Interim Results - Part 1
British Airways PLC
05 November 2002
INTERIM RESULTS 2002-2003 (unaudited)
Three months ended Six months ended
September 30 Better/ September 30 Better/
2002 2001 (Worse) 2002 2001 (Worse)
Turnover £m 2,104 2,251 (6.5)% 4,156 4,548 (8.6)%
Operating profit £m 248 72 244.4% 406 122 232.8%
Operating margin % 11.8 3.2 8.6pts 9.8 2.7 7.1pts
Profit before tax £m 245 5 nm 310 45 588.9%
Retained profit for the
period £m 152 19 nm 192 45 326.7%
Capital and reserves at
period end £m 2,383 2,356 1.1% 2,383 2,356 1.1%
Earnings per share
Basic p 14.1 1.8 683.3% 17.8 4.2 323.8%
Diluted p 13.7 1.8 661.1% 17.4 4.2 314.3%
nm: Not meaningful
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Six months ended
September 30 Better/ September 30 Better/
2002 £m 2001 £m (Worse) 2002 £m 2001 £m (Worse)
Traffic Revenue
Scheduled Passenger 1,794 1,903 (5.7)% 3,556 3,850 (7.6)%
Scheduled Cargo 119 112 6.3% 245 242 1.2%
Non-scheduled services 18 20 (10.0)% 31 35 (11.4)%
1,931 2,035 (5.1)% 3,832 4,127 (7.1)%
Other revenue 173 216 (19.9)% 324 421 (23.0)%
TOTAL TURNOVER 2,104 2,251 (6.5)% 4,156 4,548 (8.6)%
Employee costs 516 608 15.1% 1,043 1,220 14.5%
Depreciation and amortisation 164 192 14.6% 330 378 12.7%
Aircraft operating lease costs 41 45 8.9% 83 101 17.8%
Fuel and oil costs 199 294 32.3% 413 577 28.4%
Engineering and other aircraft
costs 142 154 7.8% 282 315 10.5%
Landing fees and en route charges 153 160 4.4% 309 328 5.8%
Handling charges, catering and
other operating costs 259 299 13.4% 502 602 16.6%
Selling costs 197 216 8.8% 412 469 12.2%
Accommodation, ground equipment
costs and currency differences 185 211 12.3% 376 436 13.8%
TOTAL OPERATING EXPENDITURE 1,856 2,179 14.8% 3,750 4,426 15.3%
OPERATING PROFIT 248 72 244.4% 406 122 232.8%
Share of operating profits in
associates 9 7 28.6% 6 8 (25.0)%
TOTAL OPERATING PROFIT INCLUDING
ASSOCIATES 257 79 225.3% 412 130 216.9%
Other charges (1) nm
Profit on sale of fixed assets and
investments 9 9 nm 28 101 (72.3)%
Interest
Net payable (64) (82) 22.0% (137) (163) 16.0%
Retranslation credits/
(charges) on currency 43 nm 7 (23) 130.4%
borrowings
PROFIT BEFORE TAX 245 5 nm 310 45 588.9%
Tax (90) 18 nm (112) 7 nm
PROFIT AFTER TAX 155 23 nm 198 52 280.8%
Non equity minority interest* (3) (4) 25.0% (6) (7) 14.3%
PROFIT FOR THE PERIOD 152 19 nm 192 45 326.7%
Dividends paid and proposed
RETAINED PROFIT FOR THE PERIOD 152 19 nm 192 45 326.7%
nm: Not meaningful
* Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
Three months ended Six months ended
September 30 Increase/ September 30 Increase/
2002 2001 (Decrease) 2002 2001 (Decrease)
TOTAL AIRLINE OPERATIONS (Note 1)
TRAFFIC AND CAPACITY
RPK (m) 27,301 29,297 (6.8)% 51,980 57,943 (10.3)%
ASK (m) 35,608 39,629 (10.1)% 70,628 80,609 (12.4)%
Passenger load factor(%) 76.7 73.9 2.8pts 73.6 71.9 1.7pts
CTK (m) 1,058 937 12.9% 2,105 2,030 3.7%
RTK (m) 3,788 3,868 (2.1)% 7,293 7,783 (6.3)%
ATK (m) 5,449 5,969 (8.7)% 10,815 12,093 (10.6)%
Overall load factor (%) 69.5 64.8 4.7pts 67.4 64.4 3.0pts
Passengers carried (000) 10,607 11,306 (6.2)% 20,272 22,599 (10.3)%
