Preliminary Results 1999-2000
British Airways PLC
23 May 2000
PRELIMINARY FINANCIAL RESULTS 1999-2000
Three months ended Twelve months ended
March 31 Increase/ March 31 Increase/
2000 1999 (Decrease) 2000 1999 (Decrease)
Turnover £m 2,107 2,041 3.2% 8,940 8,892 0.5%
Operating (loss)/
profit £m (125) (85) (47.1)% 84 442 (81.0)%
(Loss) / profit
before tax £m (175) (85) (105.9)% 5 225 (97.8)%
Retained(loss)/
profit for the £m (306) (210) (45.7)% (216) 15 nm
period
Capital and
reserves at £m 3,340 3,355 (0.4)% 3,340 3,355 (0.4)%
period end
Earnings per share
Basic p (15.7) (7.1) (121.1)% (2.0) 19.5 (110.3)%
Diluted p n/a n/a n/a n/a 19.2 n/a
Dividends per p 12.8 12.8 17.9 17.9
share
n/a: Not applicable
nm : Not meaningful
GROUP PROFIT AND LOSS ACCOUNT
Three months ended Twelve months ended
March 31 Increase/ March 31 Increase/
2000 £m 1999 £m (Decrease) 2000£m 1999£m (Decrease)
Traffic Revenue
Scheduled Passenger 1,760 1,687 4.3% 7,465 7,485 (0.3)%
Scheduled Cargo 134 127 5.5% 556 539 3.2%
Non-scheduled services 8 14 (42.9)% 71 62 14.5%
1,902 1,828 4.0% 8,092 8,086 0.1%
Other revenue 205 213 (3.8)% 848 806 5.2%
TOTAL TURNOVER 2,107 2,041 3.2% 8,940 8,892 0.5%
Employee costs 607 621 (2.3)% 2,481 2,356 5.3%
Depreciation 172 152 13.2% 648 619 4.7%
Aircraft operating
lease costs 52 41 26.8% 190 150 26.7%
Fuel and oil costs 219 171 28.1% 804 705 14.0%
Engineering and
other aircraft costs 141 168 (16.1)% 661 660 0.2%
Landing fees and en
route charges 157 181 (13.3)% 682 736 (7.3)%
Handling charges,
catering and other
operating costs 333 295 12.9% 1,328 1,278 3.9%
Selling costs 319 291 9.6% 1,188 1,195 (0.6)%
Accommodation,
ground equipment
costs and currency
differences 232 206 12.6% 874 751 16.4%
TOTAL OPERATING
EXPENDITURE 2,232 2,126 5.0% 8,856 8,450 4.8%
OPERATING
(LOSS)/PROFIT (125) (85) (47.1)% 84 442 (81.0)%
Share of operating
profits in associates 44 34 29.4% 75 62 21.0%
TOTAL OPERATING
(LOSS) / PROFIT (81) (51) (58.8)% 159 504 (68.5)%
INCLUDING ASSOCIATES
Other income and
charges 4 7 (42.9)% 5 27 (81.5)%
(Loss)/profit on sale
of fixed assets and
investments (2) 33 (106.1)% 249 51 nm
Interest
Net payable (78) (79) 1.3% (272) (265) (2.6)%
Retranslation
(charges)/credits on
on currency
borrowings (18) 5 nm (136) (92) (47.8)%
(LOSS)/PROFIT BEFORE
TAX (175) (85) (105.9)% 5 225 (97.8)%
Taxation 10 12 (16.7)% (15) (19) 21.1%
(LOSS)/PROFIT AFTER TAX (165) (73) (126.0)% (10) 206 (104.9)%
Non equity minority
interest* (3) nm (11) nm
(LOSS) / PROFIT FOR
THE PERIOD (168) (73) (130.1)% (21) 206 (110.2)%
Dividends paid and
proposed (138) (137) (0.7)% (195) (191) (2.1)%
RETAINED
(LOSS)/PROFIT FOR
THE PERIOD (306) (210) (45.7)% (216) 15 nm
nm: Not meaningful
* Fixed Interest Perpetual Preferred Securities
OPERATING AND FINANCIAL STATISTICS
MAINLINE SCHEDULED Three months ended Twelve months ended
SERVICES March 31 Increase/ March 31 Increase/
2000 1999 (Decrease) 2000 1999 (Decrease)
TRAFFIC AND CAPACITY
RPK (m) 26,797 27,312 (1.9)% 117,463 118,310 (0.7)%
ASK (m) 40,717 40,578 0.3% 168,361 167,265 0.7%
Passenger load 65.8 67.3 (1.5)pts 69.8 70.7 (0.9)pts
CTK (m) 1,118 1,021 9.5% 4,536 4,277 6.1%
RTK (m) 3,802 3,741 1.6% 16,256 16,075 1.1%
ATK (m) 5,882 5,839 0.7% 24,400 23,982 1.7%
