REG - Gatwick Funding Ltd - Notice to Noteholders

Vinci SAAnnouncement

21/03/2024 08:15

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RNS Number : 7578H  Gatwick Funding Limited  21 March 2024

Gatwick Funding Limited

21 March 2024

Issuer: Gatwick Funding Limited

Date: 21 March 2024

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 2023.

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 financial results for year ending 31 December 2023

Continued recovery of traffic drives strong financial performance

·    Traffic boosted by a string of new airlines and destinations at the
start of summer 2023.

·    Redeveloped train station is the first significant project to be
delivered from a £2.2 billion, six-year, programme of infrastructure
improvements.

·    Airport awarded internationally recognised accreditation for plans to
reduce emissions in line with global climate goals.

·    Strong leadership role taken to improve air traffic control
resilience and provide reliable timetables for passengers in 2024.

·    Examination of Northern Runway planning application is underway.

 

The continued recovery of traffic and the careful balancing of operating costs
drove London Gatwick's strong financial performance in 2023, the airport said
today when publishing its 2023 financial results
(https://www.gatwickairport.com/company/about-us/investors.html) .

 

 

In particular, a string of new airlines and services to new destinations at
the start of a busy summer season contributed to the increase in traffic.
Recovery peaked - reaching 94% of 2019 levels - in July and October.

 

2023 results include:

 

·    40.9 million passengers passed through the airport by year end - up
24.7% on 2022 - with passenger demand at 88% of pre-pandemic levels for the
year.

·    Revenue at £1,015.1 million (+30.7%), driven by the continued
recovery in passenger numbers.

·    Revenue includes aeronautical income at £545.7 million (34.5%),
retail income of £207.7 million (+30.9%) and car parking income of £132.8
million (+30.7%).

·    Profit for the period at £314.8 million (+69.9%), with EBITDA at
£617.7 million (+38.4%).

 

Growing network of airlines and destinations

 

Passengers can currently choose from 56 airlines flying to 220 destinations.
This includes 169 short-haul destinations across a large European network and
51 long-haul routes.  New long-haul airlines flying from the airport in 2023
included Air India, Delta, Saudia, Air Mauritius, Ethiopian Airlines and China
Southern.  This summer, 85 long-haul services will fly to Asia each week,
including 26 to China.

 

Improved levels of service for passengers

 

During the overall successful year, the airport hit 99% of all measured
service level requirements, supported by hard work of frontline colleagues.
For example, the successful recruitment of 200 new security officers ahead of
summer helped get 97% of passengers through security in under five minutes.
Significant investment will also enhance the process with Next Generation
Security screening equipment currently being installed across both airport
terminals due for full operation by Q1 2025, after the busy summer peak.

 

The airport however acknowledges that it was regrettable that disruption did
occur in the airport's control tower towards the end of the 2023 summer
season.  The airport took a strong leadership position and facilitated closer
collaboration between airport partners to provide more reliable timetables for
passengers.  Air traffic control provider, NATS, has since provided
assurances and implemented significant changes to ensure reliable schedules in
2024.

 

Investing in sustainable growth

 

A fully redeveloped Gatwick train station
(https://www.networkrail.co.uk/running-the-railway/our-routes/sussex/upgrading-the-brighton-main-line/gatwick-airport-station-upgrade/)
opened in November 2023 and was the first significant project in a series of
infrastructure improvements due to be completed.  A Rapid Exit Taxiway is now
also improving resilience by reducing runway occupancy and aircraft taxi
times.   Additionally, a redeveloped North Terminal departure lounge
(https://www.mediacentre.gatwickairport.com/news/london-gatwick-takes-another-step-forward-on-road-to-net-zero-a85b-40f32.html)
and a 3,250 space multi storey car park are due to complete this year (2024).

 

The airport's new six-year Capital Investment Program
(https://www.gatwickairport.com/on/demandware.static/-/Sites-Gatwick-Library/default/dw875d7ae1/images/Corporate-PDFs/London-Gatwick-Capital-Investment-Plan-2023.pdf)
was published in 2023 and includes a £250 million-plus commitment to become
a net zero airport by 2030
(https://www.mediacentre.gatwickairport.com/news/london-gatwick-airport-recovers-strongly-in-2022-6368-40f32.html)
for Scope 1 and 2 emissions.

 

London Gatwick's planning application
(https://www.mediacentre.gatwickairport.com/news/london-gatwicks-sustainable-growth-plans-accepted-for-examination-2ac1-40f32.html)
(Development Consent Order) to bring its existing Northern Runway into routine
use, alongside its Main Runway, is currently being scrutinised in detail by a
panel of independent inspectors. A successful application would deliver
additional resilience and capacity, in line with Government policy, while also
generating around 14,000 new jobs and £1 billion for the region's economy
every year.

