Interim Results
TBI PLC
20 November 2000
Date: 20 November 2000
Contacts: Keith Brooks, Chief Executive
Caroline Price, Group Finance Director
TBI plc 020 7408 7300
David Bick/Chris Steele
Holborn Public Relations
020 7929 5599
david.bick@holbornpr.co.uk
TBI plc
Further strong growth across the Group
TBI plc, the international airport owner and operator, announces interim
results for the period ended 30 September 2000.
Highlights
* EBITDA on continuing operations up 26% to £23m
* EPS from continuing operations and excluding goodwill up 13%
* Interim dividend up 17% to 0.70p
* Strong performance from wholly owned airports in Belfast and Cardiff
* 17% increase in passenger numbers at Cardiff, Sanford and Skavsta
Commenting on the results, Keith Brooks, Chief Executive of TBI said:
'We are delighted at the continuing success of our management teams in
demonstrating their ability to continue to grow profits at our most mature
assets. At the same time our newer assets are showing every sign of following
their example. We are similarly pleased with the progress of our minority
investments.'
On 4 August 2000, we announced that we had received an unsolicited approach
from a third party which was very preliminary in its nature. Whilst our
discussions with that particular party have been terminated, we are continuing
discussions with other parties. These discussions are also preliminary in
nature and may or may not lead to an offer being made for the company.
Further announcements will be made as appropriate.
Turning to our performance during the period - it was another good six months.
At EBITDA level profits from continuing operations have increased by 26% to
£23m - compared with the same period last year. This has been achieved
through very good contributions from the established profit engines at Belfast
and Cardiff Airports, a satisfactory contribution from the acquired AGI
businesses and improved performance at Orlando Sanford.
These good earnings results were achieved despite modest contributions (£1.5m)
from our interests in the five airports in Australia, as well as Luton and
Stockholm Skavsta. All of these have values which we believe are not
commensurate with their current contributions.
The good earnings picture is reflected in an increase of more than 13% in
earnings per share from continuing operations before amortisation and, as a
consequence, the interim dividend will be increased by almost 17% to 0.70p.
This is in accordance with our progressive dividend policy. The dividend will
be paid on 2 January 2001 to those shareholders who were on the register at 1
December 2000.
Airport Ownership
Belfast International - 100% owned
Our largest wholly-owned airport is Belfast International and this again
enjoyed an increase in EBITDA (8%), despite a modest (2%) increase in
passenger numbers. This demonstrates a fundamental of airport economics:
relatively small increases in turnover produce a disproportionate increase in
profits. In any event the levelling off in passenger number growth was not
surprising when compared with the exceptional growth enjoyed in the six months
to 30 September 1999. Significant developments on the traffic side include
the introduction of two additional daily flights to Brussels (making a total
of three a day) from 29 October 2000, and from 1 November 2000 the
commencement of three daily flights to Stansted by the low cost airline Go.
The period also saw some 14% growth in cargo activity attributable, we
believe, to the growth in e-commerce and 'just in time' delivery.
Cardiff - 100% owned
Like Belfast, Cardiff also experienced impressive but more dramatic growth in
profitability (27% EBITDA) largely accounted for by an outstanding 17% growth
in passenger numbers. Indeed, more than a million passengers passed through
Cardiff in the six month period. Undoubtedly some of the increase was
attributable to airport/airline initiatives such as the three flights a day to
Dublin introduced during the period by British Regional Airlines Limited and
the use of jets on the Paris and Brussels routes.
Bolivia - 100% owned
The result in Bolivia was pleasing. Difficult economic conditions during the
period meant that passenger numbers were static, but passenger spend per head
and per capita landing fees increased by 45% and 15% respectively. Current
indicators suggest that the economy is improving.
Orlando Sanford - 100% owned
This airport experienced an encouraging 17% increase in passenger numbers and
a commendable increase of 30% in commercial spend per head. Almost three
quarters of a million passengers, passed through the airport during the
period; of these only 50,000 were US domestic passengers but we intend to
expand the domestic operation with the opening of the domestic terminal which
is expected to occur in the next two months.
