 |  |
| BRITISH
AIRWAYS PLC |
 |  |
Financial
Assessment |
|  | |  | | 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 |
|  |
| |  | | 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): | | 62101 | Scheduled passenger air transport |
|
|  |
| |  | |
Risk Score
| | 31/03/2006 | 90 |
Credit Limit (GBP):
| 200,000,000 | | 31/03/2005 | 87 |
Contract Limit (GBP):
| 500,000,000 | | 31/03/2004 | 63 | | 31/03/2003 | 87 |
| | 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
| | | GBP | GBP | GBP | | 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).
|
|
|  |
| |  | |
GROUP STRUCTURE
| |
Holding Company:
| None | |
Ultimate Holding Company:
| None |
|  | |
ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER
| | Name | Share Class | % Held | Sales ('000) | A/c Date | Status | | BRITISH AIRWAYS (EUROPEAN OPERATIONS AT GATWICK) LIMITED | ORDINARY | 100.00 | 358,099 | 31/03/2002 | Non Trading | | BRITISH AIRWAYS ENGINE OVERHAUL LIMITED | ORDINARY | 100.00 | 193,422 | 31/03/1991 | Dissolved | | AIR MILES TRAVEL PROMOTIONS LIMITED | ORDINARY A | 100.00 | 127,472 | 31/03/2005 | Trading | | BRITISH AIRWAYS HOLIDAYS LIMITED | ORDINARY | 100.00 | 73,360 | 31/03/2005 | Trading | | CALEDONIAN LEISURE LIMITED | ORDINARY | 100.00 | 47,023 | 31/10/1983 | Dissolved | | BRITISH AIRWAYS (NO. 2) LIMITED | ORDINARY | 100.00 | 43,011 | 31/03/1990 | Dissolved | | OPODO LIMITED | ORDINARY | 22.86 | 41,345 | 31/12/2004 | Trading | | ALTA HOILDAYS LIMITED | NOT AVAILABLE 1 | 100.00 | 37,594 | 31/03/1990 | Dissolved | | BRITISH AIRWAYS MAINTENANCE CARDIFF LIMITED | ORDINARY | 100.00 | 28,769 | 31/03/2005 | Trading | | BRITISH AIRWAYS AVIONIC ENGINEERING LIMITED | ORDINARY | 100.00 | 27,951 | 31/03/2005 | Trading | | DUNWOODY AIRLINE SERVICES (HOLDINGS) LIMITED | ORDINARY A | 100.00 | 23,408 | 31/03/2005 | Trading | | HEATHROW HYDRANT COMPANY LIMITED | ORDINARY | 10.00 | 20,149 | 31/12/2003 | Non Trading | | BRITISH AIRWAYS LEASING LIMITED | ORDINARY | 100.00 | 17,570 | 31/03/2005 | Trading | | CITYFLYER EXPRESS LIMITED | ORDINARY | 100.00 | 15,191 | 31/03/2005 | Trading | | TELEFLIGHT LIMITED | ORDINARY | 100.00 | 14,803 | 31/03/2005 | Trading | | SPEEDWING INTERNATIONAL LIMITED | ORDINARY | 100.00 | 13,688 | 31/03/2002 | Non Trading | | BRITISH AIRWAYS TRAVEL SHOPS LIMITED | ORDINARY | 100.00 | 13,443 | 31/03/2005 | Trading | | BOAC LIMITED | ORDINARY | 100.00 | 11,822 | 31/03/1995 | Non Trading | | BRITISH AIRWAYS INTERIOR ENGINEERING LIMITED | ORDINARY | 100.00 | 10,937 | 31/03/2005 | Trading | | BRITISH AIRWAYS 777 LEASING LIMITED | ORDINARY | 100.00 | 10,139 | 31/03/2005 | Trading | | BRITISH AIRWAYS REGIONAL LIMITED | ORDINARY | 100.00 | 8,332 | 31/03/2005 | Trading | | EMPLOYMENT CONDITIONS ABROAD