At or for six months ended 30 June | 2014 | 2013(1) | Change (%) |
(figures in £m unless otherwise stated) |
| ||
Revenue | 1,234 | 1,149 | 7.4 |
Adjusted EBITDA (2) | 704 | 610 | 15.4 |
Cash generated from operations | 659 | 583 | 13.0 |
Adjusted pre-tax profit (3) | 124 | 44 | nm |
Pre-tax profit | 47 | 186 | nm |
| |||
Heathrow (SP) Limited consolidated net debt(4) | 11,662 | 11,264 | 3.5 |
Heathrow Finance plc consolidated net debt(4) | 12,421 | 12,025 | 3.3 |
Regulatory Asset Base(4) | 14,871 | 14,585 | 2.0 |
| |||
Passengers (m) (5) | 35.1 | 34.4 | 1.9 |
Net retail income per passenger (5) | £6.42 | £6.28 | 2.2 |
For notes (1) to (5) see Definitions and notes in notes to editors.
John Holland-Kaye, new Chief Executive Officer of Heathrow, said:
“Heathrow has performed well over the last six months, with two consecutive quarters of record passenger satisfaction scores reflecting steady operational improvement. Terminal 2 successfully opened on time and on budget, marking the next step in the transformation of passenger service at the airport. My vision is to build on that record of continuous improvement, driving Heathrow to win the case for expansion and become one of the best airports in the world – an ambition which will give the UK a great springboard to continue to compete successfully in the global economy.”
Definitions and notes
(1) Heathrow only data, with the exception of Adjusted pre-tax profit and Pre-tax profit which include discontinued operations
(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) 2013 net debt and RAB figures as at 31 December 2013. Nominal net debt excluding intra-group loans and including inflation-linked accretion
(5) Changes in passengers and net retail income per passenger are calculated using unrounded passenger data
