1st Quarter Results
British Airways PLC
2 August 2002
FIRST QUARTER RESULTS 2002-2003 (unaudited)
Three months ended Year ended
June 30 Better/ March 31
2002 2001 (Worse) 2002
Turnover £m 2,052 2,297 (10.7)% 8,340
Operating profit/(loss) £m 158 50 216.0% (110)
Operating margin % 7.7 2.2 5.5pts (1.3)
Profit/(loss) before tax £m 65 40 62.5% (200)
Retained profit/(loss) for the period £m 40 26 53.8% (142)
Capital and reserves at period end £m 2,227 2,359 (5.6)% 2,207
Earnings/(loss) per share
Basic: p 3.7 2.4 54.2% (13.2)
Diluted: p 3.7 2.4 54.2% (13.2)
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Year ended
June 30 Better/ March 31
2002 £m 2001 £m (Worse) 2002 £m
Traffic Revenue
Scheduled passenger 1,762 1,947 (9.5)% 7,036
Scheduled Cargo 126 130 (3.1)% 483
Non-scheduled services 13 15 (13.3)% 52
1,901 2,092 (9.1)% 7,571
Other revenue 151 205 (26.3)% 769
TOTAL TURNOVER 2,052 2,297 (10.7)% 8,340
Employee costs 527 612 13.9% 2,329
Depreciation and amortisation 166 186 10.8% 770
Aircraft operating lease costs 42 56 25.0% 199
Fuel and oil costs 214 283 24.4% 1,028
Engineering and other aircraft costs 140 161 13.0% 673
Landing fees and en route charges 156 168 7.1% 615
Handling charges, catering and other operating costs 243 303 19.8% 1,110
Selling costs 215 253 15.0% 824
Accommodation, ground equipment costs and 191 225 15.1% 822
currency differences
Exceptional operating charge * 80
TOTAL OPERATING EXPENDITURE 1,894 2,247 15.7% 8,450
OPERATING PROFIT/(LOSS) 158 50 216.0% (110)
Share of operating (losses)/profits in associates (3) 1 nm 22
TOTAL OPERATING PROFIT/(LOSS) INCLUDING ASSOCIATES 155 51 203.9% (88)
Other income 1 nm 21
Profit on sale of fixed assets and investments 19 92 (79.3)% 145
Interest
Net payable (73) (81) 9.9% (324)
Retranslation on currency borrowings (36) (23) (56.5)% 46
PROFIT/(LOSS) BEFORE TAX 65 40 62.5% (200)
Tax (22) (11) (100.0) 71
PROFIT/(LOSS) AFTER TAX 43 29 48.3% (129)
Equity minority interest (1)
Non equity minority interest** (3) (3) (12)
PROFIT/(LOSS) FOR THE PERIOD 40 26 53.8% (142)
Dividends paid and proposed
RETAINED PROFIT/(LOSS) FOR THE PERIOD 40 26 53.8% (142)
nm: not meaningful
* Exceptional operating charge for restructuring costs relating to 'Future Size
and Shape' programme
** Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
Three months ended Year ended
June 30 Increase/ March 31
2002 2001 (Decrease) 2002
TOTAL AIRLINE OPERATIONS (Note 1)
TRAFFIC AND CAPACITY
RPK (m) 24,679 28,646 (13.8)% 106,270
ASK (m) 35,020 40,980 (14.5)% 151,046
Passenger load factor (%) 70.5 69.9 0.6pts 70.4
CTK (m) 1,047 1,093 (4.2)% 4,033
RTK (m) 3,505 3,915 (10.5)% 14,632
ATK (m) 5,366 6,124 (12.4)% 22,848
Overall load factor (%) 65.3 63.9 1.4pts 64.0
Passengers carried (000) 9,665 11,293 (14.4)% 40,004
Tonnes of cargo carried (000) 192 209 (8.1)% 755
FINANCIAL
Passenger revenue per RPK (p) 7.19 6.85 5.0% 6.67
Passenger revenue per ASK (p) 5.07 4.79 5.8% 4.69
Cargo revenue per CTK (p) 12.03 11.89 1.2% 11.98
Total traffic revenue per RTK (p) 54.24 53.44 1.5% 51.74
Total traffic revenue per ATK (p) 35.43 34.16 3.7% 33.14
Average fuel price before hedging 76.77 89.23 (14.0)% 81.29
(US cents/US gallon)
OPERATIONS
Average Manpower Equivalent (MPE) 52,926 59,839 (11.6)% 57,227
ATKs per MPE (000) 101.4 102.3 (0.9)% 399.3
Aircraft in service at period end 351 374 (23) 360
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure per RTK (p) 49.73 52.16 (4.7)% 52.49
Net operating expenditure per ATK (p) 32.48 33.34 (2.6)% 33.62
Note 1 Excludes non airline activity companies, principally, Airmiles Travel
Promotions Ltd, BA Holidays Ltd, BA Travel Shops Ltd, Speedbird Insurance
Company Ltd and The London Eye Company Ltd.
