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ADI Finance 1 Senior Loan Facility

A debt facility between ADI Finance 1 Limited and various lenders originally entered into on 7 April 2006 and amended on 16 April 2012 with £600 million outstanding at 31 March 2013. It was previously called the Toggle Facility

Adjusted EBITDA

EBITDA before exceptional items.

Air transport movement (ATM)

A flight carried out for commercial purposes and includes scheduled flights operating according to a published timetable, charter flights and all-cargo flights.


The Civil Aviation Authority, the UK’s independent aviation industry regulator, that is responsible for most civil aviation regulatory functions.


Department for Transport.


Earnings before interest, taxation, depreciation and amortisation.


European Investment Bank.


Heathrow Airport Limited.

HEX/Heathrow Express

Is both the express (non-stop) rail service and the stopping rail service, Heathrow Connect, between Heathrow and central London.

HEX Opco

Heathrow Express Operating Company Limited, the operator of the Heathrow Express train service.


Interest cover ratio.


International Financial Reporting Standards.


Heathrow Funding Limited (previously BAA Funding Limited).

Maximum allowable yield

The maximum amount of aeronautical income per passenger that a regulated airport operator may charge in each regulatory year from services subject to price regulation by the CAA.


National Air Traffic Services

Non-regulated airports

The Group's UK airports other than Heathrow airport, ie Glasgow, Aberdeen and Southampton.


Is the sum of all arriving and departing passengers, other than in-transit passengers.


A five year (sometimes extended to six years) regulatory period that applies to regulated airports. In the case of Heathrow, the current quinquennium runs from 1 April 2008 to 31 March 2014 and the next one from 1 April 2014 to 31 March 2019.

Regulated airport

Heathrow airport.

Regulatory asset base (RAB)

A measure of the asset value of Heathrow used in Heathrow's regulatory dealings with the CAA and in its financing arrangements.


Is the regulatory asset ratio which is the ratio of net debt to the Regulatory Asset Base. This ratio is calculated at various different levels in the Group's structure which are also subject to covenants regarding the maximum permitted level of the ratio.


Standard & Poor’s Ratings Services, a rating agency business that is a division of the McGraw-Hill Companies Inc.


The CAA’s Service Quality Rebate scheme that imposes targets on Heathrow and Stansted designed to improve the passenger experience and to create an incentive for airport management teams.

Subordinated debt

Debt at Heathrow Finance which at 31 March 2013 comprised a £325 million bond due 1 March 2017, a £275 million bond due 2 September 2019, a £50 million loan due 9 November 2015 and a £77.5 million loan due 29 December 2019.


Generally accepted accounting principles in the United Kingdom

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