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"entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-626": { "value": "2022000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-630": { "value": "1 Background and general information International Consolidated Airlines Group, S.A. (hereinafter \u2018International Airlines Group\u2019, \u2018IAG\u2019 or the \u2018Group\u2019) is a leading European airline group, formed to hold the interests of airline and ancillary operations. IAG (hereinafter the \u2018Company\u2019) is a Spanish company registered in Madrid and was incorporated on 17 December 2009. The registered address of IAG is El Caser\u00edo, Zona industrial 2, Camino de La Mu\u00f1oza s/n, 28042, Madrid, Spain. On 21 January 2011, British Airways Plc and Iberia L\u00edneas A\u00e9reas de Espa\u00f1a S.A. Operadora (hereinafter \u2018British Airways\u2019 and \u2018Iberia\u2019 respectively) completed a merger transaction becoming the first two airlines of the Group. Vueling Airlines S.A. (\u2018Vueling\u2019) was acquired on 26 April 2013, and Aer Lingus Group Plc (\u2018Aer Lingus\u2019) on 18 August 2015. A list of the subsidiaries of the Group is included in the Group investments section. IAG shares are traded on the London Stock Exchange\u2019s main market for listed securities and also on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia (the \u2018Spanish Stock Exchanges\u2019), through the Spanish Stock Exchanges Interconnection System (Mercado Continuo Espa\u00f1ol).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-773": { "value": "International Consolidated Airlines Group, S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "value": "S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-770": { "value": "IAG", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-774": { "value": "is a leading European airline group, formed to hold the interests of airline and ancillary operations", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-771": { "value": "IAG", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "El Caser\u00edo, Zona industrial 2, Camino de La Mu\u00f1oza s/n, 28042, Madrid, Spain", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-772": { "value": "Madrid", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-752": { "value": "Spain", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-766": { "value": "Spain", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "2 Significant accounting policies Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards as endorsed by the European Union (IFRSs as endorsed by the EU). The consolidated financial statements are rounded to the nearest million unless otherwise stated. These financial statements have been prepared on a historical cost convention except for certain financial assets and liabilities, including employee benefit assets and liabilities, the \u20ac825 million convertible bond due 2028, derivative financial instruments and other equity investments that are measured at fair value. The notes to the financial statements for the prior year include reclassifications that were made to conform to the current year presentation. The Group\u2019s financial statements for the year to 31 December 2023 were authorised for issue, and approved by the Board of Directors on 28 February 2024. Change in presentation of results Income statement \u2013 Net gain on sale of property, plant and equipment The prior year Income statement includes a reclassification to conform with the current year presentation for the Net gain on sale of property, plant and equipment within Operating profit. Accordingly, for the year to 31 December 2022, the Group has reclassified \u20ac22 million of gains from Other non-operating credits to Net gain on sale of property, plant and equipment within Expenditure on operations. There is no impact on the Profit after tax. The segmental operating profit/(loss) has been updated to reflect the reclassification. Statement of other comprehensive income The prior year Statement of other comprehensive income includes a reclassification of \u20ac173 million of gains associated with the fair value movements on cash flow hedges and \u20ac9 million of losses associated with the fair value movements on cost of hedging, which had been previously presented under the sub-heading Items that will not be reclassified to net profit, to the sub-heading Items that may be reclassified subsequently to net profit, as these may recycle to net profit in future periods. There is no impact on Total other comprehensive (loss)/income for the year, net of tax. Cash flow statement The prior year Cash flow statement has been represented and further detailed in note 37. Accordingly, the Group has reclassified the results for the year to 31 December 2022. Going concern At 31 December 2023, the Group had total liquidity of \u20ac11,624 million (31 December 2022: total liquidity of \u20ac13,999 million), comprising cash, cash equivalents and interest-bearing deposits of \u20ac6,837 million, \u20ac4,412 million of committed and undrawn general facilities and a further \u20ac375 million of committed and undrawn aircraft specific facilities. At 31 December 2023, the Group has no financial covenants associated with its loans and borrowings. The decrease in liquidity during the year to 31 December 2023 was attributable to, amongst other actions: (i) the repayment of borrowings of \u20ac4,268 million, which consisted of, amongst others, the \u20ac2,330 million (\u00a32.0 billion) early repayment of the UK Export Finance (UKEF) Credit Facility, the \u20ac867 million of early repayment of the syndicated financing agreement, partially guaranteed by Instituto de Cr\u00e9dito Oficial (ICO) in Spain and the \u20ac500 million redemption of the senior unsecured bond at maturity; (ii) securing an additional five-year Export Development Guarantee Facility of \u20ac1,159 million (\u00a31.0 billion), offset by a reduction in aircraft specific facilities of \u20ac741 million; and (iii) offset by strong operational cash flow generation. In its assessment of going concern, the Group has modelled two scenarios referred to below as the Base Case and the Downside Case over the period of at least 12 months from the date of the approval of these consolidated financial statements (the \u2018going concern period\u2019). The Group\u2019s three-year business plan, used in the creation of the Base Case, was prepared for and approved by the Board in December 2023. The business plan takes into account the Board\u2019s and management\u2019s views on capacity, based on the potential impact of the wider economic and geopolitical environments on the Group\u2019s businesses across the going concern period. The key inputs and assumptions underlying the Base Case through to 31 March 2025, include: \u2022 capacity recovery modelled by geographical region with total capacity to remain above the levels obtained in 2023 throughout the going concern period; \u2022 passenger unit revenue per ASK is forecast to remain above the levels obtained in 2023 throughout the going concern period; \u2022 the Group has assumed that the committed and undrawn general facilities of \u20ac4,412 million will not be drawn over the going concern period. The availability of certain of these facilities reduces over time, with \u20ac3,843 million being available to the Group at 31 March 2025; \u2022 the Group has assumed that the undrawn aircraft facilities of \u20ac375 million, relating to specific financing structures, will be utilised over the going concern period; \u2022 the Group has assumed that the \u20ac500 million bond that matures in March 2025 will not be refinanced; \u2022 of the capital commitments detailed in note 15, \u20ac3,207 million is due to be paid over the period to 31 March 2025; \u2022 while the Group does not expect to finance all expected deliveries over the going concern period, for those it does expect to finance, it has forecast securing between 90 and 100 per cent depending on aircraft type, or \u20ac2,235 million, of the aircraft financing that is currently uncommitted, to align with the timing and payments for those aircraft deliveries it expects to finance, including aircraft delivered in 2023 that had not had their financing secured at the reporting date; and \u2022 the Group has assumed that the relevant approvals required in relation to the acquisition of the remaining 80 per cent of the share capital of Air Europa Holdings that it does not currently own are obtained by the end of the going concern period, and that cash outflows of \u20ac149 million will be incurred, comprising \u20ac100 million of the cash consideration and \u20ac49 million for the purchase of ordinary shares in the Company that have not already been purchased at the balance sheet date. The deferred consideration of \u20ac100 million to be paid on the first anniversary and the \u20ac100 million to be paid on the second anniversary of the completion of the acquisition are assumed to occur outside of the going concern period and accordingly not included in these forecasts. The Downside Case applies stress to the Base Case to model adverse commercial and operational impacts over the going concern period, represented by: reduced levels of capacity operated in each month, including reductions of 25 per cent for three months over the going concern period; reduced passenger unit revenue per available seat kilometre (ASK); increases in the price of jet fuel by 20 per cent above that assumed in the Base Case; and increased operational costs. In the Downside Case, over the going concern period capacity would be 10 per cent down when compared to the Base Case. The Downside Case assumes that British Airways would be required to draw down, in full, its portion of the available US dollar Revolving Credit Facility (further information given in notes 3 and 29f). The Downside Case also assumes that upon completion of the Air Europa Holdings acquisition, a further \u20ac200 million of working capital needs are funded by the Group. The Directors consider the Downside Case to be a severe but plausible scenario. Having reviewed the Base Case and the Downside Case, the Directors have a reasonable expectation that the Group has sufficient liquidity to continue in operational existence for a period of at least 12 months from the date of approval of these consolidated financial statements and hence continue to adopt the going concern basis in preparing the consolidated financial statements at 31 December 2023. Consolidation The Group financial statements include the financial statements of the Company and its subsidiaries, each made up to 31 December together with the attributable share of results and reserves of associates and joint ventures, adjusted where appropriate to conform to the Group\u2019s accounting policies. Subsidiaries are consolidated from the date of their acquisition, which is the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity in the Consolidated balance sheet. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the Income statement. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. All intragroup account balances, including intragroup profits, are eliminated in preparing the consolidated financial statements. Unconsolidated structured entities The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. In certain instances, the Group will undertake several such sale and leaseback transactions at once through Enhanced Equipment Trust Certificates (EETCs). Under each of these financing structures, a company or companies (the EETC Issuer) are established to facilitate such financing on behalf of a number of unrelated investors. In certain of these financing structures, additional special purpose vehicles (the Lessor SPV) are established to provide additional financing from a number of further unrelated investors to the EETC Issuer. The proceeds from the issuance of the EETCs by the EETC Issuer, and where relevant the proceeds obtained from the Lessor SPV, are then used to purchase aircraft solely from the Group. The Group will then enter into fixed rate lease arrangements (which meet the recognition criteria of Asset financed liabilities) with the EETC Issuer, or where relevant the Lessor SPV, with payments made by the Group to the EETC Issuer, or the Lessor SPV, distributed, through a trust, to the aforementioned unrelated investors. The main purpose of the trust structure is to enhance the credit-worthiness of the Group\u2019s debt obligations through certain bankruptcy protection provisions and liquidity facilities, and also to lower the Group\u2019s total borrowing cost. The EETC Issuer and the Lessor SPV are established solely with the purpose of providing the asset-backed financing and upon maturity of such financing are expected to have no further activity. The relevant activities of the EETC Issuer and the Lessor SPV are restricted to pre-established financing agreements and the retention of the title of the associated financed aircraft. Accordingly, the Group has determined that each EETC Issuer and the Lessor SPVs are structured entities. Under the contractual terms of the financing structures, the Group has no exposure to losses in these entities, does not own any of the share capital of the EETC Issuer or the Lessor SPV, does not have any representation on the respective boards and has no ability to influence decision-making. In addition to the above, such financial transactions expose the Group to no further significant financial or economic risks, such as no variability over time in interest rates. In considering the aforementioned facts, management has concluded that the Group does not have access to variable returns from the EETC Issuers and Lessor SPVs because its involvement is limited to the payment of principal and interest under the arrangement and, therefore, it does not control the EETC Issuers or the Lessor SPVs and as such does not consolidate them. Further information as to the financial impact of these financial transactions is given in note 26. Segmental reporting Operating segments are reported in a manner consistent with how resource allocation decisions are made by the chief operating decision-maker. The chief operating decision-maker, who is responsible for resource allocation and assessing performance of the operating segments, has been identified as the IAG Management Committee. Foreign currency translation a Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, being the currency of the primary economic environment in which the entity operates. In particular, British Airways and IAG Loyalty have a functional currency of pound sterling. The Group\u2019s consolidated financial statements are presented in euros, which is the Group\u2019s presentation currency. b Transactions and balances Transactions in foreign currencies are initially recorded in the functional currency using the rate of exchange prevailing on the date of the transaction. Monetary foreign currency balances are translated into the functional currency at the rates ruling at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at balance sheet exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement, except where hedge accounting is applied. Foreign exchange gains and losses arising on the retranslation of monetary assets and liabilities classified as non-current on the Balance sheet are recognised within Net currency retranslation credits/(charges) in the Income statement. All other gains and losses arising on the retranslation of monetary assets and liabilities are recognised in operating profit. c Group companies The net assets of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date. Profits and losses of such operations are translated into euros at average rates of exchange during the year. The resulting exchange differences are taken directly to a separate component of equity (Currency translation reserve) until all or part of the interest is sold, when the relevant portion of the cumulative exchange difference is recognised in the Income statement. Property, plant and equipment Property, plant and equipment are held at cost. The Group has a policy of not revaluing property, plant and equipment. Depreciation is calculated to write off the cost less the estimated residual value on a straight-line basis, over the economic life of the asset. Residual values, where applicable, are reviewed annually against prevailing market values for equivalently aged assets and depreciation rates adjusted accordingly on a prospective basis. a Fleet All aircraft are stated at the fair value of the consideration given after taking account of manufacturers\u2019 credits and pre-delivery instalment payments (referred to as progress payments). Fleet assets owned or right of use (\u2018ROU\u2019) assets are disaggregated into separate components and depreciated at rates calculated to write down the cost of each component to the estimated residual value at the end of their planned operational lives (which is the shorter of their useful life or lease term) on a straight-line basis. Depreciation rates are specific to aircraft type, based on the Group\u2019s fleet plans, within overall parameters of 23 years and up to 5 per cent residual value for short-haul aircraft and between 23 and 29 years (depending on aircraft) and up to 5 per cent residual value for long-haul aircraft. Right of use assets are depreciated over the shorter of the lease term and the aforementioned depreciation rates. Where the lease includes a purchase option, at the discretion of the Group, where it is expected that the purchase option will be exercised, the associated right of use asset is depreciated using the aforementioned depreciation rates to reflect the reasonably certain life of the aircraft, irrespective of the lease term. Cabin interior modifications, including those required for brand changes and relaunches, are depreciated over the lower of 12 years and the remaining economic life of the aircraft, whether owned or leased. Aircraft and engine spares acquired on the introduction or expansion of a fleet, as well as rotable spares purchased separately, are carried as property, plant and equipment and generally depreciated in line with the fleet to which they relate. b Other property, plant and equipment Provision is made for the depreciation of all property, plant and equipment. Property, with the exception of freehold land, is depreciated over its expected useful life over periods not exceeding 50 years, or in the case of leasehold properties, over the duration of the lease if shorter, on a straight-line basis. Equipment is depreciated over periods ranging from four to 20 years. c Capitalisation of interest on progress payments Interest costs attributed to progress payments made on account of aircraft and other qualifying assets under construction are capitalised and added to the cost of the asset concerned. All other borrowing costs are recognised in the Income statement in the year in which they are incurred. d Liquidated damages Certain of the Group\u2019s contractual arrangements with aircraft and engine manufacturers contain liquidated damage clauses, whereby if the supplier breaches one or more contractual clauses (such as delays in the timing of delivery of an aircraft or engine) then damages are payable to the Group. Liquidated damages are recognised in the Income statement only to the extent that they relate to compensation for loss of income and/or incremental operating costs, when a contractual entitlement exists, the amounts can be reliably measured and the receipt is virtually certain. When liquidated damages do not relate to compensation for loss of income and/or incremental operating costs, the amounts are recorded as a reduction in the cost of the associated aircraft in the Balance sheet and depreciated over the life of the aircraft. When compensation, not related to the loss of income and/or incremental operating costs, is received in advance of the associated delivery of the aircraft and/or engine, the Group recognises the amount within Other creditors until such time as the aircraft and/or engine is delivered, at which time the amounts are transferred and recorded as a reduction in the cost of the associated asset. Such compensation is recorded in the Cash flow statement within cash flows from investing activities under the caption of Acquisition of property, plant and equipment and intangible assets. e Leases The Group leases various aircraft, properties, equipment and other assets. The lease terms of these assets are consistent with the determined useful economic life of similar assets within property, plant and equipment. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified tangible asset for a period in exchange for consideration. The Group has elected not to apply such consideration where the contract relates to an intangible asset, such as for landing rights or IT software, in which case payments associated with the contract are expensed as incurred. Leases are recognised as a ROU asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. Right of use assets At the lease commencement date a ROU asset is measured at cost comprising the following: the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date less any lease incentives received; and any initial direct costs. In addition, at the lease commencement date a ROU asset will incorporate unavoidable restoration costs, such as the removal of airline-specific branding and configuration, to return the asset to its original condition, for which a corresponding amount is recognised within Provisions. The ROU asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate; amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option if the Group is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option; and payments to be made under reasonably certain extension options. Aircraft lease payments are discounted using the interest rate implicit in the lease. The interest rate implicit in the lease is the discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and the unguaranteed residual value to be equal to the fair value of the leased asset and any initial indirect costs of the lessor. For aircraft leases these inputs are either observable in the contract or readily available from external market data. The initial direct costs of the lessor are considered to be immaterial. If the interest rate implicit in the lease cannot be determined, the Group entity\u2019s incremental borrowing rate is used. Each lease payment is allocated between the principal and finance cost. The finance cost is charged to the Income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification of the lease contract, a re-assessment of the lease term (specifically in regard to assumptions regarding extension and termination options) and changes in variable lease payments that are based on an index or a rate. Amounts excluded from recognition as lease liabilities The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less and those leases of low-value assets. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the Income statement. Short-term leases are leases with a lease term of 12 months or less, that do not contain a purchase option. Low-value assets comprise IT equipment and small items of office furniture. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is re-assessed and adjusted against the ROU asset. Extension options are included in a number of aircraft, property and equipment leases across the Group and are reflected in the lease payments where the Group is reasonably certain that it will exercise the option. Such variable lease payments are expensed to the Income statement as incurred. Sale and leaseback transactions The Group regularly uses sale and lease transactions to finance the acquisition of aircraft. Each transaction is assessed as to whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. The principal criterion for assessing whether a sale has occurred or not, is whether the contract contains the option, at the discretion of the Group, to repurchase the aircraft over the lease term; with the existence of such a repurchase option resulting in a sale having been deemed not to have occurred; and if no such repurchase option exists, then a sale is deemed to have occurred. The following defines the accounting for such transactions: \u2022 if a sale is determined to have occurred, then the associated asset is de-recognised and a ROU asset and lease liability are recognised. The ROU asset recognised is based on the proportion of the previous carrying amount of the asset that is retained. Any gain or loss is restricted to the amount that relates to the rights that have been transferred to the counterparty to the transaction; and \u2022 where a sale is determined to have not occurred, the asset is retained on the Balance sheet within Property, plant and equipment and an Asset financed liability recognised equal to the financing proceeds. Cash flow presentation \u2013 lease liabilities Lease payments are presented as follows in the Consolidated cash flow statement: \u2022 where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented within financing activities; \u2022 the repayments of the principal element of lease liabilities are presented within cash flows from financing activities; \u2022 the payments of the interest element of lease liabilities are included within cash flows from operating activities; and \u2022 the payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows from operating activities. Cash flow presentation \u2013 asset financed liabilities Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement: \u2022 the proceeds received from asset financed liabilities are presented within cash flows from financing activities; \u2022 the repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and \u2022 the payments of the interest element of asset financed liabilities are included within cash flows from operating activities. Lessor accounting From time to time the Group will lease, to third parties, specific assets, including certain property, plant and equipment. On inception of the lease, the Group determines whether each lease is a finance lease or an operating lease. In order to make this determination, the Group assesses whether the lease transfers substantially all of the risks and rewards of ownership to the lessee. Factors in making this assessment include, but are not limited to, whether the lease term is for the major part of the economic life of the underlying asset and whether the underlying asset transfers to the lessee or the lessee has the option to purchase the underlying asset at the end of the lease. Where substantially all of the risks and rewards of ownership have been transferred, then the lease is recorded as a finance lease, otherwise it is recorded as an operating lease. f Maintenance, repairs and overhaul Owned aircraft Major overhaul expenditure, including replacement spares and labour costs for airframes and engines, is capitalised and amortised over the expected life between major overhauls or to the end of the useful life of the asset. All other replacement spares and other costs relating to maintenance of owned fleet assets (including maintenance provided under \u2018pay-as-you-go\u2019 contracts) are charged to the Income statement on consumption or as incurred respectively. Leased aircraft The Group records a provision for major maintenance and overhaul events, including for airframes and engines, that occur through usage or through the passage of time that is recognised as such activity occurs through to the next maintenance event, with a corresponding expense recorded in the Income statement. Any subsequent changes in estimation are recognised in the Income statement. When the maintenance and/or overhaul event occurs, the associated provision is de-recognised. Restoration and handback obligations that arise on the inception of a lease are recognised as a provision with a corresponding amount recognised as part of the ROU asset. Any subsequent change in estimation relating to such costs are reflected in the ROU asset. All other replacement spares and other costs relating to maintenance of leased fleet assets (including maintenance provided under \u2018pay-as-you-go\u2019 contracts) are charged to the Income statement on consumption or as incurred respectively. Intangible assets a Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration paid over the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and liabilities of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the Income statement. For the purpose of assessing impairment, goodwill is grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Goodwill is tested for impairment annually and whenever indicators exist that the carrying value may not be recoverable. b Brands Brands arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. Long established brands that are expected to be used indefinitely are not amortised but assessed annually for impairment. c Customer loyalty programmes Customer loyalty programmes arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. A customer loyalty programme with an expected useful life is amortised over the expected remaining useful life. Established customer loyalty programmes that are expected to be used indefinitely are not amortised but assessed annually for impairment. d Landing rights Landing rights acquired in a business combination are recognised at fair value at the acquisition date. Landing rights acquired from other airlines are capitalised at cost. Capitalised landing rights based outside of the UK and the EU are amortised on a straight-line basis over a period not exceeding 20 years. Capitalised landing rights based within the UK and the EU are not amortised, as regulations provide that these landing rights are perpetual. e Contract-based intangibles Contract-based intangibles acquired in a business combination are recognised initially at fair value at the acquisition date and amortised over the remaining life of the contract. f Software The cost to purchase or develop computer software that is separable from an item of related hardware is capitalised separately and amortised on a straight-line basis generally over a period not exceeding five years, with certain specific software developments amortised over a period of up to ten years. In certain instances, the Group enters into cloud computing arrangements with third-party providers, such as software as a service (SaaS), where the Group is provided the right to access and use the application software over the contract term. At inception of the contract, the Group will assess whether such an arrangement gives rise to the recognition of a software intangible asset. Where the Group determines that no software intangible asset should be recognised, the cloud computing arrangement is determined to be a service contract and the associated fees paid are expensed as incurred. In addition, the costs incurred for both the customisation and configuration of the application software are generally expensed as incurred. g Emissions allowances Where an operating company purchases emissions allowances these amounts are recognised at cost and recorded within Intangible assets. As an operating company emits CO 2 equivalent and builds up an obligation to the relevant authorities, a provision is recognised. Emissions allowances recorded within Intangible assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances to offset the emissions, the provision is recognised at the weighted average cost of the intangible asset. For those obligations arising for which the operating company has not yet purchased emission allowances to offset the emissions, the provision is recognised at the market price of the allowances required at the reporting date. As the provision is recognised, a corresponding amount is recorded in the Income statement within Fuel, oil costs and emission charges. The Group\u2019s emissions obligation, recognised as a separate liability, is extinguished when the associated emission certificates are surrendered, which is typically within 12 months of the reporting date. From time to time the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do not meet the recognition criteria of a sale under IFRS 15 and accordingly the asset is retained on the Balance sheet within Intangible assets and an Other financing liability recognised equal to the proceeds received. Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the value by which the asset\u2019s carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. Non-financial assets other than goodwill that were subject to an impairment are reviewed for possible reversal of the impairment at each reporting date. a Property, plant and equipment, including Right of use assets The carrying value is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable and the cumulative impairment losses are shown as a reduction in the carrying value of property, plant and equipment. b Intangible assets Intangible assets are held at cost and are either amortised on a straight-line basis over their economic life, or they are deemed to have an indefinite economic life and are not amortised. Indefinite life intangible assets are tested annually for impairment or more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. Investments in associates and joint ventures An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51 per cent, the equity interest is treated as an associate undertaking. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Investments in associates and joint ventures are accounted for using the equity method, and initially recognised at cost. The Group\u2019s interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results of those companies acquired or disposed of during the year are included for the periods of ownership. Financial instruments a Financial assets and liabilities Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through other comprehensive income (OCI), or fair value through profit or loss. Financial assets and financial liabilities are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets. The classification of financial assets and financial liabilities at initial recognition depends on the financial assets\u2019 and financial liabilities\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a financial asset or financial liability to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset or financial liability that is not SPPI is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis. The Group\u2019s business model for managing financial assets and financial liabilities establishes how it manages its financial assets and financial liabilities in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets and financial liabilities classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets and financial liabilities classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Long-term borrowings Long-term borrowings are recorded at amortised cost, including lease liabilities which contain interest rate swaps that are closely related to the underlying financing and as such are not accounted for as an embedded derivative. Convertible debt Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument. Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in the equity portion of the convertible bond in Other reserves and is not subsequently remeasured. The interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount of the liability. Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within Borrowings. At the date of issue, the entirety of the convertible bonds is accounted for at fair value with subsequent fair value gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted prices in active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible bonds recognised in Other comprehensive income and the portion of the change in fair value attributable to market conditions recognised in the Income statement within Finance costs. Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately to the Income statement. Other equity investments Other equity investments are non-derivative financial assets including listed and unlisted investments, excluding interests in associates and joint ventures. On initial recognition, these equity investments are irrevocably designated as measured at fair value through Other comprehensive income. They are subsequently measured at fair value, with changes in fair value recognised in Other comprehensive income with no recycling of these gains and losses to the Income statement when the investment is sold or a change in the structure of transaction changes its classification as an Other equity instrument. Dividends received on other equity investments are recognised in the Income statement. The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date. Where there is no active market, fair value is determined using valuation techniques. Financial instruments held for trading Financial instruments are classified as held for trading if they are incurred for the purpose of selling the associated asset in the near term and not having been purchased for operational purposes. By entering into short-term forward sales contracts, the Group seeks to optimise capital allocation while minimising the associated economic risk. Interest-bearing deposits Interest-bearing deposits, principally comprising funds held with banks and other financial institutions with contractual cash flows that are SPPI, and held in order to collect contractual cash flows, are carried at amortised cost using the effective interest method. Impairment of financial assets At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to contracts that have a maturity of one year or less, including trade receivables. When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable expectation of recovery, such as the customer having filed for liquidation. b Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand or maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value. c Derivative and non-derivative financial instruments and hedging activities Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives (including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement. The method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged (as detailed below under cash flow hedges). The time value of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time value of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement. When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of the forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the change in fair value of the spot component are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until the underlying transaction affects the Income statement. To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements in foreign exchange rates are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. Accumulated gains or losses within the cash flow hedge reserve are transferred to Sales in advance of carriage in the same period as the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected to occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast
transaction is still expected to occur, any cumulative gain or loss remains in the cash flow hedge reserve until such time as the hedge
item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting is
discontinued and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the cash
flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management objective
continued to have been met. Where a forecast transaction which was previously determined to be highly probable and for which
hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain or loss in the
cash flow hedge reserve is immediately reclassified to the Income statement.
Each operating company enters into foreign currency derivative contracts, that are not designated in a hedge relationship, in order
to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of
each operating company, including but not limited to, lease liabilities. Movements in the fair value of such derivatives are recognised
in the Income statement in the period in which they occur and are presented within Net currency retranslation charges.
Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and is
assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity.
d Cash flow hedges
Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable
expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging
relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: (i) there is \u2018an economic
relationship\u2019 between the hedged item and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes
that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management
strategy and in all instances is maintained at a ratio of 1:1.
The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on
inception and at each reporting date effective in offsetting the changes in cash flows of the hedged item using the hypothetical
derivative model.
Sources of ineffectiveness include the following:
\u2022 in hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 in hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was
originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty;
\u2022 in hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest rate
derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative
counterparty; and
\u2022 in all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the
hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero.
Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge
accounting and presented within Other non-operating credits.
Reclassification and transfer adjustments
Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve
when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives
rise to recognition in the Balance sheet as follows:
\u2022 where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase of jet
fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the
accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified and
included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs in the
same period as the hedged item is recognised in the Income statement;
\u2022 where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which
foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the
recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both
foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated
gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included
in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non-
financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation
and impairment over the expected life of the aircraft, for fuel inventory through Fuel, oil costs and emission charges when it is
consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and
\u2022 where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which
interest rate swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow
hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest
income or expense arises on the hedged item.
Further information on the risk management activities of the Group is given in note 29.
e Fair value hedges Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged item using the effective interest rate method. If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement. Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty. f Interest rate benchmark reform In 2020 the Group adopted the amendments to IFRS 9 and IFRS 7 relating to the interest rate benchmark reform Phase 1, (\u2018Phase 1\u2019) and in 2021 the Group adopted the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to the interest rate benchmark reform Phase 2 (\u2018Phase 2\u2019). The Phase 1 amendments provide temporary relief from applying certain hedge accounting requirements to hedging relationships directly affected by Interbank Offered Rates (\u2018IBOR\u2019) reform. The reliefs have the effect that IBOR reform does not cause hedge accounting to terminate prior to contracts being amended. Where transition to an alternative benchmark rate has taken place, the Group ceases to apply the Phase 1 amendments and instead applies the Phase 2 amendments. Hedge accounting During the course of 2023, the Group ceased to apply the Phase 1 amendments, as the last of the associated IBORs transitioned to alternative benchmarks. Prior to these transitions and where the Group applied the Phase 1 amendments, the following reliefs were applied: \u2022 when considering the highly probable requirement, the Group assumed that those benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the Group\u2019s hedged long-term borrowings were based, did not change as a result of IBOR reform; \u2022 in assessing whether the hedge was expected to be highly effective on a forward-looking basis the Group assumed that those benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the cash flows of the hedged long- term borrowings and the interest rate swaps that hedge them were based, were not altered by IBOR reform; and \u2022 the Group has not reclassified the Cash flow hedge reserve relating to the period after the IBOR reform is expected to take effect. When the Group ceased to apply the Phase 1 amendments, the Group amended its hedge designation to reflect changes which are required by IBOR reform, but only to make one or more of the following changes: \u2022 designating an alternative benchmark rate (contractually or non-contractually specified) as the hedged risk; \u2022 amending the description of the hedged item, including the description of the designated portion of the cash flows being hedged; or \u2022 amending the description of the hedging instrument. The associated hedge documentation was updated to reflect these changes in designation by the end of the reporting period in which the changes were made. Such amendments did not give rise to the hedge relationship being discontinued. When the Group transitioned to alternative benchmark rates, the accumulated amounts within the cash flow hedge reserve were determined to be based on the alternative benchmark rates and no reclassification adjustments were made from the cash flow hedge reserve to the Income statement. Long-term borrowings and lease liabilities Phase 2 of the amendments required that, for financial instruments measured using amortised cost measurement, changes to the basis for determining the contractual cash flows required by interest rate benchmark reform are reflected by adjusting their effective interest rate prospectively. No gain or loss was recognised upon transition to the new benchmark. The expedient was only applicable to direct changes that are required by interest rate benchmark reform. For lease liabilities where there was a change to the basis for determining the contractual cash flows, as a practical expedient the lease liability was remeasured by discounting the revised lease payments using a discount rate that reflected the change in the interest rate where the change was required by IBOR reform. No amounts have been recorded in the current or prior periods as a result of these amendments. Employee benefit plans a Pension obligations The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior years. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior years. The benefit is discounted to determine its present value, and the fair value of any plan assets are deducted. The discount rate is the yield at the balance sheet date on AA-rated corporate bonds of the appropriate currency that have durations approximating those of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the net obligation calculation results in an asset for the Group, the recognition of an asset is limited to any future refunds, net of the relevant taxes, from the plan or reductions in future contributions to the plan (\u2018the asset ceiling\u2019). The fair value of the plan assets is based on market price information and, in the case of quoted securities, is the published bid price. The fair value of insurance policies which exactly match the amount and timing of some or all benefits payable under the scheme are deemed to be the present value of the related obligations. Longevity swaps are measured at their fair value. Current service costs are recognised within employee costs in the year in which they arise. Past service costs are recognised in the event of a plan amendment or curtailment, or when the Group recognises related restructuring costs or severance obligations. The net interest is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the period to the net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during the period as a result of contributions and benefit payments. Net interest and other expenses related to the defined benefit plans are recognised in the Income statement. Remeasurements, comprising IAS 19 gains and losses, the effect of the asset ceiling (excluding interest) and the return on plan assets (excluding interest), are recognised immediately in Other comprehensive income. Remeasurements are not reclassified to the Income statement in subsequent periods. b Severance obligations Severance obligations are recognised when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a provision for severance payments when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without realistic possibility of withdrawal, or providing severance payments as a result of an offer made to encourage voluntary redundancy. Other employee benefits are recognised when there is deemed to be a present obligation. c Flight crew provisions The Group\u2019s obligations in respect of flight crew provisions are calculated separately for each collective bargaining agreement. In estimating these obligations, the Group makes assumptions regarding the number of employees that will elect to take early retirement under these agreements, and the age at which they make this election (where relevant), using the probability weighted methodology. The Group recognises a provision for service costs from the date of employment of the relevant individual, with the corresponding amount recorded within the Income statement. The provisions recognised are discounted, at the reporting date and the effect of unwinding of these discount rates are recognised as a finance cost in the Income statement. Remeasurements of the provisions are made for changes in financial assumptions and recorded in Other comprehensive income. The Group records changes through Other comprehensive income, where assumptions regarding the elections to be made by individuals differs to actual elections. These calculations are performed by a qualified actuary using the projected unit credit method. Taxation Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date. Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions: \u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries or associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and \u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise income tax is recognised in the Income statement. Inventories Inventories are valued at the lower of cost and net realisable value. Such cost is determined by the weighted average cost method. Inventories include mainly aircraft spare parts, repairable aircraft engine parts and fuel held in storage facilities. Share-based payments The Group operates a number of equity-settled, share-based payment plans, under which the Group awards equity instruments of the Group for services rendered by employees. The fair value of the share-based payment plans is measured at the date of grant using a valuation model provided by external specialists. The resulting cost, as adjusted for the expected and actual level of vesting of the plan, is charged to the Income statement over the period in which the options vest. At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions, and accordingly the number of equity instruments that will ultimately vest. The movement in the cumulative expense since the previous balance sheet date is recognised in the Income statement with a corresponding entry in equity. Treasury shares When the share capital of the Company is repurchased, the amount of the consideration paid, including directly attributable transaction costs, is recognised as a deduction from equity within the treasury share reserve. When treasury shares are sold or reissued, the amount received is recognised as an increase in equity and the resulting gain or loss on the transaction is presented as an adjustment to Retained earnings with no gain or loss recorded in the Income statement. Provisions Provisions are made when all of the following criteria have been met: (i) an obligation exists for a present liability in respect of a past event; (ii) where the amount of the obligation can be reliably estimated; and (iii) where it is considered probable that an outflow of economic resources will be required to settle the obligation. Where it is not considered probable that there will be an outflow of economic resources required to settle the obligation, the Group does not recognise a provision, but discloses the matter as a contingent liability. The Group assesses whether each matter is probable of there being an outflow of economic resources to settle the obligation at each reporting date. Employee leaving indemnities and other employee provisions are recorded for flight crew who, meeting certain conditions, have the option of being placed on reserve or of taking early retirement. The Group is obligated to remunerate these employees until they reach the statutory retirement age. The calculation is performed by qualified independent actuaries using the projected unit credit method. Other employee related provisions are recognised for direct expenditures of business reorganisation such as severance payments (restructuring provisions) where plans are sufficiently detailed and well advanced, and where appropriate communication to those affected has been undertaken at the balance sheet date. The method for determining legal claims provisions is determined on a claim by claim basis. Where a claim includes a significant population of items, the weighted average provision is estimated by determining all potential outcomes and the probability of their occurrence. Where a claim relates to a single item, then the Group determines the associated provision by applying the most likely outcome giving consideration to alternative outcomes. Where an individual claim is significant, the disclosure of quantitative information is restricted to the extent that it does not prejudice the outcome of the claim. If the effect is material, expected future cash flows are discounted using a rate that reflects, where appropriate, the risks specific to the provision. Where discounting is used, the effect of unwinding the discount rate is recognised as a Finance cost in the Income statement. Revenue recognition Passenger revenue The Group\u2019s revenue primarily derives from transportation services for both passengers and cargo. Revenue is recognised when the transportation service has been provided. Passenger tickets are generally paid for in advance of transportation and are recognised, net of discounts, as Deferred revenue and presented within current liabilities until either: (i) the customer has flown; or (ii) where the customer does not fly on the intended date and has purchased a non-flexible fare. For flexible and semi-flexible tickets, when the customer does not travel on the intended date, a term referred to as \u2018unused tickets\u2019, the customer has a number of options they can elect to apply, depending on the fare type: (i) reschedule the date of intended travel; (ii) request a refund; or (iii) request a voucher. The Group estimates the amount of these unused tickets for which customers are not expected to exercise their remaining rights prior to expiry based on the terms and conditions of the ticket and analysis of historical experience, a term referred to as \u2018unused ticket breakage\u2019. This revenue is recognised based on the terms and conditions of the ticket and analysis of historical experience. For unused ticket breakage, revenue is recognised only when the risk of a significant reversal of revenue is remote. The estimation regarding historical experience is updated at each reporting date. Where a flight is cancelled, the customer has a number of options they can elect to apply to their unused tickets: (i) compensation; (ii) a refund; (iii) changing to an alternative flight; or (iv) the receipt of a voucher. The presentation in the financial statements of these customer options, to the extent they differ to the recognition criteria stated above, are as follows: \u2022 Compensation for flight cancellation - such payments are presented net within Passenger revenue against the original ticket purchased; \u2022 Refund - deferred revenue is reduced and no amount is recorded within revenue; \u2022 Changing to an alternative flight \u2013 amounts are retained within Deferred revenue until such time as the flight is flown, at which time it is recorded within Passenger revenue; and \u2022 Voucher - retained within Deferred revenue until such time as it is redeemed for a flight or it expires, at which time it is recorded within Passenger revenue. In relation to vouchers, the Group also recognises revenue by estimating the amount of vouchers that customers are not expected to exercise their remaining rights prior to expiry using analysis of historical experience. The estimation regarding historical experience is updated at each reporting date. The amount of such revenue recognised is constrained, where necessary, such that the risk of a significant reversal of revenue in the future is remote. Payments received in relation to certain ancillary services regarding passenger transportation, such as change fees, are not considered to be distinct from the performance obligation to provide the passenger flight. Payments relating to these ancillary services are recognised in Deferred revenue in current liabilities until the customer has flown. The Group considers whether it is an agent or a principal in relation to passenger transportation services by considering whether it has a performance obligation to provide services to the customer or whether the obligation is to arrange for the services to be provided by a third party. The Group acts as an agent where: (i) it collects various taxes, duties and fees assessed on the sale of tickets to passengers and remits these to the relevant taxing authorities; and (ii) where it provides interline services to airline partners outside of the Group. Commissions earned in relation to agency services are recognised as revenue when the underlying goods or services have been transferred to the customer. In all other instances, the Group considers it acts as the principal in relation to passenger transportation services. Cargo revenue The Group has identified a single performance obligation in relation to cargo services and the associated revenue is measured at its standalone selling price and recognised on satisfaction of the performance obligation, which occurs on the fulfilment of the transportation service. Other revenue The Group has identified several performance obligations in relation to services that give rise to revenue being recognised within Other revenue. These services, their performance obligations and associated revenue recognition include: \u2022 the provision of maintenance services and overhaul services for engines and airframes, where the Group is engaged to enhance an asset while the customer retains control of the asset. Accordingly, the performance obligations are satisfied, and revenue recognised, over time. The Group estimates the proportion of the contract completed at the reporting date and recognises revenue based on the percentage of completion of the contract; \u2022 the provision of ground handling services, where the performance obligations are fulfilled when the services are provided; \u2022 the provision of holiday and hotel services, where the performance obligations are satisfied over time as the customer receives the benefit of the service; and \u2022 brand and marketing activities, where the performance obligations are satisfied as the associated activities occur. Customer loyalty programmes The Group operates four principal loyalty programmes: the British Airways Executive Club, Iberia Plus, Vueling Club and the Aer Lingus Aer Club. The customer loyalty programmes award travellers Avios to redeem for various rewards, primarily redemption travel, including flights, hotels and car hire. Avios are also sold to commercial partners to use in loyalty activity. Avios issuance When issued, the standalone selling price of an Avios is recorded within Deferred revenue in current liabilities until the customer redeems the Avios. The standalone selling price of Avios is based on the value of the awards for which the points could be redeemed. The Group also recognises revenue associated with the proportion of Avios which are not expected to be redeemed, referred to as \u2018breakage\u2019, based on the results of modelling using historical experiences and expected future trends in customer behaviour, up until the reporting date. The amount of such revenue recognised is limited, where necessary, such that the risk of a significant reversal of revenue in the future is remote. Where the issuance of Avios arises from travel on the Group\u2019s airlines, the consideration received from the customer may differ to the aggregation of the relative standalone selling prices. In such instances the allocation of the consideration to each performance obligation is undertaken on a proportional basis using the relative standalone selling prices. The Group has contractual arrangements with non-Group airlines and non-air partners for the issuance and redemption of Avios, for which it has identified the following performance obligations: Companion vouchers Certain non-air partners issue their card holders with companion vouchers, which forms part of the variable consideration of the overall contract, depending on the level of expenditure by the card holders, for redemption on the airlines of the Group for the same flight and class of cabin as the underlying fare being purchased. The Group estimates the standalone selling price of the companion voucher performance obligation, using valuation techniques, by reference to the amount that a third party would be prepared to pay in an arm\u2019s length transaction. Brand and marketing activities For both air and non-air partners, the Group licenses the Avios and the airline brands for certain activities, such as the creation of co- branded credit cards. In addition, the Group has certain contractual arrangements whereby it commits to provide marketing services to the members of the loyalty schemes on behalf of those partners. For the provision of both brand and marketing services, the partner receives benefits incremental to the issuance of Avios. The Group estimates the standalone selling price of the brand and marketing performance obligations, using valuation techniques, by reference to the amount that a third party would be prepared to pay in an arm\u2019s length transaction for access to comparable brands for the period over which they use the brand. For brand services, as the Group considers that the partner has the right to use the brand, revenue is recognised as the brand service is provided and not over time. For marketing performance obligations, revenue is recognised as the marketing activities occur based on when the partner receives the benefit of those services. Upfront payments Where a partner makes an upfront payment to the Group which does not relate to any specific performance obligation, then the Group considers such payments as advance payments for future goods and services and the associated revenue is recognised as those goods and services are provided, as detailed above. In such instances the payment is allocated across all of the performance obligations over the contract term. The Group estimates the expected level of Avios to be issued over the contract term using experience, historical and expected future trends, and allocates the payments to the relevant performance obligations accordingly. At each reporting date, the Group updates its estimate of the number of Avios expected to be issued over the total contract term and recognises a cumulative catch-up adjustment where necessary. When a partner makes an upfront payment to the Group, the Group assesses whether such a payment is representative of a significant financing event. Where a significant financing component is identified, the Group estimates a market rate of interest that an arm\u2019s length financial liability of similar size and tenor would yield. The Group recognises the imputed interest within the Income statement as Other finance costs within Finance costs. Other considerations The Group considers whether it is an agent or a principal in relation to the loyalty services by considering whether it has a performance obligation to provide services to the customer or whether the obligation is to arrange for the services to be provided by a third party. In particular, the Group acts as an agent where customers redeem their Avios on interline partner flights outside of the Group, where the fees payable to the interline partner are presented net against the associated release of the Deferred revenue. Exceptional items Exceptional items are those that in management\u2019s view need to be separately disclosed by virtue of their size or nature and where such presentation is relevant to an understanding of the Group\u2019s financial performance. While management has defined a list of items and a quantitative threshold that would merit categorisation as exceptional that has been established through historical experience, the Group retains the flexibility to add additional items should their size or nature merit such presentation. The accounting policy in respect of exceptional items and classification of an item as exceptional is approved by the Board, through the Audit and Compliance Committee. The financial performance of the Group is monitored by the Management Committee and the Board on a pre-exceptional basis to enable comparison to prior reporting periods as well as to other selected companies, and also for making strategic, financial and operational decisions. The exceptional items recorded in the Income statement include, but are not limited to, items such as significant settlement agreements with the Group\u2019s pension schemes; significant restructuring; the impact of business combination transactions that do not contribute to the ongoing results of the Group; significant discontinuance of hedge accounting; legal settlements; individually significant tax transactions; and the impact of the sale, disposal or impairment of an asset or investment in a business. Where exceptional items are separately disclosed, the resultant tax impact is additionally separately disclosed. Certain exceptional items may cover more than a single reporting period, such as significant restructuring events, but not more than two reporting periods. Further information is given in the Alternative performance measures section. Government grants Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and recognised within Borrowings. Those loans provided and/or guaranteed by governments that represent below market rates of interest are measured at inception at their fair value and recognised within Borrowings, with the differential to the proceeds received recorded within Deferred income and released to the relevant financial statement caption in the Income statement on a systematic basis. Grants that compensate the Group for expenses incurred are recognised in the Income statement in the relevant financial statement caption on a systematic basis in the periods in which the expenses are recognised. Critical accounting estimates, assumptions and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances. Actual results in the future may differ from judgements and estimates upon which financial information has been prepared. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Estimates
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are as follows:
a Employee benefit obligations, employee leaving indemnities, other employee related restructuring
At 31 December 2023 the Group recognised \u20ac1,380 million in respect of employee benefit assets (2022: \u20ac2,334 million) and \u20ac175
million in respect of employee benefit obligations (2022: \u20ac217 million). Further information on employee benefit obligations is
disclosed in note 34.
The cost of employee benefit obligations, employee leaving indemnities and other employee-related provisions is determined using
the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, future salary increases,
mortality rates and future pension increases. Due to the long-term nature of these schemes, such assumptions are subject to
significant uncertainty. The assumptions relating to these schemes are disclosed in note 34. The Group determines the assumptions
to be adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact
future net assets and total comprehensive income. The sensitivity to changes in pension assumptions is disclosed in note 34.
Under the Group\u2019s Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) defined benefit schemes, increases to
pensions are based on the annual Government Pension Increase (Review) Orders, which since 2011 have been based on the
Consumer Prices Index (CPI). Additionally, in APS there is provision for the Trustee to pay increases up to the level of the Retail
Prices Index (RPI), subject to certain affordability tests. Historically market expectations for RPI could be derived by comparing the
prices of UK Government fixed-interest and index-linked gilts, with CPI assessed by considering the Bank of England\u2019s inflation
target and comparison of the construction of the two inflation indices.
In November 2020, the UK Government and UK Statistics Authority (UKSA) confirmed alignment of RPI with CPIH (a variant of CPI)
from February 2030. In assessing RPI and CPI inflation from investment market data, allowance has been made for alignment of RPI
with CPIH from 2030 and, therefore, effectively no gap between RPI and CPI inflation from that date. CPI inflation before 2030 is
assumed to be 1 per cent per annum below RPI inflation.
b Revenue recognition
At 31 December 2023 the Group recognised \u20ac8,023 million (2022: \u20ac7,644 million) in respect of deferred revenue of which \u20ac2,712
million (2022: \u20ac2,630 million) related to customer loyalty programmes. Further information on deferred revenue is included in note
24.
Passenger revenue
Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is also
recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and
historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would
have a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of unused ticket
breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2023 would result in an adjustment to
Deferred revenue of \u20ac93 million, with an offsetting adjustment to increase revenue and operating profit recognised in the year.
For details regarding the voucher liability at 31 December 2023 and the associated sensitivity, see note 24.
Customer loyalty schemes
Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices
of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price
of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is
determined as the price of the rewards against which they can be redeemed and is reduced to take account of the proportion of
Avios that are not expected to be redeemed by customers.
During 2022, 2021 and 2020, due to the significant restrictions imposed on the ability of customers to redeem Avios, as a result of
the COVID-19 pandemic, coupled with the disruption in the patterns of redemption caused by the COVID-19 pandemic, the Group
considered that the trends experienced since the start of the COVID-19 pandemic were not reflective of the long-term expected
patterns of redemption and accordingly, the Group was unable to determine with a high degree of probability that there would not
be a significant reversal of revenue in the future had it applied the redemption trends that were experienced over the period of the
pandemic. Accordingly, for the years to 31 December 2022, 31 December 2021 and 31 December 2020, the Group estimated the level
of redemption activity based on pre-COVID-19 pandemic customer behaviour.
During 2023, the Group considers historical redemption activity, including customers\u2019 more recent behaviours following the
COVID-19 pandemic, representative of long-term behavioural trends, such that the Group considers that the risk of a significant
reversal of revenue to be sufficiently low. Accordingly, the Group has updated its estimated level of redemption activity to
incorporate current customer behaviour.
The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience
and expected future trends in customer behaviour. A 5 percentage point increase in the assumption of Avios not expected to be
redeemed would result in an adjustment to Deferred revenue of \u20ac94 million, with an offsetting adjustment to increase revenue and
operating profit recognised in the year.
Unredeemed vouchers liability Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on historical experience, the level of such vouchers not expected to be used prior to expiry and recognised revenue accordingly. During 2020 and 2021, due to the significant level of flight cancellations arising from the COVID-19 pandemic, the Group issued a greater volume of vouchers than it would have otherwise done. In addition, given the uncertainty as to the timing of customers redeeming these vouchers, the Group was unable to estimate with a high degree of probability that there would not be a significant reversal of revenue in the future had it applied the historical expiry trends over the period of the pandemic. Accordingly, for the years to 31 December 2022, 31 December 2021 and 31 December 2020, the Group did not recognise revenue arising from those vouchers issued due to COVID-19 pandemic-related cancellations until either the voucher was redeemed or it expired. During 2023, the Group considers historical redemption activity, including customers\u2019 more recent behaviours following the COVID-19 pandemic, representative of the redemption trends expected through to expiry of the vouchers, such that the Group considers that the risk of a significant reversal of revenue to be sufficiently low. Accordingly, the Group has updated its estimated level of redemption activity to incorporate current customer behaviour. c Income taxes At 31 December 2023, the Group recognised \u20ac1,202 million in respect of deferred tax assets (2022: \u20ac1,282 million). Further information on current and deferred tax is disclosed in note 10. The Group is subject to income taxes in numerous jurisdictions. Estimates are required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain because it may be unclear how tax law applies to a particular transaction or circumstance. Where the Group determines that it is more likely than not that the tax authorities would accept the position taken in the tax return, amounts are recognised in the financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability based on either: the Group\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability-weighted average approach. The Group recognises deferred tax assets only to the extent that it is probable that the taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Management uses judgement, including the consideration of past and current operating performance and the future projections of performance laid out in the approved business plan in order to assess the probability of recoverability. In exercising this judgement, while there are no time restrictions on the utilisation of historic tax losses in the principal jurisdictions in which the Group operates, future cash flow projections are forecast for a period of up to ten years from the balance sheet date, which represents the period over which it is probable that future taxable profits will be available. At 31 December 2023, the Group had unrecognised deferred tax assets of \u20ac1,584 million relating to tax losses and other temporary differences the Group does not reasonably expect to utilise. In applying the aforementioned judgement, had the Group extended the period of future cash flow projections indefinitely, then the amount of unrecognised tax losses would have reduced by \u20ac575 million. Conversely, if the forecast profit before tax for each operating company was reduced by 2 percentage points over the forecast period, the amount of the unrecognised tax losses would increase by \u20ac12 million. d Impairment of non-financial assets At 31 December 2023 the Group recognised \u20ac2,428 million (2022: \u20ac2,423 million) in respect of intangible assets with an indefinite life, including goodwill. Further information on these assets is included in note 17. Goodwill and intangible assets with indefinite economic lives are tested, as part of the cash-generating units to which they relate, for impairment annually and at other times when such indicators exist. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations, which use a weighted average multi-scenario discounted cash flow model, which are then compared to the carrying amount of the associated cash-generating unit. In determining the carrying value of each cash generating unit (CGU), the Group allocates all associated operating tangible and intangible assets, including ROU assets. In addition, the Group has allocated certain liabilities to the carrying value of each CGU where those liabilities are critical to the underlying operations of the cash-generating unit and in the event of a disposal of the cash- generating unit would be required to be transferred to the purchaser. Such liabilities include lease liabilities. The Group has applied judgement in the weighting of each scenario in the discounted cash flow model and these calculations require the use of estimates in the determination of key assumptions and sensitivities as disclosed in notes 4 and 17. The Group assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. When such indicators are identified, then non-financial assets are tested for impairment.
e Engineering and other aircraft costs
At 31 December 2023 the Group recognised \u20ac2,529 million in respect of maintenance, restoration and handback provisions,
principally in respect of leased aircraft (2022: \u20ac2,400 million). Information on movements on the provision is disclosed in note 27.
IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of the
underlying asset and accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition
and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through
usage or through the passage of time, is to recognise the associated estimated costs in the Income statement as the underlying
asset is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that
prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would
be materially different at the reporting date. An alternative accounting policy that the Group could have applied was the
components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciating them
until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash
compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for
maintenance, restoration and handback activities reflects the obligations under its lease arrangements.
The Group has a number of contracts with service providers to replace or repair engine parts and for other maintenance checks.
These agreements are complex and generally cover a number of years. Provisions for maintenance, restoration and handback are
made based on the best estimate of the likely committed cash outflow. In determining this best estimate, the Group applies
significant judgement as to the level of forecast costs expected to be incurred when the major maintenance event occurs. Other
assumptions not considered to be significant include aircraft utilisation, expected maintenance intervals and the aircraft\u2019s condition.
The associated forecast costs are discounted to their present value. While the Group considers that there are no reasonably possible
change to any of the individual assumptions that would have a material impact on the provisions, a combination of changes in
several assumptions may. The Group considers that a reasonably possible change in the inflation rate and discount rate assumptions
of a 100 basis points increase would give rise to an increase of \u20ac53 million (2022: \u20ac51 million) and a decrease of \u20ac59 million (2022:
\u20ac68 million), respectively, when applied in isolation to one another.
Judgements
a Determining the lease term of contracts with renewal and termination options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to
exercise the option to renew or terminate the lease. Such judgement includes consideration of fleet plans which underpin approved
business plans and historical experience regarding the extension of leases. After the commencement date, the Group re-assesses the
lease term if there is a significant event or change in circumstances that affects the Group\u2019s ability to exercise or not to exercise the
option to renew or to terminate. Further information is given in note 14.
b Determining whether the Group has significant influence over Air Europa Holdings
The Group applies judgement in the determination as to whether it has the power with which to participate in the decision-making
of, and as a result significant influence over, Air Europa Holdings, S.L. (Air Europa Holdings). Such judgement includes the
consideration as to the ability of the Group to: have representation on the board of Air Europa Holdings; participate in the policy-
making processes, including participation in decisions regarding dividends and other distributions; the existence of material
transactions between Air Europa Holdings and the Group; and enable the interchange of management personnel and provide
essential technical information.
In forming its judgement, the Group notes that: it does not have the ability to have representation on the board of Air Europa
Holdings; it does not have the ability to participate in the policy-making processes; has not entered into material transactions outside
of the normal course of business, with those transactions arising in the normal course of business being immaterial in nature; it does
not have the ability to enable the interchange of management personnel; and it does not have the ability to provide essential
technical information. The Group has therefore concluded that it does not have significant influence over Air Europa Holdings.
Accordingly, the Group accounts for its shareholding in Air Europa Holdings as an Other equity investment and measures it at fair
value through Other comprehensive income. Had the Group concluded that it does have significant influence over Air Europa
Holdings, then the shareholding would have been classified as an associate, measured at cost on inception and subsequently
measured using the equity method.
At 31 December 2023, the fair value of its shareholding in Air Europa Holdings was \u20ac129 million. Further information is given in note 19.
c Determining whether the HMRC enquiries into the IAG Loyalty VAT accounting gives rise to a provision or a contingent liability
The Group applies judgement in the determination as to whether it considers the outcome of the enquiries between IAG Loyalty and
His Majesty\u2019s Revenue and Customs (HMRC), in the UK, on the IAG Loyalty VAT accounting, is more probable than not to result in an
adverse outcome to the Group, and accordingly whether to record the matter as a provision or as a contingent liability.
In forming its judgement, the Group, with its legal and tax advisors, have reviewed the emerging view issued by HMRC, as well has
having considered the historic tax ruling issued by HMRC to the Group on this matter. As a result, the Group does not consider it
probable that an adverse outcome will eventuate and accordingly no provision has been recorded at 31 December 2023 and the
matter has been disclosed as a contingent liability.
Had the Group, with its legal and tax advisors, considered that it was more probable than not that an adverse outcome would
eventuate, then the Group would have recognised a provision for the best estimate of the potential outflow of economic benefit to
the Group, with a corresponding charge recorded within the Income statement. Further information is given in note 10g.
New standards, amendments and interpretations The following amendments and interpretations apply for the first time in 2023, but do not have a material impact on the consolidated financial statements of the Group: \u2022 IFRS 17 Insurance contracts \u2013 effective for periods beginning on or after 1 January 2023; \u2022 definition of accounting estimate \u2013 amendments to IAS 8 effective for periods beginning on or after 1 January 2023; \u2022 disclosure of accounting policies \u2013 amendments to IAS 1 and IFRS Practice statement 2 effective for periods beginning on or after 1 January 2023; \u2022 deferred tax related to assets and liabilities arising from a single transaction \u2013 amendments to IAS 12 effective for periods beginning on or after 1 January 2023; and \u2022 international tax reform: Pillar Two model reforms \u2013 amendments to IAS 12 effective for periods beginning on or after 1 January 2023. The IASB and IFRIC have issued the following standards, amendments and interpretations with an effective date after the year end of these financial statements which management believe could impact the Group in future periods. The Group has assessed the impact of these standards, amendments and interpretations and it is not expected that these will have a material effect on the reported income or net assets of the Group unless otherwise stated. The Group plans to adopt the following standards, interpretations and amendments on the date they become mandatory: \u2022 disclosures: Supplier Finance Arrangements \u2013 amendments to IAS 7 and IFRS 7 effective for periods beginning on or after 1 January 2024; \u2022 lease liability in a sale and leaseback \u2013 amendments to IFRS 16 effective for periods beginning on or after 1 January 2024; and \u2022 on 31 October 2022, the IASB issued the amendments to IAS 1 \u2013 classification of liabilities as current or non-current (the \u2018Amendments\u2019), effective for periods beginning on or after 1 January 2024. The Amendments will require the \u20ac825 million convertible bond that matures in 2028, which as at 31 December 2023, had a carrying value of \u20ac735 million, to be reclassified from a non-current liability to a current liability with the comparative presentation as at 31 December 2022 also reclassified. The Amendments require that where the conversion feature of a convertible instrument does not meet the recognition criteria for separate presentation within equity and where the associated bond holders have the irrevocable right to exercise the conversion feature within 12 months of the balance sheet date, that such convertible instruments be presented as current. Other than this reclassification, the Amendments will not have a material effect on the reported results or net assets of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting
Standards as endorsed by the European Union (IFRSs as endorsed by the EU). The consolidated financial statements are rounded to
the nearest million unless otherwise stated. These financial statements have been prepared on a historical cost convention except for
certain financial assets and liabilities, including employee benefit assets and liabilities, the \u20ac825 million convertible bond due 2028,
derivative financial instruments and other equity investments that are measured at fair value. The notes to the financial statements
for the prior year include reclassifications that were made to conform to the current year presentation.
The Group\u2019s financial statements for the year to 31 December 2023 were authorised for issue, and approved by the Board of
Directors on 28 February 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "value": "The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards as endorsed by the European Union (IFRSs as endorsed by the EU).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "The Group\u2019s financial statements for the year to 31 December 2023 were authorised for issue, and approved by the Board of Directors on 28 February 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "value": "
Change in presentation of results
Income statement \u2013 Net gain on sale of property, plant and equipment
The prior year Income statement includes a reclassification to conform with the current year presentation for the Net gain on sale of
property, plant and equipment within Operating profit. Accordingly, for the year to 31 December 2022, the Group has reclassified
\u20ac22 million of gains from Other non-operating credits to Net gain on sale of property, plant and equipment within Expenditure on
operations. There is no impact on the Profit after tax. The segmental operating profit/(loss) has been updated to reflect the
reclassification.
Statement of other comprehensive income
The prior year Statement of other comprehensive income includes a reclassification of \u20ac173 million of gains associated with the fair
value movements on cash flow hedges and \u20ac9 million of losses associated with the fair value movements on cost of hedging, which
had been previously presented under the sub-heading Items that will not be reclassified to net profit, to the sub-heading Items that
may be reclassified subsequently to net profit, as these may recycle to net profit in future periods. There is no impact on Total other
comprehensive (loss)/income for the year, net of tax.
Cash flow statement
The prior year Cash flow statement has been represented and further detailed in note 37. Accordingly, the Group has reclassified the
results for the year to 31 December 2022.
37 Change in presentation of the Cash flow statement During the course of 2023, the Group has made a number of changes to the presentation of its Cash flow statement. These changes have been applied retrospectively to the Cash flow statement and are detailed below. Net gain on sale of property plant and equipment Previously gains/losses on the sale of property, plant and equipment were recorded in the Income statement within Other non- operating credits. Under the updated presentation, Net (gain)/loss on sale of property, plant and equipment is presented separately in the Income statement and included within Operating profit. Accordingly, operating profit included within Net cash flows from operating activities has been updated. See note 2 for further information. Unrealised currency differences Previously all unrealised foreign currency gains/losses arising in the Cash flow statement were recorded within Net foreign exchange differences. Under the updated presentation, Net foreign exchange differences has been amended to only include those unrealised currency differences arising from the retranslation of opening cash and cash equivalent balances, while unrealised currency differences arising from working capital used in operating activities are presented within Net cash flows from operating activities. Other cash flows from operating activities Previously movements in working capital balances were presented aggregated between working capital assets and working capital liabilities. Under the updated presentation working capital balances have been disaggregated by their nature to allow greater visibility as to the cash flow impacts associated with these balances. There has been no change in the overall total movement in working capital. In addition, previously the Group presented the non-cash movements in provisions combined with other non-cash movements. Under the updated presentation these items have been separated into individual row items within the Cash flow statement. The following table summarises the impact of the changes in presentation in the Cash flow statement for the year to 31 December 2022: Cash flow statement (extract for the year to 31 December 2022)
Adjustment \u2013
net gain on
sale of Adjustment \u2013 Adjustment \u2013
property, unrealised operating
plant and currency cash flow
\u20ac million
As reported
equipment differences
items
Restated
Cash flows from operating activities
Operating profit
1,256
22
1,278
Depreciation, amortisation and impairment
2,070
2,070
Net gain on disposal of property, plant and equipment
\u2013
(22)
(22)
Movement in working capital
1,884
(1,884)
\u2013
(Increase)/decrease in trade receivables, inventories and other
current assets
(914)
914
\u2013
Increase/(decrease) in trade and other payables and deferred
revenue
2,798
(2,798)
\u2013
Employer contributions to pension schemes
(22)
(22)
Pension scheme service costs
17
17
Payments related to restructuring
(81)
81
\u2013
Provisions and other non-cash movements
627
(627)
\u2013
Increase in provisions
\u2013
463
463
Unrealised currency differences
\u2013
19
19
Other movements
\u2013
76
76
Interest paid
(824)
7
(817)
Interest received
42
42
Tax paid
(134)
(134)
Net cash flows from operating activities before movements in
working capital
4,835
\u2013
19
(1,884)
2,970
Increase in trade receivables
\u2013
(660)
 (660)
Increase in inventories
\u2013
(21)
 (21)
Increase in other receivables and current assets \u2013 (233) (233)
Increase in trade payables \u2013 886 886
Increase in deferred revenue \u2013 1,236 1,236
Increase in other payables and current liabilities \u2013 676 676
Net cash flows from operating activities
4,835
\u2013
19
\u2013
4,854
Net cash flows from investing activities
(3,463)
\u2013
\u2013
\u2013
(3,463)
Net cash flows from financing activities
(56)
\u2013
\u2013
\u2013
(56)
Net increase in cash and cash equivalents
1,316
\u2013
19
\u2013
1,335
Net foreign exchange differences
(12)
(19)
(31)
Cash and cash equivalents at 1 January
7,892
7,892
Cash and cash equivalents at year end
9,196
\u2013
\u2013
\u2013
9,196
Interest-bearing deposits maturing after more than three months
403
\u2013
\u2013
\u2013
403
Cash, cash equivalents and interest-bearing deposits
9,599
\u2013
\u2013
\u2013
9,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "
Going concern
At 31 December 2023, the Group had total liquidity of \u20ac11,624 million (31 December 2022: total liquidity of \u20ac13,999 million),
comprising cash, cash equivalents and interest-bearing deposits of \u20ac6,837 million, \u20ac4,412 million of committed and undrawn general
facilities and a further \u20ac375 million of committed and undrawn aircraft specific facilities. At 31 December 2023, the Group has no
financial covenants associated with its loans and borrowings.
