Bilanci H1 2017 - Europee


A

AZ209

Utente Registrato
24 Ottobre 2006
16,944
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Londra.
Visto che siamo in tema di bilanci - sono state pubblicate le semestrali di IAG e di AFKL.

Comincio con IAG:

[TABLE="width: 100%"]
[TR="class: ccbnBgTtl"]
[TD]Half-year Report[/TD]
[/TR]
[TR="class: ccbnBgTxt"]
[TD]RNS Number : 3657M
International Cons Airlines Group
28 July 2017

SIX MONTHS RESULTS ANNOUNCEMENT
International Consolidated Airlines Group (IAG) today (July 28, 2017) presented Group consolidated results for the six months to June 30, 2017.
IAG period highlights on results:· Second quarter operating profit €805 million before exceptional items (2016: €555 million)· Passenger unit revenue for the quarter up 1.5 per cent, up 4.0 per cent at constant currency· Non-fuel unit costs before exceptional items for the quarter down 0.3 per cent, up 3.5 per cent at constant currency· Fuel unit costs before exceptional items for the quarter down 10.4 per cent, down 13.2 per cent at constant currency· Operating profit before exceptional items for the half year €975 million (2016: €710 million), up 37.3 per cent, including the adverse foreign exchange impact for the half year of €44 million· Cash of €7,944 million at June 30, 2017 was up €1,516 million on 2016 year end· Adjusted net debt to EBITDAR improved by 0.4 to 1.4 timesPerformance summary:[TABLE="class: alj"]
[TR="class: akb"]
[TD="class: aki"][/TD]
[TD="class: akf, colspan: 2"]
Six months to June 30​
[/TD]
[TD="class: akd"]
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aka"]Financial data € million [/TD]
[TD="class: ajy"]
2017​
[/TD]
[TD="class: ajv"]
2016​
[/TD]
[TD="class: aju"]
Higher / (lower)​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: ajs"]
[TD="class: ajt"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aki"]Passenger revenue[/TD]
[TD="class: ajr"]
9,575​
[/TD]
[TD="class: ajr"]
9,539​
[/TD]
[TD="class: akd"]
0.4 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajq"]Total revenue[/TD]
[TD="class: ajp"]
10,888​
[/TD]
[TD="class: ajp"]
10,786​
[/TD]
[TD="class: ajo"]
0.9 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajn"]Operating profit before exceptional items[/TD]
[TD="class: ajm"]
975​
[/TD]
[TD="class: ajm"]
710​
[/TD]
[TD="class: ajl"]
37.3 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajq"]Exceptional items[/TD]
[TD="class: ajp"]
(77)​
[/TD]
[TD="class: ajp"]
79​
[/TD]
[TD="class: ajo"]
nm​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajn"]Operating profit after exceptional items[/TD]
[TD="class: ajm"]
898​
[/TD]
[TD="class: ajm"]
789​
[/TD]
[TD="class: ajl"]
13.8 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajq"]Profit after tax[/TD]
[TD="class: ajp"]
567​
[/TD]
[TD="class: ajp"]
554​
[/TD]
[TD="class: ajo"]
2.3 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajn"]Adjusted earnings per share (€ cents)[/TD]
[TD="class: ajm"]
28.5​
[/TD]
[TD="class: ajm"]
22.7​
[/TD]
[TD="class: ajl"]
25.6 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aka"]Operating figures [/TD]
[TD="class: ajk"]
2017​
[/TD]
[TD="class: ajk"]
2016​
[/TD]
[TD="class: aju"]
Higher / (lower)​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aki"]Available seat kilometres (ASK million)[/TD]
[TD="class: ajr"]
147,210​
[/TD]
[TD="class: ajr"]
142,915​
[/TD]
[TD="class: akd"]
3.0 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajq"]Seat factor (per cent)[/TD]
[TD="class: ajp"]
80.9​
[/TD]
[TD="class: ajp"]
80.0​
[/TD]
[TD="class: ajo"]
0.9pts​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajn"]Passenger unit revenue per ASK (€ cents)[/TD]
[TD="class: ajm"]
6.50​
[/TD]
[TD="class: ajm"]
6.67​
[/TD]
[TD="class: ajl"]
(2.6)%​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajq"]Non-fuel unit costs per ASK (€ cents)[/TD]
[TD="class: ajp"]
5.21​
[/TD]
[TD="class: ajp"]
5.33​
[/TD]
[TD="class: ajo"]
(2.1)%​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: ajf"]
[TD="class: ajj"][/TD]
[TD="class: aji"]
June 30,2017​
[/TD]
[TD="class: aji"]
December 31,2016​
[/TD]
[TD="class: ajh"]
Higher / (lower)​
[/TD]
[TD="class: ajg"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aki"]Cash and interest-bearing deposits[/TD]
[TD="class: ajr"]
7,944​
[/TD]
[TD="class: ajr"]
6,428​
[/TD]
[TD="class: akd"]
23.6 %​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aki"]Adjusted net debt[/TD]
[TD="class: ajr"]
7,024​
[/TD]
[TD="class: ajr"]
8,159​
[/TD]
[TD="class: akd"]
(13.9)%​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: aki"]Adjusted net debt to EBITDAR[/TD]
[TD="class: ajr"]
1.4​
[/TD]
[TD="class: ajr"]
1.8​
[/TD]
[TD="class: akd"]
(0.4pts)​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: akb"]
[TD="class: ajq"]Adjusted gearing[/TD]
[TD="class: ajp"]
50%​
[/TD]
[TD="class: ajp"]
51%​
[/TD]
[TD="class: ajo"]
(1pt)​
[/TD]
[TD="class: akc"][/TD]
[/TR]
[TR="class: aiy"]
[TD="class: ajd"][/TD]
[TD="class: ajb"]

