Post by account_disabled on Mar 4, 2024 8:43:14 GMT
The good result is mainly due to the increase in leisure and tourism trips, which contrasts with the slow recovery of business trips, which places Iberia and at the head of the recovery. The first already has a capacity of 102% compared to pre-pandemic levels and the second, 109%, ahead of the group average, which stands at 94%. IAG, which does not plan to add more aircraft to Iberia and for now due to their "better use", brought in 13,583 million euros in the first half, 45% more, thanks, among other things, to the improvement in occupancy. It spent 3,550 million on fuel, 38% more, after which the operating profit was 1,260 million, compared to the losses of 446 million a year before. Iberia earns 372 million in operating terms and 96 million In operational terms, Iberia and performed well, although the airline that made the difference was British Airways, with a profit of 602 million, compared to losses of 436 million a year earlier. In operational terms, Iberia's profit was 372 million, compared to just 2 million in the first half of 2022, and was accompanied by a strong progression by which went from operating losses of 58 million to a profit of 96 million.
The group's debt as a whole is declining following efforts during the pandemic. It has gone from 10,385 million to 7,613 million, and the challenges now involve reinforcing fleets such as British Airways with Boeing aircraft Job Function Email Database and completing the purchase of Air Europa. Awaits permits to buy Air Europa in mid-2024 “We remain focused on obtaining the necessary approvals for our acquisition of Air Europa,” says the group led by Luis Gallego. However, he expects permits won't arrive for 18 to 24 months after the deal was announced in February. That is, the purchase of Air Europa by Iberia will not occur until mid-2024. To give some visibility, IAG is based on a scenario in which the approvals will arrive before July 31, 2024, at which time it will have cash outflows of 150 million euros for the purchase, which will go to Globalia. On the first and second anniversary of the closing of the operation, it will pay, in each of them, another 100 million. The February agreement will allow it to acquire 80% of the capital of Air Europa that it did not control. IAG needs to close the purchase within 24 months if it does not want to be forced to pay 50 million to Globalia, as contemplated in the agreement.
Particularly positive” performance in Spain When describing the general progress of the business, IAG highlights the “sustained strong demand throughout the network and a particularly positive evolution of the business in Spain”, which has already become one of the most virtuous countries thanks to tourism. Fuel prices remain a challenge for the company, which is “particularly focused on ensuring the resilience of operations over the summer” in a “difficult” operating environment in the UK. However, its outlook for the summer and autumn is "encouraging", with bookings already covering around 80% of expected revenue for the third quarter. “IAG is well positioned to benefit from its attractive customer base and strong network in large and growing markets,” he says. Luis Gallego, CEO of IAG, assures that the objective of the group as a whole is "to return to pre-pandemic capacity by the end of this year." Airlines, he says, have put plans in place to reinforce operations during the summer season.
The group's debt as a whole is declining following efforts during the pandemic. It has gone from 10,385 million to 7,613 million, and the challenges now involve reinforcing fleets such as British Airways with Boeing aircraft Job Function Email Database and completing the purchase of Air Europa. Awaits permits to buy Air Europa in mid-2024 “We remain focused on obtaining the necessary approvals for our acquisition of Air Europa,” says the group led by Luis Gallego. However, he expects permits won't arrive for 18 to 24 months after the deal was announced in February. That is, the purchase of Air Europa by Iberia will not occur until mid-2024. To give some visibility, IAG is based on a scenario in which the approvals will arrive before July 31, 2024, at which time it will have cash outflows of 150 million euros for the purchase, which will go to Globalia. On the first and second anniversary of the closing of the operation, it will pay, in each of them, another 100 million. The February agreement will allow it to acquire 80% of the capital of Air Europa that it did not control. IAG needs to close the purchase within 24 months if it does not want to be forced to pay 50 million to Globalia, as contemplated in the agreement.
Particularly positive” performance in Spain When describing the general progress of the business, IAG highlights the “sustained strong demand throughout the network and a particularly positive evolution of the business in Spain”, which has already become one of the most virtuous countries thanks to tourism. Fuel prices remain a challenge for the company, which is “particularly focused on ensuring the resilience of operations over the summer” in a “difficult” operating environment in the UK. However, its outlook for the summer and autumn is "encouraging", with bookings already covering around 80% of expected revenue for the third quarter. “IAG is well positioned to benefit from its attractive customer base and strong network in large and growing markets,” he says. Luis Gallego, CEO of IAG, assures that the objective of the group as a whole is "to return to pre-pandemic capacity by the end of this year." Airlines, he says, have put plans in place to reinforce operations during the summer season.
