Wizz Air Holdings PLC Post-close Trading Statement (5179V)
15 April 2021 - 4:00PM
UK Regulatory
TIDMWIZZ
RNS Number : 5179V
Wizz Air Holdings PLC
15 April 2021
Wizz Air Holdings Plc
Post-close Trading Statement
Ticker: WIZZ
Geneva, 15 April 2021 : Wizz Air Holdings Plc ("Wizz Air" or the
"Company"), the fastest growing European low-cost airline today
provides a post-close trading update for the year ended 31(st)
March 2021 ("F21"), subject to completion of our year-end close
procedures and audit.
Wizz Air expects a reported F21 net loss of EUR(570)-(590)m. Our
full year underlying loss is expected to be of EUR(475)-(495)m,
with the only exceptional item the loss related to discontinued
fuel hedges, amounting to an estimated EUR(95)m.
Wizz Air maintains its investment grade balance sheet and strong
liquidity position with a total cash / cash equivalents balance of
EUR1,615m at year-end. The total cash burn in Q4 was EUR87m
(compared versus the pro-forma cash position of EUR1,702m at the
end of Q3, taking the EUR500m 3 year bond proceeds of January 2021
into account).
The start of F22 (the year ending 31(st) March 2022) continues
to be marked by travel restrictions across our region and we expect
only a gradual traffic recovery into late summer 2021, following
what is expected to be a period of good progress of national
vaccination plans across key markets. In the short term, the
Company continues to actively adjust capacity to travel conditions
with a focus on cash contribution positive flying, and as a result
we continue to review aircraft allocation on a market-by-market
basis as opportunities arise. In parallel we continue to be focused
on our cost base and on our liquidity measures to minimize the cash
burn rate of the Company in this period of transitioning out of
Covid-19.
Because of the uncertainties around travel restrictions, Wizz
Air today is not in a position to provide guidance for the year
ending 31(st) March 2022.
Wizz Air will release its full year F21 results on 2(nd) June,
2021.
József Váradi, Wizz Air Chief Executive commented:
"First and foremost, I would like to thank our people for their
relentless support for our passengers, our communities and for the
Company in a period unprecedented in the 18 year history of Wizz
Air. They have risen to the continued challenges in the last 12
months facing our Company and the entire industry, with great
determination, endurance and agility in order to continuously
adjust and adapt to ever-changing conditions and circumstances as
the Covid-19 pandemic impacted us in ways no one could predict or
plan for.
Despite the continued impact of the pandemic, we are
well-prepared with one of the strongest balance sheets in the
airline industry, flying one of the youngest and most efficient
fleets and having a well-defined, proven business model. Our
agility and relentless focus on costs and cash are significant
competitive advantages. Our network expansion and the investments
we have made in our fleet over the past 12 months ensures we are
well placed for a return to normal operations and we are convinced
we are now even better positioned to be a structural winner in the
European aviation sector."
-Ends-
ABOUT WIZZ AIR
Wizz Air, the fastest growing European low-cost airline,
operates a fleet of 137 Airbus A320 and A321 aircraft.
Wizz Air is listed on the London Stock Exchange under the ticker
WIZZ. The company was recently named one of the world's top ten
safest airlines by airlineratings.com, the world's only safety and
product rating agency, and 2020 Airline of the Year by ATW, the
most coveted honour an airline or individual can receive,
recognizing individuals and organizations that have distinguished
themselves through outstanding performance, innovation, and
superior service.
For more information:
Investors: Zlatko Custovic, Wizz Air +36 1 777 9407
Sanja Pavel, Wizz Air:
Edward Bridges / Jonathan Neilan, FTI Consulting +36 70 685 1418
Media: LLP: +44 20 3727 1017
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