DURHAM TEES VALLEY AIRPORT - 5
There's an assumption there that the £20m hasn't been spent - the initial purchase price seems so low because it was recognised that the airport needed investment to survive, i.e. that the new owner would have to spend as the LA's didn't have the money to do so.
There is also an acceptance in the original report that if the investment was made then the LA's shareholding would be reduced (i.e. 'diluted')
As the dilution proposal wasn't laughed off by at least Darlington's legal department, it seems that they at least are happy that Peel have made the contractually required investment (I know, I can't see where either.)
There is also an acceptance in the original report that if the investment was made then the LA's shareholding would be reduced (i.e. 'diluted')
As the dilution proposal wasn't laughed off by at least Darlington's legal department, it seems that they at least are happy that Peel have made the contractually required investment (I know, I can't see where either.)
Last edited by SWBKCB; 12th Jan 2012 at 06:02.
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KLM Saturday
I know KLM loads average c60% throughout the week and I also know the Saturday afternoon flight is one of the weakest of the week, but even I was surprised to hear of just 15 departing passengers on KL1538 this Saturday afternoon. Not good.
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Virgin
A maintenance base? Thay have more wide-bodies including A380s on the way and little space for such activities at Heathrow. I see heavy maintenance as a potential outlet for smaller airfields with decent runways and space for hangarage. Airports like MME, BLK, and DCS should be looking to attract this sort of high skills employer and stop chasing the stag weekend passenger. It will be of benefit to the UK as a whole.
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VS already have B744 hangars at both LHR and LGW with the A380 order filed under "unlikely" to be fulfilled. Surely they could do business with someone like PIK without having to actually buy an airport to put up a hangar.
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Airports like MME, BLK, and DCS should be looking to attract this sort of high skills employer
Provisional CAA stats out for December 2011.
Passengers for Dec 2011 were 12,322, up 2.4% compared to Dec 2010. I remember that Heathrow closed due to snow in Dec 2010, but can't remember what happened to MME
Annual passengers for 2011 were 190,284, down 15.3% compared to 2010
As a reference, 1972 saw 162,000 passengers, while 1973 saw 212,000 passengers.
Passenger Figures
Passengers for Dec 2011 were 12,322, up 2.4% compared to Dec 2010. I remember that Heathrow closed due to snow in Dec 2010, but can't remember what happened to MME
Annual passengers for 2011 were 190,284, down 15.3% compared to 2010
As a reference, 1972 saw 162,000 passengers, while 1973 saw 212,000 passengers.
Passenger Figures
Just to restate previous postings - Peel Airport are the major shareholders in DTVA. VAS are the major shareholders in Peel Airports.
Anything going to DTVA will go to Peel Airports, anything going to Peel Airports will go to VAS.
I'd be very surprised if IAG haven't taken account of the potential liability of the DTVA/bmibaby case in any deal.
Anything going to DTVA will go to Peel Airports, anything going to Peel Airports will go to VAS.
I'd be very surprised if IAG haven't taken account of the potential liability of the DTVA/bmibaby case in any deal.
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Consultative commitee want answers
An angry response from the airport consultative committee.
Anger after Durham Tees Valley Airport's owners snub meeting (From The Northern Echo)
Anger after Durham Tees Valley Airport's owners snub meeting (From The Northern Echo)
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Considering should Tees Valley Airport close, which seems more & more likely (Especially for passenger services), wouldn't the best alternative be to provide better, faster and more comfortable surface links to Newcastle Airport via Coach & Rail. In particular from the East of the region; Midllesbrough & Stockton are not served well,(in terms of Comfort & Speed) although the cost in providing better rail rolling stock, interlining with the Metro to Newcastle Airport and regular Direct Airport Coach services, would be far less than those costs associated in attempting recue of a failing Tees Airport. There may be further benefits in this approach, attracting more services to the North East's wider region, with a larger catchment population. Thoughts!
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NorthboundA1 I don't know what your "source" is but I would not put too much reliance on this.
Even IF it were true that BMI compensation was "on the horizon" it should not have any impact on any sale of DTV. There are many ways that any forthcoming income can be "ring fenced" by Peel Airports Ltd (PAL).
What you should do is read a copy of the latest published accounts of "Durham Tees Valley Airport Limited " for the APE 31 March 2011, obtainable for £1 from Companies House. These will provide you with an insight as to what has actually being going on. Short of having some relevant accountancy experience you may struggle with some of the intercompany transactions, which are now subject to a very complex group structure creating "smoke & mirrors" at every oportunity.
There has as such been substantial intercompany transactions which interestingly enough reflects an amount of £24 Million owing to "parent and fellow subsidiary undertakings" i.e. "should" funds be received by DTVA, then there is every justifiaction necessary to pay such sums of money straight out of DTVA and into PAL or some other remote entity.