The decrease in liquidity during the year to 31 December 2023 was attributable to, amongst other actions: (i) the repayment of
borrowings of \u20ac4,268 million, which consisted of, amongst others, the \u20ac2,330 million (\u00a32.0 billion) early repayment of the UK Export
Finance (UKEF) Credit Facility, the \u20ac867 million of early repayment of the syndicated financing agreement, partially guaranteed by
Instituto de Cr\u00e9dito Oficial (ICO) in Spain and the \u20ac500 million redemption of the senior unsecured bond at maturity; (ii) securing an
additional five-year Export Development Guarantee Facility of \u20ac1,159 million (\u00a31.0 billion), offset by a reduction in aircraft specific
facilities of \u20ac741 million; and (iii) offset by strong operational cash flow generation.
In its assessment of going concern, the Group has modelled two scenarios referred to below as the Base Case and the Downside
Case over the period of at least 12 months from the date of the approval of these consolidated financial statements (the \u2018going
concern period\u2019). The Group\u2019s three-year business plan, used in the creation of the Base Case, was prepared for and approved by the
Board in December 2023. The business plan takes into account the Board\u2019s and management\u2019s views on capacity, based on the
potential impact of the wider economic and geopolitical environments on the Group\u2019s businesses across the going concern period.
The key inputs and assumptions underlying the Base Case through to 31 March 2025, include:
\u2022 capacity recovery modelled by geographical region with total capacity to remain above the levels obtained in 2023 throughout
the going concern period;
\u2022 passenger unit revenue per ASK is forecast to remain above the levels obtained in 2023 throughout the going concern period;
\u2022 the Group has assumed that the committed and undrawn general facilities of \u20ac4,412 million will not be drawn over the going
concern period. The availability of certain of these facilities reduces over time, with \u20ac3,843 million being available to the Group at
31 March 2025;
\u2022 the Group has assumed that the undrawn aircraft facilities of \u20ac375 million, relating to specific financing structures, will be utilised
over the going concern period;
\u2022 the Group has assumed that the \u20ac500 million bond that matures in March 2025 will not be refinanced;
\u2022 of the capital commitments detailed in note 15, \u20ac3,207 million is due to be paid over the period to 31 March 2025;
\u2022 while the Group does not expect to finance all expected deliveries over the going concern period, for those it does expect to
finance, it has forecast securing between 90 and 100 per cent depending on aircraft type, or \u20ac2,235 million, of the aircraft
financing that is currently uncommitted, to align with the timing and payments for those aircraft deliveries it expects to finance,
including aircraft delivered in 2023 that had not had their financing secured at the reporting date; and
\u2022 the Group has assumed that the relevant approvals required in relation to the acquisition of the remaining 80 per cent of the share
capital of Air Europa Holdings that it does not currently own are obtained by the end of the going concern period, and that cash
outflows of \u20ac149 million will be incurred, comprising \u20ac100 million of the cash consideration and \u20ac49 million for the purchase of
ordinary shares in the Company that have not already been purchased at the balance sheet date. The deferred consideration of
\u20ac100 million to be paid on the first anniversary and the \u20ac100 million to be paid on the second anniversary of the completion of the
acquisition are assumed to occur outside of the going concern period and accordingly not included in these forecasts.
The Downside Case applies stress to the Base Case to model adverse commercial and operational impacts over the going concern
period, represented by: reduced levels of capacity operated in each month, including reductions of 25 per cent for three months
over the going concern period; reduced passenger unit revenue per available seat kilometre (ASK); increases in the price of jet fuel
by 20 per cent above that assumed in the Base Case; and increased operational costs. In the Downside Case, over the going concern
period capacity would be 10 per cent down when compared to the Base Case. The Downside Case assumes that British Airways
would be required to draw down, in full, its portion of the available US dollar Revolving Credit Facility (further information given in
notes 3 and 29f). The Downside Case also assumes that upon completion of the Air Europa Holdings acquisition, a further \u20ac200
million of working capital needs are funded by the Group. The Directors consider the Downside Case to be a severe but plausible
scenario.
Having reviewed the Base Case and the Downside Case, the Directors have a reasonable expectation that the Group has sufficient
liquidity to continue in operational existence for a period of at least 12 months from the date of approval of these consolidated
financial statements and hence continue to adopt the going concern basis in preparing the consolidated financial statements at 31
December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-767": { "value": "Consolidation The Group financial statements include the financial statements of the Company and its subsidiaries, each made up to 31 December together with the attributable share of results and reserves of associates and joint ventures, adjusted where appropriate to conform to the Group\u2019s accounting policies. Subsidiaries are consolidated from the date of their acquisition, which is the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity in the Consolidated balance sheet. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the Income statement. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. All intragroup account balances, including intragroup profits, are eliminated in preparing the consolidated financial statements. Unconsolidated structured entities The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. In certain instances, the Group will undertake several such sale and leaseback transactions at once through Enhanced Equipment Trust Certificates (EETCs). Under each of these financing structures, a company or companies (the EETC Issuer) are established to facilitate such financing on behalf of a number of unrelated investors. In certain of these financing structures, additional special purpose vehicles (the Lessor SPV) are established to provide additional financing from a number of further unrelated investors to the EETC Issuer. The proceeds from the issuance of the EETCs by the EETC Issuer, and where relevant the proceeds obtained from the Lessor SPV, are then used to purchase aircraft solely from the Group. The Group will then enter into fixed rate lease arrangements (which meet the recognition criteria of Asset financed liabilities) with the EETC Issuer, or where relevant the Lessor SPV, with payments made by the Group to the EETC Issuer, or the Lessor SPV, distributed, through a trust, to the aforementioned unrelated investors. The main purpose of the trust structure is to enhance the credit-worthiness of the Group\u2019s debt obligations through certain bankruptcy protection provisions and liquidity facilities, and also to lower the Group\u2019s total borrowing cost. The EETC Issuer and the Lessor SPV are established solely with the purpose of providing the asset-backed financing and upon maturity of such financing are expected to have no further activity. The relevant activities of the EETC Issuer and the Lessor SPV are restricted to pre-established financing agreements and the retention of the title of the associated financed aircraft. Accordingly, the Group has determined that each EETC Issuer and the Lessor SPVs are structured entities. Under the contractual terms of the financing structures, the Group has no exposure to losses in these entities, does not own any of the share capital of the EETC Issuer or the Lessor SPV, does not have any representation on the respective boards and has no ability to influence decision-making. In addition to the above, such financial transactions expose the Group to no further significant financial or economic risks, such as no variability over time in interest rates. In considering the aforementioned facts, management has concluded that the Group does not have access to variable returns from the EETC Issuers and Lessor SPVs because its involvement is limited to the payment of principal and interest under the arrangement and, therefore, it does not control the EETC Issuers or the Lessor SPVs and as such does not consolidate them. Further information as to the financial impact of these financial transactions is given in note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-741": { "value": "
Subsidiaries are consolidated from the date of their acquisition, which is the date on which the Group obtains control and continue
to be consolidated until the date that such control ceases. Control exists when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-742": { "value": "
The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets
transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in
a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the
portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity in
the Consolidated balance sheet. Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the
acquiree is remeasured to fair value at the acquisition date through the Income statement.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling
interest over the net identifiable assets acquired and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-753": { "value": "The Group applies the acquisition method to account for business combinations. The consideration paid is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Non-controlling interests represent the portion of profit or loss and net assets in subsidiaries that are not held by the Group and are presented separately within equity in the Consolidated balance sheet. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, as at the acquisition date the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the Income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-716": { "value": "
Unconsolidated structured entities
The Group regularly uses sale and leaseback transactions to finance the acquisition of aircraft. In certain instances, the Group will
undertake several such sale and leaseback transactions at once through Enhanced Equipment Trust Certificates (EETCs). Under
each of these financing structures, a company or companies (the EETC Issuer) are established to facilitate such financing on behalf
of a number of unrelated investors. In certain of these financing structures, additional special purpose vehicles (the Lessor SPV) are
established to provide additional financing from a number of further unrelated investors to the EETC Issuer. The proceeds from the
issuance of the EETCs by the EETC Issuer, and where relevant the proceeds obtained from the Lessor SPV, are then used to
purchase aircraft solely from the Group. The Group will then enter into fixed rate lease arrangements (which meet the recognition
criteria of Asset financed liabilities) with the EETC Issuer, or where relevant the Lessor SPV, with payments made by the Group to
the EETC Issuer, or the Lessor SPV, distributed, through a trust, to the aforementioned unrelated investors. The main purpose of the
trust structure is to enhance the credit-worthiness of the Group\u2019s debt obligations through certain bankruptcy protection provisions
and liquidity facilities, and also to lower the Group\u2019s total borrowing cost.
The EETC Issuer and the Lessor SPV are established solely with the purpose of providing the asset-backed financing and upon
maturity of such financing are expected to have no further activity. The relevant activities of the EETC Issuer and the Lessor SPV are
restricted to pre-established financing agreements and the retention of the title of the associated financed aircraft. Accordingly, the
Group has determined that each EETC Issuer and the Lessor SPVs are structured entities. Under the contractual terms of the
financing structures, the Group has no exposure to losses in these entities, does not own any of the share capital of the EETC Issuer
or the Lessor SPV, does not have any representation on the respective boards and has no ability to influence decision-making.
In addition to the above, such financial transactions expose the Group to no further significant financial or economic risks, such as no
variability over time in interest rates.
In considering the aforementioned facts, management has concluded that the Group does not have access to variable returns from
the EETC Issuers and Lessor SPVs because its involvement is limited to the payment of principal and interest under the arrangement
and, therefore, it does not control the EETC Issuers or the Lessor SPVs and as such does not consolidate them.
Further information as to the financial impact of these financial transactions is given in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-717": { "value": "
Segmental reporting
Operating segments are reported in a manner consistent with how resource allocation decisions are made by the chief operating
decision-maker. The chief operating decision-maker, who is responsible for resource allocation and assessing performance of the
operating segments, has been identified as the IAG Management Committee.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-718": { "value": "Foreign currency translation a Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, being the currency of the primary economic environment in which the entity operates. In particular, British Airways and IAG Loyalty have a functional currency of pound sterling. The Group\u2019s consolidated financial statements are presented in euros, which is the Group\u2019s presentation currency.
b Transactions and balances
Transactions in foreign currencies are initially recorded in the functional currency using the rate of exchange prevailing on the date
of the transaction. Monetary foreign currency balances are translated into the functional currency at the rates ruling at the balance
sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at balance
sheet exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement,
except where hedge accounting is applied. Foreign exchange gains and losses arising on the retranslation of monetary assets and
liabilities classified as non-current on the Balance sheet are recognised within Net currency retranslation credits/(charges) in the
Income statement. All other gains and losses arising on the retranslation of monetary assets and liabilities are recognised in
operating profit.
c Group companies
The net assets of foreign operations are translated into euros at the rate of exchange ruling at the balance sheet date. Profits and
losses of such operations are translated into euros at average rates of exchange during the year. The resulting exchange differences
are taken directly to a separate component of equity (Currency translation reserve) until all or part of the interest is sold, when the
relevant portion of the cumulative exchange difference is recognised in the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-754": { "value": "
a Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the functional currency, being the
currency of the primary economic environment in which the entity operates. In particular, British Airways and IAG Loyalty have a
functional currency of pound sterling. The Group\u2019s consolidated financial statements are presented in euros, which is the Group\u2019s
presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-755": { "value": "
Property, plant and equipment
Property, plant and equipment are held at cost. The Group has a policy of not revaluing property, plant and equipment. Depreciation
is calculated to write off the cost less the estimated residual value on a straight-line basis, over the economic life of the asset.
Residual values, where applicable, are reviewed annually against prevailing market values for equivalently aged assets and
depreciation rates adjusted accordingly on a prospective basis.
a Fleet
All aircraft are stated at the fair value of the consideration given after taking account of manufacturers\u2019 credits and pre-delivery
instalment payments (referred to as progress payments). Fleet assets owned or right of use (\u2018ROU\u2019) assets are disaggregated into
separate components and depreciated at rates calculated to write down the cost of each component to the estimated residual value
at the end of their planned operational lives (which is the shorter of their useful life or lease term) on a straight-line basis.
Depreciation rates are specific to aircraft type, based on the Group\u2019s fleet plans, within overall parameters of 23 years and up to 5
per cent residual value for short-haul aircraft and between 23 and 29 years (depending on aircraft) and up to 5 per cent residual
value for long-haul aircraft.
Right of use assets are depreciated over the shorter of the lease term and the aforementioned depreciation rates. Where the lease
includes a purchase option, at the discretion of the Group, where it is expected that the purchase option will be exercised, the
associated right of use asset is depreciated using the aforementioned depreciation rates to reflect the reasonably certain life of the
aircraft, irrespective of the lease term.
Cabin interior modifications, including those required for brand changes and relaunches, are depreciated over the lower of 12 years
and the remaining economic life of the aircraft, whether owned or leased.
Aircraft and engine spares acquired on the introduction or expansion of a fleet, as well as rotable spares purchased separately, are
carried as property, plant and equipment and generally depreciated in line with the fleet to which they relate.
b Other property, plant and equipment
Provision is made for the depreciation of all property, plant and equipment. Property, with the exception of freehold land,
is depreciated over its expected useful life over periods not exceeding 50 years, or in the case of leasehold properties, over the
duration of the lease if shorter, on a straight-line basis. Equipment is depreciated over periods ranging from four to 20 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-719": { "value": "Property, plant and equipment Property, plant and equipment are held at cost. The Group has a policy of not revaluing property, plant and equipment. Depreciation is calculated to write off the cost less the estimated residual value on a straight-line basis, over the economic life of the asset. Residual values, where applicable, are reviewed annually against prevailing market values for equivalently aged assets and depreciation rates adjusted accordingly on a prospective basis. a Fleet All aircraft are stated at the fair value of the consideration given after taking account of manufacturers\u2019 credits and pre-delivery instalment payments (referred to as progress payments). Fleet assets owned or right of use (\u2018ROU\u2019) assets are disaggregated into separate components and depreciated at rates calculated to write down the cost of each component to the estimated residual value at the end of their planned operational lives (which is the shorter of their useful life or lease term) on a straight-line basis. Depreciation rates are specific to aircraft type, based on the Group\u2019s fleet plans, within overall parameters of 23 years and up to 5 per cent residual value for short-haul aircraft and between 23 and 29 years (depending on aircraft) and up to 5 per cent residual value for long-haul aircraft. Right of use assets are depreciated over the shorter of the lease term and the aforementioned depreciation rates. Where the lease includes a purchase option, at the discretion of the Group, where it is expected that the purchase option will be exercised, the associated right of use asset is depreciated using the aforementioned depreciation rates to reflect the reasonably certain life of the aircraft, irrespective of the lease term. Cabin interior modifications, including those required for brand changes and relaunches, are depreciated over the lower of 12 years and the remaining economic life of the aircraft, whether owned or leased. Aircraft and engine spares acquired on the introduction or expansion of a fleet, as well as rotable spares purchased separately, are carried as property, plant and equipment and generally depreciated in line with the fleet to which they relate. b Other property, plant and equipment Provision is made for the depreciation of all property, plant and equipment. Property, with the exception of freehold land, is depreciated over its expected useful life over periods not exceeding 50 years, or in the case of leasehold properties, over the duration of the lease if shorter, on a straight-line basis. Equipment is depreciated over periods ranging from four to 20 years. c Capitalisation of interest on progress payments Interest costs attributed to progress payments made on account of aircraft and other qualifying assets under construction are capitalised and added to the cost of the asset concerned. All other borrowing costs are recognised in the Income statement in the year in which they are incurred. d Liquidated damages Certain of the Group\u2019s contractual arrangements with aircraft and engine manufacturers contain liquidated damage clauses, whereby if the supplier breaches one or more contractual clauses (such as delays in the timing of delivery of an aircraft or engine) then damages are payable to the Group. Liquidated damages are recognised in the Income statement only to the extent that they relate to compensation for loss of income and/or incremental operating costs, when a contractual entitlement exists, the amounts can be reliably measured and the receipt is virtually certain. When liquidated damages do not relate to compensation for loss of income and/or incremental operating costs, the amounts are recorded as a reduction in the cost of the associated aircraft in the Balance sheet and depreciated over the life of the aircraft. When compensation, not related to the loss of income and/or incremental operating costs, is received in advance of the associated delivery of the aircraft and/or engine, the Group recognises the amount within Other creditors until such time as the aircraft and/or engine is delivered, at which time the amounts are transferred and recorded as a reduction in the cost of the associated asset. Such compensation is recorded in the Cash flow statement within cash flows from investing activities under the caption of Acquisition of property, plant and equipment and intangible assets. e Leases The Group leases various aircraft, properties, equipment and other assets. The lease terms of these assets are consistent with the determined useful economic life of similar assets within property, plant and equipment. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified tangible asset for a period in exchange for consideration. The Group has elected not to apply such consideration where the contract relates to an intangible asset, such as for landing rights or IT software, in which case payments associated with the contract are expensed as incurred. Leases are recognised as a ROU asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. Right of use assets At the lease commencement date a ROU asset is measured at cost comprising the following: the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date less any lease incentives received; and any initial direct costs. In addition, at the lease commencement date a ROU asset will incorporate unavoidable restoration costs, such as the removal of airline-specific branding and configuration, to return the asset to its original condition, for which a corresponding amount is recognised within Provisions. The ROU asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate; amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option if the Group is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option; and payments to be made under reasonably certain extension options. Aircraft lease payments are discounted using the interest rate implicit in the lease. The interest rate implicit in the lease is the discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and the unguaranteed residual value to be equal to the fair value of the leased asset and any initial indirect costs of the lessor. For aircraft leases these inputs are either observable in the contract or readily available from external market data. The initial direct costs of the lessor are considered to be immaterial. If the interest rate implicit in the lease cannot be determined, the Group entity\u2019s incremental borrowing rate is used. Each lease payment is allocated between the principal and finance cost. The finance cost is charged to the Income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification of the lease contract, a re-assessment of the lease term (specifically in regard to assumptions regarding extension and termination options) and changes in variable lease payments that are based on an index or a rate. Amounts excluded from recognition as lease liabilities The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less and those leases of low-value assets. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the Income statement. Short-term leases are leases with a lease term of 12 months or less, that do not contain a purchase option. Low-value assets comprise IT equipment and small items of office furniture. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is re-assessed and adjusted against the ROU asset. Extension options are included in a number of aircraft, property and equipment leases across the Group and are reflected in the lease payments where the Group is reasonably certain that it will exercise the option. Such variable lease payments are expensed to the Income statement as incurred. Sale and leaseback transactions The Group regularly uses sale and lease transactions to finance the acquisition of aircraft. Each transaction is assessed as to whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. The principal criterion for assessing whether a sale has occurred or not, is whether the contract contains the option, at the discretion of the Group, to repurchase the aircraft over the lease term; with the existence of such a repurchase option resulting in a sale having been deemed not to have occurred; and if no such repurchase option exists, then a sale is deemed to have occurred. The following defines the accounting for such transactions: \u2022 if a sale is determined to have occurred, then the associated asset is de-recognised and a ROU asset and lease liability are recognised. The ROU asset recognised is based on the proportion of the previous carrying amount of the asset that is retained. Any gain or loss is restricted to the amount that relates to the rights that have been transferred to the counterparty to the transaction; and \u2022 where a sale is determined to have not occurred, the asset is retained on the Balance sheet within Property, plant and equipment and an Asset financed liability recognised equal to the financing proceeds. Cash flow presentation \u2013 lease liabilities Lease payments are presented as follows in the Consolidated cash flow statement: \u2022 where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented within financing activities; \u2022 the repayments of the principal element of lease liabilities are presented within cash flows from financing activities; \u2022 the payments of the interest element of lease liabilities are included within cash flows from operating activities; and \u2022 the payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows from operating activities. Cash flow presentation \u2013 asset financed liabilities Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement: \u2022 the proceeds received from asset financed liabilities are presented within cash flows from financing activities; \u2022 the repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and \u2022 the payments of the interest element of asset financed liabilities are included within cash flows from operating activities. Lessor accounting From time to time the Group will lease, to third parties, specific assets, including certain property, plant and equipment. On inception of the lease, the Group determines whether each lease is a finance lease or an operating lease. In order to make this determination, the Group assesses whether the lease transfers substantially all of the risks and rewards of ownership to the lessee. Factors in making this assessment include, but are not limited to, whether the lease term is for the major part of the economic life of the underlying asset and whether the underlying asset transfers to the lessee or the lessee has the option to purchase the underlying asset at the end of the lease. Where substantially all of the risks and rewards of ownership have been transferred, then the lease is recorded as a finance lease, otherwise it is recorded as an operating lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-743": { "value": "
c Capitalisation of interest on progress payments
Interest costs attributed to progress payments made on account of aircraft and other qualifying assets under construction are
capitalised and added to the cost of the asset concerned. All other borrowing costs are recognised in the Income statement in the
year in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-756": { "value": "
e Leases
The Group leases various aircraft, properties, equipment and other assets. The lease terms of these assets are consistent with the
determined useful economic life of similar assets within property, plant and equipment.
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified tangible asset for a period in exchange for consideration. The Group
has elected not to apply such consideration where the contract relates to an intangible asset, such as for landing rights or IT
software, in which case payments associated with the contract are expensed as incurred.
Leases are recognised as a ROU asset and a corresponding lease liability at the date at which the leased asset is available for use by
the Group.
Right of use assets
At the lease commencement date a ROU asset is measured at cost comprising the following: the amount of the initial measurement
of the lease liability; any lease payments made at or before the commencement date less any lease incentives received; and any
initial direct costs. In addition, at the lease commencement date a ROU asset will incorporate unavoidable restoration costs, such as
the removal of airline-specific branding and configuration, to return the asset to its original condition, for which a corresponding
amount is recognised within Provisions. The ROU asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on
a straight-line basis. If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost reflects the
exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
Lease liabilities
Lease liabilities are initially measured at their present value, which includes the following lease payments: fixed payments (including
in-substance fixed payments), less any lease incentives receivable; variable lease payments that are based on an index or a rate;
amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option if the Group
is reasonably certain to exercise that option; payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option; and payments to be made under reasonably certain extension options.
Aircraft lease payments are discounted using the interest rate implicit in the lease. The interest rate implicit in the lease is the
discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and the
unguaranteed residual value to be equal to the fair value of the leased asset and any initial indirect costs of the lessor. For aircraft
leases these inputs are either observable in the contract or readily available from external market data. The initial direct costs of the
lessor are considered to be immaterial. If the interest rate implicit in the lease cannot be determined, the Group entity\u2019s incremental
borrowing rate is used.
Each lease payment is allocated between the principal and finance cost. The finance cost is charged to the Income statement over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made.
The carrying amount of lease liabilities is remeasured if there is a modification of the lease contract, a re-assessment of the lease
term (specifically in regard to assumptions regarding extension and termination options) and changes in variable lease payments
that are based on an index or a rate.
Amounts excluded from recognition as lease liabilities
The Group has elected not to recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or
less and those leases of low-value assets. Payments associated with short-term leases and leases of low-value assets are recognised
on a straight-line basis as an expense in the Income statement. Short-term leases are leases with a lease term of 12 months or less,
that do not contain a purchase option. Low-value assets comprise IT equipment and small items of office furniture.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in
the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability
is re-assessed and adjusted against the ROU asset. Extension options are included in a number of aircraft, property and equipment
leases across the Group and are reflected in the lease payments where the Group is reasonably certain that it will exercise the
option. Such variable lease payments are expensed to the Income statement as incurred.
Sale and leaseback transactions The Group regularly uses sale and lease transactions to finance the acquisition of aircraft. Each transaction is assessed as to whether it meets the criteria within IFRS 15 \u2018Revenue from contracts with customers\u2019 for a sale to have occurred. The principal criterion for assessing whether a sale has occurred or not, is whether the contract contains the option, at the discretion of the Group, to repurchase the aircraft over the lease term; with the existence of such a repurchase option resulting in a sale having been deemed not to have occurred; and if no such repurchase option exists, then a sale is deemed to have occurred. The following defines the accounting for such transactions: \u2022 if a sale is determined to have occurred, then the associated asset is de-recognised and a ROU asset and lease liability are recognised. The ROU asset recognised is based on the proportion of the previous carrying amount of the asset that is retained. Any gain or loss is restricted to the amount that relates to the rights that have been transferred to the counterparty to the transaction; and \u2022 where a sale is determined to have not occurred, the asset is retained on the Balance sheet within Property, plant and equipment and an Asset financed liability recognised equal to the financing proceeds. Cash flow presentation \u2013 lease liabilities Lease payments are presented as follows in the Consolidated cash flow statement: \u2022 where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented within financing activities; \u2022 the repayments of the principal element of lease liabilities are presented within cash flows from financing activities; \u2022 the payments of the interest element of lease liabilities are included within cash flows from operating activities; and \u2022 the payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows from operating activities. Cash flow presentation \u2013 asset financed liabilities Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement: \u2022 the proceeds received from asset financed liabilities are presented within cash flows from financing activities; \u2022 the repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and \u2022 the payments of the interest element of asset financed liabilities are included within cash flows from operating activities. Lessor accounting From time to time the Group will lease, to third parties, specific assets, including certain property, plant and equipment. On inception of the lease, the Group determines whether each lease is a finance lease or an operating lease. In order to make this determination, the Group assesses whether the lease transfers substantially all of the risks and rewards of ownership to the lessee. Factors in making this assessment include, but are not limited to, whether the lease term is for the major part of the economic life of the underlying asset and whether the underlying asset transfers to the lessee or the lessee has the option to purchase the underlying asset at the end of the lease. Where substantially all of the risks and rewards of ownership have been transferred, then the lease is recorded as a finance lease, otherwise it is recorded as an operating lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-744": { "value": "
Cash flow presentation \u2013 lease liabilities
Lease payments are presented as follows in the Consolidated cash flow statement:
\u2022 where the proceeds received from sale and leaseback transactions represent the fair value of the asset being transferred, the total
proceeds are presented within cash flows from investing activities. Where the proceeds received from sale and leaseback
transactions exceed the fair value of the asset being transferred, the element of the proceeds equivalent to the fair value of the
asset being transferred is presented within investing activities and the amount of proceeds in excess of the fair value is presented
within financing activities;
\u2022 the repayments of the principal element of lease liabilities are presented within cash flows from financing activities;
\u2022 the payments of the interest element of lease liabilities are included within cash flows from operating activities; and
\u2022 the payments arising from variable elements of a lease, short-term leases and low-value assets are presented within cash flows
from operating activities.
Cash flow presentation \u2013 asset financed liabilities
Payments associated with asset financed liabilities are presented as follows in the Consolidated cash flow statement:
\u2022 the proceeds received from asset financed liabilities are presented within cash flows from financing activities;
\u2022 the repayments of the principal element of asset financed liabilities are presented within cash flows from financing activities; and
\u2022 the payments of the interest element of asset financed liabilities are included within cash flows from operating activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-720": { "value": "
f Maintenance, repairs and overhaul
Owned aircraft
Major overhaul expenditure, including replacement spares and labour costs for airframes and engines, is capitalised and amortised
over the expected life between major overhauls or to the end of the useful life of the asset.
All other replacement spares and other costs relating to maintenance of owned fleet assets (including maintenance provided under
\u2018pay-as-you-go\u2019 contracts) are charged to the Income statement on consumption or as incurred respectively.
Leased aircraft
The Group records a provision for major maintenance and overhaul events, including for airframes and engines, that occur through
usage or through the passage of time that is recognised as such activity occurs through to the next maintenance event, with a
corresponding expense recorded in the Income statement. Any subsequent changes in estimation are recognised in the Income
statement. When the maintenance and/or overhaul event occurs, the associated provision is de-recognised.
Restoration and handback obligations that arise on the inception of a lease are recognised as a provision with a corresponding
amount recognised as part of the ROU asset. Any subsequent change in estimation relating to such costs are reflected in the ROU
asset.
All other replacement spares and other costs relating to maintenance of leased fleet assets (including maintenance provided under
\u2018pay-as-you-go\u2019 contracts) are charged to the Income statement on consumption or as incurred respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-721": { "value": "Intangible assets a Goodwill Goodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration paid over the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and liabilities of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the Income statement. For the purpose of assessing impairment, goodwill is grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Goodwill is tested for impairment annually and whenever indicators exist that the carrying value may not be recoverable. b Brands Brands arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. Long established brands that are expected to be used indefinitely are not amortised but assessed annually for impairment. c Customer loyalty programmes Customer loyalty programmes arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. A customer loyalty programme with an expected useful life is amortised over the expected remaining useful life. Established customer loyalty programmes that are expected to be used indefinitely are not amortised but assessed annually for impairment. d Landing rights Landing rights acquired in a business combination are recognised at fair value at the acquisition date. Landing rights acquired from other airlines are capitalised at cost. Capitalised landing rights based outside of the UK and the EU are amortised on a straight-line basis over a period not exceeding 20 years. Capitalised landing rights based within the UK and the EU are not amortised, as regulations provide that these landing rights are perpetual. e Contract-based intangibles Contract-based intangibles acquired in a business combination are recognised initially at fair value at the acquisition date and amortised over the remaining life of the contract. f Software The cost to purchase or develop computer software that is separable from an item of related hardware is capitalised separately and amortised on a straight-line basis generally over a period not exceeding five years, with certain specific software developments amortised over a period of up to ten years. In certain instances, the Group enters into cloud computing arrangements with third-party providers, such as software as a service (SaaS), where the Group is provided the right to access and use the application software over the contract term. At inception of the contract, the Group will assess whether such an arrangement gives rise to the recognition of a software intangible asset. Where the Group determines that no software intangible asset should be recognised, the cloud computing arrangement is determined to be a service contract and the associated fees paid are expensed as incurred. In addition, the costs incurred for both the customisation and configuration of the application software are generally expensed as incurred. g Emissions allowances Where an operating company purchases emissions allowances these amounts are recognised at cost and recorded within Intangible assets. As an operating company emits CO 2 equivalent and builds up an obligation to the relevant authorities, a provision is recognised. Emissions allowances recorded within Intangible assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances to offset the emissions, the provision is recognised at the weighted average cost of the intangible asset. For those obligations arising for which the operating company has not yet purchased emission allowances to offset the emissions, the provision is recognised at the market price of the allowances required at the reporting date. As the provision is recognised, a corresponding amount is recorded in the Income statement within Fuel, oil costs and emission charges. The Group\u2019s emissions obligation, recognised as a separate liability, is extinguished when the associated emission certificates are surrendered, which is typically within 12 months of the reporting date. From time to time the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do not meet the recognition criteria of a sale under IFRS 15 and accordingly the asset is retained on the Balance sheet within Intangible assets and an Other financing liability recognised equal to the proceeds received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-757": { "value": "
a Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration paid
over the net fair value of the identifiable assets and liabilities of the acquiree. Where the net fair value of the identifiable assets and
liabilities of the acquiree is in excess of the consideration paid, a gain on bargain purchase is recognised immediately in the Income
statement.
For the purpose of assessing impairment, goodwill is grouped at the lowest levels for which there are separately identifiable cash
flows (cash generating units). Goodwill is tested for impairment annually and whenever indicators exist that the carrying value may
not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-745": { "value": "
b Brands
Brands arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. Long established brands
that are expected to be used indefinitely are not amortised but assessed annually for impairment.
c Customer loyalty programmes
Customer loyalty programmes arising on the acquisition of subsidiaries are initially recognised at fair value at the acquisition date. A
customer loyalty programme with an expected useful life is amortised over the expected remaining useful life. Established customer
loyalty programmes that are expected to be used indefinitely are not amortised but assessed annually for impairment.
d Landing rights
Landing rights acquired in a business combination are recognised at fair value at the acquisition date. Landing rights acquired from
other airlines are capitalised at cost.
Capitalised landing rights based outside of the UK and the EU are amortised on a straight-line basis over a period not exceeding 20
years. Capitalised landing rights based within the UK and the EU are not amortised, as regulations provide that these landing rights
are perpetual.
e Contract-based intangibles
Contract-based intangibles acquired in a business combination are recognised initially at fair value at the acquisition date and
amortised over the remaining life of the contract.
f Software
The cost to purchase or develop computer software that is separable from an item of related hardware is capitalised separately and
amortised on a straight-line basis generally over a period not exceeding five years, with certain specific software developments
amortised over a period of up to ten years.
In certain instances, the Group enters into cloud computing arrangements with third-party providers, such as software as a service
(SaaS), where the Group is provided the right to access and use the application software over the contract term. At inception of the
contract, the Group will assess whether such an arrangement gives rise to the recognition of a software intangible asset.
Where the Group determines that no software intangible asset should be recognised, the cloud computing arrangement is
determined to be a service contract and the associated fees paid are expensed as incurred. In addition, the costs incurred for both
the customisation and configuration of the application software are generally expensed as incurred.
g Emissions allowances
Where an operating company purchases emissions allowances these amounts are recognised at cost and recorded within Intangible
assets. As an operating company emits CO
2
equivalent and builds up an obligation to the relevant authorities, a provision is
recognised.
Emissions allowances recorded within Intangible assets are not revalued or amortised but are tested for impairment whenever
indicators exist that the carrying value may not be recoverable. For those obligations arising for which the operating company has
purchased emission allowances to offset the emissions, the provision is recognised at the weighted average cost of the intangible
asset. For those obligations arising for which the operating company has not yet purchased emission allowances to offset the
emissions, the provision is recognised at the market price of the allowances required at the reporting date. As the provision is
recognised, a corresponding amount is recorded in the Income statement within Fuel, oil costs and emission charges.
The Group\u2019s emissions obligation, recognised as a separate liability, is extinguished when the associated emission certificates are
surrendered, which is typically within 12 months of the reporting date.
From time to time the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do
not meet the recognition criteria of a sale under IFRS 15 and accordingly the asset is retained on the Balance sheet within Intangible
assets and an Other financing liability recognised equal to the proceeds received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-758": { "value": "g Emissions allowances Where an operating company purchases emissions allowances these amounts are recognised at cost and recorded within Intangible assets. As an operating company emits CO 2 equivalent and builds up an obligation to the relevant authorities, a provision is recognised. Emissions allowances recorded within Intangible assets are not revalued or amortised but are tested for impairment whenever indicators exist that the carrying value may not be recoverable. For those obligations arising for which the operating company has purchased emission allowances to offset the emissions, the provision is recognised at the weighted average cost of the intangible asset. For those obligations arising for which the operating company has not yet purchased emission allowances to offset the emissions, the provision is recognised at the market price of the allowances required at the reporting date. As the provision is recognised, a corresponding amount is recorded in the Income statement within Fuel, oil costs and emission charges. The Group\u2019s emissions obligation, recognised as a separate liability, is extinguished when the associated emission certificates are surrendered, which is typically within 12 months of the reporting date. From time to time the Group enters into sale and repurchase transactions for specified emission allowances. Such transactions do not meet the recognition criteria of a sale under IFRS 15 and accordingly the asset is retained on the Balance sheet within Intangible assets and an Other financing liability recognised equal to the proceeds received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-724": { "value": "
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are
subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the value by which the asset\u2019s carrying value exceeds its recoverable
amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. Non-financial assets other
than goodwill that were subject to an impairment are reviewed for possible reversal of the impairment at each reporting date.
a Property, plant and equipment, including Right of use assets
The carrying value is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be
recoverable and the cumulative impairment losses are shown as a reduction in the carrying value of property, plant and equipment.
b Intangible assets
Intangible assets are held at cost and are either amortised on a straight-line basis over their economic life, or they are deemed to
have an indefinite economic life and are not amortised. Indefinite life intangible assets are tested annually for impairment or more
frequently if events or changes in circumstances indicate the carrying value may not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-762": { "value": "Impairment of non-financial assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the value by which the asset\u2019s carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell and value-in-use. Non-financial assets other than goodwill that were subject to an impairment are reviewed for possible reversal of the impairment at each reporting date. a Property, plant and equipment, including Right of use assets The carrying value is reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable and the cumulative impairment losses are shown as a reduction in the carrying value of property, plant and equipment. b Intangible assets Intangible assets are held at cost and are either amortised on a straight-line basis over their economic life, or they are deemed to have an indefinite economic life and are not amortised. Indefinite life intangible assets are tested annually for impairment or more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-722": { "value": "
Investments in associates and joint ventures
An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise
significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51 per cent,
the equity interest is treated as an associate undertaking.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in
determining significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Investments in associates and joint ventures are accounted for using the equity method, and initially recognised at cost. The Group\u2019s
interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the
Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results of
those companies acquired or disposed of during the year are included for the periods of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-761": { "value": "Investments in associates and joint ventures An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51 per cent, the equity interest is treated as an associate undertaking. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Investments in associates and joint ventures are accounted for using the equity method, and initially recognised at cost. The Group\u2019s interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results of those companies acquired or disposed of during the year are included for the periods of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-746": { "value": "Investments in associates and joint ventures An associate is an undertaking in which the Group has a long-term equity interest and over which it has the power to exercise significant influence. Where the Group cannot exercise control over an entity in which it has a shareholding greater than 51 per cent, the equity interest is treated as an associate undertaking. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Investments in associates and joint ventures are accounted for using the equity method, and initially recognised at cost. The Group\u2019s interest in the net assets of associates and joint ventures is included in Investments accounted for using the equity method in the Balance sheet and its interest in their results is included in the Income statement, below operating result. The attributable results of those companies acquired or disposed of during the year are included for the periods of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-723": { "value": "Financial instruments a Financial assets and liabilities Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through other comprehensive income (OCI), or fair value through profit or loss. Financial assets and financial liabilities are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets. The classification of financial assets and financial liabilities at initial recognition depends on the financial assets\u2019 and financial liabilities\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a financial asset or financial liability to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset or financial liability that is not SPPI is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis. The Group\u2019s business model for managing financial assets and financial liabilities establishes how it manages its financial assets and financial liabilities in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets and financial liabilities classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets and financial liabilities classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Long-term borrowings Long-term borrowings are recorded at amortised cost, including lease liabilities which contain interest rate swaps that are closely related to the underlying financing and as such are not accounted for as an embedded derivative. Convertible debt Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument. Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in the equity portion of the convertible bond in Other reserves and is not subsequently remeasured. The interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount of the liability. Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within Borrowings. At the date of issue, the entirety of the convertible bonds is accounted for at fair value with subsequent fair value gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted prices in active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible bonds recognised in Other comprehensive income and the portion of the change in fair value attributable to market conditions recognised in the Income statement within Finance costs. Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately to the Income statement. Other equity investments Other equity investments are non-derivative financial assets including listed and unlisted investments, excluding interests in associates and joint ventures. On initial recognition, these equity investments are irrevocably designated as measured at fair value through Other comprehensive income. They are subsequently measured at fair value, with changes in fair value recognised in Other comprehensive income with no recycling of these gains and losses to the Income statement when the investment is sold or a change in the structure of transaction changes its classification as an Other equity instrument. Dividends received on other equity investments are recognised in the Income statement. The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date. Where there is no active market, fair value is determined using valuation techniques. Financial instruments held for trading Financial instruments are classified as held for trading if they are incurred for the purpose of selling the associated asset in the near term and not having been purchased for operational purposes. By entering into short-term forward sales contracts, the Group seeks to optimise capital allocation while minimising the associated economic risk. Interest-bearing deposits Interest-bearing deposits, principally comprising funds held with banks and other financial institutions with contractual cash flows that are SPPI, and held in order to collect contractual cash flows, are carried at amortised cost using the effective interest method. Impairment of financial assets At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to contracts that have a maturity of one year or less, including trade receivables. When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable expectation of recovery, such as the customer having filed for liquidation. b Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand or maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value. c Derivative and non-derivative financial instruments and hedging activities Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives (including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement. The method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged (as detailed below under cash flow hedges). The time value of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time value of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement. When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of the forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the change in fair value of the spot component are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until the underlying transaction affects the Income statement. To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements in foreign exchange rates are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. Accumulated gains or losses within the cash flow hedge reserve are transferred to Sales in advance of carriage in the same period as the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected to occur, at which point amounts are immediately reclassified to the Income statement. When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast transaction is still expected to occur, any cumulative gain or loss remains in the cash flow hedge reserve until such time as the hedge item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting is discontinued and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management objective continued to have been met. Where a forecast transaction which was previously determined to be highly probable and for which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Income statement. Each operating company enters into foreign currency derivative contracts, that are not designated in a hedge relationship, in order to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of each operating company, including but not limited to, lease liabilities. Movements in the fair value of such derivatives are recognised in the Income statement in the period in which they occur and are presented within Net currency retranslation charges. Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and is assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity. d Cash flow hedges Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity. Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: (i) there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management strategy and in all instances is maintained at a ratio of 1:1. The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on inception and at each reporting date effective in offsetting the changes in cash flows of the hedged item using the hypothetical derivative model. Sources of ineffectiveness include the following: \u2022 in hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty; and \u2022 in all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero. Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge accounting and presented within Other non-operating credits. Reclassification and transfer adjustments Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives rise to recognition in the Balance sheet as follows: \u2022 where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase of jet fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified and included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs in the same period as the hedged item is recognised in the Income statement; \u2022 where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non- financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation and impairment over the expected life of the aircraft, for fuel inventory through Fuel, oil costs and emission charges when it is consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and \u2022 where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which interest rate swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest income or expense arises on the hedged item. Further information on the risk management activities of the Group is given in note 29.
e Fair value hedges
Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the
Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change
in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the
hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within
Other non-operating credits.
For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is
amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged
item using the effective interest rate method.
If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement.
Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between
the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the
derivative counterparty.
f Interest rate benchmark reform
In 2020 the Group adopted the amendments to IFRS 9 and IFRS 7 relating to the interest rate benchmark reform Phase 1, (\u2018Phase 1\u2019)
and in 2021 the Group adopted the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to the interest rate benchmark
reform Phase 2 (\u2018Phase 2\u2019).
The Phase 1 amendments provide temporary relief from applying certain hedge accounting requirements to hedging relationships
directly affected by Interbank Offered Rates (\u2018IBOR\u2019) reform. The reliefs have the effect that IBOR reform does not cause hedge
accounting to terminate prior to contracts being amended. Where transition to an alternative benchmark rate has taken place, the
Group ceases to apply the Phase 1 amendments and instead applies the Phase 2 amendments.
Hedge accounting
During the course of 2023, the Group ceased to apply the Phase 1 amendments, as the last of the associated IBORs transitioned to
alternative benchmarks. Prior to these transitions and where the Group applied the Phase 1 amendments, the following reliefs were
applied:
\u2022 when considering the highly probable requirement, the Group assumed that those benchmark rates that needed to be transitioned
to an alternative benchmark rate, on which the Group\u2019s hedged long-term borrowings were based, did not change as a result of
IBOR reform;
\u2022 in assessing whether the hedge was expected to be highly effective on a forward-looking basis the Group assumed that those
benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the cash flows of the hedged long-
term borrowings and the interest rate swaps that hedge them were based, were not altered by IBOR reform; and
\u2022 the Group has not reclassified the Cash flow hedge reserve relating to the period after the IBOR reform is expected to take effect.
When the Group ceased to apply the Phase 1 amendments, the Group amended its hedge designation to reflect changes which are
required by IBOR reform, but only to make one or more of the following changes:
\u2022 designating an alternative benchmark rate (contractually or non-contractually specified) as the hedged risk;
\u2022 amending the description of the hedged item, including the description of the designated portion of the cash flows being hedged; or
\u2022 amending the description of the hedging instrument.
The associated hedge documentation was updated to reflect these changes in designation by the end of the reporting period in
which the changes were made. Such amendments did not give rise to the hedge relationship being discontinued.
When the Group transitioned to alternative benchmark rates, the accumulated amounts within the cash flow hedge reserve were
determined to be based on the alternative benchmark rates and no reclassification adjustments were made from the cash flow
hedge reserve to the Income statement.
Long-term borrowings and lease liabilities
Phase 2 of the amendments required that, for financial instruments measured using amortised cost measurement, changes to the
basis for determining the contractual cash flows required by interest rate benchmark reform are reflected by adjusting their effective
interest rate prospectively. No gain or loss was recognised upon transition to the new benchmark. The expedient was only applicable
to direct changes that are required by interest rate benchmark reform.
For lease liabilities where there was a change to the basis for determining the contractual cash flows, as a practical expedient the
lease liability was remeasured by discounting the revised lease payments using a discount rate that reflected the change in the
interest rate where the change was required by IBOR reform.
No amounts have been recorded in the current or prior periods as a result of these amendments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-759": { "value": "
a Financial assets and liabilities
Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through
other comprehensive income (OCI), or fair value through profit or loss. Financial assets and financial liabilities are not reclassified
subsequent to their initial recognition unless the Group changes its business model for managing financial assets.
The classification of financial assets and financial liabilities at initial recognition depends on the financial assets\u2019 and financial
liabilities\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a financial asset or
financial liability to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are
\u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset or financial liability that is not
SPPI is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument
basis.
The Group\u2019s business model for managing financial assets and financial liabilities establishes how it manages its financial assets and
financial liabilities in order to generate cash flows. The business model determines whether cash flows will result from collecting
contractual cash flows, selling the financial assets, or both. Financial assets and financial liabilities classified and measured at
amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows
while financial assets and financial liabilities classified and measured at fair value through OCI are held within a business model with
the objective of both holding to collect contractual cash flows and selling.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-775": { "value": "a Financial assets and liabilities Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through other comprehensive income (OCI), or fair value through profit or loss. Financial assets and financial liabilities are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets. The classification of financial assets and financial liabilities at initial recognition depends on the financial assets\u2019 and financial liabilities\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a financial asset or financial liability to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset or financial liability that is not SPPI is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis. The Group\u2019s business model for managing financial assets and financial liabilities establishes how it manages its financial assets and financial liabilities in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets and financial liabilities classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets and financial liabilities classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Long-term borrowings Long-term borrowings are recorded at amortised cost, including lease liabilities which contain interest rate swaps that are closely related to the underlying financing and as such are not accounted for as an embedded derivative. Convertible debt Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument. Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in the equity portion of the convertible bond in Other reserves and is not subsequently remeasured. The interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount of the liability. Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within Borrowings. At the date of issue, the entirety of the convertible bonds is accounted for at fair value with subsequent fair value gains or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted prices in active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible bonds recognised in Other comprehensive income and the portion of the change in fair value attributable to market conditions recognised in the Income statement within Finance costs. Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately to the Income statement. Other equity investments Other equity investments are non-derivative financial assets including listed and unlisted investments, excluding interests in associates and joint ventures. On initial recognition, these equity investments are irrevocably designated as measured at fair value through Other comprehensive income. They are subsequently measured at fair value, with changes in fair value recognised in Other comprehensive income with no recycling of these gains and losses to the Income statement when the investment is sold or a change in the structure of transaction changes its classification as an Other equity instrument. Dividends received on other equity investments are recognised in the Income statement. The fair value of quoted investments is determined by reference to bid prices at the close of business on the balance sheet date. Where there is no active market, fair value is determined using valuation techniques. Financial instruments held for trading Financial instruments are classified as held for trading if they are incurred for the purpose of selling the associated asset in the near term and not having been purchased for operational purposes. By entering into short-term forward sales contracts, the Group seeks to optimise capital allocation while minimising the associated economic risk. Interest-bearing deposits Interest-bearing deposits, principally comprising funds held with banks and other financial institutions with contractual cash flows that are SPPI, and held in order to collect contractual cash flows, are carried at amortised cost using the effective interest method. Impairment of financial assets At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to contracts that have a maturity of one year or less, including trade receivables. When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable expectation of recovery, such as the customer having filed for liquidation. b Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand or maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value. c Derivative and non-derivative financial instruments and hedging activities Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives (including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement. The method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged (as detailed below under cash flow hedges). The time value of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time value of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement. When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of the forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the change in fair value of the spot component are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until the underlying transaction affects the Income statement. To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements in foreign exchange rates are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. Accumulated gains or losses within the cash flow hedge reserve are transferred to Sales in advance of carriage in the same period as the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected to occur, at which point amounts are immediately reclassified to the Income statement. When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast transaction is still expected to occur, any cumulative gain or loss remains in the cash flow hedge reserve until such time as the hedge item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting is discontinued and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management objective continued to have been met. Where a forecast transaction which was previously determined to be highly probable and for which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Income statement. Each operating company enters into foreign currency derivative contracts, that are not designated in a hedge relationship, in order to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of each operating company, including but not limited to, lease liabilities. Movements in the fair value of such derivatives are recognised in the Income statement in the period in which they occur and are presented within Net currency retranslation charges. Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and is assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity. d Cash flow hedges Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity. Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: (i) there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management strategy and in all instances is maintained at a ratio of 1:1. The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on inception and at each reporting date effective in offsetting the changes in cash flows of the hedged item using the hypothetical derivative model. Sources of ineffectiveness include the following: \u2022 in hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty; and \u2022 in all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero. Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge accounting and presented within Other non-operating credits. Reclassification and transfer adjustments Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives rise to recognition in the Balance sheet as follows: \u2022 where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase of jet fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified and included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs in the same period as the hedged item is recognised in the Income statement; \u2022 where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non- financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation and impairment over the expected life of the aircraft, for fuel inventory through Fuel, oil costs and emission charges when it is consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and \u2022 where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which interest rate swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest income or expense arises on the hedged item. Further information on the risk management activities of the Group is given in note 29. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-747": { "value": "a Financial assets and liabilities Financial assets and financial liabilities are classified, upon initial recognition, as measured at amortised cost, at fair value through other comprehensive income (OCI), or fair value through profit or loss. Financial assets and financial liabilities are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets. The classification of financial assets and financial liabilities at initial recognition depends on the financial assets\u2019 and financial liabilities\u2019 contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a financial asset or financial liability to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 (SPPI) on the principal amount outstanding. A financial asset or financial liability that is not SPPI is classified and measured at fair value through profit or loss. This assessment is performed on an instrument by instrument basis. The Group\u2019s business model for managing financial assets and financial liabilities establishes how it manages its financial assets and financial liabilities in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets and financial liabilities classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets and financial liabilities classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. Long-term borrowings Long-term borrowings are recorded at amortised cost, including lease liabilities which contain interest rate swaps that are closely related to the underlying financing and as such are not accounted for as an embedded derivative. Convertible debt Convertible bonds are classified as either compound financial instruments or hybrid financial instruments depending on the settlement alternatives upon redemption. Where the bondholders exercise their equity conversion options and the Group has no alternative other than to settle the convertible bonds into a fixed number of ordinary shares of the Company, then the bonds are classified as a compound financial instrument. Where the Group has an alternative settlement mechanism to the convertible bonds that permits settlement in cash, then the convertible instrument is classified as a hybrid financial instrument. Convertible bonds that are classified as compound financial instruments consist of a liability and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt, and is subsequently recorded on an amortised cost basis using the effective interest method until extinguished on conversion or maturity of the bonds, and is recognised within Borrowings. The difference between the proceeds of issue of the convertible bond and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the Group, is included in the equity portion of the convertible bond in Other reserves and is not subsequently remeasured. The interest expense on the liability component is calculated by applying the effective interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this value and the interest paid is added to the carrying amount of the liability.
Convertible bonds that are classified as hybrid financial instruments consist only of a liability component recognised within
Borrowings. At the date of issue, the entirety of the convertible bonds is accounted for at fair value with subsequent fair value gains
or losses recorded within Borrowings. The fair value of such financial instruments is obtained from their respective quoted prices in
active markets, with the portion of the change in fair value attributable to changes in the credit risk of the convertible bonds
recognised in Other comprehensive income and the portion of the change in fair value attributable to market conditions recognised
in the Income statement within Finance costs.
Issue costs associated with compound financial instruments are apportioned between the liability and equity components of the
convertible bonds where appropriate based on their relative carrying values at the date of issue. The portion relating to the equity
component is charged directly against equity. Issue costs associated with hybrid financial instruments are expensed immediately to
the Income statement.
Financial instruments held for trading
Financial instruments are classified as held for trading if they are incurred for the purpose of selling the associated asset in the near
term and not having been purchased for operational purposes.
By entering into short-term forward sales contracts, the Group seeks to optimise capital allocation while minimising the associated
economic risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-760": { "value": "
Long-term borrowings
Long-term borrowings are recorded at amortised cost, including lease liabilities which contain interest rate swaps that are closely
related to the underlying financing and as such are not accounted for as an embedded derivative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-763": { "value": "
Impairment of financial assets
At each balance sheet date, the Group recognises provisions for expected credit losses on financial assets measured at amortised
cost, based on either 12-month or lifetime losses depending on whether there has been a significant increase in credit risk since initial
recognition. The simplified approach, based on the calculation and recognition of lifetime expected credit losses, is applied to
contracts that have a maturity of one year or less, including trade receivables.
When determining whether there has been a significant increase in credit risk since initial recognition and when estimating the
expected credit loss, the Group considers reasonable and supportable information that is relevant and available. This includes both
quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment,
including forward-looking information. Such forward-looking information takes into consideration the forecast economic conditions
expected to impact the outstanding balances at the balance sheet date. A financial asset is written off when there is no reasonable
expectation of recovery, such as the customer having filed for liquidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-768": { "value": "
b Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits with any qualifying financial institution repayable on demand or
maturing within three months of the date of acquisition and which are subject to an insignificant risk of change in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-748": { "value": "
c Derivative and non-derivative financial instruments and hedging activities
Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives
(including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement. The
method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated as a
hedging instrument, and if so, the nature of the item being hedged (as detailed below under cash flow hedges). The time value of
options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time value of
options are recognised in Other comprehensive income until the underlying transaction affects the Income statement.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of the
forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the
change in fair value of the spot component are recognised within Other comprehensive income in the Cash flow hedge reserve
within equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains
and losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity
until the underlying transaction affects the Income statement.
To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and
Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are
designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements in
foreign exchange rates are recognised within Other comprehensive income in the Cash flow hedge reserve within equity.
Accumulated gains or losses within the cash flow hedge reserve are transferred to Sales in advance of carriage in the same period as
the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected to
occur, at which point amounts are immediately reclassified to the Income statement.
When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast transaction is still expected to occur, any cumulative gain or loss remains in the cash flow hedge reserve until such time as the hedge item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting is discontinued and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management objective continued to have been met. Where a forecast transaction which was previously determined to be highly probable and for which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Income statement. Each operating company enters into foreign currency derivative contracts, that are not designated in a hedge relationship, in order to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of each operating company, including but not limited to, lease liabilities. Movements in the fair value of such derivatives are recognised in the Income statement in the period in which they occur and are presented within Net currency retranslation charges. Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and is assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity. d Cash flow hedges Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity. Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: (i) there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management strategy and in all instances is maintained at a ratio of 1:1. The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on inception and at each reporting date effective in offsetting the changes in cash flows of the hedged item using the hypothetical derivative model. Sources of ineffectiveness include the following: \u2022 in hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty; and \u2022 in all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero. Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge accounting and presented within Other non-operating credits. Reclassification and transfer adjustments Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives rise to recognition in the Balance sheet as follows: \u2022 where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase of jet fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified and included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs in the same period as the hedged item is recognised in the Income statement; \u2022 where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non- financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation and impairment over the expected life of the aircraft, for fuel inventory through Fuel, oil costs and emission charges when it is consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and \u2022 where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which interest rate swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest income or expense arises on the hedged item. Further information on the risk management activities of the Group is given in note 29. e Fair value hedges Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged item using the effective interest rate method. If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement. Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty. f Interest rate benchmark reform In 2020 the Group adopted the amendments to IFRS 9 and IFRS 7 relating to the interest rate benchmark reform Phase 1, (\u2018Phase 1\u2019) and in 2021 the Group adopted the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to the interest rate benchmark reform Phase 2 (\u2018Phase 2\u2019). The Phase 1 amendments provide temporary relief from applying certain hedge accounting requirements to hedging relationships directly affected by Interbank Offered Rates (\u2018IBOR\u2019) reform. The reliefs have the effect that IBOR reform does not cause hedge accounting to terminate prior to contracts being amended. Where transition to an alternative benchmark rate has taken place, the Group ceases to apply the Phase 1 amendments and instead applies the Phase 2 amendments. Hedge accounting During the course of 2023, the Group ceased to apply the Phase 1 amendments, as the last of the associated IBORs transitioned to alternative benchmarks. Prior to these transitions and where the Group applied the Phase 1 amendments, the following reliefs were applied: \u2022 when considering the highly probable requirement, the Group assumed that those benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the Group\u2019s hedged long-term borrowings were based, did not change as a result of IBOR reform; \u2022 in assessing whether the hedge was expected to be highly effective on a forward-looking basis the Group assumed that those benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the cash flows of the hedged long- term borrowings and the interest rate swaps that hedge them were based, were not altered by IBOR reform; and \u2022 the Group has not reclassified the Cash flow hedge reserve relating to the period after the IBOR reform is expected to take effect. When the Group ceased to apply the Phase 1 amendments, the Group amended its hedge designation to reflect changes which are required by IBOR reform, but only to make one or more of the following changes: \u2022 designating an alternative benchmark rate (contractually or non-contractually specified) as the hedged risk; \u2022 amending the description of the hedged item, including the description of the designated portion of the cash flows being hedged; or \u2022 amending the description of the hedging instrument. The associated hedge documentation was updated to reflect these changes in designation by the end of the reporting period in which the changes were made. Such amendments did not give rise to the hedge relationship being discontinued. When the Group transitioned to alternative benchmark rates, the accumulated amounts within the cash flow hedge reserve were determined to be based on the alternative benchmark rates and no reclassification adjustments were made from the cash flow hedge reserve to the Income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-764": { "value": "c Derivative and non-derivative financial instruments and hedging activities Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives (including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement. The method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged (as detailed below under cash flow hedges). The time value of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time value of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement. When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of the forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the change in fair value of the spot component are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until the underlying transaction affects the Income statement. To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements in foreign exchange rates are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. Accumulated gains or losses within the cash flow hedge reserve are transferred to Sales in advance of carriage in the same period as the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected to occur, at which point amounts are immediately reclassified to the Income statement. When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast transaction is still expected to occur, any cumulative gain or loss remains in the cash flow hedge reserve until such time as the hedge item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting is discontinued and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management objective continued to have been met. Where a forecast transaction which was previously determined to be highly probable and for which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Income statement. Each operating company enters into foreign currency derivative contracts, that are not designated in a hedge relationship, in order to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of each operating company, including but not limited to, lease liabilities. Movements in the fair value of such derivatives are recognised in the Income statement in the period in which they occur and are presented within Net currency retranslation charges. Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and is assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity. d Cash flow hedges Changes in the fair value of derivative financial instruments designated as in a cash flow hedge relationship of a highly probable expected future transaction are assessed for effectiveness and accordingly recorded in the Cash flow hedge reserve within equity. Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: (i) there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; (ii) the effect of credit risk does not dominate the value changes that result from that economic relationship; and (iii) the hedge ratio is aligned with the requirements of the Group\u2019s risk management strategy and in all instances is maintained at a ratio of 1:1. The Group assesses whether the derivative designated as the hedging instrument in a hedge relationship is expected to be on inception and at each reporting date effective in offsetting the changes in cash flows of the hedged item using the hypothetical derivative model. Sources of ineffectiveness include the following: \u2022 in hedges of fuel purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the Group or the derivative counterparty; \u2022 in hedges of interest rate payments, ineffectiveness may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty; and \u2022 in all hedges, ineffectiveness may arise if there are differences between the critical terms of the hedging instrument and the hypothetical derivative, such as where on inception of the hedge relationship the fair value of the hedging instrument is not zero. Ineffectiveness is recorded within the Income statement as Realised/unrealised (losses)/gains on derivatives not qualifying for hedge accounting and presented within Other non-operating credits. Reclassification and transfer adjustments Gains and losses accumulated in the Cash flow hedge reserve within equity are either reclassified from the Cash flow hedge reserve when the hedged item affects the Income statement, or transferred from the Cash flow hedge reserve when the hedged item gives rise to recognition in the Balance sheet as follows: \u2022 where the forecast hedged item results in the recognition of expenses within the Income statement (such as the purchase of jet fuel for which both fuel and the associated foreign currency derivatives are designated as the hedging instrument), the accumulated gains and losses recorded in both the Cash flow hedge reserve and the Cost of hedging reserve are reclassified and included in the Income statement within the same caption as the hedged item is presented. Such reclassification occurs in the same period as the hedged item is recognised in the Income statement; \u2022 where the forecast hedged item results in the recognition of a non-financial asset (such as the purchase of aircraft for which foreign currency derivatives are designated as the hedging instrument or where the purchase of jet fuel gives rise to the recognition of fuel inventory in storage facilities), or a non-financial liability (such as the sales in advance of carriage for which both foreign currency derivatives and non-financial derivative instruments are designated as the hedging instrument), the accumulated gains and losses recorded within both the Cash flow hedge reserve and the Cost of hedging reserve are transferred and included in the initial cost of the asset and liability, respectively. These gains or losses are recorded in the Income statement as the non- financial asset and the non-financial liability affects the Income statement (which for aircraft is through Depreciation, amortisation and impairment over the expected life of the aircraft, for fuel inventory through Fuel, oil costs and emission charges when it is consumed and for sales in advance of carriage through Passenger revenue when the flight is flown); and \u2022 where the forecast hedged item results in the recognition of a financial asset or liability (such as variable rate debt for which interest rate swaps are designated as the hedging instrument), the accumulated gains and losses recorded within the Cash flow hedge reserve are reclassified to the Income statement to Interest expense within Finance costs at the same time as the interest income or expense arises on the hedged item. Further information on the risk management activities of the Group is given in note 29. e Fair value hedges Changes in the fair value of derivative financial instruments designated in a fair value hedge relationship are recorded within the Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. The change in the fair value of the hedged item attributable to the risk being hedged is recorded as part of the overall carrying amount of the hedged item and is recorded within the Income statement as Net change in the fair value associated with fair value hedges within Other non-operating credits. For fair value hedges associated with financial liabilities measured at amortised cost, any adjustment to the carrying value is amortised to the Income statement from the date of the cessation of the hedge relationship through to the maturity of the hedged item using the effective interest rate method. If the hedged item is de-recognised, the unamortised fair value is recognised immediately in the Income statement. Ineffectiveness included in fair value hedges of interest rate payments may arise if there are differences in the critical terms between the interest rate derivative instrument and the underlying hedged item, or if there are changes in the credit risk of the Group or the derivative counterparty. f Interest rate benchmark reform In 2020 the Group adopted the amendments to IFRS 9 and IFRS 7 relating to the interest rate benchmark reform Phase 1, (\u2018Phase 1\u2019) and in 2021 the Group adopted the amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 relating to the interest rate benchmark reform Phase 2 (\u2018Phase 2\u2019). The Phase 1 amendments provide temporary relief from applying certain hedge accounting requirements to hedging relationships directly affected by Interbank Offered Rates (\u2018IBOR\u2019) reform. The reliefs have the effect that IBOR reform does not cause hedge accounting to terminate prior to contracts being amended. Where transition to an alternative benchmark rate has taken place, the Group ceases to apply the Phase 1 amendments and instead applies the Phase 2 amendments. Hedge accounting During the course of 2023, the Group ceased to apply the Phase 1 amendments, as the last of the associated IBORs transitioned to alternative benchmarks. Prior to these transitions and where the Group applied the Phase 1 amendments, the following reliefs were applied: \u2022 when considering the highly probable requirement, the Group assumed that those benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the Group\u2019s hedged long-term borrowings were based, did not change as a result of IBOR reform; \u2022 in assessing whether the hedge was expected to be highly effective on a forward-looking basis the Group assumed that those benchmark rates that needed to be transitioned to an alternative benchmark rate, on which the cash flows of the hedged long- term borrowings and the interest rate swaps that hedge them were based, were not altered by IBOR reform; and \u2022 the Group has not reclassified the Cash flow hedge reserve relating to the period after the IBOR reform is expected to take effect. When the Group ceased to apply the Phase 1 amendments, the Group amended its hedge designation to reflect changes which are required by IBOR reform, but only to make one or more of the following changes: \u2022 designating an alternative benchmark rate (contractually or non-contractually specified) as the hedged risk; \u2022 amending the description of the hedged item, including the description of the designated portion of the cash flows being hedged; or \u2022 amending the description of the hedging instrument. The associated hedge documentation was updated to reflect these changes in designation by the end of the reporting period in which the changes were made. Such amendments did not give rise to the hedge relationship being discontinued. When the Group transitioned to alternative benchmark rates, the accumulated amounts within the cash flow hedge reserve were determined to be based on the alternative benchmark rates and no reclassification adjustments were made from the cash flow hedge reserve to the Income statement. Long-term borrowings and lease liabilities Phase 2 of the amendments required that, for financial instruments measured using amortised cost measurement, changes to the basis for determining the contractual cash flows required by interest rate benchmark reform are reflected by adjusting their effective interest rate prospectively. No gain or loss was recognised upon transition to the new benchmark. The expedient was only applicable to direct changes that are required by interest rate benchmark reform. For lease liabilities where there was a change to the basis for determining the contractual cash flows, as a practical expedient the lease liability was remeasured by discounting the revised lease payments using a discount rate that reflected the change in the interest rate where the change was required by IBOR reform. No amounts have been recorded in the current or prior periods as a result of these amendments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-769": { "value": "c Derivative and non-derivative financial instruments and hedging activities Derivative financial instruments, comprising interest rate swap derivatives, foreign exchange derivatives and fuel derivatives (including options, swaps and forward contracts) are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. They are classified as financial instruments through the Income statement. The method of recognising the resulting gain or loss arising from remeasurement depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged (as detailed below under cash flow hedges). The time value of options is excluded from the designated hedging instrument and accounted for as a cost of hedging. Movements in the time value of options are recognised in Other comprehensive income until the underlying transaction affects the Income statement. When forward contracts are used to hedge forecast transactions, the Group generally designates only the spot component of the forward contract as the hedging instrument within a hedge relationship. The effective portion of gains or losses arising on the change in fair value of the spot component are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. The forward component of a forward contract is not designated within a hedge relationship, with the associated gains and losses on the forward component recorded within Other comprehensive income in the Cost of hedging reserve within equity until the underlying transaction affects the Income statement. To manage foreign exchange movements on foreign currency customer cash inflows (denominated in US dollars, euros and Japanese yen), certain non-derivative repayment instalments on foreign currency-denominated interest-bearing liabilities are designated as hedging instruments within a hedge relationship. The effective portion of gains or losses arising from movements in foreign exchange rates are recognised within Other comprehensive income in the Cash flow hedge reserve within equity. Accumulated gains or losses within the cash flow hedge reserve are transferred to Sales in advance of carriage in the same period as the forecast transaction occurs or when hedge accounting is discontinued when the forecast transaction is no longer expected to occur, at which point amounts are immediately reclassified to the Income statement. When a derivative is designated as a hedging instrument and that instrument expires, is sold or is restructured, if the initial forecast transaction is still expected to occur, any cumulative gain or loss remains in the cash flow hedge reserve until such time as the hedge item impacts the Income statement. Where there is a change in the risk management objective, then hedge accounting is discontinued and the associated cumulative gain or loss arising prior to the change in risk management objective remains in the cash flow hedge reserve until such time as the underlying hedged item impacts the Income statement had the risk management objective continued to have been met. Where a forecast transaction which was previously determined to be highly probable and for which hedge accounting applied, is no longer expected to occur, hedge accounting is discontinued and the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Income statement. Each operating company enters into foreign currency derivative contracts, that are not designated in a hedge relationship, in order to mitigate foreign exchange movements on financial liabilities designated in currencies other than the presentational currency of each operating company, including but not limited to, lease liabilities. Movements in the fair value of such derivatives are recognised in the Income statement in the period in which they occur and are presented within Net currency retranslation charges. Exchange gains and losses on monetary investments are taken to the Income statement unless the item has been designated and is assessed as an effective hedging instrument. Exchange gains and losses on non-monetary investments are reflected in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-726": { "value": "
Employee benefit plans
a Pension obligations
The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the
Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions
if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
years.
Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent
on one or more factors such as age, years of service and compensation.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the
amount of future benefit that employees have earned in return for their service in the current and prior years. The benefit is
discounted to determine its present value, and the fair value of any plan assets are deducted. The discount rate is the yield at the
balance sheet date on AA-rated corporate bonds of the appropriate currency that have durations approximating those of the
Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the net
obligation calculation results in an asset for the Group, the recognition of an asset is limited to any future refunds, net of the relevant
taxes, from the plan or reductions in future contributions to the plan (\u2018the asset ceiling\u2019). The fair value of the plan assets is based on
market price information and, in the case of quoted securities, is the published bid price. The fair value of insurance policies which
exactly match the amount and timing of some or all benefits payable under the scheme are deemed to be the present value of the
related obligations. Longevity swaps are measured at their fair value.
Current service costs are recognised within employee costs in the year in which they arise. Past service costs are recognised in the
event of a plan amendment or curtailment, or when the Group recognises related restructuring costs or severance obligations. The
net interest is calculated by applying the discount rate used to measure the defined benefit obligation at the beginning of the period
to the net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during the
period as a result of contributions and benefit payments. Net interest and other expenses related to the defined benefit plans are
recognised in the Income statement. Remeasurements, comprising IAS 19 gains and losses, the effect of the asset ceiling (excluding
interest) and the return on plan assets (excluding interest), are recognised immediately in Other comprehensive income.
Remeasurements are not reclassified to the Income statement in subsequent periods.
b Severance obligations
Severance obligations are recognised when employment is terminated by the Group before the normal retirement date, or whenever
an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a provision for severance
payments when it is demonstrably committed to either terminating the employment of current employees according to a detailed
formal plan without realistic possibility of withdrawal, or providing severance payments as a result of an offer made to encourage
voluntary redundancy.
Other employee benefits are recognised when there is deemed to be a present obligation.
c Flight crew provisions
The Group\u2019s obligations in respect of flight crew provisions are calculated separately for each collective bargaining agreement. In
estimating these obligations, the Group makes assumptions regarding the number of employees that will elect to take early
retirement under these agreements, and the age at which they make this election (where relevant), using the probability weighted
methodology. The Group recognises a provision for service costs from the date of employment of the relevant individual, with the
corresponding amount recorded within the Income statement. The provisions recognised are discounted, at the reporting date and
the effect of unwinding of these discount rates are recognised as a finance cost in the Income statement.
Remeasurements of the provisions are made for changes in financial assumptions and recorded in Other comprehensive income. The
Group records changes through Other comprehensive income, where assumptions regarding the elections to be made by individuals
differs to actual elections. These calculations are performed by a qualified actuary using the projected unit credit method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-725": { "value": "
Taxation
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following exceptions:
\u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a
business combination that at the time of the transaction affects neither accounting nor taxable profit or loss;
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries or associates, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future; and
\u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when
the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet
date.
Income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise income tax
is recognised in the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-749": { "value": "Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions: \u2022 where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries or associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and \u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-727": { "value": "
Inventories
Inventories are valued at the lower of cost and net realisable value. Such cost is determined by the weighted average cost method.
Inventories include mainly aircraft spare parts, repairable aircraft engine parts and fuel held in storage facilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-728": { "value": "
Share-based payments
The Group operates a number of equity-settled, share-based payment plans, under which the Group awards equity instruments of
the Group for services rendered by employees. The fair value of the share-based payment plans is measured at the date of grant
using a valuation model provided by external specialists. The resulting cost, as adjusted for the expected and actual level of vesting
of the plan, is charged to the Income statement over the period in which the options vest. At each balance sheet date before vesting,
the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best
estimate of the achievement or otherwise of non-market conditions, and accordingly the number of equity instruments that will
ultimately vest. The movement in the cumulative expense since the previous balance sheet date is recognised in the Income
statement with a corresponding entry in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-729": { "value": "
Treasury shares
When the share capital of the Company is repurchased, the amount of the consideration paid, including directly attributable
transaction costs, is recognised as a deduction from equity within the treasury share reserve. When treasury shares are sold or
reissued, the amount received is recognised as an increase in equity and the resulting gain or loss on the transaction is presented as
an adjustment to Retained earnings with no gain or loss recorded in the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-730": { "value": "
Provisions
Provisions are made when all of the following criteria have been met: (i) an obligation exists for a present liability in respect of a past
event; (ii) where the amount of the obligation can be reliably estimated; and (iii) where it is considered probable that an outflow of
economic resources will be required to settle the obligation. Where it is not considered probable that there will be an outflow of
economic resources required to settle the obligation, the Group does not recognise a provision, but discloses the matter as a
contingent liability. The Group assesses whether each matter is probable of there being an outflow of economic resources to settle
the obligation at each reporting date.
Employee leaving indemnities and other employee provisions are recorded for flight crew who, meeting certain conditions, have the
option of being placed on reserve or of taking early retirement. The Group is obligated to remunerate these employees until they
reach the statutory retirement age. The calculation is performed by qualified independent actuaries using the projected unit credit
method.
Other employee related provisions are recognised for direct expenditures of business reorganisation such as severance payments
(restructuring provisions) where plans are sufficiently detailed and well advanced, and where appropriate communication to those
affected has been undertaken at the balance sheet date.
The method for determining legal claims provisions is determined on a claim by claim basis. Where a claim includes a significant
population of items, the weighted average provision is estimated by determining all potential outcomes and the probability of their
occurrence. Where a claim relates to a single item, then the Group determines the associated provision by applying the most likely
outcome giving consideration to alternative outcomes. Where an individual claim is significant, the disclosure of quantitative
information is restricted to the extent that it does not prejudice the outcome of the claim. If the effect is material, expected future
cash flows are discounted using a rate that reflects, where appropriate, the risks specific to the provision. Where discounting is used,
the effect of unwinding the discount rate is recognised as a Finance cost in the Income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-731": { "value": "
Revenue recognition
Passenger revenue
The Group\u2019s revenue primarily derives from transportation services for both passengers and cargo. Revenue is recognised when the
transportation service has been provided.
Passenger tickets are generally paid for in advance of transportation and are recognised, net of discounts, as Deferred revenue and
presented within current liabilities until either: (i) the customer has flown; or (ii) where the customer does not fly on the intended
date and has purchased a non-flexible fare.
For flexible and semi-flexible tickets, when the customer does not travel on the intended date, a term referred to as \u2018unused tickets\u2019,
the customer has a number of options they can elect to apply, depending on the fare type: (i) reschedule the date of intended travel;
(ii) request a refund; or (iii) request a voucher.
The Group estimates the amount of these unused tickets for which customers are not expected to exercise their remaining rights
prior to expiry based on the terms and conditions of the ticket and analysis of historical experience, a term referred to as \u2018unused
ticket breakage\u2019. This revenue is recognised based on the terms and conditions of the ticket and analysis of historical experience. For
unused ticket breakage, revenue is recognised only when the risk of a significant reversal of revenue is remote. The estimation
regarding historical experience is updated at each reporting date.
Where a flight is cancelled, the customer has a number of options they can elect to apply to their unused tickets: (i) compensation;
(ii) a refund; (iii) changing to an alternative flight; or (iv) the receipt of a voucher.
The presentation in the financial statements of these customer options, to the extent they differ to the recognition criteria stated
above, are as follows:
\u2022 Compensation for flight cancellation - such payments are presented net within Passenger revenue against the original ticket
purchased;
\u2022 Refund - deferred revenue is reduced and no amount is recorded within revenue;
\u2022 Changing to an alternative flight \u2013 amounts are retained within Deferred revenue until such time as the flight is flown, at which
time it is recorded within Passenger revenue; and
\u2022 Voucher - retained within Deferred revenue until such time as it is redeemed for a flight or it expires, at which time it is recorded
within Passenger revenue.
In relation to vouchers, the Group also recognises revenue by estimating the amount of vouchers that customers are not expected to
exercise their remaining rights prior to expiry using analysis of historical experience. The estimation regarding historical experience is
updated at each reporting date. The amount of such revenue recognised is constrained, where necessary, such that the risk of a
significant reversal of revenue in the future is remote.
Payments received in relation to certain ancillary services regarding passenger transportation, such as change fees, are not
considered to be distinct from the performance obligation to provide the passenger flight. Payments relating to these ancillary
services are recognised in Deferred revenue in current liabilities until the customer has flown.
The Group considers whether it is an agent or a principal in relation to passenger transportation services by considering whether it
has a performance obligation to provide services to the customer or whether the obligation is to arrange for the services to be
provided by a third party. The Group acts as an agent where: (i) it collects various taxes, duties and fees assessed on the sale of
tickets to passengers and remits these to the relevant taxing authorities; and (ii) where it provides interline services to airline
partners outside of the Group. Commissions earned in relation to agency services are recognised as revenue when the underlying
goods or services have been transferred to the customer. In all other instances, the Group considers it acts as the principal in relation
to passenger transportation services.
Cargo revenue
The Group has identified a single performance obligation in relation to cargo services and the associated revenue is measured at its
standalone selling price and recognised on satisfaction of the performance obligation, which occurs on the fulfilment of the
transportation service.
Other revenue
The Group has identified several performance obligations in relation to services that give rise to revenue being recognised within
Other revenue. These services, their performance obligations and associated revenue recognition include:
\u2022 the provision of maintenance services and overhaul services for engines and airframes, where the Group is engaged to enhance an
asset while the customer retains control of the asset. Accordingly, the performance obligations are satisfied, and revenue
recognised, over time. The Group estimates the proportion of the contract completed at the reporting date and recognises
revenue based on the percentage of completion of the contract;
\u2022 the provision of ground handling services, where the performance obligations are fulfilled when the services are provided;
\u2022 the provision of holiday and hotel services, where the performance obligations are satisfied over time as the customer receives the
benefit of the service; and
\u2022 brand and marketing activities, where the performance obligations are satisfied as the associated activities occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-732": { "value": "
Customer loyalty programmes
The Group operates four principal loyalty programmes: the British Airways Executive Club, Iberia Plus, Vueling Club and the Aer
Lingus Aer Club. The customer loyalty programmes award travellers Avios to redeem for various rewards, primarily redemption
travel, including flights, hotels and car hire. Avios are also sold to commercial partners to use in loyalty activity.
Avios issuance
When issued, the standalone selling price of an Avios is recorded within Deferred revenue in current liabilities until the customer
redeems the Avios. The standalone selling price of Avios is based on the value of the awards for which the points could be
redeemed. The Group also recognises revenue associated with the proportion of Avios which are not expected to be redeemed,
referred to as \u2018breakage\u2019, based on the results of modelling using historical experiences and expected future trends in customer
behaviour, up until the reporting date. The amount of such revenue recognised is limited, where necessary, such that the risk of a
significant reversal of revenue in the future is remote.
Where the issuance of Avios arises from travel on the Group\u2019s airlines, the consideration received from the customer may differ to
the aggregation of the relative standalone selling prices. In such instances the allocation of the consideration to each performance
obligation is undertaken on a proportional basis using the relative standalone selling prices.
The Group has contractual arrangements with non-Group airlines and non-air partners for the issuance and redemption of Avios, for
which it has identified the following performance obligations:
Companion vouchers
Certain non-air partners issue their card holders with companion vouchers, which forms part of the variable consideration of the
overall contract, depending on the level of expenditure by the card holders, for redemption on the airlines of the Group for the same
flight and class of cabin as the underlying fare being purchased. The Group estimates the standalone selling price of the companion
voucher performance obligation, using valuation techniques, by reference to the amount that a third party would be prepared to pay
in an arm\u2019s length transaction.
Brand and marketing activities
For both air and non-air partners, the Group licenses the Avios and the airline brands for certain activities, such as the creation of co-
branded credit cards. In addition, the Group has certain contractual arrangements whereby it commits to provide marketing services
to the members of the loyalty schemes on behalf of those partners. For the provision of both brand and marketing services, the
partner receives benefits incremental to the issuance of Avios. The Group estimates the standalone selling price of the brand and
marketing performance obligations, using valuation techniques, by reference to the amount that a third party would be prepared to
pay in an arm\u2019s length transaction for access to comparable brands for the period over which they use the brand. For brand services,
as the Group considers that the partner has the right to use the brand, revenue is recognised as the brand service is provided and
not over time. For marketing performance obligations, revenue is recognised as the marketing activities occur based on when the
partner receives the benefit of those services.
Upfront payments
Where a partner makes an upfront payment to the Group which does not relate to any specific performance obligation, then the
Group considers such payments as advance payments for future goods and services and the associated revenue is recognised as
those goods and services are provided, as detailed above. In such instances the payment is allocated across all of the performance
obligations over the contract term. The Group estimates the expected level of Avios to be issued over the contract term using
experience, historical and expected future trends, and allocates the payments to the relevant performance obligations accordingly.
At each reporting date, the Group updates its estimate of the number of Avios expected to be issued over the total contract term
and recognises a cumulative catch-up adjustment where necessary.
When a partner makes an upfront payment to the Group, the Group assesses whether such a payment is representative of a
significant financing event. Where a significant financing component is identified, the Group estimates a market rate of interest that
an arm\u2019s length financial liability of similar size and tenor would yield. The Group recognises the imputed interest within the
Income statement as Other finance costs within Finance costs.
Other considerations
The Group considers whether it is an agent or a principal in relation to the loyalty services by considering whether it has a
performance obligation to provide services to the customer or whether the obligation is to arrange for the services to be provided
by a third party. In particular, the Group acts as an agent where customers redeem their Avios on interline partner flights outside of
the Group, where the fees payable to the interline partner are presented net against the associated release of the Deferred revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-733": { "value": "
Exceptional items
Exceptional items are those that in management\u2019s view need to be separately disclosed by virtue of their size or nature and where
such presentation is relevant to an understanding of the Group\u2019s financial performance. While management has defined a list of
items and a quantitative threshold that would merit categorisation as exceptional that has been established through historical
experience, the Group retains the flexibility to add additional items should their size or nature merit such presentation. The
accounting policy in respect of exceptional items and classification of an item as exceptional is approved by the Board, through the
Audit and Compliance Committee.
The financial performance of the Group is monitored by the Management Committee and the Board on a pre-exceptional basis to
enable comparison to prior reporting periods as well as to other selected companies, and also for making strategic, financial and
operational decisions.
The exceptional items recorded in the Income statement include, but are not limited to, items such as significant settlement
agreements with the Group\u2019s pension schemes; significant restructuring; the impact of business combination transactions that do not
contribute to the ongoing results of the Group; significant discontinuance of hedge accounting; legal settlements; individually
significant tax transactions; and the impact of the sale, disposal or impairment of an asset or investment in a business. Where
exceptional items are separately disclosed, the resultant tax impact is additionally separately disclosed. Certain exceptional items
may cover more than a single reporting period, such as significant restructuring events, but not more than two reporting periods.
Further information is given in the Alternative performance measures section.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-734": { "value": "
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or
guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and
recognised within Borrowings. Those loans provided and/or guaranteed by governments that represent below market rates of
interest are measured at inception at their fair value and recognised within Borrowings, with the differential to the proceeds received
recorded within Deferred income and released to the relevant financial statement caption in the Income statement on a systematic
basis. Grants that compensate the Group for expenses incurred are recognised in the Income statement in the relevant financial
statement caption on a systematic basis in the periods in which the expenses are recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-735": { "value": "
Critical accounting estimates, assumptions and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates
and associated assumptions are based on historical experience and various other factors believed to be reasonable under the
circumstances. Actual results in the future may differ from judgements and estimates upon which financial information has
been prepared. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively.
Estimates The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: a Employee benefit obligations, employee leaving indemnities, other employee related restructuring At 31 December 2023 the Group recognised \u20ac1,380 million in respect of employee benefit assets (2022: \u20ac2,334 million) and \u20ac175 million in respect of employee benefit obligations (2022: \u20ac217 million). Further information on employee benefit obligations is disclosed in note 34. The cost of employee benefit obligations, employee leaving indemnities and other employee-related provisions is determined using the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these schemes, such assumptions are subject to significant uncertainty. The assumptions relating to these schemes are disclosed in note 34. The Group determines the assumptions to be adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact future net assets and total comprehensive income. The sensitivity to changes in pension assumptions is disclosed in note 34. Under the Group\u2019s Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) defined benefit schemes, increases to pensions are based on the annual Government Pension Increase (Review) Orders, which since 2011 have been based on the Consumer Prices Index (CPI). Additionally, in APS there is provision for the Trustee to pay increases up to the level of the Retail Prices Index (RPI), subject to certain affordability tests. Historically market expectations for RPI could be derived by comparing the prices of UK Government fixed-interest and index-linked gilts, with CPI assessed by considering the Bank of England\u2019s inflation target and comparison of the construction of the two inflation indices. In November 2020, the UK Government and UK Statistics Authority (UKSA) confirmed alignment of RPI with CPIH (a variant of CPI) from February 2030. In assessing RPI and CPI inflation from investment market data, allowance has been made for alignment of RPI with CPIH from 2030 and, therefore, effectively no gap between RPI and CPI inflation from that date. CPI inflation before 2030 is assumed to be 1 per cent per annum below RPI inflation. b Revenue recognition At 31 December 2023 the Group recognised \u20ac8,023 million (2022: \u20ac7,644 million) in respect of deferred revenue of which \u20ac2,712 million (2022: \u20ac2,630 million) related to customer loyalty programmes. Further information on deferred revenue is included in note 24. Passenger revenue Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is also recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would have a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of unused ticket breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2023 would result in an adjustment to Deferred revenue of \u20ac93 million, with an offsetting adjustment to increase revenue and operating profit recognised in the year. For details regarding the voucher liability at 31 December 2023 and the associated sensitivity, see note 24. Customer loyalty schemes Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is determined as the price of the rewards against which they can be redeemed and is reduced to take account of the proportion of Avios that are not expected to be redeemed by customers. During 2022, 2021 and 2020, due to the significant restrictions imposed on the ability of customers to redeem Avios, as a result of the COVID-19 pandemic, coupled with the disruption in the patterns of redemption caused by the COVID-19 pandemic, the Group considered that the trends experienced since the start of the COVID-19 pandemic were not reflective of the long-term expected patterns of redemption and accordingly, the Group was unable to determine with a high degree of probability that there would not be a significant reversal of revenue in the future had it applied the redemption trends that were experienced over the period of the pandemic. Accordingly, for the years to 31 December 2022, 31 December 2021 and 31 December 2020, the Group estimated the level of redemption activity based on pre-COVID-19 pandemic customer behaviour. During 2023, the Group considers historical redemption activity, including customers\u2019 more recent behaviours following the COVID-19 pandemic, representative of long-term behavioural trends, such that the Group considers that the risk of a significant reversal of revenue to be sufficiently low. Accordingly, the Group has updated its estimated level of redemption activity to incorporate current customer behaviour. The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience and expected future trends in customer behaviour. A 5 percentage point increase in the assumption of Avios not expected to be redeemed would result in an adjustment to Deferred revenue of \u20ac94 million, with an offsetting adjustment to increase revenue and operating profit recognised in the year.
Unredeemed vouchers liability
Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on
historical experience, the level of such vouchers not expected to be used prior to expiry and recognised revenue accordingly. During
2020 and 2021, due to the significant level of flight cancellations arising from the COVID-19 pandemic, the Group issued a greater
volume of vouchers than it would have otherwise done. In addition, given the uncertainty as to the timing of customers redeeming
these vouchers, the Group was unable to estimate with a high degree of probability that there would not be a significant reversal of
revenue in the future had it applied the historical expiry trends over the period of the pandemic. Accordingly, for the years to 31
December 2022, 31 December 2021 and 31 December 2020, the Group did not recognise revenue arising from those vouchers issued
due to COVID-19 pandemic-related cancellations until either the voucher was redeemed or it expired.
During 2023, the Group considers historical redemption activity, including customers\u2019 more recent behaviours following the
COVID-19 pandemic, representative of the redemption trends expected through to expiry of the vouchers, such that the Group
considers that the risk of a significant reversal of revenue to be sufficiently low. Accordingly, the Group has updated its estimated
level of redemption activity to incorporate current customer behaviour.
c Income taxes
At 31 December 2023, the Group recognised \u20ac1,202 million in respect of deferred tax assets (2022: \u20ac1,282 million). Further
information on current and deferred tax is disclosed in note 10.
The Group is subject to income taxes in numerous jurisdictions. Estimates are required in determining the worldwide provision for
income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain because it may be
unclear how tax law applies to a particular transaction or circumstance. Where the Group determines that it is more likely than not
that the tax authorities would accept the position taken in the tax return, amounts are recognised in the financial statements on that
basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability based on either: the Group\u2019s
judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability-weighted average
approach.
The Group recognises deferred tax assets only to the extent that it is probable that the taxable profit will be available against which
the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Management uses judgement,
including the consideration of past and current operating performance and the future projections of performance laid out in the
approved business plan in order to assess the probability of recoverability.
In exercising this judgement, while there are no time restrictions on the utilisation of historic tax losses in the principal jurisdictions in
which the Group operates, future cash flow projections are forecast for a period of up to ten years from the balance sheet date,
which represents the period over which it is probable that future taxable profits will be available.
At 31 December 2023, the Group had unrecognised deferred tax assets of \u20ac1,584 million relating to tax losses and other temporary
differences the Group does not reasonably expect to utilise. In applying the aforementioned judgement, had the Group extended the
period of future cash flow projections indefinitely, then the amount of unrecognised tax losses would have reduced by \u20ac575 million.
Conversely, if the forecast profit before tax for each operating company was reduced by 2 percentage points over the forecast
period, the amount of the unrecognised tax losses would increase by \u20ac12 million.
d Impairment of non-financial assets
At 31 December 2023 the Group recognised \u20ac2,428 million (2022: \u20ac2,423 million) in respect of intangible assets with an indefinite
life, including goodwill. Further information on these assets is included in note 17.
Goodwill and intangible assets with indefinite economic lives are tested, as part of the cash-generating units to which they relate, for
impairment annually and at other times when such indicators exist. The recoverable amounts of cash-generating units have been
determined based on value-in-use calculations, which use a weighted average multi-scenario discounted cash flow model, which are
then compared to the carrying amount of the associated cash-generating unit.
In determining the carrying value of each cash generating unit (CGU), the Group allocates all associated operating tangible and
intangible assets, including ROU assets. In addition, the Group has allocated certain liabilities to the carrying value of each CGU
where those liabilities are critical to the underlying operations of the cash-generating unit and in the event of a disposal of the cash-
generating unit would be required to be transferred to the purchaser. Such liabilities include lease liabilities.
The Group has applied judgement in the weighting of each scenario in the discounted cash flow model and these calculations require
the use of estimates in the determination of key assumptions and sensitivities as disclosed in notes 4 and 17.
The Group assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. When such
indicators are identified, then non-financial assets are tested for impairment.
e Engineering and other aircraft costs At 31 December 2023 the Group recognised \u20ac2,529 million in respect of maintenance, restoration and handback provisions, principally in respect of leased aircraft (2022: \u20ac2,400 million). Information on movements on the provision is disclosed in note 27. IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of the underlying asset and accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through usage or through the passage of time, is to recognise the associated estimated costs in the Income statement as the underlying asset is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would be materially different at the reporting date. An alternative accounting policy that the Group could have applied was the components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciating them until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for maintenance, restoration and handback activities reflects the obligations under its lease arrangements. The Group has a number of contracts with service providers to replace or repair engine parts and for other maintenance checks. These agreements are complex and generally cover a number of years. Provisions for maintenance, restoration and handback are made based on the best estimate of the likely committed cash outflow. In determining this best estimate, the Group applies significant judgement as to the level of forecast costs expected to be incurred when the major maintenance event occurs. Other assumptions not considered to be significant include aircraft utilisation, expected maintenance intervals and the aircraft\u2019s condition. The associated forecast costs are discounted to their present value. While the Group considers that there are no reasonably possible change to any of the individual assumptions that would have a material impact on the provisions, a combination of changes in several assumptions may. The Group considers that a reasonably possible change in the inflation rate and discount rate assumptions of a 100 basis points increase would give rise to an increase of \u20ac53 million (2022: \u20ac51 million) and a decrease of \u20ac59 million (2022: \u20ac68 million), respectively, when applied in isolation to one another. Judgements a Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. Such judgement includes consideration of fleet plans which underpin approved business plans and historical experience regarding the extension of leases. After the commencement date, the Group re-assesses the lease term if there is a significant event or change in circumstances that affects the Group\u2019s ability to exercise or not to exercise the option to renew or to terminate. Further information is given in note 14. b Determining whether the Group has significant influence over Air Europa Holdings The Group applies judgement in the determination as to whether it has the power with which to participate in the decision-making of, and as a result significant influence over, Air Europa Holdings, S.L. (Air Europa Holdings). Such judgement includes the consideration as to the ability of the Group to: have representation on the board of Air Europa Holdings; participate in the policy- making processes, including participation in decisions regarding dividends and other distributions; the existence of material transactions between Air Europa Holdings and the Group; and enable the interchange of management personnel and provide essential technical information. In forming its judgement, the Group notes that: it does not have the ability to have representation on the board of Air Europa Holdings; it does not have the ability to participate in the policy-making processes; has not entered into material transactions outside of the normal course of business, with those transactions arising in the normal course of business being immaterial in nature; it does not have the ability to enable the interchange of management personnel; and it does not have the ability to provide essential technical information. The Group has therefore concluded that it does not have significant influence over Air Europa Holdings. Accordingly, the Group accounts for its shareholding in Air Europa Holdings as an Other equity investment and measures it at fair value through Other comprehensive income. Had the Group concluded that it does have significant influence over Air Europa Holdings, then the shareholding would have been classified as an associate, measured at cost on inception and subsequently measured using the equity method. At 31 December 2023, the fair value of its shareholding in Air Europa Holdings was \u20ac129 million. Further information is given in note 19. c Determining whether the HMRC enquiries into the IAG Loyalty VAT accounting gives rise to a provision or a contingent liability The Group applies judgement in the determination as to whether it considers the outcome of the enquiries between IAG Loyalty and His Majesty\u2019s Revenue and Customs (HMRC), in the UK, on the IAG Loyalty VAT accounting, is more probable than not to result in an adverse outcome to the Group, and accordingly whether to record the matter as a provision or as a contingent liability. In forming its judgement, the Group, with its legal and tax advisors, have reviewed the emerging view issued by HMRC, as well has having considered the historic tax ruling issued by HMRC to the Group on this matter. As a result, the Group does not consider it probable that an adverse outcome will eventuate and accordingly no provision has been recorded at 31 December 2023 and the matter has been disclosed as a contingent liability. Had the Group, with its legal and tax advisors, considered that it was more probable than not that an adverse outcome would eventuate, then the Group would have recognised a provision for the best estimate of the potential outflow of economic benefit to the Group, with a corresponding charge recorded within the Income statement. Further information is given in note 10g.
New standards, amendments and interpretations
The following amendments and interpretations apply for the first time in 2023, but do not have a material impact on the
consolidated financial statements of the Group:
\u2022 IFRS 17 Insurance contracts \u2013 effective for periods beginning on or after 1 January 2023;
\u2022 definition of accounting estimate \u2013 amendments to IAS 8 effective for periods beginning on or after 1 January 2023;
\u2022 disclosure of accounting policies \u2013 amendments to IAS 1 and IFRS Practice statement 2 effective for periods beginning on or after 1
January 2023;
\u2022 deferred tax related to assets and liabilities arising from a single transaction \u2013 amendments to IAS 12 effective for periods
beginning on or after 1 January 2023; and
\u2022 international tax reform: Pillar Two model reforms \u2013 amendments to IAS 12 effective for periods beginning on or after 1 January
2023.
The IASB and IFRIC have issued the following standards, amendments and interpretations with an effective date after the year end
of these financial statements which management believe could impact the Group in future periods. The Group has assessed the
impact of these standards, amendments and interpretations and it is not expected that these will have a material effect on the
reported income or net assets of the Group unless otherwise stated. The Group plans to adopt the following standards,
interpretations and amendments on the date they become mandatory:
\u2022 disclosures: Supplier Finance Arrangements \u2013 amendments to IAS 7 and IFRS 7 effective for periods beginning on or after 1
January 2024;
\u2022 lease liability in a sale and leaseback \u2013 amendments to IFRS 16 effective for periods beginning on or after 1 January 2024; and
\u2022 on 31 October 2022, the IASB issued the amendments to IAS 1 \u2013 classification of liabilities as current or non-current (the
\u2018Amendments\u2019), effective for periods beginning on or after 1 January 2024. The Amendments will require the \u20ac825 million
convertible bond that matures in 2028, which as at 31 December 2023, had a carrying value of \u20ac735 million, to be reclassified from
a non-current liability to a current liability with the comparative presentation as at 31 December 2022 also reclassified. The
Amendments require that where the conversion feature of a convertible instrument does not meet the recognition criteria for
separate presentation within equity and where the associated bond holders have the irrevocable right to exercise the conversion
feature within 12 months of the balance sheet date, that such convertible instruments be presented as current. Other than this
reclassification, the Amendments will not have a material effect on the reported results or net assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-750": { "value": "Critical accounting estimates, assumptions and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances. Actual results in the future may differ from judgements and estimates upon which financial information has been prepared. These underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. Estimates The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: a Employee benefit obligations, employee leaving indemnities, other employee related restructuring At 31 December 2023 the Group recognised \u20ac1,380 million in respect of employee benefit assets (2022: \u20ac2,334 million) and \u20ac175 million in respect of employee benefit obligations (2022: \u20ac217 million). Further information on employee benefit obligations is disclosed in note 34. The cost of employee benefit obligations, employee leaving indemnities and other employee-related provisions is determined using the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these schemes, such assumptions are subject to significant uncertainty. The assumptions relating to these schemes are disclosed in note 34. The Group determines the assumptions to be adopted in discussion with qualified actuaries. Any difference between these assumptions and the actual outcome will impact future net assets and total comprehensive income. The sensitivity to changes in pension assumptions is disclosed in note 34. Under the Group\u2019s Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) defined benefit schemes, increases to pensions are based on the annual Government Pension Increase (Review) Orders, which since 2011 have been based on the Consumer Prices Index (CPI). Additionally, in APS there is provision for the Trustee to pay increases up to the level of the Retail Prices Index (RPI), subject to certain affordability tests. Historically market expectations for RPI could be derived by comparing the prices of UK Government fixed-interest and index-linked gilts, with CPI assessed by considering the Bank of England\u2019s inflation target and comparison of the construction of the two inflation indices. In November 2020, the UK Government and UK Statistics Authority (UKSA) confirmed alignment of RPI with CPIH (a variant of CPI) from February 2030. In assessing RPI and CPI inflation from investment market data, allowance has been made for alignment of RPI with CPIH from 2030 and, therefore, effectively no gap between RPI and CPI inflation from that date. CPI inflation before 2030 is assumed to be 1 per cent per annum below RPI inflation. b Revenue recognition At 31 December 2023 the Group recognised \u20ac8,023 million (2022: \u20ac7,644 million) in respect of deferred revenue of which \u20ac2,712 million (2022: \u20ac2,630 million) related to customer loyalty programmes. Further information on deferred revenue is included in note 24. Passenger revenue Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is also recognised in respect of estimated unused tickets breakage and is estimated based on the terms and conditions of the tickets and historical experience. The Group considers that there is no reasonably possible change to unused ticket assumptions that would have a material impact on passenger revenue recorded in the year. A 2 percentage point increase in the level of unused ticket breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2023 would result in an adjustment to Deferred revenue of \u20ac93 million, with an offsetting adjustment to increase revenue and operating profit recognised in the year. For details regarding the voucher liability at 31 December 2023 and the associated sensitivity, see note 24. Customer loyalty schemes Revenue associated with the issuance of Avios under customer loyalty programmes is based on the relative standalone selling prices of the related performance obligations (brand, marketing and Avios), determined using estimation techniques. The transaction price of brand and marketing services is determined using specific brand valuation methodologies. The transaction price of an Avios is determined as the price of the rewards against which they can be redeemed and is reduced to take account of the proportion of Avios that are not expected to be redeemed by customers. During 2022, 2021 and 2020, due to the significant restrictions imposed on the ability of customers to redeem Avios, as a result of the COVID-19 pandemic, coupled with the disruption in the patterns of redemption caused by the COVID-19 pandemic, the Group considered that the trends experienced since the start of the COVID-19 pandemic were not reflective of the long-term expected patterns of redemption and accordingly, the Group was unable to determine with a high degree of probability that there would not be a significant reversal of revenue in the future had it applied the redemption trends that were experienced over the period of the pandemic. Accordingly, for the years to 31 December 2022, 31 December 2021 and 31 December 2020, the Group estimated the level of redemption activity based on pre-COVID-19 pandemic customer behaviour. During 2023, the Group considers historical redemption activity, including customers\u2019 more recent behaviours following the COVID-19 pandemic, representative of long-term behavioural trends, such that the Group considers that the risk of a significant reversal of revenue to be sufficiently low. Accordingly, the Group has updated its estimated level of redemption activity to incorporate current customer behaviour. The Group estimates the number of Avios not expected to be redeemed using statistical modelling based on historical experience and expected future trends in customer behaviour. A 5 percentage point increase in the assumption of Avios not expected to be redeemed would result in an adjustment to Deferred revenue of \u20ac94 million, with an offsetting adjustment to increase revenue and operating profit recognised in the year. Unredeemed vouchers liability Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on historical experience, the level of such vouchers not expected to be used prior to expiry and recognised revenue accordingly. During 2020 and 2021, due to the significant level of flight cancellations arising from the COVID-19 pandemic, the Group issued a greater volume of vouchers than it would have otherwise done. In addition, given the uncertainty as to the timing of customers redeeming these vouchers, the Group was unable to estimate with a high degree of probability that there would not be a significant reversal of revenue in the future had it applied the historical expiry trends over the period of the pandemic. Accordingly, for the years to 31 December 2022, 31 December 2021 and 31 December 2020, the Group did not recognise revenue arising from those vouchers issued due to COVID-19 pandemic-related cancellations until either the voucher was redeemed or it expired. During 2023, the Group considers historical redemption activity, including customers\u2019 more recent behaviours following the COVID-19 pandemic, representative of the redemption trends expected through to expiry of the vouchers, such that the Group considers that the risk of a significant reversal of revenue to be sufficiently low. Accordingly, the Group has updated its estimated level of redemption activity to incorporate current customer behaviour. c Income taxes At 31 December 2023, the Group recognised \u20ac1,202 million in respect of deferred tax assets (2022: \u20ac1,282 million). Further information on current and deferred tax is disclosed in note 10. The Group is subject to income taxes in numerous jurisdictions. Estimates are required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain because it may be unclear how tax law applies to a particular transaction or circumstance. Where the Group determines that it is more likely than not that the tax authorities would accept the position taken in the tax return, amounts are recognised in the financial statements on that basis. Where the amount of tax payable or recoverable is uncertain, the Group recognises a liability based on either: the Group\u2019s judgement of the most likely outcome; or, when there is a wide range of possible outcomes, a probability-weighted average approach. The Group recognises deferred tax assets only to the extent that it is probable that the taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Management uses judgement, including the consideration of past and current operating performance and the future projections of performance laid out in the approved business plan in order to assess the probability of recoverability. In exercising this judgement, while there are no time restrictions on the utilisation of historic tax losses in the principal jurisdictions in which the Group operates, future cash flow projections are forecast for a period of up to ten years from the balance sheet date, which represents the period over which it is probable that future taxable profits will be available. At 31 December 2023, the Group had unrecognised deferred tax assets of \u20ac1,584 million relating to tax losses and other temporary differences the Group does not reasonably expect to utilise. In applying the aforementioned judgement, had the Group extended the period of future cash flow projections indefinitely, then the amount of unrecognised tax losses would have reduced by \u20ac575 million. Conversely, if the forecast profit before tax for each operating company was reduced by 2 percentage points over the forecast period, the amount of the unrecognised tax losses would increase by \u20ac12 million. d Impairment of non-financial assets At 31 December 2023 the Group recognised \u20ac2,428 million (2022: \u20ac2,423 million) in respect of intangible assets with an indefinite life, including goodwill. Further information on these assets is included in note 17. Goodwill and intangible assets with indefinite economic lives are tested, as part of the cash-generating units to which they relate, for impairment annually and at other times when such indicators exist. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations, which use a weighted average multi-scenario discounted cash flow model, which are then compared to the carrying amount of the associated cash-generating unit. In determining the carrying value of each cash generating unit (CGU), the Group allocates all associated operating tangible and intangible assets, including ROU assets. In addition, the Group has allocated certain liabilities to the carrying value of each CGU where those liabilities are critical to the underlying operations of the cash-generating unit and in the event of a disposal of the cash- generating unit would be required to be transferred to the purchaser. Such liabilities include lease liabilities. The Group has applied judgement in the weighting of each scenario in the discounted cash flow model and these calculations require the use of estimates in the determination of key assumptions and sensitivities as disclosed in notes 4 and 17. The Group assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. When such indicators are identified, then non-financial assets are tested for impairment. e Engineering and other aircraft costs At 31 December 2023 the Group recognised \u20ac2,529 million in respect of maintenance, restoration and handback provisions, principally in respect of leased aircraft (2022: \u20ac2,400 million). Information on movements on the provision is disclosed in note 27. IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of the underlying asset and accordingly, the Group has applied judgement in applying an accounting policy with regard to the recognition and subsequent measurement of such provisions for leased aircraft. The Group\u2019s accounting policy for provisions that arise through usage or through the passage of time, is to recognise the associated estimated costs in the Income statement as the underlying asset is used or through the passage of time. The approach applied by the Group is consistent with the majority of major airlines that prepare their financial statements under IFRS. Were the Group to apply an alternative accounting policy, the financial impact would be materially different at the reporting date. An alternative accounting policy that the Group could have applied was the components approach, where the Group would capitalise the estimated costs of major maintenance events and depreciating them until the subsequent maintenance event (or to the end of lease term) and providing over the lease term for any expected cash compensation for maintenance obligations at the end of the lease. The Group considers that the current accounting policy for maintenance, restoration and handback activities reflects the obligations under its lease arrangements. The Group has a number of contracts with service providers to replace or repair engine parts and for other maintenance checks. These agreements are complex and generally cover a number of years. Provisions for maintenance, restoration and handback are made based on the best estimate of the likely committed cash outflow. In determining this best estimate, the Group applies significant judgement as to the level of forecast costs expected to be incurred when the major maintenance event occurs. Other assumptions not considered to be significant include aircraft utilisation, expected maintenance intervals and the aircraft\u2019s condition. The associated forecast costs are discounted to their present value. While the Group considers that there are no reasonably possible change to any of the individual assumptions that would have a material impact on the provisions, a combination of changes in several assumptions may. The Group considers that a reasonably possible change in the inflation rate and discount rate assumptions of a 100 basis points increase would give rise to an increase of \u20ac53 million (2022: \u20ac51 million) and a decrease of \u20ac59 million (2022: \u20ac68 million), respectively, when applied in isolation to one another. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "value": "
3 Significant changes and transactions in the current reporting period
The financial performance and position of the Group was affected by the following significant events and transactions in the year to
31 December 2023 as detailed below:
\u2022 on 23 February 2023, the Group entered into an agreement to acquire the remaining 80 per cent of the share capital of Air Europa
Holdings that it had not previously owned. On successful completion of the transaction, 54,064,575 ordinary shares of the
Company (which represented \u20ac100 million at the date of the agreement) will be transferred to and \u20ac100 million in cash will be paid
to Globalia, with a further \u20ac100 million paid on both the first and second anniversary of completion.
In addition, the Group has agreed to pay a break-fee to Globalia of \u20ac50 million should: (i) the relevant approvals, detailed below,
not be forthcoming within 24 months of entering into the agreement; or (ii) the Group terminates the agreement at any time prior
to completion. Under the agreement, this 24-month period can be extended, by mutual consent. The acquisition is conditional on
Globalia receiving approval from the syndicated banks that provide the loan agreements that are partially guaranteed by the
Instituto de Cr\u00e9dito Oficial (ICO) and Sociedad Estatal de Participaciones Industriales (SEPI) in Spain. The acquisition is also subject
to approval by relevant competition authorities. Until the completion of these approvals, the acquisition does not meet the
recognition criteria under IFRS 3 Business combinations, and no accounting has been made for the transaction in these
consolidated financial statements;
\u2022 on 4 March 2023, Aer Lingus repaid in full the \u20ac50 million of the financial arrangement with the Ireland Strategic Investment Fund
(ISIF). At 31 December 2023, \u20ac350 million of undrawn facilities remain available for draw down;
\u2022 in May 2023, the Group announced its intention to carry out a share purchase programme in order to acquire approximately 50
per cent of the aforementioned ordinary shares required as part of the acquisition of Air Europa Holdings. The programme
completed during the year to 31 December 2023, with the Group having purchased 27 million treasury shares amounting to \u20ac49
million;
\u2022 on 30 June 2023, the Group converted 10 Airbus A320neo options into firm orders. The aircraft will be delivered in 2028 and will
be used by any of the Group's airlines to replace A320ceo family aircraft;
\u2022 on 4 July 2023, the Group redeemed upon maturity the senior unsecured \u20ac500 million fixed rate bond;
\u2022 on 27 July 2023, the Group announced that it had converted six Boeing 787-10 options held by British Airways into firm orders and
at the same time is adding a further six 787-10 options to its long-haul order book. The Group also converted one Airbus
A350-900 option held by Iberia into a firm order. These aircraft will be delivered in 2025 and 2026 and will be used by British
Airways and Iberia to restore capacity in the airlines\u2019 long-haul fleets;
\u2022 on 23 August 2023, the Group extended the terms of $1.655 billion of the $1.755 billion Revolving Credit Facility available to British
Airways, Iberia and Aer Lingus by an additional 12 months through to March 2026 with the remaining $100 million available
through to March 2025. At 31 December 2023, the Revolving Credit Facility remains undrawn;
\u2022 on 28 September 2023, British Airways repaid its syndicated loan of \u00a32.0 billion (\u20ac2.3 billion), which was partially guaranteed by
the UK Export Finance (UKEF). At the same time, British Airways entered into a new five-year Export Development Guarantee
Facility of \u00a31.0 billion (\u20ac1.2 billion), with commitments from a syndicate of banks, partially guaranteed by the UKEF, and available
through to September 2028. The new facility is in addition to the \u00a31.0 billion Export Development Guarantee Facility, which was
entered into in 2021 and which is available through to November 2026. Both facilities were undrawn at 31 December 2023;
\u2022 on 31 October 2023 Iberia repaid the remaining outstanding \u20ac644 million of the \u20ac750 million floating rate syndicated financing
agreement, partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) in Spain;
\u2022 on 15 November 2023, Iberia early repaid other loans and borrowings of \u20ac42 million; and
\u2022 on 30 November 2023, Vueling repaid the remaining outstanding \u20ac223 million of the \u20ac260 million floating rate syndicated
financing agreement, partially guaranteed by ICO.
", "dimensions": { "concept": "iag:DisclosureOfSignificantChangesAndTransactionsInTheCurrentReportingPeriod", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "value": "
4 Impact of climate change on financial reporting
Significant transactions and critical accounting estimates, assumptions and judgements in the determination of the impact of
climate change
As a result of climate change the Group has designed and approved its Flightpath Net Zero climate strategy, which commits the
Group to net zero emissions by 2050. While approved business plans currently have a duration of three years, the Flightpath Net
Zero climate strategy impacts both the short-, medium- and long-term operations of the Group.
The details regarding the inputs and assumptions used in the determination of the Flightpath Net Zero climate strategy include, but
are not limited to, the following that are within the control of the Group:
\u2022 the additional cost of the Group\u2019s commitment to increasing the level of Sustainable Aviation Fuels (SAF) to 10 per cent by 2030
and to 70 per cent by 2050;
\u2022 the cost of incurring an increase in the level of carbon offsetting and carbon capture schemes; and
\u2022 the impact of introducing more fuel-efficient aircraft and being able to operate these more efficiently.
In addition to these inputs and measures within the control of management, Flightpath Net Zero includes assumptions pertaining to
consumers, governments and regulators regarding the following:
\u2022 the impact on passenger demand for air travel as a result of both passenger trends regarding climate change and government
policies;
\u2022 investment and policy regarding the development of SAF production facilities;
\u2022 investment and improvements in air traffic management; and
\u2022 the price of carbon through the EU, Swiss and UK Emissions Trading Schemes (ETS) and the UN Carbon Offsetting and Reduction
Scheme for International Aviation (CORSIA).
The level of uncertainty regarding the impact of these factors increases over time. Accordingly, the Group has applied critical
estimation and judgement in the evaluation of the impact of climate change regarding the recognition and measurement of assets
and liabilities within the financial statements.
Critical accounting estimates, assumptions and judgements \u2013 cash flow forecast estimation
With the Flightpath Net Zero climate strategy assessing the impact over a long-term horizon to 2050, the level of estimation
uncertainty in the determination of cash flow forecasts increases over time. For those assets and liabilities, where their recoverability
is dependent on long-term cash flows, the following critical accounting estimates, assumptions and judgements, to the extent they
can be reliably measured, have been applied:
a Long-term fleet plans and useful economic lives
The Group\u2019s Flightpath Net Zero climate strategy has been developed in conjunction with the long-term fleet plans of each
operating company. This includes the annual assessment of useful lives and the residual values of each aircraft type.
As a result of the impact of the COVID-19 pandemic, the Group retired 72 aircraft, their associated engines and rotable inventories.
These retired aircraft were older generation aircraft, that were less fuel-efficient, more carbon-intensive and more expensive to
operate than more modern models.
Subsequent to the retirement of these aircraft, coupled with the future committed delivery of 178 fuel-efficient aircraft as detailed in
note 15, the Group considers the existing fleet assets align with the long-term fleet plans to achieve its Flightpath Net Zero climate
strategy. All aircraft in the fleet, and those due to be delivered in the future, have the capability to utilise SAF in their operations
without impediment. Accordingly, no impairment has arisen in the current or prior year, nor have the useful lives and residual values
of aircraft been amended, as a result of the Group\u2019s decarbonisation plans.
b Impairment testing of the Group\u2019s cash generating units
The Group applies discounted cash flow models, for each cash generating unit, derived from the cash flow forecasts from the
approved three-year business plans. The Group\u2019s Flightpath Net Zero climate strategy is long term in nature and includes
commitments that will occur at differing points over this time horizon. To the extent that certain of those commitments occur over
the short term, then they have been incorporated into the three-year business plans.
The Group adjusts the final year (being the third year) of these probability-weighted cash flows to incorporate the impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy that are expected to occur over the medium term, being to
2030. These adjustments are limited to those that: (i) the Group can reliably estimate at the reporting date, with those costs
subsequent to 2030 having such a high degree of uncertainty that they cannot be reliably estimated; (ii) only relate to the Group\u2019s
existing asset base in its current condition; and (iii) incorporate legislation and regulation that is expected to be required to achieve
the Group\u2019s Flightpath Net Zero climate strategy, and which is sufficiently progressed at the reporting date.
As a result, the Group\u2019s impairment modelling incorporates the following aspects of the Group\u2019s Flightpath Net Zero climate strategy
through to 2030, after which time the level of uncertainty regarding timing and costing becomes insufficiently reliable to estimate:
(i) an increase in the level of SAF consumption to 10 per cent of the overall fuel mix; (ii) forecast cost of carbon, including SAF, ETS
allowances and CORSIA allowances (all derived from externally sourced or derived information); (iii) the removal of existing free ETS
allowances issued by the EU member states, Switzerland and the UK; (iv) forecast kerosene taxes applied to jet fuel for all intra EU
flight activity; and (v) assumptions regarding the ability of the Group to recover these incremental costs through increased ticket
pricing.
In preparing the impairment models, the Group cash flow projections are prepared on the basis of using the current fleet in its
current condition. The Group excludes the estimated cash flows expected to arise from future restructuring unless already
committed and assets not currently in use by the Group. In addition, for the avoidance of doubt, the Group\u2019s impairment modelling
excludes the following aspects of the Group\u2019s Flightpath Net Zero climate strategy: (i) the expected transition to electric and
hydrogen aircraft, as well as future technological developments to jet engines and airframes; (ii) any savings from the transition to
more fuel-efficient aircraft other than those either in the Group\u2019s fleet or those committed orders due to be delivered over the
business plan period; (iii) the benefit of the development of carbon capture technologies and enhanced carbon offsetting
mechanisms; (iv) the required beneficial reforms to air traffic management regulation and legislation; and (v) the required
government incentives and/or support across the supply chain.
As detailed in note 17, the Group applies a long-term growth rate to these adjusted probability weighted cash flows, per CGU, and
each of the long-term growth rates include a specific adjustment to reduce the rate to reflect the Group\u2019s assumptions regarding the
reduced demand and elasticity impact arising from climate change. These impacts are derived with reference to external market
data, industry publications and internal analysis.
Given the inherent uncertainty associated with the impact of climate change, the Group has applied additional sensitivities in note 17
to reflect a more adverse impact of climate change than currently expected. This has been captured through both the downward
sensitivities of the long-term growth rates, ASKs and operating margins and the increased fuel price sensitivity.
c Valuation of employee benefit scheme assets
The Group\u2019s employee benefit schemes are principally represented by the British Airways APS and NAPS schemes in the UK. The
schemes are structured to make post-employment payments to members over the long term, with the Trustee having established
both return-seeking assets and liability-matching assets that mature over the long term to align with the forecast benefit payments.
The assets of these schemes are invested predominantly in a diversified range of equities, bonds and property. The valuation of
these assets ranges from those with quoted prices in active markets, where prices are readily and regularly available, through to
those where the valuations are not based on observable market data, often requiring complex valuation models. The trustees of the
schemes have integrated climate change considerations into their long-term decision-making and reporting processes across all
classes of assets, actively engaging with all fund and portfolio managers to ensure that where unobservable inputs are required into
valuation models, that such valuation models incorporate long-term expectations regarding the impact of climate change.
d Recoverability of deferred tax assets
In determining the recoverable amounts of the Group\u2019s deferred tax assets, the Group applies the future cash flow projections for a
period of up to ten years derived from the approved three-year business plans. The Group applies a medium-term growth rate
subsequent to the three-year business plans, specific to each operating company. In considering the impact of the Group\u2019s
Flightpath Net Zero climate strategy, management adjusts this medium-term growth rate, where applicable, to incorporate the
assumed impacts on both revenue and costs to the Group.
e The price of carbon through the EU, Swiss and UK Emissions Trading Schemes
The EU, Swiss and the UK\u2019s ETS were established to reduce greenhouse gas emissions cost effectively. Under these schemes,
companies, including the Group\u2019s companies, are required to buy emission allowances, or are issued them under existing quotas. The
Group is required to surrender these allowances to the relevant authorities annually dependent on the level of CO
2
equivalent
emitted within a 12-month period. Over time, the level of available emission allowances decreases in order to reduce total emissions,
which has the effect of increasing the price of such allowances. The Group expects that the future price of such allowances will
continue to increase and that the free allocation of emission allowances will cease. Given the relative illiquid nature of the emission
allowance market there is uncertainty as to the future pricing of such allowances.
As detailed in note 2, the Group accounts for the purchase of allowances as an addition to Intangible assets, which are measured at
amortised cost. In addition, as the Group emits CO
2
equivalent as part of its flight operations, a provision is recorded to settle the
obligation. As the provision is recognised, a corresponding amount is recorded in the Income statement within Fuel, oil costs and
emission charges. For emissions for which the Group has already purchased allowances, the provision is valued at the weighted cost
of those allowances. Where the level of emissions exceeds the amounts of allowances held, this deficit is measured at the market
price of such allowances at the reporting date.
For the year to, and as at, 31 December 2023, the Group has recorded the following within the financial statements:
\u2022 additions to the ETS allowance provision and accordingly an expense within Fuel, oil costs and emission charges, of \u20ac238 million
(see note 27);
\u2022 purchases of ETS allowances recorded as additions to intangible assets of \u20ac264 million (see note 17);
\u2022 total ETS allowances at the reporting date recorded within intangible assets of \u20ac577 million (see note 17); and
\u2022 commitments for forward purchase agreements for ETS allowances of \u20ac216 million (see note 15).
At 31 December 2023, the Group has acquired and committed to acquire at fixed prices, the following percentages of its total
emissions allowances forecast to be purchased over the business plan period to 31 December 2026:
Percentage of forecast emission allowances required
Within 12 months 100 %
1-2 years 62 %
2-3 years 24 %
", "dimensions": { "concept": "iag:DisclosureOfImpactOfClimateChangeOnFinancialReporting", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "value": "
5 Segment information
a Business segments
The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments,
and has been identified as the IAG Management Committee (IAG MC).
The Group has a number of entities which are managed as individual operating companies including airline, loyalty and platform
functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance
based on measures including operating profit, and makes resource allocation decisions for the operating companies based on
profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource
allocation decisions is to optimise consolidated financial results.
The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource
allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting
purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to
be reportable and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed.
There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance
services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to the IAG
Loyalty segment and the provision of loyalty services from IAG Loyalty to the airline operating segments.
The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered to be
reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation
decisions are made based on the passenger business or are not reviewed regularly by the IAG MC and are included within Other
Group companies.
For the year to 31 December 2023
2023
British Aer IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Lingus Loyalty companies Total
Revenue
Passenger revenue
14,204
5,215
3,180
2,194
679
338
25,810
Cargo revenue
862
233
\u2013
55
\u2013
6
1,156
Other revenue
962
986
17
10
512
\u2013
2,487
External revenue
16,028
6,434
3,197
2,259
1,191
344
29,453
Inter-segment revenue
431
524
1
15
294
392
1,657
Segment revenue
16,459
6,958
3,198
2,274
1,485
736
31,110
Depreciation and amortisation charge
(1,168)
(409)
(259)
(150)
(11)
(66)
(2,063)
Operating profit/(loss)
1,650
940
396
225
321
(25)
3,507
Net non-operating costs (451)
Profit before tax 3,056
Total assets
22,255
9,454
3,049
1,999
3,786
(2,863)
37,680
Total liabilities
(19,295)
(8,390)
(3,461)
(1,856)
(3,115)
1,715
(34,402)
1
1 Includes eliminations on total assets of \u20ac16,268 million and total liabilities of \u20ac5,417 million.
For the year to 31 December 2022
2022
British IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Aer Lingus
Loyalty companies Total
Revenue
Passenger revenue
10,523
4,002
2,584
1,665
451
233
19,458
Cargo revenue
1,239
284
\u2013
80
\u2013
12
1,615
Other revenue
848
799
14
10
322
\u2013
1,993
External revenue
12,610
5,085
2,598
1,755
773
245
23,066
Inter-segment revenue
311
426
\u2013
14
228
378
1,357
Segment revenue
12,921
5,511
2,598
1,769
1,001
623
24,423
Depreciation and amortisation charge
(1,272)
(371)
(222)
(146)
(8)
(59)
(2,078)
Impairment reversal
\u2013
\u2013
8
\u2013
\u2013
\u2013
8
Operating profit/(loss)
366
389
195
57
282
(11)
1,278
Exceptional items
23
\u2013
8
\u2013
\u2013
\u2013
31
Operating profit/(loss) before exceptional items
343
389
187
57
282
(11)
1,247
Net non-operating costs (863)
Profit before tax 415
Total assets
23,788
9,200
3,177
1,946
3,303
(2,111)
39,303
Total liabilities
(20,975)
(9,005)
(3,774)
(1,942)
(2,914)
1,329
(37,281)
2
1
3
1
1 Segment information for 2022 has been restated for the reclassification to conform with the current year presentation for the Net gain on sale of
property, plant and equipment. Further information is given in note 2.