CHAIRMAN'S STATEMENT
Group Performance
Group profit before tax for the three months to June 30 was £65 million; this
compares with a profit of £40 million last year. Operating profit - - at £158
million - - was £108m better than last year. The operating margin was 7.7%, 5.5
points better than last year.
The improvement in operating profit reflects significant cost reductions due to
the actions taken before and after September 11th and the increasing impact of
the Future Size and Shape programme, which continues on track. Whilst passenger
and cargo revenue fell due to the weak global economy and the effects of
exchange, unprofitable capacity was reduced and efficiency actions continued in
all cost areas.
Cash inflow before financing was £432 million for the quarter, with the closing
cash balance of £1,401 million representing a £182 million increase versus March
31. Net debt fell by £428 million to £5,866 million.
Turnover
For the three month period, group turnover - - at £2,052 million - - was down
10.7% on a flying programme 12.4% smaller in ATKs. Passenger yields were up 5.0%
per RPK; seat factor was up 0.6 points at 70.5% on capacity 14.5% lower in ASKs.
Cargo volumes for the quarter (CTKs) were down 4.2% compared with last year,
with yields (revenue/CTK) up 1.2%.
Overall load factor was up 1.4 points at 65.3%.
Costs
For the quarter, unit costs (pence/ATK) improved 2.6% on the same period last
year. This reflects the net cost reduction of 14.6% on capacity 12.4% lower in
ATKs.
Significant reductions were achieved in all areas of operating cost, including
manpower costs (down 13.9%), fuel costs (down 24.4%) primarily due to price and
volume benefits, selling costs (down 15.0%) mainly due to sales reductions and
changes in commission structure, and other operating costs (down 19.8%).
Non Operating Items
Net interest expense for the quarter was £109 million. This included a charge
for the revaluation of yen debts (used to fund aircraft acquisitions) of £36
million.
Profit on disposals of fixed assets and investments for the quarter was £19
million, reflecting primarily the sale of property and aircraft. This compares
with a profit on disposal last year of £92 million, mainly from the disposal of
our investment in go.
Earnings Per Share
The profit attributable to shareholders for the three months was equivalent to
3.7 pence per share, compared with last year's profit per share of 2.4 pence.
Net Debt / Total Capital Ratio
During the quarter we generated a positive cashflow from operations of £392
million. After disposal proceeds, capital expenditure and interest payments on
our existing debt, cash inflow was £432 million. This represents a £324 million
improvement on last year, primarily due to the improvement in operating cashflow
(£95 million) and disposal proceeds net of capital expenditure (£215 million).
Borrowings, net of cash and short term loans and deposits, were £5,866 million
at June 30 - - down £428 million since the start of the year. The net debt/total
capital ratio reduced by 1.8 points to 64.2%. At June 30 our committed undrawn
facilities remained largely unchanged at US$800 million.
