REG - Air Astana JSC - Q2 and Half Year 2025 Results
Wed 07:00
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RNS Number : 0960U Air Astana JSC 06 August 2025
6 August 2025
Results for the second quarter and six months ended 30 June 2025
Sustained growth and proactive cost management deliver significantly improved
profitability. Guidance maintained.
Almaty, Kazakhstan - Air Astana JSC (the "Company" and, together with its
subsidiary FlyArystan, the "Group"), the leading airline group in Central Asia
and the Caucasus regions by revenue and fleet size, announces its results for
the second quarter and six months ended 30 June 2025.
H1 Highlights
Strong growth and continued focus on yield management deliver 24.1% increase
in EBITDAR
· Total revenue and other income increased 12.1% to USD 658.2 million
(H1 2024: USD 587.2 million).
· EBITDAR increased 24.1% to USD 157.0 million (H1 2024: USD 126.5
million). EBITDAR margin improved by 2.3 pp to 23.9% (H1 2024: 21.6%).
· PAT increased 131.9% to USD 10.7 million (H1 2024: USD 4.6
million).
· ASK up 17.8% to 10.3 billion (H1 2024: 8.7 billion).
· RPK increased 17.3% to 8.4 billion (H1 2024: 7.1 billion).
· Unit revenues continue to be managed ahead of unit cost inflation,
extending the positive trend from Q4 2024, demonstrating the effectiveness of
the Group's ongoing efficiency measures and natural currency hedge.
o RASK decreased 4.9% to USD 6.41¢ (H1 2024: 6.74¢).
o CASK decreased 6.2% to USD 5.97¢ (H1 2024: 6.36¢).
· Group passengers carried increased 11.6% to 4.5 million (H1 2024:
4.0 million) with a stable average load factor of 81.7% (H1 2024: 82.0%).
· Group fleet expanded to 61 aircraft with the delivery of six A320
family aircraft.
Q2 Highlights
Robust revenue growth and double-digit EBITDAR expansion - underscoring
increasing demand, cost efficiency and operational resilience
· Total revenue and other income increased 13.5% to USD 365.8 million
(Q2 2024: USD 322.4 million).
· EBITDAR increased 17.2% to USD 97.1 million (Q2 2024: USD 82.8
million). EBITDAR margin improved by 0.8 pp to 26.5% (Q2 2024: 25.7%).
· PAT increased 11.0% to USD 18.0 million (Q2 2024: USD 16.2
million).
· ASK up 21.7% to 5.6 billion (Q2 2024: 4.6 billion).
· RPK increased 20.4% to 4.6 billion (Q2 2024: 3.8 billion).
· Despite the impact of geopolitical uncertainty, unit revenues and
costs remain well-balanced, reflecting operational resilience.
o RASK decreased 6.8% to USD 6.57¢ (Q2 2024: 7.05¢) largely driven by
local currency depreciation.
o CASK decreased 6.5% to USD 5.87¢ (Q2 2024: 6.27¢) due to efficiency
measures as well as the reduction in Tenge denominated costs and lower fuel
costs.
· Group passengers carried increased 15.6% to 2.5 million (Q2 2024:
2.2 million) with average load factor remaining stable at 81.9% (Q2 2024:
82.8%).
Peter Foster, CEO of Air Astana, commented:
"We continue to perform strongly with rising revenues and improved margins in
H1 driving growth of 24.1% in EBITDAR and 132% in PAT. This is underpinned by
an increase in both capacity and traffic of 17.8% and 17.3% respectively,
despite the widely publicised macroeconomic and geopolitical challenges. Our
performance highlights once again the benefits of our central location and
agile approach as we successfully optimised costs and allocated capacity to
our key markets to maximise margins. We continue to balance unit revenues and
costs due to the effectiveness of our ongoing efficiency measures and the
natural currency hedge within the business.
The increase in passenger numbers alongside capacity demonstrates the demand
for our new routes across the fastest-growing regions in Asia, particularly
the megamarkets of India and China, as we offer the only true connectivity
with the CIS region. Our codeshare agreement with China Southern Airlines
announced last week is another important step in developing this connectivity
further.