Overall load factor 64.6 64.1 0.5pts 66.6 67.0 (0.4)pts
Passengers carried 8,081 8,338 (3.1)% 36,346 37,090 (2.0)%
Tonnes of cargo
carried (000) 224 206 8.7% 897 855 4.9%
FINANCIAL
Passenger revenue
per RPK (p) 5.91 5.72 3.3% 5.84 5.91 (1.2)%
Cargo revenue per 11.81 12.24 (3.5)% 11.99 12.32 (2.7)%
Average fuel price
before hedging (US
cents/US gallon) 93.20 44.09 111.4% 71.46 48.66 46.9%
TOTAL GROUP OPERATIONS
(including Deutsche BA, Air Liberte,'go' and CityFlyer)
TRAFFIC AND CAPACITY
RPK (m) 29,328 29,537 (0.7)% 127,425 125,951 1.2%
ASK (m) 44,533 43,544 2.3% 183,158 178,820 2.4%
RTK (m) 4,041 3,933 2.7% 17,215 16,831 2.3%
ATK (m) 6,253 6,130 2.0% 25,840 25,114 2.9%
Passengers carried 10,778 10,285 4.8% 46,578 45,049 3.4%
FINANCIAL
Total traffic
revenue per RTK (p) 47.07 46.47 1.3% 47.01 48.04 (2.1)%
Total traffic
revenue per ATK (p) 30.42 29.82 2.0% 31.32 32.20 (2.7)%
Net operating
expenditure per RTK (p) 0.16 48.63 3.1% 46.52 45.41 2.4%
Net operating
expenditure per ATK (p) 2.42 31.21 3.9% 30.99 30.44 1.8%
OPERATIONS
Average Manpower
Equivalent (MPE) 64,874 64,213 1.0% 65,640 64,051 2.5%
ATKs per MPE (000) 96.4 95.5 0.9% 393.7 392.1 0.4%
Aircraft in service
at period end 366 335 31 366 335 31
PRELIMINARY STATEMENT
Group Performance
Last year's results are disappointing. Group profits before tax for
the year were £5 million; at an operating level profits were £84
million.
Operating results were adversely affected by excess industry capacity,
particularly on the North Atlantic and from the growth of low-cost
carriers in Europe. This led to high levels of price discounting in
the industry. In line with our fleet and network strategy, we partly
offset the impact of discounting by increasing our mix of premium
passengers and improving the mix of fare types within cabins. In the
fourth quarter, BA's yields were up on a year ago for the second
successive quarter.
Cost efficiencies have continued despite higher spending on products,
including the new 'flying-bed' in Club World. The Business Efficiency
Programme (BEP) delivered improvements worth £1.1 billion over the last
3 years - - well over target thanks to additional profit improvement
actions in the year just ended. Mainline capacity was only slightly up
on a year ago, in line with current strategy.
For the three months ended March 31, 2000, pre tax losses were £175
million - £90 million worse than a year ago.
On 1st May, 2000, Rod Eddington became Chief Executive following the
resignation of Bob Ayling. His immediate task is to motivate all
employees to deliver high and sustained levels of customer service,
including the programme of new product launches which will cover all
cabins and set new standards on the ground and in the air.
Turnover
For the twelve month period, Group turnover -- at £8,940 million -- was
up half a point on a flying programme 2.9% larger in available tonne
kilometres (ATKs).
Turnover for the three months was up 3.2% -- at £2,107 million -- on a
flying programme just 2% bigger. Mainline yields (pence per revenue
passenger kilometre - RPK) were up 3.3%, primarily due to a higher
proportion of premium traffic. Premium traffic grew 8.4%; non premium
traffic fell 3.8%. Mainline passenger seat factor was down 1.5 points
at 65.8%.
