3rd Quarter Results-Part 2
British Airways PLC
4 February 2002
PART 2
THIRD QUARTER RESULTS 2001-2002 (unaudited)
Three months ended Nine months ended
December 31 December 31
Restated Increase/ Restated Increase/
2001 2000 (Decrease) 2001 2000 (Decrease)
Turnover £m 1,839 2,295 (19.9)% 6,387 7,157 (10.8)%
Operating (loss)/profit £m (187) 80 nm (65) 441 nm
Operating margin % (10.2) 3.5 (13.7)pts (1.0) 6.2 (7.2)pts
(Loss)/profit before tax £m (160) 65 nm (115) 215 nm
Retained (loss)/profit for
the period £m (144) 36 nm (99) 64 nm
Capital and reserves at
period end £m 2,265 2,579 (12.2)% 2,265 2,579 (12.2)%
Earnings/(loss) per share
Basic p (13.4) 3.3 nm (9.2) 11.1 nm
Diluted p (13.4) 3.3 nm (9.2) 11.0 nm
nm: Not meaningful
na: Not applicable
Comparatives have been restated to reflect the adoption of FRS19 'Deferred Tax'
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Nine months ended
December 31 December 31
Restated Increase/ Restated Increase/
2001 £m 2000 £m (Decrease) 2001 £m 2000 £m (Decrease)
Traffic Revenue
Scheduled Passenger 1,533 1,921 (20.2)% 5,383 6,016 (10.5)%
Scheduled Cargo 121 154 (21.4)% 363 446 (18.6)%
Non-scheduled services 8 9 (11.1)% 43 43
1,662 2,084 (20.2)% 5,789 6,505 (11.0)%
Other revenue 177 211 (16.1)% 598 652 (8.3)%
TOTAL TURNOVER 1,839 2,295 (19.9)% 6,387 7,157 (10.8)%
Employee costs 561 593 (5.4)% 1,781 1,765 0.9%
Depreciation 221 181 22.1% 599 532 12.6%
Aircraft operating lease costs 46 58 (20.7)% 147 163 (9.8)%
Fuel and oil costs 265 319 (16.9)% 842 822 2.4%
Engineering and other aircraft costs 161 161 499 (4.6)%
476
Landing fees and en route charges 150 149 0.7% 478 488 (2.0)%
Handling charges, catering and
other operating costs 243 326 (25.5)% 845 1,014 (16.7)%
Selling costs 161 254 (36.6)% 630 850 (25.9)%
Accommodation, ground equipment
costs and currency differences 218 174 25.3% 654 583 12.2%
TOTAL OPERATING EXPENDITURE
2,026 2,215 (8.5)% 6,452 6,716 (3.9)%
OPERATING (LOSS)/PROFIT (187) 80 nm (65) 441 nm
Share of operating profits in
associates (4) 4 28 (85.7)%
nm
TOTAL OPERATING (LOSS)/PROFIT
INCLUDING ASSOCIATES (191) 80 nm (61) 469 nm
Other income 1 nm 1 2 nm
Profit/(loss) on sale of fixed
assets and investments 34 (6) nm 135 (73) nm
Interest
Net payable (89) (74) 20.3% (252) (221) 14.0%
Retranslation credits on
85 65 30.8% 62 38 63.2%
currency borrowings
(LOSS)/PROFIT BEFORE TAX (160) 65 nm (115) 215 nm
Tax 18 (27) nm 25 (87) nm
(LOSS)/PROFIT AFTER TAX (142) 38 nm (90) 128 nm
Non equity minority interest* (2) (2) (9) (9)
(LOSS)/PROFIT FOR THE PERIOD (144) 36 nm (99) 119 nm
Dividends paid and proposed (55) nm
RETAINED (LOSS)/PROFIT FOR THE PERIOD (144) 36 nm (99) 64 nm
nm: Not meaningful
* Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
Three months ended Nine months ended
December 31 Increase/ December 31 Increase/
2001 2000 (Decrease) 2001 2000 (Decrease)
TOTAL AIRLINE OPERATIONS (Note 1)
(including British Regional Air Lines from May 10th, 2001 and go until June 14th, 2001)
TRAFFIC AND CAPACITY
RPK (m) 23,106 29,008 (20.3)% 81,049 96,396 (15.9)%
ASK (m) 35,449 42,347 (16.3)% 116,058 132,506 (12.4)%
Passenger load factor(%) 65.2 68.5 (3.3)pts 69.8 72.7 (2.9)pts
CTK (m) 998 1,243 (19.7)% 3,028 3,676 (17.6)%
RTK (m) 3,341 4,128 (19.1)% 11,124 13,276 (16.2)%
ATK (m) 5,436 6,230 (12.7)% 17,529 19,313 (9.2)%
Overall load factor (%) 61.5 66.3 (4.8)pts 63.5 68.7 (5.2)pts
Passengers carried (000) 8,574 10,493 (18.3)% 31,173 34,741 (10.3)%
Tonnes of cargo carried (000) 183 240 (23.8)% 570 710 (19.7)%
FINANCIAL
Passenger revenue per RPK (p) 6.67 6.65 0.3% 6.69 6.29 6.4%
