Preliminary Financial Results
British Airways PLC
22 May 2001
PRELIMINARY FINANCIAL RESULTS 2000-2001
Three months ended Twelve months ended
March 31 Increase/ March 31 Increase/
2001 2000 (Decrease) 2001 2000 (Decrease)
Turnover £m 2,121 2,107 0.7% 9,278 8,940 3.8%
Operating
profit / £m (61) (125) 51.2% 380 84 nm
(loss)
Operating % (2.9) (5.9) 3.0pts 4.1 0.9 3.2pts
margin
Profit/
(loss) £m (65) (175) 62.9% 150 5 nm
before tax
Retained
loss for £m (215) (306) 29.7% (79) (216) 63.4%
the period
Capital and
reserves at £m 3,419 3,340 2.4% 3,419 3,340 2.4%
period end
Earnings
per share
Basic p (7.2) (15.7) 54.1% 10.6 (2.0) nm
Diluted p n/a n/a n/a 10.5 n/a n/a
Dividends p 12.8 12.8 17.9 17.9
per 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/
2001 £m 2000 £m (Decrease) 2001 2000 (Decrease)
£m £m
Traffic Revenue
Scheduled Passenger 1,787 1,760 1.5% 7,803 7,465 4.5%
Scheduled Cargo 133 134 (0.7)% 579 556 4.1%
Non-scheduled services 7 8 (12.5)% 50 71 (29.6)%
1,927 1,902 1.3% 8,432 8,092 4.2%
Other revenue 194 205 (5.4)% 846 848 (0.2)%
TOTAL TURNOVER 2,121 2,107 0.7% 9,278 8,940 3.8%
Employee costs 611 607 0.7% 2,376 2,481 (4.2)%
Depreciation 183 172 6.4% 715 648 10.3%
Aircraft operating 58 52 11.5% 221 190 16.3%
lease costs
Fuel and oil costs 280 219 27.9% 1,102 804 37.1%
Engineering and other 163 141 15.6% 662 661 0.2%
aircraft costs
Landing fees and en 157 157 0% 645 682 (5.4)%
route charges
Handling charges,
catering and other
operating costs 289 333 (13.2)% 1,303 1,328 (1.9)%
Selling costs 285 319 (10.7)% 1,135 1,188 (4.5)%
Accommodation, ground
equipment costs and
currency differences 156 232 (32.8)% 739 874 (15.4)%
TOTAL OPERATING 2,182 2,232 (2.2)% 8,898 8,856 0.5%
EXPENDITURE
OPERATING PROFIT/(LOSS) (61) (125) 51.2% 380 84 352.4%
Share of operating 36 44 (18.2)% 64 75 (14.7)%
profits in associates
TOTAL OPERATING PROFIT/ (25) (81) 69.1% 444 159 179.2%
(LOSS) INCLUDING
ASSOCIATES
Other income and charges (1) 4 nm 1 5 (80.0)%
(Loss)/profit on sale
of fixed assets and 4 (2) nm (69) 249 nm
investments
Interest
Net payable (76) (78) 2.6% (297) (272) (9.2)%
Retranslation
credits/(charges) 33 (18) nm 71 (136) nm
on currency borrowings
PROFIT/(LOSS)BEFORE TAX (65) (175) 62.9% 150 5 nm
Taxation (7) 10 nm (22) (15) (46.7)%
PROFIT/(LOSS)AFTER TAX (72) (165) 56.4% 128 (10) nm
Equity minority interest (2) nm (2) nm
Non equity minority (3) (3) 0% (12) (11) (9.1)%
interest*
PROFIT/(LOSS)FOR THE (77) (168) 54.2% 114 (21) nm
PERIOD
Dividends paid and (138) (138) 0% (193) (195) 1.0%
proposed
RETAINED LOSS FOR THE (215) (306) 29.7% (79) (216) 63.4%
PERIOD
nm: Not meaningful
* Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS
MAINLINE SCHEDULED Three months ended Twelve months ended
SERVICES March 31 Increase/ March 31 Increase/
2001 2000 (Decrease) 2001 2000 (Decrease)
TRAFFIC AND CAPACITY
RPK (m) 25,466 26,797 (5.0)% 116,674 117,463 (0.7)%
ASK (m) 37,842 40,717 (7.1)% 162,824 168,361 (3.3)%