​
[/TD]
[TD="class: ajb"]

​
[/TD]
[TD="class: aja"]

​
[/TD]
[TD="class: aiz"][/TD]
[/TR]
[TR="class: aiv"]
[TD="class: aix, colspan: 4"]Definitions included in Alternative performance measures section.[/TD]
[TD="class: aiw"][/TD]
[/TR]
[TR="class: aiv"]
[TD="class: ait, colspan: 4"]
[/TD]
[TD="class: aiw"][/TD]
[/TR]
[/TABLE]


Willie Walsh, IAG Chief Executive Officer, said:"We're reporting a very strong performance in quarter 2 with an operating profit of €805 million before exceptional items which is up from €555 million last year."The underlying trend in unit revenue improved, benefitting partially from Easter and a weak base last year."Non-fuel unit costs before exceptional items are up, at constant currency. These costs include the financial impact of the power failure which affected British Airways' customers."In June, LEVEL started longhaul flights from Barcelona to four destinations. Sales continue to be well ahead of our expectations. We've ordered three additional aircraft and are considering other European bases for the operation."Trading outlook At current fuel prices and exchange rates, IAG expects its operating profit for 2017 to show a double-digit percentage improvement year-on-year. The Group expects second half passenger unit revenue (passenger revenue per ASK) to show an increase versus last year, at constant currency.[/TD]
[/TR]
[/TABLE]

Operating profit overview
IAG's operating profit for the six months to June 30, 2017 was €975 million before exceptional items, an improvement of €265 million from last year.
British Airways made a profit of €741 million before exceptional items (2016: €631 million);
Iberia made a profit of €84 million (2016: loss €6 million);
Aer Lingus made a profit of €59 million (2016: €42 million)
Vueling's loss was €6 million (2016: loss €54 million).

Strategic overview
On March 17th, IAG launched LEVEL, a new longhaul low cost airline brand that started its operations in June 2017 with flights from Barcelona to Los Angeles, San Francisco, Buenos Aires and Punta Cana. LEVEL is flying two new Airbus A330 aircraft fitted with 293 economy and 21 premium economy seats. LEVEL's trading performance for the period was positive.

Tutto il bilancio qui:
http://www.iairgroup.com/phoenix.zhtml?c=240949&p=irol-newsArticle_Print&ID=2289772
 
Ma è normale che le rispettive LCC siano le uniche in rosso nei gruppi nonostante il mercato si stia "lowcostizzando" ovunque? Non dovrebbero essere quelle che girano meglio rispetto alle legacy invece più in sofferenza?
 
Probabilmente perchè le branche LC delle major, come organizzazione sono LC fino ad un certo punto.
E i conti ne risentono.
 
EI-MAW ha detto:
Ma è normale che le rispettive LCC siano le uniche in rosso nei gruppi nonostante il mercato si stia "lowcostizzando" ovunque? Non dovrebbero essere quelle che girano meglio rispetto alle legacy invece più in sofferenza?
Clicca per espandere...

belumosi ha detto:
Probabilmente perchè le branche LC delle major, come organizzazione sono LC fino ad un certo punto.
E i conti ne risentono.
Clicca per espandere...

