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OFFON

INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.

(IAG)
  Report
Delayed Quote. Delayed London Stock Exchange - 06/17 11:38:28 am
200.3 GBX   +1.86%
06/16IAG  : Gets a Buy rating from Bernstein
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06/16EMEA MORNING BRIEFING : Caution to Dominate Ahead of Fed
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International Consolidated Airlines S A : Airlines Group - IAG preliminary third quarter results and update

10/23/2020 | 09:22am EDT

International Airlines Group (IAG) announces its preliminary results for the third quarter of 2020 and capacity outlook for the fourth quarter.

Third quarter results

Total revenue declined by 83 per cent to EUR1.2 billion compared to EUR7.3 billion last year. Operating result before exceptional items was a EUR1.3 billion loss compared to a EUR1.4 billion profit last year.

Passenger capacity, expressed in available seat kilometres, declined by 78.6 per cent in the quarter. Passenger traffic, measured in terms of revenue passenger kilometres, declined by 88.0 per cent. Seat load factor declined by 38.8 points to 48.9 per cent.

Current trading and capacity outlook

On 10 September, IAG announced a reduction in capacity from -74 per cent to -78 per cent in 3Q 2020 and from -46 per cent to -60 per cent in 4Q 2020 as a result of the levelling off of bookings following the reintroduction of quarantine requirements by many European governments.

Recent overall bookings have not developed as previously expected due to additional measures implemented by many European governments in response to a second wave of COVID-19 infections, including an increase in local lockdowns and extension of quarantine requirements to travellers from an increasing number of countries. At the same time, initiatives designed to replace quarantine periods and increase customer confidence to book and travel, such as pre-departure testing and air corridor arrangements, have not been adopted by governments as quickly as anticipated.

In response to the high uncertainty of the current environment, IAG now plans for capacity in 4Q 2020 to be no more than 30 per cent compared to 2019. As a result, the Group no longer expects to reach breakeven in terms of Net cash flows from operating activities during 4Q 2020.

Liquidity

Liquidity remains strong. As at 30 September 2020, the Group had total liquidity of EUR6.6 billion, comprised of EUR5.0 billion of cash, cash equivalents and interest-bearing deposits and EUR1.6 billion of undrawn and committed general and aircraft facilities. In addition, EUR2.74 billion of gross proceeds from the Capital Increase were received in early October for a total pro-forma liquidity of EUR9.3 billion.

Detailed results for the third quarter will be released as planned on 30 October, accompanied by a presentation and conference call for analysts and investors.

Stephen Gunning

Chief Financial Officer

22 October 2020

LEI: 959800TZHQRUSH1ESL13

This announcement contains inside information and is disclosed in accordance with the Company's obligations under the Market Abuse Regulation (EU) No 596/2014.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 10 353 M 12 331 M 12 331 M
Net income 2021 -2 173 M -2 588 M -2 588 M
Net Debt 2021 12 515 M 14 906 M 14 906 M
P/E ratio 2021 -4,86x
Yield 2021 -
Capitalization 11 375 M 13 592 M 13 548 M
EV / Sales 2021 2,31x
EV / Sales 2022 1,21x
Nbr of Employees 51 846
Free-Float 74,6%
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Technical analysis trends INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 2,72 €
Last Close Price 2,29 €
Spread / Highest target 52,5%
Spread / Average Target 18,4%
Spread / Lowest Target -11,8%
EPS Revisions
Managers and Directors
NameTitle
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
Sector and Competitors