Passenger load factor(%) 67.3 65.8 1.5pts 71.7 69.8 1.9pts
CTK (m) 1,056 1,118 (5.5)% 4,731 4,536 4.3%
RTK (m) 3,602 3,802 (5.3)% 16,409 16,256 0.9%
ATK (m) 5,675 5,882 (3.5)% 24,228 24,400 (0.7)%
Overall load factor (%) 63.5 64.6 (1.1)pts 67.7 66.6 1.1pts
Passengers carried (000) 7,874 8,081 (2.6)% 36,221 36,346 (0.3)%
Tonnes of cargo 202 224 (9.8)% 907 897 1.1%
carried (000)
FINANCIAL
Passenger revenue per RPK (p) 6.59 5.91 11.5% 6.29 5.84 7.7%
Passenger revenue per ASK (p) 4.43 3.89 13.9% 4.51 4.07 10.8%
Cargo revenue per CTK(p) 12.50 11.81 5.8% 12.13 11.99 1.2%
Average fuel price before
hedging (US cents/US gallon) 10382 93.20 11.4% 103.94 71.46 45.5%
TOTAL GROUP OPERATIONS
(including Deutsche BA, 'go', CityFlyer and, in prior year only, Air Liberte)
TRAFFIC AND CAPACITY
RPK (m) 26,800 29,328 (8.6)% 123,197 127,425 (3.3)%
ASK (m) 40,018 44,533 (10.1)% 172,524 183,158 (5.8)%
RTK (m) 3,711 4,041 (8.2)% 16,987 17,215 (1.3)%
ATK (m) 5,883 6,253 (5.9)% 25,196 25,840 (2.5)%
Passengers carried (000) 9,721 10,778 (9.8)% 44,462 46,578 (4.5)%
FINANCIAL
Total traffic revenue per RTK
(p) 51.93 47.07 10.3% 49.64 47.01 5.6%
Total traffic revenue per ATK
(p) 32.75 30.42 7.7% 33.47 31.32 6.9%
Net operating expenditure
per RTK (p) 53.58 50.16 6.8% 47.40 46.52 1.9%
Net operating expenditure
per ATK (p) 33.79 32.42 4.2% 31.96 30.99 3.1%
OPERATIONS
Average Manpower 62,425 64,874 (3.8)% 62,844 65,640 (4.3)%
Equivalent (MPE)
ATKs per MPE (000) 94.2 96.4 (2.3)% 400.9 393.7 1.8%
Aircraft in service at period
end 338 366 (28) 338 366 (28)
CHAIRMAN'S STATEMENT
Group Performance
Group profit before tax for the year was £150 million - - up from £5 million
last year. Operating profit more than quadrupled to £380 million, despite a
fuel bill almost £300 million higher.
The improvement in operating profit reflected benefits from the new aircraft
fleet and network strategy, successful new products (especially the Club World
flat bed) and aggressive cost efficiency actions. Commitment to customer
service was strengthened; employee morale improved.
The fleet strategy is based on smaller aircraft, flying higher frequencies and
carrying a higher mix of premium traffic. Capacity reductions are targeted on
unprofitable transfer and discount business.
Mainline passenger yields increased 7.7% - - the biggest year-over-year
improvement since privatisation. Unit costs increased 3.1%; excluding the
impact of higher fuel prices, they fell marginally. Despite capacity
reductions, productivity improved by 1.8%. Operating margin was 4.1% - - up
from 0.9% last year.
For the three months ended March 31, 2001, pre tax losses were £65 million,
compared with a loss of £175 million last year. Operating loss for the quarter
more than halved to £61 million.
Turnover
For the twelve month period, Group turnover - - at £9,278 million - - was up
3.8% on a flying programme 5.8% smaller in available seat kilometres (ASK).