Following the departure of the final E2, our fleet now consists of 61
aircraft, made up entirely of Airbus A320 family and Boeing 767s: the Group's
simplest fleet structure since 2003. Combined with our investment in our
in-house MRO and ground service capabilities we have increased our resilience,
improved our passenger experience and enhanced the Group's efficiency. These
new capabilities and additional capacity have enabled us to demonstrate our
resilience in the management of the ongoing industry wide Pratt and Whitney
GTF engine challenges.
The Company remains very confident in both the outlook for 2025 and the
Group's medium-term prospects. I would like to personally thank all of my
colleagues at Air Astana for their hard work in delivering this performance
and look forward to updating the market on our medium-term strategy and
ambitions at our Capital Markets Day in September 2025."
Current Trading and Near-term outlook
The Group is well positioned for the peak summer season with ASK 17.8% higher
than in H1 2024 and 20 new routes launched during H1 2025. Notwithstanding the
Pratt & Whitney engine issues, which continue to be proactively managed
through the Group's mitigation plan and policy of dynamic capacity allocation,
the Group retains a positive outlook for the summer.
The Group remains on course to deliver growth in 2025, in line with its
medium-term guidance:
· Maintain balance between RASK and CASK growth.
· Realign capacity to ensure highest margin delivery and mitigate
inflationary cost pressures, while retaining a load factor broadly consistent
with 2024.
· Total fleet to expand to 63 aircraft by the end of 2025 and to 84
aircraft by the end of 2029.
· Medium-term expectation of mid-to-high 20s EBITDAR margin with
liquidity ratio above 25% and leverage below 3.0x Net Debt/EBITDAR.
Financial and Operational Review
Financial and Operational Review H1-25 H1-24 Diff YoY Q2-25 Q2-24 Diff YoY
Passengers (millions) 4.5 4.0 11.6% 2.5 2.2 15.6%
Aircraft (end of period - fleet) 61 54 13.0% 61 54 13.0%
Load factor (%) 81.7 82.0 -0.3pp 81.9 82.8 -0.9pp
Revenue and other income (million USD) 658.2 587.2 12.1% 365.8 322.4 13.5%
EBITDAR (million USD) 157.0 126.5 24.1% 97.1 82.8 17.2%
EBITDAR margin (%) 23.9 21.6 2.3pp 26.5 25.7 0.8pp
PAT (million USD) 10.7 4.6 131.9% 18.0 16.2 11.0%
ASK (billion) 10.3 8.7 17.8% 5.6 4.6 21.7%
RPK (billion) 8.4 7.1 17.3% 4.6 3.8 20.4%
RASK (US cents) 6.41 6.74 -4.9% 6.57 7.05 -6.8%
CASK (US cents) 5.97 6.36 -6.2% 5.87 6.27 -6.5%
Cash and bank balances (million USD) 531.6 418.2 27.1% 531.6 418.2 27.1%
Net Debt/EBITDAR 1.3 1.4 -0.1 1.3 1.4 -0.1
Cash/sales (%) 38.5 33.9 4.6pp 38.5 33.9 4.6pp
Network expansion
The Group has made further progress improving connectivity both within
Kazakhstan and across its regional and international network. In H1,
international routes were particularly strong with growth of 25.2%, accounting
for 76% of the increase in ASK at Group level, with a weighting towards the
fast-expanding markets in Asia. An additional five routes were added in Q2
2025, bringing the total number launched in the first half of 2025 to 20, with
a particular focus on seasonal destinations, high-demand, nearby markets of
China and India, as well as South-East Asia and the Gulf.
The Chinese market has performed well with good growth in business and leisure
traffic. The Group now operates 30 flights to China each week across five
destinations, an increase from three at the start of the year. In May, direct
flights were launched from Almaty to Yining (Kuldja) in Xinjiang, fulfilling
the promise of a one-hour air corridor between China and Kazakhstan. This
followed Air Astana's inaugural flight in March from Almaty to Guangzhou,
China's third largest city by population size.
At the end of April, Air Astana launched a new route between Almaty and
Mumbai, connecting Kazakhstan and India's commercial capitals. Following
strong demand, Air Astana has since increased the number of flights from three
to five a week and plans to increase to daily by year end, filling capacity as
other carriers are unable to operate the route. This adds to the existing
Almaty-Delhi route which operates nine weekly flights.
As part of its summer schedule, the Group has increased flights to Turkey,
Georgia and Montenegro as well as the expansion of the network to the resort
cities of Nha Trang and Da Nang in Vietnam. In addition, Air Astana has
commenced direct flights from Almaty to Frankfurt in codeshare alongside
existing services from Astana and Uralsk. The launch of new routes from Atyrau
to Baku and to Tbilisi have further improved connectivity between Kazakhstan
and the Caucasus.
