Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (6 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
Marco1974
Nec spe nec metu
Allegati
Topgun1976
Guest
FULL YEAR RESULTS ANNOUNCEMENT
International Consolidated Airlines Group (IAG) today (February 28, 2014) presented Group consolidated results for the year to December
31, 2013.
IAG period highlights on results:
• Fourth quarter operating profit €113 million (2012: operating loss of €40 million) before exceptional items
• At constant currency and excluding Vueling and one-offs, fourth quarter passenger unit revenue up 2.7 per cent, and non-fuel unit
costs down 2.7 per cent
• Operating profit for the year to December 31, 2013 of €770 million (2012: operating loss of €23 million) before exceptional items
• Revenue for the year up 3.1 per cent to €18,675 million and passenger unit revenue for the year up 0.6 per cent (3.7 per cent at
constant currency)
• Fuel costs for the year down 2.5 per cent to €5,951 million (2012: €6,101 million). Fuel unit costs down 5.0 per cent at constant
currency
• Non-fuel costs before exceptional items for year down 0.7 per cent at €11,954 million. Non-fuel unit costs down 5.6 per cent,
down 2.7 per cent at constant currency
• Cash of €3,633 million at December 31, 2013 was up €724 million on 2012 year end (December 2012: €2,909 million).
• Adjusted gearing down 1 point to 50 per cent
Performance summary:
Year to December 31
Financial data € million
2013(1)
2012
(restated)(2)
Higher /
(lower)
Passenger revenue
16,264 15,372 5.8 %
Total revenue
18,675
18,117
3.1 %
Operating profit/(loss) before exceptional items
770
(23)
Exceptional items
(243)
(590)
Operating profit/(loss) after exceptional items
527
(613)
Profit/(loss) after tax
151
(658)
Basic earnings/(loss) per share (€ cents)
6.4
(38.7)
Operating figures
2013
2012
Higher /
(lower)
Available seat kilometres (ASK million) 230,573
219,172
5.2 %
Revenue passenger kilometres (RPK million) 186,304
176,102
5.8 %
Seat factor (per cent) 80.8
80.3
0.5pts
Passenger yield per RPK (€ cents) 8.73
8.73
0.0 %
Passenger unit revenue per ASK (€ cents) 7.05
7.01
0.6 %
Non-fuel unit costs per ASK (€ cents) 5.18
5.49
(5.6)%
€ million
At December 31,
2013
At December 31,
2012
Higher /
(lower)
Cash and interest-bearing deposits
3,633
2,909
24.9 %
Adjusted net debt(3)
5,701
5,345
6.7 %
Adjusted gearing(4)
50%
51%
(1pt)
(1) Includes Vueling’s result from April 26, 2013.
(2) Restated for amendment to IAS 19 ‘Employee benefits’ accounting standard.
(3) Adjusted net debt is net debt plus capitalised operating aircraft lease costs.
(4) Adjusted gearing is net debt plus capitalised operating aircraft lease costs, divided by net debt plus capitalised operating aircraft lease costs and adjusted equity.
Willie Walsh, IAG chief executive, said:
“In 2013, we strengthened the Group by acquiring Vueling, embarking on Iberia’s transformation and enhancing British Airways’ revenue
performance. This has led to a strong financial recovery and return to profitability with a turnaround of nearly €800 million. Our operating
profit was €770 million before exceptional items, with passenger revenue up 5.8 per cent and non-fuel costs down 0.7 per cent.
“British Airways continued its solid revenue performance this year and we’re seeing cost improvements, resulting in an operating profit of
€762 million. This is the first full year that it’s benefited from the additional Heathrow slots and greater network flexibility created by bmi’s
integration. Both the A380 and Boeing 787 were introduced into the airline’s fleet successfully. The new aircrafts’ economic and
environmental performance has been excellent and customers love them.
2
“Iberia has made huge progress on cost control as its restructuring takes shape and great credit should be given to all those involved. It
has reduced its losses in the year, reporting an operating loss of €166 million. The recent pay and productivity agreements between Iberia
and its pilot and cabin crew unions are key to reducing the airline’s costs further and providing the foundation for profitable growth.
