The adjustment of their pensions allows IAG to earn almost 2,900 million, 44% more than in 2017

The adjustment of their pensions allows IAG to earn almost 2,900 million, 44% more than in 2017

The 'holding' that Iberia is part of does not yet accuse the 'brexit', for which it will have 'the appropriate plan at the right time', but the fuel price will increase

The airline group IAG settled last year with "fantastic" results, according to its top management, after improving its profit by 44.2% to reach 2,897 million euros thanks, above all, to several extraordinary operations. Were the main changes in the costly pension plans of British Airways , member of the holding company with Iberia Spanish -British .

Thanks to an "exceptional reduction of the liability" for social benefits and the indirect costs associated with them, the company was able to add 678 million net to its results. However, without accounting for this item and other non-recurring items, it would also have increased its annual profit in a estimable way (9.5%), although five times less than its net growth. In operational terms, the profit grew slightly less than half the final figure (19.1%) to remain at 655 million.

The total business of the group evolved at a rate of 6.7% to total 24,406 million, almost at the same level as the unit revenue per passenger (6.2%) and twice the billing for its cargo services (3 ,two%). By airline , the largest sales were achieved by British Airways with 15,206 million euros (5.7% more), almost triple that of Iberia (5,182 million, 6.6% more) and 6.3 times more than those registered. by Vueling (2.398 million, 12.7% more).

The costs , however, also grew by 6.3%, although this increase was more than doubled in fuel costs (5,283,000, 14.6% more), while its adjusted net debt increased by 7, 7% up to 8,355 million. In order not to reduce its profitability, this year it will moderate the increase in its capacity to adjust it to the recent evolution of demand. In Iberia, this would mean focusing on improving their current routes , discarding new routes in the long haul although it does contemplate additional "seasonal" trips in the short and medium distances, focusing in any case on "giving a better value proposal to the customer" .

The good results of IAG have led its managers to announce an extraordinary dividend of 700 million, about 35 cents per liter. To that sum would be added the 615 million already foreseen charged to the results of 2018. Both installments, however, will have to be supported by the general meeting of shareholders, where it is likely to talk about the difficulties that the group can have in a scenario 'post-brexit'.

Change of actions
At the beginning of February, the holding company limited to 47.5% the number of shares owned by individuals, legal or physical, who do not have a European nationality, so that their owners should sell them or they could even be repurchased by IAG. However, he did not consider the British as "non-EU people" , something that would happen in the case of a hard 'brexit' .

Its CEO, Willie Walsh , avoided going deeper into the issue, though he tried to reassure his partners because the company will implement, he said, "the right plan at the right time" if there was a sudden departure from the United Kingdom. The European Commission , however, plans to give six months to all the airlines concerned (Ryanair and Easyjet included) to restructure their shareholding and at least 51% to be European.