24 June 2019 Fastjet Plc ("Fastjet" Or the “Company” Or the “Group”) Notice of Final Results Fastjet Announces

Total Page:16

File Type:pdf, Size:1020Kb

24 June 2019 Fastjet Plc ( 24 June 2019 fastjet Plc ("fastjet" or the “Company” or the “Group”) Notice of final results Fastjet announces that the audit process of its annual financial statements is still ongoing and that it now expects to publish its financial results for the year ended 31 December 2018 during the week ending 28 June 2019. For more information, contact: fastjet Plc Tel: +27 (0) 10 070 5151 Nico Bezuidenhout, Chief Executive Officer Kris Jaganah, Chief Financial Officer Media - Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571 Angharad Couch, Toby Moore, Nick Hayns For investor enquiries please contact: Liberum Capital Limited – Nominated Adviser and Broker Tel: +44 (0) 20 3100 2222 Andrew Godber, Clayton Bush, James Greenwood, Trystan Cullen, William Hall NOTES TO EDITORS About fastjet Plc Fastjet is a multi-award-winning value African airline that began flight operations in 2012. Their awards include, Leading African Low-Cost Carrier World Travel Awards 2016, 2017, 2018 and 2019, and Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017. Today, Fastjet connects Zimbabwe by flying between Harare and Victoria Falls, Harare and Bulawayo, and from Harare to Victoria Falls. They also offer flights from Harare and Vic Falls to Johannesburg in South Africa. The airline also began branded domestic flights in Mozambique, using Embraer E145, a 50-seater aircraft operated by Solenta Aviation Mozambique, in November 2017. As part of a codeshare agreement entered with LAM – Mozambique Airlines, fastjet is able to offer its customers flights between Maputo, Tete, Beira and Quelimane. Since commencing operations, fastjet flown over 3 million passengers and has established itself as a punctual, reliable, and affordable low-cost carrier. .
Recommended publications
  • (AIM: FJET) Final Results for the Year to 31 December 2016 30 May 2017 Fa
    fastjet Plc ("fastjet" or the “Company”) (AIM: FJET) Final results for the year to 31 December 2016 30 May 2017 fastjet, the low-cost African airline, announces its audited final results for the year ended 31 December 2016. The table below shows the financial performance of the fastjet Group’s continuing activities. 2016 2015 US$ US$ Revenue 68.5m 65.1m Group Operating loss (63.9)m (37.9)m Loss from continuing activities before tax (65.8)m (35.9)m Loss from continuing activities after tax (66.0)m (36.2)m Profit/(loss) from discontinued activities after tax 18.0m 14.3m Loss for the year after tax (48.0)m (21.9)m Loss per share from continuing activities (0.84) (0.71) Cash balance at year end 3.6m 28.9m Strategic highlights ● Nico Bezuidenhout appointed CEO on 1 August 2016. ● Stabilisation Plan initiated comprising: o Major cost reductions o Fleet transition to smaller aircraft o Head office relocation to Johannesburg o Revenue initiatives including route rationalisation ● Successful capital fundraising of approximately US$20.0m before expenses in August 2016 ● Strategic and operational partnership with Solenta Aviation Holdings concluded in January 2017 providing 3 E145 aircraft at reduced lease rates and Solenta acquiring a 28% shareholding in fastjet. ● Additional capital raise of approximately US$28.8m before expenses in January 2017, reflecting optimism in the strategic outlook for fastjet Operational highlights ● Named Africa’s Leading Low-Cost Airline 2016 at the World Travel Awards ● Revenues increased by 5% to US$68.5m (2015:
    [Show full text]
  • Analyzing the Case of Kenya Airways by Anette Mogaka
    GLOBALIZATION AND THE DEVELOPMENT OF THE AIRLINE INDUSTRY: ANALYZING THE CASE OF KENYA AIRWAYS BY ANETTE MOGAKA UNITED STATES INTERNATIONAL UNIVERSITY - AFRICA SPRING 2018 GLOBALIZATION AND THE DEVELOPMENT OF THE AIRLINE INDUSTRY: ANALYZING THE CASE OF KENYA AIRWAYS BY ANETTE MOGAKA A THESIS SUBMITTED TO THE SCHOOL OF HUMANITIES AND SOCIAL STUDIES (SHSS) IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF MASTER OF ARTS DEGREE IN INTERNATIONAL RELATIONS UNITED STATES INTERNATIONAL UNIVERSITY - AFRICA SUMMER 2018 STUDENT DECLARATION I declare that this is my original work and has not been presented to any other college, university or other institution of higher learning other than United States International University Africa Signature: ……………………… Date: ………………………… Anette Mogaka (651006) This thesis has been submitted for examination with my approval as the appointed supervisor Signature: …………………. Date: ……………………… Maurice Mashiwa Signature: …………………. Date: ……………………… Prof. Angelina Kioko Dean, School of Humanities and Social Sciences Signature: …………………. Date: ……………………… Amb. Prof. Ruthie C. Rono, HSC Deputy Vice Chancellor Academic and Student Affairs. ii COPYRIGHT This thesis is protected by copyright. Reproduction, reprinting or photocopying in physical or electronic form are prohibited without permission from the author © Anette Mogaka, 2018 iii ABSTRACT The main objective of this study was to examine how globalization had affected the development of the airline industry by using Kenya Airways as a case study. The specific objectives included the following: To examine the positive impact of globalization on the development of Kenya Airways; To examine the negative impact of globalization on the development of Kenya Airways; To examine the effect of globalization on Kenya Airways market expansion strategies.
