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IAG Capital Markets Day 2015
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Capital Markets Day the presentation

International  Consolidated Airlines Group (IAG) will update the market today (November 6, 2015)  at its Capital Markets Day with the following information:

IAG  is today announcing a considerable upgrade to our long term return and equity  cash flow objectives. Long-term planning goals for 2016-2020 include:

    • Return  on Invested Capital (real terms) targeting sustainable 15% (compared to 12%+  previously)
    • An  operating profit margin of 12% to 15% (compared to 10% to 14% previously)
    • Average  EPS growth of 12%+ per annum (compared to 10%+ per annum previously)
    • EBITDAR  of approximately €5.6bn average per annum (compared to €5bn average per annum  previously)
    • Capex:  targeting less than €2.5bn per annum (compared to €2bn to €3bn per annum  previously)
    • Equity  free-cash flow of €1.5bn to €2.5bn per annum (compared to €1bn to €1.5bn per  annum previously)
    • ASK  growth of approximately 3% to 4% per annum (no change)
    • Gearing  to be in the investment grade zone (no change)


In  addition, IAG today announces the following changes in the executive management  teams within our operating companies. Keith Williams will be retiring as  Executive Chairman of British Airways in April next year and Alex Cruz, currently  Chairman and Chief Executive Officer of Vueling, will be replacing him. Also, Nick  Swift will be stepping down as Chief Financial Officer of British Airways in April  next year and Steve Gunning, current Chief Executive Officer of IAG Cargo, will  be replacing him. Further appointments will be announced in due course.

The  presentations from the Capital Markets Day can be accessed via and  a webcast of the event will be available today from 0830  GMT/0930 CET.


Enrique Dupuy de  Lôme
  Chief Financial Officer
  November 6, 2015





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