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.
- Adjusted EBITDA up 17.1% driven by increased revenues and strong cost control
- Revenues up 8.3% reflecting resilient traffic, higher tariffs and strong retail performance
- Passenger traffic down 3.8% at 85.9 million; Heathrow's 1.5% fall outperformed competitors
- Improved operational performance with higher service standards, including better punctuality
- £1.5 billion sale of Gatwick completed on 3 December 2009
- DfT's recent announcement on regulation removes key uncertainties for airport investment
- £500 million equity injection strengthens the Group's long term financial profile
- Return to bond markets for first time since 2006 raising over £900 million including the largest inflation-linked bond issued by any corporate since 2007
- £2.1 billion bank debt repayment means no significant debt maturities in 2010
- Pre-tax loss of £821.9 million after approximately £665 million of non-cash charges including:
- £217.8 million exceptional item relating to increased pension scheme deficits
- £277.3 million in losses related to the sale of Gatwick
- £117.4 million of fair value losses on financial instruments
| At or for year ended 31 December (figures in £m unless otherwise stated) | 2009 | 2008 | Change (%) |
|---|---|---|---|
| Revenues (1) | 1,977.6 | 1,826.5 | 8.3 |
| Adjusted EBITDA (1,2) | 885.2 | 756.2 | 17.1 |
| Cash generated from operations (1) | 802.3 | 681.5 | 17.7 |
| Adjusted pre-tax loss (3) | (156.5) | (189.6) | 17.5 |
| Pre-tax loss | (821.9) | (324.2) | (153.5) |
| Net debt (4) | 8,579.0 | 9,426.0 | (9.0) |
| Regulatory Asset Base | 11,743.9 | 12,470.2 | (5.8) |
| Passengers (m) | 85.9 | 89.2 | (3.8) |
| Net retail income per passenger | £4.72 | £4.45 | 6.1 |
Notes
- Figures are for continuing operations only, i.e. excluding Gatwick
- Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
- Adjusted pre-tax loss is before exceptional items, fair value adjustments and the loss on disposal of Gatwick
- Nominal value of net debt excluding intra-BAA group loans and restricted cash and including index-linked derivative accretion
Colin Matthews, Chief Executive Officer of BAA, said: "BAA made substantial progress in 2009, against a difficult economic backdrop. We sold Gatwick Airport, returned to the debt capital markets and our future regulation is clearer. Our operational performance is improving and we will invest more than £1 billion this year to upgrade our airports.
"Our financial performance remains resilient, especially at Heathrow, which benefits from its position as the UK's only hub airport, higher retail spending by passengers and strong cost control.
"We expect 2010 to present further economic challenges for the industry as a whole, and we will remain focused on improving our efficiency and the service we offer customers."
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