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Aer Lingus and IAG

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Aer Lingus and IAG Capital Markets Day 6th November 2015 Agenda 0830 Opening Speech Antonio Vázquez IAG Chairman Financial Overview & 0845 Enrique Dupuy IAG CFO Targets Cargo Steve Gunning IAG Cargo CEO Avios Gavin Halliday Avios Managing Director GBS Laurence Turnbull Head of Group Finance Services 0930 Group IT Bill Francis Head of Group IT MRO Luis Gallego Iberia Chairman & CEO Fleet Henri-Charles Ozarovsky Senior Manager Group Strategy Digital Glenn Morgan Head of Digital Business Transformation 1045 Break British Airways Keith Williams BA Executive Chairman Iberia Luis Gallego Iberia Chairman & CEO 1115 Vueling Alex Cruz Vueling Chairman & CEO Aer Lingus Stephen Kavanagh Aer Lingus CEO 1215 CEO Speech Willie Walsh IAG CEO 1245 Lunch 1330 Conclusion and Q&A Willie Walsh IAG CEO 1500 Drinks Reception IAG CMD 2015 2 IAG Plans and Targets Financial targets – headlines 2015 • We are today announcing a considerable upgrade to our long term return and equity cash flow objectives • We are banking very little fuel benefit at this stage • Total fuel benefit >€2bn at current fuel and fx over next 3 years as hedges roll off • We are focussed on retaining as much as possible • We are currently banking only 15% to 20% of that in our targets • Why are we therefore more confident than last year? • Significant progress on "next generation synergies" - the IAG platform • Continued progress at OpCo level in efficiency programmes with particular future focus on potential for British Airways • First dividend announced - now aim to generate much more cash for shareholders IAG Financial targets before Aer Lingus integration Financial targets Headlines 4 2015 financial targets – CMD 2014 Operating profit FD EPS €1.8bn €0.54 2015 growth 2015 synergies Transform London 2015 Transform Spain 2015 Plan based on fuel spot price $950/MT and €/$ 1.35 €1.3bn Financial targets CMD 2014 5 2015 financial targets Operating profit FD EPS €2.3bn €0.72 €1.8bn €0.54 2015 growth 2015 synergies Transform London 2015 Transform Spain 2015 €1.3bn Financial targets CMD 2015 6 2015 financial targets - execution Operating profit FD EPS - Disciplined growth on improved €2.3bn margins - RoIC improvement in all OpCos €0.72 - Non-fuel cost savings - IB routes restored profitably 2015 growth - Productivity gains - Balanced FX ($ & £) - Retained fuel benefit Delivered €210m through 2015 - Merger synergy plan improved and completed - More than €850m gross €1.8bn delivered2015 in total growth over €0.54 synergy plan London - IAG Platform created - Investment in product and brand - Rigorous cost focus - Continuing progress TransformSpain Spain with transformation plan 2015 - Rigorous cost focus €1.3bn Financial targets Delivered 2015 7 Synergy outperformance in 2015 Exceeded 2015 delivery plan by €120m – reaching c€800m net in total Passenger Revenue Avios Frequent Flyer Passenger Revenue Revenue Management Improved access to Expanded codeshare shared best practice, capacity, governance on existing and new O&D pricing, common restructured, increased routes, LATAM, HAV, approach to business volumes, new deals KUL and UK-Spain with Amex and Chase exceeded by €35m exceeded by €20m exceeded by €15m IAG Cargo Information Maintenance Technology New IT systems for Engine business, Revenue Management Reduced application insourced activity and & Sales, expanded portfolio and facilities, group solutions and partner network consolidated suppliers deals and outsourcing exceeded by €10m exceeded by €10m exceeded by €10m Synergy Financial targets achievements 8 Merger synergy program complete, target exceeded €900m €856m Increased synergy value driven by: €800m • Revenue €700m Equivalent to RASK CAGR 0.8% • Combined fare structure €600m 566 • Codeshare, cross selling, ancillaries Revenue €500m • Revenue Management best practice €400m • Sales force and distribution cost savings €400m • Launch of Avios single group currency Equivalent to 150 Single integrated cargo network €300m non-fuel unit • cost CAGR -0.5% €200m Cost saving 290 250 • Costs €100m • Fleet common specification and volume €0m Original • Global Business Services (GBS) 2015 target set forecast Joint MRO planning and shared inventory 2010 • Net EBIT Procurement single group solution and volume €364m €802m impact • €100m • IT standardisation Outsource transactional activity €50m • 54 36 P&L cost €0m 2015 2015 Financial targets Synergies 9 Beyond synergies Creation of a new IAG integrated platform OpCo plug and play for efficiency and higher quality systems IAG margin expansion 95% complete 45% complete 40% complete 25% complete 5% complete 5% complete Cargo Avios GBS GBS MRO / Fleet Digital (Procurement + F&A) (IT) Growth opportunities Attracting partners for future growth Financial targets