Q2 & Interim Results - Half Year Profits £240m

British Airways PLC 8 November 1999 RESULTS AHEAD OF EXPECTATIONS AS STRATEGY KICKS IN HALF-YEAR PROFITS £240M British Airways today unveiled pre-tax profits for the second quarter ahead of expectations at £70m, excluding severance and disposals. Pre-tax profits for the six months to 30th September 1999 were £240m, compared with £385m for the same period last year. This included £191 million of profits on disposals, primarily from the sale of the remaining interest in Galileo International Inc., during the first quarter. Operating profits for the six months were £211 million and earnings per share were 20.3 pence per share, compared to 33.2 pence last year. A dividend of 5.1 pence per share has been declared, unchanged from last year. Cost efficiencies from the three year Business Efficiency Programme have now topped the £1bn per annum target. Further profit improvements of £225m are expected for the full year. Investment in products and services for customers has also increased, focused on unbeatable premium and economy products for the year ahead and beyond. New products include the Next Generation Club Europe launched in September; Club World Flying Beds from 1st March 2000 and the upgrading of Concorde from next September. With these investments and the continuing company-wide programme of training and motivation, British Airways will continue to deliver the highest standards of customer service. Customer service indicators - including punctuality and baggage handling - have improved over last year. British Airways is now the most punctual major airline in Europe. Bob Ayling, Chief Executive said: 'It has been a tough year for the international airline industry but our strategy puts us in a position to benefit strongly as business picks up. Other airlines are now following our lead in cutting capacity and this will help close the gap in demand. Already, our actions have helped to deliver a good yield performance relative to our competitors and we expect this to continue. And we are making significant investments in our products and services which will give us an unbeatable competitive advantage in the years ahead.' Lord Marshall, Chairman of British Airways, said: 'Whilst the immediate outlook is challenging, the positive actions of the management in changing the fleet and network strategy and the continued focus on customer service and cost efficiency, will restore the profitability of the company.' For more information, please contact: Simon Walker British Airways Tel: 0181 738 5100 Nick Claydon British Airways Tel: 0181 738 5100 James Hogan Brunswick Tel: 0171 404 5959 Rob Pinker Brunswick Tel: 0171 404 5959 Craig Breheny Brunswick Tel: 0171 404 5959 INTERIM RESULTS 1999-2000 (unaudited) Three months ended Six months ended September 30 September 30 1999 1998 Change 1999 1998 Change Turnover £m 2,413 2,443 (1.2)% 4,635 4,721 (1.8)% Operating profit £m 117 262 (55.3)% 211 435 (51.5)% Profit before tax £m 40 240 (83.3)% 240 385 (37.7)% Retained(loss)/profit for the £m (27) 162 (116.7)% 161 293 (45.1)% period Capital and reserves at £m 3,750 3,615 3.7% 3,750 3,615 3.7% period end Earnings per share Basic p 2.8 20.6 (86.4)% 20.3 33.2 (38.9)% Diluted p 2.9 19.5 (85.1)% 19.7 31.4 (37.3)% Dividends per p 5.1 5.1 5.1 5.1 share GROUP PROFIT AND LOSS ACCOUNT (unaudited) Three months ended Six months ended September 30 September 30 1999 £m 1998 £m Change 1999 £m 1998 £m Change Traffic Revenue Scheduled passenger 2,011 2,091 (3.8)% 3,879 4,011 (3.3)% Scheduled cargo 145 140 3.6% 269 272 (1.1)% Non-scheduled 28 22 27.3% 49 39 25.6% services 2,184 2,253 (3.1)% 4,197 4,322 (2.9)% Other revenue 229 190 20.5% 438 399 9.8% TOTAL TURNOVER 2,413 2,443 (1.2)% 4,635 4,721 (1.8)% Employee costs 667 622 7.2% 1,269 1,215 4.4% Depreciation 160 158 1.3% 314 307 2.3% Aircraft operating lease costs 44 36 22.2% 88 70 