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Financial Report
 
 STATUTORY INFORMATION
Company name: VIRGIN ATLANTIC AIRWAYS LIMITED
 
Previous name(s): RITTER PUBLIC LIMITED COMPANY (until 15/05/1984)
 
Registered Number: 01600117 Incorporation Date: 26/11/1981
 
Registered Office: 120 CAMPDEN HILL ROAD
  LONDON
  W8 7AR
 
Latest Filed Accounts: 28/02/2006 Date Accounts Lodged: 30/06/2006
Analysed Accounts: 28/02/2006 Accounts Ref. Date: 28/02
 
Latest Annual Return: 01/08/2006 Issued Capital: GBP 4,497,498
 
Company Status: Large
  Private Limited with share capital
  English/Welsh companies incorporated under part 1 of the Companies Act
Type of Accounts: Full Accounts
 
 DIRECTORY INFORMATION
Trading Address: The Office Quarter
  Manor Royal
  Crawley
  Sussex
  RH10 9NU
 
Telephone Number: 01293562345 Fax Number: -
 
Region: SOUTH EAST
Bankers: 30-94-38 LLOYDS TSB BANK PLC
Auditors: KPMG LLP
Audit Opinion or Qualification: The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 28/02/2006.
Principal Activities: A group engaged in the operation of scheduled air services for the carriage of passengers and freight.
 
UK SIC Code(s):
62109Other scheduled air transport
62101Scheduled passenger air transport
 
 
 RISK INFORMATION
Todays Risk Score
61-100 Confidence Low Risk Potential
51-60 Normal Limited Risk Potential. Normal Terms
36-50 Caution Moderate Risk. Measured exposure.
1-35 Extra Caution High Risk Potential.
84Confidence
Low Risk
Risk Score
Todays 84
Previous 83 Until 10/07/2006
Credit Limit (GBP)
Todays 20,000,000
Previous 20,000,000 Until 10/07/2006
Risk Score Trend Credit Limit (GBP) Trend
28/02/20068328/02/200620,000,000
28/02/20058128/02/200510,000,000
29/02/20045029/02/20043,750,000
30/04/20038030/04/200315,000,000
Contract Limit (GBP): 250,000,000
The company has been established for more than 24 years. The period to 28/02/2006 saw a significant increase in Sales from £1,342,300,000 to £1,591,100,000. Pre-Tax Profits increased from £37,000,000 to £66,600,000. The resultant Profit Margin of 4.19% (previous = 2.76%) compares favourably with the industry average of 1.22%. Shareholders Funds increased from £150,300,000 to £215,900,000, whilst Total Assets increased from £973,700,000 to £1,176,800,000. The resultant Gearing Ratio of 0.18 (Previous = 0.15) compares unfavourably with the industry average of 0.41. This company operates in a sector which has historically generated a higher level of insolvency relative to the total population. CCJ information has been linked to this company - please see the list.
 
County Court Judgments Summary: Number of exact unsatisfied CCJs 1 Totalling: GBP2709.00
Number of probable unsatisfied CCJ None
Number of possible unsatisfied CCJs: None
 
Latest Ten Judgments:
On 14/01/2004, a judgment of £ 2709.00 was made in CROYDON court (Case No. CR306189) against VIRGIN ATLANTIC AIRWAYS LTD <, 120 CAMPDEN HILL ROAD, LONDON, W8 7AR, Ref. No. 2001401003 (exact match).
 
 
 OWNERSHIP
GROUP STRUCTURE
Holding Company: 02274332 VIRGIN TRAVEL GROUP LIMITED
Ultimate Holding Company: VIRGIN GROUP INVESTMENTS LTD [British Virgin Islands]
 
ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER
 
Name Share Class % Held Sales ('000) A/c Date Status
VIRGIN ATLANTIC ENGINEERING LIMITEDORDINARY100.0037,42528/02/2005Trading
VIRGAIR LIMITEDORDINARY100.0014,14828/02/2005Trading
VIRGIN ATLANTIC CONSOL LIMITEDORDINARY100.0010,26230/04/2001Non Trading
COURIER FACILITIES LIMITEDORDINARY6.671,72631/12/2005Trading
GREENART LIMITEDORDINARY100.0080128/02/2005Trading
THE AIRLINE GROUP LIMITEDORDINARY14.5215631/07/2005Trading
VIRGIN AIRWAYS LIMITEDORDINARY100.00-30/04/2000Non Trading
AIRPORTS BUREAU SYSTEMS LTD.ORDINARY4.90-30/06/2005Trading
OPENRIDE LIMITEDORDINARY100.00--Non Trading
 
 
 PROFIT & LOSS ACCOUNT
Date of Accounts 28/02/200628/02/200529/02/200430/04/200330/04/2002
Consolidated YYYYY
Subsidiary YYYYY
No. of Weeks 5252445252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
Audit Qual./Comment NoNoNoNoNo
 
Turnover [1]1,591,1001,342,3001,004,2201,124,2991,167,206
Cost of Sales1,282,5001,063,800813,003928,2911,089,205
Gross Profit308,600278,500191,217196,00878,001
Operating Profit [2]50,10048,80014,76434,206-106,070
Non-Trading Income26,200-4002,6146,0227,284
Interest Payable9,70011,4006,92810,83918,236
Pre-Tax Profit66,60037,00010,45029,389-117,022
Taxation1,00015,8008,2199,708-36,768
Profit After Tax65,60021,2002,23119,681-80,254
Dividends Payable-----
Retained Profit65,60021,2002,23119,681-80,254
 
Value Added330,554274,730201,811280,798247,522
 
 BALANCE SHEET
Date of Accounts 28/02/200628/02/200529/02/200430/04/200330/04/2002
Consolidated YYYYY
Subsidiary YYYYY
No. of Weeks 5252445252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
Tangible Fixed Assets [3]521,100517,800461,979437,284530,805
Intangible Assets-----
Total Fixed Assets558,100556,700493,911458,491539,755
 
Stocks23,70025,70019,89321,04318,246
Trade Debtors88,70072,60073,91265,86075,320
Cash363,000231,200140,587183,918169,357
Miscellaneous Current Assets [4]143,30087,500146,023101,195138,056
Total Current Assets618,700417,000380,415372,016400,979
 
Creditors: Amounts falling due within one year [5]553,200471,900390,736306,834319,890
 
Total Assets less Current Liabilities623,600501,800483,590523,673620,844
 
Total Liabilities960,900823,400745,254703,666833,574
 
Share Capital & Reserves [7]34,50034,50034,48734,48734,487
P & L Account Reserve181,400115,80094,58592,35472,673
Revaluation Reserve00000
Shareholders Funds215,900150,300129,072126,841107,160
Capital Employed623,600501,800483,590523,673620,844
 
Net Worth178,900111,40097,140105,63498,210
Working Capital65,500-54,900-10,32165,18281,089
 
Contingent Liabilities10,40017,20022,90016,20020,000
 
 CASH FLOW
Date of Accounts 28/02/200628/02/200529/02/200430/04/200330/04/2002
Consolidated YYYYY
Subsidiary YYYYY
No. of Weeks 5252445252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
Net Cash Flow from Operating Activities-----
Net Cash Flow from Return on Investment and Servicing of Finance-----
Net Cash Flow before Financing-----
Net Cash Flow from Financing-----
Increase in cash-----
 
 ACCOUNTS NOTES
Date of Accounts 28/02/200628/02/200529/02/200430/04/200330/04/2002
Consolidated YYYYY
Subsidiary YYYYY
No. of Weeks 5252445252
Currency (GBP '000) (GBP '000) (GBP '000) (GBP '000) (GBP '000)
 
[1] Exports----515,169
[2] Operating Profit is after charging the following
Employees Remuneration203,400180,100137,176142,547169,739
Directors Remuneration1,5001,3009717291,270
Audit Fees200200159207259
Non-Audit Fees2001001082260
Depreciation55,90027,10035,60589,220166,200
 
Average Number of Employees (actual)7,9777,4796,7996,5736,984
 
[3] Tangible Assets consist of
Fixed Assets391,600442,500411,109407,266499,649
Intermediate Assets129,50075,30050,87030,01831,156
which includes:
-Due from Group, Non-Current00000
 
