Significant accounting estimate applied - Income taxes: period over which historical tax losses can be utilised At 31 December 2024 , the Group recognised \u20ac 754 million in respect of deferred tax assets ( 2023 : \u20ac 1,202 million). 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\u00a0may 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 corresponding liability or an asset, respectively, 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 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\u00a0approved 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 2024, the Group had unrecognised deferred tax losses and other temporary differences of \u20ac1,400 million that\u00a0the Group does not reasonably expect to utilise (2023: \u20ac1,584 million). 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 \u20ac260 million (2023: \u20ac575 million). | ||
Significant accounting judgement applied - Determining whether the judicial process between HMRC and IAG Loyalty into the\u00a0VAT accounting of IAG Loyalty 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 judicial process between IAG Loyalty and His Majesty\u2019s Revenue and Customs (HMRC), in the UK, on the IAG Loyalty VAT accounting, is more likely than not to result in a favourable 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 has reviewed the decision issued by and the correspondence with HMRC, including having considered the historical tax ruling issued by HMRC to the Group on this matter. At 31 December 2024 and through to the date of this report, the directors are satisfied that it is more likely than not that a favourable outcome will eventuate. Accordingly, the\u00a0Group does not consider it appropriate to record any provision for this matter and a contingent liability has been disclosed. | ||
Significant accounting judgement applied - 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\u00a0not to exercise the option to renew or to terminate. | ||
Significant accounting judgement applied \u2013 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; it 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\u00a0at\u00a0fair value through Other comprehensive income. Had the Group concluded that it does have significant influence over Air\u00a0Europa Holdings, then the shareholding would have been classified as an associate, measured at cost on inception and subsequently measured using the equity method. | ||
Significant accounting estimates applied - Revenue recognition: breakage assumptions applied to passenger revenue, customer loyalty programmes and unredeemed vouchers At 31 December 2024 the Group recognised \u20ac 8,536 million (2023 : \u20ac8,023 million) in respect of deferred revenue of which \u20ac 2,888 million (2023 : \u20ac2,712 million) related to customer loyalty programmes. | ||
Passenger revenue Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also 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 two percentage point increase in the level of\u00a0unused ticket breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2024 would result in\u00a0an\u00a0adjustment to Deferred revenue of \u20ac 101 million (2023: \u20ac93 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
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. 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. The Group considers historical redemption activity representative of long-term behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an adjustment to Deferred revenue of \u20ac 99 million ( 2023: \u20ac94 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
Unredeemed vouchers liability At 31 December 2024, the Group recognised \u20ac 587 million in respect of unredeemed vouchers, including associated taxes ( 2023 : \u20ac 645 million) within Deferred revenue. Of the \u20ac 587 million, \u20ac 100 million (2023: \u20ac139 million) relates to vouchers issued due to COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019 and \u20ac 487 million (2023 : \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\u00a0the total voucher liability to mature within 12 months of the balance sheet date. Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on\u00a0historical 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\u00a0greater 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 2024 and 2023, the Group considered 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. A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2024 and not expected to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac29 million (2023: \u20ac32 million), with\u00a0an offsetting adjustment to increase Passenger revenue and Operating profit recognised in the year. | ||
Significant accounting estimate applied \u2013 Restoration and handback provisions: key assumptions underlying the carrying value of the provisions At 31 December 2024 , the Group recognised \u20ac3,014 million in respect of maintenance, restoration and handback provisions, principally in respect of leased aircraft (31 December 2023 : \u20ac 2,529 million). 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\u00a0assumptions 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 changes 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 point increase would give rise to an increase of \u20ac62 million (2023: \u20ac53 million) and a decrease of \u20ac70 million (2023: \u20ac59 million), respectively, in the provisions balance when applied in isolation to one another. | ||
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased aircraft IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the 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 balance sheet 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 depreciate 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. | ||
Significant accounting estimate applied - Employee benefit obligations: Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial assumptions At 31 December 2024 , the Group recognised \u20ac 19,796 million in respect of employee benefit obligations (2023 : \u20ac21,239 million), of which \u20ac 19,275 million related to the APS and NAPS obligations ( 2023 : \u20ac20,692 million). The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long- term nature of these schemes, such assumptions are subject to significant uncertainty. 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 impact of sensitising these assumptions is given below. 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). | ||
\u20ac million | As reported | IAS 1 amendments | Carbon- related adjustments | Restated |
Non-current assets | ||||
Intangible assets | 3,909 | \u2013 | (577) | 3,332 |
Carbon-related and other non-current assets | 432 | \u2013 | 330 | 762 |
Other | 22,635 | \u2013 | \u2013 | 22,635 |
26,976 | \u2013 | (247) | 26,729 | |
Current assets | ||||
Carbon-related and other current assets | 1,574 | \u2013 | 247 | 1,821 |
Other | 9,130 | \u2013 | \u2013 | 9,130 |
10,704 | \u2013 | 247 | 10,951 | |
Total assets | 37,680 | \u2013 | \u2013 | 37,680 |
Total equity | 3,278 | \u2013 | \u2013 | 3,278 |
Non-current liabilities | ||||
Borrowings | 13,831 | (726) | \u2013 | 13,105 |
Other non-current liabilities | 3,592 | \u2013 | \u2013 | 3,592 |
17,423 | (726) | \u2013 | 16,697 | |
Current liabilities | ||||
Borrowings | 2,251 | 726 | \u2013 | 2,977 |
Other current liabilities | 14,728 | \u2013 | \u2013 | 14,728 |
16,979 | 726 | \u2013 | 17,705 | |
Total liabilities | 34,402 | \u2013 | \u2013 | 34,402 |
Total equity and liabilities | 37,680 | \u2013 | \u2013 | 37,680 |
Year to 31 December | |||
\u20ac million | As reported | Carbon- related adjustments | Restated |
Cash flows from operating activities | |||
Operating profit | 3,507 | \u2013 | 3,507 |
Increase in provisions (excluding carbon-related obligations) | 237 | (212) | 25 |
Purchase of carbon-related assets net of the change in carbon-related obligations | \u2013 | (50) | (50) |
Other cash flows from operating activities | 1,120 | \u2013 | 1,120 |
Net cash flows from operating activities | 4,864 | (262) | 4,602 |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment and intangible assets | (3,544) | 262 | (3,282) |
Other cash flows from investing activities | 121 | \u2013 | 121 |
Net cash flows from investing activities | (3,423) | 262 | (3,161) |
Net cash flows from financing activities | (5,194) | \u2013 | (5,194) |
Net decrease in cash and cash equivalents | (3,753) | \u2013 | (3,753) |
Net foreign exchange differences | (2) | \u2013 | (2) |
Cash and cash equivalents at 1 January | 9,196 | \u2013 | 9,196 |
Cash and cash equivalents at year end | 5,441 | \u2013 | 5,441 |
Significant accounting estimate applied - Income taxes: period over which historical tax losses can be utilised At 31 December 2024 , the Group recognised \u20ac 754 million in respect of deferred tax assets ( 2023 : \u20ac 1,202 million). 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\u00a0may 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 corresponding liability or an asset, respectively, 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 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\u00a0approved 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 2024, the Group had unrecognised deferred tax losses and other temporary differences of \u20ac1,400 million that\u00a0the Group does not reasonably expect to utilise (2023: \u20ac1,584 million). 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 \u20ac260 million (2023: \u20ac575 million). | ||
Significant accounting judgement applied - Determining whether the judicial process between HMRC and IAG Loyalty into the\u00a0VAT accounting of IAG Loyalty 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 judicial process between IAG Loyalty and His Majesty\u2019s Revenue and Customs (HMRC), in the UK, on the IAG Loyalty VAT accounting, is more likely than not to result in a favourable 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 has reviewed the decision issued by and the correspondence with HMRC, including having considered the historical tax ruling issued by HMRC to the Group on this matter. At 31 December 2024 and through to the date of this report, the directors are satisfied that it is more likely than not that a favourable outcome will eventuate. Accordingly, the\u00a0Group does not consider it appropriate to record any provision for this matter and a contingent liability has been disclosed. | ||
Significant accounting judgement applied - 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\u00a0not to exercise the option to renew or to terminate. | ||
Significant accounting judgement applied \u2013 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; it 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\u00a0at\u00a0fair value through Other comprehensive income. Had the Group concluded that it does have significant influence over Air\u00a0Europa Holdings, then the shareholding would have been classified as an associate, measured at cost on inception and subsequently measured using the equity method. | ||
Significant accounting estimates applied - Revenue recognition: breakage assumptions applied to passenger revenue, customer loyalty programmes and unredeemed vouchers At 31 December 2024 the Group recognised \u20ac 8,536 million (2023 : \u20ac8,023 million) in respect of deferred revenue of which \u20ac 2,888 million (2023 : \u20ac2,712 million) related to customer loyalty programmes. | ||
Passenger revenue Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also 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 two percentage point increase in the level of\u00a0unused ticket breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2024 would result in\u00a0an\u00a0adjustment to Deferred revenue of \u20ac 101 million (2023: \u20ac93 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
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. 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. The Group considers historical redemption activity representative of long-term behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an adjustment to Deferred revenue of \u20ac 99 million ( 2023: \u20ac94 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
Unredeemed vouchers liability At 31 December 2024, the Group recognised \u20ac 587 million in respect of unredeemed vouchers, including associated taxes ( 2023 : \u20ac 645 million) within Deferred revenue. Of the \u20ac 587 million, \u20ac 100 million (2023: \u20ac139 million) relates to vouchers issued due to COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019 and \u20ac 487 million (2023 : \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\u00a0the total voucher liability to mature within 12 months of the balance sheet date. Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on\u00a0historical 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\u00a0greater 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 2024 and 2023, the Group considered 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. A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2024 and not expected to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac29 million (2023: \u20ac32 million), with\u00a0an offsetting adjustment to increase Passenger revenue and Operating profit recognised in the year. | ||
Significant accounting estimate applied \u2013 Restoration and handback provisions: key assumptions underlying the carrying value of the provisions At 31 December 2024 , the Group recognised \u20ac3,014 million in respect of maintenance, restoration and handback provisions, principally in respect of leased aircraft (31 December 2023 : \u20ac 2,529 million). 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\u00a0assumptions 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 changes 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 point increase would give rise to an increase of \u20ac62 million (2023: \u20ac53 million) and a decrease of \u20ac70 million (2023: \u20ac59 million), respectively, in the provisions balance when applied in isolation to one another. | ||
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased aircraft IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the 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 balance sheet 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 depreciate 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. | ||
Significant accounting estimate applied - Employee benefit obligations: Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial assumptions At 31 December 2024 , the Group recognised \u20ac 19,796 million in respect of employee benefit obligations (2023 : \u20ac21,239 million), of which \u20ac 19,275 million related to the APS and NAPS obligations ( 2023 : \u20ac20,692 million). The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long- term nature of these schemes, such assumptions are subject to significant uncertainty. 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 impact of sensitising these assumptions is given below. 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). | ||
Significant accounting estimate applied - Income taxes: period over which historical tax losses can be utilised At 31 December 2024 , the Group recognised \u20ac 754 million in respect of deferred tax assets ( 2023 : \u20ac 1,202 million). 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\u00a0may 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 corresponding liability or an asset, respectively, 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 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\u00a0approved 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 2024, the Group had unrecognised deferred tax losses and other temporary differences of \u20ac1,400 million that\u00a0the Group does not reasonably expect to utilise (2023: \u20ac1,584 million). 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 \u20ac260 million (2023: \u20ac575 million). | ||
Significant accounting judgement applied - Determining whether the judicial process between HMRC and IAG Loyalty into the\u00a0VAT accounting of IAG Loyalty 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 judicial process between IAG Loyalty and His Majesty\u2019s Revenue and Customs (HMRC), in the UK, on the IAG Loyalty VAT accounting, is more likely than not to result in a favourable 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 has reviewed the decision issued by and the correspondence with HMRC, including having considered the historical tax ruling issued by HMRC to the Group on this matter. At 31 December 2024 and through to the date of this report, the directors are satisfied that it is more likely than not that a favourable outcome will eventuate. Accordingly, the\u00a0Group does not consider it appropriate to record any provision for this matter and a contingent liability has been disclosed. | ||
Significant accounting judgement applied - 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\u00a0not to exercise the option to renew or to terminate. | ||
Significant accounting judgement applied \u2013 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; it 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\u00a0at\u00a0fair value through Other comprehensive income. Had the Group concluded that it does have significant influence over Air\u00a0Europa Holdings, then the shareholding would have been classified as an associate, measured at cost on inception and subsequently measured using the equity method. | ||
Significant accounting estimates applied - Revenue recognition: breakage assumptions applied to passenger revenue, customer loyalty programmes and unredeemed vouchers At 31 December 2024 the Group recognised \u20ac 8,536 million (2023 : \u20ac8,023 million) in respect of deferred revenue of which \u20ac 2,888 million (2023 : \u20ac2,712 million) related to customer loyalty programmes. | ||
Passenger revenue Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also 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 two percentage point increase in the level of\u00a0unused ticket breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2024 would result in\u00a0an\u00a0adjustment to Deferred revenue of \u20ac 101 million (2023: \u20ac93 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
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. 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. The Group considers historical redemption activity representative of long-term behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an adjustment to Deferred revenue of \u20ac 99 million ( 2023: \u20ac94 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
Unredeemed vouchers liability At 31 December 2024, the Group recognised \u20ac 587 million in respect of unredeemed vouchers, including associated taxes ( 2023 : \u20ac 645 million) within Deferred revenue. Of the \u20ac 587 million, \u20ac 100 million (2023: \u20ac139 million) relates to vouchers issued due to COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019 and \u20ac 487 million (2023 : \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\u00a0the total voucher liability to mature within 12 months of the balance sheet date. Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on\u00a0historical 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\u00a0greater 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 2024 and 2023, the Group considered 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. A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2024 and not expected to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac29 million (2023: \u20ac32 million), with\u00a0an offsetting adjustment to increase Passenger revenue and Operating profit recognised in the year. | ||
Significant accounting estimate applied \u2013 Restoration and handback provisions: key assumptions underlying the carrying value of the provisions At 31 December 2024 , the Group recognised \u20ac3,014 million in respect of maintenance, restoration and handback provisions, principally in respect of leased aircraft (31 December 2023 : \u20ac 2,529 million). 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\u00a0assumptions 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 changes 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 point increase would give rise to an increase of \u20ac62 million (2023: \u20ac53 million) and a decrease of \u20ac70 million (2023: \u20ac59 million), respectively, in the provisions balance when applied in isolation to one another. | ||
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased aircraft IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the 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 balance sheet 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 depreciate 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. | ||