LIMITED | ORDINARY | 2.50 | 6,360 | 31/05/2005 | Trading | | INTER-CAPITAL AND REGIONAL RAIL LIMITED | ORDINARY | 10.09 | 4,162 | 31/12/2004 | Trading | | CHAMELEON TRAINING & CONSULTING LIMITED | ORDINARY | 100.00 | 3,963 | 31/03/2003 | Non Trading | | AIR RUSSIA LIMITED | ORDINARY | 100.00 | 2,291 | 31/03/1987 | Non Trading | | AVIATION DEFENCE LIMITED | ORDINARY | 100.00 | 2,194 | 31/03/1993 | Dissolved | | HEATHROW HYDRANT OPERATING COMPANY LIMITED | ORDINARY | 10.00 | 2,010 | 31/12/2004 | Trading | | SPEEDWING TRAINING LIMITED | ORDINARY | 100.00 | 1,757 | 31/03/1995 | Dissolved | | AIRWAYS AERO ASSOCIATIONS LIMITED | ORDINARY | 100.00 | 1,561 | 31/03/2005 | Trading | | DAN-AIR AVIATION LIMITED | ORDINARY | 100.00 | 1,559 | 31/12/1989 | Dissolved | | BRITISH AIRWAYS MEDICAL SERVICES FOR TRAVELLERS ABROAD LIMITED | ORDINARY A | 100.00 | 1,457 | 31/03/2000 | Dissolved | | DAN-AIR SERVICES LIMITED | ORDINARY | 100.00 | 1,314 | 31/12/1990 | Dissolved | | BRITISH AIRWAYS VISITORS' SERVICES LIMITED | ORDINARY | 100.00 | 1,149 | 31/03/2004 | Non Trading | | BRITISH AIRWAYS ENGINEERING SERVICES LIMITED | ORDINARY | 100.00 | 707 | 31/03/1998 | Dissolved | | AVIATION SUPPORT SERVICES LIMITED | ORDINARY | 33.33 | 554 | 31/03/1993 | Dissolved | | BRITISH AIRWAYS FINANCIAL SERVICES LIMITED | ORDINARY | 100.00 | 517 | 31/03/2003 | Non Trading | | SPEEDWING AIRSYSTEMS LIMITED | ORDINARY | 100.00 | 365 | 31/03/1994 | Dissolved | | BRITISH AIRWAYS GLOBAL FINANCIAL SERVICES LIMITED | ORDINARY | 100.00 | 319 | 31/03/2003 | Non Trading | | WEB TRAVEL SYSTEMS LIMITED | ORDINARY | 100.00 | 288 | 31/03/2004 | Non Trading | | THE AIRLINE GROUP LIMITED | ORDINARY | 16.68 | 156 | 31/07/2005 | Trading | | BRITISH AIRWAYS (NO 1) LIMITED | ORDINARY | 100.00 | 105 | 31/03/1995 | Dissolved | | DAVIES & NEWMAN TRAVEL LIMITED | ORDINARY | 100.00 | 58 | 31/03/1993 | Dissolved | | BRITISH AIRWAYS PENSION ADMINISTRATION LIMITED | ORDINARY | 100.00 | 21 | 31/03/1996 | Dissolved | | BRITAIR HOLDINGS LIMITED | ORDINARY | 100.00 | 1 | 31/03/2005 | Trading | | BRITISH EUROPEAN AIRWAYS LIMITED | ORDINARY | 100.00 | 0 | 31/03/1991 | Non Trading | | BRITISH AIRWAYS (ESPANA) LIMITED | ORDINARY | 100.00 | 0 | 31/03/1996 | Non Trading | | BRITISH AIRWAYS ASSOCIATED COMPANIES LIMITED | ORDINARY | 100.00 | 0 | 31/03/2005 | Trading | | BA MILES LIMITED | ORDINARY | 0.67 | 0 | 31/03/1991 | Non Trading | | BRITISH CALEDONIAN PENSIONS TRUSTEES LIMITED | ORDINARY | 100.00 | 0 | 31/03/2003 | Dissolved | | REMOTEREPORT TRADING LIMITED | ORDINARY | 100.00 | 0 | 31/03/2003 | Non Trading | | BRITISH ASIA AIRWAYS LIMITED | ORDINARY | 100.00 | 0 | 31/03/2001 | Dissolved | | GLOBAL AVIATION FUNDING LIMITED | ORDINARY | 100.00 | 0 | 31/03/1998 | Dissolved | | BA AND AA HOLDINGS LIMITED | ORDINARY | 90.00 | 0 | 31/03/2005 | Trading | | BRITISH AIRWAYS MILEAGE COMPANY LIMITED | ORDINARY | 100.00 | 0 | 31/03/2003 | Non Trading | | CALEDONIAN AVIATION SERVICES LIMITED | ORDINARY | 100.00 | - | None | Dissolved | | CAMBRIAN AIRWAYS LIMITED | ORDINARY | 100.00 | - | None | Dissolved | | BRITISH AIR SERVICES LIMITED | ORDINARY | 0.00 | - | None | Dissolved | | MIDDLE EAST VISITORS' SERVICES LIMITED | ORDINARY | 100.00 | - | None | Dissolved | | SOVEREIGN HOLIDAYS LIMITED | ORDINARY | 100.00 | - | None | Dissolved | | BRITAIN AIRWAYS LIMITED | ORDINARY | 1.00 | - | None | Non Trading | | CALEDONIAN AVIATION INVESTMENTS LIMITED | ORDINARY | 2.00 | - | None | Non Trading | | THE PLIMSOLL LINE LIMITED | ORDINARY | 100.00 | - | 31/03/2005 | Trading | | BRITISH AIRWAYS HELICOPTERS LIMITED | ORDINARY | 100.00 | - | None | Dissolved | | THE NEWCASTLE BUSINESS PARK MANAGEMENT COMPANY LIMITED | ORDINARY | 24.14 | - | 30/06/2005 | Trading | | OVERSEAS AIR TRAVEL LIMITED | ORDINARY | 0.05 | - | 31/03/2002 | Non Trading | | BRITISH AIRWAYS QUEST LIMITED | ORDINARY | 100.00 | - | 31/03/2005 | Trading | | BRITISH AIRWAYS PENSION TRUSTEE (NO. 2) LIMITED | ORDINARY | 100.00 | - | None | Non Trading | | SCOTTISH AIRWAYS LIMITED | ORDINARY | 0.00 | - | None | Dissolved | | AVIATION INSURANCE CONSULTANTS LIMITED | ORDINARY | 0.10 | - | None | Non Trading |
|
|  |
| |  | | Date of Accounts | 31/03/2006 | 31/03/2005 | 31/03/2004 | 31/03/2003 | 31/03/2002 | |
Consolidated
| Y | Y | Y | Y | Y | |
Subsidiary
| N | N | N | N | N | |
No. of Weeks
| 52 | 52 | 52 | 52 | 52 | |
Currency
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
| |
Audit Qual./Comment
| No | No | No | No | No | | | | Turnover [1] | 8,515,000 | 7,772,000 | 7,560,000 | 7,688,000 | 8,340,000 | | Cost of Sales | - | - | 7,008,000 | 7,263,000 | 8,291,000 | | Gross Profit | - | - | 552,000 | 425,000 | 49,000 | | Operating Profit [2] | 705,000 | 556,000 | 398,000 | 341,000 | -12,000 | | Non-Trading Income | 512,000 | 555,000 | 111,000 | 104,000 | 186,000 | | Interest Payable | 597,000 | 598,000 | 279,000 | 310,000 | 374,000 | | Pre-Tax Profit | 620,000 | 513,000 | 230,000 | 135,000 | -200,000 | | Taxation | 153,000 | 121,000 | 85,000 | 50,000 | -71,000 | | Profit After Tax | 467,000 | 392,000 | 145,000 | 85,000 | -129,000 | | Dividends Payable | - | - | - | - | - | | Retained Profit | 451,000 | 377,000 | 130,000 | 72,000 | -142,000 | | | | Value Added | 3,113,032 | 2,950,872 | 2,682,152 | 2,692,088 | 2,583,744 |  |
|  |
| |  | | Date of Accounts | 31/03/2006 | 31/03/2005 | 31/03/2004 | 31/03/2003 | 31/03/2002 | |
Consolidated
| Y | Y | Y | Y | Y | |
Subsidiary
| N | N | N | N | N | |
No. of Weeks
