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Permanent Structural Change Bringing Sustainable Results

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Permanent Structural Change Bringing Sustainable Results British Airways British Airways 2009/10 Annual Report and Accounts 2009/10 Annual Report www.ba.com PERMANENT Our investor relations website is STRUCTURAL www.bashares.com CHANGE BRINGING Our website for individual shareholders is SUSTAINABLE www.bashareholders.com RESULTS... British Airways Plc Registered number: 1777777 2009/10 Annual Report and Accounts Who we are British Airways is the UK’s largest international scheduled airline. We fly our customers at convenient times to the best located airports across the world. We are one of the world’s leading global premium airlines. Our principal place of business is London with significant presence at Heathrow, Gatwick and London City. Some 20 million people live within commuting distance of these airports, on the doorstep of the City of London, the world’s biggest premium travel market. We also operate a worldwide air cargo business, largely in conjunction with our scheduled passenger services. Operating one of the most extensive international scheduled airline route networks, together with our codeshare and franchise partners, we fly to more than 300 destinations worldwide. In 2009/10, we carried nearly 32 million passengers. We support the UK economy by providing vital arteries for trade and investment, meeting the demand for business travel and leisure travel for holidays and family reunion. In 2009/10, we earned £8 billion in revenue, down 11 per cent on the previous year. Passenger traffic accounted for 87 per cent of this revenue, while 7 per cent came from cargo and 6 per cent from other activities. We carried 760,000 tonnes of cargo This report has been printed by Pureprint on Revive 100 uncoated to destinations in Europe, the Americas and which contains 100% recycled and de-inked pulp from post- throughout the world. At the end of March 2010 consumer waste which has been FSC (Forest Stewardship Council) certified at a mill that has been awarded the ISO 14001 certificate we had 238 aircraft in service. for environmental management. The pulp used in this product is bleached using an Elemental Chlorine Free process (ECF). Pureprint is a CarbonNeutral® company and its Environmental Management System is certified to ISO 14001:2004. 100% of the electricity used is generated from renewable sources, 95% of press chemicals are recycled for further use and on average 98% of any waste associated with this production will be recycled. Designed and produced by Likemind. www.likemind.com Printed by Pureprint British Airways 2009/10 Annual Report and Accounts 1 2 British Airways at a glance 4 Financial and operational highlights 5 Chairman’s statement 9 Chief Executive’s statement overview 15 Chief Financial Officer’s statement 21 The markets we operate in and business review report Directors’ 27 Our strategy and objectives 32 Our Key Performance Indicators 33 Principal risks and uncertainties our business 35 Running a responsible business 37 – Environment 38 – Community investment 39 – The workplace 41 – The marketplace 44 Board of Directors 45 Management Board corporate governance corporate 46 Corporate governance statement 52 Report of the Audit Committee 54 Report of the Nominations Committee 54 Report of the Safety Review Committee 55 Report of the Remuneration Committee 65 Responsibility statements 66 Independent auditor’s report 68 Group consolidated income statement 69 Statement of other comprehensive income financial statements 70 Balance sheets 71 Cash flow statements 72 Statements of changes in equity 74 Notes to the accounts The Directors present their Report and Accounts for the year ended 31 March 2010, which includes 128 Operating and financial statistics the Business Review as per Section 417 of the Companies Act 2006 and DTR 4.1.8 of the 130 Principal investments Disclosure and Transparency Rules (DTRs) of the UK Listing Authority and the corporate governance 131 Shareholder information statements. The financial statements are set out on pages 68 to 127. 132 Glossary 2 British Airways 2009/10 Annual Report and Accounts British Airways at a glance… Aberdeen Oslo Edinburgh Stockholm Glasgow Newcastle Copenhagen Vancouver Manchester Hamburg LONDON Amsterdam Seattle Dusseldorf Calgary Montreal Jersey Frankfurt Paris Munich Zurich Chicago Toronto Geneva Bordeaux Lyon Venice Boston NiceMilan Newark Marseille Denver Pisa Philadelphia NewYork Barcelona Rome San Francisco Baltimore Lisbon Madrid Naples Las Vegas Washington Faro Cagliari Catania Los Angeles Dallas Bermuda Gibraltar Malaga Atlanta Tunisia Malta Phoenix Houston Algiers Orlando Tampa Tripoli Miami Nassau Grand Cayman Providenciales Mexico City Montego Bay Punta Cana Kingston St Kitts Antigua St Lucia Barbados Granada Tobago Trinidad Port of Spain Abuja Accra Lagos Luanda Sao Paulo Rio de Janeiro Buenos Aires Cape Town Americas: 41 • UK: 9 • Europe: 67 • Africa: 16 Principal activities statement