3rd Quarter & 9 Months Results
British Airways PLC
7 February 2000
RESULTS IN LINE WITH MARKET EXPECTATIONS
British Airways today reported pre-tax profits for the
nine months to December 31, 1999 of £180 million, in
line with market expectations. Operating profits for
the nine months were £209 million and earnings per
share were 13.7 pence, compared to 26.6 pence per share
last year. Group losses before tax for the three
months to December 31 were £60 million, representing a
£15 million improvement on the same period last year.
In line with Group strategy, capacity growth has been
reined back, premium traffic is showing good growth,
traffic in the lowest-yielding non-premium passenger
segments is being reduced, and cost efficiencies
continue to be delivered. Passenger yields on mainline
scheduled services improved in the quarter. Cost
efficiencies from the three-year Business Efficiency
Programme have now exceeded the £1 billion target.
Last week's announcement of the airline's comprehensive
programme of product innovations in all cabins will
revolutionise 21st century air travel, and set new
standards of customer service and product on the ground
and in the air. The first fully-flat bed in business
class is already in the air. The embodiment of Club
Europe will be completed in October. The new World
Traveller Plus cabin will be introduced in July. The
improvements to the First product begin in March, and
the first redesigned Concorde will be in the air in the
autumn.
The combination of the airline's investment in the
service delivered to customers, the biggest in airline
history, and the commitment to reduce its cost base by
a further 12 per cent over the next three years, will
greatly enhance the airline's competitive position.
The company's fleet strategy will add flexibility and
allow the airline to reduce its exposure in those
market segments where there is major price competition.
Bob Ayling, Chief Executive said: 'These results,
coupled with last week's traffic statistics which
showed premium traffic up 5.2 per cent, demonstrate
that we are reading the market correctly and the trends
are going in the right direction. We have seen premium
traffic grow for the past seven months in succession.
Our yields are starting to recover, showing the first
improvement since the fourth quarter of 1997/98.
Whilst conditions in the international marketplace
continue to be highly competitive we look forward with
confidence to future profitability.'
Lord Marshall, Chairman of British Airways, said: 'The
signs are encouraging for the medium term. We have made
major changes to the business to strengthen the
fundamentals, and we are now well placed to deliver the
world-beating products that our customers expect.'
February 7, 2000 16/MK/00
For more information, please contact:
Simon Walker British Airways Tel: 020 8738 5100
Nick Claydon British Airways Tel: 020 8738 5100
Mitesh Kotecha British Airways Tel: 020 8738 5100
Louise Evans British Airways Tel: 020 8738 5100
Sarah James British Airways Tel: 020 8738 5100
James Hogan Brunswick Tel: 020 7404 5959
THIRD QUARTER RESULTS 1999-2000 (unaudited)
Three months ended Nine months ended
December 31 December 31
1999 1998 Change 1999 1998 Change
Turnover £m 2,198 2,130 3.2% 6,833 6,851 (0.3)%
Operating (loss)/
profit £m (2) 92 (102.2)% 209 527 (60.3)%
(Loss) / profit
before tax £m (60) (75) (20.0)% 180 310 (41.9)%
Retained(loss)/profit
for the £m (71) (68) 4.4% 90 225 (60.0)%
period
Capital and
reserves at £m 3,652 3,565 2.4% 3,652 3,565 2.4%
period end
Earnings per share
Basic p (6.6) (6.6) 13.7 26.6 (48.5)%
Diluted p n/a n/a 13.6 25.6 (46.9)%
n/a: Not applicable
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Nine months ended
December 31 December 31
