Interim Results 2000-2001
British Airways PLC
6 November 2000
INTERIM RESULTS 2000-2001 (unaudited)
Three months ended Six months ended
September 30 Increase/ September30 Increase/
2000 1999 (Decrease) 2000 1999 (Decrease)
Turnover £m 2,552 2,413 5.8% 4,862 4,635 4.9%
Operating profit £m 264 117 125.6% 361 211 71.1%
Operating margin % 10.3 4.8 5.5pts 7.4 4.6 2.8pts
Profit before tax £m 200 40 400.0% 150 240 (37.5)%
Retained profit/(loss) for the period
£m 137 (27) nm 78 161 (51.6)%
Capital and reserves at period end
£m 3,577 3,750 (4.6)% 3,577 3,750 (4.6)%
Earnings per share
Basic p 17.9 2.8 539.3% 12.4 20.3 (38.9)%
Diluted p 17.3 2.8 517.9% 12.2 19.7 (38.1)%
Dividends per
share p 5.1 5.1 0.0% 5.1 5.1 0.0%
nm: Not meaningful
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Sixmonths ended
September 30 Increase/ September 30 Increase/
2000 £m 1999 £m(Decrease)2000 £m 1999 £m (Decrease)
Traffic Revenue
Scheduled passenger 2,152 2,011 7.0% 4,095 3,879 5.6%
Scheduled cargo 152 145 4.8% 292 269 8.6%
Non-scheduled services 18 28 (35.7)% 34 49 (30.6)%
2,322 2,184 6.3% 4,421 4,197 5.3%
Other revenue 230 229 0.4% 441 438 0.7%
TOTAL TURNOVER 2,552 2,413 5.8% 4,862 4,635 4.9%
Employee costs 579 667 (13.2)% 1,172 1,269 (7.6)%
Depreciation 181 160 13.1% 351 314 11.8%
Aircraft operating
lease costs 49 44 11.4% 105 88 19.3%
Fuel and oil costs 254 193 31.6% 503 366 37.4%
Engineering and other aircraft costs
173 179 (3.4)% 338 354 (4.5)%
Landing fees and en route charges
168 180 (6.7)% 339 363 (6.6)%
Handling charges, catering and other operating costs
357 350 2.0% 688 663 3.8%
Selling costs 303 295 2.7% 596 585 1.9%
Accommodation, ground equipment costs and currency differences
224 228 (1.8)% 409 422 (3.1)%
TOTAL OPERATING EXPENDITURE
2,288 2,296 (0.3)% 4,501 4,424 1.7%
OPERATING PROFIT 264 117 125.6% 361 211 71.1%
Share of operating profits in associates
28 29 (3.4)% 28 30 (6.7)%
TOTAL OPERATING PROFIT INCLUDING ASSOCIATES
292 146 100.0% 389 241 61.4%
Other income 2 2 2 3 (33.3)%
(Loss)/profit on sale of fixed assets and investments
(9) 14 nm (67) 191 nm
Interest
Net payable (77) (63) 22.2% (147) (128) 14.8%
Retranslation
charges on
currency borrowings
(8) (59) nm (27) (67) nm
PROFIT BEFORE TAX 200 40 400.0% 150 240 (37.5)%
Taxation (4) (7) (42.9)% (10) (17) (41.2)%
PROFIT AFTER TAX 196 33 493.9% 140 223 (37.2)%
Non equity minority interest*
(4) (3) nm (7) (5) nm
PROFIT FOR THE PERIOD 192 30 540.0% 133 218 (39.0)%
Dividends paid and proposed
(55) (57) (3.5)% (55) (57) (3.5)%
RETAINED PROFIT/(LOSS) FOR THE PERIOD
137 (27) nm 78 161 (51.6)%
nm: Not meaningful
* Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
MAINLINE SCHEDULED Three months ended Six months ended
SERVICES September 30 Increase/ September 30 Increase/
2000 1999 (Decrease) 2000 1999 (Decrease)
TRAFFIC AND CAPACITY
RPK (m) 33,059 33,046 0.0% 63,677 62,825 1.4%
ASK (m) 42,540 43,554 (2.3)% 84,893 85,936 (1.2)%
Passenger load factor(%) 77.7 75.9 1.8pts 75.0 73.1 1.9pts
CTK (m) 1,235 1,118 10.5% 2,432 2,151 13.1%
RTK (m) 4,554 4,415 3.1% 8,808 8,411 4.7%
ATK (m) 6,322 6,309 0.2% 12,544 12,412 1.1%
Overall load factor (%)72.0 70.0 2.0pts 70.2 67.8 2.4pts
Passengers carried(000)
10,289 10,295 (0.1)% 19,835 19,730 0.5%
Tonnes of cargo carried (000)
235 221 6.3% 467 425 9.9%
FINANCIAL
Passenger revenue per ASK (p)
4.76 4.27 11.5% 4.54 4.17 8.9%
Passenger revenue per RPK (p)
6.12 5.63 8.7% 6.05 5.71 6.0%
Cargo revenue per CTK(p)
12.22 12.70 (3.8)% 11.92 12.23 (2.5)%
Average fuel price before hedging (US cents/US gallon)
99.56 63.62 56.5% 94.24 57.95 62.6%
TOTAL GROUP OPERATIONS
(including Deutsche BA, 'go', CityFlyer Express and in 1999 only Air
