Final results
British Airways PLC
17 May 2004
PRELIMINARY FINANCIAL RESULTS 2003-2004
Three months ended Twelve months ended
March 31 Better/ March 31 Better/
2004 2003 (Worse) 2004 2003 (Worse)
Turnover £m 1,854 1,675 10.7% 7,560 7,688 (1.7)%
Operating profit/(loss) £m 32 (164) nm 405 295 37.3%
Operating margin % 1.7 (9.8) 11.5pts 5.4 3.8 1.6pts
Profit/(loss) before tax £m 45 (200) nm 230 135 70.4%
Retained profit/(loss)
for the period £m 12 (133) nm 130 72 80.6%
Net assets at period end £m 2,428 2,274 6.8% 2,428 2,274 6.8%
Earnings per share
Basic p 1.1 (12.4) nm 12.1 6.7 80.6%
Diluted p 1.1 (12.4) nm 12.1 6.7 80.6%
nm: Not meaningful
GROUP PROFIT AND LOSS ACCOUNT
Three months ended Twelve months ended
March 31 Better/ March 31 Better/
2004 £m 2003 £m (Worse) 2004 £m 2003 £m (Worse)
Traffic Revenue*
Passenger 1,580 1,429 10.6% 6,490 6,590 (1.5)%
Cargo 113 111 1.8% 463 484 (4.3)%
1,693 1,540 9.9% 6,953 7,074 (1.7)%
Other revenue 161 135 19.3% 607 614 (1.1)%
TOTAL TURNOVER 1,854 1,675 10.7% 7,560 7,688 (1.7)%
Employee costs 595 531 (12.1)% 2,180 2,107 (3.5)%
Depreciation and amortisation 171 180 5.0% 679 676 (0.4)%
Aircraft operating lease
costs 43 63 31.7% 135 189 28.6%
Fuel and oil costs 228 206 (10.7)% 922 842 (9.5)%
Engineering and other
aircraft costs 134 148 9.5% 511 566 9.7%
Landing fees and en route
charges 129 125 (3.2)% 549 576 4.7%
Handling charges, catering and
other operating costs 215 224 4.0% 934 961 2.8%
Selling costs 118 127 7.1% 554 706 21.5%
Accommodation, ground equipment
costs and currency differences 189 151 (25.2)% 691 686 (0.7)%
Concorde retirement costs** 84 100.0% 84 100.0%
TOTAL OPERATING EXPENDITURE 1,822 1,839 0.9% 7,155 7,393 3.2%
OPERATING PROFIT/(LOSS) 32 (164) nm 405 295 37.3%
Share of operating profits in associates 58 33 75.8% 58 39 48.7%
TOTAL OPERATING PROFIT/(LOSS) 90 (131) nm 463 334 38.6%
INCLUDING ASSOCIATES
Other income and charges (11) 100.0% 13 (4) nm
Profit/(loss) on sale of fixed assets and
investments 6 12 (50.0)% (46) 60 nm
Interest
Net payable (52) (52) (216) (247) 12.6%
Retranslation credits/(charges)
on currency borrowings 1 (18) nm 16 (8) nm
PROFIT/(LOSS) BEFORE TAX 45 (200) nm 230 135 70.4%
Tax (29) 70 nm (85) (50) (70.0)%
PROFIT/(LOSS) AFTER TAX 16 (130) nm 145 85 70.6%
Equity minority interest (1) (100.0)% (1) (100.0)%
Non equity minority interest*** (3) (3) (14) (13) (7.7)%
PROFIT/(LOSS) FOR THE PERIOD 12 (133) nm 130 72 80.6%
RETAINED PROFIT/(LOSS) FOR THE PERIOD 12 (133) nm 130 72 80.6%
nm: Not meaningful
* Revenue for the current year includes £35 million relating to the release of
prior year provisions.
** The prior year relates to the impairment of Concorde capitalised
modifications and rotable inventory and write down of Concorde expendable
stock.
