.
BRITISH AIRWAYS PLC
Financial Assessment
Statutory Information
Previous Name(s): None
Registered Number:01777777
Incorporation Date:13/12/1983
Registered Office:WATERSIDE
PO BOX 365
HARMONDSWORTH
WEST DRAYTON
UB7 0GB
Latest Filed Accounts:31/03/2005
Date Accounts Lodged:24/08/2005
Analysed Accounts:31/03/2006
Accounts Ref. Date:31/03
Latest Annual Return:31/07/2005
Issued Capital: GBP 282,720,601
Company Status:Quoted
Public limited with share capital
English/Welsh companies incorporated under part 1 of the Companies Act
Type of Accounts:Group
Directory Information
Trading Address:PO Box 365
Harmondsworth
West Drayton
Middlesex
UB7 0GB
Telephone Number:01950 460345
Fax Number:-
Region:HOME COUNTIES AND OUTER LONDON
Bankers:NATIONWIDE
Auditors:Ernst & Young LLP
Audit Opinion or Qualification:The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2006.
Principal Activities:A group engaged in the operation of international & domestic scheduled & charter air services for carriage of passengers,freight and mail and the provision of ancilliary services.
UK SIC Code(s):
62101Scheduled passenger air transport
Risk Information
Risk Score
31/03/200690 Credit Limit (GBP): 200,000,000
31/03/200587 Contract Limit (GBP): 500,000,000
31/03/200463
31/03/200387
Important Headlines
The period to 31/03/2006 saw a significant increase in Sales from £7,772,000,000 to £8,515,000,000.
Pre-Tax Profits increased from £513,000,000 to £620,000,000.
The resultant Profit Margin of 7.28% (previous = 6.60%) compares favourably with the industry average of 1.64%.
The company is performing better than at least 75% of the companies in this sector.
Shareholders Funds increased from £1,185,000,000 to £1,861,000,000, whilst Total Assets increased from £11,671,000,000 to £12,174,000,000.
The resultant Gearing Ratio of 0.15 (Previous = 0.10) compares unfavourably with the industry average of 0.21.
This company operates in a sector which has historically generated a higher level of insolvency relative to the total population.
CCJ information has been linked to this company - please see the list.
County Court Judgments Summary:
Number of exact unsatisfied CCJs: 1 Totalling: GBP2466.00
Number of probable unsatisfied CCJs: None
Number of possible unsatisfied CCJs: None
Cumulative Total of Exact CCJs over: 3 Months 6 Months 12 Months
 GBPGBPGBP
Exact match---
Probable match---
Possible match---
Latest Ten Judgments:
On 17/05/2004, a judgment of £ 2466.00 was made in NORTHAMPTON CCBC court (Case No. 4QZ10195) against BRITISH AIRWAYS PLC <, HARMONDSWORTH, WEST DRAYTON, MIDDLESEX, UB7 0GB, Ref. No. 1805496893 (exact match).
Ownership
GROUP STRUCTURE
Holding Company: None
Ultimate Holding Company: None
ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER
NameShare Class% HeldSales ('000)A/c DateStatus
BRITISH AIRWAYS (EUROPEAN OPERATIONS AT GATWICK) LIMITEDORDINARY100.00358,09931/03/2002Non Trading
BRITISH AIRWAYS ENGINE OVERHAUL LIMITEDORDINARY100.00193,42231/03/1991Dissolved
AIR MILES TRAVEL PROMOTIONS LIMITEDORDINARY A100.00127,47231/03/2005Trading
BRITISH AIRWAYS HOLIDAYS LIMITEDORDINARY100.0073,36031/03/2005Trading
CALEDONIAN LEISURE LIMITEDORDINARY100.0047,02331/10/1983Dissolved
BRITISH AIRWAYS (NO. 2) LIMITEDORDINARY100.0043,01131/03/1990Dissolved
OPODO LIMITEDORDINARY22.8641,34531/12/2004Trading
ALTA HOILDAYS LIMITEDNOT AVAILABLE 1100.0037,59431/03/1990Dissolved
BRITISH AIRWAYS MAINTENANCE CARDIFF LIMITEDORDINARY100.0028,76931/03/2005Trading
BRITISH AIRWAYS AVIONIC ENGINEERING LIMITEDORDINARY100.0027,95131/03/2005Trading
DUNWOODY AIRLINE SERVICES (HOLDINGS) LIMITEDORDINARY A100.0023,40831/03/2005Trading
HEATHROW HYDRANT COMPANY LIMITEDORDINARY10.0020,14931/12/2003Non Trading
BRITISH AIRWAYS LEASING LIMITEDORDINARY100.0017,57031/03/2005Trading
CITYFLYER EXPRESS LIMITEDORDINARY100.0015,19131/03/2005Trading
TELEFLIGHT LIMITEDORDINARY100.0014,80331/03/2005Trading
