50PU Sg Issuer 24

    RNS Number : 3519K
  DAA Finance PLC
  17 December 2008
   

    DAA Finance plc

    EUR250,000,000 6.15 per cent. notes due 2011 of DAA Finance plc,
    guaranteed by Dublin Airport Authority plc (ISIN:XS0124714832)

    EUR600,000,000 6.5872 per cent. notes due 2018 of DAA Finance plc,
    guaranteed by Dublin Airport Authority plc (ISIN:XS0375220588)



    Dublin Airport Authority plc ("DAA") said today that overall passenger numbers at its three Irish airports (Dublin, Shannon and Cork)
for the eleven months to 30 November 2008 are in line with the same period in 2007. DAA expects that passenger numbers at Dublin and Cork
airports for the full year 2008 will show modest growth over 2007 levels whilst passenger numbers at Shannon Airport will show a decline on
the previous year. Passenger numbers at the three airports have fallen in each of the last three months, reflecting the recent trends in the
wider economy.  

    DAA estimates that the group's profits for 2008 will be lower than 2007. This reflects lower revenues than anticipated, a slowdown in
passenger numbers and an exceptional pension provision in its 2008 results.

    Current Irish government estimates for the coming year are that the Irish economy will contract by between 3% and 4% in 2009. DAA
currently estimates that passenger volumes will fall across its three Irish airports in 2009 by similar levels and hence that the company is
exposed to further falls in underlying earnings in 2009.  

    The group's financial position from 2010 onwards will depend to a large extent upon the review to be conducted by the Commission for
Aviation Regulation next year and changes in passenger levels which are likely to be reflective of the performance of the wider economy. The
regulatory decision will determine airport charges at Dublin Airport for the next regulatory period commencing in 2010.

    DAA will be reviewing its proposed capital investment programme for the period from 2010 to 2014, and expects that this will be reduced
significantly, reflecting the new, lower growth, forecast of passenger numbers during this period. These reductions, including a possible
deferral of the planned new parallel runway at Dublin Airport, will not affect the scheduled completion of Terminal 2 and the associated
infrastructure at Dublin Airport. Additionally, DAA plans to implement a cost-savings programme covering operating costs including payroll
costs. DAA continues to believe that the long term outlook for passenger growth remains positive.


    17 December 2008


    Enquiries:    Ray Gray, Director, DAA Finance plc
           Telephone number: +353 1 814 5265

           Feargal O'Reilly, Director, DAA Finance plc
          Telephone number: +353 1 814 1690








    This announcement has been issued through the Companies Announcement Service of
    The Irish Stock Exchange



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
ISEFFDFWWSASEIE

Sg Issuer 24 (LSE:50PU)
Historical Stock Chart
From Oct 2024 to Nov 2024

Sg Issuer 24 (LSE:50PU)
Historical Stock Chart
From Nov 2023 to Nov 2024