Significant accounting estimate applied - Employee benefit obligations: Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial assumptions At 31 December 2024 , the Group recognised \u20ac 19,796 million in respect of employee benefit obligations (2023 : \u20ac21,239 million), of which \u20ac 19,275 million related to the APS and NAPS obligations ( 2023 : \u20ac20,692 million). The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long- term nature of these schemes, such assumptions are subject to significant uncertainty. 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 impact of sensitising these assumptions is given below. 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). | ||
2024 | 20231 | ||||||||
\u20ac million | ETS assets | CORSIA assets | Voluntary offsets | Total | ETS assets | CORSIA assets | Voluntary offsets | Total | |
Balance at 1 January | 577 | \u2013 | \u2013 | 577 | 407 | \u2013 | \u2013 | 407 | |
Purchase of carbon assets | 242 | \u2013 | \u2013 | 242 | 264 | \u2013 | \u2013 | 264 | |
Extinguished/retired during the year | (233) | \u2013 | \u2013 | (233) | (96) | \u2013 | \u2013 | (96) | |
Exchange differences | 12 | \u2013 | \u2013 | 12 | 2 | \u2013 | \u2013 | 2 | |
Balance at 31 December | 598 | \u2013 | \u2013 | 598 | 577 | \u2013 | \u2013 | 577 | |
Analysis: | |||||||||
Current | 323 | \u2013 | \u2013 | 323 | 247 | \u2013 | \u2013 | 247 | |
Non-current | 275 | \u2013 | \u2013 | 275 | 330 | \u2013 | \u2013 | 330 | |
598 | \u2013 | \u2013 | 598 | 577 | \u2013 | \u2013 | 577 |
2024 | 20231 | ||||||||
\u20ac million | ETS obligations | CORSIA obligations | Voluntary offsets | Total | ETS obligations | CORSIA obligations | Voluntary offsets | Total | |
Balance at 1 January | 244 | \u2013 | 3 | 247 | 129 | \u2013 | 3 | 132 | |
Obligations recognised in the Income statement2 | 304 | 9 | 1 | 314 | 234 | \u2013 | 4 | 238 | |
Release of unused amounts in the Income statement2 | (12) | \u2013 | (1) | (13) | (24) | \u2013 | (2) | (26) | |
Extinguished/retired during the year | (233) | \u2013 | (3) | (236) | (96) | \u2013 | (2) | (98) | |
Exchange differences | 4 | \u2013 | \u2013 | 4 | 1 | \u2013 | \u2013 | 1 | |
Balance at 31 December | 307 | 9 | \u2013 | 316 | 244 | \u2013 | 3 | 247 | |
Analysis: | |||||||||
Current | 307 | \u2013 | \u2013 | 307 | 244 | \u2013 | 3 | 247 | |
Non-current | \u2013 | 9 | \u2013 | 9 | \u2013 | \u2013 | \u2013 | \u2013 | |
307 | 9 | \u2013 | 316 | 244 | \u2013 | 3 | 247 |
Percentage of forecast emission allowances required | 2024 | 2023 |
Within 12 months | 100% | 100% |
1-2 years | 67% | 62% |
2-3 years | 19% | 24% |
2024 | |||||||
\u20ac million | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty | Other Group companies1 | Total |
Revenue | |||||||
Passenger revenue | 15,426 | 5,807 | 3,240 | 2,291 | 1,099 | 411 | 28,274 |
Cargo revenue | 921 | 250 | \u2013 | 55 | \u2013 | 8 | 1,234 |
Other revenue | 110 | 1,034 | 19 | 16 | 1,413 | \u2013 | 2,592 |
External revenue | 16,457 | 7,091 | 3,259 | 2,362 | 2,512 | 419 | 32,100 |
Inter-segment revenue | 530 | 451 | 2 | 14 | 350 | 485 | 1,832 |
Segment revenue | 16,987 | 7,542 | 3,261 | 2,376 | 2,862 | 904 | 33,932 |
Employee costs | (3,386) | (1,618) | (427) | (508) | (104) | (313) | (6,356) |
Fuel costs and emission charges | (4,328) | (1,611) | (895) | (638) | \u2013 | (136) | (7,608) |
Depreciation and amortisation charge | (1,338) | (476) | (279) | (169) | (23) | (79) | (2,364) |
Operating profit/(loss) | 2,422 | 867 | 400 | 205 | 495 | (106) | 4,283 |
Exceptional items2 | \u2013 | (160) | \u2013 | \u2013 | \u2013 | \u2013 | (160) |
Operating profit/(loss) before exceptional items | 2,422 | 1,027 | 400 | 205 | 495 | (106) | 4,443 |
Net non-operating costs | (720) | ||||||
Profit before tax | 3,563 | ||||||
Total assets | 26,138 | 10,220 | 3,731 | 2,431 | 4,164 | (2,880) | 43,804 |
Total liabilities | (20,328) | (9,319) | (3,850) | (2,170) | (3,861) | 1,900 | (37,628) |
2023 | |||||||
\u20ac million | British Airways1 | Iberia | Vueling | Aer Lingus | IAG Loyalty 1 | Other Group companies2 | 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 | 91 | 986 | 17 | 10 | 1,383 | \u2013 | 2,487 |
External revenue | 15,157 | 6,434 | 3,197 | 2,259 | 2,062 | 344 | 29,453 |
Inter-segment revenue | 431 | 524 | 1 | 15 | 294 | 392 | 1,657 |
Segment revenue | 15,588 | 6,958 | 3,198 | 2,274 | 2,356 | 736 | 31,110 |
Employee costs | (2,939) | (1,284) | (399) | (471) | (89) | (241) | (5,423) |
Fuel costs and emission charges | (4,394) | (1,496) | (907) | (639) | \u2013 | (121) | (7,557) |
Depreciation and amortisation charge | (1,164) | (409) | (259) | (150) | (15) | (66) | (2,063) |
Operating profit/(loss) | 1,550 | 940 | 396 | 225 | 421 | (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 | (19,587) | (8,390) | (3,461) | (1,856) | (2,823) | 1,715 | (34,402) |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
Holiday and hotel services | 990 | 938 |
Maintenance and overhaul services | 820 | 683 |
Brand and marketing | 436 | 347 |
Ground handling services | 159 | 195 |
Other | 187 | 324 |
2,592 | 2,487 |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
UK | 11,291 | 10,177 |
Spain | 5,562 | 5,234 |
USA | 5,406 | 5,069 |
Rest of world | 9,841 | 8,973 |
32,100 | 29,453 |
\u20ac million | Property, plant and equipment | Intangible assets |
UK | 14,021 | 1,807 |
Spain | 5,617 | 1,210 |
USA | 97 | 18 |
Rest of world | 1,397 | 607 |
21,132 | 3,642 |
\u20ac million | Property, plant and equipment | Intangible assets1 |
UK | 12,764 | 1,374 |
Spain | 5,644 | 1,320 |
USA | 100 | 18 |
Rest of world | 1,268 | 620 |
19,776 | 3,332 |
2024 | |||||||
\u20ac million | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty | Other Group companies1 | Total |
Revenue | |||||||
Passenger revenue | 15,426 | 5,807 | 3,240 | 2,291 | 1,099 | 411 | 28,274 |
Cargo revenue | 921 | 250 | \u2013 | 55 | \u2013 | 8 | 1,234 |
Other revenue | 110 | 1,034 | 19 | 16 | 1,413 | \u2013 | 2,592 |
External revenue | 16,457 | 7,091 | 3,259 | 2,362 | 2,512 | 419 | 32,100 |
Inter-segment revenue | 530 | 451 | 2 | 14 | 350 | 485 | 1,832 |
Segment revenue | 16,987 | 7,542 | 3,261 | 2,376 | 2,862 | 904 | 33,932 |
Employee costs | (3,386) | (1,618) | (427) | (508) | (104) | (313) | (6,356) |
Fuel costs and emission charges | (4,328) | (1,611) | (895) | (638) | \u2013 | (136) | (7,608) |
Depreciation and amortisation charge | (1,338) | (476) | (279) | (169) | (23) | (79) | (2,364) |
Operating profit/(loss) | 2,422 | 867 | 400 | 205 | 495 | (106) | 4,283 |
Exceptional items2 | \u2013 | (160) | \u2013 | \u2013 | \u2013 | \u2013 | (160) |
Operating profit/(loss) before exceptional items | 2,422 | 1,027 | 400 | 205 | 495 | (106) | 4,443 |
Net non-operating costs | (720) | ||||||
Profit before tax | 3,563 | ||||||
Total assets | 26,138 | 10,220 | 3,731 | 2,431 | 4,164 | (2,880) | 43,804 |
Total liabilities | (20,328) | (9,319) | (3,850) | (2,170) | (3,861) | 1,900 | (37,628) |
2023 | |||||||
\u20ac million | British Airways1 | Iberia | Vueling | Aer Lingus | IAG Loyalty 1 | Other Group companies2 | 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 | 91 | 986 | 17 | 10 | 1,383 | \u2013 | 2,487 |
External revenue | 15,157 | 6,434 | 3,197 | 2,259 | 2,062 | 344 | 29,453 |
Inter-segment revenue | 431 | 524 | 1 | 15 | 294 | 392 | 1,657 |
Segment revenue | 15,588 | 6,958 | 3,198 | 2,274 | 2,356 | 736 | 31,110 |
Employee costs | (2,939) | (1,284) | (399) | (471) | (89) | (241) | (5,423) |
Fuel costs and emission charges | (4,394) | (1,496) | (907) | (639) | \u2013 | (121) | (7,557) |
Depreciation and amortisation charge | (1,164) | (409) | (259) | (150) | (15) | (66) | (2,063) |
Operating profit/(loss) | 1,550 | 940 | 396 | 225 | 421 | (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 | (19,587) | (8,390) | (3,461) | (1,856) | (2,823) | 1,715 | (34,402) |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
Holiday and hotel services | 990 | 938 |
Maintenance and overhaul services | 820 | 683 |
Brand and marketing | 436 | 347 |
Ground handling services | 159 | 195 |
Other | 187 | 324 |
2,592 | 2,487 |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
UK | 11,291 | 10,177 |
Spain | 5,562 | 5,234 |
USA | 5,406 | 5,069 |
Rest of world | 9,841 | 8,973 |
32,100 | 29,453 |
2024 | |||||||
\u20ac million | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty | Other Group companies1 | Total |
Revenue | |||||||
Passenger revenue | 15,426 | 5,807 | 3,240 | 2,291 | 1,099 | 411 | 28,274 |
Cargo revenue | 921 | 250 | \u2013 | 55 | \u2013 | 8 | 1,234 |
Other revenue | 110 | 1,034 | 19 | 16 | 1,413 | \u2013 | 2,592 |
External revenue | 16,457 | 7,091 | 3,259 | 2,362 | 2,512 | 419 | 32,100 |
Inter-segment revenue | 530 | 451 | 2 | 14 | 350 | 485 | 1,832 |
Segment revenue | 16,987 | 7,542 | 3,261 | 2,376 | 2,862 | 904 | 33,932 |
Employee costs | (3,386) | (1,618) | (427) | (508) | (104) | (313) | (6,356) |
Fuel costs and emission charges | (4,328) | (1,611) | (895) | (638) | \u2013 | (136) | (7,608) |
Depreciation and amortisation charge | (1,338) | (476) | (279) | (169) | (23) | (79) | (2,364) |
Operating profit/(loss) | 2,422 | 867 | 400 | 205 | 495 | (106) | 4,283 |
Exceptional items2 | \u2013 | (160) | \u2013 | \u2013 | \u2013 | \u2013 | (160) |
Operating profit/(loss) before exceptional items | 2,422 | 1,027 | 400 | 205 | 495 | (106) | 4,443 |
Net non-operating costs | (720) | ||||||
Profit before tax | 3,563 | ||||||
Total assets | 26,138 | 10,220 | 3,731 | 2,431 | 4,164 | (2,880) | 43,804 |
Total liabilities | (20,328) | (9,319) | (3,850) | (2,170) | (3,861) | 1,900 | (37,628) |
2023 | |||||||
\u20ac million | British Airways1 | Iberia | Vueling | Aer Lingus | IAG Loyalty 1 | Other Group companies2 | 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 | 91 | 986 | 17 | 10 | 1,383 | \u2013 | 2,487 |
External revenue | 15,157 | 6,434 | 3,197 | 2,259 | 2,062 | 344 | 29,453 |
Inter-segment revenue | 431 | 524 | 1 | 15 | 294 | 392 | 1,657 |
Segment revenue | 15,588 | 6,958 | 3,198 | 2,274 | 2,356 | 736 | 31,110 |
Employee costs | (2,939) | (1,284) | (399) | (471) | (89) | (241) | (5,423) |
Fuel costs and emission charges | (4,394) | (1,496) | (907) | (639) | \u2013 | (121) | (7,557) |
Depreciation and amortisation charge | (1,164) | (409) | (259) | (150) | (15) | (66) | (2,063) |
Operating profit/(loss) | 1,550 | 940 | 396 | 225 | 421 | (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 | (19,587) | (8,390) | (3,461) | (1,856) | (2,823) | 1,715 | (34,402) |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
Holiday and hotel services | 990 | 938 |
Maintenance and overhaul services | 820 | 683 |
Brand and marketing | 436 | 347 |
Ground handling services | 159 | 195 |
Other | 187 | 324 |
2,592 | 2,487 |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
UK | 11,291 | 10,177 |
Spain | 5,562 | 5,234 |
USA | 5,406 | 5,069 |
Rest of world | 9,841 | 8,973 |
32,100 | 29,453 |
2024 | |||||||
\u20ac million | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty | Other Group companies1 | Total |
Revenue | |||||||
Passenger revenue | 15,426 | 5,807 | 3,240 | 2,291 | 1,099 | 411 | 28,274 |
Cargo revenue | 921 | 250 | \u2013 | 55 | \u2013 | 8 | 1,234 |
Other revenue | 110 | 1,034 | 19 | 16 | 1,413 | \u2013 | 2,592 |
External revenue | 16,457 | 7,091 | 3,259 | 2,362 | 2,512 | 419 | 32,100 |
Inter-segment revenue | 530 | 451 | 2 | 14 | 350 | 485 | 1,832 |
Segment revenue | 16,987 | 7,542 | 3,261 | 2,376 | 2,862 | 904 | 33,932 |
Employee costs | (3,386) | (1,618) | (427) | (508) | (104) | (313) | (6,356) |
Fuel costs and emission charges | (4,328) | (1,611) | (895) | (638) | \u2013 | (136) | (7,608) |
Depreciation and amortisation charge | (1,338) | (476) | (279) | (169) | (23) | (79) | (2,364) |
Operating profit/(loss) | 2,422 | 867 | 400 | 205 | 495 | (106) | 4,283 |
Exceptional items2 | \u2013 | (160) | \u2013 | \u2013 | \u2013 | \u2013 | (160) |
Operating profit/(loss) before exceptional items | 2,422 | 1,027 | 400 | 205 | 495 | (106) | 4,443 |
Net non-operating costs | (720) | ||||||
Profit before tax | 3,563 | ||||||
Total assets | 26,138 | 10,220 | 3,731 | 2,431 | 4,164 | (2,880) | 43,804 |
Total liabilities | (20,328) | (9,319) | (3,850) | (2,170) | (3,861) | 1,900 | (37,628) |
2023 | |||||||
\u20ac million | British Airways1 | Iberia | Vueling | Aer Lingus | IAG Loyalty 1 | Other Group companies2 | 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 | 91 | 986 | 17 | 10 | 1,383 | \u2013 | 2,487 |
External revenue | 15,157 | 6,434 | 3,197 | 2,259 | 2,062 | 344 | 29,453 |
Inter-segment revenue | 431 | 524 | 1 | 15 | 294 | 392 | 1,657 |
Segment revenue | 15,588 | 6,958 | 3,198 | 2,274 | 2,356 | 736 | 31,110 |
Employee costs | (2,939) | (1,284) | (399) | (471) | (89) | (241) | (5,423) |
Fuel costs and emission charges | (4,394) | (1,496) | (907) | (639) | \u2013 | (121) | (7,557) |
Depreciation and amortisation charge | (1,164) | (409) | (259) | (150) | (15) | (66) | (2,063) |
Operating profit/(loss) | 1,550 | 940 | 396 | 225 | 421 | (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 | (19,587) | (8,390) | (3,461) | (1,856) | (2,823) | 1,715 | (34,402) |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
Holiday and hotel services | 990 | 938 |
Maintenance and overhaul services | 820 | 683 |
Brand and marketing | 436 | 347 |
Ground handling services | 159 | 195 |
Other | 187 | 324 |
2,592 | 2,487 |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
UK | 11,291 | 10,177 |
Spain | 5,562 | 5,234 |
USA | 5,406 | 5,069 |
Rest of world | 9,841 | 8,973 |
32,100 | 29,453 |
\u20ac million | 2024 | 2023 |
Depreciation charge on right of use assets | 1,134 | 1,077 |
Depreciation charge on owned assets | 972 | 768 |
Amortisation and impairment of intangible assets | 239 | 193 |
Depreciation charge on other leasehold assets | 19 | 25 |
2,364 | 2,063 |
\u20ac million | 2024 | 2023 |
Cost of inventories recognised as an expense | 1,212 | 1,165 |
1,212 | 1,165 |
\u20ac million | 2024 | 20231 |
Fuel costs | 7,116 | 7,354 |
Hedging losses/(gains) | 191 | (9) |
Emission charges | 301 | 212 |
7,608 | 7,557 |
\u20ac million | 2024 | 2023 |
IT costs | 478 | 365 |
Property costs | 290 | 296 |
Insurance costs, professional fees and other costs | 352 | 397 |
1,120 | 1,058 |
\u20ac million | 2024 | 2023 |
Depreciation charge on right of use assets | 1,134 | 1,077 |
Depreciation charge on owned assets | 972 | 768 |
Amortisation and impairment of intangible assets | 239 | 193 |
Depreciation charge on other leasehold assets | 19 | 25 |
2,364 | 2,063 |
\u20ac million | 2024 | 2023 |
Cost of inventories recognised as an expense | 1,212 | 1,165 |
1,212 | 1,165 |
\u20ac million | 2024 | 20231 |
Fuel costs | 7,116 | 7,354 |
Hedging losses/(gains) | 191 | (9) |
Emission charges | 301 | 212 |
7,608 | 7,557 |
\u20ac million | 2024 | 2023 |
IT costs | 478 | 365 |
Property costs | 290 | 296 |
Insurance costs, professional fees and other costs | 352 | 397 |
1,120 | 1,058 |
\u20ac million | 2024 | 2023 |
Depreciation charge on right of use assets | 1,134 | 1,077 |
Depreciation charge on owned assets | 972 | 768 |
Amortisation and impairment of intangible assets | 239 | 193 |
Depreciation charge on other leasehold assets | 19 | 25 |
2,364 | 2,063 |
\u20ac\u2019000 | 2024 | 2023 |
Fees payable for the audit of the Group and individual accounts | 6,979 | 6,929 |
Fees payable for other services: | ||
Audit of the Group\u2019s subsidiaries pursuant to legislation | 1,284 | 1,284 |
Other services pursuant to legislation | 205 | 218 |
Other audit and assurance services | 1,795 | 1,589 |
10,263 | 10,020 |
\u20ac million | 2024 | 2023 |
Wages and salaries | 4,380 | 3,711 |
Social security costs | 692 | 604 |
Costs related to pension scheme benefits | 312 | 297 |
Share-based payment charge | 72 | 52 |
Other employee costs1 | 900 | 759 |
Total employee costs | 6,356 | 5,423 |
2024 | 2023 | ||||||
31 December 2024 | 31 December 2023 | ||||||
Average number of employees | Number of employees1 | Percentage of women | Average number of employees | Number of employees1 | Percentage of women | ||
In the air: | |||||||
Cabin crew | 24,421 | 24,615 | 70% | 23,473 | 24,004 | 70% | |
Pilots | 8,516 | 8,742 | 7% | 8,085 | 8,223 | 7% | |
On the ground: | |||||||
Airports | 16,725 | 16,396 | 38% | 16,395 | 16,784 | 37% | |
Corporate | 16,313 | 16,936 | 48% | 14,774 | 15,586 | 48% | |
Maintenance | 7,288 | 7,454 | 8% | 6,813 | 6,972 | 8% | |
Senior leaders | 235 | 235 | 36% | 222 | 225 | 36% | |
73,498 | 74,378 | 44% | 69,762 | 71,794 | 44% |
\u20ac million | 2024 | 2023 |
Interest expense on: | ||
Bank borrowings | (10) | (237) |
Asset financed liabilities | (198) | (170) |
Lease liabilities | (485) | (508) |
Bonds | (62) | (63) |
Provisions unwinding of discount | (130) | (103) |
Other borrowings | (50) | (42) |
Capitalised interest on progress payments | 33 | 28 |
Other finance costs | (15) | (18) |
(917) | (1,113) |
\u20ac million | 2024 | 2023 |
Interest on other interest-bearing deposits, cash and cash equivalents | 404 | 386 |
404 | 386 |
\u20ac million | 2024 | 2023 |
Net change in the fair value of convertible bond | (237) | (11) |
(237) | (11) |
\u20ac million | 2024 | 2023 |
Net financing credit relating to pensions | 63 | 103 |
\u20ac million | 2024 | 2023 |
Gain on sale of investments | \u2013 | 10 |
Credit related to equity investments (note 19) | 7 | 3 |
Share of profits in investments accounted for using the equity method (note 18) | \u2013 | 6 |
Realised gains/(losses) on derivatives not qualifying for hedge accounting | 42 | (23) |
Unrealised gains on derivatives not qualifying for hedge accounting | 95 | 13 |
Net change in the fair value associated with fair value hedges (note 30) | \u2013 | (1) |
Air Europa Holdings termination settlement expense (note 3) | (50) | \u2013 |
94 | 8 |
\u20ac million | 2024 | 2023 |
Interest expense on: | ||
Bank borrowings | (10) | (237) |
Asset financed liabilities | (198) | (170) |
Lease liabilities | (485) | (508) |
Bonds | (62) | (63) |
Provisions unwinding of discount | (130) | (103) |
Other borrowings | (50) | (42) |
Capitalised interest on progress payments | 33 | 28 |
Other finance costs | (15) | (18) |
(917) | (1,113) |
\u20ac million | 2024 | 2023 |
Interest expense on: | ||
Bank borrowings | (10) | (237) |
Asset financed liabilities | (198) | (170) |
Lease liabilities | (485) | (508) |
Bonds | (62) | (63) |
Provisions unwinding of discount | (130) | (103) |
Other borrowings | (50) | (42) |
Capitalised interest on progress payments | 33 | 28 |
Other finance costs | (15) | (18) |
(917) | (1,113) |
\u20ac million | 2024 | 2023 |
Interest expense on: | ||
Bank borrowings | (10) | (237) |
Asset financed liabilities | (198) | (170) |
Lease liabilities | (485) | (508) |
Bonds | (62) | (63) |
Provisions unwinding of discount | (130) | (103) |
Other borrowings | (50) | (42) |
Capitalised interest on progress payments | 33 | 28 |
Other finance costs | (15) | (18) |
(917) | (1,113) |
\u20ac million | 2024 | 2023 |
Interest on other interest-bearing deposits, cash and cash equivalents | 404 | 386 |
404 | 386 |
\u20ac million | 2024 | 2023 |
Interest expense on: | ||
Bank borrowings | (10) | (237) |
Asset financed liabilities | (198) | (170) |
Lease liabilities | (485) | (508) |
Bonds | (62) | (63) |
Provisions unwinding of discount | (130) | (103) |
Other borrowings | (50) | (42) |
Capitalised interest on progress payments | 33 | 28 |
Other finance costs | (15) | (18) |
(917) | (1,113) |
\u20ac million | 2024 | 2023 |
Interest on other interest-bearing deposits, cash and cash equivalents | 404 | 386 |
404 | 386 |
\u20ac million | 2024 | 2023 |
Interest on other interest-bearing deposits, cash and cash equivalents | 404 | 386 |
404 | 386 |
Significant accounting estimate applied - Income taxes: period over which historical tax losses can be utilised At 31 December 2024 , the Group recognised \u20ac 754 million in respect of deferred tax assets ( 2023 : \u20ac 1,202 million). 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\u00a0may 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 corresponding liability or an asset, respectively, 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 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\u00a0approved 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 2024, the Group had unrecognised deferred tax losses and other temporary differences of \u20ac1,400 million that\u00a0the Group does not reasonably expect to utilise (2023: \u20ac1,584 million). 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 \u20ac260 million (2023: \u20ac575 million). | ||