Enhanced Strategic Partnerships
The Group continues to explore potential Enhanced Strategic Partnerships to
accelerate growth and improve connectivity with nearby megamarkets, which are
building closer business, cultural and leisure ties with Kazakhstan.
Further to the MoU signed in March 2025, Air Astana has signed a codeshare
agreement with China Southern Airlines. This agreement covers 50 weekly
flights between Kazakhstan and China, providing passengers with more travel
options and improved connectivity between both countries. Partnering with
China Southern Airlines will boost trade and tourism with China and provide
growth opportunities for both airlines.
In addition, the Group is in discussions with carriers in India. This builds
on last year's codeshare agreement with Japan Airlines for the Japanese market
and the existing commercial relationships across Europe and Asia with carriers
such as Lufthansa and Turkish Airlines.
Fleet development
The Group's growth strategy is underpinned by the development of its fleet,
which has expanded to 61 aircraft with the delivery of six aircraft in the
first half of 2025. This comprises 34 Air Astana aircraft and 27 FlyArystan
aircraft.
Significantly, the fleet simplification plan has concluded following the
departure of the final Embraer E2 in May 2025. The Group now operates just two
aircraft types: modern, fuel-efficient Airbus A320 family aircraft, alongside
Boeing 767 aircraft for longer international routes flown by Air Astana. This
is the Group's simplest fleet profile since 2003, unlocking operational
efficiencies.
In June 2025, the Group concluded its A321LR modification programme after the
final sixth aircraft in the plan was fitted with an auxiliary fuel tank at its
Advanced Technical Centre (ATC). The extended range offered by these modified
aircraft has contributed to improved operational efficiency on routes such as
Almaty-London, Almaty-Frankfurt, Astana-Phuket and Astana-Nha Trang, and will
also be used for the Almaty-Tokyo route from March 2026.
Successful execution of the mitigation plan for Pratt & Whitney engine
issues
Management continues to mitigate the impact of Pratt & Whitney engine
issues through a proactive engine resting programme. By resting engines in the
low and shoulder season, the airline brands can deploy maximum capacity in the
peak season from the middle of June until the end of August. In addition,
since the outset, the Group has taken delivery of five A320ceo family aircraft
and a total of 13 spare engines as at the end of June to support its A320neo
family fleet. Beyond its primary sourcing channel being Pratt & Whitney,
the Group has effectively tapped into market supply for spare engines and
remains committed to leveraging this strategy moving forward. This operational
resilience underpinned the performance in Q2 2025 and positions the Group to
deliver further growth over the rest of the summer peak and beyond.
The engine-off wing time assumption for this issue remains 18 months. Although
the Group is now being delivered completely fault-free engines, the
remediation programme is expected to persist and require proactive actions for
at least 2025-26. The Group's compensation and support agreement with Pratt
& Whitney remains important for helping to address costs incurred and
capacity constraints from the grounding of GTF engines.
Operational efficiency
The Group continues to upgrade its Maintenance, Repair and Overhaul (MRO) and
training facilities, including the launch of new in-house service lines which
will further enhance operational efficiency. This is supported by the
simplification of the Group's fleet, which creates additional opportunities
for efficient, insourced routine and non-routine maintenance functions.
Furthermore, the fleet simplification generates synergies and lowers
maintenance and crew cost.
The Group's wholly owned Ground Services subsidiary, Air Astana Terminal
Services, was registered on 4 June 2025. This will support the growth of both
brands of the Group, contribute to improved operational efficiencies and
potentially introduce new revenue opportunities across a wide range of
services to other airlines. Operations will initially be deployed at the
Group's principal hub in Almaty with the intention to subsequently expand to
other cities and introduce a broader range of activities under the registered
subsidiary.
The Group has expanded the service capabilities at its in-house ATC to perform
two simultaneous C-checks in January and, as of April, three simultaneous
checks, thereby expanding capacity. This has also accelerated the servicing
speed to reduce aircraft downtime and enable earlier return to service for
production. Notably, three 12 Year Checks were performed in-house in H1,
following the ATC's upgrade last year to provide these most comprehensive
checks on the Airbus fleet, improving efficiency and delivering increased
savings going forward.
