International Airlines Group Capital Markets Day. 9 th November 2012
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- Hilary Merritt
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1 Internatinal Airlines Grup Capital Markets Day 9 th Nvember 2012
2 Agenda Intrductin Q3 Results Financial Targets & Synergies Prpsed acquisitin f Vueling Iberia Transfrmatin British Airways Transfrmatin Financing Strategy Overview & Strategy Clse and Q&A Antni Vázquez Chairman, IAG Enrique Dupuy Chief Financial Officer, IAG Enrique Dupuy Chief Financial Officer, IAG Enrique Dupuy Chief Financial Officer, IAG Rafael Sánchez-Lzan Chief Executive Officer, Iberia Keith Williams Chief Executive Officer, British Airways Enrique Dupuy Chief Financial Officer, IAG Willie Walsh Chief Executive Officer, IAG 1
3 Financial Targets & Synergies Enrique Dupuy Grup Chief Financial Officer
4 2015 financial targets headlines 2012 Targeting 0.52 fully-diluted EPS by 2015 (unchanged) Equates t apprx. 1.6bn perating prfit, 12% ROCE (unchanged) Assumes rganic grwth rate n average f under 2.0% ASK per annum (changed frm +2.5%) Synergy delivery running ahead f plan: new fcus n transfrmatin f prfitability f perating cmpanies Acquisitins: bmi integratin ging well, prpsed acquisitin f remaining stake in Vueling annunced tday 3
5 2015 financial targets framewrk 2011 Operating Prfit FD EPS 1.5bn Organic grwth 150m bn Underlying prfit imprvement (net f inflatin) 400m Grup-wide synergies 450m m 4
6 Prgress since 2011 Operating Prfit 1.6bn 1.5bn 1.2bn Ttal synergies 450m bmi 100m Organic grwth 150m FD EPS Underlying prfit imprvement Delivery s far 235m m 400m m
7 New synergy and grwth targets fr 2015 Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Underlying prfit imprvement Remaining synergies increased 215m t 280m Grwth bmi 100m m m m
8 Challenges in 2012 have lwered the baseline Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Underlying prfit imprvement Remaining synergies increased t 280m Grwth 100m m m Fuel 0.20 bmi Challenges during m Weak Spanish macr
9 Prjects discussed at CMD 2011 Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Underlying prfit imprvement 400m Remaining synergies increased t 280m What we tld yu last year: Fleet renewal BA mixed fleet Jint business IB hub IB Express Grwth 100m m Fuel ~ 700m 0.20 bmi m Weak Spanish macr
10 Extra stretch required Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Underlying prfit imprvement 400m Remaining synergies increased t 280m What we tld yu last year: Fleet renewal BA mixed fleet Jint business IB hub IB Express Grwth 100m m Fuel ~ 700m 0.20 bmi What we have already cmmitted t recver m Weak Spanish macr Extra stretch required
11 2015 financial targets framewrk 2012 Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Transfrm Lndn Remaining synergies increased t 280m Grwth 100m bmi transfrmatin - JBs + synergies - Asset turn imprvement - Shrt haul strategy - Cst discipline m ~ 600m Fuel New fleet savings ~ 250m m Transfrm Spain bmi - Labur cst cmpetitiveness - New lw cst platfrm Weak Spanish ~ macr 450m
12 2015 financial targets investment 2012 Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Transfrm Lndn Fleet renewal - BA bmi mixed transfrmatin fleet Jint - JBs business + synergies - Shrt IB haul hub strategy - IB Cst Express discipline - Asset turn imprvement Remaining synergies increased t 280m bmi investment Grwth 100m m apprx. ~ 600m 700m New fleet savings ~ 250m Fuel Fleet investment m Transfrm Spain - Labur cst cmpetitiveness - New lw cst platfrm Weak Spanish macr ~ 200m 450m Restructuring Vueling?
