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. BAA (SH) plc is the parent company of BAA (SP) Limited.
- Record monthly Heathrow passenger traffic since April 2011
- Passenger traffic up 4.3% at 66.7 million with 6.1% growth at Heathrow (2.4% underlying)
- Revenue up 10.2% and Adjusted EBITDA up 17.1%
- Strong financial performance reflects improved underlying traffic, increased revenue per passenger, cost control and no recurrence of 2010’s volcanic ash and strike disruptions
- Judicial review requested in relation to the Competition Commission’s continued demand that Stansted is sold with BAA separately announcing Edinburgh as the Scottish airport to be sold.
At or for nine months ended 30 September (figures in £m unless otherwise stated) | 2011 | 2010 | Change (%) |
|---|---|---|---|
| Revenue | 1,703.3 | 1,545.5 | 10.2 |
| Adjusted EBITDA (1) | 842.2 | 719.0 | 17.1 |
| Cash generated from operations | 799.9 | 690.1 | 15.9 |
| Adjusted pre-tax loss (2) | (100.0) | (156.9) | (36.3) |
| Pre-tax loss | (147.3) | (192.6) | (23.5) |
| BAA (SP) Limited consolidated net debt (3) (4) | 10,351.0 | 9,921.2 | 4.3 |
| BAA (SH) plc consolidated net debt (3) (4) | 10,850.5 | 10,401.1 | 4.3 |
| Regulatory Asset Base (4) | 13,633.4 | 12,776.0 | 6.7 |
| Passengers (m) (5) | 66.7 | 64.0 | 4.3 |
| Net retail income per passenger (5)(6) | £5.42 | £5.11 | 6.2 |
(1) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(2) Adjusted pre-tax loss is before exceptional items, gain on disposal of Gatwick Airport, impairment of fixed assets and fair value adjustments
(3) Nominal net debt excluding intra-BAA group loans and including index-linked accretion
(4) 2010 net debt and RAB figures are as at 31 December 2010
(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 BAA, said: "Our strong financial performance was driven by underlying growth in passenger numbers, higher revenue per passenger, continued cost control and no recurrence of the volcanic ash and strike disruptions of 2010.
We are focused on progressively improving passengers’ experience and the service we offer airlines at Heathrow. The new Terminal 2 is rapidly taking shape and work is continuing on a baggage transfer system which will move bags faster between Terminals 3 and 5. Our investment in these projects reflects our commitment to ensuring Heathrow’s future as Europe’s leading hub airport.”
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