Final Results
British Airways PLC
20 May 2002
PRELIMINARY FINANCIAL RESULTS 2001-2002
Three months ended Twelve months ended
March 31 March 31
Restated Better/ Restated Better/
2002 2001 2002
(Worse) 2001 (Worse)
Turnover £m 1,953 2,121 (7.9)% 8,340 9,278 (10.1)%
Operating (loss)/profit £m (45) (61) 26.2% (110) 380 (128.9)%
Operating margin % (2.3) (2.9) 0.6pts (1.3) 4.1 (5.4)pts
(Loss)/profit before tax £m (85) (65) (30.8)% (200) 150 (233.3)%
Retained loss for the period £m (43) (195) 77.9% (142) (126) (12.7)%
Capital and reserves at
period end £m 2,207 2,325 (5.1)% 2,207 2,325 (5.1)%
(Loss)/earnings per share
Basic p (4.0) (5.3) 24.5% (13.2) 6.2 nm
Diluted p (4.0) nm nm (13.2) 6.2 nm
Dividends per share p na 12.8 na 17.9
nm: Not meaningful
na: Not applicable
Comparatives have been restated to reflect the adoption of FRS19 'Deferred Tax'
GROUP PROFIT AND LOSS ACCOUNT
Three months ended Twelve months ended
March 31 March 31
Restated Better/ Restated Better/
2002 £m 2001 £m (Worse) 2002 £m 2001 £m (Worse)
Traffic Revenue
Scheduled Passenger 1,653 1,787 (7.5)% 7,036 7,803 (9.8)%
Scheduled Cargo 120 133 (9.8)% 483 579 (16.6)%
Non-scheduled services 9 7 28.6% 52 50 4.0%
1,782 1,927 (7.5)% 7,571 8,432 (10.2)%
Other revenue 171 194 (11.9)% 769 846 (9.1)%
TOTAL TURNOVER 1,953 2,121 (7.9)% 8,340 9,278 (10.1)%
Employee costs 548 611 10.3% 2,329 2,376 2.0%
Depreciation 171 183 6.6% 770 715 (7.7)%
Aircraft operating lease costs 52 58 10.3% 199 221 10.0%
Fuel and oil costs 186 280 33.6% 1,028 1,102 6.7%
Engineering and other aircraft costs 197 163 (20.9)% 673 662 (1.7)%
Landing fees and en route charges 137 157 12.7% 615 645 4.7%
Handling charges, catering and other
operating costs 265 289 8.3% 1,110 1,303 14.8%
Selling costs 194 285 31.9% 824 1,135 27.4%
Accommodation, ground equipment costs
and currency differences 168 156 (7.7)% 822 739 (11.2)%
Exceptional operating charge* 80 (100.0)% 80 (100.0)%
TOTAL OPERATING EXPENDITURE 1,998 2,182 8.4% 8,450 8,898 5.0%
OPERATING (LOSS)/PROFIT (45) (61) 26.2% (110) 380 (128.9)%
Share of operating profits in
associates 18 36 (50.0)% 22 64 (65.6)%
TOTAL OPERATING (LOSS)/PROFIT
INCLUDING ASSOCIATES (27) (25) (8.0)% (88) 444 nm
Other income 20 (1) nm 21 1 nm
Profit/(loss) on sale of fixed assets
and investments 10 4 150.0% 145 (69) nm
Interest
Net payable (72) (76) 5.3% (324) (297) (9.1)%
Retranslation on (16) 33 nm 46 71 (35.2)%
currency borrowings
(LOSS)/PROFIT BEFORE TAX (85) (65) (30.8)% (200) 150 (233.3)%
Tax 46 13 253.8% 71 (69) nm
(LOSS)/PROFIT AFTER TAX (39) (52) 25.0% (129) 81 nm
Equity minority interest (1) (2) 50.0% (1) (2) 50.0%
Non equity minority interest** (3) (3) (12) (12)
(LOSS)/PROFIT FOR THE PERIOD (43) (57) 24.6% (142) 67 (311.9)%
Dividends paid and proposed (138) 100.0% (193) 100.0%
RETAINED LOSS FOR THE PERIOD (43) (195) 77.9% (142) (126) (12.7)%
nm: Not meaningful
* Exceptional operating charge for restructuring costs relating to 'Future
Size and Shape' programme
** Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS
Three months ended Twelve months ended
March 31 Increase/ March 31 Increase/
2002 2001 (Decrease) 2002 2001 (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) 25,221 26,800 (5.9)% 106,270 123,197 (13.7)%