Group turnover for the quarter was up 0.7% - - at £2,121 million - - on flying
capacity 10.1% lower in ASK. Mainline passenger yields were up 11.5% per RPK
and 13.9% per ASK; seat factor was up 1.5 points at 67.3%.
Three month Cargo sales were almost unchanged from a year ago.
Unit Costs
For the twelve month period, unit costs (pence per ATK) were 3.1% higher than
a year ago. But for a 37% increase in fuel price (net of hedging), unit costs
would have fallen by 0.3%. This reflected cost efficiency actions, including
lower cost of sales, e-procurement initiatives and productivity and process
improvements. Group manpower fell during the course of the year from 61,000 to
58,000.
Unit costs for the three months were 4.2% higher than the same quarter last
year. Excluding the impact of higher fuel prices and adverse exchange rate
changes, they would have fallen 2.3%, despite the upward pressure caused by
the reduction in capacity.
Non Operating Items
Net interest expense for the year was £226 million. This included a book
credit for the revaluation of yen debts (used to fund aircraft acquisitions)
of £73 million, compared to last year's charge of £126 million. The
revaluation - - required by accounting standards - - results from the
weakening of the yen against sterling.
Losses on disposals of fixed assets and investments for the year were £69
million, reflecting primarily the disposal of Air Liberte in May 2000 and
product changeover costs. Our share of Iberia's profits from the sale of its
investment in Amadeus was a partial offset. Last year profits of £249 million
arose, primarily from the disposals of our investment in Galileo International
and part of our investment in Equant.
Earnings Per Share
For the twelve month period, profit attributable to shareholders was £114
million, equivalent to earnings of 10.6 pence per share, compared with a loss
of 2 pence per share last year. The loss attributable to shareholders for the
three months was equivalent to 7.2 pence per share, compared with last year's
loss of 15.7 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 - - the same as last year.
The final dividend will be paid on July 31, 2001 to shareholders registered on
June 1, 2001. The ex-dividend date will be May 30, 2001.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, were £6,223 million
at March 31 - - up £307 million since the start of the year, due primarily to
further investment in new aircraft and products. The net debt/total capital
ratio increased by 0.6 points to 64.5%.
Shareholders' funds increased primarily due to the Air Liberte disposal.
Aircraft Fleet
The Group fleet decreased by 28 during the year from 366 to 338 aircraft.
The mainline fleet increased by 4 aircraft during the year reflecting
continued implementation of the revised strategy. Additions included 7 Boeing
777, 15 Airbus A319, 10 Boeing 737-500 and 1 Boeing 737-300 together with 5
Embraer RJ145 operated by Brymon. Aircraft leaving the fleet were 2 Boeing
747-200, 6 Boeing 767-300, 8 Boeing 757-200, and 13 Boeing 737-200 as well as
2 de Havilland Canada DHC-7 and 2 de Havilland Canada DHC-8 operated by
Brymon. A further Boeing 747-400 was sub-leased to Qantas.
In the subsidiaries' fleet, seven Avro RJ 100 were added for CityFlyer
Express; disposals included 1 Boeing 737-300 from DBA, 1 ATR 72 and 5 ATR 42
operated by CityFlyer Express, and 32 Air Liberte aircraft.
Concorde services remain suspended following the Air France accident in July.
Modifications to the fuel tanks are being made and we remain confident that
the Civil Aviation Authority in the UK will re-issue the certificate of
airworthiness. While the modifications are made, a £14 million package of
product improvements, including new cabin interior and seats, are being
installed. Services are expected to resume later this year.
Strategic Developments
Following a review of Gatwick operations in December, we announced a change
from previous attempts to build Gatwick as a transfer hub. Key elements of the
new Gatwick plan, which will be implemented over two years, include reducing
longhaul destinations and refocusing shorthaul on serving local point-to-point
business. The operations and management of our two subsidiaries (CityFlyer and
BA's European Operations at Gatwick) will be fully consolidated at the North
Terminal by early 2002.
