How EasyJet’s bills stagger
All the details on Easyjet's half-yearly accounts, still at a loss
Continue in the sign of the EasyJet red.
The low-cost carrier recorded a net loss in the first half of the 2020-2021 financial year due to traffic cut down by the pandemic.
The loss reached 549 million pounds for the half-year ended at the end of March, compared to 324 million the previous year. Given the restrictions still in place, EasyJet expects not to exceed 15% of its capacity from April to June.
The airline also blamed the late announcement of the travel rules for a larger-than-expected half-year loss. Due to the impact from Covid, EasyJet had closed the fiscal year 2020 , at a loss, the first red in the company's history.
On Thursday, the company said it was very cautious for spring, but hoped for a recovery this summer.
Shares of EasyJet, which have risen 18% since the start of 2021, are down 2.5% in early trading.
LOSS ACCOUNTS FOR EASYJET
EasyJet recorded a pre-tax loss of 645 million pounds (747 million euros) during the first half of the fiscal year, ended March 31 of this year, an increase of 82.7% compared to the same period of the year. previous year, according to the company.
Recurring pre-tax losses were £ 701 million (€ 812 million), an increase of 262.4% from a year ago. Within the range of expected losses from 690 million pounds to 730 million pounds (799 million euros to 845 million euros).
REVENUES IN SWEEP
Total revenues decreased by 90% to 240 million pounds (278 million euros), against 2,382 million pounds. Passenger revenue also fell by 91% to £ 170m. Ancillary revenues drop 87% to £ 70 million.
LIQUID ASSETS
The company exhibits a "solid balance sheet, with total liquidity raised during the pandemic of over £ 5.5 billion, a net debt position of £ 2 billion (a year earlier: net debt of £ 467 million) and credit rating 'investment grade' credit ".
"RESULTS IN LINE WITH EXPECTATIONS"
“Over the past six months we have successfully undertaken a major restructuring and cost optimization process, as well as maintaining a solid balance sheet with significant liquidity and managing our cash burn better than expected. This led to results in line with expectations, ”said Johan Lundgren, CEO of easyJet, commenting on the 2020-21 half-year results. "With our agility, our brand reputation and our unique value, we are well positioned for recovery."
15% OF THE FLEET IN THE PERIOD APRIL-JUNE
The low-cost carrier said it plans to fly 15% of its normal between April and June and plans to increase capacity towards the end of the period.
British Airways owner IAG expects to fly 25% of its regular schedule during the period, while Air France-KLM said it expects to reach 50% this summer.
EASYJET READY TO OPERATE UP TO 90% OF THE FLEET IN SUMMER
"With tourism travel resuming earlier this week in the UK – continued Lundren -, where we are the largest operator to green list countries and with most European governments easing travel restrictions. , we are ready to significantly increase our capacity for the summer with the aim of maximizing the opportunities we see in Europe. We have the ability to adapt quickly to operate up to 90% of our current fleet in the peak summer period to meet demand ”.
STRONG WITH ONE OF THE MOST FLEXIBLE POLICIES ON THE MARKET
“We know the demand is there – we saw this once again when the UK released the list of countries to which Brits can travel for tourism, which allowed us to add more than 105,000 seats to our current offering – and we are ready to take even more people on vacation this summer, supported by one of the most flexible policies on the market, which allows people to adjust their plans right up to the last minute ”concluded the CEO of Easyjet.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/come-barcollano-i-conti-di-easyjet/ on Thu, 20 May 2021 12:23:12 +0000.