FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Report of Foreign Issuer
Furnished Pursuant to Rule 13a - 16 or 15d - 16 of the
Securities Exchange Act of 1934
For the period ending 31 July 2003
BRITISH AIRWAYS Plc
Waterside HBA3, PO Box 365, Harmondsworth UB7 0GB
CONTENTS
1. First Quarter Results 2003-2004
31 July 2003
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorised.
BRITISH AIRWAYS Plc
Date: 31 July 2003
Sarah Billington Manager Shareholder Services
FIRST QUARTER RESULTS 2003-2004 (unaudited)
Three months ended Year ended
June 30 Better/
March 31
2003 2002
(Worse)
2003
Turnover £m 1,832 2,052
(10.7)%
7,688
Operating profit £m 40 158
(74.7)%
295
Operating margin % 2.2 7.7
(5.5)pts
3.8
(Loss)/profit before tax £m (45)
65 nm
135
Retained (loss)/profit for the period £m (63)
40 nm
72
Net assets £m 2,237 2,227
0.4%
2,274
(Loss)/earnings per share
Basic p (5.9) 3.7
nm
6.7
Diluted p (5.9) 3.7
nm
6.7
GROUP PROFIT AND LOSS ACCOUNT (unaudited)
Three months ended Year ended
June 30 Better/
March 31
2003 £m 2002 £m
(Worse) 2003 £m
Traffic Revenue
Scheduled Passenger 1,562 1,762
(11.4)% 6,545
Scheduled Cargo 113 126 (10.3)%
484
Non-scheduled services 14 13 7.7%
45
1,689 1,901 (11.2)%
7,074
Other revenue 143 151 (5.3)%
614
TOTAL TURNOVER 1,832 2,052 (10.7)%
7,688
Employee costs 528 527 (0.2)%
2,107
Depreciation and amortisation 164 166
1.2% 676
Aircraft operating lease costs 35 42
16.7% 189
Fuel and oil costs 229 214 (7.0)%
842
Engineering and other aircraft costs 132 140
5.7% 566
Landing fees and en route charges 141 156
9.6% 576
Handling charges, catering and other operating costs 243
243
961
Selling costs 155 215 27.9%
706
Accommodation, ground equipment costs and currency differences 165
191 13.6%
686
Exceptional operating costs*
84
TOTAL OPERATING EXPENDITURE 1,792 1,894
5.4% 7,393
OPERATING PROFIT 40 158 (74.7)%
295
Share of operating (losses)/profits in associates (4)
(3) (33.3)% 39
TOTAL OPERATING PROFIT INCLUDING ASSOCIATES 36 155
(76.8)% 334
Other income and charges
(4)
(Loss)/profit on sale of fixed assets and investments (72)
19 nm 60
Interest
Net payable (55) (73) 24.7%
(247)
Retranslation of currency borrowings 46 (36)
nm (8)
(LOSS)/PROFIT BEFORE TAX (45) 65 nm
135
Tax (14) (22) 36.4%
(50)
(LOSS)/PROFIT AFTER TAX (59) 43 nm
85
Non equity minority interest** (4) (3)
(33.3)% (13)
(LOSS)/PROFIT FOR THE PERIOD (63) 40
nm 72
RETAINED (LOSS)/PROFIT FOR THE PERIOD (63) 40
nm 72
nm: not meaningful
* Prior year exceptional operating charges relate to the fleet of seven Concorde aircraft,
which will be retired in October 2003.