ASK (m) 34,988 40,018 (12.6)% 151,046 172,524 (12.4)%
Passenger load factor(%) 72.1 67.0 5.1pts 70.4 71.4 (1.0)pts
CTK (m) 1,005 1,056 (4.8)% 4,033 4,735 (14.8)%
RTK (m) 3,508 3,711 (5.5)% 14,632 16,987 (13.9)%
ATK (m) 5,319 5,883 (9.6)% 22,848 25,196 (9.3)%
Overall load factor (%) 66.0 63.1 2.9pts 64.0 67.4 (3.4)pts
Passengers carried (000) 8,831 9,721 (9.2)% 40,004 44,462 (10.0)%
Tonnes of cargo carried (000) 185 204 (9.3)% 755 914 (17.4)%
FINANCIAL
Passenger revenue per RPK (p) 6.59 6.69 (1.5)% 6.67 6.37 4.7%
Passenger revenue per ASK (p) 4.75 4.48 6.0% 4.69 4.55 3.1%
Cargo revenue per CTK(p) 11.94 12.59 (5.2)% 11.98 12.22 (2.0)%
Total traffic revenue per RTK (p) 50.80 51.93 (2.2)% 51.74 49.64 4.2%
Total traffic revenue per ATK (p) 33.50 32.76 2.3% 33.14 33.47 (1.0)%
Average fuel price before hedging (US
cents/US gallon) 66.89 103.82 (35.6)% 81.29 103.94 (21.8)%
OPERATIONS
Average Manpower Equivalent (MPE) 53,410 58,720 (9.0)% 57,227 58,852 (2.8)%
ATKs per MPE (000) 99.6 100.2 (0.6)% 399.3 428.1 (6.7)%
Aircraft in service at period end 360 338 22 360 338 22
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure 52.08 53.57 (2.8)% 52.49 47.40 10.7%
per RTK (p)
Net operating expenditure 34.35 33.79 1.7% 33.62 31.96 5.2%
per ATK (p)
Note 1: Excludes non airline activity companies, principally, Airmiles Travel
Promotions 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 year was £200 million against £150 million profit
in the previous year. No interim dividend was paid and the Board has recommended
that no final dividend be paid.
The loss reflects the significant reduction in passenger and cargo revenue due
to the effects of September 11th, weakening global economies and the impact of
Foot and Mouth in the UK. Cost efficiency actions continued throughout the year
with reductions in manpower and most other costs. Capacity was reduced on
unprofitable routes, both tactically and through the fleet and network strategy.
Airline operations passenger yield (pence/RPK) for the full year improved by
4.7% compared with last year despite deterioration during the second half. The
operating margin was a deficit of 1.3%, 5.4 points worse than last year.
The fourth quarter results show that the actions we announced after September
11th are having a significant impact on costs. Loss before tax for the quarter
was £85 million, £20 million worse than last year. Excluding exceptional
restructuring costs, operating profit for the quarter was £35 million, £96
million better than last year, unit costs per ATK improved by 2.8% and total
operating costs were down by 12.1%.
The ongoing focus on cash conservation resulted in a closing cash balance of
£1,219 million; the largest year-end balance since privatisation. Cash burn in
the fourth quarter was zero.
Turnover
For the twelve months, group turnover - - at £8,340 million - - was down 10.1%
on a flying programme 9.3% smaller in ATKs. Group turnover for the quarter was
down 7.9% - - at £1,953 million - - on capacity 9.6% lower.
Airline operations passenger yields for the quarter were down 1.5 % per RPK;
seat factor was up 5.1 points at 72.1%, on capacity 12.6% lower in ASKs.
Cargo volumes for the quarter (CTKs) were down 4.8% compared with last year,
with yields down 5.2%.