Stockholm Skavsta - 90.1% owned
This airport gave a disappointing financial performance primarily because of
the withdrawal of KLM from the Swedish Air Freight Market which resulted in a
significant reduction in the level of cargo activity.
Whilst official designation as the second Stockholm airport is still awaited,
the Swedish Government has announced that its plans for the development of a
new airport near Stockholm have been shelved in favour of developing Skavsta
and the main Arlanda airport.
Australia - various equity stakes
In Australia, we continue to review our options and we have undertaken an
exercise to determine the market value of our assets.
Luton - 25% owned
Results have improved albeit that a pricing agreement with the major airline
user has not yet been reached.
Airport Services and Airport Management
Both made positive contributions and on the services side additional contracts
were secured at seven of the locations.
Costa Rica
In Costa Rica, we were unable to secure terms and conditions with the
Government which were acceptable and, as a result, the extent of our possible
interest in the concession to run the airport will be significantly reduced.
Prospects
The number of passengers travelling by air is predicted to increase and
acquisition opportunities have revived. We have all the qualifications
necessary to take advantage of such an environment.
Consolidated profit and loss account
For the six months ended 30 September 2000
Year to Six months to Six months to
31 March 30 September 30 September
2000 2000 1999
£'000 Notes £'000 £'000
Turnover: Group and share
of joint ventures
96,282 Continuing operations 78,220 40,167
5,390 Discontinued operations - 5,383
101,672 78,220 45,550
Less: share of joint ventures'
turnover
(5,570) Continuing operations (8,157) -
90,712 Group turnover from
continuing operations 70,063 40,167
5,390 Group turnover from
discontinued operations - 5,383
96,102 Group turnover 70,063 45,550
(13,948) Cost of sales (14,169) (2,213)
82,154 Gross profit 55,894 43,337
(59,689) Administrative expenses (39,396) (24,295)
30,583 Group operating profit before
depreciation, amortisation and
reorganisation costs 1 21,687 20,877
(4,400) Depreciation (2,762) (1,887)
(2,213) Amortisation of intangible
assets (2,427) 52
23,970 Group operating profit before
reorganisation costs 16,498 19,042
(1,505) Reorganisation costs - -
22,465 Group operating profit 16,498 19,042
(792) Share of operating profit/(loss)
in joint ventures 1,293 -
19,005 Total operating profit from
continuing operations 17,791 16,418
2,668 Total operating profit from
discontinued operations - 2,624
21,673 Total operating profit 2 17,791 19,042
Non-operating items
(47) Loss on sale of investment
properties - (47)
992 (Loss)/profit on sale of investments (57) -
(21,471) Loss on sale of property business - (20,992)
(5,638) Net interest expense 3 (3,385) (3,200)
(4,491) Profit/(loss) on ordinary
activities before taxation 14,349 (5,197)
(732) Taxation on profit/(loss)
on ordinary activities 4 (3,633) (995)
(5,223) Profit/(loss) attributable
to shareholders 6 10,716 (6,192)
(9,759) Dividends 5 (3,557) (2,652)
(14,982) Retained profit/(loss)
for the period 7,159 (8,844)
(1.10)p Earnings per share 6 2.11p (1.39)p
(1.09)p Diluted earnings per share 6 2.11p (1.38)p
2.83p Earnings per share before
the amortisation of
intangible assets from
continuing operations 6 2.59p 2.29p
Consolidated balance sheet