Significant accounting judgement applied - Determining whether the judicial process between HMRC and IAG Loyalty into the\u00a0VAT accounting of IAG Loyalty 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 judicial process between IAG Loyalty and His Majesty\u2019s Revenue and Customs (HMRC), in the UK, on the IAG Loyalty VAT accounting, is more likely than not to result in a favourable 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 has reviewed the decision issued by and the correspondence with HMRC, including having considered the historical tax ruling issued by HMRC to the Group on this matter. At 31 December 2024 and through to the date of this report, the directors are satisfied that it is more likely than not that a favourable outcome will eventuate. Accordingly, the\u00a0Group does not consider it appropriate to record any provision for this matter and a contingent liability has been disclosed. | ||
2024 | 2023 | ||||||||
\u20ac million | Income statement | Other comprehensive income | Recognised directly in equity | Total | Income statement | Other comprehensive income | Recognised directly in equity | Total | |
Current tax | |||||||||
Movement in respect of prior years | 183 | \u2013 | \u2013 | 183 | (1) | \u2013 | \u2013 | (1) | |
Movement in respect of current year | (384) | 7 | \u2013 | (377) | (206) | 8 | \u2013 | (198) | |
Total current tax | (201) | 7 | \u2013 | (194) | (207) | 8 | \u2013 | (199) | |
Deferred tax | |||||||||
Movement in respect of prior years | (33) | (2) | \u2013 | (35) | (10) | (2) | 12 | \u2013 | |
Movement in respect of current year | (597) | (70) | 4 | (663) | (171) | 106 | (17) | (82) | |
Rate change/rate differences | \u2013 | \u2013 | \u2013 | \u2013 | (13) | 3 | \u2013 | (10) | |
Total deferred tax | (630) | (72) | 4 | (698) | (194) | 107 | (5) | (92) | |
Total tax | (831) | (65) | 4 | (892) | (401) | 115 | (5) | (291) |
\u20ac million | 2024 | 2023 |
Balance at 1 January | 157 | 64 |
Income statement | (201) | (207) |
Other comprehensive income | 7 | 8 |
Cash | 245 | 291 |
Exchange and other movements | 12 | 1 |
Balance at 31 December | 220 | 157 |
Current tax asset | 231 | 159 |
Current tax liability | (11) | (2) |
Balance at 31 December | 220 | 157 |
\u20ac million | Fixed assets | Right of use assets | Lease liabilities | Employee leaving indemnities and others | Employee benefit plans | Fair value gains/ losses1 | Share- based payment schemes | Tax loss carried forward and tax credits | Other temporary differences2 | Total |
Balance at 1 January 2024 | (1,013) | 24 | 7 | 214 | 45 | 121 | 26 | 1,721 | 53 | 1,198 |
Income statement | (395) | 91 | 1 | 41 | (3) | \u2013 | 11 | (326) | (50) | (630) |
Other comprehensive income | \u2013 | \u2013 | \u2013 | 23 | (12) | (64) | \u2013 | (20) | 1 | (72) |
Recognised directly in equity | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (14) | 18 | \u2013 | \u2013 | 4 |
Exchange movements and other | 19 | (2) | \u2013 | 1 | 4 | 2 | 1 | (40) | 15 | \u2013 |
Balance at 31 December 2024 | (1,389) | 113 | 8 | 279 | 34 | 45 | 56 | 1,335 | 19 | 500 |
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 |
\u20ac million | 2024 | 2023 |
Deferred tax asset | 754 | 1,202 |
Deferred tax liability | (254) | (4) |
Balance at 31 December | 500 | 1,198 |
\u20ac million | 2024 | 2023 |
Accounting profit before tax | 3,563 | 3,056 |
Weighted average tax charge of the Group1 | (873) | (718) |
Unrecognised losses and deductible temporary differences arising in the year | (47) | 11 |
Fair value movement on convertible bond | 11 | 30 |
Effect of tax rate changes | \u2013 | (13) |
Prior year tax assets recognised | 10 | 289 |
Effect of lower tax rate in the Canary Islands | 8 | 3 |
Intra-group dividends | (26) | \u2013 |
Movement in respect of prior years | 15 | (11) |
Revocation of Royal Decree-Law 3/2016 in Spain | 135 | \u2013 |
Changes in accounting standards/tax legislation | (35) | \u2013 |
Employee benefit plans accounted for net of withholding tax | 13 | 22 |
Non-deductible expenses | (26) | (21) |
Other items | (16) | 7 |
Tax charge in the Income statement | (831) | (401) |
\u20ac million | 2024 | 2023 |
Payroll related taxes | 698 | 604 |
UK Air Passenger Duty | 1,084 | 936 |
1,782 | 1,540 |
\u20ac million | 2024 | 2023 |
Income tax losses | ||
Spanish corporate income tax losses | 253 | 569 |
Openskies SASU trading losses | 405 | 406 |
Other trading losses | 7 | 13 |
665 | 988 | |
Other losses and temporary differences | ||
Spanish deductible temporary differences1 | 361 | 238 |
UK capital losses | 357 | 341 |
Irish capital losses | 17 | 17 |
735 | 596 |
\u20ac million | 2024 | 2023 |
Balance at 1 January | 157 | 64 |
Income statement | (201) | (207) |
Other comprehensive income | 7 | 8 |
Cash | 245 | 291 |
Exchange and other movements | 12 | 1 |
Balance at 31 December | 220 | 157 |
Current tax asset | 231 | 159 |
Current tax liability | (11) | (2) |
Balance at 31 December | 220 | 157 |
\u20ac million | Fixed assets | Right of use assets | Lease liabilities | Employee leaving indemnities and others | Employee benefit plans | Fair value gains/ losses1 | Share- based payment schemes | Tax loss carried forward and tax credits | Other temporary differences2 | Total |
Balance at 1 January 2024 | (1,013) | 24 | 7 | 214 | 45 | 121 | 26 | 1,721 | 53 | 1,198 |
Income statement | (395) | 91 | 1 | 41 | (3) | \u2013 | 11 | (326) | (50) | (630) |
Other comprehensive income | \u2013 | \u2013 | \u2013 | 23 | (12) | (64) | \u2013 | (20) | 1 | (72) |
Recognised directly in equity | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (14) | 18 | \u2013 | \u2013 | 4 |
Exchange movements and other | 19 | (2) | \u2013 | 1 | 4 | 2 | 1 | (40) | 15 | \u2013 |
Balance at 31 December 2024 | (1,389) | 113 | 8 | 279 | 34 | 45 | 56 | 1,335 | 19 | 500 |
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 |
\u20ac million | 2024 | 2023 |
Deferred tax asset | 754 | 1,202 |
Deferred tax liability | (254) | (4) |
Balance at 31 December | 500 | 1,198 |
\u20ac million | Fixed assets | Right of use assets | Lease liabilities | Employee leaving indemnities and others | Employee benefit plans | Fair value gains/ losses1 | Share- based payment schemes | Tax loss carried forward and tax credits | Other temporary differences2 | Total |
Balance at 1 January 2024 | (1,013) | 24 | 7 | 214 | 45 | 121 | 26 | 1,721 | 53 | 1,198 |
Income statement | (395) | 91 | 1 | 41 | (3) | \u2013 | 11 | (326) | (50) | (630) |
Other comprehensive income | \u2013 | \u2013 | \u2013 | 23 | (12) | (64) | \u2013 | (20) | 1 | (72) |
Recognised directly in equity | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (14) | 18 | \u2013 | \u2013 | 4 |
Exchange movements and other | 19 | (2) | \u2013 | 1 | 4 | 2 | 1 | (40) | 15 | \u2013 |
Balance at 31 December 2024 | (1,389) | 113 | 8 | 279 | 34 | 45 | 56 | 1,335 | 19 | 500 |
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 |
\u20ac million | 2024 | 2023 |
Deferred tax asset | 754 | 1,202 |
Deferred tax liability | (254) | (4) |
Balance at 31 December | 500 | 1,198 |
Aircraft future deliveries at 31 December | 20241 | 20231 |
Airbus A320 (from 2025 to 2029) | 47 | 49 |
Airbus A321 (from 2025 to 2029) | 35 | 33 |
Airbus A321XLR (from 2025 to 2026) | 11 | 14 |
Airbus A350-900 (from 2025 to 2027) | 3 | 2 |
Airbus A350-1000 (in 2024) | \u2013 | 1 |
Boeing 777-9 (from 2027 to 2029) | 18 | 18 |
Boeing 787-10 (from 2025 to 2027) | 7 | 11 |
Boeing 737-8200 (from 2026 to 2028) | 25 | 25 |
Boeing 737-10 (from 2028 to 2029) | 25 | 25 |
Total | 171 | 178 |
\u20ac million | 2024 | 2023 |
Earnings attributable to equity holders of the parent for basic earnings per share | 2,732 | 2,655 |
Income statement impact of convertible bonds | 185 | 15 |
Diluted earnings attributable to equity holders of the parent for diluted earnings per share | 2,917 | 2,670 |
2024 Number \u2018000 | 2023 Number \u2018000 | |
Weighted average number of ordinary shares in issue used for basic earnings per share1 | 4,903,453 | 4,932,631 |
Assumed conversion on convertible bonds | 245,944 | 244,851 |
Dilutive employee share schemes outstanding | 110,261 | 99,093 |
Weighted average number of ordinary shares used for diluted earnings per share | 5,259,658 | 5,276,575 |
\u20ac cents | 2024 | 2023 |
Basic earnings per share | 55.7 | 53.8 |
Diluted earnings per share | 55.5 | 50.6 |
\u20ac million | 2024 | 2023 |
Cash dividend declared | ||
Interim cash dividend declared for 2024 of \u20ac0.03 per share paid in 2024 | 147 | \u2013 |
Proposed cash dividend | ||
Final dividend for 2024 of \u20ac0.06 per share | 288 | \u2013 |
\u20ac million | Fleet | Property | Equipment | Total |
Cost | ||||
Balance at 1 January 2023 | 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 |
Additions | 2,779 | 67 | 240 | 3,086 |
Modification of leases | 286 | 110 | \u2013 | 396 |
Disposals | (871) | (39) | (85) | (995) |
Reclassifications | (1) | 3 | (1) | 1 |
Transfers to Non-current assets held for sale (note 16) | (28) | \u2013 | \u2013 | (28) |
Exchange movements | 915 | 120 | 52 | 1,087 |
Balance at 31 December 2024 | 33,451 | 3,347 | 1,738 | 38,536 |
Depreciation and impairment | ||||
Balance at 1 January 2023 | 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 |
Depreciation charge for the year | 1,891 | 152 | 82 | 2,125 |
Disposals | (304) | (35) | (81) | (420) |
Modification of leases | (2) | (4) | \u2013 | (6) |
Reclassifications | (23) | 3 | (3) | (23) |
Exchange movements | 423 | 52 | 40 | 515 |
Balance at 31 December 2024 | 14,836 | 1,478 | 1,090 | 17,404 |
Net book values | ||||
31 December 2024 | 18,615 | 1,869 | 648 | 21,132 |
31 December 2023 | 17,520 | 1,776 | 480 | 19,776 |
\u20ac million | Fleet | Property | Equipment | Total |
Analysis at 31 December 2024 | ||||
Owned | 10,139 | 886 | 441 | 11,466 |
Right of use assets (note 14) | 7,111 | 901 | 6 | 8,018 |
Assets under construction (including progress payments)1,2 | 1,278 | 78 | 189 | 1,545 |
Assets not in current use | 87 | 4 | 12 | 103 |
Property, plant and equipment | 18,615 | 1,869 | 648 | 21,132 |
Analysis at 31 December 2023 | ||||
Owned1 | 8,475 | 904 | 328 | 9,707 |
Right of use assets (note 14) | 7,681 | 838 | 15 | 8,534 |
Assets under construction (including progress payments)1,2 | 1,267 | 34 | 135 | 1,436 |
Assets not in current use | 97 | \u2013 | 2 | 99 |
Property, plant and equipment | 17,520 | 1,776 | 480 | 19,776 |
\u20ac million | 2024 | 2023 |
Freehold | 485 | 482 |
Right of use assets (note 14) | 901 | 838 |
Long leasehold improvements with a contractual life in excess of 50 years | 337 | 308 |
Short leasehold improvements with a contractual life of less than 50 years | 146 | 148 |
Property | 1,869 | 1,776 |
Significant accounting judgement applied - 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\u00a0not to exercise the option to renew or to terminate. | ||
\u20ac million | Fleet | Property | Equipment | Total |
Cost | ||||
Balance at 1 January 2023 | 13,750 | 911 | 49 | 14,710 |
Additions | 853 | 17 | \u2013 | 870 |
Modifications of leases | 224 | 204 | 1 | 429 |
Disposals | (117) | (5) | (6) | (128) |
Reclassifications1 | (831) | \u2013 | (1) | (832) |
Exchange movements | 104 | 13 | \u2013 | 117 |
31 December 2023 | 13,983 | 1,140 | 43 | 15,166 |
Additions | 622 | 11 | \u2013 | 633 |
Modification of leases | 286 | 110 | \u2013 | 396 |
Disposals | (131) | (21) | \u2013 | (152) |
Reclassifications1 | (1,240) | \u2013 | (32) | (1,272) |
Exchange movements | 301 | 46 | 1 | 348 |
31 December 2024 | 13,821 | 1,286 | 12 | 15,119 |
Depreciation and impairment | ||||
Balance at 1 January 2023 | 5,757 | 227 | 29 | 6,013 |
Depreciation charge for the year | 996 | 76 | 5 | 1,077 |
Disposals | (117) | (4) | (6) | (127) |
Reclassifications1 | (380) | \u2013 | \u2013 | (380) |
Exchange movements | 46 | 3 | \u2013 | 49 |
31 December 2023 | 6,302 | 302 | 28 | 6,632 |
Depreciation charge for the year | 1,036 | 96 | 2 | 1,134 |
Disposals | (128) | (21) | \u2013 | (149) |
Modification of leases | (2) | (4) | \u2013 | (6) |
Reclassifications1 | (644) | \u2013 | (24) | (668) |
Exchange movements | 146 | 12 | \u2013 | 158 |
31 December 2024 | 6,710 | 385 | 6 | 7,101 |
Net book value | ||||
31 December 2024 | 7,111 | 901 | 6 | 8,018 |
31 December 2023 | 7,681 | 838 | 15 | 8,534 |
\u20ac million | Operating leases | Finance leases | Total lease liabilities1 | Asset financed liabilities | Total |
1 January 2024 | 6,460 | 2,507 | 8,967 | 4,427 | 13,394 |
Additions | 587 | \u2013 | 587 | 1,473 | 2,060 |
Modifications | 390 | 11 | 401 | \u2013 | 401 |
Repayments | (1,325) | (887) | (2,212) | (525) | (2,737) |
Interest expense | 406 | 79 | 485 | 198 | 683 |
Disposals | (4) | \u2013 | (4) | \u2013 | (4) |
Exchange movements | 392 | 30 | 422 | 215 | 637 |
31 December 2024 | 6,906 | 1,740 | 8,646 | 5,788 | 14,434 |
Depreciation expense | 922 | 212 | 1,134 | 238 | 1,372 |
Interest expense | 406 | 79 | 485 | 198 | 683 |
Total amounts recorded in the Income statement | 1,328 | 291 | 1,619 | 436 | 2,055 |
Repayment of principal within financing activities | 923 | 814 | 1,737 | 347 | 2,084 |
Repayment of interest within operating activities | 404 | 68 | 472 | 177 | 649 |
Total repayments in the Cash flow statement2,3 | 1,327 | 882 | 2,209 | 524 | 2,733 |
\u20ac million | Operating leases | Finance leases | Total lease liabilities1 | Asset financed liabilities | Total |
1 January 2023 | 6,204 | 3,415 | 9,619 | 3,819 | 13,438 |
Additions | 876 | \u2013 | 876 | 999 | 1,875 |
Modifications | 422 | 17 | 439 | \u2013 | 439 |
Repayments | (1,274) | (942) | (2,216) | (417) | (2,633) |
Interest expense | 391 | 117 | 508 | 170 | 678 |
Exchange movements | (159) | (100) | (259) | (144) | (403) |
31 December 2023 | 6,460 | 2,507 | 8,967 | 4,427 | 13,394 |
Depreciation expense | 814 | 263 | 1,077 | 202 | 1,279 |
Interest expense | 391 | 117 | 508 | 170 | 678 |
Total amounts recorded in the Income statement | 1,205 | 380 | 1,585 | 372 | 1,957 |
Repayment of principal within financing activities | 883 | 848 | 1,731 | 264 | 1,995 |
Repayment of interest within operating activities | 389 | 83 | 472 | 152 | 624 |
Total repayments in the Cash flow statement2,3 | 1,272 | 931 | 2,203 | 416 | 2,619 |
\u20ac million | 2024 | 2023 |
Current | 1,477 | 1,826 |
Non-current | 7,169 | 7,141 |
\u20ac million | 2024 | 2023 |
Amounts not included in the measurement of lease liabilities | ||
Variable lease payments | 2 | 1 |
Expenses relating to short-term leases | 60 | 24 |
Amounts expensed as a result of the recognition of ROU assets and lease liabilities | ||
Interest expense on lease liabilities | 485 | 508 |
Gains arising from sale and leaseback transactions | \u2013 | (7) |
Depreciation charge for the year | 1,134 | 1,077 |
\u20ac million | 2024 | 2023 |
Cash flows arising from transactions giving rise to lease liabilities | ||
Total cash outflows arising from lease liabilities \u2013 aircraft | (2,101) | (2,076) |
Total cash outflows arising from lease liabilities \u2013 other | (108) | (127) |
Total cash inflows arising from sale and leaseback transactions \u2013 aircraft | 567 | 826 |
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 | (62) | (25) |
Total cash inflows arising from the recognition of asset financed liabilities | 1,473 | 999 |
Total cash outflows arising from asset financed liabilities | (524) | (416) |
\u20ac million | Operating leases | Finance leases | Total lease liabilities | Asset financed liabilities | Total |
Within 1 year | 1,183 | 423 | 1,606 | 528 | 2,134 |
1-2 years | 1,139 | 411 | 1,550 | 524 | 2,074 |
2-3 years | 1,059 | 332 | 1,391 | 529 | 1,920 |
3-4 years | 911 | 327 | 1,238 | 552 | 1,790 |
4-5 years | 679 | 160 | 839 | 714 | 1,553 |
More than 5 years | 4,589 | 194 | 4,783 | 3,901 | 8,684 |
31 December 2024 | 9,560 | 1,847 | 11,407 | 6,748 | 18,155 |
\u20ac million | Operating leases | Finance leases | Total lease liabilities | Asset financed liabilities | Total |
Within 1 year | 1,227 | 941 | 2,168 | 471 | 2,639 |
1-2 years | 1,106 | 440 | 1,546 | 448 | 1,994 |
2-3 years | 1,023 | 455 | 1,478 | 441 | 1,919 |
3-4 years | 881 | 385 | 1,266 | 434 | 1,700 |
4-5 years | 728 | 326 | 1,054 | 442 | 1,496 |
More than 5 years | 4,679 | 337 | 5,016 | 3,195 | 8,211 |
31 December 2023 | 9,644 | 2,884 | 12,528 | 5,431 | 17,959 |
\u20ac million | 2024 | 2023 |
Within 1 year | 4 | 6 |
1-2 years | 4 | 5 |
2-5 years | \u2013 | 3 |
More than five years | \u2013 | \u2013 |
Total undiscounted lease receipts | 8 | 14 |
Less finance income | (4) | (1) |
Net investment in finance leases | 4 | 13 |
Aircraft future deliveries at 31 December | 20241 | 20231 |
Airbus A320 (from 2025 to 2029) | 47 | 49 |
Airbus A321 (from 2025 to 2029) | 35 | 33 |
Airbus A321XLR (from 2025 to 2026) | 11 | 14 |
Airbus A350-900 (from 2025 to 2027) | 3 | 2 |
Airbus A350-1000 (in 2024) | \u2013 | 1 |
Boeing 777-9 (from 2027 to 2029) | 18 | 18 |
Boeing 787-10 (from 2025 to 2027) | 7 | 11 |
Boeing 737-8200 (from 2026 to 2028) | 25 | 25 |
Boeing 737-10 (from 2028 to 2029) | 25 | 25 |
Total | 171 | 178 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights1 | Software | Other | Total2 |
Cost | |||||||
Balance at 1 January 2023 | 595 | 451 | 253 | 1,588 | 1,806 | 88 | 4,781 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | 365 | 1 | 366 |
Disposals | \u2013 | \u2013 | \u2013 | (6) | (49) | \u2013 | (55) |
Reclassifications | \u2013 | \u2013 | \u2013 | \u2013 | 23 | (15) | 8 |
Exchange movements | 1 | \u2013 | \u2013 | 11 | 18 | \u2013 | 30 |
Balance at 31 December 2023 | 596 | 451 | 253 | 1,593 | 2,163 | 74 | 5,130 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | 493 | 1 | 494 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (69) | \u2013 | (69) |
Reclassifications | \u2013 | \u2013 | \u2013 | \u2013 | (1) | \u2013 | (1) |
Exchange movements | 2 | \u2013 | \u2013 | 37 | 66 | \u2013 | 105 |
31 December 2024 | 598 | 451 | 253 | 1,630 | 2,652 | 75 | 5,659 |
Amortisation and impairment | |||||||
Balance at 1 January 2023 | 249 | \u2013 | \u2013 | 146 | 1,169 | 68 | 1,632 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 6 | 185 | 2 | 193 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (39) | \u2013 | (39) |
Exchange movements | \u2013 | \u2013 | \u2013 | 1 | 11 | \u2013 | 12 |
Balance at 31 December 2023 | 249 | \u2013 | \u2013 | 153 | 1,326 | 70 | 1,798 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 6 | 225 | 1 | 232 |
Impairment charge for the year | \u2013 | \u2013 | \u2013 | \u2013 | 7 | \u2013 | 7 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (63) | (1) | (64) |
Exchange movements | \u2013 | \u2013 | \u2013 | 2 | 42 | \u2013 | 44 |
31 December 2024 | 249 | \u2013 | \u2013 | 161 | 1,537 | 70 | 2,017 |
Net book values | |||||||
31 December 2024 | 349 | 451 | 253 | 1,469 | 1,115 | 5 | 3,642 |
31 December 2023 | 347 | 451 | 253 | 1,440 | 837 | 4 | 3,332 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights | Total |
2024 | |||||
Iberia | |||||
1 January and 31 December 2024 | \u2013 | 306 | \u2013 | 423 | 729 |
British Airways | |||||
1 January 2024 | 47 | \u2013 | \u2013 | 798 | 845 |
Exchange movements | 2 | \u2013 | \u2013 | 35 | 37 |
31 December 2024 | 49 | \u2013 | \u2013 | 833 | 882 |
Vueling | |||||
1 January and 31 December 2024 | 28 | 35 | \u2013 | 94 | 157 |
Aer Lingus | |||||
1 January and 31 December 2024 | 272 | 110 | \u2013 | 62 | 444 |
IAG Loyalty | |||||
1 January and 31 December 2024 | \u2013 | \u2013 | 253 | \u2013 | 253 |
31 December 2024 | 349 | 451 | 253 | 1,412 | 2,465 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing 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 |
2024 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 12- 16 | 11- 13 | 8- 10 | 8- 13 | 20- 21 |
Average ASK growth per annum1 | \u2014- 8 | 2- 7 | 1- 8 | 2- 3 | n/a |
Long-term growth rate | 1.8 | 1.4 | 1.0 | 1.3 | 1.6 |
Pre-tax discount rate | 11.3 | 11.6 | 13.7 | 10.7 | 15.5 |
2023 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 7- 14 | 7- 14 | 4- 12 | 6- 14 | 23 |
Average ASK growth per annum1 | 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 |
Jet fuel price ($ per MT) | Within 12 months | 1-2 years | 2-3 years | 3 years and thereafter |
2024 | 704 | 715 | 717 | 717 |
2023 | 895 | 829 | 800 | 800 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights1 | Software | Other | Total2 |
Cost | |||||||
Balance at 1 January 2023 | 595 | 451 | 253 | 1,588 | 1,806 | 88 | 4,781 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | 365 | 1 | 366 |
Disposals | \u2013 | \u2013 | \u2013 | (6) | (49) | \u2013 | (55) |
Reclassifications | \u2013 | \u2013 | \u2013 | \u2013 | 23 | (15) | 8 |
Exchange movements | 1 | \u2013 | \u2013 | 11 | 18 | \u2013 | 30 |
Balance at 31 December 2023 | 596 | 451 | 253 | 1,593 | 2,163 | 74 | 5,130 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | 493 | 1 | 494 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (69) | \u2013 | (69) |
Reclassifications | \u2013 | \u2013 | \u2013 | \u2013 | (1) | \u2013 | (1) |
Exchange movements | 2 | \u2013 | \u2013 | 37 | 66 | \u2013 | 105 |