| 52 | 52 | 52 | 52 | 52 | |
Currency
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
| | | | Tangible Fixed Assets [3] | 8,272,000 | 8,660,000 | 9,168,000 | 10,011,000 | 10,963,000 | | Intangible Assets | - | - | - | - | - | | Total Fixed Assets | 8,505,000 | 8,914,000 | 9,336,000 | 10,175,000 | 11,103,000 | | | | Stocks | 83,000 | 84,000 | 76,000 | 87,000 | 109,000 | | Trade Debtors | 685,000 | 685,000 | 676,000 | 597,000 | 772,000 | | Cash | 907,000 | 549,000 | 64,000 | 222,000 | 64,000 | | Miscellaneous Current Assets [4] | 1,994,000 | 1,439,000 | 1,949,000 | 1,819,000 | 1,614,000 | | Total Current Assets | 3,669,000 | 2,757,000 | 2,765,000 | 2,725,000 | 2,559,000 | | | | Creditors: Amounts falling due within one year [5] | 3,432,000 | 3,269,000 | 2,996,000 | 2,904,000 | 3,201,000 | | | | Total Assets less Current Liabilities | 8,742,000 | 8,402,000 | 9,105,000 | 9,996,000 | 10,461,000 | | | | Total Liabilities | 10,313,000 | 10,486,000 | 9,914,000 | 10,842,000 | 11,646,000 | | | | Share Capital & Reserves [7] | 1,272,000 | 1,032,000 | 1,028,000 | 1,059,000 | 1,059,000 | | P & L Account Reserve | 589,000 | 153,000 | 897,000 | 729,000 | 687,000 | | Revaluation Reserve | 0 | 0 | 262,000 | 270,000 | 270,000 | | Shareholders Funds | 1,861,000 | 1,185,000 | 2,187,000 | 2,058,000 | 2,016,000 | | Capital Employed | 8,742,000 | 8,402,000 | 9,105,000 | 9,996,000 | 10,461,000 | | | | Net Worth | 1,628,000 | 931,000 | 2,019,000 | 1,894,000 | 1,876,000 | | Working Capital | 237,000 | -512,000 | -231,000 | -179,000 | -642,000 | | | | Contingent Liabilities | 204,000 | 259,000 | 383,000 | 300,000 | 281,000 |  |
|  |
| |  | | Date of Accounts | 31/03/2006 | 31/03/2005 | 31/03/2004 | 31/03/2003 | 31/03/2002 | |
Consolidated
| Y | Y | Y | Y | Y | |
Subsidiary
| N | N | N | N | N | |
No. of Weeks
| 52 | 52 | 52 | 52 | 52 | |
Currency
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
| | | | Net Cash Flow from Operating Activities | 1,607,000 | 1,247,000 | 1,093,000 | 1,185,000 | 866,000 | | 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 Financing | 815,000 | 694,000 | 676,000 | 942,000 | 213,000 | | Net Cash Flow from Financing | -458,000 | -1,151,000 | -834,000 | -784,000 | -217,000 | | Increase in cash | 357,000 | -457,000 | -158,000 | 158,000 | -4,000 |  |
|  |
| |  | | Date of Accounts | 31/03/2006 | 31/03/2005 | 31/03/2004 | 31/03/2003 | 31/03/2002 | |
Consolidated
| Y | Y | Y | Y | Y | |
Subsidiary
| N | N | N | N | N | |
No. of Weeks
| 52 | 52 | 52 | 52 | 52 | |
Currency
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
|
(GBP '000)
| | | | [1] Exports | - | - | - | - | - | | | |
[2] Operating Profit is after charging the following
