3rd Quarter Results - Part 2

British Airways PLC 5 February 2001 THIRD QUARTER RESULTS 2000-2001 (unaudited) Three months ended Nine months ended December 31 Increase/ December 31 Increase/ 2000 1999 (Decrease) 2000 1999 (Decrease) Turnover £m 2,295 2,198 4.4% 7,157 6,833 4.7% Operating £m 80 (2) nm 441 209 111.0% profit/ (loss) Operating % 3.5 (0.1) 3.6pts 6.2 3.1 3.1pts margin Profit/ (loss) £m 65 (60) nm 215 180 19.4% before tax Retained profit/ £m 58 (71) nm 136 90 51.1% (loss) for the period Capital and reserves at £m 3,652 3,652 3,652 3,652 period end Earnings per share Basic p 5.4 (6.6) nm 17.8 13.7 29.9% Diluted p 5.3 (6.6) nm 17.5 13.6 28.7% nm: Not meaningful GROUP PROFIT AND LOSS ACCOUNT (unaudited) Three months ended Nine months ended December 31 Increase/ December 31 Increase/ 2000 £m 1999 £m (Decrease) 2000 £m 1999 £m (Decrease) Traffic Revenue Scheduled 1,921 1,826 5.2% 6,016 5,705 5.5% passenger Scheduled cargo 154 153 0.7% 446 422 5.7% Non-scheduled 9 14 (35.7)% 43 63 (31.7)% services 2,084 1,993 4.6% 6,505 6,190 5.1% Other revenue 211 205 2.9% 652 643 1.4% TOTAL TURNOVER 2,295 2,198 4.4% 7,157 6,833 4.7% Employee costs 593 605 (2.0)% 1,765 1,874 (5.8)% Depreciation 181 162 11.7% 532 476 11.8% Aircraft operating lease costs 58 50 16.0% 163 138 18.1% Fuel and oil costs 319 219 45.7% 822 585 40.5% Engineering and other aircraft 161 166 (3.0)% 499 520 (4.0)% costs Landing fees and en route charges 149 162 (8.0)% 488 525 (7.0)% Handling charges, catering and other operating costs 326 332 (1.8)% 1,014 995 1.9% Selling costs 254 284 (10.6)% 850 869 (2.2)% Accommodation, ground equipment costs and currency differences 174 220 (20.9)% 583 642 (9.2)% TOTAL OPERATING EXPENDITURE 2,215 2,200 0.7% 6,716 6,624 1.4% OPERATING PROFIT/ 80 (2) nm 441 209 111.0% (LOSS) Share of operating profits in 1 (100.0)% 28 31 (9.7)% associates TOTAL OPERATING PROFIT/(LOSS) INCLUDING ASSOCIATES 80 (1) nm 469 240 95.4% Other income and (2) (100.0)% 2 1 100.0% charges (Loss)/profit on sale of fixed assets and investments (6) 60 (110.0)% (73) 251 (129.1)% Interest Net payable (74) (66) 12.1% (221) (194) 13.9% Retranslation credits/(charges) on 65 (51) nm 38 (118) nm currency borrowings PROFIT/(LOSS) 65 (60) nm 215 180 19.4% BEFORE TAX Taxation (5) (8) (37.5)% (15) (25) (40.0)% PROFIT/(LOSS) 60 (68) nm 200 155 29.0% AFTER TAX Non equity minority interest* (2) (3) nm (9) (8) nm PROFIT/(LOSS) FOR THE PERIOD 58 (71) nm 191 147 29.9% Dividends paid and proposed (55) (57) (3.5)% RETAINED PROFIT/ (LOSS) FOR THE 58 (71) nm 136 90 51.1% PERIOD nm: Not meaningful * Cumulative Preferred Securities OPERATING AND FINANCIAL STATISTICS (unaudited) MAINLINE SCHEDULED Three months ended Nine months ended SERVICES December 31 Increase/ December 31 Increase/ 2000 1999 (Decrease) 2000 1999 (Decrease) TRAFFIC AND CAPACITY RPK (m) 27,531 27,841 (1.1)% 91,208 90,666 0.6% ASK (m) 40,088 41,708 (3.9)% 124,981 127,644 (2.1)% Passenger load factor(%) 68.7 66.8 1.9pts 73.0 71.0 2.0pts CTK (m) 1,243 1,267 (1.9)% 3,675 3,418 7.5% RTK (m) 4,000 4,043 (1.1)% 12,807 12,454 2.8% ATK (m) 6,010 6,106 (1.6)% 18,554 18,518 0.2% Overall load factor (%) 66.6 66.2 0.4pts 69.0 67.3 1.7pts Passengers carried (000) 8,512 8,535 (0.3)% 28,347 28,265 0.3% Tonnes of cargo 238 248 (4.0)% 705 673 4.8% carried (000) FINANCIAL Passenger revenue per ASK (p) 4.51 4.04 11.6% 4.53 4.13 9.7% Passenger revenue per RPK (p) 6.56 6.06 8.3% 6.20 5.82 6.5% Cargo revenue per CTK(p) 12.23 11.76 4.0% 12.03 12.05 (0.2)% Average fuel price before hedging (US cents/US gallon) 113.63 78.67 44.4% 100.70 64.86 55.3% TOTAL GROUP OPERATIONS (including Deutsche BA, 'go', CityFlyer Express and