Ryanair Holdings plc's (RYAAY) CEO Michael O'Leary on Q2 2022 Results - Earnings Call Transcript

Nov. 01, 2021 3:27 PM ETRyanair Holdings plc (RYAAY), RYAOF
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Ryanair Holdings plc. (NASDAQ:RYAAY) Q2 2022 Earnings Conference Call November 1, 2021 6:00 AM ET

Company Participants

Michael O'Leary - Chief Executive Officer

Neil Sorahan - Group Chief Financial Officer

Michael O'Leary

Okay. Good morning, ladies and gentlemen. You're very welcome to the Ryanair H1 Results Presentation. I'm Michael O'Leary, the Group CEO, and I'm joined this morning by Neil Sorahan, our Group CFO. As you have seen this morning on the ryanair.com website, we've reported a H1 loss of €48 million, a significant improvement on the €411 million loss in the H1 prior year.

In the first half of this year, we've seen a very strong rebound in traffic. It's up 128% from 17.1 million last year to 39.1 million in this half year. We've taken delivery of the first of our 737 Gamechanger aircraft. We finished the half year with a very strong cash balance of €4.24 billion, that's up from €3.15 billion in March as we see the very strong recovery in bookings and forward cash flows.

Net debt has fallen from €2.28 billion at the 31st of March to just €1.5 billion at the end of September. We've opened over 560 new routes and 14 new bases have been announced for this summer and next summer as we again seek to recover very strongly from the COVID-19 pandemic. And we set out at our recent AGM a very aggressive five-year growth strategy, which sees our growth -- our traffic accelerating from 200 million to 225 million in the financial year ended March 2026.

The key to all this is our commitment to our environment. Every passenger who switches to flying Ryanair from legacy airlines reduces their CO2 emissions by up to 50% per flight. However, we're adding to our fleet the new Boeing 737 Gamechanger aircraft, which offer us 4% more seats

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