| | | | Employees Remuneration | 1,558,000 | 1,518,000 | 1,463,000 | 1,472,000 | 1,661,000 | | Directors Remuneration | 5,042 | 2,479 | 1,828 | 1,685 | 1,529 | | Audit Fees | 1,829 | 1,675 | 1,498 | 1,561 | 1,543 | | Non-Audit Fees | 1,345 | 1,362 | 660 | 932 | 1,801 | | Depreciation | 688,000 | 719,000 | 669,000 | 726,000 | 762,000 | | | | Average Number of Employees (actual) | 49,957 | 50,326 | 51,939 | 57,014 | 61,460 | | | |
[3] Tangible Assets consist of
| | | | Fixed Assets | 7,882,000 | 8,329,000 | 8,637,000 | 9,487,000 | 10,474,000 | | Intermediate Assets | 390,000 | 331,000 | 531,000 | 524,000 | 489,000 | |
which includes:
| | -Due from Group, Non-Current | 0 | 0 | 0 | 0 | 0 | | | |
[4] Miscellaneous Current Assets includes:
| | | | -Due from Group, Current | 0 | 0 | 42,000 | 38,000 | 43,000 | | | |
[5] Creditors: Amounts falling due within one year consists of:
| | | | Trade Creditors | 752,000 | 897,000 | 840,000 | 982,000 | 1,091,000 | | a Bank Overdraft | 0 | 0 | 0 | 0 | 0 | | Miscellaneous Current Liabilities includes: | 2,680,000 | 2,372,000 | 2,156,000 | 1,922,000 | 2,110,000 | | b -Bank Loans - Current Portion | 86,000 | 63,000 | 102,000 | 57,000 | 55,000 | | c Other Short-Term Finance, including: | 410,000 | 496,000 | 612,000 | 513,000 | 649,000 | | -Due to Group, Current | 0 | 0 | 32,000 | 27,000 | 25,000 | | -Due to Directors, Current | 0 | 0 | 0 | 0 | 0 | | -Other Current Liabilities | - | - | - | - | - | | | | Short-Term Loans (a+b+c) | 496,000 | 559,000 | 714,000 | 570,000 | 704,000 | | | |
[6] Total Long-Term Liabilities consists of:
| | | | Long-Term Loans, which consists of: | 3,621,000 | 4,053,000 | 5,160,000 | 6,281,000 | 6,861,000 | | -Long-Term Bank Loans | 721,000 | 794,000 | 802,000 | 934,000 | 1,122,000 | | -Other Long-Term Finance including: | 2,900,000 | 3,259,000 | 4,358,000 | 5,347,000 | 5,739,000 | | -Due to Group, Non-Current | 0 | 0 | 0 | 0 | 0 | | -Due to Directors, Non-Current | 0 | 0 | 0 | 0 | 0 | | Other Long-Term Liabilities | 3,260,000 | 3,164,000 | 1,758,000 | 1,657,000 | 1,584,000 | | | |
[7] Share Capital and Reserves consists of:
| | | | Called-up Share Capital | 283,000 | 271,000 | 271,000 | 271,000 | 271,000 | | Sundry Reserves | 989,000 | 761,000 | 757,000 | 788,000 | 788,000 |  |
|  |
| |  | | | |
Date of Accounts
| 31/03/2006 | 31/03/2005 | 31/03/2004 | 31/03/2003 | 31/03/2002 | | | | Acid Ratio | 1.04 | 0.82 | 0.90 | 0.91 | 0.77 | | Profit/Capital Employed | 7.09 | 6.11 | 2.53 | 1.35 | -1.91 | | Current Liquidity | 1.07 | 0.84 | 0.92 | 0.94 | 0.80 | | Profit/Sales (%) | 7.28 | 6.60 | 3.04 | 1.76 | -2.40 | | Interest Burden | 49.06 | 53.83 | 54.81 | 69.66 | 214.94 | | Stock Turnover (days) | 3.56 | 3.94 | 3.67 | 4.13 | 4.77 | | Days Sales Outstanding (DSO) | 29.36 | 32.17 | 32.64 | 28.34 | 33.79 | | Cash Cycle (days) | 32.92 | 36.11 | 36.31 | 32.47 | 38.56 | | Days Purchases Outstanding (DPO) | - | - | 43.75 | 49.35 | 48.03 | | Creditor Days | 32.23 | 42.13 | 40.56 | 46.62 | 47.75 | | Profit/Total Assets (%) | 5.09 | 4.40 | 1.90 | 1.05 | -1.46 | | Profit/ Shareholders Funds (%) | 33.32 | 43.29 | 10.52 | 6.56 | -9.92 | | Sales/Total Assets (%) | 69.94 | 66.59 | 62.47 | 59.60 | 61.05 | | Sales/Fixed Assets | 1.08 | 0.93 | 0.88 | 0.81 | 0.80 | | Working Capital/Sales (%) | 2.78 | -6.59 | -3.06 | -2.33 | -7.70 | | Total Debt/Net worth (%) | 252.89 | 495.38 | 290.94 | 361.72 | 403.25 | | Shareholders Funds/Total Assets | 0.15 | 0.10 | 0.18 | 0.16 | 0.15 | | Long-term Debt/Net Worth (%) | 222.42 | 435.34 | 255.57 | 331.63 | 365.72 | | Interest/Pre-interest Profit | 49.06 | 53.83 | 54.81 | 69.66 | 214.94 | | Total Debt/Working Capital (%) | 17.37 | -9.01 | -25.43 | -38.27 | -11.78 | | Average Employee Remuneration
(£)
| 31,187 | 30,163 | 28,168 | 25,818 | 27,026 | | Wages/Sales (%) | 18.30 | 19.53 | 19.35 | 19.15 | 19.92 | | Profit per Employee
(£)
| 12,411 | 10,194 | 4,428 | 2,368 | -3,254 | | Sales per Employee
(£)
| 170,447 | 154,433 | 145,555 | 134,844 | 135,698 | | Capital Employed per Employee
(£)
| 174,990 | 166,951 | 175,302 | 175,325 | 170,208 | | Total Fixed Assets per Employee
(£)
| 170,246 | 177,125 | 179,749 | 178,465 | 180,654 | | Total Assets per Employee
(£)
| 243,690 | 231,908 | 232,985 | 226,260 | 222,291 | | Creditors/Debtors | 1.10 | 1.31 | 1.24 | 1.64 | 1.41 | | Debtors/Total Assets (%) | 5.63 | 5.87 | 5.59 | 4.63 | 5.65 | | Current Liabilities/Stocks | 41.35 | 38.92 | 39.42 | 33.38 | 29.37 | | Exports/Sales (%) | - | - | - | - | - | | Sales/Audit Fees | 4,655.55 | 4,640.00 | 5,046.73 | 4,925.05 | 5,405.06 | | Total Assets/ Audit Fees | 6,656.10 | 6,967.76 | 8,078.10 | 8,263.93 | 8,854.18 |  |
|  |
| |  | | 1 year
| 2 year
| 3 year
| 4 year
| | | | Turnover | 9.6 | 12.6 | 10.8 | 2.1 | | Pre-tax Profit | 20.9 | 169.6 | 359.3 | - | | Audit Fees | 9.2 | 22.1 | 17.2 | 18.5 | | Directors Remuneration | 103.4 | 175.8 | 199.2 | 229.8 | | Number of Employees | -0.7 | -3.8 | -12.4 | -18.7 | | Employees Remuneration | 2.6 | 6.5 | 5.8 | -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 | -1.2 | 9.2 | -4.6 | -23.9 | | Trade Debtors | 0.0 | 1.3 | 14.7 | -11.3 | | Total Current Assets | 33.1 | 32.7 | 34.6 | 43.4 | | Total Assets | 4.3 | 0.6 | -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 Liabilities | 5.0 | 14.6 | 18.2 | 7.2 | | Net Cash | 65.2 | 1,317.2 | 308.6 | 1,317.2 | | Shareholders Funds | 57.0 | -14.9 | -9.6 | -7.7 | | Net Worth | 74.9 | -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 Employed | 4.0 | -4.0 | -12.5 | -16.4 |  |
|  |