** Cumulative Preferred Securities
OPERATING AND FINANCIAL STATISTICS (unaudited)
Three months ended Year ended
June 30 Increase/
March 31
2003
2002 (Decrease)
2003
TOTAL AIRLINE OPERATIONS (Note 1)
TRAFFIC AND CAPACITY
RPK (m) 25,102
24,679
1.7%
100,112
ASK (m) 34,962
35,020
(0.2)%
139,172
Passenger load factor (%) 71.8
70.5
1.3pts 71.9
CTK (m) 1,057
1,047
1.0%
4,210
RTK (m) 3,556
3,505
1.5%
14,213
ATK (m) 5,317
5,366
(0.9)%
21,328
Overall load factor (%) 66.9
65.3
1.6pts 66.6
Passengers carried (000) 9,769
9,665
1.1%
38,019
Tonnes of cargo carried (000) 190
192
(1.0)% 764
FINANCIAL
Passenger revenue per RPK (p) 6.28
7.19
(12.7)% 6.58
Passenger revenue per ASK (p) 4.51
5.07
(11.0)% 4.74
Cargo revenue per CTK (p) 10.69
12.03
(11.1)%
11.50
Total traffic revenue per RTK (p) 47.50
54.24
(12.4)%
49.77
Total traffic revenue per ATK (p) 31.77
35.43
(10.3)%
33.17
Average fuel price before hedging (US cents/US gallon)
92.17
76.77
20.1%
86.01
OPERATIONS
Average Manpower Equivalent (MPE) 49,215
52,926
(7.0)%
51,630
ATKs per MPE (000) 108.0
101.4
6.5%
413.1
Aircraft in service at period end 314
351
(37) 330
TOTAL GROUP OPERATIONS
FINANCIAL
Net operating expenditure per RTK (p) 46.37
49.73
(6.8)%
47.70
Net operating expenditure per ATK (p) 31.01
32.48
(4.5)%
31.78
Note 1 Excludes non-airline activity companies, principally, Airmiles Travel
Promotions Ltd, BA Holidays Ltd, BA Travel Shops Ltd, Speedbird Insurance
Company Ltd and The London Eye Company Ltd.
CHAIRMANS STATEMENT
Group Performance
Group loss before tax for the three months to June 30 was £45 million; this
compares with a profit of £65 million last year.
Operating profit - - at £40 million - - was £118 million worse than last
year. The deterioration in operating profit reflects the significant reduction in revenue
due to continuing economic weakness, the impact of SARS and the war in Iraq. This was
partially offset by cost savings delivered by the continuing implementation of our Future
Size and Shape Programme and other initiatives.
Group unit costs (pence/ATK) improved by 4.5% on capacity (ATKs) 0.9% lower. Airline
operations passenger yield (pence/RPK) for the three months deteriorated by 12.7% compared
with last year. The operating margin was 2.2%, 5.5 points worse than last year.
Cash inflow before financing was £162 million for the quarter, with the closing
cash balance of £1,723 million representing a £71 million increase
versus March 31. Net debt fell by £226 million from March 31 to £4,923
million - - its lowest level since June 1998.
Turnover
For the three month period, Group turnover - - at £1,832 million - - was down
10.7% on a flying programme 0.9% smaller in ATKs. Passenger yields were down 12.7% per
RPK; seat factor was up 1.3 points at 71.8% on capacity 0.2% lower in ASKs.
Cargo volumes (CTKs) for the quarter were up 1.0% compared with last year, with yields
(pence/CTK) down 11.1%.
Overall load factor was up 1.6 points at 66.9%.
Costs
For the quarter, unit costs (pence/ATK) improved 4.5% on the same period last year. This
reflects the net cost reduction of 5.4% on capacity 0.9% lower in ATKs.
Significant reductions were achieved in almost all areas of operating cost, including
aircraft operating lease costs (down 16.7%), selling costs (down 27.9%), landing fees and
en route charges (down 9.6%) and engineering costs (down 5.7%). Employee costs and other
operating costs were flat as manpower reductions and other efficiencies offset wage,
National Insurance and other price increases. Fuel costs increased by 7% due to the
increase in fuel price net of hedging partially offset by exchange effects.
Non Operating Items
Net interest expense reduced by £18 million from last year to £55
million reflecting the impact of lower interest rates and reduced debt.
Retranslation of currency borrowings generated a credit of £46 million,
£45 million of which was due to the retranslation of yen debts, compared to a
charge the previous year of £36 million. The retranslation - - a non-cash item
required by standard accounting practice - - results from the weakening of the yen against
sterling.
