NINE MONTHS RESULTS ANNOUNCEMENT
International Consolidated Airlines Group (IAG) today (October 30, 2015) presented Group consolidated results for the nine months to September 30, 2015.
IAG period highlights on results:
- Third quarter operating profit €1,250 million before exceptional items (2014: €900 million), excluding Aer Lingus €1,205 million
- Revenue for the quarter up 15.2 per cent to €6,756 million
- Passenger unit revenue for the quarter up 6.5 per cent. Excluding Aer Lingus and at constant currency down 3.3 per cent
- Fuel unit costs for the quarter down 8.6 per cent, down 19.7 per cent at constant currency
- Non-fuel unit costs for the quarter up 5.6 per cent. Excluding Aer Lingus and at constant currency down 3.5 per cent
- Operating profit for the nine months €1,805 million before exceptional items (2014: €1,130 million), up 59.7 per cent, excluding Aer Lingus and exceptional items €1,760 million
- Cash of €6,786 million at September 30, 2015 was up €1,842 million on 2014 year end, including €958 million from Aer Lingus
- Adjusted gearing down 2 points to 49 per cent and adjusted net debt to EBITDAR improved 0.1 to 1.8 times
Nine months to September 30
Financial data € million
Higher / (lower)
Operating profit before exceptional items
Operating profit after exceptional items
Profit after tax
Basic earnings per share (€ cents)
Higher / (lower)
Available seat kilometres (ASK million)
Seat factor (per cent)
Passenger unit revenue per ASK (€ cents)
Non-fuel unit costs per ASK (€ cents)
Higher / (lower)
Cash and interest-bearing deposits
Adjusted net debt(1)
Adjusted net debt to EBITDAR
- 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:
“We’re reporting strong quarter results with a positive contribution from all of our airlines. IAG made an operating profit before exceptional items of €1,250 million, up from €900 million last year.
“Our passenger unit revenue showed a better trend than in the second quarter of the year and our cost performance remained strong.
“We’re delighted to announce IAG’s first dividend payment of 10 euro cents per share. For the full year we expect to pay out 25 per cent of our underlying profit after tax in dividends and plan to announce a proposal for a final dividend for 2015 when the full year results are published.
“Aer Lingus made an operating profit of €45 million since it joined IAG on August 18. While the airline’s profitability is seasonal, Aer Lingus is cost-effective and provides a natural gateway to build our business between Europe and North America. It’s a great asset for the Group.”
At current fuel prices and exchange rates, IAG expects to generate an operating profit between €2.25 billion and €2.3 billion for the full year, excluding Aer Lingus.
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 www.iagshares.com.
IAG Investor Relations
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