SPEEDWING INTERNATIONAL LIMITEDORDINARY100.0013,68831/03/2002Non Trading
BRITISH AIRWAYS TRAVEL SHOPS LIMITEDORDINARY100.0013,44331/03/2005Trading
BOAC LIMITEDORDINARY100.0011,82231/03/1995Non Trading
BRITISH AIRWAYS INTERIOR ENGINEERING LIMITEDORDINARY100.0010,93731/03/2005Trading
BRITISH AIRWAYS 777 LEASING LIMITEDORDINARY100.0010,13931/03/2005Trading
BRITISH AIRWAYS REGIONAL LIMITEDORDINARY100.008,33231/03/2005Trading
EMPLOYMENT CONDITIONS ABROAD LIMITEDORDINARY2.506,36031/05/2005Trading
INTER-CAPITAL AND REGIONAL RAIL LIMITEDORDINARY10.094,16231/12/2004Trading
CHAMELEON TRAINING & CONSULTING LIMITEDORDINARY100.003,96331/03/2003Non Trading
AIR RUSSIA LIMITEDORDINARY100.002,29131/03/1987Non Trading
AVIATION DEFENCE LIMITEDORDINARY100.002,19431/03/1993Dissolved
HEATHROW HYDRANT OPERATING COMPANY LIMITEDORDINARY10.002,01031/12/2004Trading
SPEEDWING TRAINING LIMITEDORDINARY100.001,75731/03/1995Dissolved
AIRWAYS AERO ASSOCIATIONS LIMITEDORDINARY100.001,56131/03/2005Trading
DAN-AIR AVIATION LIMITEDORDINARY100.001,55931/12/1989Dissolved
BRITISH AIRWAYS MEDICAL SERVICES FOR TRAVELLERS ABROAD LIMITEDORDINARY A100.001,45731/03/2000Dissolved
DAN-AIR SERVICES LIMITEDORDINARY100.001,31431/12/1990Dissolved
BRITISH AIRWAYS VISITORS' SERVICES LIMITEDORDINARY100.001,14931/03/2004Non Trading
BRITISH AIRWAYS ENGINEERING SERVICES LIMITEDORDINARY100.0070731/03/1998Dissolved
AVIATION SUPPORT SERVICES LIMITEDORDINARY33.3355431/03/1993Dissolved
BRITISH AIRWAYS FINANCIAL SERVICES LIMITEDORDINARY100.0051731/03/2003Non Trading
SPEEDWING AIRSYSTEMS LIMITEDORDINARY100.0036531/03/1994Dissolved
BRITISH AIRWAYS GLOBAL FINANCIAL SERVICES LIMITEDORDINARY100.0031931/03/2003Non Trading
WEB TRAVEL SYSTEMS LIMITEDORDINARY100.0028831/03/2004Non Trading
THE AIRLINE GROUP LIMITEDORDINARY16.6815631/07/2005Trading
BRITISH AIRWAYS (NO 1) LIMITEDORDINARY100.0010531/03/1995Dissolved
DAVIES & NEWMAN TRAVEL LIMITEDORDINARY100.005831/03/1993Dissolved
BRITISH AIRWAYS PENSION ADMINISTRATION LIMITEDORDINARY100.002131/03/1996Dissolved
BRITAIR HOLDINGS LIMITEDORDINARY100.00131/03/2005Trading
BRITISH EUROPEAN AIRWAYS LIMITEDORDINARY100.00031/03/1991Non Trading
BRITISH AIRWAYS (ESPANA) LIMITEDORDINARY100.00031/03/1996Non Trading
BRITISH AIRWAYS ASSOCIATED COMPANIES LIMITEDORDINARY100.00031/03/2005Trading
BA MILES LIMITEDORDINARY0.67031/03/1991Non Trading
BRITISH CALEDONIAN PENSIONS TRUSTEES LIMITEDORDINARY100.00031/03/2003Dissolved
REMOTEREPORT TRADING LIMITEDORDINARY100.00031/03/2003Non Trading
BRITISH ASIA AIRWAYS LIMITEDORDINARY100.00031/03/2001Dissolved
GLOBAL AVIATION FUNDING LIMITEDORDINARY100.00031/03/1998Dissolved
BA AND AA HOLDINGS LIMITEDORDINARY90.00031/03/2005Trading
BRITISH AIRWAYS MILEAGE COMPANY LIMITEDORDINARY100.00031/03/2003Non Trading
CALEDONIAN AVIATION SERVICES LIMITEDORDINARY100.00-NoneDissolved
CAMBRIAN AIRWAYS LIMITEDORDINARY100.00-NoneDissolved
BRITISH AIR SERVICES LIMITEDORDINARY0.00-NoneDissolved
MIDDLE EAST VISITORS' SERVICES LIMITEDORDINARY100.00-NoneDissolved
SOVEREIGN HOLIDAYS LIMITEDORDINARY100.00-NoneDissolved
BRITAIN AIRWAYS LIMITEDORDINARY1.00-NoneNon Trading
CALEDONIAN AVIATION INVESTMENTS LIMITEDORDINARY2.00-NoneNon Trading
THE PLIMSOLL LINE LIMITEDORDINARY100.00-31/03/2005Trading
BRITISH AIRWAYS HELICOPTERS LIMITEDORDINARY100.00-NoneDissolved
THE NEWCASTLE BUSINESS PARK MANAGEMENT COMPANY LIMITEDORDINARY24.14-30/06/2005Trading
OVERSEAS AIR TRAVEL LIMITEDORDINARY0.05-31/03/2002Non Trading
BRITISH AIRWAYS QUEST LIMITEDORDINARY100.00-31/03/2005Trading
BRITISH AIRWAYS PENSION TRUSTEE (NO. 2) LIMITEDORDINARY100.00-NoneNon Trading
SCOTTISH AIRWAYS LIMITEDORDINARY0.00-NoneDissolved
AVIATION INSURANCE CONSULTANTS LIMITEDORDINARY0.10-NoneNon Trading
Profit and Loss Account
Date of Accounts31/03/200631/03/200531/03/200431/03/200331/03/2002
Consolidated YYYYY
Subsidiary NNNNN
No. of Weeks 5252525252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
Audit Qual./Comment NoNoNoNoNo
 