*** Cumulative Preferred Securities.
OPERATING AND FINANCIAL STATISTICS
Three months ended Twelve months ended
March 31 Increase/ March 31 Increase/
2004 2003 (Decrease) 2004 2003 (Decrease)
TOTAL AIRLINE OPERATIONS (Note 1)
TRAFFIC AND CAPACITY
RPK (m) 24,932 23,439 6.4% 103,092 100,112 3.0%
ASK (m) 35,232 33,729 4.5% 141,273 139,172 1.5%
Passenger load factor (%) 70.8 69.5 1.3pts 73.0 71.9 1.1pts
CTK (m) 1,148 991 15.8% 4,461 4,210 6.0%
RTK (m) 3,644 3,338 9.2% 14,771 14,213 3.9%
ATK (m) 5,510 5,165 6.7% 21,859 21,328 2.5%
Overall load factor (%) 66.1 64.6 1.5pts 67.6 66.6 1.0pts
Passengers carried (000) 8,142 8,547 (4.7)% 36,103 38,019 (5.0)%
Tonnes of cargo carried (000) 209 182 14.8% 796 764 4.2%
FINANCIAL
Passenger revenue per RPK (p) 6.34 6.10 3.9% 6.30 6.58 (4.3)%
Passenger revenue per ASK (p) 4.48 4.24 5.7% 4.59 4.74 (3.2)%
Cargo revenue per CTK (p) 9.84 11.20 (12.1)% 10.38 11.50 (9.7)%
Total traffic revenue per RTK (p) 46.46 46.14 0.7% 47.07 49.77 (5.4)%
Total traffic revenue per ATK (p) 30.73 29.82 3.1% 31.81 33.17 (4.1)%
Average fuel price before hedging
(US cents/US gallon) 105.30 100.15 5.1% 94.49 86.01 9.9%
OPERATIONS
Average Manpower Equivalent (MPE) 46,551 50,309 (7.5)% 47,605 51,630 (7.8)%
ATKs per MPE (000) 118.4 102.7 15.3% 459.2 413.1 11.2%
Aircraft in service at
period end 291 330 (39) 291 330 (39)
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure
per RTK (p) 45.58 51.05 (10.7)% 44.33 47.70 (7.1)%
Net operating expenditure
per ATK (p) 30.15 32.99 (8.6)% 29.96 31.78 (5.7)%
Note 1: Excludes non airline activity companies, principally, Airmiles Travel
Promotions Ltd, BA Holidays Ltd, BA Travel Shops Ltd, Speedbird Insurance
Company Ltd and The London Eye Company Ltd.
CHAIRMAN'S STATEMENT
Group performance
Full year
Group profit before tax for the year was £230 million against a £135 million
profit in the previous year. The Board has recommended that no dividend be paid.
Operating profit in the year, at £405 million, was £110 million better than last
year. The operating margin of 5.4% was 1.6 points better than last year. The
improvement in operating profit reflects the continuing focus on cost reduction
initiatives, particularly the delivery of the Future Size and Shape (FSAS)
programme. Turnover was down 1.7% reflecting the impact of the war in Iraq, SARS
and economic weakness in the first half of the year. Passenger yields for the
year were down 4.3% per RPK; seat factor was up 1.1 points at 73.0% on capacity
1.5% higher in ASKs.
Cargo volumes for the full year (CTKs) were up 6.0% compared with last year,
with yields down 9.7%. Overall load factor for the full year was up 1.0 point at
67.6%.
Cash inflow before financing was £874 million for the twelve months. The closing
cash balance of £1,670 million was up £18 million versus last year. Net debt
fell by £991 million during the year to £4,158 million - - its lowest level
since December 31, 1997 - - and is down £2.4 billion from the December 2001
peak.
Fourth quarter
The profit before tax for the fourth quarter was £45 million, £245 million
better than last year. The operating profit for the quarter was £32 million,
£196 million better than last year which included an £84 million charge relating
to the retirement of Concorde. This year's fourth quarter profit included £35
million of one-off revenue credits relating to systems and process improvements
that have enabled more accurate assessments to be made of certain balances.
Group turnover for the quarter was up 10.7% compared with last year - - at
£1,854 million - - on capacity 6.7% higher in ATKs. Yield (pence/RPK) improved
by 3.9% and seat factor was up 1.3 points to 70.8%, whilst unit costs per ATK
improved by 8.6% (3.9% excluding the Concorde charge).
For the quarter, cargo volumes (CTKs) were up 15.8% compared with last year,
with overall load factor up 1.5 points at 66.1%, but yields down 12.1%.
Costs
For the twelve months, unit costs excluding the Concorde charge (pence/ATK)
improved by 4.6% on the same period last year. This reflects a net cost
reduction of 2.2% on capacity 2.5% higher in ATKs.
For the quarter, unit costs (pence/ATK) excluding the Concorde charge improved
by 3.9% on the same period last year. This reflects a net cost increase of 2.5%
on capacity 6.7% higher in ATKs. Total unit costs (pence/ATK) improved by 8.6%.
