Alpha Airports Group - Final Results
23 April 1998 - 5:30PM
UK Regulatory
RNS No 3856b
ALPHA AIRPORTS GROUP PLC
23rd April 1998
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JANUARY 1998
HIGHLIGHTS
- Growth in sales of 8%*
- Pre-tax profit** up 13% to #28.7m (1996/97 - #25.4m)
- Adjusted earnings per share up 14.2% to 11.60 pence per
ordinary share (1996/97 - 10.16 pence)
- Sale process for ALPHA Retail underway
- Significant steps underway to reduce cost and introduce
best practices across the Group
- Net debt falls to #71.3m (1996/97 - #78.1m)
*Based on 1996/97 sales excluding discontinued operations
**Before exceptional provisions (1997/98), exceptional loss arising on sale
of discontinued operations and discontinued operations (1996/97).
Kevin Abbott, Chief Executive, commented:
"ALPHA intends to become a focused, growing airline services
company. Whilst today we have islands of excellence in our
networks, the biggest opportunity for our customers, our staff and
our shareholders is to determine and implement best practice in
every facet of our business."
For further information, please contact:
ALPHA Airports Group Plc (Today) Tel: 0171 457 2345
Kevin Abbott, Chief Executive (Thereafter) Tel: 0181 754 7600
Stuart Siddall, Finance Director
Gavin Anderson & Company Tel: 0171 457 2345
Marc Popiolek
Laura Hickman
CHAIRMAN'S STATEMENT
The Board is pleased to report that the improved performance reported for the
first half of 1997 has continued in 1998 and that good progress has been
achieved on many fronts.
On 1 October 1997 Kevin Abbott joined ALPHA as Chief Executive. Mr Abbott was
a Board Director of Redland Plc and then Rexam Plc before joining ALPHA.
In summary some of the major achievements in 1997/98 are as follows:
- The Board commissioned a major review of strategy and, with the planned
sale of ALPHA Retail, took the first steps to establish the Group as a
focused airline services group.
- Introduction of a revised management structure designed to ensure we are
both cost effective and properly focused on our customers needs.
- ALPHA On Board Sales and Services (AOBSS) has secured full inflight
concessions worth #10m per annum with Canadian Airlines, Air India and
Thai Airways.
- Following an operating review of ALPHA's Catering businesses we have
decided to increase investment selectively in our Catering operations, to
close or write down certain unprofitable assets and to create a "best
practice" team to improve efficiency.
- ALPHA Ground Handling, in a joint venture, established its first ground
handling operations in Europe and extended its range of services to
include Reservation Centres following the award of a major contract from
Mexicana Airlines.
Results
Overall profit on ordinary activities (before exceptional provisions) were
#33.9m, 9% above the prior year level of #31.0m (before losses from the sale
of discontinued businesses and discontinued operations) in line with
underlying sales growth.
As expected at the time of our interim announcement in September 1997 the UK
businesses of Catering and Retail Services continued to perform well
throughout the second half of the year.
As expected ALPHA Ground Handling benefited from a seasonal upswing in the
second half although this was not as strong as we had expected. The ALPHA
Ground Handling business reported sterling results in line with last year
which in US dollar terms represented nearly 6% growth.
ALPHA Inflight Retailing has been established comprising our bond operations,
AOBSS and Jersey Retail which is not part of the planned sale of ALPHA Retail.
Investment in systems and infrastructure has continued in AOBSS resulting in a
loss of #1.3m before exceptional provisions.
ALPHA Retail Services has expanded its position in Florida. Our activities in
Sanford International Airport continue to perform well. In our new duty free
operations in Orlando International Airport, we have achieved improvements in
spend per international passenger passing through the airport. The number of
international departing passengers in Orlando has, however, been disappointing
in consequence a loss of #0.6m (including start up costs) was incurred in
Orlando. We expect that international passenger levels will increase over the
course of 1998.
