Record Heathrow passenger traffic through third quarter of 2010 Passenger traffic of 64.0 million with underlying growth of 1.3% including 3.1%
at HeathrowStrong retail momentum continues with net retail income per passenger up 10.1% Revenue up 4.4% in the nine months with 8.3% growth in the third quarter Adjusted EBITDA up 8.4% in the nine months with 21.8% growth in the third quarter Reduced pre-tax loss due to lower exceptional items and fair value adjustments BAA’s overall capital structure enhanced by utilising £1 billion of investment
grade debt raised at BAA (SP) to repay part of holding company’s more expensive
subordinated debtGood progress on final stage of subordinated debt refinancing Improved outlook for 2010 Adjusted EBITDA with strong prospects for 2011
BAA sees sharply reduced losses in first 9 months of 2010
months to the end of September and strong growth in passenger numbers.
ago. Revenue was up 4.4% at £1.55bn.
sell Stansted airport, as well as either Glasgow or Edinburgh airport.
Partners.
through refinancing of nearly £2bn of debt,” said chief executive Colin Matthews.
at Heathrow, Southampton and Aberdeen, as well as Stansted, Glasgow and Edinburgh.
year.
BAA.
this document, BAA (SP) Limited and its subsidiaries are referred to as the Group.
(2) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation
and exceptional items
(3) Adjusted pre-tax loss is before exceptional items, fair value adjustments
and gain/loss on disposal of Gatwick airport
(4) Increased net debt primarily due to utilising £1 billion of debt raised by
the Group to repay holding company subordinated debt
(5) Nominal value of net debt excluding intra-BAA group loans and including index-linked
accretion
(6) 2009 net debt and regulatory asset base figures are as at 31 December 2009
with net debt excluding restricted cash
(7) Change in passengers and net retail income per passenger are calculated using
unrounded data
(8) See section 3.2.2.2 for calculation of net retail income per passenger
through refinancing of nearly £2 billion of debt. Passenger growth at Heathrow
is encouraging and improving customer service has contributed to strong commercial
revenue.
to focus on raising customer service standards. Our capital investment programme
remains one of the largest of its kind in Europe, and will support the UK economy
as the pressure on public sector spending increases.”
in retail revenue thanks to strong passenger traffic during the third quarter
of the year.
£5.11, which was up from £4.64 in 2009 and a 10.1% increase.
£64 million, with Heathrow proving particularly popular during the quarter with
a traffic increase of 3.1 per cent.
per cent growth in Q3 alone.
strengthened our financial position through refinancing of nearly £2 billion of
debt. Passenger growth at Heathrow is encouraging and improving customer service
has contributed to strong commercial revenue.
to focus on raising customer service standards. Our capital investment programme
remains one of the largest of its kind in Europe, and will support the UK economy
as the pressure on public sector spending increases."
travel outlets earlier this month despite other stores in its portfolio struggling.
26 October 2010
*
into
to the normal debt. Subordinated debt has a lower priority than other bonds of
the issuer in case of
other debts have been paid, they are more risky for the lender of the money. Subordinated
loans typically have a higher