IAG Interim Management Report to June 30 2023

About this update from International Consolidated Airlines Group Sa

[{"type":"text","content":"\n\n \n\nIAG half year results 2023\n \nRecord first half profit driven by continuing strong performance across the Group\n \nHighlights\n \n·     Record first half operating profit before exceptional items of €1,260 million (first half 2022: €446 million loss), an increase of €1,706 million, with sustained strong demand across our network and particular outperformance from our Spanish businesses\n·     Quarter 2 2023 operating profit before exceptional items of €1,251 million (quarter 2 2022: €295 million), including a record operating profit before exceptional items for any quarter at Iberia of €307 million\n·     Net debt has reduced to €7.6 billion at June 30, 2023 (December 31, 2022: €10.4 billion) due to the increase in profit and seasonal working capital inflows; net debt to EBITDA before exceptional items of 1.5 times (2022: 3.1 times)\n·     We are particularly focused on delivering resilient operations over the summer, reflecting a challenging operating environment in the UK and parts of Europe\n·     Encouraging outlook for the summer with around 80% of expected quarter 3 revenue now booked\n·     IAG is well-positioned to benefit from its attractive customer base and strong network in large and growing markets\n \nLuis Gallego, International Airlines Group's CEO, said:  \n  \n\"Our strong profits since the start of the year are helping to fund investment for our customers, and to improve our balance sheet by reducing debt.  We are aiming to be back to pre-pandemic capacity at the end of this year. \n    \n\"These results are thanks to a strong performance from all companies across the Group, and we would like to thank our teams for their hard work during the year so far.\n  \n\"Customer demand remains strong across the Group, particularly for leisure travel, with around 80% of passenger revenue for the third quarter already booked. And our airlines have put in place plans to support operations during the busy summer period.\"\n \nFinancial summary:\n      \n\n\n\n\n \n\n\nSix months to June 30\n\n\n\n\n\nThree months to June 30\n\n\n\n\nReported results (€ million)\n\n\n2023\n\n\n \n\n\n20221\n\n\n\n\...

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