Passenger revenue per ASK (p) 4.35 4.56 (4.6)% 4.68 4.57 2.4%
Cargo revenue per CTK(p) 12.12 12.39 (2.2)% 11.99 12.13 (1.2)%
Total traffic revenue per RTK (p) 49.75 50.48 (1.4)% 52.04 49.00 6.2%
Total traffic revenue per ATK (p) 30.57 33.45 (8.6)% 33.03 33.68 (1.9)%
Average fuel price before hedging (US
cents/US gallon) 78.24 113.63 (31.1)% 84.97 100.70 (15.6)%
OPERATIONS
Average Manpower Equivalent (MPE) 55,758 58,988 (5.5)% 58,492 58,633 (0.2)%
ATKs per MPE (000) 97.5 105.6 (7.7)% 299.7 329.4 (9.0)%
Aircraft in service at period end 367 340 27 367 340 27
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure
55.34 48.55 14.0% 52.62 45.68 15.2%
per RTK (p)
Net operating expenditure
34.01 32.17 5.7% 33.40 31.40 6.4%
per ATK (p)
Note 1: Excludes non airline activity companies, principally, Airmiles Travel
Promotions Ltd, Mileage Ltd,
BA Holidays Ltd, BA Travel Shops Ltd, Speedwing International Group and The
London Eye Company Ltd.
CHAIRMAN'S STATEMENT
Group Performance
Group loss before tax for the three months ended December 31, 2001 was £160
million - compared to a profit of £65 million last year.
Operating loss - - at £187 million was £267 million worse than last year's
operating profit. This reflected both immediate reduction in demand following
the September 11 terrorist attacks in the United States and the slowdown in the
United States and other economies. Passenger yields for the quarter were up 0.3
% on a year ago; total costs were down 8.5% but units costs were up 5.7%, on
capacity down 12.7%.
Group loss before tax for the nine months to December 31, was £115 million;
operating loss -- at £65 million -- was down £506 million on the same period a
year ago.
Turnover
Group turnover for the three months was down 19.9% versus last year -- at £1,839
million -- on a flying programme 16.3% smaller in available seat kilometres
(ASK). Passenger yields were up 0.3% despite a weaker mix of premium passengers
and special promotional fares prior to Christmas to attract passengers back into
the air. The impact of September 11 and the economic slowdown in the United
States reduced traffic, measured in revenue passenger kilometres, by 20.3% in
the quarter. Premium traffic declined 27.3% and non premium 16.2%.
For the nine month period, turnover declined by 10.8% to £6,387 million on a
flying programme 12.4% smaller.
In the three month period, Cargo revenue continued to be affected by September
11, declining 21.4%, principally as a result of reduced demand -- tonnage was
down 23.8% compared to last year.
Unit Costs
Despite a 12.7% reduction in capacity (measured in available tonne kilometres)
unit costs increased by only 5.7%. This reflected the swift cost control actions
we took in the immediate aftermath of September 11. By December 31, we had
reduced our manpower equivalent levels by 5,800 or 80% of the target of 7,200.
We expect to achieve the remaining reductions, as planned, by the end of this
financial year. Reduced advertising spend, capital thrifting, other expenditure
reductions and cash preservation actions have also exceeded initial estimates.
Productivity for the quarter (as measured by ATKs per manpower equivalent)
declined by 7.7% year over year as the manpower reductions lag behind the
capacity reductions.
Non Operating Items
Profits on disposals of fixed assets and investments for the three months were
£34 million, compared to a £6 million loss for the same period last year. The
profit included £23 million on the disposal of our shares in France Telecom
(formerly shares held in Equant).