The main activities of British Airways Plc and its subsidiary undertakings are the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail and the provision of ancillary services. Our mainline network (summer 2010) is illustrated above. These maps are a graphic representation only. Please visit www.ba.com for a full list of where we fly to. British Airways 2009/10 Annual Report and Accounts 3 one of the world’s leading global premium airlines overview Beijing Helsinki Tokyo St Petersburg Moscow Shanghai Warsaw Berlin Kiev Prague Vienna Budapest Hong Kong Belgrade Bucharest Pristina Dubrovnik Istanbul Thessaloniki Izmir Athens Bangkok Antalya Paphos Larnaca Tel Aviv Delhi Cairo Sharm Kuwait el Sheikh Bahrain Dubai Singapore Hyderabad Doha Abu Muscat Riyadh Dhabi Mumbai Bangalore Jeddah Chennai Male Entebbe Nairobi Dar es Salaam Sydney Lusaka Mauritius Johannesburg Middle East and South Asia: 15 • Asia Pacific: 7 19 Boeing 737s 2 Airbus A318s 2 Avro RJ85s 7 Embraer – E-jets 49 Boeing 747s 33 Airbus A319s 1 Avro RJ100s 9 Boeing 757s 38 Airbus A320s 21 Boeing 767s 11 Airbus A321s 46 Boeing 777s Fleet in service as at 31 March 2010 4 British Airways 2009/10 Annual Report and Accounts Financial and operational highlights Financially, this is a very difficult time for our business. Operationally however, we are achieving levels of excellence today never before seen in this airline. Geographical segments by area £7,994m 38.5p of original sale Revenue Basic loss per share Group Revenue for 2009/10 was Group loss per share for 2009/10 £7,994 million, compared with was 38.5 pence, compared with £8,992 million in the previous year. loss per share of 32.6 pence in the previous year. £531m 59% Loss before tax Ready to Go Group loss before tax for 2009/10 Network-wide Ready to Go 2009/10 £ million was £531 million, compared with performance of 59 per cent, a loss before tax of £401 million compared with 53 per cent • UK 3,636 in the previous year. in the previous year. • Continental Europe 1,255 • The Americas 1,651 Africa, Middle East, • and Indian sub-continent 731 £231m 24.2 bags • Far East and Australasia 721 Operating loss Shortlanded baggage performance Group operating loss for 2009/10 Shortlanded baggage at Heathrow was £231 million, compared with for 2009/10 was 24.2 bags per a loss of £220 million in the 1,000 passengers, compared previous year. to 28.0 in the previous year. British Airways 2009/10 Annual Report and Accounts 5 Chairman’s statement QUICK TO REACT overview AND READY TO GO WITH THE UPTURN At the start of the year we faced a series of daunting challenges on top of the most severe global downturn for more than 60 years. We’ve made swift and significant progress in overcoming those challenges. As recovery picks up, we are now far better placed to grow and to achieve our long-term goal of returning British Airways into a profitable global premium airline. 6 British Airways 2009/10 Annual Report and Accounts Chairman’s statement The economic conditions that prevailed throughout 2009/10 were the most severe we have ever encountered. As a result of the worst recession for 60 years, our industry has faced a series of permanent structural changes that have drastically reduced our revenues in the short term and have permanently changed the economics of running a premium airline. Loss before tax, Revenue down £531 million for the year £1 billion These problems are in themselves Over the year we reduced our unit Our relationship with Iberia is very strong formidable. But, in addition, British costs by 6.5 per cent. Our fuel bill fell and we have now signed a merger Airways faced a list of daunting by nearly £600 million, accounting for agreement that we know will bring real challenges of its own. These included a large element of this decrease. Unit benefits to our respective customers the need to: costs excluding fuel also fell by 1.8 per and shareholders and protect the cent. This was truly a remarkable brands of the two airlines. If remaining • Raise finance at a time of continuing achievement. It is hard enough to cut technicalities are successfully dealt with, crisis in the debt markets; costs when capacity is rising; to do so as we fully expect, the merger should • Radically reduce our historic cost base; when capacity is in sharp decline is very be concluded by the end of 2010. • Change working practices; difficult indeed. Our cost base is now Similarly, all the signs are that we can far more competitive, meaning we are • Complete our planned merger win anti-trust immunity from the US well placed to achieve more profitable with Iberia; Department of Transportation along growth in the future. • Win an acceptable anti-trust with regulatory approval from the EU agreement to cooperate with We successfully carried the majority competition authorities, to operate a American Airlines and Iberia on of our workforce with us in making joint business with American Airlines North Atlantic routes; and changes to working practices, including and Iberia over the North Atlantic.
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