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Name | Symbol | Market | Type |
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Man Air Gp 34 | LSE:38LZ | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 126.84 | 0 | 01:00:00 |
TIDM38LZ
RNS Number : 5731R
Manchester Airport Grp Funding PLC
07 July 2022
Issuer: Manchester Airport Group Funding PLC
Date: 7 July 2022
Manchester Airport Group Funding PLC
Company No. 8826541
Annual Results
The Issuer's parent, Manchester Airport Group Investments Limited ("MAGIL"), today publishes its Annual Financial Report and consolidated financial statements for the year ended 31 March 2022.
MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"), today also publishes its Annual Financial Report and consolidated financial statements for the year ended 31 March 2022.
The Annual Reports and consolidated financial statements for MAHL and MAGIL, together with the Investor Presentation, Investor Report and Compliance Certificate for MAGIL, are available on Manchester Airports Group'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 Thursday 7 July 2022 at 10.00 am (UK time). The call will be hosted by Jan Bramall, Chief Financial Officer, Ken O'Toole, Deputy Chief Executive Officer and Iain Ashworth, Corporate Finance Director.
MAGIL results for the 12 months ended 31 March 2022
MAGIL's performance for the 12 months to 31 March 2022 continued to be severely impacted by changing international travel restrictions in response to the Coronavirus pandemic.
Passenger numbers for the 12 month period were 20.5 million, an increase of 225.4% compared to the 6.3 million passengers in the equivalent period of 2021. This still equates to only 33% of pre-pandemic levels. MAGIL's revenue has increased by 161.7% to GBP461.2 million, which together with cost savings has resulted in an Adjusted EBITDA of GBP125.1 million, an increase of GBP273.2 million year-on-year. MAGIL's Result from operations was a loss of GBP130.0 million for the 12 months ended 31 March 2022 (2021: loss of GBP359.5 million).
MAGIL's parent, MAHL, reported an Adjusted EBITDA of GBP125.6 million, and a loss from operations of GBP130.3 million.
Key Financials 12 months ended 12 months ended Change (%) 31 March 2022 31 March 2021 (GBPm) (GBPm) ---------------------------- ---------------- ---------------- ----------- Revenue 461.2 176.2 161.7% Adjusted EBITDA* 125.1 (148.1) n/a Adjusted EBITDA*(excluding impact of IFRS 16) 94.3 (178.1) n/a Result from operations (before adjusted items) (112.9) (321.6) 64.9% Result from operations (130.0) (359.5) 63.8% Result before taxation (185.9) (418.4) 55.6% ---------------------------- ---------------- ---------------- ----------- Passengers 12 months ended 12 months ended Change (%) 31 March 2022 31 March 2021 (m) (m) ----------------- ---------------- ---------------- ----------- Manchester 9.1 2.8 225.0% London Stansted 10.3 3.1 232.3% East Midlands 1.1 0.4 175.0% ----------------- ---------------- ---------------- ----------- Total 20.5 6.3 225.4% ----------------- ---------------- ---------------- -----------
* Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, gains and losses on sales and valuation of investment properties, and adjusted items
Throughout the year to 31 March 2022 the effects of the Coronavirus pandemic on the aviation industry have fluctuated and Manchester Airports Group ("MAG") has balanced its ability to manage costs and liquidity against maintaining its infrastructure to enable future growth.
The end of UK Government restrictions on international travel in March 2022 drove a significant return of passenger demand. By the end of the financial year, MAG's airports were seeing 70% of pre-pandemic traffic levels. The sustained increase in passenger numbers has continued into the new financial year with passengers rising to 82% of pre-pandemic levels by the end of May.
Like all airports across the UK, MAG and its airline partners have experienced challenges to build back staffing levels quickly enough to meet this returning demand, causing some periods of disruption at our airports. Working closely with local partners and Airport Academies at each airport, MAG has launched a large-scale recruitment campaign and has welcomed hundreds of new colleagues into the operation and we expect to have the resources we need in place ahead of the busy summer season.
MAG continued to exercise strong cash management throughout the year to 31 March 2022 to maintain liquidity despite the residual impacts of the pandemic and ensure the long-term viability of the business. Cash management discipline, GBP300 million of new shareholder equity injected in 2020, and GBP400 million raised through the sale of MAGIL's non-core property portfolio contributed to a cash position at MAGIL of GBP451.4 million at 31 March 2022.
Other headlines
-- Significant investment has been completed in the last three years and MAG's modern infrastructure will be an important component of a strong recovery. Following the outbreak of COVID-19, MAG reduced and refocussed expenditure on its capital projects, given the reduction in passenger demand. Phase 2 of MAG's main capital project; the Manchester Airport Transformation Programme ("MANTP"), is now complete. The Terminal 2 extension opened in July 2021 and has been well received by airlines and passengers. Manchester Airport's modern facilities will continue to be the international gateway for the North, providing passenger and airline facilities for the future, and supporting commercial yields and operating efficiencies. With the increase in demand observed since the release of international travel restrictions in the UK, MAGIL has begun a process to remobilise its previously paused investment plans which may recommence later this year if the strong rebound continues through the Summer.
-- As at 31 March 2022, MAGIL had a GBP500 million revolving credit facility and a GBP90 million liquidity facility, maturing June 2023. On 27 May 2022 MAGIL completed a refinancing of these facilities, through an amendment and restatement process. The total facility sizes and lenders remained unchanged. The new facilities mature in May 2027 with options to extend by up to two years, subject to lenders' agreement. Together with GBP1,460 million of listed bonds and retained cash resources, these facilities provide the Group with a long-term stable funding platform. MAGIL's Net Debt (excluding IFRS 16) as at 31 March 2022 was GBP1,689.3 million, which was GBP219.5 million lower than as at 31 March 2020, at the beginning of the pandemic.
-- Following the impact of COVID-19 and in accordance with the Amendment and Waiver Deed no dividends have been paid throughout the covenant waiver period. Dividends paid by MAHL are funded via Distributions from MAGIL.
-- MAG's financing strategy incorporates its strong investment grade ratings with Fitch (BBB negative outlook) and Moody's (Baa1 negative outlook) and a long-term financing structure to support growth. Maintaining this financial stability, even during the pandemic and the Group's recent transformation activities, places MAGIL in a strong position to maintain its operational capabilities and benefit from the upturn in demand levels.
Note on MAGIL Results
Reconciliations between the financial results of MAGIL and MAHL and MAGIL's Adjusted EBITDA (excluding impact of IFRS 16) are 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
ACSUNASRUKUBRAR
(END) Dow Jones Newswires
July 07, 2022 02:00 ET (06:00 GMT)
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