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IAG falls into the red in 1H2012, expects small operating loss in full year 2012

6-Aug-2012 1:19 PM

IAG revenue up 10% - financial highlights:

  • Three months ended 30-Jun-2012:
    • Total revenue: EUR4613 million, +11.5% year-on-year;
      • Passenger: EUR3920 million, +14.3%;
      • Cargo: EUR299 million, -1.0%;
    • Operating costs: EUR4617 million, +17.0%;
      • Fuel: EUR1564 million, +25.1%;
      • Labour: EUR1076 million, +9.2%;
    • Operating profit (loss): (EUR4 million), compared to a profit of EUR190 million in p-c-p;
    • Net profit (loss): (EUR56 million), compared to a profit of EUR94 million in p-c-p;
    • Passenger numbers: 14.3 million, +8.0%;
    • Load factor: 81.3%, +1.5 ppt;
    • Passenger yield: EUR 8.63 cents, +7.3%;
    • Passenger revenue per ASK: EUR 7.02 cents, +9.3%;
    • Cargo yield: EUR 19.56 cents, +0.5%;
    • Total costs per ASK: EUR 8.27 cents, +11.9%;
    • Cost per ASK excl fuel: EUR 5.47 cents, +8.3%;
  • Six months ended 30-Jun-2012:
    • Total revenue: EUR8532 million, +9.8%;
    • Operating costs: EUR8785 million, +14.3%;
      • Fuel: EUR2973 million, +25.0%;
      • Labour: EUR2070 million, +8.4%;
    • Operating profit (loss): (EUR253 million), compared to a profit of EUR88 million in p-c-p;
      • British Airways: EUR13 million, -93.8%;
      • Iberia: (EUR263 million), compared to a loss of EUR78 million in p-c-p;
    • Net profit (loss): (EUR239 million), compared to a profit of EUR44 million in p-c-p;
    • Passenger numbers: 25.7 million, +3.7%;
    • Load factor: 78.8%, +1.9 ppt;
    • Passenger yield: EUR 8.53 cents, +6.4%;
    • Passenger revenue per ASK: EUR 6.72 cents, +8.9%;
    • Cargo yield: EUR 19.60 cents, +1.5%;
    • Total costs per ASK: EUR 8.19 cents, +11.4%;
    • Cost per ASK excl fuel: EUR 5.42 cents, +6.7%;
    • Total assets: EUR21,929 million, +11.0% when compared to period ended 31-Dec-2011;
    • Cash and cash equivalents: EUR2103 million, +6.4% when compared to period ended 31-Dec-2011;
    • Total liabilities: EUR16,447 million, +16.9% when compared to period ended 31-Dec-2011. [more – original PR]

IAG: “We were previously targeting a break-even operating result this year, after the impact of restructuring costs and the short term earnings drag from the bmi acquisition. However, in the light of the Spanish macro headwind, we now expect to make a small operating loss in 2012. The Iberia restructuring plan could lead to further restructuring costs in the latter part of the year.” Source: Company statement, 03-Aug-2012.