Liberte)
TRAFFIC AND CAPACITY
RPK (m) 35,093 35,873 (2.2)% 67,389 67,905 (0.8)%
ASK (m) 45,333 47,465 (4.5)% 90,160 93,278 (3.3)%
RTK (m) 4,741 4,689 1.1% 9,148 8,904 2.7%
ATK (m) 6,608 6,690 (1.2)% 13,083 13,127 (0.3)%
Passengers carried (000)
12,615 12,983 (2.8)% 24,248 24,716 (1.9)%
FINANCIAL
Total traffic revenue per RTK (p)
48.98 46.57 5.2% 48.33 47.14 2.5%
Total traffic revenue per ATK (p)
35.14 32.65 7.6% 33.79 31.97 5.7%
Net operating expenditure per RTK (p)
43.41 44.08 (1.5)% 44.38 44.77 (0.9)%
Net operating expenditure per ATK (p)
31.14 30.90 0.8% 31.03 30.36 2.2%
OPERATIONS
Average Manpower Equivalent (MPE)
62,793 65,607 (4.3)% 62,102 65,393 (5.0)%
ATKs per MPE (000)
105.2 102.0 3.1% 210.6 200.7 4.9%
Aircraft in service at period end
334 340 (6) 334 340 (6)
CHAIRMAN'S STATEMENT
Group Performance
Group profit before tax for the three months ended September 30, 2000
was £200 million -- up £160 million on last year.
The improvement reflected a higher mix of premium passengers and better
average fares, combined with continued cost efficiencies. Mainline
yields were up on a year ago for the fourth successive quarter. Unit
costs increased less than one percent, and productivity improved 3.1%.
Operating profit more than doubled to £264 million, despite the impact
of higher fuel prices and the suspension of Concorde services;
operating margin increased by 5.5 points to 10.3%.
Group profit before tax for the six months to September 30 was £150
million; operating profit -- at £361 million -- was up 71% on a year
ago.
An interim dividend of 5.1 pence per share has been declared, unchanged
from last year. The dividend will be payable to shareholders on the
register at November 17.
Turnover
Group turnover for the three months was up 5.8% -- at £2,552 million --
on a flying programme 4.5% smaller. Mainline passenger yields were up
8.7%. In line with our strategy, we continued to grow point-to-point
business faster than transfer, premium faster than non-premium, and
longhaul faster than shorthaul. Premium traffic grew 7.2%; non premium
declined 1%.
For the six month period, turnover grew by 4.9% to £4,862 million on a
flying programme 3.3% smaller.
In the three month period, Cargo revenue increased by 4.8% compared
with last year, on tonnage 6.3% higher.
Unit Costs
Unit costs for the three months were 0.8% higher than the same quarter
last year. But for the increase in fuel prices they would have fallen,
despite the upward pressure caused by the reduction in Available Tonne
Kilometres (ATKs). Cost efficiencies more than offset cost increases
in respect of wage and supplier prices, adverse exchange rate changes
and added product costs.
Productivity for the quarter (as measured by ATKs per manpower
equivalent) rose by 3.1% year over year.
Non Operating Items
Income from associates, primarily our share of Qantas's results, for
the three months to September 30, was £28 million -- almost flat year
over year.
Losses on disposals of fixed assets and investments for the three
months were £9 million, chiefly reflecting the scrapping of obsolete
engine modifications. In the same period last year, profits on
disposals of £14 million were made.
For the six month period, losses on disposal were £67 million and
included a £56 million book loss on the disposal of Air Liberte, but
this was after crediting shareholders' reserves with £173 million of
goodwill written off in earlier years. A small profit on the disposal
of our 14% trade investment in Hogg Robinson was also made. Last
year's profit included £149 million from the disposal of our remaining
shares in Galileo International.
