Trans Balk Inv Share Discussion Threads

[prothus] 17/11/2004 16:22

Looking at volume over the last 6 months, this month has seen above average activity (if you exclude the two massive spikes we had during the period) but not much more.

I'd love to think you were on to something tone but I just don't see it.....yet.

[tonester30ccfc] 17/11/2004 16:09

and 3 minutes later we are at 3.25m buys today

[tonester30ccfc] 17/11/2004 16:06

total buys now up to 3.13m. I'm sure there is something cooking here

[tonester30ccfc] 17/11/2004 15:38

I wonder if anyone can add weight to a marketplace rumour that there is a new bidder in town? There appears to be an element of credence in this, given that buys are at 2.8m playing 300k sells today

[indomie] 17/11/2004 09:10

Cheers tonester!

[humphbumph] 16/11/2004 22:52

Indomie speaks sensibly!

[blowson2000] 16/11/2004 20:53

Someone got out of bed the wrong way today!

[indomie] 16/11/2004 18:23

"Rumour has it that this will start with the Hilton in Cardiff"

That's all they've got left to sell mate after the Bolivian Airports! How many years has it taken them to do that too....and just why do they have a Head Office in Central London AND Cardiff?...What's wrong with Cardiff Airport or Luton!!!! I held this stock for over eight years until recently and sold out at the same price that I bought in at! The failed attempts at East Midlands and Bournemouth, at Norwich and Bristol and the endless hints at something from Dublin Airport have all not come off. Costa Rica never materialised either and there's some reference to a £1m guarantee on that venture in the interim's (but no further information on what exactly they've guaranteed). Yes, a rail link is on the way which is not 'right next' to the airport by the way (TBI will have to fund a shuttle bus service from the nearby village of Rhoose), but Bristol have been given such a head start that it will be tough going to catch up and I live there! I've been to Spain twice this year and Paris and where did I fly from....yep Bristol, not because it was easier for me but because it was CHEAPER! I want TBI to succeed and yes the signs have improved, but in terms of a break-up, I'd say it is more likely that Mr Thomas will take the company private on the cheap and then sell off the parts in a couple of years time....then he wont have to share any of the proceeds with you lot!

[prothus] 16/11/2004 14:52

spob,

Thanks for that!

[spob] 16/11/2004 14:42

prothus - Click above to learn how to paste a chart to a thread

imo these are overbought right now but i would be looking to buy on weakness

[tonester30ccfc] 16/11/2004 14:19

Indomie,

I think you are missing the point. The Thomas brothers are steering this company towards a break up to maximise their individual positions.

IMO, in the next few months there will be a refocus of Luton in property terms to maximise it's asset position in the balance sheet, and there will be an offload of non core assets. Rumour has it that this will start with the Hilton in Cardiff, and this in itself will send a clear message to the marketplace of long term intention

[prothus] 16/11/2004 14:13

Cardiff is getting a re-opened rail link I believe.

[indomie] 16/11/2004 13:52

Its not all good! Cardiff International saw a drop in freight traffic for the six months and on the CAA website the latest figures for October show traffic at Cardiff static whilst traffic at rival Bristol keeps rising. Bristol have also managed to get Continental's Airlines New York Service from next year over Cardiff and ofcourse BmiBaby are also launching a new base from nearby Birmingham Airport too! If this airport doesn't get a new access road it could really begin to suffer....

[prothus] 16/11/2004 11:47

Interesting Post tonester30ccfc and whilst I have no information to back up your thoughts I would tend to agree with them, the off loading of non core assests would help free up the investment cash needed for the planned extension of their core asset - Luton airport, good times ahead I think!

[tonester30ccfc] 16/11/2004 11:24

Interesting results and absolutely amazed that the share hasn't taken a hike on the back of them.

Some peripheral pieces that may be worth consideration:

With total control of Luton now there has to be an upside in terms of 'sweating the asset'. There were restrictions previously with third party interference. This has now been removed.

One has to question whether there is a move to liquidate the company. The Luton move bears testament to this. If this is the case, then a value of 120p a share could be realised. It should be interesting to see what further developments take place at Luton.

Market gossip suggests that non-core assets are about to be offloaded. This remains to be seen and will obviously be the subject of an RNS. It may well be a pointer however to TBI's intentions

[prothus] 16/11/2004 08:46

Hiya spob,

Thanks for the charts;

Two questions if I may:

1) Can you (or anyone-else) provide some interperation of the charts posted and.....

2) How the hell do you post charts into a thread?

Thanks.

[prothus] 16/11/2004 08:27

Looks like a cracking set of results!

Once shareholders have agreed to the purchase of the remaining balance of Luton Airport TBI will be very well placed. In addition they will benefit from the increase in traffic from the low cost carriers over the next 12 months and the Government white paper.

I think TBI will become the envy of some of it's larger rivals, wonder if any would consider a purchase?

