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Post by kirmingtonuser on Jan 9, 2018 0:13:54 GMT
There is a recent pprune posting mentioning the annual results. It includes a link to a synopsis provided on the Inside Media Limited website.
For the year ending 31st March 2017, turnover of Doncaster Sheffield Airport Limited was £10.6m. (2015/2016 was £8.5m.)
Pre-tax loss for the year ending 31st March 2017 was £22.2m. (£11.7m loss in 2015/2016).
The loss was arrived at after charging costs associated with commercial agreements, establishing new revenue streams, (which facilitated 'exceptional passenger and cargo growth'). There was also a charge of £6.6m for impairment of fixed assets. (This presumably means that underlying losses are running at £15.6m on turnover of £10.6m).
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Post by kirmingtonuser on Jan 11, 2018 20:33:22 GMT
The following information is taken from the filed accounts of Doncaster Sheffield Airport Limited for the year ended 31st March 2017.
£000's 2017. 2016.
Profit and loss account.
Turnover (airport charges, rental and other) 10,614. 8,544. Cost of sales (no detail provided). (18,880). (7,697) Gross (loss)/profit (8,266). 847 Impairment of tangible fixed assets (6,596). (3,655) Other administrative expenses (6,291) (6,625) Operating loss (21,153). (9,433) Interest payable. (1,017). (2,259) Loss before taxation (22,170) (11,692) Tax credit on loss 2,440 2,040 Post tax loss for the year (19,730) (9,652)
Balance sheet.
Investment properties. 5,650. 5,650 Stocks 32. 53 Debtors 6,917. 3,537 Cash 2,111 . 0 Creditors falling due within one year (42,026) (29,103) Creditors falling due after more than one year 0. (37,723) Total (27,316). (57,586)
Share capital 162,054. 112,054 Profit and loss account (189,370). (169,640) Shareholders' deficit (27,316) (57,586)
There was an issue of £50m of new shares during the year. A bank loan of £35m was repaid.
Passengers 2017 1,236,691. 2016 903,864
Note 9 Tangible fixed assets Cost or valuation 31/3/2017 Land and buildings 63,277 Runways, lighting and car parks 35,902 Other assets 23,330 Total 122,509 Impairment and depreciation (122,509) Net book value 0.
Note 15 Deferred taxation. The company has trading losses carried forward at 31st March 2017 of £23.847m. These losses have not been recognised at the balance sheet date as the losses are not expected to be utilised in the foreseeable future.
The directors have received confirmation that Peel Investments (RHADS) will continue to provide the necessary level of support to enable the company to continue to operate for the foreseeable future. In considering the ability of Peel to provide any necessary support in the context of the uncertainties it faces as a result of the current economic climate, the directors have obtained an understanding of Peel's forecasts, the continuing availability of its facilities and its strategic and contingent plans. Taking all these factors into account the directors have a reasonsable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt the going concern basis in preparing the annual report and financial statements.
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pug
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Post by pug on Jan 11, 2018 22:36:26 GMT
That last paragraph seems ominous.
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Post by kirmingtonuser on Jan 13, 2018 23:57:17 GMT
The Going concern note in the Durham Tees Valley Airport Limited accounts for the year ended 31st March 2017 is identical except that their holding company is named as Peel Airports Holdings (IOM) Limited.
International Airlines Group's latest interim report states :- The Directors consider that the Group has adequate resources to remain in operation for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the interim financial statements.
Flybe's interim report to 30th September 2016 had the following (the note in the subsequent annual report carried somewhat more detail) :- The directors have prepared a detailed trading budget and cash flow forecast for a period which covers at least 12 months after the date of approval of these condensed interim financial statements. Having considered the forecasts and making enquiries, the directors have a reasonable expectation that Flybe has adequate resources to continue in operational existence for the foseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the condensed financial statements.
For comparison with a more topical institution, the Carillion half year results to 30th June 2017 stated :- The board has undertaken a rigorous assessment of the forecast assumptions that support the going concern basis, taking into account the Group's existing debt levels, the financial forecasts, the committed funding and liquidity position and the strategies available to the business on working capital management and disposals. The Board applies sensitive analysis to these forecasts to assess the impact of potential risks and opportunities in order to provide additional comfort on the level of headroom against available bank facilities. The Board's review also includes a forecast of the covenants associated with the Group's bank facilities and private placement funding to provide comfort and that funding covenants will continue to be met......... Taking account of the projected trading for the Group over the remainder of the year and the additional bank facility, the Company and the Group will be able to operate within the level of its available facilities and cash for the foreseeable future. For this reason and notwithstanding that the interim balance sheet shows a net liability position, the Board continues to adopt the going concern basis in preparing the interim financial statements.