As at 30 September 2000
Restated Restated
31 March 30 September 30 September
2000 2000 1999
£'000 Notes £'000 £'000
Fixed assets
81,437 Goodwill 80,656 63,268
(5,830) Negative goodwill (5,780) (5,878)
12,779 Other intangible assets 13,615 6,676
88,386 Intangible assets 88,491 64,066
139,885 Tangible assets 142,061 135,292
109,461 Investment properties 113,525 105,059
Investments in joint ventures
31,307 - Share of gross assets 32,625 31,987
(24,480) - Share of gross liabilities (24,762) (23,874)
6,827 7,863 8,113
24,644 Trade investments 24,127 31,900
31,471 Investments 31,990 40,013
369,203 376,067 344,430
Current assets
775 Stock 785 719
54,424 Debtors 64,458 66,404
13,452 Cash at bank and in hand 7 42,200 70,061
68,651 107,443 137,184
Current liabilities
(52,607) Creditors - amounts falling
due within one year 8 (47,349) (85,045)
16,044 Net current assets 60,094 52,139
385,247 Total assets less current
liabilities 436,161 396,569
(108,343) Creditors - amounts falling
due after more than one year 9 (152,025) (116,675)
(830) Accruals and deferred income (2,922) (872)
(5,439) Provisions for liabilities
and charges (4,352) (430)
270,635 Net assets 276,862 278,592
Capital and reserves
50,695 Called up share capital 50,790 50,675
136,304 Share premium account 136,709 136,161
49,634 Capital reserve 49,634 49,633
3,391 Revaluation reserve 3,391 2,263
29,314 Profit and loss account 35,041 38,522
269,338 Equity shareholders' funds 275,565 277,254
1,297 Equity minority interests 1,297 1,338
270,635 Capital employed 276,862 278,592
Consolidated cashflow statement
For the six months ended 30 September 2000
Year to Six months to Six months to
31 March 30 September 30 September
2000 2000 1999
£'000 Notes £'000 £'000
29,212 Net cash inflow from
operating activities 10 14,133 13,104
Returns on investments and
servicing of finance
4,359 Interest received 1,719 2,042
(10,831) Interest paid (4,812) (5,360)
(588) Interest element of finance
lease and hire purchase
repayments (290) (316)
(7,060) Net cash outflow from returns
on investments and
servicing of finance (3,383) (3,634)
(2,522) Taxation (272) (537)
Capital expenditure and
financial investment
(12,463) Purchase of tangible
fixed assets (5,106) (2,358)
6,953 Sale of investment properties
and investments - 2,866
(4,877) Additions to investment
properties (2,663) (6,487)
211 Sale of tangible fixed assets 60 62
- Grant received 2,123 -
(10,176) Net cash outflow for capital
expenditure and financial
investment (5,586) (5,917)
Acquisitions and disposals
(31,375) Purchase of subsidiaries
(including costs of
acquisition) - (29,523)
(21,175) Purchase of other business
interests - -
169,993 Sale of property business - 169,993
(16,211) Transaction costs in respect
of sale of property business - (15,422)
8,198 Sale of trade investments (57) -
915 Other acquisitions and disposals (2,917) -
1,070 Net cash acquired with
subsidiaries - 1,064
111,415 Net cash (outflow)/inflow
for acquisitions and disposals (2,974) 126,112
(8,177) Equity dividends paid (7,094) (5,494)
Management of liquid resources
(4,030) Cash placed on deposit (21,999) (56,159)
(1,269) Sale/(purchase) of US securities 2,652 1,125
(5,299) Net cash outflow from
management of liquid resources (19,347) (55,034)
Financing
163 Share options exercised 500 -
23,608 Bank loans drawn 113,930 22,955
(132,693) Repayment of bank loans (80,090) (86,894)
(1,733) Capital element of finance
lease and hire purchase
