Manchester Airport Grp Funding PLC Annual Results (7172K)
July 12 2017 - 2:00AM
UK Regulatory
TIDM38LZ
RNS Number : 7172K
Manchester Airport Grp Funding PLC
12 July 2017
Issuer: Manchester Airport Group Funding PLC
Date: 12 July 2017
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 2017.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"),
today also publishes its Annual Report and financial statements for
the year ended 31 March 2017.
The Annual Reports and financial statements for MAHL and MAGIL
are available on MAGIL's Investor Relations website at
magairports.com/investor-relations.
Investor Presentation
A conference call to present the results to bondholders, bank
lenders and credit analysts will be held on Wednesday 12 July 2017
at 10.30 am (UK time). The call will be hosted by Neil Thompson,
Chief Financial Officer, and Andrew Cowan, CEO for London
Stansted.
Dial-in details for the call are: UK local/standard
international: +44 (0)330 336 9105. Participant PIN code:
1654164.
The presentation can be viewed online during the event by using
the link: http://view-w.tv/755-1197-18536/en
MAGIL results for the 12 months ended 31 March 2017
MAGIL has delivered strong financial performance in the year
ended 31 March 2017, 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 12 months Change (%)
ended 31 ended 31
March 2017 March 2016
(GBPm) (GBPm)
---------------------- ------------ ------------ -----------
Revenue 838.4 778.8 +7.7%
Adjusted EBITDA* 347.6 319.7 +8.7%
Operating profit
(before significant
items) 210.2 192.6 +9.1%
---------------------- ------------ ------------ -----------
Passengers 12 months 12 months Change (%)
ended 31 ended 31
March 2017 March 2016
(m) (m)
----------------- ------------ ------------ -----------
Manchester 26.2 23.5 +11.5%
London Stansted 24.3 23.2 +4.7%
East Midlands 4.7 4.5 +4.4%
Bournemouth 0.7 0.7 -
Total 55.9 51.9 +7.7%
----------------- ------------ ------------ -----------
*Adjusted EBITDA is earnings before interest, tax, depreciation,
amortisation, gains and losses on sales and valuation of investment
properties, and significant items
Highlights
-- Long-term commercial agreements with airlines have generated
a significant increase in passengers (+7.7% to 55.9 million),
driven by record numbers at Manchester Airport (+11.5% to 26.2m)
and strong growth at London Stansted Airport (+4.7% to 24.3m).
-- Continued expansion of the route network with important
extensions to short-haul and long-haul connectivity including the
arrival of new flights to Boston, New Orleans, San Francisco,
Singapore, Beijing, Stockholm, Frankfurt, Milan, Riyadh and
Muscat.
-- The growth in passenger numbers combined with commercial
yield improvements and cost discipline has translated into a strong
set of financial results - Adjusted EBITDA up by GBP28 million (or
8.7%) from GBP320 million to GBP348 million.
-- Substantial investment in airport infrastructure, including;
runway resurfacing works at East Midlands to support cargo and
passenger operations; continued development of the Group's car park
estate; improvements to the Group's IT capabilities; and initial
planning costs for a new GBP130m arrivals terminal at London
Stansted, which has secured planning approval, and which will
enhance the overall passenger experience and provide the airport
with the terminal infrastructure it needs in order to enable it to
continue to grow.
-- Manchester Airport commenced work on its GBP1bn
Transformation Programme; a scheme which will allow the airport to
continue to grow and provide airlines and passengers with the
latest technology to improve the airport experience. The 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.
-- London Stansted remains well-placed to absorb future growth
in London's aviation demand prior to any new runway being built at
London Heathrow. London Stansted secured planning permission for a
new dedicated arrivals terminal in April 2017.
-- 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
(extended to June 2022 following exercise of a one year extension
option), 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 (2.7x net debt to
EBITDA) and enables MAGIL to continue to invest in the asset base
and fund future growth.
-- A 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 was paid in December 2016 and a final
dividend of GBP93.9m will be paid in July 2017 making a total
dividend of GBP140.9 million 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
magairports.com/investor-relations.
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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