Loss on disposals of fixed assets and investments was £72 million, reflecting
primarily the sale of dba at a loss in the quarter of £79 million. This compares
with a profit on disposal last year of £19 million reflecting primarily the sale
of property and aircraft.
Earnings Per Share
The loss attributable to shareholders for the three months was equivalent to 5.9 pence per
share, compared with last years profit per share of 3.7 pence.
Net Debt / Total Capital Ratio
Borrowings, net of cash and short term loans and deposits, were £4,923 million at
June 30 - - down £226 million since the start of the year and £1.6
billion from the December 2001 peak. This reflects cash inflow more than offsetting
movements in gross debt, together with exchange gains of £97 million. The net
debt/total capital ratio reduced by 0.9 points from March 31 to 59.8%. The net debt/total
capital ratio including operating leases was 63.2%, a 1.0 point reduction from March 31.
Cash Flow
During the quarter we generated a positive cash flow from operations of £228
million. After disposal proceeds, capital expenditure and interest payments on our
existing debt, but before financing, cash inflow was £162 million. This
represents a £270 million deterioration from last year, primarily due to the
reduction in operating cash flow (£164 million) and in disposal proceeds,
partially offset by savings in capital expenditure and net interest payments.
Future Size and Shape
The implementation of our Future Size and Shape programme, including the Business Plan
initiatives of Customer Enabled BA and the £300 million reduction targeted in
external spend, remains on track.
Forecast capital spend for the year remains on target. FSAS disposal proceeds at June 30
were £651 million (including £611 million to March 31, 2003) and the
remaining £249 million to achieve the £900 million target will be
delivered by year end.
The Group manpower reduction since August 2001 totals 13,667 including 1,397 relating to
the disposal of World Network Services and 801 relating to the disposal of dba. This
represents a reduction of 11,227 against the FSAS target of 13,000.
During the quarter, British Airways CitiExpress successfully launched services from London
City Airport as part of the airlines drive towards simplifying and strengthening its UK
regional operation.
Aircraft Fleet
During the quarter the Group fleet in service reduced by 16 to 314 aircraft. The disposal
of dba accounted for the reduction of 16 Boeing 737-300 aircraft. In addition, 3 British
Aerospace ATP aircraft were stood down pending return to lessor. The reductions were
partially offset by the deliveries of 2 new Airbus A320 aircraft and the return to service
of a Boeing 747-400 aircraft previously sub-leased to Qantas.
Alliance development
The final United States Department of Transport order approving the American Airlines /
British Airways behind and beyond code-share was issued on May 30. Implementation is now
underway.
We continue to deepen our relationship with Iberia Airlines through shared airport
facilities, co-ordination of sales and marketing programmes, joint network planning and
the extension of code-sharing services. With the addition of British Airways Gatwick
routes and Iberias services to provincial Spanish points, all British Airways and Iberia
services from London to Spain are now code-shared.
Regional Air, British Airways franchisee based in Kenya, came under new ownership on May
20. The franchise will continue under the new ownership.
Subsidiaries
On June 30, British Airways sold its German subsidiary dba (formerly Deutsche BA) to a
Nuremburg-based aviation consultancy and investment company, Intro Verwaltungsgesellschaft
mbH.
Intro bought the entire share capital of dba for 1 Euro. As part of the transaction,
British Airways will invest up to 35 million Euro (£25 million) in dba and will
also underwrite the German carriers fleet of 16 aircraft for one year, at a cost of 3
million Euro (£2 million) per month. The loss on disposal of dba was £79
million in the quarter.
British Airways will receive 25% of any dba profits, or 25% of any profit on disposal of
dba (both capped at £300 million), up to June 2006.
Associates
During the quarter, as a result of our non-participation in Qantas dividend reinvestment
plan, our holding reduced from 18.9% to 18.7%.