31 December 2024 | 598 | 451 | 253 | 1,630 | 2,652 | 75 | 5,659 |
Amortisation and impairment | |||||||
Balance at 1 January 2023 | 249 | \u2013 | \u2013 | 146 | 1,169 | 68 | 1,632 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 6 | 185 | 2 | 193 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (39) | \u2013 | (39) |
Exchange movements | \u2013 | \u2013 | \u2013 | 1 | 11 | \u2013 | 12 |
Balance at 31 December 2023 | 249 | \u2013 | \u2013 | 153 | 1,326 | 70 | 1,798 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 6 | 225 | 1 | 232 |
Impairment charge for the year | \u2013 | \u2013 | \u2013 | \u2013 | 7 | \u2013 | 7 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (63) | (1) | (64) |
Exchange movements | \u2013 | \u2013 | \u2013 | 2 | 42 | \u2013 | 44 |
31 December 2024 | 249 | \u2013 | \u2013 | 161 | 1,537 | 70 | 2,017 |
Net book values | |||||||
31 December 2024 | 349 | 451 | 253 | 1,469 | 1,115 | 5 | 3,642 |
31 December 2023 | 347 | 451 | 253 | 1,440 | 837 | 4 | 3,332 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights | Total |
2024 | |||||
Iberia | |||||
1 January and 31 December 2024 | \u2013 | 306 | \u2013 | 423 | 729 |
British Airways | |||||
1 January 2024 | 47 | \u2013 | \u2013 | 798 | 845 |
Exchange movements | 2 | \u2013 | \u2013 | 35 | 37 |
31 December 2024 | 49 | \u2013 | \u2013 | 833 | 882 |
Vueling | |||||
1 January and 31 December 2024 | 28 | 35 | \u2013 | 94 | 157 |
Aer Lingus | |||||
1 January and 31 December 2024 | 272 | 110 | \u2013 | 62 | 444 |
IAG Loyalty | |||||
1 January and 31 December 2024 | \u2013 | \u2013 | 253 | \u2013 | 253 |
31 December 2024 | 349 | 451 | 253 | 1,412 | 2,465 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing 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 |
2024 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 12- 16 | 11- 13 | 8- 10 | 8- 13 | 20- 21 |
Average ASK growth per annum1 | \u2014- 8 | 2- 7 | 1- 8 | 2- 3 | n/a |
Long-term growth rate | 1.8 | 1.4 | 1.0 | 1.3 | 1.6 |
Pre-tax discount rate | 11.3 | 11.6 | 13.7 | 10.7 | 15.5 |
2023 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 7- 14 | 7- 14 | 4- 12 | 6- 14 | 23 |
Average ASK growth per annum1 | 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 |
Jet fuel price ($ per MT) | Within 12 months | 1-2 years | 2-3 years | 3 years and thereafter |
2024 | 704 | 715 | 717 | 717 |
2023 | 895 | 829 | 800 | 800 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights1 | Software | Other | Total2 |
Cost | |||||||
Balance at 1 January 2023 | 595 | 451 | 253 | 1,588 | 1,806 | 88 | 4,781 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | 365 | 1 | 366 |
Disposals | \u2013 | \u2013 | \u2013 | (6) | (49) | \u2013 | (55) |
Reclassifications | \u2013 | \u2013 | \u2013 | \u2013 | 23 | (15) | 8 |
Exchange movements | 1 | \u2013 | \u2013 | 11 | 18 | \u2013 | 30 |
Balance at 31 December 2023 | 596 | 451 | 253 | 1,593 | 2,163 | 74 | 5,130 |
Additions | \u2013 | \u2013 | \u2013 | \u2013 | 493 | 1 | 494 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (69) | \u2013 | (69) |
Reclassifications | \u2013 | \u2013 | \u2013 | \u2013 | (1) | \u2013 | (1) |
Exchange movements | 2 | \u2013 | \u2013 | 37 | 66 | \u2013 | 105 |
31 December 2024 | 598 | 451 | 253 | 1,630 | 2,652 | 75 | 5,659 |
Amortisation and impairment | |||||||
Balance at 1 January 2023 | 249 | \u2013 | \u2013 | 146 | 1,169 | 68 | 1,632 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 6 | 185 | 2 | 193 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (39) | \u2013 | (39) |
Exchange movements | \u2013 | \u2013 | \u2013 | 1 | 11 | \u2013 | 12 |
Balance at 31 December 2023 | 249 | \u2013 | \u2013 | 153 | 1,326 | 70 | 1,798 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 6 | 225 | 1 | 232 |
Impairment charge for the year | \u2013 | \u2013 | \u2013 | \u2013 | 7 | \u2013 | 7 |
Disposals | \u2013 | \u2013 | \u2013 | \u2013 | (63) | (1) | (64) |
Exchange movements | \u2013 | \u2013 | \u2013 | 2 | 42 | \u2013 | 44 |
31 December 2024 | 249 | \u2013 | \u2013 | 161 | 1,537 | 70 | 2,017 |
Net book values | |||||||
31 December 2024 | 349 | 451 | 253 | 1,469 | 1,115 | 5 | 3,642 |
31 December 2023 | 347 | 451 | 253 | 1,440 | 837 | 4 | 3,332 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights | Total |
2024 | |||||
Iberia | |||||
1 January and 31 December 2024 | \u2013 | 306 | \u2013 | 423 | 729 |
British Airways | |||||
1 January 2024 | 47 | \u2013 | \u2013 | 798 | 845 |
Exchange movements | 2 | \u2013 | \u2013 | 35 | 37 |
31 December 2024 | 49 | \u2013 | \u2013 | 833 | 882 |
Vueling | |||||
1 January and 31 December 2024 | 28 | 35 | \u2013 | 94 | 157 |
Aer Lingus | |||||
1 January and 31 December 2024 | 272 | 110 | \u2013 | 62 | 444 |
IAG Loyalty | |||||
1 January and 31 December 2024 | \u2013 | \u2013 | 253 | \u2013 | 253 |
31 December 2024 | 349 | 451 | 253 | 1,412 | 2,465 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing 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 |
2024 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 12- 16 | 11- 13 | 8- 10 | 8- 13 | 20- 21 |
Average ASK growth per annum1 | \u2014- 8 | 2- 7 | 1- 8 | 2- 3 | n/a |
Long-term growth rate | 1.8 | 1.4 | 1.0 | 1.3 | 1.6 |
Pre-tax discount rate | 11.3 | 11.6 | 13.7 | 10.7 | 15.5 |
2023 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 7- 14 | 7- 14 | 4- 12 | 6- 14 | 23 |
Average ASK growth per annum1 | 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 |
Jet fuel price ($ per MT) | Within 12 months | 1-2 years | 2-3 years | 3 years and thereafter |
2024 | 704 | 715 | 717 | 717 |
2023 | 895 | 829 | 800 | 800 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing rights | Total |
2024 | |||||
Iberia | |||||
1 January and 31 December 2024 | \u2013 | 306 | \u2013 | 423 | 729 |
British Airways | |||||
1 January 2024 | 47 | \u2013 | \u2013 | 798 | 845 |
Exchange movements | 2 | \u2013 | \u2013 | 35 | 37 |
31 December 2024 | 49 | \u2013 | \u2013 | 833 | 882 |
Vueling | |||||
1 January and 31 December 2024 | 28 | 35 | \u2013 | 94 | 157 |
Aer Lingus | |||||
1 January and 31 December 2024 | 272 | 110 | \u2013 | 62 | 444 |
IAG Loyalty | |||||
1 January and 31 December 2024 | \u2013 | \u2013 | 253 | \u2013 | 253 |
31 December 2024 | 349 | 451 | 253 | 1,412 | 2,465 |
\u20ac million | Goodwill | Brand | Customer loyalty programmes | Landing 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 |
2024 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 12- 16 | 11- 13 | 8- 10 | 8- 13 | 20- 21 |
Average ASK growth per annum1 | \u2014- 8 | 2- 7 | 1- 8 | 2- 3 | n/a |
Long-term growth rate | 1.8 | 1.4 | 1.0 | 1.3 | 1.6 |
Pre-tax discount rate | 11.3 | 11.6 | 13.7 | 10.7 | 15.5 |
2023 | |||||
Per cent | British Airways | Iberia | Vueling | Aer Lingus | IAG Loyalty |
Operating margin1 | 7- 14 | 7- 14 | 4- 12 | 6- 14 | 23 |
Average ASK growth per annum1 | 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 |
Jet fuel price ($ per MT) | Within 12 months | 1-2 years | 2-3 years | 3 years and thereafter |
2024 | 704 | 715 | 717 | 717 |
2023 | 895 | 829 | 800 | 800 |
\u20ac million | 2024 | 2023 |
Total assets | 166 | 166 |
Total liabilities | (127) | (119) |
Revenue | 96 | 107 |
Profit for the year | \u2013 | 6 |
\u20ac million | 2024 | 2023 |
At beginning of year | 47 | 43 |
Additions | 1 | \u2013 |
Share of retained profits | \u2013 | 6 |
Dividends received | (5) | (2) |
Exchange movements | 1 | \u2013 |
44 | 47 |
Name and address | Country of incorporation | Percentage of equity owned | Currency | Shareholder\u2019s funds (million) | Profit/(loss) before tax (million) |
Air Europa Holdings S.L. 1 Carretera Arenal - Llucmajor, km 21.5, Llucmajor, 07620 | Spain | 20% | \u20ac | 32 | 7 |
Servicios de Instrucci\u00f3n de Vuelo, S.L. El Caser\u00edo, Iberia Zona Industrial 2 (La Mu\u00f1oza), Camino de la Mu\u00f1oza s/n, Madrid, 28042 | Spain | 19.9% | \u20ac | 74 | 4 |
The Airline Group Limited 5th Floor, Brettenham House South, Lancaster Place, London, WC2N 7EN | England | 16.7% | \u00a3 | 208 | \u2013 |
Travel Quinto Centenario, S.A. Calle Alemanes 3, Sevilla, 41004 | Spain | 10% | \u20ac | \u2013 | \u2013 |
i6 Group Limited Farnborough Airport, Ively Road, Farnborough, Hampshire, GU14 6XA | England | 7.4% | \u00a3 | \u2013 | (2) |
NAYAKJV1, SL Carrer d'Osona 2, 08820 El Prat de Llobregat | Spain | 5.0% | \u20ac | 1 | \u2013 |
Monese Limited Eagle House 163 City Road, London, EC1V 1NR | England | 4.8% | \u00a3 | 8 | (31) |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
BA and AA Holdings Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
BA Call Centre India Private Limited (callBA) F-42, East of Kailash, New Delhi, 110065 | Call centre | India | 100% |
BA Cityflyer Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Airline operations | England | 100% |
BA Euroflyer Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Airline operations | England | 100% |
BA European Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
BA Excepted Group Life Scheme Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Life insurance | England | 100% |
BA Healthcare Trust Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
BA Holdco Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
BA Number One Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
BA Number Two Limited IFC 5, St Helier, JE1 1ST | Holding company | Jersey | 100% |
Bealine Plc Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
BritAir Holdings Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
British Airways (BA) Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
British Airways 777 Leasing Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Aircraft leasing | England | 100% |
British Airways Associated Companies Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
British Airways Avionic Engineering Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Aircraft maintenance | England | 100% |
British Airways Capital Limited Queensway House, Hilgrove Street, St Helier, JE1 1ES | Aircraft financing | Jersey | 100% |
British Airways Holdings B.V. Strawinskylaan 3105, Atrium, Amsterdam, 1077ZX | Holding company | Netherlands | 100% |
British Airways Interior Engineering Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Aircraft maintenance | England | 100% |
British Airways Leasing Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Aircraft leasing | England | 100% |
British Airways Maintenance Cardiff Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Aircraft maintenance | England | 100% |
British Airways Pension Trustees (No 2) Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Trustee company | England | 100% |
British Midland Airways Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
British Midland Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
Gatwick Ground Services Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Ground services | England | 100% |
Speedbird Insurance Company Limited* Canon\u2019s Court, 22 Victoria Street, Hamilton, HM 12 | Insurance | Bermuda | 100% |
British Airways Engineering Gatwick Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Aircraft maintenance | England | 100% |
Avios Group (AGL) Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Management of airline loyalty reward currency | England | 86% 1 |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
Compa\u00f1\u00eda Operadora de Corto y Medio Radio Iberia Express, S.A.* Calle Alca\u00f1iz 23, Madrid, 28006 | Airline operations | Spain | 100% |
Compa\u00f1\u00eda Explotaci\u00f3n Aviones Cargueros Cargosur, S.A. Calle Mart\u00ednez Villergas 49, Madrid, 28027 | Cargo transport | Spain | 100% |
Iberia LAE M\u00e9xico SA de CV Xochicalco 174, Col. Narvarte, Alcald\u00eda Benito Ju\u00e1rez, Mexico City, 03020 | Aircraft technical assistance | Mexico | 100% |
Iberia L\u00edneas A\u00e9reas de Espa\u00f1a, S.A. Operadora* Calle Mart\u00ednez Villergas 49, Madrid, 28027 | Airline operations and maintenance | Spain | 100% 2 |
Iberia Operadora UK Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100%1 |
Iberia Tecnolog\u00eda, S.A.* Calle Mart\u00ednez Villergas 49, Madrid, 28027 | Aircraft maintenance | Spain | 100% |
South Europe Ground Services, S.L. Avenida de la Hispanidad 6, Madrid, 28042 | Ground handling services | Spain | 100% |
Iberia Desarrollo Barcelona, S.L.* Avenida de les Garrigues 38-44, Edificio B, El Prat de Llobregat, Barcelona, 08220 | Airport infrastructure development | Spain | 75% |
Fly Level Barcelona LH, S.L. Calle Catalunya 83, Viladecans, Barcelona, 08840 | Airline operations | Spain | 50% |
Avios Group (AGL) Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Management of airline loyalty reward currency | England | 14% 1 |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
Aer Lingus (Ireland) Limited Dublin Airport, Dublin | Provision of human resources support to fellow group companies | Republic of Ireland | 100% |
Aer Lingus 2009 DCS Trustee Limited Dublin Airport, Dublin | Trustee | Republic of Ireland | 100% |
Aer Lingus Beachey Limited Penthouse Suite, Analyst House, Peel Road, Douglas, IM1 4LZ | Dormant | Isle of Man | 100% |
Aer Lingus Group DAC* Dublin Airport, Dublin | Holding company | Republic of Ireland | 100% 3 |
Aer Lingus Limited* Dublin Airport, Dublin | Airline operations | Republic of Ireland | 100% |
Aer Lingus (UK) Limited Victoria House, 15-17 Gloucester Street, Belfast, BT1 4LS | Airline operations | Northern Ireland | 100% |
ALG Trustee Limited 33-37 Athol Street, Douglas, IM1 1LB | Trustee | Isle of Man | 100% |
Dirnan Insurance Company Limited Canon\u2019s Court, 22 Victoria Street, Hamilton, HM 12 | Insurance | Bermuda | 100% |
Santain Developments Limited Dublin Airport, Dublin | Dormant | Republic of Ireland | 100% |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
Avios South Africa Proprietary Limited Block C, 1 Marignane Drive, Bonaero Park, Gauteng, 1619 | Dormant | South Africa | 100% |
IAG Loyalty Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
IAG Loyalty Retail Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Retail services | England | 100% |
British Airways Holidays Waterside, PO Box 365, Harmondsworth, UB7 0GB | Tour operator | England | 100% |
Overseas Air Travel Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Flight procurement | England | 100% |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
Cargo Innovations Limited Carrus Cargo Centre, PO Box 99, Sealand Road, London Heathrow Airport, Hounslow, Middlesex, TW6 2JS | Dormant | England | 100% |
Zenda Group Limited Carrus Cargo Centre, PO Box 99, Sealand Road, London Heathrow Airport, Hounslow, Middlesex, TW6 2JS | Dormant | England | 100% |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
Yellow Handling, S.L.U Calle Catalunya 83, Viladecans, Barcelona, 08840 | Ground handling services | Spain | 100% |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
Fly Level UK Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Dormant | England | 100% |
Openskies SASU 3 Rue le Corbusier, Rungis, 94150 | Airline operations | France | 100% |
Name and address | Principal activity | Country of incorporation | Percentage of equity owned |
AERL Holding Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | Holding company | England | 100% |
British Airways Plc* Waterside, PO Box 365, Harmondsworth, UB7 0GB | Airline operations | England | 100% 4 |
Fly Level Barcelona LH, S.L. Calle Catalunya 83, Viladecans, Barcelona, 08840 | Airline operations | Spain | 100%5 |
Fly Level, S.L. El Caser\u00edo, Iberia Zona Industrial 2 (La Mu\u00f1oza), Camino de la Mu\u00f1oza s/n, Madrid, 28042 | Airline operations | Spain | 100% |
IAG Cargo Limited* Carrus Cargo Centre, PO Box 99, Sealand Road, London Heathrow Airport, Hounslow, TW6 2JS | Air freight operations | England | 100% |
IAG Connect Limited Waterside, PO Box 365, Harmondsworth, UB7 0GB | In-flight eCommerce platform | Republic of Ireland | 100% |
IAG GBS Limited* Waterside, PO Box 365, Harmondsworth, UB7 0GB | IT, finance, procurement services | England | 100% |
IAG GBS Poland sp z.o.o.* Ul. Opolska 114, Krakow, 31-323 | IT, finance, procurement services | Poland | 100% |
IB Opco Holding, S.L. Calle Mart\u00ednez Villergas 49, Madrid, 28027 | Holding company | Spain | 100%2 |
Vueling Airlines, S.A.* Calle Catalunya 83, Viladecans, Barcelona, 08840 | Airline operations | Spain | 99.5%6 |
\u20ac million | 2024 | 2023 |
Total assets | 166 | 166 |
Total liabilities | (127) | (119) |
Revenue | 96 | 107 |
Profit for the year | \u2013 | 6 |
\u20ac million | 2024 | 2023 |
At beginning of year | 47 | 43 |
Additions | 1 | \u2013 |
Share of retained profits | \u2013 | 6 |
Dividends received | (5) | (2) |
Exchange movements | 1 | \u2013 |
44 | 47 |
Name and address | Country of incorporation | Percentage of equity owned |
Empresa Hispano Cubana de Mantenimiento de Aeronaves, Ibeca, S.A. Carretera Aerocaribbean y Final, Terminal No 5 Jose Mart\u00ed Airport, Wajay, Municipio Boyeros, Havana | Cuba | 50% |
Empresa Log\u00edstica de Carga A\u00e9rea, S.A. Carretera de Wajay km 1 \u00bd, Jose Mart\u00ed Airport, Havana | Cuba | 50% |
Mundiplan Turismo y Ocio S.L. Calle Hermanos Garc\u00eda Noblejas 41, Madrid, 28037 | Spain | 50% |
Multiservicios Aeroportuarios, S.A. Avenida de Manoteras 46, 2\u00aa planta, Madrid, 28050 | Spain | 49% |
Dunwoody Airline Services Limited Building 552 Shoreham Road East, London Heathrow Airport, Hounslow, TW6 3UA | England | 40% |
Serpista, S.A. Calle Cardenal Marcelo Sp\u00ednola 10, Madrid, 28016 | Spain | 39% |
Air Miles Espa\u00f1a, S.A. Avenida de Bruselas 20, Alcobendas, Madrid, 28108 | Spain | 26.7% |
Inloyalty by Travel Club, S.L.U. Avenida de Bruselas 20, Alcobendas, Madrid, 28108 | Spain | 26.7% |
Viajes Ame, S.A.U. Avenida de Bruselas 20, Alcobendas, Madrid, 28108 | Spain | 26.7% |
LanzaJet Inc. 520 Lake Cook Road, Suite 680, Deerfield, Illinois, 60015 | USA | 12.8% |
\u20ac million | 2024 | 2023 |
Total assets | 166 | 166 |
Total liabilities | (127) | (119) |
Revenue | 96 | 107 |
Profit for the year | \u2013 | 6 |
\u20ac million | 2024 | 2023 |
At beginning of year | 47 | 43 |
Additions | 1 | \u2013 |
Share of retained profits | \u2013 | 6 |
Dividends received | (5) | (2) |
Exchange movements | 1 | \u2013 |
44 | 47 |
Name and address | Country of incorporation | Percentage of equity owned |
Sociedad Conjunta para la Emisi\u00f3n y Gesti\u00f3n de Medios de Pago EFC, S.A. Calle de O\u2019Donnell 12, Madrid, 28009 | Spain | 50.5% |
Significant accounting judgement applied \u2013 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; it 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\u00a0at\u00a0fair value through Other comprehensive income. Had the Group concluded that it does have significant influence over Air\u00a0Europa Holdings, then the shareholding would have been classified as an associate, measured at cost on inception and subsequently measured using the equity method. | ||
\u20ac million | 2024 | 2023 |
Unlisted securities | 190 | 188 |
190 | 188 |
\u20ac million | 2024 | 20231 |
Amounts falling due within one year | ||
Trade receivables | 1,885 | 1,673 |
Provision for expected credit loss | (111) | (114) |
Net trade receivables | 1,774 | 1,559 |
Prepayments | 887 | 750 |
Accrued income2 | 511 | 495 |
Carbon-related assets1,3 | 323 | 247 |
Other non-trade receivables | 615 | 329 |
Carbon-related and other current assets | 2,336 | 1,821 |
Amounts falling due after one year | ||
Prepayments | 515 | 401 |
Accrued income2 | 10 | 9 |
Carbon-related assets1,3 | 275 | 330 |
Other non-trade receivables | 116 | 22 |
Carbon-related and other assets due after one year | 916 | 762 |
\u20ac million | 2024 | 2023 |
At beginning of year | 114 | 114 |
Provided during the year | 6 | 4 |
Released during the year | (4) | (3) |
Receivables written off during the year | (7) | (1) |
Exchange movements | 2 | \u2013 |
111 | 114 |
\u20ac million | Current | <30 days | 30-180 days | 180-365 days | > 365 days |
Trade receivables | 1,224 | 188 | 284 | 49 | 140 |
Expected credit loss rate | 0.1% | 0.1% | 0.7% | 6.1% | 75.7% |
Provision for expected credit loss | \u2013 | \u2013 | 2 | 3 | 106 |
\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 |
\u20ac million | 2024 | 20231 |
Amounts falling due within one year | ||
Trade receivables | 1,885 | 1,673 |
Provision for expected credit loss | (111) | (114) |
Net trade receivables | 1,774 | 1,559 |
Prepayments | 887 | 750 |
Accrued income2 | 511 | 495 |
Carbon-related assets1,3 | 323 | 247 |
Other non-trade receivables | 615 | 329 |
Carbon-related and other current assets | 2,336 | 1,821 |
Amounts falling due after one year | ||
Prepayments | 515 | 401 |
Accrued income2 | 10 | 9 |
Carbon-related assets1,3 | 275 | 330 |
Other non-trade receivables | 116 | 22 |
Carbon-related and other assets due after one year | 916 | 762 |