Adjusted earnings per share reflected the overall improvement in trading
performance with an increase of 14% to 11.60 pence per ordinary share.
Dividend
The Board recommends a final dividend of 3.50p per ordinary share (1996/97 -
3.5p) which together with the interim dividend of 1.84p per ordinary share
makes a total of 5.34p (1996/97 - 5.25p).
Restructuring
In February 1998 we announced the need to make exceptional provisions
totalling #14m. Of this sum, #7.4m related largely to the write down of fixed
assets in two under performing kitchens within ALPHA Catering Services. Since
the announcement we have developed our plans for the closure by 31st October
1998 of one of our three Heathrow kitchens ahead of major redevelopment plans.
With some customers able to transfer to our other two kitchens we can report
that closure costs should not now exceed #3.8m, which is a reduction of #0.7m
from our previous estimate.
We have in joint venture secured a 30% share of 12 small retail concessions at
the new International Airport in Hong Kong which is due to open in July 1998.
Since we won these concessions the number of passengers visiting Hong Kong has
fallen dramatically. We have been reviewing our options with regard to these
concessions and, in view of the poor outlook, there is a possibility that we
may exit from the joint venture. We have made an exceptional provision of
#1.2m against this possibility in accordance with our February announcement.
In addition, we announced that we would be consolidating our divisional and
Corporate Offices. The extent of and hence, cost of this restructuring has
increased from our previous estimate of #0.9m to #1.3m.
Overall the total exceptional provision included in the results for 1997/98 of
#13.9m is in line with our original estimate of #14m. Annualised cost savings
arising from the restructuring are now expected to increase from #2.5m, as
announced in February, to over #3m per annum.
Strategy
The Board's strategic review examined the framework for the potential
development of ALPHA's three divisions - Catering, Ground Handling and Retail
- and the Group's capacity to pursue development opportunities effectively.
For all three divisions, the opportunities are attractive over the longer
term.
The decision of the ALPHA Board to invite offers for the Retail division
reflects the recognition of the opportunities, open to the Group's Catering
and Ground Handling businesses, to focus on common airline customers, and
common geographical opportunities in Europe and the need to be able to provide
sufficient financial resources for these opportunities to be seized. ALPHA
intends to become a focused airline services company. It is the company's
strategy to extend its regional airports networks, and to offer customers a
wider range of our Catering and Ground Handling services.
In Catering, facilities, capacities and processes are being upgraded to
provide improved customer service, productivity and hence profitability. We
plan to extend our already strong UK network and build a full European
network. Similarly, we will introduce our Ground Handling operations to the
UK and mainland Europe by acquisition and joint venturing.
Outlook
We have seen a strong start to the year in UK Catering. We expect this growth
in meal volume to continue into the summer. As announced in February 1998
costs of up to #1m will be incurred as we implement best practice across all
our kitchens. Overall we expect Catering Services' performance for the coming
year to benefit from the actions we have taken.
However it is likely that further clients of ALPHA Catering Services in Paris,
Orly may transfer to Charles de Gaulle Airport. In these circumstances
further restructuring provisions of up to #2.5m may be required.
In ALPHA Ground Handling opportunities exist to grow both in the USA and in
Europe and this remains a key area of focus for the Group. Given the nature
of this business and high start up costs at new airports it is unlikely that
we shall see any benefit from this growth in the results for the coming year.
The UK regional airport business of ALPHA Retail Services continues to perform
well, benefiting from the same growth in passenger traffic as our UK Catering
business. However, sales growth is being held back by the strength of
sterling and the transfer of passengers in Manchester from a terminal in which
we operate to one where ALPHA does not have a presence. In March 1998 we saw
the expiry of our Heathrow management contract and, as previously indicated,
our annual profits will fall by nearly #3m as a consequence. We expect to
make progress at our duty free operations in Florida and hence an improvement
in ALPHA Retail's overseas performance is expected.
