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Delivering Achieving Advancing Strengthening Transforming Creating INTERNATIONAL AIRLINES GROUP 2018 Annual report and accounts and report Annual Delivering Achieving Advancing Strengthening Transforming Creating Annual report and accounts 2018 WorldReginfo - fccd1eba-5b6e-4926-ab4f-f28b575dcc2a CONTENTS Strategic Report Financial Statements Management Report 2 Our highlights 116 Consolidated income statement IAG is required to prepare a Management Report in accordance 3 Chairman’s letter 117 Consolidated statement with Article 262 of the Spanish of other comprehensive income 4 Our network Companies Act and Article 49 of the 118 Consolidated balance sheet Spanish Commercial Code. Pursuant to 6 Chief Executive Officer’s review this legislation, this management report 119 Consolidated cash flow statement 11 Question and answers must contain a fair review of the with the Chief Executive Officer 120 Consolidated statement of changes progress of the business and the in equity performance of the company, together 12 Business model and strategy with a description of the principal risks 122 Notes to the consolidated 14 Our strategic priorities and key and uncertainties that it faces. In the financial statements performance indicators preparation of this report, IAG has 172 Group investments taken into consideration the guide 18 British Airways published in 2013 by the Spanish 20 Iberia National Securities Market Commission Statement of Directors’ Responsibilities 22 Vueling (CNMV) which establishes a number Independent Auditors’ Report of recommendations for the 23 Aer Lingus preparation of management reports 24 LEVEL of listed companies. Additional Information The Management Report is composed 25 IAG Platform by the following sections: 183 Alternative performance measures 27 Avios 12 Business model and strategy 186 28 Glossary IAG Cargo 14 Our strategic priorities and key 188 Operating and financial statistics 29 Digital performance indicators IBC Shareholder information 30 Risk management and principal 25 IAG Platform risk factors 30 Risk management and principal 37 Financial overview risk factors 38 Financial review 37 Financial overview 49 Regulatory environment 38 Financial review 51 Sustainability 49 Regulatory environment 51 Sustainability The Annual Corporate Governance Corporate Governance Report is part of this Management 72 Chairman’s introduction to corporate Report but has been prepared governance separately. 74 Board of Directors This report has been file with the CNMV, together with the required 76 Corporate governance statistical annex, in accordance with the 88 Report of the Audit and CNMV Circular 2/2018, dated June 12. Compliance Committee The Annual Corporate Governance Report and the statistical annex are 91 Report of the Nominations also available on the company’s Committee website (www.iairgroup.com). 94 Report of the Safety Committee The Non-Financial Information 95 Report of the Remuneration Statement in response to the Committee requirements of Law 11/2018, of December 28, (amending the Commercial Code, the revised Capital Companies Law approved by Legislative Royal Decree 1/2010, of July 2, 2010 and Audit Law 22/2015, of July 20, 2015), is part of this Management Report and is available on the Company’s website (www.iairgroup.com). WorldReginfo - fccd1eba-5b6e-4926-ab4f-f28b575dcc2a Strategic Report “IAG continues to deliver in a changing industry. We are responding to consumer needs, deliver on our financial targets, operate with sustainability at our Corporate Governance heart and leverage technology to support our vision. We’re confident that we will continue to deliver for our customers and shareholders while investing in the future of our people and airlines. IAG is built to succeed and we hope you’ll join us on our journey as we move towards greater achievements together.” Financial Statements Willie Walsh Chief Executive Officer Additional Information www.iairgroup.com 1 WorldReginfo - fccd1eba-5b6e-4926-ab4f-f28b575dcc2a Our highlights Operating profit before exceptional items (€m)1 Value returned to shareholders3 +€280 million vly +25% vly 2018 2018 3,230 615 c. 700 €1,315m 2017 2017 2,950 550 500 €1,050m 2016 2016 2,535 495 500 €995m Dividends Share buyback Special dividend Return on Invested Capital1 17.3% 13.2%4 13.3% 26.8% +1.4pts +1.0pts -0.1pts +3.8pts ASK: 2.5% ASK: 7.1% ASK: 8.9% ASK: 10.0% IAG Platform INTERNATIONAL AIRLINES GROUP 16.6% +0.9pts Our financial performance Statutory results 2018 20171 Versus last year Total revenue € 24,406m € 22,880m 6.7% Operating profit after exceptional items € 3,678m € 2,662m 38.2% Profit after tax and exceptional items € 2,897m € 2,009m 44.2% Basic earnings per share 142.7€c 95.2 €c 49.9% Cash and interest-bearing deposits € 6,274m € 6,676m (6.0%) Interest-bearing long-term borrowings € 7,509m € 7,331m 2.4% Alternative performance measures2 2018 20171 Versus last year Profit after tax before exceptional items € 2,481m € 2,231m 11.2% Adjusted earnings per share 117.7€c 102.2 €c 15.1% Adjusted net debt € 8,355m € 7,759m 7.7% Adjusted net debt to EBITDAR 1.6 1.5 0.1 pts 1 2017 figures restated for new accounting standards IFRS 15 ‘Revenue from contracts with customers’ and IFRS 9 ‘Financial instruments’. 