\u20ac million | 2024 | 2023 |
At beginning of year | 114 | 114 |
Provided during the year | 6 | 4 |
Released during the year | (4) | (3) |
Receivables written off during the year | (7) | (1) |
Exchange movements | 2 | \u2013 |
111 | 114 |
\u20ac million | Current | <30 days | 30-180 days | 180-365 days | > 365 days |
Trade receivables | 1,224 | 188 | 284 | 49 | 140 |
Expected credit loss rate | 0.1% | 0.1% | 0.7% | 6.1% | 75.7% |
Provision for expected credit loss | \u2013 | \u2013 | 2 | 3 | 106 |
\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 |
\u20ac million | 2024 | 20231 |
Amounts falling due within one year | ||
Trade receivables | 1,885 | 1,673 |
Provision for expected credit loss | (111) | (114) |
Net trade receivables | 1,774 | 1,559 |
Prepayments | 887 | 750 |
Accrued income2 | 511 | 495 |
Carbon-related assets1,3 | 323 | 247 |
Other non-trade receivables | 615 | 329 |
Carbon-related and other current assets | 2,336 | 1,821 |
Amounts falling due after one year | ||
Prepayments | 515 | 401 |
Accrued income2 | 10 | 9 |
Carbon-related assets1,3 | 275 | 330 |
Other non-trade receivables | 116 | 22 |
Carbon-related and other assets due after one year | 916 | 762 |
\u20ac million | 2024 | 2023 |
At beginning of year | 114 | 114 |
Provided during the year | 6 | 4 |
Released during the year | (4) | (3) |
Receivables written off during the year | (7) | (1) |
Exchange movements | 2 | \u2013 |
111 | 114 |
\u20ac million | Current | <30 days | 30-180 days | 180-365 days | > 365 days |
Trade receivables | 1,224 | 188 | 284 | 49 | 140 |
Expected credit loss rate | 0.1% | 0.1% | 0.7% | 6.1% | 75.7% |
Provision for expected credit loss | \u2013 | \u2013 | 2 | 3 | 106 |
\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 |
\u20ac million | 2024 | 20231 |
Amounts falling due within one year | ||
Trade receivables | 1,885 | 1,673 |
Provision for expected credit loss | (111) | (114) |
Net trade receivables | 1,774 | 1,559 |
Prepayments | 887 | 750 |
Accrued income2 | 511 | 495 |
Carbon-related assets1,3 | 323 | 247 |
Other non-trade receivables | 615 | 329 |
Carbon-related and other current assets | 2,336 | 1,821 |
Amounts falling due after one year | ||
Prepayments | 515 | 401 |
Accrued income2 | 10 | 9 |
Carbon-related assets1,3 | 275 | 330 |
Other non-trade receivables | 116 | 22 |
Carbon-related and other assets due after one year | 916 | 762 |
\u20ac million | 2024 | 2023 |
At beginning of year | 114 | 114 |
Provided during the year | 6 | 4 |
Released during the year | (4) | (3) |
Receivables written off during the year | (7) | (1) |
Exchange movements | 2 | \u2013 |
111 | 114 |
\u20ac million | Current | <30 days | 30-180 days | 180-365 days | > 365 days |
Trade receivables | 1,224 | 188 | 284 | 49 | 140 |
Expected credit loss rate | 0.1% | 0.1% | 0.7% | 6.1% | 75.7% |
Provision for expected credit loss | \u2013 | \u2013 | 2 | 3 | 106 |
\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 |
\u20ac million | 2024 | 2023 |
Cash at bank and in hand | 2,975 | 1,531 |
Short-term deposits maturing within three months | 5,214 | 3,910 |
Cash and cash equivalents | 8,189 | 5,441 |
Current interest-bearing deposits maturing after three months | 1,639 | 1,396 |
Cash, cash equivalents and other interest-bearing deposits | 9,828 | 6,837 |
\u20ac million | Balance at 1 January 2024 | Cash flows | Exchange movements | New leases and modifications | Other items | Balance at 31 December 2024 |
Bank, other loans, convertible bond and asset financed liabilities | 7,115 | 1,064 | 217 | \u2013 | 303 | 8,699 |
Lease liabilities | 8,967 | (1,737) | 422 | 988 | 6 | 8,646 |
Cash and cash equivalents | (5,441) | (2,695) | (53) | \u2013 | \u2013 | (8,189) |
Current interest-bearing deposits | (1,396) | (215) | (28) | \u2013 | \u2013 | (1,639) |
9,245 | (3,583) | 558 | 988 | 309 | 7,517 |
\u20ac million | Balance at 1 January 2023 | Cash flows | Exchange movements | New leases and modifications | Other items | Balance at 31 December 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 |
\u20ac million | 2024 | 2023 |
Trade creditors | 3,350 | 3,177 |
Other creditors | 1,481 | 1,244 |
Other taxation and social security | 280 | 262 |
Accruals | 847 | 683 |
Deferred income relating to non-flight activity | 191 | 224 |
6,149 | 5,590 |
Days | 2024 | 2023 |
Average payment days for payment to suppliers | 25 | 25 |
Ratio of transactions paid | 26 | 25 |
Ratio of transactions outstanding for payment | 19 | 17 |
\u20ac million | 2024 | 2023 |
Total payments made | 9,606 | 10,966 |
Total payments outstanding | 152 | 158 |
2024 | 2023 | |
Total payments made (\u20ac million) | 8,523 | 10,002 |
Percentage share of total payments to suppliers | 89% | 91% |
Number of invoices paid (thousand) | 218 | 213 |
Percentage share of total number of invoices paid | 77% | 76% |
\u20ac million | 2024 | 2023 |
Non-current other creditors | 343 | 164 |
Accruals and deferred income | 58 | 55 |
401 | 219 |
2024 | 2023 | ||||||
\u20ac million | Current | Non-current | Total | Current | Non-current | Total | |
Bank and other loans1 | 601 | 1,294 | 1,895 | 113 | 1,840 | 1,953 | |
Convertible bond1 | 1,016 | \u2013 | 1,016 | 735 | \u2013 | 735 | |
Asset financed liabilities | 381 | 5,407 | 5,788 | 303 | 4,124 | 4,427 | |
Lease liabilities | 1,477 | 7,169 | 8,646 | 1,826 | 7,141 | 8,967 | |
Interest-bearing long-term borrowings | 3,475 | 13,870 | 17,345 | 2,977 | 13,105 | 16,082 |
\u20ac million | 2024 | 2023 |
\u20ac825 million fixed rate 1.125% convertible bond 2028 1 | 1,016 | 735 |
\u20ac700 million fixed rate 3.75% unsecured bond 2029 2 | 718 | 717 |
\u20ac500 million fixed rate 2.75% unsecured bond 20252 | 510 | 510 |
\u20ac500 million fixed rate 1.50% bond 2027 3 | 501 | 500 |
Floating rate euro mortgage loans secured on aircraft4 | 66 | 114 |
Fixed rate secured bonds 5 | 56 | 56 |
Fixed rate unsecured US dollar mortgage loan 6 | 35 | 46 |
Fixed rate unsecured euro loans with the Spanish State (Department of Industry) 7 | 9 | 10 |
Total bank, other loans and convertible bond | 2,911 | 2,688 |
Less: current instalments due on bank, other loans and convertible bond | (1,617) | (848) |
Total non-current bank, other loans and convertible bond | 1,294 | 1,840 |
Million | 2024 | 2023 |
Loans | ||
Bank: | ||
US dollar | $38 | $50 |
Euro | \u20ac75 | \u20ac124 |
\u20ac110 | \u20ac170 | |
Fixed rate bonds: | ||
Euro | \u20ac1,785 | \u20ac1,783 |
\u20ac1,785 | \u20ac1,783 | |
Convertible bond | ||
Euro | \u20ac1,016 | \u20ac735 |
\u20ac1,016 | \u20ac735 | |
Asset financed liabilities | ||
US dollar | $3,977 | $3,849 |
Euro | \u20ac1,730 | \u20ac746 |
Japanese yen | \u00a535,051 | \u00a528,432 |
\u20ac5,788 | \u20ac4,427 | |
Lease liabilities | ||
US dollar | $6,873 | $7,399 |
Euro | \u20ac799 | \u20ac1,008 |
Japanese yen | \u00a558,881 | \u00a568,998 |
Pound sterling | \u00a3696 | \u00a3690 |
\u20ac8,646 | \u20ac8,967 | |
Total interest-bearing borrowings | \u20ac17,345 | \u20ac16,082 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by balance sheet item |
Non-current assets | |||||
Other equity investments | \u2013 | 190 | \u2013 | \u2013 | 190 |
Derivative financial instruments | \u2013 | \u2013 | 229 | \u2013 | 229 |
Other non-current assets | 225 | \u2013 | 4 | 687 | 916 |
Current assets | |||||
Trade receivables | 1,774 | \u2013 | \u2013 | \u2013 | 1,774 |
Other current assets | 699 | \u2013 | \u2013 | 1,637 | 2,336 |
Derivative financial instruments | \u2013 | \u2013 | 395 | \u2013 | 395 |
Other current interest-bearing deposits | 1,639 | \u2013 | \u2013 | \u2013 | 1,639 |
Cash and cash equivalents | 8,189 | \u2013 | \u2013 | \u2013 | 8,189 |
Financial liabilities | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,169 | \u2013 | \u2013 | 7,169 | |
Interest-bearing long-term borrowings | 6,701 | \u2013 | \u2013 | 6,701 | |
Derivative financial instruments | \u2013 | 102 | \u2013 | 102 | |
Other long-term liabilities | 171 | \u2013 | 230 | 401 | |
Current liabilities | |||||
Lease liabilities | 1,477 | \u2013 | \u2013 | 1,477 | |
Current portion of long-term borrowings | 982 | 1,016 | \u2013 | 1,998 | |
Trade and other payables | 4,746 | \u2013 | 1,403 | 6,149 | |
Derivative financial instruments | \u2013 | 194 | \u2013 | 194 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by 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 assets1 | 211 | \u2013 | \u2013 | 551 | 762 |
Current assets | |||||
Trade receivables | 1,559 | \u2013 | \u2013 | \u2013 | 1,559 |
Other current assets1 | 545 | \u2013 | \u2013 | 1,276 | 1,821 |
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 | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,141 | \u2013 | \u2013 | 7,141 | |
Interest-bearing long-term borrowings2 | 5,964 | \u2013 | \u2013 | 5,964 | |
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 borrowings2 | 416 | 735 | \u2013 | 1,151 | |
Trade and other payables | 5,198 | \u2013 | 392 | 5,590 | |
Derivative financial instruments | \u2013 | 461 | \u2013 | 461 |
Fair value | Carrying value | |||||
\u20ac million | Level 1 | Level 2 | Level 3 | Total | Total | |
Financial assets | ||||||
Other equity investments | 1 | \u2013 | 189 | 190 | 190 | |
Other non-current financial assets | \u2013 | 22 | 4 | 26 | 23 | |
Derivative financial assets: | ||||||
Interest rate swaps 1 | \u2013 | 14 | \u2013 | 14 | 14 | |
Foreign exchange contracts 1 | \u2013 | 583 | \u2013 | 583 | 583 | |
Fuel derivatives 1 | \u2013 | 27 | \u2013 | 27 | 27 | |
Financial liabilities | ||||||
Interest-bearing loans and borrowings: | ||||||
Asset financed liabilities | \u2013 | 5,400 | \u2013 | 5,400 | 5,788 | |
Fixed rate borrowings | 2,762 | 45 | \u2013 | 2,807 | 2,845 | |
Floating rate borrowings | \u2013 | 66 | \u2013 | 66 | 66 | |
Derivative financial liabilities: | ||||||
Interest rate derivatives 2 | \u2013 | 2 | \u2013 | 2 | 2 | |
Foreign exchange contracts 2 | \u2013 | 78 | \u2013 | 78 | 78 | |
Fuel derivatives 2 | \u2013 | 216 | \u2013 | 216 | 216 |
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 1 | \u2013 | 32 | \u2013 | 32 | 32 | |
Foreign exchange contracts 1 | \u2013 | 58 | \u2013 | 58 | 58 | |
Fuel derivatives 1 | \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 2 | \u2013 | 4 | \u2013 | 4 | 4 | |
Foreign exchange contracts 2 | \u2013 | 415 | \u2013 | 415 | 415 | |
Fuel derivatives 2 | \u2013 | 148 | \u2013 | 148 | 148 |
\u20ac million | 2024 | 2023 |
Opening balance for the year | 187 | 55 |
Additions | 20 | 5 |
Transfers to Level 1 financial assets | \u2013 | (1) |
Net (losses)/gains recognised in Other comprehensive income | (19) | 128 |
Exchange movement | 1 | \u2013 |
Closing balance for the year | 189 | 187 |
\u20ac million | 2024 | 2023 |
Loan repayments to hedge future revenue | (42) | 22 |
Foreign exchange contracts to hedge future revenue and expenditure 1 | (169) | 94 |
Crude, gas oil and jet kerosene derivative contracts 1 | 229 | 67 |
Derivatives used to hedge interest rates 1 | 11 | (1) |
Instruments for which hedge accounting no longer applies 1, 2 | 40 | 123 |
69 | 305 | |
Related deferred tax credit | (17) | (75) |
Total amount included within equity | 52 | 230 |
Notional principal amounts \u20ac million | Average hedge rate | Hedge range | Within 1 year | 1-2 years | 2-5 years | 5+ years | Total 31 December 2024 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to pound sterling 1 | 1.26 | 1.16 to 1.34 | 3,716 | 1,352 | 206 | \u2013 | 5,274 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to euros 1 | 1.11 | 1.04 to 1.19 | 1,907 | 959 | 295 | \u2013 | 3,161 |
Foreign exchange contracts to hedge future revenue and expenditure from euros to pound sterling 1 | 1.25 | 1.11 to 1.42 | 561 | 386 | 452 | 731 | 2,130 |
Fuel commodity price contracts to hedge future US dollar fuel expenditure 2 | 670 | 489 to 1,200 | 4,219 | 1,735 | 883 | \u2013 | 6,837 |
Interest rate contracts to hedge future interest expenditure 3, 4 | 1.87 | (0.06) to 3.90 | 2,052 | 509 | 149 | \u2013 |
Notional principal amounts \u20ac million | Average hedge rate | Hedge range | Within 1 year | 1-2 years | 2-5 years | 5+ years | Total 31 December 2023 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to pound sterling1 | 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 euros1 | 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 sterling1 | 1.21 | 1.07 to 1.42 | 479 | 375 | 357 | 124 | 1,335 |
Fuel commodity price contracts to hedge future US dollar fuel expenditure 2 | 722 | 489 to 1,200 | 5,425 | 1,948 | 980 | \u2013 | 8,353 |
Interest rate contracts to hedge future interest expenditure 3, 4 | 1.83 | (0.06) to 3.90 | 2,127 | 912 | 493 | 2 |
Amounts recognised in the Income statement | |||||
For the year to 31 December 2024 \u20ac million | Ineffectiveness1 | Reclassified to the Income statement | Total recognised movements | Fair value movements recognised in Other comprehensive income 2 | Amounts transferred to the Balance sheet |
Foreign exchange contracts to hedge future revenue and expenditure | 1 | (102) | (101) | (185) | 21 |
Crude, gas oil and jet kerosene derivative contracts | 1 | (26) | (25) | 190 | (7) |
Derivatives used to hedge interest rates | \u2013 | 17 | 17 | (5) | \u2013 |
Loan repayments to hedge future revenue | 19 | \u2013 | 19 | (72) | (10) |
Instruments for which hedge accounting no longer applies | \u2013 | \u2013 | \u2013 | \u2013 | (87) |
21 | (111) | (90) | (72) | (83) | |
Related deferred tax | 21 | 19 | 20 | ||
Total movements recorded in the cash flow hedge reserve | (69) | (53) | (63) |
Amounts recognised in the Income statement | |||||
For the year to 31 December 2023 \u20ac million | Ineffectiveness1 | Reclassified to the Income statement | Total recognised movements | Fair value movements recognised in Other comprehensive income 2 | Amounts transferred to the Balance sheet |
Foreign exchange contracts to hedge future revenue and expenditure | (1) | 31 | 30 | 234 | 3 |
Crude, gas oil and jet kerosene derivative contracts | 9 | 99 | 108 | 71 | 13 |
Derivatives used to hedge interest rates | \u2013 | 48 | 48 | (3) | \u2013 |
Loan repayments to hedge future revenue | \u2013 | \u2013 | \u2013 | (47) | (18) |
Instruments for which hedge accounting no longer applies | \u2013 | \u2013 | \u2013 | \u2013 | (92) |
8 | 178 | 186 | 255 | (94) | |
Related deferred tax | (44) | (60) | 10 | ||
Total movements recorded in the cash flow hedge reserve | 142 | 195 | (84) |
\u20ac million | 2024 | 2023 |
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items) 1 | (54) | (65) |
Carrying amount of the interest rate derivatives (hedging instruments) | (2) | (4) |
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item | (3) | (2) |
Change in value used for calculating hedge ineffectiveness | 4 | 3 |
\u20ac million | 2024 | 20231 |
Amounts falling due within one year | ||
Trade receivables | 1,885 | 1,673 |
Provision for expected credit loss | (111) | (114) |
Net trade receivables | 1,774 | 1,559 |
Prepayments | 887 | 750 |
Accrued income2 | 511 | 495 |
Carbon-related assets1,3 | 323 | 247 |
Other non-trade receivables | 615 | 329 |
Carbon-related and other current assets | 2,336 | 1,821 |
Amounts falling due after one year | ||
Prepayments | 515 | 401 |
Accrued income2 | 10 | 9 |
Carbon-related assets1,3 | 275 | 330 |
Other non-trade receivables | 116 | 22 |
Carbon-related and other assets due after one year | 916 | 762 |
\u20ac million | 2024 | 2023 |
At beginning of year | 114 | 114 |
Provided during the year | 6 | 4 |
Released during the year | (4) | (3) |
Receivables written off during the year | (7) | (1) |
Exchange movements | 2 | \u2013 |
111 | 114 |
\u20ac million | Current | <30 days | 30-180 days | 180-365 days | > 365 days |
Trade receivables | 1,224 | 188 | 284 | 49 | 140 |
Expected credit loss rate | 0.1% | 0.1% | 0.7% | 6.1% | 75.7% |
Provision for expected credit loss | \u2013 | \u2013 | 2 | 3 | 106 |
\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 |
\u20ac million | 2024 | 2023 |
At beginning of year | 114 | 114 |
Provided during the year | 6 | 4 |
Released during the year | (4) | (3) |
Receivables written off during the year | (7) | (1) |
Exchange movements | 2 | \u2013 |
111 | 114 |
\u20ac million | Current | <30 days | 30-180 days | 180-365 days | > 365 days |
Trade receivables | 1,224 | 188 | 284 | 49 | 140 |
Expected credit loss rate | 0.1% | 0.1% | 0.7% | 6.1% | 75.7% |
Provision for expected credit loss | \u2013 | \u2013 | 2 | 3 | 106 |
\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 |
\u20ac million | 2024 | 2023 |
Engineering expendables | 534 | 417 |
Catering consumables | 44 | 43 |
Other inventories | 39 | 34 |
617 | 494 |
\u20ac million | 2024 | 2023 |
Cash at bank and in hand | 2,975 | 1,531 |
Short-term deposits maturing within three months | 5,214 | 3,910 |
Cash and cash equivalents | 8,189 | 5,441 |
Current interest-bearing deposits maturing after three months | 1,639 | 1,396 |
Cash, cash equivalents and other interest-bearing deposits | 9,828 | 6,837 |
\u20ac million | Balance at 1 January 2024 | Cash flows | Exchange movements | New leases and modifications | Other items | Balance at 31 December 2024 |
Bank, other loans, convertible bond and asset financed liabilities | 7,115 | 1,064 | 217 | \u2013 | 303 | 8,699 |
Lease liabilities | 8,967 | (1,737) | 422 | 988 | 6 | 8,646 |
Cash and cash equivalents | (5,441) | (2,695) | (53) | \u2013 | \u2013 | (8,189) |
Current interest-bearing deposits | (1,396) | (215) | (28) | \u2013 | \u2013 | (1,639) |
9,245 | (3,583) | 558 | 988 | 309 | 7,517 |
\u20ac million | Balance at 1 January 2023 | Cash flows | Exchange movements | New leases and modifications | Other items | Balance at 31 December 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 |
\u20ac million | 2024 | 2023 |
Trade creditors | 3,350 | 3,177 |
Other creditors | 1,481 | 1,244 |
Other taxation and social security | 280 | 262 |
Accruals | 847 | 683 |
Deferred income relating to non-flight activity | 191 | 224 |
6,149 | 5,590 |
Days | 2024 | 2023 |
Average payment days for payment to suppliers | 25 | 25 |
Ratio of transactions paid | 26 | 25 |
Ratio of transactions outstanding for payment | 19 | 17 |
\u20ac million | 2024 | 2023 |
Total payments made | 9,606 | 10,966 |
Total payments outstanding | 152 | 158 |
2024 | 2023 | |
Total payments made (\u20ac million) | 8,523 | 10,002 |
Percentage share of total payments to suppliers | 89% | 91% |
Number of invoices paid (thousand) | 218 | 213 |
Percentage share of total number of invoices paid | 77% | 76% |
Significant accounting estimates applied - Revenue recognition: breakage assumptions applied to passenger revenue, customer loyalty programmes and unredeemed vouchers At 31 December 2024 the Group recognised \u20ac 8,536 million (2023 : \u20ac8,023 million) in respect of deferred revenue of which \u20ac 2,888 million (2023 : \u20ac2,712 million) related to customer loyalty programmes. | ||
Passenger revenue Passenger revenue is recognised when the transportation service is provided. At the time of intended transportation, revenue is\u00a0also 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 two percentage point increase in the level of\u00a0unused ticket breakage of the sales in advance of carriage balance (excluding vouchers) at 31 December 2024 would result in\u00a0an\u00a0adjustment to Deferred revenue of \u20ac 101 million (2023: \u20ac93 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
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. 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. The Group considers historical redemption activity representative of long-term behavioural trends. A five percentage point increase in the assumption of Avios not expected to\u00a0be\u00a0redeemed would result in an adjustment to Deferred revenue of \u20ac 99 million ( 2023: \u20ac94 million), with an offsetting adjustment to increase revenue and operating profit recognised in the year. | ||
Unredeemed vouchers liability At 31 December 2024, the Group recognised \u20ac 587 million in respect of unredeemed vouchers, including associated taxes ( 2023 : \u20ac 645 million) within Deferred revenue. Of the \u20ac 587 million, \u20ac 100 million (2023: \u20ac139 million) relates to vouchers issued due to COVID-19 pandemic flight cancellations, referred to as \u2018disrupted flights\u2019 and \u20ac 487 million (2023 : \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\u00a0the total voucher liability to mature within 12 months of the balance sheet date. Historically, where a voucher has been issued to a customer in the event of a flight cancellation, the Group estimated, based on\u00a0historical 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\u00a0greater 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 2024 and 2023, the Group considered 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. A five percentage point increase in the assumption of the number of vouchers outstanding at 31 December 2024 and not expected to be redeemed prior to expiry would result in a reduction to Deferred revenue of \u20ac29 million (2023: \u20ac32 million), with\u00a0an offsetting adjustment to increase Passenger revenue and Operating profit recognised in the year. | ||