Subsidiaries and Associates
During the year we sold Air Liberte and our investment in Hogg Robinson. We
invested in On Line Travel Portal and announced that from May 2001 our UK
outbound holiday business will merge with Thomas Cook.
We also announced our intention to sell our no-frills airline go. We expect to
conclude the sale shortly and achieve a substantial profit on our £25 million
investment.
In May 2001 we purchased British Regional Air Lines Group plc (BRAL); a
further step in British Airways' plans to coordinate better its shorthaul
businesses and reduce fragmentation among subsidiaries and franchise partners.
The British Airways London Eye is now a major tourist attraction, with over 3
million visitors in its first full year of operation.
Alliance Development
Top level discussions continue with American Airlines on how to cooperate
further, both on a one-to-one basis and as part of oneworld. We continue to
strengthen links with other partners too; during the year code-share
agreements were extended with Qantas, Aer Lingus and Iberia.
Growth, whether organic or by means of alliances, will concentrate on
profitable segments where customer service is at a premium.
Outlook
Implementation of the fleet and network strategy is progressing on track;
elimination of unprofitable capacity continues. As capacity reductions are
implemented over the next two years, cost control will be a prime focus. New
technology offers opportunities for operating efficiencies and improved
customer service.
Our new Club World cabin (with flat bed) continues to increase yields and win
market share from competitors as it rolls out across the network. Development
of further product upgrades continue, which, like the new World Traveller Plus
cabin, will give our employees new opportunities to demonstrate their
outstanding customer service skills.
Our continued focus on improving the fundamentals of the business will help us
ride out short term issues relating to slower world economic growth and the UK
foot and mouth epidemic.
The Annual General Meeting will be held at Le Meridien Grosvenor House, Park
Lane, London at 1100 hours on July 17, 2001. The full Report and Accounts and
Summary Financial Statement will be distributed as appropriate to shareholders
in the week beginning June 11, 2001; from then copies will be available to
members of the public at the Company's registered office.
GROUP BALANCE SHEET
March 31
2001 £m 2000 £m
FIXED ASSETS
Intangible 60 62
Assets
Tangible 10,766 10,294
Assets
Investments 426 567
11,252 10,923
CURRENT
ASSETS
Stocks 66 78
Debtors 1,444 1,368
Cash, 936 1,146
short-term
loans and
deposits
2,446 2,592
CREDITORS: (3,308) (3,366)
AMOUNTS
FALLING DUE
WITHIN ONE
YEAR
NET CURRENT (862) (774)
LIABILITIES
TOTAL ASSETS 10,390 10,149
LESS CURRENT
LIABILITIES
CREDITORS:
AMOUNTS
FALLING DUE
AFTER MORE
THAN ONE YEAR
Borrowings (6,788) (6,615)
and other
creditors
Convertible (113) (113)
Capital Bonds
2005
(6,901) (6,728)
PROVISIONS (70) (81)
FOR
LIABILITIES
AND CHARGES
3,419 3,340
CAPITAL AND RESERVES
Called up 271 270
share capital
Reserves 2,944 2,877
Total equity 3,215 3,147
shareholders'
funds
Minority 18 16
interest
Non equity 186 177
minority
interest
3,419 3,340
STATEMENT OF TOTAL
RECOGNISED Twelve months ended
GAINS AND
LOSSES
March 31
2001 £m 2000 £m
Profit/(loss) for 114 (21)
the year
Other recognised
gains and losses
relating to the year
Exchange and other (30) (20)
movements
Total gains and 84 (41)
losses recognised
since the last
annual report
These summary financial statements were approved by the Directors on May 22,
2001.
