International Airlines Group yesterday presented Group consolidated results for the year ended 31st December 2011. In addition, IAG presented combined results for the year ended 31st December 2011 including Iberia’s first 21 days of January.
IAG period highlights on combined results were:
· Fourth quarter operating profit of €34 million, before exceptional items (2010: €6 million)
· Operating profit for the year to 31st December 2011 of €485 million, before exceptional items (2010: €225 million)
· Profit before tax for the year of €503 million after exceptional items (2010: €84 million)
· Revenue for the year up 10.4% to €16,339 million (2010: €14,798 million), including €317 million or 2.1% of adverse currency impact
· Passenger unit revenue for the year up 3.6% (5.8% at constant currency), on top of capacity increases of 7.1%
· Fuel costs for the year up 29.7% to €5,068 million, before exceptional items (2010: €3,907 million), fuel unit costs were up 21.4%
· Other operating costs up 1.1% at €10,786 million, before exceptional items, including €165 million or 1.5% of favourable currency impact. Non-fuel unit costs down 5.6%, or 4.1% at constant currency
· Cash down €617 million for the year to €3,735 million
· Group net debt up €253 million in the year to €1,148 million