repayments (968) (873)
(110,655) Net cash inflow/(outflow)
from financing 33,372 (64,812)
(3,262) Increase/(decrease) in cash
in the period 11 8,849 3,788
Notes to the interim report and accounts
30 September 2000
Segmental information
1 Group operating profit before depreciation, amortisation and
reorganisation costs is analysed as follows:
Year Six Six
to months to months to
31 30 30
March September September
2000 2000 1999
£'000 £'000 £'000
32,745 Airports 26,146 20,029
1,318 Other operations 142 600
(6,252) Head office and US central costs (4,601) (2,443)
27,811 Group operating profit before
depreciation, amortisation and
reorganisation costs from
continuing activities 21,687 18,186
2,772 Property - 2,691
2,772 Group operating profit before
depreciation, amortisation and
reorganisation costs from discontinued
activities - 2,691
32,745 Airports 26,146 20,029
2,772 Property - 2,691
1,318 Other operations 142 600
(6,252) Head office costs (4,601) (2,443)
30,583 Group operating profit before
depreciation, amortisation and
reorganisation costs from all activities 21,687 20,877
2 Operating profit is analysed as follows:
Year to Six months Six months
31 to to
March 30 30
2000 September September
2000 1999
£'000 £'000 £'000
Group operating profit/(loss)
24,983 Airports 23,156 18,561
511 Other operations (468) 453
(6,489) Head office costs (4,897) (2,596)
19,005 Group operating profit
from continuing operations 17,791 16,418
2,668 Property - 2,624
2,668 Group operating profit from discontinued
operations - 2,624
Operating profit from all operations
24,983 Airports 23,156 18,561
2,668 Property - 2,624
511 Other operations (468) 453
(6,489) Head office costs (4,897) (2,596)
21,673 Total operating profit from all operations 17,791 19,042
3 Net interest expense
Year to Six months Six months
31 to to
March 30 30
2000 September September
2000 1999
£'000 £'000 £'000
Continuing operations
8,663 Interest payable on bank and similar loans 4,568 3,826
586 Interest on finance lease and hire purchase 290 316
arrangements
29 Bank charges 100 23
692 Group's share of joint ventures' interest 215 -
charges
(5,435) Interest receivable (1,788) (2,040)
4,535 3,385 2,125
Discontinued operations
632 Interest payable on bank and similar loans - 626
442 Debenture interest - 451
2 Interest on finance lease and hire purchase - -
arrangements
48 Bank charges - 24
(21) Interest receivable - (26)
1,103 - 1,075
5,638 Total 3,385 3,200
4 Taxation on profit/(loss) on ordinary activities
The taxation charge for the six months to 30 September 1999 and 30 September
2000 has been derived by applying the anticipated effective rate of taxation for
the Group's current continuing and discontinued operations for the years ending
31 March 2000 and 31 March 2001.
Year to Six months to Six months to
31 March 30 September 2000 30 September
2000 £'000 1999
£'000 £'000
Continuing operations
4,210 Airport and other operations 3,633 4,050
Discontinued operations
(3,478) Property and other operations - (3,055)
732 Total 3,633 995
5 Dividends
Year Six months to Six months to
to
30 September 30 September
31 2000 1999
March
£'000 £'000
2000
£'000
2,652 Interim proposed (0.70 pence) - payable on 2 3,557 2,652
January 2001
7,107 Final paid (1.4 pence) - paid on 7 August - -
2000
9,759 3,557 2,652
The interim dividend proposed in respect of the year ending 31 March 2001 will
be payable to shareholders on the register on 1 December 2000.
