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Full year results announcement International Consolidated Airlines Group ( IAG ) today ( February 26 , 2021 ) presented Group consolidated results for the year to December 31 , 2020 . COVID - 19 situation and management actions : • Passenger capacity in quarter 4 was 26.6 per cent of 2019 and for the full year was 33.5 per cent of 2019 and continues to be adversely affected by the COVID - 19 pandemic , together with government restrictions and quarantine requirements • Current passenger capacity plans for quarter 1 , 2021 are for around 20 per cent of 2019 capacity , but remain uncertain and subject to review • 969 cargo - only flights operated in quarter 4 • Additional funding of € 3.4 billion secured in quarter 4 , including £ 2.0 billion commitment from UK Export Finance finalised in February 2021 and $ 1.0 billion EETC for British Airways , $ 0.2 billion sales and leaseback transactions for Iberia and € 150 million for Aer Lingus backed by the Ireland Strategic Investment Fund ( ISIF ) , with € 0.8 billion bridge financing facilities repaid • 2020 capex reduced by € 2.3 billion , from plans at the start of the year , to € 1.9 billion , with € 0.5 billion due to seven aircraft deliveries delayed from Q4-20 into 2021 ; 2021 capex expected to be lower than 2020 • British Airways reached agreement to defer € 495 million of pension contributions due between September 2020 and October 2021 • British Airways reached agreement in principle over restructuring plans for cargo employees , following agreement with the other main British Airways employee groups earlier in 2020 • Group continues to focus on cost reduction , increasing the variability of its cost - base and liquidity initiatives IAG period highlights on results : • Fourth quarter operating loss € 1,471 million ( 2019 : operating profit € 93 million ) , and operating loss before exceptional items € 1,165 million ( 2019 : operating profit before exceptional items € 765 million ) • Operating loss for the year to December 31 , 2020 € 7,426 million ( 2019 : operating profit € 2,613 million ) , and operating loss before • exceptional items € 4,365 million ( 2019 : operating profit before exceptional items € 3,285 million ) Exceptional charge before tax in the year to December 31 , 2020 of € 3,061 million on discontinuance of fuel and foreign exchange hedge accounting , impairment of fleet and restructuring costs ; exceptional charge before tax for quarter 4 € 306 million • Loss after tax and exceptional items for the year to December 31 , 2020 € 6,923 million ( 2019 : profit € 1,715 million ) and loss after tax before exceptional items : € 4,325 million ( 2019 : profit before exceptional items € 2,387 million ) • Cash of € 5,917 million at December 31 , 2020 down € 766 million on December 31 , 2019. Committed and undrawn general and aircraft facilities were € 2.14 billion , bringing total liquidity to € 8.1 billion . Including € 2.2 billion proceeds from the UK Export Finance ( UKEF ) gives total pro - forma liquidity of € 10.3 billion . Performance summary : Statutory results ( € million ) Passenger revenue Total revenue Operating ( loss ) / profit ( Loss ) / profit after tax Basic ( loss ) / earnings per share ( € cents ) ¹ Cash and interest - bearing deposits Interest - bearing borrowings Alternative performance measures ( € million ) Passenger revenue before exceptional items Total revenue before exceptional items Operating ( loss ) / profit before exceptional items ( Loss ) / profit after tax before exceptional items Adjusted ( loss ) / earnings per share ( € cents ) 1 Net debt Net debt to EBITDA Available seat kilometres ( ASK million ) Passenger revenue per ASK ( € cents ) Non - fuel costs per ASK ( € cents ) For definitions refer to the Alternative performance measures section . Cash comprises cash , cash equivalents and interest - bearing deposits . 1 The earnings per share information for 2019 has been restated to reflect the impact of the rights issue . 1 Year to December 31 Higher / 2020 5,512 2019 22,468 ( lower ) ( 75.5 ) % 7,806 25,506 ( 69.4 ) % ( 7,426 ) 2,613 nm ( 6,923 ) 1,715 nm ( 196.2 ) 56.1 nm 5,917 6,683 ( 11.5 ) % 15,679 14,254 10.0 % Higher / 2020 2019 ( lower ) 5,574 7,868 ( 4,365 ) 22,468 ( 75.2 ) % 25,506 ( 69.2 ) % 3,285 nm ( 4,325 ) 2,387 nm ( 122.6 ) 76.9 nm 9,762 7,571 28.9 % nm 1.4 nm 113,195 337,754 ( 66.5 ) % 4.92 6.65 ( 26.0 ) % 9.00 4.80 87.7 %