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FULL AR 2019-05-30 FINAL.Pdf CONTENTS Strategic report Financial highlights 4 Company overview 5 7 9 Selected statistics 17 Financial review 19 Key statistics 26 Principal risks and uncertainties 28 Governance Corporate governance report 34 Compliance with the UK Corporate Governance Code 36 Management of the Company 39 Report of the Chairman of the Audit Committee 50 Report of the Chairman of the Nomination Committee 53 55 Corporate responsibility 70 76 Company information 79 80 81 Accounts and other information Consolidated statement of comprehensive income 88 Consolidated statement of financial position 89 Consolidated statement of changes in equity 90 Consolidated statement of cash flows 92 Notes forming part of the financial statements 92 Wizz Air Holdings Plc and its subsidiaries, as applicable. 2019, F19, FY19 and FY 2019 in this document refer to the financial year ended 31 March 2019. 2018, F18, FY18 and FY 2018 refer to the financial year ended 31 March 2018. Equivalent terms are used for prior financial years. Wizz Air Holdings Plc Annual report and accounts 2019 2 Wizz Air Holdings Plc Annual report and accounts 2019 3 STRATEGIC REPORT FINANCIAL HIGHLIGHTS 2019 2018 Financial year Change Total revenue (continuing operation*) 2,319.1 1,939.0 +19.6% Profit for the year (full business*) 291.6 275.1 +6.0% Profit for the year (continuing operation*) 295.3 276.4 +6.9% Profit margin (continuing operation*) 12.7% 14.3% -1.5ppt Financial year 2019 2018 Change Passengers** 34.6m 29.6m +16.7% Year-end fleet 112 93 +20.4% Number of employees (average)*** 4,550 3,686 +14.5% * In October 2018 the Group decided to cease its online tour operator business line effective from 31 December 2018. This business line was in the past (during the 2017-2018 years) presented as a separate operating segment of the Group and for the purposes of the current financial statements was classified as discontinued operation under IFRS 5. The income statement for both 2019 and 2018 is being presented net of the revenues and expenses of the discontinued operation. The continuing operation for 2018 corresponds to what was presented as the Airline business segment in 2018. As a consequence, some measures for 2018 are now different from those originally disclosed in the 2018 Annual Report for the Group. It is only the profit after tax that is now disclosed also for the entire business for the two years. (See Note 5 to the financial statements for more detail on the discontinued operation.) ** Booked passengers. *** Including rented pilots and inactive employees. * Years F14-F17 -statutory profit measure used by the Company during those years. For further details see the F14-F18 annual reports. Wizz Air Holdings Plc Annual report and accounts 2019 4 STRATEGIC REPORT COMPANY OVERVIEW Number of routes operated from CEE* countries as at 31 March 2019: Poland 148 Romania 137 Hungary 81 Bulgaria 38 Macedonia 33 Ukraine 30 Lithuania 28 Serbia 18 Bosnia and Herzegovina 15 Georgia 13 Moldova 13 Latvia 12 Kosovo 4 Czech Republic 3 Slovakia 3 Albania 2 Croatia 2 Montenegro 2 Slovenia 2 Estonia 1 * Central and Eastern Europe, or CEE, is a region comprised of Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Georgia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine. Number of routes operated from other European countries (to non-CEE countries) as at 31 March 2019: Austria 22 United Kingdom 10 Wizz Air Holdings Plc Annual report and accounts 2019 5 STRATEGIC REPORT COMPANY OVERVIEW CONTINUED Milestones and Achievements FY 2019 -Cost Airline of the an passengers. Wizz Air took delivery of the first two Airbus A321neo aircraft. The new generation game-changer aircraft is powered by Pratt & Whitney GTF engines, features the widest single-aisle cabin with 239 seats in a single class configuration and offers Wizz Air maximum flexibility, fuel efficiency and low operating cost. Wizz Air continued to invest significantly in its fleet by adding twelve A321ceo, five A320ceo and two A321neo aircraft, taking our fleet to 112 aircraft at the end of March 2019. The Company inaugurated its -of-the-art pilot and cabin crew training centre in Budapest. The facility currently operates two full motion simulators and can train up to 300 flight and cabin crew members on a daily basis. Wizz Air was awarded the highest 7-star safety ranking from the world's only one-stop airline safety and product rating agency AirlineRatings.com. The Company continues to invest in its people with the launch of the Wizz Air Pilot Academy program in Hungary. This follows the very successful launches of the program in Poland, Bulgaria and Romania. Wizz Air received permission from the UK Secretary of State for Transport for Wizz Air UK Limited to be granted a UK route license, which was issued in October 2018, future-proofing the status of Wizz Air