in 1999 only Air Liberte) TRAFFIC AND CAPACITY RPK (m) 29,008 30,192 (3.9)% 96,397 98,097 (1.7)% ASK (m) 42,347 45,347 (6.6)% 132,506 138,625 (4.4)% RTK (m) 4,128 4,270 (3.3)% 13,276 13,174 0.8% ATK (m) 6,230 6,460 (3.6)% 19,313 19,587 (1.4)% Passengers carried (000) 10,493 11,084 (5.3)% 34,741 35,800 (3.0)% FINANCIAL Total traffic revenue per RTK (p) 50.48 46.67 8.2% 49.00 46.99 4.3% Total traffic revenue per ATK (p) 33.45 30.85 8.4% 33.68 31.60 6.6% Net operating expenditure per RTK (p) 48.54 46.72 3.9% 45.68 45.40 0.6% Net operating expenditure per ATK (p) 32.17 30.88 4.2% 31.40 30.54 2.8% OPERATIONS Average Manpower 62,831 65,800 (4.5)% 63,601 65,529 (2.9)% Equivalent (MPE) ATKs per MPE (000) 99.1 98.2 0.9% 303.7 298.9 1.6% Aircraft in service at period end 340 356 (16) 340 356 (16) CHAIRMAN'S STATEMENT Group Performance Group profit before tax for the three months ended December 31, 2000 was £65 million. This compares with a loss of £60 million in the same period last year. The year-over-year improvement of £125 million reflected the elimination of unprofitable capacity and continued cost efficiencies. Smaller aircraft, higher frequencies and a higher mix of premium passengers all characterise the current strategy and contributed to the improvement. Yields were up on a year ago for the fifth successive quarter; excluding the impact of higher fuel prices, unit costs were unchanged. Productivity improved just under 1%, despite capacity reductions. Operating profit was £80 million; operating margin 3.5%. Group profit before tax for the nine months to December 31 was £215 million; operating profit more than doubled to £441 million. Turnover Group turnover for the three months was up 4.4% -- at £2,295 million -- on flying capacity 6.6% lower in available seat kilometres (ASK). Mainline passenger yields were up 8.3%. In line with our strategy, we continued to grow point-to-point business faster than transfer, premium faster than non-premium, and longhaul faster than shorthaul. Premium traffic grew 2.4%; non premium declined 1.8%. For the nine month period, turnover grew 4.7% to £7,157 million on flying capacity 4.4% lower. In the quarter, Cargo yields increased 4% compared with last year, although lower volumes were a partial offset. Unit Costs Unit costs for the three months were 4.2% higher than the same quarter last year. But for the substantial increase in fuel prices (net of hedging) they would have been unchanged, despite the upward pressure caused by the reduction in capacity. Cost efficiencies more than offset cost increases in respect of wage awards, supplier price increases and adverse exchange rate changes. Non Operating Items Net interest expense for the quarter was £9 million. This included a book credit for the revaluation of yen debts (used to fund aircraft acquisitions) of £65 million, compared to a charge the previous year of £51 million. The revaluation -- a non cash item required by standard accounting practice -- results from the weakening of the yen against sterling. Losses on disposals of fixed assets and investments for the three months were £6 million. Last year profits of £60 million were made, primarily from disposal of part of our investment in Equant. For the nine month period, losses on disposals were £73 million, including a £ 56 million book loss on the disposal of Air Liberte. Earnings Per Share For the three month period, the profit attributable to shareholders was £58 million, equivalent to 5.4 pence per share, an improvement of 12 pence per share over last year. For the nine month period, the profit attributable to shareholders was £191 million, equivalent to 17.8 pence