Unit costs
For the twelve month period, unit costs before exceptional restructuring (pence/
ATK) increased by 4.1%, on capacity reduction, in ATKs, of 9.3%.
Unit costs for the fourth quarter, excluding exceptional restructuring, were
down 2.8% on the same quarter last year. This reflects the total cost reduction
of 12.1%, on capacity 9.6% lower in ATKs.
Airline operations manpower fell during the course of the year by 2.8% to
57,227. Productivity, measured in ATKs per MPE, was down by 6.7%.
Non-operating items
Net interest expense for the year was £278 million. This included a book credit
for the revaluation of yen debts (used to fund aircraft acquisitions) of £49
million, compared to a credit the previous year of £73 million. The revaluation
-- a non cash item required by standard accounting practice -- results from the
weakening of the yen against sterling.
Profits on disposals of fixed assets and investments for the year were £145
million, reflecting primarily the disposal of our investment in Go Fly Ltd in
June 2001. We also sold our investment in France Telecom (formerly shares held
in Equant). This represents an improvement of £214 million compared with 2000/
01.
Other income includes £22 million received from the UK Government as
compensation, primarily for the closure of US airspace immediately following
September 11th.
Earnings per share
For the twelve month period, losses attributable to shareholders were £142
million, equivalent to a loss of 13.2 pence per share, compared with equivalent
earnings of 6.2 pence per share last year. The loss attributable to shareholders
for the fourth quarter was equivalent to 4.0 pence per share, compared with last
year's loss of 5.3 pence per share.
Net Debt / Total Capital ratio
Borrowings, net of cash and short-term loans and deposits, amounted to £6,294
million at the year end, an increase of £71 million from last year.
The year-end net debt/total capital ratio was 66%, a 1.5 point increase over
last year but 0.5 points better than December 2001.
Cash flow
Net cash inflow from operating activities totalled £866 million, down £385
million from last year. However, the net cashflow before management of liquid
resources and financing was £514 million, an improvement of £182 million on last
year, due to a reduction in capital expenditure and an increase in the sale of
fixed assets and investments more than offsetting the reduction in operating
cash flow.
Aircraft fleet changes
The number of Group aircraft in service at March 31, 2002 was 360, an increase
of 22 on the prior year. The increase primarily reflects the acquisition of
British Regional Air Lines with 12 Jetstream 41, 13 British Aerospace ATP, 21
Embraer RJ145 and 5 British Aerospace 146 in service at year end. Conversely,
the sale of go reduced Boeing 737-300 aircraft by 13. Other changes, in line
with the ongoing fleet strategy, included new deliveries of 5 Boeing 777, 12
Airbus A319, 3 Airbus A320, 2 Boeing 737-300, 1 Avro RJ100 and 1 Embraer RJ145.
Disposals included 8 Boeing 747-200, 18 Boeing 757-200, 2 Boeing 737-300, 3
Boeing 737-400, 1 ATR72 and 1 DHC-8. In addition, 5 Boeing 747-200 and 4 Boeing
757-200 are stood down awaiting disposal and 2 Boeing 737-300 went into service
having previously been undergoing pre-service preparation at March 31, 2001.
Strategic Developments
In February, we announced the result of the study known as 'Future Size and
Shape'. Unanimously approved by the Board, it re-defines the business of British
Airways and the way in which the company will deliver necessary economic and
competitive reform. This includes further actions to eliminate unprofitable
segments of our business through capacity reduction, elimination of unnecessary
complexity, and reduction in both overhead and front line manpower levels
without reducing customer service standards. In addition, we are changing the
shorthaul pricing proposition to compete more effectively with the no-frills
carriers. We are also rationalising our property portfolio and driving
simplification and cost reduction through Information Technology.
Subsidiaries and Associates
In April 2001, in partnership with Thomas Cook Ltd, we acquired a 50% holding in
a newly formed company, Accoladia Ltd, a travel company into which the outbound
business of BA Holidays was transferred.
Qantas issued new shares on two occasions during the year, by way of an
institutional placement and shareholder placing respectively. British Airways
did not take up its allocation, which resulted in the dilution of the group's
shareholding from 25% to 21.4%.