13 600m Synergies: previus frecast m 425m 500m 400m 340m Revenue 300m 200m 100m 0m 134m m Cst Saving Original Targets 100m 50m 0m P&L csts P&L impact 12
14 Synergies: new target 525m net EBIT impact 600m 560m 500m 470m 400m 300m 200m 100m 0m 134m m 270m m 235m 275m 425m 525m Revenue Cst Saving Original Targets Net EBIT impact 100m 50m 0m P&L csts P&L impact 13
15 2011 Fleet plan verview: ASK prgressin Lng haul new fleet Lng haul cnventinal fleet Shrt haul fleet 14
16 2012 Fleet plan verview: ASK prgressin Lng haul new fleet Overall grwth in under 2.0% per annum Lng haul cnventinal fleet Shrt haul fleet 15
17 16 Fleet investment
18 Fleet plan detail 2011 Aircraft Deliveries 2012 t 2015 Outstanding rders pst 2015 Further ptins and purchase rights IB A330 / BA B B B B A A Ttal lng haul IB A320 family BA A320 family Other Ttal shrt haul Ttal fleet
19 Fleet plan detail 2012 Aircraft Deliveries 2012 t 2015 Outstanding rders pst 2015 Further ptins and purchase rights IB A330 / BA B B B B A A Ttal lng haul IB A320 family 77* 52 9 BA A320 family 110** Other Ttal shrt haul Ttal fleet * Including 14 A320 in IB Express ** Including 25 frm bmi 18
20 2011 capex plan 2.5bn 2.0bn 1.5bn 1.6bn 2.0bn 1.35bn 1.6bn Fleet replacement (+ grwth)* 1.0bn 1.1bn 500m Equipment + ther 0m Depreciatin * net f assumed p. lease funding fr A330 fleet 19
21 2012 capex plan 2.5bn 2.0bn 1.5bn 1.1bn 1.2bn 1.9bn 2.00bn 1.1bn Fleet replacement (+ grwth)* 1.0bn 500m Equipment + ther 0m Depreciatin * net f assumed p. lease funding fr A330 fleet 20
22 2012 balance sheet parameters, 2015 hrizn Net debt/ebitda: < 3.0x Grss debt/ebitda: < 4.0x Expected gearing < 50%-60% net debt (incl. leases) t ttal capital Targeting investment grade BA upgraded t BB (S+P, July 2012) 21
23 IAG crprate finance strategy, Return f cash t sharehlders Reinvestment in business Headrm Buffer Cash reserves: 2bn surplus + credit facility Pensin deficit reductin Pensin CFO Net prfit + depreciatin +/- nn cash items +/- wk cap change Prduct, brand, systems, facilities 9 x A x B787 6 x B x A320 family Nn-Fleet CAPEX Fleet FIN + REFI New fleet funding rati >70% Cnvertible refinancing / cnvert Active refinancing f lder assets Restructuring Investment Restructuring Divestment Nn-cre divestments Capital uses Capital surces 22
24 IAG crprate finance strategy, Headrm Buffer Pensin CFO Nn-Fleet Fleet Restructuring FIN + REFI Divestment Financing strategy Capital uses Capital surces 23
25 IAG crprate finance strategy, Buffer Crprate finance strategy Headrm Pensin CFO Nn-Fleet Fleet Restructuring FIN + REFI Divestment Capital uses Capital surces 24
26 IAG crprate finance strategy, Indicative, nt t scale Buffer Headrm Pensin CFO Capex plan apprx 5bn Nn-Fleet Fleet Restructuring FIN + REFI Divestment Capital uses Capital surces 25
27 Prpsed acquisitin f Vueling 9 th Nvember 2012
28 Disclaimer Legal restrictins during the ffer perid limit us t discussin nly with reference t published materials as f 8 th Nvember 2012 Certain infrmatin included in these statements is frward-lking and invlves risks and uncertainties that culd cause actual results t differ materially frm thse expressed r implied by the frward-lking statements. Frward-lking statements include, withut limitatin, prjectins relating t results f peratins and financial cnditins and the Cmpany's plans and bjectives fr future peratins, including, withut limitatin, discussins f the Cmpany s Business Plan, expected future revenues, financing plans and expected expenditures and divestments. All frward-lking statements in this reprt are based upn infrmatin knwn t the Cmpany n the date f this reprt. All subsequent ral r written frward-lking statements attributable t IAG r any f its members, directrs, fficers, emplyees