25.7% Fuel and oil costs 193 183 5.5% 366 363 0.8% Engineering and other aircraft costs 179 178 0.6% 354 335 5.7% Landing fees and en route charges 180 194 (7.2)% 363 373 (2.7)% Handling charges, catering and other operating costs 350 323 8.4% 663 651 1.8% Selling costs 295 314 (6.1)% 585 613 (4.6)% Accommodation, ground equipment costs and currency 228 173 31.8% 422 359 17.5% differences TOTAL OPERATING EXPENDITURE 2,296 2,181 5.3% 4,424 4,286 3.2% OPERATING PROFIT 117 262 (55.3)% 211 435 (51.5)% Share of operating profits in 29 25 16.0% 30 27 11.1% associates TOTAL OPERATING PROFIT INCLUDING 146 287 (49.1)% 241 462 (47.8)% ASSOCIATES Other income 2 18 (88.9)% 3 19 (84.2)% Profit on sale of fixed assets and investments 14 3 nm 191 9 nm Interest Net payable (63) (68) (7.4)% (128) (124) 3.2% Retranslation (charges)/credits on currency borrowings (59) nm (67) 19 nm payable PROFIT BEFORE TAX 40 240 (83.3)% 240 385 (37.7)% Taxation (7) (24) (70.8)% (17) (38) (55.3)% PROFIT AFTER TAX 33 216 (84.7)% 223 347 (35.7)% Non equity minority interest* (3) nm (5) nm PROFIT FOR THE 30 216 (86.1)% 218 347 (37.2)% PERIOD Dividends paid and proposed (57) (54) 5.6% (57) (54) 5.6% RETAINED (LOSS)/PROFIT FOR (27) 162 (116.7)% 161 293 (45.1)% THE PERIOD nm: Not meaningful * Cumulative Preferred Securities OPERATING AND FINANCIAL STATISTICS (unaudited) MAINLINE Three months Six months ended SCHEDULED ended SERVICES September 30 September 30 1999 1998 Change 1999 1998 Change TRAFFIC AND CAPACITY RPK (m) 33,046 33,429 (1.1)% 62,825 62,746 0.1% ASK (m) 43,554 43,672 (0.3)% 85,936 85,029 1.1% Passenger load 75.9 76.5 (0.6)pts 73.1 73.8 (0.7)pts factor(%) CTK (m) 1,118 1,077 3.8% 2,151 2,141 0.5% RTK (m) 4,415 4,416 (0.0)% 8,411 8,397 0.2% ATK (m) 6,309 6,222 1.4% 12,412 12,142 2.2% Overall load factor(%) 70.0 71.0 (1.0)pts 67.8 69.2 (1.4)pts Passengers carried 10,295 10,508 (2.0)% 19,730 19,965 (1.2)% (000) Tonnes of cargo carried (000) 221 213 3.8% 425 423 0.5% FINANCIAL Passenger revenue per RPK (p) 5.63 5.89 (4.4)% 5.71 6.01 (5.0)% Cargo revenue per 12.70 12.72 (0.2)% 12.23 12.42 (1.5)% CTK(p) Average fuel price (US cents/US gallon) 63.62 48.00 32.5% 57.95 50.12 15.6% TOTAL GROUP OPERATIONS (including Deutsche BA, Air Liberte and 'go') TRAFFIC AND CAPACITY RPK (m) 35,873 35,543 0.9% 67,905 66,678 1.8% ASK (m) 47,465 46,792 1.4% 93,278 90,822 2.7% RTK (m) 4,689 4,630 1.3% 8,904 8,787 1.3% ATK (m) 6,690 6,533 2.4% 13,127 12,707 3.3% Passengers carried 12,983 12,608 3.0% 24,716 24,017 2.9% (000) FINANCIAL Total traffic revenue per RTK (p) 46.57 48.66 (4.3)% 47.14 49.19 (4.2)% Total traffic revenue per ATK (p) 32.65 34.49 (5.3)% 31.97 34.01 (6.0)% Net operating expenditure per RTK (p)44.08 43.00 2.5% 44.77 44.24 1.2% Net operating expenditure per ATK (p)30.90 30.48 1.4% 30.36 30.59 (0.8)% OPERATIONS Average Manpower Equivalent (MPE) 65,607 64,106 2.3% 65,393 63,522 2.9% ATKs per MPE (000) 102.0 101.9 0.1% 200.7 200.0 0.3% Aircraft in service at period end 340 344 (4) 340 344 (4) CHAIRMAN'S STATEMENT Group Performance Group profits before tax for the three months ended September 30, 1999 were £40 million. Pre-tax profits, excluding severance and disposals, were £70m. Underlying profits (ie. excluding book charges relating to the revaluation of yen loans, one-off restructuring costs to achieve future productivity gains and profits on disposals), were £132 million - down £111 million or 46% from a year ago. Operating profits were £117 million. For the six months ended September 30, 1999, group profits before tax were £240 million. This included £191 million of profits on disposals, primarily from the sale of our remaining interest in Galileo International Inc. during the first quarter. Operating profits were £211 million. Operating profits have been adversely affected by lower yields; the glut of low fares in the market derives from excess industry capacity. But cost performance