Tonnes of cargo carried (000) 189 178 6.2% 381 387 (1.6)%
FINANCIAL
Passenger revenue per RPK (p) 6.64 6.56 1.2% 6.90 6.70 3.0%
Passenger revenue per ASK (p) 5.09 4.85 4.9% 5.08 4.82 5.4%
Cargo revenue per CTK(p) 11.25 11.95 (5.9)% 11.64 11.92 (2.3)%
Total traffic revenue per RTK (p) 50.98 52.61 (3.1)% 52.54 53.03 (0.9)%
Total traffic revenue per ATK (p) 35.44 34.09 4.0% 35.43 34.13 3.8%
Average fuel price before hedging (US
cents/US gallon) 80.16 87.43 (8.3)% 78.50 88.33 (11.1)%
OPERATIONS
Average Manpower Equivalent (MPE) 52,116 59,902 (13.0)% 52,521 59,871 (12.3)%
ATKs per MPE (000) 104.6 99.6 5.0% 205.9 202.0 1.9%
Aircraft in service at period end 349 373 (24) 349 373 (24)
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure 44.43 50.75 (12.5)% 46.98 51.46 (8.7)%
per RTK (p)
Net operating expenditure 30.89 32.89 (6.1)% 31.68 33.12 (4.3)%
per ATK (p)
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
Group profit before tax for the three months to September 30 was £245 million;
this compares with a profit of £5 million last year. Operating profit - - at
£248 million - - was £176m better than last year. The operating margin was
11.8%, 8.6 points better than last year.
The Board has again decided that no interim dividend will be paid.
The improvement in operating profit reflects significant cost reductions due to
the actions taken before and after the September 11th attacks, improved
contribution from the cargo business and the increasing impact of the Future
Size and Shape programme, which continues on track. Whilst revenue fell, due to
the weak global economy and the effects of exchange, unprofitable capacity was
reduced and efficiency actions continued in all areas.
Group profit before tax for the six months to September 30 was £310 million,
£265 million better than last year; operating profit - - at £406 million - - was
£284 million better than last year.
Cash inflow before financing was £738 million for the six months, with the
closing cash balance of £1,538 million representing a £319 million increase
versus March 31. Net debt fell by £770 million to £5,524 million - - its lowest
level since September 30, 1999 - - and is down £1 billion from the December 2001
peak.
Turnover
For the three month period, group turnover - - at £2,104 million - - was down
6.5% on a flying programme 8.7% smaller in ATKs. Passenger yields were up 1.2%
per RPK; seat factor was up 2.8 points at 76.7% on capacity 10.1% lower in ASKs.
For the six month period, turnover declined by 8.6% to £4,156 million on a
flying programme 10.6% smaller in ATKs. Passenger yields were up 3.0% per RPK
with seat factor up 1.7 points at 73.6% on capacity 12.4% lower in ASKs.
Cargo volumes for the quarter (CTKs) were up 12.9% compared with last year, with
yields (revenue/CTK) down 5.9%. For the six month period, cargo volumes were up
3.7%, with yields down 2.3%.
Overall load factor for the quarter was up 4.7 points at 69.5%, and for the half
year up 3.0 points at 67.4%.
Costs
For the quarter, unit costs (pence/ATK) improved by 6.1% on the same period last
year. This reflects a net cost reduction of 14.3% on capacity 8.7% lower in
ATKs.
