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Gatwick cash covers debt to 2011

Source: Reuters - Wed 28th Oct 2009

Debt-laden airports operator BAA said 1.2 billion pounds in cash raised from the sale of Gatwick airport will enable it to cover all significant financing commitments through to 2011.

The operator, majority-owned by Spain's Ferrovial, said in a trading statement that proceeds from the 1.51 billion pound sale agreed earlier this month would cover in full 1.0 billion of debt maturing next March.

Net debt at September 30 was 9.771 billion pounds, up from 9.426 billion at the end of 2008, and the firm was operating comfortably within its financial ratios.

It said nine months adjusted earnings before interest tax, depreciation and amortisation (EBITDA) rose 16.8 percent to 804.6 million pounds. Operating costs fell 3.3 percent and one-off pretax charges totalled 537 billion pounds.

Its outlook for 2009 remained in line with expectations.

Ferrovial Tuesday denied speculation it was about to make a capital hike.

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