[maestro.] 16/11/2004 08:24

EXCELLENT RESULTS...could fly to 90p quite easily

[prothus] 16/11/2004 07:51

RNS Number:2618F
TBI PLC
16 November 2004

TBI PLC ("TBI" or "the Group")

Interim Results for the Six Months ended 30 September 2004

The TBI Group is one of the UK's leading airport operators. It owns and/or
operates London Luton, Belfast International and Cardiff International Airports,
as well as a number of overseas airports.

SUMMARY

* Group turnover increased 4% to #107.6 million (2003: #103.4 million)

* Operating profit was up 64% to #24.1 million (2003: #14.7 million)

* Profit before tax was up 167% to #19.2 million (2003: #7.2 million),
reflecting improved recurrent trading and the absence of any exceptional
charges during the period

* Earnings per share: 1.79 pence (2003: 0.01 pence); Earnings per share
before amortisation and exceptional items: 2.53 pence (2003: 2.13 pence)

* Proposed interim dividend maintained at 0.70 pence

* Passengers* rose to 10.8 million during the first six months of the year
(2003: 9.6 million), a rise of 12% primarily driven by low cost, although
there was growth across all three categories of traffic (charter, full
service and low cost)

* Significant expansion by both easyJet and Ryanair at London Luton:
easyJet is increasing capacity by 25%, adding three new aircraft and Ryanair
has committed four new aircraft and nine new routes although any additional
revenue is not expected to impact the current financial year

* Acquisition of remaining 28.6% interest in London Luton Airport from
Alterra for approximately #78 million giving the Group total control of this
core asset. This acquisition is subject to shareholders' consent and
certain financing conditions

* Disposal of AGI airport services for approximately US$24.0 million in cash
(#13.3 million)

* October traffic statistics show a 13.8% increase in passenger traffic at
the Group's European airports to 1.4 million (October 2003: 1.2 million),
driven by low cost, up 19.4%

(* passengers = passengers excluding transit)

Keith Brooks, Chief Executive, comments:

"This period has been all about delivery. As well as producing increased
passenger numbers, revenues and profits, we have also achieved our objective of
making TBI a more focused airport operator. The sale of AGI ahead of schedule
and the acquisition of the London Luton minority leaves TBI well placed to
deliver increased value to shareholders."

16 November 2004


ENQUIRIES:

TBI plc Today: 020 7457 2020
Keith Brooks, Chief Executive Thereafter: 020 7408 7300
Caroline Price, Finance Director

College Hill Tel: [phone]
Justine Warren
Tom Baldock




Interim review 2004/5

Overview

These results reflect the growth in passenger volumes referred to in our trading
update last month. The number of passengers travelling through our airports in
the first six months of our financial year grew by 12% to 10.8 million
passengers (2003: 9.6 million). Whilst the majority of growth was driven by
passengers flying with low cost airlines, we saw growth in every category of
traffic (charter, full service and low cost) and at almost every airport. This
growth has translated to a #3.5 million increase in turnover at our owned
airports in the first half of the year, of which #2.7 million is reflected at
the operating profit before depreciation, amortisation and exceptional items ("
EBITDA") level.

During this period of steadily improving performance we have also brought to
fruition some of the objectives which management has been working on for some
time. On 27 October 2004 we announced, subject to shareholder approval and
certain financing conditions, the acquisition of the remaining 28.6%
shareholding in London Luton Airport Group Limited which we did not previously
own. On completion, the concession at London Luton Airport would be wholly owned
by TBI, with all the benefits - strategic and tactical, operational and
financial - that full control brings. On the same day, we also announced the
disposal of our Airport Services business, AGI, for approximately US$24.0
million in cash (#13.3 million). Plans to sell this business were announced at
the time of our preliminary announcement in June this year.

Financials

Passenger numbers in the first half of the year increased by 12% and this is the
key driver of our business, however the full financial impact of growth in
passenger numbers is almost always muted initially because of reductions in
average aeronautical revenues in the early years of new services coming on
stream. Total revenues therefore increased by 4% to #107.6 million (2003: #103.4
million).

The conversion of revenue to profit at our owned and managed airports is usually
at a high rate on the incremental revenues because airports are relatively fixed
cost in nature. Accordingly EBITDA increased by 8% to #35.3 million (2003: #32.7
million). For owned and managed airports this represented an EBITDA margin of
40% (2003: 38%) overall and a marginal rate of 77% on the incremental revenue.

Operating profit was #24.1 million (2003: #14.7 million).

Profit before tax for the period was #19.2 million (2003: #7.2 million),
reflecting both improved recurrent trading as well as the absence of any
exceptional charges during this period. Earnings per share for the six month
period were 1.79p (2003: 0.01p), or 2.53p (2003: 2.13p), before amortisation and
exceptional items. The interim dividend is being maintained at 0.70p per share.
This will be payable on 4 January 2005 to shareholders on the register at the
close of business on 26 November 2004.

London Luton

Overall passenger numbers increased by 9% to 4.1 million (2003: 3.8 million)
during the six months to 30th September 2004. In July both easyJet and Ryanair
announced significant expansion of their services out of London Luton,
commencing over the next eight months. easyJet will increase its capacity by
25%, adding three new aircraft, and Ryanair has committed four new aircraft and
nine new routes. This traffic has not yet started and therefore the benefit of
any additional revenue is not expected to impact the current financial period.

