3rd Quarter & 9 Months Results

British Airways PLC 7 February 2000 RESULTS IN LINE WITH MARKET EXPECTATIONS British Airways today reported pre-tax profits for the nine months to December 31, 1999 of £180 million, in line with market expectations. Operating profits for the nine months were £209 million and earnings per share were 13.7 pence, compared to 26.6 pence per share last year. Group losses before tax for the three months to December 31 were £60 million, representing a £15 million improvement on the same period last year. In line with Group strategy, capacity growth has been reined back, premium traffic is showing good growth, traffic in the lowest-yielding non-premium passenger segments is being reduced, and cost efficiencies continue to be delivered. Passenger yields on mainline scheduled services improved in the quarter. Cost efficiencies from the three-year Business Efficiency Programme have now exceeded the £1 billion target. Last week's announcement of the airline's comprehensive programme of product innovations in all cabins will revolutionise 21st century air travel, and set new standards of customer service and product on the ground and in the air. The first fully-flat bed in business class is already in the air. The embodiment of Club Europe will be completed in October. The new World Traveller Plus cabin will be introduced in July. The improvements to the First product begin in March, and the first redesigned Concorde will be in the air in the autumn. The combination of the airline's investment in the service delivered to customers, the biggest in airline history, and the commitment to reduce its cost base by a further 12 per cent over the next three years, will greatly enhance the airline's competitive position. The company's fleet strategy will add flexibility and allow the airline to reduce its exposure in those market segments where there is major price competition. Bob Ayling, Chief Executive said: 'These results, coupled with last week's traffic statistics which showed premium traffic up 5.2 per cent, demonstrate that we are reading the market correctly and the trends are going in the right direction. We have seen premium traffic grow for the past seven months in succession. Our yields are starting to recover, showing the first improvement since the fourth quarter of 1997/98. Whilst conditions in the international marketplace continue to be highly competitive we look forward with confidence to future profitability.' Lord Marshall, Chairman of British Airways, said: 'The signs are encouraging for the medium term. We have made major changes to the business to strengthen the fundamentals, and we are now well placed to deliver the world-beating products that our customers expect.' February 7, 2000 16/MK/00 For more information, please contact: Simon Walker British Airways Tel: 020 8738 5100 Nick Claydon British Airways Tel: 020 8738 5100 Mitesh Kotecha British Airways Tel: 020 8738 5100 Louise Evans British Airways Tel: 020 8738 5100 Sarah James British Airways Tel: 020 8738 5100 James Hogan Brunswick Tel: 020 7404 5959 THIRD QUARTER RESULTS 1999-2000 (unaudited) Three months ended Nine months ended December 31 December 31 1999 1998 Change 1999 1998 Change Turnover £m 2,198 2,130 3.2% 6,833 6,851 (0.3)% Operating (loss)/ profit £m (2) 92 (102.2)% 209 527 (60.3)% (Loss) / profit before tax £m (60) (75) (20.0)% 180 310 (41.9)% Retained(loss)/profit for the £m (71) (68) 4.4% 90 225 (60.0)% period Capital and reserves at £m 3,652 3,565 2.4% 3,652 3,565 2.4% period end Earnings per share Basic p (6.6) (6.6) 13.7 26.6 (48.5)% Diluted p n/a n/a 13.6 25.6 (46.9)% n/a: Not applicable GROUP PROFIT AND LOSS ACCOUNT (unaudited) Three months ended Nine months ended December 31 December 31 1999 £m 1998 £m Change 1999 £m 1998 £m Change Traffic Revenue Scheduled passenger 1,826 1,787 2.2% 5,705 5,798 (1.6)% Scheduled cargo 153 140 9.3% 422 412 2.4% Non-scheduled 14 9 55.6% 63 48 31.3% services 1,993 1,936 2.9% 6,190 6,258 (1.1)% Other revenue 205 194 5.7% 643 593 8.4% TOTAL TURNOVER 2,198 2,130 3.2% 6,833 6,851 (0.3)% Employee costs 605 520 16.3% 1,874 1,735 8.0% Depreciation 