27 June 2017
Heathrow Funding Limited
Heathrow Finance plc
Publication of June 2017 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 £275 million 5.375% Senior Secured Notes dated 10 December 2012 and due 2019, £250 million 5.75% Senior Secured Notes dated 13 October 2014 and due 2025 and £275 million 3.875% Senior Secured Notes dated 5 June 2017 and due 2027 (the 'Heathrow Finance Bonds') and pursuant to Heathrow Finance plc's Facilities Agreements dated 15 December 2014, 10 February 2016 and 5 October 2016 (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 2017 forecasts 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.
Heathrow (SP) Limited's latest expectations for financial performance for the year ending 31 December 2017 indicate that Adjusted EBITDA(1) will be £1,735 million, an increase from £1,660m included in the previous Investor Report published in December 2016, and up 3.5% on 2016. The increase is primarily driven by a revised traffic forecast for the year of 76.7 million passengers compared to 75.0 million in the previous Investor Report. Retail income per passenger is also forecast to increase 5.2% versus 2016 to £8.50, an increase versus £8.41 in the previous forecast. Heathrow (SP) Limited remains on track to deliver its ambitious cost optimisation plans for 2017 while welcoming a record number of passengers and providing better service and operational standards.
The Investor Report document is available in pdf format at the following link:
The Investor Report is available from today via the Heathrow Investor Centre at www.heathrow.com/company/investor-centre within the Document Centre.
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 2016 and the regulatory accounts for Heathrow Airport Limited for the year ended 31 December 2016.
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 2016.
(1) Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and exceptional items
For investor enquiries please contact Investor Relations on +44 20 8745 0811.
This information is provided by RNS