2 Includes eliminations on total assets of \u20ac16,159 million and total liabilities of \u20ac5,755 million.
3 For details on exceptional items refer to the Alternative performance measures section.
b Other revenue
Year to 31 December
\u20ac million
2023
2022
Holiday and hotel services
938
 805
Maintenance and overhaul services
683
 528
Brand and marketing
347
 267
Ground handling services
195
 193
Other
324
 200
2,487 1,993
1
1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Income statement caption \u2018Other revenue\u2019
and has accordingly provided figures for the comparative year to 31 December 2022.
c Geographical analysis
Revenue by area of original sale
Year to 31 December
\u20ac million
2023
2022
UK
10,177
 7,923
Spain
5,234
 4,313
USA
5,069
 3,735
Rest of world
8,973
 7,095
29,453 23,066
Assets by area
31 December 2023
Property,
plant and Intangible
\u20ac million equipment assets
UK
12,764
1,685
Spain
5,644
1,569
USA
100
18
Rest of world
1,268
637
19,776
3,909
31 December 2022
Property,
plant and Intangible
\u20ac million equipment assets
UK
12,026
1,490
Spain
5,082
1,462
USA
47
9
Rest of world
1,191
595
18,346
3,556
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-707": { "value": "5 Segment information a Business segments The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments, and has been identified as the IAG Management Committee (IAG MC). The Group has a number of entities which are managed as individual operating companies including airline, loyalty and platform functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance based on measures including operating profit, and makes resource allocation decisions for the operating companies based on profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource allocation decisions is to optimise consolidated financial results. The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to be reportable and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed. There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to the IAG Loyalty segment and the provision of loyalty services from IAG Loyalty to the airline operating segments. The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered to be reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation decisions are made based on the passenger business or are not reviewed regularly by the IAG MC and are included within Other Group companies. For the year to 31 December 2023
2023
British Aer IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Lingus Loyalty companies Total
Revenue
Passenger revenue
14,204
5,215
3,180
2,194
679
338
25,810
Cargo revenue
862
233
\u2013
55
\u2013
6
1,156
Other revenue
962
986
17
10
512
\u2013
2,487
External revenue
16,028
6,434
3,197
2,259
1,191
344
29,453
Inter-segment revenue
431
524
1
15
294
392
1,657
Segment revenue
16,459
6,958
3,198
2,274
1,485
736
31,110
Depreciation and amortisation charge
(1,168)
(409)
(259)
(150)
(11)
(66)
(2,063)
Operating profit/(loss)
1,650
940
396
225
321
(25)
3,507
Net non-operating costs (451)
Profit before tax 3,056
Total assets
22,255
9,454
3,049
1,999
3,786
(2,863)
37,680
Total liabilities
(19,295)
(8,390)
(3,461)
(1,856)
(3,115)
1,715
(34,402)
1 1 Includes eliminations on total assets of \u20ac16,268 million and total liabilities of \u20ac5,417 million. For the year to 31 December 2022
2022
British IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Aer Lingus
Loyalty companies Total
Revenue
Passenger revenue
10,523
4,002
2,584
1,665
451
233
19,458
Cargo revenue
1,239
284
\u2013
80
\u2013
12
1,615
Other revenue
848
799
14
10
322
\u2013
1,993
External revenue
12,610
5,085
2,598
1,755
773
245
23,066
Inter-segment revenue
311
426
\u2013
14
228
378
1,357
Segment revenue
12,921
5,511
2,598
1,769
1,001
623
24,423
Depreciation and amortisation charge
(1,272)
(371)
(222)
(146)
(8)
(59)
(2,078)
Impairment reversal
\u2013
\u2013
8
\u2013
\u2013
\u2013
8
Operating profit/(loss)
366
389
195
57
282
(11)
1,278
Exceptional items
23
\u2013
8
\u2013
\u2013
\u2013
31
Operating profit/(loss) before exceptional items
343
389
187
57
282
(11)
1,247
Net non-operating costs (863)
Profit before tax 415
Total assets
23,788
9,200
3,177
1,946
3,303
(2,111)
39,303
Total liabilities
(20,975)
(9,005)
(3,774)
(1,942)
(2,914)
1,329
(37,281)
2 1 3 1 1 Segment information for 2022 has been restated for the reclassification to conform with the current year presentation for the Net gain on sale of property, plant and equipment. Further information is given in note 2. 2 Includes eliminations on total assets of \u20ac16,159 million and total liabilities of \u20ac5,755 million. 3 For details on exceptional items refer to the Alternative performance measures section. b Other revenue
Year to 31 December
\u20ac million
2023
2022
Holiday and hotel services
938
 805
Maintenance and overhaul services
683
 528
Brand and marketing
347
 267
Ground handling services
195
 193
Other
324
 200
2,487 1,993
1 1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Income statement caption \u2018Other revenue\u2019 and has accordingly provided figures for the comparative year to 31 December 2022. c Geographical analysis Revenue by area of original sale
Year to 31 December
\u20ac million
2023
2022
UK
10,177
 7,923
Spain
5,234
 4,313
USA
5,069
 3,735
Rest of world
8,973
 7,095
29,453 23,066
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-694": { "value": "5 Segment information a Business segments The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments, and has been identified as the IAG Management Committee (IAG MC). The Group has a number of entities which are managed as individual operating companies including airline, loyalty and platform functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance based on measures including operating profit, and makes resource allocation decisions for the operating companies based on profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource allocation decisions is to optimise consolidated financial results. The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to be reportable and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed. There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to the IAG Loyalty segment and the provision of loyalty services from IAG Loyalty to the airline operating segments. The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered to be reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation decisions are made based on the passenger business or are not reviewed regularly by the IAG MC and are included within Other Group companies. For the year to 31 December 2023
2023
British Aer IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Lingus Loyalty companies Total
Revenue
Passenger revenue
14,204
5,215
3,180
2,194
679
338
25,810
Cargo revenue
862
233
\u2013
55
\u2013
6
1,156
Other revenue
962
986
17
10
512
\u2013
2,487
External revenue
16,028
6,434
3,197
2,259
1,191
344
29,453
Inter-segment revenue
431
524
1
15
294
392
1,657
Segment revenue
16,459
6,958
3,198
2,274
1,485
736
31,110
Depreciation and amortisation charge
(1,168)
(409)
(259)
(150)
(11)
(66)
(2,063)
Operating profit/(loss)
1,650
940
396
225
321
(25)
3,507
Net non-operating costs (451)
Profit before tax 3,056
Total assets
22,255
9,454
3,049
1,999
3,786
(2,863)
37,680
Total liabilities
(19,295)
(8,390)
(3,461)
(1,856)
(3,115)
1,715
(34,402)
1 1 Includes eliminations on total assets of \u20ac16,268 million and total liabilities of \u20ac5,417 million. For the year to 31 December 2022
2022
British IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Aer Lingus
Loyalty companies Total
Revenue
Passenger revenue
10,523
4,002
2,584
1,665
451
233
19,458
Cargo revenue
1,239
284
\u2013
80
\u2013
12
1,615
Other revenue
848
799
14
10
322
\u2013
1,993
External revenue
12,610
5,085
2,598
1,755
773
245
23,066
Inter-segment revenue
311
426
\u2013
14
228
378
1,357
Segment revenue
12,921
5,511
2,598
1,769
1,001
623
24,423
Depreciation and amortisation charge
(1,272)
(371)
(222)
(146)
(8)
(59)
(2,078)
Impairment reversal
\u2013
\u2013
8
\u2013
\u2013
\u2013
8
Operating profit/(loss)
366
389
195
57
282
(11)
1,278
Exceptional items
23
\u2013
8
\u2013
\u2013
\u2013
31
Operating profit/(loss) before exceptional items
343
389
187
57
282
(11)
1,247
Net non-operating costs (863)
Profit before tax 415
Total assets
23,788
9,200
3,177
1,946
3,303
(2,111)
39,303
Total liabilities
(20,975)
(9,005)
(3,774)
(1,942)
(2,914)
1,329
(37,281)
2 1 3 1 1 Segment information for 2022 has been restated for the reclassification to conform with the current year presentation for the Net gain on sale of property, plant and equipment. Further information is given in note 2. 2 Includes eliminations on total assets of \u20ac16,159 million and total liabilities of \u20ac5,755 million. 3 For details on exceptional items refer to the Alternative performance measures section. b Other revenue
Year to 31 December
\u20ac million
2023
2022
Holiday and hotel services
938
 805
Maintenance and overhaul services
683
 528
Brand and marketing
347
 267
Ground handling services
195
 193
Other
324
 200
2,487 1,993
1 1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Income statement caption \u2018Other revenue\u2019 and has accordingly provided figures for the comparative year to 31 December 2022. c Geographical analysis Revenue by area of original sale
Year to 31 December
\u20ac million
2023
2022
UK
10,177
 7,923
Spain
5,234
 4,313
USA
5,069
 3,735
Rest of world
8,973
 7,095
29,453 23,066
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-671": { "value": "5 Segment information a Business segments The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments, and has been identified as the IAG Management Committee (IAG MC). The Group has a number of entities which are managed as individual operating companies including airline, loyalty and platform functions. Each operating company operates its network operations as a single business unit and the IAG MC assesses performance based on measures including operating profit, and makes resource allocation decisions for the operating companies based on profitability, primarily by reference to the passenger markets in which the companies operate. The objective in making resource allocation decisions is to optimise consolidated financial results. The Group has determined its operating segments based on the way that it treats its businesses and the manner in which resource allocation decisions are made. British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty have been identified for financial reporting purposes as reportable operating segments. LEVEL is also an operating segment but does not exceed the quantitative thresholds to be reportable and management has concluded that there are currently no other reasons why LEVEL should be separately disclosed. There are varying levels of transactions between operating segments, which principally relate to the provision of maintenance services from the Iberia operating segment to the other operating segments, the provision of flight services by the airlines to the IAG Loyalty segment and the provision of loyalty services from IAG Loyalty to the airline operating segments. The platform functions of the business primarily support the airline and loyalty operations. These activities are not considered to be reportable operating segments as they either earn revenues incidental to the activities of the Group and resource allocation decisions are made based on the passenger business or are not reviewed regularly by the IAG MC and are included within Other Group companies. For the year to 31 December 2023
2023
British Aer IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Lingus Loyalty companies Total
Revenue
Passenger revenue
14,204
5,215
3,180
2,194
679
338
25,810
Cargo revenue
862
233
\u2013
55
\u2013
6
1,156
Other revenue
962
986
17
10
512
\u2013
2,487
External revenue
16,028
6,434
3,197
2,259
1,191
344
29,453
Inter-segment revenue
431
524
1
15
294
392
1,657
Segment revenue
16,459
6,958
3,198
2,274
1,485
736
31,110
Depreciation and amortisation charge
(1,168)
(409)
(259)
(150)
(11)
(66)
(2,063)
Operating profit/(loss)
1,650
940
396
225
321
(25)
3,507
Net non-operating costs (451)
Profit before tax 3,056
Total assets
22,255
9,454
3,049
1,999
3,786
(2,863)
37,680
Total liabilities
(19,295)
(8,390)
(3,461)
(1,856)
(3,115)
1,715
(34,402)
1 1 Includes eliminations on total assets of \u20ac16,268 million and total liabilities of \u20ac5,417 million. For the year to 31 December 2022
2022
British IAG Other Group
\u20ac million
Airways
Iberia
Vueling
Aer Lingus
Loyalty companies Total
Revenue
Passenger revenue
10,523
4,002
2,584
1,665
451
233
19,458
Cargo revenue
1,239
284
\u2013
80
\u2013
12
1,615
Other revenue
848
799
14
10
322
\u2013
1,993
External revenue
12,610
5,085
2,598
1,755
773
245
23,066
Inter-segment revenue
311
426
\u2013
14
228
378
1,357
Segment revenue
12,921
5,511
2,598
1,769
1,001
623
24,423
Depreciation and amortisation charge
(1,272)
(371)
(222)
(146)
(8)
(59)
(2,078)
Impairment reversal
\u2013
\u2013
8
\u2013
\u2013
\u2013
8
Operating profit/(loss)
366
389
195
57
282
(11)
1,278
Exceptional items
23
\u2013
8
\u2013
\u2013
\u2013
31
Operating profit/(loss) before exceptional items
343
389
187
57
282
(11)
1,247
Net non-operating costs (863)
Profit before tax 415
Total assets
23,788
9,200
3,177
1,946
3,303
(2,111)
39,303
Total liabilities
(20,975)
(9,005)
(3,774)
(1,942)
(2,914)
1,329
(37,281)
2 1 3 1 1 Segment information for 2022 has been restated for the reclassification to conform with the current year presentation for the Net gain on sale of property, plant and equipment. Further information is given in note 2. 2 Includes eliminations on total assets of \u20ac16,159 million and total liabilities of \u20ac5,755 million. 3 For details on exceptional items refer to the Alternative performance measures section. b Other revenue
Year to 31 December
\u20ac million
2023
2022
Holiday and hotel services
938
 805
Maintenance and overhaul services
683
 528
Brand and marketing
347
 267
Ground handling services
195
 193
Other
324
 200
2,487 1,993
1 1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Income statement caption \u2018Other revenue\u2019 and has accordingly provided figures for the comparative year to 31 December 2022. c Geographical analysis Revenue by area of original sale
Year to 31 December
\u20ac million
2023
2022
UK
10,177
 7,923
Spain
5,234
 4,313
USA
5,069
 3,735
Rest of world
8,973
 7,095
29,453 23,066
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "value": "6 Operating expenses a Expenses by nature \u2013 Operating result is arrived at after charging Depreciation, amortisation and impairment of non-current assets:
\u20ac million
2023
2022
Depreciation charge on right of use assets
1,077
1,092
Depreciation charge on owned assets
768
748
Gain arising on de-designation of foreign exchange hedges recorded in Depreciation
\u2013
(29)
Amortisation and impairment of intangible assets
193
218
Impairment reversal on right of use assets
\u2013
(8)
Depreciation charge on other leasehold assets
25
49
2,063
2,070
1 1 Included in the depreciation charge for 2022, not included within note 13 is a credit of \u20ac29 million relating to the de-designation of hedge accounting that had been applied to mitigate the foreign currency exposure on aircraft purchases.
Cost of inventories:
\u20ac million
2023
2022
Cost of inventories recognised as an expense 1,165 749
1,165
749
b Property, IT and other costs
\u20ac million
2023
2022
IT costs
365
340
Property costs
296
293
Insurance costs, professional fees and other costs
397
317
1,058
950
1
1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Income statement caption \u2018Property, IT and
other costs\u2019 and has accordingly provided figures for the comparative year to 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-695": { "value": "
a Expenses by nature \u2013 Operating result is arrived at after charging
Depreciation, amortisation and impairment of non-current assets:
\u20ac million
2023
2022
Depreciation charge on right of use assets
1,077
1,092
Depreciation charge on owned assets
768
748
Gain arising on de-designation of foreign exchange hedges recorded in Depreciation
\u2013
(29)
Amortisation and impairment of intangible assets
193
218
Impairment reversal on right of use assets
\u2013
(8)
Depreciation charge on other leasehold assets
25
49
2,063
2,070
1
1 Included in the depreciation charge for 2022, not included within note 13 is a credit of \u20ac29 million relating to the de-designation of hedge accounting
that had been applied to mitigate the foreign currency exposure on aircraft purchases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-672": { "value": "a Expenses by nature \u2013 Operating result is arrived at after charging Depreciation, amortisation and impairment of non-current assets:
\u20ac million
2023
2022
Depreciation charge on right of use assets
1,077
1,092
Depreciation charge on owned assets
768
748
Gain arising on de-designation of foreign exchange hedges recorded in Depreciation
\u2013
(29)
Amortisation and impairment of intangible assets
193
218
Impairment reversal on right of use assets
\u2013
(8)
Depreciation charge on other leasehold assets
25
49
2,063
2,070
1 1 Included in the depreciation charge for 2022, not included within note 13 is a credit of \u20ac29 million relating to the de-designation of hedge accounting that had been applied to mitigate the foreign currency exposure on aircraft purchases.
Cost of inventories:
\u20ac million
2023
2022
Cost of inventories recognised as an expense 1,165 749
1,165
749
b Property, IT and other costs
\u20ac million
2023
2022
IT costs
365
340
Property costs
296
293
Insurance costs, professional fees and other costs
397
317
1,058
950
1 1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Income statement caption \u2018Property, IT and other costs\u2019 and has accordingly provided figures for the comparative year to 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "value": "
7 Auditor\u2019s remuneration
The fees for the years to 31 December 2023 and 31 December 2022, for audit and non-audit services provided by the auditor of the
Group\u2019s consolidated financial statements and of certain individual financial statements of the consolidated companies, KPMG
Auditores S.L., and by companies belonging to KPMG\u2019s network, were as follows:
\u20ac\u2019000
2023
2022
Fees payable for the audit of the Group and individual accounts
6,929
6,378
Fees payable for other services:
Audit of the Group\u2019s subsidiaries pursuant to legislation
1,284
985
Other services pursuant to legislation
218
195
Other audit and assurance services
1,589
1,644
Services relating to working capital review
\u2013
1,022
10,020
10,224
Fees payable to the Group\u2019s auditor for the audit of the Group\u2019s pension scheme during the year total \u20ac251 thousand (2022: \u20ac236
thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "value": "
8 Employee costs and numbers
\u20ac million
2023
2022
Wages and salaries
3,711
3,207
Social security costs
604
519
Costs related to pension scheme benefits
297
272
Share-based payment charge
52
39
Other employee costs
759
610
Total employee costs
5,423
4,647
1
1 Other employee costs include allowances and accommodation for crew.
The number of employees during the year and at 31 December was as follows:
2023
2022
31 December 2023
31 December 2022
Average Average
number of Number of Percentage number of Number of Percentage
employees employees of women employees employees of women
In the air:
Cabin crew
23,473
24,004
 70 %
19,801
22,278
70 %
Pilots
8,085
8,223
7
%
7,340
7,864
7
%
On the ground:
Airports
16,395
16,784
 37 %
13,798
15,087
38 %
Corporate
14,774
15,586
 48 %
11,741
13,819
49 %
Maintenance
6,813
6,972
8
%
6,908
6,775
8
%
Senior leaders
222
225
 36 %
212
221
34 %
69,762
71,794
 44 %
59,800
66,044
44 %
2
1
2
1 In 2022, the average number of employees excludes those employees who were on furlough, wage support and equivalent schemes, including the
Temporary Redundancy Plan arrangements in Spain; the total average number of employees including these schemes was 61,192.
2 The number of employees is based on actual headcount at 31 December.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "value": "9 Finance costs, income and other non-operating credits a Finance costs
\u20ac million
2023
2022
Interest expense on:
Bank borrowings
(237)
(191)
Asset financed liabilities
(170)
(107)
Lease liabilities
(508)
(464)
Bonds
(63)
(83)
Provisions unwinding of discount
(103)
(43)
Other borrowings
(42)
(102)
Capitalised interest on progress payments
28
11
Other finance costs
(18)
(38)
(1,113)
(1,017)
b Finance income
\u20ac million
2023
2022
Interest on other interest-bearing deposits, cash and cash equivalents
386
51
Other finance income
\u2013
1
386
52
c Net change in fair value of financial instruments
\u20ac million
2023
2022
Net change in the fair value of convertible bond (note 26b)
(11)
159
Net fair value losses on financial assets at fair value through profit or loss
\u2013
(35)
Net fair value losses on de-recognition of financial assets and recognition of other equity investment
\u2013
(43)
(11)
81
d Net financing credit relating to pensions
\u20ac million
2023
2022
Net financing credit relating to pensions
103
26
e Other non-operating credits
\u20ac million
2023
2022
Gain on sale of investments
10
\u2013
Credit/(charge) related to equity investments (note 19)
3
(3)
Share of profits in investments accounted for using the equity method (note 18)
6
5
Realised (losses)/gains on derivatives not qualifying for hedge accounting
(23)
190
Unrealised gains/(losses) on derivatives not qualifying for hedge accounting
13
(82)
Net change in the fair value associated with fair value hedges (note 30)
(1)
\u2013
8
110
1 1 The 2022 Other non-operating credits include a reclassification to conform with the current year presentation of the Income statement. See note 2 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-673": { "value": "
a Finance costs
\u20ac million
2023
2022
Interest expense on:
Bank borrowings
(237)
(191)
Asset financed liabilities
(170)
(107)
Lease liabilities
(508)
(464)
Bonds
(63)
(83)
Provisions unwinding of discount
(103)
(43)
Other borrowings
(42)
(102)
Capitalised interest on progress payments
28
11
Other finance costs
(18)
(38)
(1,113)
(1,017)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-736": { "value": "a Finance costs
\u20ac million
2023
2022
Interest expense on:
Bank borrowings
(237)
(191)
Asset financed liabilities
(170)
(107)
Lease liabilities
(508)
(464)
Bonds
(63)
(83)
Provisions unwinding of discount
(103)
(43)
Other borrowings
(42)
(102)
Capitalised interest on progress payments
28
11
Other finance costs
(18)
(38)
(1,113)
(1,017)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-708": { "value": "a Finance costs
\u20ac million
2023
2022
Interest expense on:
Bank borrowings
(237)
(191)
Asset financed liabilities
(170)
(107)
Lease liabilities
(508)
(464)
Bonds
(63)
(83)
Provisions unwinding of discount
(103)
(43)
Other borrowings
(42)
(102)
Capitalised interest on progress payments
28
11
Other finance costs
(18)
(38)
(1,113)
(1,017)
b Finance income
\u20ac million
2023
2022
Interest on other interest-bearing deposits, cash and cash equivalents
386
51
Other finance income
\u2013
1
386
52
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-696": { "value": "a Finance costs
\u20ac million
2023
2022
Interest expense on:
Bank borrowings
(237)
(191)
Asset financed liabilities
(170)
(107)
Lease liabilities
(508)
(464)
Bonds
(63)
(83)
Provisions unwinding of discount
(103)
(43)
Other borrowings
(42)
(102)
Capitalised interest on progress payments
28
11
Other finance costs
(18)
(38)
(1,113)
(1,017)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-674": { "value": "
b Finance income
\u20ac million
2023
2022
Interest on other interest-bearing deposits, cash and cash equivalents
386
51
Other finance income
\u2013
1
386
52
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-697": { "value": "b Finance income
\u20ac million
2023
2022
Interest on other interest-bearing deposits, cash and cash equivalents
386
51
Other finance income
\u2013
1
386
52
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "value": "
10 Tax
a Tax (charges)/credits
Tax (charges)/credits recognised in the Income statement, Other comprehensive income and directly in equity:
2023
2022
Other Recognised Other Recognised
Income comprehensive directly in Income comprehensive directly in
\u20ac million statement income
equity
Total
statement income
equity
Total
Current tax
Movement in respect of
prior years
(1)
\u2013
\u2013
(1)
(6)
\u2013
\u2013
(6)
Movement in respect of
current year
(206)
8
\u2013
(198)
(64)
3
\u2013
(61)
Total current tax
(207)
8
\u2013
(199)
(70)
3
\u2013
(67)
Deferred tax
Movement in respect of
prior years
(10)
(2)
12
\u2013
(36)
(2)
\u2013
(38)
Movement in respect of
current year
(171)
106
(17)
(82)
105
(60)
5
50
Rate change/rate
differences
(13)
3
\u2013
(10)
17
(10)
\u2013
7
Total deferred tax
(194)
107
(5)
(92)
86
(72)
5
19
Total tax
(401)
115
(5)
(291)
16
(69)
5
(48)
The current tax credit in Other comprehensive income relates to movements relating to employee benefit plans of \u20ac8 million (2022:
\u20ac1 million) and to the fair value movements on the IAG \u20ac825 million convertible bond maturing in 2028 of \u20acnil (2022: \u20ac2 million).
Tax recognised directly in equity of a \u20ac5 million charge (2022: \u20ac5 million credit) relates to cash flow hedges.
Within tax in Other comprehensive income is a tax credit of \u20ac114 million (2022: tax credit of \u20ac8 million) that may be reclassified to
the Income statement and a tax credit of \u20ac1 million (2022: tax charge of \u20ac77 million) that will not.
b Current tax asset
\u20ac million
2023
2022
Balance at 1 January
64
(5)
Income statement
(207)
(70)
Other comprehensive income
8
3
Cash
291
 134
Exchange movements and other
1
 2
Balance at 31 December
157
64
Current tax asset
159
72
Current tax liability
(2)
(8)
Balance at 31 December
157
64
c Deferred tax (liability)/asset
Tax loss
Employee Share- carried
Right of leaving Employee Fair value based forward Other
Fixed use Lease indemnities benefit gains/ payment and tax temporary
\u20ac million assets assets liabilities and others plans
losses
1
schemes credits
differences
Total
Balance at 1 January 2023
(680)
(44)
9
197
54
(3)
17
1,636
96
1,282
Income statement
(325)
68
(2)
11
(1)
\u2013
9
78
(32)
(194)
Other comprehensive income
\u2013
\u2013
\u2013
6
(8)
114
\u2013
(3)
(2)
107
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(5)
Exchange movements and
other
(8)
\u2013
\u2013
\u2013
\u2013
15
\u2013
10
(9)
8
Balance at 31 December 2023
(1,013)
24
7
214
45
121
26
1,721
53
1,198
Balance at 1 January 2022
(477)
(220)
19
196
62
57
11
1,573
61
1,282
Income statement
(194)
169
(9)
19
1
\u2013
6
87
7
86
Other comprehensive income
\u2013
\u2013
\u2013
(17)
(12)
(46)
\u2013
3
\u2013
(72)
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
Exchange movements and
other
(9)
7
(1)
(1)
3
(19)
\u2013
(27)
28
(19)
Balance at 31 December 2022
(680)
(44)
9
197
54
(3)
17
1,636
96
1,282
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other comprehensive income recognised in the Cash flow hedge reserve for 2023 was \u20ac104 million (2022: \u20ac68 million, see note 30d).
\u20ac million
2023
2022
Deferred tax asset 1,202 1,282
Deferred tax liability (4) \u2013
Balance at 31 December 1,198 1,282
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition of the deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods, and projections of operating performance laid out in the management approved business plans. d Reconciliation of the total tax charge in the Income statement The tax (charge)/credit is calculated at the domestic rates applicable to pro\ufb01ts/(losses) in the country in which the profits/(losses) arise. The differences between the expected tax charge (2022: charge) and the actual tax charge (2022: credit) on the profit for the year to 31 December 2023 (2022: profit) are explained below:
\u20ac million
2023
2022
Accounting profit before tax
3,056
 415
Weighted average tax charge of the Group
(718)
(102)
Unrecognised losses and deductible temporary differences arising in the year
11
(2)
Fair value movement on convertible bond
30
\u2013
Effect of tax rate changes
(13)
17
Prior year tax assets recognised
289
153
Effect of lower tax rate in the Canary Islands
3
5
Movement in respect of prior years
(11)
(42)
Employee benefit plans accounted for net of withholding tax
22
3
Non-deductible expenses
(21)
(22)
Other items
7
6
Tax (charge)/credit in the Income statement
(401)
16
1 1 The expected tax charge is calculated by aggregating the expected tax (charges)/credits arising in each company in the Group and changes each year as tax rates and profit mix change. The 2023 corporate tax rates for the Group\u2019s main countries of operation are Spain 25% (2022: 25%), the UK 23.5% (2022: 19%) and Ireland 12.5% (2022: 12.5%).
e Payroll related taxes and UK Air Passenger Duty
The Group was also subject to other taxes paid during the year which are as follows:
\u20ac million
2023
2022
Payroll related taxes
604
522
UK Air Passenger Duty
936
722
1,540
1,244
f Factors that may affect future tax charges
Unrecognised deductible temporary differences and losses
\u20ac million
2023
2022
Income tax losses
Spanish corporate income tax losses
569
1,596
Openskies SASU trading losses
406
405
UK trading losses
\u2013
72
Other trading losses
13
11
988
2,084
Other losses and temporary differences
Spanish deductible temporary differences
238
481
UK capital losses
341
343
Irish capital losses
17
17
596
841
None of the unrecognised temporary differences have an expiry date. Further information with regard to the sensitivity of the
recoverability of deferred tax assets is given in note 2.
Revocation of Royal Decree-Law 3/2016 in Spain
On 18 January 2024, the Tribunal Constitucional (Constitutional Court) in Spain issued a ruling that the amendments to corporate
income tax introduced by Royal Decree Law 3/2016 were unconstitutional. Further details are given in note 38.
Unrecognised temporary differences \u2013 investment in subsidiaries and associates
No deferred tax liability has been recognised in respect of \u20ac1,910 million (2022: \u20ac823 million) of temporary differences relating to
subsidiaries and associates. The Group either controls the reversal of these temporary differences and it is probable that they will not
reverse in the foreseeable future or no tax consequences would arise from their reversal to a material extent.
Tax rate changes
On 3 March 2021 the UK Chancellor of the Exchequer announced that legislation would be introduced in the Finance Bill 2021 to set
the main rate of corporation tax at 25 per cent from April 2023. On 24 May 2021 the Finance Bill was substantively enacted, which
has led to the remeasurement of deferred tax balances and will increase the Group\u2019s future current tax charge accordingly. As a
result of the remeasurement of deferred tax balances in UK entities, a charge of \u20ac13 million (2022: \u20ac17 million credit) is recorded in
the Income statement and a credit of \u20ac3 million (2022: \u20ac10 million charge) is recorded in Other comprehensive income.
Engagement with tax authorities
The Group is subject to audit and enquiry by tax authorities in the territories in which it operates, and engages with those tax
authorities in a cooperative manner.
During the course of 2023, the Directorate General of GST Intelligence (DGGI) in India has been enquiring into the quantum and
nature of any services provided by the corporate head offices of a number of international airlines, including British Airways, to their
Indian branches. As at 31 December 2023 and through to the date of these financial statements, the DGGI\u2019s enquiries are ongoing.
Pillar Two minimum effective tax rate reform
In 2021 the OECD released the Two Pillar solution to address the tax challenges arising from the digitalisation of the economy. This
reform to the international tax system addresses the geographical allocation of profits for the purposes of taxation, and is designed
to ensure that multinational enterprises will be subject to a minimum 15 per cent effective tax rate.
On 15 December 2022, the Council of the European Union formally adopted the EU Pillar Two Directive. On 22 December 2022 the
EU Minimum Tax Directive was published.
On 11 July 2023, the UK enacted Finance (No. 2) Act 2023 which introduced the Multinational Top-up Tax and the Domestic Top-up
Tax with effect for accounting periods beginning on or after 31 December 2023. These taxes are the UK\u2019s adoption of the income
inclusion rule and domestic minimum top-up tax rule referenced in the OECD\u2019s Pillar Two reform.
On 18 December 2023, Ireland enacted Finance (No. 2) Act 2023 which, pursuant to the EU Minimum Tax Directive, provided for the
introduction of a new minimum effective rate of tax for certain businesses. These rules provide for a Qualified Domestic Top-Up Tax
where an in-scope group\u2019s Irish operations have an effective rate of tax of less than 15%. They come into force for accounting periods
beginning on or after 31 December 2023.
On 19 December 2023, Spain\u2019s Council of Ministers approved a draft law to implement the EU Minimum Tax Directive. This is to be subject to consultation, prior to being sent to Parliament. Under the legislation, the Group is liable to pay a top-up tax for the difference between the effective rate per jurisdiction and the 15 per cent minimum rate. Such legislation applies prospectively for accounting periods beginning on or after 31 December 2023. For 2023, the predominant jurisdiction in which the Group operates with an effective tax rate of less than 15 per cent is Ireland through Aer Lingus. While the impact of Pillar Two is not yet reasonably possible to estimate, for indicative purposes, in 2023 Aer Lingus recorded a current tax expense of \u20ac24 million relating to its Irish operations, representing an effective tax rate of 13 per cent. Had the effective tax rate applied by Aer Lingus to its Irish operations been 15 per cent, the current tax expense would have increased by \u20ac4 million to \u20ac28 million, which would not have had a significant impact on the overall Group effective tax rate of 13 per cent. On 23 May 2023, the IASB issued the amendments to IAS 12 \u2013 international tax reform: Pillar Two model reforms, effective for periods beginning on or after 1 January 2023. The amendments to IAS 12 provide temporary mandatory relief from the recognition of deferred tax balances arising from the implementation of the Pillar Two legislation. Accordingly, the Group has developed an accounting policy with regard to the recognition of deferred taxes arising from the Pillar Two model rules, where no adjustments to deferred tax assets and liabilities are recognised that arise from the introduction of the minimum 15 per cent effective tax rate. g Tax-related contingent liabilities The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT matter detailed below, at 31 December 2023 amounting to \u20ac110 million (31 December 2022: \u20ac110 million). While the Group does not consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with tax litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its chances of success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts. Included in the tax-related contingent liabilities are the following: Merger gain Following tax audits covering the period 2011 to 2014, the Spanish Tax Authorities issued a corporate income tax assessment to the Company regarding the merger in 2011 between British Airways and Iberia (the \u2018Merger\u2019). The maximum exposure in this case is \u20ac100 million (31 December 2022: \u20ac98 million), being the amount in the tax assessment with an estimate of the interest accrued on that assessment through to 31 December 2023. The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central or \u2018TEAC\u2019 (Central Administrative Tax Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish Tax Authorities. The Company subsequently appealed this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and on 24 July 2020 filed submissions in support of its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023, the Audiencia Nacional commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December 2023 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the Merger. The Company does not expect a hearing at the Audiencia Nacional on this case until mid to late 2024 at the earliest. The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not consider it appropriate to make a provision for these amounts and accordingly has classified this matter as a contingent liability. Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would re-assess its position and the associated accounting treatment accordingly. Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within the Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there are technical merits for a higher value, something that would indirectly reduce the quantum of the merger gain assessed in the dispute described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby it ruled in favour of the Spanish tax authorities. The Company believes there are grounds to appeal the judgement to the Supreme Court in Spain. If an appeal on this matter was ultimately successful, it would reduce the exposure of the merger gain described above. IAG Loyalty VAT At 31 December 2023, and through to the date of this report, His Majesty\u2019s Revenue and Customs (HMRC) has issued protective notices of VAT assessments for the 24 months ended March 2020 to Avios Group (AGL) Limited, a controlled undertaking of the Group trading as IAG Loyalty. At the date of this report none of these protective notices of assessment are due for payment. During the second quarter of 2023, and while its enquiries are ongoing at the date of this report, HMRC shared with the Group its emerging view on the appropriate VAT accounting, which differs to the current approach by IAG Loyalty. HMRC\u2019s emerging view asserts that the charges made by IAG Loyalty are for participating/membership in the Avios scheme and the associated charges and are subject to VAT. IAG Loyalty accounts for VAT depending on the nature of the goods or services for which Avios are redeemed, the vast majority of which are flights, and zero-rated. IAG Loyalty\u2019s VAT accounting has and continues to be based on a ruling issued by HMRC. As at the date of this report, this emerging view did not consider the validity of the rulings HMRC has previously issued with regard to IAG Loyalty\u2019s VAT accounting. Accordingly, and while having issued the protective notices, HMRC has not confirmed whether it considers its emerging view to be retroactive or only prospective in nature. The Group expects further developments in this matter during 2024, which may include HMRC issuing an update to its emerging view.
While the Group has continued to engage with HMRC on the underlying facts, circumstances and technical analysis of the matter, as
at the date of this report there remain a number of possible scenarios that could eventuate. The Group has reviewed HMRC\u2019s
emerging view with its legal and tax advisors and considers it has strong arguments to support its VAT accounting, including having
received a ruling previously from HMRC on the matter, and therefore does not consider it probable that an adverse outcome will
eventuate. Accordingly, the Group does not consider it appropriate to record any provision for this case at 31 December 2023. The
Group, in conjunction with its advisors, considers the disclosure of a potential range of exposures, associated with the
aforementioned possible scenarios that could eventuate, could prejudice seriously the position of the Group in its ongoing
engagement with HMRC.
Should the Group and HMRC be unable to reach agreement on the appropriate VAT accounting, then the Group will have the ability
to advance the case by initiating legal proceedings. To enable the Group to advance to initiate legal proceedings, it will need to pay,
without admission of liability, to HMRC the total amount of assessments issued at the relevant time, which will be recoverable, in part
or in full, should the Group be successful in the case. Until HMRC further progresses its enquiries, it is not possible to determine the
payment required, if any, but any potential payment may result in a material cash outflow from the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-698": { "value": "b Current tax asset
\u20ac million
2023
2022
Balance at 1 January
64
(5)
Income statement
(207)
(70)
Other comprehensive income
8
3
Cash
291
 134
Exchange movements and other
1
 2
Balance at 31 December
157
64
Current tax asset
159
72
Current tax liability
(2)
(8)
Balance at 31 December
157
64
c Deferred tax (liability)/asset
Tax loss
Employee Share- carried
Right of leaving Employee Fair value based forward Other
Fixed use Lease indemnities benefit gains/ payment and tax temporary
\u20ac million assets assets liabilities and others plans
losses
1
schemes credits
differences
Total
Balance at 1 January 2023
(680)
(44)
9
197
54
(3)
17
1,636
96
1,282
Income statement
(325)
68
(2)
11
(1)
\u2013
9
78
(32)
(194)
Other comprehensive income
\u2013
\u2013
\u2013
6
(8)
114
\u2013
(3)
(2)
107
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(5)
Exchange movements and
other
(8)
\u2013
\u2013
\u2013
\u2013
15
\u2013
10
(9)
8
Balance at 31 December 2023
(1,013)
24
7
214
45
121
26
1,721
53
1,198
Balance at 1 January 2022
(477)
(220)
19
196
62
57
11
1,573
61
1,282
Income statement
(194)
169
(9)
19
1
\u2013
6
87
7
86
Other comprehensive income
\u2013
\u2013
\u2013
(17)
(12)
(46)
\u2013
3
\u2013
(72)
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
Exchange movements and
other
(9)
7
(1)
(1)
3
(19)
\u2013
(27)
28
(19)
Balance at 31 December 2022
(680)
(44)
9
197
54
(3)
17
1,636
96
1,282
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other
comprehensive income recognised in the Cash flow hedge reserve for 2023 was \u20ac104 million (2022: \u20ac68 million, see note 30d).
\u20ac million
2023
2022
Deferred tax asset 1,202 1,282
Deferred tax liability (4) \u2013
Balance at 31 December 1,198 1,282
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition of the
deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods, and projections of
operating performance laid out in the management approved business plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-675": { "value": "c Deferred tax (liability)/asset
Tax loss
Employee Share- carried
Right of leaving Employee Fair value based forward Other
Fixed use Lease indemnities benefit gains/ payment and tax temporary
\u20ac million assets assets liabilities and others plans
losses
1
schemes credits
differences
Total
Balance at 1 January 2023
(680)
(44)
9
197
54
(3)
17
1,636
96
1,282
Income statement
(325)
68
(2)
11
(1)
\u2013
9
78
(32)
(194)
Other comprehensive income
\u2013
\u2013
\u2013
6
(8)
114
\u2013
(3)
(2)
107
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
\u2013
\u2013
\u2013
(5)
Exchange movements and
other
(8)
\u2013
\u2013
\u2013
\u2013
15
\u2013
10
(9)
8
Balance at 31 December 2023
(1,013)
24
7
214
45
121
26
1,721
53
1,198
Balance at 1 January 2022
(477)
(220)
19
196
62
57
11
1,573
61
1,282
Income statement
(194)
169
(9)
19
1
\u2013
6
87
7
86
Other comprehensive income
\u2013
\u2013
\u2013
(17)
(12)
(46)
\u2013
3
\u2013
(72)
Recognised directly in equity
\u2013
\u2013
\u2013
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
Exchange movements and
other
(9)
7
(1)
(1)
3
(19)
\u2013
(27)
28
(19)
Balance at 31 December 2022
(680)
(44)
9
197
54
(3)
17
1,636
96
1,282
1 Fair value gains/losses include both the Cash flow hedge reserve and the Cost of hedging reserve, of which the movement in relation to Other comprehensive income recognised in the Cash flow hedge reserve for 2023 was \u20ac104 million (2022: \u20ac68 million, see note 30d).
\u20ac million
2023
2022
Deferred tax asset 1,202 1,282
Deferred tax liability (4) \u2013
Balance at 31 December 1,198 1,282
The deferred tax assets mainly arise in Spain and the UK and are expected to reverse in full beyond one year. Recognition of the deferred tax assets is supported by the expected reversal of deferred tax liabilities in corresponding periods, and projections of operating performance laid out in the management approved business plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-676": { "value": "
g Tax-related contingent liabilities
The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT
matter detailed below, at 31 December 2023 amounting to \u20ac110 million (31 December 2022: \u20ac110 million). While the Group does not
consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with tax
litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its chances of
success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts. Included in
the tax-related contingent liabilities are the following:
Merger gain
Following tax audits covering the period 2011 to 2014, the Spanish Tax Authorities issued a corporate income tax assessment to the
Company regarding the merger in 2011 between British Airways and Iberia (the \u2018Merger\u2019). The maximum exposure in this case is \u20ac100
million (31 December 2022: \u20ac98 million), being the amount in the tax assessment with an estimate of the interest accrued on that
assessment through to 31 December 2023.
The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central or \u2018TEAC\u2019 (Central Administrative Tax
Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish Tax Authorities. The Company subsequently appealed this
ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and on 24 July 2020 filed submissions in support of its
case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023, the Audiencia Nacional
commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December
2023 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the
Merger. The Company does not expect a hearing at the Audiencia Nacional on this case until mid to late 2024 at the earliest.
The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external
accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not
consider it appropriate to make a provision for these amounts and accordingly has classified this matter as a contingent liability.
Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would re-assess its position and the associated
accounting treatment accordingly.
Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within
the Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes
there are technical merits for a higher value, something that would indirectly reduce the quantum of the merger gain assessed in the
dispute described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023,
whereby it ruled in favour of the Spanish tax authorities. The Company believes there are grounds to appeal the judgement to the
Supreme Court in Spain. If an appeal on this matter was ultimately successful, it would reduce the exposure of the merger gain
described above.
IAG Loyalty VAT
At 31 December 2023, and through to the date of this report, His Majesty\u2019s Revenue and Customs (HMRC) has issued protective
notices of VAT assessments for the 24 months ended March 2020 to Avios Group (AGL) Limited, a controlled undertaking of the
Group trading as IAG Loyalty. At the date of this report none of these protective notices of assessment are due for payment.
During the second quarter of 2023, and while its enquiries are ongoing at the date of this report, HMRC shared with the Group its
emerging view on the appropriate VAT accounting, which differs to the current approach by IAG Loyalty. HMRC\u2019s emerging view
asserts that the charges made by IAG Loyalty are for participating/membership in the Avios scheme and the associated charges and
are subject to VAT. IAG Loyalty accounts for VAT depending on the nature of the goods or services for which Avios are redeemed,
the vast majority of which are flights, and zero-rated. IAG Loyalty\u2019s VAT accounting has and continues to be based on a ruling issued
by HMRC.
As at the date of this report, this emerging view did not consider the validity of the rulings HMRC has previously issued with regard
to IAG Loyalty\u2019s VAT accounting. Accordingly, and while having issued the protective notices, HMRC has not confirmed whether it
considers its emerging view to be retroactive or only prospective in nature. The Group expects further developments in this matter
during 2024, which may include HMRC issuing an update to its emerging view.
While the Group has continued to engage with HMRC on the underlying facts, circumstances and technical analysis of the matter, as at the date of this report there remain a number of possible scenarios that could eventuate. The Group has reviewed HMRC\u2019s emerging view with its legal and tax advisors and considers it has strong arguments to support its VAT accounting, including having received a ruling previously from HMRC on the matter, and therefore does not consider it probable that an adverse outcome will eventuate. Accordingly, the Group does not consider it appropriate to record any provision for this case at 31 December 2023. The Group, in conjunction with its advisors, considers the disclosure of a potential range of exposures, associated with the aforementioned possible scenarios that could eventuate, could prejudice seriously the position of the Group in its ongoing engagement with HMRC. Should the Group and HMRC be unable to reach agreement on the appropriate VAT accounting, then the Group will have the ability to advance the case by initiating legal proceedings. To enable the Group to advance to initiate legal proceedings, it will need to pay, without admission of liability, to HMRC the total amount of assessments issued at the relevant time, which will be recoverable, in part or in full, should the Group be successful in the case. Until HMRC further progresses its enquiries, it is not possible to determine the payment required, if any, but any potential payment may result in a material cash outflow from the Group. 15 Capital expenditure commitments Capital expenditure authorised and contracted but not provided for in the accounts, including outstanding aircraft commitments, at 31 December 2023 amounted to \u20ac12,706 million (31 December 2022: \u20ac13,749 million). The outstanding aircraft commitments including the expected delivery timeframes, totalling \u20ac11,966 million (2022: \u20ac13,484 million), are as follows:
Aircraft future deliveries at 31 December
2023
2022
Airbus A320 (from 2024 to 2028)
49
45
Airbus A321 (from 2024 to 2028)
33
46
Airbus A321 XLR (from 2024 to 2026)
14
14
Airbus A350-900 (from 2024 to 2025)
2
7
Airbus A350-1000 (in 2024)
1
5
Boeing 777-9 (from 2026 to 2028)
18
18
Boeing 787-10 (from 2024 to 2026)
11
7
Boeing 737-8200 (from 2025 to 2027)
25
25
Boeing 737-10 (from 2027 to 2028)
25
25
Total
178
192
1 1 2 1 Capital commitments exclude options to purchase additional aircraft. 2 Total deliveries excludes three Airbus A320 aircraft committed for delivery under lease agreements in 2024. For further information see note 14. On 30 June 2023 the Group converted 10 Airbus A320neo options into firm orders. The aircraft will be delivered in 2028 and will be used by any of the Group\u2019s current airlines to replace A320ceo family aircraft. On 27 July 2023, the Group converted six Boeing 787-10 options held by British Airways into firm orders and at the same time added a further six 787-10 options to its long-haul order book. The Group also converted one Airbus A350-900 option held by Iberia into a firm order. These aircraft will be delivered in 2025 and 2026 and will be used by British Airways and Iberia to restore capacity in the airlines\u2019 long-haul fleets. The majority of these commitments are denominated in US dollars translated at the closing exchange rate at the reporting date and include escalation clauses dependent on the timing of aircraft deliveries. Under the terms of the committed purchase agreements, the Group is required to make periodic progress payments towards the purchase price, with the commitments above stated net of progress payments that have been made at the reporting date. The Group has certain rights to defer aircraft deliveries and to cancel commitments in the event of significant delays to aircraft deliveries caused by the aircraft manufacturers. No such rights had been exercised as at 31 December 2023.
28 Contingent liabilities
There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions which at 31 December 2023,
where they could be reliably estimated, but excluding the Vueling hand luggage matter detailed below, amounted to \u20ac58 million (31
December 2022: \u20ac11 million). The Group does not consider it probable that there will be an outflow of economic resources with
regard to these proceedings and accordingly no provisions have been recorded.
Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10.
Included in contingent liabilities is the following:
Air Europa Holdings acquisition break-fee
On 23 February 2023, the Group entered into an agreement to acquire the remaining 80 per cent of the share capital of Air Europa
Holdings from Globalia that it had not previously owned. The acquisition is conditional on Globalia receiving approval from the
syndicated banks that provide the loan agreements that are partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) and
Sociedad Estatal de Participaciones Industriales (SEPI) in Spain. The acquisition is also subject to approval by relevant competition
authorities.
In the event that the relevant approvals, detailed above, are not forthcoming within 24 months of entering into the agreement or the
Group terminates the agreement at any time prior to completion, then the Group is required to pay a break-fee to Globalia of \u20ac50
million. Under the agreement, this 24-month period can be extended, by mutual consent.
At 31 December 2023 and through to the date of the consolidated financial statements, the Group considers that it is probable that
the acquisition will successfully complete and accordingly does not consider it probable that the break-fee shall be paid. Given the
above the Group does not consider it appropriate to record a provision for the break-fee.
Vueling commercial hand luggage policy
In the year ended 31 December 2023, Vueling received a number of information requests from the Ministerio de Consumo (Ministry
of Consumer Affairs) in Spain, with regard to its commercial hand luggage policy, for which Vueling complied with. On 12 January
2024, the Ministerio de Consumo issued Vueling with a List of Charges asserting that the Vueling commercial hand luggage policy
infringes consumers rights under Article 47.1 of Royal Legislative Decree 1/2007. While the List of Charges notifies Vueling of its
intention to sanction the company for such infringements, it stipulates that the basis for determining such penalties is subject to the
provision of further information by the company. Accordingly, it is not possible to estimate reliably any exposure that may arise from
this matter until ongoing proceedings with the Ministerio de Consumo are further progressed. The Group, with its advisors, has
reviewed the correspondence and List of Charges from the Ministerio de Consumo and considers it has strong arguments to support
its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future. As such, the
Group does not consider it appropriate to record any provision. The Group expects further developments on this matter during the
remainder of 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-737": { "value": "g Tax-related contingent liabilities The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT matter detailed below, at 31 December 2023 amounting to \u20ac110 million (31 December 2022: \u20ac110 million). While the Group does not consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with tax litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its chances of success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts. Included in the tax-related contingent liabilities are the following: Merger gain Following tax audits covering the period 2011 to 2014, the Spanish Tax Authorities issued a corporate income tax assessment to the Company regarding the merger in 2011 between British Airways and Iberia (the \u2018Merger\u2019). The maximum exposure in this case is \u20ac100 million (31 December 2022: \u20ac98 million), being the amount in the tax assessment with an estimate of the interest accrued on that assessment through to 31 December 2023. The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central or \u2018TEAC\u2019 (Central Administrative Tax Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish Tax Authorities. The Company subsequently appealed this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and on 24 July 2020 filed submissions in support of its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023, the Audiencia Nacional commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December 2023 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the Merger. The Company does not expect a hearing at the Audiencia Nacional on this case until mid to late 2024 at the earliest. The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not consider it appropriate to make a provision for these amounts and accordingly has classified this matter as a contingent liability. Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would re-assess its position and the associated accounting treatment accordingly. Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within the Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there are technical merits for a higher value, something that would indirectly reduce the quantum of the merger gain assessed in the dispute described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby it ruled in favour of the Spanish tax authorities. The Company believes there are grounds to appeal the judgement to the Supreme Court in Spain. If an appeal on this matter was ultimately successful, it would reduce the exposure of the merger gain described above. IAG Loyalty VAT At 31 December 2023, and through to the date of this report, His Majesty\u2019s Revenue and Customs (HMRC) has issued protective notices of VAT assessments for the 24 months ended March 2020 to Avios Group (AGL) Limited, a controlled undertaking of the Group trading as IAG Loyalty. At the date of this report none of these protective notices of assessment are due for payment. During the second quarter of 2023, and while its enquiries are ongoing at the date of this report, HMRC shared with the Group its emerging view on the appropriate VAT accounting, which differs to the current approach by IAG Loyalty. HMRC\u2019s emerging view asserts that the charges made by IAG Loyalty are for participating/membership in the Avios scheme and the associated charges and are subject to VAT. IAG Loyalty accounts for VAT depending on the nature of the goods or services for which Avios are redeemed, the vast majority of which are flights, and zero-rated. IAG Loyalty\u2019s VAT accounting has and continues to be based on a ruling issued by HMRC. As at the date of this report, this emerging view did not consider the validity of the rulings HMRC has previously issued with regard to IAG Loyalty\u2019s VAT accounting. Accordingly, and while having issued the protective notices, HMRC has not confirmed whether it considers its emerging view to be retroactive or only prospective in nature. The Group expects further developments in this matter during 2024, which may include HMRC issuing an update to its emerging view. While the Group has continued to engage with HMRC on the underlying facts, circumstances and technical analysis of the matter, as at the date of this report there remain a number of possible scenarios that could eventuate. The Group has reviewed HMRC\u2019s emerging view with its legal and tax advisors and considers it has strong arguments to support its VAT accounting, including having received a ruling previously from HMRC on the matter, and therefore does not consider it probable that an adverse outcome will eventuate. Accordingly, the Group does not consider it appropriate to record any provision for this case at 31 December 2023. The Group, in conjunction with its advisors, considers the disclosure of a potential range of exposures, associated with the aforementioned possible scenarios that could eventuate, could prejudice seriously the position of the Group in its ongoing engagement with HMRC. Should the Group and HMRC be unable to reach agreement on the appropriate VAT accounting, then the Group will have the ability to advance the case by initiating legal proceedings. To enable the Group to advance to initiate legal proceedings, it will need to pay, without admission of liability, to HMRC the total amount of assessments issued at the relevant time, which will be recoverable, in part or in full, should the Group be successful in the case. Until HMRC further progresses its enquiries, it is not possible to determine the payment required, if any, but any potential payment may result in a material cash outflow from the Group. 28 Contingent liabilities There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions which at 31 December 2023, where they could be reliably estimated, but excluding the Vueling hand luggage matter detailed below, amounted to \u20ac58 million (31 December 2022: \u20ac11 million). The Group does not consider it probable that there will be an outflow of economic resources with regard to these proceedings and accordingly no provisions have been recorded. Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10. Included in contingent liabilities is the following: Air Europa Holdings acquisition break-fee On 23 February 2023, the Group entered into an agreement to acquire the remaining 80 per cent of the share capital of Air Europa Holdings from Globalia that it had not previously owned. The acquisition is conditional on Globalia receiving approval from the syndicated banks that provide the loan agreements that are partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) and Sociedad Estatal de Participaciones Industriales (SEPI) in Spain. The acquisition is also subject to approval by relevant competition authorities. In the event that the relevant approvals, detailed above, are not forthcoming within 24 months of entering into the agreement or the Group terminates the agreement at any time prior to completion, then the Group is required to pay a break-fee to Globalia of \u20ac50 million. Under the agreement, this 24-month period can be extended, by mutual consent. At 31 December 2023 and through to the date of the consolidated financial statements, the Group considers that it is probable that the acquisition will successfully complete and accordingly does not consider it probable that the break-fee shall be paid. Given the above the Group does not consider it appropriate to record a provision for the break-fee. Vueling commercial hand luggage policy In the year ended 31 December 2023, Vueling received a number of information requests from the Ministerio de Consumo (Ministry of Consumer Affairs) in Spain, with regard to its commercial hand luggage policy, for which Vueling complied with. On 12 January 2024, the Ministerio de Consumo issued Vueling with a List of Charges asserting that the Vueling commercial hand luggage policy infringes consumers rights under Article 47.1 of Royal Legislative Decree 1/2007. While the List of Charges notifies Vueling of its intention to sanction the company for such infringements, it stipulates that the basis for determining such penalties is subject to the provision of further information by the company. Accordingly, it is not possible to estimate reliably any exposure that may arise from this matter until ongoing proceedings with the Ministerio de Consumo are further progressed. The Group, with its advisors, has reviewed the correspondence and List of Charges from the Ministerio de Consumo and considers it has strong arguments to support its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future. As such, the Group does not consider it appropriate to record any provision. The Group expects further developments on this matter during the remainder of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-709": { "value": "g Tax-related contingent liabilities The Group has certain contingent liabilities that could be reliably estimated, across all taxes, but excluding the IAG Loyalty VAT matter detailed below, at 31 December 2023 amounting to \u20ac110 million (31 December 2022: \u20ac110 million). While the Group does not consider it more likely than not that there will be material losses on these matters, given the inherent uncertainty associated with tax litigation and tax audits, there can be no guarantee that material losses will not eventuate. As the Group considers that its chances of success in each of these matters is more probable than not, it is not appropriate to make a provision for these amounts. Included in the tax-related contingent liabilities are the following: Merger gain Following tax audits covering the period 2011 to 2014, the Spanish Tax Authorities issued a corporate income tax assessment to the Company regarding the merger in 2011 between British Airways and Iberia (the \u2018Merger\u2019). The maximum exposure in this case is \u20ac100 million (31 December 2022: \u20ac98 million), being the amount in the tax assessment with an estimate of the interest accrued on that assessment through to 31 December 2023. The Company appealed the assessment to the Tribunal Econ\u00f3mico-Administrativo Central or \u2018TEAC\u2019 (Central Administrative Tax Tribunal). On 23 October 2019, the TEAC ruled in favour of the Spanish Tax Authorities. The Company subsequently appealed this ruling to the Audiencia Nacional (National High Court) on 20 December 2019, and on 24 July 2020 filed submissions in support of its case. To assist it in its deliberations as to whether a gain arose from the Merger, on 15 September 2023, the Audiencia Nacional commissioned an independent accounting expert to provide a report on the appropriate basis of accounting. As at 31 December 2023 and through to the date of these financial statements, the Audiencia Nacional has not ruled on whether a gain arose from the Merger. The Company does not expect a hearing at the Audiencia Nacional on this case until mid to late 2024 at the earliest. The Company disputes the technical merits of the assessment and ruling of the TEAC. Based on legal advice and an external accounting expert\u2019s opinion, the Company believes that it has strong arguments to support its appeal. The Company does not consider it appropriate to make a provision for these amounts and accordingly has classified this matter as a contingent liability. Should the Company be unsuccessful in its appeal to the Audiencia Nacional, it would re-assess its position and the associated accounting treatment accordingly. Within the context of the aforementioned tax audits, the Spanish tax authorities concluded on the value of Iberia\u2019s business within the Merger. This valuation was contested by the Company in a separate case, where no tax liability is due. The Company believes there are technical merits for a higher value, something that would indirectly reduce the quantum of the merger gain assessed in the dispute described above. On 18 January 2024, the Audiencia Nacional served notice on its judgment issued on 13 December 2023, whereby it ruled in favour of the Spanish tax authorities. The Company believes there are grounds to appeal the judgement to the Supreme Court in Spain. If an appeal on this matter was ultimately successful, it would reduce the exposure of the merger gain described above. IAG Loyalty VAT At 31 December 2023, and through to the date of this report, His Majesty\u2019s Revenue and Customs (HMRC) has issued protective notices of VAT assessments for the 24 months ended March 2020 to Avios Group (AGL) Limited, a controlled undertaking of the Group trading as IAG Loyalty. At the date of this report none of these protective notices of assessment are due for payment. During the second quarter of 2023, and while its enquiries are ongoing at the date of this report, HMRC shared with the Group its emerging view on the appropriate VAT accounting, which differs to the current approach by IAG Loyalty. HMRC\u2019s emerging view asserts that the charges made by IAG Loyalty are for participating/membership in the Avios scheme and the associated charges and are subject to VAT. IAG Loyalty accounts for VAT depending on the nature of the goods or services for which Avios are redeemed, the vast majority of which are flights, and zero-rated. IAG Loyalty\u2019s VAT accounting has and continues to be based on a ruling issued by HMRC. As at the date of this report, this emerging view did not consider the validity of the rulings HMRC has previously issued with regard to IAG Loyalty\u2019s VAT accounting. Accordingly, and while having issued the protective notices, HMRC has not confirmed whether it considers its emerging view to be retroactive or only prospective in nature. The Group expects further developments in this matter during 2024, which may include HMRC issuing an update to its emerging view. While the Group has continued to engage with HMRC on the underlying facts, circumstances and technical analysis of the matter, as at the date of this report there remain a number of possible scenarios that could eventuate. The Group has reviewed HMRC\u2019s emerging view with its legal and tax advisors and considers it has strong arguments to support its VAT accounting, including having received a ruling previously from HMRC on the matter, and therefore does not consider it probable that an adverse outcome will eventuate. Accordingly, the Group does not consider it appropriate to record any provision for this case at 31 December 2023. The Group, in conjunction with its advisors, considers the disclosure of a potential range of exposures, associated with the aforementioned possible scenarios that could eventuate, could prejudice seriously the position of the Group in its ongoing engagement with HMRC. Should the Group and HMRC be unable to reach agreement on the appropriate VAT accounting, then the Group will have the ability to advance the case by initiating legal proceedings. To enable the Group to advance to initiate legal proceedings, it will need to pay, without admission of liability, to HMRC the total amount of assessments issued at the relevant time, which will be recoverable, in part or in full, should the Group be successful in the case. Until HMRC further progresses its enquiries, it is not possible to determine the payment required, if any, but any potential payment may result in a material cash outflow from the Group. 28 Contingent liabilities There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions which at 31 December 2023, where they could be reliably estimated, but excluding the Vueling hand luggage matter detailed below, amounted to \u20ac58 million (31 December 2022: \u20ac11 million). The Group does not consider it probable that there will be an outflow of economic resources with regard to these proceedings and accordingly no provisions have been recorded. Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10. Included in contingent liabilities is the following: Air Europa Holdings acquisition break-fee On 23 February 2023, the Group entered into an agreement to acquire the remaining 80 per cent of the share capital of Air Europa Holdings from Globalia that it had not previously owned. The acquisition is conditional on Globalia receiving approval from the syndicated banks that provide the loan agreements that are partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) and Sociedad Estatal de Participaciones Industriales (SEPI) in Spain. The acquisition is also subject to approval by relevant competition authorities. In the event that the relevant approvals, detailed above, are not forthcoming within 24 months of entering into the agreement or the Group terminates the agreement at any time prior to completion, then the Group is required to pay a break-fee to Globalia of \u20ac50 million. Under the agreement, this 24-month period can be extended, by mutual consent. At 31 December 2023 and through to the date of the consolidated financial statements, the Group considers that it is probable that the acquisition will successfully complete and accordingly does not consider it probable that the break-fee shall be paid. Given the above the Group does not consider it appropriate to record a provision for the break-fee. Vueling commercial hand luggage policy In the year ended 31 December 2023, Vueling received a number of information requests from the Ministerio de Consumo (Ministry of Consumer Affairs) in Spain, with regard to its commercial hand luggage policy, for which Vueling complied with. On 12 January 2024, the Ministerio de Consumo issued Vueling with a List of Charges asserting that the Vueling commercial hand luggage policy infringes consumers rights under Article 47.1 of Royal Legislative Decree 1/2007. While the List of Charges notifies Vueling of its intention to sanction the company for such infringements, it stipulates that the basis for determining such penalties is subject to the provision of further information by the company. Accordingly, it is not possible to estimate reliably any exposure that may arise from this matter until ongoing proceedings with the Ministerio de Consumo are further progressed. The Group, with its advisors, has reviewed the correspondence and List of Charges from the Ministerio de Consumo and considers it has strong arguments to support its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future. As such, the Group does not consider it appropriate to record any provision. The Group expects further developments on this matter during the remainder of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "value": "
11 Earnings per share
\u20ac million
2023
2022
Earnings attributable to equity holders of the parent for basic earnings per share
2,655
431
Income statement impact of convertible bonds
15
(104)
Diluted earnings attributable to equity holders of the parent for diluted earnings per share
2,670
327
2023 2022
Number Number
\u2018000 \u2018000
Weighted average number of ordinary shares in issue used for basic earnings per share
4,932,631
4,958,420
Assumed conversion on convertible bonds
244,851
299,557
Dilutive employee share schemes outstanding
99,093
86,175
Weighted average number of ordinary shares used for diluted earnings per share
5,276,575
5,344,152
\u20ac cents
2023
2022
Basic earnings per share
53.8
8.7
Diluted earnings per share
50.6
6.1
The assumed conversion of the \u20ac825 million convertible bond 2028 and outstanding employee share schemes have a dilutive impact
on the earnings per share for the years to 31 December 2023 and 31 December 2022 due to the reported profit after tax for the
respective years.
For information relating to Adjusted earnings per share refer to the Alternative performance measures section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "
12 Dividends
The Directors propose that no dividend be paid for the year to 31 December 2023 (2022: \u20acnil).
The future dividend capacity of the Group is dependent on the liquidity requirements and the distributable reserves of the Group\u2019s
main operating companies and their capacity to pay dividends to the Company, together with the Company\u2019s distributable reserves
and liquidity.
As at 31 December 2022, certain debt obligations placed restrictions or conditions on the payment of dividends from the Group\u2019s
main operating companies to the Company, including a loan to British Airways partially guaranteed by the UKEF and loans to Iberia
and Vueling partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) in Spain.
As at 31 December 2023, the Group had no restrictions on the payment of dividends from the Group\u2019s main operating companies to
the Company, other than for British Airways, which has several undrawn committed credit facilities for which the commitments
available are subject to certain conditions depending on the scale of any dividend from British Airways to the Company.
In addition, British Airways agreed with the Trustee of its main UK defined benefit pension scheme (NAPS) as part of the triennial
valuation as at 31 March 2021 that, subject to the scheme being in technical deficit, any dividends paid to IAG from 1 January 2024
through to 31 December 2024, will trigger a pension contribution of 50 per cent of the amount of the dividend. For the period of 1
January 2025 to 30 September 2025, any dividend in excess of 50 per cent of British Airways\u2019 profit after tax will trigger a pension
contribution of 50 per cent of the amount of the dividend in excess of the 50 per cent of profit after tax. At 31 December 2023,
NAPS was in technical surplus, and any dividend that British Airways were to pay to IAG, would not trigger a payment into NAPS
unless NAPS were to move back into technical deficit. Further details on the British Airways dividend restrictions agreed with NAPS
are given in note 34a.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "value": "
13 Property, plant and equipment
\u20ac million
Fleet
Property
Equipment
Total
Cost
Balance at 1 January 2022
25,996
3,125
1,450
30,571
Additions
3,765
61
101
3,927
Modification of leases
241
129
\u2013
370
Disposals
(1,700)
(406)
(120)
(2,226)
Reclassifications
(4)
\u2013
\u2013
(4)
Transfers to Non-current assets held for sale (note 16)
(44)
\u2013
\u2013
(44)
Exchange movements
(552)
(73)
(31)
(656)
Balance at 31 December 2022
27,702
2,836
1,400
31,938
Additions
3,543
47
163
3,753
Modification of leases
224
204
1
429
Disposals
(1,360)
(35)
(40)
(1,435)
Reclassifications
(2)
(1)
(7)
(10)
Exchange movements
264
35
15
314
Balance at 31 December 2023
30,371
3,086
1,532
34,989
Depreciation and impairment
Balance at 1 January 2022
10,880
1,473
1,057
13,410
Depreciation charge for the year
1,642
168
79
1,889
Impairment reversal for the year
(8)
\u2013
\u2013
(8)
Disposals
(857)
(403)
(107)
(1,367)
Transfers to Non-current assets held for sale (note 16)
(25)
\u2013
\u2013
(25)
Exchange movements
(247)
(32)
(28)
(307)
Balance at 31 December 2022
11,385
1,206
1,001
13,592
Depreciation charge for the year
1,676
122
72
1,870
Disposals
(331)
(34)
(34)
(399)
Exchange movements
121
16
13
150
Balance at 31 December 2023
12,851
1,310
1,052
15,213
1
1 For details regarding the 2022 impairment reversal on fleet assets refer to the Alternative performance measures section. For details regarding the
operating segment in which the 2022 impairment reversal arose, see note 5.
