By Andrew Atkinson
Ryanair are working with EU governments – and preparing for the return to normal service – in the wake of the coronavirus COVID-19 lockdown.
Despite the coronavirus death rate figures falling in Spain in recent days, there remains significant uncertainty as to when international flights will resume at airports, including Alicante airport Elche and Corvera.
“The Ryanair group of airlines will continue to focus on delivering cost savings, protecting jobs, working with EU governments to support rescue and medical flights, and preparing for the return to normal service when the COVID-19 crisis has passed,” a spokesperson said.
Despite Alicante-Elche and Corvera airports closed to commercial flights – due to the coronavirus COVID-19 lockdown – Ryanair have released a statement of year-end cash equivalents of €3.8 billion.
In a statement to the Irish Stock Exchange the airline said: “Ryanair has one of the strongest balance sheets in the industry, with year-end cash equivalents of €3.8 billion and 327 (77%) of the group’s owned fleet unencumbered and debt free.”
Ryanair will update the market on May 18 – when it reports full-year financial results.
Ryanair and Europe’s second-largest low-cost airline, easyJet are amongst airlines temporarily grounding their entire commercial fleet.
It is reported Ryanair have deferred Capex, suspended share buybacks, frozen recruitment and discretionary spending and cut all pay – including senior management – by 50 per cent with immediate effect for April and May.
A statement from Ryanair said: “We are engaging with our people and our unions across all EU countries to agree payroll support mechanisms as they are put in place by EU governments.”
Ryanair have reportedly currently lost upto €1 billion, due to the outbreak of coronavirus, but expect to make a profit of up to €1billion for the financial year 2020.
Ryanair reportedly said it expects to take up to a €300m hit directly due to the coronavirus outbreak – which has grounded most flights in Europe.
Ryanair’s financial year ended on March 31, 2020. Ryanair’s current financial year will end on March 31, 2021.