BAA annual results 2011

BAA (SP) Limited, the owner of BAA’s two London airports of Heathrow and Stansted, today announces its results for the year ended 31 December 2011.

• Heathrow operating at full capacity as it achieves record annual traffic
• 87.4 million passengers at Heathrow and Stansted with 2% underlying growth at Heathrow
• Strong service performance with highest ever passenger satisfaction at Heathrow
• Revenue up 9.9% reflecting higher tariffs and continued strong retail performance
• Adjusted EBITDA up 17.1% enabling continued significant Heathrow capital investment
• Further increase in profitability and investment anticipated in 2012
• Capital structure strengthened with £3 billion in new financing raised in last 12 months
• New £2 billion Terminal 2 to deliver further state of the art facilities from 2014

References

1. Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
2. Adjusted pre-tax loss is before exceptional items, gain on disposal of Gatwick airport, impairment of fixed assets and fair value adjustments
3. Nominal net debt for ratio purposes, excluding intra-BAA group loans and including inflation-linked accretion
4. BAA (SH) plc is the immediate parent company of BAA (SP) Limited
5. Changes in passengers and net retail income per passenger are calculated using unrounded data

Colin Matthews, Chief Executive Officer of BAA, said:

“BAA delivered a strong operational performance in 2011 with record traffic levels and high service standards at Heathrow. Last year saw Heathrow’s best punctuality performance in over a decade and the international Airport Service Quality passenger survey showed that 70% of Heathrow’s passengers rated their experience as ‘Excellent’ or ‘Very Good’, compared with just 41% when the Ferrovial-led consortium bought BAA in 2006. We continued to invest significantly in further improving our airports during 2011, particularly on the new Heathrow Terminal 2.

“The group’s financial position has been strengthened with £3 billion in new financing completed in the last 12 months and we have fully repaid our £4.4 billion bank bridge loan nearly two years early.

“We are pleased that the UK Government recognised the importance of a successful hub airport to UK economic growth in its Autumn statement. All potential solutions to the UK’s lack of hub airport capacity have their pros and cons and all should be on the table to ensure the right solution is found for both the short and long term.”

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