r any persns acting n its behalf are expressly qualified in their entirety by the cautinary statement abve. The Cmpany undertakes n bligatin t publicly update r revise any frward-lking statement, whether as a result f new infrmatin, future events r therwise. It is nt reasnably pssible t itemise all f the many factrs and specific events that culd cause the Cmpany s frward-lking statements t be incrrect r that culd therwise have a material adverse effect n the future peratins r results f an airline perating in the glbal ecnmy. Further infrmatin n the primary risks f the business and the risk management prcess f the Grup is given in the Annual Reprt and Accunts 2011; this dcument is available n 27
29 Deal summary IAG prpses t acquire the remaining 54% public stake in Vueling (additinal t the 46% already held by Iberia) Cash Offer f 113 millin at a price f 7.00, a 28% premium t the clsing price f Vueling n 7 th Nvember 2012, cnditinal n stck market regulatry apprval, cmpletin expected in Q (nb. under cmpetitin law, Vueling is already classified as part f the Iberia grup) T be managed as separate IAG perating cmpany with a different business mdel t ther IAG OpCs Vueling CEO will reprt directly t IAG CEO Gives IAG gegraphic diversificatin (leading psitin in Barcelna, grwth in rest f Eurpe), limited incremental synergies (primarily purchasing / financing), lw-cst platfrm within the Grup, earnings enhancement frm year ne T be financed frm internal surces 28
30 Vueling utline All-A320 family fleet currently 55 aircraft, cmmnality with rest f IAG shrt haul fleet 3 rd largest lw-cst carrier in Eurpe 30% market share at Barcelna El Prat Barcelna is 4 th largest rigin & destinatin market in Eurpe, mdern hub with cmpetitive csts and grwth capacity Additinal internatinal bases in Amsterdam and Rme-Fiumicin: currently has 34% f capacity emplyed in Spanish dmestic markets, rest in Spain t Eurpe & Eurpe t Eurpe markets Cmpetitive lw cst base, but with business mdel cmpatible with netwrk carriers (allcated seating, interline agreements, cde-sharing, cnnecting traffic, premium prduct) Prfitable in 2012, even with extreme Spanish macr slwdwn, and 20% t 25% grwth in capacity; net cash psitin f 407m as f September 30 th
31 Vueling market psitin - verview Eurpean airprts by O&D traffic (Jan-March 2012) Surce: Vueling Q3 results presentatin Surce: GPA using ADI and AENA data * Measured in seats ffered 30
32 Vueling financial summary, 2012 cnsensus m Vueling Per plane EZJ per plane Revenue 1, Op cst EBITDAR Depn (adjusted)* EBIT (adjusted)* Net prfit Cash n B/S Passengers 14.8m 274k 274k ASK 17.3bn 321m 341m Surce: Blmberg, Mrgan Stanley research and cmpany websites, 5 th Nvember 2012 * Excluding 33% f perating leases equivalent t the implicit financial interest in aircraft rentals 31
33 Prpsed new IAG airline structure IAG Iberia Vueling British Airways Key strengths: Hub peratr Madrid Suth Atlantic leader NB: n IB Express integratin with Vueling Key strengths: LCC cst structure Hub peratr Barcelna Track recrd f c-peratin with netwrk carriers Key strengths: Hub peratr Heathrw Nrth Atlantic leader Pre-eminent glbal netwrk 32
34 Transfrmatin Plan Rafael Sánchez-Lzan Chief Executive Officer, Iberia 33
35 Key bjectives f Iberia transfrmatin plan 1) T stp Iberia s perating cash burn by mid This will invlve negtiatins with emplyee grups being cncluded as quickly as pssible if we have nt reached agreement by January 31 st 2013, we will accelerate the dwnsizing f Iberia, t safeguard the cmpany s viability 2) T give Iberia a cmpetitive cst base fr lng-term grwth: the IAG Grup return n capital f 12% wuld imply a turnarund in prfitability f at least 600m frm 2012 levels at the prpsed scale f Iberia this is the minimum required t allw us t grw the business prfitably in the lng term 3) The transfrmatin will be funded entirely thrugh Iberia s wn resurces 34
