Heathrow press releases

23 February, 2015

Results for the year ended 31 December 2014

T2

 

  • Highest passenger satisfaction of all European hub airports in 2014 and strong operational performance
  • Busiest year ever, with 73.4 million passengers served, up 1.4%, but no real growth in flights
  • Strong financial performance, revenue up 8.8% to £2.7 billion and EBITDA up 10.3% to £1.57 billion
  • Completed £11 billion transformation programme with the successful opening of Terminal 2: The Queen’s Terminal, on time and on budget
  • Moving into a more modest investment period, generating cash after capital investment and interest for the first time in over a decade
  • With Heathrow full, Britain is falling behind in direct flights to growth markets – that’s why calls for Heathrow expansion are growing from all parts of the UK

 

 

At or for year ended 31 December

2014 

2013 

Change (%)

(figures in £m unless otherwise stated)

 

 

 

Revenue

2,692 

2,474 

8.8 

Adjusted EBITDA (1)

1,567 

1,421 

10.3 

Cash generated from operations

1,525 

1,403 

8.7 

Cash flow after investment and interest(2)

99 

(403)

n.m.

Pre-tax (loss)/profit

(119)

202 

n.m.

Heathrow (SP) Limited consolidated net debt(3)

11,653 

11,264 

3.5 

Heathrow Finance plc consolidated net debt(3)

12,560 

12,025 

4.4 

Regulatory Asset Base

14,860 

14,585 

1.9 

Passengers (m) (4)

73.4 

72.3 

1.4 

Net retail income per passenger (4)

£6.53 

£6.43 

1.5 

For notes (1) to (4) see Definitions and notes below.

 

John Holland-Kaye, Chief Executive Officer of Heathrow, said:

“Heathrow performed very well in 2014, with record levels of passenger service and numbers of passengers served. The successful opening of Terminal 2 means the nation now has a world class front door and passengers rate us the best hub airport in Europe.  But with Heathrow full, Britain is falling behind European rivals in the race for growth.  An expanded hub airport is best for Britain and backed by Britain.  We have made Heathrow better - now it is time to make it bigger, and connect all of Britain to global growth.”

 

Definitions and notes to editors

(1)    Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items

(2)    Cash flow after investment and interest is net cash generated from continuing operations after purchase of property, plant and equipment and other assets and net interest paid

(3)    Nominal net debt excluding intra-group loans and including inflation-linked accretion

(4)    Changes in passengers and net retail income per passenger are calculated using unrounded passenger data