended 31 July 31 July 31 Jan 2001 2000 2001 #m #m #m Increase/(decrease) in cash in the period 2.7 (7.5) 6.9) Increase in debt financing (16.8) (6.8) (5.4) Change in net debt from cash flows (14.1) (14.3) (12.3) Translation differences (0.3) 0.1 0.3 Movements in net debt in period (14.4) (14.2) (12.0) Opening net (debt)/cash (3.4) 8.6 8.6 Closing net debt (17.8) (5.6) (3.4) 7. Acquisitions On 6 March 2001 the Group purchased the flight catering business of Banksia Pacific Pty Ltd. for a consideration of #1.7m. This resulted in provisional goodwill of #1.7m which is being amortised over 10 years. On 2 April 2001 the Group acquired a 25% interest in AirChef 2000 Srl for a consideration of #2.8m. This resulted in provisional goodwill of #2.5m which is being amortised over 20 years. On 19 May 2001 the Group purchased the flight catering business of Hyatt Hotel Canberra at Canberra for a consideration of #1.4m. This resulted in provisional goodwill of #1.4m which is being amortised over 10 years. 8. Post balance sheet event On 1 August 2001 the Group acquired 51% of Jordan Flight Catering Co Ltd, a flight kitchen operation in Jordan, for a cash consideration of #8.8m. The joint venture will have exclusive rights to provide flight catering services at Amman and all other Jordanian airports for seven years.
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