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  • By Heathrow

    Heathrow lands 9th year of consecutive growth with healthy financial performance

    Heathrow welcomed a record 80.9 million passengers in 2019 (+1% vs 2018) with 82% rating the airport as “Excellent” or “Very Good” following private investment of over £12 billion. The share of UK exports handled through Heathrow increased to 40%, strengthening its position as the UK’s biggest port.

    Heathrow remains in strong financial health: revenues climbed 3.4% to £3.1 billion on the back of increased demand to fly – supporting an additional £856 million of investment into the airport in 2019. Adjusted EBITDA rose 4.6% to £1.9 billion.

    Remaining competitive in the lead-up to expansion continues to be a priority: strict operating cost discipline while prioritising service, operational resilience and investment in growth has driven adjusted costs per passenger pre IFRS 16 up 5.0% to £14.85. Strong balance sheet with liquidity extended to October 2021 after raising £2.1 billion in global capital markets

    Heathrow expansion will boost economic prosperity, fulfilling the Prime Minister’s vision of a Global Britain 

    Case for expansion was strengthened as new figures revealed that growth at EU competitor Charles de Gaulle is set to overtake Heathrow, threatening the UK’s only hub airport and the Prime Minister’s ambition for a Global Britain.

    As capacity constraints continue to strangle the UK’s biggest port by value, trade and tourism volumes are being handed on a plate to European competitors

    Expanding the UK’s only hub airport will help level up the country

    Heathrow delivered a record year for apprenticeship starts in 2019, and finalists in the airport’s UK-wide logistics hub search await the final green light to help build expansion. £14 billion of private investment ready to launch tens of thousands of jobs, thousands of apprenticeships, new technology and huge economic benefits in every corner of the country

    Heathrow takes a lead on addressing the biggest issue of our time – climate change 

    Heathrow signed up to unwavering commitment of net-zero carbon by 2050, alongside the rest of the aviation industry. Heathrow achieved carbon-neutral status in January 2020 and are working towards operating zero-carbon infrastructure by mid-2030s for all its infrastructure.

    Heathrow remains clear that unless expansion meets strict environmental targets, no additional capacity can or will be used

    Heathrow’s CEO John Holland-Kaye, said:

    “Within two years, Charles de Gaulle will overtake Heathrow as the biggest airport in Europe. Heathrow’s new runway is ready to turn ‘global Britain’ into more than just a campaign slogan. It’s the key to the UK’s success after Brexit and will ensure we stay ahead of our European rivals. 

    "Expansion will be built within legally-binding environmental targets, creating lower airfares for passengers, connecting every corner of Britain to global growth and all at no cost to the taxpayer. It’s time to get on with it.”

    John Holland-Kaye , CEO , Heathrow

    At year ended 31 December

    2018

    2019

    Change (%)

    (£m unless otherwise stated)

     

     

     

    Revenue

    2,970

    3,070

    3.4

    Cash generated from operations

    1,787

    1,942

    8.7

    Profit before tax

    422

    546

    29.4

    Adjusted EBITDA(1)

    1,837

    1,921

    4.6

    Adjusted profit before tax(2)

    267

    375

    40.4

    Heathrow (SP) Limited consolidated nominal net debt(3)

    12,407

    12,412

    0.0

    Heathrow Finance plc consolidated net debt(3)

    13,980

    14,361

    2.7

    Regulatory Asset Base(4)

    16,200

    16,598

    2.5

    Passengers (million)(5)

    80.1

    80.9

    1.0

    Retail revenue per passenger (£)(5)

    8.94

    8.93

    (0.1)