REG - Gatwick Funding Ltd - Notice to Noteholders

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09/03/2022 08:15

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RNS Number : 0762E  Gatwick Funding Limited  09 March 2022

 

 

Gatwick Funding Limited

9 March 2022

Issuer: Gatwick Funding Limited

Date: 9 March 2022

 

Gatwick Funding Limited (the "Issuer")

a company incorporated in Jersey (registered number 107376)

Annual results publication - Ivy Holdco Limited

The Issuer's parent, Ivy Holdco Limited, today publishes its Annual Report and
consolidated financial statements for the year ended 31 December 2021.

The Ivy Holdco Limited report and financial statements consolidate the results
of Ivy Holdco Limited, the Issuer, Ivy Bidco Limited and Gatwick Airport
Limited. These financial statements and a related investor presentation are
available on the Gatwick Airport Limited website at
www.gatwickairport.com/investor (http://www.gatwickairport.com/investor) .

 

Gatwick looking forward to a strong summer - and will reopen its South
Terminal later this month to meet demand - as airport publishes annual results

 

·    A stronger second half to the year - and considerably reduced
operating costs - sees Gatwick's annual losses fall in 2021, despite fewer
annual passengers

·    Airport looking forward to a strong summer season following a
positive Government decision on airport slot regulations and the relaxation of
travel and testing restrictions

·    Gatwick's South Terminal due to open on March 27 to meet demand

·    Stewart Wingate, Gatwick CEO, urges Government to make 2022 the year
when all travel restrictions are removed, including the unpopular Passenger
Locater Form

 

Despite continually changing travel restrictions - and the emergence of the
Omicron variant - an encouraging end to 2021 saw passenger numbers at Gatwick
exceed 1 million in August, September, October, and December - helping reduce
the airport's annual losses to £370.6 million for the year ended 31 December
2021 - compared to a £465.5 million loss in the previous year.

 

UK lockdowns and widespread international travel restrictions led to a 38.5%
reduction in total annual passenger numbers at Gatwick, which hit 6.3 million
passengers for the year, compared to 10.2 million previously.  The reduced
total passenger numbers generated a negative EBITDA at -£26.3m.

 

The airport was able to offset the impact of reduced total passenger numbers -
and maximise the benefits of a stronger second half to the year - through
actions taken in 2020 to significantly reduce operating costs, including
consolidating all air traffic and passengers into the North Terminal.

 

Following the UK Government's decision to return discipline to the airport
slot regulations and a series of significantly increased airline flying
programmes by its airlines, Gatwick will reopen its South Terminal later this
month - on Sunday 27 March - and will continue its recruitment campaign to
help meet the expected strong demand for air travel this summer and
beyond.    Gatwick and its partners - airlines, ground handlers, retailers,
cafes and bars etc - have been recruiting for more than 2000 new posts over
recent months, providing a much needed boost for local communities across the
region.

 

Significant increases in short-haul flying programmes from the airport
indicate a strong 2022 summer season, with easyJet's leasing of BA slots
giving the airline their greatest capacity ever at Gatwick with 120 routes
utilising 79 Gatwick-based aircraft.  The return of BA's short haul
operations will also see 18 aircraft flying 35 short haul routes under their
Euroflyer brand, five Gatwick-based Wizz Air aircraft will support their
inbound services for a total of 25 routes and Vueling will serve a total of 16
routes, basing two aircraft at Gatwick.

 

Long haul traffic has also seen strong demand for leisure markets when
restrictions allowed, with Caribbean destinations operated by BA and TUI
remaining strong throughout 2021.  The second half of 2021 also saw WestJet
and Air Transat restart services to Canada, BA and TUI restart services to
destinations in Florida, Emirates restart daily services to Dubai (this is now
double daily) - with other long-haul markets also re-established to Mexico,
Mauritius, Costa Rica, Aruba and Qatar.

 

Two new long-haul airlines also started at Gatwick towards the end of 2021,
with JetBlue flying services to New York and Scoot (part of the Singapore
Airlines group) flying to Bangkok.

 

Gatwick also took steps in 2021 to secure the airport's longer-term future by
completing a twelve-week public consultation on the proposal to bring its
existing Northern Runway into routine use, alongside its Main Runway, by
summer 2029 for departing aircraft.

 

Stewart Wingate, CEO, Gatwick Airport, said: "As it was for many airports,
2021 was a difficult year for Gatwick but, despite constantly changing travel
restrictions and the emerging Omicron variant, we managed to end the year
strongly and reduced our losses compared to the previous year.

 

"Today, we find ourselves in a very different position.  Major announcements
from our airlines about significantly increased flying schedules, and from
Government on airport slot regulations and the relaxation of travel
restrictions, mean we are now looking forward to a strong Summer.  We're
currently focussed on reopening our South Terminal to ensure we can meet this
expected strong demand and we are looking forward to welcoming back passengers
in increasingly larger numbers.

 

"The rebounding of international connectivity toward pre-pandemic levels will
boost job and business opportunities, which is great news for many in our
local communities and beyond. However, fully restoring consumer confidence
will take time and I urge Government to make 2022 the year when all travel
restrictions are removed completely, including the unpopular passenger locator
form."

 

 

For further information please contact

 Media enquiries     Gatwick Airport Press Office  +44 (0)1293 505000

 Investor enquiries  Steve Wirths                  +44 (0)1293 968827

                     Lloyd Garrett                 +44 (0)1293 965447

 

Further information on the financial results and the associated investor
presentation can be found at  www.gatwickairport.com/investor
(https://protect-eu.mimecast.com/s/riCXCE9lgHlLVmlhw__96?domain=gatwickairport.com)

 

 

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 which purchased a 50.01% stake in the airport.

 

About VINCI Airports

The world's leading private airport operator, VINCI Airports operates 53
airports in 12 countries in Europe, Asia and the Americas. Thanks to its
expertise as a global integrator, VINCI Airports develops, finances, builds
and manages airports by providing its investment capacity and its know-how in
optimizing operational performance, modernizing infrastructures and managing
their operations environmental transition. VINCI Airports is the first airport
operator to have committed to an international environmental strategy in 2016,
to achieve the goal of net zero emissions across its entire network by 2050.

 

For more information: www.vinci-airports.com (http://www.vinci-airports.com/)
           @VINCIAirports (https://twitter.com/VINCIAirports)

www.linkedin.com/company/vinci-airports/
(http://www.linkedin.com/company/vinci-airports/)

 

About Global Infrastructure Partners (GIP)

GIP 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$68 billion of Assets under Management. Its 41 portfolio companies
operate in over 51 countries with more than 67,000 employees and generate
annual revenues of circa US$51 billion. For more information on GIP please
visit http://global-infra.com (https://www.global-infra.com/)

 

 

END

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