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Operating and financial statistics

For the five years ended 31 March 2010

Total Group operations (note 1)

    2010 2009 2008* 2007 2006**
Traffic and capacity  
Revenue passenger km (RPK) m 110,851 114,346 118,395 112,851 109,713
Available seat km (ASK) m 141,178 148,504 149,576 148,321 144,194
Passenger load factor % 78.5 77.0 79.1 76.1 76.1
Cargo tonne km (CTK) m 4,537 4,638 4,892 4,695 4,929
Total revenue tonne km (RTK) m 15,588 16,054 16,797 16,112 15,909
Total available tonne km (ATK) m 21,278 22,293 22,872 22,882 22,719
Overall load factor % 73.3 72.0 73.4 70.4 70.0
Passengers carried ’000 31,825 33,117 34,613 33,068 32,432
Tonnes of cargo carried ’000 760 777 805 762 795
Revenue aircraft km m 618 644 644 637 614
Revenue flights ’000 257 279 281 276 280
Operations            
Average manpower equivalent (MPE)   37,595 41,473 41,745 42,683 43,814
RTKs per MPE   414.6 387.1 402.4 377.5 363.1
ATKs per MPE   566.0 537.5 547.9 536.1 518.5
Aircraft in service at year end   238 245 245 242 284
Aircraft utilisation (average hours per aircraft per day)   10.43 10.68 10.91 10.82 10.29
Unduplicated route km ’000 628 621 629 589 574
Punctuality – within 15 minutes % 81 77 63 67 75
Regularity % 98.0 98.6 98.2 98.5 98.8
Financial            
Passenger revenue per RPK p 6.30 6.85 6.42 6.44 6.31
Passenger revenue per ASK p 4.94 5.28 5.08 4.90 4.80
Cargo revenue per CTK p 12.12 14.51 12.57 12.74 12.94
Average fuel price (US cents/US gallon)   189.24 284.06 245.26 209.60 188.22
Interest cover (note 2) times (2.9) (3.6) 15.4 16.7 6.0
Dividend cover times n/a (5.2) n/a n/a n/a
Operating margin (note 3) % (2.9) (2.4) 10.0 7.1 8.5
Earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) m 642 645 1,780 1,549 1,666
Net debt/total capital ratio (note 4) % 52.0 56.3 28.7 29.1 44.2
Net debt/total capital ratio including operating leases % 63.1 62.8 38.2 39.6 53.0
Total traffic revenue per RTK p 48.31 53.00 48.91 48.79 47.53
Total traffic revenue per ATK p 35.39 38.17 35.92 34.35 33.28
Total operating expenditure per RTK (note 5) p 52.76 57.38 46.91 49.26 47.26
Total operating expenditure per ATK (note 5) p 38.65 41.32 34.45 34.68 33.10

*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.

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 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 31 March
£ million (except ratios) 2010 2009
Loss before tax (531) (401)
Net interest payable (a) (137) (87)
Loss adjusted for interest payable (b) (394) (314)
Interest cover (b)/(a) (2.9) (3.6)

3.  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.

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 24 to the financial statements for details of the calculation of net debt. Total capital is defined as the total of capital, reserves, non-controlling 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 31 March
£ million (except ratios) 2010 2009
Capital and reserves 1,913 1,646
Add non-controlling interests 200 200
Total shareholders’ equity 2,113 1,846
Net debt (a) 2,288 2,382
Total capital (b) 4,401 4,228
Net debt/total capital percentage (a)/(b) 52.0 56.3

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 31 March
£ million (except ratios) 2010 2009
Total expenditure on operations 8,225 9,212
RTKs 15,588 16,054
ATKs 21,278 22,293
Total expenditure on operations per RTKs (p) 52.76 57.38
Total expenditure on operations per ATKs (p) 38.65 41.32

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