1999 £m 1998 £m Change 1999 £m 1998 £m Change
Traffic Revenue
Scheduled passenger 1,826 1,787 2.2% 5,705 5,798 (1.6)%
Scheduled cargo 153 140 9.3% 422 412 2.4%
Non-scheduled 14 9 55.6% 63 48 31.3%
services
1,993 1,936 2.9% 6,190 6,258 (1.1)%
Other revenue 205 194 5.7% 643 593 8.4%
TOTAL TURNOVER 2,198 2,130 3.2% 6,833 6,851 (0.3)%
Employee costs 605 520 16.3% 1,874 1,735 8.0%
Depreciation 162 160 1.3% 476 467 1.9%
Aircraft operating
lease costs 50 39 28.2% 138 109 26.6%
Fuel and oil costs 219 171 28.1% 585 534 9.6%
Engineering and
other aircraft costs 166 157 5.7% 520 492 5.7%
Landing fees and en
route charges 162 182 (11.0)% 525 555 (5.4)%
Handling charges,
catering and other
operating costs 332 332 995 983 1.2%
Selling costs 284 291 (2.4)% 869 904 (3.9)%
Accommodation,
ground equipment
costs and currency 220 186 18.3% 642 545 17.8%
differences
TOTAL OPERATING 2,200 2,038 7.9% 6,624 6,324 4.7%
EXPENDITURE
OPERATING (LOSS/PROFIT (2) 92 (102.2)% 209 527 (60.3%)
Share of operating
profits in 1 1 31 28 10.7%
associates
TOTAL OPERATING (1) 93 (101.1)% 240 555 (56.8)%
(LOSS) / PROFIT
INCLUDING ASSOCIATES
Other income and charges (2) 1 nm 1 20 (95.0)%
Profit on sale
of fixed assets and
investments 60 9 nm 251 18 nm
Interest
Net payable (66) (61) 8.2% (194) (185) 4.9%
Retranslation
charges on currency
borrowings (51) (117) (56.4)% (118) (98) 20.4%
(LOSS)/PROFIT BEFORE (60) (75) (20.0)% 180 310 (41.9)%
TAX
Taxation (8) 7 nm (25) (31) (19.4)%
(LOSS)/PROFIT AFTER TAX (68) (68) 155 279 (44.4)%
Non equity minority interest*
(3) nm (8) nm
(LOSS) / PROFIT FOR (71) (68) 4.4% 147 279 (47.3)%
THE PERIOD
Dividends paid and
proposed (57) (54) 5.6%
RETAINED (LOSS/PROFIT FOR
THE PERIOD (71) (68) 4.4% 90 225 (60.0)%
nm: Not meaningful
* Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
MAINLINE Three months ended Nine months ended
SCHEDULED SERVICES December 31 December 31
1999 1998 Change 1999 1998 Change
TRAFFIC AND CAPACITY
RPK (m) 27,841 28,252 (1.5)% 90,666 90,998 (0.4)%
ASK (m) 41,708 41,658 0.1% 127,644 126,687 0.8%
Passenger load 66.8 67.8 (1.0)pts 71.0 71.8 (0.8)pts
factor(%)
CTK (m) 1,267 1,115 13.6% 3,418 3,256 5.0%
RTK (m) 4,043 3,937 2.7% 12,454 12,334 1.0%
ATK (m) 6,106 6,001 1.7% 18,518 18,143 2.1%
Overall load factor (%) 66.2 65.6 0.6pts 67.3 68.0 (0.7)pts
Passengers carried(000)8,535 8,787 (2.9)% 28,265 28,752 (1.7)%
Tonnes of cargo
carried (000) 248 226 9.7% 673 649 3.7%
FINANCIAL
Passenger revenue
per RPK (p) 6.06 5.87 3.2% 5.82 5.97 (2.5)%
Cargo revenue per 11.76 12.20 (3.6)% 12.05 12.35 (2.4)%
CTK(p)
Average fuel price
(US cents/US gallon) 78.67 50.04 57.2% 64.86 50.09 29.5%
TOTAL GROUP OPERATIONS
(including Deutsche BA, Air Liberte,'go' and CityFlyer)
TRAFFIC AND CAPACITY
RPK (m) 30,192 29,736 1.5% 98,097 96,414 1.7%
ASK (m) 45,347 44,454 2.0% 138,625 135,276 2.5%
RTK (m) 4,270 4,111 3.9% 13,174 12,898 2.1%
ATK (m) 6,460 6,277 2.9% 19,587 18,984 3.2%
Passengers carried 11,084 10,747 3.1% 35,800 34,764 3.0%
(000)
FINANCIAL
Total traffic
revenue per RTK (p) 46.67 47.09 (0.9)% 46.99 48.52 (3.2)%
Total traffic
revenue per ATK (p) 30.85 30.84 0.0% 31.60 32.96 (4.1)%
Net operating
expenditure per RTK(p) 46.72 44.86 4.1% 45.40 44.43 2.2%
Net operating
expenditure per ATK (p)30.88 29.38 5.1% 30.54 30.19 1.2%
OPERATIONS
Average Manpower
Equivalent (MPE) 65,800 64,214 2.5% 65,529 63,753 2.8%
ATKs per MPE (000) 98.2 97.8 0.4% 298.9 297.8 0.4%
Aircraft in service
at period end 356 339 17 356 339 17
CHAIRMAN'S STATEMENT
Group Performance
Group losses before tax for the three months ended December 31, 1999
were in line with market expectations at £60 million -- an improvement
of £15 million on the same period last year. Profits on disposals were
broadly offset by the retranslation of foreign debt. Operating losses
were £2 million.
