1st Quarter Results - Part 2
British Airways PLC
31 July 2003
FIRST QUARTER RESULTS 2003-2004 (unaudited)
Three months ended Year ended
June 30 Better/ March 31
2003 2002 (Worse) 2003
Turnover £m 1,832 2,052 (10.7)% 7,688
Operating profit £m 40 158 (74.7)% 295
Operating margin % 2.2 7.7 (5.5)pts 3.8
(Loss)/profit before tax £m (45) 65 nm 135
Retained (loss)/profit for the period £m (63) 40 nm 72
Net assets £m 2,237 2,227 0.4% 2,274
(Loss)/earnings per share
Basic p (5.9) 3.7 nm 6.7
Diluted p (5.9) 3.7 nm 6.7
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Year ended
June 30 Better/ March 31
2003 £m 2002 £m (Worse) 2003 £m
Traffic Revenue
Scheduled Passenger 1,562 1,762 (11.4)% 6,545
Scheduled Cargo 113 126 (10.3)% 484
Non-scheduled services 14 13 7.7% 45
1,689 1,901 (11.2)% 7,074
Other revenue 143 151 (5.3)% 614
TOTAL TURNOVER 1,832 2,052 (10.7)% 7,688
Employee costs 528 527 (0.2)% 2,107
Depreciation and amortisation 164 166 1.2% 676
Aircraft operating lease costs 35 42 16.7% 189
Fuel and oil costs 229 214 (7.0)% 842
Engineering and other aircraft costs 132 140 5.7% 566
Landing fees and en route charges 141 156 9.6% 576
Handling charges, catering and other operating costs 243 243 961
Selling costs 155 215 27.9% 706
Accommodation, ground equipment costs and currency
differences 165 191 13.6% 686
Exceptional operating costs* 84
TOTAL OPERATING EXPENDITURE 1,792 1,894 5.4% 7,393
OPERATING PROFIT 40 158 (74.7)% 295
Share of operating (losses)/profits in associates (4) (3) (33.3)% 39
TOTAL OPERATING PROFIT INCLUDING ASSOCIATES 36 155 (76.8)% 334
Other income and charges (4)
(Loss)/profit on sale of fixed assets and investments (72) 19 nm 60
Interest
Net payable (55) (73) 24.7% (247)
Retranslation of currency borrowings 46 (36) nm (8)
(LOSS)/PROFIT BEFORE TAX (45) 65 nm 135
Tax (14) (22) 36.4% (50)
(LOSS)/PROFIT AFTER TAX (59) 43 nm 85
Non equity minority interest** (4) (3) (33.3)% (13)
(LOSS)/PROFIT FOR THE PERIOD (63) 40 nm 72
RETAINED (LOSS)/PROFIT FOR THE PERIOD (63) 40 nm 72
nm: not meaningful
* Prior year exceptional operating charges relate to the fleet of seven Concorde
aircraft, which will be retired in October 2003.
** Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
Three months ended Year ended
June 30 Increase/ March 31
2003 2002 (Decrease) 2003
TOTAL AIRLINE OPERATIONS (Note 1)
TRAFFIC AND CAPACITY
RPK (m) 25,102 24,679 1.7% 100,112
ASK (m) 34,962 35,020 (0.2)% 139,172
Passenger load factor (%) 71.8 70.5 1.3pts 71.9
CTK (m) 1,057 1,047 1.0% 4,210
RTK (m) 3,556 3,505 1.5% 14,213
ATK (m) 5,317 5,366 (0.9)% 21,328
Overall load factor (%) 66.9 65.3 1.6pts 66.6
Passengers carried (000) 9,769 9,665 1.1% 38,019
Tonnes of cargo carried (000) 190 192 (1.0)% 764
FINANCIAL
Passenger revenue per RPK (p) 6.28 7.19 (12.7)% 6.58
Passenger revenue per ASK (p) 4.51 5.07 (11.0)% 4.74
Cargo revenue per CTK (p) 10.69 12.03 (11.1)% 11.50
Total traffic revenue per RTK (p) 47.50 54.24 (12.4)% 49.77
Total traffic revenue per ATK (p) 31.77 35.43 (10.3)% 33.17
Average fuel price before hedging
(US cents/US gallon) 92.17 76.77 20.1% 86.01
OPERATIONS
Average Manpower Equivalent (MPE) 49,215 52,926 (7.0)% 51,630
ATKs per MPE (000) 108.0 101.4 6.5% 413.1
Aircraft in service at period end 314 351 (37) 330
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure per RTK (p) 46.37 49.73 (6.8)% 47.70
Net operating expenditure per ATK (p) 31.01 32.48 (4.5)% 31.78
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 loss before tax for the three months to June 30 was £45 million; this
compares with a profit of £65 million last year.