On May 8, 2002, we announced the signing of a binding deal, which grants easyJet
the option to buy 100% of Deutsche BA, by March 31, 2003.
Alliance Development
In January 2002, we advised that the US Department of Transportation's
conditions for an anti-trust immune deal with American Airlines were too high to
allow us to proceed. We remain committed to our alliance relationship with
American Airlines and we are still working together to look for alternative
commercial opportunities, albeit not requiring anti-trust immunity, in a number
of areas. Our co-operation within the oneworld framework continues to develop
alongside the bilateral discussions.
We continue to strengthen links with other oneworld partners and during the year
code-share agreements were extended with Aer Lingus, Cathay Pacific and Iberia.
Outlook
Reform and re-structuring against a substantially changed competitive background
are well under way. The concentration is on providing customers with the
services they want at prices which are of value and at costs which make a
satisfactory return for shareholders.
The current year is one of transition and still subject to global economic and
political uncertainty. The market is expected to remain soft; but further
capacity cuts should help to underpin yields and to support increases in seat
factors. In a weak revenue environment, costs remain the focus.
GROUP BALANCE SHEET
March 31
Restated
2002 £m
2001 £m
FIXED ASSETS
Intangible assets 105 60
Tangible assets 10,509 10,662
Investments 489 426
11,103 11,148
CURRENT ASSETS
Stocks 109 170
Debtors 1,231 1,444
Cash, short-term loans and deposits 1,219 936
2,559 2,550
CREDITORS: AMOUNTS FALLING DUE (3,201) (3,308)
WITHIN ONE YEAR
NET CURRENT LIABILITIES (642) (758)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,461 10,390
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Borrowings and other creditors (6,985) (6,788)
Convertible Capital Bonds 2005 (112) (113)
(7,097) (6,901)
PROVISIONS FOR DEFERRED TAX (1,031) (1,094)
PROVISIONS FOR LIABILITIES AND CHARGES (126) (70)
2,207 2,325
CAPITAL AND RESERVES
Called up share capital 271 271
Reserves 1,745 1,850
2,016 2,121
Minority interest 9 18
Non equity minority interest 182 186
2,207 2,325
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Twelve months ended
March 31
Restated
2002 £m 2001 £m
(Loss)/profit for the period (142) 67
Other recognised gains and losses
relating to the period:
Exchange and other movements 17 (30)
Prior period adjustment (1,094)
Total recognised gains and losses (1,219) 37
Prior year adjustment relates to the adoption of FRS 19 'Deferred Tax'.
These summary financial statements were approved by the Directors on May 20,
2002.
GROUP CASH FLOW STATEMENT
Twelve months ended
March 31
2002 £m 2001 £m
CASH INFLOW FROM OPERATING ACTIVITIES 866 1,251
DIVIDENDS RECEIVED FROM ASSOCIATES 16 33
GOVERNMENT COMPENSATION RECEIVED 22
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (327) (342)
TAX (1) 15
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 94 (457)
ACQUISITIONS AND DISPOSALS (19) 26
EQUITY DIVIDENDS PAID (137) (194)
Cash inflow before management of liquid 514 332
resources and financing
MANAGEMENT OF LIQUID RESOURCES (301) 159
FINANCING (217) (521)
Decrease in cash in the period (4) (30)
NOTES TO THE ACCOUNTS
For the period ended March 31, 2002
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, 2002 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.
Twelve months ended
March 31
2002 £m 2001 £m
2 RECONCILIATION OF OPERATING (LOSS)/PROFIT TO CASH INFLOW
FROM OPERATING ACTIVITIES
Group operating (loss)/profit (110) 380
Depreciation and amortisation 770 715
Other items not involving the movement of cash (1)
Decrease/(increase) in stocks and debtors 186 (38)
(Decrease)/increase in creditors (25) 204
Increase/(decrease) in provisions for 45 (9)
liabilities and charges
Cash inflow from operating activities 866 1,251
3 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
DEBT
Decrease in cash during the period (4) (30)
Net cash outflow from decrease in debt and lease
financing 217 524
Cash outflow/(inflow) from liquid resources 301 (159)
Change in net debt resulting from cash flows 514 335
New finance leases taken out and hire purchase
arrangements made (512) (663)
Divested from subsidiary undertakings sold during
the period 69
Assumed from subsidiary undertakings acquired during
the year (117)
Conversion of Convertible Capital Bonds 1
Exchange movements 43 (48)
Movement in net debt during the period (71) (307)
Net debt at April 1 (6,223) (5,916)
Net debt at period end (6,294) (6,223)
Three months ended Twelve months ended
March 31 March 31
2002 £m 2001 £m 2002 £m 2001 £m
4 OTHER INCOME
Income from trade investments 1 1
Government compensation 22 22
Other (2) (1) (2)
20 (1) 21 1
Other income represented by:
Group 20 (1) 21 1
20 (1) 21 1
British Airways received Government compensation for the closure of US and
Israeli airspace following September 11, 2001.