Vueling e' nata come LCC, guardando le cose dall'esterno mi sembra stia pagando piani di crescita molto ambiziosi.
 
È vero per quelle che non sono nate LCC e lo sono diventate "a forza", ma VY è nata così e solo dopo acquisita. HV non lo so.
 
Imho VY è stata un po' sopravvalutata in questi anni. Sostanzialmente non è mai stata profittevole, ma ha avuto la grande fortuna di essere perfetta come complementarità per il gruppo IAG.
 
belumosi ha detto:
Imho VY è stata un po' sopravvalutata in questi anni. Sostanzialmente non è mai stata profittevole, ma ha avuto la grande fortuna di essere perfetta come complementarità per il gruppo IAG.
Clicca per espandere...

Sì tant'è che stava zompando pure per aria prima della fusione con Clickair.
 
AZ209 ha detto:
Momento. A me risulta che VY chiuda i bilanci in utile almeno dal 2008 fino ad ora.
http://www.es.iairgroup.com/phoenix.zhtml?c=240949&p=irol-reportsannual
Clicca per espandere...
Hai ragione, i miei ricordi andavano troppo indietro. :)
Guardando i dati recenti, balza all'occhio il netto del 2016 dimezzato rispetto a quello del 2015 (48.9 M€ contro 95.3 M€) a dispetto di un revenue in crescita (2.027 MLD€, contro 1.933).
Il margine del 2016 è quindi stato del 2.41%, che alla luce del carburante basso e delle grandi sinergie permesse dall'appartenenza ad IAG, non mi sembra possa essere definito un buon risultato.
I dati freschi del 2017 che hai postato, sembrano però in netto miglioramento.
 
Pubblicati anche i bilanci di LH Group - con il miglior H1 di sempre.

EBIT:
LH €569M (€361M)
LX €187M (€127M)
OS €3M (€-1M)
EW e SN combinate €-77M (€-135M)


New alignment of the Lufthansa Group leads to significant profit improvement

1st half-year 2017

  • Best first half-year result in company’s history
  • Adjusted EBIT doubled to EUR 1.042 billion
  • Revenues raised by EUR 1.9 billion to EUR 17.0 billion
  • Free cash flow almost doubled to EUR 2.1 billion
  • Net financial debt more than halved to EUR 1.1 billion

Outlook


  • Adjusted EBIT guidance improved to “above previous year”
  • Eurowings to break-even in 2017 - one year earlier than planned
  • Lufthansa Cargo also to break-even in 2017

The Lufthansa Group increased its total revenues by 12.7 percent to EUR 17.0 billion in the first six months of 2017 (prior-year period: EUR 15.0 billion). Traffic revenues were up by 14.2 percent to EUR 13.3 billion (prior-year period: EUR 11.6 billion). And the key earnings indicator Adjusted EBIT was roughly doubled to over EUR 1 billion (prior-year period: EUR 529 million), giving the Lufthansa Group its best-ever first half year earnings result.
The earnings performance is attributable primarily to strong demand and lower unit costs at the Group’s passenger airlines. Unit costs excluding fuel and currency effect declined by 1.2 percent in the first half-period, and by 3.4 percent in the second quarter alone. Unit revenues at constant currency were raised by 0.5 percent, and by 1.8 percent in the second quarter. Load factors were up on their prior-year levels in all traffic regions, despite increased capacity. The Adjusted EBIT margin of 6.1 percent was a 2.6-percentage-point improvement on the prior-year period. Higher fuel costs burdened the result with EUR 223 million: at EUR 2.6 billion, first half-year fuel costs were 9.5% up on their prior-year level. All the Group’s first half-year performance figures and fuel costs include the impact of the first-time consolidation of Brussels Airlines and of the aircraft wet-leased from Air Berlin.
“We have achieved the best first half-year result in our company’s history,” says Ulrik Svensson, Chief Financial Officer of Deutsche Lufthansa AG. “In addition to strong demand and a robust pricing environment, this is attributable to the fact that we achieved a further structural reduction in costs. Our hard work in cutting our costs is reaping its rewards. But we must continue these endeavors: this is the most important way that our margins can be improved sustainably.”

