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MANAGING - International Airlines Group

2020 Annual report and accountsMANAGING THE CRISISTRANSFORMING OUR BUSINESSSHAPING OUR FUTUREANNUAL REPORT AND ACCOUNTS 2020 International AIRLINESGROUP IAG has proven resilient and flexible in a challenging year which saw the devastating effects of the COVID-19 pandemic. We took swift action to mitigate the impact of the crisis and have worked hard to transform our business. This enables us to shape our future as we remain a leading player in the airline industry. Luis GallegoChief Executive OfficerContentsStrategic Report2 Our highlights3 Previous Chairman s letter5Q&A with the Chairman6 Chief Executive Officer s review8 Management Committee9Q&A with the Chief Executive Officer10 Business model 12 Section 172 statement18 Strategic priorities and key performance indicators22 Financial overview23 Financial review36 british Airways37 Iberia38 Vueling39 Aer Lingus40 LEVEL40 IAG Platform41 IAG GBS42 IAG Cargo43 IAG Loyalty44 IAG Tech45 Sustainability78 Risk manag

extend his tenure until September to help see IAG through the early months of the pandemic. I thank him for the skill and professionalism he brought right through to his last day. CHAIRMAN’S LETTER CONTINUED Together we built IAG starting with the merger of British Airways and Iberia, and it was a joy to work side-by-side for ten


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