People
The circumstances of 1997 led to some uncertainty as to the future course of
the businesses in which our staff worldwide are employed. We are very
grateful for their continuing commitment and loyalty and would pay
particular tribute to our Retail staff in the current uncertainties which they
face.
The new year begins with a new strategy in place and restructuring in hand
from which, under Kevin Abbott's leadership, the Group intends to benefit.
Sadly the restructuring means that some good people will leave the Group. We
are sorry to lose them.
For too long the Group has been forced to be reactive. We should now have the
opportunity to act proactively, and in a more focused way, in relation to
those opportunities for growth which will enhance shareholder value.
Group Profit and Loss Account
for the year ended 31 January 1998
Continuing activities
Before
Exceptional Exceptional
(Provision)/ (Provision)/
gain gain Total Total
Notes 1998 1998 1998 1997
#m #m #m #m
Turnover 1 702.2 - 702.2 664.9
Cost of sales (409.1) (1.8) (410.9) (388.3)
---------- ---------- -------- -------
Gross profit 293.1 (1.8) 291.3 276.6
Administration (259.2) (12.1) (271.3) (249.3)
and other costs
Other operating
income
- exceptional
profit
on sale of
current asset
investment - 0.7 0.7 -
---------- ---------- -------- -------
Operating
profit(loss) 33.9 (13.2) 20.7 27.3
Income from
interest is
associated - - - 0.3
undertakings ---------- ---------- -------- -------
Profit(loss) on
ordinary activities
before exceptional
loss arising on
sale of
discontinued 33.9 (13.2) 20.7 27.6
operations
Exceptional loss on disposal
of discontinued
operations - - - (14.2)
---------- ---------- -------- -------
Profit(loss) on
ordinary activities
before interest 33.9 (13.2) 20.7 13.4
Interest receivable 0.7 - 0.7 0.7
Interest payable (5.9) - (5.9) (6.3)
---------- ---------- -------- -------
Profit(loss) on
ordinary activities
before taxation 1 28.7 (13.2) 15.5 7.8
Taxation on
profit on
ordinary activities 2 (7.7) 1.3 (6.4) (6.8)
---------- ---------- -------- -------
Profit(loss) on
ordinary activities
after taxation 21.0 (11.9) 9.1 1.0
Minority interest
(equity) (1.5) - (1.5) (1.0)
---------- ---------- -------- -------
Profit(loss) for
the financial year 19.5 (11.9) 7.6 -
Equity dividends 3 (9.0) - (9.0) (8.8)
---------- ---------- -------- -------
Retained
profit(loss)
for the financial
year 10.5 (11.9) (1.4) (8.8)
====== ====== ====== ======
Net earnings per
share 4 4.52p -
IIMR headline
earnings per share 4 4.52p 8.37p
Adjusted earnings
per share 4 11.60p 10.16p
A reconciliation of the net earnings per share (in accordance with
FRS 3), the headline earnings per share (in accordance with
Statement of Investment Practice No 1 issued by the Institute of
Investment Management and Research) and adjusted earnings per share,
is shown in Note 4
Statement of total recognised gains and losses
for the year ended 31 January 1998
1998 1997
#m #m
Profit for the financial year 7.6 -
Currency translation differences on
foreign currency net assets (1.2) (2.3)
------ ------
Total recognised gains/(losses)
for the year 6.4 (2.3)
==== ====
There are no differences between the Group and Company reported
results for the current and prior years and the results for those
years restated on an historical cost basis.
