TIDMIAG
RNS Number : 1227U
International Cons Airlines Group
21 November 2023
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A.
IAG Capital Markets Day 2023
IAG will host a Capital Markets event for institutional
investors and analysts today at its head office in London.
The presentations from IAG's management team will outline our
strategic priorities and prospects for the medium term; in addition
to how we will transform the organization to deliver sustainable
growth, world-class margins and maximise long-term shareholder
returns.
This includes medium-term targets for:
-- Operating margin of 12% - 15%;
-- Return on Invested Capital of 13% - 16%;
-- Leverage (net debt/EBITDA) of less than 1.8x over the cycle;
-- Commitment to dividends once our balance sheet and investment plans are secure.
Luis Gallego, Chief Executive Officer and Nicholas Cadbury,
Chief Financial Officer, will be joined by members of the IAG
Management Committee, as well as senior executives in the Group's
operating companies.
Speakers will cover:
-- IAG's leading positions in the world's most valuable and growing aviation markets;
-- Strategy to deliver sustainable growth through our strong
brands, attractive customer base and disciplined approach to
capital allocation;
-- Further capital-light growth from partner airlines in
high-growth markets, accelerated by IAG's market-leading Loyalty
business, which delivers sustainable year-round cash flow;
-- How we are transforming our businesses to deliver higher
customer satisfaction, sustainable operating profit, and
world-class margins and return on capital;
-- Our objective to target over EUR1.5bn in operating profit from our Spanish businesses;
-- IAG's continued investment in, and leadership of
sustainability as a long-term sector value driver;
-- Our plans to maximise total shareholder returns from earnings
growth, an ordinary dividend and additional shareholder returns,
underpinned by a strong balance sheet
IAG's outlook for the full year 2023 remains unchanged. There
will be no discussion of current and future trading.
Luis Gallego, Chief Executive Officer said:
" We are focused on extending our core leadership positions in
the North Atlantic and South Atlantic through developing our hubs,
while enabling IAG Loyalty to reach its full potential within the
Group. Our transformation and investment plans will drive a step
change across our businesses, delivering efficiencies and a
market-leading customer experience. Executing our strategy will
enable us to deliver sustainable growth and returns for our
shareholders ."
Today's presentations can be found on the IAG website (
www.iairgroup.com ). A recording of the presentations will be made
available after the event.
Nicholas Cadbury
Chief Financial Officer
21 November 2023
LEI: 959800TZHQRUSH1ESL13
This announcement contains inside information and is disclosed
in accordance with the Company's obligations under the Market Abuse
Regulation
Alternative Performance Measures:
Operating margin is defined as operating profit margin (and
other Income statement items) before exceptional items.
Return on invested capital (RoIC) is defined as EBITDA before
exceptional items, less fleet depreciation adjusted for inflation,
depreciation of other property, plant and equipment, and
amortisation of software intangibles, divided by average invested
capital and is expressed as a percentage.
Net debt is defined as Gross debt less Cash.
EBITDA is defined Earnings before interest, taxes, depreciation
and amortisation, before exceptional items.
Forward-looking statements:
Certain statements included in this announcement are
forward-looking. These statements can be identified by the fact
that they do not relate only to historical or current facts. By
their nature, they involve risk and uncertainties because they
relate to events and depend on circumstances that will occur in the
future. Actual results could differ materially from those expressed
or implied by such forward-looking statements.
Forward-looking statements often use words such as "expects",
"may", "will", "could", "should", "intends", "plans", "predicts",
"envisages" or "anticipates" or other words of similar meaning.
They include, without limitation, any and all projections relating
to the results of operations and financial conditions of
International Consolidated Airlines Group, S.A. and its subsidiary
undertakings from time to time (the 'Group'), as well as plans and
objectives for future operations, expected future revenues,
financing plans, expected expenditure, acquisitions and divestments
relating to the Group and discussions of the Group's business
plans. All forward-looking statements in this announcement are
based upon information known to the Group on the date of this
announcement and speak as of the date of this announcement. Other
than in accordance with its legal or regulatory obligations, the
Group does not undertake to update or revise any forward-looking
statement to reflect any changes in events, conditions or
circumstances on which any such statement is based.
Actual results may differ from those expressed or implied in the
forward-looking statements in this announcement as a result of any
number of known and unknown risks, uncertainties and other factors,
including, but not limited to, the current economic and
geopolitical environment and ongoing recovery from the COVID-19
pandemic and uncertainties about its future impact and duration,
many of which are difficult to predict and are generally beyond the
control of the Group, and it is not reasonably possible to itemise
each item. Accordingly, readers of this announcement are cautioned
against relying on forward-looking statements. Further information
on the primary risks of the business and the Group's risk
management process is set out in the Risk management and principal
risk factors section in the Annual report and accounts 2022; this
document is available on www.iairgroup.com. All forward-looking
statements made on or after the date of this announcement and
attributable to IAG are expressly qualified in their entirety by
the primary risks set out in that section. Many of these risks are,
and will be, exacerbated by the ongoing recovery from the COVID-19
pandemic and uncertainties about its future impact and duration and
any further disruption to the global airline industry as well as
the current economic and geopolitical environment.
Alternative Performance Measures:
This announcement contains, in addition to the financial
information prepared in accordance with International Financial
Reporting Standards ('IFRS') and derived from the Group's financial
statements, alternative performance measures ('APMs') as defined in
the Guidelines on alternative performance measures issued by the
European Securities and Markets Authority (ESMA) on October 5,
2015. The performance of the Group is assessed using a number of
APMs. These measures are not defined under IFRS, should be
considered in addition to IFRS measurements, may differ to
definitions given by regulatory bodies relevant to the Group and
may differ to similarly titled measures presented by other
companies. They are used to measure the outcome of the Group's
strategy based on 'Unrivalled customer proposition', 'Value
accretive and sustainable growth' and 'Efficiency and innovation'.
For definitions and explanations of alternative performance
measures, refer to the Alternative performance measures section in
the IAG Annual report and accounts 2022 ( IAG Annual Report and
Accounts 2022 (iairgroup.com ) ) and the Interim Management Report
for the nine months to September 30, 2023 ( IAG Q3 2023 Results
(iairgroup.com) ). These documents are available on
www.iairgroup.com .
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END
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