Glossary
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Glossary
| Term | Meaning |
|---|---|
| Adjusted EBITDA | EBITDA before exceptional items |
| Air transport movement (ATM) | A flight carried out for commercial purposes and includes scheduled flights operating according to a published timetable, charter flights and all-cargo flights |
| CAA | The Civil Aviation Authority, the UK’s independent aviation industry regulator, that is responsible for most civil aviation regulatory functions |
| DfT | Department for Transport |
| EBITDA | Earnings before interest, taxation, depreciation and amortisation |
| EIB | European Investment Bank |
| HAL | Heathrow Airport Limited |
| HEX/Heathrow Express | Is both the express (non-stop) rail service and the stopping rail service, Heathrow Connect, between Heathrow and central London |
| HEX Opco | Heathrow Express Operating Company Limited, the operator of the Heathrow Express train service |
| ICR | Interest cover ratio |
| IFRS | International Financial Reporting Standards |
| Issuer | BAA Funding Limited |
| Maximum allowable yield | The maximum amount of aeronautical income per passenger that an airport operator may charge in each regulatory year from services subject to price regulation by the CAA |
| NATS | National Air Traffic Services |
| Non-Regulated Airports | BAA’s UK airports other than its regulated airports, ie.Aberdeen, Edinburgh, Glasgow and Southampton |
| Passengers | Is the sum of all arriving and departing passengers, other than in-transit passengers |
| Quinquennium | A five year regulatory period that applies to regulated airports. In the case of Heathrow, the current quinquennium runs from 1 April 2008 to 31 March 2013 whilst for Stansted it runs from 1 April 2009 to 31 March 2014. |
| Regulated airports | BAA’s two London airports - Heathrow and Stansted. |
| Regulatory Asset Base (RAB) | A measure of the asset value of BAA’s airports used in both BAA’s regulatory dealings with the CAA (in the case of the Regulated Airports only) and in its financing arrangements. |
| RAR | Is the regulatory asset ratio which is the ratio of net debt to the Regulatory Asset Base. This ratio is calculated at various different levels in the BAA structure which are also subject to covenants regarding the maximum permitted level of the ratio. |
| Refinancing/backstop facility | Is a £4.4 billion term loan facility between HAL, STAL and various lenders. |
| S&P | Standard & Poor’s Ratings Services, a rating agency business that is a division of the McGraw-Hill Companies Inc |
| SQR | The CAA’s Service Quality Rebate scheme that imposes targets on Heathrow and Stansted designed to improve the passenger experience and to create an incentive for airport management teams. |
| STAL | Stansted Airport Limited |
| Subordinated Debt | A £1.566 billion debt facility between BAA (SH) Limited and various lenders. |
| Toggle Facility | A debt facility between ADI Finance 1 Limited and various lenders originally entered into on 7 April 2006 with £887.5 million outstanding at 31 March 2010. |
| UK GAAP | Generally accepted accounting principles in the United Kingdom |
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