[4] Miscellaneous Current Assets includes:
-Due from Group, Current12,0009,90044,50243,99458,349
[5] Creditors: Amounts falling due within one year consists of:
Trade Creditors51,90031,50034,23130,62036,188
a Bank Overdraft00000
Miscellaneous Current Liabilities includes:501,300440,400356,505276,214283,702
b -Bank Loans - Current Portion13,40013,90017,31519,56517,759
c Other Short-Term Finance, including:31,90062,60015,94117,23617,893
-Due to Group, Current27,70038,3004,0374,2754,330
-Due to Directors, Current00000
-Other Current Liabilities-----
 
Short-Term Loans (a+b+c)45,30076,50033,25636,80135,652
 
[6] Total Long-Term Liabilities consists of:
Long-Term Loans, which consists of:148,600154,600193,244242,301334,816
-Long-Term Bank Loans119,700126,600129,123164,908203,191
-Other Long-Term Finance including:28,90028,00064,12177,393131,625
-Due to Group, Non-Current00000
-Due to Directors, Non-Current00000
Other Long-Term Liabilities259,100196,900161,274154,531178,868
 
[7] Share Capital and Reserves consists of:
Called-up Share Capital4,5004,5004,4974,4974,497
Sundry Reserves30,00030,00029,99029,99029,990
 
 RATIOS
Date of Accounts 28/02/200628/02/200529/02/200430/04/200330/04/2002
Acid Ratio1.080.830.921.141.20
Profit/Capital Employed10.687.372.555.61-18.85
Current Liquidity1.120.880.971.211.25
Profit/Sales (%)4.192.761.042.61-10.03
Interest Burden12.7123.5539.8726.94-18.46
Stock Turnover (days)5.446.996.126.835.71
Days Sales Outstanding (DSO)20.3519.7422.7321.3823.55
Cash Cycle (days)25.7826.7328.8528.2129.26
Days Purchases Outstanding (DPO)14.7710.8113.0012.0412.13
Creditor Days11.918.5710.539.9411.32
Profit/Total Assets (%)5.663.801.413.54-12.44
Profit/ Shareholders Funds (%)30.8524.629.5723.17-109.20
Sales/Total Assets (%)135.21137.86135.74135.38124.07
Sales/Fixed Assets4.063.032.892.762.34
Working Capital/Sales (%)4.12-4.09-0.875.806.95
Total Debt/Net worth (%)108.38207.45233.17264.22377.22
Shareholders Funds/Total Assets0.180.150.150.150.11
Long-term Debt/Net Worth (%)83.06138.78198.93229.38340.92
Interest/Pre-interest Profit12.7123.5539.8726.94-18.46
Total Debt/Working Capital (%)2.96-4.21-21.954.284.57
Average Employee Remuneration (£) 25,49824,08123,84421,68724,304
Wages/Sales (%)12.7813.4213.6612.6814.54
Profit per Employee (£) 8,3494,9471,8164,471-16,756
Sales per Employee (£) 199,461179,476174,556171,048167,126
Capital Employed per Employee (£) 78,17567,09571,12779,67088,895
Total Fixed Assets per Employee (£) 69,96474,43572,64569,75477,285
Total Assets per Employee (£) 147,524130,191128,596126,351134,698
Creditors/Debtors0.590.430.460.460.48
Debtors/Total Assets (%)7.547.468.457.938.01
Current Liabilities/Stocks23.3418.3619.6414.5817.53
Exports/Sales (%)----44.14
Sales/Audit Fees7,955.506,711.507,464.195,431.404,506.59
Total Assets/ Audit Fees5,884.004,868.505,498.914,012.113,632.18
 
