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Annual Report and Financial Statements 2020 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 HEATHROW (SP) LIMITED ANNUAL REPORT AND ACCOUNTS OUR PURPOSE TO MAKE EVERY JOURNEY BETTER OUR VISION TO GIVE PASSENGERS THE BEST AIRPORT SERVICE IN THE WORLD 2 STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS At a glance Group structure Independent auditor’s report 6 80 118 Chairman’s letter HAHL Board of Directors Consolidated income statement 8 82 128 Our response to COVID-19 Executive Committee Consolidated statement of 10 86 comprehensive income 129 Key financial and operational indicators Corporate governance 12 88 Consolidated statement of financial position History of Heathrow Chairman’s introduction 130 14 88 Consolidated statement of Our business Governance structure changes in equity 16 90 131 Operating review Roles and responsibilities Consolidated statement of cash flows 20 92 132 Our strategy Composition of the HAHL Accounting policies 24 Board and its committees 133 93 Our commitment to sustainable growth Significant accounting judgements 31 2020 HAHL Board activities and estimates 94 Financial review 148 46 Effectiveness Notes to the Group financial statements 95 Our approach to capital allocation 152 54 Audit Committee Company statement of financial position 98 Our approach to taxation 206 56 Remuneration Committee Company statement of changes 102 Our approach to risk management in equity 58 Sustainability and 207 Operational Risk Committee Our principal risks Accounting policies 108 60 208 Nominations Committee Task force on climate related Notes to the Company 109 financial disclosures financial statements 64 Finance Committee 212 110 Section 172 (1) statement Alternative performance measures 72 Directors’ report (‘APMs’) – unaudited 112 215 Directors’ responsibilities statement 115 HEATHROW (SP) LIMITED ANNUAL REPORT AND ACCOUNTS 2020 3 SECTION 01 STRATEGIC REPORT At a glance 6 Chairman’s letter 8 Our response to COVID-19 12 Key financial and operational indicators 14 History of Heathrow 14 Our business 16 Operating review 20 Our strategy 24 Our commitment to sustainable growth 31 Financial review 46 Our approach to capital allocation 54 Our approach to taxation 56 Our approach to risk management 58 Our principal risks 60 Task force on climate related financial disclosures 64 Section 172 (1) statement 72 4 STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS HEATHROW (SP) LIMITED ANNUAL REPORT AND ACCOUNTS 2020 5 AT A GLANCE Keeping passengers and colleagues safe We have only been able to remain open throughout the pandemic by maintaining high safety levels. We helped to develop international standards for safe travel through airports and invested in cutting-edge COVID-secure technologies and testing facilities for up to 25,000 passengers a day to help restore international travel safely. Annual loss of £2bn underlines the devastating impact of COVID-19 on aviation Passenger numbers collapsed to 22.1m, more than half of whom travelled in January and February. Overall revenue fell 62% to £1.2 billion and Adjusted EBITDA fell to £270 million. Government policies over recent months have effectively closed borders. We have had no government support, other than furlough, and have not been given relief from business rates, unlike other airports, retail and hospitality businesses. The March Budget is the key opportunity for the Chancellor to support the sector by providing 100% business rates relief, extending the furlough scheme and reversing the tourist tax. We support the Prime Minister’s plan to restart travel and the economy We will work with the Global Travel Taskforce, so that Britain can become the first country in the world to safely restart international travel and trade at scale, saving thousands of jobs and reinvigorating the UK economy. The Prime Minister has a unique opportunity to agree a common international standard for safe travel with other world leaders when he hosts the G7 in June. 28% decline in cargo volumes shows the cost to the economy of shutting down aviation Passenger planes from Heathrow are the UK’s global trading network, carrying British exports and inbound supply chain. Economic recovery will be held back until long haul passenger flights are restarted, especially to key markets such as the US. 6 STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS Decisive action to weather the storm Airports have very high fixed costs. We acted quickly to cut gross operating costs by nearly £400m, reduced capital expenditure by £700m and raised £2.5bn in funding including a £600m capital injection. We ended the year with £3.9bn of liquidity, enough to see us through until 2023. Building Back Better We remain focused on decarbonising aviation. We became carbon neutral in 2020, and have been working to make decarbonizing aviation a flagship goal for COP26 ahead of a global agreement for net-zero emissions by 2050 at the ICAO general Assembly in September 2022. CAA must act now to unlock lower charges and more investment for consumers If the CAA acts