Manchester Airport Grp Funding PLC Annual Results (8404D)
July 13 2016 - 2:00AM
UK Regulatory
TIDM38LZ
RNS Number : 8404D
Manchester Airport Grp Funding PLC
13 July 2016
Issuer: Manchester Airport Group Funding PLC
Date: 13 July 2016
Manchester Airport Group Funding PLC
Company No. 8826541
Annual Results
The Issuer's parent, Manchester Airport Group Investments
Limited ("MAGIL"), today publishes its Annual Report and financial
statements for the year ended 31 March 2016.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"),
today also publishes its Annual Report and financial statements for
the year ended 31 March 2016.
The Annual Report and financial statements 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 Wednesday 13 July 2016
at 10.30 am (UK time). The call will be hosted by Neil Thompson,
Chief Financial Officer, and Ken O'Toole, Divisional CEO for
Manchester Airport.
Dial-in details for the call are: UK free phone: 0800 279 4992;
UK local/standard international: +44(0)20 3427 1914. Participant
PIN code is 4186684.
The presentation can be viewed online during the event by using
the link: http://view-w.tv/755-1197-17343/en
MAGIL results for the 12 months ended 31 March 2016
MAGIL has delivered strong financial performance in the year
ended 31 March 2016, meeting or exceeding its financial targets and
continuing the growth delivered over the past few years. This is
driven by increases in passengers, continued improvement in
commercial performance and focussed expenditure to support both
volume growth and improved customer service.
Key Financials 12 months ended 12 months ended Change (%)
31 March 2016 31 March 2015
(GBPm) (GBPm)
---------------------- ---------------- ---------------- -----------
Revenue 778.8 738.4 +5.5%
EBITDA 319.7 283.6 +12.7%
Operating profit
(before significant
items) 192.6 157.2 +22.5%
---------------------- ---------------- ---------------- -----------
Passengers 12 months ended 12 months ended Change (%)
31 March 2016 31 March 2015
(m) (m)
--------------- ---------------- ---------------- -----------
Manchester 23.5 22.3 +5.4%
Stansted 23.2 20.9 +11.0%
East Midlands 4.5 4.6 -2.2%
Bournemouth 0.7 0.7 -
Total 51.9 48.5 +7.0%
--------------- ---------------- ---------------- -----------
Highlights
-- Long-term commercial agreements with airlines have generated
a significant increase in passengers (+7.0% to 51.9 million),
driven by record numbers at Manchester Airport (+5.4% to 23.5m) and
industry leading growth at London Stansted Airport (+11.0% to
23.2m). Stansted added more passengers than any other airport in
the London system. Manchester added more passengers than any other
airport outside of London.
-- Continued expansion of the route network with important
extensions to short-haul and long-haul connectivity including the
arrival of new flights to Beijing, Boston, Los Angeles, San
Francisco, Tobago, Mauritius, Goa, Phuket and Islamabad.
-- The growth in passenger numbers combined with commercial
yield improvements and cost discipline has translated into a strong
set of financial results - EBITDA up by GBP36 million (or 13%) from
GBP284 million to GBP320 million.
-- Substantial investment in airport infrastructure, including;
the completion of the Stansted terminal transformation to add
security space and reconfigure retail facilities; refurbishment of
Stansted Satellite 1 to provide a remodelled and modernised
offering to cater to the requirements of full service and long-haul
carriers and continued development of the Group's car park estate;
and improvements to the Group's IT capabilities.
-- 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 marking a major milestone 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.
-- Stansted well-placed to absorb future growth in London's
aviation demand prior to any new runway being built
-- 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.
-- 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 dividend of GBP62.0 million was paid by MAHL in July 2015
in respect of the full year ended 31 March 2015. An interim
dividend of GBP38.6 million was paid in December 2015 and a final
dividend of GBP77.2m will be paid in July 2016 making a total
dividend of GBP115.8 million in respect of the full year ended 31
March 2016. 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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