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May 7 2020, 07:45 IST/BST
IAG pre-released Q1 numbers on April 28th with very substantial losses and warned that Q2 will be “significantly worse”. Liquidity is now €10bn, c.40% of last year’s revenue. For April and May, the normal run-rate cash operating costs have been reduced from €440m per week to €200m per week. IAG's CEO Willie Walsh is staying with the group until September 24th 2020. IAG is one of the few airlines globally that should have enough liquidity to see out the crisis. Capacity is assumed to be down 50% in 2020, including 90% in Q2, 50% in Q3 and 30% in Q4.
May 7 2020, 07:45 IST/BST