\u20ac million | Customer loyalty programmes | Sales in advance of carriage | Total |
Balance at 1 January 2024 | 2,712 | 5,311 | 8,023 |
Cash received from customers1 | \u2013 | 26,241 | 26,241 |
Revenue recognised in the Income statement2, 3 | (1,397) | (26,248) | (27,645) |
Financing charge recognised in the Income statement | 13 | \u2013 | 13 |
Loyalty points issued to customers4 | 1,453 | 207 | 1,660 |
Exchange movements | 107 | 137 | 244 |
Balance at 31 December 2024 | 2,888 | 5,648 | 8,536 |
Analysis: | |||
Current | 2,685 | 5,648 | 8,333 |
Non-current | 203 | \u2013 | 203 |
2,888 | 5,648 | 8,536 |
\u20ac million | Customer loyalty programmes | Sales in advance of carriage 5 | Total |
Balance at 1 January 2023 | 2,630 | 5,014 | 7,644 |
Cash received from customers1, 5 | \u2013 | 24,405 | 24,405 |
Revenue recognised in the Income statement2, 3, 5 | (1,052) | (24,313) | (25,365) |
Financing charge recognised in the Income statement | 15 | \u2013 | 15 |
Loyalty points issued to customers4 | 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 |
\u20ac million | 2024 | 2023 |
Non-current other creditors | 343 | 164 |
Accruals and deferred income | 58 | 55 |
401 | 219 |
2024 | 2023 | ||||||
\u20ac million | Current | Non-current | Total | Current | Non-current | Total | |
Bank and other loans1 | 601 | 1,294 | 1,895 | 113 | 1,840 | 1,953 | |
Convertible bond1 | 1,016 | \u2013 | 1,016 | 735 | \u2013 | 735 | |
Asset financed liabilities | 381 | 5,407 | 5,788 | 303 | 4,124 | 4,427 | |
Lease liabilities | 1,477 | 7,169 | 8,646 | 1,826 | 7,141 | 8,967 | |
Interest-bearing long-term borrowings | 3,475 | 13,870 | 17,345 | 2,977 | 13,105 | 16,082 |
\u20ac million | 2024 | 2023 |
\u20ac825 million fixed rate 1.125% convertible bond 2028 1 | 1,016 | 735 |
\u20ac700 million fixed rate 3.75% unsecured bond 2029 2 | 718 | 717 |
\u20ac500 million fixed rate 2.75% unsecured bond 20252 | 510 | 510 |
\u20ac500 million fixed rate 1.50% bond 2027 3 | 501 | 500 |
Floating rate euro mortgage loans secured on aircraft4 | 66 | 114 |
Fixed rate secured bonds 5 | 56 | 56 |
Fixed rate unsecured US dollar mortgage loan 6 | 35 | 46 |
Fixed rate unsecured euro loans with the Spanish State (Department of Industry) 7 | 9 | 10 |
Total bank, other loans and convertible bond | 2,911 | 2,688 |
Less: current instalments due on bank, other loans and convertible bond | (1,617) | (848) |
Total non-current bank, other loans and convertible bond | 1,294 | 1,840 |
Million | 2024 | 2023 |
Loans | ||
Bank: | ||
US dollar | $38 | $50 |
Euro | \u20ac75 | \u20ac124 |
\u20ac110 | \u20ac170 | |
Fixed rate bonds: | ||
Euro | \u20ac1,785 | \u20ac1,783 |
\u20ac1,785 | \u20ac1,783 | |
Convertible bond | ||
Euro | \u20ac1,016 | \u20ac735 |
\u20ac1,016 | \u20ac735 | |
Asset financed liabilities | ||
US dollar | $3,977 | $3,849 |
Euro | \u20ac1,730 | \u20ac746 |
Japanese yen | \u00a535,051 | \u00a528,432 |
\u20ac5,788 | \u20ac4,427 | |
Lease liabilities | ||
US dollar | $6,873 | $7,399 |
Euro | \u20ac799 | \u20ac1,008 |
Japanese yen | \u00a558,881 | \u00a568,998 |
Pound sterling | \u00a3696 | \u00a3690 |
\u20ac8,646 | \u20ac8,967 | |
Total interest-bearing borrowings | \u20ac17,345 | \u20ac16,082 |
2024 | 2023 | ||||||
\u20ac million | Current | Non-current | Total | Current | Non-current | Total | |
Bank and other loans1 | 601 | 1,294 | 1,895 | 113 | 1,840 | 1,953 | |
Convertible bond1 | 1,016 | \u2013 | 1,016 | 735 | \u2013 | 735 | |
Asset financed liabilities | 381 | 5,407 | 5,788 | 303 | 4,124 | 4,427 | |
Lease liabilities | 1,477 | 7,169 | 8,646 | 1,826 | 7,141 | 8,967 | |
Interest-bearing long-term borrowings | 3,475 | 13,870 | 17,345 | 2,977 | 13,105 | 16,082 |
Significant accounting estimate applied \u2013 Restoration and handback provisions: key assumptions underlying the carrying value of the provisions At 31 December 2024 , the Group recognised \u20ac3,014 million in respect of maintenance, restoration and handback provisions, principally in respect of leased aircraft (31 December 2023 : \u20ac 2,529 million). 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\u00a0assumptions 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 changes 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 point increase would give rise to an increase of \u20ac62 million (2023: \u20ac53 million) and a decrease of \u20ac70 million (2023: \u20ac59 million), respectively, in the provisions balance when applied in isolation to one another. | ||
Significant accounting judgement applied \u2013 Restoration and handback provisions: determination of accounting policy for leased aircraft IFRS 16 does not address the accounting for maintenance, restoration and handback provisions that arise through the usage of\u00a0the 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 balance sheet 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 depreciate 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. | ||
\u20ac million | Restoration and handback provisions | Restructuring provisions | Employee leaving indemnities and other employee related provisions | Legal claims and contractual disputes provisions | Carbon- related obligations 1 | Other provisions | Total |
Net book value 1 January 2024 | 2,529 | 94 | 735 | 82 | 247 | 53 | 3,740 |
Provisions recorded during the year | 609 | 162 | 34 | 26 | 314 | 32 | 1,177 |
Reclassifications | (18) | \u2013 | \u2013 | 1 | \u2013 | \u2013 | (17) |
Utilised during the year | (276) | (39) | (42) | (22) | \u2013 | (32) | (411) |
Extinguished during the year | \u2013 | \u2013 | \u2013 | \u2013 | (236) | \u2013 | (236) |
Release of unused amounts | (97) | (18) | \u2013 | (14) | (13) | \u2013 | (142) |
Unwinding of discount | 107 | 1 | 22 | \u2013 | \u2013 | \u2013 | 130 |
Remeasurements | 20 | \u2013 | 93 | \u2013 | \u2013 | \u2013 | 113 |
Exchange differences | 140 | 1 | \u2013 | 2 | 4 | \u2013 | 147 |
Net book value 31 December 2024 | 3,014 | 201 | 842 | 75 | 316 | 53 | 4,501 |
Analysis: | |||||||
Current | 691 | 63 | 85 | 45 | 307 | 8 | 1,199 |
Non-current | 2,323 | 138 | 757 | 30 | 9 | 45 | 3,302 |
3,014 | 201 | 842 | 75 | 316 | 53 | 4,501 |
2024 | 2023 | |||||
Increase/(decrease) in fuel price % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Increase/(decrease) in fuel price % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |
40 | \u2013 | 2,079 | 40 | \u2013 | 1,497 | |
(40) | \u2013 | (1,865) | (40) | \u2013 | (1,526) |
Strengthening/ (weakening) in US dollar rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in pound sterling rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in Japanese yen rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |||
2024 | 20 | 404 | 975 | 20 | (13) | 394 | 20 | (1) | (21) | ||
(20) | (404) | (969) | (20) | 13 | (394) | (20) | 1 | 21 | |||
2023 | 20 | 343 | 1,005 | 20 | 6 | 262 | 20 | (50) | (64) | ||
(20) | (346) | (1,159) | (20) | (8) | (262) | (20) | 50 | 64 |
2024 | 2023 | |||||
Strengthening/ (weakening) in euro interest rate Basis points | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in euro interest rate Basis points | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |
100 | (17) | 9 | 100 | (12) | 16 | |
(100) | 17 | (7) | (100) | 12 | (16) |
Mark-to-market of treasury controlled financial instruments allocated by geography | ||
Region | 2024 | 2023 |
United Kingdom | 39% | 55% |
Spain | 2% | \u2013% |
Ireland | 25% | 16% |
Rest of eurozone | 27% | 24% |
Rest of world | 7% | 5% |
2024 | ||
Million | Currency | \u20ac equivalent |
Committed general facilities1 | ||
Euro facilities expiring between March and April 2025 | \u20ac120 | 120 |
Euro facility expiring March 20252 | \u20ac350 | 350 |
US dollar facilities expiring June 20292 | $3,000 | 2,874 |
3,344 | ||
Committed aircraft facilities | ||
US dollar facilities expiring between May and June 20253 | $140 | 134 |
134 |
2023 | ||
Million | Currency | \u20ac equivalent |
Committed general facilities1 | ||
Euro facilities expiring between March and May 2024 | \u20ac87 | 87 |
Euro facility expiring March 20252 | \u20ac350 | 350 |
US dollar facilities expiring March 2025 and March 20262 | $1,755 | 1,605 |
Pound sterling facilities expiring November 2026 and September 20282 | \u00a32,000 | 2,317 |
4,359 | ||
Committed aircraft facilities | ||
US dollar facilities expiring between June and July 20243 | $410 | 375 |
375 |
\u20ac million | Within 6\u00a0months | 6-12 months | 1-2 years | 2-5 years | More than 5\u00a0years | Total 2024 |
Interest-bearing loans and borrowings: | ||||||
Asset financing liabilities | (266) | (262) | (524) | (1,795) | (3,901) | (6,748) |
Lease liabilities | (801) | (805) | (1,550) | (3,468) | (4,783) | (11,407) |
Fixed rate borrowings | (576) | (14) | (56) | (2,186) | \u2013 | (2,832) |
Floating rate borrowings | (14) | (13) | (26) | (16) | \u2013 | (69) |
Trade and other payables | (6,149) | \u2013 | (401) | \u2013 | \u2013 | (6,550) |
Derivative financial instruments (assets): | ||||||
Interest rate derivatives | 6 | 3 | 4 | 1 | \u2013 | 14 |
Foreign exchange contracts | 203 | 174 | 201 | 20 | \u2013 | 598 |
Fuel derivatives | 5 | 9 | 13 | 1 | \u2013 | 28 |
Derivative financial instruments (liabilities): | ||||||
Interest rate derivatives | (1) | \u2013 | (1) | \u2013 | \u2013 | (2) |
Foreign exchange contracts | (56) | (12) | (13) | \u2013 | \u2013 | (81) |
Fuel derivatives | (64) | (64) | (61) | (36) | \u2013 | (225) |
31 December 2024 | (7,713) | (984) | (2,414) | (7,479) | (8,684) | (27,274) |
\u20ac million | Within 6 months | 6-12 months | 1-2 years | 2-5 years | More than 5 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) |
\u20ac million | Gross value of financial instruments | Gross amounts set off in the Balance sheet1 | Net amounts of financial instruments in the Balance sheet | Related amounts not offset in the Balance sheet1 | Net amount | |
Financial assets | ||||||
Derivative financial assets | 679 | (55) | 624 | (6) | 618 | |
Financial liabilities | ||||||
Derivative financial liabilities | 351 | (55) | 296 | (6) | 290 |
\u20ac million | Gross value of financial instruments | Gross amounts set off in the Balance sheet | Net amounts of financial instruments in the Balance sheet | Related amounts not offset in the Balance sheet | Net amount | |
Financial assets | ||||||
Derivative financial assets | 151 | (28) | 123 | (2) | 121 | |
Financial liabilities | ||||||
Derivative financial liabilities | 595 | (28) | 567 | (2) | 565 |
2024 | 2023 | |||||
Increase/(decrease) in fuel price % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Increase/(decrease) in fuel price % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |
40 | \u2013 | 2,079 | 40 | \u2013 | 1,497 | |
(40) | \u2013 | (1,865) | (40) | \u2013 | (1,526) |
Strengthening/ (weakening) in US dollar rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in pound sterling rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in Japanese yen rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |||
2024 | 20 | 404 | 975 | 20 | (13) | 394 | 20 | (1) | (21) | ||
(20) | (404) | (969) | (20) | 13 | (394) | (20) | 1 | 21 | |||
2023 | 20 | 343 | 1,005 | 20 | 6 | 262 | 20 | (50) | (64) | ||
(20) | (346) | (1,159) | (20) | (8) | (262) | (20) | 50 | 64 |
2024 | 2023 | |||||
Strengthening/ (weakening) in euro interest rate Basis points | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in euro interest rate Basis points | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |
100 | (17) | 9 | 100 | (12) | 16 | |
(100) | 17 | (7) | (100) | 12 | (16) |
Strengthening/ (weakening) in US dollar rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in pound sterling rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | Strengthening/ (weakening) in Japanese yen rate % | Effect on profit before tax \u20ac million | Effect on equity \u20ac million | |||
2024 | 20 | 404 | 975 | 20 | (13) | 394 | 20 | (1) | (21) | ||
(20) | (404) | (969) | (20) | 13 | (394) | (20) | 1 | 21 | |||
2023 | 20 | 343 | 1,005 | 20 | 6 | 262 | 20 | (50) | (64) | ||
(20) | (346) | (1,159) | (20) | (8) | (262) | (20) | 50 | 64 |
2024 | ||
Million | Currency | \u20ac equivalent |
Committed general facilities1 | ||
Euro facilities expiring between March and April 2025 | \u20ac120 | 120 |
Euro facility expiring March 20252 | \u20ac350 | 350 |
US dollar facilities expiring June 20292 | $3,000 | 2,874 |
3,344 | ||
Committed aircraft facilities | ||
US dollar facilities expiring between May and June 20253 | $140 | 134 |
134 |
2023 | ||
Million | Currency | \u20ac equivalent |
Committed general facilities1 | ||
Euro facilities expiring between March and May 2024 | \u20ac87 | 87 |
Euro facility expiring March 20252 | \u20ac350 | 350 |
US dollar facilities expiring March 2025 and March 20262 | $1,755 | 1,605 |
Pound sterling facilities expiring November 2026 and September 20282 | \u00a32,000 | 2,317 |
4,359 | ||
Committed aircraft facilities | ||
US dollar facilities expiring between June and July 20243 | $410 | 375 |
375 |
\u20ac million | Within 6\u00a0months | 6-12 months | 1-2 years | 2-5 years | More than 5\u00a0years | Total 2024 |
Interest-bearing loans and borrowings: | ||||||
Asset financing liabilities | (266) | (262) | (524) | (1,795) | (3,901) | (6,748) |
Lease liabilities | (801) | (805) | (1,550) | (3,468) | (4,783) | (11,407) |
Fixed rate borrowings | (576) | (14) | (56) | (2,186) | \u2013 | (2,832) |
Floating rate borrowings | (14) | (13) | (26) | (16) | \u2013 | (69) |
Trade and other payables | (6,149) | \u2013 | (401) | \u2013 | \u2013 | (6,550) |
Derivative financial instruments (assets): | ||||||
Interest rate derivatives | 6 | 3 | 4 | 1 | \u2013 | 14 |
Foreign exchange contracts | 203 | 174 | 201 | 20 | \u2013 | 598 |
Fuel derivatives | 5 | 9 | 13 | 1 | \u2013 | 28 |
Derivative financial instruments (liabilities): | ||||||
Interest rate derivatives | (1) | \u2013 | (1) | \u2013 | \u2013 | (2) |
Foreign exchange contracts | (56) | (12) | (13) | \u2013 | \u2013 | (81) |
Fuel derivatives | (64) | (64) | (61) | (36) | \u2013 | (225) |
31 December 2024 | (7,713) | (984) | (2,414) | (7,479) | (8,684) | (27,274) |
\u20ac million | Within 6 months | 6-12 months | 1-2 years | 2-5 years | More than 5 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) |
\u20ac million | Gross value of financial instruments | Gross amounts set off in the Balance sheet1 | Net amounts of financial instruments in the Balance sheet | Related amounts not offset in the Balance sheet1 | Net amount | |
Financial assets | ||||||
Derivative financial assets | 679 | (55) | 624 | (6) | 618 | |
Financial liabilities | ||||||
Derivative financial liabilities | 351 | (55) | 296 | (6) | 290 |
\u20ac million | Gross value of financial instruments | Gross amounts set off in the Balance sheet | Net amounts of financial instruments in the Balance sheet | Related amounts not offset in the Balance sheet | Net amount | |
Financial assets | ||||||
Derivative financial assets | 151 | (28) | 123 | (2) | 121 | |
Financial liabilities | ||||||
Derivative financial liabilities | 595 | (28) | 567 | (2) | 565 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by balance sheet item |
Non-current assets | |||||
Other equity investments | \u2013 | 190 | \u2013 | \u2013 | 190 |
Derivative financial instruments | \u2013 | \u2013 | 229 | \u2013 | 229 |
Other non-current assets | 225 | \u2013 | 4 | 687 | 916 |
Current assets | |||||
Trade receivables | 1,774 | \u2013 | \u2013 | \u2013 | 1,774 |
Other current assets | 699 | \u2013 | \u2013 | 1,637 | 2,336 |
Derivative financial instruments | \u2013 | \u2013 | 395 | \u2013 | 395 |
Other current interest-bearing deposits | 1,639 | \u2013 | \u2013 | \u2013 | 1,639 |
Cash and cash equivalents | 8,189 | \u2013 | \u2013 | \u2013 | 8,189 |
Financial liabilities | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,169 | \u2013 | \u2013 | 7,169 | |
Interest-bearing long-term borrowings | 6,701 | \u2013 | \u2013 | 6,701 | |
Derivative financial instruments | \u2013 | 102 | \u2013 | 102 | |
Other long-term liabilities | 171 | \u2013 | 230 | 401 | |
Current liabilities | |||||
Lease liabilities | 1,477 | \u2013 | \u2013 | 1,477 | |
Current portion of long-term borrowings | 982 | 1,016 | \u2013 | 1,998 | |
Trade and other payables | 4,746 | \u2013 | 1,403 | 6,149 | |
Derivative financial instruments | \u2013 | 194 | \u2013 | 194 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by 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 assets1 | 211 | \u2013 | \u2013 | 551 | 762 |
Current assets | |||||
Trade receivables | 1,559 | \u2013 | \u2013 | \u2013 | 1,559 |
Other current assets1 | 545 | \u2013 | \u2013 | 1,276 | 1,821 |
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 | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,141 | \u2013 | \u2013 | 7,141 | |
Interest-bearing long-term borrowings2 | 5,964 | \u2013 | \u2013 | 5,964 | |
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 borrowings2 | 416 | 735 | \u2013 | 1,151 | |
Trade and other payables | 5,198 | \u2013 | 392 | 5,590 | |
Derivative financial instruments | \u2013 | 461 | \u2013 | 461 |
Fair value | Carrying value | |||||
\u20ac million | Level 1 | Level 2 | Level 3 | Total | Total | |
Financial assets | ||||||
Other equity investments | 1 | \u2013 | 189 | 190 | 190 | |
Other non-current financial assets | \u2013 | 22 | 4 | 26 | 23 | |
Derivative financial assets: | ||||||
Interest rate swaps 1 | \u2013 | 14 | \u2013 | 14 | 14 | |
Foreign exchange contracts 1 | \u2013 | 583 | \u2013 | 583 | 583 | |
Fuel derivatives 1 | \u2013 | 27 | \u2013 | 27 | 27 | |
Financial liabilities | ||||||
Interest-bearing loans and borrowings: | ||||||
Asset financed liabilities | \u2013 | 5,400 | \u2013 | 5,400 | 5,788 | |
Fixed rate borrowings | 2,762 | 45 | \u2013 | 2,807 | 2,845 | |
Floating rate borrowings | \u2013 | 66 | \u2013 | 66 | 66 | |
Derivative financial liabilities: | ||||||
Interest rate derivatives 2 | \u2013 | 2 | \u2013 | 2 | 2 | |
Foreign exchange contracts 2 | \u2013 | 78 | \u2013 | 78 | 78 | |
Fuel derivatives 2 | \u2013 | 216 | \u2013 | 216 | 216 |
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 1 | \u2013 | 32 | \u2013 | 32 | 32 | |
Foreign exchange contracts 1 | \u2013 | 58 | \u2013 | 58 | 58 | |
Fuel derivatives 1 | \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 2 | \u2013 | 4 | \u2013 | 4 | 4 | |
Foreign exchange contracts 2 | \u2013 | 415 | \u2013 | 415 | 415 | |
Fuel derivatives 2 | \u2013 | 148 | \u2013 | 148 | 148 |
\u20ac million | 2024 | 2023 |
Opening balance for the year | 187 | 55 |
Additions | 20 | 5 |
Transfers to Level 1 financial assets | \u2013 | (1) |
Net (losses)/gains recognised in Other comprehensive income | (19) | 128 |
Exchange movement | 1 | \u2013 |
Closing balance for the year | 189 | 187 |
\u20ac million | 2024 | 2023 |
Loan repayments to hedge future revenue | (42) | 22 |
Foreign exchange contracts to hedge future revenue and expenditure 1 | (169) | 94 |
Crude, gas oil and jet kerosene derivative contracts 1 | 229 | 67 |
Derivatives used to hedge interest rates 1 | 11 | (1) |
Instruments for which hedge accounting no longer applies 1, 2 | 40 | 123 |
69 | 305 | |
Related deferred tax credit | (17) | (75) |
Total amount included within equity | 52 | 230 |
Notional principal amounts \u20ac million | Average hedge rate | Hedge range | Within 1 year | 1-2 years | 2-5 years | 5+ years | Total 31 December 2024 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to pound sterling 1 | 1.26 | 1.16 to 1.34 | 3,716 | 1,352 | 206 | \u2013 | 5,274 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to euros 1 | 1.11 | 1.04 to 1.19 | 1,907 | 959 | 295 | \u2013 | 3,161 |
Foreign exchange contracts to hedge future revenue and expenditure from euros to pound sterling 1 | 1.25 | 1.11 to 1.42 | 561 | 386 | 452 | 731 | 2,130 |
Fuel commodity price contracts to hedge future US dollar fuel expenditure 2 | 670 | 489 to 1,200 | 4,219 | 1,735 | 883 | \u2013 | 6,837 |
Interest rate contracts to hedge future interest expenditure 3, 4 | 1.87 | (0.06) to 3.90 | 2,052 | 509 | 149 | \u2013 |
Notional principal amounts \u20ac million | Average hedge rate | Hedge range | Within 1 year | 1-2 years | 2-5 years | 5+ years | Total 31 December 2023 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to pound sterling1 | 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 euros1 | 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 sterling1 | 1.21 | 1.07 to 1.42 | 479 | 375 | 357 | 124 | 1,335 |
Fuel commodity price contracts to hedge future US dollar fuel expenditure 2 | 722 | 489 to 1,200 | 5,425 | 1,948 | 980 | \u2013 | 8,353 |