Significant reductions were achieved in all categories of operating cost,
including manpower costs down 15.1%, fuel costs down 32.3% (primarily due to
improvements in fuel price net of hedging together with reduced flying levels),
accommodation and other costs down 12.3% (mainly due to contractor and IM cost
savings) and other operating costs down 13.4%.
For the half year, unit costs (pence/ATK) improved by 4.3% on the same period
last year. This reflects a net cost reduction of 14.5% on capacity 10.6% lower
in ATKs.
Non Operating Items
Net interest expense for the quarter was £21 million, down £61 million on last
year and net of a credit due to the revaluation of yen debts (used to fund
aircraft acquisitions) of £43 million.
Profits on disposals of fixed assets and investments for the quarter were £9
million.
For the six month period interest expense was £130 million, down £56 million on
last year. Profits on disposal were £28 million, down £73 million from last year
when go was sold at a profit of £98 million.
Earnings Per Share
The profit attributable to shareholders for the three months was equivalent to
14.1 pence per share, compared with last year's profit per share of 1.8 pence.
For the six month period, the profit attributable to shareholders was £192
million, equivalent to 17.8 pence per share, compared with earnings of 4.2 pence
per share last year.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, were £5,524 million
at September 30 - - down £1 billion from the December 2001 peak and down £770
million since the start of the year (primarily £299 million of debt repayment,
£326 million increase in cash and exchange gains of £145 million). The net debt/
total capital ratio reduced by 4.9 points from March 2002 to 61.1%.
During the six months we generated a positive cashflow from operations of £756
million. After disposal proceeds, capital expenditure and interest payments on
our existing debt, cash inflow was £738 million. This represents a £684 million
improvement on last year, primarily due to the improvement in operating cashflow
(£145 million), disposal proceeds net of capital expenditure (£387 million) and
no dividend payment (£137 million).
Aircraft Fleet
During the quarter the Group fleet in service reduced by 2 to 349 aircraft.
Reductions included 1 Boeing 757-200 and 1 Boeing 737-300 stood down pending
disposal, together with 1 Turboprop and 2 Embraer 145s returned to lessor. The
reductions were partially offset by the deliveries of 1 Embraer 145 and 2 Airbus
A320 aircraft.
Future Size and Shape
The implementation of the shorthaul pricing initiatives announced as part of the
Future Size and Shape programme is nearing completion. Lower fares are available
without the previous restrictions on a total of 176 routes.
Forecast capital spend for the year remains on target at £450 million. FSAS
disposal proceeds at September 30 were £426 million (including £218 million in
2001/02) and the remaining £74 million to achieve the £500 million target will
be delivered before year end.
The group manpower reduction since August 2001 totals 9,786 including 1,397
relating to the disposal of World Network Services.
Associates
Qantas announced full year profits before tax of A$631 million. In addition they
have completed a rights issue raising A$718 million of new capital. Our
non-participation in their rights issue and dividend reinvestment plan resulted
in the reduction of our holding from 21.4% to 19.0%.
Alliance development
We continue to develop our relationship with Iberia following the signing of a
commercial agreement to work more closely across our complementary global
networks. The extension of codesharing services to include Heathrow - Madrid and
Heathrow - Barcelona is on track, as is codesharing with SN Brussels Airlines.
We have also reached agreement with Swiss to continue the block space codeshare
agreement on their Heathrow - Basle service for a further year.
Outlook
While the travel market continues to be subject to global economic and political
uncertainty the revenue outlook has stabilised. The implementation of the Future
Size and Shape programme continues on track and is delivering the cost savings
that, in the absence of war or terrorist action, are expected to return our
business to profitability for the full year.
Note:
Copies of the summary Interim Statement will be issued to all shareholders
through the medium of the British Airways Investor newspaper. Copies of the full
Interim report are available from the Company's registered office and on the
Internet at www.ba.com/investor.
