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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Consolidated Airlines Group, SA    IAG   ES0177542018

INTERNATIONAL CONSOLIDATED AIRLINES GROU

(IAG)
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Flybe discussing loan on commercial terms with government - BBC

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01/17/2020 | 04:46am EST
FILE PHOTO: An airport worker examines a flybe aircraft before it takes off from Liverpool John Lennon Airport in Liverpool northern England.

Struggling British regional airline Flybe is in talks with the government about a loan on commercial terms which would not represent a state bailout, the BBC reported on Friday.

British Airways and Ryanair have opposed government-backed support for Flybe, saying it prevents a level playing field and breaches state aid rules, although the details of the plan have not been made public.

The government has said that its support for Flybe, which provides links between many regional UK and European airports, does not breach EU rules on state aid.

Flybe's boss Mark Anderson said any government help would be made on commercial terms, the BBC reported, citing an address he gave to Flybe staff.

"We are in conversation with the government around a financial loan - a loan, not a bailout - a commercial loan, but that is the same as any loan we'd take from any bank," the BBC quoted Anderson as saying.

Flybe was rescued from near collapse on Tuesday, when its shareholders agreed to invest more money alongside government.

The airline declined to comment on the BBC's report of what Anderson said, but did say that it had agreed with Britain's finance department a payment plan for a debt of less than 10 million pounds ($13.1 million).

"This agreement will only last a matter of months before all taxes and duties are paid in full. This is a standard 'Time to Pay' arrangement with HMRC that any business in financial difficulties may use," a spokesman for Flybe said in an email.

Flybe is owned by Connect Airways, a consortium created by Virgin Atlantic, Stobart Group and investment adviser Cyrus Capital. They bought the struggling airline last year and have already provided it with 110 million pounds of funding.

But the airline's losses were such that the new funding was used up quickly, Anderson is reported to have said.

"Three-quarters of the money the shareholders invested was gone before we even really started. That has hurt this business and more money is needed," the BBC quoted Anderson as saying.

But he tried to reassure staff about Flybe's future.

"We are not making millions of profit at the moment but if we stick to the plan, and what we have to do, we will," he said.

UK Infrastructure company Stobart said on Thursday it was providing 9 million pounds of funding for Flybe as part of this week's government-backed deal.

By Sarah Young

Stocks mentioned in the article
ChangeLast1st jan.
ANAPLAN, INC. 0.85% 62.85 Delayed Quote.19.94%
CISION LTD. -0.10% 9.99 Delayed Quote.0.20%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, SA 1.72% 639.6 Delayed Quote.2.34%
RYANAIR HOLDINGS PLC -0.26% 15.595 Delayed Quote.6.87%
STOBART GROUP LIMITED 2.11% 92.1 Delayed Quote.-14.56%
WHITBREAD PLC -1.12% 4766 Delayed Quote.-1.65%
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Financials (EUR)
Sales 2019 25 664 M
EBIT 2019 3 260 M
Net income 2019 2 250 M
Debt 2019 7 268 M
Yield 2019 3,87%
P/E ratio 2019 7,19x
P/E ratio 2020 6,41x
EV / Sales2019 0,88x
EV / Sales2020 0,83x
Capitalization 15 290 M
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Technical analysis trends INTERNATIONAL CONSOLIDATED
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Mean consensus BUY
Number of Analysts 19
Average target price 8,45  €
Last Close Price 7,70  €
Spread / Highest target 21,4%
Spread / Average Target 9,66%
Spread / Lowest Target -2,88%
EPS Revisions
Managers
NameTitle
William Matthew Walsh Chief Executive Officer & Director
Antonio Vzquez Romero Chairman
Stephen William Lawrence Gunning Chief Financial Officer & Executive Director
Kieran C. Poynter Independent Non-Executive Director
Alberto Miguel Terol Estabean Senior Independent Director
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1st jan.Capitalization (M$)
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DELTA AIR LINES INC.0.72%37 549
UNITED AIRLINES HOLDINGS, INC.-9.69%20 130
RYANAIR HOLDINGS PLC6.87%18 394
AIR CHINA LIMITED-15.13%15 411
ANA HOLDINGS INC.-5.69%13 212