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BAA (SP) LimitedResults for three months ended 31 March 2011April 2011
Improved service standards
Continued Heathrow traffic growth
Strong financial results
2011 financial outlook re-confirmed*See page 19 for notes and defined terms
Improved service standardsFebruary saw Heathrows best ever baggage misconnect performanceMarch Heathrow departure punctuality highest in recent yearsConsistent security queuing standards*Moving annual averageService standardMoving annual averageMoving annual average
Chart1
3319.8
1719.6
1319.3
1319.1
1319
1417.9
1817.6
1917.2
1617.3
1517.6
1417.7
3318.2
2017.1
1316.8
1316.8
Column1
Line1
(per 1,000 passengers)
Heathrow baggage misconnect rate
Sheet1
Column2Column1Line1
Jan-103319.8
Feb-101719.6
Mar-101319.3
Apr-101319.1
May-101319
Jun-101417.9
Jul-101817.6
Aug-101917.2
Sep-101617.3
Oct-101517.6
Nov-101417.7
Dec-103318.2
Jan-112017.1
Feb-111316.8
Mar-111316.8
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Chart1
0.6510.755
0.730.756
0.7910.753
0.790.75
0.7830.747
0.7840.751
0.6480.75
0.7150.743
0.730.734
0.7230.723
0.7320.723
0.4980.715
0.8010.727
0.8080.734
0.8510.739
Column1
Line1
(flights departing within 15 minutes of schedule)
Heathrow departure punctuality
Sheet1
Column2Column1Line1
Jan-1065.1%75.5%
Feb-1073.0%75.6%
Mar-1079.1%75.3%
Apr-1079.0%75.0%
May-1078.3%74.7%
Jun-1078.4%75.1%
Jul-1064.8%75.0%
Aug-1071.5%74.3%
Sep-1073.0%73.4%
Oct-1072.3%72.3%
Nov-1073.2%72.3%
Dec-1049.8%71.5%
Jan-1180.1%72.7%
Feb-1180.8%73.4%
Mar-1185.1%73.9%
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Chart1
0.97840.97720.95
0.97280.97630.95
0.97720.97690.95
0.98650.97730.95
0.97820.97680.95
0.98220.97710.95
0.98170.97810.95
0.97920.97780.95
0.96280.97690.95
0.97320.97660.95
0.96220.97570.95
0.95430.97410.95
0.97870.97410.95
0.97310.97410.95
0.96910.97340.95
Column1
Line1
Line2
Heathrow security queuing (
Over 200 million capital invested at Heathrow
Significant work across new Terminal 2s full scopemain terminal buildingsatellite buildingmulti-storey car parkTerminal 5C opening imminentlyMajor works to commence on new Terminal 3 baggage system*Terminal 2 site March 2011
Continued Heathrow traffic growth
Year on year performance comparisons affected bydifferent timing of Eastersevere weather and strikes in 2010Middle East/North Africa unrest in 2011More cautious traffic outlookfor 2011 and subsequent years*See page 19 for notes and defined terms
Heathrows year on year performance still reflects 2010 disruptions*
Chart1
0
0.007
0.015
0.04
0.043
Change in passenger traffic in year ended 31 March 2011
Sheet1
Change in passenger traffic in year ended 31 March 2011
Heathrow0.0%
Charles de Gaulle0.7%
Madrid1.5%
Frankfurt4.0%
Schiphol4.3%
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Consistent prioritiesAddress policy and regulatory issuesFocus on HeathrowMaking every journey better*
A strong start to 2011+15.4%+5.6%+0.1%+0.3%+2.7%-0.5%*See page 19 for notes and defined terms
Revenue growth in aeronautical incomeAnalysis of aeronautical income252.5+7.3%-6.6%Heathrow238.7+5.8%Stansted
Heathrow income reflectstariff and traffic increasesStansted income reflectslower tariffs and traffic partially offset by increased aircraft parking timesTariff increases and change in Heathrow tariff structure implemented on 1 April 2011
*
Chart1
228.424.1
212.925.8
Series 1
Series 2
Sheet1
Series 1Series 2
Q1 2011228.424.1
Q1 2010212.925.8
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and continued excellent retail performanceNet retail income per passenger up 7.0% to 5.51Heathrow: +7.3%Stansted: +2.0%Continued tax and duty-free and airside specialist shops momentumluxury goodsadditional spaceSignificant car parking improvementacross Heathrow and Stanstedtransaction volumes and tariff increasesgreater premium usageHeathrow wins Skytrax global retail award againAnalysis of net retail incomeChangeChange per passenger102.9+10.3%+9.6%+1.1%Airside and landside shops95.6+0.6%+14.1%+14.8%Bureaux de change, catering and other+7.6%+7.0%Car parking*
Chart1
50.535.317.1
45.834.914.9
Series 1
Series 2
Series 3
Sheet1
Series 1Series 2Series 3
Q1 201150.535.317.1
Q1 201045.834.914.9
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combined with good cost controlAnalysis of adjusted operating costs280.6282.0-0.5%