has been maintained despite higher spending on product and customer services, one-off restructuring costs and negligible growth -- mainline passenger capacity was 3/10 of a point down on a year ago -- overall unit costs rose by just 1.4%. At 4.8%, operating margin for the three months was down 5.9 points compared with a year ago. An interim dividend of 5.1 pence per share has been declared, unchanged from last year. The dividend will be payable to shareholders on the register at November 19, 1999. Turnover Turnover for the three months -- at £2,413 million -- was down 1.2% on a mainline flying programme 1.4% bigger in available tonnes kilometres (ATKs). Mainline passenger seat factor was down 6/10 of a point at 75.9%. Yields (pence per revenue passenger kilometre - RPK) were down 4.4% primarily because excess industry capacity continued to drive heavy discounting, especially in the economy passenger market. Reduced demand in the premium cabin market on European routes also put pressure on yields. For the six month period, turnover -- at £4,635 million -- was down 1.8% on a mainline flying programme 3.3% bigger in ATKs. Mainline passenger yields were down 5%, with passenger load factor down 7/10 of a point. In Cargo, for the three month period, sales increased 3.6%, with tonnes carried 3.8% higher than a year ago; yields were marginally down. Unit Costs Unit costs (pence per ATK) were 1.4% higher in the quarter year-over- year. 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. These cost efficiencies were partially offset by adverse exchange rate movements, additional restructuring charges relating to the profit improvement programme currently underway and higher spending on products and services. Overall, total operating costs increased by 5.3%. For the six month period, unit costs fell marginally by 8/10 of a point; total operating costs rose 3.2%. Non Operating Items Profits on disposals of fixed assets and investments were £14 million in the quarter, primarily from the sale and leaseback of five Boeing 737-200s. The cumulative profits on disposal of fixed assets and investments were £191 million, including £149 million on the disposal of our remaining shares in Galileo International Inc., the disposal of our in-flight catering facility at Gatwick to ALPHA Catering Services, the sale of our investment in the Sapphire Leasing Company and other aircraft disposals. Net interest expense was £63 million for the quarter and £128 million for the six months to September 30. Additionally, retranslation of foreign debt, mainly yen, cost £59 million in the quarter, giving a cumulative book charge for the six months of £67 million. 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, despite this, accounting rules require that the yen debts are 'marked to market'. Earnings Per Share For the three month period, profits attributable to shareholders were £30 million, equivalent to earnings of 2.8 pence per share. For the six months, profits attributable to shareholders were £218 million, equivalent to earnings of 20.3 pence per share -- compared to 33.2 pence last year. Net Debt / Total Capital Ratio Borrowings, net of cash and short term loans and deposits, amounted to £5,368 million at September 30, 1999 -- down £158 million since March 31. The reduction is due primarily to the cash received on the issue of Euro 300 million of Cumulative Preferred Securities in May. Net debt/total capital ratio improved to 59% at September 30 -- down from 62% at March 31, 1999. Aircraft Fleet Another important component in our shorthaul fleet and network strategy for the new millennium was announced in October, comprising an order for twelve new 100 seat Airbus A318 aircraft, with an option on a further twelve. The first delivery is due in January 2003. These A318s will enable more efficient crewing and maintenance and will allow the airline to respond more flexibly