[TABLE="width: 100%"]
[TR="class: ccbnBgTtl, bgcolor: transparent"]
[TD="bgcolor: transparent"]1st Quarter Results[/TD]
[/TR]
[TR="class: ccbnBgTxt, bgcolor: transparent"]
[TD="bgcolor: transparent"]RNS Number : 3969E
International Cons Airlines Group
10 May 2013
THREE MONTHS RESULTS ANNOUNCEMENTInternational Consolidated Airlines Group (IAG) today (May 10, 2013) presented Group consolidated results for the three months to March 31, 2013.
IAG period highlights:
§ First quarter operating loss of €278 million, before exceptional items (2012: €249 million loss)
§ There was an exceptional charge of €311 million in the quarter, principally relating to restructuring at Iberia (2012: €37 million exceptional credit)
§ Revenue for the quarter up 0.5 per cent to €3,939 million (2012: €3,919 million), including €46 million or 1.2 per cent of unfavourable currency impact. Passenger unit revenue for the quarter up 3.9 per cent (5.3 per cent at constant currency), on capacity decreases of 2.1 per cent
§ Fuel costs for the quarter down 3.4 per cent to €1,361 million (2012: €1,409 million). Fuel unit costs were down 1.5 per cent
§ Non-fuel costs before exceptional items for the quarter up 3.5 per cent at €2,856 million, including €24 million or 0.9 per cent of adverse currency impact. Non-fuel unit costs up 5.8 per cent, or 4.9 per cent at constant currency
§ Cash of €2,833 million at quarter end was down €76 million and Group net debt down €157 million in the quarter to €1,732 million
Performance summary:[TABLE="class: nh"]
[TR="class: mi, bgcolor: transparent"]
[TD="class: mq, bgcolor: transparent"][/TD]
[TD="class: mm, bgcolor: transparent, colspan: 2"]ConsolidatedThree months to March 31[/TD]
[TD="class: mk, bgcolor: transparent"][/TD]
[TD="class: mj, bgcolor: transparent"][/TD]
[/TR]
[TR="class: me, bgcolor: transparent"]
[TD="class: mh, bgcolor: transparent"][/TD]
[TD="class: mg, bgcolor: transparent"][/TD]
[TD="class: mf, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: mc, bgcolor: transparent"]Financial data € million[/TD]
[TD="class: lz, bgcolor: transparent"]2013[/TD]
[TD="class: lx, bgcolor: transparent"]2012(restated)[SUP](1)[/SUP][/TD]
[TD="class: lw, bgcolor: transparent"]Higher / (lower)[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ls, bgcolor: transparent"]
[TD="class: lt, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Passenger revenue[/TD]
[TD="class: lq, bgcolor: transparent"]3,346 [/TD]
[TD="class: lp, bgcolor: transparent"]3,290[/TD]
[TD="class: ln, bgcolor: transparent"]1.7 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Total revenue[/TD]
[TD="class: lj, bgcolor: transparent"]3,939[/TD]
[TD="class: li, bgcolor: transparent"]3,919[/TD]
[TD="class: lh, bgcolor: transparent"]0.5 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lg, bgcolor: transparent"]Operating loss before exceptional items[/TD]
[TD="class: lf, bgcolor: transparent"](278)[/TD]
[TD="class: le, bgcolor: transparent"](249)[/TD]
[TD="class: ld, bgcolor: transparent"][/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lc, bgcolor: transparent"]Exceptional items[/TD]
[TD="class: lb, bgcolor: transparent"](311)[/TD]
[TD="class: la, bgcolor: transparent"]37[/TD]
[TD="class: kz, bgcolor: transparent"][/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lg, bgcolor: transparent"]Operating loss after exceptional items[/TD]
[TD="class: lf, bgcolor: transparent"](589)[/TD]
[TD="class: le, bgcolor: transparent"](212)[/TD]
[TD="class: ld, bgcolor: transparent"][/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Loss after tax[/TD]
[TD="class: lj, bgcolor: transparent"](630)[/TD]
[TD="class: li, bgcolor: transparent"](129)[/TD]
[TD="class: lh, bgcolor: transparent"][/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: ky, bgcolor: transparent"]Basic loss per share (€ cents)[/TD]
[TD="class: kx, bgcolor: transparent"](34.3)[/TD]
[TD="class: kw, bgcolor: transparent"](7.2)[/TD]
[TD="class: ku, bgcolor: transparent"][/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: mc, bgcolor: transparent"]Operating figures[/TD]
