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Results for the six months ended 30 June 2013

July 30, 2013 Airport No Comments Email Email
  • Record passenger satisfaction and solid delivery of service standards
  • Strong traffic performance, up 2.4% to 34.4 million passengers, revenue up 9.2%
  • Adjusted EBITDA up 18.0% supporting investment at Heathrow
  • Terminal 2 on track for opening on 4 June 2014, to be named the Queen’s Terminal
  • Q6 discussion ongoing, CAA Initial Proposals disappointing
  • Three options for a third runway at Heathrow submitted to the Airports Commission – all cheaper and quicker than building a new hub airport
At or for six months ended 30 June 2013 2012 Change (%)
(figures in £m unless otherwise stated)
Revenue(1) 1,149 1,052 9.2
Adjusted EBITDA(1)(2) 610 517 18.0
Cash generated from operations(1) 583 503 15.9
Adjusted pre-tax profit/(loss)(3) 44 (70) n/a
Pre-tax profit/(loss) 186 (51) n/a
Heathrow (SP) Limited consolidated net debt(4)(5) 10,868 11,360 (4.3)
Heathrow Finance plc consolidated net debt(4)(5) 11,595 12,086 (4.1)
Regulatory Asset Base(5) 13,985 14,814 (5.6)
Passengers (m)(1)(6) 34.4 33.6 2.4
Net retail income per passenger(1)(6) £6.22 £6.10 1.9

(1) Figures are 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) 2012 net debt and RAB figures are as at 31 December 2012

(6) Changes in passengers and net retail income per passenger are calculated using unrounded passenger data

Colin Matthews, Chief Executive Officer of Heathrow, said:

“Performance at Heathrow this year is encouraging. The number of passengers using the airport increased, passenger satisfaction hit record levels and we maintained solid delivery of our service standards. Our earnings support the investment made in Heathrow and that continues with the new Terminal 2: The Queen’s Terminal opening in June next year. We want to build on our achievements and continue that progress over the next five years, which is why we’ve submitted fresh plans to the CAA for a further £3 billion of investment, if returns to investors are fair and competitive.”

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