Aircraft Fleet
During the quarter the Group fleet in service reduced by 9 to 351 aircraft.
Disposals included 1 Boeing 777-200, 2 Boeing 757-200, 2 Boeing 737-300 and 2
DHC-8 aircraft. In addition, 1 Boeing 777-200, 2 Boeing 757-200 and 1 Boeing
737-300 were stood down awaiting disposal. The reductions were partially offset
by the deliveries of 2 new Airbus A320 aircraft.
Future Size and Shape
The rollout of the shorthaul initiatives announced as part of the Future Size
and Shape (FSAS) programme continues. Low fares without Saturday night stay and
advance purchase restrictions are now available on 108 routes in Europe. Since
the introduction of the new business model on Domestic routes in April, seat
factors have shown improvement.
The first phase of the distribution cost initiative was launched on June 30 with
the announcement of a new commission structure for shorthaul sales.
On July 31, we announced changes to the winter schedule for 2002 which involve
further route transfers from Gatwick to Heathrow, including the elimination of
duplication across the two airports, and increased capacity to popular
destinations. Moving from Gatwick to Heathrow are services to San Diego, Denver,
Phoenix, Harare, Lusaka, St Petersburg, Tripoli, Sofia and Athens. The route
switches together with the targeted capacity growth, which includes additional
services to New York, reflect the FSAS network profitability strategy.
Forecast capital spend for the year remains on target at £450 million. FSAS
disposal proceeds at June 30 were £352 million (including £218 million in 2001/
02) and the remaining £148 million to achieve the £500 million target will be
delivered by year end.
The group manpower reduction since August 2001 totals 9,177 including 1,397
relating to the disposal of World Network Services.
Alliance development
On July 11, we announced a commercial relationship (subject to EC regulatory
approval) and a Heathrow slot exchange with SN Brussels Airlines, whereby the
SNBA flight code will be placed on all British Airways services between Brussels
and London from the start of the 2002/03 winter season.
On July 19, we unveiled plans to deepen our relationship with Iberia through the
signing of a commercial agreement to work more closely across our complementary
global networks. When fully developed and implemented, benefits of the new deal
will include improved frequent flyer programmes, shared airport facilities to
improve transfer services at Madrid, Barcelona and London, extension of
code-sharing services, co-ordination of sales and marketing programmes and joint
network planning.
We continue to strengthen links with other oneworld partners, including the
expansion of our current codesharing arrangements with Finnair through the
addition of destinations in South Africa, Canada and the United Kingdom
Outlook
The travel market continues to be subject to considerable global economic and
political uncertainty and is expected to remain soft for the remainder of the
year. As a result full year total group revenues are expected to be lower than
last year and improvement in operating results will come principally through
cost reductions.
We remain confident that the implementation of our Future Size and Shape
programme will deliver the expected efficiencies over this and the next
financial year.
Certain information included in this statement is forward-looking and involves
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward looking statements.
Forward-looking statements include, without limitation, projections relating to
results of operations and financial conditions and the Company's plans and
objectives for future operations, including, without limitation, discussions of
the Company's 'Future Size and Shape' programme, expected future revenues,
financing plans and expected expenditures and divestments. All forward-looking
statements in this report are based upon information known to the Company on the
date of this report. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
It is not reasonably possible to itemise all of the many factors and specific
events that could cause the Company's forward looking statements to be incorrect
or that could otherwise have a material adverse effect on the future operations
or results of an airline operating in the global economy. Information on some
factors which could result in material difference to the results is available in
the Company's SEC filings, including, without limitation the Company's Report on
Form 20-F for the year ended March 2002.