36 Last year we said we had several challenges and we had a strategy t deal with them Iberia faces several challenges: 35
37 We are delivering Lng haul fleet renewal and new prduct First A330 t be delivered n January 22 nd 2013 Madrid hub 5 cnsecutive mnths f imprvements n punctuality and quality September n-time perfrmance 83% Shrt & medium haul transfrmatin Iberia Express started peratin n 25 th March 2012 Perfrming better than expected The mst punctual airline frm Madrid airprt; 94% up t date Safe and reliable: ptimum safety indicatrs and has passed safety audits frm AESA, Iberia, JAL and AA 36
38 Iberia has a challenging future ahead Revenues m Csts m Operating result m ASK Billins Jan-Sept 2011 Jan-Sept
39 Macr envirnment wrse than prjected GDP YOY grwth. % Spain Latin America Eurzne USA SOURCE: IMF; Oxfrd Ecnmics BP New frecasts 38
40 Spain number ne in Eurpe-Latam flws Market size in thusand passengers; weight f Spain in percentage Spain Italy France Germany UK Prtugal Other Brazil % Mexic % Argentina % Clmbia % 127 Venezuela % Peru % Ttal Surce: CRS market share data Size relative t market/flw size in 2011 (all cabins) 39
41 Key cmpnents f Iberia transfrmatin plan Fcus n cre netwrk Renewal f cmmercial plan S&MH transfrmatin Cmprehensive labur restructuring Restructure nncre businesses Suspend nn-strategic, lss-making rutes / frequencies, clse the gap in cst, fleet and prduct and keep effective feed fr the lng haul netwrk Narrw the RASK gap t cmpetitin with a cmmercial actin plan prviding a custmer prpsitin that will ensure cmpetitiveness Transfrm the shrt and medium haul peratin, reducing the CASK gap t lw cst cmpetitin, delivering an efficient shrt and medium haul peratin Negtiate salary adjustments and prductivity imprvements t clse the gap in labur cst and achieve a cmpetitive and flexible cst structure Secure cmpetitive maintenance and handling csts fr the airline Discntinue nn-prfitable 3 rd party activities 40
42 1 Fcus n cre netwrk: key strategy Objective: netwrk re-design, t sustain cmpetitive psitin, trimming dwn nn-strategic, lss-making rutes/ frequencies and clsing the gap in prduct, fleet and cst 1. Fcus n lng haul premium markets, remving lw margin flying that has higher leisure demand 2. Build an efficient lng haul schedule with traditinal flying patterns 7 and 14 flights a week t ptimise perating csts 3. Maintain shrt and medium haul rutes with: very relevant cntributin t lng haul (vlume and yield) reasnable margins 4. Selected frequency reductin psitined t drive prfitability whilst prtecting the custmer prpsitin 41
43 1 Fcus n cre netwrk: strng cut in Lng haul fleet -5 aircraft Shrt and medium haul fleet -20 aircraft ASK grwth -15% Bttm 13 rutes currently lsing arund 100m n annualised basis these are t be cut 42
44 2 Renewal f cmmercial plan Objective: t narrw the RASK gap t cmpetitin with a cmmercial actin plan prviding a custmer prpsitin that will ensure cmpetitiveness New ancillaries Cmpetitive cst psitin acrss ur business Leadership in ur main hubs New netwrk strategy Revenue Leadership acrss the Atlantic management Cnslidate a high margin peratin Changing custmer prfile Strnger intra- Eurpe prfitability Distributin Strnger Eurpe-t-Asia psitin in critical markets Prducts and service imprvement Grw Share f Eurpet-Africa rutes 43