Operating results continued to be adversely affected by excess industry
capacity, which produced a glut of low fares in the market. We
countered this by increasing our mix of premium passengers and, within
cabins, strengthening the mix of higher fares. Cost efficiencies
continued despite higher spending on product and customer services; in
line with current strategy, mainline passenger capacity was almost
unchanged from a year ago.
For the nine months ended December 31, 1999 group profits before tax
were £180 million. This included £251 million of profits on disposals,
primarily from the sale of our remaining interest in Galileo
International Inc. and the part disposal of our holding in Equant, but
also included book losses of £118 million on the retranslation of
foreign debt. Operating profits were £209 million.
Turnover
Turnover for the three months -- at £2,198 million -- was up 3.2% on a
mainline flying programme 1.7% bigger in available tonnes kilometres
(ATKs). Mainline passenger seat factor was down 1 point at 66.8%.
Yields (pence per revenue passenger kilometre - RPK) were up 3.2%
primarily due to a higher proportion of premium traffic. Premium
traffic grew 6.8%; non premium traffic fell by 2.8%. This was the
first quarterly yield improvement in seven quarters.
For the nine month period, turnover -- at £6,833 million -- was down
0.3% on a mainline flying programme 2.1% bigger in ATKs. Mainline
passenger yields were down 2.5%, with passenger load factor down 8/10
of a point.
Cargo sales increased 9.3% in the quarter.
Unit Costs
Unit costs (pence per ATK) were 5.1% higher in the quarter year-over-
year. This figure was inflated by further increases in fuel prices and
the release last year of an employee profit share provision; excluding
these effects the year over year increase was approximately 1 percent.
Cost efficiencies from the 3 year Business Efficiency Programme have
now exceeded the £1 billion target thanks to additional profit
improvement actions in the current year.
For the nine month period, unit costs increased just 1.2%; total
operating costs rose 4.7%.
Non Operating Items
Profits on disposals of fixed assets and investments were £60 million
in the quarter, primarily from a further disposal of part of our
shareholding in Equant. Year to date profits on disposal of fixed
assets and investments were £251 million, including £149 million on the
disposal of our remaining shares in Galileo International Inc.
Net interest expense was £66 million for the quarter and £194 million
for the nine months to December 31, 1999. Additionally, retranslation
of foreign debt, mainly yen, cost £51 million in the quarter, giving a
cumulative book charge of £118 million for the year so far -- £20
million up on last year.
The yen debt, repayable between 2007 and 2011, will be repaid from
operating cash generated in Japan, which provides a natural (and free)
hedge against currency losses. In the meantime, accounting rules
require that the yen debts are 'marked to market' in the books.
Earnings Per Share
For the three month period, losses attributable to shareholders were
£71 million, equivalent to losses of 6.6 pence per share.
For the nine months, profits attributable to shareholders were £147
million, equivalent to earnings of 13.7 pence per share.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, amounted to
£5,540 million at December 31, 1999 - up £14 million since March 31.
The increase is due primarily to the revaluation of yen debt, partly
offset by cash from the issue of euro 300 million of cumulative
preferred securities in May.
Net debt/total capital ratio improved to 60% at December 31 -- down
from 62% at March 31, 1999.
Aircraft Fleet
The fleet has increased during the quarter by sixteen aircraft,
primarily reflecting the acquisition of CityFlyer Express.
In the mainline fleet the continuation of the revised fleet strategy
saw the disposal of the final six Boeing 747-100s, one Boeing 747-200
and one Boeing 767-300. Four Boeing 737-200 aircraft were disposed of
during the quarter and an additional Boeing 737-200 stood down.
Additions to the mainline fleet included one Boeing 777 and four Airbus
A319 aircraft, the latter joining BA Regional.
The inclusion of CityFlyer Express increased the subsidiary fleet by
nineteen aircraft comprising seven Avro RJ100 regional jets, five
ATR42s and seven ATR72s. These aircraft will complement the existing
EuroGatwick operation and help reduce operating costs on some shorthaul
routes.