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, discussions of
the Company's 'Future Size and Shape' programme, 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 itemise 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 2002.
GROUP BALANCE SHEET (unaudited)
September 30 March 31
2002 £m 2001 £m 2002 £m
FIXED ASSETS
Intangible assets 150 134 140
Tangible assets 9,940 10,802 10,474
Investments 500 451 489
10,590 11,387 11,103
CURRENT ASSETS
Stocks 95 202 109
Debtors 1,171 1,205 1,231
Cash, short-term loans and deposits 1,538 1,060 1,219
2,804 2,467 2,559
CREDITORS: AMOUNTS FALLING DUE (2,947) (3,080) (3,201)
WITHIN ONE YEAR
NET CURRENT LIABILITIES (143) (613) (642)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,447 10,774 10,461
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Borrowings and other creditors (6,719) (7,142) (6,985)
Convertible Capital Bonds 2005 (112) (112) (112)
(6,831) (7,254) (7,097)
PROVISIONS FOR DEFERRED TAX (1,128) (1,101) (1,031)
PROVISIONS FOR LIABILITIES AND CHARGES (105) (63) (126)
2,383 2,356 2,207
CAPITAL AND RESERVES
Called up share capital 271 271 271
Reserves 1,915 1,891 1,745
2,186 2,162 2,016
Minority interest 9 8 9
Non equity minority interest 188 186 182
2,383 2,356 2,207
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Six months ended Year ended
September 30 March 31
2002 £m 2001 £m 2002 £m
Profit/(loss) for the period 192 45 (142)
Other recognised gains and losses
relating to the period
Exchange and other movements (22) (4) 17
Total recognised gains and losses 170 41 (125)
These summary financial statements were approved by the Directors on November 5,
2002.
GROUP CASH FLOW STATEMENT (unaudited)
Six months ended Year ended
September 30 March 31
2002 £m 2001 £m 2002 £m
CASH INFLOW FROM OPERATING ACTIVITIES 756 611 866
DIVIDENDS RECEIVED FROM ASSOCIATES 10 10 16
GOVERNMENT COMPENSATION RECEIVED 22
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (152) (173) (327)
TAX (6) (1)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT 104 (238) 94
ACQUISITIONS AND DISPOSALS 26 (19) (19)
EQUITY DIVIDENDS PAID (137) (137)
Cash inflow before management of liquid 738 54 514
resources and financing
MANAGEMENT OF LIQUID RESOURCES (334) (118) (301)
FINANCING (412) 68 (217)
(Decrease)/increase in cash in the period (8) 4 (4)
NOTES TO THE ACCOUNTS
For the period ended September 30, 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. Due to the increasing incidence of the purchase of airport landing
rights, these have been reclassified from tangible fixed assets to
intangible fixed assets and the comparative figures restated accordingly.
