BAA revise forecasts on delayed Gatwick sale
27.06.09
BAA has revised its passenger, revenue and EBITDA (earnings before interest, tax, depreciation and amortisation) targets for the 12 months to 31 December 2009, to take into account a delay in the planned sale of Gatwick, which is now expected to be completed by 1 October. No deal has yet been struck to sell the airport, with a previous deadlines of March and July missed.
The airports group predicted that its revenue would be £2,334 million in 2009, assuming the sale of Gatwick, and on a continuing basis revenue will be £1,966 million. A previous forecast with a Gatwick sale by 1 July, predicted revenue of £148 million less. EBITDA is now forecast at £1,022 million, which includes £73 million from three additional months’ contribution from Gatwick ownership. Adjusted EBITDA (excluding Gatwick) is expected to be £874 million.
BAA's net debt is forecast to decline from £9.4 billion at 31 December 2008 to £8.7 billion at 31 December 2009. Assuming Gatwick is sold by 1 October, BAA expects group-wide passengers to be 110.3 million in 2009. This compares with 123.8 million in 2008 and an original forecast of 119.8 million for 2009, so reflects a big decrease even with the busy summer months at Gatwick included.
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