Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHeathrow6.45% S Regulatory News (88BX)

Share Price Information for Heathrow6.45% S (88BX)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 108.375
Bid: 105.75
Ask: 111.00
Change: 0.00 (0.00%)
Spread: 5.25 (4.965%)
Open: 108.00
High: 108.375
Low: 108.00
Prev. Close: 108.375
88BX Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Publication of June 2019 Investor Report

27 Jun 2019 07:00

RNS Number : 5684D
Heathrow
27 June 2019
 

27 June 2019

 

Heathrow Funding Limited

Heathrow Finance plc

 

Publication of June 2019 Investor Report

 

On behalf of Heathrow Airport Limited, Heathrow Express Operating Company Limited, Heathrow (AH) Limited and Heathrow (SP) Limited, LHR Airports Limited (as 'Security Group Agent') is today distributing its semi-annual 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 Heathrow Finance plc to various parties pursuant to Heathrow Finance plc's £250 million 5.75% Senior Secured Notes dated 13 October 2014 and due 2025, £275 million 3.875% Senior Secured Notes dated 5 June 2017 and due 2027 and the £300 million 4.75% Senior Secured Notes dated 31 October 2018 and due 2024 (the 'Heathrow Finance Bonds') and pursuant to Heathrow Finance plc's Facilities Agreements dated 15 December 2014, 10 February 2016, 5 October 2016, 14 September 2018, 22 November 2018, 23 November 2018, 1 February 2019 and 8 May 2019. In addition, the final facility raised by ADI Finance 2 Limited dated 6 July 2017 was migrated to Heathrow Finance plc on 15 March 2019 (the 'Heathrow Finance Facilities Agreements').

 

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

 

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

 

The Investor Report includes an updated forecast for 2019 for the financial performance of Heathrow (SP) Limited prepared on a consolidated basis, forecast nominal debt and financial ratios for Heathrow (SP) Limited and Heathrow Finance plc. Heathrow (SP) Limited, through its indirect subsidiary, Heathrow Airport Limited, owns Heathrow airport.

We have revised our Adjusted EBITDA(1) forecast for 2019 to £1,912 million, up 4.1% on 2018 including our expectation of slightly more muted growth than in 2018 as a result of the uncertainties surrounding BREXIT and the wider global economy. This excludes a reduced BREXIT contingency allowance. Despite this, we have upgraded our traffic forecast to 80.9 million compared to 80.6 million in the previous Investor Report, primarily as a result of higher seat capacity as airlines move to operating larger aircraft. Revenue is forecast to grow by 3.3% to £3,067 million compared to £2,970 million in 2018 with aeronautical revenue increasing by 4.6% and retail revenue by 3.6%. Revenue is marginally down compared to the previous Investor Report as we introduce the commercial airline deal. We forecast operating costs to increase 2.0% to £1,155 million in 2019 as we continue to invest in improving service levels, increased regulatory costs and investment in future growth, whilst reducing underlying operating costs per passenger in real terms. RAB is forecast to be £16.8 billion at the end of 2019 compared to £17.2 billion published in the previous investor report, due to the deferral of some capital spend into 2020 and a lower inflation forecast.

We have continued to overlay a BREXIT contingency to ensure that the business remains robust in all foreseeable circumstances. Confirmation of the aviation contingency plans and Heathrow's unique position in the European aviation market has seen us reduce the contingency allowance to £35 million from £114 million in the previous Investor Report. While we hope that this contingency will remain too prudent, we believe it is right to retain it given the ongoing uncertainty over Brexit. Including the reduced contingency, we forecast Adjusted EBITDA to be £1,877 million in 2019, up 2.2% compared to 2018, an improvement against the 3% decline in Adjusted EBITDA in the December Investor Report. We remain confident that BREXIT will not have a material impact on Heathrow airport even if the UK were to exit the EU without a deal.

The Investor Report document is available in pdf format at the following link:

http://www.rns-pdf.londonstockexchange.com/rns/5684D_1-2019-6-26.pdf

 

The Investor Report is available from today via the Heathrow Investor Centre at https://www.heathrow.com/company/investor-centre/reporting/investor-reports

 

Pursuant to the terms of the Common Terms Agreement, the Security Group Agent is today also distributing the consolidated financial information of Heathrow (SP) Limited for the year ended 31 December 2018 and the regulatory accounts for Heathrow Airport Limited for the year ended 31 December 2018.

