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IAG Cago reports revenue decline

PRESS RELEASE

October 31, 2014: IAG Cargo today announces its Q3 results from July 1 to October 31, 2014, reporting commercial revenue (flown revenue plus fuel surcharges) of €236m versus €256m for the same period last year. On a like for like basis, adjusting the prior year's figures to reflect a directly comparable freighter operation[1], commercial revenue increased 7.6 per cent versus last year.

Volumes of 1,331 million cargo tonne kilometres (CTKs) on a like for like basis1 for the quarter represent an increase of 12.0 per cent compared to Q3 2013, while capacity increased by 4.1 per cent. Overall yield (commercial revenue per CTK) for the quarter was down 3.0 per cent at constant exchange rates.

Steve Gunning, CEO at IAG Cargo, commented: "This is a positive third quarter for the business and we've seen good load factor improvements across markets, despite an increase in capacity. The strong performance of our premium products has offset continued underlying price pressure, particularly in the North American market, with Constant Climate, our market leading product for temperature sensitive freight, delivering impressive volumes. While we have seen a decrease in yield, this is primarily due to flying increased sector lengths. More generally, while trading is good, there are still fundamental issues with the market in terms of excess capacity."

1.Following the cessation of the long haul freighter leasing contract with GSS on April 30, 2014, IAG Cargo ran a significantly reduced freighter programme, which is reflected in the following figures: Volumes of 1,331m cargo tonne kilometres (CTKs) for the quarter decreased by 4.5 per cent compared to Q3 2013, while capacity decreased by 6.5 per cent. Overall yield (commercial revenue per CTK) for this quarter was down 3.4 per cent at constant exchange.

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