IAG lost 4bn EUR in the first half of 2020. It was obvious there are clear financial problems, but still you look at that and have you jaw on the floor. Still close to 1m EUR per HOUR.
https://www.ft.com/content/55a792e3-...b-c22bebd9e1df
As a result, they are seeking to recover a lot of this in a rights issue.
- Passenger capacity operated in Q2 down 95.3% on 2019 and for the six months down 56.2% on 2019
- Second quarter operating loss €1,365 million before exceptional items (2019 operating profit: €960 million)
- Operating loss before exceptional items for the half year €1,900 million (2019 operating profit: €1,095 million)
- Exceptional charge in the half year of €2,137million on derecognition of fuel and foreign exchange hedges for 2020 and impairment of fleet
- Loss after tax before exceptional items for the half year €1,965million, and 2020 statutory loss after tax and exceptional items: €3,806million (2019 profit: €806 million)
- Cash of €6,016 million at June 30, 2020 down €667 million on December 31, 2019. Committed and undrawn general and aircraft facilities were €2.1 billion, bringing total liquidity to €8.1 billion, meaning at the current burn rate, they have actual cash for another 9 months, with absolute financing available for another year.
https://www.iairgroup.com/~/media/Fi...030%202020.pdf