GROUP BALANCE SHEET (unaudited)
June 30 March 31
2002 £m 2001 £m 2002 £m
FIXED ASSETS
Intangible assets 145 134 140
Tangible assets 10,160 10,945 10,474
Investments 492 451 489
10,797 11,530 11,103
CURRENT ASSETS
Stocks 106 201 109
Debtors 1,203 1,409 1,231
Cash, short-term loans and deposits 1,401 934 1,219
2,710 2,544 2,559
CREDITORS: AMOUNTS FALLING DUE (3,102) (3,450) (3,201)
WITHIN ONE YEAR
NET CURRENT LIABILITIES (392) (906) (642)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,405 10,624 10,461
CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Borrowings and other creditors (6,903) (6,970) (6,985)
Convertible Capital Bonds 2005 (112) (112) (112)
(7,015) (7,082) (7,097)
PROVISIONS FOR DEFERRED TAX (1,048) (1,113) (1,031)
PROVISIONS FOR LIABILITIES AND CHARGES (115) (70) (126)
2,227 2,359 2,207
CAPITAL AND RESERVES
Called up share capital 271 271 271
Reserves 1,755 1,904 1,745
2,026 2,175 2,016
Minority interest 8 6 9
Non equity minority interest 193 178 182
2,227 2,359 2,207
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Three months ended Year ended
June 30 March 31
2002 £m 2001 £m 2002 £m
Profit/(loss) for the period 40 26 (142)
Other recognised gains and losses
relating to the period (30) 28 17
Exchange and other movements
Total recognised gains and losses 10 54 (125)
These summary financial statements were approved by the directors on August 1, 2002.
GROUP CASH FLOW STATEMENT (unaudited)
Three months ended Year ended
June 30 March 31
2002 £m 2001 £m 2002 £m
CASH INFLOW FROM OPERATING ACTIVITIES 392 297 866
DIVIDENDS RECEIVED FROM ASSOCIATES 10 7 16
GOVERNMENT COMPENSATION RECEIVED 22
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (62) (75) (327)
TAX (2) (1)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 94 (111) 94
ACQUISITIONS AND DISPOSALS (10) (19)
EQUITY DIVIDENDS PAID (137)
Cash inflow before management of liquid resources and financing 432 108 514
MANAGEMENT OF LIQUID RESOURCES (199) (1) (301)
FINANCING (249) (111) (217)
Decrease in cash in the period (16) (4) (4)
NOTES TO THE ACCOUNTS
For the period ended June 30, 2002
1 ACCOUNTING CONVENTION
The accounts have been prepared on the basis of the accounting policies
set out in the Report and Accounts for the year ended March 31, 2002 in
accordance with all applicable United Kingdom accounting standards and the
Companies Act 1985 and are consistent with those applied in the previous
year. Due to the increasing incidence of the purchase of airport landing
rights, these have been reclassified from tangible fixed assets to
intangible fixed assets and the comparative figures restated accordingly.
Three months ended Year ended
June 30 March 31
2002 £m 2001 £m 2002 £m
2 RECONCILIATION OF OPERATING PROFIT/(LOSS)
TO CASH INFLOW FROM OPERATING ACTIVITIES
Group operating profit/(loss) 158 50 (110)
Depreciation and amortisation 166 186 770
Decrease/(increase) in stocks and debtors 24 (69) 186
Increase/(decrease) in creditors 55 123 (25)
(Decrease)/increase in provisions for liabilities and charges (11) 7 45
Cash inflow from operating activities 392 297 866
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Decrease in cash during the period (16) (4) (4)
Net cash outflow from decrease in debt and lease financing 249 111 217
Cash outflow from liquid resources 199 1 301
Change in net debt resulting from cash flows 432 108 514
New finance leases taken out and hire purchase arrangements made (73) (203) (512)
Assumed from subsidiary undertakings acquired during the period (117) (117)
Conversion of Convertible Capital Bonds 1 1
Exchange movements 69 (44) 43
Movement in net debt during the period 428 (255) (71)
Net debt at April 1 (6,294) (6,223) (6,223)
Net debt at period end (5,866) (6,478) (6,294)
Three months ended Year ended
June 30 March 31
2002 £m 2001 £m 2002 £m
4 OTHER INCOME
Income from trade investments 1 1
Government compensation 22
Other (2)
1 21
Other income represented by:
Group 1 21
1 21
Prior year Government compensation relates to the closure of US and Israeli
airspace following September 11th.