As a result of the capacity demand at Luton we have commenced an extensive
expansion programme. This is expected to complete in July 2005, to coincide with
the annual peak in passengers using the airport. The programme will cost
approximately #30.0 million, spread over two financial years, and will deliver a
new security hall to the first floor of the new terminal building and a new
airside facility to handle all passengers travelling through the airport. The
new airside facility will be some 9,000m2 - and will almost double the retail
and catering space. In addition there will be a new pier, a new immigration
hall, new arrivals and onward travel areas, eight new gates and two new aircraft
aprons. This development will provide capacity for up to 12.0 million passengers
a year.

Belfast International

Belfast ("BIA") has continued to demonstrate good growth in the six months to 30
September 2004. Passenger numbers were up 12% to 2.5 million (2003: 2.2 million)
due to strong low cost and charter growth. However, it is not anticipated that
the forthcoming winter charter traffic will demonstrate similar levels of
growth. The low cost growth profile is likely to extend into the winter period,
reflecting the full year effect of the new international services provided by
the low cost airlines. Continuing the theme of direct international services,
Continental Airlines has recently announced the launch of a non stop scheduled
service between Belfast and New York (Newark) from May 2005, firmly positioning
BIA as the only international gateway to Northern Ireland. It is anticipated
that this international service will benefit from high levels of demand both
from business and leisure customers in Northern Ireland and its catchment area.

Cardiff

Passenger numbers at Cardiff fell by 4% to 1.2 million (2003: 1.2 million),
primarily as a result of the reduction in capacity and services flown by
bmibaby. The financial impact of this was mitigated in part by the increase in
the number of passengers flying on KLM. Average aeronautical revenues per
passenger rose by 9% as a consequence of the change in mix.

We are delighted that the Welsh Assembly Government has announced the re-opening
of the Vale of Glamorgan Line with a new railway station adjacent to the airport
in Spring 2005. The station will be known as Rhoose Cardiff International
Airport and will improve access to this airport's natural catchment area.

Stockholm Skavsta

Skavsta has demonstrated strong growth in passenger numbers in the period, up
22% to 0.7 million (2003: 0.6 million), as a result of the success of the
Ryanair services. Not only did passenger volumes increase significantly but both
commercial and aeronautical revenues per passenger also increased. As a result,
turnover increased by approximately #0.8 million when compared with last year -
with a 100% rate of marginal conversion into EBITDA. More recently Ryanair has
announced that it will base a further aircraft at Stockholm Skavsta from March
2005 serving three new routes to Dusseldorf, Barcelona (Girona) and Riga.
Ryanair has subsequently announced that a further two aircraft will be based at
Stockholm Skavsta from 2006. Some limited additional investment will be
necessary to expand the ramp and apron at this location in order to accommodate
these additional services.

Orlando Sanford

In Orlando, notwithstanding the adverse weather conditions in August/September,
passenger numbers increased by almost 50% to 1.2 million (2003: 0.8 million).
Despite the #0.2 million cost of managing and maintaining the business through
the hurricanes, EBITDA increased to #2.3 million (2003: #1.9 million).

Other activities

In June 2004 the Board announced its intention to dispose of the Group's non
core airport assets in Bolivia and the Airport Services business in the US
("AGI"). The disposal process for our airports in Bolivia is now well underway
and we expect to be able to conclude a disposal by the end of the current
financial year. The disposal of AGI to BBA Group PLC for approximately
US$24.0 million in cash (#13.3 million) was announced on 27 October 2004.

On 27 October 2004, following discussions which started in February 2004, we
also announced the proposed acquisition of the remaining interests in London
Luton held by Alterra. The completion of this transaction would mean that London
Luton becomes a 100% subsidiary of the TBI Group, with all the operational and
financial benefits that complete control would bring.

SERAS

We have continued our work in relation to the Government's White Paper on the
Future of Air Transport in the UK - in particular at London Luton. One of the
options open to London Luton is subject to a Judicial Review, the outcome of
which will be known early in 2005. Once the outcome is known we will lodge a
future airport master plan in December 2005.

We are pleased that the regional policy for the East of England is now to
support only a single runway at Stansted along with the full use of London
Luton's runway up to the maximum stated in the White Paper.

International Financial Reporting Standards ("IFRS")

The Group is currently assessing the impact of IFRS which will become mandatory
for the first time in the publication of the interim results for the six months
ended 30 September 2005.

A project team has been constituted and is assessing the financial and non
financial impact to the Group. However, we continue to believe that the
presentation of our accounts is unlikely to change materially as we consider
that the current presentation is clear and appropriate. The way we currently
choose to segment our business is likely to remain unchanged although we may
provide further analysis. We are revisiting in some detail our treatment of
investment property. In future goodwill will not be amortised unless there has
been an impairment of the asset. We have adopted FRS17 and hence our balance
sheet treatment of pensions will probably remain unchanged.