Alliance Development
In December, 1999 we concluded an agreement that will enable us to take
a 9% stake in Iberia Lineas Aereas de Espana SA as part of the Spanish
airline's privatisation programme American Airlines will also acquire a
1% shareholding. The cost of our investment will be approximately £155
million depending on the value of shares when the public flotation
occurs.
On January 26 we completed the purchase of an 18.3% shareholding in
Comair, our franchise partner in South Africa. The £17 million
investment marks a further cementing of the successful relationship
between the two airlines.
Year 2000
No major problems were experienced by the Group anywhere.
Outlook
The UK economic outlook continues to be favourable. Premium traffic is
recovering, which will contribute to yield improvement and help protect
margins from the downward pressure on fares in the market.
Importantly, we do not expect industry capacity growth in our principal
markets to exceed demand growth by the summer. Also, further
innovations and efficiency initiatives are planned in all areas of the
business.
Last week we announced a comprehensive programme of product innovations
in all cabins to set new standards of customer service on the ground
and in the air. The implementation of our fleet strategy, which will
reduce capacity by at least 12% in the next 3 years, is well underway
and complements this product strategy.
Note:
Copies of the full Quarter 3 Results Report are available on the
Internet at www.british-airways.com/investor.
GROUP BALANCE SHEET (unaudited)
December 31 March 31
1999 £m 1998 £m 1999 £m
FIXED ASSETS
Intangible Assets 58
Tangible assets 10,117 9,520 9,839
Investments 385 395 402
10,560 9,915 10,241
CURRENT ASSETS
Stocks 85 91 84
Debtors 1,436 1,405 1,336
Cash, short-term loans and deposits 1,546 810 1,163
3,067 2,306 2,583
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (3,229) (2,718) (3,081)
NET CURRENT LIABILITIES (162) (412) (498)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,398 9,503 9,743
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Borrowings and other creditors (6,600) (5,781) (6,230)
Convertible Capital Bonds 2005 (113) (126) (126)
(6,713) (5,907) (6,356)
PROVISIONS FOR LIABILITIES AND CHARGES (33) (31) (32)
3,652 3,565 3,355
CAPITAL AND RESERVES
Called up share capital 270 268 268
Reserves 3,198 3,297 3,087
3,468 3,565 3,355
Non equity minority interest 184
3,652 3,565 3,355
STATEMENT OF TOTAL RECOGNISED GAINS AND
LOSSES Nine months ended Year
(unaudited) ended
December 31 March 31
1999 £m 1998 £m 1999 £m
Profit for the period 147 279 206
Other recognised gains and losses
relating to the period
Exchange and other movements (5) (75) (82)
Total recognised gains and losses 142 204 124
These summary financial statements were approved by the Directors on
February 7, 2000.
GROUP CASH FLOW STATEMENT (unaudited)
Nine months ended Year ended
December 31 March 31
1999 £m 1998 £m 1999 £m
CASH INFLOW FROM OPERATING ACTIVITIES 837 950 1,241
DIVIDENDS RECEIVED FROM ASSOCIATES 29 5 11
RETURNS ON INVESTMENTS AND SERVICING OF (193) (177) (309)
FINANCE
TAXATION 6 (42) (40)
CAPITAL EXPENDITURE AND FINANCIAL (33) (383) (118)
INVESTMENT
ACQUISITIONS AND DISPOSALS (70) (3) (6)
EQUITY DIVIDENDS PAID (188) (113) (113)
Cash inflow before management of liquid 388 237 666
resources and financing
MANAGEMENT OF LIQUID RESOURCES (303) (14) (363)
FINANCING (3) (166) (235)
Increase in cash in the period 82 57 68
GROUP FINANCING REQUIREMENT
Cash inflow before management of liquid
resources and financing 388 237 666
Acquisitions under loans, finance leases and
hire purchase arrangements (394) (790) (1,470)
Total financing requirement for the period (6) (553) (804)
Total tangible fixed asset expenditure, net
of progress payment refunds 895 1,246 1,807
NOTES TO THE ACCOUNTS (continued)
For the period ended December 31, 1999
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, 1999 in accordance with all applicable United Kingdom accounting
standards and the Companies Act 1985 and are consistent with those
applied in the previous year.
