Belfast Telegraph

Company report: Belfast International Airport Ltd

By John Simpson

Belfast International Airport (BIA) was originally a wholly-owned subsidiary of Belfast International Airport Holdings. In July 2012 it was sold to another subsidiary in the same Spanish group, TBI Airport Holdings, for £105.9m. In 2013 the company was sold again to an American parent company, ADC & HAS Airports Worldwide based in Houston, for an undisclosed amount.

The airport has reported improved trading results for 2015. Turnover was up by 6% while passenger numbers increased by nearly 9%. In 2014 there were just over 4m passengers: in 2015 the number was just short of 4.4m. Although passenger numbers increased, they were still lower than the 5.2m registered seven years ago in 2008-09.

The increase in passenger numbers means that the average earnings per passenger actually fell slightly, from £7.28 in 2014 to £7.08 in 2015.

The small improvement in total revenue was reflected in a small improvement in the recorded operating profit which, in 2015, represented less than 2% of turnover. After the inclusion of net interest charges, the pre-tax position was again negative. Pre-tax losses were slightly lower, at £1.6m.

The balance sheet value of shareholders' funds, now adjusted to the new accounting FRS 101 standards, increased at the end of 2015 to £72.4m. The current value of shareholders' funds is realigned to FRS 101 and was seriously reduced five to six years ago when the assessment was reduced by adjustments for significant unrealised deficits in the valuation of the total investment.

Belfast Telegraph