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INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2017

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INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2017 INTERNATIONAL AIRLINES GROUP 2017 ANNUAL REPORT AND ACCOUNTS Built to succeed Annual report and accounts 2017 Contents Strategic Report Financial Statements 3 Chairman’s letter 105 Consolidated income statement 4 Highlights 106 Consolidated statement of other comprehensive income 6 Question and answers with the Chief Executive Officer 107 Consolidated balance sheet 8 Our network 108 Consolidated cash flow statement 10 Chief Executive Officer’s review 109 Consolidated statement of changes in equity 13 Business model and strategy 111 Notes to the consolidated financial statements 14 Our strategy 165 Group investments 16 Key performance indicators 18 British Airways Statement of Directors’ Responsibilities 20 Iberia Independent Auditors’ Report 22 Vueling 23 Aer Lingus Additional Information 24 IAG Platform 175 Alternative performance measures 26 Avios 178 Operating and financial statistics 27 IAG Cargo 179 Glossary 28 Digital IBC Shareholder information 29 Risk management and principal risk factors 35 Financial overview 36 Economic landscape 38 Financial review 47 Sustainability Corporate Governance Management Report 58 Chairman’s introduction to corporate governance 60 Board of Directors IAG is required to prepare a Management Report in 62 Corporate governance accordance with Article 262 of the Spanish Companies Act and Article 49 of the Spanish Commercial Code. 73 Report of the Audit and Compliance Committee Pursuant to this legislation, this management report must contain a fair review of the progress of the business 76 Report of the Nominations Committee and the performance of the company, together with a 79 Report of the Safety Committee description of the principal risks and uncertainties that it faces. In the preparation of this report, IAG has taken 80 Report of the Remuneration Committee into consideration the guide published in 2013 by the Spanish National Securities Market Commission (CNMV) which establishes a number of recommendations for the preparation of management reports of listed companies. The Management Report is contained in the following sections: 13 Business model and strategy 14 Our strategy 16 Key performance indicators 24 IAG Platform 29 Risk management and principal risk factors 35 Financial overview 36 Economic landscape 38 Financial review 47 Sustainability 62 Corporate governance The Spanish Annual Corporate Governance Report is part of this Management Report and it is available on the Spanish Comisión Nacional del Mercado de Valores website (wwww.cnmv.es). “ IAG is like no other company in the report Strategic airline industry. We are uniquely structured to deliver benefits others cannot match – to the customers governance Corporate of our individual airlines, to our shareholders and to the talented people working right across the Group. Financial statements We consistently achieved our financial targets, while upholding our commitment to sustainable air travel and demonstrating the necessary information Additional flexibility to respond to a fast changing and highly competitive environment. In doing so, we have proved that we are a group truly built to succeed.” Willie Walsh Chief Executive Officer www.iairgroup.com 1 Strategic Report In this section 3 Chairman’s letter 4 Highlights 6 Question and answers with the Chief Executive Officer 8 Our network 10 Chief Executive Officer’s review 13 Business model and strategy 14 Our strategy 16 Key performance indicators 18 British Airways 20 Iberia 22 Vueling 23 Aer Lingus 24 IAG Platform 26 Avios 27 IAG Cargo 28 Digital 29 Risk management and principal risk factors 35 Financial overview 36 Economic landscape 38 Financial review 47 Sustainability The strategic report that follows contains a fair and balanced analysis, consistent with the size and complexity of the business in accordance with the expectations of the regulations of the Companies Act 2006. Chairman’s letter A strong expression of our Report Strategic confidence in the future “It is my great pleasure to welcome you to our Governance Corporate Annual Report which describes a year of very strong performance by International Airlines Group and our continued success in building a platform for long-term Financial Statements profitable growth.” in Europe, and sustains jobs and wealth, will be thrown away. We comply with relevant ownership and control regulations and are confident that we will continue to do so, including 2017 was a very good year for our I would like to thank our shareholders for those which are expected to apply in the business where once again we their continued support. UK post-Brexit. We have had, and will Information Additional demonstrated our discipline, our agility continue having extensive engagement The aviation market remains strong, and our determination to achieve our with relevant regulators in order to ensure with the International Air Transport long-term goal: to build a healthy, that IAG’s