GROUP CASH FLOW STATEMENT
Twelve months ended
March 31
2001 2000
£m £m
CASH INFLOW FROM OPERATING ACTIVITIES 1,251 1,186
DIVIDENDS RECEIVED FROM ASSOCIATES 33 44
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (342) (315)
TAXATION 15 (2)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (457) (146)
ACQUISITIONS AND DISPOSALS 26 (218)
EQUITY DIVIDENDS PAID (194) (242)
Net cash inflow before management of liquid 332 307
resources and financing
MANAGEMENT OF LIQUID RESOURCES 159 9
FINANCING (521) (319)
Decrease in cash in the year (30) (3)
GROUP FINANCING REQUIREMENT
Net cash inflow before management of liquid 332 307
resources and financing
Acquisitions under finance leases and hire (663) (659)
purchase arrangements
Total financing requirement for the year (331) (352)
Total tangible fixed asset expenditure, net of 1,405 1,291
progress payment refunds
NOTES TO THE ACCOUNTS
For the period ended March 31, 2001
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, 2001 in
accordance with
all applicable United Kingdom accounting standards and the Companies Act
1985
and are consistent with those applied in the previous year.
Twelve months ended
March 31
2001 £m 2000
£m
2 RECONCILIATION OF OPERATING
PROFIT
TO CASH INFLOW FROM
OPERATING ACTIVITIES
Group operating profit 380 84
Depreciation and amortisation 715 648
Other items not involving the
movement of cash (1) 39
(Increase)/decrease in stocks (38) 4
and debtors
Increase in creditors 195 411
Cash inflow from operating 1,251 1,186
activities
3 RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Decrease in cash during the (30) (3)
year
Net cash outflow from decrease 524 516
in debt and lease financing
Cash inflow from liquid (159) (9)
resources
Change in net debt resulting 335 504
from cash flows
New finance leases taken out (663) (659)
and hire purchase arrangements made
Divested from subsidiary 69
undertakings sold during the
year
Assumed from subsidiary (42)
undertakings acquired during
the year
Conversion of Convertible 13
Capital Bonds
Exchange movements (48) (206)
Movement in net debt during (307) (390)
the year
Net debt at April 1 (5,916) (5,526)
Net debt at year end (6,223) (5,916)
Three months ended Twelve months
ended
March 31 March 31
2001 £m 2000 £m 2001 £m 2000
£m
4 OTHER INCOME AND CHARGES
Income from trade 1 1 3
investments
Other (1) 3 2
(1) 4 1 5
Other income and charges
represented by:
Group (1) 4 1 5
(1) 4 1 5
NOTES TO THE ACCOUNTS (continued)
For the period ended March 31, 2001
Three months ended Twelve months ended
March 31 March 31
2001 2000 £ 2001 2000 £m
£m m £m
5 (LOSS)/PROFIT ON SALE OF
FIXED ASSETS
AND INVESTMENTS
Net loss on disposal of Air 2 (54)
Liberte
Net profit on disposal of 149
investment in Galileo
International Inc.
Share of net profit on 22 22
disposal of Amadeus by Iberia
Net profit on part disposal 8 70
of investment in Equant
Net loss/(profit) on disposal (20) (10) (37) 30
of other fixed assets and
investments
4 (2) (69) 249
Represented by:
Group (22) (10) (96) 237
Associates (including 26 8 27 12
disposal of Amadeus)
4 (2) (69) 249
6 NET INTEREST PAYABLE
Interest payable less amount 102 96 389 357
capitalised
Interest receivable (26) (18) (92) (85)
76 78 297 272
Retranslation (credits)/ (33) 18 (71) 136
charges on currency
borrowings
43 96 226 408
Net interest payable
represented by:
Group 37 89 215 396
Associates 6 7 11 12
43 96 226 408
7 TAXATION
No taxable profits arose in the UK on operating results. 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.
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
1,075,496,000 ordinary shares (March 2000: 1,074,823,000)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 1,084,761,000 ordinary shares (March 2000:
1,074,823,000).
