International Consolidated Airlines Group (IAG) today (October 26, 2018) presented Group consolidated results for the nine months to September 30, 2018.
IAG period highlights on results:
Performance summary:
| Nine months to September 30 | |||
| Highlights € million | 2018 | 2017 (restated)(1) | Higher / (lower) |
| Passenger revenue | 16,326 | 15,507 | 5.3 % |
| Total revenue | 18,346 | 17,450 | 5.1 % |
| Operating profit before exceptional items | 2,575 | 2,400 | 7.3 % |
| Exceptional items | 584 | (271) | nm |
| Operating profit after exceptional items | 3,159 | 2,129 | 48.4% |
| Available seat kilometres (ASK million) | 244,343 | 231,417 | 5.6 % |
| Passenger revenue per ASK (€ cents) | 6.68 | 6.70 | (0.3)% |
| Non-fuel costs per ASK (€ cents) | 4.84 | 5.01 | (3.2)% |
| Alternative performance measures | 2018 | 2017 (restated)(1) | Higher / (lower) |
| Profit after tax before exceptional items (€ million) | 1,970 | 1,805 | 9.1 % |
| Adjusted earnings per share (€ cents) | 91.9 | 81.7 | 12.5 % |
| Adjusted net debt (€ million) | 7,475 | 7,183 | 4.1 % |
| Adjusted net debt to EBITDAR | 1.4 | 1.4 | (0.0x) |
| Statutory results € million | 2018 | 2017 (restated)(1) | Higher / (lower) |
| Profit after tax and exceptional items | 2,514 | 1,597 | 57.4 % |
| Basic earnings per share (€ cents) | 121.9 | 75.3 | 61.8 % |
| Cash and interest-bearing deposits | 6,923 | 7,523 | (8.0) % |
| Interest-bearing long-term borrowings | 7,342 | 7,578 | (3.1) % |
| For definitions refer to the IAG Annual report and accounts 2017. | |||
| (1)Restated for new accounting standards IFRS 15 ‘Revenue from contracts with customers’ and IFRS 9 ‘Financial instruments’. | |||
Willie Walsh, IAG Chief Executive Officer, said:
“We’re reporting a good quarter 3 performance with an operating profit of €1,460 million before exceptional items, up from €1,450 million last year.
“These were strong results despite significant fuel cost and foreign exchange headwinds. At constant currency, our passenger unit revenue increased by 2.4 per cent while non-fuel unit costs went down 0.7 per cent.
“We’re pleased to announce an interim dividend of 14.5 euro cents per share and this week we completed our second €500 million share buy-back programme”.
Trading outlook
At current fuel prices and exchange rates, IAG expects its operating profit before exceptional items for 2018 to show an increase of around €200m from a base of €2,950m in 2017. Both passenger unit revenue and non-fuel unit costs are expected to improve at constant currency for the full year.
This post was published on 26 October 2018 09:43
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