Manchester Airport Grp Funding PLC Interim Results (8193Q)
06 Diciembre 2016 - 1:00AM
UK Regulatory
TIDM38LZ
RNS Number : 8193Q
Manchester Airport Grp Funding PLC
06 December 2016
Issuer: Manchester Airport Group Funding PLC
Date: 6 December 2016
Manchester Airport Group Funding PLC
Company No. 8826541
Interim Results
The Issuer's parent, Manchester Airport Group Investments
Limited ("MAGIL"), today publishes its Interim Report and Accounts
for the six months ended 30 September 2016.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"),
today also publishes its Interim Report and Accounts for the six
months ended 30 September 2016.
The Interim Report and Accounts for MAHL and MAGIL are available
on MAGIL's Investor Relations website at
magworld.co.uk/investors.
Investor Presentation
A conference call to present the results to bondholders, bank
lenders and credit analysts will be held on Tuesday 6(th) December
2016 at 10.00 am (UK time). The call will be hosted by Neil
Thompson, Chief Financial Officer, and Ken O'Toole, Managing
Director, Manchester Airport.
Dial-in details for the call are: UK free phone: 0800 358 6377;
UK local/standard international: +44(0)330 336 9105. Participant
PIN code is 6035058.
The presentation can be viewed online during the event by using
the link: http://view-w.tv/755-1197-17688/en
MAGIL results for the six months ended 30 September 2016
The first half of the year has seen sustained growth, meeting or
exceeding our key targets and seeing record numbers of passengers
using our airports. Our Group model continues to deliver benefits
and support our airports in competing to attract new passengers and
airlines.
Key Financials 6 months ended 6 months ended Change (%)
30 September 30 September
2016 (GBPm) 2015 (GBPm)
---------------------- --------------- --------------- -----------
Revenue 482.0 445.5 +8.2%
EBITDA 217.8 201.9 +7.9%
Operating profit
(before significant
items) 150.3 138.2 +8.8%
---------------------- --------------- --------------- -----------
Passengers 6 months ended 6 months ended Change (%)
30 September 30 September
2016 (m) 2015 (m)
--------------- --------------- --------------- -----------
Manchester 15.2 13.8 +10.1%
Stansted 13.3 12.5 +6.4%
East Midlands 3.1 2.9 +6.9%
Bournemouth 0.4 0.5 -20.0%
Total 32.0 29.7 +7.7%
--------------- --------------- --------------- -----------
Highlights
-- Group EBITDA rose by 7.9% to GBP217.8 million, driven by
record passenger numbers (+7.7% to 32.0 million) and successful new
route development - with Manchester and Stansted in particular both
handling increasing numbers of passengers. A continued focus on
investment in customer service to facilitate increased volumes
together with underlying cost control and measures to improve
operating performance has again contributed to growth in EBITDA,
backed up by continued investment in infrastructure.
-- Record numbers of passengers are using Manchester Airport.
Passenger numbers in the six months to September 2016 were 15.2
million, 10.1% up on the same period last year. August was the
busiest month in the airport's 78-year history and this momentum
has continued into the Autumn. London Stansted, serving more
European cities than any other UK airport, has also experienced
impressive growth with passenger numbers up 6.4% to 13.3 million.
East Midlands Airport continues to perform well, with passenger
numbers growing by 6.9% in the first six months and continued
expansion of the airport's cargo facilities. East Midlands is now
DHL's second biggest global hub, and it continues to be the biggest
airport in the UK for all-cargo flights as customers take advantage
of its strong location and convenient access to the motorway
network.
-- The introduction of over 25 new routes across the Group has
helped to boost passenger numbers to record levels. The new routes
include a host of destinations across the globe, including new long
haul routes announced from Manchester to Beijing, San Francisco,
Houston and Singapore. Long haul flights announced from Stansted
include Montego Bay, Las Vegas and Orlando. New short haul routes
from MAG airports include Budapest, Girona, Stockholm, Naples and
Dubrovnik.
-- Increased revenues have also been driven by more passengers
upgrading their airport experience and taking advantage of MAG's
award-winning Escape Lounges, Premium 'Meet and Greet' valet
parking offers and fast track security clearance.
-- Work on the initial phases of the GBP1bn, 10 year Manchester
Transformation Programme announced last year has been ongoing and
the project is now in its detailed design phase. In March the
scheme received planning consent and in July, Laing O'Rourke was
awarded the contract for the initial phase marking major milestones
for this transformation project. The GBP1 billion modular programme
updates and re-profiles existing long-term capital investment
plans. Financing considerations are central to the refresh of the
transformation master plan with the focus on component
separability, and flexibility to match investment to market
conditions. The programme financing reflects the Group's ongoing
commitment to maintaining its strong investment-grade credit
rating.
-- The Stansted Terminal Transformation Programme is now
complete, delivering a significantly improved retail and food &
beverage offering to passengers contributing to increases in both
revenue and yield at the airport.
-- London Stansted is well-placed to absorb future growth in
London's aviation demand prior to any new runway being built at
London Heathrow.
-- In June 2016 MAGIL refinanced its GBP300 million Revolving
Credit and GBP60 million Liquidity facilities, which were due to
mature in February 2018, with a new five year GBP500 million RCF
and a GBP60 million liquidity facility, maturing June 2021,
achieving significant savings in the process. MAGIL has now
successfully refinanced all of the STN acquisition bank debt with
this latest refinancing of its short-term facilities in combination
with the issuance of two listed bonds in 2014. There is strong
headroom in the Group's financing facilities with GBP147 million
drawn down on the GBP500m Revolving Credit Facility at 30 September
2016.
-- Strong trading performance combined with a prudent financing
policy underpins stable financial leverage (2.8x Net Debt to
EBITDA) and enables MAGIL to continue to invest in the asset base
and fund future growth.
-- A final dividend of GBP77.2 million was paid by MAHL in July
2016 in respect of the full year ended 31 March 2016. An interim
dividend of GBP47.0 million will be paid on 7 December 2016 in
respect of the full year ended 31 March 2017. Dividends paid by
MAHL are funded via distributions from MAGIL.
Note on MAGIL Results
A reconciliation between the financial results of MAGIL and MAHL
is available in the appendix of the Investor Presentation which is
available on MAGIL's Investor Relations website at
magworld.co.uk/investors.
Enquiries:
Investor Relations investor.relations@magairports.com
MAG Press Office press.office@magairports.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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