International Consolidated Airlines Group SA (LSE:IAG)
£ 1.7275 0.0075 (0.44%) Market Cap: 8.50 Bil Enterprise Value: 16.40 Bil PE Ratio: 9.87 PB Ratio: 3.01 GF Score: 74/100
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Q1 2019 International Consolidated Airlines Group SA Earnings Call Transcript

May 10, 2019 / 08:00AM GMT
Release Date Price: £4.99 (+1.90%)
William Matthew Walsh
International Consolidated Airlines Group, S.A. - CEO & Executive Director

Okay. Thank you very much, and good morning. Thank you for joining us for the call. And before I hand over to Enrique to take you through the detailed presentation, just allow me to make a few comments.

We're very pleased with our first quarter performance. As you know, it was a challenging quarter for European airlines, and we've highlighted some of those issues talking about the fuel and FX headwinds; the timing of Easter, which we always said would impact on our Q1 performance; and markets capacity in the quarter, which clearly impacted on yields. Our passenger unit revenue declined by 1.4% at constant currency, but we saw a further reduction in our nonfuel unit costs down by 0.6% at constant currency. And as Enrique will show you later on, when you take out the non-ASK-related costs associated with Iberia MRO and BA Holidays, has improved even better than that.

And while we saw a slight decline in our ROIC, still ahead of our 15% target. And we are sticking to our guidance for the

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