45 3 Shrt & medium haul transfrmatin Objective: t transfrm the shrt and medium haul peratin frm within, narrwing the CASK gap t lw cst cmpetitin while keeping an effective feeding fr the lng haul netwrk 1. Iberia will reduce salaries and imprve prductivity in its shrt & medium haul mainline peratins by getting similar salary and prductivity levels fr pilts and cabin crew as lw cst carrier benchmarks 2. Iberia Express has demnstrated an excellent track recrd in csts peratinal perfrmance and custmer feedback and will cntinue t be central t ur plans 3. The Iberia Express prduct will be extended t Iberia mainline shrthaul, and will thus achieve lwer csts than with the current prduct ffering (simpler prduct, higher aircraft utilisatin) 44
46 4 Cmprehensive labur restructuring Objective: fr the rest f the cmpany, and beynd the shrt haul peratins, we aim t negtiate salary adjustments and prductivity imprvements t clse the gap in labur cst and achieve a cmpetitive, flexible and sustainable cst structure 1. Reduce salaries and increase prductivity cmpany-wide 2. Eliminate barriers in labur agreements which currently prevent us frm achieving cmpetitive cst base 3. Adjust wrkfrce t capacity - 4,500 redundancies 45
47 5 Restructure nn-cre business Objective: t restructure nn-cre businesses, while securing cmpetitive maintenance and handling csts fr the airline Discntinue nn-prfitable parts f maintenance activity MRO has currently 4 divisins (third parties 51% f sales) line maintenance heavy maintenance engines cmpnents Discntinue handling services utside Madrid unless they can deliver acceptable prfit margins we have 21 licenses t prvide third party services at 36 airprts in Spain these licences will expired frm end f
48 Deteriratin f cash must be stpped Cash psitin at end f perid* m Net cash flw minus 1,218M Early retirement payments minus 446M Fleet and ther investment minus 394M Debt repayment minus 334M Cash lss frm peratins minus 154M Gain n sale f Amadeus plus 109M * Ttal cash psitin including IFT lnger than 3 mnths 47
49 Transfrmatin csts required fr the plan One-ff csts incurred will be due t: Lay-ff csts Our prpsal t unins is t negtiate a new lay-ff scheme t cme clser t legal levels (maximum 1 year salary cmpensatin) Figure is subject t discussin with unins Fleet csts Fleet early retirement Delayed deliveries 48
50 Implementatin and negtiatin apprach We have started negtiatins with unins We have given a deadline t cmplete negtiatins by end January Plan is t adjust fr summer 2013 seasn If the unins fail t engage in negtiatins, r engage in strike actin, r fail t reach agreement by the deadline, we will implement further capacity reductins in rder t preserve the viability f Iberia 49
51 Summary 1. Our intentin is t transfrm the airline frm within, t make Iberia cmpetitive in all f its majr markets, and enable lng term grwth 2. Key features f the plan: Capacity reductin f 15% in 2013 Salaries and prductivity adjustments 4,500 wrkfrce reductin 3. Sustainable cmpetitiveness and achievement f its prfit targets by 2015 will create the cnditins fr lng term investment in Iberia, t allw it t fulfil its ptential as the leading airline between Eurpe and Latin America 50
52 British Airways 9 th Nvember 2012
53 IAG financial targets 2015 BA zne Operating Prfit FD EPS 1.6bn 1.5bn 1.2bn Transfrm Lndn Fleet renewal - BA bmi mixed transfrmatin fleet Jint - JBs business + synergies - Shrt IB haul hub strategy - IB Cst Express discipline - Asset turn imprvement Remaining synergies increased t 280m Grwth 100m m apprx. ~ 600m 700m New fleet savings ~ 250m Fuel 0.20 Transfrm Spain m - Labur cst cmpetitiveness - New lw cst platfrm Weak Spanish macr ~ 200m 450m
54 Intrductin 2012 prgress Operating prfit n track bmi acquired and integratin prgressing well Gatwick restructured Custmer satisfactin and brand bnding imprved Clear perating prfit targets Opprtunities frm fleet investment and bmi Reinvestment in custmer and cmmercial activities Capacity flexibility 53
