Transport & logistics

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Ryanair Holdings

Structural growth story to continue

Liquidity is assured with a current cash balance of €4.1bn (Ryanair recently raised £600m under the UK’s CCFF) and 330 unencumbered B737s (77% of owned fleet, c.€7bn). Measures taken...

Ryanair Holdings

FY results May 18th – enhancing competitive position

Ryanair has already released two statements (April 3rd and May 1st) so the key issues at the FY results on May 18th will be liquidity, cash burn, near-term capacity actions (subject to...

Airlines

The shackles of state support

As the CEO of a global lessor recently pointed out, airlines that receive state support will likely prioritise retiring this debt as soon as possible given that it could otherwise...

IAG

€10bn in liquidity – c.40% of FY2019 revenues

IAG pre-released Q1 numbers on April 28th with very substantial losses and warned that Q2 will be “significantly worse”. Liquidity is now €10bn, c.40% of last year’s revenue. For April and...

Air France KLM

Cash burn needing recapitalisation

Despite cash preservation measures, Air France KLM has indicated the need for additional liquidity in the third quarter of 2020, considering a negative operational cash cost burn of...

AerCap Holdings

Prepared for extended turbulence

AerCap has released a positive Q1 report with timely reminders of its contracted earnings capabilities (‘core’ diluted EPS of $1.75 was 6% ahead of consensus, driven by maintenance...

IAG

Adding to available liquidity sources

These loans facilities – provided that the required state guarantees are granted – will add around 10% to IAG’s already significant available liquidity of €9.5bn as per its Q1 preliminary...

Ryanair Holdings

Will operate c.35% below last year’s level in FY21

Ryanair is not providing any guidance for FY21. The group expects to report a net loss of over €100m in Q1, with further losses in Q2 (peak summer) due to the substantial decline in...

Air France KLM

State aid

Late on Friday (April 24th), Air France KLM announced that Air France secured state funding of €7bn and its KLM subsidiary is reported to receive €2-4bn. The funding is to prevent a...

easyJet

Flying blind: expecting further losses in H2 and FY2021

Although a shot in the dark, we intend to publish estimates for all the airlines as they post their calendar Q1 results. easyJet’s pre-close statement on April 16th now provides this...