In the three month period, Cargo revenue increased by 5.5% compared
with last year, on tonnage up 8.7%.
Unit Costs
For the twelve month period, unit costs (pence per ATK) were 1.8%
higher than a year ago, inflated by higher fuel prices, increased
restructuring costs (a provision for £88 million) and product
improvements. The overall increase occurred despite substantial
improvements in cost efficiency.
Unit costs for the three months were 3.9% higher than the same quarter
last year. Excluding increases in fuel prices and product related
costs, they would have been unchanged year on year.
Non Operating Items
Profits on disposals of fixed assets and investments were £249 million
in the year. This included £149 million from the disposal of our
remaining shares in Galileo International Inc. and £58 million from the
further disposal of part of our share holding in Equant.
Net interest expense for the year was £408 million. This was up on
last year primarily because of book charges of £126 million relating to
the revaluation of yen debts used to fund aircraft acquisitions. The
revaluation results from the strengthening of the yen by 15% over the
year. This charge does not represent cash lost to the business, but is
required by standard accounting practice. Last year the revaluation of
yen debts resulted in a book charge of £94 million.
Earnings Per Share
For the twelve month period, losses attributable to shareholders were
£21 million, equivalent to losses of 2 pence per share, compared with
earnings of 19.5 pence last year. The loss attributable to shareholders
for the three months was equivalent to 15.7 pence per share, compared
with last year's losses of 7.1 pence.
Dividends
Shareholders will be asked to approve a final dividend of 12.8 pence
per share, giving a total for the year of 17.9 pence, unchanged from
last year.
The final dividend will be paid on July 31, 2000 to shareholders
registered on June 5, 2000. The ex-dividend date will be May 30, 2000.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, amounted to
£5,916 million at March 31, 2000 -- an increase of £390 million since
March 31 1999 -- due primarily to the acquisition of aircraft.
The net debt/total capital ratio now stands at 64%.
Aircraft Fleet
The Group fleet increased during the year from 335 to 366 aircraft.
In the longhaul fleet the continuation of the revised fleet strategy
saw the addition of 4 Boeing 747-400 and 11 Boeing 777 (including four
of the new Rolls-Royce powered extended range variants). Disposals
during the year consisted of the 9 remaining Boeing 747-100 and 1
Boeing 747-200.
The mainline shorthaul fleet changed with the delivery of 6 Airbus
A319, 2 Boeing 757 and 2 Embraer RJ145 operated by Brymon. Disposals
comprised 8 Boeing 737-200 and 1 Boeing 767-300; 1 Boeing 737-300
returned to DBA.
Within the subsidiaries, the acquisition of CityFlyer Express brought 8
Avro RJ100, 7 ATR 72 and 5 ATR 42 into the Group. 'go' built up its
fleet by 5 Boeing 737-300 on operating leases. Deutsche BA acquired 1
Boeing 737-300 returned from mainline and Air Liberte obtained 1
additional MD82 and disposed of 1 ATR 42.
Subsidiaries and Associates
Acquisitions during the year included the purchase of CityFlyer Express
based at Gatwick; an 18.3% stake in Comair, our franchise partner in
Southern Africa; and a 9% holding in Iberia.
Since year end, Air Liberte has been sold to Taitbout Antibes.
Alliance Development
The oneworld alliance continued to grow with the addition of Finnair
and Iberia in September 1999; Aer Lingus and LAN Chile will join in
June 2000. Canadian Airlines, a founder member of oneworld, has been
purchased by Air Canada and will consequently leave the alliance in
June 2000.
On a bi-lateral basis, we have finalised our investment in Iberia and
co-operation, including behind and beyond codeshares, has already
started. In addition, we have implemented bi-lateral agreements during
the year with JAL, Aer Lingus, LAN Chile and Crossair. A request for
codeshare with American Airlines has been filed and is awaiting
approval.
Outlook
Economic conditions have improved generally and the outlook for summer
trading is better than last year. Competition and the strength of
sterling against the euro will continue to exert pressure on yields.
The implementation of the fleet and network strategy supported by the
introduction of new products is expected to contribute to yield and
margin improvements in 2000/01. Low capacity growth will support seat
factors.