55 2015 financial targets 2015 Op. prfit 2015 Op. prfit (pre grwth) 2012 Op. prfit (incl. bmi) Operating prfit f 1.1bn by 2015 maintain last year s target f 1bn + 100m fr bmi chart demnstrates key building blcks (illustrative nly) t be in line with IAG return targets 54
56 Jint Business Nrth Atlantic Jint Business is delivering Revenue +23% Unit revenue +10% Capacity +11% Premium lad factr: +4 pints t 77.1% Nn premium share +1.0 pints Premium share +1.6 pints Perid: end 2010 t end
57 Jint Business Crss-selling in the crprate market is ramping up quickly
58 Jint Business Large number f passengers travel n JB enabled prducts Jint Business passengers n BA Nrth Atlantic flights 57
59 58 Jint Business Further pprtunities
60 Asset turn imprvement New insights int ptential pprtunities Step change in understanding ur custmers Design f new price prduct Best practice retail and digital marketing Price increases t ffset additinal fuel cst and inflatin New revenue management demand and frecasting system 59
61 Shrt-haul imprvement a clear pririty Shrt-haul needs t be prfitable in its wn right, as well as feed lng-haul Gd prgress t secure a cmpetitive cst base: we nw have a cre cst base at LCC levels at Gatwick bmi synergies at Heathrw Fcus n driving mre revenue per flight: cnfidence that BA brand has value in shrt-haul explit underutilised assets e.g. Avis better prduct with mre inherent revenue ptential 60
62 2015 financial targets 2015 Op. prfit 2015 Op. prfit (pre grwth) 2012 Op. prfit (incl. bmi) Assumes industry benefits frm capacity discipline given high fuel prices, and ecnmic grwth frm H
63 bmi turnarund integrate Integratin 90% cmplete. By the end f the year: transferred all 25 aircraft t BA transferred ~1,400 peple mainly crew cnverted 20 bmi rutes t BA clsed 13 bmi statins transferred/cancelled ~900 cntracts decmmissined ~150 IT systems and exited ~150 bmi prperties Cmmercial integratin already driving revenue increased feed nt lng-haul and new transfer flw markets example rute: revenue up ~37% vly, driven by mix and increased lads, n capacity increase f ~17% flws t sme key US cities shwing 5-7 pint share gains 62
64 bmi turnarund ptimise In winter 2012 bmi has enabled: 20 new rutes fr the BA LHR netwrk extra capacity n 8 existing BA LHR rutes timing imprvements thrugh schedule Further cst efficiencies cnslidate int tw terminals at Heathrw frm c.2014 nging benefits frm pilt cmmitments Integrated schedule ptimisatin began in winter 2012 and will build up thrugh 2013, as fleet and netwrk evlves Assume slt remedies summer 2013 Drive feed acrss the Heathrw hub Cnvert slts frm shrt-haul t lng-haul use 63
65 bmi transfrmatin financial prgress Prfrma perating lsses befre acquisitin c. 200m p.a. Pst acquisitin 2012 perating lsses reduced t belw 100m (v 150m guidance) Integratin cmplete by end f 2012, ttal exceptinal cst belw 100m (per guidance) Net cst savings f c. 80m secured fr 2013, c. 100m by 2015 H c. 50m lss; H break-even (six mnths earlier than guidance) Will stp reprting separately frm January 1, 2013 On track t add c. 100m perating prfit (including grwth) t verall BA results by
66 Fuel savings frm new aircraft 27 lng-haul deliveries by 2015 New aircraft will deliver arund 150m in fuel savings in 2015 v 2012 (assuming $110/barrel) A higher fuel price will wuld mean mre savings Medium term lng-haul replacement rate f 5-8 aircraft p.a. Custmer prduct benefits 65
67 Grwth (including bmi) Fleet flexibility supprts disciplined grwth Capacity grwth assumed t average 2-3% p.a. t s and bmi slts unlck pprtunity New winter schedule pst bmi Grwth biased twards Nrth America, Asia and partner hubs Airline partnerships supprt revenue and grwth 66
68 2015 financial targets 2015 Op. prfit 2015 Op. prfit (pre grwth) 2012 Op. prfit (incl. bmi) Need t ensure prfitability prgress is nt reversed by cst inflatin 67