Net book values
31 December 2023
17,520
1,776
480
19,776
31 December 2022
16,317
1,630
399
18,346
\u20ac million
Fleet
Property
Equipment
Total
Analysis at 31 December 2023
Owned
8,828
907
384
10,119
Right of use assets (note 14)
7,681
838
15
8,534
Progress payments
914
31
79
1,024
Assets not in current use
97
\u2013
2
99
Property, plant and equipment
17,520
1,776
480
19,776
Analysis at 31 December 2022
Owned
7,242
833
338
8,413
Right of use assets (note 14)
7,993
684
20
8,697
Progress payments
1,071
113
40
1,224
Assets not in current use
11
\u2013
1
12
Property, plant and equipment
16,317
1,630
399
18,346
The net book value of property comprises:
\u20ac million
2023
2022
Freehold
482
469
Right of use assets (note 14)
838
684
Long leasehold improvements with a contractual life in excess of 50 years
308
301
Short leasehold improvements with a contractual life of less than 50 years
148
176
Property
1,776
1,630
At 31 December 2023, bank and other loans of the Group are secured on owned fleet assets with a net book value of \u20ac4,736 million
(2022: \u20ac3,931 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "value": "
14 Leases
a Amounts recognised in the Consolidated balance sheet
Property, plant and equipment includes the following amounts relating to right of use assets:
\u20ac million
Fleet
Property
Equipment
Total
Cost
Balance at 1 January 2022
14,218
949
74
15,241
Additions
586
28
1
615
Modifications of leases
241
129
\u2013
370
Disposals
(214)
(171)
(2)
(387)
Reclassifications
(849)
\u2013
(24)
(873)
Exchange movements
(232)
(24)
\u2013
(256)
31 December 2022
13,750
911
49
14,710
Additions
853
17
\u2013
870
Modification of leases
224
204
1
429
Disposals
(117)
(5)
(6)
(128)
Reclassifications
(831)
\u2013
(1)
(832)
Exchange movements
104
13
\u2013
117
31 December 2023
13,983
1,140
43
15,166
Depreciation and impairment
Balance at 1 January 2022
5,592
309
37
5,938
Depreciation charge for the year
991
93
8
1,092
Impairment reversal for the year
(8)
\u2013
\u2013
(8)
Disposals
(191)
(170)
(1)
(362)
Reclassifications
(528)
\u2013
(14)
(542)
Exchange movements
(99)
(5)
(1)
(105)
31 December 2022
5,757
227
29
6,013
Depreciation charge for the year
996
76
5
1,077
Disposals
(117)
(4)
(6)
(127)
Reclassifications
(380)
\u2013
\u2013
(380)
Exchange movements
46
3
\u2013
49
31 December 2023
6,302
302
28
6,632
Net book value
31 December 2023
7,681
838
15
8,534
31 December 2022
7,993
684
20
8,697
1
1
2
1
1
1 Amounts with a net book value of \u20ac452 million (2022: \u20ac331 million) were reclassified from ROU assets to owned Property, plant and equipment at the
cessation of the respective leases. The assets reclassified relate to leases with purchase options that were grandfathered as ROU assets upon
transition to IFRS 16, for which the Group had been depreciating over the expected useful life of the aircraft, incorporating the purchase option.
2 For details regarding the 2022 impairment reversal on fleet assets refer to the Alternative performance measures section.
Interest-bearing long-term borrowings includes the following amount relating to lease liabilities:
\u20ac million
2023
2022
1 January
9,619
9,637
Additions
876
639
Modifications of leases
439
378
Repayments
(2,216)
(1,886)
Interest expense
508
464
Disposals
\u2013
(28)
Exchange movements
(259)
415
31 December
8,967
9,619
Current
1,826
1,766
Non-current
7,141
7,853
b Amounts recognised in the Income statement
\u20ac million
2023
2022
Amounts not included in the measurement of lease liabilities
Variable lease payments
1
2
Expenses relating to short-term leases
24
39
Amounts expensed as a result of the recognition of ROU assets and lease liabilities
Interest expense on lease liabilities
508
464
(Gains)/losses arising from sale and leaseback transactions
(7)
1
Depreciation charge for the year
1,077
1,092
Impairment reversal for the year
\u2013
(8)
c Amounts recognised in the Cash flow statement
See note 35 for details of the amounts recognised in the Cash flow statement for the years to 31 December 2023 and 31 December
2022.
The Group is exposed to future cash outflows (on an undiscounted basis) at 31 December 2023, for which an amount of \u20ac36 million
(2022: nil) has been recognised in relation to leases not yet commenced to which the Group is committed.
d Maturity profile of the lease liabilities
The maturity profile of the lease liabilities is disclosed in note 29f.
e Extension options
The Group has certain leases which contain extension options exercisable by the Group prior to the non-cancellable contract period.
Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The Group assesses
at lease commencement whether it is reasonably certain to exercise the extension options.
The Group is exposed to future cash outflows (on an undiscounted basis) at 31 December 2023, for which no amount has been
recognised, for potential extension options of \u20ac979 million (2022: \u20ac945 million) due to it not being reasonably certain that these
leases will be extended.
f Lessor accounting
The Group leases out certain of its property, plant and equipment. The Group has classified those leases that transfer substantially all
of the risks and rewards of ownership to the lessee as finance leases and those leases that do not transfer substantially all of the risks
and rewards of ownership to the lessee as operating leases.
Finance leases
Rental income from finance leases recognised by the Group in 2023 was \u20ac2 million (2022: \u20ac4 million). Rental income is recorded
within Property, IT and other within the Income statement.
The following table sets out a maturity analysis of finance lease receipts, showing the undiscounted lease receipts to be received
after the reporting date:
\u20ac million
2023
2022
Within one year
6
2
One to two years
5
6
Two to five years
3
\u2013
More than five years
\u2013
\u2013
Total undiscounted lease receipts
14
8
Less finance income
(1)
(1)
Net investment in finance leases
13
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "
15 Capital expenditure commitments
Capital expenditure authorised and contracted but not provided for in the accounts, including outstanding aircraft commitments, at
31 December 2023 amounted to \u20ac12,706 million (31 December 2022: \u20ac13,749 million). The outstanding aircraft commitments
including the expected delivery timeframes, totalling \u20ac11,966 million (2022: \u20ac13,484 million), are as follows:
Aircraft future deliveries at 31 December
2023
2022
Airbus A320 (from 2024 to 2028)
49
45
Airbus A321 (from 2024 to 2028)
33
46
Airbus A321 XLR (from 2024 to 2026)
14
14
Airbus A350-900 (from 2024 to 2025)
2
7
Airbus A350-1000 (in 2024)
1
5
Boeing 777-9 (from 2026 to 2028)
18
18
Boeing 787-10 (from 2024 to 2026)
11
7
Boeing 737-8200 (from 2025 to 2027)
25
25
Boeing 737-10 (from 2027 to 2028)
25
25
Total
178
192
1
1
2
1 Capital commitments exclude options to purchase additional aircraft.
2 Total deliveries excludes three Airbus A320 aircraft committed for delivery under lease agreements in 2024. For further information see note 14.
On 30 June 2023 the Group converted 10 Airbus A320neo options into firm orders. The aircraft will be delivered in 2028 and will be
used by any of the Group\u2019s current airlines to replace A320ceo family aircraft.
On 27 July 2023, the Group converted six Boeing 787-10 options held by British Airways into firm orders and at the same time added
a further six 787-10 options to its long-haul order book. The Group also converted one Airbus A350-900 option held by Iberia into a
firm order. These aircraft will be delivered in 2025 and 2026 and will be used by British Airways and Iberia to restore capacity in the
airlines\u2019 long-haul fleets.
The majority of these commitments are denominated in US dollars translated at the closing exchange rate at the reporting date and
include escalation clauses dependent on the timing of aircraft deliveries. Under the terms of the committed purchase agreements,
the Group is required to make periodic progress payments towards the purchase price, with the commitments above stated net of
progress payments that have been made at the reporting date.
The Group has certain rights to defer aircraft deliveries and to cancel commitments in the event of significant delays to aircraft
deliveries caused by the aircraft manufacturers. No such rights had been exercised as at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "value": "
16 Non-current assets held for sale
As at 31 December 2023, there were no non-current assets held for sale.
As at 31 December 2022, the non-current assets held for sale of \u20ac19 million represented two Airbus A321 aircraft. No gain or loss was
recognised on classification as non-current assets held for sale. These aircraft were presented within the British Airways segment
and exited the business during the first half of 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-677": { "value": "16 Non-current assets held for sale As at 31 December 2023, there were no non-current assets held for sale. As at 31 December 2022, the non-current assets held for sale of \u20ac19 million represented two Airbus A321 aircraft. No gain or loss was recognised on classification as non-current assets held for sale. These aircraft were presented within the British Airways segment and exited the business during the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-699": { "value": "17 Intangible assets and impairment review a Intangible assets
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights
Software
ETS assets
Other
Total
Cost
Balance at 1 January 2022
596
451
253
1,605
1,674
62
87
4,728
Additions
\u2013
\u2013
\u2013
14
218
360
1
593
Disposals
\u2013
\u2013
\u2013
(6)
(52)
(9)
\u2013
(67)
Exchange movements
(1)
\u2013
\u2013
(25)
(34)
(6)
\u2013
(66)
Balance at 31 December 2022
595
451
253
1,588
1,806
407
88
5,188
Additions
\u2013
\u2013
\u2013
\u2013
365
264
1
630
Disposals
\u2013
\u2013
\u2013
(6)
(49)
(96)
\u2013
(151)
Reclassifications
\u2013
\u2013
\u2013
\u2013
23
\u2013
(15)
8
Exchange movements
1
\u2013
\u2013
11
18
2
\u2013
32
31 December 2023
596
451
253
1,593
2,163
577
74
5,707
Amortisation and impairment
Balance at 1 January 2022
249
\u2013
\u2013
142
1,032
\u2013
66
1,489
Amortisation charge for the year
\u2013
\u2013
\u2013
6
210
\u2013
2
218
Disposals
\u2013
\u2013
\u2013
\u2013
(50)
\u2013
\u2013
(50)
Exchange movements
\u2013
\u2013
\u2013
(2)
(23)
\u2013
\u2013
(25)
Balance at 31 December 2022
249
\u2013
\u2013
146
1,169
\u2013
68
1,632
Amortisation charge for the year
\u2013
\u2013
\u2013
6
185
\u2013
2
193
Disposals
\u2013
\u2013
\u2013
\u2013
(39)
\u2013
\u2013
(39)
Exchange movements
\u2013
\u2013
\u2013
1
11
\u2013
\u2013
12
31 December 2023
249
\u2013
\u2013
153
1,326
\u2013
70
1,798
Net book values
31 December 2023
347
451
253
1,440
837
577
4
3,909
31 December 2022
346
451
253
1,442
637
407
20
3,556
1 1 The net book value includes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life. The remaining average life of these landing rights is 12 years. b Impairment review The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash generating units (CGUs) of the Group are:
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2023
Iberia
1 January and 31 December 2023
\u2013
306
\u2013
423
729
British Airways
1 January 2023
46
\u2013
\u2013
794
840
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
1
\u2013
\u2013
10
11
31 December 2023
47
\u2013
\u2013
798
845
Vueling
1 January and 31 December 2023
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2023
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2023
\u2013
\u2013
253
\u2013
253
31 December 2023
347
451
253
1,377
2,428
1
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2022
Iberia
1 January and 31 December 2022
\u2013
306
\u2013
423
729
British Airways
1 January 2022
47
\u2013
\u2013
809
856
Additions
\u2013
\u2013
\u2013
14
14
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
(1)
\u2013
\u2013
(23)
(24)
31 December 2022
46
\u2013
\u2013
794
840
Vueling
1 January and 31 December 2022
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2022
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2022
\u2013
\u2013
253
\u2013
253
31 December 2022
346
451
253
1,373
2,423
1 1 Landing rights excludes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life. Basis for calculating recoverable amount The recoverable amounts of the Group\u2019s CGUs have been measured based on their value-in-use, which utilises a weighted average multi- scenario discounted cash flow model. The details of these scenarios are given in the going concern section of note 2, with a weighting of 70 per cent to the Base Case and 30 per cent to the Downside Case. Cash flow projections are based on the business plans approved by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate. Annually the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the reporting date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these commitments that cannot be reliably estimated and accordingly have been excluded from the value-in-use calculations (see note 4). The business plan cash flows used in the value-in-use calculations also reflect all restructuring of the business where relevant that has been approved by the Board and which can be executed by management under existing labour agreements. Key assumptions The value-in-use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected cash flows for activity from 2024 through to the end of 2026. For each of the Group\u2019s CGUs the key assumptions used in the value- in-use calculations are as follows:
2023
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
7-14
7-14
4-12
6-14
23
Average ASK growth per annum
3-9
4-10
1-6
2-16
n/a
Long-term growth rate
1.7
1.5
0.9
1.3
1.5
Pre-tax discount rate
11.2
12.2
14.3
10.9
14.8
1 1
2022
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
5-13
5-10
0-10
4-12
23-25
ASKs as a proportion of 2019
90-105
92-107
113-123
102-127
n/a
Long-term growth rate
1.7
1.5
1.4
1.6
1.7
Pre-tax discount rate
10.4
11.2
12.8
10.1
13.4
1 1, 2 1 Average ASK growth per annum, ASKs as a proportion of 2019 and operating margin are stated as the weighted average derived from the multi- scenario discounted cash flow model. 2 Given the impact of the COVID-19 pandemic, in 2022 the Group presented ASKs as a proportion of the level of ASKs achieved in 2019, prior to the application of the terminal value calculation.
Within 12 3 years and
Jet fuel price ($ per MT)
months
1-2 years
2-3 years
thereafter
2023
895
829
800
800
2022
867
809
780
780
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period, based on planned network growth and taking into account management\u2019s expectation of the market. The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding the long-term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same basis as the cash flows detailed above of 70 per cent to the Base Case and 30 per cent to the Downside Case. The terminal value cash flows and long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019 network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect management\u2019s plans in response to specific market risk or opportunity. Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry, the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors which are evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages an external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate. Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from readily available market data at the valuation date. The cash flow forecasts reflect these price increases after taking into consideration the level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected for the purchase of SAF. As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2030. These adjustments include the following key assumptions: (i) a 10 per cent level of SAF consumption out of the overall fuel mix with an assumed price of \u20ac3,412 per metric tonne; (ii) a kerosene tax of \u20ac526 per metric tonne on all intra-EU flights; (iii) for costs of carbon, prices of \u20ac173, \u20ac173, \u20ac110 and \u20ac19 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively, per tonne of CO2 equivalents emitted; and (iv) the removal of all free ETS and CORSIA allowances. Summary of results At 31 December 2023 management reviewed the recoverable amount of each of the CGUs and concluded the recoverable amounts exceeded the carrying values. Reasonable possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage points and increasing the fuel price (both jet fuel and SAF) by 40 per cent, both with cost recovery consistent with that experienced historically and with no assumed cost recovery. Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible impact of climate change on the CGUs greater than that included in the impairment models. For the British Airways, Iberia, Vueling and Aer Lingus CGUs, while the recoverable amounts are estimated to exceed the carrying amounts by \u20ac15,752 million, \u20ac4,736 million, \u20ac1,271 million and \u20ac1,884 million, respectively, the recoverable amounts would be below the carrying amounts when applying reasonable possible but not probable changes, over the forecast period, in assumptions in each of the following scenarios: \u2022 British Airways: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 24 per cent; and (ii) if the fuel price had been 29 per cent higher without cost recovery; \u2022 Iberia: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 21 per cent; and (ii) if the fuel price had been 24 per cent higher without cost recovery; \u2022 Vueling: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 12 per cent; and (ii) if the fuel price had been 18 per cent higher without cost recovery; and \u2022 Aer Lingus: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 16 per cent; and (ii) if the fuel price had been 23 per cent higher without cost recovery. For the remainder of the reasonably possible changes in key assumptions applied to the British Airways, Iberia, Vueling and Aer Lingus CGUs and for all the reasonably possible changes in key assumptions applied to the IAG Loyalty CGU, no impairment arises.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "value": "17 Intangible assets and impairment review a Intangible assets
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights
Software
ETS assets
Other
Total
Cost
Balance at 1 January 2022
596
451
253
1,605
1,674
62
87
4,728
Additions
\u2013
\u2013
\u2013
14
218
360
1
593
Disposals
\u2013
\u2013
\u2013
(6)
(52)
(9)
\u2013
(67)
Exchange movements
(1)
\u2013
\u2013
(25)
(34)
(6)
\u2013
(66)
Balance at 31 December 2022
595
451
253
1,588
1,806
407
88
5,188
Additions
\u2013
\u2013
\u2013
\u2013
365
264
1
630
Disposals
\u2013
\u2013
\u2013
(6)
(49)
(96)
\u2013
(151)
Reclassifications
\u2013
\u2013
\u2013
\u2013
23
\u2013
(15)
8
Exchange movements
1
\u2013
\u2013
11
18
2
\u2013
32
31 December 2023
596
451
253
1,593
2,163
577
74
5,707
Amortisation and impairment
Balance at 1 January 2022
249
\u2013
\u2013
142
1,032
\u2013
66
1,489
Amortisation charge for the year
\u2013
\u2013
\u2013
6
210
\u2013
2
218
Disposals
\u2013
\u2013
\u2013
\u2013
(50)
\u2013
\u2013
(50)
Exchange movements
\u2013
\u2013
\u2013
(2)
(23)
\u2013
\u2013
(25)
Balance at 31 December 2022
249
\u2013
\u2013
146
1,169
\u2013
68
1,632
Amortisation charge for the year
\u2013
\u2013
\u2013
6
185
\u2013
2
193
Disposals
\u2013
\u2013
\u2013
\u2013
(39)
\u2013
\u2013
(39)
Exchange movements
\u2013
\u2013
\u2013
1
11
\u2013
\u2013
12
31 December 2023
249
\u2013
\u2013
153
1,326
\u2013
70
1,798
Net book values
31 December 2023
347
451
253
1,440
837
577
4
3,909
31 December 2022
346
451
253
1,442
637
407
20
3,556
1 1 The net book value includes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life. The remaining average life of these landing rights is 12 years. b Impairment review The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash generating units (CGUs) of the Group are:
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2023
Iberia
1 January and 31 December 2023
\u2013
306
\u2013
423
729
British Airways
1 January 2023
46
\u2013
\u2013
794
840
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
1
\u2013
\u2013
10
11
31 December 2023
47
\u2013
\u2013
798
845
Vueling
1 January and 31 December 2023
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2023
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2023
\u2013
\u2013
253
\u2013
253
31 December 2023
347
451
253
1,377
2,428
1
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2022
Iberia
1 January and 31 December 2022
\u2013
306
\u2013
423
729
British Airways
1 January 2022
47
\u2013
\u2013
809
856
Additions
\u2013
\u2013
\u2013
14
14
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
(1)
\u2013
\u2013
(23)
(24)
31 December 2022
46
\u2013
\u2013
794
840
Vueling
1 January and 31 December 2022
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2022
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2022
\u2013
\u2013
253
\u2013
253
31 December 2022
346
451
253
1,373
2,423
1
1 Landing rights excludes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life.
Basis for calculating recoverable amount
The recoverable amounts of the Group\u2019s CGUs have been measured based on their value-in-use, which utilises a weighted average multi-
scenario discounted cash flow model. The details of these scenarios are given in the going concern section of note 2, with a weighting of
70 per cent to the Base Case and 30 per cent to the Downside Case. Cash flow projections are based on the business plans approved by
the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are projected to
increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate.
Annually the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG
Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year
of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the reporting
date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these commitments
that cannot be reliably estimated and accordingly have been excluded from the value-in-use calculations (see note 4). The business
plan cash flows used in the value-in-use calculations also reflect all restructuring of the business where relevant that has been
approved by the Board and which can be executed by management under existing labour agreements.
Key assumptions
The value-in-use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected
cash flows for activity from 2024 through to the end of 2026. For each of the Group\u2019s CGUs the key assumptions used in the value-
in-use calculations are as follows:
2023
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
7-14
7-14
4-12
6-14
23
Average ASK growth per annum
3-9
4-10
1-6
2-16
n/a
Long-term growth rate
1.7
1.5
0.9
1.3
1.5
Pre-tax discount rate
11.2
12.2
14.3
10.9
14.8
1
1
2022
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
5-13
5-10
0-10
4-12
23-25
ASKs as a proportion of 2019
90-105
92-107
113-123
102-127
n/a
Long-term growth rate
1.7
1.5
1.4
1.6
1.7
Pre-tax discount rate
10.4
11.2
12.8
10.1
13.4
1
1, 2
1 Average ASK growth per annum, ASKs as a proportion of 2019 and operating margin are stated as the weighted average derived from the multi-
scenario discounted cash flow model.
2 Given the impact of the COVID-19 pandemic, in 2022 the Group presented ASKs as a proportion of the level of ASKs achieved in 2019, prior to the
application of the terminal value calculation.
Within 12 3 years and
Jet fuel price ($ per MT)
months
1-2 years
2-3 years
thereafter
2023
895
829
800
800
2022
867
809
780
780
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period,
based on planned network growth and taking into account management\u2019s expectation of the market.
The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast
weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding the
long-term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change.
The calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the
same basis as the cash flows detailed above of 70 per cent to the Base Case and 30 per cent to the Downside Case. The terminal
value cash flows and long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note
4). The airlines\u2019 network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan
preparation and reflect management\u2019s plans in response to specific market risk or opportunity.
Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time
value of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the
airline industry, the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of
capital (WACC). The WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of
equity is derived from the expected return on investment by airline and loyalty scheme investors and the cost of debt is derived
from both market data and industry gearing levels derived from comparable companies. CGU-specific risk is incorporated by
applying individual beta factors which are evaluated annually based on available market data. The pre-tax discount rate reflects the
timing of future tax flows. The Group engages an external valuation expert as at the valuation date to assist in the determination of
the post-tax discount rate.
Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from
readily available market data at the valuation date. The cash flow forecasts reflect these price increases after taking into
consideration the level of fuel derivatives and their associated prices that the Group has in place and the incremental price
differentials expected for the purchase of SAF.
As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of
climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2030. These adjustments include the following key
assumptions: (i) a 10 per cent level of SAF consumption out of the overall fuel mix with an assumed price of \u20ac3,412 per metric tonne;
(ii) a kerosene tax of \u20ac526 per metric tonne on all intra-EU flights; (iii) for costs of carbon, prices of \u20ac173, \u20ac173, \u20ac110 and \u20ac19 for EU
ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively, per tonne of CO
2
equivalents
emitted; and (iv) the removal of all free ETS and CORSIA allowances.
Summary of results
At 31 December 2023 management reviewed the recoverable amount of each of the CGUs and concluded the recoverable amounts
exceeded the carrying values.
Reasonable possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where
applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points
in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5
percentage points and increasing the fuel price (both jet fuel and SAF) by 40 per cent, both with cost recovery consistent with that
experienced historically and with no assumed cost recovery. Given the inherent uncertainty associated with the impact of climate
change, these sensitivities represent a reasonably possible impact of climate change on the CGUs greater than that included in the
impairment models.
For the British Airways, Iberia, Vueling and Aer Lingus CGUs, while the recoverable amounts are estimated to exceed the carrying
amounts by \u20ac15,752 million, \u20ac4,736 million, \u20ac1,271 million and \u20ac1,884 million, respectively, the recoverable amounts would be below
the carrying amounts when applying reasonable possible but not probable changes, over the forecast period, in assumptions in each
of the following scenarios:
\u2022 British Airways: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 24 per cent;
and (ii) if the fuel price had been 29 per cent higher without cost recovery;
\u2022 Iberia: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 21 per cent; and (ii) if the
fuel price had been 24 per cent higher without cost recovery;
\u2022 Vueling: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 12 per cent; and (ii) if
the fuel price had been 18 per cent higher without cost recovery; and
\u2022 Aer Lingus: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 16 per cent; and (ii)
if the fuel price had been 23 per cent higher without cost recovery.
For the remainder of the reasonably possible changes in key assumptions applied to the British Airways, Iberia, Vueling and Aer
Lingus CGUs and for all the reasonably possible changes in key assumptions applied to the IAG Loyalty CGU, no impairment arises.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-678": { "value": "17 Intangible assets and impairment review a Intangible assets
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights
Software
ETS assets
Other
Total
Cost
Balance at 1 January 2022
596
451
253
1,605
1,674
62
87
4,728
Additions
\u2013
\u2013
\u2013
14
218
360
1
593
Disposals
\u2013
\u2013
\u2013
(6)
(52)
(9)
\u2013
(67)
Exchange movements
(1)
\u2013
\u2013
(25)
(34)
(6)
\u2013
(66)
Balance at 31 December 2022
595
451
253
1,588
1,806
407
88
5,188
Additions
\u2013
\u2013
\u2013
\u2013
365
264
1
630
Disposals
\u2013
\u2013
\u2013
(6)
(49)
(96)
\u2013
(151)
Reclassifications
\u2013
\u2013
\u2013
\u2013
23
\u2013
(15)
8
Exchange movements
1
\u2013
\u2013
11
18
2
\u2013
32
31 December 2023
596
451
253
1,593
2,163
577
74
5,707
Amortisation and impairment
Balance at 1 January 2022
249
\u2013
\u2013
142
1,032
\u2013
66
1,489
Amortisation charge for the year
\u2013
\u2013
\u2013
6
210
\u2013
2
218
Disposals
\u2013
\u2013
\u2013
\u2013
(50)
\u2013
\u2013
(50)
Exchange movements
\u2013
\u2013
\u2013
(2)
(23)
\u2013
\u2013
(25)
Balance at 31 December 2022
249
\u2013
\u2013
146
1,169
\u2013
68
1,632
Amortisation charge for the year
\u2013
\u2013
\u2013
6
185
\u2013
2
193
Disposals
\u2013
\u2013
\u2013
\u2013
(39)
\u2013
\u2013
(39)
Exchange movements
\u2013
\u2013
\u2013
1
11
\u2013
\u2013
12
31 December 2023
249
\u2013
\u2013
153
1,326
\u2013
70
1,798
Net book values
31 December 2023
347
451
253
1,440
837
577
4
3,909
31 December 2022
346
451
253
1,442
637
407
20
3,556
1 1 The net book value includes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life. The remaining average life of these landing rights is 12 years. b Impairment review The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash generating units (CGUs) of the Group are:
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2023
Iberia
1 January and 31 December 2023
\u2013
306
\u2013
423
729
British Airways
1 January 2023
46
\u2013
\u2013
794
840
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
1
\u2013
\u2013
10
11
31 December 2023
47
\u2013
\u2013
798
845
Vueling
1 January and 31 December 2023
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2023
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2023
\u2013
\u2013
253
\u2013
253
31 December 2023
347
451
253
1,377
2,428
1
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2022
Iberia
1 January and 31 December 2022
\u2013
306
\u2013
423
729
British Airways
1 January 2022
47
\u2013
\u2013
809
856
Additions
\u2013
\u2013
\u2013
14
14
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
(1)
\u2013
\u2013
(23)
(24)
31 December 2022
46
\u2013
\u2013
794
840
Vueling
1 January and 31 December 2022
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2022
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2022
\u2013
\u2013
253
\u2013
253
31 December 2022
346
451
253
1,373
2,423
1 1 Landing rights excludes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life. Basis for calculating recoverable amount The recoverable amounts of the Group\u2019s CGUs have been measured based on their value-in-use, which utilises a weighted average multi- scenario discounted cash flow model. The details of these scenarios are given in the going concern section of note 2, with a weighting of 70 per cent to the Base Case and 30 per cent to the Downside Case. Cash flow projections are based on the business plans approved by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate. Annually the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the reporting date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these commitments that cannot be reliably estimated and accordingly have been excluded from the value-in-use calculations (see note 4). The business plan cash flows used in the value-in-use calculations also reflect all restructuring of the business where relevant that has been approved by the Board and which can be executed by management under existing labour agreements. Key assumptions The value-in-use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected cash flows for activity from 2024 through to the end of 2026. For each of the Group\u2019s CGUs the key assumptions used in the value- in-use calculations are as follows:
2023
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
7-14
7-14
4-12
6-14
23
Average ASK growth per annum
3-9
4-10
1-6
2-16
n/a
Long-term growth rate
1.7
1.5
0.9
1.3
1.5
Pre-tax discount rate
11.2
12.2
14.3
10.9
14.8
1 1
2022
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
5-13
5-10
0-10
4-12
23-25
ASKs as a proportion of 2019
90-105
92-107
113-123
102-127
n/a
Long-term growth rate
1.7
1.5
1.4
1.6
1.7
Pre-tax discount rate
10.4
11.2
12.8
10.1
13.4
1 1, 2 1 Average ASK growth per annum, ASKs as a proportion of 2019 and operating margin are stated as the weighted average derived from the multi- scenario discounted cash flow model. 2 Given the impact of the COVID-19 pandemic, in 2022 the Group presented ASKs as a proportion of the level of ASKs achieved in 2019, prior to the application of the terminal value calculation.
Within 12 3 years and
Jet fuel price ($ per MT)
months
1-2 years
2-3 years
thereafter
2023
895
829
800
800
2022
867
809
780
780
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period, based on planned network growth and taking into account management\u2019s expectation of the market. The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding the long-term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same basis as the cash flows detailed above of 70 per cent to the Base Case and 30 per cent to the Downside Case. The terminal value cash flows and long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019 network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect management\u2019s plans in response to specific market risk or opportunity. Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry, the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors which are evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages an external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate. Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from readily available market data at the valuation date. The cash flow forecasts reflect these price increases after taking into consideration the level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected for the purchase of SAF. As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2030. These adjustments include the following key assumptions: (i) a 10 per cent level of SAF consumption out of the overall fuel mix with an assumed price of \u20ac3,412 per metric tonne; (ii) a kerosene tax of \u20ac526 per metric tonne on all intra-EU flights; (iii) for costs of carbon, prices of \u20ac173, \u20ac173, \u20ac110 and \u20ac19 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively, per tonne of CO2 equivalents emitted; and (iv) the removal of all free ETS and CORSIA allowances. Summary of results At 31 December 2023 management reviewed the recoverable amount of each of the CGUs and concluded the recoverable amounts exceeded the carrying values. Reasonable possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage points and increasing the fuel price (both jet fuel and SAF) by 40 per cent, both with cost recovery consistent with that experienced historically and with no assumed cost recovery. Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible impact of climate change on the CGUs greater than that included in the impairment models. For the British Airways, Iberia, Vueling and Aer Lingus CGUs, while the recoverable amounts are estimated to exceed the carrying amounts by \u20ac15,752 million, \u20ac4,736 million, \u20ac1,271 million and \u20ac1,884 million, respectively, the recoverable amounts would be below the carrying amounts when applying reasonable possible but not probable changes, over the forecast period, in assumptions in each of the following scenarios: \u2022 British Airways: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 24 per cent; and (ii) if the fuel price had been 29 per cent higher without cost recovery; \u2022 Iberia: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 21 per cent; and (ii) if the fuel price had been 24 per cent higher without cost recovery; \u2022 Vueling: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 12 per cent; and (ii) if the fuel price had been 18 per cent higher without cost recovery; and \u2022 Aer Lingus: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 16 per cent; and (ii) if the fuel price had been 23 per cent higher without cost recovery. For the remainder of the reasonably possible changes in key assumptions applied to the British Airways, Iberia, Vueling and Aer Lingus CGUs and for all the reasonably possible changes in key assumptions applied to the IAG Loyalty CGU, no impairment arises.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-710": { "value": "
b Impairment review
The carrying amounts of intangible assets with indefinite life and goodwill allocated to cash generating units (CGUs) of the Group are:
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2023
Iberia
1 January and 31 December 2023
\u2013
306
\u2013
423
729
British Airways
1 January 2023
46
\u2013
\u2013
794
840
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
1
\u2013
\u2013
10
11
31 December 2023
47
\u2013
\u2013
798
845
Vueling
1 January and 31 December 2023
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2023
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2023
\u2013
\u2013
253
\u2013
253
31 December 2023
347
451
253
1,377
2,428
1
Customer
loyalty Landing
\u20ac million
Goodwill
Brand
programmes rights Total
2022
Iberia
1 January and 31 December 2022
\u2013
306
\u2013
423
729
British Airways
1 January 2022
47
\u2013
\u2013
809
856
Additions
\u2013
\u2013
\u2013
14
14
Disposals
\u2013
\u2013
\u2013
(6)
(6)
Exchange movements
(1)
\u2013
\u2013
(23)
(24)
31 December 2022
46
\u2013
\u2013
794
840
Vueling
1 January and 31 December 2022
28
35
\u2013
94
157
Aer Lingus
1 January and 31 December 2022
272
110
\u2013
62
444
IAG Loyalty
1 January and 31 December 2022
\u2013
\u2013
253
\u2013
253
31 December 2022
346
451
253
1,373
2,423
1 1 Landing rights excludes non-UK and non-EU based landing rights of \u20ac63 million (2022: \u20ac69 million) that have a definite life. Basis for calculating recoverable amount The recoverable amounts of the Group\u2019s CGUs have been measured based on their value-in-use, which utilises a weighted average multi- scenario discounted cash flow model. The details of these scenarios are given in the going concern section of note 2, with a weighting of 70 per cent to the Base Case and 30 per cent to the Downside Case. Cash flow projections are based on the business plans approved by the relevant operating companies covering a three-year period. Cash flows extrapolated beyond the three-year period are projected to increase based on long-term growth rates. Cash flow projections are discounted using each CGU\u2019s pre-tax discount rate. Annually the relevant operating companies prepare and their respective boards approve three-year business plans, and the IAG Board approves the Group three-year business plan in the fourth quarter of the year. Adjustments have been made to the final year of the business plan cash flows to incorporate the impacts of climate change that the Group can reliably estimate at the reporting date. However, given the long-term nature of the Group\u2019s sustainability commitments, there are other aspects of these commitments that cannot be reliably estimated and accordingly have been excluded from the value-in-use calculations (see note 4). The business plan cash flows used in the value-in-use calculations also reflect all restructuring of the business where relevant that has been approved by the Board and which can be executed by management under existing labour agreements. Key assumptions The value-in-use calculations for each CGU reflect the wider economic and geopolitical environments, including updated projected cash flows for activity from 2024 through to the end of 2026. For each of the Group\u2019s CGUs the key assumptions used in the value- in-use calculations are as follows:
2023
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
7-14
7-14
4-12
6-14
23
Average ASK growth per annum
3-9
4-10
1-6
2-16
n/a
Long-term growth rate
1.7
1.5
0.9
1.3
1.5
Pre-tax discount rate
11.2
12.2
14.3
10.9
14.8
1 1
2022
British
Per cent
Airways
Iberia
Vueling
Aer Lingus
IAG Loyalty
Operating margin
5-13
5-10
0-10
4-12
23-25
ASKs as a proportion of 2019
90-105
92-107
113-123
102-127
n/a
Long-term growth rate
1.7
1.5
1.4
1.6
1.7
Pre-tax discount rate
10.4
11.2
12.8
10.1
13.4
1 1, 2 1 Average ASK growth per annum, ASKs as a proportion of 2019 and operating margin are stated as the weighted average derived from the multi- scenario discounted cash flow model. 2 Given the impact of the COVID-19 pandemic, in 2022 the Group presented ASKs as a proportion of the level of ASKs achieved in 2019, prior to the application of the terminal value calculation.
Within 12 3 years and
Jet fuel price ($ per MT)
months
1-2 years
2-3 years
thereafter
2023
895
829
800
800
2022
867
809
780
780
Forecast ASKs in the current year modelling represent the range of average annual increases in capacity over the forecast period, based on planned network growth and taking into account management\u2019s expectation of the market. The long-term growth rate is calculated for each CGU, considering a number of data points: (i) industry publications; (ii) forecast weighted average exposure in each primary market using gross domestic product (GDP); and (iii) internal analysis regarding the long-term changes in consumer preferences and the effects on demand from the increased costs to the Group of climate change. The calculation of the long-term growth rate utilises a Base Case and a Downside Case growth rate, which is then weighted on the same basis as the cash flows detailed above of 70 per cent to the Base Case and 30 per cent to the Downside Case. The terminal value cash flows and long-term growth rate incorporate the impacts of climate change insofar as they can be determined (see note 4). The airlines\u2019 network plans and the IAG Loyalty forecasts are reviewed annually as part of the three-year business plan preparation and reflect management\u2019s plans in response to specific market risk or opportunity. Pre-tax discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and underlying risks of its primary market. The discount rate calculations are based on the circumstances of the airline industry, the loyalty scheme industry, the Group and the CGU. These rates are derived from the weighted average cost of capital (WACC). The WACC takes into consideration both debt and equity available to airlines and loyalty schemes. The cost of equity is derived from the expected return on investment by airline and loyalty scheme investors and the cost of debt is derived from both market data and industry gearing levels derived from comparable companies. CGU-specific risk is incorporated by applying individual beta factors which are evaluated annually based on available market data. The pre-tax discount rate reflects the timing of future tax flows. The Group engages an external valuation expert as at the valuation date to assist in the determination of the post-tax discount rate. Jet fuel price assumptions are derived from forward price curves in the fourth quarter of each year and sourced externally from readily available market data at the valuation date. The cash flow forecasts reflect these price increases after taking into consideration the level of fuel derivatives and their associated prices that the Group has in place and the incremental price differentials expected for the purchase of SAF. As detailed above, the Group adjusts the final year of the three-year business plans to incorporate the medium-term impacts of climate change from the Group\u2019s Flightpath Net Zero climate strategy through to 2030. These adjustments include the following key assumptions: (i) a 10 per cent level of SAF consumption out of the overall fuel mix with an assumed price of \u20ac3,412 per metric tonne; (ii) a kerosene tax of \u20ac526 per metric tonne on all intra-EU flights; (iii) for costs of carbon, prices of \u20ac173, \u20ac173, \u20ac110 and \u20ac19 for EU ETS allowances, Swiss ETS allowances, UK ETS allowances and CORSIA allowances, respectively, per tonne of CO2 equivalents emitted; and (iv) the removal of all free ETS and CORSIA allowances. Summary of results At 31 December 2023 management reviewed the recoverable amount of each of the CGUs and concluded the recoverable amounts exceeded the carrying values. Reasonable possible changes in key assumptions, both individually and in combination, have been considered for each CGU, where applicable, which include reducing the operating margin by 2 percentage points in each year, reducing ASKs by 5 percentage points in each year, reducing long-term growth rates in the terminal value calculation to zero, increasing pre-tax discount rates by 2.5 percentage points and increasing the fuel price (both jet fuel and SAF) by 40 per cent, both with cost recovery consistent with that experienced historically and with no assumed cost recovery. Given the inherent uncertainty associated with the impact of climate change, these sensitivities represent a reasonably possible impact of climate change on the CGUs greater than that included in the impairment models. For the British Airways, Iberia, Vueling and Aer Lingus CGUs, while the recoverable amounts are estimated to exceed the carrying amounts by \u20ac15,752 million, \u20ac4,736 million, \u20ac1,271 million and \u20ac1,884 million, respectively, the recoverable amounts would be below the carrying amounts when applying reasonable possible but not probable changes, over the forecast period, in assumptions in each of the following scenarios: \u2022 British Airways: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 24 per cent; and (ii) if the fuel price had been 29 per cent higher without cost recovery; \u2022 Iberia: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 21 per cent; and (ii) if the fuel price had been 24 per cent higher without cost recovery; \u2022 Vueling: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 12 per cent; and (ii) if the fuel price had been 18 per cent higher without cost recovery; and \u2022 Aer Lingus: (i) if ASKs had been 5 per cent lower combined with a fuel price increase without cost recovery of 16 per cent; and (ii) if the fuel price had been 23 per cent higher without cost recovery. For the remainder of the reasonably possible changes in key assumptions applied to the British Airways, Iberia, Vueling and Aer Lingus CGUs and for all the reasonably possible changes in key assumptions applied to the IAG Loyalty CGU, no impairment arises.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-648": { "value": "
18 Investments
a Investments in subsidiaries
The Group\u2019s subsidiaries at 31 December 2023 are listed in the Group investments section.
All subsidiary undertakings are included in the consolidation. The proportion of the voting rights in the subsidiary undertakings held
directly do not differ from the proportion of ordinary shares held. There have been no significant changes in ownership interests of
subsidiaries during the year.
The total non-controlling interest at 31 December 2023 is \u20ac6 million (2022: \u20ac6 million).
b Investments in associates and joint ventures
The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s
financial statements, are as follows:
\u20ac million
2023
2022
Total assets
166
148
Total liabilities
(119)
(104)
Revenue
107
89
Profit for the year
6
5
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2023
2022
At beginning of year
43
40
Share of retained profits
6
5
Dividends received
(2)
(2)
47
43
At 31 December 2023 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent and there
are no related contingent liabilities.
At both 31 December 2023 and 31 December 2022 the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de
Pago EFC, S.A. exceeded 50 per cent ownership by the Group (50.5 per cent). The entity is treated as a joint venture as decisions
regarding its strategy and operations require the unanimous consent of the parties who share control, including IAG.
", "dimensions": { "concept": "iag:DisclosureOfInvestments", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-712": { "value": "a Investments in subsidiaries The Group\u2019s subsidiaries at 31 December 2023 are listed in the Group investments section. All subsidiary undertakings are included in the consolidation. The proportion of the voting rights in the subsidiary undertakings held directly do not differ from the proportion of ordinary shares held. There have been no significant changes in ownership interests of subsidiaries during the year. The total non-controlling interest at 31 December 2023 is \u20ac6 million (2022: \u20ac6 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-679": { "value": "b Investments in associates and joint ventures The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s financial statements, are as follows:
\u20ac million
2023
2022
Total assets
166
148
Total liabilities
(119)
(104)
Revenue
107
89
Profit for the year
6
5
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2023
2022
At beginning of year
43
40
Share of retained profits
6
5
Dividends received
(2)
(2)
47
43
At 31 December 2023 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent and there are no related contingent liabilities. At both 31 December 2023 and 31 December 2022 the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago EFC, S.A. exceeded 50 per cent ownership by the Group (50.5 per cent). The entity is treated as a joint venture as decisions regarding its strategy and operations require the unanimous consent of the parties who share control, including IAG.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-711": { "value": "b Investments in associates and joint ventures The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s financial statements, are as follows:
\u20ac million
2023
2022
Total assets
166
148
Total liabilities
(119)
(104)
Revenue
107
89
Profit for the year
6
5
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2023
2022
At beginning of year
43
40
Share of retained profits
6
5
Dividends received
(2)
(2)
47
43
At 31 December 2023 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent and there are no related contingent liabilities. At both 31 December 2023 and 31 December 2022 the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago EFC, S.A. exceeded 50 per cent ownership by the Group (50.5 per cent). The entity is treated as a joint venture as decisions regarding its strategy and operations require the unanimous consent of the parties who share control, including IAG.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-700": { "value": "b Investments in associates and joint ventures The share of assets, liabilities, revenue and profit of the Group\u2019s associates and joint ventures, which are included in the Group\u2019s financial statements, are as follows:
\u20ac million
2023
2022
Total assets
166
148
Total liabilities
(119)
(104)
Revenue
107
89
Profit for the year
6
5
The detail of the movement in investment in associates and joint ventures is shown as follows:
\u20ac million
2023
2022
At beginning of year
43
40
Share of retained profits
6
5
Dividends received
(2)
(2)
47
43
At 31 December 2023 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent and there are no related contingent liabilities. At both 31 December 2023 and 31 December 2022 the investment in Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago EFC, S.A. exceeded 50 per cent ownership by the Group (50.5 per cent). The entity is treated as a joint venture as decisions regarding its strategy and operations require the unanimous consent of the parties who share control, including IAG.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "value": "
19 Other equity investments
Other equity investments include the following:
\u20ac million
2023
2022
Unlisted securities 188 55
188 55
The credit relating to Other equity investments was \u20ac3 million (2022: charge of \u20ac3 million).
Investment in Air Europa Holdings
On 15 June 2022, the Group entered into a financing arrangement with Globalia Corporaci\u00f3n Empresarial, S,A, (\u2018Globalia\u2019), whereby,
the Group provided a \u20ac100 million seven-year unsecured loan, which was convertible for a period of two years from inception into a
fixed number of the shares of Air Europa Holdings, S.L. (\u2018Air Europa Holdings\u2019), a wholly owned subsidiary of Globalia. Subsequently,
on 16 August 2022, the Group exercised its exchange option with Globalia and converted the aforementioned loan into an
investment in 20 per cent of the share capital of Air Europa Holdings, which is recorded as an Other equity investment.
On 23 February 2023, the Group entered into an agreement to acquire the remaining 80 per cent of the share capital of Air Europa
Holdings that it had not previously owned. The acquisition is conditional on Globalia receiving approval from the syndicated banks
that provide the loan agreements that are partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) and Sociedad Estatal de
Participaciones Industriales (SEPI) in Spain. The acquisition is also subject to approval by relevant competition authorities. Until the
completion of these approvals, the acquisition does not meet the recognition criteria under IFRS 3 Business combinations, and
accordingly the Group continues to recognise the 20 per cent share capital ownership of Air Europa Holdings as an Other equity
investment (see note 2 for critical judgement applied in this classification).
At 31 December 2023, the fair value of the investment in Air Europa Holdings was \u20ac129 million, representing an increase of \u20ac105
million from the \u20ac24 million recorded at 31 December 2022, with the fair value movement having been recorded within Other
comprehensive income.
The Group, with its external valuation advisors, determined the fair value of the investment in Air Europa Holdings at 31 December
2023 and 31 December 2022, using both the market approach and the income approach, whereby the Group used both observable
market data and unobservable inputs. The fair value was determined on the stand-alone basis of Air Europa Holdings without
consideration of potential synergies that could be obtained if the Group were able to obtain control over the operations of Air
Europa Holdings.
In determining the fair value of the investment in Air Europa Holdings at 31 December 2023, the Group used the following significant
unobservable inputs: (i) revenue compound annual growth rate of 4.0 per cent; (ii) an EBITDA range of 3.6 to 6.5 per cent; and (iii) a
risk-adjusted pre-tax discount rate of 13.9 per cent.
", "dimensions": { "concept": "iag:DisclosureOfOtherEquityInvestments", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "value": "
20 Trade and other receivables
\u20ac million
2023
2022
Amounts falling due within one year
Trade receivables
1,673
1,444
Provision for expected credit loss
(114)
(114)
Net trade receivables
1,559
1,330
Prepayments
750
639
Accrued income
495
231
Other non-trade receivables
329
356
Other current receivables
1,574
1,226
Amounts falling due after one year
Prepayments
401
337
Accrued income
9
\u2013
Other non-trade receivables
22
25
Other receivables due after one year
432
362
1
1, 2
1 For the year ended 31 December 2023, the Group has elected to disaggregate prepayments and accrued income, which had previously been
aggregated into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the
current year presentation.
2 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul
services, where the balances vary depending on the number of ongoing activities at the reporting date.
Movements in the provision for expected credit loss were as follows:
\u20ac million
2023
2022
At beginning of year
114
115
Provided during the year
4
10
Released during the year
(3)
(1)
Receivables written off during the year
(1)
(9)
Exchange movements
\u2013
(1)
114
114
Trade receivables are generally non-interest-bearing and on 30 days terms (2022: 30 days).
The credit risk exposure on the Group\u2019s trade receivables is set out below:
31 December 2023
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
959
296
241
53
124
Expected credit loss rate
0.1%
0.1%
1.7%
7.5%
85.2%
Provision for expected credit loss
\u2013
\u2013
4
4
106
31 December 2022
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
719
509
91
25
100
Expected credit loss rate
0.3%
0.1%
1.1%
44.0%
100.0%
Provision for expected credit loss
2
\u2013
1
11
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-776": { "value": "20 Trade and other receivables
\u20ac million
2023
2022
Amounts falling due within one year
Trade receivables
1,673
1,444
Provision for expected credit loss
(114)
(114)
Net trade receivables
1,559
1,330
Prepayments
750
639
Accrued income
495
231
Other non-trade receivables
329
356
Other current receivables
1,574
1,226
Amounts falling due after one year
Prepayments
401
337
Accrued income
9
\u2013
Other non-trade receivables
22
25
Other receivables due after one year
432
362
1 1, 2 1 For the year ended 31 December 2023, the Group has elected to disaggregate prepayments and accrued income, which had previously been aggregated into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the current year presentation. 2 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul services, where the balances vary depending on the number of ongoing activities at the reporting date. Movements in the provision for expected credit loss were as follows:
\u20ac million
2023
2022
At beginning of year
114
115
Provided during the year
4
10
Released during the year
(3)
(1)
Receivables written off during the year
(1)
(9)
Exchange movements
\u2013
(1)
114
114
Trade receivables are generally non-interest-bearing and on 30 days terms (2022: 30 days). The credit risk exposure on the Group\u2019s trade receivables is set out below: 31 December 2023
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
959
296
241
53
124
Expected credit loss rate
0.1%
0.1%
1.7%
7.5%
85.2%
Provision for expected credit loss
\u2013
\u2013
4
4
106
31 December 2022
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
719
509
91
25
100
Expected credit loss rate
0.3%
0.1%
1.1%
44.0%
100.0%
Provision for expected credit loss
2
\u2013
1
11
100
22 Cash, cash equivalents and other current interest-bearing deposits a Cash
\u20ac million
2023
2022
Cash at bank and in hand
1,531
3,286
Short-term deposits maturing within three months
3,910
5,910
Cash and cash equivalents
5,441
9,196
Current interest-bearing deposits maturing after three months
1,396
403
Cash, cash equivalents and other interest-bearing deposits
6,837
9,599
Cash at bank is primarily held in AAA money market funds and bank deposits. Short-term deposits are for periods up to three months and earn interest based on the floating deposit rates. At 31 December 2023, the Group had no outstanding bank overdrafts (2022: \u20acnil). Current interest-bearing deposits have maturities in excess of three months and typically within 12 months of the reporting date and earn interest based on the market rates available at the time the deposit was made. At 31 December 2023, Aer Lingus held \u20ac31 million of restricted cash (2022: \u20ac33 million) within interest-bearing deposits maturing after more than three months to be used for employee-related obligations. b Net debt Movements in net debt were as follows:
Balance at 31
Balance at 1 Exchange New leases and December
\u20ac million
January 2023
Cash flows
movements
modifications
Other items
2023
Bank, other loans, convertible bond and asset
financed liabilities
10,365
(3,267)
(102)
\u2013
119
7,115
Lease liabilities
9,619
(1,731)
(259)
1,315
23
8,967
Cash and cash equivalents
(9,196)
3,753
2
\u2013
\u2013
(5,441)
Current interest-bearing deposits
(403)
(985)
(8)
\u2013
\u2013
(1,396)
10,385
(2,230)
(367)
1,315
142
9,245
Balance at 31
Balance at 1 Exchange New leases and December
\u20ac million
January 2022
Cash flows
movements
modifications
Other items
2022
Bank, other loans, convertible bond and asset
financed liabilities
9,973
386
103
\u2013
(97)
10,365
Lease liabilities
9,637
(1,455)
415
1,017
5
9,619
Cash and cash equivalents
(7,892)
(1,316)
12
\u2013
\u2013
(9,196)
Current interest-bearing deposits
(51)
(351)
(1)
\u2013
\u2013
(403)
11,667
(2,736)
529
1,017
(92)
10,385
23 Trade and other payables
\u20ac million
2023
2022
Trade creditors
3,177
2,969
Other creditors
1,244
1,244
Other taxation and social security
262
228
Accruals
683
665
Deferred income relating to non-flight activity
224
103
5,590
5,209
1 1 2 1 Trade creditors includes \u20acnil (2022: \u20ac48 million) due to suppliers that have signed up to supply chain financing programmes offered by a number of partner financial institutions. While the Group no longer provides such a service to its suppliers, in 2022, these programmes either or both: (i) the suppliers could elect on an invoice-by-invoice basis to receive a discounted early payment from the partner financial institutions rather than being paid in line with the agreed payment terms; and/or (ii) the Group could have elected on an invoice-by-invoice basis for the partner financial institution to pay the supplier in line with the agreed payment terms and the Group enter into payment terms with the partner financial institution of up to 150 days with interest incurred at 2.5 per cent. The Group, in 2022, assessed the arrangement against indicators to assess if liabilities which suppliers had transferred to the partner financial institutions under the supplier financing programmes continued to meet the definition of trade creditors or should have been classified as borrowings. The cash flows arising from such arrangements were reported within cash flows from operating activities or within cash flows from financing activities, in the Consolidated cash flow statement, depending on whether the associated liabilities met the definition of trade creditors or as borrowings. At 31 December 2023 and 31 December 2022, these liabilities met the criteria of Trade creditors and are excluded from the Net debt table in note 22b. 2 For the year ended 31 December 2023, the Group has elected to disaggregate accruals and deferred income, which had previously been aggregated into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the current year presentation. Average payment days to suppliers \u2013 Spanish Group companies
Days
2023
2022
Average payment days for payment to suppliers
25
34
Ratio of transactions paid
25
33
Ratio of transactions outstanding for payment
17
53
\u20ac million
2023
2022
Total payments made
10,966
6,676
Total payments outstanding
158
264
Information on invoices paid in a period shorter than the maximum period established in the late payment regulations \u2013 Spanish Group companies
2023
2022
Total payments made (\u20ac million)
10,002
5,111
Percentage share of total payments to suppliers
91%
77%
Number of invoices paid (thousand)
213
110
Percentage share of total number of invoices paid
76%
48%
25 Other long-term liabilities
\u20ac million
2023
2022
Non-current trade creditors
164
147
Accruals and deferred income
55
53
219
200
26 Long-term borrowings a Total borrowings
2023
2022
\u20ac million
Current
Non-current
Total
Current
Non-current
Total
Bank and other loans
113
1,840
1,953
813
5,128
5,941
Convertible bond
9
726
735
9
596
605
Asset financed liabilities
303
4,124
4,427
255
3,564
3,819
Lease liabilities
1,826
7,141
8,967
1,766
7,853
9,619
Interest-bearing long-term borrowings
2,251
13,831
16,082
2,843
17,141
19,984
1 1 1 The 2022 total borrowings include a reclassification to conform with the current basis of presentation, where the 2028 convertible bond, amounting to \u20ac605 million at 31 December 2022 and accounted for at fair value, has been separated from Bank and other loans. There is no change to total borrowings. Long-term borrowings of the Group amounting to \u20ac4,516 million (31 December 2022: \u20ac3,962 million) are secured on owned fleet assets with a net book value of \u20ac4,736 million (31 December 2022: \u20ac3,931 million). All asset financed liabilities, included within long- term borrowings, are all secured on the associated aircraft or other property, plant and equipment. b Bank, other loans and convertible bond
\u20ac million
2023
2022
\u20ac825 million fixed rate 1.125 per cent convertible bond 2028
735
605
\u20ac700 million fixed rate 3.75 per cent unsecured bond 2029
717
717
\u20ac500 million fixed rate 2.75 per cent unsecured bond 2025
510
509
\u20ac500 million fixed rate 1.50 per cent bond 2027
500
499
Floating rate euro mortgage loans secured on aircraft
114
143
Fixed rate secured bonds
56
56
Fixed rate unsecured US dollar mortgage loan
6
46
71
Fixed rate unsecured euro loans with the Spanish State (Department of Industry)
7
10
10
Floating rate pound sterling term loan guaranteed by the UK Export Finance (UKEF)
\u2013
2,315
Floating rate Instituto de Cr\u00e9dito Oficial (ICO) guaranteed loans
\u2013
1,070
\u20ac500 million fixed rate 0.50 per cent bond 2023
\u2013
501
Ireland Strategic Investment Fund (ISIF) facility
\u2013
50
Total bank, other loans and convertible bond
2,688
6,546
Less: current instalments due on bank, other loans and convertible bond
(122)
(822)
Total non-current bank, other loans and convertible bond
2,566
5,724
1 2 2 3 4 5 8 9 3 10 1 See details of the 2028 convertible bond below. 2 On 25 March 2021, the Group issued two tranches of senior unsecured bonds for an aggregate principal amount of \u20ac1.2 billion, \u20ac500 million due 25 March 2025 and \u20ac700 million due 25 March 2029. The bonds bear a fixed rate of interest of 2.75 per cent and 3.75 per cent per annum, payable in arrears, respectively. The bonds were issued at 100 per cent of their principal amount, respectively, and, unless previously redeemed or purchased and cancelled, will be redeemed at 100 per cent of their principal amount on their respective maturity dates. 3 In July 2019, the Group issued two tranches of senior unsecured bonds for an aggregate principal amount of \u20ac1 billion, \u20ac500 million due 4 July 2023 and \u20ac500 million due 4 July 2027. The 2023 bond bore a fixed rate of interest of 0.5 per cent per annum and was redeemed in full at maturity on 4 July 2023. The 2027 bond bears a fixed rate of interest of 1.5 per cent per annum annually payable in arrears. The 2027 bond was issued at 98.803 per cent of its principal amount, and, unless previously redeemed or purchased and cancelled, will be redeemed at 100 per cent of its principal amount on its maturity date. 4 Floating rate euro mortgage loans are secured on specific aircraft assets of the Group and bear interest of between 4.45 and 5.46 per cent. The loans are repayable between 2024 and 2027. 5 Total of \u20ac55 million fixed rate secured bonds with 3.75 per cent coupon repayable between 2024 and 2027. 6 Fixed rate unsecured US dollar mortgage loan bearing interest between 1.38 to 2.86 per cent. The loan is repayable between 2025 and 2026. 7 Fixed rate unsecured euro loans with the Spanish State (Department of Industry) bear nil interest and are repayable in 2031. 8 On 22 February 2021, British Airways entered into a floating rate five-year term loan Export Development Guarantee Facility of \u20ac2.3 billion (\u00a32.0 billion) underwritten by a syndicate of banks, with 80 per cent of the principal guaranteed by the UKEF. On 1 November 2021, British Airways entered into a further five-year term loan Export Development Guarantee Facility of \u20ac1.1 billion (\u00a31.0 billion) underwritten by a syndicate of banks, with 80 per cent of the principal guaranteed by the UKEF. On 28 September 2023, British Airways repaid the \u00a32.0 billion term loan in full, while concurrently entering into a further five-year term loan Export Development Guarantee Facility of \u20ac1.2 billion (\u00a31.0 billion) underwritten by a syndicate of banks, with 80 per cent of the principal guaranteed by the UKEF. The terms and maturity of the Export Development Guarantee Facility entered into in November 2021 remain unchanged. These two remaining UKEF guaranteed facilities had not been drawn as at 31 December 2023. 9 On 30 April 2020, Iberia and Vueling entered into floating rate syndicated financing agreements of \u20ac750 million and \u20ac260 million respectively. On 31 October 2023, Iberia repaid its loan in full. On 30 November 2023, Vueling repaid its loan in full. 10 On 23 December 2020, Aer Lingus entered into a floating rate financing agreement with the Ireland Strategic Investment Fund (ISIF) for \u20ac75 million. On 27 March 2021, Aer Lingus entered into a further floating rate financing agreement with the ISIF for an additional \u20ac75 million. On 4 March 2022, Aer Lingus entered into a financing arrangement with ISIF, which subsequently extinguished the existing \u20ac150 million of facilities and replaced them with a \u20ac350 million facility that matures in March 2025. On 13 December 2022 and 4 March 2023, Aer Lingus early repaid \u20ac100 million and \u20ac50 million, respectively, of the ISIF facility, with these amounts being available to draw again over the tenor of the facility. The facility is secured on specific landing rights. At 31 December 2023, \u20ac350 million of this facility remained undrawn. In addition, on 23 March 2021, the Group entered into a three-year US dollar secured Revolving Credit Facility of $1.755 billion accessible by British Airways, Iberia and Aer Lingus. On 23 August 2022, the Group extended the term of the Revolving Credit Facility by an additional 12 months through to March 2025. On 23 August 2023, of the $1.755 billion facility, the Group further extended the terms of the $1.655 billion Revolving Credit Facility by an additional 12 months through to March 2026 with the remaining $100 million available through to March 2025. As at 31 December 2023 no amounts had been drawn under the facility (2022: nil). While the Group does not forecast drawing down on the Revolving Credit Facility, should it do so, the resultant debt would be secured, in the respective operating companies, against: (i) specific landing rights; or (ii) aircraft; or (iii) or a combination of both. Details of the 2028 convertible bond On 11 May 2021, the Group issued the \u20ac825 million fixed rate 1.125 per cent senior unsecured bond convertible into ordinary shares of IAG. The convertible bond raised net proceeds of \u20ac818 million and matures in 2028. The Group holds an option to redeem the convertible bond at its principal amount, together with accrued interest, no earlier than two years prior to the final maturity date. The convertible bond provides bondholders with dividend protection and includes a total of 244,850,715 options at inception and at 31 December 2023 to convert into ordinary shares of IAG. The Group also holds an option to redeem the convertible bond, in full or in part, in cash in the event that bondholders exercise their right to convert the bond into ordinary shares of IAG. The bondholders conversion right is currently exercisable. The convertible bond is recorded at its fair value, which at 31 December 2023 was \u20ac735 million (2022: \u20ac605 million), representing an increase of \u20ac130 million since 1 January 2023. Of this increase, the charge recorded in Other comprehensive income arising from credit risk of the convertible bonds was \u20ac119 million and a charge recorded within Finance costs in the Income statement attributable to changes in market conditions of \u20ac11 million. Transactions with unconsolidated entities The Group has entered into asset financing transactions with unconsolidated entities as follows: \u2022 The British Airways Pass Through Certificates, Series 2019-1 were entered into in the third quarter of 2019, recognising Asset financed liabilities of \u20ac725 million for eight aircraft that mature between 2029 and 2034; \u2022 The British Airways Pass Through Certificates, Series 2020-1 were entered into in the fourth quarter of 2020, recognising Asset financed liabilities of \u20ac472 million for nine aircraft that mature between 2028 and 2032; \u2022 The British Airways Pass Through Certificates, Series 2021-1 were entered into in the third quarter of 2021, recognising Asset financed liabilities of \u20ac204 million for seven aircraft that mature between 2031 and 2035; \u2022 The Iberia Pass Through Certificates, Series 2022-1 were entered into in April 2022, recognising Asset financed liabilities of \u20ac680 million for five aircraft that mature between 2032 and 2036; \u2022 The British Airways Pass Through Certificates, Series 2022-1 were entered into in October 2022, recognising Asset financed liabilities of \u20ac159 million for four aircraft that mature between 2032 and 2036; and \u2022 There have been no asset financing transactions with unconsolidated entities during the year to 31 December 2023. As at 31 December 2023, Asset financed liabilities include cumulative amounts of \u20ac2,948 million (2022: \u20ac2,983 million) and the associated assets recorded within Property, plant and equipment include cumulative amounts of \u20ac2,757 million (2022: \u20ac3,400 million) associated with transactions with unconsolidated structured entities having issued EETCs.
c Total loans, convertible bond, asset financed liabilities and lease liabilities
Million
2023
2022
Loans
Bank:
US dollar
$50
$75
Euro
\u20ac124
\u20ac1,273
Pound sterling
\u2013
\u00a32,026
\u20ac170
\u20ac3,659
Fixed rate bonds:
Euro
\u20ac1,783
\u20ac2,282
\u20ac1,783
\u20ac2,282
Convertible bond
Euro
\u20ac735
\u20ac605
\u20ac735
\u20ac605
Asset financed liabilities
US dollar
$3,849
$3,285
Euro
\u20ac746
\u20ac542
Japanese yen
\u00a528,432
\u00a525,748
\u20ac4,427
\u20ac3,819
Lease liabilities
US dollar
$7,399
$7,621
Euro
\u20ac1,008
\u20ac1,239
Japanese yen
\u00a568,998
\u00a571,994
Pound sterling
\u00a3690
\u00a3620
\u20ac8,967
\u20ac9,619
Total interest-bearing borrowings
\u20ac16,082
 \u20ac19,984
30 Financial instruments a Financial assets and liabilities by category The detail of the Group\u2019s financial instruments at 31 December 2023 and 31 December 2022 by nature and classification for measurement purposes is as follows:
31 December 2023
Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
188
\u2013
\u2013
188
Derivative financial instruments
\u2013
\u2013
42
\u2013
42
Other non-current assets
211
\u2013
\u2013
221
432
Current assets
Trade receivables
1,559
\u2013
\u2013
\u2013
1,559
Other current assets
545
\u2013
\u2013
1,029
1,574
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other current interest-bearing deposits
1,396
\u2013
\u2013
\u2013
1,396
Cash and cash equivalents
5,441
\u2013
\u2013
\u2013
5,441
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,141
\u2013
\u2013
7,141
Interest-bearing long-term borrowings
5,964
726
\u2013
6,690
Derivative financial instruments
\u2013
106
\u2013
106
Other long-term liabilities
151
\u2013
68
219
Current liabilities
Lease liabilities
1,826
\u2013
\u2013
1,826
Current portion of long-term borrowings
416
9
\u2013
425
Trade and other payables
5,198
\u2013
392
5,590
Derivative financial instruments
\u2013
461
\u2013
461
31 December 2022 Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
55
\u2013
\u2013
55
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other non-current assets
180
\u2013
\u2013
182
362
Current assets
Trade receivables
1,330
\u2013
\u2013
\u2013
1,330
Other current assets
308
\u2013
\u2013
918
1,226
Derivative financial instruments
\u2013
\u2013
645
\u2013
645
Other current interest-bearing deposits
403
\u2013
\u2013
\u2013
403
Cash and cash equivalents
9,196
\u2013
\u2013
\u2013
9,196
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,853
\u2013
\u2013
7,853
Interest-bearing long-term borrowings
8,692
596
\u2013
9,288
Derivative financial instruments
\u2013
84
\u2013
84
Other long-term liabilities
131
\u2013
69
200
Current liabilities
Lease liabilities
1,766
\u2013
\u2013
1,766
Current portion of long-term borrowings
1,068
9
\u2013
1,077
Trade and other payables
4,898
\u2013
311
5,209
Derivative financial instruments
\u2013
387
\u2013
387
b Fair value of financial assets and financial liabilities The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in determining the fair values and using the following methods and assumptions: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and counterparty credit risk, respectively. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows, incorporating adjustments for own credit risk and counterparty credit risk: \u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; \u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; and \u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the current forward curve. The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19. The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade and other payables approximate their carrying value largely due to the short-term maturities of these instruments. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2023 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
187
188
188
Other non-current financial assets
\u2013
12
\u2013
12
25
Derivative financial assets:
Interest rate swaps
\u2013
32
\u2013
32
32
Foreign exchange contracts
\u2013
58
\u2013
58
58
Fuel derivatives
\u2013
33
\u2013
33
33
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
3,900
\u2013
3,900
4,427
Fixed rate borrowings
2,429
53
\u2013
2,482
2,574
Floating rate borrowings
\u2013
111
\u2013
111
114
Derivative financial liabilities:
Interest rate derivatives
\u2013
4
\u2013
4
4
Foreign exchange contracts
\u2013
415
\u2013
415
415
Fuel derivatives
\u2013
148
\u2013
148
148
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac81 million. 2 Current portion of derivative financial liabilities is \u20ac461 million. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2022 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
\u2013
\u2013
55
55
55
Other non-current financial assets
\u2013
20
\u2013
20
31
Derivative financial assets:
Interest rate swaps
\u2013
66
\u2013
66
66
Foreign exchange contracts
\u2013
467
\u2013
467
467
Fuel derivatives
\u2013
193
\u2013
193
193
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
2,925
\u2013
2,925
3,819
Fixed rate borrowings
2,538
72
\u2013
2,610
2,967
Floating rate borrowings
\u2013
3,419
\u2013
3,419
3,579
Derivative financial liabilities:
Interest rate derivatives
\u2013
6
\u2013
6
6
Foreign exchange contracts
\u2013
359
\u2013
359
359
Fuel derivatives
\u2013
106
\u2013
106
106
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac645 million. 2 Current portion of derivative financial liabilities is \u20ac387 million. Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bond due 2028 which is measured at fair value, are measured at amortised cost. c Level 3 financial assets reconciliation The following table summarises key movements in Level 3 financial assets:
\u20ac million
2023
2022
Opening balance for the year
55
31
Additions - other
5
2
Addition of Air Europa Holdings
\u2013
22
Transfers to Level 1 financial assets
(1)
\u2013
Net gains recognised in Other comprehensive income
128
2
Net losses recognised in the Income statement
\u2013
(2)
Closing balance for the year
187
55
For details regarding the valuation of Air Europa Holdings, see note 19. During the year to 31 December 2023, the Group recorded a transfer of an Other equity instrument of \u20ac1 million from Level 3 to Level 1 following the public listing of the associated investment. There have been no other transfers between levels of the fair value hierarchy during the year. d Hedges Cash flow hedges At 31 December 2023, the Group\u2019s principal risk management activities that were hedging future forecast transactions were: \u2022 foreign exchange contracts, hedging foreign currency exchange risk on cash inflows and certain operational payments. Remeasurement gains and losses on the derivatives are (i) recognised in equity and transferred to the Income statement, where the hedged item is recorded directly in the Income statement, to the same caption as the underlying hedged item is classified; (ii) recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability, are recorded to the Balance sheet to the same caption as the hedged item is recognised; and (iii) recognised in equity and transferred to the Income statement, where the hedged item is a financial asset or liability, at the same time as the financial asset or liability is recorded in the Income statement. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge accounting, are recognised in the Income statement when the future transaction is no longer expected to occur and recorded in the relevant Income statement caption to which the hedged item is classified; \u2022 crude, gas oil and jet kerosene derivative contracts, hedging price risk on fuel expenditure. Remeasurement gains and losses on the derivatives are: (i) recognised in equity and transferred to the Income statement within Fuel, oil costs and emissions charges to match against the related fuel cash outflow, where the underlying hedged item does not give rise to the recognition of fuel inventory; and (ii) recognised in equity and transferred to the Balance sheet within Inventory, where the underlying hedged item is fuel inventory. Gains and losses recorded within Inventory are recognised in the Income statement when the underlying fuel inventory is consumed, within Fuel, oil costs and emission charges. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge accounting, are recognised in the Income statement within Fuel, oil costs and emissions charges when the future transaction is no longer expected to occur; \u2022 interest rate contracts, hedging interest rate risk on floating rate debt and certain operational payments. Remeasurement gains and losses on the derivatives are recognised in equity and transferred to the Income statement within Interest expense; and \u2022 future loan repayments denominated in foreign currency are designated in a hedge relationship hedging foreign exchange fluctuations on revenue cash inflows. Remeasurement gains and losses on the associated loans are recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability when the loan repayments are made (generally in instalments over the life of the loan). The amounts included in equity are summarised below: Losses/(gains) in respect of cash flow hedges included within equity
\u20ac million
2023
2022
Loan repayments to hedge future revenue
22
87
Foreign exchange contracts to hedge future revenue and expenditure
94
(178)
Crude, gas oil and jet kerosene derivative contracts
67
(127)
Derivatives used to hedge interest rates
(1)
(46)
Instruments for which hedge accounting no longer applies
123
213
305
(51)
Related deferred tax (credit)/charge
(75)
20
Total amount included within equity
230
(31)
1 1 1 1, 2 1 The carrying value of derivative instruments recognised in assets and liabilities is analysed in parts a and b above. 2 Relates to previously terminated hedge relationships for which the underlying forecast transactions remain expected to occur. Notional amounts of significant financial instruments used as cash flow hedging instruments:
Total 31
Notional principal amounts Average Within December
(\u20ac million)
hedge rate
Hedge range
1 year
1-2 years
2-5 years
5+ years
2023
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to pound sterling
1.21
1.05 to 1.35
3,147
1,239
\u2013
\u2013
4,386
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to euros
1.00
0.86 to 1.24
2,458
939
305
\u2013
3,702
Foreign exchange contracts to hedge
future revenue and expenditure from euros
to pound sterling
1.21
1.07 to 1.42
479
375
357
124
1,335
Fuel commodity price contracts to hedge
future US dollar fuel expenditure
722
489 to 1,200
5,425
1,948
980
\u2013
8,353
Interest rate contracts to hedge future
interest expenditure
1.83
(0.06) to 3.90
2,127
912
493
2
1 1 1 2 3, 4 1 Expenditure includes both operating and capital expenditure. 2 Notional amounts of fuel commodity price hedging instruments represent 10.0 million metric tonnes of jet fuel equivalent and the hedge range is expressed as the US dollar price per metric tonne, which for those products typically priced in barrels, has been determined using a conversion factor of 7.88. 3 The hedge range for interest rate contracts is expressed as a percentage. 4 The notional amounts of interest rate contracts at 31 December 2023 were \u20ac1,354 million. Amounts included reflect the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items.
