IAG 2nd Quarter 2020 Results

About this update from International Consolidated Airlines Group Sa

[{"type":"text","content":"\n \n \n RNS Number : 7344U\n International Cons Airlines Group\n 31 July 2020\n  \n \n \n \n \n SIX\n \n  \n \n MONTHS RESULTS ANNOUNCEMENT\n \n \n \n International Consolidated Airlines Group (IAG) today (July 31, 2020) presented Group consolidated results for the six months to June 30, 2020.\n \n \n The results for the six months were significantly impacted by the outbreak of COVID-19, which has had a devastating impact on the global airline and travel sectors, particularly from late February 2020 onwards.\n \n \n COVID-19 situation and management actions:\n \n \n · \n Most Group aircraft grounded in quarter 2, with small programme of passenger flights for essential travel and repatriation\n \n \n · \n 1,875 additional cargo flights operated in quarter 2 to transport critical equipment and essential supplies\n \n \n · \n Additional operating procedures implemented to protect customers and staff including facemask use and additional cleaning\n \n \n · \n Liquidity boosted by actions including accessing Spain's Instituto de Crédito Oficial (ICO) facility and UK's Coronavirus Corporate Finance Facility (CCFF). Also, British Airways' Revolving Credit Facility extended and additional one-year bridge aircraft financing facilities agreed and implemented in quarter 2\n \n \n · \n Multi-year renewal signed with American Express on July 24, including €830 million payment, a significant part of which is Avios pre-purchase\n \n \n · \n Cash operating costs for quarter 2 reduced to €205 million per week, with April and May slightly lower than previously estimated at €195 million per week, despite additional cost of operating cargo-only flights\n \n \n · \n Current capacity planning scenario for an increase through quarter 3 and quarter 4, to -74 per cent and -46 per cent versus 2019 respectively, but plans highly uncertain and subject to easing lockdowns and travel restrictions\n \n \n · \n Based on our current capacity planning scenario, IAG would reach breakeven in terms of Net cash flows from operating activities during quarter 4 2020\n \n \n · \n Government wage support schemes accessed in main employee bases and other measures agreed to reduce employee costs due to much-reduced flying programme\n \n \n · \n Capital spending for 2020 reduced by €1.5 billion, against the original plan, with 2020 fleet capital expenditure cove...

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