per share, compared with 13.7 pence last year. Net Debt / Total Capital Ratio Borrowings, net of cash and short term loans and deposits, were £5,782 million at December 31; down £134 million since the start of the year, due primarily to improved operating profit. This reduction improved the net debt/total capital ratio by 2.6 points to 61.3%. Shareholders' funds have increased since the start of the year because of retained profit and the write back of goodwill on the Air Liberte disposal. Aircraft Fleet In the quarter ending December 31, 2000 the fleet in service increased by 6 aircraft to 340. Additions included 3 Boeing 777, 4 Airbus A319, 2 Boeing 737-500, 1 Embraer RJ145 and 2 Avro RJ100. Disposals included 1 Boeing 767-300, 1 Boeing 757-200, 2 Boeing 737-200 and 1 ATR 42 operated by CityFlyer Express. One Boeing 747-400 is also on lease to Qantas. Concorde services remain suspended following the Air France accident in July. Modifications to the fuel tank have begun and we remain confident that the Civil Aviation Authority in the UK will re-issue the certificate of airworthiness. While the safety modifications are made, a £14 million package of product improvements, including a new cabin interior and new seats, will be installed. Services are expected to resume later this year. Strategic Developments Following a review of Gatwick operations, we announced a change from previous attempts to build Gatwick as a transfer hub. The key elements of the new plan, which will be implemented over two years, include reducing longhaul destinations from 43 to around 25; some routes will be eliminated and others relocated to Heathrow. Gatwick's shorthaul business will be refocused on serving local point-to-point business and the operations and management of our two subsidiaries (CityFlyer and BA's European Operations at Gatwick) will be simplified and integrated at the North Terminal. Subsidiaries and Associates In December, Thomas Cook and British Airways announced that they plan to merge their UK holiday businesses, to create a joint venture company. The company will be owned on a 50/50 basis by the parents and is expected to commence around the end of March 2001. British Airways announced its intention to sell its no-frills airline go in November. Expressions of interest were received from a large number of parties; discussions are progressing with some half a dozen shortlisted potential purchasers. We expect to conclude the sale during the next few months and achieve a substantial profit on our £25 million investment. Meanwhile, go continues to prosper; it has added seven new routes this winter, and is financially ahead of target. The British Airways London Eye, now successfully established as a major tourist attraction, carried its three millionth passenger. Alliance Development British Airways has reaffirmed its commitment to the oneworld global alliance. In November, the chief executives of the eight full member airlines agreed unanimously a vision for its development, with a key focus on the services we offer customers, and new developments in Sales, Marketing, Purchasing and Information Technology. Top level discussions have also been held with American Airlines on how to build the relationship between the two carriers, both on a one-on-one basis and as part of oneworld. We continue to strengthen links with other partners too; this winter code-share agreements have been extended with Qantas, Aer Lingus and Iberia. Rod Eddington succeeded Lord Marshall as one of British Airways' three designated directors on the board of Qantas on February 1, 2001. Zambian Air Services became British Airways' 12th franchise