Group Balance Sheet
at 31 January 1998
1998 1997
Notes #m #m
Fixed assets
Tangible assets 79.7 86.3
Investments 0.5 0.4
-------- --------
80.2 86.7
-------- --------
Current assets
Stocks 27.1 23.3
Debtors 53.5 50.1
Investments - 0.5
Cash at bank and in hand 2.7 7.4
-------- --------
83.3 81.3
-------- --------
Creditors: amounts falling due within one year
Bank and other borrowings 5 (8.0) (6.0)
Other creditors (91.0) (85.7)
-------- --------
(99.0) (91.7)
--------- --------
Net current liabilities (15.7) (10.4)
-------- --------
Total assets less current
liabilities 64.5 76.3
-------- --------
Creditors: amounts falling due after more than one year
Bank and other borrowings 5 (63.4) (76.0)
Other creditors (1.8) (2.6)
-------- --------
(65.2) (78.6)
-------- --------
Provision for liabilities
and charges (9.9) (5.7)
Total net (liabilities)/assets (10.6) (8.0)
===== =====
Capital and reserves
Called up share capital 16.8 16.8
Share premium account 38.7 38.2
Profit and loss account 23.8 26.4
Other reserves (91.9) (91.9)
-------- --------
Shareholders' funds (12.6) (10.5)
Minority interests (equity) 2.0 2.5
-------- -----
Total equity (10.6) (8.0)
===== =====
Approved by the Board of Directors on 23 April 1998
Kevin Abbott, Chief Executive Stuart Siddall, Finance Director
Group Cash Flow Statement
for the year ended 31 January 1998
1998 1997
Notes #m #m
Net cash inflow from
operating activities 7(1) 45.9 46.3
Returns on investment and servicing of finance
Interest received 0.7 0.7
Interest paid (5.1) (5.7)
Interest element of finance
lease rental payments (0.3) (0.3)
Dividends received from associates - 0.3
Dividends paid to minority
shareholders in subsidiary undertaking (1.9) (0.1)
-------- --------
Net cash outflow from returns
on investment and servicing of finance (6.6) (5.1)
-------- --------
Taxation (9.1) (6.7)
-------- --------
Capital expenditure
Purchase of tangible fixed assets (15.3) (13.7)
Sale of plant and machinery - 0.2
-------- --------
Net cash outflow for
capital expenditure (15.3) (13.5)
-------- --------
Acquisitions and disposals
Sale of business - 5.0
Purchase of interest in
joint venture (0.1) -
Purchase of subsidiaries - (12.0)
-------- --------
Net cash outflow for acquisitions
and disposals (0.1) (7.0)
-------- --------
Equity dividends paid (8.5) (8.1)
-------- --------
Net cash inflow before financing 6.3 5.9
-------- --------
Financing
Debt due beyond a year
- Unsecured loan repayable in 1999 - 2.7
- Unsecured loan repayable in 2000 - 10.0
Repayment of external borrowings (11.9) (9.2)
Capital element of finance
lease payments (0.9) (0.9)
-------- --------
Net cash (outflow)/inflow
from financing (12.8) 2.6
-------- --------
(Decrease)/increase in cash 7(2) (6.5) 8.5
===== =====
Equity dividend declared was #9.0m, scrip dividend take up was #0.5m
and therefore #8.5m was paid as a cash dividend. (1997: #8.4m was
declared as equity dividend and the scrip dividend take up was #0.3m
and therefore #8.1m was paid as a cash dividend).