The net cost increase primarily reflected increases in employment costs, up
12.1% due mainly to the increase in pension costs (following the actuarial
review of our two main UK pension schemes) and fuel costs, up 10.7% due to
increases in fuel price net of hedging. This was partially offset by reductions
in selling costs, down 7.1% due to the restructuring of travel agents'
commission and growing on-line sales, and aircraft operating lease costs, down
31.7%.
Non-operating items
Net interest expense for the year was £200 million, £55 million lower than the
previous year. This included a credit for the revaluation of yen debt (used to
fund aircraft acquisitions) of £15 million, compared to a charge the previous
year of £10 million. The revaluation -- a non cash item required by standard
accounting practice -- results from the weakening of the yen against sterling.
For the three month period net interest expense was £51 million, down £19
million on last year.
Losses on disposals of fixed assets and investments for the year were £46
million, compared with profits of £60 million last year, primarily reflecting
the disposal of dba in Quarter 1 for a loss of £83 million. Profits on disposal
for the quarter were £6 million, down £6 million on last year.
Other income of £13 million for the year primarily relates to lease transfer
consent fees. This compares to a charge of £4 million last year.
Earnings per share
For the twelve month period, profits attributable to shareholders were £130
million, equivalent to earnings of 12.1 pence per share, compared with earnings
of 6.7 pence per share last year. The profit attributable to shareholders for
the fourth quarter was equivalent to 1.1 pence per share, compared with a loss
per share last year of 12.4 pence.
Net Debt / Total Capital ratio
The year-end net debt/total capital ratio was 53.8%, a 6.9 point reduction from
last year. The net debt/total capital ratio including operating leases was
58.2%, a 6.4 point reduction from last year.
Cash flow
Net cash inflow from operating activities totalled £1,093 million, down £92
million from last year. The improvement in operating profit was not fully
reflected in the operating cash flow due to a reduction in depreciation relating
to the Concorde write-down in the prior year and working capital movements. The
net cash flow before management of liquid resources and financing was £874
million, a reduction of £357 million from last year, due to the decrease in
operating cash flow and a reduction in disposal proceeds, partially offset by a
reduction in capital expenditure.
Performance improvement programmes
Annualised Future Size and Shape (FSAS) cost savings for the two year programme
totalled £869 million against a target of £650 million - - targets for all the
FSAS programmes (manpower costs, distribution, procurement and information
technology) were exceeded.
The 2004/06 Business Plan was announced on January 28, and includes a target of
£300 million saving in employment costs, together with the continuing delivery
of last year's Business Plan programmes.
The Group manpower reduction of 15,678 since August 2001 includes 1,397 relating
to the disposal of World Network Services and 750 relating to the disposal of
dba and is a reduction of 13,082 against the FSAS target of 13,000.
Capital spend for the year was £253 million, taking cumulative two year spend to
£572 million, £278 million better than FSAS target. Disposal proceeds were £278
million for the year, with further sales in April 2004 taking the cumulative
FSAS total to £939 million, £39 million better than the £900 million target.
Aircraft fleet changes
The number of group aircraft in service at March 31, 2004 was 291, a reduction
of 39 on the prior year. Aircraft returns to lessors comprised five British
Aerospace ATP and five ATR72 aircraft. In addition, a further five ATP and four
Boeing 737-400 aircraft were stood-down pending return to lessors. The five
remaining Concordes retired from service in October 2003 and 16 Boeing 737-300
aircraft were disposed of as part of the dba sale in June 2003. In addition,
British Airways CitiExpress sub-leased three ATP aircraft to Loganair.
Deliveries comprised three Airbus A320 aircraft and one Boeing 747-400 aircraft
was returned to service having been previously sub-leased to Qantas.
Subsidiaries and associates
On June 30, 2003, the sale was completed of dba to Intro GmbH, for a loss on
disposal in the period of £83 million.
In April and October, 2003, Qantas issued new shares by way of shareholder
placings. On each occasion, British Airways did not take up its allocation,
which resulted in the dilution of the group's shareholding from 18.93% to
18.25%. There was no profit on deemed disposal.
British Airways is continuing to simplify and strengthen its UK regional
operation. As part of the strategy to move to an all-jet regional operation, the
remaining fleet of eight British Aerospace ATPs has been stood down, five
awaiting return to lessor and three sub-leased to Loganair. Five intra-Scotland
routes have been transferred to Loganair and it has been announced that British
Airways CitiExpress will no longer operate four Isle of Man routes previously
ATP operated, but will retain routes from London Gatwick and Manchester to the
island with different aircraft types. As a result of these changes, British
Airways CitiExpress will operate a fleet of 59 aircraft and four types in 2004,
down from 92 aircraft and nine types in 2001.
