Ferrovial - Annual Report 2012

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Performance over the year

In the year ended 31 December 2012, the Group’s passenger traffic increased 0.5% to 99.7 million (2011: 99.2 million). Adjusting for the fact that 2012 was a leap year, year on year growth was 0.2%. The performance was driven by Heathrow where passenger traffic was up 0.9% to 70 million (2011: 69.4 million), its second successive calendar year traffic record.

Traffic increased across all market segments with significant increases in European and long haul traffic, based on Heathrow’s performance. In contrast there was only a modest decrease in domestic traffic. Domestic performance saw a significant divergence between the London airports (Heathrow: +0.5%; Stansted: -16.7%) and the non-London airports (+2.7%) with the London airport performance reflecting in part cessation of services between Stansted and Belfast and Newcastle.

In 2012, Heathrow’s total traffic increased 0.9% to 70 million passengers (2011: 69.4 million). Heathrow’s traffic in 2012 was characterised by record load factors (75.6% versus 75.2% in 2011) and more seats per passenger aircraft (197.4 versus 194.8 in 2011). These are the key drivers of the modest growth that can be expected in Heathrow’s traffic for as long as it operates with its current capacity constraints where there is negligible opportunity to increase flight numbers which, whilst falling marginally to 471,341 compared to 476,197 in 2011, are very close to the cap of 480,000 flights per annum. The proportion of transfer traffic at Heathrow was 35% (2011: 35%).

Whilst underlying demand at Heathrow was firm through 2012, reported performance fluctuated through the year. There was year on year growth in the first quarter but a modest decline in the second quarter, partly reflecting issues such as the leap year and the different timing of Easter relative to 2011. In the third quarter, Heathrow’s traffic was impacted in July and August by over 400,000 passengers compared to the same period of 2011 by the London 2012 Olympics, which resulted in UK based travellers staying in the country to enjoy the Games and non-UK travellers avoiding travel to the UK due to concerns over disruption caused by the Games. Since then traffic growth resumed with monthly records set in September, November and December.

Stansted’s passenger traffic declined 3.2% to 17.5 million (2011: 18 million). Across the Group’s three other airports of Glasgow, Aberdeen and Southampton, passenger traffic increased 4.1% to 12.2 million (2011: 11.7 million). Performance was particularly strong at the two Scottish airports, with Aberdeen’s traffic up 8.3% to 3.4 million passengers (2011: 3.1 million) and Glasgow’s traffic up 4.2% to 7.2 million passengers (2011: 6.9 million).

The Group reported revenues from operations of 2.65 billion pounds up 4.8% year-on-year. EBITDA rose by 10.5% in comparable terms to 1.36 billion pounds (1.23 billion euro). This strong performance reflects improved underlying traffic, increased aeronautical and retail income per passenger and continued cost control.

The Group has continued to implement its strategy to improve passengers’ experience and airlines’ operations through sustained substantial investment in modern airport facilities and improved service standards. This will ensure customers enjoy superior facilities relative to competitors, encouraging greater utilisation of the Group’s airports and supporting their long-term growth ambitions.

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This is an electronic version of the 2012 Annual Report prepared by Ferrovial, S.A. for its stakeholders, which aims to be complete and accurate. The contents of this version can be checked by referring to the print version. A copy of the print version in PDF format is available to download on this web page