At or for year ended 31 December | 2013 | 2012 | Change (%) |
(figures in £m unless otherwise stated) |
| ||
Revenue(1) | 2,474 | 2,222 | 11.3 |
Adjusted EBITDA(1)(3) | 1,421 | 1,154 | 23.1 |
Cash generated from operations(1) | 1,403 | 1,080 | 29.9 |
Adjusted pre-tax profit(2)(4) | 329 | 47 | nm |
Pre-tax profit / (loss) (2) | 426 | (33) | nm |
| |||
Heathrow (SP) Limited consolidated net debt(2)(5) | 11,264 | 11,360 | (0.8) |
Heathrow Finance plc consolidated net debt(2)(5) | 12,025 | 12,086 | (0.5) |
Regulatory Asset Base(6) | 14,585 | 14,814 | (1.5) |
| |||
Passengers (m)(1)(7) | 72.3 | 70.0 | 3.4 |
Net retail income per passenger(1)(7) | £6.37 | £6.21 | 2.6 |
Colin Matthews, Chief Executive Officer of Heathrow, said:
“Heathrow performed strongly in 2013 with passenger satisfaction reaching record levels. The construction phase of Terminal 2 was completed and the opening in June will be another major step in the transformation of Heathrow. We also welcomed the Airports Commission’s interim report shortlisting our proposal for a third runway. We are now asking for views so we can refine our proposal to suit the needs of the UK and the needs of the local community.”
Definitions and notes
(1) 2013 data is for continuing operations, i.e. Heathrow only. 2012 operating data restated as Heathrow only and includes restatement of certain pension related items from employment costs to interest
(2) 2012 as originally reported, i.e. includes Stansted Adjusted EBITDA
(3) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(4) Adjusted pre-tax profit/(loss) is before exceptional items, gains/losses on disposals and fair value adjustments
(5) Nominal net debt excluding intra-group loans and including inflation-linked accretion
(6) Regulatory Asset Base (RAB) at end 2012 includes Stansted. Heathrow-only RAB at end 2012 was £13,471 million
(7) Changes in passengers and net retail income per passenger are calculated using unrounded passenger data
Heathrow (SP) Limited (formerly BAA (SP) Limited) owns Heathrow airport and together with its subsidiaries is referred to as the Group. Heathrow Finance plc is the parent company of Heathrow (SP) Limited.