Notes to the Accounts
1. Segmental Turnover Operating Net
analysis profit/(loss) assets
(liabilities)
Turnover,
profit before
taxation and net
assets/liabilities
1998 1997 1998 1997 1998 1997
#m #m #m #m #m #m
(a) Business
sector analysis
ALPHA Catering
Services
- Continuing
operations
- before
exceptional
provisions 212.6 200.6 13.2 10.9 41.1 46.5
- exceptional
provisions - - (12.2) - (12.4) -
- Discontinued
operations - 14.5 - (3.4) - (0.7)
------- ------ -------- -------- ------ -----
212.6 215.1 1.0 7.5 28.7 45.8
ALPHA Retail
Services
- Continuing
operations
- before
exceptional
provisions 343.6 316.1 12.5 11.9 4.5 (4.6)
- exceptional
provisions/Gain - - (0.7) - (1.3) -
------- ------ -------- -------- ----- -----
343.6 316.1 11.8 11.9 3.2 (4.6)
ALPHA Inflight
Retailing
Continuing
operations
- before
exceptional
provisions 33.2 29.9 0.3 0.3 2.8 3.5
- exceptional
provisions - - (0.3) - (0.2) -
------- ------ -------- -------- ----- ------
33.2 29.9 - 0.3 2.6 3.5
------- ------ -------- -------- ----- ------
ALPHA Ground
Services
- Continuing 112.8 103.8 7.9 7.9 26.2 25.4
operations ------- ------ -------- -------- ----- ------
702.2 664.9 20.7 27.6 60.7 70.1
Exceptional loss
on disposal of
discontinued
operations - - - (14.2) - -
------- ------ -------- -------- ----- ------
702.2 664.9 20.7 13.4 60.7 70.1
Net interest - - (5.2) (5.6) - -
Net borrowings - - - - (71.3) (78.1)
------- ------ -------- -------- ----- -------
Turnover, profit
on ordinary
activities before
taxation and net
liabilities 702.2 664.9 15.5 7.8 (10.6) (8.0)
===== ===== ===== ===== ===== =====
Turnover Operating Net
profit/(loss) assets
(liabilities)
1998 1997 1998 1997 1998 1997
#m #m #m #m #m #m
(b) Geographical
analysis
United Kingdom
- Continuing
operations
- before
exceptional
provisions 531.2 491.7 21.1 17.9 30.0 31.4
- exceptional
provisions/gain - - (7.9) - (8.6) -
------- ----- ------ ------ ---- -----
531.2 491.7 13.2 17.9 21.4 31.4
------- ----- ------ ------ ---- -----
USA
- Continuing
operations 123.6 106.7 7.8 7.8 30.4 26.3
- Discontinued
operations - 14.5 - (3.4) - (0.7)
------- ----- ------ ------ ---- -----
123.6 121.2 7.8 4.4 30.4 25.6
------- ----- ------ ------ ---- -----
Rest of the World
- Continuing
operations
- before
exceptional
provisions 47.4 52.0 5.0 5.3 14.2 13.1
- exceptional
provisions - - (5.3) - (5.3) -
------- ----- ------ ------ ---- -----
47.4 52.0 (0.3) 5.3 8.9 13.1
------- ----- ------ ------ ---- -----
702.2 664.9 20.7 27.6 60.7 70.1
Exceptional loss
arising on the
sale of
discontinued - - - (14.2) - -
operations ------- ----- ------ ------ ---- -----
702.2 664.9 20.7 13.4 60.7 70.1
Net interest - - (5.2) (5.6) - -
Net borrowings - - - - (71.3) (78.1)
------- ----- ------ ------ ---- -----
Turnover, profit
on ordinary
activities before
taxation and
net liabilities 702.2 664.9 15.5 7.8 (10.6) (8.0)
===== ===== ===== ===== ===== =====
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 to the
sector.
ALPHA on Board Sales & Services and Flight Bonds, previously
included within ALPHA Retail Services, have been reclassified as
ALPHA Inflight Retailing to reflect the new operational structure.
The prior year figures have been restated to show the segments on a
comparable basis.
2. Taxation 1998 1997
#m #m
United Kingdom corporation tax
at 31% (1997 - 33%) 5.7 5.6
Less: Double tax relief (0.5) (0.8)
Movement in deferred tax (1.7) -
Prior year adjustments - (0.6)
-------- --------
3.5 4.2
Overseas taxation 2.9 2.3
Association undertakings - 0.3
-------- --------
Taxation as a percentage of profit
before taxation 6.4 6.8
-------- --------
Taxation as a percentage of profit
before taxation and exceptional 41% 87%
provision/gain (1997: loss) 27% 31%
===== =====
UK taxation charge for the year ended 31 January 1998 includes a
benefit of #1.3m(1997 - #0.2m) in respect of the exceptional
provisions.