Net interest expense for the quarter was lower than last year, mainly
because book charges for the revaluation of yen debts (used to fund
aircraft acquisitions) were £55 million lower. The revaluation -- a non
cash item required by standard accounting practice -- results from the
strengthening of the yen against sterling. Last year the second
quarter charge was £62 million.
Earnings Per Share
For the three month period, the profit attributable to shareholders was
£192 million, equivalent to 17.9 pence per share, compared with
earnings of 2.8 pence last year.
For the six month period, the profit attributable to shareholders was
£133 million, equivalent to 12.4 pence per share, compared with
earnings of 20.3 pence last year.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, fell to
£5,724 million at September 30, 2000 - down £192 million since March
31, 2000 -- due primarily to the improved operating performance and
the normal seasonal increase in cash balances. This reduction lowered
the net debt/total capital ratio by 2.4 points to 61.5%.
Shareholders' funds increased because of the retained profit for the
period and the write back of goodwill on the Air Liberte disposal.
Aircraft Fleet
In the quarter ending September 30, 2000 the fleet in service reduced
by 3 aircraft to 334.
This included additions of 4 Airbus A319, 2 Boeing 737-500s and 2
Embraer RJ145. Disposals included 3 Boeing 767-300, 3 Boeing 757-200, 4
Boeing 737-200 and 1 ATR 42 operated by CityFlyer Express.
Concorde services are currently suspended following the Air France
accident on July 25. We remain confident that the Civil Aviation
Authority in the UK will re-issue the certificate of airworthiness;
services will resume as soon as possible.
In early October we announced that further rationalisation of our
winter 2000 and summer 2001 flying programmes would enable us
eventually to dispose of four 747-400 aircraft.
Subsidiaries and Associates
Following the successful establishment of Go as a leading no-frills
airline in Europe, BA intends to realise the value created and offer
the subsidiary for sale.
Effective April 1, 2000 Air Liberte was sold to Taitbout Antibes for
net proceeds of £30 million.
Alliance Development
In late September we announced the decision to terminate talks with
KLM. We had made considerable progress but always recognised that this
was a complex proposal, involving not only commercial and economic
issues, but aeropolitical, regulatory and other matters. It was not
possible to resolve these; relations between the two parties remain
amicable.
We remain committed to the oneworld alliance; its growth continued with
the addition of Aer Lingus and LAN Chile in June 2000. Following its
purchase by Air Canada, Canadian Airlines, a founder member of
oneworld, left the alliance in June 2000.
Outlook
The outlook for the second half is better than last year. Lower
capacity growth in our main markets and continued economic growth are
positive factors, although the situation in the Middle East is cause
for concern.
Benefits from the new fleet and network strategy and from the sustained
drive for cost efficiency are now showing up in our financial results,
although high fuel prices continue to impact earnings. Further
improvements are anticipated from the renewed attention to customer
service, the increased focus on employee morale and the phased
introduction of new products (initial customer reaction is excellent).
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.british-
airways.com/investor.
GROUP BALANCE SHEET
(unaudited)
September 30 March 31
(unaudited) (audited)
2000 £m 1999 £m 2000 £m
FIXED ASSETS
Intangible Assets 61 62
Tangible Assets 10,348 10,015 10,294
Investments 483 398 567
10,892 10,413 10,923
CURRENT ASSETS
Stocks 73 85 78
Debtors 1,463 1,581 1,368
Cash, short-term loans and deposits 1,295 1,573 1,146
2,831 3,239 2,592
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (3,341) (3,207) (3,366)
NET CURRENT (LIABILITIES)/ASSETS (510) 32 (774)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,382 10,445 10,149
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Borrowings and other creditors (6,618) (6,492) (6,615)
Convertible Capital Bonds 2005 (113) (113) (113)
(6,731) (6,605) (6,728)
PROVISIONS FOR LIABILITIES AND CHARGES (74) (90) (81)
3,577 3,750 3,340
CAPITAL AND RESERVES
Called up share capital 271 270 270
Reserves 3,114 3,287 2,877
3,385 3,557 3,147
Minority interest 16 16
Non equity minority interest 176 193 177
3,577 3,750 3,340
STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES (unaudited) Six months ended Year ended
September 30 March 31
(umaudited) (unaudited)
2000 £m 1999 £m 2000 £m
Profit/(loss) for the period 133 218 (21)
Other recognised gains and
losses relating to the period
Exchange and other movements (15) 13 (20)
Total recognised gains andlosses 118 231 (41)
These summary financial statements were approved by the Directors on
November 6, 2000.
