At or for three months ended 31 March | 2014 | 2013 | Change (%) |
(figures in £m unless otherwise stated) |
| ||
Revenue(1) | 576 | 520 | 10.8 |
Adjusted EBITDA(1)(2) | 319 | 242 | 31.8 |
Cash generated from operations(1) | 317 | 265 | 19.6 |
Adjusted pre-tax profit/(loss)(3) | 57 | (45) | n/m |
Pre-tax loss | (15) | (196) | n/m |
| |||
Heathrow (SP) Limited consolidated net debt(4)(5) | 11,529 | 11,264 | 2.4 |
Heathrow Finance plc consolidated net debt(4)(5) | 12,288 | 12,025 | 2.2 |
Regulatory Asset Base(5) | 14,853 | 14,585 | 1.8 |
| |||
Passengers (m)(1)(6) | 16.0 | 16.0 | 0.5 |
Net retail income per passenger(1)(6) | £6.36 | £6.33 | 0.5 |
Colin Matthews, Chief Executive Officer of Heathrow, said:
“Heathrow performed well in the first quarter. Financial performance was strong and passenger satisfaction ratings were at their highest ever level, reflecting steady operational improvement. Terminal 2 is on time and on budget and will further improve Heathrow’s passenger satisfaction ratings when it opens on 4 June. Long-term prospects are also bright and our submission to the Airports Commission in May will set out the case for building on Heathrow’s strength as a global hub that can connect all of the UK to the world’s fastest growing markets.”
Definitions and notes
(1) 2013 data is for continuing operations, i.e. Heathrow only
(2) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
(3) Adjusted pre-tax profit/(loss) is before exceptional items, gains/losses on disposals and fair value adjustments
(4) Nominal net debt excluding intra-group loans and including inflation-linked accretion
(5) 2013 net debt and RAB figures as at 31 December 2013
(6) Changes in passengers and net retail income per passenger are calculated using unrounded passenger data