We continue to focus on unit costs. Fuel remains above $250 per tonne
and despite successful hedging our fuel bill will be considerably
higher next year. Future cost efficiencies will be delivered through e-
commerce and e-procurement innovations, improved aircraft utilisation,
reductions in selling and distribution costs and improved manpower
productivity. These gains will partially offset the costs associated
with new aircraft and new products.
The Annual General Meeting will be held at the Barbican Centre in
London at 1100 hours on July 11, 2000. The full Report and Accounts
and Summary Financial Statement will be distributed as appropriate to
shareholders in the week beginning June 12, 2000; from then copies will
be available to members of the public at the Company's registered
office.
GROUP BALANCE SHEET
March 31
2000 £m 1999 £m
FIXED ASSETS
Intangible Assets 62
Tangible Assets 10,294 9,839
Investments 567 402
10,923 10,241
CURRENT ASSETS
Stocks 78 84
Debtors 1,368 1,336
Cash, short-term loans and deposits 1,146 1,163
2,592 2,583
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (3,366) (3,048)
NET CURRENT LIABILITIES (774) (465)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,149 9,776
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Borrowings and other creditors (6,615) (6,230)
Convertible Capital Bonds 2005 (113) (126)
(6,728) (6,356)
PROVISIONS FOR LIABILITIES AND CHARGES (81) (65)
3,340 3,355
CAPITAL AND RESERVES
Called up share capital 270 268
Reserves 2,877 3,087
Total equity shareholders' funds 3,147 3,355
Minority interest 16
Non equity minority interest 177
3,340 3,355
STATEMENT OF TOTAL RECOGNISED GAINS AND
LOSSES Twelve months ended
March 31
2000£m 1999£m
(Loss)/profit for the year (21) 206
Other recognised gains and losses relating to the year
Exchange and other movements (20) (82)
Total gains and losses recognised since the last (41) 124
annual report
These summary financial statements were approved by the Directors on
May 23, 2000.
GROUP CASH FLOW STATEMENT
Twelve months ended
March 31
2000 £m 1999 £m
CASH INFLOW FROM OPERATING ACTIVITIES 1,186 1,241
DIVIDENDS RECEIVED FROM ASSOCIATES 44 11
RETURNS ON INVESTMENTS AND SERVICING OF (315) (309)
TAXATION (2) (40)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (146) (118)
ACQUISITIONS AND DISPOSALS (218) (6)
EQUITY DIVIDENDS PAID (242) (113)
Net cash inflow before management of liquid
resources and financing 307 666
MANAGEMENT OF LIQUID RESOURCES 9 (363)
FINANCING (319) (235)
(Decrease)/increase in cash in the year (3) 68
GROUP FINANCING REQUIREMENT
Net cash inflow before management of liquid
resources and financing 307 666
Acquisitions under loans, finance leases and
hire purchase arrangements (659) (1,470)
Total financing requirement for the year (352) (804)
Total tangible fixed asset expenditure, net of
progress payment refunds 1,291 1,807
NOTES TO THE ACCOUNTS
For the period ended March 31, 2000
1 ACCOUNTING CONVENTION
The accounts have been prepared on the basis of the accounting
policies set out in the Report and Accounts for the year ended March 31,
2000 in accordance with all applicable United Kingdom accounting
standards and the Companies Act 1985
and are consistent with those applied in the previous year.
During the year the Group implemented the new accounting standards:
FRS 15- Tangible Fixed Assets and FRS 16- Current Tax. The adoption
of the standards did not have a significant effect on the financial
statements.
