At or for nine months ended 30 September | 2012 | 2011 | Change (%) |
(figures in £m unless otherwise stated) |
| ||
Revenue | 1,843.6 | 1,703.3 | 8.2 |
Adjusted EBITDA(1) | 922.9 | 842.2 | 9.6 |
Cash generated from operations | 835.9 | 799.9 | 4.5 |
Adjusted pre-tax profit/(loss)(2) | 6.7 | (100.0) | n/a |
Pre-tax profit/(loss)(3) | 111.8 | (147.3) | n/a |
| |||
Heathrow (SP) Limited consolidated net debt(4)(5) | 11,282.6 | 10,442.6 | 8.0 |
Heathrow Finance plc consolidated net debt(4)(5)(6) | 11,848.6 | 10,992.2 | 7.8 |
Regulatory Asset Base(5) | 14,518.9 | 13,849.7 | 4.8 |
| |||
Passengers (m)(7) | 66.4 | 66.7 | (0.5) |
Net retail income per passenger(7)(8) | £5.68 | £5.42 | 4.7 |
(1) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(2) Adjusted pre-tax profit/(loss) is before exceptional items, loss on disposals, impairment of fixed assets and fair value adjustments
(3) Pre-tax profit reflects particularly the impact of reduced inflation expectations on the fair value of index-linked derivatives
(4) Nominal net debt excluding intra-group loans and including index-linked accretion
(5) 2011 net debt and Regulatory Asset Base figures are as at 31 December 2011
(6) Heathrow Finance plc (formerly BAA (SH) plc) is the parent company of Heathrow (SP) Limited
(7) Changes in passengers and net retail income per passenger are calculated using unrounded data
(8) See section 2.2.2.2 for calculation of net retail income per passenger
Colin Matthews, Chief Executive Officer of Heathrow, said:
"Heathrow continues to report a strong operating and financial performance. It received its highest ever passenger satisfaction scores during a period which included the London 2012 Olympic and Paralympic Games. Our large and sustained capital investment programme is creating jobs throughout the UK and improving passengers’ experience of Heathrow. We are on track to invest more than £1 billion by the end of 2012, with the next major milestone being the opening of the new Terminal 2 in 2014.”
For further information please contact
Heathrow | ||
Media enquiries | Simon Baugh | 020 8745 7224 |
Investor enquiries | Andrew Efiong | 020 8745 2742 |
MHP Communications | Reg Hoare or James White | 020 3128 8100 |
There will be a conference call today at 3.00 pm (UK time)/10.00 am (Eastern standard time) for bondholders and bank lenders to the Group and Heathrow Finance plc and credit analysts to discuss the results for the nine months ended 30 September 2012. The call will be hosted by Jose Leo, Chief Financial Officer. Dial-in details for the call are: UK free phone: 0800 368 1950; US free phone: 1866 928 6049; UK local/standard international: +44 (0)20 3140 0668. Participant PIN code is 720122#. It will also be possible to view online the presentation (using event password: 387068) as it is used during the call at:
https://arkadin-trial.webex.com/arkadin-trial/j.php?ED=224511297&UID=491373747&PW=NYzQzZmE0NmQ5&RT=MiMyMQ%3D%3D
Disclaimer
This material contains certain tables and other statistical analyses (the “Statistical Information”) which have been prepared in reliance on publicly available information and may be subject to rounding. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. Actual events may differ from those assumed and changes to any assumptions may have a material impact on the position or results shown by the Statistical Information. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context; nor as to whether the Statistical Information and/or the assumptions upon which it is based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions nor should any information herein be relied upon as legal, tax, financial or accounting advice. The Group does not make any representation or warranty as to the accuracy or completeness of the Statistical Information.
These materials contain statements that are not purely historical in nature, but are “forward-looking statements”. These include, among other things, projections, forecasts, estimates of income, yield and return, and future performance targets. These forward-looking statements are based upon certain assumptions, not all of which are stated. Future events are difficult to predict and are beyond the Group’s control. Actual future events may differ from those assumed. All forward-looking statements are based on information available on the date hereof and neither the Group nor any of its affiliates or advisers assumes any duty to update any forward-looking statements. Accordingly, there can be no assurance that estimated returns or projections will be realised, that forward-looking statements will materialise or that actual returns or results will not be materially lower than those presented.
Any reference to “Heathrow (SP)” or “the Group” will include any of its affiliated associated companies and their respective directors, representatives or employees and/or any persons connected with them.
