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Monday 19 December, 2011

BAA Limited

Publication of Investor Report

RNS Number : 1969U
BAA Limited
19 December 2011
 



19 December 2011

 

BAA Funding Limited

BAA (SH) plc

 

Publication of Investor Report

 

On behalf of Heathrow Airport Limited, Stansted Airport Limited, Heathrow Express Operating Company Limited, BAA (AH) Limited and BAA (SP) Limited, BAA Airports Limited (as Security Group Agent) is today distributing an Investor Report to various parties pursuant to the terms of the Common Terms Agreement entered into on 18 August 2008.

 

The Investor Report is also being distributed by the Security Group Agent and BAA (SH) plc to various parties pursuant to BAA (SH) plc's £325 million 7.125 per cent Senior Secured Notes due 2017 dated 4 November 2010 and its Facilities Agreements dated 26 October 2010 and 6 December 2011.

 

The Investor Report contains information relevant to creditors of both BAA (SP) Limited (and its subsidiaries) and BAA (SH) plc.

 

The attention of potential readers of the Investor Report is drawn to page 2 of the document that contains an Important Notice relating to certain forward-looking statements included in the report and a description of the basis on which the operational and financial information included in the document has been prepared.

 

The Investor Report includes a forecast for 2012 financial performance, together with an updated forecast for 2011, of BAA (SP) Limited prepared on a consolidated basis. BAA (SP) Limited owns BAA's two London airports of Heathrow and Stansted.

 

BAA (SP) Limited's financial performance has remained consistent with expectations since publication of its 2011 third quarter results. As a result, it is currently expected that Adjusted EBITDA(1) for the year ending 31 December 2011 will be £1,128 million, slightly above the previous forecasts for 2011 included in the December 2010 and June 2011 Investor Reports.

 

BAA (SP) Limited expects to deliver further strong growth in revenue and Adjusted EBITDA in 2012 as illustrated by the following highlights for the year:

 

·    Passenger traffic is forecast to increase 0.6% to 88.1 million driven by Heathrow's  performance where traffic is forecast to reach 70.8 million, reflecting 2012's leap year, introduction of larger aircraft and improved load factors.

·    Revenue is expected to grow 9.7% to £2,516 million reflecting primarily increased passenger numbers and aeronautical tariffs supported by further growth in retail income per passenger.

·    Adjusted EBITDA(1) growth of 13.7% to £1,283 million with the increasing cash flow helping to finance Heathrow's significant investment programme

 

With BAA's strong financial performance in recent years and the progress made in strengthening its capital structure, it expects to commence paying dividends to shareholders in 2012 for the first time since its acquisition in 2006. Dividends are expected to be set initially at £60 million per quarter. Payments will reflect BAA's ability to continue to access stable financial markets to finance its substantial ongoing capital investment programme at Heathrow and will be made within the framework of the guidance on the capital structure for its London airports previously provided.

 

Heathrow expects to spend well over £1 billion on its capital investment programme during 2012 reflecting particularly accelerating activity on construction of the new Terminal 2. This programme is the biggest private development in the country which will support the UK economy with thousands of high calibre jobs as the pressure on public sector spending continues.

 

Click on or paste the following link into your web browser to view the BAA December 2011 Investor Report PDF document.

 

http://www.rns-pdf.londonstockexchange.com/rns/1969U_1-2011-12-16.pdf

 

The Investor Report is also available from today via the Investor Centre at www.baa.com.

 

Pursuant to the terms of the Common Terms Agreement, the Security Group Agent is also today distributing the consolidated financial information of BAA (SP) Limited for the six months ended 30 June 2011.

 

Pursuant to the terms of its £325 million 7.125 per cent. Senior Secured Notes due 2017 dated 4 November 2010 and its Facilities Agreements dated 26 October 2010 and 6 December 2011, BAA (SH) plc is also today distributing its consolidated financial statements for the six months ended 30 June 2011.

 

These documents are available via the Investor Centre at www.baa.com.

 

 

(1)           Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items

 

 

For further information please contact

 

BAA


Investor enquiries: Andrew Efiong

020 8745 2742

Media enquiries: Simon Baugh or Richard Scott

020 8745 7224



Finsbury


Andrew Dowler or Don Hunter

020 7251 3801

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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