Includes those operated by British Airways Plc, BA Cityflyer Limited and OpenSkies SASU. c Level 3 financial assets reconciliation. This included dialogue with the UK, Spanish and Irish governments, as well as the European Commission. The Group has embarked on a transformation programme to develop a more efficient and cost effective structure. The airline sector is among the most heavily regulated industries in the world and BA together with IAG continues to monitor the development of national, regional and globally applied regulatory developments including the implementation of environmental regulations. The total of non-current assets excluding equity investments, employee benefit assets, other non-current assets, loans to related parties and derivative financial instruments located in the UK is £10,860 million (31 December 2017: £10,612 million), USA is £19 million (31 December 2017: £9 million) and the total of these non-current assets located in other countries is £211 million (31 December 2017: £200 million). British Airways was the first European carrier to trial biometric boarding (at Los Angeles International Airport) for international departures. Overall capacity, measured by ASKs, was up by 2.4 per cent in the first six months of the year and traffic increased by 4.0 per cent, increasing passenger load factor by 1.0 pts. Buoyed by the global inventory restocking cycle, industry-wide freight tonne kilometers (FTK) increased 9.7% in 2017. Annual Report 2018 03 All orders, payments, Intermediate Accounting Vol 1 (Ch 1 12) With British Airways Annual Report|Mark Nelson and your personal data are totally safe with us. Investing and innovating where customers value it most Passenger numbers increased 3.5 per cent to 46.8 million in 2018. On this basis, an impairment review has been conducted on one (2016: two) CGU. The amendment requires disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including changes arising from cash flows and non-cash changes. This decrease reflects the debt repayments made in 2017 and no new aircraft financing in 2017 as well as the net cash generated in the year. Total operating expenditure excluding fuel, oil costs and emission charges was £3,981 million (2017: £3,980 million). Costs incurred in the six months ended 30 June 2018 in respect of this programme amount to £51 million (2017: £66 million). Further information on the basis of the assumptions is included in note 32 of the, Operating loss and loss before tax from discontinued operations, Loss after tax from discontinued operations, Net cash outflow from operating activities, Net decrease in cash and cash equivalents, Liabilities directly associated with assets held for sale. Cash flow projections are based on the business plan approved by the Board covering a five-year period. The triennial valuation as at 31 March 2015 for APS was deferred as a result of legal proceedings (note 19). London Gatwick to Toronto launched three times weekly on Tuesday 1 May 2018 until Friday 19 October 2018. The Group profit before tax was £1,774 million (2016: £1,590 million including the £70 million additional gain on the loss of control of AGL, which was not taxable) including a £165 million (2016: £147 million) post-tax share of associate's profits. British Airways PLC 2019, Our key performance indicators , Web. The takeover of Air Europa by British Airways owner IAG could face a formal investigation by the competition watchdog. The provision also includes amounts relating to leased land and buildings where restoration costs are contractually required at the end of the lease. As reported in previous years, the Trustee of APS has proposed an additional discretionary increase above CPI for pensions in payment for the year ended 31 March 2014. The Group implemented the new distribution capability (NDC) from 1 November 2017. Frontline staff will be empowered through digital innovation. DOHA, QATAR – Qatar Airways today released its annual report for the fiscal year 2017 (April 1 st 2016 to March 31 st 2017) revealing a 21.7 per cent year-on-year net profit increase. We have updated our Privacy and Cookie Policy. British Airways revenue breakdown by geographic segment: 19.0% from United States, 32.8% from Rest of the World and 48.1% from United Kingdom. No impairment charge has arisen as a result of the review performed on the network airline operations. It is not possible at this stage to predict the outcome of the proceedings, which British Airways will vigorously defend. Costs incurred in 2017 in respect of this programme amounted to £94 million (2016: £124 million), with a related tax credit of £18 million (2016: £25 million). In December 2016, BA agreed to make fixed deficit contributions of £300 million per year until September 2027 and to provide either additional payments or a guarantee if dividend payments to IAG exceed 35 per cent of profit after tax. The proposed discretionary increase is not included in the assumptions above. The trading environment is subject to both regulatory and competitive pressures that can have a material effect on the operating performance of the business. Found inside105 FWC, Access to Justice: Annual Report 2018–19 (Melbourne, FWC, 2019) 79. ... (2011) 220 FCR 551; Transport Workers Union v Qantas Airways Ltd [2012] FCAFC 10, (2012) 199 FCR 190. ... 