British Airways Annual Report 2011

In: Business and Management

Submitted By Austin2013
Words 39646
Pages 159
British Airways Plc
Annual Report and Accounts

Year ended 31 December 2011

Company registration number: 1777777

Contents
Officers and professional advisers 1

Directors’ report and business review Business review Management review Financial review Internal controls and risk management Directors’ report

2 4 6 9

Directors’ responsibilities statement in relation to the financial statements

12

Independent auditors’ report

13

Group financial statements Group consolidated income statement Statement of other comprehensive Income Balance sheets Cash flow statements Statement of changes in equity Notes to the accounts Operating and financial statistics Fleet table Principal investments Glossary Subsidiary undertakings

14 15 16 17 18 19 75 77 78 79 80

British Airways Plc Officers and professional advisers
Directors Sir Martin Broughton (Chairman) Alison Reed (Deputy Chairman) Keith Williams (Chief Executive Officer) Nick Swift (Chief Financial Officer) Andrew Crawley Frank van der Post Rafael Sánchez-Lozano Turmo Enrique Dupuy de Lôme Ken Smart Gavin Patterson

Secretary Alan Buchanan

Registered office Waterside PO Box 365 Harmondsworth UB7 0GB

Parent company International Consolidated Airlines Group S.A. Calle Velazquez 130 Madrid, 28006 Spain

Independent auditors Ernst & Young LLP 1 More London Place London SE1 2AF

1

British Airways Plc Directors’ report and business review
The Directors present their annual report and the audited financial statements for the year ended 31 December 2011. The comparative results, as presented in the Group financial statements, are the published financial statements for the nine months ended 31 December 2010.

Business review
British Airways (‘BA’ or ‘the Group’) is the UK’s largest international scheduled airline and one of the world’s leading global premium airlines. The Group’s…...

Similar Documents

Annual Report of Pepsico 2011

...The Power of 2011 Annual Report Table of Contents CEO Letter Financial Highlights PepsiCo Mega Brands Our Global Businesses Innovation The Power of One 2 6 8 10 12 14 Best Place to Work Performance with Purpose The Power of PepsiCo PepsiCo Board of Directors PepsiCo Leadership Financials 16 18 20 21 22 23 One billion times a day, in 200 countries and territories around the world, PepsiCo provides consumers with affordable, aspirational and authentic foods and beverages. Our consumers are refreshed, rejuvenated and restored by PepsiCo’s beloved snack, beverage and nutrition brands. That is the Power of PepsiCo. As we look ahead, we are positioning our company for sustainable growth by building our brands around the globe, bringing innovative products to the marketplace, capitalizing on the coincidence of consumption of snacks and beverages, unleashing the full potential of our global scale, and ensuring that PepsiCo continues to be a best place to work. As our businesses develop and grow, we are guided by Performance with Purpose, our commitment to do right for the business by doing right for people and the planet. We view sustainability as a catalyst for business growth and innovation, enabling us to be a company that is both financially successful and globally responsible. With a portfolio of iconic, beloved and locally relevant brands, we’re delivering results today and confidently preparing for the future. 1 PepsiCo, Inc. 2011 Annual Report Dear......