NOTES TO THE ACCOUNTS (Continued)
For the period ended June 30, 2002
Three months ended Year ended
June 30 March 31
2002 £m 2001 £m 2002 £m
5 PROFIT/(LOSS) ON SALE OF FIXED ASSETS
AND INVESTMENTS
Net profit on disposal of go 100 98
Net profit on disposal shares in France 23
Telecom (formerly shares held in
Equant)
Net loss on disposal of Bedford (9)
Associates
Net profit/(loss) on the disposal of 19 (8) 33
other fixed assets and investments
19 92 145
Represented by:
Group 19 (92) 142
Associates 3
19 (92) 145
6 INTEREST
Net payable:
Interest payable less amount 87 94 374
capitalised
Interest receivable (14) (13) (50)
73 81 324
Retranslation on currency borrowings 36 23 (46)
109 104 278
Net interest payable represented by:
Group 109 104 271
Associates 7
109 104 278
7 TAX
The tax charge for the quarter is £22 million. This represents current tax
of £5 million payable overseas on certain disposals in the quarter and
£17 million by way of deferred taxes in the UK.
The deferred tax provision is included on balance sheet and amounts to
£1,048 million at June 30, 2002 (June 30, 2001: £1,113 million ;
March 31, 2002: £1,031 million) None of the deferred tax is expected to
become payable in the foreseeable future.
8 EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share for the quarter ending June 30, 2002 are
calculated on a weighted average of 1,076,114,000 ordinary shares
(June 2001: 1,075,946,000; March 2002: 1,076,042,000)as adjusted for shares
held for the purposes of employee share ownership plans including the Long
Term Incentive Plan. Diluted earnings/(loss) per share for the quarter end
June 30, 2002 are calculated on a weighted average of 1,076,114,000 ordinary
shares (June 2001: 1,084,023,000; March 2002: 1,077,966,000).
The number of shares in issue at June 30, 2002 was 1,082,784,000
(June 30, 2001: 1,082,691,000; March 31, 2002: 1,082,757,000) ordinary
shares of 25 pence each.
NOTES TO THE ACCOUNTS (Continued)
For the period ended June 30, 2002
June 30 March 31
9 INTANGIBLE ASSETS 2002 £m 2001 £m 2002 £m
Goodwill 103 110 105
Landing rights 42 24 35
145 134 140
10 TANGIBLE ASSETS
Fleet 8,444 9,056 8,672
Property 1,232 1,355 1,300
Equipment 484 534 502
10,160 10,945 10,474
11 INVESTMENTS
Associated undertakings 424 405 425
Trade investments 43 21 39
Investment in own shares 25 25 25
492 451 489
12 CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Loans 64 50 62
Finance leases 128 106 208
Hire purchase arrangements 356 395 409
548 551 679
Corporate tax 32 34 29
Other creditors and accruals 2,522 2,865 2,493
3,102 3,450 3,201
13 BORROWINGS AND OTHER CREDITORS
FALLING DUE AFTER MORE THAN ONE YEAR
Loans 1,342 988 1,483
Finance leases 2,469 2,382 2,404
Hire purchase arrangements 2,796 3,379 2,835
6,607 6,749 6,722
Other creditors and accruals 296 221 263
6,903 6,970 6,985
14 RESERVES
Balance at April 1 1,745 2,944 2,944
Prior Year Adjustment relating to Deferred Tax (1,094) (1,094)
Balance at April 1 as restated 1,745 1,850 1,850
Retained profit/(loss) for the period 40 26 (142)
Exchange and other movements (30) 28 17
Goodwill written back on disposal 20
1,755 1,904 1,745
15 The figures for the three months ended June 30, 2002 and 2001 are
unaudited and do not constitute full accounts within the meaning of
Section 240 of the Companies Act 1985. The figures for the year ended
March 31, 2002 have been extracted from the full accounts for that year,
which have been delivered to the Registrar of Companies and on which the
auditors have issued an unqualified audit report.
