TIDM79IU
RNS Number : 3872X
Gatwick Funding Limited
28 August 2020
Gatwick Funding Limited
Issuer: Gatwick Funding Limited
Date: 28 August 2020
Gatwick Funding Limited (the "Issuer")
a company incorporated in Jersey (registered number 107376)
Half year results publication - Gatwick Airport
The Issuer's parent, Ivy Holdco Limited, today published its
report and unaudited condensed interim consolidated financial
statements for the six months ended 30 June 2020.
The Ivy Holdco Limited report and unaudited condensed interim
financial statements consolidate the results of Ivy Holdco Limited,
the Issuer, Ivy Bidco Limited and Gatwick Airport Limited. These
financial statements are available on the Gatwick Airport Limited
website at www.gatwickairport.com/investor.
Gatwick publishes half yearly results, as airport takes further
steps to protect its future resilience against the economic impact
of COVID-19
-- Encouraging start to the year heavily impacted by significant
drop in passenger numbers due to COVID-19
-- Swift action taken to reduce operational costs and capital
expenditure whilst the airport remained open throughout the
pandemic
-- Focus on safety and wellbeing of passengers and staff remains a priority
-- Restructuring sets foundation for business to be in best
place for recovery and future growth
Despite an encouraging start to the year passenger numbers at
Gatwick fell by 66% in the first six month ended 30 June, 2020 due
to the impact of COVID-19. The airport remained open throughout the
pandemic, however all revenue streams were impacted and the
collapse in passenger demand led to a 61.3% fall in revenue and a
GBP321m loss. EBITDA fell 98.3%.
Decisive and swift action was taken to protect the financial
strength of the business, following the spread of COVID-19 in
March. Planned capital expenditure has been reduced by GBP157m for
2020 and GBP196m for 2021. Operational costs have been also reduced
by over GBP100m through a variety of actions including
consolidating air traffic to one terminal allowing for
infrastructure shutdowns, severance programmes and termination of
fixed term contracts, and improving efficiencies of its services in
line with reduced airline and passenger demand.
A priority continues to be protecting the health and wellbeing
of employees and passengers and, following latest Government
guidance, a wide range of health measures have been introduced and
are continuously assessed to maintain and help restore public
confidence in flying. Gatwick currently has 18 airlines flying to
115 airports in 42 countries.
To improve its liquidity, in April 2020 Gatwick secured a
GBP300m loan with a consortium of banks. As at 30 June 2020,
Gatwick held a cash balance of c.GBP326m. In light of the forecast
impact on its financial covenants, Gatwick has commenced a
three-week consent solicitation process following successful
discussions with its lending banks and with bondholders forming a
special committee of the Investment Association, in aggregate
representing c.46.9% of total secured debt.
In line with further reducing operating costs, with over 70% of
Gatwick's employees remaining on furlough, the business has
announced a company-wide restructuring proposal which could result
in the region of a further 600 job losses. The restructuring will
better align the business to passenger and air traffic forecasts
whilst allowing it to remain agile should demand recover faster
than expected. The recovery period to pre-pandemic traffic levels
is forecast to be four to five years.
Gatwick Airport, Chief Executive Officer, Stewart Wingate
said:
"Like any other international airport, the negative impact of
COVID-19 on our passenger numbers and air traffic at the start of
the year was dramatic and, although there are small signs of
recovery, it is a trend we expect to continue to see. However, we
are focussed on ensuring the business remains robust and is best
placed to take advantage of future growth.
"As with any responsible company we have protected our financial
resilience by significantly reducing our operational costs and
capital expenditure. We are going through a proposed company-wide
restructuring programme and I want to thank all my staff for their
hard work to date whilst we go through this difficult time. We will
emerge a fitter and stronger organisation, best placed to remain
flexible and agile in responding to growth opportunities. This
includes continuing to do all we can to protect the safety and
wellbeing of our staff and passengers.
"In this post COVID-19 travelling world, we are working hard
with our airlines to ensure we continue to offer our customers a
wide choice of destinations and carriers. We also expect, next
year, to progress our plans to bring the existing Northern
(stand-by) Runway into routine use which, as we rebuild our
passenger numbers over the next four to five years, will enable us
to offer even more travel choice. We will ensure we continue to
deliver our operation mindful of our environmental, social and
governance responsibilities. We want to rebuild better.
Despite the immediate challenges I remain resolutely optimistic
that Gatwick will recover and retain its position as one of the
UK's leading travel hubs and economic driver for the region."
For further information please contact
Gatwick Airport Press
Media enquiries Office +44 (0)1293 505000
Steve Wirths +44 (0)7595 678700
Investor enquiries Lloyd Garrett +44 (0)1293 505447
Further information on the financial results and the associated
investor presentation can be found at
www.gatwickairport.com/investor
About Gatwick Airport
Gatwick is the UK's second largest airport and flies a range of
both short and long-haul point-to-point services. The airport is a
vital piece of the UK's national infrastructure and is also a major
driver for both the regional and national economies.
In 2019, a new long-term partnership was formed with VINCI
Airports who purchased a 50.01% stake in the airport. This
partnership saw Gatwick Airport integrate into the network of VINCI
Airports, the leading private airport operator in the world, which
manages the development and operation of 45 airports located in
Brazil, Cambodia, Chile, Costa Rica, Dominican Republic, France,
Japan, Portugal, Serbia, Sweden, the United Kingdom and the United
States. Served by more than 250 airlines, VINCI Airports' network
handled 255 million passengers in 2019. Through its expertise as a
comprehensive integrator, VINCI Airports develops, finances, builds
and operates airports, leveraging its investment capability and
know-how to optimise the management and performance of airports and
carry out extensions and upgrades. In 2019, its annual revenue for
managed activities amounted to EUR4.9 billion, for a consolidated
revenue of EUR2.6 billion.
Global Infrastructure Partners (GIP), which manages the
remaining 49.99% interest in Gatwick, is an independent
infrastructure investor that makes equity investments in high
quality infrastructure assets in the energy, transport and
water/waste sectors. GIP has US$70 billion of Assets under
Management. Its 41 portfolio companies operate in over 50
countries.
For more information on VINCI Airports please visit
www.vinci-airports.com and for more information on GIP please visit
http://global-infra.com
END
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