Words: 50347 - Pages: 202

Mexichem 2011 Annual Report

...transformando nuestro mundo para un mejor futuro INFORME ANUAL CEMEX 2011 siguiente> para continuar construyendo el futuro ÍNDICE 2> DATOS FINANCIEROS RELEVANTES 3> CARTA A LOS ACCIONISTAS 5> TRANSFORMANDO NUESTRO MUNDO 12> INFORMACIÓN FINANCIERA SELECTA CONSOLIDADA 14> NUESTRA EMPRESA 17> DISCUSIÓN Y ANÁLISIS DE RESULTADOS 18> RESUMEN GLOBAL DE OPERACIONES 22> INICIATIVAS DE MERCADOS DE CAPITAL Y OTROS EVENTOS RELEVANTES 25> ESTADOS FINANCIEROS 105> TÉRMINOS QUE UTILIZAMOS 106> CONSEJO DE ADMINISTRACIÓN 107> COMITÉ EJECUTIVO 109> INFORMACIÓN PARA MEDIOS E INVERSIONISTAS CEMEX está enfocado en una rigurosa transformación para aprovechar el valor aún no capturado en toda nuestra organización y para recuperar nuestra posición como el líder de creación de valor de nuestra industria. Mediante la transformación de nuestra empresa, haciéndola más eficiente, más ágil, más emprendedora y más enfocada al cliente, nos preparamos para un futuro de crecimiento rentable y sustentable. CEMEX es una compañía global de materiales para la industria de la construcción que ofrece productos de alta calidad y servicios confiables a clientes y comunidades en más de 50 países del mundo. CEMEX mantiene su trayectoria de beneficiar a quienes sirve a través de la constante búsqueda de soluciones innovadoras para la industria, mejoras en eficiencia y promoviendo un futuro sustentable. Paseo Marítimo de la Playa del Poniente de Benidorm en España 10,000 metros cúbicos de concreto......

Words: 71372 - Pages: 286

Annual Report of Toyota for 2011

...Rewarded with a smile by exceeding your expectations Annual Report 2011 Year ended March 31, 2011 TOYOTA MOTOR CORPORATION Leading the way to the future of mobility A future mobility that links people with products and services Toyota's Global Vision not only calls for building better cars, but also expresses our goal of contributing to the creation of better communities. Toyota is developing new products and services for the future of mobility, with the goal of realizing practical, low-carbon mobility; new lifestyles; broad application of environmental technologies and infrastructure for safer mobility. Fruit Fruit Ever-better cars Develop vehicles that exceed expectations Enriching lives of communities Contribute to communities Contribute to the future of mobility Sustainable growth Constantly strive for the "ever-better cars" and "enriching lives of communities" goals by ensuring sustainable profitability with a long-term point of view. Trunk Stable business base Roots Toyota values The Toyoda Precepts Guiding Principles at Toyota The Toyota Way Tomorrow's environment-friendly vehicles, new business activities 2 Meeting challenging goals by engaging talents and passion Building cars that meet the needs of people in every region Toyota seeks to build ever-better cars that meet the needs of consumers and society, based on our principles of “customerfirst,” “genchi genbutsu” (onsite, handson experience) and “good quality,......