162 160 1.3% 476 467 1.9% Aircraft operating lease costs 50 39 28.2% 138 109 26.6% Fuel and oil costs 219 171 28.1% 585 534 9.6% Engineering and other aircraft costs 166 157 5.7% 520 492 5.7% Landing fees and en route charges 162 182 (11.0)% 525 555 (5.4)% Handling charges, catering and other operating costs 332 332 995 983 1.2% Selling costs 284 291 (2.4)% 869 904 (3.9)% Accommodation, ground equipment costs and currency 220 186 18.3% 642 545 17.8% differences TOTAL OPERATING 2,200 2,038 7.9% 6,624 6,324 4.7% EXPENDITURE OPERATING (LOSS/PROFIT (2) 92 (102.2)% 209 527 (60.3%) Share of operating profits in 1 1 31 28 10.7% associates TOTAL OPERATING (1) 93 (101.1)% 240 555 (56.8)% (LOSS) / PROFIT INCLUDING ASSOCIATES Other income and charges (2) 1 nm 1 20 (95.0)% Profit on sale of fixed assets and investments 60 9 nm 251 18 nm Interest Net payable (66) (61) 8.2% (194) (185) 4.9% Retranslation charges on currency borrowings (51) (117) (56.4)% (118) (98) 20.4% (LOSS)/PROFIT BEFORE (60) (75) (20.0)% 180 310 (41.9)% TAX Taxation (8) 7 nm (25) (31) (19.4)% (LOSS)/PROFIT AFTER TAX (68) (68) 155 279 (44.4)% Non equity minority interest* (3) nm (8) nm (LOSS) / PROFIT FOR (71) (68) 4.4% 147 279 (47.3)% THE PERIOD Dividends paid and proposed (57) (54) 5.6% RETAINED (LOSS/PROFIT FOR THE PERIOD (71) (68) 4.4% 90 225 (60.0)% nm: Not meaningful * Cumulative Preferred Securities OPERATING AND FINANCIAL STATISTICS (unaudited) MAINLINE Three months ended Nine months ended SCHEDULED SERVICES December 31 December 31 1999 1998 Change 1999 1998 Change TRAFFIC AND CAPACITY RPK (m) 27,841 28,252 (1.5)% 90,666 90,998 (0.4)% ASK (m) 41,708 41,658 0.1% 127,644 126,687 0.8% Passenger load 66.8 67.8 (1.0)pts 71.0 71.8 (0.8)pts factor(%) CTK (m) 1,267 1,115 13.6% 3,418 3,256 5.0% RTK (m) 4,043 3,937 2.7% 12,454 12,334 1.0% ATK (m) 6,106 6,001 1.7% 18,518 18,143 2.1% Overall load factor (%) 66.2 65.6 0.6pts 67.3 68.0 (0.7)pts Passengers carried(000)8,535 8,787 (2.9)% 28,265 28,752 (1.7)% Tonnes of cargo carried (000) 248 226 9.7% 673 649 3.7% FINANCIAL Passenger revenue per RPK (p) 6.06 5.87 3.2% 5.82 5.97 (2.5)% Cargo revenue per 11.76 12.20 (3.6)% 12.05 12.35 (2.4)% CTK(p) Average fuel price (US cents/US gallon) 78.67 50.04 57.2% 64.86 50.09 29.5% TOTAL GROUP OPERATIONS (including Deutsche BA, Air Liberte,'go' and CityFlyer) TRAFFIC AND CAPACITY RPK (m) 30,192 29,736 1.5% 98,097 96,414 1.7% ASK (m) 45,347 44,454 2.0% 138,625 135,276 2.5% RTK (m) 4,270 4,111 3.9% 13,174 12,898 2.1% ATK (m) 6,460 6,277 2.9% 19,587 18,984 3.2% Passengers carried 11,084 10,747 3.1% 35,800 34,764 3.0% (000) FINANCIAL Total traffic revenue per RTK (p) 46.67 47.09 (0.9)% 46.99 48.52 (3.2)% Total traffic revenue per ATK (p) 30.85 30.84 0.0% 31.60 32.96 (4.1)% Net operating expenditure per RTK(p) 46.72 44.86 4.1% 45.40 44.43 2.2% Net operating expenditure per ATK (p)30.88 29.38 5.1% 30.54 30.19 1.2% OPERATIONS Average Manpower Equivalent (MPE) 65,800 64,214 2.5% 65,529 63,753 2.8% ATKs per MPE (000) 98.2 97.8 0.4% 298.9 297.8 0.4% Aircraft in service at period end 356 339 17 356 339 17 CHAIRMAN'S STATEMENT Group Performance Group losses before tax for the three months ended December 31, 1999 were in line with market expectations at £60 million -- an improvement of £15 million on the same period last year. Profits on disposals were broadly offset by the retranslation of foreign debt. Operating losses were £2 million. Operating results continued to be adversely affected by excess industry capacity, which produced a glut of low fares in the market. We countered this by increasing our mix of premium passengers and, within cabins, strengthening the mix of higher fares. Cost efficiencies continued despite higher spending on product and customer services; in line with current strategy, mainline passenger capacity was almost unchanged from a year ago. For the nine months ended December 31, 1999 group profits before tax were £180 million. This included £251 million of profits on disposals, primarily from the sale of our remaining interest in Galileo International Inc. and the part disposal of our holding in Equant, but also included book losses