    [Show full text]
  • Fastjet Plc ("Fastjet" Or the “Company”) (AIM: FJET) Interim Results for The
    fastjet Plc ("fastjet" or the “Company”) (AIM: FJET) Interim Results for the six months to 30 June 2018 fastjet, the African value airline for everyone, announces its unaudited Interim Results for the six months to 30 June 2018, together with strategic and operational developments to date in 2018. The table below shows the financial performance highlights of the fastjet Group for the period to 30 June 2018. H1 2018 H1 2017 US$ US$ Revenue 30.1m 21.2m Operating loss (14.6)m (13.2)m Loss per share (HEPS) (0.03) (0.04) Highlights • Revenue growth is driven by capacity and fleet increases year on year following Stabilisation Plan adjustments initiated in 2017; • Successful capital raise of $10m in July 2018 to fund working capital for current operational period; • Recent changes in the competitive landscape in Tanzania have caused the Board to evaluate fastjet’s Tanzanian operations and the consequential financial impact of continued losses in this operation, which could include ceasing operations in country; • The Directors are still encouraged by trading in the Zimbabwean and Mozambique markets, but the headroom of freely usable and available cash resources is minimal and the company’s ability to continue as a going concern remains very sensitive to its future funding requirements; and • Additional funding will be required by the end of October to enable fastjet to continue operating; The Company is currently in active discussions with its major shareholders regarding a potential equity fundraising, in the absence of which the Group is not able to continue trading as a going concern.
    [Show full text]
  • Relaxing the Rules for Airline Designation
    ATConf/6-IP/20 13/3/13 WORLDWIDE AIR TRANSPORT CONFERENCE (ATCONF) SIXTH MEETING Montréal, 18 to 22 March 2013 Agenda Item 2: Examination of key issues and related regulatory framework Agenda Item 2.2: Air carrier ownership and control RELAXING THE RULES FOR AIRLINE DESIGNATION (Presented by 54 Member States1, Members of the African Civil Aviation Commission (AFCAC)) 1. INTRODUCTION 1.1 This paper, which is presented on behalf of the 54 African States, provides Africa’s strategy for sustainability of air transport, based on the harmonization of the authorization and designation of airlines based in line with a common set of criteria and the need for flexibility in order to facilitate Airline access to international capital markets. The common set of criteria is based on the YD eligibility criteria. 1.2 This provides eligible airlines with the possibility to gain access to the international capital market, and also encourage cooperation via consolidation, mergers and acquisition as well as cross border investments. 1.3 With globalization and liberalization of the industry, in particular airline privatization, alternative ownership and control models have emerged. The ICAO proposed clause for the designation of carriers however seem to be the most favoured (CONF/5-2003). The proposed clause permits designation subject to the requirement of incorporation, principal place of business and effective regulatory control as attributed to the designating State. 1.4 In practice, States have considerable latitude and discretion in the interpretation
