IAG, the group that owns Iberia, British Airways or Vueling,

lost 2,933 million

euros in 2021, almost 58% less than what was left in 2020, the first year of the pandemic, and managed to increase revenue by 8%, up to 8,455 million, despite having operated with 36% of the capacity compared to 2019, according to the results communicated this Friday to the National Securities Market Commission (CNMV).

Travel

restrictions

, especially in source markets such as the US or the UK, as well as the impact of omicron, have continued to weigh on the figures, and although a recovery was in sight, IAG is closely following "the recent geopolitical events with the in order to manage any potential impact", said Luis Gallego, CEO of IAG, in relation to the war unleashed by Russia in Ukraine.

The manager is confident that "a strong recovery is underway. Our teams across the group are seizing every opportunity to develop our business while

taking advantage of the significant increase in bookings that occurs as travel restrictions are lifted

."

Ability

The group expects to be profitable again in the second half of the year and forecasts

a passenger transport capacity

for this first quarter of 2022 of 65% of what it had in 2019 and for the whole year, 85%.

The relaxation of the restrictions was already appreciated in the traffic of the fourth quarter of 2021, with 58% of the capacity of 2019, compared to 43% of the third and 36% for the whole year.

Ómicron has affected bookings in January and February 2022, "but has had a minimal impact on bookings for Easter and summer 2022," the group says.

IAG ended the year with cash from operations of €1bn, while capital expenditures were €700m, against €1.3bn forecast, due to the delay of Airbus and Boeing aircraft.

The group continues to leave

the purchase of Air Europa open,

an operation that should have been closed a few months ago, but which has become more complicated and is still being negotiated.

Conforms to The Trust Project criteria

Know more

  • Iberia

  • British Airways

  • Vueling

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