Nine months Year ended
ended
December 31 March 31
1999 £m 1998 £m 1999 £m
2 RECONCILIATION OF OPERATING PROFIT
TO CASH INFLOW FROM
OPERATING ACTIVITIES
Group operating profit 209 527 442
Depreciation charges 476 467 619
Other items not involving the
movement of cash 34 14 21
(Increase)/decrease in stocks
and debtors (62) (8) 60
Increase/(decrease) in creditors 180 (50) 99
Cash inflow from operating
activities 837 950 1,241
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Increase in cash during the period 82 57 68
Cash outflow from decrease in
debt and lease financing 200 224 300
Cash outflow from liquid resources 303 14 363
Change in net debt resulting from 585 295 731
cash flows
New loans and finance leases
taken out and hire purchase (394) (790) (1,470)
arrangements made
Assumed from subsidiary
undertakings acquired during the period (42)
Conversion of Convertible Capital Bonds 13 24 24
Exchange movements (176) (182) (208)
Movement in net debt during the period (14) (653) (923)
Net debt at April 1 (5,526) (4,603) (4,603)
Net debt at period end (5,540) (5,256) (5,526)
Three months ended Nine months ended
December 31 December 31
1999 £m 1998 £m 1999 £m 1998 £m
4 OTHER INCOME AND CHARGES
Income from trade investments 1 2 3
Other (2) (1) 17
(2) 1 1 20
Other income and charges
represented by:
Group (2) 1 1 20
Associates
(2) 1 1 20
NOTES TO THE ACCOUNTS (continued)
For the period ended December 31, 1999
Three months ended Nine months ended
December 31 December 31
1999 £m 1998 £m 1999 £am 1998 £m
5 PROFIT ON SALE OF FIXED ASSETS
AND INVESTMENTS
Net profit on sale of investment 149
in Galileo International Inc.
Net profit on part disposal of 58 58
investment in Equant
Net profit on disposal of other fixed 2 9 44 18
assets and investments
60 9 251 18
Represented by:
Group 60 9 247 18
Associates 4
60 9 251 18
6 INTEREST
Net payable:
Interest payable less amount 90 80 261 242
capitalised
Interest receivable (24) (19) (67) (57)
66 61 194 185
Retranslation charges on currency
borrowings 51 117 118 98
117 178 312 283
Net interest payable represented
by:
Group 116 178 307 278
Associates 1 5 5
117 178 312 283
7 TAXATION
No tax has arisen in the UK as a result of trading profits, and
profit on sale of investments in the period being covered by tax
losses. The tax charge for the period is attributable to tax on
overseas investments.
8 DIVIDENDS PAID AND PROPOSED
The amount charged to the profit and loss account includes £1
million in relation to 1998-99 final dividends paid to Convertible
Capital Bond holders(1997-98: £1 million), who converted their
bonds in June 1999, in accordance with the terms of the bonds.
9 EARNINGS PER SHARE
Basic earnings per share are calculated on a weighted average of
1,072,572,000 ordinary shares (December 1998: 1,050,470,000)as
adjusted for shares held for the purposes of employee share
ownership plans including the Long Term Incentive Plan. Diluted
earnings per share are calculated on a weighted average of
1,122,661,000 ordinary shares (December 1998: 1,149,443,000) after
allowing for the conversion rights attaching to the Convertible
Capital Bonds and for adjustments to income to eliminate interest
payable on the Convertible Capital Bonds.
The number of shares in issue at December 31, 1999 was
1,081,247,000 (December 31, 1998: 1,071,045,000; March 31, 1999:
1,073,167,000) ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (Continued)
For the period ended December 31, 1999
December 31 March 31
1999 £m 1998 £m 1999 £m
10 TANGIBLE ASSETS
Fleet 8,325 7,924 8,207
Property 1,428 1,301 1,331
Equipment 364 295 301
10,117 9,520 9,839
11 INVESTMENTS
Associated undertakings 325 317 323
Trade investments 35 67 68
Investment in own shares 25 11 11
385 395 402
12 CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Loans 222 35 202
Finance leases 91 93 91
Hire Purchase Arrangements 278 235 264
591 363 557
Overdrafts - unsecured 8 18 11
Corporate taxation 44 25
Other creditors and accruals 2,586 2,337 2,488
3,229 2,718 3,081
13 BORROWINGS AND OTHER CREDITORS
FALLING DUE AFTER MORE THAN ONE
YEAR
Loans 995 1,017 940
Finance leases 1,573 997 1,244
Hire purchase arrangements 3,806 3,545 3,811
6,374 5,559 5,995
Corporate taxation 55
Other creditors and accruals 226 167 235
6,600 5,781 6,230
14 RESERVES
Balance at April 1 3,087 3,061 3,061
Retained profit for the period 90 225 15
Exchange and other adjustments (5) (75) (82)
Reduction in reserves resulting
from shares issued to a
Qualifying Employee Share
Ownership Trust in relation to (2) (18) (21)
the 1993 Share Save Scheme
Net movement on goodwill 7
Premium arising from issue of
ordinary share capital 21 104 114
3,198 3,297 3,087
15 The figures for the three months and nine months ended December
31, 1999 and 1998 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, 1999 have been
extracted from the full accounts with certain minor
presentational changes 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 on page 2 and pages 6 to 10 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 London Stock Exchange require
that the accounting policies and presentation applied to the interim
figures should be consistent with those applied in preparing
the preceding annual accounts in accordance with applicable UK law and
Accounting Standards, 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 UK Auditing Practices Board. A review consists
principally of making enquiries of the Group's 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 UK 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 both the three months and nine months ended December 31, 1999.