Further information will be communicated following announcement of the Group's
full year results in June 2005. Restated results in respect of the 2004 interim
and full year results will be presented in the period between the announcement
of the Group's 31 March 2005 full year and the 30 September 2005 interim
results.

Current trading and outlook

We are pleased by the progress made in TBI's core businesses - we generated more
turnover and earned greater profits in the first half of this year at each of
our five continuing airports compared to the same period last year. Four of
those five airports also enjoyed increased passenger numbers. The businesses
have moved forward and, in the Board's view, look set to continue in this vein.
Substantial capacity increases have been announced by airlines at London Luton,
Belfast International and Stockholm Skavsta and these will come on stream over
the next six to eight months. Consistent with previous practice our investment
programme is tailored to follow that increase in demand, with facilities being
built to meet our airline customers' requirements.

Trading in the initial weeks of the second half has been encouraging and the
growth in passenger traffic to both domestic and European destinations, which
characterised the first half, has continued. In October, overall passenger
numbers increased 14% to 1.4 million (October 2003: 1.2 million) across the
Group's four European airports. Of this growth, low cost remained the driver of
volume growth, up 19%, while full service increased 6% and charter saw a
marginal 3% decline. Passenger numbers at London Luton increased 18% and Belfast
International continued to see good levels of growth with traffic up 12%.
Traffic at Cardiff International was flat and Stockholm Skavsta again revealed a
strong performance with a 24% increase in passenger traffic.

We are also pleased that the first of the Group's proposed divestments, the
disposal of AGI, has now completed since 30 September 2004 - achieving a profit
on disposal of approximately US$5.0 million (#2.8 million) and completing ahead
of schedule. It is notable that the proceeds from the sale of this non core
asset may now be reinvested almost immediately in gaining full control of London
Luton.

Following the acquisition of the minority interest in London Luton, the Board
will continue to consider the case for further major investment in London Luton
- over and above the considerable expansion programme outlined above. The Board
recognises that the potential for this asset is significant and will therefore
involve substantial capital commitment from the Group as the passenger traffic
at this airport grows. Accordingly the Board is currently in discussions with
Luton Borough Council regarding an extension to the term of the concession and
the necessary pre-conditions for this major investment.

In addition, TBI's recent disposal of AGI constitutes progress on the
rationalisation of TBI's portfolio into a focused airport group. The process on
Bolivia continues to be on track and the Board is also pursuing a disposal of
its Cardiff hotel.

We are confident that the Group enters the second half with increased focus on
our portfolio of core assets and that the demand for capacity at those assets,
and our ability to satisfy that demand profitably, will deliver increased value
to shareholders.

Consolidated profit and loss account
For the six months ended 30 September 2004

Restated
Audited Unaudited Unaudited Unaudited Unaudited
Continuing Discontinued Total Total
operations operations
Six Six Six months Six
months to 30 months to to months to
September 30 30 September 30 September
Year to 2004 September 2004 2003
31 March #'m 2004 #'m #'m
2004 Notes #'m
#'m

186.2 Turnover 2.1 94.0 13.6 107.6 103.4

(24.3) Cost of sales (1.0) (11.8) (12.8) (12.5)

161.9 Gross profit 93.0 1.8 94.8 90.9

(142.7) Administrative expenses (68.3) (2.4) (70.7) (76.2)

47.9 Operating profit before 2.2 34.9 0.4 35.3 32.7
depreciation, amortisation and
exceptional items
(13.9) Depreciation (6.6) (0.5) (7.1) (7.0)
(8.3) Amortisation - normal (3.6) (0.5) (4.1) (4.2)
(5.9) - exceptional - - - (6.2)
(0.6) Exceptional items - other 2.4 - - - (0.6)

19.2 Operating profit 2.3 24.7 (0.6) 24.1 14.7

(13.0) Net interest payable 3 (4.9) (7.5)

6.2 Profit on ordinary activities before 19.2 7.2
tax
(5.5) Tax on profit on ordinary activities 4 (7.7) (6.1)

0.7 Profit on ordinary activities after 11.5 1.1
tax
(1.5) Equity minority interests (1.5) (1.1)

(0.8) Profit/(loss) for the financial 10.0 -
period

(12.9) Dividends 5 (3.9) (3.9)

(13.7) Retained profit/(loss) for the 6.1 (3.9)
period

(0.17)p Earnings/(loss) per share 6 1.79p 0.01p

(0.17)p Diluted earnings/(loss) per share 6 1.79p 0.01p

2.66p Earnings per share before 6 2.53p 2.13p
amortisation and exceptional items

2.66p Diluted earnings per share before 6 2.52p 2.13p
amortisation and exceptional items

The discontinued operations relate to the Group's Airport Services business
which was disposed of on 27 October 2004.