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/(loss) for the period by the
weighted average number of ordinary shares in issue during the period, based on
the following information:
Year Six months Six months
to to to
31 30 30
March September September
2000 2000 1999
(5,223) Profit/(loss) attributable to shareholders (£'000) 10,716 (6,192)
11,252 Earnings from continuing operations (£'000) 10,716 10,243
476 Basic weighted average share capital (number of
shares, million) 507 445
479 Diluted weighted average share capital (number of
shares, million) 508 448
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 from continuing operations is based on
the following analysis:
Year to Six months Six months
to to
31
March 30 30
September September
2000
2000 1999
£'000 £'000 £'000
Continuing operations
90,712 Turnover 70,063 40,167
20,510 Operating profit before reorganisation costs 17,791 16,418
(513) Non-recurring items* (57) -
19,997 Profit on ordinary activities before interest 17,734 16,418
and taxation
(4,535) Net interest expense (3,385) (2,125)
15,462 Profit on ordinary activity before taxation 14,349 14,293
(4,210) Taxation on profit on ordinary activities (3,633) (4,050)
11,252 Profit for the financial period 10,716 10,243
Discontinued operations
5,390 Turnover - 5,383
2,668 Operating profit before reorganisation costs - 2,624
(21,518) Non-recurring items** - (21,039)
(18,850) Loss on ordinary activities before interest and - (18,415)
taxation
(1,103) Net interest expense - (1,075)
(19,953) Loss on ordinary activity before taxation - (19,490)
3,478 Taxation on loss on ordinary activities - 3,055
(16,475) Loss for the financial period - (16,435)
Total operations
(5,223) Profit/(loss) for the financial period 10,716 (6,192)
* In the year to 31 March 2000 this includes reorganisation costs
of £1.5 million and the profit recognised on the partial sale of Northern
Territory Airports PTY Limited of £1.0 million.
** In the year to 31 March 2000 this relates to the loss on the
sale of the property business and the loss on sale of investment properties.
7 Cash at bank and in hand
31 March 30 September 30 September
2000 2000 1999
£'000 £'000 £'000
936 Cash 9,897 8,001
12,516 Other bank deposits 32,303 62,060
13,452 42,200 70,061
Included within short term deposits are amounts of £4.5 million (US$6.6
million) (30 September 1999: £4.7 million (US$8.0 million)) which a subsidiary
company is required to retain as restricted deposits to meet specified future
operating costs and debt service.
8 Creditors - amounts falling due within one year
31 30 30
March September September
2000 2000 1999
£'000 £'000 £'000
7,977 Bank loans 512 46,039
605 US Industrial Development Revenue Bonds - Series 660 -
1995
1,742 Amounts due under finance lease and hire purchase
arrangements
1,942 1,628
12,585 Trade creditors 12,753 11,652
4,522 Corporation tax 7,883 3,948
1,311 Taxation and social security 1,002 1,018
8,666 Other creditors 7,448 2,999
7,107 Dividends payable 3,570 2,683
8,092 Accruals and deferred income 11,579 15,078
52,607 47,349 85,045
9 Creditors - amounts falling due after more than one year
31 30 30
March September September
2000 2000 1999
£'000 £'000 £'000
68,441 Bank loans 112,668 78,359
19,247 US Industrial Development Revenue Bonds - Series 20,390 18,592
1995
5,945 Amounts due under finance lease and hire purchase
arrangements
5,980 6,325
7,482 Other loans 7,577 8,412
7,228 Other creditors 5,410 4,987
108,343 152,025 116,675
10 Reconciliation of operating profit to net cash inflow from
operating activities
Year Six months Six months
to to to
31 30 30
March September September
2000 2000 1999
£'000 £'000 £'000
21,673 Operating profit before taxation 17,791 19,042
