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IAG Cargo revenue drops 7.5 percent

PRESS RELEASE

February 27, 2015: IAG Cargo has today announced its 2014 full year results, reporting commercial revenue (flown revenue plus fuel surcharges) of €992m over the period from January 1 to December 31, 2014, a decrease of 7.5 per cent on 2013.

On a like for like basis, adjusting the prior year's figures to reflect a directly comparable freighter operation[1], commercial revenue increased 2.4 per cent versus last year.

On a like for like basis1, volumes of 5,453 million cargo tonne kilometres (CTKs) for the year represent an increase of 6.7 per cent compared to 2013, while capacity increased by 2.3 per cent. On a reported basis, overall yield (commercial revenue per CTK) for the year was down 3.2 per cent on 2013 at constant exchange rates.

Steve Gunning, CEO at IAG Cargo, commented: "These are strong results, built on exceptional performance for our premium product portfolio and an increase in load factors over the course of the year.

"In 2014 we delivered on our promise to lead the industry in sensible capacity management; replacing our freighters with capacity agreements on key trade lanes and launching EuroConnector, which benefits customers through time definite services and has increased narrow body usage across our European Network.

"We have also been at the forefront of industry innovation. Following a sizeable investment, for example, IATA has ranked us the leading European carrier for electronic air way bill penetration. We have also continued to innovate around our temperature-sensitive product, winning Good Distribution Practice certification and Wholesale Distribution Authorisation for our Constant Climate Centre at Heathrow – the first such award to be made from a national authority to an air cargo carrier.

"Our 2014 results have therefore placed us in a strong position for 2015 which we intend to build on by working in partnership with other airlines to improve our network proposition, increase infrastructure investment and continue to provide products and services that add value to customers' businesses."

About IAG Cargo
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. In 2014 the operations of British Airways World Cargo and Iberia Cargo had a commercial revenue of €992 million. It has a combined workforce of more than 2,400 people covering a global network of over 350 destinations.

 

[1] The reduced long haul freighter programme in 2014 operated between Hong Kong and London Stansted. Revenue and Traffic data for 2013 has been adjusted to reflect the line haul revenue and traffic data, plus the comparative data for the Hong Kong – London Stansted freighter operations in 2013. All other freighter revenue and traffic data has been excluded.

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