Tangible improvements in key financial indicators

Net profit for the first half of 2017 amounted to EUR 672 million, a 56.6 percent improvement on the prior-year period (prior year: EUR 429 million). Cash flow from operating activities rose more than EUR 1 billion to EUR 3.2 billion. The increase was driven by the good result and more advance bookings for the third-quarter period. With capital expenditure basically unchanged at EUR 1.2 billion, free cash flow rose by 87.0 percent to EUR 2.1 billion (prior year: EUR 1.1 billion). Net financial debt was reduced by more than half – 57.8 percent – to EUR 1.1 billion (year-end 2016: EUR 2.7 billion). Pension obligations stood at EUR 8.1 billion as of 30 June 2017, some EUR 200 million below year-end 2016. The special contribution of EUR 1.6 billion into the new defined contribution pension scheme for the flight attendants of Lufthansa will now start in the third quarter and will continue in various installments until the end of the year.
“Our key financial performance indicators have been significantly improved further,” Ulrik Svensson confirms. “Our free cash flow has almost doubled, and our net financial debt has been more than halved. Higher revenues and lower costs have enabled us to soundly finance the investments required for new aircraft and an attractive product. All of which is vitally important in keeping our company the number one in Europe.”

Network Airlines with higher results, especially in the second quarter

The Network Airlines of the Lufthansa Group raised their total first half year revenues by just under EUR 700 million to EUR 11.1 billion, thanks to stronger demand in all traffic regions. The Network Airlines reported an Adjusted EBIT of EUR 757 million for the period (prior year: EUR 487 million). All airlines have lowered their unit cost compared to the same period last year. Lufthansa German Airlines and Austrian Airlines also saw their unit revenues increase.
Lufthansa German Airlines achieved a first half year Adjusted EBIT of EUR 569 million (prior year: EUR 361 million).
SWISS more than offset a decline in yields with a substantial increase in sales, and raised its Adjusted EBIT for the period to EUR 187 million (prior year: EUR 127 million).
Austrian Airlines improved its first half-year Adjusted EBIT to EUR 3 million (prior year: EUR -1 million).

Point-to-Point Airlines

The Group’s Point-to-Point Airlines almost doubled their revenues for the first half-period to EUR 1.8 billion (prior year: EUR 0.9 billion). Their total earnings improved by EUR 58 million to EUR -77 million. Both Eurowings and Brussels Airlines posted a positive result for the second-quarter period.
“All our airlines were able to improve their load factors despite raising their capacities,” Svensson adds. “This shows that our products are well received by our customers. As a result, our Network Airlines in particular made a substantial contribution to our improved overall earnings. We are also very satisfied with the developments at Eurowings, which now has every prospect of breaking even this year – earlier than anticipated.”

Aviation Services

Lufthansa Cargo raised its constant currency yield by 9.3 percent, thanks to favorable trends in demand. The company reported a positive Adjusted EBIT for both the first and the second quarter, resulting in first half year earnings of EUR 78 million (prior year: EUR -45 million).
Lufthansa Technik improved its first half year Adjusted EBIT by 8.8 percent to EUR 222 million (prior year: EUR 204 million).
The LSG Group achieved an Adjusted EBIT of EUR 13 million for the first half-year period (prior year: EUR 24 million). The decline is primarily attributable to restructuring costs.
First half-year Adjusted EBIT for Additional Businesses and Group Functions amounted to EUR 41 million (prior year: EUR -50 million). The improvement was predominantly due to currency effects.
Outlook

“In view of our successful first half-year development and the better visibility into the important third-quarter period, we have raised our forecast for 2017,” says Ulrik Svensson.
At the passenger airlines, the organic capacity growth in the second half-year is expected to be 4.7 per cent. From today's perspective, unit revenues at constant currency will be negative in the second half-year compared to the prior-year period. They are, however, expected to perform better than this in the third quarter. Unit costs excluding fuel and currency effects are expected to come down slightly in the second half-year.
The Lufthansa Group forecasts an Adjusted EBIT for 2017 above previous year. Fuel cost excluding Brussels Airlines for the second half of the year are projected EUR 100 million below the previous year.

[TABLE="class: rte_contenttable-2, width: 681"]
[TR="class: header-odd"]
[TH="align: left"]The Lufthansa Group[/TH]
[TH="class: th-even, align: right"]
[/TH]
[TH="class: th-odd, align: right"]January[/TH]
[TH="class: th-even, align: right"]to June[/TH]
[TH="class: th-odd, align: right"]Change[/TH]
[TH="class: th-even, align: right"]Q2[/TH]
[TH="class: th-odd, align: right"]Q2[/TH]
[/TR]
[TR="class: tr-even"]
[TD]
[/TD]
[TD="class: td-even, align: right"]
[/TD]
[TD="class: td-odd, align: right"]2017[/TD]
[TD="class: td-even, align: right"]2016[/TD]
[TD="class: td-odd, align: right"]
[/TD]
[TD="class: td-even, align: right"]2017[/TD]
[TD="class: td-odd, align: right"]2016[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Total revenue[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]16,951[/TD]
[TD="class: td-even, align: right"]15,042[/TD]
[TD="class: td-odd, align: right"]+12.7%[/TD]
[TD="class: td-even, align: right"]9,260[/TD]
[TD="class: td-odd, align: right"]8,126[/TD]
[/TR]
[TR="class: tr-even"]
[TD]of which traffic revenue[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]13,293[/TD]
[TD="class: td-even, align: right"]11,637[/TD]
[TD="class: td-odd, align: right"]+14.2%[/TD]
[TD="class: td-even, align: right"]7,485[/TD]
[TD="class: td-odd, align: right"]6,402[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]EBIT[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]1,031[/TD]
[TD="class: td-even, align: right"]518[/TD]
[TD="class: td-odd, align: right"]+99.0%[/TD]
[TD="class: td-even, align: right"]1,015[/TD]
[TD="class: td-odd, align: right"]567[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Adjusted EBIT[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]1,042[/TD]
[TD="class: td-even, align: right"]529[/TD]
[TD="class: td-odd, align: right"]+97.0%[/TD]
[TD="class: td-even, align: right"]1,017[/TD]
[TD="class: td-odd, align: right"]582[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Adjusted EBIT margin[/TD]
[TD="class: td-even, align: right"]
[/TD]
[TD="class: td-odd, align: right"]6.1%[/TD]
[TD="class: td-even, align: right"]3.5%[/TD]
[TD="class: td-odd, align: right"]+2.6 pts.[/TD]
[TD="class: td-even, align: right"]11.0%[/TD]
[TD="class: td-odd, align: right"]7.2%[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Net profit for the period[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]672[/TD]
[TD="class: td-even, align: right"]429[/TD]
[TD="class: td-odd, align: right"]+56.6%[/TD]
[TD="class: td-even, align: right"]740[/TD]
[TD="class: td-odd, align: right"]437[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Capital expenditure[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]1,207[/TD]
[TD="class: td-even, align: right"]1,167[/TD]
[TD="class: td-odd, align: right"]+3.4%[/TD]
[TD="class: td-even, align: right"]
[/TD]
[TD="class: td-odd, align: right"]
[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Cash flow from operating activities[/TD]
[TD="class: td-even, align: right"]EUR m[/TD]
[TD="class: td-odd, align: right"]3,226[/TD]
[TD="class: td-even, align: right"]2,193[/TD]
[TD="class: td-odd, align: right"]+47.1%[/TD]
[TD="class: td-even, align: right"]
[/TD]
[TD="class: td-odd, align: right"]
[/TD]
[/TR]
[TR="class: tr-odd"]
[TD]Employees as of 30 June[/TD]
[TD="class: td-even, align: right"]
[/TD]
[TD="class: td-odd, align: right"]128,472[/TD]
[TD="class: td-even, align: right"]122,799[/TD]
[TD="class: td-odd, align: right"]+5,673[/TD]
[TD="class: td-even, align: right"]
[/TD]
[TD="class: td-odd, align: right"]
[/TD]
[/TR]
[TR="class: tr-even"]
[TD]Earnings per share[/TD]
[TD="class: td-even, align: right"]EUR[/TD]
[TD="class: td-odd, align: right"]1.43[/TD]
[TD="class: td-even, align: right"]0.92[/TD]
[TD="class: td-odd, align: right"]+55.4%[/TD]
[TD="class: td-even, align: right"]1.58[/TD]
[TD="class: td-odd, align: right"]0.94[/TD]
[/TR]
[/TABLE]

The interim report for the first half of 2017 will be published simultaneously with this media release, and will be available at investor-relations.lufthansagroup.com from 07:30 CEST on Wednesday 2 August 2017.
Deutsche Lufthansa AG
Lufthansa Group Media Relations


https://investor-relations.lufthans...uehrt-zu-deutlicher-ergebnisverbesserung.html
 
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