IAG - 3rd Quarter Results

About this update from International Consolidated Airlines Group Sa

[{"type":"text","content":"\n \n \n \n RNS Number : 4787R\n International Cons Airlines Group\n 05 November 2021\n  \n \n \n \n \n NINE\n \n  \n \n MONTHS RESULTS ANNOUNCEMENT\n \n \n \n  \n \n \n International Consolidated Airlines Group (IAG) today (November 5, 2021) presents Group consolidated results for the nine months to September 30, 2021.\n \n \n  \n \n \n COVID-19 situation and management actions:\n \n \n · \n Passenger capacity in quarter 3 was 43.4 per cent of 2019, up from 21.9 per cent in quarter 2, as capacity rebuilds\n \n \n · \n Current passenger capacity plans for quarter 4 are for around 60 per cent of 2019 capacity\n \n \n · \n Cargo carried in quarter 3 was up 37.2 per cent on 2020, reaching 73.4 per cent of 2019 levels, despite a reduction in cargo-only flights as passenger capacity increased, with 657 cargo-only flights operated in the quarter compared with 1,371 in quarter 2\n \n \n · \n Cash operating costs for quarter 3 of €260 million per week\n \n \n · \n Strong liquidity of €10.6 billion at the end of quarter 3, up from €8.1 billion at December 31, 2020, comprised of cash of €7.6 billion and committed and undrawn general and aircraft facilities of €3.0 billion:\n \n \n · \n Both cash and underlying debt stable since quarter 2, with the €0.2 billion increase in borrowings driven by translation of US dollar debt\n \n \n · \n Increased liquidity driven by\n positive operating cash flow in quarter 3 and successful conclusion of financing initiatives since the start of the year, together with cost actions and UK pension contribution deferral \n \n \n · \n In July sustainability-linked EETC financing of $785 million concluded for seven British Airways' fleet deliveries for 2021 and 2022, with total financing remaining to be drawn of $685 million\n \n \n · \n Additional £1.0 billion (€1.2 billion) committed five-year credit facility executed for British Airways on November 1, 2021, partially guaranteed by UK Export Finance, which remains undrawn, resulting in total pro forma liquidity at the end of October of €12.1 billion, including an increase in cash to €8.0 billion\n \n \n  \n \n \n IAG period highlights on results:\n \n \n · \n Reported operating loss\n for the third quarter \n €452 million (\n 2020\n restated1: operating loss €1,923 million) and operating loss before exceptional items €485 million (2020...

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