[TD="class: kt, bgcolor: transparent"]2013[/TD]
[TD="class: ks, bgcolor: transparent"]2012[/TD]
[TD="class: lw, bgcolor: transparent"]Higher / (lower)[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Available seat kilometres (ASK million)[/TD]
[TD="class: lq, bgcolor: transparent"]50,359[/TD]
[TD="class: lp, bgcolor: transparent"]51,447[/TD]
[TD="class: ln, bgcolor: transparent"](2.1)%[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Revenue passenger kilometres (RPK million)[/TD]
[TD="class: lq, bgcolor: transparent"]38,975[/TD]
[TD="class: lp, bgcolor: transparent"]39,157[/TD]
[TD="class: ln, bgcolor: transparent"](0.5)%[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Seat factor (per cent)[/TD]
[TD="class: lj, bgcolor: transparent"]77.4[/TD]
[TD="class: li, bgcolor: transparent"]76.1[/TD]
[TD="class: lh, bgcolor: transparent"]1.3pts[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: ky, bgcolor: transparent"]Passenger yield per RPK (€ cents)[/TD]
[TD="class: kx, bgcolor: transparent"]8.58[/TD]
[TD="class: kw, bgcolor: transparent"]8.40[/TD]
[TD="class: ku, bgcolor: transparent"]2.1 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Passenger unit revenue per ASK (€ cents)[/TD]
[TD="class: lq, bgcolor: transparent"]6.64[/TD]
[TD="class: lp, bgcolor: transparent"]6.39[/TD]
[TD="class: ln, bgcolor: transparent"]3.9 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Non-fuel unit costs per ASK (€ cents)[/TD]
[TD="class: lj, bgcolor: transparent"]5.67[/TD]
[TD="class: li, bgcolor: transparent"]5.36[/TD]
[TD="class: lh, bgcolor: transparent"]5.8 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kq, bgcolor: transparent"]€ million[/TD]
[TD="class: lz, bgcolor: transparent"] At March 31,
2013[/TD]
[TD="class: kp, bgcolor: transparent"] At December 31,2012[/TD]
[TD="class: ko, bgcolor: transparent"]Higher /(lower)[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: km, bgcolor: transparent"]
[TD="class: kn, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kl, bgcolor: transparent"]Cash and interest bearing deposits[/TD]
[TD="class: kk, bgcolor: transparent"]2,833 [/TD]
[TD="class: kj, bgcolor: transparent"]2,909[/TD]
[TD="class: ki, bgcolor: transparent"](2.6)%[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kl, bgcolor: transparent"]Net debt[/TD]
[TD="class: kk, bgcolor: transparent"]1,732 [/TD]
[TD="class: kj, bgcolor: transparent"]1,889[/TD]
[TD="class: ki, bgcolor: transparent"](8.3)%[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kl, bgcolor: transparent"]Adjusted equity[SUP](2)[/SUP][/TD]
[TD="class: kk, bgcolor: transparent"]4,383 [/TD]
[TD="class: kj, bgcolor: transparent"]5,055[/TD]
[TD="class: ki, bgcolor: transparent"](13.3)%[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Adjusted gearing[SUP](3)[/SUP][/TD]
[TD="class: lj, bgcolor: transparent"]52%[/TD]
[TD="class: li, bgcolor: transparent"]51%[/TD]
[TD="class: lh, bgcolor: transparent"]1pt[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[/TABLE]
(1) Restated for amendment to IAS 19 'Employee Benefits' accounting standard.
(2) Equity is adjusted for the revaluation of pension assets and pension liabilities associated with the Employee benefit accounting.
(3) Adjusted gearing is net debt plus capitalised operating aircraft lease costs, divided by net debt plus capitalised operating aircraft lease costs and adjusted equity.
Willie Walsh, IAG chief executive, said: "We're reporting an operating loss of €278 million this quarter before exceptional items, which at constant currency was €38 million better than last year. Total revenue was up 0.5 per cent and costs up 1.2 per cent. These results are encouraging with underlying revenue strength in strategic markets however while the first step towards restructuring Iberia has been taken, there is more work to be done."We are adapting capacity to demand and are reporting a strong group passenger unit revenue performance, despite 10 days of Iberia industrial action and the weak economic situation in Spain.