GROUP CASH FLOW STATEMENT (unaudited)
Six months ended Year ended
September 30 March 31
(unaudited) (audited)
2000 £m 1999 £m 2000 £m
CASH INFLOW FROM OPERATING
ACTIVITIES 884 681 1,186
DIVIDENDS RECEIVED FROM
ASSOCIATES 44
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE (172) (156) (315)
TAXATION 3 7 (2)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT (111) 25 (146)
ACQUISITIONS AND DISPOSALS 28 (21) (218)
EQUITY DIVIDENDS PAID (137) (188) (242)
Cash inflow before management
of liquid resources and financing 495 348 307
MANAGEMENT OF LIQUID
RESOURCES (195) (393) 9
FINANCING (342) 67 (319)
(Decrease)/Increase in
cash in the period (42) 22 (3)
GROUP FINANCING SURPLUS
/(REQUIREMENT)
Cash inflow before management of
liquid resources and finaning 495 348 307
Acquisitions under loans, finance leases and
hire purchase arrangements (229) (328) (659)
Total financing surplus
/(requirement)for the period 266 20 (352)
NOTES TO THE ACCOUNTS
For the period ended September 30, 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.
Six months ended Year ended
September 30 March 31
2000 £m 1999 £m 2000 £m
2 RECONCILIATION OF OPERATING PROFIT
TO CASH INFLOW FROM OPERATING ACTIVITIES
Group operating profit 361 211 84
Depreciation charges 351 314 648
Other items not involving the
movement of cash 8 21 39
(Increase)/decrease in stocksand debtors (115) (200) 4
Increase in creditors 279 335 411
Cash inflow from operating activities 884 681 1,186
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
(Decrease)/increase
in cash during the period (42) 22 (3)
Cash outflow from decrease in debt and lease
financing 344 130 516
Cash outflow/(inflow) from liquid
resources 195 393 (9)
Change in net debt resulting
from cash flows 497 545 504
New loans and finance leases
taken out and hire
purchase arrangements made (229)(328) (659)
Divested from subsidiary
undertakings sold during
the period 69
Assumed from subsidiary
undertakings acquired during
the year (42)
Conversion of Convertible Capital Bonds 13 13
Exchange movements (145) (72) (206)
Movement in net debt during the period 192 158 (390)
Net debt at April 1 (5,916) (5,526) (5,526)
Net debt at period end (5,724) (5,368) (5,916)
Three months ended Six months ended
September 30 September 30
2000 £m 1999 £m 2000 £m 1999 £m
4 OTHER INCOME AND CHARGES
Income from trade investments 1 1 1 2
Other 1 1 1 1
2 2 2 3
Other income and charges represented by:
Group 2 2 2 3
Associates
2 2 2 3
Three months ended Six months ended
September 30 September 30
2000 £m 1999 £m 2000 £m 1999 £m
5 PROFIT ON SALE OF FIXED ASSETS AND INVESTMENTS
Net profit on sale of investment in Galileo
International Inc. 149
Net loss on disposal of Air Liberte (Note 1 below)
(56)
Net (loss)/profit on disposal of other fixed assets
and investments (9) 14 (11) 42
(9) 14 (67) 191
Represented by:
Group (10) 10 (68) 187
Associates 1 4 1 4
(9) 14 (67) 191
Note 1 - The loss on disposal of Air Liberte is subject to final
determination of the cost involved in completing the transaction.
6 INTEREST
Net payable:
Interest payable less amount
capitalised 101 86 191 171
Interest receivable (24) (23) (44) (43)
77 63 147 128
Retranslation charges on
currency borrowings 8 59 27 67
85 122 174 195
Net interest payable represented by:
Group 80 118 169 191
Associates 5 4 5 4
85 122 174 195
7 TAXATION
Tax on the profit on ordinary activities has been
provided for on the basis of the estimated rate of charge
for the year ending March 31, 2001.
8 DIVIDENDS PAID AND PROPOSED
There was no charge to the profit and loss account in relation
to 1999-00 final dividends paid to Convertible Capital Bond
holders(1998-99: £1 million), who converted their bonds in June
2000, in accordance with the terms of the bonds.
9 EARNINGS PER SHARE
Basic earnings per share are calculated on a weighted average
of 1,075,267,000 ordinary shares (September 1999:
1,074,528,000)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 1,123,463,000 ordinary shares (September
1999: 1,126,460,000) 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 September 30, 2000 was
1,082,108,000 (September 30, 1999: 1,081,225,000; March 31,
2000: 1,081,515,000) ordinary shares of 25 pence each.
