Advancing UK Aerospace, Defence, Security & Space Solutions Worldwide
  • Home
  • /
  • Aerospace
  • /
  • BA's profits up £300m as parent IAG posts losses of £860m

Aerospace

BA's profits up £300m as parent IAG posts losses of £860m

British Airways' parent, International Consolidated Airlines Group (IAG), yesterday presented Group consolidated results for the year to 31 December, 2012, showing an operating loss of €997m (£860m), whilst BA itself made an operating profit of €347m (£300m).


 
Operating loss for the year to December 31, 2012 of €23 million before exceptional items (2011: operating profit €485 million). After exceptional items operating loss for the year - not including Iberia restructuring and impairment - was €68 million.

Before exceptional items, British Airways made an operating profit of €347 million for the year but Iberia - which made an operating loss of €351 million - dragged IAG's overall profits down. IAG's non-operating charges for the year were €384 million, including €266 million related to non-cash pensions accounting requirements.

Advertisement
Farsound RT Brain

Loss before tax for the year of €997 million  (2011: profit before tax of €503 million) including restructuring charge of €202 million for the Iberia transformation plan and €343 million impairment of Iberia intangible assets.

Revenue for the year was up 10.9% to €18,117 million (2011: €16,339 million), including €872 million or 5.4% currency impact. Passenger unit revenue for the year up 9.4%, on top of volume increases of 2.8%.

Advertisement
Farsound RT Brain

Capital investment of €1,239 million (2011: €1,071 million) including over €400 million on pre-delivery payments for future aircraft.

Cash of €2,909 million at December 31, 2012 was down €826 million on 2011 year end (December 2011: €3,735 million). Group net debt up €741 million to €1,889 million (December 2011: €1,148 million).
 

Advertisement
Advanced Navigation LB 1
British Airways and Virgin Atlantic CEOs to speak at Sustainable Skies World Summit 2024

Aerospace

British Airways and Virgin Atlantic CEOs to speak at Sustainable Skies World Summit 2024

28 March 2024

Aviation leaders Shai Weiss, CEO of Virgin Atlantic and Sean Doyle, CEO of British Airways as keynote speakers at the Sustainable Skies World Summit 2024.

Airframe Designs helps to lead additive manufacturing industry body

Aerospace

Airframe Designs helps to lead additive manufacturing industry body

27 March 2024

Airframe Designs has joined a national industry body to help lead the development of additive manufacturing and 3D printing in the UK.

Leonardo secures presence at Bahrain International Airshow

Aerospace Defence Events

Leonardo secures presence at Bahrain International Airshow

26 March 2024

Italian aerospace, defence and security firm, Leonardo has secured its presence at the Bahrain International Airshow for the seventh year.

Made Smarter and tech institutes to demystify digital transformation

Aerospace

Made Smarter and tech institutes to demystify digital transformation

26 March 2024

Made Smarter and leading technology demonstrators have joined forces to demystify digital transformation with a new white paper.

Advertisement
Farsound RT Brain
Britten-Norman secures new investment

Aerospace

Britten-Norman secures new investment

25 March 2024

Britten Norman has secured new investment from a group of investors led by 4D Capital Partners LLP (“4D”) The new investors are making funds available to Britten-Norman to fund working capital and to drive successful long-term growth.

First disability flying lessons to be launched at Kent airport

Aerospace

First disability flying lessons to be launched at Kent airport

25 March 2024

The UK’s disabled flying charity Aerobility has partnered with Lydd Aero Club in Kent to provide opportunities for lessons and experience flights for people living with disabilities, at Kent airport.

Advertisement
Marshall RT 2