BAA Results for the Nine Months to 31 December 2000.Business Editors LONDON--(BUSINESS WIRE)--Feb. 2, 2001 - Strong UK passenger traffic growth - up 6.5%. - Net retail income up 13% in the third quarter. - Normalized profit before tax up 14.4% to(pound)452 million (31 December 1999:(pound)395 million). Profit before tax and exceptionals up 5.7% to(pound)448 million ((pound)424 million). - Cash inflows of(pound)107 million from property disposals. - UK airports capital investment up 47% to(pound)337 million ((pound)229 million). An interview with BAA's Chief Executive, Mike Hodgkinson, reviewing BAA's third quarter is available for viewing on BAA's website - www.baa.co.uk/investor.
Summary of results
9 months to 9 months to Change
31 Dec 2000 31 Dec 1999 %
UK airport passengers 98.4m 92.4m 6.5
Revenue(a) (pound)1,737m (pound)1,643m 5.7
Operating profit(a) (pound)515m (pound)478m 7.7
Normalized profit
before tax(b) (pound)452m (pound)395m 14.4
Profit before tax
and exceptionals (pound)448m (pound)424m 5.7
Profit before tax (pound)467m (pound)311m 50.2
Earnings per share
before exceptionals 31.6 p 29.0 p 9.0
Capital expenditure (pound)369m (pound)285m 29.5
(a) excludes the joint venture BAA McArthurGlen and exceptionals
(b) before exceptionals and includes only BAA's share of trading
profits from the BAA McArthurGlen joint venture.
BAA plc, the international airport group, today announced normalized profit before tax of (pound)452 million (31 December December: see month. 1999: (pound)395 million), an increase of 14.4%. Profit before tax and exceptionals was (pound)448 million ((pound)424 million), an increase of 5.7%. Earnings per share before exceptionals increased by 9.0% to 31.6 pence pence n. Chiefly British A plural of penny. pence Noun a plural of penny USAGE: Since the decimalization of British currency and the introduction of the abbreviation p, (29.0 pence). Chief executive's comment BAA's chief executive, Mike Hodgkinson, said: "The company had a strong third quarter. We benefited from unusually robust growth in passenger traffic reflecting both the rail industry disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in the UK and the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of last year's adverse millennium millennium [Lat.,=1,000 years], the period of 1,000 years in which, according to some schools of Christian eschatology, Christ will reign again gloriously on earth. Belief in the millennium, based on Rev. 20, has recurred in Christianity since the earliest times. effect. Net retail income continued to grow. The company continued to invest to improve and expand facilities and services for passengers with capital expenditure up 47% to (pound)337 million at our UK airports. "We continued to deliver our strategy of realizing cash and profits from non-core property assets, and this generated a cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. of (pound)107 million and a profit of (pound)22 million. "The settlement of the Eurotunnel Eurotunnel plc (in the UK) and Eurotunnel SA (in France) make up the Eurotunnel Group, founded in August 1986, which manages and operates the Channel Tunnel between the UK and France. contractual dispute has enabled us to eliminate the financial burden of this contract. We also completed the closure of the loss making in-flight in-flight adj. 1. Occurring, carried out, or present while in flight: in-flight refueling. 2. Provided or offered during a flight: in-flight meals. business of World Duty Free Americas A·mer·i·cas , the See America. . "We continue to focus on developing our core airports business with a positive outlook for 2001." OPERATING AND FINANCIAL REVIEW UK Airports 98.4 million (92.4 million) people traveled through BAA's UK airports in the nine months to 31 December 2000, an increase of 6.5%. UK airport operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was up 8% to (pound)473 million ((pound)436 million). Airport charges revenue increased by 10% to (pound)493 million ((pound)449 million) because of the increase in passenger traffic and the second tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. of the duty-free du·ty-free adj. 1. Exempt from customs duties: duty-free merchandise. 2. Of, relating to, or being a region or establishment in which imported goods are exempt from customs duties: compensation. UK Airport retail Quarter 3 - October October: see month. to December 2000 This quarter was the second one for which the results are directly comparable with last year, following the anniversary of the abolition The destruction, annihilation, abrogation, or extinguishment of anything, but especially things of a permanent nature—such as institutions, usages, or customs, as in the abolition of Slavery. In U.S. of intra-EU duty-free on 1 July July: see month. 1999. In the third quarter, net retail income (including World Duty Free Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). ) grew strongly by 13% to
(pound)119 million ((pound)105 million) and net retail income per
passenger rose by 6% to (pound)4.11.Nine months to 31 December 2000 Net retail income for the nine months rose by 4% to (pound)363 million ((pound)348 million), although this comparison is adversely distorted by the abolition of intra-EU duty-free at the end of the first quarter last year. World Duty Free Europe - UK airports World Duty Free Europe's UK airport operations achieved a growth in revenues of 7% to (pound)253 million ((pound)236 million). Operating profit rose to (pound)14 million ((pound)11 million).