NOTES TO THE ACCOUNTS (continued)
For the period ended March 31, 2002
Three months ended Twelve months ended
March 31 March 31
2002 £m 2001 £m 2002 £m 2001 £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
Net loss on disposal of Bedford Associates (9) (9)
Net loss on disposal of Participations
Aeronautiques 2 (54)
Share of net profit on disposal of Amadeus by
Iberia 22 22
Net profit/(loss)on disposal of other fixed '
assets and investments 19 (20) 33 (37)
10 4 145 (69)
Represented by:
Group 7 (22) 142 (96)
Associates 3 26 3 27
10 4 145 (69)
6 INTEREST
Net payable:
Interest payable less amount capitalised 78 102 374 389
Interest receivable (6) (26) (50) (92)
72 76 324 297
Retranslation on currency borrowings 16 (33) (46) (71)
88 43 278 226
Net interest payable represented by:
Group 85 37 271 215
Associates 3 6 7 11
88 43 278 226
7 TAX
During the year 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
twelve months ended March 31, 2002 is a net credit of £71 million which arises
as a result of implementing this standard, including a charge of £3 million
relating to the sale of go and France Telecom. The taxation credit relating to
the exceptional operating charge is £24 million. In addition, the comparatives
have been restated, resulting in an increase to the tax charge of £47 million
for the twelve months ended March 31, 2001. The deferred tax provision is
included on balance sheet and amounts to £1,031 million at March 31, 2002 (March
31, 2001: £1,094 million). None of the deferred tax is expected to become
payable in the foreseeable future.
8 EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share for the quarter ended March 31, 2002 are
calculated on a weighted average of 1,076,090,000 ordinary shares (March 2001:
1,075,831,000) and for the twelve months ended March 31, 2002, on a weighted
average of 1,076,042,000 ordinary shares (March 2001: 1,075,496,000) 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 March 31, 2002 are calculated on a weighted average of 1,076,090,000
ordinary shares (March 2001: 1,086,510,000) and for the twelve months ended
March 31, 2002 on a weighted average of 1,077,966,000 ordinary shares (March
2001: 1,085,163,000).
The number of shares in issue at March 31, 2002 was 1,082,757,000 (March
31, 2001: 1,082,552,000) ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (continued)
For the period ended March 31, 2002
March 31
2002 £m 2001 £m
9 TANGIBLE ASSETS
Fleet 8,672 8,761
Property 1,335 1,418
Equipment 502 483
10,509 10,662
10 INVESTMENTS
Associated undertakings 425 381
Trade investments 39 20
Investment in own shares 25 25
489 426
11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loans 62 49
Finance Leases 208 106
Hire Purchase Arrangements 409 329
679 484
Overdrafts - unsecured 3
Corporate taxation 29 31
Other creditors and accruals 2,493 2,790
3,201 3,308
12 BORROWINGS AND OTHER CREDITORS FALLING DUE AFTER MORE
THAN ONE YEAR
Loans 1,483 992
Finance Leases 2,404 2,240
Hire Purchase Arrangements 2,835 3,327
6,722 6,559
Other creditors and accruals 263 229
6,985 6,788
13 RESERVES
Balance at April 1 2,944
Prior year adjustment * (1,094)
Balance at April 1 as restated 1,850 1,830
Retained loss for the period (142) (126)
Exchange and other adjustments 17 (30)
Goodwill written back on disposals 20 173
Premium arising from issue of ordinary
share capital
3
1,745 1,850
• Prior year adjustment relates to the adoption of FRS19 'Deferred Tax' (Note 7)
14 The figures for the three months and twelve months
ended March 31, 2002 and 2001 are unaudited and do not constitute full accounts
within the meaning of Section 240 of the Companies Act 1985. The Annual Report
and Accounts for the year ended March 31, 2002 were approved by the Board of
Directors today but have not been delivered to the Registrar of Companies; the
report of the auditors on the accounts is unqualified. The figures for the year
ended March 31, 2001, have been extracted, with certain minor presentational
changes, 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.