of £118 million on the retranslation of foreign debt. Operating profits were £209 million. Turnover Turnover for the three months -- at £2,198 million -- was up 3.2% on a mainline flying programme 1.7% bigger in available tonnes kilometres (ATKs). Mainline passenger seat factor was down 1 point at 66.8%. Yields (pence per revenue passenger kilometre - RPK) were up 3.2% primarily due to a higher proportion of premium traffic. Premium traffic grew 6.8%; non premium traffic fell by 2.8%. This was the first quarterly yield improvement in seven quarters. For the nine month period, turnover -- at £6,833 million -- was down 0.3% on a mainline flying programme 2.1% bigger in ATKs. Mainline passenger yields were down 2.5%, with passenger load factor down 8/10 of a point. Cargo sales increased 9.3% in the quarter. Unit Costs Unit costs (pence per ATK) were 5.1% higher in the quarter year-over- year. This figure was inflated by further increases in fuel prices and the release last year of an employee profit share provision; excluding these effects the year over year increase was approximately 1 percent. Cost efficiencies from the 3 year Business Efficiency Programme have now exceeded the £1 billion target thanks to additional profit improvement actions in the current year. For the nine month period, unit costs increased just 1.2%; total operating costs rose 4.7%. Non Operating Items Profits on disposals of fixed assets and investments were £60 million in the quarter, primarily from a further disposal of part of our shareholding in Equant. Year to date profits on disposal of fixed assets and investments were £251 million, including £149 million on the disposal of our remaining shares in Galileo International Inc. Net interest expense was £66 million for the quarter and £194 million for the nine months to December 31, 1999. Additionally, retranslation of foreign debt, mainly yen, cost £51 million in the quarter, giving a cumulative book charge of £118 million for the year so far -- £20 million up on last year. The yen debt, repayable between 2007 and 2011, will be repaid from operating cash generated in Japan, which provides a natural (and free) hedge against currency losses. In the meantime, accounting rules require that the yen debts are 'marked to market' in the books. Earnings Per Share For the three month period, losses attributable to shareholders were £71 million, equivalent to losses of 6.6 pence per share. For the nine months, profits attributable to shareholders were £147 million, equivalent to earnings of 13.7 pence per share. Net Debt / Total Capital Ratio Borrowings, net of cash and short term loans and deposits, amounted to £5,540 million at December 31, 1999 - up £14 million since March 31. The increase is due primarily to the revaluation of yen debt, partly offset by cash from the issue of euro 300 million of cumulative preferred securities in May. Net debt/total capital ratio improved to 60% at December 31 -- down from 62% at March 31, 1999. Aircraft Fleet The fleet has increased during the quarter by sixteen aircraft, primarily reflecting the acquisition of CityFlyer Express. In the mainline fleet the continuation of the revised fleet strategy saw the disposal of the final six Boeing 747-100s, one Boeing 747-200 and one Boeing 767-300. Four Boeing 737-200 aircraft were disposed of during the quarter and an additional Boeing 737-200 stood down. Additions to the mainline fleet included one Boeing 777 and four Airbus A319 aircraft, the latter joining BA Regional. The inclusion of CityFlyer Express increased the subsidiary fleet by nineteen aircraft comprising seven Avro RJ100 regional jets, five ATR42s and seven ATR72s. These aircraft will complement the existing EuroGatwick operation and help reduce operating costs on some shorthaul routes. Alliance Development In December, 1999 we concluded an agreement that will enable us to take a 9% stake in Iberia Lineas Aereas de Espana SA as part of the Spanish airline's privatisation programme American Airlines will also acquire a 1% shareholding. The cost of our investment will be approximately £155 million depending on the value