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Iberia's Turnaround

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IberiaIberia’’ss TurnaroundTurnaround Enrique Dupuy de Lôme CFO TransformationTransformation ProcessProcess TransformationTransformation ProcessProcess inin IberiaIberia Viability Plan (1994-96) Director Plan I (1997-99) Director Plan II (2000-2002) Reach agreements with Sale of Client Franchise with Air New business Launch strategic and institutional IPO Binter programme Nostrum c/o Iberia.com investors intercontinental and Canarias ciberticket Launching Unified Viva Tours Iberia Commercial Fleet renewal Staff reduction ERE Cards Redundancy Plan Strategy of IB, programme and wage reduction Closing Viva AO, YW Retiral & Air Cost reduction Plan:PROICO sale of Sale of Ladeco Route network old feet oneworld Closing of Viasa rationalisation Sale of Binter Mediterraneo Iberia Reaction Reduced holding in Iberia Reaction Collective Restructuring of Aerolineas Argentinas, Wet Agreements 2001- Iberia Plus Merger with Aviaco Launching Austral and Ladeco lease 2004 Programme e-procurement Cost Agreements with Agreement with New Agreement Travel Club Parcial sale reduction British Airways and pilots and other Travel Agencies Programme of Amadeus Prega Plan American Airlines personnel 94 95 96 97 98 99 00 01 02 Liberalisation of Full phase-in of EU 11th September 2002 Economic handling in air transport Launch of Alliances Kosovo War attack Crisis Spanish market liberalisation Industry Industry Industry Industry Development Development TheThe DirectorDirector PlanPlan II (1997(1997--1999)1999) Growth and Profitability Strategic Objectives Key Achievements New management model Loss-making activities fixed, closed or sold Creation of 6 profitable business units Restructure Latin Reduce ownership in Aerolineas American investments Closing of Viasa Sale of Ladeco Alliances with American Airlines and British Airways Strategic alliances oneworld Fleet renewal Short and medium range: A320 family Long range: A340 Integration of Aviaco and franchise with Air Nostrum Enhancement of business class products and Iberia Reorganise network and Plus programme enhance commercial New incentives programme for travel agencies activities (operating since 1998) New yield management system (“Pros4”) operating since 1998 Director Plan I Results: Meeting and Exceeding Targets 1997-1999 Amounts in MM/Euro 6.2% 15.3% 62.0% 11,547 1,915 708 10,877 1,661 437 Revenues EBITDAR Income Before Tax Target Director Plan I Actual TheThe DirectorDirector PlanPlan IIII (2000(2000--2003)2003) 2000- Until September 11 2001 ♦Strong Growth of the European Network ♦Development of customer service plans ♦Launching of Iberia.com and electronic ticketing ♦ Fleet renewal program ♦Launching of e-procurement project ♦Privatisation: Strategic shareholders and IPO From 11 September 2001 Anticrisis Plan Anticrisis Plan Quick and flexible adjustment to demand evolution Selective approach IncreaseIncrease OperatingOperating to strategic markets ResultsResults Decrease unit costs Reduction in Capacity ASK The reduction in capacity began in November 01: ■ -11.3% in 2002 versus budgeted (Director Plan) 2002 vs. 2001 Load Factor ASK Domestic -11.5% +1.1 p.p. Europe -1.6% + 2.1 p.p. Intercontinental -3.9% +2.9 p.p. Total -5.2% +2.3 p.p. Number of Aircraft Number • Cancellation of wet leases Year end 02 Vs Budget of aircraft • Cancellation of 2 B-767 on operating lease • Retirement of 6 A-300 147 173 • Delay deliveries of 9 A-320 and 5 A-321 -15% Iberia L.A.E data AggressiveAggressive CostCost CuttingCutting ProgramProgram 10% Headcount Reduction ■ Iberia Social Plan approved by Labour Authorities: 2.515 employees ■ Total Staff reduction 2.800 employees ■ By the end of September 2.343 people have already left the