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2007/08 Annual Report and Accounts
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Operating and financial statistics For the five years ended March 31, 2008
Total Group operations
    2008 2007 2006* 2005 2004
Traffic and capacity            
Revenue passenger km (RPK) million 113,016 112,851 109,713 107,892 103,092
Available seat km (ASK) million 149,545 148,321 144,194 144,189 141,273
Passenger load factor per cent 75.6 76.1 76.1 74.8 73.0
Cargo tonne km (CTK) million 4,891 4,695 4,929 4,954 4,461
Total revenue tonne km (RTK) million 16,256 16,112 15,909 15,731 14,771
Total available tonne km (ATK) million 22,829 22,882 22,719 22,565 21,859
Overall load factor per cent 71.2 70.4 70.0 69.7 67.6
Passengers carried ’000 33,161 33,068 32,432 35,717 36,103
Tonnes of cargo carried ’000 805 762 795 877 796
Frequent flyer RPKs as a percentage of total RPKs (note 2) per cent 3.9 3.8 3.9 3.2 4.0
Revenue aircraft km million 644 637 614 661 644
Revenue flights ’‘000 281 276 280 378 391
Break-even overall load factor per cent 63.6 65.4 63.6 64.3 63.6
Financial            
Passenger revenue per RPK pence 6.67 6.44 6.31 6.02 6.30
Passenger revenue per ASK pence 5.04 4.90 4.80 4.51 4.59
Cargo revenue per CTK pence 12.59 12.74 12.94 9.73 10.38
Average fuel price (US cents/US gallon)   245.26 209.60 188.22 136.44 94.49
Operations            
Average manpower equivalent (MPE)   42,403 42,683 43,814 47,472 49,072
RTKs per MPE   383.4 377.5 363.1 331.4 301.0
ATKs per MPE   538.4 536.1 518.5 475.3 445.4
Aircraft in service at year end   245 242 284 290 291
Aircraft utilisation (average hours per aircraft per day)   10.91 10.82 10.29 9.83 9.21
Unduplicated route km ’000 629 589 574 623 657
Punctuality – within 15 minutes per cent 63 67 75 76 81
Regularity per cent 98.2 98.5 98.8 98.8 98.8

 
 
2008
2007
2006
2005
2004**
Financial**            
Interest cover (note 3) times 14.8 16.7 6.0 3.8  
Dividend cover times n/a n/a n/a n/a  
Operating margin (note 4) per cent 10.0 7.1 8.5 7.2  
Earnings before interest, tax, depreciation, amortisation            
and rentals (EBITDAR) million 1,777 1,549 1,666 1,552  
Net debt/total capital ratio (note 5) per cent 28.8 29.1 44.2 67.7  
Net debt/total capital ratio including operating leases per cent 38.4 39.6 53.0 72.4  
Total traffic revenue per RTK pence 50.18 48.79 47.53 44.4  
Total traffic revenue per ATK pence 35.73 34.35 33.28 30.94  
Total operating expenditure per RTK (note 6) pence 48.46 49.26 47.26 40.85  
Total operating expenditure per ATK (note 6) pence 34.51 34.68 33.10 28.48  

* Restated for the disposal of the regional business of BA connect.
** Financial ratios are only available under comparative IFRS from the Group's transition date of April 1, 2004.
n/a = not applicable

Notes

  1. Operating statistics do not include those of associate undertakings (Iberia and Comair) and franchisees (Loganair and Sun Air (Scandinavia)).
  2. The carriage of passengers on the Frequent Flyer Programme is evaluated on a ticket by ticket basis.
  3. Interest cover is defined as the number of times profit/(loss) before tax excluding net interest payable covers the net interest payable. Interest cover is not a financial measure under IFRS. However, management believes this measure is useful to investors when analysing the Group’s ability to meet its interest commitments from current earnings. The following table shows a reconciliation of net interest payable for each of the two most recent financial years:
  Year ended March 31
(£ million (except ratios)) 2008 2007
Profit before tax 883 611
Net interest payable (a) (64) (39)
Profit adjusted for interest payable (b) 947 650
Interest cover (b)/(a) 14.8 16.7
  1. Operating margin is defined as operating profit as a percentage of revenue. Revenue comprises: passenger revenue (scheduled services and non-scheduled services), cargo services and other revenue.
  2. Net debt as a percentage of total capital. Net debt is defined as the total of loans, finance leases and hire purchase liabilities, net of short-term loans and deposits and cash less overdrafts. See note 24 to the financial statements for details of the calculation of net debt. Total capital is defined as the total of capital, reserves, minority interests, and net debt. Total capital and the net debt/total capital ratio are not financial measures under IFRS. However, management believe these measures are useful to investors when analysing the extent to which the Group is funded by debt rather than by shareholders’ funds.
  3. Total expenditure on operations, total expenditure on operations per RTK and total expenditure on operations per ATK are not financial measures under IFRS. However, management believes these measures are useful to investors as they provide further analysis of the performance of the Group’s main business activity i.e. airline operations. The Board of directors reviews these measures internally on a monthly basis as an indication of management’s performance in reducing costs. The following table shows a reconciliation of total expenditure on operations per RTK and total expenditure on operations per ATK for each of the two most recent financial years:
  Year ended March 31
(£ million (except ratios)) 2008 2007
Total expenditure on operations 7,878 7,936
RTKs 16,256 16,112
ATKs 22,829 22,882
Total expenditure on operations per RTK (pence) 48.46 49.26
Total expenditure on operations per ATK (pence) 34.51 34.68

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