Consolidated balance sheet
30 September 2004

Restated
Audited Unaudited Unaudited
31 March 30 September 30
September
2004 Notes 2004
2003
#'m #'m
#'m

Fixed assets
116.2 Goodwill 112.7 121.5
9.3 Other intangible assets 9.1 10.4
125.5 Intangible assets 121.8 131.9
227.2 Tangible assets 227.6 226.3
135.0 Investment properties 137.3 135.6
1.8 Trade investments 1.8 1.9
489.5 488.5 495.7
Current assets
1.2 Stock 1.3 1.3
23.9 Debtors 30.9 33.4
23.4 Cash at bank and in hand 7 40.5 34.7
48.5 72.7 69.4

Current liabilities
(64.7) Creditors - amounts falling due within one year 8 (71.0) (69.9)

(16.2) Net current assets/(liabilities) 1.7 (0.5)

473.3 Total assets less current liabilities 490.2 495.2

(157.6) Creditors - amounts falling due after more than one year 9 (162.3) (172.6)


(4.1) Accruals and deferred income (4.1) (4.6)
(20.0) Provisions for liabilities and charges (25.1) (20.0)

291.6 Net assets excluding pension scheme liability 298.7 298.0
(14.0) Pension scheme liability (13.5) (14.6)

277.6 Net assets 285.2 283.4

Capital and reserves
55.9 Called up share capital 55.9 55.9
166.6 Share premium account 166.6 166.6
4.6 Capital reserve 4.6 4.6
17.0 Revaluation reserve 17.0 16.0
34.6 Profit and loss account 40.7 42.1

278.7 Equity shareholders' funds 13 284.8 285.2

(1.1) Equity minority interests 0.4 (1.8)

277.6 Capital employed 285.2 283.4





Consolidated cash flow statement
For the six months ended 30 September 2004

Audited Unaudited Unaudited
Year to Six months Six months
31 March to to
2004 30 September 30
#'m Notes September
2004 2003
#'m #'m


56.1 Net cash inflow from operating activities 10 27.2 32.0

Returns on investments and servicing of finance
0.7 Interest received 0.5 0.3
(11.2) Interest paid (5.1) (6.8)
(0.7) Interest element of finance lease and hire purchase repayments (0.3) (0.3)

(11.2) Net cash outflow from returns on investments and servicing of finance (4.9) (6.8)

(0.8) Tax (0.6) (0.3)

Capital expenditure and financial investment
(18.6) Additions to tangible fixed assets (7.8) (10.9)
(2.2) Additions to investment properties (1.5) (1.3)
0.2 Sale of tangible fixed assets 0.1 0.1

(20.6) Net cash outflow for capital expenditure and financial investment (9.2) (12.1)

Acquisitions and disposals
(0.3) Purchase of trade investments - (0.3)

(0.3) Net cash outflow for acquisitions and disposals - (0.3)

(12.9) Equity dividends paid - -

Management of liquid resources
5.3 Cash (placed on)/withdrawn from deposit (16.4) 7.0
0.4 Sale of US securities 0.3 0.2

5.7 Net cash (outflow)/inflow from management of liquid resources (16.1) 7.2

Financing
83.1 Bank loans drawn down 29.5 79.1
(91.9) Repayment of bank loans (24.0) (83.1)
(2.4) Repayment of other loans - -
(2.2) Capital element of finance lease and hire purchase repayments (1.1) (1.1)

(13.4) Net cash inflow/(outflow) from financing 4.4 (5.1)

2.6 Increase in cash in the period 11 0.8 14.6



Consolidated statement of total recognised gains and losses
For the six months ended 30 September 2004

Restated
Audited Unaudited Unaudited
Year to Six months to Six months
to
31 March 30 September 30 September
2004 2004 2003
#'m #'m #'m

(0.8) Profit/(loss) for the financial period 10.0 -
1.4 Exchange differences on overseas investments - 0.4
1.0 Unrealised surplus on revaluation of investment properties - -
2.2 Actuarial gain on pension scheme - -
(0.3) Minority interest effect on actuarial gain - -
0.1 Other effect on actuarial gain - -
(0.7) Movement in deferred tax on pension scheme - -
1.3 Net effect of pension schemes - -
2.9 Total net gain/(loss) for the period 10.0 0.4
(13.2) Prior year adjustment in respect of FRS 17 - (13.2)
(10.3) Total gains/(losses) recognised in the period 10.0 (12.8)


Notes

1 Basis of preparation

Except for the implementation of UITF17 (Revised), 'employee share schemes', the
interim report and accounts have been prepared on the basis of accounting
policies consistent with those set out in the Annual Report and Accounts for the
year ended 31 March 2004. The change in accounting policy has had no impact on
the interim financial statements.

The 30 September 2003 comparative figures have been restated in the interim
financial statements to reflect the Group's full adoption of FRS 17 'post
retirement benefits' in the financial year ended 31 March 2004. The full
adoption of the standard represents a change in accounting policy and the 30
September 2003 comparative figures have been restated accordingly.

The interim report and accounts are unaudited but have been formally reviewed by
the auditors. The information shown for the year ended 31 March 2004 does not
constitute full financial statements within the meaning of Section 240 of the
Companies Act 1985 and has been extracted from the full financial statements for
the year ended 31 March 2004 filed with the Registrar of Companies. The report
of the auditors on these accounts was unqualified and did not contain a
statement under section 237(2) or section 237(3) of the Companies Act 1985.