113 British Airways (n 32) [9]. We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. British Airways Plc ('BA' or the 'Group') presents its consolidated results for the six month period ended 30 June 2018. There was a 16.0 per cent rise in cargo revenue following increased Asia Pacific exports to Latin America and North America mainly aided by all major currencies strengthening against sterling. The trading environment is subject to both regulatory and competitive pressures that can have a material effect on the operating performance of the business. The non-operating items decrease also comprises of £43 million of fair value losses on derivatives not qualifying for hedge accounting and £34 million of financing costs relating to defined benefit schemes offset by a £39 million reduction in finance costs following the repayment of related debt, a £18 million increase in share of post-tax profits in associates and £21 million currency retranslation gains. Found insidePettifor, A (2018) 'A Triumph for George ... Taylor, P, Moore, S and Byford, R (2019) Cabin Crew Conflict – The British Airways Dispute 2009–11 (London, Pluto Press). ... TUC (Trades Union Congress) (2013) Annual Report (London). For the six months to 30 June 2018, there are no indicators that the carrying value may exceed the recoverable amount. Operating profit from continuing operations after exceptional items, Operating profit before exceptional items from continuing operations, Operating loss from discontinued operations, Employer contributions to defined benefit pension schemes, Defined benefit pension scheme service costs, Movement in working capital and other non-cash movements, Decrease/(increase) in trade and other receivables, prepayments, inventories and current assets, Increase in trade and other payables, deferred revenue on ticket sales and current liabilities, Net cash generated from operating activities, Purchase of property, plant and equipment and intangible assets, Sale of property, plant and equipment and intangible assets, Increase in other current interest-bearing deposits, Distributions made to holders of perpetual securities, (Decrease)/increase in cash and cash equivalents, Cash and cash equivalents as at 31 December1, Interest-bearing deposits maturing after more than three months, Cash, cash equivalents and other interest-bearing deposits as at 31 December. Uptime Institute's Eighth Annual Data Center Industry Survey Report. Corporate Governance. The assessment involves a height and reach test, a role play, and a group exercise. 1The closing cash and cash equivalents balance includes £17 million presented as held for sale. Corporate Information and basis of preparation. The Group's network passenger and cargo operations are managed as a single business unit. The Company's balance sheet reflected a net liability of £338 million in 2015, £1,695 million in 2016 and £444 million in 2017. Found inside – Page 31Ponemon Institute Report (2016), ... British Airways CEO Puts Cost of Recent IT Outage at 80 Million Pounds, June. ... (2018). Uptime Institute's Eighth Annual Data Center Industry Survey Report. Capitalised interest on progress payments, Change in fair value of cross currency swaps, Interest on other investments and interest-bearing deposits (financial assets not at fair value through income statement). 2. British Airways is also party to similar litigation in a number of other jurisdictions including Germany, the Netherlands and Canada together with a number of other airlines. The detail of the Group's financial instruments as at 30 June 2018 and 31 December 2017 by nature and classification for measurement purposes is as follows: a Financial assets and liabilities by category (continued), b Fair values of financial assets and financial liabilities. The increase in revenue is driven by rising premium yields which saw passenger revenue per RPK increase by 5.3 per cent, aided by all major currencies strengthening against sterling and. 1 Please refer to note 2 for further details on transition adjustments relating to IFRS 15. This edition also features new material discussing the increased airline mergers and acquisitions (M&A) activity of recent years, and considers the likelihood of further consolidation in the future. Based on Civil Aviation Authority data, BA was again a more reliable airline than its key competitors in 2017, with the best on-time departures from London. The objective in making resource allocation decisions is to optimise consolidated financial results. Property, plant, equipment and intangibles. The High Court issued a judgement in May 2017 which determined that the Trustee had the power to grant discretionary increases, whilst reiterating the Trustee must take into consideration all relevant factors, and ignore irrelevant factors. Passenger numbers increased 3.5 per cent to 46.8 million in 2018. These KPIs are defined in the Annual Report and Accounts for the year ended 31 December 2017 and should be read in conjunction with this document. In addition, available airline capacity increased by 3.1 per cent due to additional aircraft, and the seat densification program. A cross reference to Form 20-F requirements is included on page 351. The inflation rate assumptions for NAPS and APS are based on the difference between the yields on index-linked and fixed-interest long-term government bonds. 3. Cash settlement is expected within the standard settlement terms. Sales to subsidiary undertakings of the parent, Purchases on behalf of subsidiary undertakings of the parent, Amounts owed by subsidiary undertakings of the parent, Amounts owed to subsidiary undertakings of the parent. 1 Both APS and NAPS are in an IAS19 accounting surplus, which would be available to the Company as a refund upon wind up of the scheme. 18 Discontinued operations and assets and liabilities held for sale (continued), a Results from discontinued operations, £ million 2017, Passenger revenue 21, Other revenue 1, Total revenue 22, Employee costs 7, Aircraft operating lease costs 2, Fuel, oil and emission charges 8, Engineering and other aircraft costs 1, Landing fees and en route charges 3, Handling, catering and other operating costs 6, Selling costs 1, Property, IT and other costs 1, Total operating costs 29, Operating loss and loss before tax from discontinued operations (7), Tax -, Loss after tax from discontinued operations (7), b Cash flows relating to discontinued operations.
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