69 Cst discipline t ffset nn-fuel unit cst inflatin Hld nn-fuel unit csts flat t 2015 excludes bmi and nn-cash impairment excludes nn-airline cst increases, such as BA Hlidays at cnstant exchange rates achieved 2012 vs Equivalent t 3 years x c. 200m p.a. savings vs. 3 per cent inflatin Savings net f targeted reinvestment in custmer and cmmercial Three brad areas (with sme verlap): deliver / accelerate previus structural change further structural change prcurement and supplier management 68
70 Deliver/accelerate previus structural change c 30m Fr example, mixed fleet benefits in cabin crew IAG cst synergies c. 80m incremental by 2015 vs expanding pprtunity fr jint purchasing prgressing glbal business service platfrm 69
71 Further structural change Gatwick restructuring cmplete 500 peple, 14m cst, benefit frm 2013 c. 12m p.a. 10% targeted reductin in verhead spend Further bmi related cst efficiencies Onging prductivity imprvements t fund pay rises and increments 70
72 Prcurement and supplier management Brad based prcurement prgramme frm specificatin t cntract management examples include catering and security Increased fcus with strategic suppliers airprts (especially LHR with new regulatry perid starting April 2014) engineering 71
73 2015 financial targets in summary 2015 Op. prfit 2015 Op. prfit (pre grwth) 2012 Op. prfit (incl. bmi) Achieving targets wuld prvide sensible return n capital supprt investment grade debt rating generate free cash flw supprt dividends 72
74 In cnclusin Transfrming the prfitability f British Airways thrugh: partnerships revenue innvatin shrt-haul stand-alne prfitability new fleet nce-in-a lifetime pprtunities frm bmi cst discipline Balancing custmer and cmmercial fcus with cst discipline Determinatin t prvide a return n capital that brand franchise deserves 73
75 Financing Strategy Enrique Dupuy Grup Chief Financial Officer
76 IAG crprate finance strategy, Headrm Buffer Pensin CFO CAPEX Restructuring FIN + REFI Divestment New fleet funding rati >70% Cnvertible refinancing / cnvert Active refinancing f lder assets Capital uses Capital surces 75
77 IAG crprate finance strategy, Headrm Buffer Pensin CFO CAPEX Restructuring FIN + REFI Divestment New fleet funding rati >70% Cnvertible refinancing / cnvert Active refinancing f lder assets Capital uses Capital surces 76
78 Generic surces f aircraft funding Asset backed lans Operating lease Asset backed bnds Manufacturer backstp / ECA funding 77
79 Generic surces f aircraft funding Asset backed lans Operating lease Asset backed bnds Manufacturer backstp / ECA funding 78
80 Asset backed lan market Steady withdrawal f Eurpean banks since financial crisis Offset smewhat by increasing presence f Chinese and Japanese banks Regulatry changes have made capital scarce Lenders are increasingly chsy: lking fr large, stable well-capitalised airlines with gd brand; "bankable" aircraft types IAG advantage: large, stable well-capitalised airline grup with gd prtfli f brands; vanilla fleet; lng standing relatinships with Chinese and Japanese banks 79
81 Generic surces f aircraft funding Asset backed lans Operating lease Asset backed bnds Manufacturer backstp / ECA funding 80
82 Operating lease market Operating lessrs prvide flexibility in managing residual value risk Steady grwth f glbal lessrs since financial crisis Lessrs themselves need t raise funds - in same pl as airlines Many new lessrs n lnger parent funded Advent f new generatin aircraft have placed dwnward pressure n existing rentals IAG advantage: strng relatinships; well-established leasing practices; high maintenance standards; attractive cllateral; strng expertise in IAG team 81
