Ryanair Holdings Plc · EURONEXT:RYA
Ryanair — Q3 FY2021 Earnings Presentation
17 slides from Ryanair's earnings presentation, Feb 1, 2021
Slide 1: FY21: Q3 Results
FY21: Q3 Results 1
Slide 2: Europe's Lowest Cost Airline Group
Eur ope’s Lowest Cost Air line Gr oup Lowest fare/lowest cost airlines No. 1, Traffic (149m FY20) & Cov. (2,100 routes) No. 1, Cust. Service / On-time perf. (96%) Strong (BBB) balance sheet (S&P & Fitch) Solid B- CDP climate protection rating 210 8200 “gamechanger” delivs. 200m by FY26
Slide 3: Europe's No. 1 Coverage
E u r o p e ’s N o. 1 C ove r a g e 77 bases / 240 airports 40 countries S.21 Base update: - New: BVA/TSF - Incr. acft.: NAP (+1) - Incr. freq.: VCE/VRN/BRI - More to come Over 2,100 routes 200m guests p.a. by FY26 3 3
Slide 4: Europe's Lowest Costs Wins!
Eur ope’s Lowest Costs W ins! € per pax RYA WIZ EZJ NOR* E’Wings LUV Staff/efficiency 7 6 10 19 20 55 Airport & Hand. 8 11 22 19 18 9 Route Charges 5 5 5 7 7 0 Own’ship & maint. 7 14 9 28 21 17 S & M other 4 3 7 14 28 20 Total 31 39 53 87 94 101 %> Ryanair +26% +71% +181% +203% +226% *In examinershi
Slide 5: Q3 FY21 Results
Q3 FY21 Results Dec 19 Dec 20 Guests (m) 35.9 8.1 -78% Load Factor (%) 96 70 -26pts Revenue €1.91bn €0.34bn -82% Op. costs €1.82bn €0.67bn -63% (i) PAT / (Net Loss) €88m €(306m) n/m OTP 92% 96% +4pts (i) Excl. €15m hedge ineffectiveness charge 5 5
Slide 6: Strong Balance Sheet (BBB)
Strong Balance Sheet (BBB) €’bn Mar 20 Dec 20 Assets 10.94 9.19 c.80% B737s debt free (€7bn book val.) Cash 3.81 3.49 €1.25bn equity & bond raise (Sept. 20) Total 14.75 12.68 Accruals 5.63 2.50 Debt repays next 6 months: Debt 4.21 5.51 • UK CCFF £600m (Mar. 21) • 2014 €850m Bond (Jun. 21) S/H Funds
Slide 7: Current Developments
Cur r ent Developments C-19 uncert. contin. – FY21 Q4 traffic cut (but vaccines coming) Lowering Europe’s lowest cost base (staff, airports, aircraft & other) Continued environmental progress (first ever CDP rating B-) B737 firm order increased to 210 (+75) at lower costs Post C-19 growth
Slide 8: C.19 uncertainty continues
C.19 uncer tainty continues Vaccinations roll out started Dec. 20 Further Covid travel bans implemented Dec. 20 & Jan. 21 FY21 Q4 traffic cut: FY21 26m – 30m (previously “up to 35m”) Current targets: UK 50% of pop. by end of Mar. EU 10% of pop. by end of Mar. EU Govts must accelerate rollo
Slide 9: Environmental Progress
Envir onmental Pr og r ess First time CDP environmental survey (2020) - Received a strong B- climate protection score - One of the highest rated airlines in the world - Rated “A” for environmental corp. gov. - Committed to improving score B737-8200 firm order incr. (-16% CO2 , -40% noise) Reti
Slide 10: Boeing 737-8200 firm order increased
Boeing 737-8200 fir m order increased Extended firm order to 210 (+75) in Dec. 20 1ST B-8200 deliv. in Q4 FY21 Hope for approx. 24 delivs. for peak S.21 “Gamechanger” tech.: +4% seats, -16% fuel Envir. savings: -16% CO2 , -40% noise “Most scrutinised & audited aircraft in history” Lowe
Slide 11: Order allows growth to 200m guests p.a.
210 or der allows growth to 200m guests p.a. 200 + 195 175 149 150 139 130 80 – 120 106 Up to 30 FY17 FY18 FY19 FY20 FY21E FY22E FY23E FY24E FY25E FY26E (s.21) (s.22) (s.23) (s.24) (s.25) 11 11
Slide 12: Post C-19 Growth Opportunity
Post C-19 Growth Oppor tunity Eurocontrol: “more airline failures expected in 2021” Structural cuts to EU capacity (airline failures & retrench) Sig. impairment of competitor Bal. Sheets Large traffic decline drives airport growth deals & new markets 4 yr STN extension to 2028: EZJ slots (
Slide 13: Appendices
Appendices / NP Ys a ijt fy f cA. ay 477; oe
Slide 14: Appendix: Lowering Europe's Lowest Cost Base
A ppendix: Lowering Eur ope’s Lowest Cost Base FY20 per pax Cost savings initiatives: (ex fuel) • Pay deals agreed Staff/efficiency €7 • Pay cuts of 5% to 20% (restored over 4/5 years) – built in flex. • To facil. S.21 ramp-up, investing in cabin crew training in Q4 FY21 (cost) • Growth deals as a/c
Slide 15: Appendix: Brexit deal signed
A ppendix: Br exit deal signed EU/UK Brexit trade deal agreed To protect EU AOC, non-EU voting rights restricted (1 Jan.) Migrating CSD system from CREST to Euroclear Bank (mid-Mar.) 15 15
Slide 16: Appendix: Illegal State aid to legacy carriers
Appendix: Ille gal State aid to le gacy car rier s • Flood of illegal state aid to flag carriers AFKLM/Alitalia/Luft/SAS/TAP • Illegal State Aid will lead to below-cost selling by flags State Aid (€bn) Lufthansa Group 11.0 Air France-KLM 10.6 TUI Group 4.3 Alitalia 3.5 SAS 1.3 > €37bn TAP 1.2 Finnai
Slide 17: Disclaimer
Disclaimer Certain of the information included in this presentation is forward looking and is subject to important risks and uncertainties that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. By their nature, for