IAG (-8%) it has lost 3,806 million euros in the first half of 2020 compared to the gains of 806 million registered in the same period of the previous year. The airline conglomerate has also confirmed a capital increase of 2.75 billion that was already mentioned on July 7 and now must be approved in its General Shareholders' Meeting in September.
IAG further notes that capacity operated in the second quarter decreased 95.3% compared to 2019 and 56.2% for the semester compared to the same period of 2019.
The exceptional cost in the semester has risen to 2,137 million due to the drop in accounting for fuel and exchange rate coverage for 2020 and the deterioration of the fleet. IAG's cash stood at 6,016 million euros as of June 30, 2020, which represents a decrease of 667 million euros compared to December 31, 2019. The general and committed and unused aircraft financing lines they amounted to 2,100 million euros, assuming a total liquidity of 8,100 million euros.
Regarding the proposed capital increase, IAG defends its speed of action against the pandemic and seeks "to reduce, reducing its financial leverage and increasing its liquidity position." To convince shareholders, He cites his "successful business model with a portfolio of world-class brands."
IAG ensures that Qatar Airways, its largest shareholder, has already promised to vote in favor of the expansion, using its 25.1% stake in its share capital. "Since its creation in 2011, IAG has demonstrated its ability to generate value for its shareholders by making important decisions that have led to unique returns within the sector," said Luis Gallego, incoming CEO of the airline conglomerate.
KEEP OPEN TO BUY IAG
From IAG they have recognized that negotiations with Globalia for a possible purchase of Air Europa continue "actively" despite the pandemic. "Any agreed transaction would be subject to regulatory authorizations," the company said in its statement.
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