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Chairman's Statement 4 / British Airways 2008/09 Annual Report and Accounts Chairman’s statement We are in the grip of a devastating global economic downturn and the next year will be extremely difficult for us. In times of crisis, it is essential that we keep our sights fixed on the future. That is why we are continuing with our plans to firmly establish British Airways as a high-performing, market-focused, global premium airline. British Airways 2008/09 Annual Report and Accounts / 5 We have made no secret of the fact that we believe in the next 10 or 20 years the industry will be dominated by a small number of global airline groups. We want to be leaders Overview in that consolidation process. Twelve months ago we reported record recommend either a dividend profits, achieving a 10 per cent operating to shareholders or a bonus to our profit margin for the first time in our history. senior executives. We knew then that the year ahead would We have looked at these two issues be far more difficult, but the pace of through the same lens. Our long-term Our business governance Corporate Financial statements economic slowdown has taken almost aim is to provide our shareholders with everybody by surprise. Barely a month has a consistent and growing dividend stream passed without us seeing a sharp revision and to pay meaningful executive and downwards in economic forecasts and an employee bonuses. But we cannot justify equally quick decline in business activity either at the moment. and consumer confidence. Government action Financial results During these challenging times, the In the first six months of the year we need for clear-sighted leadership from delivered a good performance given the policy makers – both nationally and incredibly difficult trading conditions, internationally – is greater than ever. with an operating profit of £140 million The UK Government showed just Loss before tax on revenue, up 6.4 per cent. such leadership in tackling the financial for year For the full year, we have fallen into crisis last autumn. The collapse of the losses on the back of a sharp fall in banking system was closer than any of £401m premium traffic of 13.0 per cent in the us dared imagine. second half year, last year’s record oil Efforts to ease the credit squeeze on prices and adverse currency movements. business and homeowners, to restore Fuel costs Total revenue grew by 2.7 per cent to confidence and to stem rising £8,992 million and we recorded a pre- unemployment will take time. We are tax loss of £401 million for 2008/09, £2,969m hopeful that efforts by the G20 countries compared with a pre-tax profit last year to coordinate action both on the banking of £922 million (restated). crisis and on stimulating growth and trade Ready to Go Financially, this is a very difficult time for will progressively bear fruit. Realistically, our business. Operationally however, we it will probably not be until the turn of the are achieving levels of excellence today year that we begin to see signs of progress. up19 points never seen before in this airline, thanks Notwithstanding these positive actions, in large part to Terminal 5. the UK Government’s recent decision to We therefore continue to plan carefully for double Air Passenger Duty (APD) from the future. We are balancing the need to 2010 will undoubtedly disadvantage the take short-term action to see us through UK’s competitive position within the a very tough trading environment with airline industry. our long-term goal: to create a high- performing, market-focused, global Strategic partnerships premium airline. We have made no secret of the fact that we believe in the next 10 or 20 years Dividends and executive remuneration the industry will be dominated by a small As conditions have deteriorated so much, number of global airline groups. We want we have decided it would be wrong to to be leaders in that consolidation process. 6 / British Airways 2008/09 Annual Report and Accounts Chairman’s statement continued Ready to Go During the year we continued our merger from the airport to the US. Five new airlines Mainline network full discussions with Iberia, where we continue acquired slots at Heathrow to start US year average to hold a 13.15 per cent stake. I am flights in addition to the four incumbent glad to report the discussions have made airlines, changing the competitive 34% 53% 38% 36% 39% good, although slightly slower than environment at the airport. Thanks to the expected, progress. first phase of liberalisation we too have launched our OpenSkies subsidiary, Both airlines see the logic of a tie up. We operating premium services from Paris are largely agreed on how to bring the two and Amsterdam to New York. businesses together. Getting the governance right so that we can be sure of delivering The next phase – Open Skies 2 – is just the anticipated synergies is presenting the as important to ensure that the EU gets biggest hurdle to progress, but we remain reciprocal access to US markets. We are hopeful this can be overcome for the benefit disappointed that the US appears to be of our customers and shareholders. dragging its feet. EU carriers have the right to insist that the first phase of Open Skies During the year we also tentatively is rescinded if satisfactory progress is not explored a merger with Qantas. Although 2004/05 2005/06 2006/07 2007/08 2008/09 made by 2010. ultimately that came to nothing, we learned a lot from our talks and the We hope that is unnecessary. lessons will be invaluable to us in the years Protectionism is the last thing the global ahead as consolidation marches forward. economy can afford right now. In February, the oneworld alliance – UK regulation involving 10 partner airlines – celebrated At home, we continue to argue for a root its 10th anniversary. Whilst the alliance and branch shake-up of the way the Civil continues to be highly successful, it is now Aviation Authority (CAA) regulates BAA at a crucial point in its development. airports. The Department for Transport In August we applied for anti-trust immunity is undertaking a consultation on this issue to operate a joint business across the and the aim must be to create a system Atlantic with fellow oneworld members, that works for all users of UK airports – American Airlines and Iberia. The EU and passengers and airlines, alike. We need In August we applied for US competition authorities are currently to see the necessary infrastructure and anti-trust immunity to deciding if we should be able to enjoy the services developed in an efficient way operate a joint business same rights on these routes as are already using a system of charging that does not across the Atlantic with enjoyed by our major competitors in their over-reward the airport operator. fellow oneworld members, global alliances, Star and Skyteam. American Airlines and Separately, BAA is being required by the Iberia. Star and Skyteam dominate traffic Competition Commission to sell Gatwick between the EU and the US with 35 and and Stansted airports, as well as Edinburgh 28 per cent market shares respectively. or Glasgow. The oneworld share is 21 per cent. So Our focus is ensuring that Heathrow has a the decision really boils down to whether real champion. We believe Ferrovial, BAA’s two or three alliances should compete to parent, can fulfil that role. But while it serve the transatlantic market. controls all three of London’s main airports This is our third attempt to win clearance. there is always a concern that resources It is quite conceivable that our partners will will be spread too thinly. look for different options if our application is refused again. Runway 3 A third runway at Heathrow is essential Open Skies to the airport’s development and vital to The first phase of the EU-US Open Skies London and the wider UK economy. A lack liberalisation has opened up Heathrow to of capacity to effectively compete in the any EU or US airline that wishes to fly transfer market has already seen Heathrow British Airways 2008/09 Annual Report and Accounts / 7 Last year we were asked to be the customer service champion of the London 2012 Olympic and Paralympic Games. We are very proud – as one of the eight UK sponsors and the Overview official airline for the Games – to have this key role. slip behind competitors such as Paris, one that includes aviation – we can start Amsterdam and Frankfurt. So we are to tackle climate change with real vigour. pleased the government is in favour I am also encouraged that commercially viable of expansion and believes that strict bio-kerosene may well be a reality within the environmental conditions can be met. next decade or so. Not so long ago that Our business governance Corporate Financial statements We are convinced that we can meet those seemed a very distant dream indeed. conditions for a bigger Heathrow in terms of emissions and noise with the new London 2012 Airbus A380 and Boeing 787 aircraft Last year we were asked to be the we have on order, through changes in customer service champion of the London operating procedures, and through 2012 Olympic and Paralympic Games. We pressing for wider changes in the industry. are very proud – as one of the eight UK sponsors and the official airline for the This will remain a politically divisive issue Games – to have this key role. It matches up to and beyond the UK general election.
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