TIDM38LZ
RNS Number : 3980E
Manchester Airport Grp Funding PLC
04 July 2019
Issuer: Manchester Airport Group Funding PLC
Date: 4 July 2019
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
consolidated financial statements for the year ended 31 March
2019.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"),
today also publishes its Annual Report and consolidated financial
statements for the year ended 31 March 2019.
The Annual Reports and consolidated financial statements for
MAHL and MAGIL are available on MAHL's Investor Relations website
at magairports.com/investor-relations.
Investor Presentation
A conference call to present the results to bondholders, bank
lenders, rating agencies and credit analysts will be held on
Thursday 4 July 2019 at 10.30 am (UK time). The call will be hosted
by Neil Thompson, Chief Financial Officer, and Andrew Cowan, Chief
Executive Officer for Manchester Airport.
Dial-in details for the call are: UK local/standard
international: +44 (0)330 336 9125. Participant PIN code:
6223569.
The presentation can be viewed online during the event by using
the link: http://view-w.tv/755-1197-21822/en
MAGIL results for the 12 months ended 31 March 2019
MAGIL has delivered solid financial performance in the 12 months
ended 31 March 2019, continuing the Group's growth delivered over
the past few years despite challenges presented by last year's
Monarch failure, together with air traffic and pilot strikes during
the period. This has been driven by continued route development,
successful backfill of routes to fill the gap left by Monarch,
increased focus on digital engagement with retail and car park
customers, and targeted investment to support volume growth and
customer service.
Key Financials 12 months ended 12 months ended Change (%)
31 March 2019 31 March 2018
(GBPm) (GBPm)*
------------------------ ---------------- ---------------- -----------
Revenue 879.1 814.3 +8.0%
Adjusted EBITDA** 381.8 360.0 +6.1%
Operating profit
(before significant
items) 229.4 217.1 +5.7%
Result from Operations 218.5 208.5 +4.8%
------------------------ ---------------- ---------------- -----------
Passengers 12 months ended 12 months ended Change (%)
31 March 2019 31 March 2018
(m) (m)*
----------------- ---------------- ---------------- -----------
Manchester 28.6 27.9 +2.5%
London Stansted 28.4 26.1 +8.8%
East Midlands 4.9 4.9 0.0%
Total 61.8 58.9 +4.9%
----------------- ---------------- ---------------- -----------
* On 5 December 2017 MAG entered into an agreement to sell its
entire shareholdings in Bournemouth International Airport Limited
and its subsidiaries to Regional and City Airports Holdings
Limited, a subsidiary of Rigby Group PLC. The results and passenger
numbers for 2018 for Bournemouth have been excluded from the tables
above.
**Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, gains and losses on sales and valuation
of investment properties, and significant items
Highlights
-- Passenger numbers increased to 61.8m (+4.9%), driven by
record numbers at London Stansted Airport ("STN") (+8.8% to 28.4m).
Manchester Airport ("MAN") also achieved record numbers in its
80(th) year of operation with solid growth (2.5% to 28.6m) as the
airport successfully backfilled the capacity previously operated by
Monarch.
-- Continued expansion of the route network with important
extensions operating and/or announced to short-haul and long-haul
destinations including Emirates launching a daily service from STN
to Dubai and new destinations from MAN including Addis Ababa and
Los Angeles. New short-haul routes and increased frequencies from
MAG airports include the popular cities and resorts of Barcelona,
Paris, Bordeaux, Faro, Vienna, Crete and St Petersburg. During the
year easyJet added an additional five based aircraft at MAN and
Jet2.com increased its based fleet at STN from seven to twelve.
-- The growth in passenger numbers combined with commercial
yield improvements has translated into a strong set of financial
results - Adjusted EBITDA** up by GBP21.8 million (or 6.1%) from
GBP360.0 million to GBP381.8 million. The combination of the
backfill of Monarch passengers, air traffic control strikes, and
pilot strikes is estimated to have had a circa 3% drag on Adjusted
EBITDA** growth across the Group.
-- Manchester Airport Transformation Programme has been under
construction since November 2017, with work on target in terms of
both cost and schedule. Manchester Airport Transformation Programme
is the largest ever private sector investment in the North West.
The Transformation Programme aims to allow the airport to continue
to grow and provide airlines and passengers with the latest
technology to improve the airport experience. The first major phase
of the transformation programme was completed in April 2019 with
the opening of a new pier and new multi-storey car park adjacent to
Terminal 2. The Terminal 2 extension is due to be operational in
Spring 2020.
-- Other investment includes: continued development of the
Group's car park estate; improvements to the Group's IT
capabilities; and design costs and the initial phase of new
facilities at STN, 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.
-- STN has grown by over 60% since we acquired the airport in
2013 and remains well-placed to absorb future growth in London's
aviation demand prior to any new runway being built at London
Heathrow. The Stansted Transformation Programme (STP) started in
2018 and is an extensive programme of work that is being delivered
to enable STN to make best use of its existing capacity and create
greater choice and better service for its passengers. The next
phase will involve the completion of new aircraft stands, new
check-in desks, additional parking and refining the design options
for the final design and phasing of the Arrivals Terminal
building.
-- As at 31 March 2019, the Group's total listed bonds in issue
was GBP1,110 million. Together with the GBP500 million revolving
credit facility and a GBP60 million liquidity facility (both
maturing June 2023), these facilities provide for a long-term
stable funding platform ensuring the Group has sufficient liquidity
to continue to invest in the asset base and fund future growth. In
December 2018 MAGIL's parent, MAHL completed the execution of a
GBP350 million loan facility with shareholders, through its
subsidiary Manchester Airport Finance Holdings Limited, providing
further support from shareholders towards the Group's investment
plans.
-- In April 2019 the Group increased the size of the Liquidity
Facility from GBP60 million to GBP90 million in anticipation of
future debt issuance. In May 2019 MAGIL issued a GBP350 million 25
year bond with a coupon of 2.875%, listed on the London Stock
Exchange.
-- Strong trading performance, combined with a prudent financing
policy, underpins stable financial leverage (3.2x net debt to
EBITDA).
-- An interim dividend of GBP110.7 million was paid in July 2018
by MAHL in respect of the full year ended 31 March 2018. An interim
dividend of GBP64.0 million was paid in December 2018, and a final
dividend of GBP128.0m will be paid in July 2019, making a total
dividend of GBP192.0 million in respect of the full year ended 31
March 2019. 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 MAHL's Investor Relations website at
magairports.com/investor-relations.
Enquiries:
Investor Relations investor.relations@magairports.com
MAG Press Office press.office@magairports.com
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END
FR CKNDNNBKDPOK
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