792 Group's share of operating (profit)/loss of (1,293) -
joint ventures
4,400 Depreciation 2,762 1,887
2,213 Amortisation 2,427 (52)
(86) Release of deferred income (31) (44)
(86) Profit on sale on tangible fixed assets - -
(88) (Increase)/decrease in stock and development (2) 1,482
properties
(23) Increase in debtors (5,986) (7,984)
417 (Decrease)/increase in creditors (1,535) (1,227)
29,212 Net cash inflow from operating activities 14,133 13,104
11 Reconciliation of net cashflow to movement in net debt
Year Six Six
to months to months to
31 30 30
March September September
2000 2000 1999
£'000 £'000 £'000
(3,262) Increase/(decrease) in cash in the period 8,849 3,788
110,818 Cash (inflow)/outflow from movement in debt, finance
lease and hire purchase arrangements (32,872) 64,812
107,556 Changes in net debt resulting from cashflows (24,023) 68,600
(22,804) Debt acquired with purchase of subsidiary - (24,905)
360 Other bank deposits acquired with purchase of
subsidiary - 360
20,000 Loan note in respect of the sale of property
business - 20,000
5,299 Movements in other bank deposits during the period 19,347 55,034
- Write-off of unamortised debt issue costs - (1,111)
(991) New finance lease and hire purchase arrangements (1,201) (397)
(216) Exchange movements (3,667) 316
109,204 Movement in net debt during the period (9,544) 117,897
(187,191) Net debt at the beginning of the period (77,987) (187,191)
(77,987) Net debt at the end of the period (87,531) (69,294)
12 Analysis of net debt
Finance
lease and
Cash at Debt Debt hire
bank and due due
in hand Loan note Other purchase
receivable bank within after
deposits Sub one one arrangements Total
total
year year
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 March 936 20,000 12,516 33,452 (8,582)(95,170)(7,687)(77,987)
2000
Cashflow 8,849 - 19,347 28,196 (101) 33,739) 968 (4,676)
Non-cash - - - - 7,679 (7,679)(1,201) (1,201)
changes
Exchange 112 - 440 552 (172) (4,047) - (3,667)
movements
At 30 9,897 20,000 32,303 62,200(1,176) (140,635)(7,920)(87,531)
September
2000
At 31March 4,240 - 6,796 11,036(11,070)(178,728)(8,429)(187,191)
1999
Cashflow 3,788 - 55,034 58,822 (18,855) 82,794 873 123,634
Acquisitions - - 360 360 - (24,905) - (24,545)
Non-cash - 20,000 - 20,000 (16,114) 15,003 (397) 18,492
changes
Exchange (27) - (130) (157) - 473 - 316
movements
At 30 8,001 20,000 62,060 90,061 (46,039)(105,363)(7,953)(69,294)
September
1999
At 31 March 4,240 - 6,796 11,036(11,070)(178,728)(8,429)(187,191)
1999
Cashflow (3,262) - 5,299 2,037 19,115 89,970 1,733 112,855
Acquisition - - 360 360 (16,114) (6,690) - (22,444)
Non-cash - 20,000 - 20,000 4 (4) (991) 19,009
changes
Exchange (42) - 61 19 (517) 282 - (216)
movements
At 31 March 936 20,000 12,516 33,452 (8,582) (95,170) (7,687)(77,987)
2000
Additional financial information
Year Six Six
to months to months to
31 30 30
March September September
2000 2000 1999
£'000 £'000 £'000
Total operating profit before depreciation,
amortisation and reorganisation costs
17,664 Belfast International 12,535 11,587
9,713 Cardiff International 8,801 6,946
873 Orlando Sanford 1,811 1,283
(111) Stockholm Skavsta (236) 213
1,625 Bolivia 1,506 -
- Costa Rica (185) -
1,803 Airport Services 1,142 -
516 Airport - North America 435 -
662 Management 337 -
102 - Australia and UK
(894) - Share of operating result of
joint ventures - Australia (25) -
- Share of operating result of
joint ventures - UK 1,318 -
31,953 Total - airports division 27,439 20,029
1,318 Other operations 142 600
2,772 Property - 2,691
(6,252) Head office and US central costs (4,601) (2,443)
29,791 Total operating profit before depreciation, 22,980 20,877
