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Financial ratios applying to Heathrow (SP) Limited and Heathrow Finance plc Consolidated level in the group structure at which ratio is External financings covered by calculated ratios Document/financing under which ratios measured Trigger levels of Financial ratios used in financing ratios Covenant levels of ratios Historical ratios at 31 December 2012(1) Historical ratios at 31 December 2013(2) Historical ratios at 31 December 2014(3) Historical ratios at 30 June 2015(4) Heathrow (SP) Limited Designated Airport Bonds Designated Airport Bank Facilities Common Terms Agreement relating to both Designated Airport Bonds and Designated Airport Bank Facilities Senior Regulatory Asset Ratio(5)(6) Junior Regulatory Asset Ratio(5) Facilities Agreements and Bond Trust Deed Group Regulatory Asset Ratio(5)(9) Junior Regulatory Asset Ratio(5)(10) Senior Interest Cover Ratio(7)(8) Junior Interest Cover Ratio(7)(8) 70.0% 85.0% 92.5% n/a 66.2% 76.7% 67.6% 77.2% 68.0% 78.4% 68.5% 79.0% 1.40x 1.20x 1.05x n/a 2.62x 2.30x 3.08x 2.43x 2.98x 2.43x n/a n/a n/a 90%/92.5% 82.0% n/a 81.6% 76.7% 82.4% 77.2% 84.5% 78.4% 85.1% 79.0% 2.08x 2.22x 2.23x n/a Heathrow Finance plc £153 million Loan Facilities £325 million Bond Due 2017 £275 million Bond Due 2019 £250 million Bond Due 2025 Group Interest Cover Ratio(7)(8) n/a 1.00x Notes (1) As disclosed in Heathrow (SP) Limited press release dated 18 February 2013 (2) As disclosed in Heathrow (SP) Limited press release dated 24 February 2014 (3) As disclosed in Heathrow (SP) Limited press release dated 23 February 2015 (4) As disclosed in Heathrow (SP) Limited press release dated 24 July 2015 (5) Regulatory Asset Ratio is the ratio of net debt to RAB and RAB is the Regulatory Asset Base (6) The trigger level for the Senior Regulatory Asset Ratio increases to 72.5% from 1 April 2018 onwards (7) Senior Interest Cover Ratio, Junior Interest Cover Ratio and Group Interest Cover Ratio is the ratio of (a) Cash Flow from Operations excluding exceptional items (EBITDA adjusted for working capital movement less tax and 2% of RAB) to (b) Interest and equivalent recurring finance charges paid or forecast to be paid on Senior Debt, Junior Debt or Group Debt as appropriate (8) Cash Flow from Operations was adjusted in the year ended: ▪ 31 December 2012, for a £4 million cash exceptional item primarily relating to the disposal costs of Stansted Airport ▪ 31 December 2013, for a £16 million cash exceptional item primarily relating to the Terminal 2 operational readiness ▪ 31 December 2014, for a £35 million cash exceptional item primarily relating to the Terminal 2 operational readiness and restructure of corporate centre (9) The Group Regulatory Asset Ratio 90% covenant level applies in the Heathrow Finance plc financing until such time as the 2017 Notes, the 2019 Notes and the Issuer Facility either mature, are repaid or consent is obtained to amend the Group RAR restrictions, thereafter it is 92.5% (10) The Junior Regulatory Asset Ratio 82% trigger level applying in the Heathrow Finance plc financing results in a lock-up on distributions at Heathrow Finance plc but still permits distributions to occur from Heathrow (SP) Limited to Heathrow Finance plc so long as the Junior Regulatory Asset Ratio at Heathrow (SP) Limited does not exceed 85%