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Summary of Fy 2008

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Summary of Fy 2008 SUMMARY OF FY 2008 1. Main figures Iberia Group Financial Data € million (a) 4th Quarter Accumulated 2008 2007 % (a) 2008 2007 % (a) Operating revenues (b) 1.329 1.396 -4,8 5.450 5.522 -1,3 Operating costs (b) 1.392 1.322 5,3 5.529 5.238 5,5 EBITDAR (b) 81 232 -65,3 500 932 -46,4 Recurring EBIT (b) -63 74 n.a -79 284 n.a Adjusted EBIT (c) -33 107 n.a 40 416 -90,4 Profit/loss from operations (d) -25 109 n.a 5 413 -98,8 Consolidated income before taxes -28 120 n.a 36 447 -91,9 Consolidated income after taxes -19 105 n.a 32 328 -90,2 Non-current assets (e) --- --- --- 2.450 2.086 17,4 Current financial investments, cash & cash --- --- --- 2.272 2.967 -23,4 equivalents (e) (g) Equity (e) --- --- --- 1.564 2.006 -22,0 In-balance sheet net debt (e) --- --- --- -1.803 -2.500 -27,9 Adjusted net debt x 8 (e) --- --- --- 1.012 532 90,3 Cash flow from operating activities --- --- --- 38 381 -90,0 EBITDAR margin (%) (b) (f) 6,1% 16,6% -10,6 p. 9,2% 16,9% -7,7 p. EBIT margin (%) (b) (f) -4,7% 5,3% -10,1 p. -1,5% 5,1% -6,6 p. Operating revenue/ASK (€ cent) (b) 8,37 8,33 0,5 8,24 8,31 -0,8 Operating expense/ASK (€ cent) (b) 8,77 7,88 11,2 8,36 7,88 6,1 Operating expense (ex fuel)/ASK (€ cent) (b) 5,84 5,99 -2,4 5,84 6,16 -5,1 Operating data ASK (million) 15.875 16.772 -5,3 66.098 66.454 -0,5 RPK (million) 12.302 13.471 -8,7 52.885 54.229 -2,5 Load factor (%) (f) 77,5 80,3 -2,8 p. 80,0 81,6 -1,6 p. Yield (€ cent) (h) 7,63 7,46 2,2 7,36 7,44 -1,1 Passenger revenue / ASK (€ cent) (h) 5,91 6,00 -1,4 5,89 6,07 -3,0 Annual average headcount 20.956 22.168 -5,5 21.578 22.515 -4,2 ASK / Employee (thousand) 758 757 0,1 3.063 2.952 3,8 No. of aircraft end of period 119 136 -12,5 119 136 -12,5 Average fleet utilization (block hours/aircraft/day) 10,0 9,6 3,6 10,0 9,6 4,3 (a) Percentage changes are calculated over full figures in euros. The 2008 financial statements include the revenue and costs associated with the Handling Joint Venture (JV) in proportion to Iberia’s participation (in 2007 the whole of the annual impact was recorded in the fourth quarter). (b) Only recurring items. (c) Excluding 33% of operating leases (100% of dry leases + 50% of wet lease) equivalent to the implicit financial interest of the aircraft rentals. (d) Includes non-recurring items. (e) December 2008 vs December 2007. (f) Year on year variation expressed in percentage points. (g) Current financial investments (excluding the value of hedging instruments) plus cash and other cash equivalents. (h) Calculated with passenger revenues generated during the period, excluding revenues from the cancellation of customer advances as well as other minor accounting regularizations. - 1 - 2. Highlights ! In 2008 the Iberia Group generated consolidated income after taxes of €32 million and profit from operations of €5 million. ! Aircraft fuel costs rose by €521 million in 2008 while other operating costs fell by €230 million. ! The in-depth restructuring of the network and delivery of most of the other initiatives contemplated in the 2006-2008 Director Plan were key to mitigating the impact of rising fuel costs. Thanks to this, stripping out fuel costs, unit operating costs fell by 5.1% during the year. ! Operating revenues narrowed 1.3% year-on-year, hurt by the depreciation of the dollar; at constant exchange rates, revenue would have expanded slightly. ! Revenue from technical assistance to airlines continued to increase significantly thanks to an expanding product and client portfolio. ! At year-end, the consolidated balance sheet reflects the company’s financial health, with equity of €1,564 million and liquidity of €2,272 million. ! Staff group productivity (measured as ASK per employee) climbed 3.8% while fleet utilisation (measured in block hours per aircraft) rose 4.3% to 10 hours daily. ! Iberia, American Airlines and British Airways signed a joint business agreement to develop their cooperation in their operations between Europe and North America. - 2 - 3. Businesses’ evolution 3.1. Transport Operating Statistics (a) 