of shares when the public flotation occurs. On January 26 we completed the purchase of an 18.3% shareholding in Comair, our franchise partner in South Africa. The £17 million investment marks a further cementing of the successful relationship between the two airlines. Year 2000 No major problems were experienced by the Group anywhere. Outlook The UK economic outlook continues to be favourable. Premium traffic is recovering, which will contribute to yield improvement and help protect margins from the downward pressure on fares in the market. Importantly, we do not expect industry capacity growth in our principal markets to exceed demand growth by the summer. Also, further innovations and efficiency initiatives are planned in all areas of the business. Last week we announced a comprehensive programme of product innovations in all cabins to set new standards of customer service on the ground and in the air. The implementation of our fleet strategy, which will reduce capacity by at least 12% in the next 3 years, is well underway and complements this product strategy. Note: Copies of the full Quarter 3 Results Report are available on the Internet at www.british-airways.com/investor. GROUP BALANCE SHEET (unaudited) December 31 March 31 1999 £m 1998 £m 1999 £m FIXED ASSETS Intangible Assets 58 Tangible assets 10,117 9,520 9,839 Investments 385 395 402 10,560 9,915 10,241 CURRENT ASSETS Stocks 85 91 84 Debtors 1,436 1,405 1,336 Cash, short-term loans and deposits 1,546 810 1,163 3,067 2,306 2,583 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (3,229) (2,718) (3,081) NET CURRENT LIABILITIES (162) (412) (498) TOTAL ASSETS LESS CURRENT LIABILITIES 10,398 9,503 9,743 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Borrowings and other creditors (6,600) (5,781) (6,230) Convertible Capital Bonds 2005 (113) (126) (126) (6,713) (5,907) (6,356) PROVISIONS FOR LIABILITIES AND CHARGES (33) (31) (32) 3,652 3,565 3,355 CAPITAL AND RESERVES Called up share capital 270 268 268 Reserves 3,198 3,297 3,087 3,468 3,565 3,355 Non equity minority interest 184 3,652 3,565 3,355 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Nine months ended Year (unaudited) ended December 31 March 31 1999 £m 1998 £m 1999 £m Profit for the period 147 279 206 Other recognised gains and losses relating to the period Exchange and other movements (5) (75) (82) Total recognised gains and losses 142 204 124 These summary financial statements were approved by the Directors on February 7, 2000. GROUP CASH FLOW STATEMENT (unaudited) Nine months ended Year ended December 31 March 31 1999 £m 1998 £m 1999 £m CASH INFLOW FROM OPERATING ACTIVITIES 837 950 1,241 DIVIDENDS RECEIVED FROM ASSOCIATES 29 5 11 RETURNS ON INVESTMENTS AND SERVICING OF (193) (177) (309) FINANCE TAXATION 6 (42) (40) CAPITAL EXPENDITURE AND FINANCIAL (33) (383) (118) INVESTMENT ACQUISITIONS AND DISPOSALS (70) (3) (6) EQUITY DIVIDENDS PAID (188) (113) (113) Cash inflow before management of liquid 388 237 666 resources and financing MANAGEMENT OF LIQUID RESOURCES (303) (14) (363) FINANCING (3) (166) (235) Increase in cash in the period 82 57 68 GROUP FINANCING REQUIREMENT Cash inflow before management of liquid resources and financing 388 237 666 Acquisitions under loans, finance leases and hire purchase arrangements (394) (790) (1,470) Total financing requirement for the period (6) (553) (804) Total tangible fixed asset expenditure, net of progress payment refunds 895 1,246 1,807 NOTES TO THE ACCOUNTS (continued) For the period ended December 31, 1999 1 ACCOUNTING CONVENTION The accounts have been prepared on the basis of the accounting policies set out in the Report and Accounts for the year ended March 31, 1999 in accordance with all applicable United Kingdom accounting standards and the Companies Act 1985 and are consistent with those applied in the previous year. Nine months Year ended ended December 31 March 31 1999 £m 1998 £m 1999 £m 2 RECONCILIATION OF OPERATING PROFIT TO CASH INFLOW FROM OPERATING ACTIVITIES Group operating profit 209 527 442 Depreciation charges 476 467 619 Other items not involving the movement of cash 34 14 21 (Increase)/decrease