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Ferrovial climbs despite decrease in EBITDA for airports sector in 1Q2010


Shares in Spain’s Ferrovial, investor in the UK’s BAA, jumped 3.4% yesterday, ahead of the release of the operator’s financial report for UK airports for the three months ended 31-Mar-2010.

Overall, Ferrovial reported a narrowing of its net loss to EUR80.3 million in the quarter, compared with a net loss of EUR105.5 million in the previous corresponding period. Overall revenue declined 4.6% year-on-year to EUR2,633 million, while EBITDA dipped 1.9% to EUR512.6 million.

The airports sector posted a revenue reduction of 8.1% to EUR593.8 million, while EBITDA was down 5.0% year-on-year for the three months ended 31-Mar-2010, details include:

  • Revenue: EUR593.8 million, -8.1%;
    • Heathrow: GBP385.4 million;
    • Heathrow express: GBP42.5 million;
    • Stansted: GBP48.2 million;
    • Scotland: GBP48.2 million;
    • Southampton: GBP5.6 million;
  • EBITDA: EUR219.5 million, -5.0%;
    • Heathrow: GBP151.4 million;
    • Heathrow express: GBP12.3 million;
    • Stansted: GBP10.9 million;
    • Scotland: GBP14.2 million;
    • Southampton: GBP1.4 million.

Elsewhere, BAA CEO, Colin Matthews, stated London Heathrow and Stansted airports delivered “resilient” financial performances in 1Q2010, while operational performance was “robust” despite enhanced security procedures, extreme winter weather and industrial action at British Airways. Mr Matthews added the total impact of the volcanic ash closures on adjusted EBITDA is projected at GBP20 million.

MAp reports 'excellent start' to 2010 for Copenhagen Airports

In the Asia Pacific region, shares in MAp closed 0.7% higher ahead of the release of the airport operator’s financial highlights for Copenhagen Airports for the three months ended 31-Mar-2010.

Total revenue jumped 5.5% year-on-year to EUR94.5 million, of which aeronautical revenue comprised EUR49.8 million, up 10.5% year-on-year in the quarter. Operating costs reduced 2.3% year-on-year to EUR49.2 million, while EBITDA surged 24.4% higher to EUR44.5 million. Net profit of EUR17.3 million was 51.8% year-on-year.

MAp CEO, Kerrie Mather, called it an “excellent start” for Copenhagen Airports in 2010, with traffic 11.4% year-on-year higher in 1Q2010, the fastest rate since acquisition.

MAp shares rose a further 0.3% on the ASX today, also following the release of the operator’s financial report for Brussels Airport on 29-Apr-2010.

Elsewhere in Europe, Zurich surged (+4.3%), Vienna advanced (+3.8%), Hochtief jumped (+3.6%) and Aeroporto di Venezia increased (+2.7%), while Copenhagen lost (-3.0%) and Aeroporto Toscano closed lower (-5.2%).

Today’s edition of Airport Business Daily contains the full financial/traffic report for Ferrovial and MAp’s Copenhagen Airports’ investment. Other reports in today’s edition include:

Selected airports daily share price movements (% change): 29-Apr-2010

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