Turnover [1]8,515,0007,772,0007,560,0007,688,0008,340,000
Cost of Sales--7,008,0007,263,0008,291,000
Gross Profit--552,000425,00049,000
Operating Profit [2]705,000556,000398,000341,000-12,000
Non-Trading Income512,000555,000111,000104,000186,000
Interest Payable597,000598,000279,000310,000374,000
Pre-Tax Profit620,000513,000230,000135,000-200,000
Taxation153,000121,00085,00050,000-71,000
Profit After Tax467,000392,000145,00085,000-129,000
Dividends Payable-----
Retained Profit451,000377,000130,00072,000-142,000
 
Value Added3,113,0322,950,8722,682,1522,692,0882,583,744
Balance Sheet
Date of Accounts31/03/200631/03/200531/03/200431/03/200331/03/2002
Consolidated YYYYY
Subsidiary NNNNN
No. of Weeks 5252525252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
Tangible Fixed Assets [3]8,272,0008,660,0009,168,00010,011,00010,963,000
Intangible Assets-----
Total Fixed Assets8,505,0008,914,0009,336,00010,175,00011,103,000
 
Stocks83,00084,00076,00087,000109,000
Trade Debtors685,000685,000676,000597,000772,000
Cash907,000549,00064,000222,00064,000
Miscellaneous Current Assets [4]1,994,0001,439,0001,949,0001,819,0001,614,000
Total Current Assets3,669,0002,757,0002,765,0002,725,0002,559,000
 
Creditors: Amounts falling due within one year [5]3,432,0003,269,0002,996,0002,904,0003,201,000
 
Total Assets less Current Liabilities8,742,0008,402,0009,105,0009,996,00010,461,000
 
Total Liabilities10,313,00010,486,0009,914,00010,842,00011,646,000
 
Share Capital & Reserves [7]1,272,0001,032,0001,028,0001,059,0001,059,000
P & L Account Reserve589,000153,000897,000729,000687,000
Revaluation Reserve00262,000270,000270,000
Shareholders Funds1,861,0001,185,0002,187,0002,058,0002,016,000
Capital Employed8,742,0008,402,0009,105,0009,996,00010,461,000
 
Net Worth1,628,000931,0002,019,0001,894,0001,876,000
Working Capital237,000-512,000-231,000-179,000-642,000
 
Contingent Liabilities204,000259,000383,000300,000281,000
Cash Flow
Date of Accounts31/03/200631/03/200531/03/200431/03/200331/03/2002
Consolidated YYYYY
Subsidiary NNNNN
No. of Weeks 5252525252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
Net Cash Flow from Operating Activities1,607,0001,247,0001,093,0001,185,000866,000
Net Cash Flow from Return on Investment and Servicing of Finance-125,000-150,000-184,000-226,000-426,000
Net Cash Flow before Financing815,000694,000676,000942,000213,000
Net Cash Flow from Financing-458,000-1,151,000-834,000-784,000-217,000
Increase in cash357,000-457,000-158,000158,000-4,000
Accounts Notes
Date of Accounts31/03/200631/03/200531/03/200431/03/200331/03/2002
Consolidated YYYYY
Subsidiary NNNNN
No. of Weeks 5252525252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
[1] Exports-----
 
