11 MAY 2020
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CEO Willie Walsh’s presentation of IAG’s first quarter results last Thursday (7 May) understandably made for grim reading.
The announcement contained few surprises and no indication of redundancies among the 14,000 Iberia staff, although BA is cited. LEVEL continues grounded. There was no mention of Cityflyer. That airline is a full subsidiary of British Airways and would not be expected to feature.
At the same time, the Board resolved to delay the date of the Annual Shareholders’ Meeting 2020, originally scheduled for June, until the end of September 2020, Walsh continuing to act as group chief executive with Luis Gallego and Javier Sánchez-Prieto remaining in place as Iberia and Vueling chief executives respectively. Deliveries for 68 aircraft are being deferred and IAG does not expect recovery until 2023 at the earliest.
Going into the crisis, IAG had a strong balance sheet and liquidity, with cash and available facilities at 31 March of €9.5bn, increasing to €10.0bn by 30 April.
In 2019 BA made €1.921bn, Aer Lingus €276m, Iberia €497m and Vueling €240m. With the three-month results, there was no breakdown of the individual airlines.
The financial results of Cityflyer are published on an annual basis in September, coming in last year at £42.1m pre-tax with 586 staff and 22 aircraft.
IAG is 25% owned by Qatar Airways.
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