Q1 2011 cost performance beat budget2011 full year budget cost increases phased mainly in last 9 monthsQ1 cost reduction v 2010no recurrence of January 2010s severe winter weatherlower gas prices and electricity consumptioncost reductions partially offset by employment costs and rents and rates*See page 19 for notes and defined terms
Chart1
280.6
282
Series 1
Sheet1
Series 1
Q1 2011280.6
Q1 2010282.0
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have led to increased Adjusted EBITDA, supporting significant capital investment*See page 19 for notes and defined terms
Chart1
133.1
168.5
174.1
200.9
Column1
(m)
Adjusted EBITDA (Q1 2008 - Q1 2011)
Sheet1
Column1
Q1 2008133.1
Q1 2009168.5
Q1 2010174.1
Q1 2011200.9
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Reconciliation of interest payable with interest paid*
Interest payable and paid
Q1 2010Q1 2011
(figures in m)TotalSP debentureExternal debtTotal
Net interest payable (profit and loss account)(196.0)(13.3)(293.8)(307.1)
Adjust for fair value loss on financial instruments15.00.0115.4115.4
Net interest payable net of fair value loss(181.0)(13.3)(178.4)(191.7)
Amortisation of financing fees and fair value adjustments12.50.012.412.4
Interest capitalised(4.7)0.0(7.1)(7.1)
Underlying net interest payable(173.2)(13.3)(173.1)(186.4)
Other adjustments to reconcile to interest paid
Derivative interest prepayment amortisation35.80.019.819.8
Movement in interest accruals/accretion/other34.4(3.9)77.073.1
Net interest paid (cash flow statement)(103.0)(17.2)(76.3)(93.5)
Modest underlying increase in net debt*See page 19 for notes and defined terms
Chart1
9921.2Opening nominal net debt (01/01/11)
9921.2210.1
10131.393.5
9993231.8
9858.2134.8
9858.248.3
9906.522
9928.5Closing nominal net debt (31/03/11)
Column2
Column1
Net debt bridge (January 2011 March 2011)
Sheet1
Column2Column1
Opening nominal net debt (01/01/11)9,921.2
Capital expenditure9,921.2210.1
Net interest paid10,131.393.5
Cash flow from operations9,993.0231.8
Proceeds of intercompany loan9,858.2134.8
Index-linked accretion9,858.248.3
Other9,906.522.0
Closing nominal net debt (31/03/11)9,928.5
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Gearing headroom maintains recent trendRebalancing gearing between BAA (SP) and BAA (SH)Gearing reduction since December 2010 partly due to proceeds of intercompany loan*See page 19 for notes and defined terms
Chart1
0.7160.131
0.7050.127
0.7820.037
0.7770.037
0.7570.038
BAA (SP) junior gearing
BAA (SH) gearing
Recent development in London airports gearing ratios
84.7%
83.2%
81.9%
81.4%
79.5%
Sheet1
BAA (SP) junior gearingBAA (SH) gearing
31 March 201071.6%13.1%
30 June 201070.5%12.7%
30 September 201078.2%3.7%
31 December 201077.7%3.7%
31 March 201175.7%3.8%
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ConclusionImproved service standards
Continued Heathrow traffic growth
Excellent retail momentum continues
Strong financial results
2011 financial outlook re-confirmed*
Appendix*
BAA (SP)s consolidated net debt at 31 March 2011*
Sheet1
Debt outstanding at 31 March 2011Amount and features of available facilities
AmountLocal currencyS&P/Fitch RatingMaturity
Senior (Class A)(m)(m)(m)
Bonds680.2999.9680.2A-/A-2012/14
396.4396.4396.4A-/A-2013/15
512.9749.9512.9A-/A-2014/16
299.9299.9299.9A-/A-2016/18
433.8500.0433.8A-/A-2016/18
510.2750.0510.2A-/A-2018/20
249.8249.8249.8A-/A-2021/23
749.6749.6749.6A-/A-2023/25
700.0700.0700.0A-/A-2026/28
199.9199.9199.9A-/A-2028/30
900.0900.0900.0A-/A-2031/33
250.4250.4250.4A-/A-2039/41
Total bonds5,883.15,883.1
Bank debtRefinancing Facility1,195.31,195.31,195.3A-/A-2012/13
EIB Facility324.0324.0324.0n/a2011/22
Capex Facility1,260.02,300.02,300.0n/a2013
Working Capital Facility0.050.050.0n/a2013
Total bank debt2,779.33,869.3
Total senior debt8,662.49,752.4
Junior (Class B)
Bonds400.0400.0400.0BBB/BBB2018
Bank debtRefinancing Facility103.0103.0103.0BBB/BBB2013
Term Loan Facility625.0625.0625.0n/a2014
Capex Facility0.0400.0400.0n/a2013
Total junior debt1,128.01,528.0
Gross debt9,790.411,280.4
Cash(39.4)
Index-linked derivative accretion177.5
Net debt9,928.5
Net debt is calculated on a nominal basis excluding intra-BAA group loans and including index-linked accretion
