In a post-close trading update for the year ended 31 March 2021, Wizz Air stated that it expects a reported F21 net loss of €(570)-(590)m. With the full year underlying loss expected to be €(475)-(495)m, with the only exceptional item the loss related to discontinued fuel hedges, amounting to an estimated €(95)m.
Wizz Air stressed that it maintains its investment grade balance sheet and strong liquidity position with a total cash / cash equivalents balance of €1,615m at year-end. The total cash burn in Q4 was €87m (compared versus the pro-forma cash position of €1,702m at the end of Q3, taking the €500m three-year bond proceeds of January 2021 into account).
József Váradi, Wizz Air Chief Executive commented: “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.”