to changing market conditions on shorthaul routes. They will replace Boeing 757s on domestic and European routes. As part of the revised aircraft strategy, we announced in early October the disposal of 34 Boeing 757s to a subsidiary of Boeing. These aircraft are expected to be converted by Boeing into freighters for express parcel courier DHL. Deliveries of the Boeing 757s will begin in July 2000 and continue until March 2003. In the three months to September 30, 1999, the group fleet increased by three aircraft. In mainline operations three Boeing 777s entered service, whilst two Boeing 737-200s were stood down. In the subsidiaries, two Boeing 737-300s joined the go fleet, bringing the total fleet to twelve aircraft. Alliance Development Our proposed acquisition for £75 million of one of our most successful franchise partners, CityFlyer Express, was recently cleared by the Secretary of State for Trade and Industry with no requirement to divest slots at Gatwick. Year 2000 British Airways announced on 20 September its schedule for the Millennium and confirmed that it would be operating 285 flights on New Year's Eve and New Year's Day, including 20 flights in the air at midnight GMT. Independent Year 2000 assessors appointed by the Civil Aviation Authority reconfirmed the 'blue' rating in September, certifying British Airways to be ready for 'business as usual'. Outlook The trading environment for the winter continues to be challenging. Industry capacity growth, particularly on the North Atlantic, will exceed market demand; price competition will continue to be intense. High fuel prices and strong sterling are additional negative factors. Next summer, however, gives cause for cautious optimism: other airlines are now following BA's lead and indicating that they intend to cut back on capacity growth, improving the balance between demand and supply. In addition, the UK economy, our largest market, is strengthening and South East Asia is improving fast. Premium cabin passenger mix is improving. Our plans are based on three fundamental elements. First, cutbacks in capacity and the revised fleet strategy will improve margins and returns over the next 2 years. Second, new products and higher levels of customer service will be delivered. Third, cost efficiencies from the final year of the Business Efficiency Programme - boosted by further profit improvement actions in the current year and beyond - will be delivered in excess of original targets. These actions, in combination, will put us in a strong position to compete successfully. Note: Copies of the summary Interim Statement will be issued to all shareholders through the medium of the British Airways Investor newspaper. Copies of the full Interim Report are available from the Company's registered office and on the Internet www.british-airways.com/investor. GROUP BALANCE SHEET September 30 March 31 (unaudited) (audited) 1999 £m 1998 £m 1999 £m FIXED ASSETS Tangible assets 10,015 9,180 9,839 Investments 398 367 402 10,413 9,547 10,241 CURRENT ASSETS Stocks 85 89 84 Debtors 1,581 1,605 1,336 Cash, short-term loans and deposits 1,573 764 1,163 3,239 2,458 2,583 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (3,264) (2,815) (3,081) NET CURRENT LIABILITIES (25) (357) (498) TOTAL ASSETS LESS CURRENT LIABILITIES 10,388 9,190 9,743 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Borrowings and other creditors (6,492) (5,416) (6,230) Convertible Capital Bonds 2005 (113) (126) (126) (6,605) (5,542) (6,356) PROVISIONS FOR LIABILITIES AND (33) (33) (32) CHARGES 3,750 3,615 3,355 CAPITAL AND RESERVES Called up share capital 270 263 268 Reserves 3,287 3,352 3,087 3,557 3,615 3,355 Non equity minority interest 193 3,750 3,615 3,355 STATEMENT OF TOTAL RECOGNISED GAINS AND Six months ended Year LOSSES ended September 30 March 31 (unaudited) (audited) 1999 £m 1998 £m 1999 £m Profit for the period 218 347 206 