in stocks and debtors (62) (8) 60 Increase/(decrease) in creditors 180 (50) 99 Cash inflow from operating activities 837 950 1,241 3 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Increase in cash during the period 82 57 68 Cash outflow from decrease in debt and lease financing 200 224 300 Cash outflow from liquid resources 303 14 363 Change in net debt resulting from 585 295 731 cash flows New loans and finance leases taken out and hire purchase (394) (790) (1,470) arrangements made Assumed from subsidiary undertakings acquired during the period (42) Conversion of Convertible Capital Bonds 13 24 24 Exchange movements (176) (182) (208) Movement in net debt during the period (14) (653) (923) Net debt at April 1 (5,526) (4,603) (4,603) Net debt at period end (5,540) (5,256) (5,526) Three months ended Nine months ended December 31 December 31 1999 £m 1998 £m 1999 £m 1998 £m 4 OTHER INCOME AND CHARGES Income from trade investments 1 2 3 Other (2) (1) 17 (2) 1 1 20 Other income and charges represented by: Group (2) 1 1 20 Associates (2) 1 1 20 NOTES TO THE ACCOUNTS (continued) For the period ended December 31, 1999 Three months ended Nine months ended December 31 December 31 1999 £m 1998 £m 1999 £am 1998 £m 5 PROFIT ON SALE OF FIXED ASSETS AND INVESTMENTS Net profit on sale of investment 149 in Galileo International Inc. Net profit on part disposal of 58 58 investment in Equant Net profit on disposal of other fixed 2 9 44 18 assets and investments 60 9 251 18 Represented by: Group 60 9 247 18 Associates 4 60 9 251 18 6 INTEREST Net payable: Interest payable less amount 90 80 261 242 capitalised Interest receivable (24) (19) (67) (57) 66 61 194 185 Retranslation charges on currency borrowings 51 117 118 98 117 178 312 283 Net interest payable represented by: Group 116 178 307 278 Associates 1 5 5 117 178 312 283 7 TAXATION No tax has arisen in the UK as a result of trading profits, and profit on sale of investments in the period being covered by tax losses. The tax charge for the period is attributable to tax on overseas investments. 8 DIVIDENDS PAID AND PROPOSED The amount charged to the profit and loss account includes £1 million in relation to 1998-99 final dividends paid to Convertible Capital Bond holders(1997-98: £1 million), who converted their bonds in June 1999, in accordance with the terms of the bonds. 9 EARNINGS PER SHARE Basic earnings per share are calculated on a weighted average of 1,072,572,000 ordinary shares (December 1998: 1,050,470,000)as adjusted for shares held for the purposes of employee share ownership plans including the Long Term Incentive Plan. Diluted earnings per share are calculated on a weighted average of 1,122,661,000 ordinary shares (December 1998: 1,149,443,000) after allowing for the conversion rights attaching to the Convertible Capital Bonds and for adjustments to income to eliminate interest payable on the Convertible Capital Bonds. The number of shares in issue at December 31, 1999 was 1,081,247,000 (December 31, 1998: 1,071,045,000; March 31, 1999: 1,073,167,000) ordinary shares of 25 pence each. NOTES TO THE ACCOUNTS (Continued) For the period ended December 31, 1999 December 31 March 31 1999 £m 1998 £m 1999 £m 10 TANGIBLE ASSETS Fleet 8,325 7,924 8,207 Property 1,428 1,301 1,331 Equipment 364 295 301 10,117 9,520 9,839 11 INVESTMENTS Associated undertakings 325 317 323 Trade investments 35 67 68 Investment in own shares 25 11 11 385 395 402 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Loans 222 35 202 Finance leases 91 93 91 Hire Purchase Arrangements 278 235 264 591 363 557 Overdrafts - unsecured 8 18 11 Corporate taxation 44 25 Other creditors and accruals 2,586 2,337 2,488 3,229 2,718 3,081 13 BORROWINGS AND OTHER CREDITORS FALLING DUE AFTER MORE THAN ONE YEAR Loans 995 1,017 940 Finance leases 1,573 997 1,244 Hire purchase arrangements 3,806 3,545 3,811 6,374 5,559 5,995 Corporate taxation 55 Other creditors and accruals 226 167 235 6,600 5,781 6,230 14 RESERVES Balance at April 1 3,087 3,061 3,061 Retained profit for the period 90 225 15 Exchange and other adjustments (5) (75) (82) Reduction in reserves resulting from