to approve a RAB adjustment, to recover regulatory depreciation and provide a fair balance of risk and reward, they can unlock lower airport charges and higher investment in passenger service and resilience. Heathrow expansion is mission critical to delivering “Global Britain” With the Supreme Court reinstating the Airports National Policy Statement, we will consult with investors, Government, airline customers and regulators on our next steps. HEATHROW (SP) LIMITED ANNUAL REPORT AND ACCOUNTS 2020 7 CHAIRMAN’S LETTER Dear All, The magnitude of the COVID-19 crisis we are going through has far surpassed anything that any of us could have imagined 12 months ago. The impact on the global aviation sector has been seismic. UK aviation itself was grounded not once, but three times during 2020. 8 STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS At Heathrow, passenger traffic plummeted 73% to 22.1 million, the lowest volume we have seen since 1975 – and it would have been much lower if January and February hadn’t been relatively normal months. Our 2020 Adjusted EBITDA is hardly 15% of what is was in 2019. Our French competitor has overtaken us as busiest airport in Europe. A fierce battle for survival continues to take place today as new strains of the virus emerge and tighter travel restrictions come into force. We entered this crisis with a robust As we close the most challenging The role the UK’s aviation industry financial standing and a strong liquidity year in our history, our business needs to play in driving the UK’s position. That was not luck, but a fundamentals remain strong. We made economic recovery and supporting testament to our cautious financial the most of our hub status and cargo the Government’s Global Britain and management and the ongoing facilities to protect our revenue and levelling-up ambitions cannot be commitment of our shareholders. increased our London market share. understated. But to play our part, the Our response to COVID-19 has been Our regulatory framework means sector must survive this crisis – and swift from the outset. We quickly that our building blocks will be reset that means meaningful Government implemented decisive actions to protect in 2022 to reflect our current market support must finally be forthcoming. our passengers, colleagues and reduced and trading conditions; this limits While the Government cannot know our costs; we positioned ourselves as our revenue exposure to the next 12 how the virus will evolve, it can well as we could to win the recovery months. Our financing platform has take a lead to establish a common and have kept a resolute focus on proved its resilience, allowing us to international standard that enables building back better in response to secure a waiver from our creditors, a safe travel and trade to resume in this pandemic. capital injection into the Regulated the months ahead – we continue Group and to strengthen our liquidity Throughout 2020, keeping people to urge Ministers to grip this issue, to £3.9 billion. Sustainable growth safe remained our first non-negotiable particularly in the year the UK hosts has remained core to our strategy and priority. We invested early to transform the G7 summit. actions towards our colleagues and Heathrow into a COVID-secure airport, suppliers while we continued to push In addition, the UK’s reputation as a deploying cutting-edge sanitising for growth in Sustainable Aviation low-risk, well-regulated market is also technologies, trialling new rapid Fuels in the year that the UK hosts the under threat. Urgent action by the testing methods and mandating face COP26 global climate change summit. CAA to reaffirm the principles of the coverings throughout the airport. Finally we also welcomed the Supreme regulatory settlement, and reassure All the while, we kept the UK’s only Court decision, unanimously ruling the investors that their investments hub open to repatriate Britons from Airports National Policy Statement as are protected, is required if further around the world and ensure vital lawful and legal Government policy. In investment into UK infrastructure is to supply lines could bring much needed the long term, we will need additional be secured. Without this action, not PPE and medical equipment into the capacity to provide the international only will investing in the UK become country. None of that would have been connectivity that will be required to less attractive, but airport charges will possible without the commitment and deliver the government’s Global Britain increase and the passenger experience dedication of our colleagues, to whom I ambitions. will deteriorate. want to address a heartfelt thank you. While we have done everything we At the same time, we made significant could to be best positioned for what LORD PAUL DEIGHTON progress in reducing costs, cutting comes next, an uncertain path lies Chairman £303 million of net operating costs ahead. Ministers must finally take and cancelling or deferring £700 action to support the UK’s world- million of capital expenditure.
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