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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Consolidated Airlines Group, S.A.    IAG   ES0177542018

INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.

(IAG)
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British Airways boss warns airline faces winter fight for survival

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09/16/2020 | 10:31am EDT
FILE PHOTO: The coronavirus disease (COVID-19), in Split, Croatia

British Airways' boss said on Wednesday the company was doing everything possible to make it through the winter, highlighting the pressures it faces from the coronavirus crisis as he was grilled by lawmakers over plans to cut thousands of jobs.

Painting a bleak picture, BA CEO Alex Cruz said the airline was running at 25 to 30% of its normal flight schedule, and urged the government to bring in a COVID-19 testing regime to shorten 14-day quarantine rules and get people travelling again.

He said a fear of flying during the pandemic had destroyed any hope of a rapid return to normality as the traditionally weaker winter period looms.

"We're still fighting for our own survival," Cruz told a parliamentary committee hearing on Wednesday. "We are taking every measure possible to make sure we can actually make it through this winter."

The airline has been under attack from politicians for months over its job cut plans, but the pressure eased slightly on Wednesday when Huw Merriman, chairman of the parliamentary committee on transport, said BA's staff relations appeared to have improved.

BA has said it needs to cut up to 13,000 jobs, or about 30% of its workforce, because the COVID-19-hit travel market will take years to recover to pre-pandemic levels.

The lawmakers have previously labelled BA a "national disgrace" for its treatment of employees and said it was seeking to drive huge change "under the cover of a pandemic".

Cruz told the committee BA had now reached an agreement in principle with its cabin crew union Unite, which needed approval in a ballot. If approved this would mean that what lawmakers described as the company's "fire and rehire" policies would be off the table.

Merriman said this was a "positive update".

During the crisis, BA has been bleeding 20 million pounds of cash per day, straining the finances of its parent company IAG which is in the process of raising 2.74 billion euros from shareholders.

Cruz said a return to flying had been hampered by the weekly changes to quarantine rules. A two-stage testing system, where passengers are tested on arrival and five days later could remove the need for 14-day quarantines, he said.

By Sarah Young


Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM -4.04% 3.157 Real-time Quote.-66.85%
DEUTSCHE LUFTHANSA AG -5.23% 8.05 Delayed Quote.-48.24%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -7.61% 100.7 Delayed Quote.-73.69%
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Financials
Sales 2020 8 950 M 10 573 M 10 573 M
Net income 2020 -5 120 M -6 048 M -6 048 M
Net Debt 2020 11 694 M 13 814 M 13 814 M
P/E ratio 2020 -0,67x
Yield 2020 0,08%
Capitalization 5 494 M 6 507 M 6 490 M
EV / Sales 2020 1,92x
EV / Sales 2021 1,07x
Nbr of Employees 63 501
Free-Float 89,6%
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Technical analysis trends INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 1,83 €
Last Close Price 1,20 €
Spread / Highest target 205%
Spread / Average Target 53,0%
Spread / Lowest Target -7,65%
EPS Revisions
Managers
NameTitle
Luís Gallego Martín Chief Executive Officer & Executive Director
Antonio Vázquez Romero Chairman
Stephen William Lawrence Gunning Chief Financial Officer & Executive Director
John Gibbs Chief Information Officer
Alberto Miguel Terol Esteban Senior Independent Director
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