"Non-fuel unit costs have risen due to two short term activities which will benefit the group in the long term. Iberia cut capacity in the quarter however its reduction in headcount and labour costs began in earnest in April. British Airways has increased its headcount in advance of the new aircraft arriving this year. "Following acceptance of the mediator's proposal, we have provided a further €265 million of employee restructuring costs together with fleet stand-down costs within the exceptional items.
"Since our last results, IAG acquired an additional 44.66 per cent in Vueling bringing the group's total shareholding to 90.51 per cent of the airline."We have also placed firm orders for 18 Airbus A350 and plan to convert 18 Boeing 787 options into firm orders for British Airways. Delivery slots for A350 and/ or Boeing 787s have also been secured for Iberia and these will be converted into firm orders once the airline has restructured and can grow profitably.
The CAA has announced its initial price proposals at London airports for five years from 2014. A proposed charge of RPI -1.3 per cent at Heathrow means an actual increase of between six and 10 per cent over five years at a time when Heathrow is cutting investment by 25 per cent. There should be a real term cut in charges otherwise the CAA is rewarding Heathrow, already the world's most expensive hub airport, for its inefficiency to the detriment of passengers".
Trading outlook:"In light of the requirement for the Group to seek shareholder approval for its previously announced BA fleet replacement orders and the consequent requirement to report on any outstanding profit forecast as part of that process, IAG is no longer giving guidance at the operating profit level for 2013. However, it provides the following statement on the outlook:Current trading is in line with our expectations. For 2013, excluding Vueling, we expect to reduce Group capacity by 1.8%, and keep non-fuel unit cost flat versus last year."
http://www.iairgroup.com/phoenix.zhtml?c=240949&p=irol-newsArticle_Print&ID=1818071&highlight=[/TD]
[/TR]
[/TABLE]
[TR="class: ccbnBgTtl, bgcolor: transparent"]
[TD="bgcolor: transparent"]1st Quarter Results[/TD]
[/TR]
[TR="class: ccbnBgTxt, bgcolor: transparent"]
[TD="bgcolor: transparent"]RNS Number : 3969E
International Cons Airlines Group
10 May 2013
THREE MONTHS RESULTS ANNOUNCEMENTInternational Consolidated Airlines Group (IAG) today (May 10, 2013) presented Group consolidated results for the three months to March 31, 2013.
IAG period highlights:
§ First quarter operating loss of €278 million, before exceptional items (2012: €249 million loss)
§ There was an exceptional charge of €311 million in the quarter, principally relating to restructuring at Iberia (2012: €37 million exceptional credit)
§ Revenue for the quarter up 0.5 per cent to €3,939 million (2012: €3,919 million), including €46 million or 1.2 per cent of unfavourable currency impact. Passenger unit revenue for the quarter up 3.9 per cent (5.3 per cent at constant currency), on capacity decreases of 2.1 per cent
§ Fuel costs for the quarter down 3.4 per cent to €1,361 million (2012: €1,409 million). Fuel unit costs were down 1.5 per cent
§ Non-fuel costs before exceptional items for the quarter up 3.5 per cent at €2,856 million, including €24 million or 0.9 per cent of adverse currency impact. Non-fuel unit costs up 5.8 per cent, or 4.9 per cent at constant currency
§ Cash of €2,833 million at quarter end was down €76 million and Group net debt down €157 million in the quarter to €1,732 million
Performance summary:[TABLE="class: nh"]
[TR="class: mi, bgcolor: transparent"]
[TD="class: mq, bgcolor: transparent"][/TD]
[TD="class: mm, bgcolor: transparent, colspan: 2"]ConsolidatedThree months to March 31[/TD]
[TD="class: mk, bgcolor: transparent"][/TD]
[TD="class: mj, bgcolor: transparent"][/TD]
[/TR]
[TR="class: me, bgcolor: transparent"]
[TD="class: mh, bgcolor: transparent"][/TD]
[TD="class: mg, bgcolor: transparent"][/TD]
[TD="class: mf, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: mc, bgcolor: transparent"]Financial data € million[/TD]
