He IAG holding The most difficult semester has just closed since its integration. Not only closed June with red numbers of 3,806 million, but also confirmed that you have to perform a capital increase of 2,750 million and investors punished the value this Friday with a stock market crash. Looking ahead, although the company is relatively optimistic, it assumes that the airline sector has a long way to go to get back to normal.
Specifically, it recognizes that It will not be until 2023 when it will be possible to recover the flow of passengers that was reached in 2019, before the coronavirus epidemic left its planes on the ground.
At the moment, for this year, according to the current capacity planning, IAG will recover the 'breakeven' in terms of net cash flow from your operations already in the fourth quarter of this year.
its CEO Willie Walsh (who will soon be replaced by the President of Iberia, Luis Gallego) pointed out during the 'call' with analysts that although it is not possible to speak of normality regarding transoceanic operations between Europe and the United States, a recovery is perceived.
THE BRITISH QUARANTINE
Regarding the domestic market, Gallego assumed that the recent quarantine measures imposed by the United Kingdom for those traveling to Spain can impact demand.
"We consider that there are autonomous communities in Spain where the ratio of those infected by Covid is lower than in other regions of the United Kingdom and we consider that Balearic and Canary Islands should be out of this measure"he indicated.
As for the movements that the holding company now has ahead, there is so much the capital increase of 2.75 billion that Qatar, which owns 25% of the shareholders, has already announced that it will subscribe. Also, the purchase of Air Europa to strengthen its flights with Latin America. There the problem is the price, fixed at 1,000 million euros. Gallego acknowledged that a new agreement has to be reached between the two companies, given that the situation and the market have changed with the epidemic. If there is an agreement, there will be an operation, but it has to be in conditions that adjust to "the new normal".
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