2 Segmental information

In the segmental information provided below, Airport Ownership relates to
airports which are either owned or operated under long term agreements.
Turnover is derived from third parties.

The discontinued operations relate to the Group's Airport Services business
which was disposed of on 27 October 2004 (see Note 15).


2.1. Turnover is analysed as follows:

Continuing Discontinued Total Total
operations operations
Six months to Six months to
Year to 30 September 30 September Six months to Six months to
2004 2004
31 March 30 September 30 September
2004 #'m #'m 2004
2003
#'m #'m
#'m

77.1 Airport Ownership Traffic income 47.5 - 47.5 46.1

56.1 Commercial income 32.2 - 32.2 30.8

13.4 Tenant income 7.2 - 7.2 6.5
25.6 Airport Services - 13.6 13.6 13.0
4.2 Airport Management 2.2 - 2.2 2.4
176.4 Total airports 89.1 13.6 102.7 98.8
9.8 Other operations 4.9 - 4.9 4.6
186.2 Turnover from all operations 94.0 13.6 107.6 103.4



2.2. Operating profit before depreciation, amortisation and
exceptional items is analysed as follows:

Restated
Continuing Discontinued Total Total
operations operations
Year to
Six months to Six months to
31 March 30 September 30 September Six months to Six months to
2004 2004
2004 30 September 30 September
#'m #'m
#'m 2004 2003

#'m #'m

45.5 Airport Ownership 34.5 - 34.5 31.8
1.5 Airport Services - 0.4 0.4 0.2
2.7 Airport Management 1.4 - 1.4 1.5
49.7 Total airports 35.9 0.4 36.3 33.5

2.6 Other operations 1.3 - 1.3 1.3
(4.4) Head office costs (2.3) - (2.3) (2.1)

47.9 Operating profit before depreciation, 34.9 0.4 35.3 32.7
amortisation and exceptional items





2.3 Operating profit is analysed as follows:


Restated

Continuing Discontinued Total Total
operations operations
Year to
Six months to Six months to
31 March 30 September 30 September Six months to Six months to
2004 2004
2004 30 September 30 September
#'m #'m
#'m 2004 2003

#'m #'m
29.0 Airports 26.5 (0.6) 25.9 23.1
1.3 Other operations 0.6 - 0.6 0.6
(4.6) Head office costs (2.4) - (2.4) (2.2)
(5.9) Amortisation - exceptional - - - (6.2)
(0.6) Exceptional items - other - - - (0.6)
19.2 Operating profit 24.7 (0.6) 24.1 14.7




Notes (cont'd)



2.4 These exceptional items are analysed as follows:


Year to Six months to Six months to

31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m
(0.2) Litigation costs relating to discontinued operations and periods - (0.2)
prior to acquisition by the Group
(0.4) Reorganisation costs - (0.4)
(0.6) - (0.6)





3. Net interest payable


Restated

Year to Six months to Six months to

31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m


9.3 Interest payable on bank and similar loans 4.4 5.2

0.7 Interest on finance lease and hire purchase arrangements 0.3 0.3

0.6 Bank charges 0.1 0.1

0.7 Amortisation of debt issue costs 0.4 0.2

(0.7) Interest receivable (0.5) (0.3)


0.4 Other finance costs arising on FRS17 0.2 0.2


2.0 Interest swap break cost - exceptional - 1.8


13.0 Total 4.9 7.5






4 Tax



The tax charge has been derived by applying the anticipated effective rate of
tax for the year ending 31 March 2005 to the results for the six months to 30
September 2004.


Year to Six months to Six months
to
31 March 30 September
2004 30 September
2004 2003
#'m
#'m #'m

2.3 Corporation tax 2.3 1.7
3.2 Deferred tax 5.4 4.4
5.5 Total 7.7 6.1






5 Dividends


Year to Six months to Six months to

31 March 30 September 30 September
2004 2003
2004
#'m #'m
#'m

3.9 Interim proposed (0.70 pence) 3.9 3.9
9.0 Final payable (1.60 pence) - -
12.9 3.9 3.9



The interim dividend proposed in respect of the year ending 31 March 2005 will
be payable on 4 January 2005 to shareholders on the register on 3 December 2004.



The final dividend for the year ended 31 March 2004 was paid on 1 October 2004.





Notes (cont'd.)



6 Earnings per share



Earnings per share have been calculated in accordance with FRS 14, 'earnings per
share', for all periods by dividing the profit for the period by the weighted
average number of ordinary shares in issue during the period, based on the
following information:


Year to Six months to Six months to

31 March 30 September 30 September
2004
2004 2003

(0.8) Profit/(loss) attributable to shareholders (#'m) 10.0 -
15.0 Earnings before amortisation and exceptional items (#'m) 14.1 11.8
559 Basic weighted average share capital (number of shares, million) 559 559
560 Diluted weighted average share capital (number of shares, 560 559
million)



The difference between the basic and the diluted weighted average share capital is wholly attributable to
outstanding share options.