Words: 79115 - Pages: 317

2011 Kia Annual Report

...2011 영업보고서 C o n t e n t s 06 Chairman’s message 08 ViCe Chairman’s message 10 FinanCial reView 기아자동차는 2011년 쉽지 않은 국내외 경영환경에도 불구하고 전년 대비 19% 성장하며 역대 최고의 성과를 달성하였습니다. 글로벌 경영, 디자인 경영, 그리고 지속가능경영으로 기아자동차는 새로운 미래, 더 나은 내일을 향해 질주하고 있습니다. 2010년에 이어 다시 한번 세계 10대 자동차 메이커 반열에 합류하며 진정한 글로벌 기업으로 도약하고 있는 기아자동차. 재무성과에서 뿐만 아니라 국내외 유수의 디자인 어워드 수상, 브랜드 가치 상승 등을 통해 지속성장의 기반을 다져가고 있습니다. 추후에도 기아자동차는 빠르게 변화하는 시장을 선도하며 고객의 기대를 뛰어넘는 새로운 가치를 지속적으로 창출하며 활력과 즐거움을 제공하는 기업으로 거듭나기 위해 최선을 다할 것입니다. 2011 영업보고서 Chairman’s Message 세계적인 자동차 메이커이자 모범적인 기업시민으로서 지속가능한 성장을 이루어 나가겠습니다. 06 Kia motors Chairman’s message 지난 2011년은 현대자동차 그룹의 위상을 더욱 공고히 하는 매우 의미있는 한 해였습니다. 현대 기아차는 세계 시 장에서 5대 자동차 메이커로서의 위상을 더욱 확고히 하였습니다. 그러나 2012년은 유럽 재정위기와 세계 경기 침체로 인해 자동차 산업의 성장세는 둔화되고, 업체간 경쟁은 더욱 치열해 질 것으로 예상됩니다. 따라서, 올해는 보다 내실 있는 경영활동을 통해 글로벌 일류 기업으로 도약하기 위한 기반을 다지고자 합니다. 이 를 위해서 그 동안 꾸준히 추진해 온 품질경영을 더욱 강화해야 하며, 이를 통해 고객에게 만족과 감동을 주는 품질 의 고급화에 더욱 주력해 나갈 것입니다. 아울러, 현대자동차 그룹은 소외된 계층을 보살피는 사회공헌과 협력업체와 공생발전을 위한 활동을 더욱 강화하 여, 국가 경제와 사회발전에 공헌하는 모범적인 기업이 되도록 최선의 노력을 다할 것 입니다. 또한, 우리 기아자동차는 금년 한해 사업목표 달성과 함께, 미래를 대비하는 마음으로 중장기전략인 “기아비전 2016”을 수립하였으며, 차질없이 진행해 나갈 것입니다. 기아자동차는 위기를 기회로 만드는 불굴의 도전정신과 무한한 잠재력이 있습니다. 미래를 향한 꿈과 열정으로 모 든 임직원이 한마음 한 뜻으로 다시 한번 도약하는 뜻깊은 한 해를 만들어 나가겠습니다. 감사합니다. 회장 정몽구 07 2011 영업보고서 Vice Chairman’s Message 존경하는 주주 여러분 제68기 정기 주주총회를 맞아 지난 한 해 동안 기아자동차에 성원을 아끼지 않으신 주주 여 러분께 진심으로 감사의 말씀을 드립니다. 주주 여러분! 2011년은 일본 대지진, 아중동 민주화 시위, 유럽발 경제 위기 등 유난히 큰 사건 사고가......

Words: 4508 - Pages: 19

Staples 2011 Annual Report

...2011 Annual Report Notice of Annual Meeting and Proxy Statement We bring easy to your office. Staples is the world’s largest office products company and y a trusted source for office solutions. The company proy Revenue Mix2 2008 2007 2009 North American Delivery North American Retail vides products, services and expertise in office supplies, copy & print, technology, facilities and breakroom, and furniture. Staples invented the office superstore concept in 1986 and has annua sales Revenues ($B)1 2007 2008 2009 2010 2011 2010 2011 Diluted Earnings Per Share 3 in the world in eCommerce sales. With 88,000 associates worldwide, Staples operates in 26 countries throughout North and South America, Europe, Asia and Australia, making it easy for businesses y r of all sizes and consumers. f The company is headquartered outside Boston. More information about Staples (Nasdaq: SPLS) is available at www.staples.com/media. Cash Flow Generation ($M) of $25 billion, ranking second f Operating Cash Flow 2007 As Adjusted 2007 2008 2009 2010 2011 2008 2009 2010 2011 Free Cash Flow Capita Expenditures 2007 2008 2009 2010 2011 Stores Open at Fiscal Year End 2007 Dividends Per Share 2008 2009 2010 2011 1 2 2008 revenues include $4.2 billion of revenues from Corporate Express for the period July 2008–January 2009. f 2008 revenue mix includes $2.3 billion of North American Delivery...

