International Cons Airlines Group IAG Capital Markets Day 2019 (7677S)
08 Novembre 2019 - 8:00AM
UK Regulatory
TIDMIAG
RNS Number : 7677S
International Cons Airlines Group
08 November 2019
IAG CAPITAL MARKETS DAY 2019
International Consolidated Airlines Group ("IAG") will host its
Capital Markets Day today (8 November 2019). Presentations will be
given on IAG's strategic, sustainability, IT and loyalty
initiatives and medium-term financial goals for 2020-2022.
Medium-term planning goals for the three years 2020-2022
include:
- Return on Invested Capital (real terms) targeting sustainable 15% (no change);
- Operating profit margin of 12-15% (no change);
- ASK growth of 3.4% per annum compared to approximately 6% per annum for 2019-2023 previously;
- ASK growth in 2020 is currently planned to be 3.2% (not
adjusted for the British Airways strikes in 2019 and leap year in
2020);
- Average EPS growth of 10%+ per annum (compared to 12%+ per
annum previously), reflecting the lower planned ASK growth;
- Capital expenditure ("capex"): average of EUR4.7bn per annum
for gross capex (compared to an average of EUR2.6bn per annum for
net capex for 2019-2023 previously);
- Levered free cash flow ("LFCF") average of EUR2.1bn per annum;
- Financial leverage to be investment grade (no change) with net
debt/EBITDA at or below 1.8 times.
IAG has made some changes to the definition of its metrics:
- Free cash flow definition is changed from 'Equity Free Cash
Flow' to 'Levered Free Cash Flow' (LFCF). LFCF is defined as cash
generated in the period, excluding returns to shareholders (i.e.
ordinary dividends, special dividends and share buybacks), and
includes pension contributions, restructuring payments, movements
in working capital and cash flows from financing activities
(excluding returns to shareholders);
- Capital expenditure goal is changed from net capex to gross
capex. Gross capex is defined as the total investment in fleet,
customer product, IT and infrastructure before any proceeds from
sale of property, plant and equipment and intangible assets, as
shown in the cash flow statement.
In common with several other European and North American
airlines, IAG will no longer disclose monthly traffic data from
January 2020 but will instead report traffic data on a quarterly
basis.
The presentations from the Capital Markets Day can be accessed
via www.iairgroup.com and a webcast of the event will be available
today from 0900 GMT/1000 CET.
Steve Gunning
Chief Financial Officer
8 November 2019
LEI: 959800TZHQRUSH1ESL13
This announcement contains inside information and is disclosed
in accordance with the company's obligations under the Market Abuse
Regulation (EU) No 596/2014.
Forward-looking statements:
Certain statements included in this announcement are
forward-looking. These statements can be identified by the fact
that they do not relate only to historical or current facts. By
their nature, they involve risk and uncertainties because they
relate to events and depend on circumstances that will occur in the
future. Actual results could differ materially from those expressed
or implied by such forward-looking statements.
Forward-looking statements can typically be identified by the
use of words such as "expects", "may", "will", "could", "should",
"intends", "plans", "predicts", "envisages" or "anticipates" or
other words of similar meaning. They include, without limitation,
any and all projections relating to the results of operations and
financial conditions of International Consolidated Airlines Group
S.A. and its subsidiary undertakings from time to time (the
'Group'), as well as plans and objectives for future operations,
expected future revenues, financing plans, expected expenditure and
divestments relating to the Group and discussions of the Group's
business plan. All forward-looking statements in this announcement
are based upon information known to the Group on the date of this
announcement and speak as of the date of this announcement. Other
than in accordance with its legal or regulatory obligations, the
Group does not undertake to update or revise any forward-looking
statement to reflect any changes in events, conditions or
circumstances on which any such statement is based.
It is not reasonably possible to itemise all of the many factors
and specific events that could the forward-looking statements in
this announcement to be incorrect or could otherwise have a
material adverse effect on the future operations or results of an
airline operating in the global economy. Further information on the
primary risks of the business and the Group's risk management
process is set out in the 'Risk management and principal risk
factors' section in the Annual Report and Accounts 2018; these
documents are available on www.iairgroup.com. All forward-looking
statements made on or after the date of this document and
attributable to IAG are expressly qualified in their entirety by
the primary risks set out in that section.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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