§ Mr. Roger Kingasked the Secretary of State for Transport whether he has determined a new financial target for the British Airports Authority.
§ Mr. RidleyI have agreed with the authority that the financial target for the year 1986–87 should be to achieve a minimum rate of return on average net assets of 5.5 per cent. plus one fifth of the percentage growth in the number of terminal passengers in the year. This target is related to trading profit after taking account of current cost depreciation but before any adjustments for loss on disposal of fixed assets and for monetary working capital, and before interest and tax.
The target will be supplemented by two performance aims which emphasise the importance the Government attach to the authority continuing to seek gains in productivity. The authority has agreed the two performance aims, which are:
that costs (excluding depreciation) per terminal passenger handled in 1986–87 should not exceed £4.70, minus a 2 pence
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