Outlook
The direct cost of the unofficial industrial disruption in July will be in the range
£30 million to £40 million reflecting costs incurred and lost revenue.
The uncertainty has also impacted forward bookings and will reduce revenue.
The demand for air travel, while improving, remains unpredictable. Seat factors are
expected to continue at close to last years levels but yield improvements will be
difficult to achieve. We expect that revenue in our second quarter will be lower than last
year.
The implementation of our Future Size and Shape programme and other cost initiatives
continues to deliver larger than expected cost savings.
Certain information included in these statements is forward-looking and involves risks and
uncertainties that could cause actual results to differ materially from those expressed or
implied by the forward looking statements.
Forward-looking statements include, without limitation, projections relating to results of
operations and financial conditions and the Companys plans and objectives for future
operations, including, without limitation, discussions of the Companys Future Size and
Shape program, expected future revenues, financing plans and expected expenditures and
divestments. All forward-looking statements in this report are based upon information
known to the Company on the date of this report. The Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
It is not reasonably possible to itemize all of the many factors and specific events that
could cause the Companys forward looking statements to be incorrect or that could
otherwise have a material adverse effect on the future operations or results of an airline
operating in the global economy. Information on some factors which could result in
material difference to the results is available in the Companys SEC filings, including,
without limitation the Companys Report on Form 20-F for the year ended March 2003.
GROUP BALANCE SHEET (unaudited)
June 30
March 31
2003 £m 2002
£m 2003 £m
FIXED ASSETS
Intangible assets 161
145
164
Tangible assets 9,304
10,160
9,487
Investments 542
492
524
10,007
10,797
10,175
CURRENT ASSETS
Stocks 82
106
87
Debtors 1,101
1,203
986
Cash, short-term loans and deposits 1,723
1,401
1,652
2,906
2,710
2,725
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (3,106)
(3,102)
(2,904)
NET CURRENT LIABILITIES (200)
(392)
(179)
TOTAL ASSETS LESS CURRENT LIABILITIES 9,807
10,405
9,996
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Borrowings and other creditors (6,289)
(6,903)
(6,441)
Convertible Capital Bonds 2005 (112)
(112)
(112)
(6,401)
(7,015)
(6,553)
PROVISIONS FOR DEFERRED TAX (1,076)
(1,048)
(1,062)
PROVISIONS FOR LIABILITIES AND CHARGES (93)
(115)
(107)
2,237
2,227
2,274
CAPITAL AND RESERVES
Called up share capital 271
271
271
Reserves 1,749
1,755
1,787
2,020
2,026
2,058
MINORITY INTERESTS
Equity minority interest 10
8
10
Non equity minority interest 207
193
206
217
201
216
2,237
2,227
2,274
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (unaudited)
Three months ended Year ended
June 30
March 31
2003 £m 2002
£m 2003 £m
(Loss)/profit for the period (63)
40
72
Other recognised gains and lossesrelating to the period:Exchange and other movements
13
(30)
(38)
Total recognised gains and losses (50)
10
34
These summary financial statements were approved by the Directors on July 30, 2003.
GROUP CASH FLOW STATEMENT (unaudited)
Three months ended Year ended
June 30 March 31
2003 £m
2002 £m
2003 £m
CASH INFLOW FROM OPERATING ACTIVITIES 228
392
1,185
DIVIDENDS RECEIVED FROM ASSOCIATES 10
10 23
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (46)
(62)
(249)
TAX
(2) (7)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (20)
94
250
ACQUISITIONS AND DISPOSALS (10)
29
Cash inflow before management of liquid resources and financing
162 432
1,231
MANAGEMENT OF LIQUID RESOURCES (247)
(199)
(289)
FINANCING (78)
(249)
(784)
(Decrease)/increase in cash in the period (163)
(16)
158
NOTES TO THE ACCOUNTS For the period ended June 30, 2003
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, 2003 in accordance with
all applicable United Kingdom accounting standards and the Companies Act 1985 and are
consistent with those applied in the previous year.