The number of shares in issue at March 31, 2001 was 1,082,552,000 (March
31, 2000: 1,081,515,000)ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (Continued)
For the period ended March 31, 2001
March 31
2001 £m 2000 £m
10 TANGIBLE ASSETS
Fleet 8,865 8,437
Property 1,418 1,488
Equipment 483 369
10,766 10,294
11 INVESTMENTS
Associated 381 507
undertakings
Trade investments 20 35
Investment in own 25 25
shares
426 567
12 CREDITORS:
AMOUNTS FALLING
DUE WITHIN ONE
YEAR
Loans 49 140
Finance Leases 106 120
Hire Purchase 329 288
Arrangements
484 548
Overdrafts - 3 5
unsecured
Corporate 31 18
taxation
Other creditors 2,790 2,795
and accruals
3,308 3,366
13 BORROWINGS AND
OTHER CREDITORS
FALLING DUE AFTER
MORE THAN ONE
YEAR
Loans 992 903
Finance Leases 2,240 1,768
Hire Purchase 3,327 3,725
Arrangements
6,559 6,396
Other creditors 229 219
and accruals
6,788 6,615
14 RESERVES
Balance at April 1 2,877 3,087
Retained loss for (79) (216)
the year
Exchange and (30) (20)
other adjustments
Reduction in
reserves
resulting from
shares issued to
a Qualifying (2)
Employee Share
Ownership Trust
in relation to
the 1993 Share
Save Scheme
Net movement on 173 7
goodwill re Air
Liberte disposal
Premium arising 3 21
from issue of
ordinary share
capital
2,944 2,877
15 The figures for the three months and year ended March 31, 2001
and three months ended March 31, 2000 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, 2001 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, 2000 have
been extracted, with certain minor presentational changes, from
the full accounts 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,
2001.
The adjusted net income and shareholders' equity applying US GAAP are set out
below:
Three months ended Twelve months ended
March 31 March 31
2001 £m 2000 £m 2001 2000
£m £m
Income/(loss) for the
period as reported in the
Group profit and loss (77) (168) 114 (21)
account
US GAAP adjustments 95 (335) 112 (430)
Net income/(loss) as so 18 (503) 226 (451)
adjusted to
accord with US GAAP
Net income/(loss) per
Ordinary
Share as so adjusted
Basic 1.7p (65.3p) 21.0p (41.9p)
Diluted n/a (65.0p) 20.8p n/a
Net income/(loss) per
American Depositary
Share as so adjusted
Basic 17p (653)p 210p (419)p
Diluted n/a n/a 208p n/a
March 31
2001 2000 £m
£m
Shareholders' equity as 3,215 3,147
reported
in the Group balance
sheet
US GAAP adjustments (881) (758)
Shareholders' equity as 2,334 2,389
so adjusted
to accord with US GAAP
AIRCRAFT FLEET
Number in service with Group companies at March 31, 2001
On balance Operating
leases off
balance sheet
MAINLINE sheet Future
Extendible Other Total Options
(Notes 1 & 2) Aircraft deliveries
Concorde (Note 3) 7 7
Boeing 747-200 12 1 13
Boeing 747-400 56 56
Boeing 777 40 40 5 16
Boeing 767-300 21 21
Boeing 757-200 42 2 1 45
Airbus A318 12 12
Airbus A319 (Note 4) 11 10 21 18 120
Airbus A320 10 10 20
Boeing 737-300 8 8
Boeing 737-400 22 5 7 34
Boeing 737-500 10 10
Turbo Props 15 15
(Note 5)
Embraer RJ145 7 7 14
Sub total 221 18 48 287 55 162
DEUTSCHE BA, 'go' and CITYFLYER (Note 6)
Boeing 737-300 30 30
Avro RJ100 (Note 7) 5 10 15 1 6
Turbo Props (Note 8) 6 6
Sub total 5 16 30 51 1 6
GROUP TOTAL 226 34 78 338 56 168
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 DC10-30, 3 Boeing 737-200s and 2
Boeing 757-200s stood down pending disposal or return to lessor, 1
Boeing 747-400 sub-leased to Qantas, and 2 Boeing 737-300 delivered
but not yet in service.
3 7 Concordes are currently stood down as a result of the
investigation into the Air France accident of July 25. Modification
work has commenced and we are confident that Concorde will resume
services in the not too distant future, pending the reissuing of a
certificate of airworthiness by the Civil Aviation Authority.
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 Includes 4 owned by British Airways Plc and 1 owned by British
Airways Leasing Limited which are operated by CityFlyer Express.
8 6 ATR 72 for CityFlyer Express.
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