3. Dividends 1998 1997
#m #m
Interim dividend of 1.84p per
ordinary share (1997 - 1.75p) 3.1 2.9
Proposed final dividend of 3.50p per
ordinary share (1997 - 3.5p) 5.9 5.9
-------- --------
Total dividend of 5.34p per ordinary
share (1997 - 5.25p) 9.0 8.8
===== =====
Under the scrip dividend scheme, #0.3m of the 1996/97 final dividend
and #0.2m of the 1997/98 interim dividend were paid by way of shares
and have been added back to the profit and loss account reserve
4. Earnings per share Profit Earnings
(loss) for per share
the year
1998 1997 1998 1997
#m #m Pence Pence
Profit for the financial
year and net earnings
per share 7.6 - 4.52 -
Adjustment for losses on
disposal of
discontinued operations - 14.2 - 8.45
Taxation relating to - (0.2) - (0.08)
these items -------- ------- -------- --------
-
Adjusted profit and
IIMR headline earnings
per share 7.6 14.0 4.52 8.37
Adjustment for
exceptional provisions 13.9 - 8.27 -
Adjustment for profit on
sale of current asset
investment (0.7) - (0.42) -
Adjustment for
discontinued operations
operating loss - 3.4 - 2.03
Taxation relating to
these items (1.3) (0.4) (0.77) (0.24)
-------- ------- -------- --------
-
Adjusted profit and
adjusted earnings 19.5 17.0 11.60 10.16
per share ===== ===== ===== =====
Weighted average number of shares in issue during the year were
168,055,238 (1997: 167,680,423).
Net earnings per ordinary 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 standard earnings to eliminate certain items,
adjusted for any tax effect. Finally, we have adjusted the IIMR
headline earnings per share to arrive at an adjusted earnings per
share for continuing operations by eliminating the effect of
exceptional provisions and profit on sale of current asset
investment and for the discontinued operations operating loss,
adjusted for any tax effect.
Fully diluted earnings per share are not materially different from
basic earnings per share disclosed above.
5. Bank and other Borrowings 1998 1997
#m #m
Unsecured loans
European Steel loan - 3.9
Other unsecured loans
(average interest rate 7.1%) 69.0 77.8
-------- --------
Total unsecured loans 69.0 81.7
Bank overdrafts 2.4 0.3
-------- --------
Total bank and other borrowings 71.4 82.0
Due within one year 8.0 6.0
Due after more than one year 63.4 76.0
-------- --------
71.4 82.0
-------- --------
Repayment analysis
Repayable otherwise than by
instalments:
- within one year or on demand 2.4 0.3
Repayable by instalments:
- within one year or on demand 5.6 5.7
- between one and two years 5.6 5.7
- between two and five years 57.8 70.3
-------- --------
71.4 82.0
-------- --------
Currency analysis
Bank and other borrowings are
payable in the following currencies:
Sterling 40.7 47.9
United States Dollars 30.7 33.9
French Francs - 0.2
-------- --------
71.4 82.0
-------- --------
Net borrowings
Total bank and other borrowings 71.4 82.0
(see above)
Finance lease obligations:
- due within one year 0.8 0.9
- due after more than one year 1.8 2.6
-------- --------
74.0 85.5
Cash at bank and in hand (2.7) (7.4)
-------- --------
Net borrowings 71.3 78.1
===== =====
6. Reconciliation of movements 1998 1997
in shareholders' funds #m #m
Profit for the financial year 7.6 -
Dividends (9.0) (8.8)
-------- --------
Loss for the financial year (1.4) (8.8)
Issue of additional share capital
to shareholders 0.5 0.3
Other recognised (losses) and gains
relating to the period (1.2) (2.3)
Amount written back in respect of
goodwill written off to profit and loss account - 11.4
Goodwill on acquisitions - (13.1)
Net reduction to
shareholders' funds (2.1) (12.5)
Opening shareholders' funds
as at 1 February 1997 (10.5) 2.0
-------- ---------
Closing shareholders' funds
as at 31 January 1998 (12.6) (10.5)
===== =====
Exchange gains of #0.8m (1997: #1.4m) on relevant foreign currency
loans are taken to reserves and offset against the exchange losses
arising on the translation of the net investments in overseas
subsidiary undertakings.
