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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Consolidated Airlines Group, SA    IAG   ES0177542018

INTERNATIONAL CONSOLIDATED AIRLINES GROU

(IAG)
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International Consolidated Airlines : British Airways pilots accept pay cuts, job losses negotiated by union

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07/31/2020 | 03:12pm EDT
A British Airways Boeing 747 is seen at the Heathrow Airport in London

British Airways pilots have accepted a deal that will temporarily cut pay by 20% and eliminate more than 200 jobs, the pilots' union said on Friday.

"The deal means that there will be temporary 20% pay cuts reducing to 8% over two years and towards zero over the longer term", British Airline Pilots Association said in a statement.

"Regrettably, there will still be some compulsory redundancies which are currently estimated to be 270 although that number will fall as mitigations take effect", the statement added.

The ballot result was 85% to accept the deal on an 87% turnout. There will be no "fire and rehire" of pilots, the union said.

UK lawmakers have previously criticized BA, alleging that it used a furlough "fire and rehire" scheme, a tactic used by companies forcing employees to accept inferior terms.

Earlier this year, British Airways, which is owned by International Consolidated Airlines Group, was seeking to lay off a quarter of its pilots, according to a letter sent to the union and seen by Reuters.

Global curbs imposed to fight the coronavirus pandemic have slammed air travel, putting the future of many airline companies in doubt.

"We do not expect our company to return to 2019 levels of business until at least 2023 and therefore we need to act now to reshape our company for a very different future", British Airways said in an emailed statement.

(Reporting by Kanishka Singh in Bengaluru; Editing by Dan Grebler)

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Financials
Sales 2020 10 618 M 12 551 M 12 551 M
Net income 2020 -4 604 M -5 442 M -5 442 M
Net Debt 2020 13 425 M 15 868 M 15 868 M
P/E ratio 2020 -0,94x
Yield 2020 0,10%
Capitalization 4 490 M 5 312 M 5 308 M
EV / Sales 2020 1,69x
EV / Sales 2021 0,97x
Nbr of Employees 63 501
Free-Float 74,3%
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International Consolidated Technical Analysis Chart | IAG | ES0177542018 | MarketScreener
Technical analysis trends INTERNATIONAL CONSOLIDATED
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Consensus
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Mean consensus BUY
Number of Analysts 17
Average target price 3,18 €
Last Close Price 2,26 €
Spread / Highest target 96,5%
Spread / Average Target 40,5%
Spread / Lowest Target -21,4%
EPS Revisions
Managers
NameTitle
William Matthew Walsh Chief Executive Officer & Director
Antonio Vázquez Romero Chairman
Stephen William Lawrence Gunning Chief Financial Officer & Executive Director
John Gibbs Chief Information Officer
Kieran C. Poynter Independent Non-Executive Director
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