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Post by kirmingtonuser on Jan 20, 2018 22:34:35 GMT
There is not a lot of detailed analysis of income and expenditure in the DSA accounts, but it is interesting to look at the increases over the previous year.
Overall turnover generated by each passenger fell from £9.45 in 2016 to £8.58 in 2017. This means that the extra 332,827 passengers (254,800 flying on Flybe) only generated £6.22 each.
Operating loss 2016 was £9.433m. Deduct impairment £3.655m because this represented the total capital expenditure for the year. Underlying operating loss £5.778m.
Operating loss 2017 was £21.153m. Deduct impairment £6.596m. Underlying operating loss £14.557m.
The increase in underlying operating loss is £8.779m. Divide this by 332,827 extra passengers and it shows an additional loss of £26.38 per passenger.
That is an additional cost to the airport of £52.76 on each return ticket sold on the newly generated routes. (With the proviso that in addition to the Flybe growth, there was growth on other routes of 78,000 passengers).
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pug
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Post by pug on Jan 21, 2018 12:53:55 GMT
Going concern?
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Post by kirmingtonuser on Feb 12, 2019 18:19:29 GMT
Doncaster Sheffield Airport Limited. Year ended 31st March 2018.
£000's
Turnover 9,634 Cost of sales (15,785) Operating loss (16,189) Pre-tax loss (18,067) Tax credit 2,680 Post tax loss (15,387)
Net assets (22,703)
Paid up capital 182,054 Profit and loss account (204,757) Net worth (22,703)
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Post by kirmingtonuser on Feb 14, 2019 21:29:22 GMT
As in the previous year, the only fixed assets showing as having any value are the investment properties, which remain at £5,650,000. Other fixed assets are written down to zero. This generated an impairment charge of £3,279,000 in the year ended 31st March 2018 compared with £6,596,000 in the previous year.
The overall operating loss improved to £16,189,000 compared with £21,153,000 in the previous year. Adding back the fixed assets impairment charge gives an idea of the underlying losses. (Otherwise they are inflated whenever capital expenditure is incurred). Underlying operating losses were £12,910,000 in the year ended 31st March 2018 compared with £14,557,000 in the previous year.
The pre-tax loss is higher as it is struck after an interest charge which rose to £1,879,000 from £1,017,000.
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Post by kirmingtonuser on Feb 15, 2019 22:13:34 GMT
There has been a sale and leaseback transaction affecting the land and buildings, runways lighting and car parks, and the investment properties. Note 10 to the accounts indicates that the investment properties, which were previously freehold, are now long term leasehold. The explanatory note reads :- 'The investment properties have been sold as part of a sales and leaseback of operational land at Doncaster Sheffield Airport Limited to another Peel Group company, Peel Investment Properties (Intermediate) Limited. The term of the lease is 99 years which attracts a nominal yearly rent.'
The operating assets are shown as follows £000's
Land and buildings at cost or valuation 31/03/17 63,277 Additions 2,463 Disposals (65,740) Cost or valuation 31/03/18 Nil Included in the cost of land and buildings is capitalised interest of Nil (2017 3,412)
Depreciation at 31/03/17 63,277 Depreciation for year 59 Impairment during year 2,404 Disposals (65,740) Balance at 31/03/18 Nil
Runways, lighting and car parks at 31/03/17 35,902 Additions 1,299 Disposals (37,201) Cost or valuation 31/03/18 Nil
Depreciation at 31/03/17 35,902 Depreciation for year 10 Impairment during year 1,289 Disposals (37,201) Balance 31/03/18 Nil
Other assets at 31/03/17 23,330 Additions 879 Depreciation 31/03/17 (23,330) Depreciation for year (41) Impairment during year (838) Net value at 31/03/18 Nil
The cash flow statement does not show that any cash flows resulted from the sale and leaseback arrangement. The losses were financed by a £20m capitalisation of inter-group loans.
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Post by kirmingtonuser on Jan 7, 2020 20:09:55 GMT
Doncaster Sheffield Airport Limited - year ended 31st March 2019
£000's
Turnover 11,524 Cost of sales (13,292) Operating loss (6,847) Pre-tax loss (7,692) Tax credit 2,102 Post tax loss (5,590)
Net assets (13,293)
Paid up capital 197,054 Profit and loss account (210,347) Net worth (13,293)
Per Company Searches Made Simple :- latest credit rating 42 (Creditworthy) - previous rating 48.
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Post by kirmingtonuser on Aug 11, 2020 9:42:44 GMT
Company Searches Made Simple have downgraded DSA's credit rating from 42 to 34 (creditworthy).
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Post by kirmingtonuser on Jan 13, 2021 17:23:34 GMT
Doncaster Sheffield Airport Limited. Year ended 31st March 2020.
Passengers 1,286,720 (1,160,779) Cargo 17,156 tons (16,473)
£000's 2020 (2019)
Turnover 11,708 (11,524) Cost of sales -11,631 (-13,292) Gross profit 77 (-1,768)
Impairment of fixed assets -3,206 (-1,998) Other administrative expenses -7,479 (-8,399) Other operating income 54 (163) Surplus on revaluation of investment properties 0 (5,155)
Operating loss -10,554 (-6,847) Interest payable -829 (-845) Loss before tax -11,383 (-7,692) Tax credit 114 (2,102) Loss after tax -11,269 (-5,590)
Share capital 31st March 2019 197,054 Issue of share capital 10,000 Share capital 31st March 2020 207,054 Accumulated losses (221,618)
Shareholders' deficit at 31st March 2020 (14,563)
The directors plan to continue with the existing principal activities in the foreseeable future.
Going Concern 'the directors have a reasonable expectation that the company has adequate resources to continue in operational existence'
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Post by kirmingtonuser on Jan 7, 2022 14:42:36 GMT
Doncaster Sheffield Airport Limited Year ended 31st March 2021
Passengers handled 167,284
£000's
Turnover 6,142 Cost of sales (10,360) _____ Gross loss (4,218) Impairment of fixed assets (573) Other administrative expenses (5,787) Airport and ground operations support scheme 1,172 Job retention scheme 679 Surplus on revaluation of investment property 101 _____ Operating loss (8,626) Interest payable (843) _____ Loss before taxation (9,469) Taxation on loss (98) _____ Loss for the financial year (9,567) =====
Called up share capital 207,054 Profit and loss account (231,184) _____ Shareholders deficit (24,130)
The report also includes an adjusted loss number:-
Operating loss excluding impairment and surplus on investment properties 2021 (£8.153m) 2020 (£7.348m)
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Post by kirmingtonuser on Jan 8, 2023 18:27:27 GMT
The latest annual report and accounts are now available on gov.uk/government/organisations/companies-house
The Strategic Report is well worth reading as it gives an interesting insight into DSA's underlying difficulties and the reasons for the ultimate failure of the business.
Doncaster Sheffield Airport Limited. Year ended 31st March 2022.
Passengers handled 403,896
£000's
Turnover 8,441 Cost of sales (9,331) ___________ Gross loss (890) Impairment of fixed assets (1,788) Other administrative expenses (6,874) Airport and ground operations support scheme 586 Job retention scheme 261 Other income 41 Surplus on revaluation of investment properties 4,489 ___________ Operating loss (4,175) Interest payable less interest receivable (948) __________ Loss before taxation (5,123) Tax credit on loss 506 ___________ Loss for the financial year (4,617)
Operating loss excluding impairment and surplus on investment properties (6,876)
'the financial statements have been prepared on a basis other than that of a going concern'.
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Post by pug on Jan 8, 2023 23:08:52 GMT
The latest annual report and accounts are now available on gov.uk/government/organisations/companies-house The Strategic Report is well worth reading as it gives an interesting insight into DSA's underlying difficulties and the reasons for the ultimate failure of the business. Doncaster Sheffield Airport Limited. Year ended 31st March 2022. Passengers handled 403,896 £000's Turnover 8,441 Cost of sales (9,331) ___________ Gross loss (890) Impairment of fixed assets (1,788) Other administrative expenses (6,874) Airport and ground operations support scheme 586 Job retention scheme 261 Other income 41 Surplus on revaluation of investment properties 4,489 ___________ Operating loss (4,175) Interest payable less interest receivable (948) __________ Loss before taxation (5,123) Tax credit on loss 506 ___________ Loss for the financial year (4,617) Operating loss excluding impairment and surplus on investment properties (6,876) 'the financial statements have been prepared on a basis other than that of a going concern'. Interesting to read from the horses mouth the situation with Wizz. I personally believe they had a deal to base 3 aircraft and would have been given rebates/reduced rates based on number of passengers handled. It’s this sort of detail that the Save DSA supporters tend to misunderstand this aspect of commercial agreements.
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