INDEPENDENT REVIEW REPORT TO BRITISH AIRWAYS Plc
Introduction
We have been instructed by the Company to review the financial information set
out within the Group Profit and Loss Account, Group Balance Sheet, Group Cash
Flow Statement and Notes to the Accounts and we have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the three months
ended
June 30, 2002.
Ernst & Young LLP
London
August 1, 2002
UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (US GAAP) INFORMATION
The accounts have been prepared in accordance with accounting principles
accepted in the United Kingdom which differ in certain respects from those
generally accepted in the United States. The significant differences are the
same as those set out in the Report and Accounts for the year ended
March 31, 2002.
The adjusted net income and shareholders' equity applying US GAAP are set out below:
Three months ended Year ended
June 30 March 31
2002 £m 2001 £m 2002 £m
Profit/(loss) for the period as reported in 40 26 (142)
the Group profit and loss account
US GAAP adjustments 96 16 13
Net income/(loss) as so adjusted to accord with US GAAP 136 42 (129)
Net income/(loss) per Ordinary Share as so adjusted
Basic 12.6p 3.9p (12.0p)
Diluted 12.3p 3.9p (12.0p)
Net income/(loss) per American Depositary Share
as so adjusted
Basic 126p 39p (120)p
Diluted 123p 39p (120)p
June 30 March 31
2002 £m 2001 £m 2002 £m
Shareholders' equity as reported in the Group 2,026 2,175 2,016
balance sheet
US GAAP adjustments 176 40 55
Shareholders' equity as so adjusted to accord with US GAAP 2,202 2,215 2,071
AIRCRAFT FLEET
Number in service with Group companies at June 30,2002
Changes
On balance Operating Leases Total Since
sheet off balance sheet June March Future
Aircraft Extendible Other 2002 2002 Deliveries Options
AIRLINE OPERATIONS (Note 1 & 2)
Concorde (Note 3) 7 7
Boeing 747-400 56 56
Boeing 777-200 43 43 (2)
Boeing 767-300 (Note 4) 21 21
Boeing 757-200 16 2 1 19 (4)
Airbus A318 6
Airbus A319(Note 5) 21 10 2 33 6 113
Airbus A320 12 3 15 2 15
Airbus A321 4
Boeing 737-300 24 24 (3)
Boeing 737-400 20 5 6 31
Boeing 737-500 10 10
Turbo Props (Note 6) 42 42 (2)
Embraer RJ145 15 5 9 29 1 17
Avro RJ100 16 16
British Aerospace 146 5 5
GROUP TOTAL 216 38 97 351 (9) 32 130
Notes:
1 Includes those operated by British Airways Plc, British Airways
(European Operations at Gatwick) Ltd, CityFlyer Express, Deutsche BA and
BA CitiExpress.
2 Excludes 3 Boeing 747-200s and 1 Boeing 777-200s, 3 Boeing
757-200s, 1 Boeing 737 - 300, stood down pending disposal or return to
lessor, and 1 Boeing 747-400 sub-leased to Qantas.
3 3 Concordes are currently stood down pending safety modifications.
4 Includes 4 Boeing 767 - 300s temporarily out of service.
5 Certain future deliveries and options include reserved delivery
positions, and may be taken as any A320 family of aircraft.
6 Includes 12 Jetstream 41 aircraft, 13 British Aerospace ATP
aircraft, 5 ATR72 aircraft and 12 de Havilland Canada DHC-8 aircraft.
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