September 30 March 31
2000 £m 1999 £m 2000 £m
10
TANGIBLE ASSETS
Fleet 8,469 8,294 8,437
Property 1,509 1,419 1,488
Equipment 370 302 369
10,348 10,015 10,294
11
INVESTMENTS
Associated undertakings 450 341 507
Trade investments 8 32 35
Investment in own shares 25 25 25
483 398 567
12
CREDITORS: AMOUNTS
FALLING DUE WITHIN ONE YEAR
Loans 75 199 140
Finance leases 89 88 120
Hire purchase arrangements 311 273 288
475 560 548
Overdrafts - unsecured 6 5
Corporate taxation 30 37 18
Other creditors and accruals 2,836 2,604 2,795
3,341 3,207 3,366
13
BORROWINGS AND OTHER
CREDITORS FALLING DUE AFTER MORE THAN ONE YEAR
Loans 896 980 903
Finance leases 1,906 1,520 1,768
Hire purchase arrangements 3,629 3,762 3,725
6,431 6,262 6,396
Other creditors and accruals 187 230 219
6,618 6,492 6,615
14
RESERVES
Balance at April 1 2,877 3,087 3,087
Retained profit/(loss) for the period 78 161 (216)
Exchange and other adjustments (15) 13 (20)
Reduction in reserves resulting from shares issued
to a Qualifying Employee Share Ownership Trust in
relation to the 1993 Share Save Scheme (2) (2)
Net Movement on goodwill 173 7 7
Premium arising from issue of ordinary
share capital 1 21 21
3,114 3,287 2,877
15 The figures for the three months and six months ended September
30, 2000 and 1999 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, 2000 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 on page 2 and pages 6 to 10 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. A review consists principally of making
enquiries of the Group's 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 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, 2000.
Ernst & Young
London
November 6, 2000
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 Six months ended
September 30 September 30
2000 £m 1999 £m 2000 £m 1999 £m
Profit for the period as reported in the Group profit and
loss account 192 30 133 218
US GAAP adjustments 6 14 1 (67)
Net income as so adjusted to
accord with US GAAP 198 44 134 151
Net income per Ordinary Share as so adjusted
Basic 18.5p 4.1p 12.5p 14.1p
Diluted 17.8p 4.1p 12.3p 13.8p
Net income per American Depositary Share as so adjusted
Basic 185p 41p 125p 141p
Diluted 178p 41p 123p 38p
September 30 March 31
2000 £m 199£m 2000 £m
Shareholders' equity as reported
in the Group balance sheet 3,385 3,557 3,147
US GAAP adjustments (1,142) (529) (758)
Shareholders' equity as so adjusted
to accord with US GAAP 2,243 3,028 2,389
AIRCRAFT FLEET
Number in service with Group
companies at September 30, 2000
Operating
leases off
On balance balance sheet Future
sheet Exten- deli-
aircraft dible Other Total veries options
MAINLINE (Notes 1 & 2) sheet
Concorde (Note 3) 7 7
Boeing 747-200 12 3 15
Boeing 747-400 57 57
Boeing 777 35 35 9 16
Boeing 767-300 22 22
Boeing 757-200 44 2 3 49
Airbus A318 12 12
Airbus A319 (Note 4) 15 15 24 124
Airbus A320 10 10 20
Boeing 737-200 6 6
Boeing 737-300 7 7
Boeing 737-400 22 12 34
Boeing 737-500 5 5
Embraer RJ145 5 5 2 14
Turbo Props (Note 5) 16 16
Sub total 209 20 54 283 67 166
DEUTSCHE BA, 'go' and CITYFLYER EXPRESS (Note 6)
Boeing 737-300 31 31
Avro RJ100 10 10 6 6
Turbo Props (Note 7) 10 10
Sub total 20 31 51 6 6
GROUP TOTAL 209 40 85 334 73 172
Notes:
1 Includes those operated by British Airways Plc,
British Airways (European Operations at Gatwick) Ltd
and Brymon Airways Ltd.
2 Excludes 1 McDonnell Douglas DC-10-30, 4 Boeing 737-
200s, 2 Boeing 767-300s and 3 Boeing 757-200s stood
down pending disposal or return to lessor, 1 Boeing
737-500 and 1 Boeing 777-200ER have been delivered
but are not yet in service.
3 Concorde services are currently suspended following
the Air France accident on
July 25. We remain confident that the Civil Aviation
Authority in the UK will re-issue the certificate of
airworthiness; services will resume as soon as
possible.
4 Options include reserved delivery positions and, if
taken, may be A319, A320 or A321.
5 de Havilland Canada DHC-8s.
6 Net reductions since March 31, 2000 include 14
McDonnell Douglas aircraft, 15 Fokker aircraft and 3
ATR aircraft, totalling 32 aircraft disposed of with
Air Liberte.
7 7 ATR 72s and 3 ATR 42s for CityFlyer Express.
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