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

Posted 1 March 2013 · Add Comment

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.

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%.

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).

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