IAG Interim Management Report to June 30 2022

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[{"type":"text","content":"\n \n \n \n SIX\n \n \n MONTHS RESULTS ANNOUNCEMENT\n \n \n \n  \n \n \n International Consolidated Airlines Group (IAG) today (July 29, 2022) presents its Group consolidated results for the six months to June 30, 2022.\n \n \n  \n \n \n \n IAG returns to profit in the second quarter following strong recovery in demand across all airlines\n \n \n \n \n  \n \n \n \n IAG financial results highlights for the period:\n \n \n  \n \n \n ·\n Operating profit for the second quarter €293 million (2021: operating loss €967 million), and operating profit before exceptional items €287 million (2021: operating loss before exceptional items €1,045 million)\n \n \n ·\n Operating loss for the half year €438 million (2021: operating loss €2,035 million), and operating loss before exceptional items €467 million (2021: operating loss before exceptional items €2,180 million)\n \n \n ·\n Profit after tax and exceptional items for the second quarter €133 million (2021: loss €981 million) and profit after tax before exceptional items €127 million (2021: loss €1,045 million)\n \n \n ·\n Loss after tax and exceptional items for the half year €654 million (2021: loss €2,048 million) and loss after tax before exceptional items €683 million (2021: loss €2,169 million)\n \n \n ·\n Strong liquidity at June 30, 2022:\n \n \n ·\n Total liquidity increased to €13,489 million (December 31, 2021: €11,986 million)\n \n \n ·\n Cash1 of €9,190 million, up €1,247 million on December 31, 2021, with significantly positive working capital, driven principally by bookings for travel in the second half of the year\n \n \n ·\n Committed and undrawn general and aircraft financing facilities of €4,299 million (December 31, 2021: €4,043 million), including an additional €200 million loan facility for Aer Lingus from the Ireland Strategic Investment Fund\n \n \n ·\n Net debt at June 30, 2022 was down €688 million since December 31, 2021 to €10,979 million, reflecting the seasonal benefit on cash of bookings for travel in the second half of the year\n \n \n  \n \n \n \n Customer demand continues to recover strongly\n \n \n \n  \n \n \n ·\n Passenger capacity in quarter 2 was 78% of 2019 (Q1 guidance: c80%), up from 65% in quarter 1, driven primarily by IAG's key regions of European shorthaul (capacity 89% of 2019), North America (84%) and Latin Amer...

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