International Consolidated Airlines Group (IAG) today (May 7, 2021) presented Group consolidated results for the three months to March 31, 2021.

COVID-19 situation and management actions:

Passenger capacity in quarter 1 was 19.6 per cent of 2019 and continues to be adversely affected by the COVID-19 pandemic, together with government restrictions and quarantine requirements

Current passenger capacity plans for quarter 2 are for around 25 per cent of 2019 capacity, but remain uncertain and subject to review

1,306 cargo-only flights operated in quarter 1, up from 969 in quarter 4, 2020

Strong liquidity, increased to EUR10.5 billion at the end of the quarter (from total pro-forma liquidity of EUR10.3 billion at December 31, 2020), driven by successful conclusion of financing initiatives in the quarter, together with cost actions and UK pension contribution deferral. These included:

Drawdown of previously committed borrowing for British Airways (GBP2.0 billion UK Export Finance) and Aer Lingus (EUR75 million drawn against Ireland Strategic Investment Fund facility)

Additional EUR1.2 billion of IAG Senior Unsecured Bonds issued, with issue heavily oversubscribed

New 3-year $1.755 billion committed, secured revolving credit facility concluded for Aer Lingus, British Airways and Iberia and which remains undrawn; cancellation of British Airways' previous revolving credit facility scheduled to mature in June 2021 (value at December 31, 2020: $0.8 billion)

Agreement for British Airways to defer monthly pension deficit contributions totalling GBP450 million between October 2020 and September 2021

Cash operating costs for the quarter reduced to EUR175 million per week

IAG period highlights on results:

First quarter operating loss EUR1,068 million (2020: operating loss EUR1,860 million) and operating loss before exceptional items EUR1,135 million (2020: operating loss before exceptional items EUR535 million)

Exceptional credit before tax in the quarter of EUR67 million on discontinuance of fuel and foreign exchange hedge accounting (2020: exceptional charge before tax of EUR1,325 million on discontinuance of fuel and foreign exchange hedge accounting)

Loss after tax and exceptional items for the quarter EUR1,067 million (2020: loss EUR1,683 million) and loss after tax before exceptional items: EUR1,124 million (2020: loss EUR556 million)

Cash of EUR8.0 billion at March 31, 2021 up EUR2.1 billion on December 31, 2020. Committed and undrawn general and aircraft facilities of EUR2.5 billion, bringing total liquidity to EUR10.5 billion.

Performance summary:

Three months to March 31

Reported results (EUR million)

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