2 Alternative performance measure calculations page 183. 3 Presented in the year they were proposed 4 Excluding LEVEL For definitions see Glossary page 186. 2 INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2018 WorldReginfo - fccd1eba-5b6e-4926-ab4f-f28b575dcc2a CHAIRMAN’S LETTER A business model built for Strategic Report sustainable growth Corporate Governance “I’m delighted to welcome you to our latest Annual Report which charts another year of high achievement for all Financial Statements our operating airlines in an increasingly testing economic environment.” Antonio Vázquez Chairman Additional Information 2018 was another year of strong growth agreement between the UK and EU will highest standards of governance and the for our business, despite significant be reached which allows flights to new UK Corporate Governance Code’s economic and political challenges. continue as normal. determined aspirations are and will be a big focus for the Board. We’re thinking To report operating profits of €3,230 Liberalisation in Europe has delivered deeply about how IAG - a parent million before exceptional items (up by so much, benefitting around 1 billion company, overseeing a diversity of brands 9.5%) on revenues of €24.4 billion is a consumers and sustaining thousands and cultures – can make a meaningful significant achievement at a time when oil of jobs each year. And IAG remains reality of the Code’s demands, not least prices were volatile and the geo-political confident that its operating companies on stakeholder engagement. environment uncertain. will comply with relevant ownership and control rules post Brexit. We also remain firmly fixed on growing Difficulties lie ahead on both these fronts, sustainably. We are on track to meet but we remain confident we have the Consolidation remains a prime motivation our 10 per cent carbon efficiency right strategy, supported by a unique for IAG. It takes two different forms – full- improvement target of 87.3gCO /pkm business model and a robust governance blown M&A activity and, more frequently 2 by 2020 and are making big progress structure, to continue pursuing in recent times, acquiring distressed on reducing onboard waste. long-term growth. assets from airlines that fail. We have a business model ideally suited to pursuing More widely we are proud of the lead role Forecasts from the International Air both paths. we are playing in industry-wide action on Transport Association make good carbon. Our sector is the first to agree a reading. They predict our industry’s net Joint business agreements are also worldwide mechanism to reduce profits will increase to $35.5 billion this crucial. We’re very pleased that the emissions and the global CORSIA offset year - the tenth consecutive year of profit agreement between British Airways, Iberia and reduction programme, which we for the industry, and, more importantly, and LATAM received approval in Brazil, advocated for strongly, is an initiative the fifth in a row where returns will Uruguay and Colombia, promising real few industries can match. exceed the cost of capital, creating benefits for travellers between Europe value for investors. and South America. Approval from the I hope in the following pages you can Chilean Free Competition Defence Court clearly see that IAG continues to grow In some sectors, that wouldn’t make a was also received in 2018, though this and prosper, much of which is down to headline. In the airline industry, given its remains subject to final ruling by the the terrific work done by people across history, it is big news. Chilean Supreme Court following an the Group. It matches our own vocation to deliver appeal. These relationships have We are all conscious of the challenges consistent returns to shareholders. We longevity. In February 2019 we celebrated we face, but very excited about the were delighted to return some €1 billion in the 20th anniversary of the oneworld opportunities that lie ahead. dividends and share buy backs in 2018, for alliance that includes both British Airways the second year running. and Iberia. Antonio Vázquez Chairman Brexit is certainly one of the biggest This is IAG’s eighth year. We remain a challenges we face. However, we remain young company with a unique structure. confident a comprehensive air transport To sustain our success we must apply the www.iairgroup.com 3 WorldReginfo - fccd1eba-5b6e-4926-ab4f-f28b575dcc2a OUR NETWORK Our business around the world IAG combines leading airlines in the UK, Spain and Ireland, enabling them to enhance their presence in the aviation market while retaining their individual brands and current operations. The airlines’ customers benefit from a larger combined network for both passengers and cargo, and a greater ability to invest in new products and services through improved financial robustness.
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