    [Show full text]
  • Star Rating Airline Country
    STAR RATING AIRLINE COUNTRY *** Adria Airways Slovenia *** Aegean Airlines Greece **** Aer Lingus Ireland **** Aeroflot Russian Airlines Russia *** Aerolineas Argentinas Argentina *** Aeromexico Mexico NR Afriqiyah Airways Libya *** Air Algerie Algeria *** Air Arabia UAE *** AirAsia Malaysia *** AirAsiaX Malaysia **** Air Astana Kazakhstan *** Air Austral Réunion *** Air Bagan Myanmar *** Air Baltic Latvia *** Air Berlin Germany *** Aircalin New Caledonia **** Air Canada Canada *** Air Caraibes French Caribbean *** Air China China **** Air Dolomiti Italy *** Air Europa Spain **** Air France France *** Air India India ** Air Italy Italy * Air Koryo North Korea *** Air Macau Macau *** Air Malta Malta **** Air Mauritius Mauritius *** Air Namibia Namibia **** Air New Zealand New Zealand *** Air Niugini Papua New Guinea *** Air Nostrum Spain *** Air Serbia Serbia **** Air Seychelles Seychelles *** Air Tahiti Nui Tahiti *** Air Transat Canada *** Alaska Airlines USA *** Alitalia Italy ***** ANA All Nippon Airways Japan *** Allegiant Air USA *** American Airlines USA *** Arik Air Nigeria *** Arkefly Netherlands ***** Asiana Airlines South Korea **** Austrian Airlines Austria *** Avianca Colombia **** Azerbaijan Airlines Azerbaijan NR Azul Brazilian Airlines Brazil ** Bahamasair Bahamas **** Bangkok Airways Thailand ** Biman Bangladesh Bangladesh **** British Airways UK *** Brussels Airlines Belgium ** Bulgaria Air Bulgaria ***** Cathay Pacific Airways Hong Kong *** Caribbean Airlines Trinidad & Tobago *** Cebu Pacific Philippines NR Chengdu Airlines
    [Show full text]
  • AFRAA Annual Report 2019
    IRLINES ASS A PAGNIES O OM AERI C 20N S C EN 19 E N I A D ES A N A T C IO F I T R I I O R IA C C A I N F O N S E S A S A ANNUAL AFRAA REPORT Amadeus Airline Platform Bringing SIMPLICITY to airlines You can follow us on: AmadeusITGroup amadeus.com/airlineplatform AFRAA Executive Committee (EXC) Members 2019 AIR MAURITIUS (MK) RWANDAIR (WB) PRESIDENT OF AFRAA CHAIRPERSON OF THE EXECUTIVE COMMITTEE Mr. Somas Appavou Ms. Yvonne Makolo Chief Executive Officer Chief Executive Officer CONGO AIRWAYS (8Z) KENYA AIRWAYS (KQ) CAMAIR-CO (QC) Mr. Desire Balazire Esono Mr. Sebastian Mikosz Mr. Louis Roger Njipendi Kouotou 1st Vice Chairman of the EXC 2nd Vice Chairman of the EXC Chief Executive Officer Chief Executive Officer Chief Executive Officer ROYAL AIR MAROC (AT) EGYPTAIR (MS) TUNISAIR (TU) Mr. Abdelhamid Addou Capt. Ahmed Adel Mr. Ilyes Mnakbi Chief Executive Officer Chairman & Chief Executive Officer Chief Executive Officer ETHIOPIAN AIRLINES (ET) AIR ZIMBABWE (UM) AIR NAMIBIA (SW) MAURITANIA AIRLINES (L6) Mr. Tewolde GebreMariam Mr. Joseph Makonise Mr. Xavier Masule Mrs. Amal Mint Maoulod Chief Executive Officer Chief Executive Officer Chief Executive Officer Chief Executive Officer ANNUAL REPORT 2019 I Foreword raffic growth in Africa has been consistently increasing since 2011. The demand for air passenger services remained strong in 2018 with a 6.9% year Ton year growth. Those good results were supported by the good global economic environment particularly in the first half of the year. Unlike passenger traffic, air freight demand recorded a very weak performance in 2018 compared to 2017.