7. Notes to the cash flow statement
(1) Reconciliation of operating 1998 1997
profit to net cash inflow from operating #m #m
activities
Operating profit before sale
of current asset investment and
exceptional provisions 33.9 27.3
Profit on sale of current asset
investment and exceptional provisions (13.2) -
-------- --------
Operating profit 20.7 27.3
Depreciation including
exceptional provisions 20.0 12.6
Increase in stocks (4.0) (2.1)
(Increase)/decrease in debtors (1.7) 0.5
Increase in creditors 10.9 8.0
-------- --------
Net cash inflow from
operating activities 45.9 46.3
===== =====
Changes in working capital are stated after excluding movements due
to acquisitions, disposals and exchange rates. The operating cash
inflow from operating activities #45.9m (1997: #46.3m) includes an
inflow of #0.7m (1997: outflow of #1.8m) relating to prior year
discontinued activities.
(2) Reconciliation to net debt 1998 1997
#m #m
(Decrease)/Increase in cash
in the period (6.5) 8.5
Decrease/(Increase) in debt
and lease financing 12.8 (2.6)
-------- --------
Change in net debt from cash flows 6.3 5.9
Finance leases - (0.2)
Translation differences 0.5 1.1
-------- --------
Movements in net debt in period 6.8 6.8
Net debt at 1 February 1997 (78.1) (84.9)
-------- --------
Net debt at 31 January 1998 (71.3) (78.1)
===== =====
(3) Analysis of net debt 1 Other 31
February Cash non- Exchange January
1997 flows cash movement 1998
#m #m #m #m #m
Cash in hand at bank 7.4 (4.4) - (0.3) 2.7
Overdrafts (0.3) (2.1) - - (2.4)
------
(6.5)
------
Debt due after 1 year (76.0) 6.3 5.6 0.7 (63.4)
Debt due within 1 year (5.7) 5.6 (5.6) 0.1 (5.6)
Finance leases (3.5) 0.9 - - (2.6)
------
12.8
------
Total (78.1) 6.3 - 0.5 (71.3)
===== ===== ===== =====
8. Summarised Accounts
The balance sheet at 31 January 1998 and the results and
cashflow for the year ended have been taken from the Group's
1997/98 statutory accounts upon which the auditors' opinion is
unqualified and does not include a statement under Section
237(2) or (3) of the Companies Act 1985. The statutory
accounts will be filed with the Registrar of Companies in due
course.
9. Scrip Dividend Scheme
It is proposed by the Directors to offer ordinary shareholders
the choice of taking new fully paid ordinary shares of 10 pence
each instead of cash in respect of the proposed final dividend
for the year ended 31 January 1998 and any interim dividend
declared before the 1999 AGM. The record date for the final
dividend is 11 May 1998 and payment date is 10 July 1998.
10. Issue of the Annual Report and Accounts
The 1998 Annual Report and Accounts will be posted to
shareholders by 28 May 1998. Copies may be obtained after 28
May 1998 from the Secretary, ALPHA Airports Group Plc, Europa
House, 804 Bath Road, Cranford, Middlesex TW5 9US. Telephone
No. 0181 754 7600.
11. Annual General Meeting
The 1998 Annual General Meeting of ALPHA Airports Group Plc
will be held in the Forte Suite at the Excelsior Hotel
(Heathrow), Bath Road, West Drayton, Middlesex UB7 0DU, on 25
June 1998, at 11.00am.
END
FR SEFEEEUAUFFL
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