Notes and defined terms*Page 2Percentage changes are relative to 2010Adjusted EBITDA: earnings before interest, tax, depreciation and amortisation and exceptional items; NRI: net retail income; RAB: Regulatory Asset BaseNet debt is consolidated BAA (SP) Limited figure calculated on a nominal basis excluding intra-BAA group loans and including index-linked accretionPage 5Totals and percentage change calculated using un-rounded passenger numbersEuropean traffic includes North African charter trafficPage 8Adjusted operating costs exclude depreciation, amortisation and exceptional itemsAdjusted EBITDA: earnings before interest, tax, depreciation and amortisation and exceptional itemsConsolidated net debt at BAA (SP) Limited and BAA (SH) plc is calculated on a nominal basis excluding intra-BAA group loans and including index-linked accretionPage 11Adjusted operating costs exclude depreciation, amortisation and exceptional itemsPage 12Adjusted EBITDA: earnings before interest, tax, depreciation and amortisation and exceptional itemsAdjusted EBITDA for Q1 2008 and Q1 2009 is in respect of continuing operations only, i.e. excluding GatwickPage 14Other net debt movement primarily reflects a payment of historic accretion on restructured index-linked swaps, further costs relating to the Gatwick disposal and group relief paymentsThe intercompany loan injected 134.8 million into BAA (SP) Limited from elsewhere in the BAA group with 110.0 million coming from Naples airport disposal proceeds and 24.8 million from excess cash at BAA (SH) plc from its refinancing completed in 2010Page 15Gearing is the ratio of external nominal net debt (including index-linked accretion) to the RAB (regulatory asset base)The intercompany loan injected 134.8 million into BAA (SP) Limited from elsewhere in the BAA group with 110.0 million coming from Naples airport disposal proceeds and 24.8 million from excess cash at BAA (SH) plc from its refinancing completed in 2010
This material contains certain tables and other statistical analyses (the Statistical Information) which have been prepared in reliance on publicly available information and may be subject to rounding. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. Actual events may differ from those assumed and changes to any assumptions may have a material impact on the position or results shown by the Statistical Information. As such, no assurance can be given as to the Statistical Informations accuracy, appropriateness or completeness in any particular context; nor as to whether the Statistical Information and/or the assumptions upon which it is based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions nor should any information herein be relied upon as legal, tax, financial or accounting advice. BAA does not make any representation or warranty as to the accuracy or completeness of the Statistical Information. These materials contain statements that are not purely historical in nature, but are forward-looking statements. These include, among other things, projections, forecasts, estimates of income, yield and return, and future performance targets. These forward-looking statements are based upon certain assumptions, not all of which are stated. Future events are difficult to predict and are beyond BAAs control. Actual future events may differ from those assumed. All forward-looking statements are based on information available on the date hereof and neither BAA nor any of its affiliates or advisers assumes any duty to update any forward-looking statements. Accordingly, there can be no assurance that estimated returns or projections will be realised, that forward-looking statements will materialise or that actual returns or results will not be materially lower that those presented.This material should not be construed as an offer or solicitation to buy or sell any securities, or any interest in any securities, and nothing herein should be construed as a recommendation or advice to invest in any securities.This document has been sent to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither BAA nor any person who controls it (nor any director, officer, employee not agent of it or affiliate or adviser of such person) accepts any liability or responsibility whatsoever in respect of the difference between the document sent to you in electronic format and the hard copy version available to you upon request from BAA.Any reference to BAA will include any of its affiliated associated companies and their respective directors, representatives or employees and/or any persons connected with them. Disclaimer
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