[2] Operating Profit is after charging the following
 
Employees Remuneration1,558,0001,518,0001,463,0001,472,0001,661,000
Directors Remuneration5,0422,4791,8281,6851,529
Audit Fees1,8291,6751,4981,5611,543
Non-Audit Fees1,3451,3626609321,801
Depreciation688,000719,000669,000726,000762,000
 
Average Number of Employees (actual)49,95750,32651,93957,01461,460
 
[3] Tangible Assets consist of
 
Fixed Assets7,882,0008,329,0008,637,0009,487,00010,474,000
Intermediate Assets390,000331,000531,000524,000489,000
which includes:
-Due from Group, Non-Current00000
 
[4] Miscellaneous Current Assets includes:
 
-Due from Group, Current0042,00038,00043,000
 
[5] Creditors: Amounts falling due within one year consists of:
 
Trade Creditors752,000897,000840,000982,0001,091,000
a Bank Overdraft00000
Miscellaneous Current Liabilities includes:2,680,0002,372,0002,156,0001,922,0002,110,000
b -Bank Loans - Current Portion86,00063,000102,00057,00055,000
c Other Short-Term Finance, including:410,000496,000612,000513,000649,000
-Due to Group, Current0032,00027,00025,000
-Due to Directors, Current00000
-Other Current Liabilities-----
 
Short-Term Loans (a+b+c)496,000559,000714,000570,000704,000
 
[6] Total Long-Term Liabilities consists of:
 
Long-Term Loans, which consists of:3,621,0004,053,0005,160,0006,281,0006,861,000
-Long-Term Bank Loans721,000794,000802,000934,0001,122,000
-Other Long-Term Finance including:2,900,0003,259,0004,358,0005,347,0005,739,000
-Due to Group, Non-Current00000
-Due to Directors, Non-Current00000
Other Long-Term Liabilities3,260,0003,164,0001,758,0001,657,0001,584,000
 
[7] Share Capital and Reserves consists of:
 
Called-up Share Capital283,000271,000271,000271,000271,000
Sundry Reserves989,000761,000757,000788,000788,000
Ratios
 
Date of Accounts 31/03/200631/03/200531/03/200431/03/200331/03/2002
 
Acid Ratio1.040.820.900.910.77
Profit/Capital Employed7.096.112.531.35-1.91
Current Liquidity1.070.840.920.940.80
Profit/Sales (%)7.286.603.041.76-2.40
Interest Burden49.0653.8354.8169.66214.94
Stock Turnover (days)3.563.943.674.134.77
Days Sales Outstanding (DSO)29.3632.1732.6428.3433.79
Cash Cycle (days)32.9236.1136.3132.4738.56
Days Purchases Outstanding (DPO)--43.7549.3548.03
Creditor Days32.2342.1340.5646.6247.75
Profit/Total Assets (%)5.094.401.901.05-1.46
Profit/ Shareholders Funds (%)33.3243.2910.526.56-9.92
Sales/Total Assets (%)69.9466.5962.4759.6061.05
Sales/Fixed Assets1.080.930.880.810.80
Working Capital/Sales (%)2.78-6.59-3.06-2.33-7.70
Total Debt/Net worth (%)252.89495.38290.94361.72403.25
Shareholders Funds/Total Assets0.150.100.180.160.15
Long-term Debt/Net Worth (%)222.42435.34255.57331.63365.72
Interest/Pre-interest Profit49.0653.8354.8169.66214.94
Total Debt/Working Capital (%)17.37-9.01-25.43-38.27-11.78
Average Employee Remuneration (£) 31,18730,16328,16825,81827,026
Wages/Sales (%)18.3019.5319.3519.1519.92
Profit per Employee (£) 12,41110,1944,4282,368-3,254
Sales per Employee (£) 170,447154,433145,555134,844135,698
Capital Employed per Employee (£) 174,990166,951175,302175,325170,208
Total Fixed Assets per Employee (£) 170,246177,125179,749178,465180,654
Total Assets per Employee (£) 243,690231,908232,985226,260222,291
Creditors/Debtors1.101.311.241.641.41
Debtors/Total Assets (%)5.635.875.594.635.65
Current Liabilities/Stocks41.3538.9239.4233.3829.37
Exports/Sales (%)-----
Sales/Audit Fees4,655.554,640.005,046.734,925.055,405.06
Total Assets/ Audit Fees6,656.106,967.768,078.108,263.938,854.18
Growth Rates
1 year 2 year 3 year 4 year
 
