BAA (SP) Limited, the owner of BAA’s two London airports of Heathrow and Stansted, today announces its results for the year ended 31 March 2012.
- Passengers at Heathrow up 4.4% to a Q1 record of 15.7 million, with combined passengers at Heathrow and Stansted increasing 2.5% to 19.1 million
- Revenue up 11.5% reflecting higher tariffs and continued strong retail performance
- Adjusted EBITDA up 15.1% supporting further increase in Heathrow capital investment
- Heathrow Terminal 5 voted world’s best airport terminal and Stansted world’s best airport for low cost airlines in the SKYTRAX 2012 World Airport Awards
- Completed transition to long term capital markets financing platform with over £2.2 billion in new financing raised since the start of 2012
At or for three months ended 31 March (figures in £m unless otherwise stated) | 2012 | 2011 | Change (%) |
|---|---|---|---|
| Revenue | 537.0 | 481.5 | 11.5 |
| Adjusted EBITDA (1) | 231.2 | 200.9 | 15.1 |
| Cash generated from operations | 250.1 | 231.8 | 7.9 |
| Adjusted pre-tax loss (2) | (80.7) | (107.7) | (25.1) |
| Pre-tax loss | (231.3) | (211.5) | 9.4 |
| BAA (SP) Limited consolidated debt (3)(4) | 10,821.7 | 10,442.6 | 3.6 |
| BAA (SH) plc consolidated net debt (3) (4) | 11,368.7 | 10,992.2 | 3.4 |
| Regulatory Asset Base(4) | 14,063.8 | 13,849.7 | 1.5 |
| Passengers (m) (5) | 19.1 | 18.7 | 2.5 |
| Net retail income per passenger (5) | £5.84 | £5.51 | 6.0 |
(1) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(2) Adjusted pre-tax loss is before exceptional items and fair value adjustments
(3) Nominal net debt for ratio purposes, excluding intra-BAA group loans and including inflation-linked accretion
(4) 2011 net debt and RAB figures are as at 31 December 2011
(5) Changes in passengers and net retail income per passenger are calculated using unrounded data
Colin Matthews, Chief Executive Officer of BAA, said:
"Our first quarter results show that Heathrow remains resilient in a challenging economic environment, while our rising passenger numbers and revenue support our continued investment programme at Heathrow. This is a key driver of the transformational change in passengers’ experience of the airport, most recently reflected in Terminal 5 being voted the world’s best airport terminal. But there is still a huge amount to do. Whilst traditional markets like the US continue to perform well, the UK’s capacity constraints prevent Heathrow from adding new routes to the emerging economies which are so vital for trade and investment.”
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