Concorde
Founding Member
International Consolidated Airlines Group reported an operating profit for the year to end-December of €770m (2012: operating loss of €23m) before exceptional items. Q4 operating profit was €113m (2012: loss of €40m).
At constant currency and excluding Vueling and one-offs, fourth quarter passenger unit revenue was up 2.7 per cent, and non-fuel unit costs down 2.7 per cent.
Revenue for the year was up 3.1 per cent to €18,675 million and passenger unit revenue for the year up 0.6 per cent (3.7 per cent at constant currency).
Fuel costs for the year were down 2.5 per cent to €5,951 million (2012: €6,101 million). Fuel unit costs down 5.0 per cent at constant currency.
Non-fuel costs before exceptional items for year were down 0.7 per cent at €11,954 million. Non-fuel unit costs down 5.6 per cent, down 2.7 per cent at constant currency.
Cash of €3,633 million at December 31, 2013 was up €724 million on 2012 year end (December 2012: €2,909 million).
Adjusted gearing was down 1 point to 50 per cent.
Willie Walsh, CEO, said:
"In 2013, we strengthened the Group by acquiring Vueling, embarking on Iberia's transformation and enhancing British Airways' revenue performance. This has led to a strong financial recovery and return to profitability with a turnaround of nearly €800 million. Our operating profit was €770 million before exceptional items, with passenger revenue up 5.8 per cent and non-fuel costs down 0.7 per cent.
"British Airways continued its solid revenue performance this year and we're seeing cost improvements, resulting in an operating profit of €762 million. This is the first full year that it's benefited from the additional Heathrow slots and greater network flexibility created by bmi's integration. Both the A380 and Boeing 787 were introduced into the airline's fleet successfully. The new aircrafts' economic and environmental performance has been excellent and customers love them.
"Iberia has made huge progress on cost control as its restructuring takes shape and great credit should be given to all those involved. It has reduced its losses in the year, reporting an operating loss of €166 million. The recent pay and productivity agreements between Iberia and its pilot and cabin crew unions are key to reducing the airline's costs further and providing the foundation for profitable growth.
"Vueling is a great asset and provides a new cultural dimension to IAG. The airline reported an operating profit of €168 million from April 2013, when we acquired it, and expanded its network across continental Europe. To increase capacity while improving profit margins is a tremendous achievement and underlines Vueling's value to the Group.
"We have shown strong financial management this year. Despite buying Vueling and increasing our capital expenditure, cash was up €724 million versus last year and adjusted gearing was down 1 point to 50 per cent.
"Quarter 4 saw an improved financial performance from all our airlines and we are reporting an operating profit of €113 million before exceptional items. Passenger revenue was up 4.0 per cent and non-fuel costs were down 4.1 per cent".
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At constant currency and excluding Vueling and one-offs, fourth quarter passenger unit revenue was up 2.7 per cent, and non-fuel unit costs down 2.7 per cent.
Revenue for the year was up 3.1 per cent to €18,675 million and passenger unit revenue for the year up 0.6 per cent (3.7 per cent at constant currency).
Fuel costs for the year were down 2.5 per cent to €5,951 million (2012: €6,101 million). Fuel unit costs down 5.0 per cent at constant currency.
Non-fuel costs before exceptional items for year were down 0.7 per cent at €11,954 million. Non-fuel unit costs down 5.6 per cent, down 2.7 per cent at constant currency.
Cash of €3,633 million at December 31, 2013 was up €724 million on 2012 year end (December 2012: €2,909 million).
Adjusted gearing was down 1 point to 50 per cent.
Willie Walsh, CEO, said:
"In 2013, we strengthened the Group by acquiring Vueling, embarking on Iberia's transformation and enhancing British Airways' revenue performance. This has led to a strong financial recovery and return to profitability with a turnaround of nearly €800 million. Our operating profit was €770 million before exceptional items, with passenger revenue up 5.8 per cent and non-fuel costs down 0.7 per cent.
"British Airways continued its solid revenue performance this year and we're seeing cost improvements, resulting in an operating profit of €762 million. This is the first full year that it's benefited from the additional Heathrow slots and greater network flexibility created by bmi's integration. Both the A380 and Boeing 787 were introduced into the airline's fleet successfully. The new aircrafts' economic and environmental performance has been excellent and customers love them.
"Iberia has made huge progress on cost control as its restructuring takes shape and great credit should be given to all those involved. It has reduced its losses in the year, reporting an operating loss of €166 million. The recent pay and productivity agreements between Iberia and its pilot and cabin crew unions are key to reducing the airline's costs further and providing the foundation for profitable growth.
"Vueling is a great asset and provides a new cultural dimension to IAG. The airline reported an operating profit of €168 million from April 2013, when we acquired it, and expanded its network across continental Europe. To increase capacity while improving profit margins is a tremendous achievement and underlines Vueling's value to the Group.
"We have shown strong financial management this year. Despite buying Vueling and increasing our capital expenditure, cash was up €724 million versus last year and adjusted gearing was down 1 point to 50 per cent.
"Quarter 4 saw an improved financial performance from all our airlines and we are reporting an operating profit of €113 million before exceptional items. Passenger revenue was up 4.0 per cent and non-fuel costs were down 4.1 per cent".
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Ser bra ut. Skulle nog gå långt och säga att det är imponerande med tanke på klimatet och hur det går för övriga. Hoppas man investerar i bättre catering ombord med lite av överskottet.
