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OFFON

INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.

(IAG)
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Delayed Quote. Delayed London Stock Exchange - 07/23 11:38:30 am
168.46 GBX   -1.13%
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International Consolidated Airlines S A : IAG rejigs board after Brexit deal, British Airways gets $2.7 billion loan

12/31/2020 | 09:47am EDT
FILE PHOTO: File photo of British Airways logos on tailfins at  Heathrow Airport in London

(Reuters) - Airline group IAG revamped its board to ensure a majority of independent non-executive directors are from the European Union and rolled out plans to comply with ownership rules of the economic bloc following Brexit, the company said on Thursday.

Its plan includes the implementation of a national ownership structure for Aer Lingus and changes to its long-standing ownership structure in Spain, IAG said.

"It is disappointing that it has become necessary to make these changes to the Board. However, we are pleased that the EU-UK Trade and Cooperation Agreement recognises the potential benefits of further liberalisation of airline ownership and control," Chairman Antonio Vázquez said.

Britain agreed a trade deal on Dec. 24 and set out the terms of its new relationship with the EU following their divorce earlier this year.

The company also said British Airways has received two billion pounds ($2.73 billion) as a five-year term loan, partially guaranteed by UK Export Finance.

The deal commitment has some non-financial covenants, including restrictions on dividend payments by the airline to IAG, the company said.

($1 = 0.7334 pounds)

(Reporting by Samantha Machado in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.17% 0.85614 Delayed Quote.-3.74%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -1.13% 168.46 Delayed Quote.6.62%
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Financials
Sales 2021 10 032 M 11 806 M 11 806 M
Net income 2021 -2 443 M -2 875 M -2 875 M
Net Debt 2021 12 610 M 14 840 M 14 840 M
P/E ratio 2021 -4,17x
Yield 2021 -
Capitalization 9 757 M 11 497 M 11 482 M
EV / Sales 2021 2,23x
EV / Sales 2022 1,16x
Nbr of Employees 51 846
Free-Float 74,6%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 1,97 €
Average target price 2,79 €
Spread / Average Target 42,0%
EPS Revisions
Managers and Directors
Luís Gallego Martín Chief Executive Officer & Executive Director
Stephen William Lawrence Gunning Chief Financial Officer
Javier Ferrán Larraz Chairman
John Gibbs Chief Information Officer
Alberto Miguel Terol Esteban Senior Independent Director