The calculation of earnings per share before amortisation and exceptional items is based on the following
analysis:


Year to Six months to Six months to

31 March 30 September 30 September
2004
2004 2003
#'m #'m #'m
(0.8) Profit/(loss) for the financial period 10.0 -

8.3 Amortisation - normal 4.1 4.2
5.9 - exceptional - 6.2
0.6 Exceptional items - other - 0.6
2.0 Interest swap break cost - 1.8
(1.0) Effect of tax and equity minority interests on above - (1.0)
adjustments
15.0 14.1 11.8







7 Cash at bank and in hand


31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m

4.9 Cash 5.7 17.2
18.5 Other bank deposits 34.8 17.5
23.4 40.5 34.7



Included within cash are amounts of:



* #0.1 million (US$0.2 million) which reside in the accounts of a
US subsidiary company and over which there are restrictions as to the
transferability to other Group companies



Included within other bank deposits are amounts of:



* #4.0 million (US$7.2 million) which a US subsidiary company is
required, under the terms of the US Bonds, to retain as restricted deposits to
meet specified future operating costs and debt service



* #15.0 million which resides in the accounts of a UK subsidiary
company and over which there are restrictions as to the transferability to other
Group companies


Notes (cont'd.)



8 Creditors - amounts falling due within one year


31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m

- Bank loans 2.8 1.9
0.5 US Industrial Development Revenue Bonds - Series 1995 0.9 0.7
0.5 Other loans 0.6 0.6
22.1 Trade creditors 20.1 23.3
5.1 Corporation tax 6.9 6.0
1.7 Other tax and social security 2.6 1.6
2.4 Amounts due under finance lease and hire purchase arrangements 2.3 2.4
5.5 Other creditors 4.6 4.8
17.9 Accruals and deferred income 17.3 15.7
9.0 Dividends payable 12.9 12.9
64.7 71.0 69.9



9 Creditors - amounts falling due after more than one year


31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m

124.2 Bank loans 130.5 133.7
14.7 US Industrial Development Revenue Bonds - Series 1995 13.1 16.0
8.9 Other loans 8.6 11.8
7.6 Amounts due under finance lease and hire purchase arrangements 7.1 8.1
2.2 Other creditors 3.0 3.0
157.6 162.3 172.6







10 Reconciliation of operating profit to net cash inflow from
operating activities


Year to Six months to Six months to

31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m

19.2 Operating profit 24.1 14.7
13.9 Depreciation 7.1 7.0
14.2 Amortisation 4.1 10.4
(0.4) Release of deferred income (0.2) (0.2)
- Increase in stock (0.2) (0.1)
1.2 (Increase)/decrease in debtors (6.6) (7.5)
8.0 (Decrease)/increase in creditors and provisions (1.1) 7.7

56.1 Net cash inflow from operating activities 27.2 32.0








11 Reconciliation of net cash flow to movement in net debt


Year to Six months to Six months to

31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m

2.6 Increase in cash in the period 0.8 14.6
13.4 Cash (inflow)/outflow from movement in debt, finance lease and (4.4) 5.1
hire purchase arrangements

16.0 (Increase)/decrease in net debt resulting from cashflows (3.6) 19.7

(5.7) Movements in other bank deposits during the period 16.1 (7.2)
(6.2) New finance lease and hire purchase arrangements (0.5) (5.5)
(0.7) Other non-cash items (0.4) (0.3)
(6.9) Non-cash items (0.9) (5.8)
10.3 Exchange movements (1.6) 1.9

13.7 Movement in net debt during the period 10.0 8.6

(149.1) Net debt at the beginning of the period (135.4) (149.1)


(135.4) Net debt at the end of the period (125.4) (140.5)






12 Analysis of net debt


Cash Other bank Sub total Debt due Debt due Finance lease Total
deposits within one after one and hire
year year purchase
arrangements
#'m #'m #'m #'m #'m #'m #'m

At 31 March 2004 4.9 18.5 23.4 (1.0) (147.8) (10.0) (135.4)
Cashflow 0.8 16.1 16.9 (2.3) (3.2) 1.1 12.5
Non-cash changes - - - (1.0) 0.6 (0.5) (0.9)
Exchange movements - 0.2 0.2 - (1.8) - (1.6)

At 30 September 2004 5.7 34.8 40.5 (4.3) (152.2) (9.4) (125.4)


At 31March 2003 2.7 25.1 27.8 (8.5) (162.3) (6.1) (149.1)
Cashflow 14.6 (7.2) 7.4 (1.0) 5.0 1.1 12.5
Non-cash changes - - - 6.2 (6.5) (5.5) (5.8)
Exchange movements (0.1) (0.4) (0.5) 0.1 2.3 - 1.9

At 30 September 2003 17.2 17.5 34.7 (3.2) (161.5) (10.5) (140.5)


At 31 March 2003 2.7 25.1 27.8 (8.5) (162.3) (6.1) (149.1)
Cashflow 2.6 (5.7) (3.1) 8.2 3.0 2.2 10.3
Non-cash changes - - - (1.1) 0.4 (6.2) (6.9)
Exchange movements (0.4) (0.9) (1.3) 0.4 11.1 0.1 10.3

At 31 March 2004 4.9 18.5 23.4 (1.0) (147.8) (10.0) (135.4)









Notes (cont'd.)



