Ellie Donnelly Twitter
The low-cost airline Ryanair has reduced its loss forecast for the twelve months to March 31 of this year.
Ryanair expects a loss of between 800 and 850 million euros for the 2021 financial year.
In February there was the airline announced that a loss of between 850 and 950 million euros is expected for the period. This is « the most challenging year in the 35-year history of Ryanair ».
The total traffic of the Ryanair Group in the twelve months to March 31 was 27.5 million compared to 149 million in the 2020 financial year ended in the early stages of Covid-19 restrictions across Europe.
In a statement today, the airline said the Easter travel restrictions and a late midsummer traffic recovery mean traffic is expected in fiscal 2022 will be at the lower end of the previously listed 80 to 120 million passenger range.
Ryanair said that it is currently not possible to make meaningful profit forecasts for the 2022 financial year. “However, we do not share the recent optimism of some analysts, as we believe that the result for fiscal 22 is currently close to breakeven.”
Since March of last year, the group has reduced its cash burn by reducing costs The group raised funds in September through a share placement of EUR 400 million and a Eurobond of EUR 850 million.
On Tuesday, Ryanair blew up a € 4 billion bailout package that will leave the French government, the largest shareholder in Air France-KLM. It will damage competition in the air transport market for decades.
Eighteen slots at Paris Orly Airport, which Air France is forced to abandon as a condition of the deal, « are nowhere near enough » to allow others to dominate to question the French airline in Paris, said Ryanair.
The French government will contribute to a recapitalization of Air France-KLM amounting to EUR 4 billion and more than double its stake to almost 30 percent, as it did yesterday European Union approval announced.
The move is the latest step by a large airline group to prop up finances after more than a year of Covid-19 travel stops and deep losses for the sector.
France will convert a EUR 3 billion loan granted last year into a hybrid perpetual bond instrument and subscribe to a EUR 1 billion equity issue, bringing its stake in Air France-KLM down from its current position 14.3 percent increased.
« This will make Air France the largest shareholder, » said Finance Minister Bruno Le Maire, describing the move as a « sign of commitment » for the airline and its employees.
Air France will sell 18 Paris-Orly take-off and landing sites to competitors, representing 4 percent of its current portfolio at the airport.
However, reallocation will be limited to competing Orly-based aircraft with crews employed under local contracts freezing Irish and other European airlines.
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