World Duty Free - Other
Operating profit - nine months to 31 December 2000
2000/01 1999/00
World Duty Free Americas
(2000/01 - excl. in-flight) 16 14
Goodwill amortization (7) (11)
--- ----
9 3
International contracts - (2)
Eurotunnel contract (1999/00 - six months) (5) (6)
World Duty Free Americas' profit remained ahead of the previous year but experienced slowing sales in December. The resolution of the contract relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the operation of retail facilities at Eurotunnel's Folkestone Folkestone (fōk`stən), town (1991 pop. 42,949), Kent, SE England. The town is a summer resort with an active port. The Leas promenade runs along the chalk cliffs overlooking the English Channel. and Calais/Coquelles terminals means BAA will hand over the operations in a staged process which will be complete by 31 March 2001. As a result of this settlement, the contract will have no further adverse impact on BAA's financial performance. Heathrow Express Heathrow Express is a train service from Heathrow Airport to Paddington in central London operated by the Heathrow Express Operating Authority—a wholly owned subsidiary of BAA. Heathrow Express operating profit continued its growth to (pound)6 million ((pound)2 million) on revenue up 24% to (pound)47 million ((pound)38 million). The service was largely unaffected by the speed restrictions and timetable “Schedule” redirects here. For other uses, see Schedule (disambiguation). A timetable or schedule is an organized list or schedule, usually set out in tabular form, providing information about a series of arranged events: in particular, the time at which changes introduced across the UK rail network in the autumn Autumn Autumnus personification; portrayed as mature and manly. [Rom. Myth.: LLEI, I: 322] Bacchus god of this season. [Rom. Myth.: Hall, 130] Carpo goddess of autumn and corn season. [Gk. Myth. . Property BAA Lynton
Coordinates: Lynton is a small village in Devon, England. completed the sale of airport industrial properties to the (pound)177 million Airport Industrial Limited Partnership on 18 December. The transaction resulted in a cash inflow of (pound)107 million and an exceptional profit of (pound)22 million. BAA Lynton's operating profit was (pound)20 million ((pound)32 million) on revenue of (pound)31 million ((pound)61 million), reflecting the disposals which have reduced the size of the property portfolio. BAA McArthurGlen In the third quarter the joint venture disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of a further interest in the Bridgend Coordinates: Bridgend (Welsh: Pen-y-bont ar Ogwr) is a town in the traditional county of Glamorgan and the main town in the County Borough of Bridgend in South Wales. It is roughly midway between Cardiff and Swansea. outlet outlet /out·let/ (-let) a means or route of exit or egress. pelvic outlet the inferior opening of the pelvis. center in Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. and also wrote down the underperforming Roubaix Roubaix (r  bā`), city (1990 pop. 98,179), Nord dept., N France, in French Flanders. outlet center. The net result for BAA in the
nine month period, including its share of BAA McArthurGlen trading
profit Trading profitThe profit earned on short-term trades of securities held for less than one year, subject to tax at normal income tax rates. trading profit , is a pre-interest profit of (pound)4 million ((pound)35 million). Interest charge The interest charge for the nine months, excluding joint ventures, was down by (pound)21 million to (pound)64 million ((pound)85 million), mainly as a result of the cash inflow from property disposals at the end of last year and higher capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. for the period, (pound)27 million ((pound)21 million). Share buy-back In the share buy-back program announced in June June: see month. 2000, BAA has bought a total of 26.9 million shares in the period to 31 December 2000, at a total cost of (pound)140 million (excluding (pound)1 million of associated costs) and an average price of (pound)5.19. Capital expenditure BAA Group capital expenditure for the nine months, excluding capitalized interest, was (pound)369 million ((pound)285 million). The largest portion of this was spent at the UK airports, (pound)337 million ((pound)229 million). (tables to follow) For further information on BAA, see website: www.baa.co.uk
SUPPLEMENTARY FINANCIAL INFORMATION
Results by quarter
1st Change
quarter from
1999/00
Revenue (a) (pound)561m 1.3%
Operating profit(a) (pound)166m 0.0%
Profit before tax and
exceptionals (pound)142m (6.6%)
Normalized profit before
tax(b) (pound)144m 3.6%
Earnings per share before
exceptionals 9.8 p (7.5%)
2nd Change
quarter from
1999/00
Revenue (a) (pound)617m 10.2%
Operating profit(a) (pound)202m 12.8%
Profit before tax and
exceptionals (pound)180m 16.9%
Normalized profit before
tax(b) (pound)183m 18.8%
Earnings per share before
exceptionals 12.8 p 23.1%
3rd Change
quarter from
1999/00
Revenue (a) (pound)559m 5.7%
Operating profit(a) (pound)147m 10.5%
Profit before tax and
exceptionals (pound)126m 6.8%
Normalized profit before
tax(b) (pound)125m 22.5%
Earnings per share before
exceptionals 9.0 p 12.5%
(a) excludes the joint venture BAA McArthurGlen and exceptionals
(b) before exceptionals and includes only BAA's share of trading
profits from the BAA McArthurGlen joint venture.