Whilst before getting too carried away it should be noted that the accounts do not insofar as I noted, contain any reference to any potential sum due in respect of an outstanding court case. If I am correct & a large material sum "did appear" then if I were a shareholder then the first question I'd address would be one of disclosure to the Auditors.
A more pragmatic view may be that upon appraising these accounts, to form the opinion that DTVA Limited is a hopeless "basket" case. An impairment review of the company's assets in the previous year (required by VAS) resulted in an operating loss for APE March 2010 of £37.8 Million, whilst the operating loss was down to a more managable £1.3 Million in 2011, there is nothing positive to take.
However if one's curiosity is stimulated by these figures then something may be gleened in the obtaining of the earlier years accounts for DTVA, (obtainable from the same source) as they may give some insight as to how / where the valuation placed on "Land , Buidings and Assets in the course of construction of £25.5 Million at April 2010 was arrived at
Even IF it were true that BMI compensation was "on the horizon" it should not have any impact on any sale of DTV. There are many ways that any forthcoming income can be "ring fenced" by Peel Airports Ltd (PAL).
What you should do is read a copy of the latest published accounts of "Durham Tees Valley Airport Limited " for the APE 31 March 2011, obtainable for £1 from Companies House. These will provide you with an insight as to what has actually being going on. Short of having some relevant accountancy experience you may struggle with some of the intercompany transactions, which are now subject to a very complex group structure creating "smoke & mirrors" at every oportunity.
There has as such been substantial intercompany transactions which interestingly enough reflects an amount of £24 Million owing to "parent and fellow subsidiary undertakings" i.e. "should" funds be received by DTVA, then there is every justifiaction necessary to pay such sums of money straight out of DTVA and into PAL or some other remote entity.
Whilst before getting too carried away it should be noted that the accounts do not insofar as I noted, contain any reference to any potential sum due in respect of an outstanding court case. If I am correct & a large material sum "did appear" then if I were a shareholder then the first question I'd address would be one of disclosure to the Auditors.
A more pragmatic view may be that upon appraising these accounts, to form the opinion that DTVA Limited is a hopeless "basket" case. An impairment review of the company's assets in the previous year (required by VAS) resulted in an operating loss for APE March 2010 of £37.8 Million, whilst the operating loss was down to a more managable £1.3 Million in 2011, there is nothing positive to take.
However if one's curiosity is stimulated by these figures then something may be gleened in the obtaining of the earlier years accounts for DTVA, (obtainable from the same source) as they may give some insight as to how / where the valuation placed on "Land , Buidings and Assets in the course of construction of £25.5 Million at April 2010 was arrived at
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Smoke and mirrors
Skyman, thank you for the figures. The post has picked up again.
The land is after all what Peel have been after all along
the request for funds from the councils was just the big stick to keep them in check.
If and I agree its a big IF a buyer is found to operate it as a passenger venue, how much of the land will the new operator be purchasing?
I only ask this as with all the smoke and mirrors of Peel selling shares off to VAS etc, the valuable south side land (cargo centre area) would appear to be still in the hands of peel plc the parent company, after any airport sale!
No doubt the plans have already been drawn up for the buildings whatever form they make take, especially as the empire were looking into moving the big gas pipe? Did any of the farms which are up for sale find a buyer?
A good pic of the ex DTV D.O. (grass cutter) telling the DTV director it was "THIS BIG" refering to the big cat seen roaming the field in this article
Durham Tees Valley Airport boss speaks out - Local News - News - Gazette Live
The land is after all what Peel have been after all along
the request for funds from the councils was just the big stick to keep them in check.If and I agree its a big IF a buyer is found to operate it as a passenger venue, how much of the land will the new operator be purchasing?
I only ask this as with all the smoke and mirrors of Peel selling shares off to VAS etc, the valuable south side land (cargo centre area) would appear to be still in the hands of peel plc the parent company, after any airport sale!
No doubt the plans have already been drawn up for the buildings whatever form they make take, especially as the empire were looking into moving the big gas pipe? Did any of the farms which are up for sale find a buyer?
A good pic of the ex DTV D.O. (grass cutter) telling the DTV director it was "THIS BIG" refering to the big cat seen roaming the field in this article
Durham Tees Valley Airport boss speaks out - Local News - News - Gazette Live
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Northbound A1
So you say, but having not viewed earlier years accounts, then there should presumaby be evidence of any property disposals in the fixed asset notes of such publications if your assumptions are to be ratified.......
As for myself, then I remain to be convinced.
The land is after all what Peel have been after all along
As for myself, then I remain to be convinced.