partner when it launched flights in January 2001. Outlook Implementation of the fleet and network strategy is progressing well and will continue to raise margins over the next few years. The strategy, including the restructuring of Gatwick, will further reduce capacity (by 9% next year); the business will be less volume dependent and better able to withstand any slowdown in world economic growth. Product upgrades also continue on track. Our new Club World cabin is winning market share from competitors. Embodiment of the new First cabin continues. Such product initiatives give our employees new opportunities to demonstrate their outstanding customer service skills. Current strategy is to increase shareholder value; it concentrates growth on profitable segments where customer service is at its best. A leaner more valuable airline will result. GROUP BALANCE SHEET (unaudited) December 31 March 31 (unaudited) (audited) 2000 1999 £m 2000 £m £m FIXED ASSETS Intangible Assets 60 58 62 Tangible Assets 10,494 10,117 10,294 Investments 516 385 567 11,070 10,560 10,923 CURRENT ASSETS Stocks 70 85 78 Debtors 1,252 1,436 1,368 Cash, short-term loans and 1,365 1,546 1,146 deposits 2,687 3,067 2,592 CREDITORS: AMOUNTS FALLING DUE (3,199) (3,168) (3,366) WITHIN ONE YEAR NET CURRENT LIABILITIES (512) (101) (774) TOTAL ASSETS LESS CURRENT 10,558 10,459 10,149 LIABILITIES CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Borrowings and other (6,730) (6,600) (6,615) creditors Convertible Capital Bonds (113) (113) (113) 2005 (6,843) (6,713) (6,728) PROVISIONS FOR LIABILITIES (63) (94) (81) AND CHARGES 3,652 3,652 3,340 CAPITAL AND RESERVES Called up share capital 271 270 270 Reserves 3,180 3,198 2,877 3,451 3,468 3,147 Minority interest 17 16 Non equity minority interest 184 184 177 3,652 3,652 3,340 STATEMENT OF TOTAL Nine months ended Year ended RECOGNISED GAINS AND LOSSES (unaudited) December 31 March 31 (unaudited) (audited) 2000 £m 1999 £m 2000 £m Profit/(loss) for the period 191 147 (21) Other recognised gains and losses relating to the period Exchange and other movements (8) (5) (20) Total recognised gains and losses 183 142 (41) These summary financial statements were approved by the Directors on February 5, 2001. GROUP CASH FLOW STATEMENT (unaudited) Nine months ended Year ended December 31 March 31 (unaudited) (audited) 2000 £ 1999 £ 2000 £m m m CASH INFLOW FROM OPERATING ACTIVITIES 1,102 837 1,186 DIVIDENDS RECEIVED FROM ASSOCIATES 33 29 44 RETURNS ON INVESTMENTS AND SERVICING OF (223) (193) (315) FINANCE TAXATION 2 6 (2) CAPITAL EXPENDITURE AND FINANCIAL (243) (33) (146) INVESTMENT ACQUISITIONS AND DISPOSALS 26 (70) (218) EQUITY DIVIDENDS PAID (137) (188) (242) Cash inflow before management of liquid resources and financing 560 388 307 MANAGEMENT OF LIQUID RESOURCES (240) (303) 9 FINANCING (336) (3) (319) (Decrease)/increase in cash in the (16) 82 (3) period GROUP FINANCING SURPLUS /(REQUIREMENT) Cash inflow before management of liquid resources and financing 560 388 307 Acquisitions under loans, finance leases and (464) (394) (659) hire purchase arrangements Total financing surplus /(requirement) 96 (6) (352) for the period Total tangible fixed asset expenditure, net of progress payment refunds 1,014 895 1,291 NOTES TO THE ACCOUNTS For the period ended December 31, 2000 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, 2000 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 ended Year ended December 31 March 31 2000 £m 1999 2000 £m £m 2 RECONCILIATION OF OPERATING PROFIT TO CASH INFLOW FROM OPERATING ACTIVITIES Group 441 209 84 operating profit Depreciation 532 476 648 charges Other items not