In April 2003, Amadeus Global Travel Distribution took a 16.67% stake in Opodo.
This resulted in the dilution of the group's shareholding from 22.86% to 19.05%,
and a profit on deemed disposal of £5 million.
Alliance developments
By February, 2004 all initial phases of the American Airlines / British Airways
behind and beyond codeshare had been implemented. In total, American Airlines
have placed their code on 68 British Airways routes to 58 destinations, spanning
34 countries and using nearly 300 flight numbers. In turn, British Airways have
placed their code on 104 routes to 12 countries serving 85 destinations, of
which 73 are new to the BA network. This includes the first transatlantic
codeshares introduced - Manchester and Glasgow to Chicago and Manchester to New
York.
Following the agreement between British Airways and Iberia in December 2003, all
British Airways and Iberia services from London to Spain are now codeshared.
A commercial agreement with Swiss International Air Lines was concluded in
September 2003.
Outside oneworld, co-operation with Japan Airlines (JAL) continues in the form
of Frequent Flyer Programme agreements and codesharing. Codesharing commenced in
January, 2004, on JAL flights between Tokyo and Seoul, Fukuoka, Osaka and
Nagoya. JAL places its code on British Airways services between Heathrow and
Hamburg and Stuttgart.
Outlook
Market conditions remain unchanged since our Quarter 3 announcement. Longhaul
premium volumes are recovering steadily, while shorthaul premium remain at lower
levels. Non-premium volumes are very price-sensitive. We are forecasting a 2-3%
revenue improvement in the current year. We expect small yield declines in the
full year will be more than offset by volume. Fuel costs are now expected to be
£150 million higher this year than last. The continuing focus on controllable
costs remains key to long-term profitability.
Certain information included in these statements is forward-looking and involves
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward looking statements.
Forward-looking statements include, without limitation, projections relating to
results of operations and financial conditions and the Company's plans and
objectives for future operations, including, without limitation, expected
future revenues, financing plans and expected expenditures and divestments. All
forward-looking statements in this report are based upon information known to
the Company on the date of this report. The Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.
It is not reasonably possible to itemize all of the many factors and specific
events that could cause the Company's forward looking statements to be incorrect
or that could otherwise have a material adverse effect on the future operations
or results of an airline operating in the global economy. Information on some
factors which could result in material difference to the results is available in
the Company's SEC filings, including, without limitation the Company's Report on
Form 20-F for the year ended March 2003.
GROUP BALANCE SHEET
March 31
2004 £m 2003 £m
FIXED ASSETS
Intangible assets 168 164
Tangible assets 8,637 9,487
Investments 562 524
9,367 10,175
CURRENT ASSETS
Stocks 76 87
Debtors 1,019 986
Cash, short-term loans and deposits 1,670 1,652
2,765 2,725
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (2,996) (2,904)
NET CURRENT LIABILITIES (231) (179)
TOTAL ASSETS LESS CURRENT LIABILITIES 9,136 9,996
CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
Borrowings and other creditors (5,374) (6,441)
Convertible Capital Bonds 2005 (112) (112)
(5,486) (6,553)
PROVISION FOR DEFERRED TAX (1,137) (1,062)
PROVISIONS FOR LIABILITIES AND CHARGES (85) (107)
2,428 2,274
CAPITAL AND RESERVES
Called up share capital 271 271
Reserves 1,947 1,787
2,218 2,058
MINORITY INTEREST
Equity minority interest 10 10
Non equity minority interest 200 206
210 216
2,428 2,274
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Twelve months ended
March 31
2004 £m 2003 £m
Profit for the period 130 72
Other recognised gains and losses
relating to the period:
Exchange and other movements 16 (38)
Total recognised gains and losses 146 34
These summary financial statements were approved by the Directors on May 17,
2004.
GROUP CASH FLOW STATEMENT
Twelve months ended
March 31
2004 £m 2003 £m
CASH INFLOW FROM OPERATING ACTIVITIES 1,093 1,185
DIVIDENDS RECEIVED FROM ASSOCIATES 25 23
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (209) (249)
TAX (4) (7)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 42 250
ACQUISITIONS AND DISPOSALS (73) 29
Cash inflow before management of liquid 874 1,231
resources and financing
MANAGEMENT OF LIQUID RESOURCES (198) (289)
FINANCING (834) (784)
(Decrease)/increase in cash in the period (158) 158
NOTES TO THE ACCOUNTS
For the period ended March 31, 2004
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, 2004 in accordance with
all applicable United Kingdom accounting standards and the Companies Act 1985.