Interest rate contracts to hedge future interest expenditure 3, 4 | 1.83 | (0.06) to 3.90 | 2,127 | 912 | 493 | 2 |
Amounts recognised in the Income statement | |||||
For the year to 31 December 2024 \u20ac million | Ineffectiveness1 | Reclassified to the Income statement | Total recognised movements | Fair value movements recognised in Other comprehensive income 2 | Amounts transferred to the Balance sheet |
Foreign exchange contracts to hedge future revenue and expenditure | 1 | (102) | (101) | (185) | 21 |
Crude, gas oil and jet kerosene derivative contracts | 1 | (26) | (25) | 190 | (7) |
Derivatives used to hedge interest rates | \u2013 | 17 | 17 | (5) | \u2013 |
Loan repayments to hedge future revenue | 19 | \u2013 | 19 | (72) | (10) |
Instruments for which hedge accounting no longer applies | \u2013 | \u2013 | \u2013 | \u2013 | (87) |
21 | (111) | (90) | (72) | (83) | |
Related deferred tax | 21 | 19 | 20 | ||
Total movements recorded in the cash flow hedge reserve | (69) | (53) | (63) |
Amounts recognised in the Income statement | |||||
For the year to 31 December 2023 \u20ac million | Ineffectiveness1 | Reclassified to the Income statement | Total recognised movements | Fair value movements recognised in Other comprehensive income 2 | Amounts transferred to the Balance sheet |
Foreign exchange contracts to hedge future revenue and expenditure | (1) | 31 | 30 | 234 | 3 |
Crude, gas oil and jet kerosene derivative contracts | 9 | 99 | 108 | 71 | 13 |
Derivatives used to hedge interest rates | \u2013 | 48 | 48 | (3) | \u2013 |
Loan repayments to hedge future revenue | \u2013 | \u2013 | \u2013 | (47) | (18) |
Instruments for which hedge accounting no longer applies | \u2013 | \u2013 | \u2013 | \u2013 | (92) |
8 | 178 | 186 | 255 | (94) | |
Related deferred tax | (44) | (60) | 10 | ||
Total movements recorded in the cash flow hedge reserve | 142 | 195 | (84) |
\u20ac million | 2024 | 2023 |
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items) 1 | (54) | (65) |
Carrying amount of the interest rate derivatives (hedging instruments) | (2) | (4) |
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item | (3) | (2) |
Change in value used for calculating hedge ineffectiveness | 4 | 3 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by balance sheet item |
Non-current assets | |||||
Other equity investments | \u2013 | 190 | \u2013 | \u2013 | 190 |
Derivative financial instruments | \u2013 | \u2013 | 229 | \u2013 | 229 |
Other non-current assets | 225 | \u2013 | 4 | 687 | 916 |
Current assets | |||||
Trade receivables | 1,774 | \u2013 | \u2013 | \u2013 | 1,774 |
Other current assets | 699 | \u2013 | \u2013 | 1,637 | 2,336 |
Derivative financial instruments | \u2013 | \u2013 | 395 | \u2013 | 395 |
Other current interest-bearing deposits | 1,639 | \u2013 | \u2013 | \u2013 | 1,639 |
Cash and cash equivalents | 8,189 | \u2013 | \u2013 | \u2013 | 8,189 |
Financial liabilities | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,169 | \u2013 | \u2013 | 7,169 | |
Interest-bearing long-term borrowings | 6,701 | \u2013 | \u2013 | 6,701 | |
Derivative financial instruments | \u2013 | 102 | \u2013 | 102 | |
Other long-term liabilities | 171 | \u2013 | 230 | 401 | |
Current liabilities | |||||
Lease liabilities | 1,477 | \u2013 | \u2013 | 1,477 | |
Current portion of long-term borrowings | 982 | 1,016 | \u2013 | 1,998 | |
Trade and other payables | 4,746 | \u2013 | 1,403 | 6,149 | |
Derivative financial instruments | \u2013 | 194 | \u2013 | 194 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by 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 assets1 | 211 | \u2013 | \u2013 | 551 | 762 |
Current assets | |||||
Trade receivables | 1,559 | \u2013 | \u2013 | \u2013 | 1,559 |
Other current assets1 | 545 | \u2013 | \u2013 | 1,276 | 1,821 |
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 | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,141 | \u2013 | \u2013 | 7,141 | |
Interest-bearing long-term borrowings2 | 5,964 | \u2013 | \u2013 | 5,964 | |
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 borrowings2 | 416 | 735 | \u2013 | 1,151 | |
Trade and other payables | 5,198 | \u2013 | 392 | 5,590 | |
Derivative financial instruments | \u2013 | 461 | \u2013 | 461 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by balance sheet item |
Non-current assets | |||||
Other equity investments | \u2013 | 190 | \u2013 | \u2013 | 190 |
Derivative financial instruments | \u2013 | \u2013 | 229 | \u2013 | 229 |
Other non-current assets | 225 | \u2013 | 4 | 687 | 916 |
Current assets | |||||
Trade receivables | 1,774 | \u2013 | \u2013 | \u2013 | 1,774 |
Other current assets | 699 | \u2013 | \u2013 | 1,637 | 2,336 |
Derivative financial instruments | \u2013 | \u2013 | 395 | \u2013 | 395 |
Other current interest-bearing deposits | 1,639 | \u2013 | \u2013 | \u2013 | 1,639 |
Cash and cash equivalents | 8,189 | \u2013 | \u2013 | \u2013 | 8,189 |
Financial liabilities | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,169 | \u2013 | \u2013 | 7,169 | |
Interest-bearing long-term borrowings | 6,701 | \u2013 | \u2013 | 6,701 | |
Derivative financial instruments | \u2013 | 102 | \u2013 | 102 | |
Other long-term liabilities | 171 | \u2013 | 230 | 401 | |
Current liabilities | |||||
Lease liabilities | 1,477 | \u2013 | \u2013 | 1,477 | |
Current portion of long-term borrowings | 982 | 1,016 | \u2013 | 1,998 | |
Trade and other payables | 4,746 | \u2013 | 1,403 | 6,149 | |
Derivative financial instruments | \u2013 | 194 | \u2013 | 194 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by 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 assets1 | 211 | \u2013 | \u2013 | 551 | 762 |
Current assets | |||||
Trade receivables | 1,559 | \u2013 | \u2013 | \u2013 | 1,559 |
Other current assets1 | 545 | \u2013 | \u2013 | 1,276 | 1,821 |
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 | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,141 | \u2013 | \u2013 | 7,141 | |
Interest-bearing long-term borrowings2 | 5,964 | \u2013 | \u2013 | 5,964 | |
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 borrowings2 | 416 | 735 | \u2013 | 1,151 | |
Trade and other payables | 5,198 | \u2013 | 392 | 5,590 | |
Derivative financial instruments | \u2013 | 461 | \u2013 | 461 |
Fair value | Carrying value | |||||
\u20ac million | Level 1 | Level 2 | Level 3 | Total | Total | |
Financial assets | ||||||
Other equity investments | 1 | \u2013 | 189 | 190 | 190 | |
Other non-current financial assets | \u2013 | 22 | 4 | 26 | 23 | |
Derivative financial assets: | ||||||
Interest rate swaps 1 | \u2013 | 14 | \u2013 | 14 | 14 | |
Foreign exchange contracts 1 | \u2013 | 583 | \u2013 | 583 | 583 | |
Fuel derivatives 1 | \u2013 | 27 | \u2013 | 27 | 27 | |
Financial liabilities | ||||||
Interest-bearing loans and borrowings: | ||||||
Asset financed liabilities | \u2013 | 5,400 | \u2013 | 5,400 | 5,788 | |
Fixed rate borrowings | 2,762 | 45 | \u2013 | 2,807 | 2,845 | |
Floating rate borrowings | \u2013 | 66 | \u2013 | 66 | 66 | |
Derivative financial liabilities: | ||||||
Interest rate derivatives 2 | \u2013 | 2 | \u2013 | 2 | 2 | |
Foreign exchange contracts 2 | \u2013 | 78 | \u2013 | 78 | 78 | |
Fuel derivatives 2 | \u2013 | 216 | \u2013 | 216 | 216 |
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 1 | \u2013 | 32 | \u2013 | 32 | 32 | |
Foreign exchange contracts 1 | \u2013 | 58 | \u2013 | 58 | 58 | |
Fuel derivatives 1 | \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 2 | \u2013 | 4 | \u2013 | 4 | 4 | |
Foreign exchange contracts 2 | \u2013 | 415 | \u2013 | 415 | 415 | |
Fuel derivatives 2 | \u2013 | 148 | \u2013 | 148 | 148 |
\u20ac million | 2024 | 2023 |
Opening balance for the year | 187 | 55 |
Additions | 20 | 5 |
Transfers to Level 1 financial assets | \u2013 | (1) |
Net (losses)/gains recognised in Other comprehensive income | (19) | 128 |
Exchange movement | 1 | \u2013 |
Closing balance for the year | 189 | 187 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by balance sheet item |
Non-current assets | |||||
Other equity investments | \u2013 | 190 | \u2013 | \u2013 | 190 |
Derivative financial instruments | \u2013 | \u2013 | 229 | \u2013 | 229 |
Other non-current assets | 225 | \u2013 | 4 | 687 | 916 |
Current assets | |||||
Trade receivables | 1,774 | \u2013 | \u2013 | \u2013 | 1,774 |
Other current assets | 699 | \u2013 | \u2013 | 1,637 | 2,336 |
Derivative financial instruments | \u2013 | \u2013 | 395 | \u2013 | 395 |
Other current interest-bearing deposits | 1,639 | \u2013 | \u2013 | \u2013 | 1,639 |
Cash and cash equivalents | 8,189 | \u2013 | \u2013 | \u2013 | 8,189 |
Financial liabilities | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,169 | \u2013 | \u2013 | 7,169 | |
Interest-bearing long-term borrowings | 6,701 | \u2013 | \u2013 | 6,701 | |
Derivative financial instruments | \u2013 | 102 | \u2013 | 102 | |
Other long-term liabilities | 171 | \u2013 | 230 | 401 | |
Current liabilities | |||||
Lease liabilities | 1,477 | \u2013 | \u2013 | 1,477 | |
Current portion of long-term borrowings | 982 | 1,016 | \u2013 | 1,998 | |
Trade and other payables | 4,746 | \u2013 | 1,403 | 6,149 | |
Derivative financial instruments | \u2013 | 194 | \u2013 | 194 |
Financial assets | |||||
\u20ac million | Amortised cost | Fair value through Other comprehensive income | Fair value through Income statement | Non-financial assets | Total carrying amount by 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 assets1 | 211 | \u2013 | \u2013 | 551 | 762 |
Current assets | |||||
Trade receivables | 1,559 | \u2013 | \u2013 | \u2013 | 1,559 |
Other current assets1 | 545 | \u2013 | \u2013 | 1,276 | 1,821 |
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 | |||||
\u20ac million | Amortised cost | Fair value through Income statement | Non-financial liabilities | Total carrying amount by balance sheet item | |
Non-current liabilities | |||||
Lease liabilities | 7,141 | \u2013 | \u2013 | 7,141 | |
Interest-bearing long-term borrowings2 | 5,964 | \u2013 | \u2013 | 5,964 | |
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 borrowings2 | 416 | 735 | \u2013 | 1,151 | |
Trade and other payables | 5,198 | \u2013 | 392 | 5,590 | |
Derivative financial instruments | \u2013 | 461 | \u2013 | 461 |
Fair value | Carrying value | |||||
\u20ac million | Level 1 | Level 2 | Level 3 | Total | Total | |
Financial assets | ||||||
Other equity investments | 1 | \u2013 | 189 | 190 | 190 | |
Other non-current financial assets | \u2013 | 22 | 4 | 26 | 23 | |
Derivative financial assets: | ||||||
Interest rate swaps 1 | \u2013 | 14 | \u2013 | 14 | 14 | |
Foreign exchange contracts 1 | \u2013 | 583 | \u2013 | 583 | 583 | |
Fuel derivatives 1 | \u2013 | 27 | \u2013 | 27 | 27 | |
Financial liabilities | ||||||
Interest-bearing loans and borrowings: | ||||||
Asset financed liabilities | \u2013 | 5,400 | \u2013 | 5,400 | 5,788 | |
Fixed rate borrowings | 2,762 | 45 | \u2013 | 2,807 | 2,845 | |
Floating rate borrowings | \u2013 | 66 | \u2013 | 66 | 66 | |
Derivative financial liabilities: | ||||||
Interest rate derivatives 2 | \u2013 | 2 | \u2013 | 2 | 2 | |
Foreign exchange contracts 2 | \u2013 | 78 | \u2013 | 78 | 78 | |
Fuel derivatives 2 | \u2013 | 216 | \u2013 | 216 | 216 |
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 1 | \u2013 | 32 | \u2013 | 32 | 32 | |
Foreign exchange contracts 1 | \u2013 | 58 | \u2013 | 58 | 58 | |
Fuel derivatives 1 | \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 2 | \u2013 | 4 | \u2013 | 4 | 4 | |
Foreign exchange contracts 2 | \u2013 | 415 | \u2013 | 415 | 415 | |
Fuel derivatives 2 | \u2013 | 148 | \u2013 | 148 | 148 |
\u20ac million | 2024 | 2023 |
Opening balance for the year | 187 | 55 |
Additions | 20 | 5 |
Transfers to Level 1 financial assets | \u2013 | (1) |
Net (losses)/gains recognised in Other comprehensive income | (19) | 128 |
Exchange movement | 1 | \u2013 |
Closing balance for the year | 189 | 187 |
Fair value | Carrying value | |||||
\u20ac million | Level 1 | Level 2 | Level 3 | Total | Total | |
Financial assets | ||||||
Other equity investments | 1 | \u2013 | 189 | 190 | 190 | |
Other non-current financial assets | \u2013 | 22 | 4 | 26 | 23 | |
Derivative financial assets: | ||||||
Interest rate swaps 1 | \u2013 | 14 | \u2013 | 14 | 14 | |
Foreign exchange contracts 1 | \u2013 | 583 | \u2013 | 583 | 583 | |
Fuel derivatives 1 | \u2013 | 27 | \u2013 | 27 | 27 | |
Financial liabilities | ||||||
Interest-bearing loans and borrowings: | ||||||
Asset financed liabilities | \u2013 | 5,400 | \u2013 | 5,400 | 5,788 | |
Fixed rate borrowings | 2,762 | 45 | \u2013 | 2,807 | 2,845 | |
Floating rate borrowings | \u2013 | 66 | \u2013 | 66 | 66 | |
Derivative financial liabilities: | ||||||
Interest rate derivatives 2 | \u2013 | 2 | \u2013 | 2 | 2 | |
Foreign exchange contracts 2 | \u2013 | 78 | \u2013 | 78 | 78 | |
Fuel derivatives 2 | \u2013 | 216 | \u2013 | 216 | 216 |
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 1 | \u2013 | 32 | \u2013 | 32 | 32 | |
Foreign exchange contracts 1 | \u2013 | 58 | \u2013 | 58 | 58 | |
Fuel derivatives 1 | \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 2 | \u2013 | 4 | \u2013 | 4 | 4 | |
Foreign exchange contracts 2 | \u2013 | 415 | \u2013 | 415 | 415 | |
Fuel derivatives 2 | \u2013 | 148 | \u2013 | 148 | 148 |
\u20ac million | 2024 | 2023 |
Opening balance for the year | 187 | 55 |
Additions | 20 | 5 |
Transfers to Level 1 financial assets | \u2013 | (1) |
Net (losses)/gains recognised in Other comprehensive income | (19) | 128 |
Exchange movement | 1 | \u2013 |
Closing balance for the year | 189 | 187 |
Fair value | Carrying value | |||||
\u20ac million | Level 1 | Level 2 | Level 3 | Total | Total | |
Financial assets | ||||||
Other equity investments | 1 | \u2013 | 189 | 190 | 190 | |
Other non-current financial assets | \u2013 | 22 | 4 | 26 | 23 | |
Derivative financial assets: | ||||||
Interest rate swaps 1 | \u2013 | 14 | \u2013 | 14 | 14 | |
Foreign exchange contracts 1 | \u2013 | 583 | \u2013 | 583 | 583 | |
Fuel derivatives 1 | \u2013 | 27 | \u2013 | 27 | 27 | |
Financial liabilities | ||||||
Interest-bearing loans and borrowings: | ||||||
Asset financed liabilities | \u2013 | 5,400 | \u2013 | 5,400 | 5,788 | |
Fixed rate borrowings | 2,762 | 45 | \u2013 | 2,807 | 2,845 | |
Floating rate borrowings | \u2013 | 66 | \u2013 | 66 | 66 | |
Derivative financial liabilities: | ||||||
Interest rate derivatives 2 | \u2013 | 2 | \u2013 | 2 | 2 | |
Foreign exchange contracts 2 | \u2013 | 78 | \u2013 | 78 | 78 | |
Fuel derivatives 2 | \u2013 | 216 | \u2013 | 216 | 216 |
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 1 | \u2013 | 32 | \u2013 | 32 | 32 | |
Foreign exchange contracts 1 | \u2013 | 58 | \u2013 | 58 | 58 | |
Fuel derivatives 1 | \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 2 | \u2013 | 4 | \u2013 | 4 | 4 | |
Foreign exchange contracts 2 | \u2013 | 415 | \u2013 | 415 | 415 | |
Fuel derivatives 2 | \u2013 | 148 | \u2013 | 148 | 148 |
\u20ac million | 2024 | 2023 |
Loan repayments to hedge future revenue | (42) | 22 |
Foreign exchange contracts to hedge future revenue and expenditure 1 | (169) | 94 |
Crude, gas oil and jet kerosene derivative contracts 1 | 229 | 67 |
Derivatives used to hedge interest rates 1 | 11 | (1) |
Instruments for which hedge accounting no longer applies 1, 2 | 40 | 123 |
69 | 305 | |
Related deferred tax credit | (17) | (75) |
Total amount included within equity | 52 | 230 |
Notional principal amounts \u20ac million | Average hedge rate | Hedge range | Within 1 year | 1-2 years | 2-5 years | 5+ years | Total 31 December 2024 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to pound sterling 1 | 1.26 | 1.16 to 1.34 | 3,716 | 1,352 | 206 | \u2013 | 5,274 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to euros 1 | 1.11 | 1.04 to 1.19 | 1,907 | 959 | 295 | \u2013 | 3,161 |
Foreign exchange contracts to hedge future revenue and expenditure from euros to pound sterling 1 | 1.25 | 1.11 to 1.42 | 561 | 386 | 452 | 731 | 2,130 |
Fuel commodity price contracts to hedge future US dollar fuel expenditure 2 | 670 | 489 to 1,200 | 4,219 | 1,735 | 883 | \u2013 | 6,837 |
Interest rate contracts to hedge future interest expenditure 3, 4 | 1.87 | (0.06) to 3.90 | 2,052 | 509 | 149 | \u2013 |
Notional principal amounts \u20ac million | Average hedge rate | Hedge range | Within 1 year | 1-2 years | 2-5 years | 5+ years | Total 31 December 2023 |
Foreign exchange contracts to hedge future revenue and expenditure from US dollars to pound sterling1 | 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 euros1 | 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 sterling1 | 1.21 | 1.07 to 1.42 | 479 | 375 | 357 | 124 | 1,335 |
Fuel commodity price contracts to hedge future US dollar fuel expenditure 2 | 722 | 489 to 1,200 | 5,425 | 1,948 | 980 | \u2013 | 8,353 |
Interest rate contracts to hedge future interest expenditure 3, 4 | 1.83 | (0.06) to 3.90 | 2,127 | 912 | 493 | 2 |
Amounts recognised in the Income statement | |||||
For the year to 31 December 2024 \u20ac million | Ineffectiveness1 | Reclassified to the Income statement | Total recognised movements | Fair value movements recognised in Other comprehensive income 2 | Amounts transferred to the Balance sheet |
Foreign exchange contracts to hedge future revenue and expenditure | 1 | (102) | (101) | (185) | 21 |
Crude, gas oil and jet kerosene derivative contracts | 1 | (26) | (25) | 190 | (7) |
Derivatives used to hedge interest rates | \u2013 | 17 | 17 | (5) | \u2013 |
Loan repayments to hedge future revenue | 19 | \u2013 | 19 | (72) | (10) |
Instruments for which hedge accounting no longer applies | \u2013 | \u2013 | \u2013 | \u2013 | (87) |
21 | (111) | (90) | (72) | (83) | |
Related deferred tax | 21 | 19 | 20 | ||
Total movements recorded in the cash flow hedge reserve | (69) | (53) | (63) |
Amounts recognised in the Income statement | |||||
For the year to 31 December 2023 \u20ac million | Ineffectiveness1 | Reclassified to the Income statement | Total recognised movements | Fair value movements recognised in Other comprehensive income 2 | Amounts transferred to the Balance sheet |
Foreign exchange contracts to hedge future revenue and expenditure | (1) | 31 | 30 | 234 | 3 |
Crude, gas oil and jet kerosene derivative contracts | 9 | 99 | 108 | 71 | 13 |
Derivatives used to hedge interest rates | \u2013 | 48 | 48 | (3) | \u2013 |
Loan repayments to hedge future revenue | \u2013 | \u2013 | \u2013 | (47) | (18) |
Instruments for which hedge accounting no longer applies | \u2013 | \u2013 | \u2013 | \u2013 | (92) |
8 | 178 | 186 | 255 | (94) | |
Related deferred tax | (44) | (60) | 10 | ||
Total movements recorded in the cash flow hedge reserve | 142 | 195 | (84) |
\u20ac million | 2024 | 2023 |
Carrying value of lease liabilities to which fair value hedging has been applied (hedged items) 1 | (54) | (65) |
Carrying amount of the interest rate derivatives (hedging instruments) | (2) | (4) |
Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item | (3) | (2) |
Change in value used for calculating hedge ineffectiveness | 4 | 3 |
Allotted, called up and fully paid | Number of shares \u2018000s | Ordinary share capital \u20ac million | Share premium \u20ac million |
31 December 2023: Ordinary shares of \u20ac0.10 each | 4,971,476 | 497 | 7,770 |
31 December 2024: Ordinary shares of \u20ac0.10 each | 4,971,476 | 497 | 7,770 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Capital reserves5 | Total other reserves | Non- controlling interest |
1 January 2024 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Other comprehensive (loss)/income for the year | |||||||
Cash flow hedges reclassified and reported in net profit: | |||||||
Fuel costs and emission charges | 93 | \u2013 | \u2013 | \u2013 | \u2013 | 93 | \u2013 |
Currency differences | 3 | \u2013 | \u2013 | \u2013 | \u2013 | 3 | \u2013 |
Finance costs | (11) | \u2013 | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Ineffectiveness recognised in other non- operating costs | (16) | \u2013 | \u2013 | \u2013 | \u2013 | (16) | \u2013 |
Net change in fair value of cash flow hedges | 53 | \u2013 | \u2013 | \u2013 | \u2013 | 53 | \u2013 |
Net change in fair value of other equity investments | (19) | \u2013 | \u2013 | \u2013 | \u2013 | (19) | \u2013 |
Net change in fair value of cost of hedging | \u2013 | 24 | \u2013 | \u2013 | \u2013 | 24 | \u2013 |
Cost of hedging reclassified and reported in net profit | \u2013 | 48 | \u2013 | \u2013 | \u2013 | 48 | \u2013 |
Fair value movements on liabilities attributable to\u00a0credit risk changes | (44) | \u2013 | \u2013 | \u2013 | \u2013 | (44) | \u2013 |
Currency translation differences | \u2013 | \u2013 | 118 | \u2013 | \u2013 | 118 | \u2013 |
