Heathrow adjusted EBITDA up 12% in 2012, maintains guidance with 2013 off to a good start

UK's Heathrow revenue up 8% - financial highlights for 2012:

• Revenue: GBP2464 million, +8.1% year-on-year;
  • Aeronautical: GBP1413 million, +10.7%;
    • London Heathrow: GBP1280 million, +11.3%;
    • London Stansted: GBP133.3 million, +5.1%;
  • Retail: GBP541.7 million, +4.5%;
    • London Heathrow: GBP460.1 million, +5.7%;
    • London Stansted: GBP81.6 million, -1.9%;
• Adjusted EBITDA: GBP1264 million, +11.6%;
  • London Heathrow: GBP1170 million, +11.9%;
  • London Stansted: GBP94.2 million, +8.3%;
• Profit (loss) on ordinary activities after tax: (GBP40.9 million), compared to a loss of GBP191.5 million in p-c-p;
• Passenger numbers: 87.4 million, stable;
  • London Heathrow: 70.0 million, +0.9%;
  • London Stansted: 17.5 million, -3.2%;
• Net retail income per passenger: GBP5.82, +4.4%;
  • London Heathrow: GBP6.21, +4.4%;
  • London Stansted: GBP4.27, +2.8%;
• Total assets: GBP13,627 million, +4.4%;
• Cash: GBP5.6 million, -54.1%. [more - original PR]

Heathrow: "2012 was an historic year for Heathrow. We gave a warm welcome and a smooth journey to thousands of Olympic and Paralympic athletes, and greeted a record 70 million passengers over the twelve months. Our capital investment programme continued, with over a billion pounds spent on improving the airport, mainly on the new Terminal 2 which opens next year. We also completed our refinancing programme, successfully issuing another GBP3 billion of bonds to put us on a stable, long term financial footing." Colin Matthews, CEO. Source: Company statement, 18-Feb-2013.

Heathrow: "This year is expected to see strong growth in Heathrow's turnover, Adjusted EBITDA and operating cash flow driven principally by increased aeronautical tariffs. Heathrow also intends to make significant progress in completing the new Terminal 2 with construction due to be complete by the end of 2013 and the terminal becoming operational in mid-2014. Passenger traffic in early 2013 has been consistent with expectations with record traffic at Heathrow in January. Therefore at this early stage of the year, the outlook for the Group's financial performance in 2013 remains consistent with guidance in the Investor Report issued in December 2012." Source: Company statement, 18-Feb-2013.