BAA plc RESULTS FOR THE NINE MONTHS ENDED 31 DECEMBER 2000
Consolidated profit and loss account for the nine months ended
31 December 2000
Year ended 31 December 31 December
31 March
2000 2000 1999
(pound)M (pound)M (pound)M
(unaudited)
Revenue - group and share
2,192 of joint ventures 1,749 1,709
Less share of joint
(71) venture revenue (12) (66)
Group revenue - continuing
2,028 operations 1,694 1,570
Group revenue - discontinued
93 operations 43 73
2,121 1,737 1,643
(1,551) Operating costs (1,222) (1,165)
(168) Operating costs - exceptional item - (147)
- Loss on discontinued operations (16) -
- Less utilization of prior year
provision 16 -
Group operating profit -
406 continuing operations 515 331
Group operating profit -
(4) discontinued operations - -
Share of operating profit
38 in joint ventures 4 35
440 519 366
Loss on operations to be
(29) discontinued - exceptional item - -
Profit on sale of investment
properties in continuing
84 operations - exceptional item 20 34
Loss on sale of operational
assets in continuing operations -
- exceptional item (1) -
Profit on ordinary activities
495 before interest 538 400
(110) Net interest payable - group (64) (85)
(4) Exceptional interest charge - group - -
(4) Net interest payable - joint ventures (7) (4)
(118) Net interest payable - total (71) (89)
Profit on ordinary activities
377 before taxation 467 311
Tax on profit on ordinary activities
(122) before exceptional items (111) (109)
7 Tax on exceptional items - -
Profit on ordinary activities
262 after taxation 356 202
(3) Equity minority interests (4) (5)
Profit for the period attributable
259 to shareholders 352 197
(175) Equity dividends (64) (61)
Retained profit for the group and
84 its share of joint ventures 288 136
24.2p Earnings per share 33.4p 18.5p
Earnings per share before
34.5p exceptionals 31.6p 29.0p
24.0p Diluted earnings per share 32.3p 18.3p
Statement of total recognized gains and losses for
the nine months ended 31 December 2000
Year ended 31 December 31 December
31 March 2000 2000 1999
(pound)M (pound)M (pound)M
(unaudited)
Profit for the period attributable
to shareholders(a)
259 352 197
178 Unrealized revaluation surplus - -
Reversal of revaluation surplus
on investment property transferred
to operational assets
(5) - -
Total recognized gains and losses
relating to the period
432 352 197
(a) Including joint ventures loss of(pound)3m
(31 December 1999:profit of(pound)17m; 31 March 2000:
profit of(pound)22m).