shares issued to a Qualifying Employee Share Ownership Trust in relation to (2) (18) (21) the 1993 Share Save Scheme Net movement on goodwill 7 Premium arising from issue of ordinary share capital 21 104 114 3,198 3,297 3,087 15 The figures for the three months and nine months ended December 31, 1999 and 1998 are unaudited and do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended March 31, 1999 have been extracted from the full accounts with certain minor presentational changes for that year, which have been delivered to the Registrar of Companies and on which the auditors have issued an unqualified audit report. INDEPENDENT REVIEW REPORT TO BRITISH AIRWAYS Plc Introduction We have been instructed by the Company to review the financial information set out on page 2 and pages 6 to 10 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The Listing Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts in accordance with applicable UK law and Accounting Standards, except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the UK Auditing Practices Board. A review consists principally of making enquiries of the Group's management and applying analytical procedures to the financial information and underlying financial data and based thereon,assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with UK Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for both the three months and nine months ended December 31, 1999. Ernst & Young London February 7, 2000 UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (US GAAP) INFORMATION The accounts have been prepared in accordance with accounting principles accepted in the United Kingdom which differ in certain respects from those generally accepted in the United States. The significant differences are the same as those set out in the Report and Accounts for the year ended March 31, 1999. The adjusted net income and shareholders' equity applying US GAAP are set out below: Three months ended Nine months ended December 31 December 31 1999 £m 1998 £m 1999 £m 1998 £m (Loss) / profit for the period as reported in the Group profit and loss (71) (68) 147 279 account US GAAP adjustments (28) (31) (95) (73) Net income as so adjusted to accord with US GAAP (99) (99) 52 206 Net income per Ordinary Share as so adjusted Basic (9.3)p (9.6)p 4.8p 19.6p Diluted n/a n/a n/a n/a Net income per American Depositary Share as so adjusted Basic (93)p (96)p 48p 196p Diluted n/a n/a n/a n/a December 31 March 31 1999 £m 1998 £m 1999 £m Shareholders' equity as reported in the Group balance sheet 3,468 3,565 3,355 US GAAP adjustments (529) (475) (198) Shareholders' equity as so adjusted to accord with US GAAP 2,939 3,090 3,157 AIRCRAFT FLEET Number in service with Group companies at December 31, 1999 Operating leases off On balance balance sheet Total Future MAINLINE sheet Exten- (Note deli- (Notes 1 & 6) Aircraft dible Other 2) veries Options Concorde 7 7 Boeing 747-100 Boeing 747-200 12 3 15 Boeing 747-400 57 57 Boeing 777 29 29 16 16 Boeing 767-300 27 27 Boeing 757-200 47 3 3 53 Airbus A318 12 12 Airbus A319 (Note 5) 4 4 35 129 Airbus A320 10 10 20 Boeing 737-200 14 14 Boeing 737-300 8 8 Boeing 737-400 22 12 34 Turbo Props (Note 3) 2 17 19 Embraer RJ145 7 14 Sub total 213 6 58 277 90 171 DEUTSCHE BA, AIR LIBERTE,'go' and CITYFLYER McDonnell Douglas DC-10-30 3 3 McDonnell Douglas MD83 3 7 10 Boeing 737-300 30 30 Fokker 100 4 7 11 Fokker F28 4 4 Avro RJ100 7 7 3 Turbo Props (Note 4) 1 12 1 14 Sub total 12 26 41 79 3 GROUP TOTAL 225 32 99 356 93 171 Notes: 1 Includes those operated by British Airways Plc, British Airways (European Operations at Gatwick) Ltd and Brymon Airways Ltd. 2 Excludes 4 ATR 72s, 6 ATR 42s, 2 Embraer subleased to other carriers. 3 Includes 2 de Havilland Canada DHC-7-100s and 17 de Havilland Canada DHC-8s. 4 Excluding 1 ATR 72 and 1 ATR 42, stood down out of service. 5 Options include reserved delivery positions and, if taken, may be A319, A320 or A321. 6 Excludes 3 McDonnell Douglas DC-10-30s, 1 Boeing 737-200 and 1 Boeing 767-300 stood down pending disposal or return to lessor.

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