 

Pursuant to the terms of the Heathrow Finance Bonds and the Heathrow Finance Facilities Agreements, Heathrow Finance plc is today also distributing its consolidated financial statements for the year ended 31 December 2018.

 

 

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

 

 

For investor enquiries please contact James Hoskins on +44 (0)7525 597567.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCPGUBAQUPBGMQ
Date   Source Headline
23rd Feb 20237:00 amRNSHeathrow SP Limited - FY 2022 Results
13th Feb 20234:55 pmRNSNotice of Results
13th Feb 20237:00 amRNSBusiness and traffic commentary Jan 2023
2nd Feb 20239:00 amRNSAnnouncement on CEO of Heathrow
11th Jan 20237:00 amRNSBusiness and traffic commentary Dec 2022
16th Dec 20227:00 amRNSPublication of December 2022 Investor Report
12th Dec 20227:00 amRNSBusiness and traffic commentary Nov 2022
25th Nov 20222:58 pmRNSDocuments Incorporated by Reference
25th Nov 20222:51 pmRNSPublication of a Prospectus
11th Nov 20227:00 amRNSBusiness and traffic commentary Oct 2022
26th Oct 20227:00 amRNS3rd Quarter Results
18th Oct 20227:00 amRNSNotice of Results
11th Oct 20227:25 amRNSBusiness and traffic commentary September 2022
12th Sep 20227:00 amRNSBusiness and traffic commentary August 2022
30th Aug 20223:27 pmRNSInterest Step-Up Termination Notice
15th Aug 20223:49 pmRNSCapacity Cap Extension
11th Aug 20227:00 amRNSBusiness and traffic commentary July 2022
9th Aug 20222:25 pmRNSPublication of Final Terms
26th Jul 20224:00 pmRNSDocuments incorporated by reference
26th Jul 20223:43 pmRNSPublication of Suppl.Prospcts
26th Jul 20227:00 amRNSHalf Year Results
12th Jul 202210:53 amRNSHeathrow imposes capacity cap until 11 Sept
12th Jul 20227:00 amRNSNotice of Results
11th Jul 20227:00 amRNSBusiness and traffic commentary June 2022
28th Jun 20227:08 amRNSHeathrow comment on CAA's H7 Final Proposal
23rd Jun 20227:00 amRNSPublication of Investor Report
13th Jun 20227:00 amRNSBusiness and traffic commentary May 2022
27th May 20224:00 pmRNSPublication of Final Terms
12th May 20229:13 amRNSDocuments Incorporated by reference
12th May 20229:13 amRNSPublication of Suppl.Prospcts
10th May 20227:00 amRNSBusiness and traffic commentary April 2022
26th Apr 20227:00 amRNS1st Quarter Results
11th Apr 20225:00 pmRNSNotice of Results
11th Apr 20227:00 amRNSBusiness and traffic commentary March 2022
6th Apr 20229:00 amRNSHeathrow appoints Mark Brooker to its Board
11th Mar 20227:00 amRNSBusiness and traffic commentary February 2022
24th Feb 20225:22 pmRNSHeathrow Funding Ltd credit ratings update
23rd Feb 20227:00 amRNSHeathrow SP Limited - FY2021 results
11th Feb 20227:00 amRNSBusiness and traffic commentary Feb 2022
28th Jan 20227:08 amRNSPublication of Investor Report Update
11th Jan 20227:00 amRNSBusiness and traffic commentary December 2021
16th Dec 20217:05 amRNSResponse to CAA's statement re 2022 airport charge
13th Dec 20213:47 pmRNSBorrower Loan Amendments - LIBOR Transition
10th Dec 20217:00 amRNSPublication of Investor Report
10th Dec 20217:00 amRNSBusiness and traffic commentary November 2021
11th Nov 20217:00 amRNSBusiness and traffic commentary October 2021
26th Oct 20217:00 amRNS3rd Quarter Results
18th Oct 20215:19 pmRNSNotice of Results
11th Oct 20217:00 amRNSBusiness and traffic commentary September 2021
8th Oct 20215:19 pmRNSPublication of Final Terms

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.