Results for the year ended 31 December 2012
2013-02-18 — /travelprnews.com/ — Heathrow (SP) Limited (formerly BAA (SP) Limited) owns Heathrow and Stansted airports. Throughout this document, Heathrow (SP) Limited and its subsidiaries are referred to as the Group.
- Record Heathrow passenger satisfaction and passenger numbers
- 8.1% revenue increase supports 11.6% Adjusted EBITDA growth
- Heathrow investment increased over 30% to £1.1 billion as Terminal 2 nears completion
- Completed transformation of financing with over £3 billion in bond issues during 2012
- Process for defining Heathrow’s development in next regulatory period reaching key stage
- Successful £1.5 billion sale of Stansted announced
| At or for year ended 31 December | 2012 | 2011 | Change (%) |
| (figures in £m unless otherwise stated) | |||
| Revenue | 2,464.0 | 2,280.0 | 8.1 |
| Adjusted EBITDA(1) | 1,263.9 | 1,132.1 | 11.6 |
| Cash generated from operations | 1,163.7 | 1,132.2 | 2.8 |
| Adjusted pre-tax profit/(loss)(2) | 46.4 | (166.7) | n/a |
| Pre-tax loss | (32.8) | (255.8) | (87.2) |
| Heathrow (SP) Limited consolidated net debt(3) | 11,359.5 | 10,442.6 | 8.8 |
| Heathrow Finance plc consolidated net debt(3)(4) | 12,085.8 | 10,992.2 | 9.9 |
| Regulatory Asset Base | 14,813.7 | 13,849.7 | 7.0 |
| Passengers (m)(5) | 87.4 | 87.4 | 0.0 |
| Net retail income per passenger(5)(6) | £5.82 | £5.58 | 4.4 |
(1) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(2) Adjusted pre-tax profit/(loss) is before exceptional items, gains/losses on disposals, impairment charges and fair value adjustments
(3) Nominal net debt excluding intra-group loans and including index-linked accretion
(4) Heathrow Finance plc (formerly BAA (SH) plc) is the parent company of Heathrow (SP) Limited
(5) Changes in passengers and net retail income per passenger are calculated using unrounded data
(6) See section 2.2.2.2 for calculation of net retail income per passenger
Colin Matthews, Chief Executive Officer of Heathrow, said:
“2012 was an historic year for Heathrow. We gave a warm welcome and a smooth journey to thousands of Olympic and Paralympic athletes, and greeted a record 70 million passengers over the twelve months. We also achieved record customer satisfaction levels, with three quarters of people saying they had a ‘very good’ or ‘excellent’ experience at Heathrow. Our capital investment programme continued, with over a billion pounds spent on improving the airport, mainly on the new Terminal 2 which opens next year. We also completed our refinancing programme, successfully issuing another £3 billion of bonds to put us on a stable, long term financial footing.”
For further information please contact
| Heathrow | ||
| Media enquiries | Richard Scott | 020 8745 7224 |
| Investor enquiries | Andrew Efiong | 020 8745 2742 |
| MHP Communications | Reg Hoare or James White | 020 3128 8100 |
More details of the results can be found at:
http://www.heathrowairport.com/about-us/investor-centre
There will be a conference call today at 3.00 pm (UK time)/10.00 am (Eastern standard time) for bondholders and bank lenders to the Group and Heathrow Finance plc and credit analysts to discuss the results for the year ended 31 December 2012. The call will be hosted by Colin Matthews and Jose Leo, Chief Executive Officer and Chief Financial Officer respectively. Dial-in details for the call are: UK free phone: 0808 237 0030; US free phone: 1866 928 7517; UK local/standard international: +44 (0)20 3139 4830. Participant PIN code is 664023#. It will also be possible to view online the presentation (using event password: 635780) as it is used during the call at:
https://arkadin-event.webex.com/arkadin-event/onstage/g.php?t=a&d=706385590
Disclaimer
This material contains certain tables and other statistical analyses (the “Statistical Information”) which have been prepared in reliance on publicly available information and may be subject to rounding. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. Actual events may differ from those assumed and changes to any assumptions may have a material impact on the position or results shown by the Statistical Information. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context; nor as to whether the Statistical Information and/or the assumptions upon which it is based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions nor should any information herein be relied upon as legal, tax, financial or accounting advice. The Group does not make any representation or warranty as to the accuracy or completeness of the Statistical Information.
These materials contain statements that are not purely historical in nature, but are “forward-looking statements”. These include, among other things, projections, forecasts, estimates of income, yield and return, and future performance targets. These forward-looking statements are based upon certain assumptions, not all of which are stated. Future events are difficult to predict and are beyond the Group’s control. Actual future events may differ from those assumed. All forward-looking statements are based on information available on the date hereof and neither the Group nor any of its affiliates or advisers assumes any duty to update any forward-looking statements. Accordingly, there can be no assurance that estimated returns or projections will be realised, that forward-looking statements will materialise or that actual returns or results will not be materially lower than those presented.
Any reference to “Heathrow (SP)” or “the Group” will include any of its affiliated associated companies and their respective directors, representatives or employees and/or any persons connected with them.
Contact information
Name Heathrow Airport media centre
Telephone +44 (0)20 8745 7224
Email media_centre@heathrow.com
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