“Vueling is a great asset and provides a new cultural dimension to IAG. The airline reported an operating profit of €168 million from April
2013, when we acquired it, and expanded its network across continental Europe. To increase capacity while improving profit margins is a
tremendous achievement and underlines Vueling’s value to the Group.
“We have shown strong financial management this year. Despite buying Vueling and increasing our capital expenditure, cash was up €724
million versus last year and adjusted gearing was down 1 point to 50 per cent.
“Quarter 4 saw an improved financial performance from all our airlines and we are reporting an operating profit of €113 million before
exceptional items. Passenger revenue was up 4.0 per cent and non-fuel costs were down 4.1 per cent”.
Trading outlook:
In 2014 we expect to make steady progress towards our 2015 Group operating profit target of €1.8 billion, with relatively flat unit revenue
growth, and margin expansion driven by falling unit costs.
International Consolidated Airlines Group (IAG) today (February 28, 2014) presented Group consolidated results for the year to December
31, 2013.
IAG period highlights on results:
• Fourth quarter operating profit €113 million (2012: operating loss of €40 million) before exceptional items
• At constant currency and excluding Vueling and one-offs, fourth quarter passenger unit revenue up 2.7 per cent, and non-fuel unit
costs down 2.7 per cent
• Operating profit for the year to December 31, 2013 of €770 million (2012: operating loss of €23 million) before exceptional items
• Revenue for the year up 3.1 per cent to €18,675 million and passenger unit revenue for the year up 0.6 per cent (3.7 per cent at
constant currency)
• Fuel costs for the year down 2.5 per cent to €5,951 million (2012: €6,101 million). Fuel unit costs down 5.0 per cent at constant
currency
• Non-fuel costs before exceptional items for year down 0.7 per cent at €11,954 million. Non-fuel unit costs down 5.6 per cent,
down 2.7 per cent at constant currency
• Cash of €3,633 million at December 31, 2013 was up €724 million on 2012 year end (December 2012: €2,909 million).
• Adjusted gearing down 1 point to 50 per cent
Performance summary:
Year to December 31
Financial data € million
2013(1)
2012
(restated)(2)
Higher /
(lower)
Passenger revenue
16,264 15,372 5.8 %
Total revenue
18,675
18,117
3.1 %
Operating profit/(loss) before exceptional items
770
(23)
Exceptional items
(243)
(590)
Operating profit/(loss) after exceptional items
527
(613)
Profit/(loss) after tax
151
(658)
Basic earnings/(loss) per share (€ cents)
6.4
(38.7)
Operating figures
2013
2012
Higher /
(lower)
Available seat kilometres (ASK million) 230,573
219,172
5.2 %
Revenue passenger kilometres (RPK million) 186,304
176,102
5.8 %
Seat factor (per cent) 80.8
80.3
0.5pts
Passenger yield per RPK (€ cents) 8.73
8.73
0.0 %
Passenger unit revenue per ASK (€ cents) 7.05
7.01
0.6 %
Non-fuel unit costs per ASK (€ cents) 5.18
5.49
(5.6)%
€ million
At December 31,
2013
At December 31,
2012
Higher /
(lower)
Cash and interest-bearing deposits
3,633
2,909
24.9 %
Adjusted net debt(3)
5,701
5,345
6.7 %
Adjusted gearing(4)
50%
51%
(1pt)
(1) Includes Vueling’s result from April 26, 2013.
(2) Restated for amendment to IAS 19 ‘Employee benefits’ accounting standard.
(3) Adjusted net debt is net debt plus capitalised operating aircraft lease costs.
(4) Adjusted gearing is net debt plus capitalised operating aircraft lease costs, divided by net debt plus capitalised operating aircraft lease costs and adjusted equity.
Willie Walsh, IAG chief executive, said:
“In 2013, we strengthened the Group by acquiring Vueling, embarking on Iberia’s transformation and enhancing British Airways’ revenue
performance. This has led to a strong financial recovery and return to profitability with a turnaround of nearly €800 million. Our operating
profit was €770 million before exceptional items, with passenger revenue up 5.8 per cent and non-fuel costs down 0.7 per cent.