Company ■ Annual estimated savings 124 MM/ Euro ■ Cost of the plan 240 MM/ Euro (Provided at Dec 01) General Costs Cutting Programme 5% 2002 54 MM/ Euro Target 10% 2003 108 MM/ Euro ■ 735 programs in place with identified savings of 54.6 MM/Euro Commercial Cost Reduction ■ Net Commercial Costs 9.3% of traffic revenues compared to 10.5% in 2001 2002 Results Operating Revenues Operating Expenses -0.8% -6.0% Important improvement in margins 2002 2001 EBITDAR 805 655 Ebitdar Margin 17.1% 13.8% EBIT 249 5 Ordinary Results 241 31 Iberia Group CompetitiveCompetitive StrengthsStrengths Leadership in the EuropeEurope---LatinLatin America Market Iberia´s leadership will allow to benefit from the potencial growth of this region Iberia has a superior product in: Number of destinations Number of non-stop flights Daily frequencies Market share evolution Europe-Latin America 16,0% Iberia 14,0% 12,0% Air France 10,0% KLM 8,0% British Airways Lufthansa 6,0% 1998 1999 2000 2001 2002 ExpansionExpansion PotentialPotential inin EuropeanEuropean AirportsAirports Passengers growth CAGR 99-04 (%) New runways in 2004 8.5 2 in Madrid 1 in Barcelona 6.5 6.5 5.3 New terminals 5.0 Madrid in 2004 4.0 Barcelona in 2005 3.1 Air Traffic Control 1.5 investments 0.8 Orly El Prat Schipol Barajas Gatwick Gaulle Frankfurt Heathrow Fiumicino CapacityCapacity growthgrowth 2004-20062004-2006 de Charles Madrid Madrid 30-40% BarcelonaBarcelona Strong Balance Sheet Net Financial Debt (Euro Mill.) 340 Strong Cash Position -144 December 2002 1.209 MM/ Euro -331 -707 1999 2000 2001 2002 Unit Costs Significantly below the Average January-December 2002 14 Lufthansa SAS 13 12 11 10 Austrian Airlines Air France 9 British Airways KLM 8 Low Cost Carriers Euro Cents/ASK** 7 Iberia 6 5 600 800 1.000 1.200 1.400 1.600 1.800 2.000 Average Stage Length (Kms)* Date for period January - December 2002, except Ryanair and Easyjet fiscal year 2002. * Source: AEA **Operating costs less 33% of Operating Leases High Level of Flexibility Total Flexibility 170 -19% 147 30 Flexibility 137 27 Long Haul -30% 21 •Non renewal of 17 Operating Leases •Cancel 9 options •Cancel new hiring of Flexibility 120 140 116 7 Wet Leases -17% Short/Medium haul 12/2002 12/2005 12/2005 Base case Flexibility case ChallengesChallenges andand OpportunitiesOpportunities 20032003--20052005 Challenges and Opportunities for Iberia in 20032003---20052005 Good positioning in costs Expansion potencial compared to other network at Madrid and Barcelona carriers and potential to airports (2004-2005) improve them CompetitiveCompetitive environmentenvironment forfor IberiaIberia 2003-20052003-2005 Leadership in Latin America will allow to take High speed train (AVE) advantage of the growth coming into operation potential in this region at the end of 2004 Iberia will improve efficiency Increase short and medium haul aircraft utilisation Productivity improvements and reduction of personnel unit costs Strong unit Reduction in commercial costs costs reduction New model of on board service Other costs reduction Cost Differential Iberia-Low Cost Carriers Areas Identified Action plan under way Gap narrowing 100% 90% 32% Productivity 80% (Plane & Crew) 70% 60% 27% Commercial 50% & Distribution 40% 30% 24% Customer service 20% 9% Maintenance 10% 4% Overheads 4% 0% Others 100% DIFFERENTIAL Price Share Evolution 3-apr-01 10-jun-03 % Variation BRITISH AIRWAYS 301,75 162,75 -46% AIR FRANCE 18,35 12,11 -34% LUFTHANSA 19,60 10,10 -48% ALITALIA 1,18 0,23 -81% KLM 19,35 8,48 -56% AUSTRIAN 12,50 7,78 -38% IBERIA 1,19 1,68 41% SAS nd 42,50 nd EASYJET 307,64 195,00 -37% RYANAIR 4,90 5,97 22% CONTINENTAL 39,59 13,88 -65% SOUTHWEST 17,38 16,51 -5% AMERICAN 33,74 8,78 -74% DELTA 38,15 14,40 -62% UNITED 31,40 0,76 -98% Local Currency.
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