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SIX MONTHS RESULTS ANNOUNCEMENT International Consolidated Airlines Group ( IAG ) today ( July 30 , 2021 ) presents Group consolidated results for the six months to June 30 , 2021 . COVID - 19 situation and management actions : Passenger capacity in quarter 2 was 21.9 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 3 are for around 45 per cent of 2019 capacity , but remain uncertain and subject to ongoing review 1,371 cargo - only flights operated in quarter 2 , up from 1,306 in quarter 1 Strong liquidity of € 10.2 billion at the end of quarter 2 , driven by successful conclusion of financing initiatives since the start of the year , together with cost actions and UK pension contribution deferral . These initiatives included : ● ● Drawdown of previously committed borrowing for British Airways ( £ 2.0 billion UK Export Finance ) and Aer Lingus ( remaining € 75 million drawn against Ireland Strategic Investment Fund facility ) € 1.2 billion of IAG Senior Unsecured Bonds issued , with issue oversubscribed € 825 million of IAG Convertible Bonds issued , also oversubscribed New 3 - year $ 1.755 billion committed , secured revolving credit facility concluded for Aer Lingus , British Airways and Iberia and which remains undrawn ; simultaneous cancellation of British Airways ' previous revolving credit facility scheduled to mature in June 2021 ( value at December 31 , 2020 : $ 0.8 billion undrawn ) Agreement for British Airways to defer monthly pension deficit contributions totalling £ 450 million between October 2020 and September 2021 Cash operating costs for quarter 2 of € 190 million per week Sustainability - linked EETC financing executed in July for British Airways ' remaining fleet deliveries for 2021 , with total financing to be drawn of $ 785 million IAG period highlights on results : Reported operating loss for the second quarter € 967 million ( 2020 restated : operating loss € 2,182 million ) and operating loss before exceptional items € 1,045 million ( 2020 restated : operating loss before exceptional items € 1,370 million ) Reported operating loss for the half year € 2,035 million ( 2020 restated : operating loss € 4,052 million ) , and operating loss before exceptional items € 2,180 million ( 2020 restated : operating loss before exceptional items € 1,915 million ) Exceptional credit before tax in the half year of € 145 million on discontinuance of fuel and foreign exchange hedge accounting ( 2020 : exceptional charge before tax of € 2,137 million on discontinuance of fuel and foreign exchange hedge accounting and impairment of fleet ) Loss after tax and exceptional items for the half year € 2,048 million ( 2020 restated : loss € 3,813 million ) and loss after tax before exceptional items : € 2,169 million ( 2020 restated : loss € 1,972 million ) Cash of € 7.7 billion at June 30 , 2021 up € 1.7 billion on December 31 , 2020. Committed and undrawn general and aircraft facilities of € 2.5 billion , bringing total liquidity to € 10.2 billion , with pro forma liquidity including the British Airways sustainability - linked EETC financing executed in July at € 10.8 billion Performance summary : Reported results ( € million ) Passenger revenue Total revenue Operating loss Loss after tax Basic loss per share ( € cents ) ² Cash and interest - bearing deposits³ Borrowings3 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 ) ² Net debt3 Six months to June 30 2020 restated¹ 4,113 5,288 ( 4,052 ) ( 3,813 ) ( 124.7 ) 2021 1,141 2,212 ( 2,035 ) ( 2,048 ) ( 41.2 ) 7,664 19,771 2021 1,136 2,207 ( 2,180 ) ( 2,169 ) ( 43.7 ) 12,107 34,041 3.34 11.02 5,917 15,679 2020 restated¹ 4,151 5,326 ( 1,915 ) ( 1,972 ) ( 64.5 ) 9,762 71,625 5.80 8.28 Higher / ( lower ) ( 72.3 ) % ( 58.2 ) % ( 49.8 ) % ( 46.3 ) % ( 67.0 ) % 29.5 % 26.1 % Higher / ( lower ) ( 72.6 ) % ( 58.6 ) % 13.8 % 10.0 % ( 32.2 ) % 24.0 % ( 52.5 ) % ( 42.4 ) % ( 33.1 ) % 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 . ¹The 2020 results have been restated for the treatment of administration costs associated with the Group's defined benefit pension schemes . Further information is given in note 1 to this report . 2The loss per share information for the six months to June 30 , 2020 , has been restated to reflect the impact of the rights issue in October 2020 . 3The prior year comparative is December 31 , 2020 .