“British Airways continued its solid revenue performance this year and we’re seeing cost improvements, resulting in an operating profit of
€762 million. This is the first full year that it’s benefited from the additional Heathrow slots and greater network flexibility created by bmi’s
integration. Both the A380 and Boeing 787 were introduced into the airline’s fleet successfully. The new aircrafts’ economic and
environmental performance has been excellent and customers love them.
2
“Iberia has made huge progress on cost control as its restructuring takes shape and great credit should be given to all those involved. It
has reduced its losses in the year, reporting an operating loss of €166 million. The recent pay and productivity agreements between Iberia
and its pilot and cabin crew unions are key to reducing the airline’s costs further and providing the foundation for profitable growth.
“Vueling is a great asset and provides a new cultural dimension to IAG. The airline reported an operating profit of €168 million from April
2013, when we acquired it, and expanded its network across continental Europe. To increase capacity while improving profit margins is a
tremendous achievement and underlines Vueling’s value to the Group.
“We have shown strong financial management this year. Despite buying Vueling and increasing our capital expenditure, cash was up €724
million versus last year and adjusted gearing was down 1 point to 50 per cent.
“Quarter 4 saw an improved financial performance from all our airlines and we are reporting an operating profit of €113 million before
exceptional items. Passenger revenue was up 4.0 per cent and non-fuel costs were down 4.1 per cent”.
Trading outlook:
In 2014 we expect to make steady progress towards our 2015 Group operating profit target of €1.8 billion, with relatively flat unit revenue
growth, and margin expansion driven by falling unit costs.
negusneg
New Member
Sulla Rotschild confesso che proprio non riesco a farmela piacere.
So che non bisognerebbe ragionare con la pancia, ma questa forse è l'unica eccezione...
Anni fa li dovetti contattare per ragioni professionali:
http://www.investireoggi.it/forum/polizza-valorlife-vt81574.html
Disponibilità: un muro di gomma.
Trasparenza: una scatola di piombo.
Raramente in vita mia ho visto confezionare prodotti più vergognosi (e ne ho visti davvero parecchi).
Se anche avessero un CET1 al 50% e questa costasse 40 non la comprerei.
Ovviamente chi ce l'ha fa bene a tenersela e chi la compra probabilmente fa un ottimo affare.
La mia è solo una allergia, personale ma imprescindibile (per me).
So che non bisognerebbe ragionare con la pancia, ma questa forse è l'unica eccezione...
Anni fa li dovetti contattare per ragioni professionali:
http://www.investireoggi.it/forum/polizza-valorlife-vt81574.html
Disponibilità: un muro di gomma.
Trasparenza: una scatola di piombo.
Raramente in vita mia ho visto confezionare prodotti più vergognosi (e ne ho visti davvero parecchi).
Se anche avessero un CET1 al 50% e questa costasse 40 non la comprerei.
Ovviamente chi ce l'ha fa bene a tenersela e chi la compra probabilmente fa un ottimo affare.
La mia è solo una allergia, personale ma imprescindibile (per me).
Marco1974
Nec spe nec metu
Sulla Rotschild confesso che proprio non riesco a farmela piacere.
So che non bisognerebbe ragionare con la pancia, ma questa forse è l'unica eccezione...
Anni fa li dovetti contattare per ragioni professionali:
http://www.investireoggi.it/forum/polizza-valorlife-vt81574.html
Disponibilità: un muro di gomma.
Trasparenza: una scatola di piombo.
Raramente in vita mia ho visto confezionare prodotti più vergognosi (e ne ho visti davvero parecchi).
Se anche avessero un CET1 al 50% e questa costasse 40 non la comprerei.
Ovviamente chi ce l'ha fa bene a tenersela e chi la compra probabilmente fa un ottimo affare.
Ciao Negus,
se posso chiedere, perchè (in via teorica ed asettica) la riterresti un buon affare?
Grazie.