Operating profit - - at £40 million - - was £118 million worse than last year.
The deterioration in operating profit reflects the significant reduction in
revenue due to continuing economic weakness, the impact of SARS and the war in
Iraq. This was partially offset by cost savings delivered by the continuing
implementation of our Future Size and Shape Programme and other initiatives.
Group unit costs (pence/ATK) improved by 4.5% on capacity (ATKs) 0.9% lower.
Airline operations passenger yield (pence/RPK) for the three months deteriorated
by 12.7% compared with last year. The operating margin was 2.2%, 5.5 points
worse than last year.
Cash inflow before financing was £162 million for the quarter, with the closing
cash balance of £1,723 million representing a £71 million increase versus March
31. Net debt fell by £226 million from March 31 to £4,923 million - - its lowest
level since June 1998.
Turnover
For the three month period, Group turnover - - at £1,832 million - - was down
10.7% on a flying programme 0.9% smaller in ATKs. Passenger yields were down
12.7% per RPK; seat factor was up 1.3 points at 71.8% on capacity 0.2% lower in
ASKs.
Cargo volumes (CTKs) for the quarter were up 1.0% compared with last year, with
yields (pence/CTK) down 11.1%.
Overall load factor was up 1.6 points at 66.9%.
Costs
For the quarter, unit costs (pence/ATK) improved 4.5% on the same period last
year. This reflects the net cost reduction of 5.4% on capacity 0.9% lower in
ATKs.
Significant reductions were achieved in almost all areas of operating cost,
including aircraft operating lease costs (down 16.7%), selling costs (down
27.9%), landing fees and en route charges (down 9.6%) and engineering costs
(down 5.7%). Employee costs and other operating costs were flat as manpower
reductions and other efficiencies offset wage, National Insurance and other
price increases. Fuel costs increased by 7% due to the increase in fuel price
net of hedging partially offset by exchange effects.
Non Operating Items
Net interest expense reduced by £18 million from last year to £55 million
reflecting the impact of lower interest rates and reduced debt.
Retranslation of currency borrowings generated a credit of £46 million, £45
million of which was due to the retranslation of yen debts, compared to a charge
the previous year of £36 million. The retranslation - - a non-cash item required
by standard accounting practice - - results from the weakening of the yen
against sterling.
Loss on disposals of fixed assets and investments was £72 million, reflecting
primarily the sale of dba at a loss in the quarter of £79 million. This compares
with a profit on disposal last year of £19 million reflecting primarily the sale
of property and aircraft.
Earnings Per Share
The loss attributable to shareholders for the three months was equivalent to 5.9
pence per share, compared with last year's profit per share of 3.7 pence.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, were £4,923 million
at June 30 - - down £226 million since the start of the year and £1.6 billion
from the December 2001 peak. This reflects cash inflow more than offsetting
movements in gross debt, together with exchange gains of £97 million. The net
debt/total capital ratio reduced by 0.9 points from March 31 to 59.8%. The net
debt/total capital ratio including operating leases was 63.2%, a 1.0 point
reduction from March 31.
Cash Flow
During the quarter we generated a positive cash flow from operations of £228
million. After disposal proceeds, capital expenditure and interest payments on
our existing debt, but before financing, cash inflow was £162 million. This
represents a £270 million deterioration from last year, primarily due to the
reduction in operating cash flow (£164 million) and in disposal proceeds,
partially offset by savings in capital expenditure and net interest payments.
Future Size and Shape
The implementation of our Future Size and Shape programme, including the
Business Plan initiatives of Customer Enabled BA and the £300 million reduction
targeted in external spend, remains on track.
Forecast capital spend for the year remains on target. FSAS disposal proceeds at
June 30 were £651 million (including £611 million to March 31, 2003) and the
remaining £249 million to achieve the £900 million target will be delivered by
year end.