Ernst & Young
London
February 7, 2000
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, 1999.
The adjusted net income and shareholders' equity applying US GAAP are
set out below:
Three months ended Nine months ended
December 31 December 31
1999 £m 1998 £m 1999 £m 1998 £m
(Loss) / profit for the period as
reported in the Group profit and loss (71) (68) 147 279
account
US GAAP adjustments (28) (31) (95) (73)
Net income as so adjusted to
accord with US GAAP (99) (99) 52 206
Net income per Ordinary
Share as so adjusted
Basic (9.3)p (9.6)p 4.8p 19.6p
Diluted n/a n/a n/a n/a
Net income per American Depositary
Share as so adjusted
Basic (93)p (96)p 48p 196p
Diluted n/a n/a n/a n/a
December 31 March 31
1999 £m 1998 £m 1999 £m
Shareholders' equity as reported
in the Group balance sheet 3,468 3,565 3,355
US GAAP adjustments (529) (475) (198)
Shareholders' equity as so adjusted
to accord with US GAAP 2,939 3,090 3,157
AIRCRAFT FLEET
Number in service with Group
companies at December 31, 1999
Operating
leases off
On balance balance sheet Total Future
MAINLINE sheet Exten- (Note deli-
(Notes 1 & 6) Aircraft dible Other 2) veries Options
Concorde 7 7
Boeing 747-100
Boeing 747-200 12 3 15
Boeing 747-400 57 57
Boeing 777 29 29 16 16
Boeing 767-300 27 27
Boeing 757-200 47 3 3 53
Airbus A318 12 12
Airbus A319 (Note 5) 4 4 35 129
Airbus A320 10 10 20
Boeing 737-200 14 14
Boeing 737-300 8 8
Boeing 737-400 22 12 34
Turbo Props
(Note 3) 2 17 19
Embraer RJ145 7 14
Sub total 213 6 58 277 90 171
DEUTSCHE BA, AIR LIBERTE,'go' and CITYFLYER
McDonnell Douglas
DC-10-30 3 3
McDonnell Douglas
MD83 3 7 10
Boeing 737-300 30 30
Fokker 100 4 7 11
Fokker F28 4 4
Avro RJ100 7 7 3
Turbo Props (Note 4) 1 12 1 14
Sub total 12 26 41 79 3
GROUP TOTAL 225 32 99 356 93 171
Notes:
1 Includes those operated by British Airways Plc, British Airways
(European Operations at Gatwick) Ltd and Brymon Airways Ltd.
2 Excludes 4 ATR 72s, 6 ATR 42s, 2 Embraer subleased to other
carriers.
3 Includes 2 de Havilland Canada DHC-7-100s and 17 de Havilland
Canada DHC-8s.
4 Excluding 1 ATR 72 and 1 ATR 42, stood down out of service.
5 Options include reserved delivery positions and, if taken, may be
A319, A320 or A321.
6 Excludes 3 McDonnell Douglas DC-10-30s, 1 Boeing 737-200 and 1
Boeing 767-300 stood down pending disposal or return to lessor.
Friday, 3rd January 2025
COMPANIES COVERED:
Latest directors dealings
- 1 day ago Legal & General Group
- 1 day ago Baillie Gifford Japan Trust
- 1 day ago British Land Company
- 1 day ago Premier Miton Global Renewables Trust
- 1 day ago NATWEST GROUP