International Cons Airlines Group IAG announces its preliminary results for the 3Q20 (8961C)
22 Octubre 2020 - 1:00AM
UK Regulatory
TIDMIAG
RNS Number : 8961C
International Cons Airlines Group
22 October 2020
IAG preliminary third quarter results and update
International Airlines Group (IAG) announces its preliminary
results for the third quarter of 2020 and capacity outlook for the
fourth quarter.
Third quarter results
Total revenue declined by 83 per cent to EUR1.2 billion compared
to EUR7.3 billion last year. Operating result before exceptional
items was a EUR1.3 billion loss compared to a EUR1.4 billion profit
last year.
Passenger capacity, expressed in available seat kilometres,
declined by 78.6 per cent in the quarter. Passenger traffic,
measured in terms of revenue passenger kilometres, declined by 88.0
per cent. Seat load factor declined by 38.8 points to 48.9 per
cent.
Current trading and capacity outlook
On 10 September, IAG announced a reduction in capacity from -74
per cent to -78 per cent in 3Q 2020 and from -46 per cent to -60
per cent in 4Q 2020 as a result of the levelling off of bookings
following the reintroduction of quarantine requirements by many
European governments.
Recent overall bookings have not developed as previously
expected due to additional measures implemented by many European
governments in response to a second wave of COVID-19 infections,
including an increase in local lockdowns and extension of
quarantine requirements to travellers from an increasing number of
countries. At the same time, initiatives designed to replace
quarantine periods and increase customer confidence to book and
travel, such as pre-departure testing and air corridor
arrangements, have not been adopted by governments as quickly as
anticipated.
In response to the high uncertainty of the current environment,
IAG now plans for capacity in 4Q 2020 to be no more than 30 per
cent compared to 2019. As a result, the Group no longer expects to
reach breakeven in terms of Net cash flows from operating
activities during 4Q 2020.
Liquidity
Liquidity remains strong. As at 30 September 2020, the Group had
total liquidity of EUR6.6 billion, comprised of EUR5.0 billion of
cash, cash equivalents and interest-bearing deposits and EUR1.6
billion of undrawn and committed general and aircraft facilities.
In addition, EUR2.74 billion of gross proceeds from the Capital
Increase were received in early October for a total pro-forma
liquidity of EUR9.3 billion.
Detailed results for the third quarter will be released as
planned on 30 October, accompanied by a presentation and conference
call for analysts and investors.
Stephen Gunning
Chief Financial Officer
22 October 2020
LEI: 959800TZHQRUSH1ESL13
This announcement contains inside information and is disclosed
in accordance with the Company's obligations under the Market Abuse
Regulation (EU) No 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDMTBATMTITMFM
(END) Dow Jones Newswires
October 22, 2020 02:00 ET (06:00 GMT)
International Consolidat... (LSE:0A2L)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
International Consolidat... (LSE:0A2L)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024