The Group manpower reduction since August 2001 totals 13,667 including 1,397
relating to the disposal of World Network Services and 801 relating to the
disposal of dba. This represents a reduction of 11,227 against the FSAS target
of 13,000.
During the quarter, British Airways CitiExpress successfully launched services
from London City Airport as part of the airline's drive towards simplifying and
strengthening its UK regional operation.
Aircraft Fleet
During the quarter the Group fleet in service reduced by 16 to 314 aircraft. The
disposal of dba accounted for the reduction of 16 Boeing 737-300 aircraft. In
addition, 3 British Aerospace ATP aircraft were stood down pending return to
lessor. The reductions were partially offset by the deliveries of 2 new Airbus
A320 aircraft and the return to service of a Boeing 747-400 aircraft previously
sub-leased to Qantas.
Alliance development
The final United States Department of Transport order approving the American
Airlines / British Airways behind and beyond code-share was issued on May 30.
Implementation is now underway.
We continue to deepen our relationship with Iberia Airlines through shared
airport facilities, co-ordination of sales and marketing programmes, joint
network planning and the extension of code-sharing services. With the addition
of British Airways' Gatwick routes and Iberia's services to provincial Spanish
points, all British Airways and Iberia services from London to Spain are now
code-shared.
Regional Air, British Airways' franchisee based in Kenya, came under new
ownership on May 20. The franchise will continue under the new ownership.
Subsidiaries
On June 30, British Airways sold its German subsidiary dba (formerly Deutsche
BA) to a Nuremburg-based aviation consultancy and investment company, Intro
Verwaltungsgesellschaft mbH.
Intro bought the entire share capital of dba for 1 Euro. As part of the
transaction, British Airways will invest up to 35 million Euro (£25 million) in
dba and will also underwrite the German carrier's fleet of 16 aircraft for one
year, at a cost of 3 million Euro (£2 million) per month. The loss on disposal
of dba was £79 million in the quarter.
British Airways will receive 25% of any dba profits, or 25% of any profit on
disposal of dba (both capped at £300 million), up to June 2006.
Associates
During the quarter, as a result of our non-participation in Qantas' dividend
reinvestment plan, our holding reduced from 18.9% to 18.7%.
Outlook
The direct cost of the unofficial industrial disruption in July will be in the
range £30 million to £40 million reflecting costs incurred and lost revenue. The
uncertainty has also impacted forward bookings and will reduce revenue.
The demand for air travel, while improving, remains unpredictable. Seat factors
are expected to continue at close to last year's levels but yield improvements
will be difficult to achieve. We expect that revenue in our second quarter will
be lower than last year.
The implementation of our Future Size and Shape programme and other cost
initiatives continues to deliver larger than expected cost savings.
Certain information included in these statements 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' program, 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 itemize 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 2003.
GROUP BALANCE SHEET (unaudited)
June 30 March 31
2003 £m 2002 £m 2003 £m
FIXED ASSETS
Intangible assets 161 145 164
Tangible assets 9,304 10,160 9,487
Investments 542 492 524
10,007 10,797 10,175
CURRENT ASSETS
Stocks 82 106 87
Debtors 1,101 1,203 986
Cash, short-term loans and deposits 1,723 1,401 1,652
2,906 2,710 2,725
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (3,106) (3,102) (2,904)
NET CURRENT LIABILITIES (200) (392) (179)
TOTAL ASSETS LESS CURRENT LIABILITIES 9,807 10,405 9,996
CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Borrowings and other creditors (6,289) (6,903) (6,441)
Convertible Capital Bonds 2005 (112) (112) (112)
(6,401) (7,015) (6,553)
PROVISIONS FOR DEFERRED TAX (1,076) (1,048) (1,062)
PROVISIONS FOR LIABILITIES AND CHARGES (93) (115) (107)
2,237 2,227 2,274
CAPITAL AND RESERVES
Called up share capital 271 271 271
Reserves 1,749 1,755 1,787
2,020 2,026 2,058
MINORITY INTERESTS
Equity minority interest 10 8 10
Non equity minority interest 207 193 206
217 201 216
2,237 2,227 2,274
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Three months ended Year ended
June 30 March 31
2003 £m 2002 £m 2003 £m
(Loss)/profit for the period (63) 40 72
Other recognised gains and losses
relating to the period:
Exchange and other movements 13 (30) (38)
Total recognised gains and losses (50) 10 34
These summary financial statements were approved by the Directors on July 30,
2003.
