International Consolidated Airlines Group's (ICAGY) CEO Willie Walsh on Q3 2017 Results - Earnings Call Transcript

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International Consolidated Airlines Group SA ADR (OTCPK:ICAGY) Q3 2017 Earnings Conference Call October 27, 2017 4:00 AM ET


Willie Walsh - Chief Executive Officer

Enrique Dupuy de Lome Chavarri - Chief Financial Officer


Jarrod Castle - UBS, London

Stephen Furlong - Davy

Neil Glynn - Credit Suisse

Mark Simpson - Goodbody

Damian Brewer - Royal Bank of Canada

Anand Date - Deutsche Bank

James Hollins - Exane

Michael Kuhn - Societe Generale


Good day and welcome to the Q3 2017 IAG Conference Call. Today's conference is being recorded.

At this time I would like to turn the conference over to Willie Walsh. Please go ahead.

Willie Walsh

Thank you and good morning, everyone. So pleased to announce another strong third quarter this year. All of our companies are performing well with improved operating profit and margins and clearly, we were very pleased to announce our interim dividend yesterday of EUR 12.5 per share which is 13.6% upon the EUR 0.11 that we announced this time last year.

So I'm going to hand over to Enrique now to take it through the standard presentation. Enrique?

Enrique Dupuy de Lome Chavarri

Thank you, Willie. Good morning, everybody. So as we have said, another strong set of results for a Q3 with an operating margin of EUR 1455 million which is exceeding last year figure by EUR 250 million, a similar improvement as a one that we recorded on Q2. This time, we have had a combined positive FX impact worth EUR 37 million embedded in the EUR 250 million for that mentioned.

So differently from last quarter, this quarter we have seen a low level of capacity growth for the group. And then here two of our companies still growing and I'm mentioning Aer Lingus and Iberia. The other two companies reducing

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