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Operating and financial statistics

For the five years ended March 31, 2009

Total Group operations (note 1)

    2009 2008* 2007 2006** 2005***
Traffic and capacity            
Revenue passenger km (RPK) m 114,346 118,395 112,851 109,713 107,892
Available seat km (ASK) m 148,504 149,576 148,321 144,194 144,189
Passenger load factor % 77.0 79.1 76.1 76.1 74.8
Cargo tonne km (CTK) m 4,638 4,892 4,695 4,929 4,954
Total revenue tonne km (RTK) m 16,054 16,797 16,112 15,909 15,731
Total available tonne km (ATK) m 22,293 22,872 22,882 22,719 22,565
Overall load factor % 72.0 73.4 70.4 70.0 69.7
Passengers carried ’000 33,117 34,613 33,068 32,432 35,717
Tonnes of cargo carried ’000 777 805 762 795 877
Revenue aircraft km m 644 644 637 614 661
Revenue flights ’000 279 281 276 280 378
Operations            
Average manpower equivalent (MPE)   41,473 41,745 42,683 43,814 47,472
RTKs per MPE   387.1 402.4 377.5 363.1 331.4
ATKs per MPE   537.5 547.9 536.1 518.5 475.3
Aircraft in service at year end   245 245 242 284 290
Aircraft utilisation (average hours per aircraft per day)   10.68 10.91 10.82 10.29 9.83
Unduplicated route km ’000 621 629 589 574 623
Punctuality – within 15 minutes % 77 63 67 75 76
Regularity % 98.6 98.2 98.5 98.8 98.8
Financial            
Passenger revenue per RPK p 6.85 6.42 6.44 6.31 6.02
Passenger revenue per ASK p 5.28 5.08 4.90 4.80 4.51
Cargo revenue per CTK p 14.51 12.57 12.74 12.94 9.73
Average fuel price before hedging (US cents/US gallon)   284.06 245.26 209.60 188.22 136.44
Interest cover (note 2) times (3.6) 15.4 16.7 6.0 3.8
Dividend cover times (5.2) n/a n/a n/a n/a
Operating margin (note 3) % (2.4) 10.0 7.1 8.5 7.2
Earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) m 645 1,780 1,549 1,666 1,552
Net debt/total capital ratio (note 4) % 56.3 28.7 29.1 44.2 67.7
Net debt/total capital ratio including operating leases % 62.8 38.2 39.6 53.0 72.4
Total traffic revenue per RTK p 53.00 48.91 48.79 47.53 44.4
Total traffic revenue per ATK p 38.17 35.92 34.35 33.28 30.94
Total operating expenditure per RTK (note 5) p 57.38 46.91 49.26 47.26 40.85
Total operating expenditure per ATK (note 5) p 41.32 34.45 34.68 33.10 28.48

* Restated for the adoption of IFRIC 13 and 14 and to include frequent flyer passenger numbers.

** Restated for the disposal of the regional business of BA Connect.

*** Restated for the adoption of IFRS.

n/a = not applicable

Notes:

1.  Operating statistics do not include those of associate undertakings and franchisees.

2.  Interest cover is defined as the number of times (loss)/profit 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) 2009 2008*
(Loss)/profit before tax (401) 922
Net interest payable (a) (87) (64)
(Loss)/profit adjusted for interest payable (b) (3.14) 986
Interest cover (b)/(a) (3.6) 15.4

* Restated for the adoption of IFRIC 13 and 14 and to include frequent flyer passenger numbers.

3.  Operating margin is defined as operating (loss)/profit as a percentage of revenue. Revenue comprises: passenger revenue (scheduled services and non-scheduled services), cargo services and other revenue.

4.  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 25 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. Similarly, net debt adjusted to include obligations under operating leases is not a financial measure under IFRS. However, management believes these measures are useful to investors when analysing the extent to which the Group is funded by debt rather than by shareholders’ funds. The following table shows a reconciliation of total capital to total shareholders’ funds and the net debt/capital ratio for each of the two most recent financial years:

  Year ended March 31
£ million (except ratios) 2009 2008*
Capital and reserves 1,646 3,062
Add minority interests 200 200
Total shareholders’ equity 1,846 3,262
Net debt (a) 2,382 1,310
Total capital (b) 4,228 4,572
Net debt/total capital percentage (a)/(b) 56.3 28.7

* Restated for the adoption of IFRIC 13 and 14 and to include frequent flyer passenger numbers.

5.  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, namely 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) 2009 2008*
Total expenditure on operations 9,212 7,880
RTKs 16,054 16,797
ATKs 22,293 22,872
Total expenditure on operations per RTK (p) 57.38 46.91
Total expenditure on operations per ATK (p) 41.32 34.45

* Restated for the adoption of IFRIC 13 and 14 and to include frequent flyer passenger numbers.

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