GROUP CASH FLOW STATEMENT (unaudited)
Three months ended Year ended
June 30 March 31
2003 £m 2002 £m 2003 £m
CASH INFLOW FROM OPERATING ACTIVITIES 228 392 1,185
DIVIDENDS RECEIVED FROM ASSOCIATES 10 10 23
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (46) (62) (249)
TAX (2) (7)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (20) 94 250
ACQUISITIONS AND DISPOSALS (10) 29
Cash inflow before management of liquid resources and financing 162 432 1,231
MANAGEMENT OF LIQUID RESOURCES (247) (199) (289)
FINANCING (78) (249) (784)
(Decrease)/increase in cash in the period (163) (16) 158
NOTES TO THE ACCOUNTS
For the period ended June 30, 2003
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, 2003 in
accordance with all applicable United Kingdom accounting standards and the
Companies Act 1985 and are consistent with those applied in the previous
year.
Three months ended Year ended
June 30 March 31
2003 £m 2002 £m 2003 £m
2 RECONCILIATION OF OPERATING PROFIT
TO CASH INFLOW FROM OPERATING ACTIVITIES
Group operating profit 40 158 295
Depreciation and amortisation 164 166 734
(Increase)/decrease in stocks and debtors (127) 24 238
Increase/(decrease) in creditors 165 55 (62)
Decrease in provisions for liabilities and charges (14) (11) (20)
Cash inflow from operating activities 228 392 1,185
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
(Decrease)/increase in cash during the period (163) (16) 158
Net cash outflow from decrease in debt and lease financing 78 249 784
Cash outflow from liquid resources 247 199 289
Change in net debt resulting from cash flows 162 432 1,231
New finance leases taken out and hire purchase arrangements
made
(33) (73) (221)
Exchange movements 97 69 135
Movement in net debt during the period 226 428 1,145
Net debt at April 1 (5,149) (6,294) (6,294)
Net debt at period end (4,923) (5,866) (5,149)
Three months ended Year ended
June 30 March 31
2003 £m 2002 £m 2003 £m
4 OTHER INCOME AND CHARGES
Other income and charges (4)
(4)
Other income and charges represented by:
Group (4)
(4)
NOTES TO THE ACCOUNTS (Continued)
For the period ended June 30, 2003
Three months ended Year ended
June 30 March 31
2003 £m 2002 £m 2003 £m
5 (LOSS)/PROFIT ON SALE OF FIXED ASSETS AND
INVESTMENTS
Net loss disposal of dba (79)
Net profit on disposal of go 10
Net profit on the disposal of other fixed assets
and investments 7 19 50
(72) 19 60
Represented by:
Group (72) 19 58
Associates 2
(72) 19 60
On June 30, 2003 British Airways completed the sale of 100% of its interest
in Deutsche BA Luftfahrgesellschaft GmbH (dba) to Intro GmbH. The loss on
disposal under the terms of the sale is subject to completion accounts.
6 INTEREST
Net payable:
Interest payable less amount capitalised 69 87 310
Interest receivable (14) (14) (63)
55 73 247
Retranslation of currency borrowings (46) 36 8
9 109 255
Net interest payable represented by:
Group 9 109 253
Associates 2
9 109 255
7 TAX
The tax charge for the quarter is £14 million which represents deferred tax
in the UK. There is no tax relief available with respect to the loss
incurred on the disposal of dba.
8 (LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per share for the quarter ended June 30, 2003 are
calculated on a weighted average of 1,069,886,000 ordinary shares (June
2002: 1,076,114,000; March 2003: 1,069,884,000) as adjusted for shares held
for the purposes of employee share ownership plans including the Long Term
Incentive Plan. Diluted (loss)/earnings per share for the quarter end
June 30, 2003 are calculated on a weighted average of 1,069,886,000
ordinary shares (June 2002: 1,076,114,000; March 2003: 1,069,884,000).
The number of shares in issue at June 30, 2003 was 1,082,795,000 (June 30,
2002: 1,082,784,000; March 31, 2003: 1,082,784,000) ordinary shares of 25
pence each.