[TD="class: lz, bgcolor: transparent"]2013[/TD]
[TD="class: lx, bgcolor: transparent"]2012(restated)[SUP](1)[/SUP][/TD]
[TD="class: lw, bgcolor: transparent"]Higher / (lower)[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ls, bgcolor: transparent"]
[TD="class: lt, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Passenger revenue[/TD]
[TD="class: lq, bgcolor: transparent"]3,346 [/TD]
[TD="class: lp, bgcolor: transparent"]3,290[/TD]
[TD="class: ln, bgcolor: transparent"]1.7 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Total revenue[/TD]
[TD="class: lj, bgcolor: transparent"]3,939[/TD]
[TD="class: li, bgcolor: transparent"]3,919[/TD]
[TD="class: lh, bgcolor: transparent"]0.5 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lg, bgcolor: transparent"]Operating loss before exceptional items[/TD]
[TD="class: lf, bgcolor: transparent"](278)[/TD]
[TD="class: le, bgcolor: transparent"](249)[/TD]
[TD="class: ld, bgcolor: transparent"][/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lc, bgcolor: transparent"]Exceptional items[/TD]
[TD="class: lb, bgcolor: transparent"](311)[/TD]
[TD="class: la, bgcolor: transparent"]37[/TD]
[TD="class: kz, bgcolor: transparent"][/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lg, bgcolor: transparent"]Operating loss after exceptional items[/TD]
[TD="class: lf, bgcolor: transparent"](589)[/TD]
[TD="class: le, bgcolor: transparent"](212)[/TD]
[TD="class: ld, bgcolor: transparent"][/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Loss after tax[/TD]
[TD="class: lj, bgcolor: transparent"](630)[/TD]
[TD="class: li, bgcolor: transparent"](129)[/TD]
[TD="class: lh, bgcolor: transparent"][/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: ky, bgcolor: transparent"]Basic loss per share (€ cents)[/TD]
[TD="class: kx, bgcolor: transparent"](34.3)[/TD]
[TD="class: kw, bgcolor: transparent"](7.2)[/TD]
[TD="class: ku, bgcolor: transparent"][/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: mc, bgcolor: transparent"]Operating figures[/TD]
[TD="class: kt, bgcolor: transparent"]2013[/TD]
[TD="class: ks, bgcolor: transparent"]2012[/TD]
[TD="class: lw, bgcolor: transparent"]Higher / (lower)[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Available seat kilometres (ASK million)[/TD]
[TD="class: lq, bgcolor: transparent"]50,359[/TD]
[TD="class: lp, bgcolor: transparent"]51,447[/TD]
[TD="class: ln, bgcolor: transparent"](2.1)%[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Revenue passenger kilometres (RPK million)[/TD]
[TD="class: lq, bgcolor: transparent"]38,975[/TD]
[TD="class: lp, bgcolor: transparent"]39,157[/TD]
[TD="class: ln, bgcolor: transparent"](0.5)%[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Seat factor (per cent)[/TD]
[TD="class: lj, bgcolor: transparent"]77.4[/TD]
[TD="class: li, bgcolor: transparent"]76.1[/TD]
[TD="class: lh, bgcolor: transparent"]1.3pts[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: ky, bgcolor: transparent"]Passenger yield per RPK (€ cents)[/TD]
[TD="class: kx, bgcolor: transparent"]8.58[/TD]
[TD="class: kw, bgcolor: transparent"]8.40[/TD]
[TD="class: ku, bgcolor: transparent"]2.1 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lr, bgcolor: transparent"]Passenger unit revenue per ASK (€ cents)[/TD]
[TD="class: lq, bgcolor: transparent"]6.64[/TD]
[TD="class: lp, bgcolor: transparent"]6.39[/TD]
[TD="class: ln, bgcolor: transparent"]3.9 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Non-fuel unit costs per ASK (€ cents)[/TD]
[TD="class: lj, bgcolor: transparent"]5.67[/TD]
[TD="class: li, bgcolor: transparent"]5.36[/TD]
[TD="class: lh, bgcolor: transparent"]5.8 %[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kq, bgcolor: transparent"]€ million[/TD]
[TD="class: lz, bgcolor: transparent"] At March 31,
2013[/TD]
[TD="class: kp, bgcolor: transparent"] At December 31,2012[/TD]
[TD="class: ko, bgcolor: transparent"]Higher /(lower)[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: km, bgcolor: transparent"]
[TD="class: kn, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kl, bgcolor: transparent"]Cash and interest bearing deposits[/TD]
[TD="class: kk, bgcolor: transparent"]2,833 [/TD]
[TD="class: kj, bgcolor: transparent"]2,909[/TD]
[TD="class: ki, bgcolor: transparent"](2.6)%[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kl, bgcolor: transparent"]Net debt[/TD]
[TD="class: kk, bgcolor: transparent"]1,732 [/TD]
[TD="class: kj, bgcolor: transparent"]1,889[/TD]
[TD="class: ki, bgcolor: transparent"](8.3)%[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: lu, bgcolor: transparent"]
[TD="class: kl, bgcolor: transparent"]Adjusted equity[SUP](2)[/SUP][/TD]
[TD="class: kk, bgcolor: transparent"]4,383 [/TD]
[TD="class: kj, bgcolor: transparent"]5,055[/TD]
[TD="class: ki, bgcolor: transparent"](13.3)%[/TD]
[TD="class: lv, bgcolor: transparent"][/TD]
[/TR]
[TR="class: ll, bgcolor: transparent"]
[TD="class: lk, bgcolor: transparent"]Adjusted gearing[SUP](3)[/SUP][/TD]
[TD="class: lj, bgcolor: transparent"]52%[/TD]
[TD="class: li, bgcolor: transparent"]51%[/TD]
[TD="class: lh, bgcolor: transparent"]1pt[/TD]
[TD="class: lm, bgcolor: transparent"][/TD]
[/TR]
[/TABLE]
(1) Restated for amendment to IAS 19 'Employee Benefits' accounting standard.
(2) Equity is adjusted for the revaluation of pension assets and pension liabilities associated with the Employee benefit accounting.
(3) Adjusted gearing is net debt plus capitalised operating aircraft lease costs, divided by net debt plus capitalised operating aircraft lease costs and adjusted equity.
Willie Walsh, IAG chief executive, said: "We're reporting an operating loss of €278 million this quarter before exceptional items, which at constant currency was €38 million better than last year. Total revenue was up 0.5 per cent and costs up 1.2 per cent. These results are encouraging with underlying revenue strength in strategic markets however while the first step towards restructuring Iberia has been taken, there is more work to be done."We are adapting capacity to demand and are reporting a strong group passenger unit revenue performance, despite 10 days of Iberia industrial action and the weak economic situation in Spain.
"Non-fuel unit costs have risen due to two short term activities which will benefit the group in the long term. Iberia cut capacity in the quarter however its reduction in headcount and labour costs began in earnest in April. British Airways has increased its headcount in advance of the new aircraft arriving this year. "Following acceptance of the mediator's proposal, we have provided a further €265 million of employee restructuring costs together with fleet stand-down costs within the exceptional items.
"Since our last results, IAG acquired an additional 44.66 per cent in Vueling bringing the group's total shareholding to 90.51 per cent of the airline."We have also placed firm orders for 18 Airbus A350 and plan to convert 18 Boeing 787 options into firm orders for British Airways. Delivery slots for A350 and/ or Boeing 787s have also been secured for Iberia and these will be converted into firm orders once the airline has restructured and can grow profitably.
The CAA has announced its initial price proposals at London airports for five years from 2014. A proposed charge of RPI -1.3 per cent at Heathrow means an actual increase of between six and 10 per cent over five years at a time when Heathrow is cutting investment by 25 per cent. There should be a real term cut in charges otherwise the CAA is rewarding Heathrow, already the world's most expensive hub airport, for its inefficiency to the detriment of passengers".
Trading outlook:"In light of the requirement for the Group to seek shareholder approval for its previously announced BA fleet replacement orders and the consequent requirement to report on any outstanding profit forecast as part of that process, IAG is no longer giving guidance at the operating profit level for 2013. However, it provides the following statement on the outlook:Current trading is in line with our expectations. For 2013, excluding Vueling, we expect to reduce Group capacity by 1.8%, and keep non-fuel unit cost flat versus last year."
http://www.iairgroup.com/phoenix.zhtml?c=240949&p=irol-newsArticle_Print&ID=1818071&highlight=[/TD]
[/TR]
[/TABLE]
Ultima modifica:
