REG - AS Air Baltic Corp - 2019 Results and Covid-19 Impact

Nabors IndustriesAnnouncement

17/03/2020 17:06

RNS Number : 5081G
  
AS Air Baltic Corporation
  
17 March 2020
  
 

17 March 2020
AS "Air Baltic Corporation"
airBaltic 2019 financial results and the Impact of COVID-19


Riga. airBaltic has published its FY2019 financial results which are available on the airBaltic website: https://www.airbaltic.com/about/annual_reports/report2019.pdf.
During 2019, airBaltic carried a record high of 5 million passengers, representing a 22% increase compared to 2018. In line with passenger growth, the company achieved record revenues of EUR 503 million, representing a 23% increase compared to 2018. The airline served over 80 destinations from Riga, Tallinn and Vilnius, offering the largest variety of direct destinations and connections via Riga. On 23 July 2019, airBaltic successfully issued EUR 200 million of senior unsecured bonds due in 2024, which remains the largest corporate bond issue by a Latvian company to date.
During 2019, airBaltic continued to further improve connections between the Baltic states and the rest of the world, obtaining a 36% market share across the three Baltic capital cities. In Riga, which is the main hub for airBaltic operations and the biggest airport in the region, the company's market share was 59%.
airBaltic continued its growth ahead of budget during the first two months of 2020. Comparing the results of January and February 2019 with those of January and February 2020, the number of passengers increased by 18% and revenue by 17%. Unfortunately, the positive start to the year has been interrupted by the exceptional circumstances caused by the spread of COVID-19.
Public health is of the utmost importance and airBaltic's Executive Board is proceeding diligently and prudently, in strict accordance with the instructions issued by the Latvian authorities, to address the crisis. airBaltic has developed a crisis plan for the situation and has entered into discussions with the Ministry of Transport of the Republic of Latvia in relation to assistance to be provided to the Latvian transport and tourism sectors, which have been severely impacted by Covid-19.
It is currently impossible to predict the final impact of the outbreak. However, as at today's date, airBaltic is well positioned to withstand a significant market shock.
airBaltic will hold an investor webinar at 12:00 noon (GMT) on 19 March 2020. In order to join the webinar please follow the instructions set out below.
Webinar will be hosted by Martin Alexander Gauss, Chairman of the Executive Board and CEO and Vitolds Jakovļevs, Member of the Executive Board and CFO. 
During the webinar, participants will be provided with detailed information on airBaltic's financial results for the year ended 31 December 2019, the impact of COVID-19 and other key events in relation to the company. 
After the presentation, investors are welcome to ask questions. However, due to the limited duration of the webinar, please send questions in advance to: Vitolds.Jakovelevs@airbaltic.lv. The deadline for receipt of questions is 15:00 (GMT) on Wednesday 18 March 2020. 
 
What is webinar?
Webinar is a virtual conference, during which company's representative gives information about the company, its activities and future plans. Webinar allows interactive communication and provides an opportunity to ask questions and get answers directly from the company.
How to join the webinar?

All you need is a computer with internet connection and headphones.
To join the webinar, please register via https://attendee.gotowebinar.com/register/9024947977032869387
You will be provided with the webinar link and instructions to join webinar successfully. When joining the webinar for the first time, you will be asked to download the system application on your computer which will take only few seconds.
 
For further information, please contact:
 
Vitolds Jakovļevs, e-mail: Vitolds.Jakovelevs@airbaltic.lv, phone: + 371 6720 5447. 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 
 
 


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