Six months ended Year ended
September 30 March 31
2002 £m 2001 £m 2002 £m
2 RECONCILIATION OF OPERATING PROFIT
TO CASH INFLOW FROM
OPERATING ACTIVITIES
Group operating profit/(loss) 406 122 (110)
Depreciation and amortisation 330 378 770
Decrease in stocks and debtors 49 156 250
Decrease in creditors (8) (34) (89)
(Decrease)/increase in provisions
for liabilities and charges (21) (11) 45
Cash inflow from operating activities 756 611 866
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
(Decrease)/increase in cash during the (8) 4 (4)
period
Net cash outflow/(inflow) from
decrease in debt and lease financing 412 (68) 217
Cash outflow from liquid resources 334 118 301
Change in net debt resulting from cash 738 54 514
flows
New finance leases taken out and
hire purchase arrangements made (113) (263) (512)
Assumed from subsidiary undertakings
acquired during the period (117) (117)
Conversion of Convertible Capital 1 1
Bonds
Exchange movements 145 20 43
Movement in net debt during the 770 (305) (71)
period
Net debt at April 1 (6,294) (6,223) (6,223)
Net debt at period end (5,524) (6,528) (6,294)
Three months ended Six months ended
September 30 September 30
2002 £m 2001 £m 2002 £m 2001 £m
4 OTHER INCOME AND
CHARGES
Charges from trade (1)
investments
(1)
Other income and charges represented by:
Group (1)
(1)
NOTES TO THE ACCOUNTS (continued)
For the period ended September 30, 2002
Three months ended Six months ended
September 30 September 30
2002 £m 2001 £m 2002 £m 2001 £m
5 PROFIT/(LOSS) ON SALE OF FIXED ASSETS
AND INVESTMENTS
Net profit on disposal of go (Note 1 below) 10 (2) 10 98
Net (loss)/profit on disposal of other fixed
assets and investments (1) 11 18 3
9 9 28 101
Represented by:
Group 9 9 28 101
9 9 28 101
Note 1 - The profit on disposal of go relates to the additional
contracted proceeds resulting from the onward sale by 3i Plc to
EasyJet.
6 INTEREST
Net payable:
Interest payable less amount capitalised 81 98 168 192
Interest receivable (17) (16) (31) (29)
64 82 137 163
Retranslation (credits)/charges on currency
borrowings (43) (7) 23
21 82 130 186
Net interest payable represented by:
Group 19 78 128 182
Associates 2 4 2 4
21 82 130 186
7 TAX
The tax charge for the quarter is £90 million. This represents current tax
of £10 million payable overseas on the Group's share of income from
associates in the quarter and £80 million by the way of deferred taxes in
the UK.
The deferred tax provision is included on balance sheet and amounts to
£1,128 million at September 30, 2002 (September 30, 2001: £1,101 million ;
March 31, 2002: £1,031 million).
None of the deferred tax is expected to become payable in the foreseeable
future.
8 EARNINGS PER SHARE
Basic earning per share for the quarter ended September 30, 2002 are
calculated on a weighted average of 1,076,134,000 ordinary shares
(September 2001: 1,076,054,000) and for the six months ended September 30,
2002, on a weighted average of 1,076,124,000 ordinary shares
(September 2001: 1,076,002,000) 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
September 30, 2002 are calculated on a weighted average of 1,124,260,000
ordinary shares (September 2001: 1,080,692,000) and for the six months
ended September 30, 2002 on a weighted average of 1,124,224,000 ordinary
shares (September 2001: 1,082,450,000).
The number of shares in issue at September 30, 2002 was 1,082,784,000
(September 30, 2001: 1,082,741,000; March 31, 2002: 1,082,757,000) ordinary
shares of 25 pence each.
NOTES TO THE ACCOUNTS (continued)
For the period ended September 30, 2002
September 30 March 31
2002 £m 2001 £m 2002 £m
9 INTANGIBLE ASSETS
Goodwill 99 109 105
Landing rights 51 25 35
150 134 140
10 TANGIBLE ASSETS
Fleet 8,250 8,937 8,672
Property 1,224 1,342 1,300
Equipment 466 523 502
9,940 10,802 10,474
11 INVESTMENTS
Associated undertakings 431 386 425
Trade investments 44 40 39
Investment in own shares 25 25 25
500 451 489
12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loans 64 56 62
Finance leases 133 104 208
Hire purchase arrangements 330 406 409
527 566 679
Corporate tax 39 27 29
Other creditors and accruals 2,381 2,487 2,493
2,947 3,080 3,201
13 BORROWINGS AND OTHER CREDITORS FALLING DUE
AFTER MORE THAN ONE YEAR
Loans 1,323 1,289 1,483
Finance leases 2,454 2,380 2,404
Hire purchase arrangements 2,646 3,241 2,835
6,423 6,910 6,722
Corporate tax 9
Other creditors and accruals 296 223 263
6,719 7,142 6,985
14 RESERVES
Balance at April 1 1,745 2,944 2,944
Prior year adjustment relating to Deferred
Tax (1,094) (1,094)
Balance at April 1 as restated 1,745 1,850 1,850
Retained profit/(loss) for the period 192 45 (142)
Exchange and other adjustments (22) (4) 17
Goodwill written back on disposals 20
1,915 1,891 1,745
15 The figures for the three months and six months ended September 30, 2002 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, 2002
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 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 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 six months ended September 30, 2002.