13 Reconciliation of movement in equity shareholders' funds


Year to Six months to Six months to

31 March 30 September 30 September
2004
2004 2003
#'m
#'m #'m

(0.8) Profit/(loss)attributable to shareholders 10.0 -

(12.9) Dividends (3.9) (3.9)
(13.7) Retained profit/(loss) for the period 6.1 (3.9)

1.0 Surplus on revaluation of investment properties - -
1.4 Exchange differences on overseas investments - 0.4
1.3 Actuarial gain on pension scheme - -
(10.0) Net increase/(decrease) in equity shareholders' funds 6.1 (3.5)



288.7 Opening equity shareholders' funds as previously reported 278.7 301.9

- Prior year adjustment in respect of FRS17 - (13.2)



288.7 Opening equity shareholders' funds as restated 278.7 288.7


278.7 Closing equity shareholders' funds 284.8 285.2




14 Contingent liabilities



The Group had the following contingent liabilities as at 30 September 2004:



* The Group guaranteed the performance of a company in Costa
Rica, in which the Group own 10% of the issued share capital, under the terms of
certain bank loan arrangements amounting to #0.6 million (US$1.1 million)



* The Group guaranteed the performance of a company in Costa
Rica, in which the Group owns 10% of the issued share capital, under the terms
of certain obligations amounting to #0.4 million (US$0.7 million)



The Group is dealing with a small number of legal claims. The directors have
reviewed all of these claims and, on the basis of legal advice received, believe
that exposure to future losses is unlikely.





15 Post balance sheet events



Acquisition of remaining interests in London Luton Airport Group Limited ("
London Luton")



On 27 October 2004, the Group entered into a conditional agreement to acquire
Alterra Luton (UK) Limited, the registered holder of the remaining 28.6% of the
ordinary shares, the redeemable shares (collectively the "Luton Shares") and
loan notes of London Luton not already held by the Group from Alterra Partners
("Alterra").



The consideration for the Luton Shares comprises cash of approximately #67.3
million and the issue to Alterra of 14,925,372 shares valued at approximately
#10.7 million. In addition TBI will pay approximately #2.7 million in
replacement of the loan notes referred to above. TBI expects to finance these
amounts from a mixture of its existing resources and new bank facilities.



On completion of the acquisition, the Group will capitalise the goodwill arising
from the acquisition which is expected to be in the region of #80 million
depending on London Luton's net assets at completion. The Group has fully
consolidated the results of London Luton in its financial statements since 1
April 2001, recognising the Luton Shares as an equity minority interest which,
on completion, the Group will eliminate. The Group currently accounts for the
loan notes as third party indebtedness in its consolidated financial statements
and this amount will be eliminated on consolidation following completion.



The agreement is subject to the following:

* shareholders' consent

* certain financing conditions




Disposal of Airport Services business



On 27 October 2004, the Group disposed of its Airport Services business for
approximately $24.0 million (#13.3 million) to BBA Group PLC, the international
aviation and materials technology company. The cash consideration, which is on
a debt and cash free basis, is subject to the subsequent determination of
certain balance sheet items at the date of completion.



The net assets of the Airport Services business at the date of completion are
anticipated to be some US$17.0 million (#9.4 million) dependent upon the
subsequent determination of certain balance sheet items referred to above. The
exceptional profit before tax, after disposal-related costs, is expected to be
approximately US$5.0 million (#2.8 million).





Additional financial information


Restated

Year to Six months to Six months to

31 March 30 September 30 September

2004 2004 2003

#'m #'m #'m

Operating profit before depreciation, amortisation and
exceptional items
22.1 London Luton 13.7 13.6
10.2 Belfast International 8.9 7.6
10.1 Cardiff International 8.0 7.8
1.8 Orlando Sanford 2.3 1.9
(1.7) Stockholm Skavsta 0.2 (0.6)
3.0 Bolivia 1.4 1.5
1.5 Airport Services 0.4 0.2
1.0 Airport Management - North America 0.4 0.5
1.4 - London Luton 0.9 0.9
0.3 - Costa Rica 0.1 0.1



49.7 Total - airports division 36.3 33.5

2.6 Other operations 1.3 1.3
(4.4) Head office (2.3) (2.1)

47.9 Operating profit before depreciation, amortisation and 35.3 32.7
exceptional items

(13.9) Depreciation

[blowson2000] 15/11/2004 18:04

Looking good for tommorow.Price was up to 78.5p at one point today. keep on going!

[prothus] 15/11/2004 16:06

Should be positive with recent news flow, though I expect the management to defend their stance in light of recent major shareholders pushing for the break up of the company.

[dimplecelery] 15/11/2004 15:52

TBI reports 16/11/04 - any thoughts ?