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Ferrovial gains marginally with BAA financial results for 1H2010: Airport Share Wrap

29-Jul-2010

BAA released its financial report for the six months ended 30-Jun-2010 yesterday. The airport operator reported a 2.2% revenue increase to GBP957.6 million, while adjusted EBITDA declined marginally by 0.2% to GBP401.7 million. This performance reflects disruptions in the first half caused by the volcanic ash crisis and airline industrial action, including the British Airways cabin crew strikes.

BAA reduced its pre-tax loss from GBP545.7 million in 1H2009 to GBP279.7 million in 1H2010.

It reported underlying passenger traffic growth of 0.9%, including 2.3% year-on-year growth at London Heathrow. While passenger traffic was relatively flat, strong retail momentum was maintained with net retail income per passenger rising 10.2% year-on-year to GBP5.20.

BAA owns and operates a number of airports in the UKHeathrow, London Stansted, Glasgow, Edinburgh, Aberdeen and Southampton airports – has retail management contracts at Baltimore-Washington, Boston Logan and Pittsburgh airports in the US and owns a 65% stake in Naples Airport. BAA is owned by ADI Limited, a consortium led by Ferrovial SA including Caisse de depot et placement du Quebec and GIC Special Investments.

Shares in Spain’s Ferrovial, closed 0.4% higher yesterday.

Ferrovial Airports is the division that integrates all of Ferrovial SA’s airport operations and management activities. Ferrovial also manages Cerro Moreno Airport in Antofagasta, Chile.

See CAPA airport operator/investor profile on Ferrovial

Other European airport operators and suppliers that gained yesterday included Fraport (+1.9%), GEMINA (Aeroporti di Roma owner, +1.5%) Zurich (+1.7%), Vienna (+0.9%), Aeroporto di Venezia (+0.3%) and Aeroporto Toscano (+0.2%). Meanwhile, Abertis (-0.2%), Hochtief (-1.3%) and TAV Airports (-1.5%) lost ground.

Selected airports daily share price movements (% change): 28-Jul-2010


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