Passenger capacity in quarter 4 was 58% of 2019 capacity, up from 43% in quarter 3 and for the full year was 36% of 2019 capacity.
The easing of government-imposed travel restrictions as the year progressed resulted in improving travel demand, in particular following
the opening of the US border to foreign travellers on November 8.
The impact of Omicron, which became apparent on November 25, had a negative short-term impact on the operating result, passenger
bookings and cancellations.
Significantly improved operating cash flow of €1.0bn in the second half of 2021, driven by positive EBITDA in quarter 4, strong forward
bookings and favourable working capital.
Capex in 2021 was €0.7 billion, significantly lower than €1.3 billion previously guided and €1.7 billion expected at the start of the year, due
to the delay of Airbus and Boeing aircraft.
Cash of €7,943 million at December 31, 2021, up €2,026 million on December 31, 2020. Committed and undrawn general and aircraft
facilities were €4,043 million, bringing total liquidity to €11,986 million, compared to €8,059 million at December 31, 2020.
Proceeds from borrowings of €4.8 billion in 2021, including: £2.0 billion UK Export Finance (UKEF) guaranteed 5-year loan for British
Airways; €1.2 billion unsecured bond issuance by IAG; €825 million convertible bond issuance by IAG; $785 million sustainability-linked EETC for British Airways, of which $150 million was drawn in 2021; €75 million loan from the Ireland Strategic Investment Fund (ISIF) by Aer Lingus and other aircraft financing.
In addition, the Group agreed new general facilities, which have not been drawn during 2021, including a $1.755 billion 3-year revolving credit facility available to Aer Lingus, British Airways and Iberia and a £1.0 billion UKEF guaranteed credit facility for British Airways.
Current passenger capacity plans for 2022 are for around 65% of 2019 capacity in quarter 1 and for around 85% of 2019 capacity for the full year. Omicron has affected bookings in January and February 2022 but has had a minimal impact on bookings for Easter and summer 2022.
Capex in 2022 is expected to be €3.9 billion, reflecting the need to re-build capacity towards pre-pandemic levels, the delay of aircraft deliveries from 2021 and certain pre-delivery payments deferred from previous years. 25 new aircraft are expected to be in delivered in 2022.
IAG results for the period:
Statutory operating loss for the fourth quarter €278 million (2020 restated1: operating loss €1,476 million), and operating loss before exceptional items €305 million (2020 restated1: operating loss before exceptional items €1,170 million).
Statutory operating loss for the year to December 31, 2021 €2,765 million (2020 restated1: operating loss €7,451 million), and operating loss before exceptional items €2,970 million (2020 restated1: operating loss before exceptional items €4,390 million).
Loss after tax and exceptional items for the year to December 31, 2021 €2,933 million (2020 restated1: loss after tax €6,935 million) and loss after tax before exceptional items €3,038 million (2020 restated1: loss €4,337 million).
