|
Post by kirmingtonuser on Feb 9, 2018 18:14:59 GMT
These figures are taken from the filed accounts of Humberside International Airport Limited for the year ended 31st March 2017. The audit report has not been qualified and the company has been described as possessing very good creditworthiness.
£000's
Turnover 8,445 Operating profit 162 Pre tax profit 181 Post tax profit 508
Wages and salaries 3,666 Depreciation 982
Total assets 26,080 Liabilities (5,799) Net assets 20,281
Share capital 8,650 Profit and loss account 5,132 Sundry reserves 81 Revaluation reserve 6,418 Net worth 20,281
|
|
|
Post by mrmoose on Feb 9, 2018 20:40:37 GMT
Looks like a viable business to me - operating profitably, net assets worth more than liabilities. Compared to DSA's recent accounts, these look very healthy indeed!
|
|
|
Post by pug on Feb 9, 2018 23:57:00 GMT
Question is, how long can Eastern keep going. They seem to be on a slippery slope.
|
|
|
Post by humbermotor on Feb 10, 2018 10:11:56 GMT
Understand some reservation staff are going, have gone, what else is happening to suggest on a slippery slope?
|
|
|
Post by pug on Feb 10, 2018 10:30:11 GMT
Generally feeling from some people working there. The tie in with Flybe is of main concern.. are they shifting office function over to BE with a view to scaling back on their own scheduled services? It’s gone from an award winning airline with a solid niche to one which appears perhaps bloated and a little directionless.
Of course these are observations from an outsiders perspective.
|
|
|
Post by humbermotor on Feb 10, 2018 12:29:20 GMT
...or could it be Major shareholder becoming more involved and/or having more influence? Just a thought
|
|
|
Post by kirmingtonuser on Feb 10, 2018 20:59:20 GMT
On the subject of shareholdings, Eastern purchased the major holding from Manchester Airports Group in August 2012. Bristow acquired Eastern in February 2014.
It looks as though there was a capital reconstruction of HUY at the time of MAG's disposal. Liabilities fell from £29.512m at 31st March 2012 to £2.323m at 31st March 2013. Over the same period, reserves rose by £27.317m (The profit and loss account from £20.383 negative to £3.841 positive and sundry reserves from £.081 to £3.174). The liabilities seem to have included interest-bearing loans because the difference between operating and pre-tax results has improved by over £1.1m per annum since this re-arrangement. It may have been an inter-group loan and there may also have been inter-group overhead charges which were depressing the operating results.
The annual results are as follows £000's. :-
Operating profit [Pre-tax profit] {Post-tax profit} 31/3/2010 -581. [-1,857]. {-1842} 31/3/2011 402. [-741]. {-1071} 31/3/2012 -105. [-1,151] {-1,210}
31/3/2013 457. [535]. {322} 31/3/2014 -75 [-85]. {6} 31/3/2015 569. [582]. {590} 31/3/2016 641. [662]. {145} Also revaluation +2,732. 31/3/2017. 162. [181]. {508}
|
|
|
Post by humbermotor on Feb 14, 2018 9:47:36 GMT
Bristow only acquired circa 64% of Eastern in Feb 2014 which gave them circa 50% of Airport.
Eastern Reservation staff made redundant last Thursday and went same day. A Couple kept on for Customer services.
|
|
|
Post by kirmingtonuser on Feb 12, 2019 18:12:34 GMT
Humberside International Airport Limited results for the year ended 31st March 2018.
£000's
Turnover 8,101 Cost of sales (8,259) Operating loss (158) Pre-tax loss (230) Taxation (503) Post-tax loss (733)
Total capital and reserves (net assets) 19,548
|
|
|
Post by kirmingtonuser on Feb 14, 2019 20:26:48 GMT
The annual report does not give much more information in addition to the annual accounts, but does have a comment on offshore activity as follows:-
'During the year offshore movements declined due to a reduction of activity in the oil and gas sector. This has been mitigated in part by a reduction in the underlying costs. Movements are expected to pick up in 2019 with work on the offshore wind farms increasing.'
The tax note explains how there came to be a tax charge in a year in which a small loss was reported. The main factors were :- Non-deductible expenses £110,000 Derecognition of previously recognised tax losses £424,000
|
|
|
Post by kirmingtonuser on Jan 11, 2020 15:42:10 GMT
Humberside International Airport Limited Year Ended 31st March 2019.