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,
2002. The comparatives have been adjusted to reflect the adoption of FRS 19
'Deferred Tax'. In addition the company has adopted FAS 133 effective from April
1, 2001 for US GAAP.
The adjusted net income and shareholders' equity applying US GAAP are set out below:
Three months ended Twelve months ended
March 31 March 31
Restated Restated
2002 £m 2001 £m 2002 £m 2001 £m
(Loss)/profit for the period as reported in the
Group profit and loss account (43) (57) (142) 67
US GAAP adjustments (22) 75 13 159
Net (loss)/ income as so adjusted to accord with US
GAAP (65) 18 (129) 226
Net (loss)/income per Ordinary Share as so adjusted
Basic (6.0)p 1.7p (12.0)p 21.0p
Diluted (6.0)p n/a (12.0)p 20.8p
Net (loss)/income per American Depositary Share as
so adjusted
Basic (60)p 17p (120)p 210p
Diluted (60)p n/a (120)p 208p
March 31
Restated
2000 £m 2001 £m
Shareholders' equity as reported in the Group
balance sheet 2,016 2,121
US GAAP adjustments 55 213
Shareholders' equity as so adjusted to accord with
US GAAP 2,071 2,334
AIRCRAFT FLEET
Number in service with Group companies at March 31, 2002
Changes
On balance Operating Leases Total since
sheet off balance sheet Mar Mar Future
aircraft Extendible Other 2002 2001 Deliveries Options
AIRLINE OPERATIONS (Note 1, 2 & 8)
Concorde (Note 3) 7 7
Boeing 747-200 (13)
Boeing 747-400 56 56
Boeing 777 45 45 5
Boeing 767-300 (Note 4) 21 21
Boeing 757-200 20 2 1 23 (22)
Airbus A318 6
Airbus A319(Note 5) 21 10 2 33 12 6 113
Airbus A320 10 3 13 3 17
Airbus A321 4
Boeing 737-300(Note 6) 27 27 (11)
Boeing 737-400 20 5 6 31 (3)
Boeing 737-500 10 10
Turbo Props (Note 7) 44 44 23
Embraer RJ145 15 5 9 29 22 1 17
Avro RJ100 16 16 1
British Aerospace 146 5 5 5
GROUP TOTAL 220 38 102 360 22 34 130
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 5 Boeing 757 - 200s, 5 Boeing 747 - 200s, stood down
pending disposal or return to lessor, 1 Boeing 747 - 400 sub-leased to
Qantas.
3 3 Concordes are currently stood down pending safety modifications.
4 Includes 4 Boeing 767 - 300s temporarily out of service.
5 Certain future deliveries and options include reserved delivery
positions, and may be taking as any A320 family aircraft.
6 Net reduction includes 13 Boeing 737 - 300 aircraft disposed of
with go.
7 Includes 12 Jetstream 41 aircraft, 13 British Aerospace ATP
aircraft, 5 ATR 72 aircraft and 14 de Havilland Canada DHC-8 aircraft.
8 On the purchase of British Regional Air Lines 49 aircraft were
acquired of which 47 were in service and comprised of 13 Jetstream 41
aircraft, 13 British Aerospace ATP aircraft, 18 Embraer 145 aircraft and
3 British Aerospace 146 aircraft.
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 7 hours ago Tirupati Graphite
- 9 hours ago CMC Markets
- 9 hours ago Invesco Perpetual UK Smaller Companies Inv Trust
- 9 hours ago Pearson
- 10 hours ago Gran Tierra Energy Inc. (CDI)