BAA (SP) Limited owns BAA's two London airports of Heathrow and Stansted. Throughout this document, BAA (SP) Limited and its subsidiaries are referred to as the Group.
- Passenger traffic of 18.6 million with underlying growth of 1.1% including 3.0% at Heathrow
- Strong retail momentum with net retail income per passenger up 10.7%
- Underlying revenue and Adjusted EBITDA up 7.6% and 18.7% respectively
- Reported revenue and Adjusted EBITDA up 5.5% and 3.3% respectively
- £28 million one-off impact of volcanic ash related disruption since period end
- Substantially lower pre-tax loss with similar underlying performance and significantly lower
fair value adjustments
At or for three months ended 31 March
(figures in £m unless otherwise stated)
Adjusted EBITDA (1)(2)
Cash generated from operations (1)
Adjusted pre-tax loss (3)
Net debt (4)(5)
Regulatory Asset Base (5)
Net retail income per passenger (6)
(1) Figures are for continuing operations only, i.e. excluding Gatwick
(2) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(3) Adjusted pre-tax loss is before exceptional items and fair value adjustments
(4) Nominal value of net debt excluding intra-BAA group loans and restricted cash and including index-linked derivative accretion
(5) 2009 net debt and RAB figures are as at 31 December 2009
(6) See section 126.96.36.199 for calculation of net retail income per passenger
Colin Matthews, Chief Executive Officer of BAA, said, "Heathrow and Stansted delivered a resilient financial performance during the first quarter. Operational performance in the quarter was robust despite enhanced security procedures, extreme winter weather and industrial action at our biggest airline customer. Heathrow's traffic continues to perform well and the Group achieved strong growth in net retail income per passenger.
"The rest of 2010 continues to present significant financial challenges for the industry as a whole. We currently estimate that the closure of Heathrow and Stansted due to volcanic ash will have a total impact on 2010 Adjusted EBITDA of £28 million.
"Our priority for the rest of 2010 remains the improvement of customer service and efficiency."
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Mike Smith or Andrew Mitchell. Tel: 020 7251 3801