TIDM38LZ
RNS Number : 5434E
Manchester Airport Grp Funding PLC
08 July 2021
Issuer: Manchester Airport Group Funding PLC
Date: 8 July 2021
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
2021.
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 2021.
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
Thursday 8 July 2021 at 10.00 am (UK time). The call will be hosted
by Jan Bramall, Chief Financial Officer, Ken O'Toole, Chief
Development Officer and Iain Ashworth, Corporate Finance
Director,
Dial-in details for the call are: UK local/standard
international: +44 (0)330 336 9125. Confirmation code: 8321926.
The presentation can be viewed online during the event by using
the link:
https://storm-virtual-uk.zoom.us/webinar/register/WN_6VTVCM4RQoapbD1VXr2VYg
MAGIL results for the 12 months ended 31 March 2021
MAGIL's performance for the 12 months to 31 March 2021 reflects
the unprecedented period the aviation industry has faced this year
following the impact of COVID-19.
Passenger numbers for the year fell to 6.3 million, a reduction
of 89.4% compared to the 59.6 million passengers in the previous
year. As a direct result MAGIL, in common with every other major
aviation business, made a significant loss during the period.
Adjusted EBITDA* decreased from GBP377.6 million to GBP(170.1)
million (GBP(547.7) million, (145.0)%).
Total Business
Key Financials 12 months ended 12 months ended Change (%)
31 March 2021 31 March 2020
(GBPm) (GBPm)
---------------------------- ---------------- ---------------- -----------
Revenue 184.7 901.0 (79.5)%
Adjusted EBITDA* (140.2) 404.8 (134.6)%
Adjusted EBITDA*(excluding
impact of IFRS 16) (170.1) 377.6 (145.0)%
Result from operations
(before significant
items) (313.7) 227.8 (237.7)%
Result from operations (351.6) 204.2 (272.2)%
Result before taxation (374.8) 165.4 (326.6)%
---------------------------- ---------------- ---------------- -----------
Passengers 12 months ended 12 months ended Change (%)
31 March 2021 31 March 2020
(m) (m)
----------------- ---------------- ---------------- -----------
Manchester 2.8 28.2 (90.1)%
London Stansted 3.1 26.9 (88.5)%
East Midlands 0.4 4.5 (91.1)%
----------------- ---------------- ---------------- -----------
Total 6.3 59.6 (89.4%)
----------------- ---------------- ---------------- -----------
Table 1 - MAGIL key financial information for continuing and
discontinuing operations (see Appendix 1 for a reconciliation to
the Annual Financial Report and consolidated financial statements
of MAGIL)
* Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, gains and losses on sales and valuation
of investment properties, and significant items
MAGIL's response to the pandemic has been measured, strong and
focussed on long-term recovery. All non-essential expenditure was
frozen, all colleagues took a 10% pay cut from April 2020, as well
as a major streamlining of the workforce across its entirety
including management, back office functions and operational staff
to reflect the short term reduction in operating activity. MAGIL
has also taken decisive steps to significantly reduce operating
costs through the alignment of infrastructure and resources to meet
the revised traffic demand.
Shareholders have been supportive through this period providing
GBP300 million of new equity, which together with GBP400 million
raised through the sale of MAGIL's non-core property portfolio
contributed to a cash position of GBP518.1 million at 31 March
2021. In addition, banks and listed bondholders strongly endorsed
MAGIL's financial and strategic response by agreeing to waive
financial covenant tests, in June 2020, for the calculation periods
to September 2020 and March 2021 and an amendment to September
2021. In June 2021 banks and bondholders agreed a further 12 month
extension to these waivers and amendments.
The increase in supply of vaccines, the steps being taken by
countries to roll out the vaccine to vulnerable categories in the
first instance and the testing protocols that are being put in
place by governments, will allow the gradual re-introduction of
international travel as border controls are gradually relaxed as
the impacts of the pandemic reduce. MAGIL has introduced additional
health measures, testing facilities and controls at its airports to
provide a safe environment for our passengers, customers, airlines
and colleagues as airlines start up their operations again.
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 has reduced and refocussed expenditure on its capital projects,
given the reduction in passenger demand. Phase 2 of MAG's main
capital project; MANTP, is now complete. The Terminal 2 extension
is complete and will be ready to open as capacity returns.
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.
-- As at 31 March 2021, the Group's total listed bonds in issue
were GBP1,460 million (GBP360 million maturing in April 2024).
Together with the GBP500 million revolving credit facility and a
GBP90 million liquidity facility (both maturing June 2023), along
with retained cash resources, these facilities provide the Group
with a long-term stable funding platform.
-- Following the impact of COVID-19 and in accordance with the
Amendment and Waiver Deed no dividends will be 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 and Moody's 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.
-- MAG has acted promptly and successfully implemented a
strategic financing response. This includes significant cash
mitigation measures across costs and capital expenditure; secured
GBP300 million of additional funding from its shareholders;
together with the GBP400 million realisation of MAG's non-core
investment property. All of which, together with MAG's strong
liquidity position at 31 March 2021, provides strong levels of
funding beyond the next 12 months.
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
Appendix 1
Reconciliation of Table 1 to the Annual Financial Report and
consolidated financial statements of MAGIL for the year ended 31
March 2021
Key Financials 12 months ended 31 March 12 months ended 31 March
2021 (GBPm) 2020 (GBPm)
Continuing Discontinued Total Continuing Discontinued Total
Operations Operations Business Operations Operations Business
---------------------------- ------------ ------------- ---------- ------------ ------------- ----------
Revenue 176.2 8.5 184.7 872.1 28.9 901.0
Adjusted EBITDA* (148.1) 7.9 (140.2) 379.4 25.4 404.8
Adjusted EBITDA*(excluding
impact of IFRS
16) (178.0) 7.9 (170.1) 352.2 25.4 377.6
Result from
operations (before
significant
items) (321.6) 7.9 (313.7) 202.6 25.2 227.8
Result from
operations (359.5) 7.9 (351.6) 185.2 19.0 204.2
Result before
taxation (418.4) 43.6 (374.8) 151.9 13.5 165.4
---------------------------- ------------ ------------- ---------- ------------ ------------- ----------
* Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation, gains and losses on sales and valuation
of investment properties, and significant items
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