In the UK, BAA has announced its results for 2009, which include:
? Adjusted EBITDA up 17.1 per cent driven by increased revenues and strong cost control
? Revenues up 8.3 per cent reflecting resilient traffic, higher tariffs and strong retail performance
? Passenger traffic down 3.8 per cent at 85.9 million; Heathrow's 1.5 per cent fall outperformed competitors
? Improved operational performance with higher service standards, including better punctuality
? £1.5 billion sale of Gatwick completed on 3rd, December 2009
? UK Department of Transport's (DfT) recent announcement on regulation removes key uncertainties for airport investment
? £500 million equity injection strengthens the Group's long term financial profile
? Return to bond markets for first time since 2006 raising over £900 million including the largest inflation-linked bond issued by any corporate since 2007
? £2.1 billion bank debt repayment means no significant debt maturities in 2010
? Pre-tax loss of £821.9 million after approximately £665 million of non-cash charges including:
- £217.8 million exceptional item relating to increased pension scheme deficits
- £277.3 million in losses related to the sale of Gatwick
- £117.4 million of fair value losses on financial instruments.
Colin Matthews, Chief Executive Officer of BAA, said:
"BAA made substantial progress in 2009, against a difficult economic backdrop. We sold Gatwick airport, returned to the debt capital markets and our future regulation is clearer. Our operational performance is improving and we will invest more than £1 billion this year to upgrade our airports.
Our financial performance remains resilient, especially at Heathrow, which benefits from its position as the UK's only hub airport, higher retail spending by passengers and strong cost control.
We expect 2010 to present further economic challenges for the industry as a whole, and we will remain focused on improving our efficiency and the service we offer customers."