Total 31
Notional principal amounts Average Within December
(\u20ac million)
hedge rate
Hedge range
1 year
1-2 years
2-5 years
5+ years
2022
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
pound sterling
1.23
1.05 to 1.45
3,582
1,355
\u2013
\u2013
4,937
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
euros
1.08
0.91 to 1.26
2,578
1,318
\u2013
\u2013
3,896
Foreign exchange contracts to hedge future
revenue and expenditure from euros to
pound sterling
1.23
1.00 to 1.42
371
406
458
14
1,249
Fuel commodity price contracts to hedge
future US dollar fuel expenditure
718
416 to 2,200
2,935
331
\u2013
\u2013
3,266
Interest rate contracts to hedge future
interest expenditure
1.04
(0.03) to 3.13
2,360
504
238
9
1 1 1 2 3, 4 1 Expenditure includes both operating and capital expenditure. 2 Notional amounts of fuel commodity price hedging instruments represent 5.4 million metric tonnes of jet fuel equivalent and the hedge range is expressed as the US dollar price per metric tonne, which for those products typically priced in barrels, has been determined using a conversion factor of 7.88. 3 The hedge range for interest rate contracts is expressed as a percentage. 4 The notional amounts of interest rate contracts at 31 December 2022 were \u20ac1,703 million. Amounts included reflect the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items.
Movements recorded in the cash flow hedge reserve
Amounts recognised in the Income statement
Fair value
movements
recognised in Amounts
Discontinuance Reclassified to Total Other transferred to
For the year to 31 December 2023 of hedge the Income recognised comprehensive the Balance
(\u20ac million)
Ineffectiveness
accounting statement movements income sheet
Foreign exchange contracts to hedge future
revenue and expenditure
(1)
\u2013
31
30
234
3
Crude, gas oil and jet kerosene derivative
contracts
9
\u2013
99
108
71
13
Derivatives used to hedge interest rates
\u2013
\u2013
48
48
(3)
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
\u2013
(47)
(18)
Instruments for which hedge accounting no
longer applies
\u2013
\u2013
\u2013
\u2013
\u2013
(92)
8
\u2013
178
186
255
(94)
Related deferred tax
(44)
(60)
10
Total movements recorded in the cash flow
hedge reserve
142
195
(84)
1
2
Amounts recognised in the Income statement
Fair value
movements
recognised in Amounts
Discontinuance Reclassified to Total Other transferred to
For the year to 31 December 2022 of hedge the Income recognised comprehensive the Balance
(\u20ac million)
Ineffectiveness
accounting statement movements income sheet
Foreign exchange contracts to hedge future
revenue and expenditure
\u2013
29
228
257
(525)
43
Crude, gas oil and jet kerosene derivative
contracts
19
\u2013
1,299
1,318
(1,249)
66
Derivatives used to hedge interest rates
\u2013
\u2013
(12)
(12)
(95)
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
\u2013
(1)
(7)
Instruments for which hedge accounting no
longer applies
\u2013
\u2013
\u2013
\u2013
\u2013
(27)
19
29
1,515
1,563
(1,870)
75
Related deferred tax
(330)
398
(1)
Total movements recorded in the cash flow
hedge reserve
1,233
(1,472)
74
1
2
1 Ineffectiveness recognised in the Income statement is presented as Realised and Unrealised gains and losses on derivatives not qualifying for hedge
accounting within non-operating items.
2 Amounts recognised in Other comprehensive income represent gains and losses on the hedging instrument.
Discontinuance of hedge accounting
The losses associated with the discontinuance of hedge accounting recognised in the Income statement and the subsequent fair
value movements of those derivative instruments recorded in the Income statement through to the earlier of the reporting date and
the maturity date of the derivative are set out below:
\u20ac million
2023
2022
Losses associated with the discontinuance of hedge accounting recognised in the Income statement
\u2013
(29)
Fair value movements subsequently recorded in the Income statement
\u2013
\u2013
Total effect of discontinuance of hedge accounting in the Income statement
\u2013
(29)
Fair value hedges At 31 December 2023, the Group\u2019s principal risk management activities associated with fair value hedging were related to interest rate contracts hedging the fair value risk on fixed rate lease liabilities. Remeasurement gains and losses on both the derivatives and the host financial liability are recognised in Income statement within Other non-operating credits. The carrying values of the hedged items and hedging instruments of the Group\u2019s fair value hedges at 31 December 2023 are as follows:
\u20ac million
2023
2022
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items)
(65)
\u2013
Carrying amount of the interest rate derivatives (hedging instruments)
(4)
\u2013
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying
(2)
\u2013
amount of the hedged item
Change in value used for calculating hedge ineffectiveness
3
\u2013
1 1 Hedged items included in the fair value hedges are presented within Borrowings in the Balance sheet and in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-738": { "value": "20 Trade and other receivables
\u20ac million
2023
2022
Amounts falling due within one year
Trade receivables
1,673
1,444
Provision for expected credit loss
(114)
(114)
Net trade receivables
1,559
1,330
Prepayments
750
639
Accrued income
495
231
Other non-trade receivables
329
356
Other current receivables
1,574
1,226
Amounts falling due after one year
Prepayments
401
337
Accrued income
9
\u2013
Other non-trade receivables
22
25
Other receivables due after one year
432
362
1 1, 2 1 For the year ended 31 December 2023, the Group has elected to disaggregate prepayments and accrued income, which had previously been aggregated into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the current year presentation. 2 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul services, where the balances vary depending on the number of ongoing activities at the reporting date. Movements in the provision for expected credit loss were as follows:
\u20ac million
2023
2022
At beginning of year
114
115
Provided during the year
4
10
Released during the year
(3)
(1)
Receivables written off during the year
(1)
(9)
Exchange movements
\u2013
(1)
114
114
Trade receivables are generally non-interest-bearing and on 30 days terms (2022: 30 days). The credit risk exposure on the Group\u2019s trade receivables is set out below: 31 December 2023
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
959
296
241
53
124
Expected credit loss rate
0.1%
0.1%
1.7%
7.5%
85.2%
Provision for expected credit loss
\u2013
\u2013
4
4
106
31 December 2022
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
719
509
91
25
100
Expected credit loss rate
0.3%
0.1%
1.1%
44.0%
100.0%
Provision for expected credit loss
2
\u2013
1
11
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-713": { "value": "20 Trade and other receivables
\u20ac million
2023
2022
Amounts falling due within one year
Trade receivables
1,673
1,444
Provision for expected credit loss
(114)
(114)
Net trade receivables
1,559
1,330
Prepayments
750
639
Accrued income
495
231
Other non-trade receivables
329
356
Other current receivables
1,574
1,226
Amounts falling due after one year
Prepayments
401
337
Accrued income
9
\u2013
Other non-trade receivables
22
25
Other receivables due after one year
432
362
1 1, 2 1 For the year ended 31 December 2023, the Group has elected to disaggregate prepayments and accrued income, which had previously been aggregated into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the current year presentation. 2 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul services, where the balances vary depending on the number of ongoing activities at the reporting date. Movements in the provision for expected credit loss were as follows:
\u20ac million
2023
2022
At beginning of year
114
115
Provided during the year
4
10
Released during the year
(3)
(1)
Receivables written off during the year
(1)
(9)
Exchange movements
\u2013
(1)
114
114
Trade receivables are generally non-interest-bearing and on 30 days terms (2022: 30 days). The credit risk exposure on the Group\u2019s trade receivables is set out below: 31 December 2023
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
959
296
241
53
124
Expected credit loss rate
0.1%
0.1%
1.7%
7.5%
85.2%
Provision for expected credit loss
\u2013
\u2013
4
4
106
31 December 2022
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
719
509
91
25
100
Expected credit loss rate
0.3%
0.1%
1.1%
44.0%
100.0%
Provision for expected credit loss
2
\u2013
1
11
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-701": { "value": "20 Trade and other receivables
\u20ac million
2023
2022
Amounts falling due within one year
Trade receivables
1,673
1,444
Provision for expected credit loss
(114)
(114)
Net trade receivables
1,559
1,330
Prepayments
750
639
Accrued income
495
231
Other non-trade receivables
329
356
Other current receivables
1,574
1,226
Amounts falling due after one year
Prepayments
401
337
Accrued income
9
\u2013
Other non-trade receivables
22
25
Other receivables due after one year
432
362
1 1, 2 1 For the year ended 31 December 2023, the Group has elected to disaggregate prepayments and accrued income, which had previously been aggregated into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the current year presentation. 2 The accrued income balance (representing contract assets) predominantly relates to revenue earned from ongoing maintenance and overhaul services, where the balances vary depending on the number of ongoing activities at the reporting date. Movements in the provision for expected credit loss were as follows:
\u20ac million
2023
2022
At beginning of year
114
115
Provided during the year
4
10
Released during the year
(3)
(1)
Receivables written off during the year
(1)
(9)
Exchange movements
\u2013
(1)
114
114
Trade receivables are generally non-interest-bearing and on 30 days terms (2022: 30 days). The credit risk exposure on the Group\u2019s trade receivables is set out below: 31 December 2023
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
959
296
241
53
124
Expected credit loss rate
0.1%
0.1%
1.7%
7.5%
85.2%
Provision for expected credit loss
\u2013
\u2013
4
4
106
31 December 2022
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
719
509
91
25
100
Expected credit loss rate
0.3%
0.1%
1.1%
44.0%
100.0%
Provision for expected credit loss
2
\u2013
1
11
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-680": { "value": "Movements in the provision for expected credit loss were as follows:
\u20ac million
2023
2022
At beginning of year
114
115
Provided during the year
4
10
Released during the year
(3)
(1)
Receivables written off during the year
(1)
(9)
Exchange movements
\u2013
(1)
114
114
Trade receivables are generally non-interest-bearing and on 30 days terms (2022: 30 days). The credit risk exposure on the Group\u2019s trade receivables is set out below: 31 December 2023
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
959
296
241
53
124
Expected credit loss rate
0.1%
0.1%
1.7%
7.5%
85.2%
Provision for expected credit loss
\u2013
\u2013
4
4
106
31 December 2022
\u20ac million
Current
<30 days
30-180 days
180-365 days
> 365 days
Trade receivables
719
509
91
25
100
Expected credit loss rate
0.3%
0.1%
1.1%
44.0%
100.0%
Provision for expected credit loss
2
\u2013
1
11
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "value": "
21 Inventories
\u20ac million
2023
2022
Engineering expendables
417
296
Catering consumables
43
36
Other inventories
34
21
494
353
1
1 For the year to 31 December 2023, the Group has elected to provide a disaggregated breakdown of the Balance sheet caption \u2018Inventories\u2019 and has
accordingly provided figures for the comparative year at 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "value": "22 Cash, cash equivalents and other current interest-bearing deposits a Cash
\u20ac million
2023
2022
Cash at bank and in hand
1,531
3,286
Short-term deposits maturing within three months
3,910
5,910
Cash and cash equivalents
5,441
9,196
Current interest-bearing deposits maturing after three months
1,396
403
Cash, cash equivalents and other interest-bearing deposits
6,837
9,599
Cash at bank is primarily held in AAA money market funds and bank deposits. Short-term deposits are for periods up to three months and earn interest based on the floating deposit rates. At 31 December 2023, the Group had no outstanding bank overdrafts (2022: \u20acnil). Current interest-bearing deposits have maturities in excess of three months and typically within 12 months of the reporting date and earn interest based on the market rates available at the time the deposit was made. At 31 December 2023, Aer Lingus held \u20ac31 million of restricted cash (2022: \u20ac33 million) within interest-bearing deposits maturing after more than three months to be used for employee-related obligations. b Net debt Movements in net debt were as follows:
Balance at 31
Balance at 1 Exchange New leases and December
\u20ac million
January 2023
Cash flows
movements
modifications
Other items
2023
Bank, other loans, convertible bond and asset
financed liabilities
10,365
(3,267)
(102)
\u2013
119
7,115
Lease liabilities
9,619
(1,731)
(259)
1,315
23
8,967
Cash and cash equivalents
(9,196)
3,753
2
\u2013
\u2013
(5,441)
Current interest-bearing deposits
(403)
(985)
(8)
\u2013
\u2013
(1,396)
10,385
(2,230)
(367)
1,315
142
9,245
Balance at 31
Balance at 1 Exchange New leases and December
\u20ac million
January 2022
Cash flows
movements
modifications
Other items
2022
Bank, other loans, convertible bond and asset
financed liabilities
9,973
386
103
\u2013
(97)
10,365
Lease liabilities
9,637
(1,455)
415
1,017
5
9,619
Cash and cash equivalents
(7,892)
(1,316)
12
\u2013
\u2013
(9,196)
Current interest-bearing deposits
(51)
(351)
(1)
\u2013
\u2013
(403)
11,667
(2,736)
529
1,017
(92)
10,385
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-681": { "value": "
At 31 December 2023, Aer Lingus held \u20ac31 million of restricted cash (2022: \u20ac33 million) within interest-bearing deposits maturing
after more than three months to be used for employee-related obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "
23 Trade and other payables
\u20ac million
2023
2022
Trade creditors
3,177
2,969
Other creditors
1,244
1,244
Other taxation and social security
262
228
Accruals
683
665
Deferred income relating to non-flight activity
224
103
5,590
5,209
1
1
2
1 Trade creditors includes \u20acnil (2022: \u20ac48 million) due to suppliers that have signed up to supply chain financing programmes offered by a number of
partner financial institutions. While the Group no longer provides such a service to its suppliers, in 2022, these programmes either or both: (i) the
suppliers could elect on an invoice-by-invoice basis to receive a discounted early payment from the partner financial institutions rather than being
paid in line with the agreed payment terms; and/or (ii) the Group could have elected on an invoice-by-invoice basis for the partner financial
institution to pay the supplier in line with the agreed payment terms and the Group enter into payment terms with the partner financial institution of
up to 150 days with interest incurred at 2.5 per cent.
The Group, in 2022, assessed the arrangement against indicators to assess if liabilities which suppliers had transferred to the partner financial
institutions under the supplier financing programmes continued to meet the definition of trade creditors or should have been classified as
borrowings. The cash flows arising from such arrangements were reported within cash flows from operating activities or within cash flows from
financing activities, in the Consolidated cash flow statement, depending on whether the associated liabilities met the definition of trade creditors or
as borrowings.
At 31 December 2023 and 31 December 2022, these liabilities met the criteria of Trade creditors and are excluded from the Net debt table in note 22b.
2 For the year ended 31 December 2023, the Group has elected to disaggregate accruals and deferred income, which had previously been aggregated
into a single line item. Accordingly figures for the comparative year to 31 December 2022 have been reclassified to conform with the current year
presentation.
Average payment days to suppliers \u2013 Spanish Group companies
Days
2023
2022
Average payment days for payment to suppliers
25
34
Ratio of transactions paid
25
33
Ratio of transactions outstanding for payment
17
53
\u20ac million
2023
2022
Total payments made
10,966
6,676
Total payments outstanding
158
264
Information on invoices paid in a period shorter than the maximum period established in the late payment regulations \u2013 Spanish
Group companies
2023
2022
Total payments made (\u20ac million)
10,002
5,111
Percentage share of total payments to suppliers
91%
77%
Number of invoices paid (thousand)
213
110
Percentage share of total number of invoices paid
76%
48%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "
24 Deferred revenue
Customer Sales in
loyalty advance of
\u20ac million programmes
carriage
Total
Balance at 1 January 2023
2,630
5,014
7,644
Cash received from customers
\u2013
21,107
21,107
Revenue recognised in the Income statement
(1,052)
(21,015)
(22,067)
Financing charge recognised in the Income statement
15
\u2013
15
Loyalty points issued to customers
1,085
161
1,246
Exchange movements
34
44
78
Balance at 31 December 2023
2,712
5,311
8,023
Analysis:
Current
2,455
5,311
7,766
Non-current
257
\u2013
257
2,712
5,311
8,023
1
2, 3
4
Customer Sales in
loyalty advance of
\u20ac million programmes
carriage
Total
Balance at 1 January 2022
2,820
3,732
6,552
Cash received from customers
\u2013
21,000
21,000
Revenue recognised in the Income statement
(801)
(19,708)
(20,509)
Financing charge recognised in the Income statement
21
\u2013
21
Loyalty points issued to customers
662
82
744
Exchange movements
(72)
(92)
(164)
Balance at 31 December 2022
2,630
5,014
7,644
Analysis:
Current
2,304
5,014
7,318
Non-current
326
\u2013
326
2,630
5,014
7,644
1
2, 3, 5
4
1 Cash received from customers is net of refunds.
2 Where the Group acts as an agent in the provision of redemption products and services to customers through loyalty programmes, or in the
provision of interline flights to passengers, revenue is recognised in the Income statement net of the related costs.
3 Included within revenue recognised in the Income statement during 2023 is an amount of \u20ac3,914 million previously held as deferred revenue at 1
January 2023 (recognised during 2022 and previously held as deferred revenue at 1 January 2022: \u20ac2,183 million).
4 Included within loyalty points issued to customers at 31 December 2023 is an amount of \u20ac161 million (31 December 2022: \u20ac82 million) classified within
Sales in advance of carriage representing the cash component of the consideration paid by customers, where such consideration comprises both
cash and the redemption of Avios.
5 The 2022 results include an aggregation to conform with the current basis of preparation, where the changes in estimates have been amalgamated
with revenue recognised in the Income statement.
The unsatisfied performance obligation under the Group\u2019s customer loyalty programmes that is classified as non-current was \u20ac241
million at 31 December 2023, all of which is expected to be recognised as revenue within one to five years from the reporting date.
Deferred revenue relating to customer loyalty programmes consists primarily of consideration allocated to performance obligations
associated with Avios. Avios are issued by the Group\u2019s airlines through their loyalty programmes, or are sold to third parties such as
credit card providers, who issue them as part of their loyalty programmes. While Avios do not have an expiry date and can be
redeemed at any time in the future, a customer\u2019s membership account is closed if there is a period of 36 months of inactivity in
terms of both issuances and redemptions. Revenue may therefore be recognised at any time in the future.
Unredeemed vouchers liability
At 31 December 2023 the Group recognised \u20ac645 million in respect of unredeemed vouchers, including associated taxes (2022: \u20ac911
million) within Deferred revenue. Of the \u20ac645 million, \u20ac139 million relates to vouchers issued due to COVID-19 pandemic flight
cancellations, referred to as \u2018disrupted flights\u2019 and \u20ac506 million relates to non-disrupted voucher issuance, such as the British
Airways \u2018Book with Confidence\u2019 policy (where customers were provided the flexibility to change their destination and/or date of
travel on non-disrupted flights), certain other flexible fare options, non-air partner companion vouchers and gift vouchers.
The jurisdiction in which a voucher is issued, dictates the period over which a customer can redeem the voucher, which ranges up to
six years from the point of issuance. This period of time is also influenced by whether the voucher was issued for disrupted flights or
non-disrupted issuance and whether statutory or commercial expiry policies prevail. The Group expects the majority of the total
voucher liability to mature within 12 months of the reporting date.
During, and subsequent to, the recovery from the COVID-19 pandemic, the Group, across each of its operating companies, has
engaged in marketing campaigns and direct customer engagement in an attempt to maximise redemption of these vouchers.
Despite these efforts, the Group expects some of these vouchers to expire unredeemed. The Group estimates the number of these
vouchers, both for disrupted flights and non-disrupted issuance, not expected to be redeemed prior to expiry using statistical
modelling based on historical experience and expected future redemptions, recognising this estimated value as passenger revenue
when it can be reasonably determined that there will not be a significant reversal of this revenue in future accounting periods.
A 5 percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2023 and not expected to
be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac32 million, with an offsetting adjustment to increase
Passenger revenue and Operating profit recognised in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "value": "
25 Other long-term liabilities
\u20ac million
2023
2022
Non-current trade creditors
164
147
Accruals and deferred income
55
53
219
200
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-656": { "value": "26 Long-term borrowings a Total borrowings
2023
2022
\u20ac million
Current
Non-current
Total
Current
Non-current
Total
Bank and other loans
113
1,840
1,953
813
5,128
5,941
Convertible bond
9
726
735
9
596
605
Asset financed liabilities
303
4,124
4,427
255
3,564
3,819
Lease liabilities
1,826
7,141
8,967
1,766
7,853
9,619
Interest-bearing long-term borrowings
2,251
13,831
16,082
2,843
17,141
19,984
1 1 1 The 2022 total borrowings include a reclassification to conform with the current basis of presentation, where the 2028 convertible bond, amounting to \u20ac605 million at 31 December 2022 and accounted for at fair value, has been separated from Bank and other loans. There is no change to total borrowings. Long-term borrowings of the Group amounting to \u20ac4,516 million (31 December 2022: \u20ac3,962 million) are secured on owned fleet assets with a net book value of \u20ac4,736 million (31 December 2022: \u20ac3,931 million). All asset financed liabilities, included within long- term borrowings, are all secured on the associated aircraft or other property, plant and equipment. b Bank, other loans and convertible bond
\u20ac million
2023
2022
\u20ac825 million fixed rate 1.125 per cent convertible bond 2028
735
605
\u20ac700 million fixed rate 3.75 per cent unsecured bond 2029
717
717
\u20ac500 million fixed rate 2.75 per cent unsecured bond 2025
510
509
\u20ac500 million fixed rate 1.50 per cent bond 2027
500
499
Floating rate euro mortgage loans secured on aircraft
114
143
Fixed rate secured bonds
56
56
Fixed rate unsecured US dollar mortgage loan
6
46
71
Fixed rate unsecured euro loans with the Spanish State (Department of Industry)
7
10
10
Floating rate pound sterling term loan guaranteed by the UK Export Finance (UKEF)
\u2013
2,315
Floating rate Instituto de Cr\u00e9dito Oficial (ICO) guaranteed loans
\u2013
1,070
\u20ac500 million fixed rate 0.50 per cent bond 2023
\u2013
501
Ireland Strategic Investment Fund (ISIF) facility
\u2013
50
Total bank, other loans and convertible bond
2,688
6,546
Less: current instalments due on bank, other loans and convertible bond
(122)
(822)
Total non-current bank, other loans and convertible bond
2,566
5,724
1 2 2 3 4 5 8 9 3 10 1 See details of the 2028 convertible bond below. 2 On 25 March 2021, the Group issued two tranches of senior unsecured bonds for an aggregate principal amount of \u20ac1.2 billion, \u20ac500 million due 25 March 2025 and \u20ac700 million due 25 March 2029. The bonds bear a fixed rate of interest of 2.75 per cent and 3.75 per cent per annum, payable in arrears, respectively. The bonds were issued at 100 per cent of their principal amount, respectively, and, unless previously redeemed or purchased and cancelled, will be redeemed at 100 per cent of their principal amount on their respective maturity dates. 3 In July 2019, the Group issued two tranches of senior unsecured bonds for an aggregate principal amount of \u20ac1 billion, \u20ac500 million due 4 July 2023 and \u20ac500 million due 4 July 2027. The 2023 bond bore a fixed rate of interest of 0.5 per cent per annum and was redeemed in full at maturity on 4 July 2023. The 2027 bond bears a fixed rate of interest of 1.5 per cent per annum annually payable in arrears. The 2027 bond was issued at 98.803 per cent of its principal amount, and, unless previously redeemed or purchased and cancelled, will be redeemed at 100 per cent of its principal amount on its maturity date. 4 Floating rate euro mortgage loans are secured on specific aircraft assets of the Group and bear interest of between 4.45 and 5.46 per cent. The loans are repayable between 2024 and 2027. 5 Total of \u20ac55 million fixed rate secured bonds with 3.75 per cent coupon repayable between 2024 and 2027. 6 Fixed rate unsecured US dollar mortgage loan bearing interest between 1.38 to 2.86 per cent. The loan is repayable between 2025 and 2026. 7 Fixed rate unsecured euro loans with the Spanish State (Department of Industry) bear nil interest and are repayable in 2031. 8 On 22 February 2021, British Airways entered into a floating rate five-year term loan Export Development Guarantee Facility of \u20ac2.3 billion (\u00a32.0 billion) underwritten by a syndicate of banks, with 80 per cent of the principal guaranteed by the UKEF. On 1 November 2021, British Airways entered into a further five-year term loan Export Development Guarantee Facility of \u20ac1.1 billion (\u00a31.0 billion) underwritten by a syndicate of banks, with 80 per cent of the principal guaranteed by the UKEF. On 28 September 2023, British Airways repaid the \u00a32.0 billion term loan in full, while concurrently entering into a further five-year term loan Export Development Guarantee Facility of \u20ac1.2 billion (\u00a31.0 billion) underwritten by a syndicate of banks, with 80 per cent of the principal guaranteed by the UKEF. The terms and maturity of the Export Development Guarantee Facility entered into in November 2021 remain unchanged. These two remaining UKEF guaranteed facilities had not been drawn as at 31 December 2023. 9 On 30 April 2020, Iberia and Vueling entered into floating rate syndicated financing agreements of \u20ac750 million and \u20ac260 million respectively. On 31 October 2023, Iberia repaid its loan in full. On 30 November 2023, Vueling repaid its loan in full. 10 On 23 December 2020, Aer Lingus entered into a floating rate financing agreement with the Ireland Strategic Investment Fund (ISIF) for \u20ac75 million. On 27 March 2021, Aer Lingus entered into a further floating rate financing agreement with the ISIF for an additional \u20ac75 million. On 4 March 2022, Aer Lingus entered into a financing arrangement with ISIF, which subsequently extinguished the existing \u20ac150 million of facilities and replaced them with a \u20ac350 million facility that matures in March 2025. On 13 December 2022 and 4 March 2023, Aer Lingus early repaid \u20ac100 million and \u20ac50 million, respectively, of the ISIF facility, with these amounts being available to draw again over the tenor of the facility. The facility is secured on specific landing rights. At 31 December 2023, \u20ac350 million of this facility remained undrawn.
In addition, on 23 March 2021, the Group entered into a three-year US dollar secured Revolving Credit Facility of $1.755 billion
accessible by British Airways, Iberia and Aer Lingus. On 23 August 2022, the Group extended the term of the Revolving Credit
Facility by an additional 12 months through to March 2025. On 23 August 2023, of the $1.755 billion facility, the Group further
extended the terms of the $1.655 billion Revolving Credit Facility by an additional 12 months through to March 2026 with the
remaining $100 million available through to March 2025. As at 31 December 2023 no amounts had been drawn under the facility
(2022: nil). While the Group does not forecast drawing down on the Revolving Credit Facility, should it do so, the resultant debt
would be secured, in the respective operating companies, against: (i) specific landing rights; or (ii) aircraft; or (iii) or a combination of
both.
Details of the 2028 convertible bond
On 11 May 2021, the Group issued the \u20ac825 million fixed rate 1.125 per cent senior unsecured bond convertible into ordinary shares of
IAG. The convertible bond raised net proceeds of \u20ac818 million and matures in 2028. The Group holds an option to redeem the
convertible bond at its principal amount, together with accrued interest, no earlier than two years prior to the final maturity date.
The convertible bond provides bondholders with dividend protection and includes a total of 244,850,715 options at inception and at
31 December 2023 to convert into ordinary shares of IAG. The Group also holds an option to redeem the convertible bond, in full or
in part, in cash in the event that bondholders exercise their right to convert the bond into ordinary shares of IAG. The bondholders
conversion right is currently exercisable.
The convertible bond is recorded at its fair value, which at 31 December 2023 was \u20ac735 million (2022: \u20ac605 million), representing an
increase of \u20ac130 million since 1 January 2023. Of this increase, the charge recorded in Other comprehensive income arising from
credit risk of the convertible bonds was \u20ac119 million and a charge recorded within Finance costs in the Income statement attributable
to changes in market conditions of \u20ac11 million.
Transactions with unconsolidated entities
The Group has entered into asset financing transactions with unconsolidated entities as follows:
\u2022 The British Airways Pass Through Certificates, Series 2019-1 were entered into in the third quarter of 2019, recognising Asset
financed liabilities of \u20ac725 million for eight aircraft that mature between 2029 and 2034;
\u2022 The British Airways Pass Through Certificates, Series 2020-1 were entered into in the fourth quarter of 2020, recognising Asset
financed liabilities of \u20ac472 million for nine aircraft that mature between 2028 and 2032;
\u2022 The British Airways Pass Through Certificates, Series 2021-1 were entered into in the third quarter of 2021, recognising Asset
financed liabilities of \u20ac204 million for seven aircraft that mature between 2031 and 2035;
\u2022 The Iberia Pass Through Certificates, Series 2022-1 were entered into in April 2022, recognising Asset financed liabilities of \u20ac680
million for five aircraft that mature between 2032 and 2036;
\u2022 The British Airways Pass Through Certificates, Series 2022-1 were entered into in October 2022, recognising Asset financed
liabilities of \u20ac159 million for four aircraft that mature between 2032 and 2036; and
\u2022 There have been no asset financing transactions with unconsolidated entities during the year to 31 December 2023.
As at 31 December 2023, Asset financed liabilities include cumulative amounts of \u20ac2,948 million (2022: \u20ac2,983 million) and the
associated assets recorded within Property, plant and equipment include cumulative amounts of \u20ac2,757 million (2022: \u20ac3,400
million) associated with transactions with unconsolidated structured entities having issued EETCs.
c Total loans, convertible bond, asset financed liabilities and lease liabilities
Million
2023
2022
Loans
Bank:
US dollar
$50
$75
Euro
\u20ac124
\u20ac1,273
Pound sterling
\u2013
\u00a32,026
\u20ac170
\u20ac3,659
Fixed rate bonds:
Euro
\u20ac1,783
\u20ac2,282
\u20ac1,783
\u20ac2,282
Convertible bond
Euro
\u20ac735
\u20ac605
\u20ac735
\u20ac605
Asset financed liabilities
US dollar
$3,849
$3,285
Euro
\u20ac746
\u20ac542
Japanese yen
\u00a528,432
\u00a525,748
\u20ac4,427
\u20ac3,819
Lease liabilities
US dollar
$7,399
$7,621
Euro
\u20ac1,008
\u20ac1,239
Japanese yen
\u00a568,998
\u00a571,994
Pound sterling
\u00a3690
\u00a3620
\u20ac8,967
\u20ac9,619
Total interest-bearing borrowings
\u20ac16,082
 \u20ac19,984
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-682": { "value": "
a Total borrowings
2023
2022
\u20ac million
Current
Non-current
Total
Current
Non-current
Total
Bank and other loans
113
1,840
1,953
813
5,128
5,941
Convertible bond
9
726
735
9
596
605
Asset financed liabilities
303
4,124
4,427
255
3,564
3,819
Lease liabilities
1,826
7,141
8,967
1,766
7,853
9,619
Interest-bearing long-term borrowings
2,251
13,831
16,082
2,843
17,141
19,984
1
1
1 The 2022 total borrowings include a reclassification to conform with the current basis of presentation, where the 2028 convertible bond, amounting
to \u20ac605 million at 31 December 2022 and accounted for at fair value, has been separated from Bank and other loans. There is no change to total
borrowings.
Long-term borrowings of the Group amounting to \u20ac4,516 million (31 December 2022: \u20ac3,962 million) are secured on owned fleet
assets with a net book value of \u20ac4,736 million (31 December 2022: \u20ac3,931 million). All asset financed liabilities, included within long-
term borrowings, are all secured on the associated aircraft or other property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "value": "
27 Provisions
Employee
leaving
indemnities Legal claims
and other and
Restoration employee contractual
and handback Restructuring related disputes ETS Other
\u20ac million provisions provisions provisions provisions provisions
provisions
Total
Net book value 1 January 2023
2,400
194
673
89
132
60
3,548
Provisions recorded during the year
520
1
53
15
238
32
859
Reclassifications
4
\u2013
\u2013
(1)
\u2013
(6)
(3)
Utilised during the year
(338)
(82)
(35)
(9)
\u2013
(32)
(496)
Extinguished during the year
\u2013
\u2013
\u2013
\u2013
(98)
\u2013
(98)
Release of unused amounts
(68)
(21)
(2)
(15)
(26)
(1)
(133)
Unwinding of discount
78
2
23
\u2013
\u2013
\u2013
103
Remeasurements
4
\u2013
24
\u2013
\u2013
\u2013
28
Exchange differences
(71)
\u2013
(1)
3
1
\u2013
(68)
Net book value 31 December 2023
2,529
94
735
82
247
53
3,740
Analysis:
Current
467
59
73
56
247
7
909
Non-current
2,062
35
662
26
\u2013
46
2,831
2,529
94
735
82
247
53
3,740
Restoration and handback provisions Provisions for restoration and handback costs are maintained to meet the contractual maintenance and return conditions on aircraft held under lease. For those obligations arising on inception of an aircraft lease, the associated estimated cost is capitalised within the ROU asset. For those obligations that arise through usage or through the passage of time, the associated estimated costs are recognised in the Income statement as the associated asset is used or through the passage of time. The provision is long term in nature, typically covering the leased asset term, which for aircraft is up to 12 years. The provisions also include an amount relating to leased land and buildings where restoration costs are contractually required at the end of the lease. Such costs are capitalised within ROU assets. The provisions are determined by discounting the future cash flows using pre-tax risk-free rates specific to the tenor of the provision and the currency in which it arises. The unwinding of the discounting of the provisions is recorded as a finance cost in the Income statement (see note 9a). Remeasurements arising from changes in estimates relating to the effects of both discounting and inflation are recorded in the Income statement to the extent they relate to avoidable provisions or recorded as an adjustment to the right of use asset (see note 14) for those unavoidable provisions. Where amounts are finalised and the uncertainty relating to these provisions removed, the associated liability is reclassified to either current or non-current Other creditors, dependent on the expecting timing of settlement. Restructuring provisions The restructuring provision includes provisions for voluntary redundancies including the collective redundancy programme for Iberia's Transformation Plan implemented prior to 2023, which provides for payments to affected employees until they reach the statutory retirement age. The amount provided for has been determined by an actuarial valuation made by independent actuaries, and was based on the same assumptions as those made to determine the provisions for obligations to flight crew below, with the exception of the discount rate, which in this case was 3.2 per cent. The payments related to this provision will continue over the next six years. At 31 December 2023, \u20ac88 million of this provision related to collective redundancy programmes (2022: \u20ac185 million). Employee leaving indemnities and other employee related provisions This provision includes employee leaving indemnities relating to staff under various contractual arrangements. As part of these provisions, the Group recognises provisions relating to the Iberia flight crew (both pilots and cabin crew): \u2022 Pilots \u2013 under the relevant collective bargaining agreement, pilots have the option at the age of 60 to elect to: continue in full-time employment; being placed on reserve and retaining their employment relationship until reaching the statutory retirement age (referred to as \u2018active\u2019); or alternatively taking early retirement (referred to as \u2018inactive\u2019). Additionally, and in certain cases, those pilots from the age of 55, may apply for retaining their employment relationship, but with reduced activity (referred to as \u2018special leave\u2019); and \u2022 Cabin crew \u2013 under the relevant collective bargaining agreement, cabin crew have the option at the age of 62 to elect to: continue in full-time employment; being transferred to active status; or being transferred to inactive status. Additionally, and in certain cases, those cabin crew employees from the age of 57, may apply for \u2018special leave\u2019. The Group is required to remunerate these employees until they reach the statutory retirement age. In determining the provision to be recognised for the proportion of employees that will elect either special leave or to be inactive, the Group estimates a number of financial assumptions, including, but not limited to: (i) medium to long-term salary growth and inflation; (ii) the discount rate to apply; (iii) the rate of public social security growth; (iv) mortality rates; and (v) staff turnover. The provision was re-assessed at 31 December 2023 with the use of independent actuaries using the projected unit credit method, based on a discount rate consistent with the iBoxx index of 3.17 per cent for active employees and 2.98 per cent for inactive employees (2022: iBoxx index of 3.72 per cent and 3.50 per cent, respectively), the PER_Col_2020.1er.orden. mortality tables, and assuming contractual salary increases of up to 3.8 per cent in 2024 and 3.3 per cent in 2025 and then 2.0 per cent per annum thereafter derived from increases in the Consumer Price Index (CPI). At 31 December 2023, there were a total of 5,179 flight crew (31 December 2022: 4,827) eligible for making such elections when they reach the age of 60. At 31 December 2023, there were 479 employees who had not reached the age of retirement, and eligible to elect for early retirement (\u2018special leave\u2019) who had elected to become inactive (31 December 2022: 426). In addition, at 31 December 2023, there were 25 employees having reached the age of retirement, who had elected to become inactive (31 December 2022: 15). At 31 December 2023, the average length of employment of the eligible flight crew was 17 years (31 December 2022: 18 years). This is mainly a long-term provision. Remeasurements in the valuation of this provision are recorded in Other comprehensive income. The amount relating to this provision was \u20ac677 million at 31 December 2023 (2022: \u20ac611 million). Legal claims and contractual disputes provisions Legal claims and contractual disputes provisions include: \u2022 amounts for multi-party claims from groups of employees on a number of matters related to their employment, including claims for additional holiday pay and for age discrimination; \u2022 amounts related to ongoing contractual disputes arising from the Group\u2019s operations; and \u2022 amounts related to investigations by a number of competition authorities in connection with alleged anti-competitive activity concerning the Group\u2019s passenger and cargo businesses. The final amount required to settle the remaining claims and fines is subject to uncertainty. ETS provisions ETS provisions relate to the Emissions Trading Scheme for CO 2 equivalent emitted on flights within the EU, Switzerland and the UK and due to be extinguished in the year subsequent to the reporting date through settlement with the relevant authorities. See notes 2 and 4 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-683": { "value": "
Restoration and handback provisions
Provisions for restoration and handback costs are maintained to meet the contractual maintenance and return conditions on aircraft
held under lease. For those obligations arising on inception of an aircraft lease, the associated estimated cost is capitalised within the
ROU asset. For those obligations that arise through usage or through the passage of time, the associated estimated costs are
recognised in the Income statement as the associated asset is used or through the passage of time. The provision is long term in
nature, typically covering the leased asset term, which for aircraft is up to 12 years.
The provisions also include an amount relating to leased land and buildings where restoration costs are contractually required at the
end of the lease. Such costs are capitalised within ROU assets.
The provisions are determined by discounting the future cash flows using pre-tax risk-free rates specific to the tenor of the provision
and the currency in which it arises. The unwinding of the discounting of the provisions is recorded as a finance cost in the Income
statement (see note 9a).
Remeasurements arising from changes in estimates relating to the effects of both discounting and inflation are recorded in the
Income statement to the extent they relate to avoidable provisions or recorded as an adjustment to the right of use asset (see note
14) for those unavoidable provisions.
Where amounts are finalised and the uncertainty relating to these provisions removed, the associated liability is reclassified to either
current or non-current Other creditors, dependent on the expecting timing of settlement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-702": { "value": "28 Contingent liabilities There are a number of legal and regulatory proceedings against the Group in a number of jurisdictions which at 31 December 2023, where they could be reliably estimated, but excluding the Vueling hand luggage matter detailed below, amounted to \u20ac58 million (31 December 2022: \u20ac11 million). The Group does not consider it probable that there will be an outflow of economic resources with regard to these proceedings and accordingly no provisions have been recorded. Contingent liabilities associated with income taxes, deferred taxes and indirect taxes are presented in note 10. Included in contingent liabilities is the following: Air Europa Holdings acquisition break-fee On 23 February 2023, the Group entered into an agreement to acquire the remaining 80 per cent of the share capital of Air Europa Holdings from Globalia that it had not previously owned. The acquisition is conditional on Globalia receiving approval from the syndicated banks that provide the loan agreements that are partially guaranteed by the Instituto de Cr\u00e9dito Oficial (ICO) and Sociedad Estatal de Participaciones Industriales (SEPI) in Spain. The acquisition is also subject to approval by relevant competition authorities. In the event that the relevant approvals, detailed above, are not forthcoming within 24 months of entering into the agreement or the Group terminates the agreement at any time prior to completion, then the Group is required to pay a break-fee to Globalia of \u20ac50 million. Under the agreement, this 24-month period can be extended, by mutual consent. At 31 December 2023 and through to the date of the consolidated financial statements, the Group considers that it is probable that the acquisition will successfully complete and accordingly does not consider it probable that the break-fee shall be paid. Given the above the Group does not consider it appropriate to record a provision for the break-fee. Vueling commercial hand luggage policy In the year ended 31 December 2023, Vueling received a number of information requests from the Ministerio de Consumo (Ministry of Consumer Affairs) in Spain, with regard to its commercial hand luggage policy, for which Vueling complied with. On 12 January 2024, the Ministerio de Consumo issued Vueling with a List of Charges asserting that the Vueling commercial hand luggage policy infringes consumers rights under Article 47.1 of Royal Legislative Decree 1/2007. While the List of Charges notifies Vueling of its intention to sanction the company for such infringements, it stipulates that the basis for determining such penalties is subject to the provision of further information by the company. Accordingly, it is not possible to estimate reliably any exposure that may arise from this matter until ongoing proceedings with the Ministerio de Consumo are further progressed. The Group, with its advisors, has reviewed the correspondence and List of Charges from the Ministerio de Consumo and considers it has strong arguments to support its commercial hand luggage policy and does not consider it probable that an adverse outcome will result in the future. As such, the Group does not consider it appropriate to record any provision. The Group expects further developments on this matter during the remainder of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "value": "
29 Financial risk management objectives and policies
The Group is exposed to a variety of financial risks: market risk (including fuel price risk, foreign currency risk and interest rate risk),
credit risk and liquidity risk. The principal impacts of these on the financial statements are discussed below:
a Fuel price risk
The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk management strategy a
variety of over the counter derivative instruments are entered into. The Group strategy is to hedge a proportion of fuel consumption
up to two years within the approved hedging profile.
The following table demonstrates the sensitivity of the Group\u2019s principal exposure to a reasonable possible change in the fuel price,
based on current market volatility, with all other variables held constant on the profit before tax and equity
1
. The sensitivity analysis
has been performed on fuel derivatives (both those designated in hedge relationships and those not designated in hedge
relationships) at the reporting date only and is not reflective of the impact had the sensitised rates been applied through the
duration of the years to 31 December 2023 and 2022.
2023
2022
Increase/(decrease) Effect on profit Effect on Increase/(decrease) Effect on profit Effect on
in fuel price before tax equity in fuel price before tax equity
per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million
40
\u2013
1,497
45
\u2013
1,402
(40)
\u2013
(1,526)
(45)
\u2013
(1,200)
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax.
During 2023, following a substantial recovery in the global price of crude oil and jet fuel, which continues to be impacted by
geopolitical events, the fair value of such net liability derivative instruments was \u20ac115 million at 31 December 2023 (2022: net asset of
\u20ac87 million), representing a decrease of \u20ac202 million since 1 January 2023. Of the carrying amount of the net liability at 31 December
2023, all (2022: all) of the associated derivatives were designated within hedge relationships.
b Foreign currency risk The Group is exposed to foreign currency risk on revenue, purchases and borrowings that are denominated in a currency other than the functional currency of each of the Group\u2019s operating companies, being pound sterling and the euro. The currencies in which these transactions are denominated are primarily US dollar, pound sterling and the euro. The Group has a number of strategies to hedge foreign currency risk including hedging a proportion of its foreign currency sales and purchases for up to three years. The following table demonstrates the sensitivity of the Group\u2019s principal foreign exchange exposure to a reasonable possible change in the US dollar, pound sterling and Japanese yen exchange rates, based on current market volatility, with all other variables held constant on the profit before tax and equity 1 . The sensitivity analysis has been performed on interest-bearing liabilities, lease liabilities and derivatives (both those designated in hedge relationships and those not designated in hedge relationships) denominated in foreign currencies at the reporting date only and is not reflective of the impact had the sensitised rates been applied through the duration of the years to 31 December 2023 and 2022.
Strengthening/
Strengthening/ Effect on (weakening) in Effect on Strengthening/ Effect on
(weakening) in US profit Effect on pound profit Effect on (weakening) in profit Effect on
dollar rate before tax equity sterling rate before tax equity Japanese yen rate before tax equity
per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million
2023
20
343
1,005
20
6
262
20
(50)
(64)
(20)
(346)
(1,159)
(20)
(8)
(262)
(20)
50
64
2022
20
904
1,299
20
(20)
241
20
(58)
(70)
(20)
(922)
(1,161)
(20)
18
(241)
(20)
58
70
1 The sensitivity analysis on equity, excludes the sensitivity amounts recognised in the profit before tax. At 31 December 2023, the fair value of foreign currency net liability derivative instruments was \u20ac357 million (2022: net asset of \u20ac108 million), representing a decrease of \u20ac465 million since 1 January 2023. These comprise both derivatives designated in hedge relationships and those derivatives that are not designated in a hedge relationship at inception. Of the carrying amount of the net liability at 31 December 2023, \u20ac151 million (2022: net asset of \u20ac96 million) of the associated derivatives were designated within hedge relationships. Those derivatives not designated in a hedge relationship on inception have their mark-to-market movements recorded directly in the Income statement and recognised within Net currency retranslation credits/(charges). c Interest rate risk The Group is exposed to changes in interest rates on debt and on cash deposits. In order to mitigate the interest rate risk, the Group\u2019s policies allow a variety of over the counter derivative instruments to be entered into. The following table demonstrates the sensitivity of the Group\u2019s interest rate exposure to a reasonable possible change in the US dollar, euro and sterling interest rates, based on expectations regarding forward rate movements, on the profit before tax and equity 1 . The sensitivity analysis has been performed on interest rate derivatives (both those designated in hedge relationships and those not designated in hedge relationships) at the reporting date only and is not reflective of the impact had the sensitised rates been applied through the duration of the years to 31 December 2023 and 2022.
Strengthening/ Strengthening/ Strengthening/
(weakening) in Effect on (weakening) in Effect on (weakening) in Effect on
US interest profit Effect on euro interest profit Effect on sterling interest profit Effect on
rate before tax equity rate before tax equity rate before tax equity
Basis points \u20ac million \u20ac million Basis points \u20ac million \u20ac million Basis points \u20ac million \u20ac million
2023
100
\u2013
\u2013
100
(12)
16
100
\u2013
\u2013
(100)
\u2013
\u2013
(100)
12
(16)
(100)
\u2013
\u2013
2022
150
\u2013
6
150
5
17
150
(35)
\u2013
(150)
\u2013
(7)
(150)
(4)
(17)
(150)
35
\u2013
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax. At 31 December 2023, the fair value of interest rate net asset derivative instruments was \u20ac28 million (2022: net asset of \u20ac60 million), representing a decrease of \u20ac32 million since 1 January 2023. Of the carrying amount of net asset at 31 December 2023, all (2022: all) of the associated derivatives were designated within hedge relationships. d Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The Group has policies and procedures to monitor the risk by assigning limits to each counterparty by underlying exposure and by operating company and by only entering into transactions with counterparties with a very low credit risk. At each period end, the Group assesses the effect of counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives and any ineffectiveness arising is immediately recognised in the Income statement within Other non-operating credits. e Counterparty risk The Group is exposed to the non-performance by its counterparties in respect of financial assets receivable. The Group has policies and procedures to monitor the risk by assigning limits to each counterparty by underlying exposure and by operating company. The underlying exposures are monitored on a daily basis and the overall exposure limit by counterparty is periodically reviewed by using available market information. The financial assets recognised in the financial statements, net of impairment losses (if any), represent the Group\u2019s maximum exposure to credit risk, without taking into account any guarantees in place or other credit enhancements. At 31 December 2023 the Group\u2019s credit risk position, allocated by region, in respect of treasury managed cash and derivatives was as follows:
controlled financial Mark-to-market of treasury
instruments allocated by
geography
Region
2023
2022
United Kingdom
55 %
51 %
Spain
\u2013 %
1 %
Ireland
16 %
20 %
Rest of eurozone
24 %
27 %
Rest of world
5 %
1 %
f Liquidity risk The Group invests cash in interest-bearing accounts, time deposits and money market funds, choosing instruments with appropriate maturities or liquidity to retain sufficient headroom to readily generate cash inflows required to manage liquidity risk. The Group has also committed revolving credit facilities. At 31 December 2023, the Group had undrawn overdraft facilities of \u20ac53 million (2022: \u20ac53 million). The Group held the following undrawn general and committed aircraft financing facilities:
2023
Million
Currency
\u20ac equivalent
General facilities
Euro facilities expiring between March and May 2024
\u20ac87
87
Euro facility expiring March 2025
\u20ac350
350
US dollar facilities expiring March 2025 and March 2026
$1,755
1,605
Pound sterling facilities expiring November 2026 and September 2028
\u00a32,000
2,317
4,359
Committed aircraft facilities
US dollar facilities expiring between June and July 2024
$410
375
375
2022
Million
Currency
\u20ac equivalent
General facilities
Euro facilities expiring between January and March 2023
\u20ac87
87
US dollar facility expiring November 2023
$50
47
Euro facility expiring March 2025
\u20ac300
300
US dollar facility expiring March 2025
$1,755
1,654
Pound sterling facility expiring November 2026
\u00a31,000
1,143
3,231
Committed aircraft facilities
US dollar facilities expiring between February and September 2023
$386
364
US dollar facility expiring April 2023
$273
257
US dollar facilities expiring between October 2023 and March 2024
$525
495
1,116
1 2 2 2 4 1 2 2 2 3 3 4 1 The general facilities can be drawn at any time at the discretion of the Group subject to the provision of up to three days\u2019 notice of the intended utilisation, depending on the facility. 2 Further information regarding these facilities is given in note 26b. 3 The aircraft facilities that matured in 2023 were available for specific committed aircraft deliveries. 4 The aircraft facilities maturing between June 2024 and July 2024 (2022: maturing between October 2023 and March 2024) are available for specific committed aircraft deliveries. The following table analyses the Group\u2019s (outflows) and inflows in respect of financial liabilities and derivative financial instruments into relevant maturity groupings based on the remaining period at 31 December to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows and include interest.
Within 6 6-12 1-2 2-5 More than 5
\u20ac million months months years years
years
Total 2023
Interest-bearing loans and borrowings:
Asset financing liabilities
(241)
(230)
(448)
(1,317)
(3,195)
(5,431)
Lease liabilities
(1,303)
(864)
(1,546)
(3,798)
(5,017)
(12,528)
Fixed rate borrowings
(59)
(16)
(588)
(1,513)
(726)
(2,902)
Floating rate borrowings
(15)
(38)
(27)
(42)
\u2013
(122)
Trade and other payables
(5,590)
\u2013
(219)
\u2013
\u2013
(5,809)
Derivative financial instruments (assets):
Interest rate derivatives
12
9
8
4
1
34
Foreign exchange contracts
35
17
6
\u2013
\u2013
58
Fuel derivatives
5
4
26
\u2013
\u2013
35
Derivative financial instruments (liabilities):
Interest rate derivatives
(1)
(1)
(1)
(1)
\u2013
(4)
Foreign exchange contracts
(206)
(179)
(38)
\u2013
\u2013
(423)
Fuel derivatives
(42)
(43)
(35)
(39)
\u2013
(159)
31 December 2023
(7,405)
(1,341)
(2,862)
(6,706)
(8,937)
(27,251)
Within 6 6-12 1-2 2-5 More than 5
\u20ac million months months years years
years
Total 2022
Interest-bearing loans and borrowings:
Asset financing liabilities
(196)
(190)
(374)
(1,081)
(2,823)
(4,664)
Lease liabilities
(955)
(1,050)
(2,120)
(3,374)
(5,295)
(12,794)
Fixed rate borrowings
(64)
(523)
(78)
(1,242)
(757)
(2,664)
Floating rate borrowings
(227)
(146)
(455)
(3,191)
\u2013
(4,019)
Trade and other payables
(5,209)
\u2013
(200)
\u2013
\u2013
(5,409)
Derivative financial instruments (assets):
Interest rate derivatives
42
9
12
9
\u2013
72
Foreign exchange contracts
245
195
46
\u2013
\u2013
486
Fuel derivatives
122
62
13
\u2013
\u2013
197
Derivative financial instruments (liabilities):
Interest rate derivatives
(4)
(1)
(1)
(3)
\u2013
(9)
Foreign exchange contracts
(185)
(121)
(68)
\u2013
\u2013
(374)
Fuel derivatives
(42)
(59)
(10)
\u2013
\u2013
(111)
31 December 2022
(6,473)
(1,824)
(3,235)
(8,882)
(8,875)
(29,289)
g Offsetting financial assets and liabilities The Group enters into derivative transactions under ISDA (International Swaps and Derivatives Association) documentation. In general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding are aggregated into a single net amount that is payable by one party to the other. The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements. 31 December 2023 1
Net amounts
Gross of financial Related
Gross value of amounts set instruments in amounts not
financial off in the the Balance offset in the
\u20ac million instruments Balance sheet sheet Balance sheet Net amount
Financial assets
Derivative financial assets
151
(28)
123
(2)
121
Financial liabilities
Derivative financial liabilities
595
(28)
567
(2)
565
1 1 The Group has pledged cash and cash equivalents as collateral against certain of its derivative financial liabilities. As 31 December 2023, the Group recognised \u20acnil of collateral (2022: \u20acnil) offset in the balance sheet and \u20ac2 million (2022: \u20ac5 million) not offset in the Balance sheet. 31 December 2022
Net amounts
Gross of financial Related
Gross value of amounts set instruments in amounts not
financial off in the the Balance offset in the
\u20ac million instruments Balance sheet sheet
Balance sheet
Net amount
Financial assets
Derivative financial assets
760
(34)
726
(5)
721
Financial liabilities
Derivative financial liabilities
505
(34)
471
(5)
466
h Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to maintain an optimal capital structure, to reduce the cost of capital and to provide returns to shareholders. The Group monitors capital on the basis of the net debt to EBITDA before exceptional items ratio. For the year to 31 December 2023, the net debt to EBITDA before exceptional items was 1.7 times (2022: 3.1 times). The definition and calculation for this performance measure is included in the Alternative performance measures section. Further detail on liquidity and capital resources and capital risk management is disclosed in the going concern section in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-684": { "value": "a Fuel price risk The Group is exposed to fuel price risk. In order to mitigate such risk, under the Group\u2019s fuel price risk management strategy a variety of over the counter derivative instruments are entered into. The Group strategy is to hedge a proportion of fuel consumption up to two years within the approved hedging profile. The following table demonstrates the sensitivity of the Group\u2019s principal exposure to a reasonable possible change in the fuel price, based on current market volatility, with all other variables held constant on the profit before tax and equity1 . The sensitivity analysis has been performed on fuel derivatives (both those designated in hedge relationships and those not designated in hedge relationships) at the reporting date only and is not reflective of the impact had the sensitised rates been applied through the duration of the years to 31 December 2023 and 2022.
2023
2022
Increase/(decrease) Effect on profit Effect on Increase/(decrease) Effect on profit Effect on
in fuel price before tax equity in fuel price before tax equity
per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million
40
\u2013
1,497
45
\u2013
1,402
(40)
\u2013
(1,526)
(45)
\u2013
(1,200)
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax. During 2023, following a substantial recovery in the global price of crude oil and jet fuel, which continues to be impacted by geopolitical events, the fair value of such net liability derivative instruments was \u20ac115 million at 31 December 2023 (2022: net asset of \u20ac87 million), representing a decrease of \u20ac202 million since 1 January 2023. Of the carrying amount of the net liability at 31 December 2023, all (2022: all) of the associated derivatives were designated within hedge relationships. b Foreign currency risk The Group is exposed to foreign currency risk on revenue, purchases and borrowings that are denominated in a currency other than the functional currency of each of the Group\u2019s operating companies, being pound sterling and the euro. The currencies in which these transactions are denominated are primarily US dollar, pound sterling and the euro. The Group has a number of strategies to hedge foreign currency risk including hedging a proportion of its foreign currency sales and purchases for up to three years. The following table demonstrates the sensitivity of the Group\u2019s principal foreign exchange exposure to a reasonable possible change in the US dollar, pound sterling and Japanese yen exchange rates, based on current market volatility, with all other variables held constant on the profit before tax and equity 1 . The sensitivity analysis has been performed on interest-bearing liabilities, lease liabilities and derivatives (both those designated in hedge relationships and those not designated in hedge relationships) denominated in foreign currencies at the reporting date only and is not reflective of the impact had the sensitised rates been applied through the duration of the years to 31 December 2023 and 2022.