 

Sustainability continues to evolve

 

In 2023, the airport achieved Level 4+ 'Transition'
(https://www.mediacentre.gatwickairport.com/news/london-gatwick-takes-another-step-forward-on-road-to-net-zero-a85b-40f32.html)
of the internationally recognised Airport Carbon Accreditation scheme
(https://www.airportcarbonaccreditation.org/about/what-is-it.html) -
demonstrating London Gatwick's commitment to reduce its direct emissions, and
to driving third parties on the airport to reduce their emissions, in line
with global climate goals.

 

Separately, London Gatwick today increased its reporting of Scope 3 greenhouse
gas emissions to enhance decision making and transparency. It is also
exploring how a hydrogen eco-system might be created on campus to potentially
reduce emissions from flights, alongside Sustainable Aviation Fuels.

 

Stewart Wingate, Chief Executive Officer, London Gatwick, said: "As ever, I
want to thank every single colleague at London Gatwick for their hard work and
contribution to our strong performance in 2023.  The airport's ongoing
recovery was boosted by collaborative work with our airlines and partners and
I'm proud that we continue to offer passengers a fantastic choice of airline
and destination, whether flying short or long-haul.

 

"Combined, our strong performing airline, retail and other revenue streams
means we can once again invest in substantial airport improvements.
Passengers will already have seen our fully redeveloped train station, new
shops, bars and restaurants, and more exciting developments will complete over
coming months and years.

 

"Longer term, our Northern Runway plans are at a critical stage in the process
and we will continue putting forward our strong case.  Ensuring that all
growth is achieved sustainably is of course an ongoing priority and we will
keep demonstrating and evolving our commitment to reduce our environmental
impacts, contribute positively to local communities and help the economy to
thrive."

 

NOTES

1.    Other notable milestones in London Gatwick's sustainability journey
in 2023, included:

·    Strengthening ten Decade of Change goals with ten roadmaps that
clearly define the airport's ambition and key performance indicators for each
goal.  Progress against these indicators can be seen in the 2023 Decade of
Change performance report , which was published today.

·    Winning Airports Council International's Eco Innovation Award for
Environmental Excellence
(https://www.aci-europe.org/press-release/449-aci-europe-best-airport-award-winners-for-2023-revealed.html)

·    Opening Europe's first airport electric vehicle charging forecourt
(https://www.mediacentre.gatwickairport.com/news/london-gatwick-becomes-first-international-airport-to-open-dedicated-electric-vehicle-charging-station-electric-forecourt-r-c7ab-40f32.html)
, with x30 chargers.

2.    In December, London Gatwick was awarded CAPA - Centre for Aviation's
Large Airport of the Year
(https://www.linkedin.com/feed/update/urn:li:activity:7135596536054394880/) -
for its speedy post-pandemic recovery and innovative plans for the future.

 

About London Gatwick

London Gatwick 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 70 airports in 13 countries. 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 infrastructure and managing their operations and
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
(https://protect-eu.mimecast.com/s/JSLRCXo6GSDmopLi6z0Tm?domain=globenewswire.com)

@VINCIAirports
(https://protect-eu.mimecast.com/s/L6kyCYv6JFp52GyfGr1Ma?domain=twitter.com)

https://www.linkedin.com/company/vinci-airports/
(https://protect-eu.mimecast.com/s/2IvzCZV4Ks8z9OWcKbyA4?domain=linkedin.com/)

www.vinci-airports.com
(https://protect-eu.mimecast.com/s/JSLRCXo6GSDmopLi6z0Tm?domain=globenewswire.com)

@VINCIAirports
(https://protect-eu.mimecast.com/s/L6kyCYv6JFp52GyfGr1Ma?domain=twitter.com)

https://www.linkedin.com/company/vinci-airports/
(https://protect-eu.mimecast.com/s/2IvzCZV4Ks8z9OWcKbyA4?domain=linkedin.com/)

 

About Global Infrastructure Partners

Global Infrastructure Partners (GIP) is a leading infrastructure investor that
specializes in investing in, owning and operating some of the largest and most
complex assets across the energy, transport, digital infrastructure and water
and waste management sectors. With decarbonization central to our investment
thesis, we are well positioned to support the global energy transition.
Headquartered in New York, GIP has offices in Brisbane, Dallas, Hong Kong,
London, Melbourne, Mumbai, Singapore, Stamford and Sydney.

 

GIP has approximately $106 billion in assets under management. Our portfolio
companies have combined annual revenues of approximately $75 billion and
employ over 115,000 people. We believe that our focus on real infrastructure
assets, combined with our deep proprietary origination network and
comprehensive operational expertise, enables us to be responsible stewards of
our investors' capital and to create positive economic impact for communities.
For more information, visit www.global-infra.com (http://www.global-infra.com)
.

 

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