REG - Gatwick Funding Ltd - Notice to Noteholders

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16/03/2023 08:30

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RNS Number : 1986T  Gatwick Funding Limited  16 March 2023

Issuer: Gatwick Funding Limited

Date: 16 March 2023

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 2022.

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) .

London Gatwick Airport financial results for the year ending 31 December 2022

 

London Gatwick Airport recovers strongly in 2022

 

·    Airport remains cautiously optimistic about full recovery with
popular short and long haul routes performing strongly.

·    Passenger demand at 70.4% of pre-pandemic levels, with 32.8 million
passengers in 2022.

·    London Gatwick Airport to invest over £250 million in reducing
carbon emissions and becoming net zero for its buildings and vehicles (known
as its scope 1 and 2 carbon emissions 1  (#_ftn1) ), 10 years ahead of its
previous commitment.

·    "Thank you to all colleagues across our airport, who supported the
operation last year as travel restrictions eased and passengers started to
travel. This year we will have even more choice of airlines and destinations
for travellers, whether flying for business or leisure" Stewart Wingate, CEO.

 

London Gatwick Airport has today published its financial results for 2022, and
recognising the urgent need to make net zero a reality has accelerated its
commitment to be net zero for its own Scope 1 and 2 carbon emissions by 2030,
10 years ahead of its previous commitment. This commitment is aligned with
both VINCI Airports' environmental action plan, which aims for all its EU
airports to be net zero by 2030, and GIP's strong commitment to
decarbonisation action.

 

This will be achieved by investing over £250 million to reduce carbon
emissions, such as moving to an electric vehicle fleet and replacing gas
boilers and refrigerants with low carbon alternatives. The airport will also
continue to reduce overall energy use, invest in on-site renewable energy,
including solar power, and source renewable electricity through Power Purchase
Agreements (PPAs), to further continue London Gatwick's role in helping the UK
to decarbonise.

 

London Gatwick will share more details on plans to deliver against its climate
goals in the coming months.

 

2022 results include:

·    Passenger demand at 70.4% of pre-pandemic levels, with 32.8 million
passengers passing through the airport in the year ending 31 December 2022.

·    Revenue at £776.6 million, driven by a strong and steady recovery in
passenger numbers throughout 2022. This includes aeronautical income (£405m),
retail income (£159m) and car parking income (£102m).

·    Returned to a profit of £196.5 million in 2022, after over £830
million of losses from 2020 and 2021.

·    EBITDA at £446.3 million.

 

Despite returning to profitability the airport remains cautiously optimistic
about a full recovery, given the current economic uncertainty and inflationary
pressures.

Looking back at 2022, the gradual removal of travel restrictions, and the
return of discipline to UK airport slot regulations put London Gatwick in a
good position

 

As widely reported the rapid upturn in demand during Q2 2022 drove significant
operational challenges across the aviation sector. In response, London Gatwick
took early and decisive action working closely with the airport's partners,
including the airlines, to ensure passenger disruption was minimised during
the peak summer months.

 

During 2022, London Gatwick made a significant investment  by completing an
innovative project to resurface its main runway
(https://mediacentre.gatwickairport.com/press-releases/all/22_10_05_runway_resurfacing.aspx)
- in half the time and for half the cost of traditional methods, improving the
airport's operational resilience and allowing a saving of embodied carbon
during the construction phase. Further investment will also see a fully
redeveloped airport train station completed later this year, work beginning to
upgrade the North Terminal international departure lounge, and the airport is
continuing the preparation of its planning application (Development Consent
Order) to bring its existing Northern Runway into routine use.

 

London Gatwick's short haul network was the first to show strong recovery in
2022 and now serves 156 destinations, with easyJet flying 72% of those routes.
Short haul is at 92% of flights flown pre-pandemic, while long-haul
connectivity is taking longer to recover but has bounced back robustly in
recent months, and now boasts 47 long haul routes - 76% of the number flown
pre-pandemic.

 

Significantly, Air India will start flying
(https://www.mediacentre.gatwickairport.com/press-releases/all/23_01_12_air_india.aspx)
to four new destinations later this month (26 March), Delta Air Lines returns
(https://mediacentre.gatwickairport.com/press-releases/all/22_09_26_gatwick_expands_us_connections_as_delta_air_lines_returns_from_next_spring.aspx)
to London Gatwick with the airport's fourth daily flight to New York (10
April) from this summer, along with Jet Blue, British Airways and Norse
Atlantic Airways also operating new long haul routes to North America and the
Caribbean.

Stewart Wingate, Chief Executive Officer, London Gatwick Airport, said: "The
decisive actions we took early last year allowed us to offer good levels of
service to passengers who travelled through Gatwick. Thank you to all
colleagues across our airport, who supported the operation last year as travel
restrictions eased and passengers started to travel. This year we will have
even more choice of airlines and destinations for travellers, whether flying
for business or leisure.

 

"While we still have some way to go to reach a full recovery, we know
long-term sustainable investment is critical to the future of our airport and
provides a significant boost to the regional and national economy. This year
we are pushing forward with a number of projects to improve resilience and the
overall passenger experience, including preparing our planning application to
bring the existing Northern Runway into routine use.

 

"Central to this is our commitment for our business to be net zero for scope 1
and 2 by 2030. The aviation industry is addressing the challenges, and we are
working closely with our stakeholders to ensure we create a sustainable
airport for the future."

 

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)

 

NOTES

 1  Gatwick Airport Limited scope 1 and 2 greenhouse gas emissions

About London Gatwick Airport

London Gatwick Airport is the UK's second largest airport and is a vital piece
of national infrastructure that helps drive both the regional and national
economy. More than 40 airlines fly from the airport to over 150 short-haul and
more than 45 long-haul destinations. The airport is focused on rebuilding and
growing sustainably in the long term. It has ambitious plans to be a net zero
airport by 2030 and increase capacity by bringing its Northern runway into
routine use.  VINCI Airports owns a 50.01% stake in the airport, with Global
Infrastructure Partners managing the remaining 49.99% interest.

 

 

About VINCI Airports

The world's leading private airport operator, VINCI Airports operates more
than 65 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 and environmental transition.

VINCI Airports is the first airport operator to have committed to a global
international environmental strategy in 2016, to achieve the goal of net zero
emission across its entire network by 2050.

For more information:

www.vinci-airports.com
(https://www.globenewswire.com/Tracker?data=ebAEbBQftgh5L46-F3GkEeFoV-8OOabAq7xvnrf8UqKltrx4OOtkA3PEHA8OQc2-FKHcVLNzPu4ThBw9jJjeoSWbpR4hG_TxGTqIGUu8ysQ=)

@VINCIAirports (https://twitter.com/VINCIAirports)

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

 

About Global Infrastructure Partners

GIP manages the remaining 49.99% interest in Gatwick and is a leading
independent infrastructure fund manager that makes equity and debt
investments in high quality infrastructure assets in the energy, transport,
water/waste and digital infrastructure sectors. GIP manages US$84 billion for
its investors. Its 46 portfolio companies have combined annual revenues of
US$61 billion and employ nearly 100,000 employees. For more information on GIP
please visit http://global-infra.com
(https://protect-eu.mimecast.com/s/8iLhCOy7vh2yX4GfvFMkE?domain=global-infra.com/)
 

 

 

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