28 OCTOBER 2013

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Article from BTNews 28 OCTOBER 2013

Heathrow financial news

It was once called BAA, a non-descript acronym which only meant something to those with long memories.  It served its purpose.

Now renamed Heathrow Airport Holdings Ltd, it also owns Aberdeen, Glasgow and Southampton airports, which one assumes will be put up for disposal at some point. 

With the sale last week by Ferrovial of 8.65% for £392m to Universities Superannuation Scheme its make-up is changing now to an international consortium chaired by Sir Nigel Rudd, formerly with the original BAA, an accountant who has held similar positions with, amongst others, Boots the Chemist and glass company Pilkington. 

Heathrow Airport Holdings Ltd shareholders are currently Ferrovial (at 25% still the largest), Qatar National (20%), Britannia Airport Partners (13.29%), GIC Special Investments (11.88%), Alinda Capital Partners (11.18%), Stable Investment Corporation (10%), and now the Universities investment arm.

In another move last week Heathrow reported a 22.1% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to £1.035bn for the nine months to 30 September.

"Strong passenger satisfaction and passenger numbers have driven strong growth in cash flows, funding current investment of almost £4m a day in improving the airport for passengers and airlines", Chief Executive Colin Matthews said. www.heathrowairport.com

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