Other recognised gains and losses relating to the period Exchange and other movements 13 (42) (82) Total recognised gains and losses 231 305 124 These summary financial statements were approved by the Directors on November 8, 1999. GROUP CASH FLOW STATEMENT Six months ended Year ended September 30 March 31 (unaudited) (audited) 1999 £m 1998 £m 1999 £m CASH INFLOW FROM OPERATING ACTIVITIES 681 605 1,241 DIVIDENDS RECEIVED FROM ASSOCIATES 11 RETURNS ON INVESTMENTS AND SERVICING OF (156) (137) (309) FINANCE TAXATION 7 (12) (40) CAPTIAL EXPENDITURE AND FINANCIAL 25 (128) (118) INVESTMENT ACQUISITIONS AND DISPOSALS (21) (1) (6) EQUITY DIVIDENDS PAID (188) (113) (113) Cash inflow before management of liquid resources and financing 348 214 666 MANAGEMENT OF LIQUID RESOURCES (393) (14) (363) FINANCING 67 (190) (235) Increase in cash in the period 22 10 68 GROUP FINANCING SURPLUS /(REQUIREMENT) Cash inflow before management of liquid resources and financing 348 214 666 Acquisitions under loans, finance leases and (328) (629) (1,470) hire purchase arrangements Total financing surplus /(requirement)for 20 (415) (804) the period Total tangible fixed asset expenditure, net of progress payment refunds 667 814 1,807 NOTES TO THE ACCOUNTS For the period ended September 30, 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. The presentation of the Group's share of the results of associates in the profit and loss account has been revised in accordance with FRS9 - Associates and Joint Ventures. The diluted earnings per share figures have been recalculated following the revisions to the calculation in FRS14 - Earnings per Share. Six months ended Year ended September 30 March 31 1999 £m 1998 £m 1999 £m 2 RECONCILIATION OF OPERATING PROFIT TO CASH INFLOW FROM OPERATING ACTIVITIES Group operating profit 211 435 442 Depreciation charges 314 307 619 Other items not involving the movement of cash 21 (21) 21 (Increase)/decrease in stocks and debtors (200) (205) 60 Increase in creditors 335 89 99 Cash inflow from operating activities 681 605 1,241 3 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Increase in cash during the period 22 10 68 Cash outflow from decrease in debt and lease financing 130 197 300 Cash outflow from liquid resources 393 14 363 Change in net debt resulting from cash flows 545 221 731 New loans and finance leases taken out and hire purchase (328) (629) (1,470) arrangements made Conversion of Convertible Capital Bonds 13 24 24 Exchange movements (72) 37 (208) Movement in net debt during the period 158 (347) (923) Net debt at April 1 (5,526) (4,603) (4,603) Net debt at period end (5,368) (4,950) (5,526) Three months ended Six months ended September 30 September 30 1999 £m 1998£m 1999 £m 1998 £m 4 OTHER INCOME AND CHARGES Income from trade investments 1 2 2 2 Other 1 16 1 17 2 18 3 19 Other income and charges represented by: Group 2 18 3 19 Associates 2 18 3 19 NOTES TO THE ACCOUNTS (continued) For the period ended September 30, 1999 Three months ended Six months ended September 30 September 30 1999 £m 1998 £m 1999 £m 1998 £m 5 PROFIT ON SALE OF FIXED ASSETS AND INVESTMENTS Net profit on sale of investment in Galileo International Inc. 149 Net profit on disposal of other fixed assets and investments 14 3 42 9 14 3 191 9 Represented by: Group 10 3 187 9 Associates 4 4 14 3 191 9 6 INTEREST Net payable: Interest payable less amount 86 86 171 162 capitalised Interest receivable (23) (18) (43) (38) 63 68 128 124 Retranslation charges/(credits) on currency borrowings 59 67 (19) 122 68 195 105 Net interest payable represented by: Group 118 64 191 100 Associates 4 4 4 5 122 68 195 105 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 brought forward. 