Plans are progressing for the construction of new hangars in Almaty and
Astana, expanding maintenance capacity across the Group's main two hubs,
further reducing costs and introducing the opportunity to provide scarce and
high-value heavy maintenance to external customers. The construction of the
expanded facilities remains on track to commence in 2026.
The extension of the Group's Flight Training Centre (FTC) in Astana is in
progress to further improve facilities for pilot training and performance. The
Group's A320 Full-Flight Simulator (FFS) - one of the first in Central Asia -
is currently at full utilisation. The second FFS was accepted in February 2025
and remains on track to be commissioned by the end of this year, increasing
capacity, improving operational efficiency and potentially generating revenue
from external pilot training.
Artificial Intelligence (AI) is a key part of the Group's digital
transformation strategy to improve internal decision-making and drive
efficiencies. In H1, the Group formally launched its AI Lab, which is already
delivering impactful solutions across multiple domains, including AI-powered
productivity tools to support employees in their day-to-day work. We are
deploying a suite of AI tools - including transcription, summarisation, voice
synthesis, and assistants - to automate processes, enhance efficiency, and
support staff across key functions. The Group successfully implemented the
Crew Pairing System in April 2025 to optimise pairing and provide dynamic
rostering, with early results showing reduced planning time, even higher pilot
utilisation and increased efficiency during peak periods.
The Group is also deploying a comprehensive fuel efficiency and aircraft
performance monitoring system. The system uses tail-specific performance
models and AI-driven analytics to optimise fuel consumption across all phases
of flight, aiming to save costs by reducing fuel burn by 2%. Separately, the
Group's Fuel Tankering programme has delivered over USD 6 million of savings
over the last 12 months while improving efficiency and emissions control
across the Group's modern fleet of aircraft.
Excellence
In April 2025, Air Astana underwent an IATA Operational Safety Audit renewal
audit with its newly introduced risk-based approach (RB-IOSA), conducted by
the International Air Transport Association (IATA). Air Astana demonstrated
its adherence to the highest international standards and best safety practice
for the tenth time. In June 2025, the Group successfully completed the first
phase of the Boeing AOSS programme which ensures delivery readiness for safe
and compliant Boeing 787 airplane operations.
The Group remains committed to the highest levels of customer service with
continuous improvement of the product and service, including expanded
in-flight entertainment and catering. In Q2 2025, Air Astana launched its new
mobile app for passengers to seamlessly book and manage flights. This has
integrated the Nomad Club frequent flyer programme which was revamped in 2024
with a spend-based accrual to make it more attractive to frequent flyers,
expanding the ways in which members can use their points for greater value and
flexibility.
In the latest industry recognition of the Group's service excellence, both
airline brands were award winners at the Skytrax World Airline Awards 2025,
which took place at the Paris Air Show in June 2025. Air Astana was named
"Best Airline in Central Asia & CIS" for the fourteenth time in a row and
received the award for "Best Staff Service in Central Asia and CIS" for the
ninth time. FlyArystan was awarded "Best Low-Cost Airline in Central Asia
& CIS" for the third consecutive year.
Sustainability
The Group previously developed a Low-Carbon Development Programme (LCDP) for
2023-2032 to set goals for the reduction of greenhouse gas emissions and is
consistent with Kazakhstan's goal to achieve carbon neutrality by 2060. In Q2
2025, the Group updated its LCDP with a commitment to reach net zero by 2050,
in line with the collective long-term global aspirational goal adopted by the
International Civil Aviation Organization (ICAO) Assembly in 2022. A clear
implementation roadmap has been developed, delivering emissions reductions
through near term milestones on the path to net zero. Independent verification
of the LCDP has confirmed its alignment with the Transition Pathway
Initiative's rigorous methodology, which benchmarks emissions pathways across
sectors.
The Group's sustainability initiatives are designed to reduce carbon emissions
while contributing to improved operational efficiency. The deployment of a
comprehensive fuel efficiency and aircraft performance monitoring system is
targeting a 2% reduction in CO₂ emissions through lower fuel burn.
Financial update
The Group remains focused on carefully managing costs and allocating capacity
to the highest yielding routes. As a result, the movement between unit
revenues and costs remained aligned in Q2 2025, with unit revenues slightly
ahead for H1 2025.
This balance between unit revenues and costs reflects the Group's ongoing
efficiency programme and natural currency hedge. While the weaker Tenge
continued to adversely affect both RASK and CASK in Q2 2025, the impact was
mitigated by efficiency measures and the natural hedge by pricing two thirds
of the Group's revenues internationally and one third of the Group's costs
locally with an aligned currency mix for costs.
In Q2 2025, RASK decreased 6.8% to USD 6.57¢ (Q2 2024: 7.05¢), reflecting
the negative impact of the Israel-Iran conflict in June and, to a lesser
extent, the India-Pakistan conflict in May, as well as the weaker Tenge. Both
conflicts resulted in the temporary closure of airspace over the regions,
extended routings and subdued demand. Nevertheless, passenger numbers
increased by 15.6% in the quarter to 2.5 million and passenger traffic
increased by 20.4%. Domestic capacity grew 14.2% and international capacity
grew 28.1%. To date, the Group has not seen any impact from tariffs on demand
for air travel across its markets.
The Group's low unit costs remain a strategic advantage, enabling it to expand
short and long-haul routes while competing effectively with other airlines.
CASK decreased 6.5% in Q2 2025 to USD 5.87¢ (Q2 2024: 6.27¢) benefiting from
Tenge denominated costs affected by the exchange rate and lower fuel cost. It
further reflects the Group's commitment to operational efficiencies, including
further improvements in staff efficiency and maintenance costs, continuous
investments into crew and fuel efficiency projects.
Approximately 70% of the Company's fuel uplift is from Kazakhstan where it
sources primarily direct from the refineries and manages the logistics
including transportation. For the remaining 30% of international uplift, the
Group remains fully hedged against any increase in international fuel between
USD 75 and USD 85 per barrel during the first three quarters of 2025 and 50%
of the anticipated international uplift of Q4 2025 at USD 70 and USD 75, with
options carrying no downside risk.
In June, the Group paid dividends in respect of the year 2024 (ordinary and
special dividend), amounting to KZT 53.7 per one common share and KZT 214.8
per GDR. This payment, made ahead of guidance and announced alongside an
enhanced future dividend policy, represented a dividend yield of 7.3% at the
ex-dividend date. This re-emphasises management's confidence in the business,
underpinned by its strong operating performance and balance sheet.
As at 30 June 2025, the Group cash position increased 27.1% to USD 531.6
million (Q2 2024: USD 418.2 million) with a cash-to-sales ratio of 38.5% (Q2
2024: 33.9%) before available facilities. The leverage ratio stood at 1.3x
Group Net Debt/EBITDAR compared to 1.4x in Q2 2024, remaining comfortably
within medium-term guidance.
Buyback programme
On 30 April 2024, the Company commenced a buyback programme to purchase
ordinary shares and global depositary receipts in order to satisfy the
Company's obligations arising from its employee incentive programmes whilst
not diluting shareholders. The first phase of the programme concluded on 31
December 2024, amounting to a total consideration of USD 8.2 million, and
first vesting of shares and GDRs to employees took place on 17 February 2025.
The second phase of the programme is currently in progress up to a total
amount of USD 5 million. As at 30 June 2025, the Company purchased a total of
1,225,566 shares (1,127,494 shares and 24,518 GDRs (representing 98,072
shares)) for a total consideration of USD 1.8 million.
Conference Call
Management will host a presentation webcast and live Q&A conference call
today, 6 August 2025 at 10.00 BST (14.00 Astana time). The Q2 and H1 2025
results presentation and recording of the webcast will be made available on
the Company's website at https://ir.airastana.com (https://ir.airastana.com)
.
Participants are invited to join the call at the following links:
In English language: H1 Results Announcement | SparkLive | LSEG
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/e8575e40-96b0-4b19-9919-751a911a957a/h1-results-announcement-and-capital-markets-day-in-astana)
In Russian language: Объявление результатов за
первое полугодие |
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/c81f796f-05aa-419a-b9b5-c6c51478b328)
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/c81f796f-05aa-419a-b9b5-c6c51478b328)
SparkLive
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/c81f796f-05aa-419a-b9b5-c6c51478b328)
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/c81f796f-05aa-419a-b9b5-c6c51478b328)
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LSEG
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/c81f796f-05aa-419a-b9b5-c6c51478b328)
In Kazakh language: H
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/956ec236-1935-49b1-89e3-cf88f745ac33/h1)
1 нәтижелері туралы хабарландыру |
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(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/956ec236-1935-49b1-89e3-cf88f745ac33/h1)
SparkLive
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/956ec236-1935-49b1-89e3-cf88f745ac33/h1)
(https://sparklive.lseg.com/AIRASTANAJOINTSTOCKCOMPANY/events/956ec236-1935-49b1-89e3-cf88f745ac33/h1)
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LSEG
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The IFRS financial statements for H1 2025 are available on the Company's
website in the "Financial Statements" section: https://ir.airastana.com
(https://ir.airastana.com)
For more information, please contact:
Air Astana Group
Investor Relations investor.relations@airastana.com (mailto:investor.relations@airastana.com)
Corporate Communications media@airastana.com (mailto:media@airastana.com)
Vigo Consulting (IR and PR Adviser to Air Astana Group) airastana@vigoconsulting.com (mailto:airastana@vigoconsulting.com)
Tim McCall +44 20 7390 0230
Joe Quinlan
About the Air Astana Group
Air Astana Group is the largest airline group in Central Asia and the Caucasus
regions by revenue and fleet size. The Group operates a fleet of 61 aircraft
split between Air Astana, its full-service airline that operated its inaugural
flight in 2002, and FlyArystan, its low-cost airline established in 2019. The
Group provides scheduled, point-to-point and transit, short-haul and long-haul
air travel and cargo on domestic, regional and international routes across
Central Asia, the Caucasus, the Far East, the Gulf, India and Europe. Air
Astana has been recognised by SkyTrax as the Best Airline in Central Asia
& CIS fourteen years running and received the Best Airline Staff Service
in Central Asia & CIS award nine times in a row. FlyArystan has been
recognised as the Best Low-Cost Carrier (LCC) in Central Asia & CIS at the
SkyTrax awards three times. Additionally, Air Astana was awarded a five-star
rating in the major airline category by the Airline Passenger Experience
Association (APEX). The Group is listed on the Kazakhstan Stock Exchange,
Astana International Exchange and London Stock Exchange (ticker symbol: AIRA).
Glossary of Terms
ASK: Available Seat Kilometres
CASK: Cost per Available Seat Kilometre
EBITDAR: Defined as profit for the period before income tax (expense)/
benefit, finance income, finance costs, foreign exchange loss, net and
depreciation and amortisation and lease costs (comprising aircraft variable
lease charges, spare engine lease charges, lease of spare parts, property
lease costs (office accommodation rent), rental of plant, machinery and ground
equipment).
PAT: Profit After Tax
RASK: Revenue per Available Seat Kilometres
RPK: Revenue Passenger Kilometres
YoY: Year-on-Year
Disclaimer
This document has been prepared by Air Astana Joint Stock Company (the
"Company") and relates to the Company and its subsidiary (together, the
"Group") and the following applies to the information in this document (the
"Information").
The Information does not purport to contain full, accurate or complete
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respective directors, officers, personally liable partners, employees, agents
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statement made or purported to be made in connection with the Company or the
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arising in tort, contract or otherwise, is or will be accepted by the Company,
or any of their respective Associates or any other person for any loss, cost
or damage howsoever arising from any use of the Information, or for
information or opinions or for any errors, omissions or misstatements
contained therein or otherwise arising in connection therewith. This document
is not intended to provide, and should not be relied upon for accounting,
legal or tax advice nor does it constitute a recommendation regarding any
transaction.
This Information includes certain financial measures not presented in
accordance with IFRS. The Group uses these non-IFRS measures as supplementary
information to its IFRS financial information. The non-IFRS measures are not
defined by, or presented in accordance with, IFRS. The non-IFRS measures are
not measurements of the Group's operating performance under IFRS and should
not be used instead of, or considered as alternatives to, any measures of
performance and/or liquidity under IFRS. In addition, the Information contains
certain financial information that is based on the Group's internal records
and management accounts which have not been and will not be subject to audit
or review. Any non-IFRS measures and other information may not be indicative
of the Group's historical operating results nor are such measures and
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information may not be comparable to those used by other companies under the
same or similar names. As such, undue reliance should not be placed on these
non-IFRS and other information.
Any market data related to industry forecasts included in the Information have
been obtained from internal surveys, estimates, reports and studies, where
appropriate, as well as external market research, publicly available
information and industry publications. Neither the Group nor any of its
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