BAA Results for the Nine Months to December 31, 2001; Increased Investment Shows Confidence in the Future of Aviation Despite Short Term Reduction in Passengers.

Extract

---

BAA Results for the Nine Months to December 31, 2001; Increased Investment Shows Confidence in the Future of Aviation Despite Short Term Reduction in Passengers.

Business Editors

LONDON--(BUSINESS WIRE)--Feb. 5, 2002

BAA plc--

Passenger traffic down 2.8% for nine months and 9.9%

in third quarter.

-- Normalised profit before tax down 4.8% to(pound)441 million ((pound)463 million). In the third quarter down 21% to(pound)103 million ((pound)130 million). -- Net retail income up 2% to (pound)371 million ((pound)363 million) and net retail income per passenger up 5%. In the third quarter, net retail income down 7% to (pound)110 million ((pound)118 million) and net retail income per passenger up 3%. -- Earnings per share before exceptionals, 28.6 pence (30.7 pence). Earnings per share after exceptionals 11.3 pence (32.5 pence). -- Investment in UK airport infrastructure up 22% to(pound)410 million ((pound)337 million), with total capital expenditure for the group up 22.0% to(pound)450 million ((pound)369 million). An interview with BAA's Chief Executive, Mike Hodgkinson, reviewing BAA's third quarter is available for viewing on BAA's website - www.baa.com/investor.

SUMMARY OF RESULTS - POST FRS 17 AND FRS 19 Post the change in accounting 9 months to 9 months to Change policies Dec 31, 2001 Dec 31, 2000 % (restated) Passenger traffic 95.7m 98.4m (2.8) Revenue(1) (pound)1,441m (pound)1,478m (2.5) EBITDA(1) (pound)654m (pound)642m 1.9 Group operating profit(1) (pound)467m (pound)470m (0.6) Normalised profit before tax(2)(pound)441m (pound)463m (4.8) Profit before tax and exceptionals (pound)436m (pound)460m (5.2) Earnings per share before exceptionals 28.6p 30.7p (6.8) Earnings per share 11.3p 32.5p (65.2) Capital expe...

See the full content of this document

---