Consolidated balance sheet as at 31 December 2000
31 March 2000 31 December 31 December
(pound)M 2000 1999
(pound)M (pound)M
(unaudited)
Fixed assets
175 Intangible assets 175 174
6,242 Tangible assets 6,387 6,119
Investments in joint ventures:
175 Share of gross assets 188 173
(175) Share of gross liabilities (203) (173)
13 Loans 9 11
13 (6) 11
Investments in associates and
other investments
37 56 32
6,467 6,612 6,336
Current assets
126 Stocks 104 119
196 Debtors 253 237
371 Short-term investments 416 387
109 Cash at bank and in hand 121 98
802 894 841
Creditors: amounts falling due
within one year
(875) (949) (933)
(73) Net current liabilities (55) (92)
6,394 Total assets less current
liabilities 6,557 6,244
Creditors: amounts falling
due after more than one year
(1,440) Other creditors (1,467) (1,462)
(389) Convertible debt (390) (389)
(1,829) (1,857) (1,851)
(38) Provisions for liabilities
and charges (19) -
(10) Equity minority interests (12) (10)
4,517 Net assets 4,669 4,383
1,069 Share capital 1,044 1,066
3,448 Reserves 3,625 3,317
4,517 Equity shareholders' funds 4,669 4,383
4.22(pound) Net asset value per share (pound)4.47 (pound)4.11
Consolidated cash flow statement for the nine months ended 31
December 2000
Year ended 31 December 31 December
31 March 2000 2000 1999
(pound)M (pound)M (pound)M
(unaudited)
Operating activities:
402 Operating profit 515 331
195 Depreciation 164 144
14 Amortization 8 12
147 Goodwill impairment charge - 147
9 Fixed assets written off - -
1 Decrease in stocks 27 4
24 (Increase)/decrease in debtors (56) (7)
(11) Increase/(decrease) in creditors 59 (4)
17 (Decrease)/increase in provisions (20) -
798 Net cash inflow from operating
activities 697 627
25 Dividends received from joint
ventures 8 22
Returns on investments and
servicing of finance:
(160) Interest paid (77) (94)
21 Interest received 24 26
(4) Premium on early redemption of
loans - -
(143) (53) (68)
(112) Tax paid (57) (26)
Capital expenditure and
financial investment:
(426) Additions to operational assets (387) (282)
(9) Additions to investment
properties (14) (26)
- Sale of operational assets 5 -
337 Sale of investment properties 114 131
3 (Additions to)/reductions in
long-term investments (12) 13
(8) Additions to current asset
investments - -
(5) Loan made to joint venture
partner - (14)
(108) (294) (178)
Acquisitions and disposals:
Additional consideration paid
in respect of a subsidiary
undertaking acquired in a
prior year
- (12) -
Deferred consideration
received in respect of the
sale of a 5% interest in a
subsidiary undertaking in a
prior year
- 1 -
- Net cash outflow from
acquisitions and disposals (11) -
(150) Equity dividends paid (114) (95)
Cash inflow before use of
liquid resources and financing
310 176 282
Management of liquid resources:
(89) Cash withdrawn from/(placed on)
deposit 5 (242)
18 Cash withdrawn from security - -
(112) (Purchase)/sale of commercial
paper (52) 35
(183) (47) (207)
Financing:
12 Issue of shares 5 3
- Repurchase of own shares (141) -
(71) Net increase/(decrease) in debt 18 (21)
(59) (118) (18)
68 Increase in cash in the period 11 57
NOTES 1. This statement has been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the accounting policies used in the 1999/00 Annual Report with the exception of the depreciation policy for taxiways and aprons aprons outer garments made of lead rubber of a thickness of 0.25-0.5 mm lead equivalent which are worn to prevent x-irradiation of the operator. . The directors have assessed the useful lives of taxiways and aprons and consider that 50 years (previously 100 years) more fairly reflects the useful life of the assets and have amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. the life accordingly. This change has not had a material impact on prior or current period results. 2. The interest charge is shown net of interest capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. in respect of the Group of(pound)27m (31 December 1999:(pound)21m; 31 March 2000:(pound)27m). 3. The taxation charge for the nine months ended 31 December 2000 on profit before exceptional items has been based on the estimated effective rate on profit before exceptional items for the full year of 24.70%. There is no tax charge attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to exceptional items recognized in the period. On a similar pre-exceptional profit basis, the taxation charge for the nine months ended 31 December 1999 was based on an estimated effective rate for the full year of 25.75%. 4. The Group's investment properties are included at 31 March 2000 valuations as adjusted for additions and disposals since that date. 5. Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → include(pound)254m representing expenditure to date on Terminal 5 (31 December 1999:(pound)211m; 31 March 2000:(pound)221m). 6. Liabilities include net borrowings of(pound)1,503m (31 December 1999:(pound)1,554m; 31 March 2000: (pound)1,524m). 7. The information shown for the year ended 31 March 2000 does not constitute statutory accounts 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 2000 which have been filed with the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . The auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together have reported on those accounts; their report was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. By order of the Board of BAA plc Rachel Rachel, in the Bible Rachel (rā`chəl), in the Bible, wife of Jacob and mother of Joseph and Benjamin. She is one of the four Jewish matriarchs. An alternate form is Rahel. Rowson Company Secretary 1 February February: see month. 2001 BAA ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. ; prices may be accessed on Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbol BAA LN, on the Reuter Reu·ter , Baron Paul Julius von 1816-1899. German-born British journalist who founded (1848) Reuter's, one of the first international news agencies. Equities 2000 Service under BAA.L and on Quotron under BAANU.EU. BAA ADRs, each equal to one ordinary share, appear on the pink sheets under BAAPY. Additional information is available on BAA's home page: http://www.baa.co.uk. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion