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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| International Consolidated Airlines Group S.a. | LSE:IAG | London | Ordinary Share | ES0177542018 | ORD EUR0.10 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.20 | -0.72% | 301.90 | 302.20 | 302.50 | 304.40 | 300.30 | 301.60 | 3,666,870 | 12:35:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Air Transport, Scheduled | 29.45B | 2.66B | - | N/A | 15.12B |
From Jan 2020 to Jan 2025
TIDMIAG
RNS Number : 7194Q
International Cons Airlines Group
09 November 2012
NINE MONTHS RESULTS ANNOUNCEMENT
International Consolidated Airlines Group (IAG) today (November 9, 2012) presented Group consolidated results for the nine months ended September 30, 2012 and 2011. In addition, IAG presented combined results for the nine months comparative period ended September 30, 2011, including Iberia's first 21 days of January 2011.
IAG period highlights:
-- Third quarter operating profit of EUR270 million, before exceptional items, EUR301 million excluding bmi (2011: operating profit EUR363 million, before exceptional items)
-- Passenger unit revenue up 9.1 per cent for the quarter, flat at constant currency
-- Fuel unit costs up 15.4 per cent for the quarter, up 1.6 per cent at constant currency
-- Non fuel unit costs before exceptional items up 8.5 per cent for the quarter, up 1.6 per cent at constant currency
-- IAG made an operating profit in the nine months of EUR17 million, British Airways an operating profit of EUR286 million, and Iberia an operating loss of EUR262 million
-- Passenger revenue in the nine months up 12.7 per cent, passenger unit revenue up 9.1 per cent, on top of volume increases of 3.3 per cent
-- Fuel costs up 23.5 per cent to EUR4,633 million (2011: EUR3,751 million before exceptional items)
-- Non fuel costs before exceptional items, up 10.9 per cent. Non fuel unit costs up 7.4 per cent, or 2.6 per cent at constant currency
-- Cash for the nine months down EUR170 million to EUR3,565 million, net debt up EUR360 million to EUR1,508 million, adjusted gearing up 1pt to 45 per cent
Performance summary:
Hot Features
Premium
Nine months to September Nine months to September
30 30
Consolidated
-----------------------------
Consolidated Combined
------------- ------------- ------- --------------------
Higher
Financial data EUR million /
(unaudited) 2012 2011(1) (lower) 2012 2011(2)
(excludes
21 days
Iberia pre-merger)
Passenger revenue 11,560 10,261 12.7 % 11,560 10,082
Total revenue 13,588 12,263 10.8 % 13,588 12,027
------------------------------------- ------------- ------------- --------- ------- --------------------
Operating profit before exceptional
items 17 451 17 488
Exceptional items (8) (68) (8) (68)
------------------------------------- ------------- ------------- --------- ------- --------------------
Operating profit after exceptional
items 9 383 9 420
(Loss)/profit before tax (169) 355 (169) 394
Profit after tax 6 338 6 365
------------------------------------- ------------- ------------- --------- ------- --------------------
Basic (loss)/earnings per
share (EUR cents) (2.9) 18.9
------- --------------------
Operating figures 2012 2011(1) Higher
/
(lower)
Available seat kilometres
(ASK million) 165,536 160,204 3.3 %
Revenue passenger kilometres
(RPK million) 133,904 127,425 5.1 %
Seat factor (per cent) 80.9 79.5 1.4pts
------------------------------------- ------------- ------------- ---------
Passenger yield per RPK (EUR
cents) 8.63 8.05 7.2 %
Passenger unit revenue per
ASK (EUR cents) 6.98 6.40 9.1 %
Non-fuel unit costs per ASK
(EUR cents) 5.40 5.03 7.4 %
------------------------------------- ------------- ------------- ---------
EUR million (unaudited) At September At December Higher
30, 31, 2011(1) /
2012 (lower)
Cash and interest bearing
deposits 3,565 3,735 (4.6)%
Net debt 1,508 1,148 31.4 %
Equity 6,036 5,686 6.2 %
Adjusted gearing(3) 45% 44% 1pt
------------------------------------- ------------- ------------- ---------
(1) This financial data is based on the combined results of operations of British Airways Plc ('BA'), Iberia Líneas Aéreas de España S.A. ('Iberia') and IAG the Company for the nine month period ended September 30, 2012. These combined financial statements eliminate cross holdings and related party transactions. Financial ratios are before exceptional items.
(2) The IAG September 30, 2011 comparative is the consolidated results of BA and IAG the Company for the nine month period ended September 30, 2011 and Iberia from January 22, 2011 to September 30, 2011.
(3) Adjusted gearing is net debt plus capitalised operating aircraft lease costs, divided by net debt plus capitalised operating aircraft lease costs and equity.
Willie Walsh, IAG chief executive, said:
IAG chief executive Willie Walsh said: "In this quarter we made an operating profit of EUR270 million before exceptional items. Total revenue at constant currency was up 3.7 per cent. Fuel costs were up 20.9 per cent and underlying non fuel unit costs down 1.0 per cent.
"The group performance is coming back to the levels seen in 2011 and this is particularly true if you strip out the bmi losses of EUR31 million in the quarter. However, there remains a strong difference between the performances of British Airways and Iberia.
"British Airways' sponsorship of the London Olympics received many plaudits and the airline successfully stimulated premium leisure demand by encouraging holidaymakers to trade up to premium cabins. However, as predicted, business demand was reduced leading to a one-off negative impact on underlying unit revenue this quarter.
"The full integration of bmi into British Airways was completed last month and has been achieved smoothly and efficiently.
"Iberia continues to cause concern and we are announcing today a restructuring plan to introduce permanent structural change across the airline. Iberia is in a fight for survival and we will transform it to reduce its cost base so it can grow profitably in the future."
Financial review:
Basis of presentation
The consolidated results include Iberia from the acquisition date January 21, 2011. The combined results for 2011 include Iberia's results from January 1, 2011.
The nine month performance to September 30, 2012 includes bmi's results from April 20, 2012. bmi represented 1.9 per cent of the capacity growth, 2.2 per cent of the revenue growth and 2.9 per cent of the operating expenses growth.
Exchange rates
Translation of British Airways' operating results from sterling to euro for the nine months to September 30 resulted in a EUR646 million benefit to revenues and increased operating expenses by EUR607 million, reflecting a 6.6 per cent weakening of the euro. The Group realised transactional exchange gains of EUR31 million on revenues and exchange losses of EUR136 million on operating expenses.
The net adverse impact of translation and transactional exchange rates on the nine month results was EUR66 million.
Results - 2012 consolidated results compared to 2011 combined results
Revenue for the nine months to September 2012 increased by 10.8 per cent to EUR13,588 million, 5.3 per cent at constant exchange rates and 3.3 per cent excluding bmi. Passenger revenue was up 12.7 per cent on an increase in capacity of 3.3 per cent; passenger unit revenues improved 9.1 per cent, 3.4 per cent at constant exchange rates.
Cargo revenue was up 0.9 per cent though decreased 3.4 per cent at constant exchange rates on capacity increase of 3.6 per cent.
Operating costs before exceptional items for the nine months were up 14.9 per cent to EUR13,571 million; at constant currency up 8.6 per cent, reflecting increased capacity and significant fuel price increases.
Fuel costs for the nine months increased 23.5 per cent to EUR4,633 million, reflecting price increases, decreased hedging benefits, additional volume and emissions trading credits.
Non fuel costs for the nine months increased 10.9 per cent, before exceptional items, and 6.0 per cent at constant exchange rates; non fuel unit costs (EURcents/ASK) were up 7.4 per cent and up 2.6 per cent at constant exchange rates. Non fuel unit costs have been adversely impacted by bmi, Avios accounting and industrial action, net of these impacts non fuel unit costs were up 0.4 per cent.
IAG operating profit, before exceptional items, for the nine months was EUR17 million compared to a profit of EUR451 million for the nine months of 2011.
Non-operating costs, before exceptional items, for the nine months were EUR178 million compared to EUR107 million in 2011.
The loss before tax for the nine months was EUR169 million, after exceptional items, compared to a profit of EUR355 million in 2011.
The tax credit for the nine months reflects the deferred tax benefit from the reduction in the UK corporation tax rates and the losses incurred in Spain at a higher tax rate versus the profits earned in the UK at a lower tax rate.
The Group's cash balance of EUR3,565 million at September 30, 2012 was down EUR170 million from December 31, 2011. The cash balance at September 30, 2012 comprised EUR2,485 million held by British Airways, EUR1,054 million held by Iberia and EUR26 million held by IAG.
Trading outlook:
The revenue trend in quarter 3 was restrained somewhat due to the London Olympics, but we are so far observing that underlying unit revenue is returning to its positive trend in quarter 4.
Including the impact of Hurricane Sandy and continued weakness in Iberia, we now expect to make an operating loss for 2012 in the region of EUR120 million, after bmi trading losses and exceptional items. The expectation does not take into account any impact of the Iberia restructuring plans.
Forward-looking statements:
Certain information included in these statements is forward-looking and involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, projections relating to results of operations and financial conditions and International Consolidated Airlines Group S.A. (the 'Group') plans and objectives for future operations, including, without limitation, discussions of the Company's Business Plan, expected future revenues, financing plans and expected expenditures and divestments. All forward-looking statements in this report are based upon information known to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
It is not reasonably possible to itemise all of the many factors and specific events that could cause the Company's forward-looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of an airline operating in the global economy. Further information on the primary risks of the business and the risk management process of the Group is given in the Annual Report and Accounts 2011; these documents are available on www.iagshares.com.
IAG Investor Relations
2 World Business Centre Heathrow
Newall Road, London Heathrow Airport
HOUNSLOW TW6 2SF
Tel: +44 (0)208 564 2900
Investor.relations@iairgroup.com
COMBINED INCOME
STATEMENT
Nine months to September Nine months to September
30, 30,
2012 2011
------------------------------------ ------------------------------------
EUR million (unaudited) Before Exceptional Total Before Exceptional Total Higher
exceptional items (1) exceptional items (1) / (lower)
items items (1)
12.7
Passenger revenue 11,560 11,560 10,261 10,261 %
0.9
Cargo revenue 888 888 880 880 %
1.6
Other revenue 1,140 1,140 1,122 1,122 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
10.8
Total revenue 13,588 13,588 12,263 12,263 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
10.6
Employee costs 3,158 34 3,192 2,856 2,856 %
Fuel, oil costs and
emissions 23.5
charges 4,633 4,633 3,751 76 3,827 %
Handling, catering and 16.3
other operating costs 1,348 1,348 1,159 1,159 %
Landing fees and
en-route 8.3
charges 974 974 899 899 %
Engineering and other 16.5
aircraft costs 979 979 840 840 %
Property, IT and other 9.0
costs 738 (25) 713 677 677 %
12.9
Selling costs 640 5 645 567 567 %
Depreciation,
amortisation 6.9
and impairment 786 786 735 735 %
Aircraft operating
lease 8.1
costs 322 (6) 316 298 (8) 290 %
Currency differences (7) (7) 30 30
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Total expenditure on 14.9
operations 13,571 8 13,579 11,812 68 11,880 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Operating profit 17 (8) 9 451 (68) 383
Net non-operating costs (178) (178) (107) 79 (28) 66 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
(Loss)/profit before
tax from continuing
operations (161) (8) (169) 344 11 355
Tax 165 10 175 (17) (17)
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Profit after tax from
continuing operations 4 2 6 327 11 338
Loss after tax from
discontinued
operations - (45) (45) - -
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
(Loss)/profit after tax
for the period 4 (43) (39) 327 11 338
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Operating figures 2012 (1) 2011 (1) Higher
/ (lower)
(1)
Available seat
kilometres 3.3
(ASK million) 165,536 160,204 %
Revenue passenger
kilometres 5.1
(RPK million) 133,904 127,425 %
Seat factor (per cent) 80.9 79.5 1.4pts
Passenger numbers 5.4
(thousands) 41,491 39,362 %
Cargo tonne kilometres
(CTK million) 4,521 4,560 (0.9)%
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
7.2
Passenger yield per RPK 8.63 8.05 %
Passenger unit revenue 9.1
per ASK 6.98 6.40 %
1.8
Cargo yield per CTK 19.64 19.30 %
11.3
Total cost per ASK 8.20 7.37 %
19.7
Fuel cost per ASK 2.80 2.34 %
Total cost excluding 7.4
fuel per ASK 5.40 5.03 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
10.4
Aircraft in service 383 347 %
4.6
Average employee number 59,430 56,798 %
(1) This financial data is based on the combined results of operations of British Airways Plc ('BA'), Iberia Líneas Aéreas de España S.A. ('Iberia') and IAG the Company for the nine month period ended September 30, 2012 and 2011. These combined financial statements eliminate cross holdings and related party transactions. Financial ratios are before exceptional items.
See consolidated results for the nine month period ended September 30, 2012 overleaf.
CONSOLIDATED INCOME
STATEMENT
Nine months to September Nine months to September
30, 30,
2012 2011
------------------------------------ ------------------------------------
EUR million (unaudited) Before Exceptional Total Before Exceptional Total Higher
exceptional items (1) exceptional items (1) / (lower)
items items (1)
14.7
Passenger revenue 11,560 11,560 10,082 10,082 %
Cargo revenue 888 888 866 866 2.5 %
Other revenue 1,140 1,140 1,079 1,079 5.7 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
13.0
Total revenue 13,588 13,588 12,027 12,027 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
13.4
Employee costs 3,158 34 3,192 2,785 2,785 %
Fuel, oil costs and
emissions 25.8
charges 4,633 4,633 3,682 76 3,758 %
Handling, catering and 18.7
other operating costs 1,348 1,348 1,136 1,136 %
Landing fees and
en-route 11.4
charges 974 974 874 874 %
Engineering and other 20.1
aircraft costs 979 979 815 815 %
Property, IT and other 11.5
costs 738 (25) 713 662 662 %
16.2
Selling costs 640 5 645 551 551 %
Depreciation,
amortisation
and impairment 786 786 725 725 8.4 %
Aircraft operating
lease 14.6
costs 322 (6) 316 281 (8) 273 %
Currency differences (7) (7) 28 28
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Total expenditure on 17.6
operations 13,571 8 13,579 11,539 68 11,607 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Operating profit 17 (8) 9 488 (68) 420
Net non-operating costs (178) (178) (105) 79 (26) 70 %
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
(Loss)/profit before
tax
from continuing
operations (161) (8) (169) 383 11 394
Tax 165 10 175 (29) (29)
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Profit after tax from
continuing operations 4 2 6 354 11 365
Loss after tax from
discontinued
operations - (45) (45) - -
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
(Loss)/profit after tax
for the period 4 (43) (39) 354 11 365
------------------------- ------------- ------------ ------- ------------- ------------ ------- -----------
Basic (loss)/earnings per share
(EUR cents) (2.9) 18.9
Diluted (loss)/earnings per share
(EUR cents) (2.9) 17.0
---------------------------------------- ------------ ------- ------------- ------------ ------- -----------
(1) The IAG September 30, 2012 Income statement is the consolidated results of BA, Iberia and IAG the Company for the nine month period ended September 30, 2012. The IAG September 30, 2011 comparative is the consolidated results of BA and IAG the Company for the nine month period ended September 30, 2011 and Iberia from January 22, 2011 to September 30, 2011.
CONSOLIDATED INCOME STATEMENT
Three months to September Three months to September
30, 30,
2012 2011
----------------------------------- -----------------------------------
EUR million (unaudited) Before Exceptional Total Before Exceptional Total Higher
exceptional items exceptional items / (lower)
items items
14.1
Passenger revenue 4,350 4,350 3,813 3,813 %
3.5
Cargo revenue 298 298 288 288 %
4.9
Other revenue 408 408 389 389 %
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
12.6
Total revenue 5,056 5,056 4,490 4,490 %
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
14.9
Employee costs 1,088 2 1,090 947 947 %
Fuel, oil costs and
emissions 20.9
charges 1,660 1,660 1,373 15 1,388 %
Handling, catering and 24.3
other operating costs 497 497 400 400 %
Landing fees and en-route 11.6
charges 346 346 310 310 %
Engineering and other
aircraft 19.9
costs 344 344 287 287 %
Property, IT and other 15.5
costs 268 5 273 232 232 %
4.3
Selling costs 217 2 219 208 208 %
Depreciation,
amortisation 12.3
and impairment 274 274 244 244 %
Aircraft operating lease 15.3
costs 113 (2) 111 98 (3) 95 %
Currency differences (21) (21) 28 28
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
Total expenditure on 16.0
operations 4,786 7 4,793 4,127 12 4,139 %
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
Operating profit 270 (7) 263 363 (12) 351
Net non-operating costs (42) (42) (31) (4) (35) 35 %
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
Profit before tax from
continuing operations 228 (7) 221 332 (16) 316
Tax 15 1 16 (49) (49)
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
Profit after tax from
continuing
operations 243 (6) 237 283 (16) 267
Loss after tax from
discontinued
operations - (35) (35) - -
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
Profit after tax for the
period 243 (41) 202 283 (16) 267
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
Operating figures 2012 2011 Higher
/ (lower)
Available seat kilometres 4.7
(ASK million) 58,260 55,661 %
Revenue passenger
kilometres 4.9
(RPK million) 49,343 47,022 %
Seat factor (per cent) 84.7 84.5 0.2pts
Passenger numbers 8.3
(thousands) 15,760 14,553 %
Cargo tonne kilometres 1.1
(CTK million) 1,511 1,494 %
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
8.8
Passenger yield per RPK 8.82 8.11 %
Passenger unit revenue 9.1
per ASK 7.47 6.85 %
2.3
Cargo yield per CTK 19.72 19.28 %
10.8
Total cost per ASK 8.21 7.41 %
15.4
Fuel cost per ASK 2.85 2.47 %
Total cost excluding fuel 8.5
per ASK 5.37 4.95 %
--------------------------- ------------- ------------ ------ ------------- ------------ ------ -----------
6.5
Average employee number 61,340 57,575 %
This information is provided by RNS
The company news service from the London Stock Exchange
END
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