involving the movement of (1) 34 39 cash Decrease/ 43 (62) 4 (increase)in stocks and debtors Increase in 87 180 411 creditors Cash inflow from operating 1,102 837 1,186 activities 3 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT (Decrease)/ increase in (16) 82 (3) cash during the period Net cash outflow from 339 200 516 decrease in debt and lease financing Cash outflow/ (inflow) from 240 303 (9) liquid resources Change in net debt resulting 563 585 504 from cash flows New loans and finance leases (464) (394) (659) taken out and hire purchase arrangements made Divested from subsidiary 69 undertakings sold during the period Assumed from subsidiary (42) (42) undertakings acquired during the period Conversion of 13 13 Convertible Capital Bonds Exchange (34) (176) (206) movements Movement in 134 (14) (390) net debt during the period Net debt at (5,916) (5,526) (5,526) April 1 Net debt at (5,782) (5,540) (5,916) period end Three months ended Nine months ended December 31 December 31 2000 £m 1999 2000 £m 1999 £m £m 4 OTHER INCOME AND CHARGES Income from 1 2 trade investments Other (2) 1 (1) (2) 2 1 Other income and charges represented by: Group (2) 2 1 Associates (2) 2 1 NOTES TO THE ACCOUNTS (continued) For the period ended December 31, 2000 Three months ended Nine months ended December 31 December 31 2000 £m 1999 £m 2000 £m 1999 £m 5 PROFIT ON SALE OF FIXED ASSETS AND INVESTMENTS Net profit on sale of investment in Galileo 149 International Inc. Net profit on part disposal of investment 58 in Equant 58 Net loss on disposal of (56) Air Liberte Net (loss)/profit on ' disposal of other fixed (6) 2 (17) 44 assets and investments (6) 60 (73) 251 Represented by: Group (6) 60 (74) 247 Associates 1 4 (6) 60 (73) 251 6 INTEREST Net payable: Interest payable less 96 90 287 261 amount capitalised Interest receivable (22) (24) (66) (67) 74 66 221 194 Retranslation (credits)/ charges on currency (65) 51 (38) 118 borrowings 9 117 183 312 Net interest payable represented by: Group 9 116 178 307 Associates 1 5 5 9 117 183 312 7 TAXATION Tax on the profit on ordinary activities has been provided for on the basis of the estimated rate of charge for the year ending March 31, 2001. 8 DIVIDENDS PAID AND PROPOSED There was no charge to the profit and loss account in relation to 1999-00 final dividends paid to Convertible Capital Bond holders (1998-99: £1 million), who converted their bonds in June 200, in accordance with the terms of the bonds. 9 EARNINGS PER SHARE Basic earnings per share are calculated on a weighted average of 1,075,341,000 ordinary shares (December 1999: 1,072,572,000)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 1,123,517,000 ordinary shares (December 1999: 1,122,661,000) 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, 2000 was 1,082,234,000 (December 31, 1999: 1,081,247,000; March 31, 2000: 1,081,515,000) ordinary shares of 25 pence each. NOTES TO THE ACCOUNTS (continued) For the period ended December 31, 2000 December 31 March 31 2000 £m 1999 £m 2000 £m 10 TANGIBLE ASSETS Fleet 8,583 8,325 8,437 Property 1,441 1,428 1,488 Equipment 470 364 369 10,494 10,117 10,294 11 INVESTMENTS Associated 483 325 507 undertakings Trade 8 35 35 investments Investment 25 25 25 in own shares 516 385 567 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Loans 75 222 140 Finance 89 91 120 leases Hire 339 278 288 purchase arrangements 503 591 548 Overdrafts - 8 5 unsecured Corporate 35 44 18 taxation Other 2,661 2,525 2,795 creditors and accruals 3,199 3,168 3,366 13 BORROWINGS AND OTHER CREDITORS FALLING DUE AFTER MORE THAN ONE YEAR Loans 988 95 903 Finance 1,929 1,573 1,768 leases Hire 3,614 3,806 3,725 