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THREE MONTHS RESULTS ANNOUNCEMENT International Consolidated Airlines Group ( IAG ) today ( May 7 , 2021 ) presented Group consolidated results for the three months to March 31 , 2021 . COVID - 19 situation and management actions : Passenger capacity in quarter 1 was 19.6 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 2 are for around 25 per cent of 2019 capacity , but remain uncertain and subject to review 1,306 cargo - only flights operated in quarter 1 , up from 969 in quarter 4 , 2020 Strong liquidity , increased to € 10.5 billion at the end of the quarter ( from total pro - forma liquidity of € 10.3 billion at December 31 , 2020 ) , driven by successful conclusion of financing initiatives in the quarter , together with cost actions and UK pension contribution deferral . These included : ● Drawdown of previously committed borrowing for British Airways ( £ 2.0 billion UK Export Finance ) and Aer Lingus ( € 75 million drawn against Ireland Strategic Investment Fund facility ) Additional € 1.2 billion of IAG Senior Unsecured Bonds issued , with issue heavily oversubscribed New 3 - year $ 1.755 billion committed , secured revolving credit facility concluded for Aer Lingus , British Airways and Iberia and which remains undrawn ; cancellation of British Airways ' previous revolving credit facility scheduled to mature in June 2021 ( value at December 31 , 2020 : $ 0.8 billion ) Agreement for British Airways to defer monthly pension deficit contributions totalling £ 450 million between October 2020 and September 2021 Cash operating costs for the quarter reduced to € 175 million per week IAG period highlights on results : First quarter operating loss € 1,068 million ( 2020 : operating loss € 1,860 million ) and operating loss before exceptional items € 1,135 million ( 2020 : operating loss before exceptional items € 535 million ) Exceptional credit before tax in the quarter of € 67 million on discontinuance of fuel and foreign exchange hedge accounting ( 2020 : exceptional charge before tax of € 1,325 million on discontinuance of fuel and foreign exchange hedge accounting ) Loss after tax and exceptional items for the quarter € 1,067 million ( 2020 : loss € 1,683 million ) and loss after tax before exceptional items : € 1,124 million ( 2020 : loss € 556 million ) Cash of € 8.0 billion at March 31 , 2021 up € 2.1 billion on December 31 , 2020. Committed and undrawn general and aircraft facilities of € 2.5 billion , bringing total liquidity to € 10.5 billion . Performance summary : Reported results ( € million ) Passenger revenue Total revenue Operating loss Loss after tax Basic loss per share ( € cents ) ¹ Cash and interest - bearing deposits² Interest - bearing borrowings² Alternative performance measures ( € million ) Passenger revenue before exceptional items Total revenue before exceptional items Operating loss before exceptional items Loss after tax before exceptional items Adjusted loss per share ( € cents ) ¹ Net debt² Net debt to EBITDA² Three months to March 31 2021 459 968 ( 1,068 ) ( 1,067 ) ( 21.5 ) 7,975 19,539 2021 454 963 ( 1,135 ) ( 1,124 ) ( 22.6 ) 11,564 nm 14,796 3.07 12.23 2020 3,953 4,585 ( 1,860 ) ( 1,683 ) ( 55.1 ) 5,917 15,679 2020 3,953 4,585 ( 535 ) ( 556 ) ( 18.2 ) 9,762 nm 67,522 5.85 5.79 Higher / ( lower ) ( 88.4 ) % ( 78.9 ) % ( 42.6 ) % ( 36.6 ) % ( 61.0 ) % 34.8 % 24.6 % Higher / ( lower ) ( 88.5 ) % ( 79.0 ) % Available seat kilometres ( ASK million ) Passenger revenue per ASK ( € cents ) Non - fuel costs per ASK ( € cents ) For definitions refer to the IAG Annual report and accounts 2020 . Cash comprises cash , cash equivalents and interest - bearing deposits . 1¹The loss per share information for the three months to March 31 , 2020 has been restated to reflect the impact of the rights issue . 2The prior year comparative is December 31 , 2020 . nm nm 24.2 % 18.5 % nm ( 78.1 ) % ( 47.6 ) % nm