Turnover9.612.610.82.1
Pre-tax Profit20.9169.6359.3-
Audit Fees9.222.117.218.5
Directors Remuneration103.4175.8199.2229.8
Number of Employees-0.7-3.8-12.4-18.7
Employees Remuneration2.66.55.8-6.2
Fixed Assets-5.4-8.7-16.9-24.7
Tangible Assets-4.5-9.8-17.4-24.5
Total Fixed Assets-4.6-8.9-16.4-23.4
Stocks-1.29.2-4.6-23.9
Trade Debtors0.01.314.7-11.3
Total Current Assets33.132.734.643.4
Total Assets4.30.6-5.6-10.9
Trade Creditors-16.2-10.5-23.4-31.1
Short-Term Loans-11.3-30.5-13.0-29.5
Total Current Liabilities5.014.618.27.2
Net Cash65.21,317.2308.61,317.2
Shareholders Funds57.0-14.9-9.6-7.7
Net Worth74.9-19.4-14.0-13.2
Long-Term Loans-10.7-29.8-42.3-47.2
Long-Term Liabilities-4.7-0.5-13.3-18.5
Capital Employed4.0-4.0-12.5-16.4
Company / Industry comparison
This comparison is based on the results of 62 companies in the same industrial sector: 62101 Scheduled passenger air transport
CompanyIndustry Averages
31/03/2006 Lower Median Upper
Performance
 
Profit/Sales (%)7.280.051.644.15
Profit/Capital Employed (%)7.090.983.9211.23
Profit/Total Assets (%)5.090.071.864.35
Profit/Shareholders Funds (%)33.326.8711.1527.36
 
Turnover
 
Sales/Total Assets (%)69.9462.4799.15192.45
Sales/Fixed Assets (%)1.081.283.7515.71
Working Capital/Sales (%)2.781.01-3.06-14.62
Stock Turnover (days)3.567.005.003.00
Credit Period (days)29.3632.8822.6112.03
Creditor Days32.2340.5624.1916.16
 
Liquidity
 
Current Ratio1.070.620.891.03
Liquidity Ratio1.040.550.840.98
 
Gearing
 
Total Debt/Net Worth (%)252.89309.26153.6354.22
Shareholders Funds/Total Assets0.150.100.210.33
Long Term Debt/Net Worth (%)222.42269.79114.885.43
Interest/Pre-interest Profit49.0654.8120.865.31
Total Debt/Working Capital17.37---
 
Employee
 
Average Employee Remuneration (£) 31,18723,64425,82633,532
Wages/Sales (%)18.3019.5914.3511.64
Profit per Employee (£) 12,4112033,42710,044
Sales per Employee (£) 170,447145,555184,577262,738
Capital Employed per Employee (£) 174,99022,11755,835175,302
Total Fixed Assets per Employee (£) 170,24628,18474,077177,562
Total Assets per Employee (£) 243,69087,091143,650319,299
 
Other
 
Creditors/Debtors1.100.531.292.32
Debtors/Total Assets (%)5.632.635.7210.61
Current Liabilities/Stocks41.3513.9022.6755.31
Exports/Sales (%)----
Sales/Audit Fees4,655.551,091.813,928.226,696.80
Total Assets/Audit Fees6,656.10694.303,212.648,078.10
Filing History
26/07/2006Returns of allotments of a public company
06/02/2006Memorandum of satisfaction
07/01/2006Change among the directors of a company
18/10/2005Particulars of a mortgage or charge
28/07/2005Alteration in memorandum or articles of association
02/03/2005Particulars of a mortgage or charge
01/03/2005Particulars of a mortgage or charge
10/01/2005Particulars of a mortgage or charge
23/12/2004Particulars of a mortgage or charge
15/12/2004Particulars of a mortgage or charge
Company Officers
Company Secretaries
ALAN KERR BUCHANAN
Directors
MARTIN FAULKNER BROUGHTON
MARTIN PETER READ
DENISE PATRICIA BYRNE KINGSMILL
ALISON CLARE REED
ELIZABETH CONWAY SYMONS
KENNETH PETER ROSS SMART
KEITH WILLIAMS
MARTIN PETER GEORGE
MAARTEN ALBERT VAN DEN BERGH
WILLIAM MATTHEW WALSH
CHUMPOL NA LAMLIENG
Report Generated: Date and Time Stamp

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