Heathrow Airport Financial Results 1H 2013


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 airportWe had strong growth in revenue and our key financial measure of EBITDA*, which is essential to fund the £11bn in past and future investment in improving our airports. But remember, we are 10% behind on passengers compared to the 2008 CAA settlement, and so we are still not making a fair market return on investment.
Colin Matthews, Chief Executive Officer of Heathrow Airport, 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."  
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 Read the original press release.


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