Ernst & Young LLP
London
November 5, 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,
2002, with the exception of the implementation of SFAS 142 'Goodwill and Other
Intangible Assets' from April 1, 2002.
SFAS 142 includes the requirements to test goodwill and indefinite-lived
intangible assets for impairment rather than amortise them. Intangible assets
that are not deemed to have an indefinite life continue to be amortised over
their estimated useful lives. Amortisation of goodwill charged under UK GAAP has
been reversed for US GAAP. During the quarter the Group completed a goodwill
impairment review using the two-step process prescribed in SFAS 142. No
impairment charge resulted from this review.
The adjusted net income and shareholders' equity applying US GAAP are set out below:
Three months ended Six months ended
September 30 September 30
2002 £m 2001 £m 2002 £m 2001 £m
Profit for the period as reported in the Group
profit and loss account 152 19 192 45
US GAAP adjustments 79 54 175 70
Net income as so adjusted to accord with US GAAP 231 73 367 115
Net income per Ordinary Share as so adjusted
Basic 21.5p 6.8p 34.1p 10.7p
Diluted 20.7p 6.6p 33.0p 10.5p
Net income per American Depositary Share as so
adjusted
Basic 215p 68p 341p 107p
Diluted 207p 66p 330p 105p
September 30 March 31
2002 £m 2001 £m 2002 £m
Shareholders' equity as reported in the Group
balance sheet 2,186 2,162 2,016
US GAAP adjustments 246 87 55
Shareholders' equity as so adjusted to accord with
US GAAP 2,432 2,249 2,071
AIRCRAFT FLEET
Number in service with Group companies at September 30,2002
Changes
On balance Operating Leases Total since
sheet off balance sheet Sept June Future
Aircraft Extendible Other 2002 2002 Deliveries Options
AIRLINE OPERATIONS (Notes 1 & 2)
Concorde (Note 3) 7 7
Boeing 747-400 56 56
Boeing 777 43 43
Boeing 767-300 (Note 4) 21 21
Boeing 757-200 15 2 1 18 (1)
Airbus A318 6
Airbus A319 (Note 5) 21 10 2 33 6 112
Airbus A320 12 2 3 17 2 12
Airbus A321 4
Boeing 737-300 23 23 (1)
Boeing 737-400 20 5 6 31
Boeing 737-500 10 10
Turbo Props (Note 6) 41 41 (1)
Embraer RJ145 16 3 9 28 (1) 17
Avro RJ100 16 16
British Aerospace 146 5 5
GROUP TOTAL 216 38 95 349 (2) 28 129
Notes:
1 Includes those operated by British Airways Plc, CityFlyer Express,
Deutsche BA and BA CitiExpress.
2 Excludes 3 Boeing 747 - 200s, 1 Boeing 757 - 200 and 1 Boeing
737-300, stood down pending disposal or return to lessor, 1 Boeing 747 -
400 sub-leased to Qantas.
3 Includes 2 Concordes currently stood down pending safety
modifications.
4 Includes 3 Boeing 767-300s temporarily out of service.
5 Certain future deliveries and options included reserved delivery
positions, and may be taken as any A320 family of aircraft.
6 Includes 12 Jetsteam 41 aircraft, 13 British Aerospace ATP
aircraft, 5 ATR72 aircraft and 11 de Havilland Canada DHC-8 aircraft.
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