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Wizz Air Holdings Plc (WZZAF) CEO József Váradi on Q4 2020 Results - Earnings Call Transcript

Jun. 03, 2020 5:22 PM ETWizz Air Holdings Plc (WZZAF)
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Wizz Air Holdings Plc (OTCPK:WZZAF) Q4 2020 Earnings Conference Call June 3, 2020 4:00 AM ET

Company Participants

József Váradi – Chief Executive Officer

Jourik Hooghe – Executive Vice President and Group Chief Financial Officer

Conference Call Participants

Mark Simpson – Goodbody

Daniel Röska – Bernstein Research

James Hollins – Exane

Jarrod Castle – UBS

Rishika Savjani – Barclays

Jaime Rowbotham – Deutsche Bank

Andrew Lobbenberg – HSBC

Ross Harvey – Davy

Najet El Kassir – Bank of America

Carolina Dores – Morgan Stanley

József Váradi

Good morning, everyone. This is József. Thank you for joining this call. This is kind of an unprecedented format of delivering results, but these are the times we are in. As a matter of fact, Wizz Air delivered record revenue and net profit, maybe nobody is interested anymore about the performance of the last financial year, but actually, we had a pretty good year. Revenue grew 20%, net profit grew 30%, and we expanded our margin performance. The improvement came in on the basis of very significant asset revenue growth. We grew revenues by 14% per passenger and also on a very strong cost performance, ex-fuel cost came down 1%. And you recall that this is sort of the guidance that we had been giving to the market that we would be expecting ex-fuel cost to decline. Obviously, we don’t fully control what happens to fuel, but what we can control, actually, we have performed very well.

We are one of the very few airlines maintaining investment-grade – maintaining the grade that we used to have. Moody’s just reconfirmed our investment grade. And obviously, this is on the basis of the prospect of the business on a very strong balance sheet, to weather the storm short term. And we are very proud of it, and we do everything we can to maintain

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