Words: 117583 - Pages: 471

British Airways

...------------------------------------------------- British Airways From Wikipedia, the free encyclopedia For similar named airlines, see British Airways Ltd and British Airways Limited. | It has been suggested that British Airways Limited be merged into this article or section. (Discuss) Proposed since January 2013. | British Airways | | IATA BA | ICAO BAW SHT | Callsign SPEEDBIRD SHUTTLE[1] | | Founded | 31 March 1974 (after BOAC & BEA merger) | AOC # | 441 | Hubs | * Gatwick Airport * London Heathrow Airport | Frequent-flyer program | * Executive Club (for BA flights) Diamond Club (for British Midland International flights) | Airport lounge | * Concorde Room * Galleries First * Galleries Club * Galleries Arrivals * First Lounge * Terraces Lounge * Executive Club Lounge * International Lounge * UK and Ireland Lounge | Alliance | Oneworld | Subsidiaries | * BA CityFlyer * OpenSkies * British Airways Limited * British Airways World Cargo | Fleet size | 256 | Destinations | 169 not incl. subsidiaries and code-shares | Company slogan | * To Fly. To Serve. * Upgrade to British Airways(online marketing) | Parent company | International Airlines Group | Headquarters | Waterside, Harmondsworth, England | Key people | * Keith Williams (Chief Executive Officer)[2] * Sir Martin Broughton(Chairman) | Revenue |  €11.482 billion (2011)[3] | Website | www.britishairways.com | British......

Words: 9707 - Pages: 39

Ge Annual Report 2011

...57% Five Forces Model • Current Competitors General electric is one of the world's largest and most diversified companies. With eleven different segments of the company, ranging from Advanced Materials to NBC Universal, General electric has a strong hold on many separate markets. As a whole, General Electrics' main competitor on a conglomerate level consists of Siemens. Siemens AG (SI) is a leading diversified company offering products and services in information and communications, automation and control, power, -9- transportation, medical, water and wastewater treatment, lighting, financing, real estate, and home appliances. Siemens' is one of the largest markets in the world, with thirteen worldwide businesses and annual sales of $97 billion. Siemens companies in the U.S. employ approximately 70,000 people and 430,000 people globally. Siemens’ most closely mirrors General Electric’s size and structure, making it their largest competitor. Breaking GE down into individual segments reveals a more accurate depiction of the company’s competition. Each separate venture of GE has its own degree of competition. While all eleven segments of the company are important, the largest and most profitable areas of business are GE’s finance, media, and technology businesses. GE’s Consumer Finance and Commercial Finance are GE’s most lucrative businesses producing 39 billion dollars in revenue for 2004. These financial institutes offer a wide array of services and......

Words: 12673 - Pages: 51

Cb-Annual Report 2011

...2011 Annual Report at every occasion chaiRman’S letteR In an era of constant, rapid and unpredictable change, the concept of staying the course, especially in business, can seem like an impossible mission. It takes strong and confident leadership, a clear and focused strategy and a team of talented people who are willing to go the distance in order to achieve the goal. Since fiscal 2010, the goal at Constellation Brands has been a singular one: profitable organic growth. During this period, we have embarked on an evolutionary journey that has taken us from a collection of stellar brands and acquired businesses to a highly disciplined and tightly aligned company that is, at every occasion, capitalizing on company-wide efficiencies and best practices to strengthen our operations, our people and our brands. Our fiscal 2011 results serve as a shining indicator that our collective efforts are paying off. More importantly, they validate the importance of staying true to one’s commitments. At Constellation Brands, our commitments are unwavering…to continue to grow our business and our premium brands, to enrich the communities where we live and work and to elevate life with every glass raised. These commitments are being realized every day because of our people, who are among the best and brightest in the industry. Dedicated, innovative and determined, our employees have stayed the course through unexpected challenges and increasingly higher expectations placed on them. We......

Words: 59029 - Pages: 237

British Airways

...[pic] Source: Extracted from Johnson, G, Scholes, K., & Whittington, R. (2008) Introduction The organization chosen for this Analysis is British Airways. Based at Heathrow Airport in London, British Airways is the biggest international airline in the UK. It deals in domestic and international carriage of freight and mail as well as ancillary services. Privatized in 1987, it has continued to increase in growth in spite of stiff competition (Finance Yahoo). This paper analyses the industry and external environment alongside an evaluation of the strategic options of the organization and the change process within the organization as related to the calculation and analysis of the Enterprise Value, to determine the recommended purchase price of the organization. Analysis of the external and Industry environment of British Airways PESTEL analysis Political From the political aspect, government and political instability affect the routes operated by many airline companies. For example, the Arab spring that affected a number of countries in North Africa and the Middle East such as Libya, Syria, Egypt and Tunisia affected British Airways through flight cancellations (Finance Yahoo). Economic Due to global economy recession, the share price of British Airways has fluctuated while insurance costs of British Airways rose because of the fear of terrorism and tighter security checks at the airport (Finance Yahoo). Due to fuel price fluctuations, companies are cutting......