For the nine month period, profits on disposal were £135 million, including a
£98 million profit on the disposal of go. Last year's loss on disposal for the
same nine months of £73 million largely reflected the book loss on the disposal
of Air Liberte.
Non Operating Items (Continued)
Net interest expense for the quarter was £5 million lower than last year, mainly
because book credits for the revaluation of yen debts (used to fund aircraft
acquisitions) were £20 million higher. The year over year revaluation benefit --
a non cash item required by standard accounting practice -- results from the
strengthening of sterling against the yen. This benefit more than offset the
increased interest charge incurred from an increased level of net debt.
Earnings/(Loss) Per Share
For the three month period, the loss attributable to shareholders was
£144 million, equivalent to a loss per share of 13.4 pence, compared with
earnings of 3.3 pence per share last year.
For the nine month period, the loss attributable to shareholders was
£99 million, equivalent to a loss per share of 9.2 pence, compared with earnings
of 11.1 pence per share last year.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits were £6,562 million at
December 31, 2001 - up £339 million since March 31, 2001 -- due primarily to
further finance leases, new general purpose loans and borrowings taken on by the
Group on the acquisition of British Regional Air Lines. Net debt/total capital
ratio increased by 2 points to 66.5%.
As at December 31, 2001 we had cash and deposits of £1,224 million, an increase
of £164 million during the quarter. At the same date we had committed undrawn
facilities of £573 million.
During the third quarter we generated a positive cashflow from operations of £47
million. After payments for capital expenditure and interest payments on our
existing debt there was a cash outflow of £78 million. This is better than
previous expectations given the cyclicality of our business. We also made £129
million of scheduled debt repayments in the quarter.
Aircraft Fleet
In the quarter ending December 31, 2001 the fleet in service reduced by 6
aircraft to 367.
This included additions of 2 Boeing 777s and 5 Airbus A319s. Disposals included
2 Boeing 747-200s, 3 Boeing 757-200s, 1 Boeing 737-400, 1 Turbo prop and 6
further 747-200s stood down pending sale. In addition, 6 767-300s are
temporarily out of service.
Concorde resumed services to New York on November 7, 2001 and to Barbados on
December 1, 2001. Four aircraft have now been returned to service.
Subsidiaries and Associates
On May 10, we completed the purchase of British Regional Air Lines and on June
14, we sold our no frills subsidiary go.
On October 25 and December 10 Qantas completed rights issues to fund future
aircraft orders. We decided not to participate in either of these rights issues
and as a consequence our shareholding in Qantas has fallen from 25% to 21.4%.
Government Compensation
We have registered our compensation claim with Her Majesty's Government in
respect of the four day closure of United States and Israel air space following
the events of September 11. We anticipate notification of the compensation to be
given by the Government before the end of February and will include any such
claim received in our fourth quarter results.
Alliance Development
In August we announced plans with American Airlines for a new alliance that
includes profit sharing on nine transatlantic routes, codesharing, frequent
flyer interchangeability and joint scheduling, pricing and marketing. The US
Department of Transportation's regulatory conditions for anti-trust immunity for
the proposed alliance were rejected by British Airways and American Airlines on
January 25 as too high and unrealistic.
American Airlines remains British Airways partner of choice across the Atlantic.
Both airlines pledged to continue to develop the bilateral relationships within
the oneworld alliance which is still a central plank of the alliance strategy.
British Airways and American Airlines will continue to give passengers access to
each others' networks and will deliver as much of the customer proposition as
they can within the existing legal boundaries.
Outlook
The general economic weakness in many of our key markets is expected to
continue. The initial uncertainty and concern caused by the events of September
11 have diminished and as a consequence there is an improving revenue trend.
We expect to complete our review of the future size and shape of our business
later in February and plan to announce any restructuring costs at that time.