Twelve months ended
March 31
2004 £m 2003 £m
2 RECONCILIATION OF OPERATING PROFIT TO
CASH INFLOW FROM OPERATING ACTIVITIES
Group operating profit 405 295
Depreciation and amortisation 679 734
Other items not involving the movement of cash 11
(Increase)/decrease in stocks and debtors (23) 238
Increase/(decrease) in creditors 43 (62)
Decrease in provisions for liabilities and charges (22) (20)
Cash inflow from operating activities 1,093 1,185
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
(Decrease)/increase in cash during the period (158) 158
Net cash outflow from decrease in debt and
lease financing 834 784
Cash outflow from liquid resources 198 289
Change in net debt resulting from cash flows 874 1,231
New finance leases taken out and hire
purchase arrangements made (97) (221)
Non cash refinancing 32
Exchange 182 135
Movement in net debt during the period 991 1,145
Net debt at April 1 (5,149) (6,294)
Net debt at period end (4,158) (5,149)
Three months ended Twelve months ended
March 31 March 31
2004 £m 2003 £m 2004 £m 2003 £m
4 OTHER INCOME
Other (11) 13 (4)
(11) 13 (4)
Other income and charges represented by:
Group (11) 13 (4)
(11) 13 (4)
NOTES TO THE ACCOUNTS (Continued)
For the period ended March 31, 2004
Three months ended Twelve months ended
March 31 March 31
2004 £m 2003 £m 2004 £m 2003 £m
5 PROFIT/(LOSS) ON SALE OF FIXED ASSETS AND INVESTMENTS
Net loss on disposal of dba (Note 1) (83)
Net additional profit from onward disposal of go 10
Net profit on disposal of other fixed
assets and investments 6 12 37 50
6 12 (46) 60
Represented by:
Group 6 10 (47) 58
Associates 2 1 2
6 12 (46) 60
Note 1:
On June 30, 2003 British Airways completed the sale of 100% of its interest in
Deutsche BA Luftfahrtgesellschaft mbH(dba) to Intro GmbH. The loss on disposal
under the terms of the sale agreement will be finalised after the completion
accounts have been agreed.
6 INTEREST
Net payable:
Interest payable less amount capitalised 69 69 279 310
Interest receivable (17) (17) (63) (63)
52 52 216 247
Retranslation (credits)/charges on currency
borrowings (1) 18 (16) 8
51 70 200 255
Net interest payable represented by:
Group 46 69 192 253
Associates 5 1 8 2
51 70 200 255
7 TAX
The tax charge for the year is £85 million made up of a current tax charge of
£10 million representing share of associates tax of £19 million and overseas tax
of £1 million, a prior year tax credit of £10 million and £75 million by way of
deferred taxes in the UK. The deferred tax provision is included on balance
sheet and amounts to £1,137 million at March 31, 2004 (March 31, 2003: £1,062
million).
8 EARNINGS PER SHARE
Basic earnings per share for the quarter ended March 31, 2004 are calculated on
a weighted average of 1,070,099,000 ordinary shares (March 31, 2003:
1,069,884,000) and for the twelve months ended March 31, 2004, on a weighted
average of 1,070,077,000 ordinary shares (March 31, 2003: 1,073,054,000) as
adjusted for shares held for the purposes of employee share ownership plans
including the Long Term Incentive Plan. Diluted earnings per share for the
quarter ended March 31, 2004 are calculated on a weighted average of
1,070,117,000 ordinary shares (March 31, 2003: 1,069,884,000) and for the twelve
months ended March 31, 2004 on a weighted average of 1,070,077,000 ordinary
shares (March 31, 2003: 1,073,054,000).