Strengthening/
Strengthening/ Effect on (weakening) in Effect on Strengthening/ Effect on
(weakening) in US profit Effect on pound profit Effect on (weakening) in profit Effect on
dollar rate before tax equity sterling rate before tax equity Japanese yen rate before tax equity
per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million
2023
20
343
1,005
20
6
262
20
(50)
(64)
(20)
(346)
(1,159)
(20)
(8)
(262)
(20)
50
64
2022
20
904
1,299
20
(20)
241
20
(58)
(70)
(20)
(922)
(1,161)
(20)
18
(241)
(20)
58
70
1 The sensitivity analysis on equity, excludes the sensitivity amounts recognised in the profit before tax. At 31 December 2023, the fair value of foreign currency net liability derivative instruments was \u20ac357 million (2022: net asset of \u20ac108 million), representing a decrease of \u20ac465 million since 1 January 2023. These comprise both derivatives designated in hedge relationships and those derivatives that are not designated in a hedge relationship at inception. Of the carrying amount of the net liability at 31 December 2023, \u20ac151 million (2022: net asset of \u20ac96 million) of the associated derivatives were designated within hedge relationships. Those derivatives not designated in a hedge relationship on inception have their mark-to-market movements recorded directly in the Income statement and recognised within Net currency retranslation credits/(charges). c Interest rate risk The Group is exposed to changes in interest rates on debt and on cash deposits. In order to mitigate the interest rate risk, the Group\u2019s policies allow a variety of over the counter derivative instruments to be entered into. The following table demonstrates the sensitivity of the Group\u2019s interest rate exposure to a reasonable possible change in the US dollar, euro and sterling interest rates, based on expectations regarding forward rate movements, on the profit before tax and equity 1 . The sensitivity analysis has been performed on interest rate derivatives (both those designated in hedge relationships and those not designated in hedge relationships) at the reporting date only and is not reflective of the impact had the sensitised rates been applied through the duration of the years to 31 December 2023 and 2022.
Strengthening/ Strengthening/ Strengthening/
(weakening) in Effect on (weakening) in Effect on (weakening) in Effect on
US interest profit Effect on euro interest profit Effect on sterling interest profit Effect on
rate before tax equity rate before tax equity rate before tax equity
Basis points \u20ac million \u20ac million Basis points \u20ac million \u20ac million Basis points \u20ac million \u20ac million
2023
100
\u2013
\u2013
100
(12)
16
100
\u2013
\u2013
(100)
\u2013
\u2013
(100)
12
(16)
(100)
\u2013
\u2013
2022
150
\u2013
6
150
5
17
150
(35)
\u2013
(150)
\u2013
(7)
(150)
(4)
(17)
(150)
35
\u2013
1 The sensitivity analysis on equity excludes the sensitivity amounts recognised in the profit before tax. At 31 December 2023, the fair value of interest rate net asset derivative instruments was \u20ac28 million (2022: net asset of \u20ac60 million), representing a decrease of \u20ac32 million since 1 January 2023. Of the carrying amount of net asset at 31 December 2023, all (2022: all) of the associated derivatives were designated within hedge relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-703": { "value": "
b Foreign currency risk
The Group is exposed to foreign currency risk on revenue, purchases and borrowings that are denominated in a currency other than
the functional currency of each of the Group\u2019s operating companies, being pound sterling and the euro. The currencies in which
these transactions are denominated are primarily US dollar, pound sterling and the euro. The Group has a number of strategies to
hedge foreign currency risk including hedging a proportion of its foreign currency sales and purchases for up to three years.
The following table demonstrates the sensitivity of the Group\u2019s principal foreign exchange exposure to a reasonable possible change
in the US dollar, pound sterling and Japanese yen exchange rates, based on current market volatility, with all other variables held
constant on the profit before tax and equity
1
. The sensitivity analysis has been performed on interest-bearing liabilities, lease
liabilities and derivatives (both those designated in hedge relationships and those not designated in hedge relationships)
denominated in foreign currencies at the reporting date only and is not reflective of the impact had the sensitised rates been applied
through the duration of the years to 31 December 2023 and 2022.
Strengthening/
Strengthening/ Effect on (weakening) in Effect on Strengthening/ Effect on
(weakening) in US profit Effect on pound profit Effect on (weakening) in profit Effect on
dollar rate before tax equity sterling rate before tax equity Japanese yen rate before tax equity
per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million per cent \u20ac million \u20ac million
2023
20
343
1,005
20
6
262
20
(50)
(64)
(20)
(346)
(1,159)
(20)
(8)
(262)
(20)
50
64
2022
20
904
1,299
20
(20)
241
20
(58)
(70)
(20)
(922)
(1,161)
(20)
18
(241)
(20)
58
70
1 The sensitivity analysis on equity, excludes the sensitivity amounts recognised in the profit before tax.
At 31 December 2023, the fair value of foreign currency net liability derivative instruments was \u20ac357 million (2022: net asset of \u20ac108
million), representing a decrease of \u20ac465 million since 1 January 2023. These comprise both derivatives designated in hedge
relationships and those derivatives that are not designated in a hedge relationship at inception. Of the carrying amount of the net
liability at 31 December 2023, \u20ac151 million (2022: net asset of \u20ac96 million) of the associated derivatives were designated within hedge
relationships. Those derivatives not designated in a hedge relationship on inception have their mark-to-market movements recorded
directly in the Income statement and recognised within Net currency retranslation credits/(charges).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-685": { "value": "
d Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its financing activities, including deposits with banks and financial institutions,
foreign exchange transactions and other financial instruments. The Group has policies and procedures to monitor the risk by
assigning limits to each counterparty by underlying exposure and by operating company and by only entering into transactions with
counterparties with a very low credit risk.
At each period end, the Group assesses the effect of counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives
and any ineffectiveness arising is immediately recognised in the Income statement within Other non-operating credits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-686": { "value": "
f Liquidity risk
The Group invests cash in interest-bearing accounts, time deposits and money market funds, choosing instruments with appropriate
maturities or liquidity to retain sufficient headroom to readily generate cash inflows required to manage liquidity risk. The Group has
also committed revolving credit facilities.
At 31 December 2023, the Group had undrawn overdraft facilities of \u20ac53 million (2022: \u20ac53 million).
The Group held the following undrawn general and committed aircraft financing facilities:
2023
Million
Currency
\u20ac equivalent
General facilities
Euro facilities expiring between March and May 2024
\u20ac87
87
Euro facility expiring March 2025
\u20ac350
350
US dollar facilities expiring March 2025 and March 2026
$1,755
1,605
Pound sterling facilities expiring November 2026 and September 2028
\u00a32,000
2,317
4,359
Committed aircraft facilities
US dollar facilities expiring between June and July 2024
$410
375
375
2022
Million
Currency
\u20ac equivalent
General facilities
Euro facilities expiring between January and March 2023
\u20ac87
87
US dollar facility expiring November 2023
$50
47
Euro facility expiring March 2025
\u20ac300
300
US dollar facility expiring March 2025
$1,755
1,654
Pound sterling facility expiring November 2026
\u00a31,000
1,143
3,231
Committed aircraft facilities
US dollar facilities expiring between February and September 2023
$386
364
US dollar facility expiring April 2023
$273
257
US dollar facilities expiring between October 2023 and March 2024
$525
495
1,116
1
2
2
2
4
1
2
2
2
3
3
4
1 The general facilities can be drawn at any time at the discretion of the Group subject to the provision of up to three days\u2019 notice of the intended
utilisation, depending on the facility.
2 Further information regarding these facilities is given in note 26b.
3 The aircraft facilities that matured in 2023 were available for specific committed aircraft deliveries.
4 The aircraft facilities maturing between June 2024 and July 2024 (2022: maturing between October 2023 and March 2024) are available for specific
committed aircraft deliveries.
The following table analyses the Group\u2019s (outflows) and inflows in respect of financial liabilities and derivative financial instruments
into relevant maturity groupings based on the remaining period at 31 December to the contractual maturity date. The amounts
disclosed in the table are the contractual undiscounted cash flows and include interest.
Within 6 6-12 1-2 2-5 More than 5
\u20ac million months months years years
years
Total 2023
Interest-bearing loans and borrowings:
Asset financing liabilities
(241)
(230)
(448)
(1,317)
(3,195)
(5,431)
Lease liabilities
(1,303)
(864)
(1,546)
(3,798)
(5,017)
(12,528)
Fixed rate borrowings
(59)
(16)
(588)
(1,513)
(726)
(2,902)
Floating rate borrowings
(15)
(38)
(27)
(42)
\u2013
(122)
Trade and other payables
(5,590)
\u2013
(219)
\u2013
\u2013
(5,809)
Derivative financial instruments (assets):
Interest rate derivatives
12
9
8
4
1
34
Foreign exchange contracts
35
17
6
\u2013
\u2013
58
Fuel derivatives
5
4
26
\u2013
\u2013
35
Derivative financial instruments (liabilities):
Interest rate derivatives
(1)
(1)
(1)
(1)
\u2013
(4)
Foreign exchange contracts
(206)
(179)
(38)
\u2013
\u2013
(423)
Fuel derivatives
(42)
(43)
(35)
(39)
\u2013
(159)
31 December 2023
(7,405)
(1,341)
(2,862)
(6,706)
(8,937)
(27,251)
Within 6 6-12 1-2 2-5 More than 5
\u20ac million months months years years
years
Total 2022
Interest-bearing loans and borrowings:
Asset financing liabilities
(196)
(190)
(374)
(1,081)
(2,823)
(4,664)
Lease liabilities
(955)
(1,050)
(2,120)
(3,374)
(5,295)
(12,794)
Fixed rate borrowings
(64)
(523)
(78)
(1,242)
(757)
(2,664)
Floating rate borrowings
(227)
(146)
(455)
(3,191)
\u2013
(4,019)
Trade and other payables
(5,209)
\u2013
(200)
\u2013
\u2013
(5,409)
Derivative financial instruments (assets):
Interest rate derivatives
42
9
12
9
\u2013
72
Foreign exchange contracts
245
195
46
\u2013
\u2013
486
Fuel derivatives
122
62
13
\u2013
\u2013
197
Derivative financial instruments (liabilities):
Interest rate derivatives
(4)
(1)
(1)
(3)
\u2013
(9)
Foreign exchange contracts
(185)
(121)
(68)
\u2013
\u2013
(374)
Fuel derivatives
(42)
(59)
(10)
\u2013
\u2013
(111)
31 December 2022
(6,473)
(1,824)
(3,235)
(8,882)
(8,875)
(29,289)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-688": { "value": "
g Offsetting financial assets and liabilities
The Group enters into derivative transactions under ISDA (International Swaps and Derivatives Association) documentation. In
general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding
are aggregated into a single net amount that is payable by one party to the other.
The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar
agreements.
31 December 2023
1
Net amounts
Gross of financial Related
Gross value of amounts set instruments in amounts not
financial off in the the Balance offset in the
\u20ac million instruments Balance sheet sheet Balance sheet Net amount
Financial assets
Derivative financial assets
151
(28)
123
(2)
121
Financial liabilities
Derivative financial liabilities
595
(28)
567
(2)
565
1
1 The Group has pledged cash and cash equivalents as collateral against certain of its derivative financial liabilities. As 31 December 2023, the Group
recognised \u20acnil of collateral (2022: \u20acnil) offset in the balance sheet and \u20ac2 million (2022: \u20ac5 million) not offset in the Balance sheet.
31 December 2022
Net amounts
Gross of financial Related
Gross value of amounts set instruments in amounts not
financial off in the the Balance offset in the
\u20ac million instruments Balance sheet sheet
Balance sheet
Net amount
Financial assets
Derivative financial assets
760
(34)
726
(5)
721
Financial liabilities
Derivative financial liabilities
505
(34)
471
(5)
466
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-687": { "value": "
h Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to maintain an
optimal capital structure, to reduce the cost of capital and to provide returns to shareholders.
The Group monitors capital on the basis of the net debt to EBITDA before exceptional items ratio. For the year to 31 December
2023, the net debt to EBITDA before exceptional items was 1.7 times (2022: 3.1 times). The definition and calculation for this
performance measure is included in the Alternative performance measures section.
Further detail on liquidity and capital resources and capital risk management is disclosed in the going concern section in note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-704": { "value": "30 Financial instruments a Financial assets and liabilities by category The detail of the Group\u2019s financial instruments at 31 December 2023 and 31 December 2022 by nature and classification for measurement purposes is as follows:
31 December 2023
Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
188
\u2013
\u2013
188
Derivative financial instruments
\u2013
\u2013
42
\u2013
42
Other non-current assets
211
\u2013
\u2013
221
432
Current assets
Trade receivables
1,559
\u2013
\u2013
\u2013
1,559
Other current assets
545
\u2013
\u2013
1,029
1,574
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other current interest-bearing deposits
1,396
\u2013
\u2013
\u2013
1,396
Cash and cash equivalents
5,441
\u2013
\u2013
\u2013
5,441
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,141
\u2013
\u2013
7,141
Interest-bearing long-term borrowings
5,964
726
\u2013
6,690
Derivative financial instruments
\u2013
106
\u2013
106
Other long-term liabilities
151
\u2013
68
219
Current liabilities
Lease liabilities
1,826
\u2013
\u2013
1,826
Current portion of long-term borrowings
416
9
\u2013
425
Trade and other payables
5,198
\u2013
392
5,590
Derivative financial instruments
\u2013
461
\u2013
461
31 December 2022 Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
55
\u2013
\u2013
55
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other non-current assets
180
\u2013
\u2013
182
362
Current assets
Trade receivables
1,330
\u2013
\u2013
\u2013
1,330
Other current assets
308
\u2013
\u2013
918
1,226
Derivative financial instruments
\u2013
\u2013
645
\u2013
645
Other current interest-bearing deposits
403
\u2013
\u2013
\u2013
403
Cash and cash equivalents
9,196
\u2013
\u2013
\u2013
9,196
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,853
\u2013
\u2013
7,853
Interest-bearing long-term borrowings
8,692
596
\u2013
9,288
Derivative financial instruments
\u2013
84
\u2013
84
Other long-term liabilities
131
\u2013
69
200
Current liabilities
Lease liabilities
1,766
\u2013
\u2013
1,766
Current portion of long-term borrowings
1,068
9
\u2013
1,077
Trade and other payables
4,898
\u2013
311
5,209
Derivative financial instruments
\u2013
387
\u2013
387
b Fair value of financial assets and financial liabilities The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in determining the fair values and using the following methods and assumptions: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and counterparty credit risk, respectively. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows, incorporating adjustments for own credit risk and counterparty credit risk: \u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; \u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; and \u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the current forward curve. The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19. The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade and other payables approximate their carrying value largely due to the short-term maturities of these instruments. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2023 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
187
188
188
Other non-current financial assets
\u2013
12
\u2013
12
25
Derivative financial assets:
Interest rate swaps
\u2013
32
\u2013
32
32
Foreign exchange contracts
\u2013
58
\u2013
58
58
Fuel derivatives
\u2013
33
\u2013
33
33
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
3,900
\u2013
3,900
4,427
Fixed rate borrowings
2,429
53
\u2013
2,482
2,574
Floating rate borrowings
\u2013
111
\u2013
111
114
Derivative financial liabilities:
Interest rate derivatives
\u2013
4
\u2013
4
4
Foreign exchange contracts
\u2013
415
\u2013
415
415
Fuel derivatives
\u2013
148
\u2013
148
148
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac81 million. 2 Current portion of derivative financial liabilities is \u20ac461 million. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2022 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
\u2013
\u2013
55
55
55
Other non-current financial assets
\u2013
20
\u2013
20
31
Derivative financial assets:
Interest rate swaps
\u2013
66
\u2013
66
66
Foreign exchange contracts
\u2013
467
\u2013
467
467
Fuel derivatives
\u2013
193
\u2013
193
193
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
2,925
\u2013
2,925
3,819
Fixed rate borrowings
2,538
72
\u2013
2,610
2,967
Floating rate borrowings
\u2013
3,419
\u2013
3,419
3,579
Derivative financial liabilities:
Interest rate derivatives
\u2013
6
\u2013
6
6
Foreign exchange contracts
\u2013
359
\u2013
359
359
Fuel derivatives
\u2013
106
\u2013
106
106
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac645 million. 2 Current portion of derivative financial liabilities is \u20ac387 million. Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bond due 2028 which is measured at fair value, are measured at amortised cost. c Level 3 financial assets reconciliation The following table summarises key movements in Level 3 financial assets:
\u20ac million
2023
2022
Opening balance for the year
55
31
Additions - other
5
2
Addition of Air Europa Holdings
\u2013
22
Transfers to Level 1 financial assets
(1)
\u2013
Net gains recognised in Other comprehensive income
128
2
Net losses recognised in the Income statement
\u2013
(2)
Closing balance for the year
187
55
For details regarding the valuation of Air Europa Holdings, see note 19. During the year to 31 December 2023, the Group recorded a transfer of an Other equity instrument of \u20ac1 million from Level 3 to Level 1 following the public listing of the associated investment. There have been no other transfers between levels of the fair value hierarchy during the year. d Hedges Cash flow hedges At 31 December 2023, the Group\u2019s principal risk management activities that were hedging future forecast transactions were: \u2022 foreign exchange contracts, hedging foreign currency exchange risk on cash inflows and certain operational payments. Remeasurement gains and losses on the derivatives are (i) recognised in equity and transferred to the Income statement, where the hedged item is recorded directly in the Income statement, to the same caption as the underlying hedged item is classified; (ii) recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability, are recorded to the Balance sheet to the same caption as the hedged item is recognised; and (iii) recognised in equity and transferred to the Income statement, where the hedged item is a financial asset or liability, at the same time as the financial asset or liability is recorded in the Income statement. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge accounting, are recognised in the Income statement when the future transaction is no longer expected to occur and recorded in the relevant Income statement caption to which the hedged item is classified; \u2022 crude, gas oil and jet kerosene derivative contracts, hedging price risk on fuel expenditure. Remeasurement gains and losses on the derivatives are: (i) recognised in equity and transferred to the Income statement within Fuel, oil costs and emissions charges to match against the related fuel cash outflow, where the underlying hedged item does not give rise to the recognition of fuel inventory; and (ii) recognised in equity and transferred to the Balance sheet within Inventory, where the underlying hedged item is fuel inventory. Gains and losses recorded within Inventory are recognised in the Income statement when the underlying fuel inventory is consumed, within Fuel, oil costs and emission charges. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge accounting, are recognised in the Income statement within Fuel, oil costs and emissions charges when the future transaction is no longer expected to occur; \u2022 interest rate contracts, hedging interest rate risk on floating rate debt and certain operational payments. Remeasurement gains and losses on the derivatives are recognised in equity and transferred to the Income statement within Interest expense; and \u2022 future loan repayments denominated in foreign currency are designated in a hedge relationship hedging foreign exchange fluctuations on revenue cash inflows. Remeasurement gains and losses on the associated loans are recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability when the loan repayments are made (generally in instalments over the life of the loan). The amounts included in equity are summarised below: Losses/(gains) in respect of cash flow hedges included within equity
\u20ac million
2023
2022
Loan repayments to hedge future revenue
22
87
Foreign exchange contracts to hedge future revenue and expenditure
94
(178)
Crude, gas oil and jet kerosene derivative contracts
67
(127)
Derivatives used to hedge interest rates
(1)
(46)
Instruments for which hedge accounting no longer applies
123
213
305
(51)
Related deferred tax (credit)/charge
(75)
20
Total amount included within equity
230
(31)
1 1 1 1, 2 1 The carrying value of derivative instruments recognised in assets and liabilities is analysed in parts a and b above. 2 Relates to previously terminated hedge relationships for which the underlying forecast transactions remain expected to occur. Notional amounts of significant financial instruments used as cash flow hedging instruments:
Total 31
Notional principal amounts Average Within December
(\u20ac million)
hedge rate
Hedge range
1 year
1-2 years
2-5 years
5+ years
2023
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to pound sterling
1.21
1.05 to 1.35
3,147
1,239
\u2013
\u2013
4,386
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to euros
1.00
0.86 to 1.24
2,458
939
305
\u2013
3,702
Foreign exchange contracts to hedge
future revenue and expenditure from euros
to pound sterling
1.21
1.07 to 1.42
479
375
357
124
1,335
Fuel commodity price contracts to hedge
future US dollar fuel expenditure
722
489 to 1,200
5,425
1,948
980
\u2013
8,353
Interest rate contracts to hedge future
interest expenditure
1.83
(0.06) to 3.90
2,127
912
493
2
1 1 1 2 3, 4 1 Expenditure includes both operating and capital expenditure. 2 Notional amounts of fuel commodity price hedging instruments represent 10.0 million metric tonnes of jet fuel equivalent and the hedge range is expressed as the US dollar price per metric tonne, which for those products typically priced in barrels, has been determined using a conversion factor of 7.88. 3 The hedge range for interest rate contracts is expressed as a percentage. 4 The notional amounts of interest rate contracts at 31 December 2023 were \u20ac1,354 million. Amounts included reflect the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items.
Total 31
Notional principal amounts Average Within December
(\u20ac million)
hedge rate
Hedge range
1 year
1-2 years
2-5 years
5+ years
2022
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
pound sterling
1.23
1.05 to 1.45
3,582
1,355
\u2013
\u2013
4,937
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
euros
1.08
0.91 to 1.26
2,578
1,318
\u2013
\u2013
3,896
Foreign exchange contracts to hedge future
revenue and expenditure from euros to
pound sterling
1.23
1.00 to 1.42
371
406
458
14
1,249
Fuel commodity price contracts to hedge
future US dollar fuel expenditure
718
416 to 2,200
2,935
331
\u2013
\u2013
3,266
Interest rate contracts to hedge future
interest expenditure
1.04
(0.03) to 3.13
2,360
504
238
9
1 1 1 2 3, 4 1 Expenditure includes both operating and capital expenditure. 2 Notional amounts of fuel commodity price hedging instruments represent 5.4 million metric tonnes of jet fuel equivalent and the hedge range is expressed as the US dollar price per metric tonne, which for those products typically priced in barrels, has been determined using a conversion factor of 7.88. 3 The hedge range for interest rate contracts is expressed as a percentage. 4 The notional amounts of interest rate contracts at 31 December 2022 were \u20ac1,703 million. Amounts included reflect the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items. Movements recorded in the cash flow hedge reserve
Amounts recognised in the Income statement
Fair value
movements
recognised in Amounts
Discontinuance Reclassified to Total Other transferred to
For the year to 31 December 2023 of hedge the Income recognised comprehensive the Balance
(\u20ac million)
Ineffectiveness
accounting statement movements income sheet
Foreign exchange contracts to hedge future
revenue and expenditure
(1)
\u2013
31
30
234
3
Crude, gas oil and jet kerosene derivative
contracts
9
\u2013
99
108
71
13
Derivatives used to hedge interest rates
\u2013
\u2013
48
48
(3)
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
\u2013
(47)
(18)
Instruments for which hedge accounting no
longer applies
\u2013
\u2013
\u2013
\u2013
\u2013
(92)
8
\u2013
178
186
255
(94)
Related deferred tax
(44)
(60)
10
Total movements recorded in the cash flow
hedge reserve
142
195
(84)
1 2
Amounts recognised in the Income statement
Fair value
movements
recognised in Amounts
Discontinuance Reclassified to Total Other transferred to
For the year to 31 December 2022 of hedge the Income recognised comprehensive the Balance
(\u20ac million)
Ineffectiveness
accounting statement movements income sheet
Foreign exchange contracts to hedge future
revenue and expenditure
\u2013
29
228
257
(525)
43
Crude, gas oil and jet kerosene derivative
contracts
19
\u2013
1,299
1,318
(1,249)
66
Derivatives used to hedge interest rates
\u2013
\u2013
(12)
(12)
(95)
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
\u2013
(1)
(7)
Instruments for which hedge accounting no
longer applies
\u2013
\u2013
\u2013
\u2013
\u2013
(27)
19
29
1,515
1,563
(1,870)
75
Related deferred tax
(330)
398
(1)
Total movements recorded in the cash flow
hedge reserve
1,233
(1,472)
74
1 2 1 Ineffectiveness recognised in the Income statement is presented as Realised and Unrealised gains and losses on derivatives not qualifying for hedge accounting within non-operating items. 2 Amounts recognised in Other comprehensive income represent gains and losses on the hedging instrument. Discontinuance of hedge accounting The losses associated with the discontinuance of hedge accounting recognised in the Income statement and the subsequent fair value movements of those derivative instruments recorded in the Income statement through to the earlier of the reporting date and the maturity date of the derivative are set out below:
\u20ac million
2023
2022
Losses associated with the discontinuance of hedge accounting recognised in the Income statement
\u2013
(29)
Fair value movements subsequently recorded in the Income statement
\u2013
\u2013
Total effect of discontinuance of hedge accounting in the Income statement
\u2013
(29)
Fair value hedges At 31 December 2023, the Group\u2019s principal risk management activities associated with fair value hedging were related to interest rate contracts hedging the fair value risk on fixed rate lease liabilities. Remeasurement gains and losses on both the derivatives and the host financial liability are recognised in Income statement within Other non-operating credits. The carrying values of the hedged items and hedging instruments of the Group\u2019s fair value hedges at 31 December 2023 are as follows:
\u20ac million
2023
2022
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items)
(65)
\u2013
Carrying amount of the interest rate derivatives (hedging instruments)
(4)
\u2013
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying
(2)
\u2013
amount of the hedged item
Change in value used for calculating hedge ineffectiveness
3
\u2013
1 1 Hedged items included in the fair value hedges are presented within Borrowings in the Balance sheet and in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "value": "
a Financial assets and liabilities by category
The detail of the Group\u2019s financial instruments at 31 December 2023 and 31 December 2022 by nature and classification for
measurement purposes is as follows:
31 December 2023
Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
188
\u2013
\u2013
188
Derivative financial instruments
\u2013
\u2013
42
\u2013
42
Other non-current assets
211
\u2013
\u2013
221
432
Current assets
Trade receivables
1,559
\u2013
\u2013
\u2013
1,559
Other current assets
545
\u2013
\u2013
1,029
1,574
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other current interest-bearing deposits
1,396
\u2013
\u2013
\u2013
1,396
Cash and cash equivalents
5,441
\u2013
\u2013
\u2013
5,441
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,141
\u2013
\u2013
7,141
Interest-bearing long-term borrowings
5,964
726
\u2013
6,690
Derivative financial instruments
\u2013
106
\u2013
106
Other long-term liabilities
151
\u2013
68
219
Current liabilities
Lease liabilities
1,826
\u2013
\u2013
1,826
Current portion of long-term borrowings
416
9
\u2013
425
Trade and other payables
5,198
\u2013
392
5,590
Derivative financial instruments
\u2013
461
\u2013
461
31 December 2022 Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
55
\u2013
\u2013
55
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other non-current assets
180
\u2013
\u2013
182
362
Current assets
Trade receivables
1,330
\u2013
\u2013
\u2013
1,330
Other current assets
308
\u2013
\u2013
918
1,226
Derivative financial instruments
\u2013
\u2013
645
\u2013
645
Other current interest-bearing deposits
403
\u2013
\u2013
\u2013
403
Cash and cash equivalents
9,196
\u2013
\u2013
\u2013
9,196
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,853
\u2013
\u2013
7,853
Interest-bearing long-term borrowings
8,692
596
\u2013
9,288
Derivative financial instruments
\u2013
84
\u2013
84
Other long-term liabilities
131
\u2013
69
200
Current liabilities
Lease liabilities
1,766
\u2013
\u2013
1,766
Current portion of long-term borrowings
1,068
9
\u2013
1,077
Trade and other payables
4,898
\u2013
311
5,209
Derivative financial instruments
\u2013
387
\u2013
387
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-751": { "value": "a Financial assets and liabilities by category The detail of the Group\u2019s financial instruments at 31 December 2023 and 31 December 2022 by nature and classification for measurement purposes is as follows:
31 December 2023
Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
188
\u2013
\u2013
188
Derivative financial instruments
\u2013
\u2013
42
\u2013
42
Other non-current assets
211
\u2013
\u2013
221
432
Current assets
Trade receivables
1,559
\u2013
\u2013
\u2013
1,559
Other current assets
545
\u2013
\u2013
1,029
1,574
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other current interest-bearing deposits
1,396
\u2013
\u2013
\u2013
1,396
Cash and cash equivalents
5,441
\u2013
\u2013
\u2013
5,441
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,141
\u2013
\u2013
7,141
Interest-bearing long-term borrowings
5,964
726
\u2013
6,690
Derivative financial instruments
\u2013
106
\u2013
106
Other long-term liabilities
151
\u2013
68
219
Current liabilities
Lease liabilities
1,826
\u2013
\u2013
1,826
Current portion of long-term borrowings
416
9
\u2013
425
Trade and other payables
5,198
\u2013
392
5,590
Derivative financial instruments
\u2013
461
\u2013
461
31 December 2022 Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
55
\u2013
\u2013
55
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other non-current assets
180
\u2013
\u2013
182
362
Current assets
Trade receivables
1,330
\u2013
\u2013
\u2013
1,330
Other current assets
308
\u2013
\u2013
918
1,226
Derivative financial instruments
\u2013
\u2013
645
\u2013
645
Other current interest-bearing deposits
403
\u2013
\u2013
\u2013
403
Cash and cash equivalents
9,196
\u2013
\u2013
\u2013
9,196
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,853
\u2013
\u2013
7,853
Interest-bearing long-term borrowings
8,692
596
\u2013
9,288
Derivative financial instruments
\u2013
84
\u2013
84
Other long-term liabilities
131
\u2013
69
200
Current liabilities
Lease liabilities
1,766
\u2013
\u2013
1,766
Current portion of long-term borrowings
1,068
9
\u2013
1,077
Trade and other payables
4,898
\u2013
311
5,209
Derivative financial instruments
\u2013
387
\u2013
387
b Fair value of financial assets and financial liabilities The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in determining the fair values and using the following methods and assumptions: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and counterparty credit risk, respectively. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows, incorporating adjustments for own credit risk and counterparty credit risk: \u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; \u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; and \u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the current forward curve. The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19. The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade and other payables approximate their carrying value largely due to the short-term maturities of these instruments. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2023 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
187
188
188
Other non-current financial assets
\u2013
12
\u2013
12
25
Derivative financial assets:
Interest rate swaps
\u2013
32
\u2013
32
32
Foreign exchange contracts
\u2013
58
\u2013
58
58
Fuel derivatives
\u2013
33
\u2013
33
33
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
3,900
\u2013
3,900
4,427
Fixed rate borrowings
2,429
53
\u2013
2,482
2,574
Floating rate borrowings
\u2013
111
\u2013
111
114
Derivative financial liabilities:
Interest rate derivatives
\u2013
4
\u2013
4
4
Foreign exchange contracts
\u2013
415
\u2013
415
415
Fuel derivatives
\u2013
148
\u2013
148
148
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac81 million. 2 Current portion of derivative financial liabilities is \u20ac461 million. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2022 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
\u2013
\u2013
55
55
55
Other non-current financial assets
\u2013
20
\u2013
20
31
Derivative financial assets:
Interest rate swaps
\u2013
66
\u2013
66
66
Foreign exchange contracts
\u2013
467
\u2013
467
467
Fuel derivatives
\u2013
193
\u2013
193
193
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
2,925
\u2013
2,925
3,819
Fixed rate borrowings
2,538
72
\u2013
2,610
2,967
Floating rate borrowings
\u2013
3,419
\u2013
3,419
3,579
Derivative financial liabilities:
Interest rate derivatives
\u2013
6
\u2013
6
6
Foreign exchange contracts
\u2013
359
\u2013
359
359
Fuel derivatives
\u2013
106
\u2013
106
106
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac645 million. 2 Current portion of derivative financial liabilities is \u20ac387 million. Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bond due 2028 which is measured at fair value, are measured at amortised cost. c Level 3 financial assets reconciliation The following table summarises key movements in Level 3 financial assets:
\u20ac million
2023
2022
Opening balance for the year
55
31
Additions - other
5
2
Addition of Air Europa Holdings
\u2013
22
Transfers to Level 1 financial assets
(1)
\u2013
Net gains recognised in Other comprehensive income
128
2
Net losses recognised in the Income statement
\u2013
(2)
Closing balance for the year
187
55
For details regarding the valuation of Air Europa Holdings, see note 19. During the year to 31 December 2023, the Group recorded a transfer of an Other equity instrument of \u20ac1 million from Level 3 to Level 1 following the public listing of the associated investment. There have been no other transfers between levels of the fair value hierarchy during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-739": { "value": "a Financial assets and liabilities by category The detail of the Group\u2019s financial instruments at 31 December 2023 and 31 December 2022 by nature and classification for measurement purposes is as follows:
31 December 2023
Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
188
\u2013
\u2013
188
Derivative financial instruments
\u2013
\u2013
42
\u2013
42
Other non-current assets
211
\u2013
\u2013
221
432
Current assets
Trade receivables
1,559
\u2013
\u2013
\u2013
1,559
Other current assets
545
\u2013
\u2013
1,029
1,574
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other current interest-bearing deposits
1,396
\u2013
\u2013
\u2013
1,396
Cash and cash equivalents
5,441
\u2013
\u2013
\u2013
5,441
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,141
\u2013
\u2013
7,141
Interest-bearing long-term borrowings
5,964
726
\u2013
6,690
Derivative financial instruments
\u2013
106
\u2013
106
Other long-term liabilities
151
\u2013
68
219
Current liabilities
Lease liabilities
1,826
\u2013
\u2013
1,826
Current portion of long-term borrowings
416
9
\u2013
425
Trade and other payables
5,198
\u2013
392
5,590
Derivative financial instruments
\u2013
461
\u2013
461
31 December 2022 Financial assets
Fair value
through Other Total
comprehensive Fair value through carrying amount by
\u20ac million
Amortised cost
income
Income statement
Non-financial assets
balance sheet item
Non-current assets
Other equity investments
\u2013
55
\u2013
\u2013
55
Derivative financial instruments
\u2013
\u2013
81
\u2013
81
Other non-current assets
180
\u2013
\u2013
182
362
Current assets
Trade receivables
1,330
\u2013
\u2013
\u2013
1,330
Other current assets
308
\u2013
\u2013
918
1,226
Derivative financial instruments
\u2013
\u2013
645
\u2013
645
Other current interest-bearing deposits
403
\u2013
\u2013
\u2013
403
Cash and cash equivalents
9,196
\u2013
\u2013
\u2013
9,196
Financial liabilities
Total
Fair value through Non-financial carrying amount by
\u20ac million
Amortised cost
Income statement liabilities balance sheet item
Non-current liabilities
Lease liabilities
7,853
\u2013
\u2013
7,853
Interest-bearing long-term borrowings
8,692
596
\u2013
9,288
Derivative financial instruments
\u2013
84
\u2013
84
Other long-term liabilities
131
\u2013
69
200
Current liabilities
Lease liabilities
1,766
\u2013
\u2013
1,766
Current portion of long-term borrowings
1,068
9
\u2013
1,077
Trade and other payables
4,898
\u2013
311
5,209
Derivative financial instruments
\u2013
387
\u2013
387
b Fair value of financial assets and financial liabilities The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in determining the fair values and using the following methods and assumptions: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and counterparty credit risk, respectively. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows, incorporating adjustments for own credit risk and counterparty credit risk: \u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; \u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; and \u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the current forward curve. The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19. The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade and other payables approximate their carrying value largely due to the short-term maturities of these instruments. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2023 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
187
188
188
Other non-current financial assets
\u2013
12
\u2013
12
25
Derivative financial assets:
Interest rate swaps
\u2013
32
\u2013
32
32
Foreign exchange contracts
\u2013
58
\u2013
58
58
Fuel derivatives
\u2013
33
\u2013
33
33
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
3,900
\u2013
3,900
4,427
Fixed rate borrowings
2,429
53
\u2013
2,482
2,574
Floating rate borrowings
\u2013
111
\u2013
111
114
Derivative financial liabilities:
Interest rate derivatives
\u2013
4
\u2013
4
4
Foreign exchange contracts
\u2013
415
\u2013
415
415
Fuel derivatives
\u2013
148
\u2013
148
148
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac81 million. 2 Current portion of derivative financial liabilities is \u20ac461 million. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2022 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
\u2013
\u2013
55
55
55
Other non-current financial assets
\u2013
20
\u2013
20
31
Derivative financial assets:
Interest rate swaps
\u2013
66
\u2013
66
66
Foreign exchange contracts
\u2013
467
\u2013
467
467
Fuel derivatives
\u2013
193
\u2013
193
193
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
2,925
\u2013
2,925
3,819
Fixed rate borrowings
2,538
72
\u2013
2,610
2,967
Floating rate borrowings
\u2013
3,419
\u2013
3,419
3,579
Derivative financial liabilities:
Interest rate derivatives
\u2013
6
\u2013
6
6
Foreign exchange contracts
\u2013
359
\u2013
359
359
Fuel derivatives
\u2013
106
\u2013
106
106
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac645 million. 2 Current portion of derivative financial liabilities is \u20ac387 million. Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bond due 2028 which is measured at fair value, are measured at amortised cost. c Level 3 financial assets reconciliation The following table summarises key movements in Level 3 financial assets:
\u20ac million
2023
2022
Opening balance for the year
55
31
Additions - other
5
2
Addition of Air Europa Holdings
\u2013
22
Transfers to Level 1 financial assets
(1)
\u2013
Net gains recognised in Other comprehensive income
128
2
Net losses recognised in the Income statement
\u2013
(2)
Closing balance for the year
187
55
For details regarding the valuation of Air Europa Holdings, see note 19. During the year to 31 December 2023, the Group recorded a transfer of an Other equity instrument of \u20ac1 million from Level 3 to Level 1 following the public listing of the associated investment. There have been no other transfers between levels of the fair value hierarchy during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "value": "
b Fair value of financial assets and financial liabilities
The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in
determining the fair values and using the following methods and assumptions:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted
prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and
those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market
values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments
and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and
counterparty credit risk, respectively.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific
estimates.
Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward
pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility
surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows,
incorporating adjustments for own credit risk and counterparty credit risk:
\u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE
Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation
prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted
to the reporting date based on the corresponding interest rate;
\u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models,
values are discounted to the reporting date based on the corresponding interest rate; and
\u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the
current forward curve.
The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining
contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing
borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is
applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19.
The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade
and other payables approximate their carrying value largely due to the short-term maturities of these instruments.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2023 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
187
188
188
Other non-current financial assets
\u2013
12
\u2013
12
25
Derivative financial assets:
Interest rate swaps
\u2013
32
\u2013
32
32
Foreign exchange contracts
\u2013
58
\u2013
58
58
Fuel derivatives
\u2013
33
\u2013
33
33
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
3,900
\u2013
3,900
4,427
Fixed rate borrowings
2,429
53
\u2013
2,482
2,574
Floating rate borrowings
\u2013
111
\u2013
111
114
Derivative financial liabilities:
Interest rate derivatives
\u2013
4
\u2013
4
4
Foreign exchange contracts
\u2013
415
\u2013
415
415
Fuel derivatives
\u2013
148
\u2013
148
148
1
1
1
2
2
2
1 Current portion of derivative financial assets is \u20ac81 million.
2 Current portion of derivative financial liabilities is \u20ac461 million.
The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2022 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
\u2013
\u2013
55
55
55
Other non-current financial assets
\u2013
20
\u2013
20
31
Derivative financial assets:
Interest rate swaps
\u2013
66
\u2013
66
66
Foreign exchange contracts
\u2013
467
\u2013
467
467
Fuel derivatives
\u2013
193
\u2013
193
193
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
2,925
\u2013
2,925
3,819
Fixed rate borrowings
2,538
72
\u2013
2,610
2,967
Floating rate borrowings
\u2013
3,419
\u2013
3,419
3,579
Derivative financial liabilities:
Interest rate derivatives
\u2013
6
\u2013
6
6
Foreign exchange contracts
\u2013
359
\u2013
359
359
Fuel derivatives
\u2013
106
\u2013
106
106
1
1
1
2
2
2
1 Current portion of derivative financial assets is \u20ac645 million.
2 Current portion of derivative financial liabilities is \u20ac387 million.
Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value
in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bond due
2028 which is measured at fair value, are measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-714": { "value": "b Fair value of financial assets and financial liabilities The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in determining the fair values and using the following methods and assumptions: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and counterparty credit risk, respectively. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows, incorporating adjustments for own credit risk and counterparty credit risk: \u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; \u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; and \u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the current forward curve. The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19. The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade and other payables approximate their carrying value largely due to the short-term maturities of these instruments. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2023 are as follows:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
1
\u2013
187
188
188
Other non-current financial assets
\u2013
12
\u2013
12
25
Derivative financial assets:
Interest rate swaps
\u2013
32
\u2013
32
32
Foreign exchange contracts
\u2013
58
\u2013
58
58
Fuel derivatives
\u2013
33
\u2013
33
33
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
3,900
\u2013
3,900
4,427
Fixed rate borrowings
2,429
53
\u2013
2,482
2,574
Floating rate borrowings
\u2013
111
\u2013
111
114
Derivative financial liabilities:
Interest rate derivatives
\u2013
4
\u2013
4
4
Foreign exchange contracts
\u2013
415
\u2013
415
415
Fuel derivatives
\u2013
148
\u2013
148
148
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac81 million. 2 Current portion of derivative financial liabilities is \u20ac461 million. The carrying amounts and fair values of the Group\u2019s financial assets and liabilities at 31 December 2022 are set out below:
Fair value
Carrying value
\u20ac million
Level 1
Level 2
Level 3
Total
Total
Financial assets
Other equity investments
\u2013
\u2013
55
55
55
Other non-current financial assets
\u2013
20
\u2013
20
31
Derivative financial assets:
Interest rate swaps
\u2013
66
\u2013
66
66
Foreign exchange contracts
\u2013
467
\u2013
467
467
Fuel derivatives
\u2013
193
\u2013
193
193
Financial liabilities
Interest-bearing loans and borrowings:
Asset financed liabilities
\u2013
2,925
\u2013
2,925
3,819
Fixed rate borrowings
2,538
72
\u2013
2,610
2,967
Floating rate borrowings
\u2013
3,419
\u2013
3,419
3,579
Derivative financial liabilities:
Interest rate derivatives
\u2013
6
\u2013
6
6
Foreign exchange contracts
\u2013
359
\u2013
359
359
Fuel derivatives
\u2013
106
\u2013
106
106
1 1 1 2 2 2 1 Current portion of derivative financial assets is \u20ac645 million. 2 Current portion of derivative financial liabilities is \u20ac387 million. Financial assets, other equity instruments, financial liabilities and derivative financial assets and liabilities are all measured at fair value in the consolidated financial statements. Interest-bearing borrowings, with the exception of the \u20ac825 million convertible bond due 2028 which is measured at fair value, are measured at amortised cost. c Level 3 financial assets reconciliation The following table summarises key movements in Level 3 financial assets:
\u20ac million
2023
2022
Opening balance for the year
55
31
Additions - other
5
2
Addition of Air Europa Holdings
\u2013
22
Transfers to Level 1 financial assets
(1)
\u2013
Net gains recognised in Other comprehensive income
128
2
Net losses recognised in the Income statement
\u2013
(2)
Closing balance for the year
187
55
For details regarding the valuation of Air Europa Holdings, see note 19. During the year to 31 December 2023, the Group recorded a transfer of an Other equity instrument of \u20ac1 million from Level 3 to Level 1 following the public listing of the associated investment. There have been no other transfers between levels of the fair value hierarchy during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-765": { "value": "The fair values of the Group\u2019s financial instruments are disclosed in hierarchy levels depending on the nature of the inputs used in determining the fair values and using the following methods and assumptions: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. Level 1 methodologies (market values at the balance sheet date) were used to determine the fair value of listed asset investments classified as equity investments and listed interest-bearing borrowings. The fair value of financial liabilities and financial assets incorporates own credit risk and counterparty credit risk, respectively. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of financial instruments that are not traded in an active market is determined by valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. Derivative instruments are measured based on the market value of instruments with similar terms and conditions using forward pricing models, which include forward exchange rates, forward interest rates, forward fuel curves and corresponding volatility surface data at the reporting date. The fair value of the principal derivative financial assets and liabilities are determined as follows, incorporating adjustments for own credit risk and counterparty credit risk: \u2022 commodity reference contracts including swaps and options transactions, referenced to: (i) CIF NWE cargoes jet fuel; (ii) ICE Gasoil; (iii) ICE Brent; (iv) ICE Gasoil Brent crack; (v) Jet Differential and (vi) Jet fuel Brent crack - the mark-to-market valuation prices are determined by reference to current forward curve and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; \u2022 currency forward and option contracts \u2013 by reference to current forward prices and standard option pricing valuation models, values are discounted to the reporting date based on the corresponding interest rate; and \u2022 interest rate swap contracts \u2013 by discounting the future cash flows of the swap contracts at market interest rate valued with the current forward curve. The fair value of the Group\u2019s interest-bearing borrowings, excluding lease liabilities, is determined by discounting the remaining contractual cash flows at the relevant market interest rates at the balance sheet date. The fair value of the Group\u2019s interest-bearing borrowings is adjusted for own credit risk.
Level 3: Inputs for the asset or liability that are not based on observable market data. The principal method of such valuation is
performed using a valuation model that considers the present value of the dividend cash flows expected to be generated by the
associated assets. For other equity investments where cash flow information is not available, an adjusted net asset method is applied. For the methodology in the determination of the fair value of the investment in Air Europa Holdings, see note 19. The fair value of cash and cash equivalents, other current interest-bearing deposits, trade receivables, other current assets and trade and other payables approximate their carrying value largely due to the short-term maturities of these instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "value": "
d Hedges
Cash flow hedges
At 31 December 2023, the Group\u2019s principal risk management activities that were hedging future forecast transactions were:
\u2022 foreign exchange contracts, hedging foreign currency exchange risk on cash inflows and certain operational payments.
Remeasurement gains and losses on the derivatives are (i) recognised in equity and transferred to the Income statement, where
the hedged item is recorded directly in the Income statement, to the same caption as the underlying hedged item is classified; (ii)
recognised in equity and transferred to the Balance sheet, where the hedged item is a non-financial asset or liability, are recorded
to the Balance sheet to the same caption as the hedged item is recognised; and (iii) recognised in equity and transferred to the
Income statement, where the hedged item is a financial asset or liability, at the same time as the financial asset or liability is
recorded in the Income statement. Reclassification gains and losses on derivatives, arising from the discontinuance of hedge
accounting, are recognised in the Income statement when the future transaction is no longer expected to occur and recorded in
the relevant Income statement caption to which the hedged item is classified;
\u2022 crude, gas oil and jet kerosene derivative contracts, hedging price risk on fuel expenditure. Remeasurement gains and losses on
the derivatives are: (i) recognised in equity and transferred to the Income statement within Fuel, oil costs and emissions charges to
match against the related fuel cash outflow, where the underlying hedged item does not give rise to the recognition of fuel
inventory; and (ii) recognised in equity and transferred to the Balance sheet within Inventory, where the underlying hedged item is
fuel inventory. Gains and losses recorded within Inventory are recognised in the Income statement when the underlying fuel
inventory is consumed, within Fuel, oil costs and emission charges. Reclassification gains and losses on derivatives, arising from the
discontinuance of hedge accounting, are recognised in the Income statement within Fuel, oil costs and emissions charges when
the future transaction is no longer expected to occur;
\u2022 interest rate contracts, hedging interest rate risk on floating rate debt and certain operational payments. Remeasurement gains
and losses on the derivatives are recognised in equity and transferred to the Income statement within Interest expense; and
\u2022 future loan repayments denominated in foreign currency are designated in a hedge relationship hedging foreign exchange
fluctuations on revenue cash inflows. Remeasurement gains and losses on the associated loans are recognised in equity and
transferred to the Balance sheet, where the hedged item is a non-financial asset or liability when the loan repayments are made
(generally in instalments over the life of the loan).
The amounts included in equity are summarised below:
Losses/(gains) in respect of cash flow hedges included within equity
\u20ac million
2023
2022
Loan repayments to hedge future revenue
22
87
Foreign exchange contracts to hedge future revenue and expenditure
94
(178)
Crude, gas oil and jet kerosene derivative contracts
67
(127)
Derivatives used to hedge interest rates
(1)
(46)
Instruments for which hedge accounting no longer applies
123
213
305
(51)
Related deferred tax (credit)/charge
(75)
20
Total amount included within equity
230
(31)
1
1
1
1, 2
1 The carrying value of derivative instruments recognised in assets and liabilities is analysed in parts a and b above.
2 Relates to previously terminated hedge relationships for which the underlying forecast transactions remain expected to occur.
Notional amounts of significant financial instruments used as cash flow hedging instruments:
Total 31
Notional principal amounts Average Within December
(\u20ac million)
hedge rate
Hedge range
1 year
1-2 years
2-5 years
5+ years
2023
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to pound sterling
1.21
1.05 to 1.35
3,147
1,239
\u2013
\u2013
4,386
Foreign exchange contracts to hedge
future revenue and expenditure from US
dollars to euros
1.00
0.86 to 1.24
2,458
939
305
\u2013
3,702
Foreign exchange contracts to hedge
future revenue and expenditure from euros
to pound sterling
1.21
1.07 to 1.42
479
375
357
124
1,335
Fuel commodity price contracts to hedge
future US dollar fuel expenditure
722
489 to 1,200
5,425
1,948
980
\u2013
8,353
Interest rate contracts to hedge future
interest expenditure
1.83
(0.06) to 3.90
2,127
912
493
2
1 1 1 2 3, 4 1 Expenditure includes both operating and capital expenditure. 2 Notional amounts of fuel commodity price hedging instruments represent 10.0 million metric tonnes of jet fuel equivalent and the hedge range is expressed as the US dollar price per metric tonne, which for those products typically priced in barrels, has been determined using a conversion factor of 7.88. 3 The hedge range for interest rate contracts is expressed as a percentage. 4 The notional amounts of interest rate contracts at 31 December 2023 were \u20ac1,354 million. Amounts included reflect the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items.
Total 31
Notional principal amounts Average Within December
(\u20ac million)
hedge rate
Hedge range
1 year
1-2 years
2-5 years
5+ years
2022
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
pound sterling
1.23
1.05 to 1.45
3,582
1,355
\u2013
\u2013
4,937
Foreign exchange contracts to hedge future
revenue and expenditure from US dollars to
euros
1.08
0.91 to 1.26
2,578
1,318
\u2013
\u2013
3,896
Foreign exchange contracts to hedge future
revenue and expenditure from euros to
pound sterling
1.23
1.00 to 1.42
371
406
458
14
1,249
Fuel commodity price contracts to hedge
future US dollar fuel expenditure
718
416 to 2,200
2,935
331
\u2013
\u2013
3,266
Interest rate contracts to hedge future
interest expenditure
1.04
(0.03) to 3.13
2,360
504
238
9
1 1 1 2 3, 4 1 Expenditure includes both operating and capital expenditure. 2 Notional amounts of fuel commodity price hedging instruments represent 5.4 million metric tonnes of jet fuel equivalent and the hedge range is expressed as the US dollar price per metric tonne, which for those products typically priced in barrels, has been determined using a conversion factor of 7.88. 3 The hedge range for interest rate contracts is expressed as a percentage. 4 The notional amounts of interest rate contracts at 31 December 2022 were \u20ac1,703 million. Amounts included reflect the notional amortising amounts outstanding at the end of each period and align with the profiles of the underlying hedged items. Movements recorded in the cash flow hedge reserve
Amounts recognised in the Income statement
Fair value
movements
recognised in Amounts
Discontinuance Reclassified to Total Other transferred to
For the year to 31 December 2023 of hedge the Income recognised comprehensive the Balance
(\u20ac million)
Ineffectiveness
accounting statement movements income sheet
Foreign exchange contracts to hedge future
revenue and expenditure
(1)
\u2013
31
30
234
3
Crude, gas oil and jet kerosene derivative
contracts
9
\u2013
99
108
71
13
Derivatives used to hedge interest rates
\u2013
\u2013
48
48
(3)
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
\u2013
(47)
(18)
Instruments for which hedge accounting no
longer applies
\u2013
\u2013
\u2013
\u2013
\u2013
(92)
8
\u2013
178
186
255
(94)
Related deferred tax
(44)
(60)
10
Total movements recorded in the cash flow
hedge reserve
142
195
(84)
1 2
Amounts recognised in the Income statement
Fair value
movements
recognised in Amounts
Discontinuance Reclassified to Total Other transferred to
For the year to 31 December 2022 of hedge the Income recognised comprehensive the Balance
(\u20ac million)
Ineffectiveness
accounting statement movements income sheet
Foreign exchange contracts to hedge future
revenue and expenditure
\u2013
29
228
257
(525)
43
Crude, gas oil and jet kerosene derivative
contracts
19
\u2013
1,299
1,318
(1,249)
66
Derivatives used to hedge interest rates
\u2013
\u2013
(12)
(12)
(95)
\u2013
Loan repayments to hedge future revenue
\u2013
\u2013
\u2013
\u2013
(1)
(7)
Instruments for which hedge accounting no
longer applies
\u2013
\u2013
\u2013
\u2013
\u2013
(27)
19
29
1,515
1,563
(1,870)
75
Related deferred tax
(330)
398
(1)
Total movements recorded in the cash flow
hedge reserve
1,233
(1,472)
74
1 2 1 Ineffectiveness recognised in the Income statement is presented as Realised and Unrealised gains and losses on derivatives not qualifying for hedge accounting within non-operating items. 2 Amounts recognised in Other comprehensive income represent gains and losses on the hedging instrument. Discontinuance of hedge accounting The losses associated with the discontinuance of hedge accounting recognised in the Income statement and the subsequent fair value movements of those derivative instruments recorded in the Income statement through to the earlier of the reporting date and the maturity date of the derivative are set out below:
\u20ac million
2023
2022
Losses associated with the discontinuance of hedge accounting recognised in the Income statement
\u2013
(29)
Fair value movements subsequently recorded in the Income statement
\u2013
\u2013
Total effect of discontinuance of hedge accounting in the Income statement
\u2013
(29)
Fair value hedges
At 31 December 2023, the Group\u2019s principal risk management activities associated with fair value hedging were related to interest
rate contracts hedging the fair value risk on fixed rate lease liabilities. Remeasurement gains and losses on both the derivatives and
the host financial liability are recognised in Income statement within Other non-operating credits.
The carrying values of the hedged items and hedging instruments of the Group\u2019s fair value hedges at 31 December 2023 are as
follows:
\u20ac million
2023
2022
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items)
(65)
\u2013
Carrying amount of the interest rate derivatives (hedging instruments)
(4)
\u2013
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying
(2)
\u2013
amount of the hedged item
Change in value used for calculating hedge ineffectiveness
3
\u2013
1
1 Hedged items included in the fair value hedges are presented within Borrowings in the Balance sheet and in note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "31 Share capital, share premium and treasury shares
Number of Ordinary Share
shares share capital premium
Allotted, called up and fully paid \u2018000s \u20ac million \u20ac million
31 December 2022: Ordinary shares of \u20ac0.10 each
4,971,476
497
7,770
31 December 2023: Ordinary shares of \u20ac0.10 each
4,971,476
497
7,770
a Treasury shares During the year to 31 December 2023, the Group purchased 42.0 million shares at a weighted average share price of \u20ac1.83 per share totalling \u20ac77 million, which are held as Treasury shares. A total of 3.3 million shares (2022: 8.1 million) were issued to employees during the year as a result of vesting of employee share schemes. At 31 December 2023 the Group held 55.8 million shares (2022: 17.1 million) which represented 1.12 per cent (2022: 0.34 per cent) of the issued share capital of the Company.
33 Other reserves and non-controlling interests
For the year to 31 December 2023
Other reserves
Unrealised Cost of Non-
gains and hedging Currency Merger Capital Total other controlling
\u20ac million
losses
1
reserve translation reserve reserves reserves interest
1 January 2023
67
(66)
(118)
(2,467)
867
(1,717)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel and oil costs
(81)
\u2013
\u2013
\u2013
\u2013
(81)
\u2013
Currency differences
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Finance costs
(35)
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
Ineffectiveness recognised in other non-
operating costs
(6)
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Net change in fair value of cash flow hedges
(195)
\u2013
\u2013
\u2013
\u2013
(195)
\u2013
Net change in fair value of other equity
investments
127
\u2013
\u2013
\u2013
\u2013
127
\u2013
Net change in fair value of cost of hedging
\u2013
(120)
\u2013
\u2013
\u2013
(120)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
82
\u2013
\u2013
\u2013
82
\u2013
Fair value movements on liabilities attributable to
credit risk changes
(119)
\u2013
\u2013
\u2013
\u2013
(119)
\u2013
Currency translation differences
\u2013
\u2013
18
\u2013
\u2013
18
\u2013
Hedges transferred and reported in property,
plant and equipment
9
(15)
\u2013
\u2013
\u2013
(6)
\u2013
Hedges transferred and reported in sales in
advance of carriage
84
1
\u2013
\u2013
\u2013
85
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
31 December 2023
(178)
(118)
(100)
(2,467)
867
(1,996)
6
2
3
5
6
Other reserves
Equity
Unrealised Cost of portion of Redeemed Non-
gains and hedging Currency convertible Merger capital Total other controlling
\u20ac million losses reserve translation bond reserve reserve reserves interest
1 January 2022
(94)
24
(65)
62
(2,467)
867
(1,673)
6
Other comprehensive income/(loss)
for the year
Cash flow hedges reclassified and
reported in net profit:
Fuel and oil costs
(1,115)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,115)
\u2013
Currency differences
(90)
\u2013
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
Finance costs
10
\u2013
\u2013
\u2013
\u2013
\u2013
10
\u2013
Discontinuance of hedge
accounting
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\u2013
Ineffectiveness recognised in other
non-operating costs
(16)
\u2013
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow
hedges
1,472
\u2013
\u2013
\u2013
\u2013
\u2013
1,472
\u2013
Net change in fair value of other
equity investments
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
Net change in fair value of cost of
hedging
\u2013
(115)
\u2013
\u2013
\u2013
\u2013
(115)
\u2013
Cost of hedging reclassified and
reported in net profit
\u2013
38
\u2013
\u2013
\u2013
\u2013
38
\u2013
Fair value movements on liabilities
attributable to credit risk changes
(6)
\u2013
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Currency translation differences
\u2013
\u2013
(53)
\u2013
\u2013
\u2013
(53)
\u2013
Hedges transferred and reported in
property, plant and equipment
(51)
(14)
\u2013
\u2013
\u2013
\u2013
(65)
\u2013
Hedges transferred and reported in
sales in advance of carriage
35
1
\u2013
\u2013
\u2013
\u2013
36
\u2013
Hedges transferred and reported in
inventory
(58)
\u2013
\u2013
\u2013
\u2013
\u2013
(58)
\u2013
Redemption of convertible bond
\u2013
\u2013
\u2013
(62)
\u2013
\u2013
(62)
\u2013
31 December 2022
67
(66)
(118)
\u2013
(2,467)
867
(1,717)
6
1 2 3 4 5 6 1 The unrealised gains and losses reserve records fair value changes on equity investments and the portion of the amounts on hedging instruments in cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2023 that relate to the fair value changes on equity instruments and to the cash flow hedge reserve were \u20ac138 million credit and \u20ac305 million charge, respectively. 2 The cost of hedging reserve records, amongst others, changes on the time value of options. 3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this reserve is affected by the fluctuations in the pound sterling to euro foreign exchange translation rate. 4 During 2022, the Group redeemed the \u20ac500 million convertible bond with no conversion into ordinary shares. On redemption, an amount of \u20ac62 million was transferred to Retained earnings. 5 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between the fair value of the Group on the transaction date, and the fair value of Iberia and the book value of British Airways (including its reserves). 6 Capital reserves include a Redeemed capital reserve of \u20ac70 million (2022: \u20ac70 million) associated with the decrease in share capital relating to cancelled shares and a Share capital reduction reserve of \u20ac797 million (2022: \u20ac797 million) associated with a historical reduction in the nominal value of the Company\u2019s share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-689": { "value": "31 Share capital, share premium and treasury shares
Number of Ordinary Share
shares share capital premium
Allotted, called up and fully paid \u2018000s \u20ac million \u20ac million
31 December 2022: Ordinary shares of \u20ac0.10 each
4,971,476
497
7,770
31 December 2023: Ordinary shares of \u20ac0.10 each
4,971,476
497
7,770
a Treasury shares During the year to 31 December 2023, the Group purchased 42.0 million shares at a weighted average share price of \u20ac1.83 per share totalling \u20ac77 million, which are held as Treasury shares. A total of 3.3 million shares (2022: 8.1 million) were issued to employees during the year as a result of vesting of employee share schemes. At 31 December 2023 the Group held 55.8 million shares (2022: 17.1 million) which represented 1.12 per cent (2022: 0.34 per cent) of the issued share capital of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-705": { "value": "
a Treasury shares
During the year to 31 December 2023, the Group purchased 42.0 million shares at a weighted average share price of \u20ac1.83 per share
totalling \u20ac77 million, which are held as Treasury shares. A total of 3.3 million shares (2022: 8.1 million) were issued to employees
during the year as a result of vesting of employee share schemes. At 31 December 2023 the Group held 55.8 million shares (2022: 17.1
million) which represented 1.12 per cent (2022: 0.34 per cent) of the issued share capital of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "
32 Share-based payments
The Group operates share-based payment schemes as part of the total remuneration package provided to employees. These
schemes comprise both share option schemes where employees acquire shares at an option price and share award plans whereby
shares are issued to employees at no cost, subject to the achievement by the Group of specified performance targets.
a IAG Performance Share Plan
The IAG Performance Share Plan (PSP) was granted to senior executives and managers of the Group who are most directly involved
in shaping and delivering business success over the medium to long term. Awards made from 2015 to 2020 were nil-cost options,
with a two-year holding period following the three-year performance period, before options can be exercised. All awards had three
independent performance measures with equal weighting: Total Shareholder Return (TSR) relative to the STOXX Europe 600 Travel
and Leisure Index (2020 awards) or MSCI European Transportation Index (prior to 2020 awards), earnings per share, and Return on
Invested Capital.
b IAG Restricted Share Plan
The IAG Restricted Share Plan (RSP) was introduced in 2021 to increase the alignment of both interests and outcomes between the
Group\u2019s senior management and shareholders through the build-up and maintenance of senior management shareholdings and an
increased focus on the long-term, sustainable performance of the Group. Awards have been made as conditional awards, with a two-
year holding period following the three-year vesting period. There are no performance measures associated with the awards. Vesting
will be contingent on the satisfaction of a discretionary underpin, normally assessed over three financial years commencing from the
financial year in which the award was granted. Approval at the end of the vesting period will be at the discretion of the
Remuneration Committee, considering the Group\u2019s overall performance, including financial and non-financial performance measures
over the course of the vesting period, as well as any material risk or regulatory failures identified.
c IAG Full Potential Incentive Plan
In 2021, the Group launched the Full Potential Incentive Plan (FPIP), which was granted to key individuals involved in the delivery of a
series of transformation projects that will enable the Group to deliver business success over the medium to long term. The awards
have been made as conditional awards, vesting in 2025 and dependent on stretch performance targets for 2024 and the approval of
the Board.
d IAG Incentive Award Deferral Plan
The IAG Incentive Award Deferral Plan (IADP) is granted to qualifying employees based on performance and service tests. It will be
awarded when an annual incentive award is triggered subject to the employee remaining in employment with the Group for three
years after the grant date. The relevant population will receive 50 per cent of their incentive award up front in cash, and the
remaining 50 per cent in shares after three years through the IADP.
e Share-based payment schemes summary
Outstanding Outstanding at Exercisable 31
at 1 January Granted Lapsed Vested 31 December December
Number of awards \u2019000s 2023 number number number 2023 2023
Performance Share Plan
16,339
\u2013
6,263
944
9,132
4,166
Restricted Share Plan
40,334
24,462
5,152
431
59,213
\u2013
Full Potential Incentive Plan
27,705
5,681
3,786
\u2013
29,600
\u2013
Incentive Award Deferral Plan
2,411
1,007
173
2,387
858
\u2013
86,789
31,150
15,374
3,762
98,803
4,166
The weighted average share price at the date of exercise of options exercised during the year to 31 December 2023 was \u00a31.52 (2022:
\u00a31.35).
