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Heathrow: Results for the year ended 31 December 2015

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22-Feb-2016 Results for the year ended 31 December 2015

  • Heathrow achieves its highest passenger service ever making it Europe's best hub airport
  • More people than ever choosing Heathrow with 75.0 million passengers in 2015, up 2.2%
  • Strong financial performance in 2015 with revenue of £2,765 million, up 2.7% and EBITDA of £1,605 million, up 3.0%. Downward trend in operating costs in second half of 2015
  • Heathrow is the only airport in the world to sign the Paris Pledge for Action on climate change
  • Garuda Airlines moves London services from Gatwick this year, following Vietnam Airlines and Air China. Demand to fly from Heathrow continues to outstrip supply of slots
  • Heathrow expansion will give a £211 billion economic boost and see Heathrow become the world's most sustainable hub airport and the UK the best connected country

John Holland-Kaye, Chief Executive Officer of Heathrow, said:

"It's been an excellent year for Heathrow. As we approach our 70th anniversary, our colleagues are delivering the best service we've ever achieved to a record number of passengers. We're also making strong progress on our environmental commitments by reducing emissions and noise, and another set of robust financial results underpins our plans to make Heathrow the most sustainable hub airport and the UK the best connected country in the world.

I'm confident that this summer the Government will agree with its Airports Commission that expanding Heathrow is the only way to secure Britain's long-term economic future and meet environmental demands. We stand ready to deliver."

At or for year ended 31 December

2015

2014

Change (%)

(£m unless otherwise stated)

Revenue

2,765

2,692

2.7

EBITDA(1)

1,605

1,559

3.0

Cash generated from operations

1,592

1,525

4.4

Cash flow after investment and interest(2)

361

99

n.m

Pre-tax profit(3)

223

183

21.9

Heathrow (SP) Limited consolidated net debt(4)

11,745

11,653

0.8

Heathrow Finance plc consolidated net debt(4)

12,670

12,560

0.9

Regulatory Asset Base

14,921

14,860

0.4

Passengers (m)(5)

75.0

73.4

2.2

Retail revenue per passenger (£) (5)

7.58

7.14

6.2

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