Words: 1850 - Pages: 8

The Academic Report of British Airways

... | |The Academic Report | |British Airway’s Change Program | | | |[pic] | | | | | Contents Introduction 2 The Core Issues in BA 2 The Eight-step Change Process 2 Change Leadership 4 Change Readiness 5 Resistance to Change and Strategies 6 Stakeholder Analysis 6 Organizational Variables Impacting on Change 7 Specific Concerns and Problems 7 Managerial Challenges 8 Advised Approach 8 Conclusion 9 Introduction The dispute between BA management and Cabin Crew from 2009 to 2011 caused extensive impact throughout the global......

Words: 2553 - Pages: 11

Avon Company 2011 Annual Report

...challenges which have slowed the company’s recent revenue growth. In 2011, revenues were up 4% or 1% in constant dollars,* compared with the mid-single digit constant-dollar growth we have seen on average over the past five years. At the same time, Avon posted approximately $1.2 billion adjusted operating profit* and generated over $650 million in cash from operating activities. In line with this, we declared a $0.92 dividend in 2011 and stated our commitment to maintain this dividend in 2012. MOVING FORWARD Looking ahead to 2012, we are moving forward with urgency to get the company back on a growth track as quickly as we can. In line with this, we have undertaken a full long-range operational and financial review of the business, evaluating all external and internal factors that are impacting our performance. While we’re delaying any major, long-term strategic decisions until a new CEO is on board, we are taking immediate actions to reignite direct-selling momentum; cut costs; strengthen cash flow; and improve overall operating and management effectiveness. * Constant dollars and adjusted operating profi t are non-GAAP measures described under “Non-GAAP Financial Measures” in the MD&A. For a reconciliation of adjusted operating profi t, see “Results of Continuing Operations – Consolidated” in the MD&A. 2011 Annual Repor t By far our most critical priority is to accelerate top-line revenue growth. In 2011, we saw strong direct-selling performances in a number of key......

Words: 59497 - Pages: 238

Jet Airways Annual Report

... Contents Letter from the Chairman 02 Operating Highlights 04 Financial Highlights 05 Corporate Information 06 Notice of the 22nd Annual General Meeting 07 Directors’ Report 16 Management Discussion and Analysis 24 Corporate Governance Report 29 Auditors’ Report 47 Balance Sheet 52 Statement of Profit and Loss 53 Cash Flow Statement 54 Notes to the Balance Sheet and Statement of Profit and Loss 56 Statement relating to Subsidiary Company 93 Consolidtated Statement of Accounts 94 Attendance Slip and Proxy 135 Letter from the Chairman Dear Shareholders, Financial Year 2013-14 was an exceptionally challenging one for the Indian aviation sector. The Indian economy recorded a lower GDP growth rate of 4.7%. Currency volatility and devaluation of the Indian Rupee further exacerbated the situation, leading to a drop in discretionary travel. Consequently, passenger load factors across our industry were under pressure and domestic passenger growth slowed to 4.8%. In this challenging environment, your Company managed to maintain revenues, though costs were hit due to depreciation of the Indian Rupee (of over 11%), higher aviation turbine fuel (“ATF”) rates and increased airport levies. Your Company has been consolidating its domestic network with a focus on strengthening its presence in key markets. Your Company has also been regularly adding international routes, besides......