 GROWTH RATES
1 year 2 year 3 year 4 year
Turnover18.540.343.837.8
Pre-tax Profit80.0519.1133.5-
Audit Fees0.025.8-3.6-23.7
Directors Remuneration15.436.3111.518.8
Number of Employees6.717.322.514.8
Employees Remuneration12.930.145.020.6
Fixed Assets-11.5-4.7-4.1-22.5
Tangible Assets0.612.820.2-1.9
Total Fixed Assets0.313.022.93.5
Stocks-7.819.113.331.1
Trade Debtors22.220.036.618.5
Total Current Assets48.462.669.956.5
Total Assets20.934.644.026.1
Trade Creditors64.851.673.345.2
Short-Term Loans-40.836.224.328.1
Total Current Liabilities17.241.684.675.9
Net Cash57.0158.2102.6118.9
Shareholders Funds43.667.374.0105.5
Net Worth60.684.273.185.4
Long-Term Loans-3.9-23.1-40.8-57.8
Long-Term Liabilities16.015.02.9-21.5
Capital Employed24.329.020.10.5
 
 COMPANY/INDUSTRY COMPARISON
This comparison is based on the results of 310 companies in the same industrial sector: 62100 Scheduled air transport
 
 CompanyIndustry Averages
 28/02/2006LowerMedianUpper
Performance
 
Profit/Sales (%)4.19-4.001.227.69
Profit/Capital Employed (%)10.680.006.0923.21
Profit/Total Assets (%)5.66-4.042.078.22
Profit/Shareholders Funds (%)30.850.0017.5457.14
 
Turnover
 
Sales/Total Assets (%)135.2137.05119.74232.23
Sales/Fixed Assets (%)4.061.483.155.91
Working Capital/Sales (%)4.1213.87-1.31-16.66
Stock Turnover (days)5.448.005.003.00
Credit Period (days)20.3540.5319.740.00
Creditor Days11.9131.7212.250.00
 
Liquidity
 
Current Ratio1.120.431.001.78
Liquidity Ratio1.080.380.991.71
 
Gearing
 
Total Debt/Net Worth (%)108.38485.66159.3246.12
Shareholders Funds/Total Assets0.180.190.410.73
Long Term Debt/Net Worth (%)83.06333.5571.1219.20
Interest/Pre-interest Profit12.7153.8314.256.01
Total Debt/Working Capital2.96---
 
Employee
 
Average Employee Remuneration (£) 25,49824,08127,28935,591
Wages/Sales (%)12.7815.2113.4211.59
Profit per Employee (£) 8,3491,1004,97415,292
Sales per Employee (£) 199,461138,629190,205234,408
Capital Employed per Employee (£) 78,17512,50053,227119,420
Total Fixed Assets per Employee (£) 69,96412,93863,494177,125
Total Assets per Employee (£) 147,52466,424134,431241,917
 
Other
 
Creditors/Debtors0.590.451.152.86
Debtors/Total Assets (%)7.540.6412.7444.00
Current Liabilities/Stocks23.344.7216.3337.07
Exports/Sales (%)----
Sales/Audit Fees7,955.501,909.534,019.266,738.45
Total Assets/Audit Fees5,884.001,208.213,362.345,365.77
 
 FILING HISTORY
01/08/2006Particulars of a mortgage or charge
12/07/2006Change among the directors of a company
15/02/2006Memorandum of satisfaction
07/02/2006Memorandum of satisfaction
07/01/2006Particulars of a mortgage or charge
09/12/2005Particulars of a mortgage or charge
29/06/2005Particulars of a mortgage or charge
23/05/2005Particulars of a mortgage or charge
05/05/2005Particulars of a mortgage or charge
03/03/2005Particulars of a mortgage or charge
 
 DIRECTORS
Company Secretaries
            IAN MARIO JOSEPH DE SOUSA
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Directors
            BRIAN IVOR PITMAN
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            STEPHEN BLAKENEY RIDGWAY
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            RICHARD CHARLES NICHOLAS BRANSON
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            FRANCES ELIZABETH BRANDON-FARROW
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            JULIE HELEN SOUTHERN
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            STEPHEN THOMAS MATTHEW MURPHY
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            MARK POOLE
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            TJHOEN ONN THOENG
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            LYELL FRANCIS STRAMBI
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            CHENG ENG HUANG
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            DAVID ANDREW BAXBY
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            HON CHEW CHAN
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