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 Â£m 1,832 2,052 (10.7)% 7,688 Operating profit Â£m 40 158 (74.7)% 295 Operating margin % 2.2 7.7 (5.5)pts 3.8 (Loss)/profit before tax Â£m (45) 65 nm 135 Retained (loss)/profit for the period Â£m (63) 40 nm 72 Net assets Â£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 Â£m 2002 Â£m (Worse) 2003 Â£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 Â£45 million; this compares with a profit of Â£65 million last year. Operating profit - - at Â£40 million - - was Â£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 Â£162 million for the quarter, with the closing cash balance of Â£1,723 million representing a Â£71 million increase versus March 31. Net debt fell by Â£226 million from March 31 to Â£4,923 million - - its lowest level since June 1998. Turnover For the three month period, Group turnover - - at Â£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 Â£18 million from last year to Â£55 million reflecting the impact of lower interest rates and reduced debt. Retranslation of currency borrowings generated a credit of Â£46 million, Â£45 million of which was due to the retranslation of yen debts, compared to a charge the previous year of Â£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 Â£72 million, reflecting primarily the sale of dba at a loss in the quarter of Â£79 million. This compares with a profit on disposal last year of Â£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 Â£4,923 million at June 30 - - down Â£226 million since the start of the year and Â£1.6 billion from the December 2001 peak. This reflects cash inflow more than offsetting movements in gross debt, together with exchange gains of Â£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 Â£228 million. After disposal proceeds, capital expenditure and interest payments on our existing debt, but before financing, cash inflow was Â£162 million. This represents a Â£270 million deterioration from last year, primarily due to the reduction in operating cash flow (Â£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 Â£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 Â£651 million (including Â£611 million to March 31, 2003) and the remaining Â£249 million to achieve the Â£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 (Â£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 (Â£2 million) per month. The loss on disposal of dba was Â£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 Â£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 Â£30 million to Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 Â£m 2002 Â£m 2003 Â£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 The company news service from the London Stock Exchange

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