83 Operating lessrs playing a larger rle ,722 aircraft ,037 aircraft ,161aircraft ,003 aircraft ,341 aircraft 17 leased (0.5%) 96 leased (2%) 1,076leased (12 %) 3,644 leased (24%) 7,621 leased (36%) Operating lessrs Other wners Ttal in-service/stred western built jets at year end Surce: Ascend 82
84 IAG achievements 2012: perating leases A330 interim fleet t be used as a bridge t significantly mre efficient next generatin aircraft Sale and leaseback arrangements already in place fr upcming A330 deliveries Arrangement cvers all eight aircraft with a single lessr (BOC Aviatin) Separate n-pint agreement fr maintenance f engines with GE Recent technlgical develpments require active management f residual value risk n A320 rder MOU signed t cmplete sale and leaseback f A320 aircraft being delivered in
85 Generic surces f aircraft funding Asset backed lans Operating lease Asset backed bnds Manufacturer backstp / ECA funding 84
86 Manufacturer backstp / ECA funding Histrically stable but at higher cst than asset backed lending frm banks Airlines based in UK, Spain, France, Germany and US have traditinally been denied access t exprt credit financing n Airbus and Being aircraft Access t exprt credit financing restricted n current rders but an ptin n future shrt haul rders Special exemptin t hme market rule nw means exprt credit financing pssible n tw A380 aircraft Available manufacturing financing f up t 1.1bn IAG advantage: strng manufacturer relatinships; fleet size; flag carrier status 85
87 Generic surces f aircraft funding Asset backed lans Operating lease Asset backed bnds Manufacturer backstp / ECA funding 86
88 Asset backed bnds (EETC market) Enhanced Equipment Trust Certificates (EETCs) are secured bnds backed by aircraft issued typically in US debt capital markets Over $11bn bnds issued since financial crisis, backed by bth new and lder aircraft investrs lking fr yield assets, aircraft-backed bnds have cnsistently perfrmed well in the past Yields at all time lws Particularly favured by US carriers, due t favurable legal jurisdictin (ease f asset repssessin in event f default) IAG advantage: UK legal jurisdictin cnsidered rbust; credit ratings / listed cmpany; EETC investrs value ptential t diversify away frm US int stable brand; lng term nature f assets attractive t pensin funds and infrastructure funds 87
89 EETC issuances and yields since 2009
90 IAG crprate finance strategy, Buffer Headrm CFO Nn-Fleet Fleet Restructuring FIN + REFI Divestment New fleet funding rati >70% Cnvertible refinancing / cnvert Active refinancing f lder assets Capital uses Capital surces 89
91 Refinancing f lder aircraft Cre fleet will be perated fr full useful ecnmic life Refinancing pprtunities will be actively sught as aircraft exit primary financing Recent successful syndicatin f secured revlving credit facility fr British Airways has prvided cntingent liquidity f up t $805 millin 90
92 $805m secured revlving credit facility Prvides cntingent liquidity fr general crprate purpses against vintage aircraft and spare engines Accrdin feature t upsize up t $1bn Leverages assets well beynd their primary financing perids at attractive lan t value ratis Syndicate f 12 banks: 91
93 Generic surces f aircraft funding Asset backed lans Well established banking relatinships Lng standing Asset presence backed in Asian banking markets Gd management lans track recrd Asset backed bnds Asset backed bnds Friendly jurisdictin and ratings an advantage ver peers Gd brand presence in US Ecnmies f scale Operating lease Increasingly prminent and cmpetitive Ideal slutin fr Operating lease interim fleet Manufacturer backstp / ECA Manufacturer funding backstp Manufacturer supprt remains available 92
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