    [Show full text]
  • Annual Report & Financial Statements
    236678 FastJet Cover 01/06/2015 16:21 Page 1 ANNUAL REPORT & FINANCIAL STATEMENTS for the year ended 31st December 2014 fastjet Plc Perivan Financial Print 236678 236678 FastJet Cover 01/06/2015 16:21 Page 2 fastjet Plc and its subsidiary undertakings Financial statements for the year ended 31 December 2014 Contents Company details and advisors…………….................................................. 1 Board of Directors………………………………………………………………………........ 2 Chairman’s statement……………………………………………………………………….. 3 Strategic Report…………………………………………………………………………………. 4 Directors’ Report………………………………………………………………………………… 15 Statement of Directors’ responsibilities……………………………………………… 21 Independent auditor’s report…………………………………………………………….. 22 Consolidated income statement………………………………………………………… 24 Consolidated statement of comprehensive income……………………………. 25 Consolidated balance sheet……………………………………………………………….. 26 Consolidated cash flow statement……………………………………………………… 27 Consolidated statement of changes in equity…………………………………….. 28 Notes to the Group financial statements……………………………………………. 29 Parent Company balance sheet………………………………………………………….. 67 Notes to the Parent Company financial statements……………………………. 68 fastjet Plc and its subsidiary undertakings 1 Financial statements for the year ended 31 December 2014 Company details and advisers Registered Number 5701801 Directors Clive Carver (Interim Chairman) Ed Winter (Chief Executive Officer) Nick Caine (Chief Financial Officer) Richard Bodin (Chief Commercial Officer) Krista Bates (General Counsel) Robert Burnham
    [Show full text]
  • An Analysis of African Airlines Efficiency with Two-Stage TOPSIS
    Journal of Air Transport Management 44-45 (2015) 90e102 Contents lists available at ScienceDirect Journal of Air Transport Management journal homepage: www.elsevier.com/locate/jairtraman An analysis of African airlines efficiency with two-stage TOPSIS and neural networks * Carlos Pestana Barros a, Peter Wanke b, a Instituto Superior de Economia e Gestao,~ University of Lisbon, Rua Miguel Lupi, 20, 1249-078 Lisbon, Portugal b COPPEAD Graduate Business School, Federal University of Rio de Janeiro, Rua Paschoal Lemme, 355, 21949-900 Rio de Janeiro, Brazil article info abstract Article history: This paper presents an efficiency assessment of African airlines, using the TOPSIS e Technique for Order Received 8 August 2014 Preference by Similarity to the Ideal Solution. TOPSIS is a multi-criteria decision making technique, which Received in revised form similar to DEA (Data Envelopment Analysis), ranks a finite set of units based on the minimisation of 27 February 2015 distance from an ideal point, and the maximisation of distance from an anti-ideal point. In this research, Accepted 5 March 2015 TOPSIS is used first in a two-stage approach, in order to assess the relative efficiency of African airlines Available online 16 March 2015 using the most frequent indicators adopted by the literature on airlines. During the second stage, neural networks are combined with TOPSIS results, as part of an attempt to produce a model for airline per- Keywords: e Airlines formance which has effective predictive ability. The results reveal that network size-related variables fi Africa economies of scope, are the most important variables for explaining levels of ef ciency in the African TOPSIS airline industry, although the impact of fleet mix and public ownership cannot be neglected.
    [Show full text]
  • SA Yearbook 10/11: Chapter 23
    TRANSPORT SOUTH AFRICA YEARBOOK 2010/11 2010/11 TRANSPORT 23 The South African Government identified In 2010, the department released details public transport as the key legacy project of a proposed high-speed rapid rail link for the 2010 FIFA World Cup™. Over the between Durban and Johannesburg. past few years, a major capital injection into transport-related infrastructure and opera- Policy and initiatives tions has begun to produce positive results. National Transport Master Plan As part of preparations for the World In May 2010, the Department of Transport Cup, government upgraded its road and rail presented Parliament with a R750-million infrastructure, and airports, and introduced transport master plan (Natmap), which new systems such as the Bus Rapid Transit includes linking Johannesburg to Durban (BRT) System, also known as Rea Vaya. and Polokwane via rapid train networks. In June 2010, the Gautrain moved out The plan includes expanding the Port of of testing and into fully fledged operation. Saldanha, doubling the Huguenot tun- Although the Gautrain was not earmarked nel outside Paarl and expanding the Port as a World Cup project, the date of com- of Cape Town. Part of Natmap is to form pletion for the route between OR Tambo partnerships with the private sector to help International Airport and Sandton was fast- fund the projects and lower the burden on tracked to be operational just in time to carry taxpayers. Cabinet initiated the Natmap in World Cup passengers. The Gautrain car- 2007 to develop and establish a multimodal ried more than 400 000 passengers during transport system to meet South Africa’s its first month of operation.