IAG Platform 10 2016 - 2020 planning framework: key IAG projects - Exploiting Group strengths OpCos - Cargo, Avios, Global Inorganic Business Services, IT, growth? MRO, Fleet, Digital Organic growth - Long term benefits of bmi and JV partnerships IAG Platform - Improve hub efficiencies Ireland - Using our brands and skills to benefit from organic growth opportunities in our strategic markets RoIC London - Strengthening North Atlantic - Releasing synergies - Testing IAG Platform - Maturity of plan de futuro, Spain further labour cost benefit Sustainable 15% Sustainable all from margin digit operating double Sustainable and efficiency Financial targets 2016 - 2020 11 Fleet plan 2016 – 2020 ASKs Average age range through plan: 11 – 12 years Aer Lingus Long-haul new gen fleet Long-haul conventional fleet Short-haul new gen fleet Short-haul conventional fleet Financial targets Fleet 12 Fleet plan flexibility – seats in fleet 140 Planned short-haul seats 130 120 Minimum short-haul seat commitments 110 100 (Firm orders minus retirements) 90 haul (indexed) Flexible short-haul downside scenario - 80 70 (Firm orders minus accelerated retirements and grounding) 60 Short 2015 2016 2017 2018 2019 2020 Long-haul seats with all options 140 Planned long-haul seats 130 120 Minimum long-haul seat commitments 110 100 (Firm orders minus retirements) 90 haul (indexed) haul - 80 Flexible long-haul downside scenario 70 (Firm orders minus accelerated Long 60 retirements and grounding) 2015 2016 2017 2018 2019 2020 Aer Lingus not yet included in fleet plan Financial targets Fleet 13 Fleet plan detail Current Options exercised, but no new 2020 Outstanding 2015 2016 further + orders since CMD 2014 Aircraft year end orders post year end year end rolling scenario 2020 options A330 9 18 21 3 + 4 A330 replacing A340 A340 23 18 11 A350 replacing B747 and A340 A350 - - 24 10 34 + 18 A380 replacing B747 A380 10 12 12 7 + 0 B747 39 36 19 B767 5 - - B747 and B767 retiring B777 58 58 58 B787 replacing B747 and B767 B787 13 24 39 3 18 + 0 Other 12 10 10 Total long-haul 169 176 194 13 62 + 22 A320 replacement and growth A320 family 287 298 359 12 61 + 82 Other 27 28 25 Total short-haul 314 326 384 12 61 + 82 Plenty of flexibility embedded Total fleet 483 502 578 25 123 + 104 Aer Lingus not yet included in fleet plan Financial targets Fleet 14 Capex plan 2016 – 2020 Capex drivers Fleet financing drivers Annual capex to be less than €2.5bn, of which USD strength c80% will be fleet- related €2.5bn c30% Leased Initiatives c40% Asset growth at (work in progress) average 3% per c40% annum - Option exercise preference for Portfolio current gen (A330) optimisation over new gen (A350 / Saving in and increase Depreciation B787) net capex, in flexibility - B777-200 life reduction extension in long - B747 life extension c70% term USD Owned Normalised - B777-200 / B787 exposure c60% replacement at c60% densification 4.5% per annum - Second hand SH and LH aircraft - Fleet harmonisation 2016-20 annual maximum Historic Future blend IAG Financial targets before Aer Lingus integration blend in fleet in fleet Financial targets Capex 15 IAG corporate finance strategy 2016-2020 - Further return of cash to - Cash reserves shareholders - Credit facilities - Reinvestment in business - Management of leverage - Equity free cash flow - Lease payments - Net interest payments - Cash tax payments - New fleet funding - Convertible refinancing/convert - Active refinancing of older assets Indicative - Working capital not to scale IAG Financial targets before Aer Lingus integration Financial targets Finance strategy 16 Long term planning goals 2016 – 2020 – CMD 2014 Gearing: RoIC (real terms) Investment grade 12%+ zone Profitability EBITDAR: Operating margin ~€5bn 10% - 14% Balance sheet average per annum ASK & cash flow Capex: 3%-4% €2bn - €3bn Average per annum per annum growth Average EPS Equity FCF growth €1bn - €1.5bn 10%+ per annum per annum Cash return to Sustainable ordinary dividend initially 4x covered by underlying after-tax shareholders profit Financial targets CMD 2014 17 Long term planning goals 2016 - 2020 IAG Financial targets before Aer Lingus integration RoIC (real terms) Gearing: targeting Investment grade sustainable 15% zone Profitability EBITDAR: Operating margin c€5.6bn 12% - 15% Balance sheet average per annum ASK & cash flow Capex: 3%-4% targeting less than Average per annum €2.5bn per annum growth Average EPS Equity FCF growth €1.5bn - €2.5bn 12%+ per annum per annum Cash return to Sustainable ordinary dividend initially 4x covered by underlying after-tax shareholders profit Long term planning Financial targets goals 18 The best is yet to come Further €6bn revenue € 5.6bn potential Assumed final 15% - 20% net Assumption on revenue dilution €5bn retention of fuel by 2020 price benefit € 4.2bn Fuel efficiency
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