The Group recognised a share-based payment charge of \u20ac52 million for the year to 31 December 2023 (2022: \u20ac39 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-715": { "value": "33 Other reserves and non-controlling interests For the year to 31 December 2023
Other reserves
Unrealised Cost of Non-
gains and hedging Currency Merger Capital Total other controlling
\u20ac million
losses
1
reserve translation reserve reserves reserves interest
1 January 2023
67
(66)
(118)
(2,467)
867
(1,717)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel and oil costs
(81)
\u2013
\u2013
\u2013
\u2013
(81)
\u2013
Currency differences
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Finance costs
(35)
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
Ineffectiveness recognised in other non-
operating costs
(6)
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Net change in fair value of cash flow hedges
(195)
\u2013
\u2013
\u2013
\u2013
(195)
\u2013
Net change in fair value of other equity
investments
127
\u2013
\u2013
\u2013
\u2013
127
\u2013
Net change in fair value of cost of hedging
\u2013
(120)
\u2013
\u2013
\u2013
(120)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
82
\u2013
\u2013
\u2013
82
\u2013
Fair value movements on liabilities attributable to
credit risk changes
(119)
\u2013
\u2013
\u2013
\u2013
(119)
\u2013
Currency translation differences
\u2013
\u2013
18
\u2013
\u2013
18
\u2013
Hedges transferred and reported in property,
plant and equipment
9
(15)
\u2013
\u2013
\u2013
(6)
\u2013
Hedges transferred and reported in sales in
advance of carriage
84
1
\u2013
\u2013
\u2013
85
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
31 December 2023
(178)
(118)
(100)
(2,467)
867
(1,996)
6
2 3 5 6
Other reserves
Equity
Unrealised Cost of portion of Redeemed Non-
gains and hedging Currency convertible Merger capital Total other controlling
\u20ac million losses reserve translation bond reserve reserve reserves interest
1 January 2022
(94)
24
(65)
62
(2,467)
867
(1,673)
6
Other comprehensive income/(loss)
for the year
Cash flow hedges reclassified and
reported in net profit:
Fuel and oil costs
(1,115)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,115)
\u2013
Currency differences
(90)
\u2013
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
Finance costs
10
\u2013
\u2013
\u2013
\u2013
\u2013
10
\u2013
Discontinuance of hedge
accounting
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\u2013
Ineffectiveness recognised in other
non-operating costs
(16)
\u2013
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow
hedges
1,472
\u2013
\u2013
\u2013
\u2013
\u2013
1,472
\u2013
Net change in fair value of other
equity investments
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
Net change in fair value of cost of
hedging
\u2013
(115)
\u2013
\u2013
\u2013
\u2013
(115)
\u2013
Cost of hedging reclassified and
reported in net profit
\u2013
38
\u2013
\u2013
\u2013
\u2013
38
\u2013
Fair value movements on liabilities
attributable to credit risk changes
(6)
\u2013
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Currency translation differences
\u2013
\u2013
(53)
\u2013
\u2013
\u2013
(53)
\u2013
Hedges transferred and reported in
property, plant and equipment
(51)
(14)
\u2013
\u2013
\u2013
\u2013
(65)
\u2013
Hedges transferred and reported in
sales in advance of carriage
35
1
\u2013
\u2013
\u2013
\u2013
36
\u2013
Hedges transferred and reported in
inventory
(58)
\u2013
\u2013
\u2013
\u2013
\u2013
(58)
\u2013
Redemption of convertible bond
\u2013
\u2013
\u2013
(62)
\u2013
\u2013
(62)
\u2013
31 December 2022
67
(66)
(118)
\u2013
(2,467)
867
(1,717)
6
1
2
3
4
5
6
1 The unrealised gains and losses reserve records fair value changes on equity investments and the portion of the amounts on hedging instruments in
cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2023 that relate to the fair value changes on equity
instruments and to the cash flow hedge reserve were \u20ac138 million credit and \u20ac305 million charge, respectively.
2 The cost of hedging reserve records, amongst others, changes on the time value of options.
3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency
subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this
reserve is affected by the fluctuations in the pound sterling to euro foreign exchange translation rate.
4 During 2022, the Group redeemed the \u20ac500 million convertible bond with no conversion into ordinary shares. On redemption, an amount of \u20ac62
million was transferred to Retained earnings.
5 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between the
fair value of the Group on the transaction date, and the fair value of Iberia and the book value of British Airways (including its reserves).
6 Capital reserves include a Redeemed capital reserve of \u20ac70 million (2022: \u20ac70 million) associated with the decrease in share capital relating to
cancelled shares and a Share capital reduction reserve of \u20ac797 million (2022: \u20ac797 million) associated with a historical reduction in the nominal value
of the Company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-706": { "value": "33 Other reserves and non-controlling interests For the year to 31 December 2023
Other reserves
Unrealised Cost of Non-
gains and hedging Currency Merger Capital Total other controlling
\u20ac million
losses
1
reserve translation reserve reserves reserves interest
1 January 2023
67
(66)
(118)
(2,467)
867
(1,717)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel and oil costs
(81)
\u2013
\u2013
\u2013
\u2013
(81)
\u2013
Currency differences
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Finance costs
(35)
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
Ineffectiveness recognised in other non-
operating costs
(6)
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Net change in fair value of cash flow hedges
(195)
\u2013
\u2013
\u2013
\u2013
(195)
\u2013
Net change in fair value of other equity
investments
127
\u2013
\u2013
\u2013
\u2013
127
\u2013
Net change in fair value of cost of hedging
\u2013
(120)
\u2013
\u2013
\u2013
(120)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
82
\u2013
\u2013
\u2013
82
\u2013
Fair value movements on liabilities attributable to
credit risk changes
(119)
\u2013
\u2013
\u2013
\u2013
(119)
\u2013
Currency translation differences
\u2013
\u2013
18
\u2013
\u2013
18
\u2013
Hedges transferred and reported in property,
plant and equipment
9
(15)
\u2013
\u2013
\u2013
(6)
\u2013
Hedges transferred and reported in sales in
advance of carriage
84
1
\u2013
\u2013
\u2013
85
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
31 December 2023
(178)
(118)
(100)
(2,467)
867
(1,996)
6
2 3 5 6
Other reserves
Equity
Unrealised Cost of portion of Redeemed Non-
gains and hedging Currency convertible Merger capital Total other controlling
\u20ac million losses reserve translation bond reserve reserve reserves interest
1 January 2022
(94)
24
(65)
62
(2,467)
867
(1,673)
6
Other comprehensive income/(loss)
for the year
Cash flow hedges reclassified and
reported in net profit:
Fuel and oil costs
(1,115)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,115)
\u2013
Currency differences
(90)
\u2013
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
Finance costs
10
\u2013
\u2013
\u2013
\u2013
\u2013
10
\u2013
Discontinuance of hedge
accounting
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\u2013
Ineffectiveness recognised in other
non-operating costs
(16)
\u2013
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow
hedges
1,472
\u2013
\u2013
\u2013
\u2013
\u2013
1,472
\u2013
Net change in fair value of other
equity investments
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
Net change in fair value of cost of
hedging
\u2013
(115)
\u2013
\u2013
\u2013
\u2013
(115)
\u2013
Cost of hedging reclassified and
reported in net profit
\u2013
38
\u2013
\u2013
\u2013
\u2013
38
\u2013
Fair value movements on liabilities
attributable to credit risk changes
(6)
\u2013
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Currency translation differences
\u2013
\u2013
(53)
\u2013
\u2013
\u2013
(53)
\u2013
Hedges transferred and reported in
property, plant and equipment
(51)
(14)
\u2013
\u2013
\u2013
\u2013
(65)
\u2013
Hedges transferred and reported in
sales in advance of carriage
35
1
\u2013
\u2013
\u2013
\u2013
36
\u2013
Hedges transferred and reported in
inventory
(58)
\u2013
\u2013
\u2013
\u2013
\u2013
(58)
\u2013
Redemption of convertible bond
\u2013
\u2013
\u2013
(62)
\u2013
\u2013
(62)
\u2013
31 December 2022
67
(66)
(118)
\u2013
(2,467)
867
(1,717)
6
1 2 3 4 5 6 1 The unrealised gains and losses reserve records fair value changes on equity investments and the portion of the amounts on hedging instruments in cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2023 that relate to the fair value changes on equity instruments and to the cash flow hedge reserve were \u20ac138 million credit and \u20ac305 million charge, respectively. 2 The cost of hedging reserve records, amongst others, changes on the time value of options. 3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this reserve is affected by the fluctuations in the pound sterling to euro foreign exchange translation rate. 4 During 2022, the Group redeemed the \u20ac500 million convertible bond with no conversion into ordinary shares. On redemption, an amount of \u20ac62 million was transferred to Retained earnings. 5 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between the fair value of the Group on the transaction date, and the fair value of Iberia and the book value of British Airways (including its reserves). 6 Capital reserves include a Redeemed capital reserve of \u20ac70 million (2022: \u20ac70 million) associated with the decrease in share capital relating to cancelled shares and a Share capital reduction reserve of \u20ac797 million (2022: \u20ac797 million) associated with a historical reduction in the nominal value of the Company\u2019s share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-690": { "value": "33 Other reserves and non-controlling interests For the year to 31 December 2023
Other reserves
Unrealised Cost of Non-
gains and hedging Currency Merger Capital Total other controlling
\u20ac million
losses
1
reserve translation reserve reserves reserves interest
1 January 2023
67
(66)
(118)
(2,467)
867
(1,717)
6
Other comprehensive (loss)/income for the year
Cash flow hedges reclassified and reported in net
profit:
Fuel and oil costs
(81)
\u2013
\u2013
\u2013
\u2013
(81)
\u2013
Currency differences
(20)
\u2013
\u2013
\u2013
\u2013
(20)
\u2013
Finance costs
(35)
\u2013
\u2013
\u2013
\u2013
(35)
\u2013
Ineffectiveness recognised in other non-
operating costs
(6)
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Net change in fair value of cash flow hedges
(195)
\u2013
\u2013
\u2013
\u2013
(195)
\u2013
Net change in fair value of other equity
investments
127
\u2013
\u2013
\u2013
\u2013
127
\u2013
Net change in fair value of cost of hedging
\u2013
(120)
\u2013
\u2013
\u2013
(120)
\u2013
Cost of hedging reclassified and reported in net
profit
\u2013
82
\u2013
\u2013
\u2013
82
\u2013
Fair value movements on liabilities attributable to
credit risk changes
(119)
\u2013
\u2013
\u2013
\u2013
(119)
\u2013
Currency translation differences
\u2013
\u2013
18
\u2013
\u2013
18
\u2013
Hedges transferred and reported in property,
plant and equipment
9
(15)
\u2013
\u2013
\u2013
(6)
\u2013
Hedges transferred and reported in sales in
advance of carriage
84
1
\u2013
\u2013
\u2013
85
\u2013
Hedges transferred and reported in inventory
(9)
\u2013
\u2013
\u2013
\u2013
(9)
\u2013
31 December 2023
(178)
(118)
(100)
(2,467)
867
(1,996)
6
2 3 5 6
Other reserves
Equity
Unrealised Cost of portion of Redeemed Non-
gains and hedging Currency convertible Merger capital Total other controlling
\u20ac million losses reserve translation bond reserve reserve reserves interest
1 January 2022
(94)
24
(65)
62
(2,467)
867
(1,673)
6
Other comprehensive income/(loss)
for the year
Cash flow hedges reclassified and
reported in net profit:
Fuel and oil costs
(1,115)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,115)
\u2013
Currency differences
(90)
\u2013
\u2013
\u2013
\u2013
\u2013
(90)
\u2013
Finance costs
10
\u2013
\u2013
\u2013
\u2013
\u2013
10
\u2013
Discontinuance of hedge
accounting
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\u2013
Ineffectiveness recognised in other
non-operating costs
(16)
\u2013
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
Net change in fair value of cash flow
hedges
1,472
\u2013
\u2013
\u2013
\u2013
\u2013
1,472
\u2013
Net change in fair value of other
equity investments
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
Net change in fair value of cost of
hedging
\u2013
(115)
\u2013
\u2013
\u2013
\u2013
(115)
\u2013
Cost of hedging reclassified and
reported in net profit
\u2013
38
\u2013
\u2013
\u2013
\u2013
38
\u2013
Fair value movements on liabilities
attributable to credit risk changes
(6)
\u2013
\u2013
\u2013
\u2013
\u2013
(6)
\u2013
Currency translation differences
\u2013
\u2013
(53)
\u2013
\u2013
\u2013
(53)
\u2013
Hedges transferred and reported in
property, plant and equipment
(51)
(14)
\u2013
\u2013
\u2013
\u2013
(65)
\u2013
Hedges transferred and reported in
sales in advance of carriage
35
1
\u2013
\u2013
\u2013
\u2013
36
\u2013
Hedges transferred and reported in
inventory
(58)
\u2013
\u2013
\u2013
\u2013
\u2013
(58)
\u2013
Redemption of convertible bond
\u2013
\u2013
\u2013
(62)
\u2013
\u2013
(62)
\u2013
31 December 2022
67
(66)
(118)
\u2013
(2,467)
867
(1,717)
6
1 2 3 4 5 6 1 The unrealised gains and losses reserve records fair value changes on equity investments and the portion of the amounts on hedging instruments in cash flow hedges that are determined to be effective hedges. The amounts at 31 December 2023 that relate to the fair value changes on equity instruments and to the cash flow hedge reserve were \u20ac138 million credit and \u20ac305 million charge, respectively. 2 The cost of hedging reserve records, amongst others, changes on the time value of options. 3 The currency translation reserve records exchange differences arising from the translation of the financial statements of non-euro functional currency subsidiaries and investments accounted for under the equity method into the Group\u2019s reporting currency of euros. The movement through this reserve is affected by the fluctuations in the pound sterling to euro foreign exchange translation rate. 4 During 2022, the Group redeemed the \u20ac500 million convertible bond with no conversion into ordinary shares. On redemption, an amount of \u20ac62 million was transferred to Retained earnings. 5 The merger reserve originated from the merger transaction between British Airways and Iberia. The balance represents the difference between the fair value of the Group on the transaction date, and the fair value of Iberia and the book value of British Airways (including its reserves). 6 Capital reserves include a Redeemed capital reserve of \u20ac70 million (2022: \u20ac70 million) associated with the decrease in share capital relating to cancelled shares and a Share capital reduction reserve of \u20ac797 million (2022: \u20ac797 million) associated with a historical reduction in the nominal value of the Company\u2019s share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "value": "34 Employee benefit obligations The Group operates a variety of post-employment benefit arrangements, covering both defined contribution and defined benefit schemes. The Group also has a scheme for flight crew who meet certain conditions and therefore have the option of being placed on reserve and retaining their employment relationship until reaching the statutory retirement age, or taking early retirement (see note 27). Defined contribution schemes The Group operates a number of defined contribution schemes for its employees. Costs recognised in respect of defined contribution pension plans in Spain, UK and Ireland for the year to 31 December 2023 were \u20ac279 million (2022: \u20ac251 million). Defined benefit schemes The principal funded defined benefit pension schemes within the Group are the Airways Pension Scheme (APS) and the New Airways Pension Scheme (NAPS), both of which are in the UK and are closed to new members. APS has been closed to new members since 1984, but remains open to future accrual. The benefits provided under APS are based on final average pensionable pay and, for the majority of members, are subject to inflationary increases in payment. NAPS has been closed to new members since 2003 and closed to future accrual since 2018. Following closure, members\u2019 deferred pensions are increased annually by inflation up to 5 per cent per annum (measured using the Government\u2019s annual Pension Increase (Review) Orders, which since 2011 have been based on CPI). APS and NAPS are governed by separate Trustee Boards. Although APS and NAPS have separate Trustee Boards, certain aspects of the business of the two schemes are common. APS and NAPS have developed certain joint working groups that are attended by the Trustee Board members of each scheme although each Trustee Board reaches its decisions independently. There are sub- committees which are separately responsible for the governance, operation and investments of each scheme. British Airways Pension Trustees Limited holds the assets of both schemes on behalf of their respective Trustees. Triennially, the Trustees of APS and NAPS undertake actuarial valuations, which are subsequently agreed with British Airways to determine the cash contributions and any deficit payment plans through to the next valuation date, as well as ensuring that the schemes have sufficient funds available to meet future benefit payments to members. These actuarial valuations are prepared using the principles set out in UK Pension legislation. This differs from the IAS 19 \u2018Employee benefits\u2019 valuation, which is used for deriving the Income statement and Balance sheet positions and uses a best-estimate approach overall. The different purpose and principles lead to different assumptions being used, and therefore a different estimate for the liabilities and funding levels. During 2022, the triennial valuations, as at 31 March 2021, were finalised for APS and NAPS which resulted in a technical surplus of \u20ac343 million (\u00a3295 million) for APS and a technical deficit of \u20ac1,887 million (\u00a31,650 million) for NAPS. The actuarial valuations performed for APS and NAPS are different to the valuation performed as at 31 December 2023 under IAS 19 \u2018Employee Benefits\u2019 mainly due to timing differences of the measurement dates and to the specific scheme assumptions in the actuarial valuation performed as at 31 March 2021 compared with IAS 19 requirements used in the accounting valuation assumptions as at the reporting date. The actuarial valuation of neither APS and NAPS is updated outside of the triennial valuations, making comparability between the scheme liabilities applying the principles set out in the UK Pension legislation and the requirements of IAS 19 not possible. The principal difference relates to the discount rate applied, which under the triennial actuarial valuation, aligns with a prudent estimate of the future investment returns on the assets of the respective schemes, whereas, under IAS 19, the rates are based on high-quality corporate bond yields, regardless of how the assets are invested. The triennial valuation as at 31 March 2021 for NAPS supersedes the previous agreements reached in 2020 and 2021 between British Airways and the Trustee of NAPS relating to the deferral of deficit contributions. The deferred deficit contributions have been incorporated into the deficit payment plan agreed as part of the triennial valuation as at 31 March 2021. As part of the triennial valuation as at 31 March 2021 for NAPS, British Airways has agreed to provide certain property assets as security, which will remain in place until 30 September 2028. Other plans British Airways also operates post-retirement schemes in a number of jurisdictions outside of the UK. The principal scheme is the British Airways Plc Pension Plan (USA) based in the United States and referred to as the \u2018US Plan\u2019. The US Plan is considered to be a defined benefit scheme and is closed to new members and to future accrual. The majority of British Airways\u2019 other plans are fully funded, but there are also a number of unfunded plans, for which the Group meets the benefit payment obligations as they fall due. In addition, Aer Lingus operates certain defined benefit plans, both funded and unfunded.
Risk associated with the defined benefit schemes
The defined benefit schemes expose the Group to a range of risks, with the following being the most significant:
\u2022 asset volatility risk - the scheme obligations are calculated using a discount rate set with reference to high-quality corporate bond
yields. If scheme assets underperform this yield, this will reduce the surplus / increase the deficit, depending on the scheme.
Certain of the schemes hold a significant proportion of equities, which are expected to outperform corporate bonds in the long
term while creating volatility and risk in the short term;
\u2022 longevity risk \u2013 the majority of the scheme obligations are to provide benefits over the life of the scheme members. An increase in
life expectancy will result in a corresponding increase in the defined benefit obligation;
\u2022 interest rate risk \u2013 a decrease in interest rates will increase plan liabilities, although this will be partially offset by an increase in the
value of certain of the scheme assets;
\u2022 inflation risk \u2013 a significant proportion of the scheme obligations are linked to inflation, such that any increase in inflation will cause
an increase in the obligations. While certain of the scheme assets are indexed to inflation, any expected increase in the scheme
assets from inflation would be disproportionately lower than the increase in the scheme obligations; and
\u2022 currency risk \u2013 a number of scheme assets are denominated in currencies other than the pound sterling. Weakening of those
currencies, or strengthening of the pound sterling, in the long term, will have the effect of reducing the value of scheme assets.
a Cash payments and funding arrangements
Cash payments in respect to pension obligations comprise normal employer contributions by the Group and deficit contributions
based on the agreed deficit payment plan with NAPS. Total payments for the year to 31 December 2023 net of service costs made
by the Group were \u20ac48 million (2022: \u20ac20 million) being the employer contributions of \u20ac49 million (2022: \u20ac22 million) less the
current service cost of \u20ac1 million (2022: \u20ac2 million) (note 34b,c).
Future funding arrangements
Pension contributions for APS and NAPS were determined by actuarial valuations made at 31 March 2021, using assumptions and
methodologies agreed between the Group and Trustee of each scheme.
In total, the Group expects to pay \u20ac1 million in employer contributions to APS and NAPS in 2024.
The following graph provides the undiscounted benefit payments to be made by the Trustees of APS and NAPS over the remaining
expected duration of the schemes:
Projected benefit payments from the reporting date (\u20ac million, unaudited)
2024 2029 2034 2039 2044 2049 2054 2059 2064 2069 2074 2079 2084 2089
0
100
200
300
400
500
600
700
800
900
n
APS
n
NAPS
The amounts and timing of these projected benefit payments are subject to the aforementioned risks to the schemes.
Deficit contributions
At the date of the actuarial valuation, the actuarial deficit of NAPS amounted to \u20ac1,887 million. In order to address the deficit in the
scheme, the Group committed to deficit contribution payments through to 30 June 2023, amounting to approximately \u20ac58 million
per year, increasing by \u20ac58 million each year up to 30 June 2026 and subsequently capped at \u20ac257 million per year through to 31
May 2032. The deficit contribution plan includes an over-funding protection mechanism, based on the triennial valuation
methodology for measuring the deficit, whereby deficit contributions are suspended if the funding position reaches 100 per cent,
with a mechanism for contributions to resume if the contribution level subsequently falls below 100 per cent, or until such point as
the scheme funding level reaches 100 per cent.
During the year ended and as at 31 December 2023, the NAPS funding position exceeded 100 per cent and accordingly
deficit contributions were suspended. At 31 December 2023, the valuation of the funding level incorporates significant forward-
looking assumptions, such that the Group currently does not expect to make further deficit contributions. Given the long-term
nature of the NAPS scheme, these assumptions are subject to uncertainty and there can be no guarantee that deficit contributions
will not resume in the future or that additional deficit contributions will not need to be incorporated into future triennial
actuarial valuations.
At 31 December 2023, had the over-funding protection mechanism not been applied, then the asset ceiling adjustment (as detailed
in note 34c) would have been \u20ac638 million higher, reducing the surplus accordingly.
At
31 December 2023
, the Group is committed to the following undiscounted deficit payments, which are deductible for tax
purposes at the statutory rate of tax:
1
Other
\u20ac million
NAPS
schemes
Within 12 months
\u2013
36
1-2 years
\u2013
37
2-5 years
\u2013
38
Greater than 5 years
\u2013
\u2013
Total expected deficit payments
\u2013
111
1 Committed deficit contributions, agreed as part of the 31 March 2021 actuarial valuation, were suspended at 31 December 2023 as an effect of the
over-funding protection mechanism.
Deficit payments in respect of local arrangements outside of the UK have been determined in accordance with local practice.
Under the triennial valuation of NAPS as at 31 March 2021, in the period up to 31 December 2023, no dividend payment was
permitted from British Airways to IAG. In the period from 1 January to 31 December 2024, any dividends paid by British Airways will
be matched by contributions to NAPS of 50 per cent of the value of dividends paid. In the period from 1 January to 30 September
2025, any dividend payment from British Airways to IAG that exceeds 50 per cent of the pre-exceptional profit after tax in each
financial year will require additional payments to be made to NAPS if the scheme is not at least 100 per cent funded. All dividend
restrictions cease from 1 October 2025, onwards. British Airways must maintain a minimum cash level of \u20ac1,854 million (\u00a31,600
million) as at the date of the declaration of any dividends as well as immediately following the payment of any dividends to IAG and
the associated matching contributions to NAPS. The amount of any deficit contributions and dividend matching contributions in a
single financial year is limited to \u20ac348 million (\u00a3300 million).
b Employee benefit scheme amounts recognised in the financial statements
i Amounts recognised on the Balance sheet
2023
\u20ac million
APS
NAPS
Other
Total
Scheme assets at fair value
6,070
16,724
393
23,187
Present value of scheme liabilities
(6,048)
(14,644)
(547)
(21,239)
Net pension asset/(liability)
22
2,080
(154)
1,948
Effect of the asset ceiling
(7)
(728)
\u2013
(735)
Other employee benefit obligations
\u2013
\u2013
(8)
(8)
31 December 2023
15
1,352
(162)
1,205
Represented by:
Employee benefit asset 1,380
Employee benefit obligation (175)
Net employee benefit asset 1,205
1
1
2
3
2022
\u20ac million
APS
NAPS
Other
Total
Scheme assets at fair value
6,283
17,029
356
23,668
Present value of scheme liabilities
(6,052)
(13,692)
(548)
(20,292)
Net pension asset/(liability)
231
3,337
(192)
3,376
Effect of the asset ceiling
(80)
(1,168)
\u2013
(1,248)
Other employee benefit obligations
\u2013
\u2013
(11)
(11)
31 December 2022
151
2,169
(203)
2,117
Represented by:
Employee benefit asset 2,334
Employee benefit obligation (217)
Net employee benefit asset 2,117
1
1
2
3
1 Includes Additional Voluntary Contributions (AVCs), which the Trustees hold as assets to secure additional benefits on a defined contribution basis
for those members who elect to make such AVCs. At 31 December 2023, such assets were \u20ac322 million (2022: \u20ac320 million) with a corresponding
amount recorded in the scheme liabilities.
2 APS and NAPS have an accounting surplus under IAS 19, which would be available to the Group as a refund upon wind up of the scheme. This refund
is restricted due to withholding taxes that would be payable by the Trustee arising on both the net pension asset and the future contractual minimum
funding requirements.
3 The net deferred tax asset recognised on the net employee benefit asset (2022: asset) was \u20ac48 million at 31 December 2023 (2022: \u20ac54 million). The
defined benefit obligation includes \u20ac20 million (2022: \u20ac21 million) arising from unfunded plans.
ii Amounts recognised in the Income statement
Pension costs charged to operating result are:
\u20ac million
2023
2022
Defined benefit plans:
Current service cost
1
2
Administrative expenses
17
19
18
21
Defined contribution plans
279
251
Pension costs recorded as employee costs
297
272
\u20ac million
2023
2022
Interest income on scheme assets
(1,117)
(633)
Interest expense on scheme liabilities
955
584
Interest expense on asset ceiling
59
23
Net financing credit relating to pensions
(103)
(26)
iii Amounts recognised in the Statement of other comprehensive income
\u20ac million
2023
2022
Return on plan assets excluding interest income
857
9,360
Remeasurement of plan liabilities from changes in financial assumptions
314
(10,476)
Remeasurement of plan liabilities from changes in demographic assumptions
55
(202)
Remeasurement of experience losses
430
627
Remeasurement of the APS and NAPS asset ceilings
(583)
14
Exchange movements
\u2013
6
Pension remeasurements credited/(charged) to Other comprehensive income
1,073
(671)
Tax arising on pension remeasurements
3
9
Pension remeasurements charged to Other comprehensive income, net of tax
1,076
(662)
c Fair value of scheme assets
i Investment strategies
For both APS and NAPS, the Trustee has ultimate responsibility for decision-making on investments matters, including the asset-
liability matching strategy. The latter is a form of investing designed to match the movement in pension plan assets with the
movement in the projected benefit obligation over time. The Trustees\u2019 investment committee adopts an annual business plan which
sets out investment objectives and work required to support achievement of these objectives. The committee also deals with the
monitoring of performance and activities, including work on developing the strategic benchmark to improve the risk return profile of
the scheme where possible, as well as having a trigger-based dynamic governance process to be able to take advantage of
opportunities as they arise. The investment committee reviews the existing investment restrictions, performance benchmarks and
targets, as well as continuing to develop the de-risking and liability hedging portfolio.
Both schemes use derivative instruments for investment purposes and to manage exposures to financial risks, such as interest rate,
foreign exchange, longevity and liquidity risks arising in the normal course of business. Exposure to interest rate risk is managed
through the use of Inflation-Linked Swap contracts. Foreign exchange forward contracts are entered into to mitigate the risk of
currency fluctuations. Longevity risk is managed through the use of buy-in insurance contracts, asset swaps and longevity swaps.
Along with existing contracts with Rothesay Life (as detailed in note 34c(iii)), APS is 90 per cent protected against all longevity risk
and fully protected in relation to all pensions that were already being paid as at 31 March 2018. APS is nearly 90 per cent protected
against interest rates and inflation (on a Retail Price Index basis). NAPS is 95 per cent protected against interest rates and inflation
(on a Consumer Price Index basis).
The assets held by APS and NAPS are split between \u2018return seeking assets\u2019 and \u2018liability matching assets\u2019 depending on the maturity
of each scheme. At 31 December 2023, the actual asset allocation for NAPS was 19 per cent (2022: 31 per cent) in return seeking
assets and 81 per cent (2022: 69 per cent) in liability matching investments. For NAPS, the Trustee agreed an updated investment
framework with British Airways as part of the Scheme\u2019s 31 March 2021 actuarial valuation agreement. The Trustee aims towards an
overall asset allocation with an agreed modest expected return relative to liabilities, and sufficient liquidity to manage investment
risk appropriately on an on-going basis. The actual asset allocation for APS at 31 December 2023 was 1 per cent (2022: 1 per cent) in
return seeking assets and 99 per cent (2022: 99 per cent) in liability matching investments. NAPS uses Liability Driven Investments
(LDIs) to effectively hedge volatility in the scheme liabilities. This is achieved through direct bond holdings as opposed to the use of
derivatives and as such leverage is low. Accordingly, as at 31 December 2023, NAPS has not been required to raise additional cash or
liquidate existing assets in order to fund derivative positions.
ii Movement in scheme assets
A reconciliation of the opening and closing balances of the fair value of scheme assets is set out below:
\u20ac million
2023
2022
1 January
23,668
34,370
Interest income
1,114
633
Administrative expenses
(14)
(13)
Return on plan assets excluding interest income
(857)
(9,360)
Employer contributions
49
22
Employee contributions
8
6
Benefits paid
(1,065)
(1,301)
Exchange movements
284
(689)
31 December
23,187
23,668
1
1 Includes employer contributions to APS of \u20ac1 million (2022: \u20ac1 million) and to NAPS of \u20acnil (2022: \u20acnil) of which deficit-funding payments
represented \u20acnil for APS (2022: \u20acnil) and \u20acnil for NAPS (2022: \u20acnil).
iii Composition of scheme assets
Scheme assets held by the Group at 31 December comprise:
2023
\u20ac million
APS
NAPS
Other
Total
2022
Return seeking investments
Listed equities \u2013 UK
8
109
6
123
139
Listed equities \u2013 Rest of world
1
438
163
602
1,047
Private equities
29
677
15
721
1,566
Properties
\u2013
1,577
14
1,591
2,142
Alternative investments
35
1,695
2
1,732
1,881
73
4,496
200
4,769
6,775
Liability matching investments
Government issued fixed bonds
861
5,132
127
6,120
5,279
Government issued index-linked bonds
874
9,438
8
10,320
8,093
Asset and longevity swaps
899
\u2013
\u2013
899
1,114
Insurance contract
3,353
\u2013
38
3,391
3,392
5,987
14,570
173
20,730
17,878
Other
Cash and cash equivalents
50
640
7
697
684
Derivative financial instruments
(38)
(2,985)
8
(3,015)
(1,688)
Other investments
(2)
3
5
6
19
10
(2,342)
20
(2,312)
(985)
Total scheme assets
6,070
16,724
393
23,187
23,668
The fair values of the Group\u2019s scheme assets, which are not derived from quoted prices on active markets, are determined
depending on the nature of the inputs used in determining the fair values (see note 30b for further details) and using the following
methods and assumptions:
\u2022 private equities are valued at fair value based on the most recent transaction price or third-party net asset, revenue or earnings-
based valuations that generally result in the use of significant unobservable inputs. The dates of these valuations typically precede
the reporting date and have been adjusted for any cash movements between the date of the valuation and the reporting date.
Typically, the valuation approach and inputs for these investments are not updated through to the reporting date unless there are
indications of significant market movements.
\u2022 properties are valued based on an analysis of recent market transactions supported by market knowledge derived from third-
party professional valuers that generally result in the use of significant unobservable inputs.
\u2022 alternative investments fair values, which predominantly include holdings in investment and infrastructure funds are determined
based on the most recent available valuations applying the Net Asset Value methodology and issued by fund administrators or
investment managers and adjusted for any cash movements having occurred from the date of the valuation to the reporting date.
The dates of these valuations typically precede the reporting date and have been adjusted for any cash movements between the
date of the valuation and the reporting date. Typically, the valuation approach and inputs for these investments are not updated
through to the reporting date unless there are indications of significant market movements.
\u2022 other investments predominantly includes: interest receivable on bonds; dividends from listed and private equities that have been
declared but not received at the balance sheet date; receivables from the sale of assets for which the proceeds have not been
collected at the balance sheet date; and payables for the purchase of assets which have not been settled at the balance sheet
date.
\u2022 derivative financial instruments are entered into predominantly to mitigate interest rate and inflation rate risks. These derivative
financial instruments are stated at their fair value using pricing models and relevant market data as at the balance sheet date.
\u2022 asset and longevity swaps - APS has a contract with Rothesay Life, entered into in 2010 and extended in 2013, which covers 25 per
cent (2022: 25 per cent) of the pensioner liabilities for an agreed list of members. Under the contract, to reduce the risk of long-
term longevity risk, Rothesay Life makes benefit payments monthly in respect of the agreed list of members in return for the
contractual return receivable on a portfolio of assets (made up of quoted government debt) held by the scheme and the
contractual payments made by APS to Rothesay Life on the longevity swaps. The Group holds the portfolio of assets at their fair
value, with the government debt held at their quoted market price and the swaps accounted for at their estimated discounted
future cash flows.
During 2011, APS entered into a longevity swap with Rothesay Life, which covers an additional 21 per cent (2022: 21 per cent) of
the pensioner liabilities for the same agreed list of members as the 2010 contract. Under the longevity swap, to reduce the risk of
long-term longevity risk, APS makes a fixed payment to Rothesay Life each month reflecting the prevailing mortality assumptions
at the inception of the contract, and Rothesay Life make a monthly payment to APS reflecting the actual monthly benefit
payments to members. The cash flows are settled net each month. If pensioners live longer than expected at inception of the
longevity swap, Rothesay Life will make payments to the scheme to offset the additional cost of paying pensioners and if
pensioners do not live as long as expected, then the scheme will make payments to Rothesay Life. The Group holds the longevity
swap at fair value, determined at the estimated discounted future cash flows.
\u2022 insurance contract - During 2018 the Trustee of APS secured a buy-in contract with Legal & General. The buy-in contract covers all
members in receipt of pensions from APS at 31 March 2018, excluding dependent children, receiving a pension at that date and
members in receipt of equivalent pension only benefits, who were alive on 1 October 2018. Benefits coming into payment for
retirements after 31 March 2018 are not covered. The contract covers benefits payable from 1 October 2018 onwards. The policy
covers approximately 60 per cent of all benefits APS expects to pay out in future.
iv Effect of the asset ceiling
In measuring the valuation of the net defined benefit asset for each scheme, the Group limits such measurement to the lower of the
surplus in each scheme and the respective asset ceiling. The asset ceiling represents the present value of the economic benefits
available in the form of a refund or a reduction in future contributions after they are paid into the plan. The Group has determined
that the recoverability of such surpluses, including minimum funding requirements, will be subject to withholding taxes in the UK,
payable by the Trustee, of 35 per cent.
The future committed NAPS deficit contributions, as detailed in note 34a, are treated as minimum funding requirements under IAS 19
and are not recognised as part of the scheme assets or liabilities. The Group has determined that upon the wind up of the scheme,
that if the scheme is in surplus, including the incorporation of the minimum funding requirements, then the surplus will be available
as a refund or a reduction in future contributions after they are paid into the scheme. The recovery of such amounts is subject to UK
withholding tax payable by the Trustee. In measuring the recoverability of the surplus for each scheme, the Group limits such
measurement to the lower of the surplus in each scheme and the respective asset ceiling. The asset ceiling represents the present
value of the economic benefits available upon wind up of the scheme, less the application of withholding taxes in the UK, payable by
the Trustee, at 35 per cent.
A reconciliation of the effect of the asset ceiling used in calculating the IAS 19 irrecoverable surplus in APS and NAPS is set out
below:
\u20ac million
2023
2022
1 January
1,248
1,247
Interest expense
59
23
Remeasurements
(583)
14
Exchange movements
11
(36)
31 December
735
1,248
On 22 November 2023, the UK Government announced that it intended to reduce the withholding tax payable upon winding up of
pension schemes from 35 per cent to 25 per cent. While this change had not been substantively enacted at the reporting date and
as such not reflected in the figures above, had the rate of withholding tax been reduced to 25 per cent at 31 December 2023, the
effect would have been to reduce the effect of the asset ceiling by \u20ac210 million to \u20ac525 million, with a corresponding increase in the
net employee benefit asset.
d Present value of scheme liabilities
i Movement in scheme liabilities
A reconciliation of the opening and closing balances of the present value of the defined benefit obligations is set out below:
\u20ac million
2023
2022
1 January
20,292
31,622
Current service cost
1
2
Interest expense
952
584
Remeasurements \u2013 financial assumptions
314
(10,476)
Remeasurements \u2013 demographic assumptions
55
(202)
Remeasurements of experience losses
430
627
Benefits paid
(1,065)
(1,301)
Employee contributions
8
6
Exchange movements
252
(570)
31 December
21,239
20,292
1
1 Included in the remeasurements from financial assumptions is an amount of \u20ac670 million (2022: increase of \u20ac10,299 million) that increases the
scheme liabilities relating to changes in the discount rates and \u20ac356 million (2022: increase of \u20ac177 million) that reduces the scheme liabilities relating
to changes in inflation rates.
ii Scheme liability assumptions
The principal assumptions used for the purposes of the IAS 19 valuations were as follows:
2023
2022
Other Other
Per cent per annum
APS
NAPS
schemes
APS
NAPS
schemes
Discount rate
4.50
4.55
1.0 - 7.1
4.85
4.80
0.8 - 7.2
Rate of increase in pensionable pay
3.20
\u2013
2.0 - 5.0
3.40
\u2013
2.0 - 6.0
Rate of increase of pensions in payment
3.20
2.65
0.7 - 3.4
3.40
2.80
0.3 - 3.0
RPI rate of inflation
3.20
3.00
2.2 - 2.9
3.40
3.20
2.2 - 3.1
CPI rate of inflation
2.65
2.65
2.0 - 2.5
2.80
2.80
2.0 - 2.6
4
4
1
2
3
1 Discount rate is determined by reference to the yield on high quality corporate bonds of currency and term consistent with the scheme liabilities.
2 Rate of increase in pensionable pay, which reflects inflationary increases, is assumed to be in line with increases in RPI.
3 It has been assumed that the rate of increase of pensions in payment, which reflects inflationary increases, will be in line with CPI for NAPS and RPI
for APS as at 31 December 2023.
4 The rate of increase in healthcare costs for schemes based in the United States, which is based on medical trends, is assumed at 7.00 per cent
grading down to 5.00 per cent over six years (2022: 6.25 per cent to 5.00 per cent over five years).
The current longevities underlying the values of the scheme liabilities were as follows:
Mortality assumptions
2023
2022
Life expectancy at age 60 for a:
\u2022 male currently aged 60 27.5 27.9
\u2022 male currently aged 40 28.8 29.1
\u2022 female currently aged 60 29.0 29.3
\u2022 female currently aged 40 31.2 31.5
For APS, the base mortality tables are based on the Agreed Valuation Basis (AVB) as agreed between British Airways and the
trustees of APS. For NAPS, the base mortality tables are based on analysis undertaken for the purpose of the triennial valuation
dated 31 March 2021. Future mortality improvements reflect the most recent model published by the UK actuarial profession\u2019s
Continuous Mortality Investigation (CMI), being its 2022 model. These standard mortality tables, for both APS and NAPS, incorporate
adjustments specific to the demographics of scheme members, including a long-term improvement parameter of 1.00 per cent per
annum (2022: 1.00 per cent).
For schemes in the United States, mortality rates were based on the MP-2021 mortality tables incorporating adjustments for the
long-term impact COVID-19 is expected to have on mortality.
At 31 December 2023, the weighted-average duration of the defined benefit obligation was 9 years for APS (2022: 10 years) and 14
years for NAPS (2022: 15 years). The weighted average duration of the defined benefit obligations was 2 to 16 years for other
schemes (2022: 3 to 19 years). The weighted average duration represents a single figure for the average number of years over which
the employee benefit liability discounted cash flows is extinguished and is highly dependent on movements in the aforementioned
discount rates.
iii Sensitivity analysis
Reasonable possible changes at the reporting date to significant valuation assumptions, holding other assumptions constant, would
have affected the present value of scheme liabilities by the amounts shown:
Increase in scheme liabilities
Other
\u20ac million
APS
NAPS
schemes
Discount rate (decrease of 50 basis points)
278
1,020
29
Future pension growth (increase of 50 basis points)
243
973
5
Future mortality rate (one year increase in life expectancy)
301
394
22
1
1
1 Sensitivities smaller than those disclosed can be approximately interpolated from those sensitivities above.
Although the analysis does not take into account the full distribution of cash flows expected under the plan, it does provide an
approximation of the sensitivity of the assumptions shown.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-691": { "value": "
Defined contribution schemes
The Group operates a number of defined contribution schemes for its employees.
Costs recognised in respect of defined contribution pension plans in Spain, UK and Ireland for the year to 31 December 2023 were
\u20ac279 million (2022: \u20ac251 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-692": { "value": "
Defined benefit schemes
The principal funded defined benefit pension schemes within the Group are the Airways Pension Scheme (APS) and the New
Airways Pension Scheme (NAPS), both of which are in the UK and are closed to new members.
APS has been closed to new members since 1984, but remains open to future accrual. The benefits provided under APS are based on
final average pensionable pay and, for the majority of members, are subject to inflationary increases in payment.
NAPS has been closed to new members since 2003 and closed to future accrual since 2018. Following closure, members\u2019 deferred
pensions are increased annually by inflation up to 5 per cent per annum (measured using the Government\u2019s annual Pension Increase
(Review) Orders, which since 2011 have been based on CPI).
APS and NAPS are governed by separate Trustee Boards. Although APS and NAPS have separate Trustee Boards, certain aspects of
the business of the two schemes are common. APS and NAPS have developed certain joint working groups that are attended by the
Trustee Board members of each scheme although each Trustee Board reaches its decisions independently. There are sub-
committees which are separately responsible for the governance, operation and investments of each scheme. British Airways
Pension Trustees Limited holds the assets of both schemes on behalf of their respective Trustees.
Triennially, the Trustees of APS and NAPS undertake actuarial valuations, which are subsequently agreed with British Airways to
determine the cash contributions and any deficit payment plans through to the next valuation date, as well as ensuring that the
schemes have sufficient funds available to meet future benefit payments to members. These actuarial valuations are prepared using
the principles set out in UK Pension legislation. This differs from the IAS 19 \u2018Employee benefits\u2019 valuation, which is used for deriving
the Income statement and Balance sheet positions and uses a best-estimate approach overall. The different purpose and principles
lead to different assumptions being used, and therefore a different estimate for the liabilities and funding levels.
During 2022, the triennial valuations, as at 31 March 2021, were finalised for APS and NAPS which resulted in a technical surplus of
\u20ac343 million (\u00a3295 million) for APS and a technical deficit of \u20ac1,887 million (\u00a31,650 million) for NAPS. The actuarial valuations
performed for APS and NAPS are different to the valuation performed as at 31 December 2023 under IAS 19 \u2018Employee Benefits\u2019
mainly due to timing differences of the measurement dates and to the specific scheme assumptions in the actuarial valuation
performed as at 31 March 2021 compared with IAS 19 requirements used in the accounting valuation assumptions as at the reporting
date. The actuarial valuation of neither APS and NAPS is updated outside of the triennial valuations, making comparability between
the scheme liabilities applying the principles set out in the UK Pension legislation and the requirements of IAS 19 not possible. The
principal difference relates to the discount rate applied, which under the triennial actuarial valuation, aligns with a prudent estimate
of the future investment returns on the assets of the respective schemes, whereas, under IAS 19, the rates are based on high-quality
corporate bond yields, regardless of how the assets are invested.
The triennial valuation as at 31 March 2021 for NAPS supersedes the previous agreements reached in 2020 and 2021 between British
Airways and the Trustee of NAPS relating to the deferral of deficit contributions. The deferred deficit contributions have been
incorporated into the deficit payment plan agreed as part of the triennial valuation as at 31 March 2021.
As part of the triennial valuation as at 31 March 2021 for NAPS, British Airways has agreed to provide certain property assets as
security, which will remain in place until 30 September 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "value": "
35 Supplemental cash flow information
a Reconciliation of movements of liabilities to cash flows arising from financing activities
Derivatives to
Bank, other mitigate
loans and volatility in
asset financed Convertible Lease financial
\u20ac million liabilities bond liabilities
liabilities
Total
Balance at 1 January 2023
9,760
605
9,619
(71)
19,913
Proceeds from borrowings
1,001
\u2013
\u2013
\u2013
1,001
Repayment of borrowings
(4,268)
\u2013
\u2013
\u2013
(4,268)
Repayment of lease liabilities
\u2013
\u2013
(1,731)
\u2013
(1,731)
Settlement of derivative financial instruments
\u2013
\u2013
\u2013
(119)
(119)
Total changes from financing cash flows
(3,267)
\u2013
(1,731)
(119)
(5,117)
Interest paid
(488)
(9)
(472)
44
(925)
Interest expense
476
9
508
\u2013
993
New leases and lease modifications
\u2013
\u2013
1,315
\u2013
1,315
Fair value movements
\u2013
130
\u2013
322
452
Other non-cash movements
1
\u2013
(13)
(2)
(14)
Exchange movements
(102)
\u2013
(259)
6
(355)
Balance at 31 December 2023
6,380
735
8,967
180
16,262
Bank, other Derivatives to
loans and mitigate
asset volatility in
financed Convertible Lease financial
\u20ac million liabilities
bond
2
liabilities
liabilities
Total
Balance at 1 January 2022
9,217
756
9,637
(136)
19,474
Proceeds from borrowings
1,436
\u2013
\u2013
\u2013
1,436
Repayment of borrowings
(1,050)
\u2013
\u2013
\u2013
(1,050)
Repayment of lease liabilities
\u2013
\u2013
(1,455)
\u2013
(1,455)
Settlement of derivative financial instruments
\u2013
\u2013
\u2013
1,036
1,036
Total changes from financing cash flows
386
\u2013
(1,455)
1,036
(33)
Interest paid
(325)
(9)
(422)
(7)
(763)
Interest expense
368
9
464
\u2013
841
New leases and lease modifications
\u2013
\u2013
1,017
\u2013
1,017
Fair value movements
\u2013
(151)
\u2013
(990)
(1,141)
Other non-cash movements
11
\u2013
(37)
\u2013
(26)
Exchange movements
103
\u2013
415
26
544
Balance at 31 December 2022
9,760
605
9,619
(71)
19,913
2
1
1
1 The 2022 reconciliation includes a reclassification of \u20ac7 million from the Settlement of derivative financial instruments to Interest paid to reflect the
settlement loss arising on interest rate derivatives designated in hedge relationships. The reclassification of the settlement loss aligns with the
classification within Net cash flows from operating activities in the Cash flow statement.
2 The 2022 reconciliation includes a reclassification to conform with the 2023 presentation, whereby, the 2028 convertible bond has been disclosed
separately from the Bank, other loans and asset financed liabilities category. The reclassification resulted in an amount of \u20ac735 million and \u20ac605
million being recorded within the 2028 convertible bond at 1 January 2022 and 31 December 2022, respectively.
b Reconciliation of movement in provisions included within Net cash flows from operating activities
\u20ac million
2023
2022
Opening provisions
3,548
2,999
Non-cash additions recorded in operating profit
862
896
Non-cash releases of unused provisions recorded in operating profit
(133)
(137)
Other non-cash amounts recorded within operating profit
4
27
Cash settlements relating to operating provisions
(496)
(323)
Movements in provisions recorded within net cash flows from operating activities
237
463
Movements in provisions recorded within Other comprehensive income
24
(69)
Movements elsewhere within the Balance sheet
(6)
(15)
Unrealised currency differences arising on provisions recorded within operating profit
(68)
127
Non-cash settlement of ETS obligations
(98)
(10)
Movements in provisions recorded in the Income statement outside of operating profit
103
53
Closing provisions (note 27)
3,740
3,548
c Other items included within Net cash flows from operating activities
\u20ac million
2023
2022
Non-cash equity settled share-based payments
50
36
Ineffectiveness arising on hedge accounting
6
17
Non-cash movements on derivative and non-derivative financial instruments
16
45
Settlement of interest rate derivatives
44
(7)
Other
(5)
(15)
111
76
d Details of acquisition of property, plant and equipment and intangible assets within Net cash flows from investing activities
\u20ac million
2023
2022
Purchase of property, plant and equipment \u2013 fleet
2,715
3,146
Purchase of property, plant and equipment \u2013 other
193
132
Purchase of intangible assets \u2013 ETS allowances
264
360
Purchase of intangible assets \u2013 other
372
237
3,544
3,875
e Details of cash flows arising from lease transactions presented in the Cash flow statement
\u20ac million
2023
2022
Cash flows arising from transactions giving rise to lease liabilities
Total cash outflows arising from lease liabilities \u2013 aircraft
(2,076)
(1,699)
Total cash outflows arising from lease liabilities \u2013 other
(127)
(178)
Total cash inflows arising from sale and leaseback transactions \u2013 aircraft
826
718
Cash flows arising from transactions that do not give rise to the recognition of lease liabilities
Total cash outflows arising from short-term leases, low-value assets and variable lease payments
(25)
(41)
Total cash inflows arising from the recognition of asset financed liabilities
(999)
1,424
Total cash outflows arising from asset financed liabilities
(416)
(292)
37 Change in presentation of the Cash flow statement
During the course of 2023, the Group has made a number of changes to the presentation of its Cash flow statement. These changes
have been applied retrospectively to the Cash flow statement and are detailed below.
Net gain on sale of property plant and equipment
Previously gains/losses on the sale of property, plant and equipment were recorded in the Income statement within Other non-
operating credits. Under the updated presentation, Net (gain)/loss on sale of property, plant and equipment is presented separately
in the Income statement and included within Operating profit. Accordingly, operating profit included within Net cash flows from
operating activities has been updated. See note 2 for further information.
Unrealised currency differences
Previously all unrealised foreign currency gains/losses arising in the Cash flow statement were recorded within Net foreign exchange
differences. Under the updated presentation, Net foreign exchange differences has been amended to only include those unrealised
currency differences arising from the retranslation of opening cash and cash equivalent balances, while unrealised currency
differences arising from working capital used in operating activities are presented within Net cash flows from operating activities.
Other cash flows from operating activities
Previously movements in working capital balances were presented aggregated between working capital assets and working capital
liabilities. Under the updated presentation working capital balances have been disaggregated by their nature to allow greater
visibility as to the cash flow impacts associated with these balances. There has been no change in the overall total movement in
working capital.
In addition, previously the Group presented the non-cash movements in provisions combined with other non-cash movements.
Under the updated presentation these items have been separated into individual row items within the Cash flow statement.
The following table summarises the impact of the changes in presentation in the Cash flow statement for the year to 31 December
2022:
Cash flow statement (extract for the year to 31 December 2022)
Adjustment \u2013
net gain on
sale of Adjustment \u2013 Adjustment \u2013
property, unrealised operating
plant and currency cash flow
\u20ac million
As reported
equipment differences
items
Restated
Cash flows from operating activities
Operating profit
1,256
22
1,278
Depreciation, amortisation and impairment
2,070
2,070
Net gain on disposal of property, plant and equipment
\u2013
(22)
(22)
Movement in working capital
1,884
(1,884)
\u2013
(Increase)/decrease in trade receivables, inventories and other
current assets
(914)
914
\u2013
Increase/(decrease) in trade and other payables and deferred
revenue
2,798
(2,798)
\u2013
Employer contributions to pension schemes
(22)
(22)
Pension scheme service costs
17
17
Payments related to restructuring
(81)
81
\u2013
Provisions and other non-cash movements
627
(627)
\u2013
Increase in provisions
\u2013
463
463
Unrealised currency differences
\u2013
19
19
Other movements
\u2013
76
76
Interest paid
(824)
7
(817)
Interest received
42
42
Tax paid
(134)
(134)
Net cash flows from operating activities before movements in
working capital
4,835
\u2013
19
(1,884)
2,970
Increase in trade receivables
\u2013
(660)
 (660)
Increase in inventories
\u2013
(21)
 (21)
Increase in other receivables and current assets \u2013 (233) (233)
Increase in trade payables \u2013 886 886
Increase in deferred revenue \u2013 1,236 1,236
Increase in other payables and current liabilities \u2013 676 676
Net cash flows from operating activities
4,835
\u2013
19
\u2013
4,854
Net cash flows from investing activities
(3,463)
\u2013
\u2013
\u2013
(3,463)
Net cash flows from financing activities
(56)
\u2013
\u2013
\u2013
(56)
Net increase in cash and cash equivalents
1,316
\u2013
19
\u2013
1,335
Net foreign exchange differences
(12)
(19)
(31)
Cash and cash equivalents at 1 January
7,892
7,892
Cash and cash equivalents at year end
9,196
\u2013
\u2013
\u2013
9,196
Interest-bearing deposits maturing after more than three months
403
\u2013
\u2013
\u2013
403
Cash, cash equivalents and interest-bearing deposits
9,599
\u2013
\u2013
\u2013
9,599
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "value": "36 Related party transactions The following transactions took place with related parties for the financial years to 31 December:
\u20ac million
2023
2022
Sales of goods and services
Sales to associates
5
5
Sales to significant shareholders
261
141
Purchases of goods and services
Purchases from associates
72
61
Purchases from significant shareholders
131
113
Receivables from related parties
Amounts owed by associates
18
13
Amounts owed by significant shareholders
136
25
Payables to related parties
Amounts owed to associates
6
\u2013
Amounts owed to significant shareholders
12
26
1 2 3 2 4 5 6 5 1 Sales to associates: Consisted primarily of sales for airline-related services to Dunwoody Airline Services (Holding) Limited (Dunwoody) of \u20ac4 million (2022: \u20ac4 million) and \u20ac1 million (2022: \u20ac1 million) to Serpista, S.A. and Multiservicios Aeroportuarios, S.A. 2 Sales to and purchases from significant shareholders principally relates to interline services, the purchase of cargo capacity, the provision of maintenance services and the income from licensing of the Avios brand with Qatar Airways (Q.C.S.C.). 3 Purchases from associates: Consisted primarily of \u20ac41 million of airport auxiliary services purchased from Multiservicios Aeroportuarios, S.A. (2022: \u20ac35 million), \u20ac13 million of handling services provided by Dunwoody (2022: \u20ac14 million) and \u20ac17 million of maintenance services received from Serpista, S.A. (2022: \u20ac13 million). 4 Amounts owed by associates: Consisted primarily of \u20ac17 million from a long-term loan provided to LanzaJet, Inc. (2022: \u20ac12 million) and \u20ac1 million of services provided to Multiservicios Aeroportuarios, S.A., Serpista, S.A., Dunwoody, Empresa Hispano Cubana de Mantenimiento de Aeronaves, Ibeca, S.A., Empresa Log\u00edstica de Carga A\u00e9rea, S.A., Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago, EFC, S.A. and Viajes AME, S.A.U. (2022: \u20ac1 million). 5 Amounts owed by and to significant shareholders related to Qatar Airways (Q.C.S.C.). 6 Amounts owed to associates: Consisted primarily of \u20ac2 million of maintenance of airport equipment to Serpista, S.A. (2022: \u20acnil) and \u20ac3 million of auxiliary airport services to Multiservicios Aeroportuarios, S.A. and Dunwoody (2022: \u20acnil). During the year to 31 December 2023 British Airways met certain costs of administering its retirement benefit plans, including the provision of support services to the Trustees. Costs borne on behalf of the retirement benefit plans amounted to \u20ac1 million (2022: \u20ac2 million) in relation to the costs of the Pension Protection Fund levy. The Group has transactions with related parties that are conducted in the normal course of the airline and loyalty operating companies, which include the provision of airline and related services and loyalty services. All such transactions are carried out on an arm\u2019s length basis. During the course of 2022, the Group renewed its loyalty currency exchange agreement with Qatar Airways (Q.C.S.C.), where Avios could be exchanged for points within the Qatar Airways (Q.C.S.C.)\u2019s loyalty programme, the Privilege Club. In addition, in renewing the agreement, IAG Loyalty licensed the Avios brand name for use within the Privilege Club. During the course of 2023, the Group provided a long-term shareholder loan of \u20ac5 million ($5 million) to LanzaJet, Inc., in addition to the initial long-term shareholder loan of \u20ac12 million ($14 million) provided to LanzaJet, Inc. in 2022. LanzaJet, Inc. is a company which specialises in the generation of Sustainable Aviation Fuels of which the Group has a 16.7 per cent equity interest, classified as an associate and presented within Investments accounted for using the equity method in the Balance sheet. For the year to 31 December 2023, the Group has not made any provision for expected credit loss arising relating to amounts owed by related parties (2022: \u20acnil). Significant shareholders In this instance, significant shareholders are those parties who have the power to participate in the financial and operating policy decisions of the Group, as a result of their shareholdings in the Group, but who do not have control over these policies. At 31 December 2023, the only significant shareholder of the Group was Qatar Airways (Q.C.S.C.). At 31 December 2023 the Group had cash deposit balances with shareholders holding a participation of between 3 to 5 per cent, of \u20acnil (2022: \u20acnil). Board of Directors and Management Committee remuneration Compensation received by the Group\u2019s Board of Directors and Management Committee, in 2023 and 2022 is as follows:
Year to 31 December
\u20ac million
2023
2022
Base salary, fees and benefits
Board of Directors
Short-term benefits
4
4
Share-based payments
1
1
Management Committee
Short-term benefits
15
15
Share-based payments
\u2013
2
For the year to 31 December 2023, the Board of Directors includes remuneration for one Executive Director (31 December 2022: one Executive Director). The Management Committee includes remuneration for 14 members (31 December 2022: 14 members), and excludes remuneration for the one Executive Director. The Company provides life insurance for the Executive Director and all members of the Management Committee. For the year to 31 December 2023, the Company\u2019s obligation was \u20ac45,000 (2022: \u20ac38,000). At 31 December 2023 the transfer value of accrued pensions covered under defined benefit pension obligation schemes, relating to the current members of the Management Committee totalled \u20ac4 million (2022: \u20ac5 million). No loan or credit transactions were outstanding with Directors or officers of the Group at 31 December 2023 (2022: \u20acnil).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-740": { "value": "
The Group has transactions with related parties that are conducted in the normal course of the airline and loyalty operating
companies, which include the provision of airline and related services and loyalty services. All such transactions are carried out on an
arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-693": { "value": "
Board of Directors and Management Committee remuneration
Compensation received by the Group\u2019s Board of Directors and Management Committee, in 2023 and 2022 is as follows:
Year to 31 December
\u20ac million
2023
2022
Base salary, fees and benefits
Board of Directors
Short-term benefits
4
4
Share-based payments
1
1
Management Committee
Short-term benefits
15
15
Share-based payments
\u2013
2
For the year to 31 December 2023, the Board of Directors includes remuneration for one Executive Director (31 December 2022: one
Executive Director). The Management Committee includes remuneration for 14 members (31 December 2022: 14 members), and
excludes remuneration for the one Executive Director.
The Company provides life insurance for the Executive Director and all members of the Management Committee. For the year to 31
December 2023, the Company\u2019s obligation was \u20ac45,000 (2022: \u20ac38,000).
At 31 December 2023 the transfer value of accrued pensions covered under defined benefit pension obligation schemes, relating to
the current members of the Management Committee totalled \u20ac4 million (2022: \u20ac5 million).
No loan or credit transactions were outstanding with Directors or officers of the Group at 31 December 2023 (2022: \u20acnil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "
38 Post balance sheet events
Revocation of Royal Decree-Law 3/2016 in Spain
On 18 January 2024 the Tribunal Constitucional (Constitutional Court) in Spain, issued a ruling that a number of the amendments to
corporate income tax arising from the introduction of Royal Decree-Law 3/2016 were unconstitutional and accordingly revoked. The
revocation of Royal Decree-Law 3/2016 impacts the Groups operations as follows:
\u2022 Limitation of the use of historic tax losses
Prior to the introduction of Royal Decree-Law 3/2016, the Spanish subsidiaries of the Group were permitted to offset up to 70 per
cent of their taxable profit with historical accumulated tax losses (to the extent there were sufficient tax losses to do so). With the
introduction of the Royal Decree-Law 3/2016, this limitation of tax losses applied to taxable profit was reduced to 25 per cent.
\u2022 Tax deductibility of impairments of investment in subsidiary undertakings
Where companies had impaired investments in subsidiaries prior to 2013 and deducted those impairments for tax purposes, Royal
Decree-Law 3/2016 retrospectively required companies to reverse those impairment charges, for tax purposes, with the effect
recognised equally over the five years commencing 1 January 2016.
The Group does not consider that the ruling by the Tribunal Constitucional constitutes an adjusting post-balance sheet event and
accordingly the impact of these changes are not reflected in the financial statements. As at the date of these financial statements,
there remains uncertainty as to how the revocation of Royal Decree-Law 3/2016 will be applied and accordingly the methodology by
which the Group, with its external tax advisors, quantifies the impacts of this revocation. Had the Group reflected the impact of
ruling into the financial statements as at 31 December 2023, the impact would have been as follows:
\u2022 Current tax impact of historic loss limitation and deductibility of historic impairments of investments for fiscal years 2016 through
2022
The Royal Decree Law 3/2016 restricted the use of prior year tax losses to 25 per cent of current year profits in the Group's
Spanish companies. In addition, prior to 2013, Iberia impaired its subsidiary undertakings in Venezuela. Had the loss limitation been
70 per cent and the historic impairment been tax deductible, the tax paid to the Spanish tax authorities, would have been up to
approximately \u20ac83 million lower. The Group expects to record an associated current tax credit, with a corresponding receivable
from the Spanish tax authorities. The Group is currently assessing the potential interest due, if any, from the Spanish tax authorities
arising on this receivable.
\u2022 Current tax impact of loss limitation for fiscal year 2023
The Group measures current tax expense based on the regulations in effect as of the date when corporate income taxes are
accrued. With the change in loss limitation, the Group anticipates the ability to offset up to 70 per cent of their Spanish taxable
profits with prior-year losses for their 2023 Spanish taxes. If this limit had been applied at 31 December 2023 the Group foresees a
reduction in the 2023 current tax expense of approximately \u20ac108 million.
\u2022 Deferred tax impact of future loss limitation
The Group measures deferred tax assets at the tax rates that are expected to apply when the related asset is realised. As detailed
in note 2, the Group uses future cash flow projections over periods of up to ten years to determine the recoverability of deferred
tax assets. With the change in loss limitation, the Group expects to be able to utilise more of its historical tax losses within this ten-
year period. Had the Royal Decree-Law 3/2016 not applied at 31 December 2023, the Group expects that the deferred tax assets
of the Group, attributable to tax losses and tax credits, would have decreased by approximately \u20ac58 million, with a corresponding
charge to Tax in the Income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:959800TZHQRUSH1ESL13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }