REG - Wizz Air Holdings - 3rd Quarter Results
26/01/2022 07:05
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RNS Number : 6281Z Wizz Air Holdings PLC 26 January 2022
WIZZ AIR HOLDINGS PLC - RESULTS FOR THE THREE MONTHS TO 31 DECEMBER 2021
Q3 F22 RESULTS:
CONTINUED RECOVERY INTO PEAK WINTER SEASON
SPRING/SUMMER RAMP-UP ON TRACK
LSE: WIZZ
Geneva, 26 January 2022: Wizz Air Holdings Plc ("Wizz Air" or "the Company"),
the fastest growing European airline, today issues unaudited results for the
three months to 31 December 2021 ("third quarter" or "Q3 F22").
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the annual report for the year ended 31
March 2021 and any public announcements made by Wizz Air Holdings Plc during
the interim reporting period.
Three months to 31 December 2021
2020 Change
Passengers carried 7,787,198 2,268,436 243.4%
Revenue (€ million) 408.4 149.9 172.5%
EBITDA (€ million) (87.5) (42.8) (104.3%)
EBITDA margin (%) (21.4) (28.6) +7.2ppts
Operating loss for the period (€ million) (213.6) (141.9) (50.5%)
Reported loss for the period (€ million) (267.5) (116.4) (129.8%)
RASK (€ cent) 2.49 2.70 (7.8%)
Ex-Fuel CASK (€ cent) 2.67 4.57 (41.5%)
Total cash (€ million)* 1,400.3 1,202.0 16.5%
Load factor (%) 77.1 63.1 +14ppts
Period-end fleet size 150 137 9.5%
* Total cash comprises cash and cash equivalents, short-term cash deposits,
and current and non-current restricted cash.
József Váradi, Wizz Air Group Chief Executive Officer commented on the
results:
"Wizz Air continued its recovery during the third quarter of F22 and well
exceeded 2019 passenger and capacity levels in the peak holiday traveling
period, despite the emergence of the Omicron variant. In total, we carried 7.8
million passengers with a load factor of 77.1%. During peak weeks our capacity
reached 110% of 2019 ASKs.
Our operating loss was €213.6 million as travel restrictions continued to
affect demand as we continued to ramp up our workforce, fleet, bases and
routes to support our path to full utilisation and pre-Covid 19 cost structure
by late Spring 2022. Our liquidity remained strong and closed at €1.4
billion at the end of December 2021."
Commenting on business developments, Mr Váradi said:
"We have reached major milestones in the course of the fiscal third quarter.
In November, we placed an order for up to 196 new Airbus neo Family Aircraft
that comprise of A321neo and A321XLR aircraft, with the bulk of deliveries
from 2025 onwards. This order will be a cornerstone for our ambition to reach
500 aircraft by the end of the decade. The new aircraft were ordered on highly
competitive terms and represent the best technology available in the market
today. They will be instrumental in Wizz Air continuing to deliver against
the lowest unit cost in the industry with the lowest environmental footprint.
In December we acquired an important portfolio of slots at London Gatwick
airport that will enable us to grow to a base of five aircraft and will
increase access to customers in the crucial London and South of England
market. As of Spring, this will enable us to offer customers competitive
ticket prices to a host of well-known and emerging destinations on our new
A321neo fleet.
We have also announced our four-year 2026 1.00% EUR bond offering, at pricing
even more attractive compared to our debut offering last year. The proceeds
will further support Wizz Air's ambitions as it scales-up to become an even
stronger low-cost player in the coming years."
On current trading and the outlook for the full year, Mr Váradi added:
"We continued our investment in recruitment and training, bringing in more
than 1,500 talented people since the start of last summer. In January 2022 we
counted already 5,550 employees, surpassing our pre-pandemic number of
colleagues, in support of our growth ambitions. Our fleet also continued to
grow and we ended the quarter with 150 aircraft, having taken delivery of
eight new A321neo and returning two A320ceo aircraft'.
Throughout the third quarter we continued to stimulate demand with pricing,
whilst staying agile in adjusting capacity that is not cash-contribution
positive. The emergence of the Omicron variant and renewed travel restrictions
impacted our trading performance late in the quarter and we expect demand in
January, February and part of March to be impacted by ongoing travel
uncertainty. As such, Wizz Air anticipates the operating loss for Q4 F22 to be
slightly higher than the operating loss of €213.6 million for Q3 F22.
Despite the short-term headwinds, we are cautiously optimistic for a continued
recovery into Spring and near-full utilisation from Summer onwards. We
continue to back our strategic choices to invest in our fleet, grow our bases
and routes, and lower our unit cost in order to take advantage of the market
created in the wake of COVID-19. We are on track to have 170 aircraft fully
utilised this Summer, in a more connected and diversified network and with
6,700 people engaged in what they do best, which is to provide superb service
at unbeatable prices aboard the youngest and most sustainable and efficient
fleet of narrow-body aircraft operated in Europe today."
Q3 F22 FINANCIAL RESULTS
· Total revenue amounted to €408.4 million. Compared to Q3 F21:
o Ticket revenues increased by 137.7% to €162.3 million.
o Ancillary revenues increased by 201.6% to €246.0 million.
o Total unit revenue decreased by 7.8% to 2.49 euro cents per available seat
kilometre (ASK).
o Whereas ancillary revenue per passenger decreased by 12.2% to €31.6
versus F21, it was still 4.8% higher vs F20. Ticket revenue per passenger
decreased by 30.8% to €20.8 versus F21.
· Total operating expenses (including exceptional items) increased
113.2% to €621.9 million. Compared to Q3 F21:
o Ex-fuel unit costs decreased by 41.5% to 2.67 euro cents per ASK.
o Fuel unit costs increased by 22.9% to 1.24 euro cents per ASK
o Total unit costs decreased by 29.9% to 3.92 euro cents per ASK.
· Operating loss for the period was €213.6 million. Net reported
loss for the period was €267.5 million.
· FX losses for Q3 amounted to €31.1 million as the USD
strengthened significantly during the quarter versus the EUR, which drove a
material (unrealized) FX loss given our long position on USD liabilities on
the balance sheet
· Total cash (including short-term deposits and restricted cash
balances) as at 31 December 2021 was €1,400.3 million.
· Wizz Air maintains an investment grade credit rating by Fitch
(BBB-) and Moody's (Baa3).
NETWORK ADDITIONS AND FLEET AND OTHER DEVELOPMENTS
· New bases:
‒ Rome Fiumicino, Italy: five aircraft
‒ Naples, Italy: two aircraft
‒ Venice, Italy: two aircraft
Base expansion:
‒ Tirana, Albania: one additional aircraft, taking the base to six
aircraft
‒ Sarajevo, Bosnia and Herzegovina: one additional aircraft, taking
the base to two aircraft
‒ Vilnius, Lithuania: one additional aircraft, taking the base to
three aircraft
‒ Skopje, North Macedonia: one additional aircraft, taking the base to
five aircraft
‒ Kyiv, Ukraine: four additional aircraft, taking the base to seven
aircraft
‒ Lviv, Ukraine: two additional aircraft, taking the base to three
aircraft
‒ London Gatwick, UK: four additional aircraft, taking the base to
five aircraft, after having acquired a slot portfolio from Norwegian Air
‒ Abu Dhabi, UAE: four additional aircraft, taking the base to eight
aircraft
· In the three months ended 31 December 2021 Wizz Air has taken
delivery of eight new A321neo aircraft, while returning two A320ceo aircraft,
ending the second quarter with a total fleet of 150 aircraft: 60x A320ceo, 41x
A321ceo, 6x A320neo, 43x A321neo. All new neo aircraft are powered by Pratt
& Whitney GTF engines and feature the widest single-aisle cabin with 239
seats in a single class configuration. The combination of these technologies
reduces fuel burn by 16 per cent, nitrogen oxide emissions by 50 per cent and
delivers close to a 50 per cent reduction in noise footprint compared to
previous generation aircraft.
· Fleet average age stands at 5.0 years, one of the youngest fleets
of any European airline, while the average number of seats per aircraft has
climbed to 211 at December 2021.
· Wizz Air signed an agreement with Airbus for the purchase of a
further 102 Airbus A321 aircraft, comprising 75x
A321neo and 27x Airbus A321XLR aircraft. Under certain circumstances,
Wizz Air may acquire a further 15x A321neo aircraft. Airbus has also granted
Wizz Air 75x A321neo purchase rights for deliveries in 2028-29, which have to
be converted into a firm order by the end of 2022. Completion of the order
remains subject to approval by Wizz Air shareholders. With the new order,
Wizz Air's delivery backlog comprises of a firm order for 34x A320neo, 248x
A321neo and 47x A321XLR aircraft, plus the additional order for 15x A321neo
and purchase rights for 75x A321neo, a total of 419 aircraft.
The table below shows the fleet plan including the firm order linked to the
new Airbus order.
Total Fleet (end of period) 2022 2023 2024 2025 2026 2027
A320ceo……….. 49 40 23 13 8 0
A321ceo……….. 41 41 39 30 17 7
A320neo……….. 6 6 22 27 40 40
A321neo……….. 83 121 140 177 223 289
A321XLR………. 0 4 10 26 37 47
Total number of units….. 179 212 234 273 325 383
Net growth((1)) (unit)……… 29 33 22 39 52 58
Note: (1) Net growth represents total deliveries of aircraft less returns.
· An extraordinary general meeting ("EGM") of shareholders is
scheduled for 22 February, 2022 which will seek the approval of the new
aircraft order as described above. The shareholder circular will be mailed
out by 31 January 2022.
· Effective from 1 April 2022, George Michalopoulos, Wizz Air Chief
Commercial Officer, will be stepping down from his position to pursue other
interests outside of the company.
· Anna Gatti has joined the Board of the Company as independent
non-executive director with effect from 4 November 2021. Anna is a global
technology and business leader with robust corporate governance experience
built over years of board membership in international public and private
companies.
· Simon Duffy, senior independent director, has informed the Board
that, due to other commitments, he has elected not to put himself forward for
re-appointment as a non-executive Director when his current term expires on 28
January 2022.
· With Simon's retirement from the Board, Barry Eccleston will
succeed as Wizz Air's senior independent director.
· Wizz Air also announces a number of additional changes to its
board committees, details of which are outlined in the RNS from 20 December,
2021:
https://ir.q4europe.com/Solutions/WizzAir/2372/newsArticle.aspx?storyid=15283745.
SUSTAINABILITY UPDATE
The latest Airbus aircraft order with the most efficient and sustainable
aircraft technology available in the narrow-body market today, is a further
testament to Wizz Air's leadership in sustainable business practices. Our
focus continues to be on delivering value for all stakeholders and to further
our environmental, social and governance agenda. The most material
sustainability developments during last four months were:
Month Project Description
October-2021 Governance Environmental Policy renewed and made available online
November-2021 CDP rating Wizz Air received C rating after its debut disclosure and is currently
analysing the scores across different metrics to ensure disclosure further
aligns with CDP requirements supported by the actions and goals the Company
has.
November-2021 Governance Wizz Air Management Trainee Program launched offering up to two years of
fixed-term traineeship to students at top universities in Hungary.
December-2021 Sustainalytics rating Wizz Air has been named as the most sustainable airline in Europe as it scored
a 25.0 ESG Risk Rating, the lowest risk rating amongst all European carriers,
according to Sustainalytics.
January-2022 Communication Wizz Air launched 'Fly the Greenest' campaign aimed to raise awareness of Wizz
Air's industry leading position as the greenest choice of air travel
January-2022 Youngest Aircraft Fleet Awards 2022 Ch-aviation, Wizz Air received the 3rd youngest aircraft fleet position
worldwide in the category of airlines with 100 or more aircraft in their
fleet.
ABOUT WIZZ AIR
Wizz Air, the fastest growing European low-cost airline, operates a fleet of
149 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals
delivers superior service and very low fares, making Wizz Air the preferred
choice of 10.2 million passengers in the financial year F21 ending 31 March
2021. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ.
The company was recently named one of the world's top ten safest airlines by
airlineratings.com, the world's only safety and product rating agency, and
2020 Airline of the Year by ATW, the most coveted honour an airline or
individual can receive, recognizing individuals and organizations that have
distinguished themselves through outstanding performance, innovation, and
superior service.
For more information:
Investors: Zlatko Custovic, Wizz Air +36 1 777 9407
Media: Christie Rawlings, Wizz Air +36 70 685 1583/ +44 78 1115 5205
Natasha Seager Smith, Wizz Air: +36 1 777 8475
Edward Bridges / Jonathan Neilan, FTI Consulting LLP: +44 20 3727 1017
- Ends -
Q3 FINANCIAL REVIEW
In the third quarter, Wizz Air carried 7.8 million passengers, a 243.4%
increase compared to the same period in the previous year and generated
revenues of €408.4 million, 172.5% higher than last year. These rates
compare to capacity increase measured in terms of ASKs of 195.6% and 180.8% in
terms of seats. The load factor increased from 63.1% to 77.1%. The reported
loss for the third quarter was €267.5 million, compared to a loss of
€116.4 million in the same period of F21.
Summary statement of comprehensive income (unaudited)
For the three months ended 31 December
2021 2020
€ million € million Change
Passenger ticket revenue 162.3 68.3 137.7%
Ancillary revenue 246.0 81.6 201.6%
Total revenue 408.4 149.9 172.5%
Staff costs (61.8) (33.3) 85.7%
Fuel costs (including exceptional expense) (204.3) (56.2) 263.3%
Distribution and marketing (11.7) (4.9) 137.2%
Maintenance materials and repairs (59.6) (42.1) 41.6%
Airport, handling and en-route charges (155.3) (47.9) 224.3%
Depreciation and amortisation (126.0) (99.0) 27.3%
Net other expense (3.2) (8.3) (61.6%)
Total operating expense (621.9) (291.7) 113.2%
Operating loss (213.6) (141.9) 50.5%
Comprising:
Operating expense excluding exceptional expense (213.6) (139.9)
Exceptional expense - (1.9)
Financial income 0.6 0.5
Financial expenses (22.1) (19.2)
Net foreign exchange (loss)/gain (31.1) 44.6
Net financing expense (52.6) 26.0 n.m.**
Loss before income tax (266.1) (115.9) 129.6%
Income tax expense (1.4) (0.5) 159.7%
Loss for the period (267.5) (116.4) 129.8%
Loss for the period attributable to:
Non-controlling interest (2.6) (1.4)
Owners of Wizz Air Holdings Plc (264.9) (115.0)
Underlying loss for the period* (267.5) (114.5) 133.6%
Underlying loss for the period attributable to:
Non-controlling interest (2.6) (1.4)
Owners of Wizz Air Holdings Plc (264.9) (113.1)
* Underlying loss excludes exceptional items, being the impact of
hedge losses classified as discontinued resulting from the impact of COVID-19.
** n.m.: not meaningful as variance is more than (-)100%.
Revenue
Passenger ticket revenue increased by 137.7% to €162.3 million and ancillary
income (or "non-ticket" revenue) increased by 201.6% to €246.0 million,
driven by higher operated capacity and higher load factor relative to third
quarter of previous fiscal year. Total revenue per ASK (RASK) decreased by
7.8% to 2.49 euro cents from 2.70 euro cents due to continued demand
stimulation via lower prices, while market capacity remains high and as
COVID-19 induced travel restrictions persist in number of our markets.
Average revenue per passenger decreased to €52.35 in Q3 F22 which was 20.8%
lower than the Q3 F21 level of €66.07. Average ticket revenue per passenger
decreased from €30.11 in Q3 F21 to €20.84 in Q3 F22 and average ancillary
revenue per passenger decreased from €35.95 in Q3 F21 to €31.51 in Q3 F22,
representing decrease of 12.4%.
Operating expenses
Operating expenses, including exceptional items for the three months,
increased by 113.2% to €621.9 million from €291.7 million in Q3 F21. The
capacity increase for same period in terms of ASKs was 195.6%. Total cost per
ASK ('CASK') decreased by 29.9% to 3.92 euro cents in Q3 F22 from 5.58 euro
cents in Q3 F21. Variable cost increased with higher operated capacity,
resulting in higher staff, airport, handling and en-route charges. Net other
expense is reduced due to gains on several financing transactions on aircraft
and spare engines during the fiscal quarter.
Staff costs increased by 85.7% to €61.8 million in Q3 F22 from €33.3
million in Q3 F21 as the company continued its hiring and training spree.
Fuel expenses increased by 263.3% to €204.3 million in Q3 F22 from €56.2
million in the same period of F21. The increase is reflecting operational
capacity increases in terms of fuel quantity consumption to 188% and price
increase of 22.9% (all inclusive). The average fuel price (including hedging
impact and excluding into-plane premium) paid by Wizz Air during the third
quarter was US$718.1 per tonne, an increase of 100% from US$358.9 the same
period in F21.
Distribution and marketing costs increased by 137.2% in Q3 F22 to €11.7
million from €4.9 million in Q3 F21.
Maintenance, materials and repair costs increased by 41.6% to €59.6 million
in Q3 F22 compared to €42.1m in Q3 F21.
Airport, handling and en-route charges increased 224.3% to €155.3 million
in the third quarter of F22 versus €47.9 in the same quarter of the prior
fiscal year.
Depreciation and amortisation charges increased by 27.3% in the third quarter
to €126.0 million, from €99.0 million in the same period of F21. This is a
result of increased fleet and higher aircraft utilization, reaching an average
of 8:58 block hours per aircraft for third fiscal quarter.
Other expense amounted to €3.2 million in the third quarter, compared to
€8.3 million in the same period of last fiscal year.
Financial income amounted to €0.6 million in the third quarter, compared to
€0.5 million in the same period of last fiscal year.
Financial expenses amounted to €22.1 million in Q3 F22 compared to €19.2
million in Q3 F21.
Net foreign exchange loss was €31.1 million in Q3 F22, compared to a gain of
€44.6 million in Q3 F21. The increase is driven by unrealised foreign
exchange losses as the USD strengthened versus the EUR.
Income tax expense was €1.4 million (Q3 F21: €0.5 million) reflecting
mainly local business tax and innovation tax in Hungary.
OTHER INFORMATION
1. Cash and cash equivalents
Total cash and cash equivalents (including restricted cash and cash deposits
with more than 3 months maturity) at the end of the third quarter was
€1,400.3 million, of which over €1,235.5 million is free cash.
2. Hedging positions
Wizz Air operates under a clear set of treasury policies approved by the Board
and supervised by the Audit and Risk Committee. On 2 June 2021, the Board of
Directors approved the Company's 'no hedge' policy with respect to US dollar
and jet fuel price risk after evaluating the economic costs and benefits of
the hedging programme. Open derivative positions are all related to hedges
entered prior to the decision made in June 2021.
Details of the current hedging positions (as at 1 January 2022) are set out
below:
Foreign exchange (FX) hedge coverage of Euro/US Dollar
F22
Period covered 3 months
Exposure (million) 131
Hedge coverage (million) 13
Hedge coverage for the period 10%
Weighted average ceiling 1.22
Weighted average floor 1.17
Sensitivities
Pre-hedging, a one cent movement in the euro/US dollar exchange rate impacts
the 2022 financial year operating expenses by €1 million.
3. Fully diluted share capital
In preparation for the 2021 Annual General Shareholder Meeting ("AGM"), on 2
July, 2021 the Company sent a Restricted Share Notice to Non-Qualifying
registered shareholders, informing them of the number of Ordinary Shares that
will be treated as Restricted Shares and consequently the number of Ordinary
Shares in respect of which they were entitled to exercise their voting rights.
a "Qualifying National" includes: (i) EEA nationals, (ii) nationals of
Switzerland and (iii) in respect of any undertaking, an undertaking which
satisfies the conditions as to nationality of ownership and control of
undertakings granted an operating licence contained in Article 4(f) of
Regulation (EC) No. 1008/2008 of the European Commission, as such conditions
may be amended, varied, supplemented or replaced from time to time, or as
provided for in any agreement between the EU and any third country (whether or
not such undertaking is itself granted an operating licence); and
a "Non-Qualifying National" includes any person who is not a Qualifying
National in accordance with the definition above.
The total figure of 127,435,940 may be used by shareholders for the
Company's theoretical fully diluted share capital as at 31 December 2021. The
total figure is comprising 103,071,973 issued Ordinary Shares,
24,246,715 new Ordinary Shares which would have been issued if the full
principal of outstanding convertible notes had been fully converted on 31
December 2021 (excluding any Ordinary Shares that would be issued in respect
of accrued but unpaid interest on that date) and 117,252 new Ordinary Shares
which may be issued upon exercise of vested but unexercised employee share
options.
KEY STATISTICS
For the three months ended 31 December
2021 2020 Change
Capacity
Number of aircraft at end of period 150 137 9.5%
Equivalent aircraft 144.8 119.9 20.7%
Utilisation (block hours per aircraft per day) 8.58 3.31 154.7%
Total block hours 119,534 43,488 174.9%
Total flight hours 104,465 38,156 173.8%
Revenue departures 48,835 18,461 164.5%
Seat capacity 10,100,00 3,596,379 180.8%
Average aircraft stage length (km) 1,627 1,546 5.2%
Total ASKs ('000 km) 16,432,170 5,559,327 195.6%
Operating data
RPKs ('000 km) 12,629,285 3,648,950 246.1%
Load factor 77.13% 63.1% 22.28ppt
Number of passenger segments 7,789,800 2,268,436 243.4%
Fuel price (average US$/mT, incl. hedging impact but excl. into-plane premium) 717 562 27.7%
FX rate (average US$/€, including hedging impact) 1.14 1.17 (-2.3%)
CASK
For the three months ended 31 December
2021 2020 Change
euro cents euro cents euro cents
Fuel costs 1.24 1.01 0.23
Staff costs 0.38 0.60 (0.22)
Distribution and marketing 0.07 0.09 (0.02)
Maintenance, materials and repairs 0.36 0.76 (0.39)
Airport, handling and en-route charges 0.95 0.86 0.08
Depreciation and amortisation 0.77 1.78 (1.01)
Other expenses/income 0.02 0.15 (0.13)
Net of financial income and expenses 0.13 0.34 (0.20)
Total CASK 3.92 5.58 (1.67)
CASK excluding exceptional operating expense 3.92 5.55 (1.63)
Total ex-fuel CASK 2.67 4.57 (1.90)
Available seat kilometres (ASK): available seat kilometres, the number of
seats available for scheduled passengers multiplied by the number of
kilometres those seats were flown.
CASK: cost per ASK, where cost is defined as operating expenses and financial
expenses net of financial income, excluding exceptional items.
Ex-fuel CASK: cost per ASK, where cost is defined as operating expenses and
financial expenses net of fuel expenses and financial income. excluding
exceptional items.
Revenue passenger kilometres (RPK): revenue passenger kilometres, the number
of seat kilometres flown by passengers who paid for their tickets.
For the definition of certain other technical terms used in this document,
including some non-GAAP financial measures, please refer to our annual report
for the financial year ended 31 March 2021, particularly on pages 49-50.
Definition and reconciliation of other non-statutory financial performance
measures
'Earnings before interest, tax, depreciation and amortisation' (EBITDA) is
profit (or loss) before net financing costs (or gain), income tax expense (or
credit), depreciation and amortization and exceptional items.
EBITDA (excluding exceptional items) is profit (or loss) before net financing
costs (or gain), income tax expense (or credit), depreciation and amortization
and exceptional items.
€ million 2021
2020
Operating loss (excluding exceptional expense) (213.6) (139.9)
Depreciation and amortisation 126.0 99.0
EBITDA (excluding exceptional expense) (87.5) (40.9)
The Company has a policy of rounding each amount and percentage individually
from the fully accurate number to the figure disclosed in the information
presented. As a result, some amounts and percentages do not total - though
such differences are all small.
FORWARD-LOOKING STATEMENTS
The information in this announcement includes forward-looking statements which
are based on the Company's or, as appropriate, the Company's Directors'
current expectations and projections about future events. These
forward-looking statements may be identified by the use of forward-looking
terminology including, but not limited to, the terms "believes", "estimates",
"plans", "projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or comparable
terminology, or by discussion of strategy, plans, objectives, goals, future
events or intentions. These forward-looking statements are subject to risks,
uncertainties and assumptions about the Company and its subsidiaries and
investments, including, among other things, the development of its business,
trends in its operating industry and future capital expenditures. In light
of these risks, uncertainties and assumptions, the events or circumstances
referred to in the forward-looking statements may differ materially from
those indicated in these statements. Forward-looking statements may, and often
do, materially differ from actual results.
None of the future projections, expectations, estimates or prospects or any
other statements contained in this announcement should be taken as forecasts
or promises nor should they be taken as implying any indication, assurance or
guarantee that the assumptions on which such future projections, expectations,
estimates or prospects have been prepared are correct or exhaustive or, in the
case of the assumptions, fully stated in the announcement. Forward-looking
statements speak only as of the date of this announcement. Subject to
obligations under the listing rules and disclosure and transparency rules made
by the Financial Conduct Authority under Part VI of the Financial Services and
Markets Act 2000 (as amended from time to time), neither the Company nor any
of its affiliates, or individuals acting on its behalf, undertakes to publicly
update or revise any such forward-looking statement, or any other statements
contained in this announcement, whether as a result of new information, future
events or otherwise.
As a result of these risks, uncertainties and assumptions, you should not
place undue reliance on these forward-looking statements as a prediction of
actual results or otherwise. The information and opinions contained in this
announcement are provided as at the date of this announcement and are subject
to change without notice.
This announcement includes inside information.
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