Three months ended Year ended
June 30
March 31
2003 £m
2002 £m
2003 £m
2 RECONCILIATION OF OPERATING PROFIT TO CASH INFLOW FROM OPERATING
ACTIVITIES
Group operating profit 40
158
295
Depreciation and amortisation
164
166 734
(Increase)/decrease in stocks and debtors
(127)
24
238
Increase/(decrease) in creditors
165
55 (62)
Decrease in provisions for liabilities and charges
(14)
(11) (20)
Cash inflow from operating activities
228
392 1,185
3 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
(Decrease)/increase in cash during the period
(163)
(16)
158
Net cash outflow from decrease in debt and lease financing
78
249 784
Cash outflow from liquid resources
247
199 289
Change in net debt resulting from cash flows
162
432 1,231
New finance leases taken out and hire purchase arrangements made
(33)
(73) (221)
Exchange movements 97
69
135
Movement in net debt during the period
226
428 1,145
Net debt at April 1 (5,149)
(6,294)
(6,294)
Net debt at period end
(4,923) (5,866)
(5,149)
Three months ended Year ended
June 30
March 31
2003 £m
2002 £m
2003 £m
4 OTHER INCOME AND CHARGES
Other income and charges
(4)
(4)
Other income and charges represented by:
Group
(4)
(4)
NOTES TO THE ACCOUNTS (Continued)For the period ended June 30, 2003
Three months ended Year ended
June 30
March 31
2003 £m
2002 £m
2003 £m
5 (LOSS)/PROFIT ON SALE OF FIXED ASSETS AND INVESTMENTS
Net loss disposal of dba (79)
Net profit on disposal of go
10
Net profit on the disposal of other fixed assets and investments
7 19
50
(72)
19 60
Represented by:
Group (72)
19 58
Associates
2
(72)
19 60
On June 30, 2003 British Airways completed the sale of 100% of its
interest in Deutsche BA Luftfahrgesellschaft GmbH (dba) to Intro GmbH. The loss on
disposal under the terms of the sale is subject to completion accounts.
6 INTEREST
Net payable:
Interest payable less amount capitalised
69
87
310
Interest receivable (14)
(14)
(63)
55
73
247
Retranslation of currency borrowings
(46)
36 8
9
109
255
Net interest payable represented by:
Group 9
109
253
Associates
2
9
109
255
7 TAX
The tax charge for the quarter is £14 million which represents
deferred tax in the UK. There is no tax relief available with respect to the loss incurred
on the disposal of dba.
8 (LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per share for the quarter ended June 30, 2003 are
calculated on a weighted average of 1,069,886,000 ordinary shares (June 2002:
1,076,114,000; March 2003: 1,069,884,000) as adjusted for shares held for the purposes of
employee share ownership plans including the Long Term Incentive Plan. Diluted
(loss)/earnings per share for the quarter end June 30, 2003 are calculated on a weighted
average of 1,069,886,000 ordinary shares (June 2002: 1,076,114,000; March 2003:
1,069,884,000).The number of shares in issue at June 30, 2003 was 1,082,795,000 (June 30,
2002: 1,082,784,000; March 31, 2003: 1,082,784,000) ordinary shares of 25 pence each.
NOTES TO THE ACCOUNTS (Continued)For the period ended June 30, 2003
June 30
March 31
9 INTANGIBLE ASSETS 2003
£m 2002 £m
2003 £m
Goodwill 97
103
99
Landing rights 64
42 65
161
145
164
10 TANGIBLE ASSETS
Fleet 7,674
8,444
7,828
Property 1,202
1,232
1,219
Equipment 428
484
440
9,304
10,160
9,487
11 INVESTMENTS
Associated undertakings 479
424
461
Trade investments 32
43 32
Investment in own shares 31
25 31
542
492
524
12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loans 74
64 57
Finance leases 125
128
124
Hire purchase arrangements
370 356
362
569
548
543
Corporate tax 20
32 19
Other creditors and accruals
2,517 2,522
2,342
3,106
3,102
2,904
13 BORROWINGS AND OTHER CREDITORSFALLING DUE AFTER MORE THAN ONE YEAR
Loans 1,251
1,342
1,275
Finance leases 2,398
2,469
2,430
Hire purchase arrangements
2,316 2,796
2,441
5,965
6,607
6,146
Other creditors and accruals
324 296
295
6,289
6,903
6,441
14 RESERVES
Balance at April 1 1,787
1,745
1,745
Retained (loss)/profit for the period
(63)
40 72
Exchange and other movements
13 (30)
(38)
Goodwill written back on disposal
12
8
1,749
1,755
1,787
15 The figures for the three months ended June 30, 2003 and 2002 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, 2003 have been extracted from
the full accounts 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 within
the Group Profit and Loss Account, Group Balance Sheet, Group Statement of Recognised
Gains and Losses, Group Cash Flow Statement and Notes to the Accounts 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
Financial Services Authority 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 for use in the United Kingdom. A review consists
principally of making enquiries of Group 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 United Kingdom 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 the three months ended
June 30, 2003.
Ernst & Young LLP
London
July 30, 2003
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, 2003.
The adjusted net income and shareholders equity applying US GAAP are set out below:
Three months ended Year ended
June 30 March 31
2003 £m
2002 £m
2003 £m
(Loss)/profit for the period as reported in the Group profit and loss account
(63)
40 72
US GAAP adjustments 64
96
(200)
Net income/(loss) as so adjusted to accord with US GAAP
1 136
(128)
Net income/(loss) per Ordinary Share as so adjusted
Basic 0.1p
12.6p
(11.9)p
Diluted 0.1p
12.3p
(11.9)p
Net income/(loss) per American Depositary Share as so adjusted
Basic 1p
126p
(119)p
Diluted 1p
123p
(119)p
June 30 March 31
2003 £m
2002 £m
2003 £m
Shareholders equity as reported in the Group balance sheet
2,020
2,026
2,058
US GAAP adjustments (87)
176
(126)
Shareholders equity as so adjusted to accord with US GAAP
1,933
2,202
1,932
AIRCRAFT FLEET
Number in service with Group companies at June 30,2003
On balance Operating Leases off
Total Changes Since
sheet balance June
March Future
aircraft sheet 2003
2003 deliveries Options
AIRLINE OPERATIONS (Note 1 & 2)
Concorde (Note 3) 5 5
Boeing 747-400 (Note 4) 57
57 1
Boeing 777 43 43
Boeing 767-300 (Note 5) 21 21
Boeing 757-200 13 13
Airbus A319 (Note 6) 21 12 33
3 94
Airbus A320 13 13 26
2 4
Airbus A321
10
Boeing 737-300 (Note 7) 5 5
(16)
Boeing 737-400 19 8 27
Boeing 737-500 10 10
Turbo Props (Note 8) 25 25
(3)
Embraer RJ145 16 12 28
17
Avro RJ100 16 16
British Aerospace 146 5 5
GROUP TOTAL 213 101 314
(16) 17 111
Notes:
1 Includes those operated by British Airways Plc, CityFlyer Express and
British Airways CitiExpress.
2 Excludes 3 British Aerospace ATPs stood down pending return to lessor
and 12 Jetstream 41s sub-leased to Eastern Airways.
3 Excludes 2 Concordes stood down pending retirement of the fleet.
4 Includes the return to service of 1 Boeing 747 - 400 previously
sub-leased to Qantas.
5 Includes 2 Boeing 767 - 300s temporarily out of service.
6 Certain future deliveries and options include reserved delivery
positions, and may be taken as any A320 family of aircraft.
7 Excludes 16 Boeing 737 - 300s disposed of with dba (formerly Deutsche
BA).
8 Includes 10 British Aerospace ATPs, 5 ATR72s and 10 de Havilland
Canada DHC-8s.