International Airlines Group (IAG) (British Airways, Iberia, Iberia Express and Vueling Airlines) (London) reported a third quarter net profit of €598 million ($751 million) up 3.1% from €580 million ($728.4 million) in the same quarter a year ago.
The airline group issued this full statement:
NINE MONTHS RESULTS ANNOUNCEMENT
International Consolidated Airlines Group (IAG) presented Group consolidated results for the nine months to September 30, 2014.
IAG period highlights on results:
- Third quarter operating profit €900 million (2013: €690 million) before exceptional items, €210 million better than last year
- At constant currency, third quarter passenger unit revenue down 0.9 per cent and non-fuel unit costs down 4.5 per cent
- Revenue for the quarter up 8.5 per cent to €5,866 million, up 6.9 per cent at constant currency
- Fuel unit costs for the quarter down 7.5 per cent at constant currency
- Operating profit for the nine months €1,130 million (2013: €657 million) before exceptional items, €473 million better than last year
- Exceptional charge of €82 million for currency re-evaluation
- Cash of €5,064 million at September 30, 2014, up €1,431 million on 2013 year end
- Adjusted gearing down 4 points to 46 per centPerformance summary:
|
Nine months to September 30 |
|||
|
Financial data € million |
2014 |
2013 |
Higher / (lower) |
|
Passenger revenue |
13,435 |
12,299 |
9.2 % |
|
Total revenue |
15,155 |
14,113 |
7.4 % |
|
Operating profit before exceptional items |
1,130 |
657 |
|
|
Exceptional items |
(82) |
(309) |
|
|
Operating profit after exceptional items |
1,048 |
348 |
|
|
Profit after tax and exceptional items |
694 |
77 |
|
|
Basic earnings per share (€ cents) |
33.4 |
3.2 |
|
|
Operating figures |
2014 |
2013 |
Higher / (lower) |
|
Available seat kilometres (ASK million) |
190,234 |
172,234 |
10.5 % |
|
Revenue passenger kilometres (RPK million) |
153,537 |
140,220 |
9.5 % |
|
Seat factor (per cent) |
80.7 |
81.4 |
(0.7pts) |
|
Passenger revenue per RPK (€ cents) |
8.75 |
8.77 |
(0.2)% |
|
Passenger unit revenue per ASK (€ cents) |
7.06 |
7.14 |
(1.1)% |
|
Non-fuel unit costs per ASK (€ cents) |
5.00 |
5.21 |
(4.0)% |
|
€ million |
At September 30, |
At December 31, |
Higher / (lower) |
|
2014 |
2013 |
||
|
Cash and interest-bearing deposits |
5,064 |
3,633 |
39.4 % |
|
Adjusted net debt(1) |
5,547 |
5,701 |
(2.7)% |
|
Adjusted gearing(2) |
46% |
50% |
(4pts) |
(1) Adjusted net debt is net debt plus capitalised operating aircraft lease costs.
(2) Adjusted gearing is adjusted net debt, divided by adjusted net debt and adjusted equity.
Willie Walsh, IAG Chief Executive Officer, said:
“This quarter we are reporting an operating profit before exceptional items of €900 million. At constant currency, revenue was up 6.9 per cent with non-fuel unit costs down 4.5 per cent and fuel unit costs down 7.5 per cent.
“We continued to grow capacity efficiently and both our non-fuel and fuel unit cost performances were strong with the latter boosted by the introduction of new, more efficient aircraft into our fleet.
“British Airways made an operating profit of €607 million, compared to €477 million last year, and grew capacity while retaining its focus on cost control. Iberia’s operating profit increased to €162 million from €74 million last year highlighting its strong cost discipline combined with the continued benefits of restructuring. Vueling continued to grow, developing new bases in Italy and Belgium, with an operating profit of €140 million compared to €139 million last year.
“In the nine months, we made an operating profit of €1,130 million before exceptional items, up by €473 million from last year”.
Copyright Photo: Paul Denton/AirlinersGallery.com. Iberia improved its financial performance with labor stability which was one of the main drivers for a better financial performance of the group in the third quarter. Iberia’s Airbus A320-214 EC-MCS (msn 6244) taxies at Geneva in the new look.
British Airways: 
Iberia:
Iberia Express:
Vueling Airlines:
Filed under: British Airways, IAG, Iberia, Iberia Express, Vueling Airlines Tagged: 6244, A320, A320-200, A320-214, Airbus, Airbus A320, Airbus A320-200, British Airways, EC-MCS, Geneva, GVA, IAG, Iberia, Iberia Express, International Consolidated Airlines Group, Vueling Airlines