The number of shares in issue at March 31, 2004 was 1,082,845,000 (March 31,
2003: 1,082,784,000) ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (Continued)
For the period ended March 31, 2004
March 31
2004 £m 2003 £m
9 INTANGIBLE ASSETS
Goodwill 93 99
Landing rights 75 65
168 164
10 TANGIBLE ASSETS
Fleet 7,104 7,828
Property 1,042 1,219
Equipment 491 440
8,637 9,487
11 INVESTMENTS
Associated undertakings 501 461
Trade investments 30 32
Investment in own shares 31 31
562 524
12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loans 102 57
Finance Leases 119 124
Hire Purchase Arrangements 461 362
682 543
Corporate tax 6 19
Other creditors and accruals 2,308 2,342
2,996 2,904
13 BORROWINGS AND OTHER CREDITORS FALLING DUE AFTER
MORE THAN ONE YEAR
Loans 1,123 1,275
Finance Leases 1,978 2,430
Hire Purchase Arrangements 1,933 2,441
5,034 6,146
Other creditors and accruals 340 295
5,374 6,441
14 RESERVES
Balance at April 1 1,787 1,745
Retained profit for the period 130 72
Exchange and other adjustments 16 (38)
Goodwill written back on disposals 14 8
1,947 1,787
15 The figures for the three months ended March 31, 2004 are unaudited and do
not constitute full accounts within the meaning of Section 240 of the Companies
Act 1985. The figures for the twelve months ended March 31, 2004 form part of
the Annual Report and Accounts and 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, 2003 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,
2004, and are consistent with those of the previous year with the exception of
the implementation of FASB Interpretation No. 46 - Consolidation of Variable
Interest Entities (FIN 46). As a result of the implementation of FIN 46, The
London Eye Company Limited, in which the Group is a primary beneficiary, has
been consolidated as a variable interest entity. In addition, certain leases
which had been treated as operating leases under US GAAP have been reclassified
as capital leases.
The adjusted net income and shareholders' equity applying US GAAP are set out below:
Three months ended Twelve months ended
Restated Restated
March 31 March 31
2004 £m 2003 £m 2004 £m 2003 £m
Profit/(loss) for the period as reported in the
Group profit and loss account 12 (133) 130 72
US GAAP adjustments 63 (392) 266 (187)
Net income/(loss) as so adjusted to
accord with US GAAP 75 (525) 396 (115)
Net income/(loss) per Ordinary Share
as so adjusted
Basic 7.0p (49.1)p 37.0p (10.7)p
Diluted 6.9p (49.1)p 36.1p (10.7)p
Net income/(loss) per American Depositary Share
as so adjusted
Basic 70p (491)p 370p (107)p
Diluted 69p (491)p 361p (107)p
March 31
2004 £m 2003 £m
Shareholders' equity as reported in the Group
balance sheet 2,218 2,058
US GAAP adjustments 163 (125)
Shareholders' equity as so adjusted to accord with
US GAAP 2,381 1,933
AIRCRAFT FLEET
Number in service with Group companies at March 31, 2004
On Balance Sheet Off Balance Total Changes
Sheet Since
Aircraft Operating Leases March March Future Options
2004 2003 deliveries
AIRLINE OPERATIONS (Note 1)
Concorde (Note 2) (5)
Boeing 747-400 (Note 3) 57 57 1
Boeing 777 41 2 43
Boeing 767-300 (Note 4) 21 21
Boeing 757-200 13 13
Airbus A319 (Note 5) 21 12 33 3 51
Airbus A320 9 18 27 3 3
Airbus A321 10
Boeing 737-300 (Note 6) 5 5 (16)
Boeing 737-400 (Note 7) 19 4 23 (4)
Boeing 737-500 10 10
Turboprops (Note 8) 10 10 (18)
Embraer RJ145 16 12 28 17
Avro RJ100 16 16
British Aerospace 146 5 5
GROUP TOTAL 202 89 291 (39) 16 68
Notes:
1. Includes those operated by British Airways Plc and British Airways
CitiExpress.
2. The Concorde fleet retired from service on October 24, 2003.
3. Includes the return to service of 1 Boeing 747-400 previously sub-leased to
Qantas.
4. Includes 1 Boeing 767-300 temporarily stood down at year end but returned to
service on April 30, 2004.
5. Certain future deliveries and options include reserved delivery positions and
may be taken as any A320 family aircraft.
6. Excludes 16 Boeing 737-300s disposed of with dba (formerly Deutsche BA).
7. Excludes 4 Boeing 737-400s stood down pending return to lessor.
8. Comprises 10 de Havilland Canada DHC-8s. Excludes 5 British Aerospace ATPs
stood down pending return to lessor, 3 British Aerospace ATPs sub-leased to
Loganair and 12 Jetstream 41s sub-leased to Eastern Airways.
This information is provided by RNS
The company news service from the London Stock Exchange
Thursday, 26th September 2024
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