GROUP BALANCE SHEET (unaudited)
December 31 March 31
Restated Restated
2001 £m 2000 £m 2001 £m
FIXED ASSETS
Intangible assets 108 60 60
Tangible assets 10,745 10,396 10,662
Investments 463 516 426
11,316 10,972 11,148
CURRENT ASSETS
Stocks 163 168 170
Debtors 1,058 1,252 1,444
Cash, short-term loans and deposits 1,224 1,365 936
2,445 2,785 2,550
CREDITORS: AMOUNTS FALLING DUE
(3,222) (3,199) (3,308)
WITHIN ONE YEAR
NET CURRENT LIABILITIES (777) (414) (758)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,539 10,558 10,390
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Borrowings and other creditors (7,069) (6,730) (6,788)
Convertible Capital Bonds 2005 (112) (113) (113)
(7,181) (6,843) (6,901)
PROVISIONS FOR DEFERRED TAX (1,040) (1,073) (1,051)
PROVISIONS FOR LIABILITIES AND CHARGES (53) (63) (70)
2,265 2,579 2,368
CAPITAL AND RESERVES
Called up share capital 271 271 271
Reserves 1,804 2,107 1,893
2,075 2,378 2,164
Minority interest 8 17 18
Non equity minority interest 182 184 186
2,265 2,579 2,368
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Nine months ended Year ended
December 31 March 31
Restated Restated
2001 £m 2000 £m 2001 £m
(Loss)/profit for the period (99) 119 64
Other recognised gains and losses
relating to the period
Exchange and other movements 10 (8) (30)
Total recognised gains and losses (89) 111 34
These summary financial statements were approved by the Directors on
February 4, 2002.
GROUP CASH FLOW STATEMENT (unaudited)
Nine months ended Year ended
December 31 March 31
2001 £m 2000 £m 2001 £m
CASH INFLOW FROM OPERATING ACTIVITIES 658 1,102 1,251
DIVIDENDS RECEIVED FROM ASSOCIATES 15 33 33
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (240) (223) (342)
TAX 2 15
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (55) (243) (457)
ACQUISITIONS AND DISPOSALS (19) 26 26
EQUITY DIVIDENDS PAID (137) (137) (194)
Cash inflow before management of liquid 222 560 332
resources and financing
MANAGEMENT OF LIQUID RESOURCES (301) (240) 159
FINANCING 81 (336) (521)
Increase/(decrease) in cash in the period 2 (16) (30)
GROUP FINANCING (REQUIREMENT)/SURPLUS
Net cash inflow before management of liquid 222 560 332
resources and financing
Acquisitions under finance leases and (526) (464) (663)
hire purchase arrangements
Total financing (requirement)/surplus for the period (304) 96 (331)
Total tangible fixed asset expenditure, net of progress payment
refunds 807 1,014 1,405
NOTES TO THE ACCOUNTS
For the period ended December 31, 2001
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, 2001 in accordance with all applicable United Kingdom accounting standards and the Companies
Act 1985 and are consistent with those applied in the previous year, with the exception of the implementation of
FRS 19 'Deferred Tax'. As described in Note 7, the comparative figures have been restated as a result of
implementing this standard. In addition, expendable stocks have been reclassified from fixed assets to stocks and
comparative figures restated.
Nine months ended Year ended
December 31 March 31
2001 £m 2000 £m 2001 £m
2 RECONCILIATION OF OPERATING (LOSS)/PROFIT TO CASH INFLOW
FROM OPERATING ACTIVITIES
Group operating (loss)/profit (65) 441 380
Depreciation and amortisation 599 532 715
Other items not involving the movement of cash (1) (1)
Decrease/(increase) in stocks and debtors 355 43 (38)
(Decrease)/increase in creditors (231) 87 195
Cash inflow from operating activities 658 1,102 1,251
3 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
DEBT
Increase/(decrease) in cash during the period 2 (16) (30)
Net cash (inflow)/outflow from decrease in debt and
lease financing (81) 339 524
Cash outflow/(inflow) from liquid resources 301 240 (159)
Change in net debt resulting from cash flows 222 563 335
New finance leases taken out and hire purchase
arrangements made (526) (464) (663)
Divested from subsidiary undertakings sold during
the period 69 69
Assumed from subsidiary undertakings acquired
during the year (117)
Conversion of Convertible Capital Bonds 1
Exchange movements 81 (34) (48)
Movement in net debt during the period (339) 134 (307)
Net debt at April 1 (6,223) (5,916) (5,916)
Net debt at period end (6,562) (5,782) (6,223)
Three months ended Nine months ended
December 31 December 31
2001 £m 2000 £m 2001 £m 2000 £m
4 OTHER INCOME
Income from trade investments 1 1 1
Other 1
1 1 2
Other income represented by:
Group 1 1 2
Associates
1 1 2
NOTES TO THE ACCOUNTS (continued)
For the period ended December 31, 2001
