Member Info for Conger2

Https://www.google.com/search?sca_esv=859d16dfe220efcd&rlz=1C1CHBF_en-GBGB882GB882&q=happiness+is+a+cigar+called+hamlet&tbm=vid&source=lnms&sa=X&ved=2ahUKEwjfhM7gi9GEAxVd9AIHHXqBBvAQ0pQJegQIDBAB&biw=1783&bih=762&dpr=1#fpstate=ive&vld=cid:17fadab8,vid:PKyuistISkY,st:0

.... Enough said after today. lol

IAG’s three strategic imperatives are:

• Strengthening our core;

• Driving earnings growth through asset-light businesses; and

• Operating under a strengthened financial and sustainability framework.

These imperatives are achieved through a series of strategic priorities:

• Growing our portfolio of global leadership positions and strengthening our portfolio of world-class brands and operations;

• Developing IAG Loyalty and leveraging our strategic airline partnerships; and

• Managing our balance sheet, allocating capital in a disciplined manner, and being an industry leader in sustainability.

They delivered .... 1.7x is exceeding the target of 1.8x

Debt and capital

The Group monitors leverage using net debt to EBITDA before exceptional items, in addition to closely following measures used by the credit ratings agencies, including those based on total borrowings (gross debt).

In 2019, the Group set a target of net debt to EBITDA before exceptional items below 1.8 times, which broadly corresponded to investment grade with the credit ratings agencies. At its Capital Markets Day in November 2023, the Group confirmed this target remains appropriate.

As at 31 December 2023, net debt to EBITDA before exceptional items had reduced to 1.7 times, compared with 3.1 times in 2022, reflecting the strong recovery in profitability and the related cash generation, with capital expenditure €331 million lower than the previous year.

Why possible motavation would i have to fool anyone ...

Do you thing think the world is flat?

Anymore and i will need to start charging you for consoltancy! lol

Another example is Revenue is recognised with the cost so you pay for a flight BA has the money but you don't fly for 3 mths, they recognise the revenue (income) when you fly not when you pay them, but they recognise the cash in the bank imeadiatly with a seperate provision for defered costs/income.

So your sums are just incomplete vs the full picture.

I am a chartered accountant with 25+ years experiance by the way .... Who can't type or spell! lol

That is why you need a 1/4 cashflow to inslud things like Creditors change / debotors change / tax liabilitys / asset pruchases .

Reprotede revenue is not cash flow for the period there can be lots of timming differences, which are shown and reconciled in the cashflow.

There is no balance sheet to see all the movements .... You not looking at a complete records.

Link me a 31/12/23 and 30/09/23 balance sheet and i show were it is has gone.

It could be tax for instance ....

Looks like it is repayment of debt as they only made 500m in q4 ....

Its (2,762) and it is in the accounts page 17.

https://www.iairgroup.com/media/4dujaawh/full-year-results-release-for-the-year-to-31-december-2023.pdf

Looking for the consolidated cashflow for q4 will show you where it has gone, but think it is only annualised.

Page 26/27 is what you are looking for.

Https://www.iairgroup.com/media-centre/press-releases/

Look at it it is striking there i not forward looking business plan... WTF are the SMT doing?

https://www.iairgroup.com/investors-and-shareholders/investment-case/

Is all historic .....

The only planing is under sustainability...

No wonder this is strugling...

Really easy to say you are hitting your paln when you dont publish a plan.....

You read the website massive amount about sustability goals / diversity goals but no business plan????

So they say in the accounts they are delivering there Stategic highlights but can someone please point me at the plan they are measuring this against as I just can not find one...

How can this be strategic if there is not stragic plan?

Where is the business plan??????

Strategic highlights

• Capacity growth in 2023 of 22.6% vs 2022, focused on our core North Atlantic and South Atlantic markets

• Revenue and cost transformation initiatives driving improvements to our customer proposition

• Our Spanish businesses delivered €1.4 billion of operating profit (2022: €0.6 billion), highlighting the greater balance in our

portfolio

• Our highly cash-generative, high-margin IAG Loyalty business grew profits by 17% to £280 million, adding 4.9 million new

members (17% increase in new members) during the year

• Quarter 4 2023 operating profit before exceptional items of €502 million (quarter 4 2022: €477 million)

• Continued investment in our people, with 13,000 new colleagues hired in 2023

• One third of our sustainable aviation fuel target for 2030 is now committed

Https://www.ft.com/content/bac81f2f-8f58-497b-87db-4e9c1fdd17f9

https://www.independent.co.uk/business/british-airways-owner-soars-to-record-annual-earnings-on-travel-boom-b2504519.html

https://www.bloomberg.com/news/articles/2024-02-29/iag-fourth-quarter-profit-doubles-sees-higher-capacity-in-2024

https://www.marketwatch.com/story/iag-says-travel-demand-remains-strong-as-net-profit-surges-update-fe36d708

Net debt is 9.2b 31/12/23 vs 10.4b 31/12/23...

Do you have two accounts then?

I might worng only being an accountant my maths is not great.... but 4b debt paid off in 12mths off a 20b debt adds up to 5 years , with 4 to go.

Borrowings

16,082 31/12/2023

VS

19,984 31/12/2022

Around sustaianability not profit ability....

very confused messages they are sending.

Which goes back to my question of why are you invested if you disagree with how its run?

Becuse it is massively undervalued.

Https://www.iairgroup.com/about-us/

Where is the business plan?