Ormai i servizi aeroportuali sono in perdita, Go Ahead non ce la faceva più a sostenere le perdite di Aviance e Plane Handling.
http://www.go-ahead.com/goahead/media/news/2009news/2009-12-03
GO-AHEAD TO SELL THE MAJORITY OF ITS AVIATION GROUND HANDLING AND CARGO OPERATIONS
03 December 2009
Go-Ahead is pleased to announce that it has exchanged contracts to sell the majority of its aviation ground handling and cargo operations.
The sale consists of separate agreements under which most of the Group’s ground handling and cargo operations at Heathrow will be sold to Dnata and most of the Group’s ground handling operations outside Heathrow will be sold to Servisair UK Limited (“Servisair”). Completion for both agreements is expected at the end of January 2010, subject to contract.
Keith Ludeman, Group Chief Executive of Go-Ahead, said: “We are pleased to be selling these operations to two highly respected companies whose core businesses include aviation ground handling and cargo. We will be spending the next two months working closely with Dnata, Servisair and our customers and employees to maintain a high quality of service and ensure a smooth transition at the end of January. This announcement marks another important step in delivering the Group’s strategy which focuses on growing our core bus and rail operations.”
Dnata agreementDnata will acquire 100% of the issued share capital of Plane Handling Ltd, consisting of cargo operations at Heathrow and Manchester and ground handling operations at Heathrow Terminal 3. In addition, it will acquire the passenger and ground handling assets and employees of aviance at Heathrow Terminals 3 and 4. The total cash consideration is £15m, assuming no net debt and normal levels of working capital and is payable by Dnata on completion.
Servisair agreementUnder this asset sale agreement by aviance, Servisair will acquire the ground handling operations at 11 UK airports (Aberdeen, Belfast International, Belfast Harbour, Birmingham International, Cardiff, Edinburgh, Glasgow, Luton, Manchester, Southampton and Stansted), the aviance passenger lounge operation at Gatwick and the aviance cargo operations at Stansted for a nominal upfront cash consideration.
Retained aviation services division activitiesGo-Ahead will retain responsibility for a small number of activities at Heathrow, primarily to support remaining ground handling contracts at Terminal 1 into the first half of 2011. The expected losses from these activities will be provided for as at 31 December 2009 as part of the transaction.
Go-Ahead will also continue to operate its Meteor parking business which is not affected by the above transactions.
Financial impact on the aviation services division of Go-AheadAt this stage, the above transactions are expected to be broadly cash neutral, with proceeds of £15m offset by the estimated cost of residual liabilities, future losses under the retained ground handling activities at Heathrow and other transaction costs. All of these costs will be provided for in the first half of this financial year, resulting in £Nil net proceeds compared to a carrying value of approximately £20m for the ground handling and cargo operations. On this basis, we will recognise an exceptional loss on sale of approximately £20m in the first half of this financial year relating to the above transactions.
In addition, we expect to recognise an exceptional, non cash impairment charge relating to the Meteor parking operations of approximately £15m in the first half of this year, writing down the carrying value of these operations to £Nil following a strategic review of the business.
As a result of the above, the operating profit for this division (before amortisation and exceptional items) for this financial year to June 2010 is expected to be close to breakeven, compared to a loss of £4.5m last year.
Ends
http://www.go-ahead.com/goahead/media/news/2009news/2009-12-03
GO-AHEAD TO SELL THE MAJORITY OF ITS AVIATION GROUND HANDLING AND CARGO OPERATIONS
03 December 2009
Go-Ahead is pleased to announce that it has exchanged contracts to sell the majority of its aviation ground handling and cargo operations.
The sale consists of separate agreements under which most of the Group’s ground handling and cargo operations at Heathrow will be sold to Dnata and most of the Group’s ground handling operations outside Heathrow will be sold to Servisair UK Limited (“Servisair”). Completion for both agreements is expected at the end of January 2010, subject to contract.
Keith Ludeman, Group Chief Executive of Go-Ahead, said: “We are pleased to be selling these operations to two highly respected companies whose core businesses include aviation ground handling and cargo. We will be spending the next two months working closely with Dnata, Servisair and our customers and employees to maintain a high quality of service and ensure a smooth transition at the end of January. This announcement marks another important step in delivering the Group’s strategy which focuses on growing our core bus and rail operations.”
Dnata agreementDnata will acquire 100% of the issued share capital of Plane Handling Ltd, consisting of cargo operations at Heathrow and Manchester and ground handling operations at Heathrow Terminal 3. In addition, it will acquire the passenger and ground handling assets and employees of aviance at Heathrow Terminals 3 and 4. The total cash consideration is £15m, assuming no net debt and normal levels of working capital and is payable by Dnata on completion.
Servisair agreementUnder this asset sale agreement by aviance, Servisair will acquire the ground handling operations at 11 UK airports (Aberdeen, Belfast International, Belfast Harbour, Birmingham International, Cardiff, Edinburgh, Glasgow, Luton, Manchester, Southampton and Stansted), the aviance passenger lounge operation at Gatwick and the aviance cargo operations at Stansted for a nominal upfront cash consideration.
Retained aviation services division activitiesGo-Ahead will retain responsibility for a small number of activities at Heathrow, primarily to support remaining ground handling contracts at Terminal 1 into the first half of 2011. The expected losses from these activities will be provided for as at 31 December 2009 as part of the transaction.
Go-Ahead will also continue to operate its Meteor parking business which is not affected by the above transactions.
Financial impact on the aviation services division of Go-AheadAt this stage, the above transactions are expected to be broadly cash neutral, with proceeds of £15m offset by the estimated cost of residual liabilities, future losses under the retained ground handling activities at Heathrow and other transaction costs. All of these costs will be provided for in the first half of this financial year, resulting in £Nil net proceeds compared to a carrying value of approximately £20m for the ground handling and cargo operations. On this basis, we will recognise an exceptional loss on sale of approximately £20m in the first half of this financial year relating to the above transactions.
In addition, we expect to recognise an exceptional, non cash impairment charge relating to the Meteor parking operations of approximately £15m in the first half of this year, writing down the carrying value of these operations to £Nil following a strategic review of the business.
As a result of the above, the operating profit for this division (before amortisation and exceptional items) for this financial year to June 2010 is expected to be close to breakeven, compared to a loss of £4.5m last year.
Ends