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 1,074,528,000 ordinary shares (September 1998: 1,046,245,000)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 1,126,460,000 ordinary shares (September 1998: 1,121,412,000) 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 September 30, 1999 was 1,081,225,000 (September 30, 1998: 1,053,165,000; March 31, 1999: 1,073,167,000) ordinary shares of 25 pence each. NOTES TO THE ACCOUNTS (continued) For the period ended September 30, 1999 September 30 March 31 1999 £m 1998 £m 1999 £m 10 TANGIBLE ASSETS Fleet 8,294 7,655 8,207 Property 1,419 1,261 1,331 Equipment 302 264 301 10,015 9,180 9,839 11 INVESTMENTS Associated undertakings 341 300 323 Trade investments 32 67 68 Investment in own shares 25 11 398 367 402 12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Loans 199 31 202 Finance leases 88 93 91 Hire purchase arrangements 273 222 264 560 346 557 Overdrafts - unsecured 6 19 11 Corporate taxation 37 59 25 Other creditors and accruals 2,661 2,391 2,488 3,264 2,815 3,081 13 BORROWINGS AND OTHER CREDITORS FALLING DUE AFTER MORE THAN ONE YEAR Loans 980 981 940 Finance leases 1,520 1,008 1,244 Hire purchase arrangements 3,762 3,234 3,811 6,262 5,223 5,995 Corporate taxation 25 Other creditors and accruals 230 168 235 6,492 5,416 6,230 14 RESERVES Balance at April 1 3,087 3,061 3,061 Retained profit for the period 161 293 15 Exchange and other adjustments 13 (42) (82) Reduction in reserves resulting from shares issued to a Qualifying Employee Share Ownership Trust in relation to (2) (21) the 1993 Share Save Scheme Net Movement on goodwill 7 Premium arising from issue of ordinary share capital 21 40 114 3,287 3,352 3,087 15 The figures for the three months and six months ended September 30, 1998 and 1999 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 7 to 11 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 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 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 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 six months ended September 30, 1999. Ernst & Young London 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 Six months ended September 30 September 30 1999 £m 1998 £m 1999 £m 1998 £m Profit for the period as reported in the Group profit and loss account 30 216 218 347 US GAAP adjustments 14 (28) (67) (42) Net income as so adjusted to accord with US GAAP 44 188 151 305 Net income per Ordinary Share as so adjusted Basic 4.1p 18.0p 14.1p 29.2p Diluted 4.1p 17.0p 13.8p 27.6p Net income per American Depositary Share as so adjusted Basic 41p 180p 141p 292p Diluted 41p 170p 138p 276p September 30 March 31 1999 £m 1998 £m 1999 £m Shareholders' equity as reported in the Group balance sheet 3,750 3,615 3,355 US GAAP adjustments (529) (492) (198) Shareholders' equity as so adjusted to accord with US GAAP 3,221 3,123 3,157 AIRCRAFT FLEET Number in service with Group companies at September 30, 1999 Operating leases off Total On balance balance sheet (see Future MAINLINE sheet Exten- Note 2 deli- (see Notes 1 & 6 Aircraft dible Other below) veries Options below) Concorde 7 7 Boeing 747-100 5 1 6 Boeing 747-200 13 3 16 Boeing 747-400 57 57 Boeing 777 28 28 17 16 Boeing 767-300 28 28 Boeing 757-200 47 3 3 53 Airbus A319 (see Note 5 below) 39 129 Airbus A320 10 10 20 Boeing 737-200 16 16 Boeing 737-300 7 7 Boeing 737-400 22 12 34 Turbo Props (see Note 3 below) 2 17 19 Embraer RJ145 7 14 Sub total 219 6 56 281 83 159 DEUTSCHE BA, AIR LIBERTE and 'go' McDonnell Douglas DC-10-30 3 3 McDonnell Douglas MD83 3 7 10 Boeing 737-300 30 30 1 Fokker 100 4 7 11 Fokker F28 4 4 Turbo Props (see Note 4 below) 1 1 Sub total 11 7 41 59 1 GROUP TOTAL 230 13 97 340 84 159 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, 7 ATR 42s, 2 Embraer and 1 Boeing 737-200 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 5 McDonnell Douglas DC-10-30s and 2 Boeing 737-200s stood down pending disposal or return to lessor. 7 Excludes 12 future deliveries and 12 options on A318s announced in October.

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