4th Quarter Accumulated 2008 2007 % 2008 2007 % Passenger operations ASK (million) 15.875 16.772 -5,3 66.098 66.454 -0,5 Domestic 2.194 2.735 -19,8 9.546 11.516 -17,1 Medium Haul 4.126 4.227 -2,4 17.223 16.738 2,9 Europe 3.601 3.739 -3,7 15.192 14.762 2,9 Africa and Middle East (b) 525 488 7,6 2.031 1.975 2,8 Long Haul 9.555 9.811 -2,6 39.330 38.201 3,0 RPK (million) 12.302 13.471 -8,7 52.885 54.229 -2,5 Domestic 1.532 2.111 -27,4 6.810 8.738 -22,1 Medium Haul 2.858 2.925 -2,3 12.584 12.172 3,4 Europe 2.466 2.568 -4,0 11.049 10.693 3,3 Africa and Middle East (b) 391 357 9,5 1.535 1.478 3,8 Long Haul 7.913 8.436 -6,2 33.490 33.319 0,5 Load factor (%) 77,5 80,3 -2,8 p. 80,0 81,6 -1,6 p. Domestic 69,8 77,2 -7,4 p. 71,3 75,9 -4,5 p. Medium Haul 69,3 69,2 0,1 p. 73,1 72,7 0,3 p. Europe 68,5 68,7 -0,2 p. 72,7 72,4 0,3 p. Africa and Middle East (b) 74,6 73,3 1,3 p. 75,6 74,8 0,7 p. Long Haul 82,8 86,0 -3,2 p. 85,2 87,2 -2,1 p. Cargo Cargo tonnes 60.194 72.366 -16,8 242.213 260.601 -7,1 ATK (million) 414 438 -5,4 1.714 1.702 0,7 RTK (million) 295 353 -16,4 1.156 1.225 -5,6 Load factor (%) 71,3 80,7 -9,3 p. 67,4 71,9 -4,5 p. Passenger revenues (c) Passenger revenues (€ thousand) 939 1.006 -6,6 3.891 4.034 -3,5 Passenger revenues/ ASK (€ cent) 5,91 6,00 -1,4 5,89 6,07 -3,0 Passenger revenues/ RPK (€ cent) 7,63 7,46 2,2 7,36 7,44 -1,1 (a) Iberia L.A.E. traffic. (b) Except South Africa, that is included in Long Haul. (c) Passenger revenues include only those revenues generated during the period. Therefore, revenues from the cancellation of customer advances as well as other minor accounting regularizations are excluded. ASK: Available Seat Kilometre; RPK: Revenue Passenger Kilometre; ATK: Available Ton Kilometre; RTK: Revenue Ton Kilometre. Year on year variation in Load factor expressed in percentage points. Since the end of 2007 air traffic growth has been slowing. This trend gathered pace during the second half of 2008 as a result of the downturn in the global economy. Revenue passenger kilometres (RPK) on regular flights at the airlines belonging to the Association of European Airlines (AEA) rose 1.2% in 2008, compared to growth of 5.4% the year earlier. Meanwhile, the sector also scaled back capacity, albeit not by enough to offset the slide in demand, so that load factors declined on a widespread basis over the course of the year. The average load factor at AEA member airlines narrowed 1.3 percentage points in 2008 to 76.0%. Last year Iberia posted a passenger load factor of 80.0%, compared to 81.6% in 2007 - which was the company’s annual ranking, ahead (together with Air France-KLM) of the other European network carriers. Capacity at Iberia, measured in available seat-kilometres (ASK), narrowed 0.5% on 2007 across the network, mainly driven by capacity downsizing on domestic routes. Accordingly, aggregate capacity on international flights climbed 2.7% year-on-year. The quarterly trend in activity highlights the gradual weakening in traffic across all markets, especially in the final months of the year, as the downturn in the economic situation intensified. The company stepped up the pace of capacity adjustments as 2008 progressed: overall capacity rose by 1.7% in 1H08, fell by 0.2% in 3Q08 and by a more notable 5.3% in 4Q08. - 3 - In 2008 Iberia concluded the review and optimisation of the flight programme set out in the 2006-2008 Director Plan, boosting network operations. The company continued to add capacity and optimise connections through its Madrid-Barajas hub and, at the same time finalised the selective streamlining of its capacity on point-to-point routes, with the greatest impact on domestic routes. The impact of these measures, together with sustained growth in capacity on transatlantic flights and flights to and from Central and Eastern Europe led to a 12.6% jump in the average stage length to 2,273 kilometres. The yield, or passenger revenue per RPK, decreased by 1.1% for the network as a whole in 2008, while revenue per ASK slid 3.0% on 2007. Both indicators were hurt by the increase in average stage length and the depreciation of the dollar.
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