purchase arrangements 6,531 6,374 6,396 Other 199 226 219 creditors and accruals 6,730 6,600 6,615 14 RESERVES Balance at 2,877 3,087 3,087 April 1 Retained 136 90 (216) profit/ (loss) for the period Exchange and (8) (5) (20) other adjustments Reduction in reserves resulting from shares issued to a Qualifying (2) Employee (2) Share Ownership Trust in relation to the 1993 Share Save Scheme Net movement 173 7 7 on goodwill Premium arising from 2 21 issue of 21 ordinary share capital 3,180 3,198 2,877 15 The figures for the three months and nine months ended December 31, 2000 and 1999 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, 2000 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 7 to 11 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. 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 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, 2000. Ernst & Young London February 5, 2001 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, 2000. The adjusted net income and shareholders' equity applying US GAAP are set out below: Three months ended Nine months ended December 31 December 31 2000 £m 1999 £m 2000 £m 1999 £m Profit/(loss) for the 58 (71) 191 147 period as reported in the Group profit and loss account US GAAP 16 (28) 17 (95) adjustments Net income/ (loss) as so 74 (99) 208 52 adjusted to accord with US GAAP Net income/ (loss) per Ordinary Share as so adjusted Basic 6.9p (9.3)p 19.3p 4.8p Diluted 6.8p (9.3)p 19.0p 4.8p Net income/ (loss) per American Depositary Share as so adjusted Basic 69p (93)p 193p 48p Diluted 68p (93)p 190p 48p December 31 March 31 2000 £m 1999 £m 2000 £m Shareholders' equity as 3,451 3,468 3,147 reported in the Group balance sheet US GAAP (1,116) (529) (758) adjustments Shareholders' equity as so 2,335 2,939 2,389 adjusted to accord with US GAAP AIRCRAFT FLEET Number in service with Group companies at December 31, 2000 Operating leases off On balance balance sheet MAINLINE sheet Future (Notes Aircraft Extendible Other Total Deliveries Options 1 & 2) Concorde 7 7 (Note 3) Boeing 12 3 15 747-200 Boeing 56 56 747-400 Boeing 38 38 5 16 777 Boeing 21 21 767-300 Boeing 44 2 2 48 757-200 Airbus 12 12 A318 Airbus 5 10 4 19 20 122 A319 (Note 4) Airbus 10 10 20 A320 Boeing 4 4 737-200 Boeing 7 7 737-300 Boeing 22 5 7 34 737-400 Boeing 7 7 737-500 Embraer 6 6 1 14 RJ145 Turbo 16 16 Props (Note 5) Sub 215 20 53 288 58 164 total DEUTSCHE BA, 'go' and CITYFLYER EXPRESS (Note 6) Boeing 737-300 31 31 Avro RJ100 12 12 4 6 Turbo Props (Note 7) 9 9 Sub total 21 31 52 4 6 GROUP TOTAL 215 41 84 340 62 170 Notes: 1 Includes those operated by British Airways Plc, British Airways (European Operations at Gatwick) Ltd and Brymon Airways Ltd. 2 Excludes 1 McDonnell Douglas DC-10-30, 5 Boeing 737-200s and 3 Boeing 757-200s stood down pending disposal or return to lessor, 1 Boeing 747-400 sub-leased to Qantas, 2 Boeing 737-500s and 2 Boeing 777 - 200ER delivered but not yet in service. 3 7 Concordes are currently stood down as a result of the investigation into the Air France accident of July 25. Modification work has commenced and we are confident that Concorde will resume service in the not too distant future, pending the reissuing of a certificate of airworthiness by the Civil Aviation Authority. 4 Options include reserved delivery positions and, if taken, may be A319, A320 or A321. 5 de Havilland Canada DHC-8s. 6 Net reductions since March 31, 2000 include 14 McDonnell Douglas aircraft, 15 Fokker aircraft and 3 ATR aircraft, totalling 32 aircraft disposed of with Air Liberte. 7 7 ATR 72s and 2 ATR 42s for CityFlyer Express.

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