TIDM38LZ
RNS Number : 2298W
Manchester Airport Grp Funding PLC
10 December 2019
Issuer: Manchester Airport Group Funding PLC
Date: 10 December 2019
Manchester Airport Group Funding PLC
Company No. 8826541
Interim Results
The Issuer's parent, Manchester Airport Group Investments
Limited ("MAGIL"), today publishes its Interim Financial Report and
condensed consolidated financial statements for the half year ended
30 September 2019.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"),
today also publishes its Interim Financial Report and condensed
consolidated financial statements for the half year ended 30
September 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
Tuesday 10 December 2019 at 9.45 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:
1135495.
The presentation can be viewed online during the event by using
the link: http://view-w.tv/755-1197-22871/en
MAGIL Results for the 6 months ended 30 September 2019
MAGIL has delivered strong financial performance in the 6 months
ended 30 September 2019, driven by continued implementation of its
growth strategy, with increased passenger volumes, strong
commercial performance and cash generation, together with continued
focus on the management of its cost base.
Total Business
Key Financials 6 months ended 6 months ended Change (%)
30 September 30 September
2019 (GBPm) 2018 (GBPm)*
------------------------ --------------- --------------- -----------
Revenue 540.6 504.0 +7.3%
Adjusted EBITDA** 281.7 244.8 +15.1%
Adjusted EBITDA**
(excluding impact
of IFRS 16) 268.0 244.8 +9.5%
Operating profit
(before significant
items) 199.6 168.5 +18.5%
Result from operations 185.7 165.6 +12.1%
Result before taxation 186.7 157.0 +18.9%
------------------------ --------------- --------------- -----------
Passengers 6 months ended 6 months ended Change (%)
30 September 30 September
2019 (m) 2018 (m)
----------------- --------------- --------------- -----------
Manchester 17.4 16.6 +4.8%
London Stansted 15.9 15.9 0.0%
East Midlands 3.1 3.2 (3.1%)
----------------- --------------- --------------- -----------
Total 36.4 35.7 +2.0%
----------------- --------------- --------------- -----------
* The comparative figures have not been restated to account for
the adoption of IFRS 16. The Group has taken the modified
retrospective approach to adopting the new lease accounting
standard, which does not permit the restatement of comparative
figures. Note 20 of the Interim Financial Report and condensed
consolidated financial statements analyses the impact of the
adoption of IFRS 16 on the Income Statement and key reporting
metrics.
**Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, gains and losses on sales and valuation
of investment properties, and significant items
In April 2019, as part of MAGIL's long term growth strategy, it
commenced marketing for the sale of its non-core property
portfolio. The proceeds will be used to further invest in new
infrastructure and other growth opportunities. The results of the
portfolio have been treated as discontinued operations and assets
held for sale in the Interim Financial Report and condensed
consolidated financial statements for the half year ended 30
September 2019.
Continuing operations
Key Financials 6 months ended 6 months ended Change (%)
30 September 30 September
2019 (GBPm) 2018 (GBPm)*
------------------------ --------------- --------------- -----------
Revenue 524.9 490.3 +7.1%
Adjusted EBITDA** 268.2 233.9 +14.7%
Adjusted EBITDA**
(excluding impact
of IFRS 16) 254.5 233.9 +8.8%
Operating profit
(before significant
items) 186.1 157.6 +18.1%
Result from operations 172.2 154.7 +11.3%
Result before taxation 155.4 153.4 +1.3%
------------------------ --------------- --------------- -----------
Highlights
-- Passenger numbers increased to 36.4m (+2.0%), driven by
record numbers at Manchester Airport ("MAN") (+4.8% to 17.4m)
enabled by successful completion of the backfilling of the Monarch
slots, which had adversely impacted on the passenger volumes for
the six months ended 30 September 2018, including increased flying
from Jet2.com and EasyJet. Following last year's high growth,
London Stansted Airport's ("STN") summer passenger numbers remained
flat (0.0%, 15.9m). This included the impact of the collapse of
both Eurowings and Primera Air, together with some limited
reduction in capacity from Ryanair, offset by continued growth from
Jet2.com and the new Emirates service. East Midlands Airport
("EMA") saw a decline in passenger numbers due to softer load
factors across their carriers generally, partially offset by growth
from Jet2.com.
-- The collapse of Thomas Cook in September 2019 has had limited
impact upon the trading results of MAGIL in the six months ended 30
September 2019. Active management of the financial position means
that MAGIL recovered all its outstanding receivables. MAGIL is
actively working to mitigate the impact of the collapse on the
performance in the second half of the year. Jet2.com, Tui and
Virgin Atlantic have all committed to extend their operations at
MAN since Thomas Cook's collapse, and additional flights are also
committed to at STN and EMA.
-- The growth in passenger numbers is at the upper end of the UK
market and this, coupled with MAGIL's commercial strategy has
translated into a strong set of financial results - Adjusted
EBITDA** up by GBP36.9 million (or 15.1%) from GBP244.8 million to
GBP281.7 million. The adoption of IFRS 16 contributed GBP13.7
million to the increase in reported GBP36.9 million adjusted EBITDA
growth (GBP23.2 million, 9.5% growth on a like-for-like basis).
-- Continued expansion of the route network with important
extensions operating and/or announced to short-haul and long-haul
destinations, including Emirates doubling its service from STN to
Dubai to twice daily, new service from MAN to Los Angeles and
additional frequencies to Doha. Other new long-haul routes
announced from MAG airports in the forthcoming months include
Shanghai, Dhaka and Amritsar. New short-haul routes and increased
frequencies from MAG airports include the popular cities and
resorts of Istanbul, Gothenburg, Stuttgart, Marseille, Nantes,
Lille, Corvera (Mercia), Milan, Calvi, Verona and Skiathos.
-- The first major phase of the Manchester Transformation
Programme was completed in April 2019, on time and budget, with the
opening of a new pier and new multi-storey car park adjacent to
Terminal 2. The Terminal 2 extension is set to open next year.
-- At STN, the transformation programme continues and during the
six month period delivered new check in desks and a new
multi-storey car park, providing an enhanced experience for
passengers. At EMA work has commenced on doubling the size of the
immigration hall. The expanded facility will be ready by Summer
2020 improving the arrivals experience and future-proofing the
terminal for future growth.
-- As at 30 September 2019, the Group's total listed bonds in
issue was GBP1,460 million. Together with the GBP500 million
revolving credit facility and a GBP90 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 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 (3.7x net debt to
EBITDA).
-- A final dividend of GBP128.0 million was paid in July 2019 by
MAHL in respect of the year ended 31 March 2019. An interim
dividend of GBP71.3 million is due to be paid in December 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
IR LLFIFFLLAIIA
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