| |  | | This comparison is based on the results of 62 companies in the same industrial sector: 62101 Scheduled passenger air transport |  | | Company | Industry Averages | | 31/03/2006 |
Lower
|
Median
|
Upper
|  | |
Performance
| | | | Profit/Sales (%) | 7.28 | 0.05 | 1.64 | 4.15 | | Profit/Capital Employed (%) | 7.09 | 0.98 | 3.92 | 11.23 | | Profit/Total Assets (%) | 5.09 | 0.07 | 1.86 | 4.35 | | Profit/Shareholders Funds (%) | 33.32 | 6.87 | 11.15 | 27.36 | | | |
Turnover
| | | | Sales/Total Assets (%) | 69.94 | 62.47 | 99.15 | 192.45 | | Sales/Fixed Assets (%) | 1.08 | 1.28 | 3.75 | 15.71 | | Working Capital/Sales (%) | 2.78 | 1.01 | -3.06 | -14.62 | | Stock Turnover (days) | 3.56 | 7.00 | 5.00 | 3.00 | | Credit Period (days) | 29.36 | 32.88 | 22.61 | 12.03 | | Creditor Days | 32.23 | 40.56 | 24.19 | 16.16 | | | |
Liquidity
| | | | Current Ratio | 1.07 | 0.62 | 0.89 | 1.03 | | Liquidity Ratio | 1.04 | 0.55 | 0.84 | 0.98 | | | |
Gearing
| | | | Total Debt/Net Worth (%) | 252.89 | 309.26 | 153.63 | 54.22 | | Shareholders Funds/Total Assets | 0.15 | 0.10 | 0.21 | 0.33 | | Long Term Debt/Net Worth (%) | 222.42 | 269.79 | 114.88 | 5.43 | | Interest/Pre-interest Profit | 49.06 | 54.81 | 20.86 | 5.31 | | Total Debt/Working Capital | 17.37 | - | - | - | | | |
Employee
| | | | Average Employee Remuneration
(£)
| 31,187 | 23,644 | 25,826 | 33,532 | | Wages/Sales (%) | 18.30 | 19.59 | 14.35 | 11.64 | | Profit per Employee
(£)
| 12,411 | 203 | 3,427 | 10,044 | | Sales per Employee
(£)
| 170,447 | 145,555 | 184,577 | 262,738 | | Capital Employed per Employee
(£)
| 174,990 | 22,117 | 55,835 | 175,302 | | Total Fixed Assets per Employee
(£)
| 170,246 | 28,184 | 74,077 | 177,562 | | Total Assets per Employee
(£)
| 243,690 | 87,091 | 143,650 | 319,299 | | | |
Other
| | | | Creditors/Debtors | 1.10 | 0.53 | 1.29 | 2.32 | | Debtors/Total Assets (%) | 5.63 | 2.63 | 5.72 | 10.61 | | Current Liabilities/Stocks | 41.35 | 13.90 | 22.67 | 55.31 | | Exports/Sales (%) | - | - | - | - | | Sales/Audit Fees | 4,655.55 | 1,091.81 | 3,928.22 | 6,696.80 | | Total Assets/Audit Fees | 6,656.10 | 694.30 | 3,212.64 | 8,078.10 |
|  |
| |  | | 26/07/2006 | Returns of allotments of a public company | | 06/02/2006 | Memorandum of satisfaction | | 07/01/2006 | Change among the directors of a company | | 18/10/2005 | Particulars of a mortgage or charge | | 28/07/2005 | Alteration in memorandum or articles of association | | 02/03/2005 | Particulars of a mortgage or charge | | 01/03/2005 | Particulars of a mortgage or charge | | 10/01/2005 | Particulars of a mortgage or charge | | 23/12/2004 | Particulars of a mortgage or charge | | 15/12/2004 | Particulars of a mortgage or charge |
|  |
| |  | |
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 |
|