00:00I think we are taking advantage in some routes that now the people, they cannot fly through the Middle East.
00:07We put more capacity to some destinations from London in Asia.
00:12But I think it's something that is going to finish soon.
00:17I think as soon as the Gulf carriers recover.
00:19So it's not structural?
00:20No, I don't think so.
00:21I think some of them, they are flying now 80% of the capacity they were flying previously.
00:25And I think we are not going to have a strong change.
00:28Do you see a price war out to Asia?
00:30Do you think the Gulf carriers need to do that?
00:32They're already signaling they're kind of okay.
00:35Do you think they're going to need to manage prices?
00:37I suppose they will try to stimulate demand.
00:40Price is a tool that they can have.
00:42When we get to the end of the summer, there's a possibility that a number of airlines are going to
00:46be struggling.
00:47Yes.
00:48Do you see an opportunity for an M&A coming up?
00:51We always say that this crisis can help to consolidation.
00:56Because we started this in a very good position with a very strong balance sheet, 15% of margin.
01:04So with the hedging, others, they don't have all that.
01:09So at the end, they are going to have problems.
01:12And what we want after this crisis is to be stronger, to show again that our resilient is IAG.
01:19And I am sure we can have opportunities and we are going to be there.
01:22Any targets you're looking at?
01:22Any areas that you're looking at?
01:24Would it be domestic Europe?
01:25Where were you looking?
01:27No.
01:27I think you know that we tried, for example, to do the Europe operation before.
01:31It was not possible because of the European competition.
01:37And I think now Europe, they are trying to change the approach to consolidation.
01:42And maybe that can open the door again.
01:44It's going to be easier to consolidate in Europe, you think, going forward?
01:47I think they realized that after the Draghi report that we need to be more competitive and we are not
01:52today.
01:53So I think if they have a different approach, maybe some operations that were not possible before can be possible
01:59now.
02:00Any ideas of what that could look like?
02:03No, I think...
02:04Come on, Luis.
02:05There's got some names out there.
02:06What's on your shopping list?
02:08We always have a department following opportunities.
02:11International Airlines Group is a platform for consolidation.
02:14So it's our role to try to find out who can join the group, if we can improve the performance
02:21of that company with a model that we have.
02:24And there are airlines in Europe that could fit that bill?
02:26Yes.
02:27Yes, yes.
02:27And I think a lot of airlines also, they would like to belong to IAG because of our model that
02:34the different airlines, they have their brands, the customers, the network that we said before.
02:40So it's a model that is attractive.
Comments