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1st Quarter Results 2015
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International Consolidated Airlines Group (IAG) today (April 30, 2015) presented Group consolidated results for the three months to March 31, 2015.

IAG period highlights on results:

  • First quarter operating profit €25 million (2014: operating loss of €150 million)
  • Revenue for the quarter up 12.0 per cent to €4,707 million, up 3.7 per cent at constant currency
  • Passenger unit revenue for the quarter up 6.9 per cent and down 0.8 per cent at constant currency
  • Fuel unit costs for the quarter down 4.5 per cent, down 11.0 per cent at constant currency
  • Non-fuel unit costs for the quarter up 5.9 per cent, down 2.7 per cent at constant currency
  • Cash of €6,003 million at March 31, 2015 was up €1,059 million on 2014 year end
  • Adjusted gearing down 3 points to 48 per cent and adjusted net debt to EBITDAR improved 0.2 to 1.7 times.


Performance summary:

Three months to March 31

Financial data € million



Higher / (lower)

Passenger revenue



12.3 %

Total revenue



12.0 %

Operating profit/(loss)



116.7 %

Loss after tax



85.9 %

Basic loss per share (€ cents)




Operating figures



Higher / (lower)

Available seat kilometres (ASK million)



5.0 %

Seat factor (per cent)




Passenger unit revenue per ASK (€ cents)



6.9 %

Non-fuel unit costs per ASK (€ cents)



5.9 %

€ million

March 31,

December 31,

Higher / (lower)



Cash and interest-bearing deposits



21.4 %

Adjusted net debt(1)




Adjusted net debt to EBITDAR




Adjusted gearing(2)




  • Adjusted net debt is net debt plus capitalised rolling four quarter aircraft operating lease costs.
  • Adjusted gearing is adjusted net debt, divided by adjusted net debt and adjusted equity.


Willie Walsh, IAG Chief Executive Officer, said:

“IAG made an operating profit of €25 million compared to a €150 million operating loss last year. This is IAG’s first ever quarter 1 operating profit in what is traditionally the weakest quarter of the year. There was a strong improvement both at a Group level and with all three airlines.

“At constant currency, revenue was up 3.7 per cent with passenger unit revenue down 0.8 per cent. In particular, there was a consistent positive performance in our key North American market.

“We achieved a strong unit cost performance with non-fuel unit costs down 2.7 per cent and fuel unit costs down 11.0 per cent, at constant currency. As before, fuel costs benefitted by operating more efficient aircraft and lower fuel prices though hedging and significant currency headwinds reduced the positive impact of lower oil prices.

“Cost discipline across our airlines continued through increased productivity and supplier cost savings, enabling us to improve our operating margin while growing capacity by 5.0 per cent.”





Trading outlook

At current fuel prices and exchange rates, IAG expects in 2015 to generate an operating profit in excess of €2.2 billion. The rate of profit improvement in quarter 2 will be slower than in quarter 1, due to the timing of Easter, and an adverse year-on-year fuel price in this quarter (net of fuel and currency hedging).























Forward-looking statements:
Certain statements included in this report are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements can typically be identified by the use of forward-looking terminology, such as “expects”, “may”, “will”, “could”, “should”, “intends”, “plans”, “predicts”, “envisages” or “anticipates” and include, without limitation, any projections relating to results of operations and financial conditions of International Consolidated Airlines Group S.A. and its subsidiary undertakings from time to time (the ‘Group’), as well as plans and objectives for future operations, expected future revenues, financing plans, expected expenditures and divestments relating to the Group and discussions of the Group’s Business plan. All forward-looking statements in this report are based upon information known to the Group on the date of this report. The Group 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 forward-looking statements in this report 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 2014; these documents are available on


IAG Investor Relations
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Tel: +44 (0)208 564 2900