UK Limited as a British airline, regardless of the outcome of the Brexit negotiations, and therefore will enable the Group to continue flying from the UK to non-EU countries following Brexit. Wizz Air UK company expansion with two additional aircraft to be deployed from summer 2019, taking the London Luton based fleet to 11 aircraft. The Company introduced a new transparent baggage policy aimed at easing the boarding experience for customers and decreasing baggage-related delays for all Wizz Air flights. Wizz Air celebrated the inauguration of its newest hangar in Sofia, the company's 4th dedicated maintenance centre in Europe. FY 2020 to date Wizz Air opened its 26th base in Krakow, Poland with three brand new Airbus A321 aircraft being deployed from summer 2019. Wizz Air has announced the deployment of a total of 11 aircraft in Summer 2019 in the following locations: Budapest (+1), Katowice (+1), Warsaw (+1), Gdansk (+1), Bucharest (+1), Krakow (+3), London Luton (+2), Timisoara (+1), Skopje (+1), Varna (+1), Kutaisi (+1) Wizz Air was named 2019 Airline of the Year by Air Transport Awards, the only international prize that awards all the main categories of the air transport industry. Wizz Air Holdings Plc Annual report and accounts 2019 6 STRATEGIC REPORT STATEMENT Overview 2019 was another strong year for Wizz Air. We carried 34.6 million passengers, delivered revenue growth of 19.6% and net profit growth of 6.0%. We are a European cost-leader and are confident that we are a structural long-term winner in the aviation industry. Our focus on the lowest-cost operations, superior customer service and the strong growth profile of the Central & Eastern European markets have once again produced outstanding results. Strategy Our strategy remains simple and is delivering. We maintain an industry-leading cost base, a young, best-in- class fleet and a focus on the growth markets of Central and Eastern Europe. We also continued to strengthen our position in Western Europe, including the establishment of a base in London Luton which now serves as our UK operating base. We will further enhance our efficiency and cost base with the addition of the Airbus A321neo aircraft to our fleet. These larger and more fuel-efficient aircraft financed with our investment-grade balance sheet enables us to carry more passengers at the lowest possible cost. Underpinning our commitment to cost-efficient and profitable growth is an unwavering commitment to safety. We are proud of our safety track record and will continue to ensure that we meet the highest standards for safety and excellence. 2019 Key Performance Metrics We delivered on a number of key milestones in 2019 from a strategic, operating and financial perspective: Added 125 new routes during the year, strengthening our position as the leader in CEE and as one of E Were awarded a UK route license that future-proofs the status of Wizz Air UK Limited as a British airline. Signed letter of intent to finance 10 A321neo aircraft at rates significantly better than prior market transactions. -of-the-art pilot and cabin crew training centre in Budapest which can train up to 300 flight crew and cabin crew members altogether on a daily basis. Further strengthened our balance sheet and liquidity position unrestricted 1,316.0 million at the end of the financial year. Awarded the highest 7- -stop airline safety and product rating agency Airline Ratings. Board Changes As a Board, we recognise the importance of good governance and effective oversight in protecting and creating value for our shareholders. We regularly review the structure of our Board to ensure we have an appropriate and diverse mix of skills and experience to oversee the execution of our strategy and to ensure that constructive conversations are held with the management team. In June 2018, Barry Eccleston joined the Board of Wizz Air as an independent non-executive director. A British national, Barry recently retired as Chief Executive Officer of Airbus Americas Inc., where he was responsible for all aspects of Airbus' commercial airplanes business in North America, a position he held since 2005. His knowledge on both technical and business levels will be particularly beneficial to Wizz Air. In July, Peter Agnefjäll was appointed as an independent non-executive Director. Peter was the President and Chief Executive Officer of IKEA Group from 2013 to 2017. His experience of leading, developing and transforming a successful low-cost brand in a profitable, sustainable and engaging way will bring an added and valuable element to Board discussions. In September Maria Kyriacou was appointed as an independent non-executive Director. Maria is the current President of International ITV Studios, part of ITV plc. In her role, she companies across Europe and Australia and its growing US scripted business.
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