NOTES TO THE ACCOUNTS (Continued)
For the period ended June 30, 2003
June 30 March 31
9 INTANGIBLE ASSETS 2003 £m 2002 £m 2003 £m
Goodwill 97 103 99
Landing rights 64 42 65
161 145 164
10 TANGIBLE ASSETS
Fleet 7,674 8,444 7,828
Property 1,202 1,232 1,219
Equipment 428 484 440
9,304 10,160 9,487
11 INVESTMENTS
Associated undertakings 479 424 461
Trade investments 32 43 32
Investment in own shares 31 25 31
542 492 524
12 CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Loans 74 64 57
Finance leases 125 128 124
Hire purchase arrangements 370 356 362
569 548 543
Corporate tax 20 32 19
Other creditors and accruals 2,517 2,522 2,342
3,106 3,102 2,904
13 BORROWINGS AND OTHER CREDITORS
FALLING DUE AFTER MORE THAN ONE YEAR
Loans 1,251 1,342 1,275
Finance leases 2,398 2,469 2,430
Hire purchase arrangements 2,316 2,796 2,441
5,965 6,607 6,146
Other creditors and accruals 324 296 295
6,289 6,903 6,441
14 RESERVES
Balance at April 1 1,787 1,745 1,745
Retained (loss)/profit for the period (63) 40 72
Exchange and other movements 13 (30) (38)
Goodwill written back on disposal 12 8
1,749 1,755 1,787
15 The figures for the three months ended June 30, 2003 and 2002 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, 2003 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
Statement of Recognised Gains and Losses, 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, 2003.
Ernst & Young LLP
London
July 30, 2003
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,
2003.
The adjusted net income and shareholders' equity applying US GAAP are set out
below:
Three months ended Year ended
June 30 March 31
2003 £m 2002 £m 2003 £m
(Loss)/profit for the period as reported in
the Group profit and loss account (63) 40 72
US GAAP adjustments 64 96 (200)
Net income/(loss) as so adjusted to accord with US GAAP 1 136 (128)
Net income/(loss) per Ordinary Share as so adjusted
Basic 0.1p 12.6p (11.9)p
Diluted 0.1p 12.3p (11.9)p
Net income/(loss) per American Depositary Share
as so adjusted
Basic 1p 126p (119)p
Diluted 1p 123p (119)p
June 30 March 31
2003 £m 2002 £m 2003 £m
Shareholders' equity as reported in the Group
balance sheet 2,020 2,026 2,058
US GAAP adjustments (87) 176 (126)
Shareholders' equity as so adjusted to accord with US GAAP 1,933 2,202 1,932
AIRCRAFT FLEET
Number in service with Group companies at June 30,2003
Operating Changes
On balance Leases off Total Since
sheet balance June March Future
aircraft sheet 2003 2003 deliveries Options
AIRLINE OPERATIONS (Note 1 & 2)
Concorde (Note 3) 5 5
Boeing 747-400 (Note 4) 57 57 1
Boeing 777 43 43
Boeing 767-300 (Note 5) 21 21
Boeing 757-200 13 13
Airbus A319 (Note 6) 21 12 33 3 94
Airbus A320 13 13 26 2 4
Airbus A321 10
Boeing 737-300 (Note 7) 5 5 (16)
Boeing 737-400 19 8 27
Boeing 737-500 10 10
Turbo Props (Note 8) 25 25 (3)
Embraer RJ145 16 12 28 17
Avro RJ100 16 16
British Aerospace 146 5 5
GROUP TOTAL 213 101 314 (16) 17 111
Notes:
1 Includes those operated by British Airways Plc, CityFlyer Express and
British Airways CitiExpress.
2 Excludes 3 British Aerospace ATPs stood down pending return to lessor
and 12 Jetstream 41s sub-leased to Eastern Airways.
3 Excludes 2 Concordes stood down pending retirement of the fleet.
4 Includes the return to service of 1 Boeing 747 - 400 previously
sub-leased to Qantas.
5 Includes 2 Boeing 767 - 300s temporarily out of service.
6 Certain future deliveries and options include reserved delivery positions,
and may be taken as any A320 family of aircraft.
7 Excludes 16 Boeing 737 - 300s disposed of with dba (formerly Deutsche
BA).
8 Includes 10 British Aerospace ATPs, 5 ATR72s and 10 de Havilland Canada
DHC-8s.
This information is provided by RNS
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