    [Show full text]
  • EU-AFRICA AVIATION CONFERENCE Windhoek, Namibia, 2-3 April 2009
    EU-AFRICA AVIATION CONFERENCE Windhoek, Namibia, 2-3 April 2009 DEVELOPMENT TRENDS IN THE AFRICAN AIRLINE INDUSTRY By Raphael Kuuchi AFRAA Commercial Director IntroductionIntroduction • In Africa air transport is vital for the socio-economic development, promotion of international trade, tourism and regional integration • Insufficient and/or poorly developed nature of other modes of transport makes air transport the most ideal for linking the vast continent • Huge untapped market – only 10% travel by air • EU-Africa co-operation is important because … – Long historical and cultural ties – Geographic proximity – Trade and business relationship – Major air traffic market – Significant changes in EU regulatory environment (single market, single sky, etc) • A win-win partnership will benefit both sides TrafficTraffic PerformancePerformance TrendTrend TrafficTraffic PerformancePerformance TrendTrend • Over the past decade, traffictraffic growthgrowth inin AfricanAfrican hashas averageaverage 5.7%5.7% per annum • Africa accounts for 3% of passenger and 1.8% of freight traffic • Non-African airlines carry over 75% of traffic • The number of passengers carried by African airlines topped 53 million last year • Freight carried exceeded 800,000 tons in 2008 • This represented an increase of 5.9% over 2007 compared to global growth rate of 4.6% Passengers Carried by African Airlines (2000 - 2008) 60,000 53,345 50,000 47,858 45,205 41,712 40,000 39,315 35,929 35,432 34,677 33,056 30,000 20,000 No. of Passengers No. of 10,000 - International Schedule Passenger Traffic by Region - Total Passenger Kilometres Performed (PKP) L/America Africa 4% 3% N/America Asia/Pacific 18% 28% Middle East 7% Europe 40% Passenger Traffic Distribution - Africa to other Regions N.
    [Show full text]
  • Suspension of Fastjet Mozambique
    21 October 2019 fastjet Plc ("fastjet" the "Company" and together with its subsidiaries the "Group") Suspension of flight operations in Mozambique fastjet plc announces that from midnight on Saturday 26 October 2019, fastjet Mozambique will be suspending its flight operations in Mozambique, including flights under its code-share arrangements with LAM Mozambique Airlines. As detailed in fastjet’s 2019 Interim Results announcement and April Trading Update, competition in Mozambique began to intensify at the end of 2018 with the market entry of Ethiopian Airlines as a domestic carrier. This increase in aircraft and capacity supply, coupled with two category 5 tropical cyclones at the beginning of 2019 which suppressed passenger demand, led fastjet to scale back frequency on routes and to reduce overall capacity in Mozambique. As a result, fastjet Mozambique reported significantly reduced revenue of US$1.9m in the first half of 2019 (H1 2018: US$4.2m) out of total revenue for the Group of US$19.7m. Following continued losses (US$2.4m in the first half of 2019) and the ongoing oversupply of available seats by other carriers, fastjet has decided to suspend all flight operations in Mozambique. It is expected that costs related to the suspension of flight operations in Mozambique including refunds will amount to around $150k. However, fastjet remains committed to returning to Mozambique once demand for air travel in the country increases sufficiently compared to capacity supplied. The suspension of flights in Mozambique does not affect any of the operations of fastjet Zimbabwe, the leading airline brand in Zimbabwe, which continues to operate between Harare, Johannesburg, Bulawayo and Victoria Falls.
    [Show full text]
  • Proposed Cancellation of Admission to Trading on AIM
    fastjet Plc ("fastjet", the "Company" or the “Group”) Proposed Cancellation of Admission to Trading on AIM, Share Reorganisation, Re-Registration, Publication of Circular, Notice of General Meeting and Trading Update 24 July 2020 fastjet, the low-cost African airline, today announces that the Directors have concluded that it is in the best interests of the Company and its Shareholders to cancel the admission of the ordinary shares in the Company (the “Ordinary Shares”) to trading on AIM (the “Cancellation”). Pursuant to Rule 41 of the AIM Rules for Companies (the “AIM Rules”), the Company has notified the London Stock Exchange of the date of the proposed Cancellation. The Cancellation is conditional, pursuant to Rule 41 of the AIM Rules, upon the approval of not less than 75 per cent. of the votes cast by Shareholders (whether present in person or by proxy) at the General Meeting. In addition, the Directors have further concluded that the Company will need to carry out a share reorganisation in order for it to be able to issue new Ordinary Shares in the future to enable the Company to raise additional funding for its ongoing operations and trading. The nominal value of the Ordinary Shares is currently £0.01 per share and the market value of the Ordinary Shares is below that nominal value (and has been consistently below the nominal value since late 2019). As a matter of English law, the Company is unable to issue new Ordinary Shares at an issue price which is below the nominal value of the Ordinary Shares. It is therefore proposed to sub-divide each existing Ordinary Share into one Ordinary Share of £0.0001 nominal value and one deferred share of £0.0099 nominal value (“Deferred Shares”) (the “Share Reorganisation”), thus enabling the Company lawfully to issue new Ordinary Shares.
    [Show full text]