Three months ended Nine months ended
December 31 December 31
2001 £m 2000 £m 2001 £m 2000 £m
5 PROFIT/(LOSS) ON SALE OF FIXED ASSETS
AND INVESTMENTS
Net profit on disposal of go 98
Net profit on disposal of shares in France
Telecom (formerly shares held in Equant) 23 23
Net loss on disposal of Air Liberte (56)
Net profit/(loss)on disposal of other fixed '
assets and investments 11 (6) 14 (17)
34 (6) 135 (73)
Represented by:
Group 34 (6) 135 (74)
Associates 1
34 (6) 135 (73)
6 INTEREST
Net payable:
Interest payable less amount capitalised 104 96 296 287
Interest receivable (15) (22) (44) (66)
89 74 252 221
Retranslation credits on currency borrowings
(85) (65) (62) (38)
4 9 190 183
Net interest payable represented by:
Group 4 9 186 178
Associates 4 5
4 9 190 183
7 TAX
During the period ended June 30, 2001 the company implemented FRS 19 'Deferred Tax', which requires full provision
for deferred tax. Under the options allowed the company chose not to discount the resulting provision. Within the
tax credit for the nine months ended December 31, 2001 is a net credit of £21 million which arises as a result of
implementing this standard, including a charge of £11 million relating to the sale of go and our shares in France
Telecom (formerly shares held in Equant)(net of £19 million capital losses brought forward). In addition the
comparatives have been restated, resulting in an increase to the tax charge of £72 million for the nine months
ended December 31, 2000 and an increase to the tax charge of £50 million for the year ended March 31, 2001. The
deferred tax provision is included on balance sheet and amounts to £1,040 million at December 31, 2001 (March 31,
2001: £1,051 million; December 31, 2000: £1,073 million). None of the deferred tax is expected to become payable in
the forseeable future.
8 EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share for the quarter ended December 31, 2001 are calculated on a weighted average of
1,076,077,000 ordinary shares (December 2000: 1,075,490,000) and for the nine months ended December 31, 2001, on a
weighted average of 1,076,091,000 ordinary shares (December 2000: 1,075,341,000) as adjusted for shares held for
the purposes of employee share ownership plans including the Long Term Incentive Plan. Diluted earnings/(loss) per
share for the quarter ended December 31, 2001 are calculated on a weighted average of 1,076,077,000 ordinary shares
(December 2000: 1,085,179,000) and for the nine months ended December 31, 2001 on a weighted average of
1,079,118,000 ordinary shares (December 2000: 1,084,536,000).
The number of shares in issue at December 31, 2001 was 1,082,754,000 (December 31, 2000: 1,082,234,000; March 31,
2001: 1,082,552,000) ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (continued)
For the period ended December 31, 2001
December 31 March 31
2001 £m 2000 £m 2001 £m
9 TANGIBLE ASSETS
Fleet 8,864 8,485 8,761
Property 1,372 1,441 1,418
Equipment 509 470 483
10,745 10,396 10,662
10 INVESTMENTS
Associated undertakings 396 483 381
Trade investments 42 8 20
Investment in own shares 25 25 25
463 516 426
11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loans 57 75 49
Finance leases 268 89 106
Hire purchase arrangements 499 339 329
824 503 484
Overdrafts - unsecured 3
Corporate tax 27 35 31
Other creditors and accruals 2,371 2,661 2,790
3,222 3,199 3,308
12 BORROWINGS AND OTHER CREDITORS FALLING DUE AFTER MORE THAN
ONE YEAR
Loans 1,416 988 992
Finance leases 2,437 1,929 2,240
Hire purchase arrangements 2,997 3,614 3,327
6,850 6,531 6,559
Other creditors and accruals 219 199 229
7,069 6,730 6,788
13 RESERVES
Balance at April 1 1,893 2,877 2,877
Prior year adjustment * (1,001) (1,001)
Balance at April 1 as restated (see Note 7) 1,893 1,876 1,876
Retained (loss)/profit for the period (99) 64 (129)
Exchange and other adjustments 10 (8) (30)
Net movement on goodwill 173 173
Premium arising from issue of ordinary
share capital 3
2
1,804 2,107 1,893
* Prior year adjustment relates to the adoption of FRS19 'Deferred Tax'
14 The figures for the three months and nine months ended December 31, 2001 and 2000 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, 2001 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
within the Group Profit and Loss Account, Group Balance Sheet, Group Cash Flow
Statement and Notes to the Accounts and we have read the other information
contained in the third quarter results and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information.