Twelve months ended
March 31
2000 £m 1999 £m
2 RECONCILIATION OF OPERATING PROFIT
TO CASH INFLOW FROMOPERATING ACTIVITIES
Group operating profit 84 442
Depreciation and amortisation 648 619
Other items not involving the
movement of cash 39 21
Decrease in stocks and debtors 4 60
Increase in creditors 411 99
Cash inflow from operating activities 1,186 1,241
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
(Decrease)/increase in cash
during the year (3) 68
Cash outflow from decrease in
debt and lease financing 516 300
Cash (inflow)/outflow from liquid
resources (9) 363
Change in net debt resulting from cash flows 504 731
New loans and finance leases
taken out and hire purchase
arrangements made (659) (1,470)
Assumed from subsidiary
undertakings acquired during the year (42)
Conversion of Convertible Capital Bonds 13 24
Exchange movements (206) (208)
Movement in net debt during the year (390) (923)
Net debt at April 1 (5,526) (4,603)
Net debt at year end (5,916) (5,526)
Three months ended Twelve months ended
March 31 March 31
2000£m 1999 £m 2000 £m 1999 £m
4 OTHER INCOME AND CHARGES
Income from trade investments 1 1 3 4
Other 3 6 2 23
4 7 5 27
Other income and charges represented by:
Group 4 6 5 26
Associates 1 1
4 7 5 27
NOTES TO THE ACCOUNTS (continued)
For the period ended March 31, 2000
Three months ended Twelve months ended
March 31 March 31
2000£m 1999 £m 2000£m 1999 £m
5 PROFIT ON SALE OF FIXED ASSETS
AND INVESTMENTS
Net profit on disposal of
investment in Galileo International Inc. 149
Net profit on part disposal of
investment in Equant 8 48 70 48
Net profit on disposal of other
fixed assets and investments (10) (15) 30 3
(2) 33 249 51
Represented by:
Group (10) 33 237 51
Associates (all relating to the
part disposal of investment in 8 12
Equant)
(2) 33 249 51
6 NET INTEREST PAYABLE
Interest payable less amount
capitalised 96 93 357 336
Interest receivable
(18) (14) (85) (71)
78 79 272 265
Retranslation charges/(credits)
on currency borrowings 18 (5) 136 92
96 74 408 357
Net interest payable represented by:
Group
89 67 396 345
Associates
7 7 12 12
96 74 408 357
7 TAXATION
No tax has arisen in the UK on operating results, as adjusted for
taxation. Profit on sale of investments in the year being covered
by tax losses. The tax charge for the year is attributable to tax
on overseas investments.
8 DIVIDENDS PAID AND PROPOSED
The Board recommends a final dividend of 12.8p per share, giving a
total dividend for the year of 17.9p, unchanged from last year.
The amount charged to the profit and loss account includes £1
million in relation to 1998-99 final dividends paid to Convertible
Capital Bond holders(1997-98: £1 million), who converted their
bonds in June 1999, in accordance with the terms of the bonds.
9 EARNINGS PER SHARE
Basic earnings per share are calculated on a weighted average of
1,074,823,000 ordinary shares (March 1999: 1,054,543,000)as
adjusted for shares held for the purposes of employee share
ownership plans including the Long Term Incentive Plan. Diluted
earnings per share are calculated on a weighted average of
1,124,287,000 ordinary shares (March 1999: 1,120,800,000) after
allowing for the conversion rights attaching to the Convertible
Capital Bonds and for adjustments to income to eliminate interest
payable on the Convertible Capital Bonds.
The number of shares in issue at March 31, 2000 was 1,081,515,000
(March 31, 1999: 1,073,167,000)ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (Continued)
For the period ended March 31, 2000
March 31
2000 £m 1999 £m
10 TANGIBLE ASSETS
Fleet
8,437 8,207
Property
1,488 1,331
Equipment
369 301
10,294 9,839
11 INVESTMENTS
Associated undertakings
507 323
Trade investments
35 68
Investment in own shares
25 11
567 402
12 CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR
Loans
140 202
Finance Leases
120 91
Hire Purchase Arrangements
288 264
548 557
Overdrafts - unsecured
5 11
Corporate taxation
18 25
Other creditors and accruals
2,795 2,455
3,366 3,048
13 BORROWINGS AND OTHER CREDITORS FALLING
DUE AFTER MORE THAN ONE YEAR
Loans
903 940
Finance Leases
1,768 1,244
Hire Purchase Arrangements
3,725 3,811
6,396 5,995
Other creditors and accruals
219 235
6,615 6,230
14 RESERVES
Balance at April 1
3,087 3,061
Retained (loss)/profit for the year
(216) 15
Exchange and other adjustments
(20) (82)
Reduction in reserves resulting from
shares issued to a Qualifying Employee
Share Ownership Trust in relation to
the 1993 Share Save Scheme
(2) (21)
Goodwill written back on disposal
7
Premium arising from issue of ordinary
share capital
21 114
2,877 3,087
15 The figures for the three months and year ended March 31, 2000 and
three months ended March 31, 1999 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, 2000 were approved by the Board of Directors today
but have not yet 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, 1999 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.
UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (US GAAP)
INFORMATION
The accounts have been prepared in accordance with accounting principles
accepted in the United Kingdom which differ in certain respects from
those generally accepted in the United States. The significant
differences are the same as those set out in the Report and Accounts for
the year ended March 31, 2000.
The adjusted net income and shareholders' equity applying US GAAP are
set out below:
Three months ended Twelve months ended
March 31 March 31
2000 £m 1999 £m 2000 £m 1999
£m
(Loss) / profit for the period as
reported in the Group profit and loss
account (168) (73) (21) 206
US GAAP adjustments (296) (18) (391) (91)
Net income as so adjusted to
accord with US GAAP (464) (91) (412) 115
Net income per Ordinary
Share as so adjusted
Basic (43.1)p (8.7)p (38.3)p 10.9p
Diluted n/a n/a n/a n/a
Net income per American Depositary
Share as so adjusted
Basic (431)p (87)p (383)p 109p
Diluted n/a n/a n/a n/a
March 31
2000 £m 1999 £m
Shareholders' equity as reported
in the Group balance sheet
3,147 3,355
US GAAP adjustments
(719) (198)
Shareholders' equity as so adjusted
to accord with US GAAP
2,428 3,157
Under UK GAAP, the profit relating to the sale of frequent flyer
airmiles to companies participating in the Airmiles programme is
recognised at the time of sale. From December 1999 under US GAAP,
revenue relating to the sale of airmiles is deferred until redemption.
This has resulted in a one-off cumulative adjustment of £136m in the
current period.
AIRCRAFT FLEET
Number in service with Group
companies at March 31, 2000
Operating
On leases off Movements
balance balance sheet since
MAINLINE sheet March Future
(Notes 1 & 6) Aircraft Extendible Other Total 31,1999 deliveries Options
Concorde 7 7
Boeing 747-100 (9)
Boeing 747-200 12 3 15 (1)
Boeing 747-400 57 57 4
Boeing 777 33 33 11 12 16
Boeing 767-300 27 27 (1)
Boeing 757-200 47 3 3 53 2
Airbus A318 12 12
Airbus A319 (Note 6 6 6 33 125
5)
Airbus A320 10 10 20
Boeing 737-200 13 13 (8)
Boeing 737-300 7 7 (1)
Boeing 737-400 22 12 34
Turbo Props
(Note 3) 2 17 19
Embraer RJ145 2 2 2 5 14
Sub total 217 12 54 283 5 82 167
DEUTSCHE BA, AIR LIBERTE, 'go' and CITYFLYER (Notes 2 & 7)
McDonnell Douglas
DC-10-30 3 3
McDonnell Douglas
MD82 1 1 1
McDonnell Douglas
MD83 3 7 10
Boeing 737-300 31 31 6
Fokker 100 4 7 11
Fokker F28 4 4
Avro RJ100 8 8 8 2
Turbo Props (Note 1 12 2 15 11
Sub total 12 27 44 83 26 2
GROUP TOTAL 229 39 98 366 31 84 167
Notes:
1Includes those operated by British Airways Plc, British Airways
(European Operations at Gatwick) Ltd and Brymon Airways Ltd.
2Excludes 4 ATR 72s, 7 ATR 42s, 2 Embraer subleased to other carriers.
3Includes 2 de Havilland Canada DHC-7-100s and 17 de Havilland Canada
DHC-8s.
4Excluding 1 ATR 72 and 1 ATR 42, stood down out of service. Including
7 ATR 72s and 5 ATR 42s for Cityflyer and 1 ATR 72 and 2 ATR 72s for
Air Liberte.
5Options include reserved delivery positions and, if taken, may be A319,
A320 or A321.
6Excludes 2 McDonnell Douglas DC-10-30s, 1 Boeing 737-200 and 1 Boeing
767-300 stood down pending disposal or return to lessor and 3 Boeing
737-500s delivered but not yet in service.
7Net increase includes 8 Avro RJ100s, 7 ATR 72s and 5 ATR 42s through
the acquisition of CityFlyer.
Friday, 3rd January 2025
COMPANIES COVERED:
Latest directors dealings
- 1 day ago Legal & General Group
- 1 day ago Baillie Gifford Japan Trust
- 1 day ago British Land Company
- 1 day ago Premier Miton Global Renewables Trust
- 1 day ago NATWEST GROUP