amortisation and reorganisation costs
(4,400) Depreciation (2,762) (1,887)
(2,213) Amortisation (2,427) 52
(1,505) Reorganisation costs - -
21,673 Profit before interest, taxation and non-recurring 17,791 19,042
items
(20,526)Non-recurring items (57)(21,039)
(5,638) Net interest expense (3,385) (3,200)
(4,491) Profit/(loss) on ordinary activities before taxation 14,349 (5,197)
(732) Taxation on profit/(loss) on ordinary activities (3,633) (995)
(5,223) Profit/(loss) attributable to shareholders 10,716 (6,192)
13,465 Profit/(loss) attributable to shareholders from 13,143 10,191
continuing operations before amortisation
2.83p Earnings per share attributable to shareholders from 2.59p 2.29p
continuing operations before amortisation
Corporate operational information
Airport ownership with a controlling interest
Six Six Six Six Six Six
months months months months months months
30 Sept 30 Sept 30 Sept 30 Sept 30 30 Sept
Sept
2000 1999 2000 1999 1999
2000
Belfast Cardiff
International International
Orlando
Airport Airport Sanford
Total passengers
Charter 651,783 593,747 807,392 672,555 595,050 564,190
Scheduled 1,173,323 1,193,712 189,364 171,610 49,244 -
Transit 15,668 19,683 9,819 18,420 88,502 61,616
Total 1,840,774 1,807,142 1,006,575 862,585 732,796 625,806
Terminal Passengers
Spend per head £1.28 £1.32 £2.34 £2.93 £4.78 £3.69
Net passenger supplement per
head £4.94 £4.74 £5.97 £5.38 £1.75 £1.40
Total £6.22 £6.06 £8.31 £8.31 £6.53 £5.09
Charter services
Number of tour operators 20 19 31 28 16 15
Number of seats (capacity) 760,000 690,000 874,000 764,000 603,000 594,000
New charter destinations 3 4 - - 5 -
Scheduled services
Number of major airlines 10 10 4 4 1 -
Number of seats (capacity) 1,852,000 1,708,000 321,000 281,000 75,394 -
Freight tonnage 22,585 19,879 1,464 1,466 5,556 5,558
Some of the services from Belfast International Airport - Aberdeen,
Birmingham, Brussels, Cardiff, East Midlands, Edinburgh, Glasgow, Jersey,
Liverpool, London Heathrow, London Luton, Manchester, New York and Shannon.
Some of the services from Cardiff International Airport - Amsterdam, Brussels,
Dublin, Edinburgh, Glasgow, Orlando, Paris and Toronto.
Some of the services from Orlando Sanford - Atlantic City, Bahamas, Belfast,
Birmingham, Bristol, Cardiff, Dublin, East Midlands, Edinburgh, Gary, Glasgow,
Gulfport, Humberside, London Gatwick, London Luton, Manchester, Memphis, Newark,
Newcastle, Pittsburg, Portsmouth, Shannon, St. Louis and Teesside.
Corporate operational information
Airport ownership with a controlling interest (continued)
Six months Six months Six Six months
months
30 Sept 30 Sept 30 Sept
30 Sept
2000 1999 1999
2000
Stockholm Skavsta Airport Bolivian Airports
Total passengers
Charter 3,507 10,190 - -
Scheduled 149,814 121,356 525,623 552,286*
Transit 3,191 4,246 190,264 190,334*
Total 156,512 135,792 715,887 742,620*
Terminal Passengers
Spend per head £3.04 £3.45 £2.99 £2.06*
Net passenger supplement per £0.41 £0.50 £4.51 £3.92*
head
Total £3.45 £3.95 £7.50 £5.98*
Charter services
Number of tour operators 1 5 - -
Number of seats (capacity) 3,880 13,038 - -
New charter destinations - 4 - -
Scheduled services
Number of major airlines 3 2 10 9
Number of seats (capacity) 222,690 161,034 1,321,695 1,362,090*
Freight tonnage 10,418 13,889 12,492 12,228*
Some of the services from Stockholm Skavsta Airport - London Stansted, Malmo,
Preveza and Visby.
Some of the services from the Bolivian Airports - Asuncion, Buenos Aires,
Cancun, Lima, Mexico City, Miami, Panama City, Rio de Janeiro, Santiago and Sao
Paulo.
* This information is for the six months to 30 September 1999 which was prior
to the acquisition by TBI.
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