Directors' responsibilities
The third quarter results, 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 both the three
months and nine months ended December 31, 2001.
Ernst & Young LLP
London
February 4, 2002
UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (US GAAP) INFORMATION
The accounts have been prepared in accordance with accounting principles
accepted in the United Kingdom which differ in certain respects from those
generally accepted in the United States. The significant differences are the
same as those set out in the Report and Accounts for the year ended March 31,
2001, with the exception of the implementation of FRS 19 'Deferred Tax'. The
comparatives have been adjusted to reflect this change. In addition the company
has adopted FAS 133 effective from April 1, 2001.
The adjusted net income and shareholders' equity applying US GAAP are set out below:
Three months ended Nine months ended
December 31 December 31
Restated Restated
2001 £m 2000 £m 2001 £m 2000 £m
(Loss)/profit for the period as reported in the
Group profit and loss account (144) 36 (99) 119
US GAAP adjustments (35) 38 35 89
Net (loss)/ income as so adjusted to accord with US
GAAP (179)
74 (64) 208
Net (loss)/income per Ordinary Share as so adjusted
Basic (16.6p) 6.9p (5.9p) 19.3p
Diluted (16.6p) 6.8p (5.9p) 19.0p
Net (loss)/income per American Depositary Share as
so adjusted
Basic (166)p 69p (59)p 193p
Diluted (166)p 68p (59)p 190p
December 31 March 31
Restated Restated
2001 £m 2000 £m 2001 £m
Shareholders' equity as reported in the Group
balance sheet 2,075 2,378 2,164
US GAAP adjustments 28 (43) 170
Shareholders' equity as so adjusted to accord with
US GAAP 2,103 2,335 2,334
AIRCRAFT FLEET
Number in service with Group companies at December 31,2001
Changes
On balance Operating Leases Total since
sheet off balance sheet Dec Sept Future
Aircraft Extendible Other 2001 2001 Deliveries Options
AIRLINE OPERATIONS (Note 1 & 2)
Concorde (Note 3) 7 7
Boeing 747-200 (8)
Boeing 747-400 56 56
Boeing 777 45 45 2
Boeing 767-300 (Note 4) 21 21
Boeing 757-200 30 2 1 33 (3)
Airbus A318 12 12
Airbus A319(Note 5) 21 10 2 33 5 6 117
Airbus A320 10 10 20
Boeing 737-300 28 28
Boeing 737-400 21 5 7 33 (1)
Boeing 737-500 10 10
Turbo Props (Note 6) 5 40 45 (1)
Embraer RJ145 12 5 10 27 2 17
Avro RJ100 1 15 16
British Aerospace 146 3 3
GROUP TOTAL(Note 7) 227 42 98 367 (6) 40 146
Notes:
1 Includes those operated by British Airways Plc, British Airways
(European Operations at Gatwick) Ltd, Brymon Airways Ltd, CityFlyer
Express, Deutsche BA and British Regional Air Lines.
2 Excludes 1 Boeing 737 - 400, 3 Boeing 757 - 200s, 10 Boeing 747 -
200s and
1 Jetstream 41 stood down pending disposal or return to lessor, 1 Boeing
747 - 400 sub-leased to Qantas, 1 Embraer RJ145 delivered but not yet in
service.
3 4 Concordes are currently stood down undergoing safety
modifications following the investigation into the Air France incident
of July 25, 2000.
These safety modifications have been fitted on three aircraft and
services were resumed on November 7, 2001.
4 Includes 6 Boeing 767 - 300s temporarily out of service.
5 Options include reserved delivery positions and, if taken, may be
A319, A320 or A321.
6 Includes 12 Jetsteam 41 aircraft, 13 British Aerospace ATP
aircraft, 5 ATR72 aircraft and 15 de Havilland Canada DHC-8 aircraft.
7 Includes 12 Jetstream 41 aircraft, 13 British Aerospace ATP
aircraft, 20 Embraer 145 aircraft (including 1 future delivery and 3
options) and 3 British Aerospace 146 aircraft acquired with the purchase
of British Regional Air Lines.
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