£000's
Turnover 8,627 Cost of sales 8,627 Operating profit 0 Pre-tax profit 68 Tax credit 222 Post-tax profit 290
Fixed assets 21,146 Current assets 4,752 Total liabilities (6,060) Net assets 19,838
Issued capital 8,650 Profit and loss account 4,641 Sundry reserves 81 Revaluation reserve 6,466 Net worth 19,838
Company Searches Made Simple credit rating 83 (very good creditworthiness) - previous rating 79.
|
|
|
Post by kirmingtonuser on Jan 17, 2020 21:46:33 GMT
Points from the annual report for the year ended 31st March 2019.
Strategic report
' During the year, oil and gas activity reduced, however this was mitigated by an increase in the renewables sector. This has resulted in an increased footfall through the airport, increasing passenger revenue. The airport continues to actively market the investment properties it holds to maximise rental income. The above factors have led to the airport improving its position from a loss in the prior year to break even.'
Note 21
'On 10th May 2019 the company was sold by the parent company Eastern Airways International Limited. The ultimate parent company and ultimate controlling party remain Bristow Aviation Holdings Limited and parent of the largest group in which the results of the company are consolidated remains Bristow Group Inc.'
(The North Lincolnshire Council shareholdings remain unchanged at 17.3% of the total).
|
|
|
Post by kirmingtonuser on Feb 13, 2021 12:04:16 GMT
Humberside International Airport Limited year ended 31st March 2020.
£000's 2020 [2019]
Turnover 8,835 [8,627] Gross (loss) / profit (7,277) [0] (Loss)/profit on fair value of investment properties (305) [50] Operating (loss) / profit (7,582) [50] Interest (paid)/received (29) [18] (Loss) / profit before tax (7,611) [68] Tax credit 671 [223] Post tax (loss) / profit (6,940) [291]
Net assets per balance sheet 12,854 [19,838]
Operating loss is arrived at after charging the following:-
Depreciation 683 [947] Impairment charge 7,501 [0] Loss of fair value of investment properties 305 [0]
Oil and gas activity continued to decline, together with effects of the global Covid-19 pandemic. The company has maintained its revenue in a difficult market. The £7.5m Impairment charge was due to challenging market conditions.
The directors expect the company to continue its current trade for the foreseeable future.
It is possible to play about with the above figures in order to compare this year's results with last year's operating profit of £50,000.
£000's Operating loss reported (7,582) Add back impairment 7,501 Add back loss of fair value of investment properties 305 Less reduction in depreciation (if caused by impairment) (264) Adjusted operating loss (40)
|
|
|
Post by kirmingtonuser on Jan 4, 2022 21:11:38 GMT
Humberside International Airport Limited. Year ended 31st March 2021.
£000's
Turnover 3,445 Cost of sales (5,237) _______ Gross loss (1,792) Job retention scheme 1,154 Profit on disposal of tangible assets 15 Gain on fair value of inv. properties 410 ______ Operating loss (213) Interest payable (28) ______ Loss before tax (241) Tax credit on loss 108 ______ Loss for the financial year (133) ======
Airline turnover 1,286 (2020 3,629) Commercial and property income 2,159 (5,205)
Called up share capital 8,650 Share premium account 81 Investment property reserve 6,571 Profit and loss account (2,659) ______ Shareholders funds 12,643 ======
'During the year oil and gas and other passenger activity at the airport significantly declined as a result of the global Covid-19 pandemic restricting travel and business activity. Turnover reduced from £8,8m to £3.4m in a difficult market.'
Considering the appalling operating conditions during the financial year, the reported loss is remarkably small. The operating loss of (213) has been flattered by a gain on fair value of investment 410. Taking this into account, the adjusted operating loss would be (623). This compares with an adjusted figure of (40) for the previous year.
|
|
|
Post by kirmingtonuser on Jan 8, 2023 12:47:33 GMT
Humberside International Airport Limited. Year ended 31st March 2022.
£000's
Turnover 5,190 [Airline 1,744 Commercial and property 3,446] Cost of sales (6,178) _________________ Gross loss (988) Job retention scheme 442 Profit on disposal of tangible assets 15 Gain on fair value of investment properties 150 _________________ Operating loss (381) Interest payable (39) _________________ Loss before tax (420) Tax on loss (36) _________________ Loss for financial year (456)
Called up share capital 8,650 Share premium account 81 Investment property reserve 5,391 Profit and loss account (1,934) _________________ Shareholders funds 12,188
|
|