interests are protected. Association forecasting that the global sustainable and value-creating global industry’s net profit will rise by nearly airline business. We are determined to lead our industry in $4 billion to just over $38 billion in 2018, tackling climate change, recognising that To report operating profits of €3.0 billion with returns exceeding the average cost it is a major component in our work to on total revenues of €23.0 billion, is a of capital for the fourth consecutive create a truly sustainable business. great achievement especially as all our year. That is a picture that would have airlines, which carried around 105 million been unrecognisable only a few years We were the first airline group in the passengers during the year, made a ago, when destroying value was still the world to set its own emissions targets, record contribution to that result. That industry norm. which we are steadily moving towards was a tremendous highlight of the year meeting. We also played an important Some challenges lie ahead – not least along with the launch of LEVEL, our low- role in securing the first global carbon uncertainty over the oil price – that could cost, longhaul airline brand. offsetting scheme allowing the industry disrupt the current levels of discipline to cut emissions in half by 2050 and Both demonstrate the unique strengths we are seeing in terms of managing grow in a carbon-neutral way from 2020. of our business model, a model that capacity and costs. We certainly believe is being expertly put to work by our that there will be opportunities for This year we become the only airline management team, closely supported further consolidation in our industry, company to be included in the Carbon by the Board within a rigorous system of both through combinations and through Disclosure Project’s prestigious Climate corporate governance. acquiring assets from airlines that fail. A List of the top 5 per cent of global Consolidation is a major part of our raison companies and named the most At our Capital Markets Day in November d’être and we will continue to look for improved organisation in the UK. We we explained our five-year financial goals opportunities that make strategic and are very proud of these achievements. for the business to investors and our financial sense for our business. message was well received. The targets At the end of an eventful and very offer, I think, a very strong expression of The future of European aviation policy successful year I would like to say our confidence in the future. post-Brexit remains an area of obvious thank you to all the people across our focus, with important questions to be business who have worked so hard We were delighted once again to answered on market access, ownership and with such skill to build IAG into honour our commitment to create and safety regulation. the business it is today. sustainable value for our investors, paying back €1 billion to them through It remains our conviction that a We have achieved so much in the last dividend payments and a share buyback comprehensive EU/UK transport seven years. We have so much more programme during the year. In addition, agreement will be agreed. It’s hard to to do. we intend to carry out a share buyback of believe that an open skies policy that Antonio Vázquez €500 million during the course of 2018. benefits some 900 million travellers a year Chairman www.iairgroup.com 3 Highlights Our highlights Our model has grown Our strategic priorities have evolved: and matured since its formation in January 1 2 3 Strengthening 2011. We have built Enhancing a portfolio Growing global IAG’s common a unique structure of world-class leadership integrated brands and positions that drives growth platform operations and innovation to maximise sustainable value creation. Read more in Our strategy section on pages 14 – 15 Operating profit before exceptional items (€m) Full year dividend per share (€ cents)1 +€480 million vly +14.9% vly 2015 2015 2,335 20.0 2016 2016 2,535 23.5 2017 2017 3,015 27.0 RoIC2 +2.4 pts vly 16.0% 23.1% 12.2% 13.4% +2.5pts 0.0pts +3.2pts +6.1pts ASK: 0.7% ASK: 12.1% ASK: 2.2% ASK: 1.5% IAG Platform INTERNATIONAL AIRLINES GROUP 16.0% 1 2017 includes recommended final dividend of 14.5 € cent per share 2 Iberia results exclude the allocation of LEVEL results INTERNATIONAL AIRLINES GROUP 4 Annual Report and Accounts 2017 Strategic Report Strategic Our scale Highlights of 2017 Passenger numbers (thousands) • All our airlines performed extremely well with their best ever individual financial results, strong operational performances and commitment to Governance Corporate Versus customer service. The turnaround in Vueling, following the challenges last year of 2016, has been particularly outstanding. 2017 +4.1% • We grew our passenger unit revenue by 1.5 per cent at 104,829 2016 constant currency. 100,675 • We established a consistent and comparable customer satisfaction measure, Net Promoter Score across the airlines, showing our Available seat kilometres commitment to deliver an unrivalled customer proposition.
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