Words: 56588 - Pages: 227

Qantas Annual Report 2011

...Building a stronger Qantas Annual Report 2011 4 6 8 10 14 16 22 31 49 110 120 Chairman’s Report CEO’s Report Financial Performance Board of Directors Information on Qantas Review of Operations Corporate Governance Statement Directors’ Report Financial Report Sustainability Report Financial Calendar A STRONG PERFORMANCE IN CHALLENGING CONDITIONS THE QANTAS GROUP IN 2011 In 2010/2011 the Qantas Group reported a strong result in a complex and challenging global operating environment, with increased revenue across all business segments. The result was achieved while overcoming a series of natural disasters and operational disruptions, and despite the underperformance of Qantas’ international business. THE AVIATION INDUSTRY IS CHANGING THE QANTAS GROUP IN 2011 The Qantas Group faces a unique range of challenges and opportunities. We are in a strong position to address the challenges and realise the opportunities – but we must take decisive action, as we have throughout our history. SAFETY IS ALWAYS THE QANTAS GROUP’S FIRST PRIORITY WE INVEST $1.5 BILLION IN AIRCRAFT MAINTENANCE EACH YEAR SAFETY FIRST From our response to the QF32 incident to the risks posed by volcanic ash disruptions, we never compromise on the highest standards of safety. A safety-first culture across the Group ensures that risks are identified and addressed swiftly and decisively. We invest hundreds of millions of dollars in training to ensure that when incidents do occur our people......

Words: 63992 - Pages: 256

British Airways

...2009/10 Annual Report and Accounts Who we are British Airways is the UK’s largest international scheduled airline. We fly our customers at convenient times to the best located airports across the world. We are one of the world’s leading global premium airlines. Our principal place of business is London with significant presence at Heathrow, Gatwick and London City. Some 20 million people live within commuting distance of these airports, on the doorstep of the City of London, the world’s biggest premium travel market. We also operate a worldwide air cargo business, largely in conjunction with our scheduled passenger services. Operating one of the most extensive international scheduled airline route networks, together with our codeshare and franchise partners, we fly to more than 300 destinations worldwide. In 2009/10, we carried nearly 32 million passengers. We support the UK economy by providing vital arteries for trade and investment, meeting the demand for business travel and leisure travel for holidays and family reunion. In 2009/10, we earned £8 billion in revenue, down 11 per cent on the previous year. Passenger traffic accounted for 87 per cent of this revenue, while 7 per cent came from cargo and 6 per cent from other activities. We carried 760,000 tonnes of cargo to destinations in Europe, the Americas and throughout the world. At the end of March 2010 we had 238 aircraft in service. British Airways 2009/10 Annual Report and Accounts 1 2 British......

Words: 67567 - Pages: 271

Kia 2011 Annual Report

...AnnuAl RepoRt 2011 _ In 2011, we responded the way smart companies should in the face of the continuing global economic crisis by aligning our resources to meet the evolving needs of our customers and lead market changes. As a result, we achieved excellent results despite the challenging business environment by recording 2.478 million units in global retail sales, which is an 18.6% increase from the previous year. Kia Motors has consistently driven toward a better future through global management, design management and sustainable management. And now we are paving the way toward the future of mobility and greater value for all of our stakeholders. Contents 02~08 16~25 26~37 financial Highlights 02 & 2011 at a Glance Chairman’s message 06 Vice Chairman’s message 08 our PerformanCe Domestic Business Performance 18 overseas Business Performance 20 Global awards List 24 our strenGtHs Design management 28 Branding 32 marketing 34 2011 new models 36 38~47 48~121 our future research & Development 40 Global r&D network 44 eco-friendly models 46 & Concept Cars financial review 48 Product Line-up 114 Company History 116 Board of Directors 118 Global network 120 finanCiaL HiGHLiGHts 2011 2010 2009 2008 2007 30,255,179 26,275,144 25,962,876 25,583,550 19,461,002 3,934,169 2,914,146 2,792,286 1,408,847 1,156,943 Current......

Words: 36900 - Pages: 148

Dont Go Breaking My Heart 2 2014 1080p BluRay X264-KaKa | I Bastardi di Pizzofalcone | Coming to My Senses