Hedges transferred and reported in property, plant and equipment | (6) | (5) | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Hedges transferred and reported in sales in advance of carriage | 59 | 1 | \u2013 | \u2013 | \u2013 | 60 | \u2013 |
Hedges transferred and reported in inventory | 10 | \u2013 | \u2013 | \u2013 | \u2013 | 10 | \u2013 |
31 December 2024 | (56) | (50) | 18 | (2,467) | 867 | (1,688) | 6 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Redeemed capital reserve5 | Total other reserves | Non- controlling 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 costs and emission charges | (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\u00a0property, plant and equipment | 9 | (15) | \u2013 | \u2013 | \u2013 | (6) | \u2013 |
Hedges transferred and reported in\u00a0sales in advance of carriage | 84 | 1 | \u2013 | \u2013 | \u2013 | 85 | \u2013 |
Hedges transferred and reported in\u00a0inventory | (9) | \u2013 | \u2013 | \u2013 | \u2013 | (9) | \u2013 |
31 December 2023 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Allotted, called up and fully paid | Number of shares \u2018000s | Ordinary share capital \u20ac million | Share premium \u20ac million |
31 December 2023: Ordinary shares of \u20ac0.10 each | 4,971,476 | 497 | 7,770 |
31 December 2024: Ordinary shares of \u20ac0.10 each | 4,971,476 | 497 | 7,770 |
Number of awards \u2019000s | Outstanding at 1 January 2024 | Granted number | Lapsed number | Vested number | Outstanding at 31 December 2024 | Exercisable 31 December 2024 |
Performance Share Plan | 9,132 | \u2013 | 204 | 4,737 | 4,191 | 4,191 |
Restricted Share Plan | 59,213 | 27,237 | 2,881 | 13,063 | 70,506 | \u2013 |
Full Potential Incentive Plan | 29,600 | 860 | 1,429 | \u2013 | 29,031 | \u2013 |
Incentive Award Deferral Plan1 | 1,007 | 465 | \u2013 | 560 | 912 | \u2013 |
98,952 | 28,562 | 4,514 | 18,360 | 104,640 | 4,191 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Capital reserves5 | Total other reserves | Non- controlling interest |
1 January 2024 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Other comprehensive (loss)/income for the year | |||||||
Cash flow hedges reclassified and reported in net profit: | |||||||
Fuel costs and emission charges | 93 | \u2013 | \u2013 | \u2013 | \u2013 | 93 | \u2013 |
Currency differences | 3 | \u2013 | \u2013 | \u2013 | \u2013 | 3 | \u2013 |
Finance costs | (11) | \u2013 | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Ineffectiveness recognised in other non- operating costs | (16) | \u2013 | \u2013 | \u2013 | \u2013 | (16) | \u2013 |
Net change in fair value of cash flow hedges | 53 | \u2013 | \u2013 | \u2013 | \u2013 | 53 | \u2013 |
Net change in fair value of other equity investments | (19) | \u2013 | \u2013 | \u2013 | \u2013 | (19) | \u2013 |
Net change in fair value of cost of hedging | \u2013 | 24 | \u2013 | \u2013 | \u2013 | 24 | \u2013 |
Cost of hedging reclassified and reported in net profit | \u2013 | 48 | \u2013 | \u2013 | \u2013 | 48 | \u2013 |
Fair value movements on liabilities attributable to\u00a0credit risk changes | (44) | \u2013 | \u2013 | \u2013 | \u2013 | (44) | \u2013 |
Currency translation differences | \u2013 | \u2013 | 118 | \u2013 | \u2013 | 118 | \u2013 |
Hedges transferred and reported in property, plant and equipment | (6) | (5) | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Hedges transferred and reported in sales in advance of carriage | 59 | 1 | \u2013 | \u2013 | \u2013 | 60 | \u2013 |
Hedges transferred and reported in inventory | 10 | \u2013 | \u2013 | \u2013 | \u2013 | 10 | \u2013 |
31 December 2024 | (56) | (50) | 18 | (2,467) | 867 | (1,688) | 6 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Redeemed capital reserve5 | Total other reserves | Non- controlling 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 costs and emission charges | (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\u00a0property, plant and equipment | 9 | (15) | \u2013 | \u2013 | \u2013 | (6) | \u2013 |
Hedges transferred and reported in\u00a0sales in advance of carriage | 84 | 1 | \u2013 | \u2013 | \u2013 | 85 | \u2013 |
Hedges transferred and reported in\u00a0inventory | (9) | \u2013 | \u2013 | \u2013 | \u2013 | (9) | \u2013 |
31 December 2023 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Capital reserves5 | Total other reserves | Non- controlling interest |
1 January 2024 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Other comprehensive (loss)/income for the year | |||||||
Cash flow hedges reclassified and reported in net profit: | |||||||
Fuel costs and emission charges | 93 | \u2013 | \u2013 | \u2013 | \u2013 | 93 | \u2013 |
Currency differences | 3 | \u2013 | \u2013 | \u2013 | \u2013 | 3 | \u2013 |
Finance costs | (11) | \u2013 | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Ineffectiveness recognised in other non- operating costs | (16) | \u2013 | \u2013 | \u2013 | \u2013 | (16) | \u2013 |
Net change in fair value of cash flow hedges | 53 | \u2013 | \u2013 | \u2013 | \u2013 | 53 | \u2013 |
Net change in fair value of other equity investments | (19) | \u2013 | \u2013 | \u2013 | \u2013 | (19) | \u2013 |
Net change in fair value of cost of hedging | \u2013 | 24 | \u2013 | \u2013 | \u2013 | 24 | \u2013 |
Cost of hedging reclassified and reported in net profit | \u2013 | 48 | \u2013 | \u2013 | \u2013 | 48 | \u2013 |
Fair value movements on liabilities attributable to\u00a0credit risk changes | (44) | \u2013 | \u2013 | \u2013 | \u2013 | (44) | \u2013 |
Currency translation differences | \u2013 | \u2013 | 118 | \u2013 | \u2013 | 118 | \u2013 |
Hedges transferred and reported in property, plant and equipment | (6) | (5) | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Hedges transferred and reported in sales in advance of carriage | 59 | 1 | \u2013 | \u2013 | \u2013 | 60 | \u2013 |
Hedges transferred and reported in inventory | 10 | \u2013 | \u2013 | \u2013 | \u2013 | 10 | \u2013 |
31 December 2024 | (56) | (50) | 18 | (2,467) | 867 | (1,688) | 6 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Redeemed capital reserve5 | Total other reserves | Non- controlling 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 costs and emission charges | (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\u00a0property, plant and equipment | 9 | (15) | \u2013 | \u2013 | \u2013 | (6) | \u2013 |
Hedges transferred and reported in\u00a0sales in advance of carriage | 84 | 1 | \u2013 | \u2013 | \u2013 | 85 | \u2013 |
Hedges transferred and reported in\u00a0inventory | (9) | \u2013 | \u2013 | \u2013 | \u2013 | (9) | \u2013 |
31 December 2023 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Capital reserves5 | Total other reserves | Non- controlling interest |
1 January 2024 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Other comprehensive (loss)/income for the year | |||||||
Cash flow hedges reclassified and reported in net profit: | |||||||
Fuel costs and emission charges | 93 | \u2013 | \u2013 | \u2013 | \u2013 | 93 | \u2013 |
Currency differences | 3 | \u2013 | \u2013 | \u2013 | \u2013 | 3 | \u2013 |
Finance costs | (11) | \u2013 | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Ineffectiveness recognised in other non- operating costs | (16) | \u2013 | \u2013 | \u2013 | \u2013 | (16) | \u2013 |
Net change in fair value of cash flow hedges | 53 | \u2013 | \u2013 | \u2013 | \u2013 | 53 | \u2013 |
Net change in fair value of other equity investments | (19) | \u2013 | \u2013 | \u2013 | \u2013 | (19) | \u2013 |
Net change in fair value of cost of hedging | \u2013 | 24 | \u2013 | \u2013 | \u2013 | 24 | \u2013 |
Cost of hedging reclassified and reported in net profit | \u2013 | 48 | \u2013 | \u2013 | \u2013 | 48 | \u2013 |
Fair value movements on liabilities attributable to\u00a0credit risk changes | (44) | \u2013 | \u2013 | \u2013 | \u2013 | (44) | \u2013 |
Currency translation differences | \u2013 | \u2013 | 118 | \u2013 | \u2013 | 118 | \u2013 |
Hedges transferred and reported in property, plant and equipment | (6) | (5) | \u2013 | \u2013 | \u2013 | (11) | \u2013 |
Hedges transferred and reported in sales in advance of carriage | 59 | 1 | \u2013 | \u2013 | \u2013 | 60 | \u2013 |
Hedges transferred and reported in inventory | 10 | \u2013 | \u2013 | \u2013 | \u2013 | 10 | \u2013 |
31 December 2024 | (56) | (50) | 18 | (2,467) | 867 | (1,688) | 6 |
Other reserves | |||||||
\u20ac million | Unrealised gains and losses 1 | Cost of hedging reserve 2 | Currency translation3 | Merger reserve4 | Redeemed capital reserve5 | Total other reserves | Non- controlling 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 costs and emission charges | (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\u00a0property, plant and equipment | 9 | (15) | \u2013 | \u2013 | \u2013 | (6) | \u2013 |
Hedges transferred and reported in\u00a0sales in advance of carriage | 84 | 1 | \u2013 | \u2013 | \u2013 | 85 | \u2013 |
Hedges transferred and reported in\u00a0inventory | (9) | \u2013 | \u2013 | \u2013 | \u2013 | (9) | \u2013 |
31 December 2023 | (178) | (118) | (100) | (2,467) | 867 | (1,996) | 6 |
Significant accounting estimate applied - Employee benefit obligations: Airways Pension Scheme (APS) and New Airways Pension Scheme (NAPS) key actuarial assumptions At 31 December 2024 , the Group recognised \u20ac 19,796 million in respect of employee benefit obligations (2023 : \u20ac21,239 million), of which \u20ac 19,275 million related to the APS and NAPS obligations ( 2023 : \u20ac20,692 million). The calculation of the APS and NAPS employee benefit obligations is determined using the valuation requirements of IAS 19. These valuations involve making assumptions about discount rates, mortality rates and future pension increases. Due to the long- term nature of these schemes, such assumptions are subject to significant uncertainty. 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 impact of sensitising these assumptions is given below. 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). | ||
n | APS | n | NAPS |
\u20ac million | NAPS1 | Other schemes |
Within 12 months | \u2013 | 38 |
1-2 years | \u2013 | 33 |
2-5 years | \u2013 | 31 |
Greater than 5 years | \u2013 | \u2013 |
Total expected deficit payments | \u2013 | 102 |
2024 | ||||
\u20ac million | APS | NAPS | Other | Total |
Scheme assets at fair value1,2 | 5,819 | 15,713 | 417 | 21,949 |
Present value of scheme liabilities1 | (5,819) | (13,456) | (521) | (19,796) |
Net pension asset/(liability) | \u2013 | 2,257 | (104) | 2,153 |
Effect of the asset ceiling3 | \u2013 | (564) | (2) | (566) |
Other employee benefit obligations | \u2013 | \u2013 | (11) | (11) |
31 December 2024 | \u2013 | 1,693 | (117) | 1,576 |
Represented by: | ||||
Employee benefit asset | 1,711 | |||
Employee benefit obligation | (135) | |||
Net employee benefit asset4 | 1,576 |
2023 | ||||
\u20ac million | APS | NAPS | Other | Total |
Scheme assets at fair value1 | 6,070 | 16,724 | 393 | 23,187 |
Present value of scheme liabilities1 | (6,048) | (14,644) | (547) | (21,239) |
Net pension asset/(liability) | 22 | 2,080 | (154) | 1,948 |
Effect of the asset ceiling3 | (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 asset4 | 1,205 |
\u20ac million | 2024 | 2023 |
Defined benefit plans: | ||
Current service cost | 1 | 1 |
Administrative expenses | 19 | 17 |
20 | 18 | |
Defined contribution plans | 292 | 279 |
Pension costs recorded as employee costs | 312 | 297 |
\u20ac million | 2024 | 2023 |
Interest income on scheme assets | (1,041) | (1,117) |
Interest expense on scheme liabilities | 951 | 955 |
Interest expense on asset ceiling | 27 | 59 |
Net financing credit relating to pensions | (63) | (103) |
\u20ac million | 2024 | 2023 |
Return on plan assets excluding interest income | 2,024 | 857 |
Remeasurement of plan liabilities from changes in financial assumptions | (1,592) | 314 |
Remeasurement of plan liabilities from changes in demographic assumptions | (235) | 55 |
Remeasurement of experience losses | (208) | 430 |
Remeasurement of the APS and NAPS asset ceilings | (220) | (583) |
Pension remeasurements (charged)/credited to Other comprehensive income | (231) | 1,073 |
Tax arising on pension remeasurements | 25 | 3 |
Pension remeasurements charged to Other comprehensive income, net of tax | (206) | 1,076 |
\u20ac million | 2024 | 2023 |
1 January | 23,187 | 23,668 |
Interest income | 1,041 | 1,114 |
Administrative expenses | (18) | (14) |
Return on plan assets excluding interest income | (2,024) | (857) |
Employer contributions1 | 38 | 49 |
Employee contributions | \u2013 | 8 |
Benefits paid | (1,223) | (1,065) |
Exchange movements | 948 | 284 |
31 December | 21,949 | 23,187 |
2024 | |||||
\u20ac million | APS | NAPS | Other | Total | 2023 |
Return seeking investments | |||||
Listed equities \u2013 UK | 8 | 120 | \u2013 | 128 | 123 |
Listed equities \u2013 rest of world | 1 | 912 | 160 | 1,073 | 602 |
Private equities | 27 | 625 | 15 | 667 | 721 |
Properties | \u2013 | 1,307 | 12 | 1,319 | 1,591 |
Alternative investments | 27 | 1,702 | \u2013 | 1,729 | 1,732 |
63 | 4,666 | 187 | 4,916 | 4,769 | |
Liability matching investments | |||||
Government issued fixed bonds | 1,168 | 4,458 | 156 | 5,782 | 6,120 |
Government issued index-linked bonds | 646 | 8,741 | 13 | 9,400 | 10,320 |
Asset and longevity swaps | 872 | \u2013 | \u2013 | 872 | 899 |
Insurance contract | 3,224 | \u2013 | 37 | 3,261 | 3,391 |
5,910 | 13,199 | 206 | 19,315 | 20,730 | |
Other | |||||
Cash and cash equivalents | 79 | 671 | 10 | 760 | 697 |
Derivative financial instruments | (233) | (2,852) | 10 | (3,075) | (3,015) |
Other investments | \u2013 | 29 | 4 | 33 | 6 |
(154) | (2,152) | 24 | (2,282) | (2,312) | |
Total scheme assets | 5,819 | 15,713 | 417 | 21,949 | 23,187 |
\u20ac million | 2024 | 2023 |
1 January | 735 | 1,248 |
Interest expense | 27 | 59 |
Remeasurements1 | (220) | (583) |
Exchange movements | 24 | 11 |
31 December | 566 | 735 |
\u20ac million | 2024 | 2023 |
1 January | 21,239 | 20,292 |
Current service cost | 1 | 1 |
Interest expense | 950 | 952 |
Remeasurements \u2013 financial assumptions1 | (1,592) | 314 |
Remeasurements \u2013 demographic assumptions | (235) | 55 |
Remeasurements of experience losses | (208) | 430 |
Benefits paid | (1,223) | (1,065) |
Employee contributions | \u2013 | 8 |
Exchange movements | 864 | 252 |
31 December | 19,796 | 21,239 |
2024 | 2023 | ||||||
% per annum | APS | NAPS | Other schemes | APS | NAPS | Other schemes | |
Discount rate1 | 5.30 | 5.45 | 1.5 - 6.7 | 4.50 | 4.55 | 1.0 - 7.1 | |
Rate of increase in pensionable pay2 | 3.30 | \u2013 | 2.0 - 5.0 | 3.20 | \u2013 | 2.0 - 5.0 | |
Rate of increase of pensions in payment3 | 3.30 | 2.80 | 1.0 - 3.4 | 3.20 | 2.65 | 0.7 - 3.4 | |
RPI rate of inflation | 3.30 | 3.10 | 2.0 - 2.5 | 3.20 | 3.00 | 2.2 - 2.9 | |
CPI rate of inflation | 2.85 | 2.80 | 2.0 - 2.5 | 2.65 | 2.65 | 2.0 - 2.5 |
Mortality assumptions | 2024 | 2023 |
Life expectancy at age 60 for a: | ||
\u2022 male currently aged 60 | 27.6 | 27.5 |
\u2022 male currently aged 40 | 29.0 | 28.8 |
\u2022 female currently aged 60 | 29.2 | 29.0 |
\u2022 female currently aged 40 | 31.3 | 31.2 |
2024 Increase in scheme liabilities | 2023 Increase in scheme liabilities | ||||||
\u20ac million | APS | NAPS | Other schemes | APS | NAPS | Other schemes | |
Discount rate (decrease of 50 basis points)1 | 242 | 858 | 25 | 278 | 1,020 | 29 | |
Future pension growth (increase of 50 basis points)1 | 217 | 822 | 2 | 243 | 973 | 5 | |
Future mortality rate (one year increase in life expectancy) | 290 | 338 | 21 | 301 | 394 | 22 |
\u20ac million | Bank, other loans and asset financed liabilities | Convertible bond | Lease liabilities | Derivatives to mitigate volatility in financial liabilities | Total |
Balance at 1 January 2024 | 6,380 | 735 | 8,967 | 180 | 16,262 |
Proceeds from borrowings | 1,474 | \u2013 | \u2013 | \u2013 | 1,474 |
Repayment of borrowings | (410) | \u2013 | \u2013 | \u2013 | (410) |
Repayment of lease liabilities | \u2013 | \u2013 | (1,737) | \u2013 | (1,737) |
Settlement of derivative financial instruments | \u2013 | \u2013 | \u2013 | (151) | (151) |
Total changes from financing cash flows | 1,064 | \u2013 | (1,737) | (151) | (824) |
Interest paid | (233) | (9) | (472) | 23 | (691) |
Interest expense | 255 | 9 | 485 | \u2013 | 749 |
New leases and lease modifications | \u2013 | \u2013 | 988 | \u2013 | 988 |
Fair value movements | \u2013 | 281 | \u2013 | (380) | (99) |
Other non-cash movements | \u2013 | \u2013 | (7) | \u2013 | (7) |
Exchange movements | 217 | \u2013 | 422 | 2 | 641 |
Balance at 31 December 2024 | 7,683 | 1,016 | 8,646 | (326) | 17,019 |
\u20ac million | Bank, other loans and asset financed liabilities | Convertible bond | Lease liabilities | Derivatives to mitigate volatility in financial 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 |
\u20ac million | 2024 | 2023 |
Opening provisions | 3,740 | 3,548 |
Non-cash additions recorded in operating profit | 1,121 | 862 |
Non-cash releases of unused provisions recorded in operating profit | (142) | (133) |
Other non-cash amounts recorded within operating profit | 18 | 4 |
Cash settlements relating to operating provisions | (411) | (496) |
Less non-cash carbon-related obligations reported in operating profit (note 35c) | (304) | (212) |
Movements in provisions recorded within net cash flows from operating activities | 282 | 25 |
Movements in provisions recorded within Other comprehensive income | 93 | 24 |
Movements elsewhere within the Balance sheet | 41 | (6) |
Unrealised currency differences arising on provisions recorded within operating profit | 147 | (68) |
Non-cash extinguishment of Carbon-related obligations | (236) | (98) |
Add non-cash carbon-related obligations reported in operating profit (note 35c) | 304 | 212 |
Movements in provisions recorded in the Income statement outside of operating profit | 130 | 103 |
Closing provisions (note 27) | 4,501 | 3,740 |
\u20ac million | 2024 | 2023 |
Non-cash carbon-related obligations recorded in operating profit | 304 | 212 |
Purchase of carbon-related assets | (242) | (262) |
Movements in carbon-related assets and obligations recorded within net cash flows from operating activities | 62 | (50) |
\u20ac million | 2024 | 2023 |
Non-cash equity settled share-based payments | 61 | 50 |
Ineffectiveness arising on hedge accounting | \u2013 | 6 |
Non-cash movements on derivative and non-derivative financial instruments | 30 | 16 |
Settlement of interest rate derivatives | 22 | 44 |
Other | (6) | (5) |
107 | 111 |
\u20ac million | 2024 | 2023 |
Purchase of property, plant and equipment \u2013 fleet | 2,035 | 2,715 |
Purchase of property, plant and equipment \u2013 other | 296 | 193 |
Purchase of intangible assets | 485 | 374 |
2,816 | 3,282 |
Year to 31 December | |||
\u20ac million | As reported | Carbon- related adjustments | Restated |
Cash flows from operating activities | |||
Operating profit | 3,507 | \u2013 | 3,507 |
Increase in provisions (excluding carbon-related obligations) | 237 | (212) | 25 |
Purchase of carbon-related assets net of the change in carbon-related obligations | \u2013 | (50) | (50) |
Other cash flows from operating activities | 1,120 | \u2013 | 1,120 |
Net cash flows from operating activities | 4,864 | (262) | 4,602 |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment and intangible assets | (3,544) | 262 | (3,282) |
Other cash flows from investing activities | 121 | \u2013 | 121 |
Net cash flows from investing activities | (3,423) | 262 | (3,161) |
Net cash flows from financing activities | (5,194) | \u2013 | (5,194) |
Net decrease in cash and cash equivalents | (3,753) | \u2013 | (3,753) |
Net foreign exchange differences | (2) | \u2013 | (2) |
Cash and cash equivalents at 1 January | 9,196 | \u2013 | 9,196 |
Cash and cash equivalents at year end | 5,441 | \u2013 | 5,441 |
\u20ac million | 2024 | 2023 |
Sales of goods and services | ||
Sales to associates 1 | 6 | 5 |
Sales to significant shareholders 2 | 246 | 261 |
Purchases of goods and services | ||
Purchases from associates 3 | 76 | 72 |
Purchases from significant shareholders 2 | 181 | 131 |
Receivables from related parties | ||
Amounts owed by associates 4 | 20 | 18 |
Amounts owed by significant shareholders 5 | 91 | 136 |
Payables to related parties | ||
Amounts owed to associates 6 | 10 | 6 |
Amounts owed to significant shareholders 5 | 15 | 12 |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
Base salary, fees and benefits | ||
Board of Directors | ||
Short-term benefits | 5 | 4 |
Share-based payments | \u2013 | 1 |
Management Committee | ||
Short-term benefits | 17 | 15 |
Share-based payments | 3 | \u2013 |
Year to 31 December | ||
\u20ac million | 2024 | 2023 |
Base salary, fees and benefits | ||
Board of Directors | ||
Short-term benefits | 5 | 4 |
Share-based payments | \u2013 | 1 |
Management Committee | ||
Short-term benefits | 17 | 15 |
Share-based payments | 3 | \u2013 |