Given the significant increase in the fuel prices in recent days Wizz Air Holdings PLC (LON:WIZZ), the largest low-cost airline in Central and Eastern Europe, today provided the following update on its fuel hedging positions.
Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit Committee. The aim of the hedging policy is to reduce short-term volatility in earnings and liquidity. The Company has taken advantage of lower fuel prices over the summer period and increased its hedge position beyond its policy minimum levels of 50 per cent. of the projected jet fuel requirements for the next twelve months and 40 per cent. on an 18-month hedge horizon.
Details of the current hedging positions (as of 17 September 2019) are set out below:
|Period covered||7 months||12 months|
|Exposure in metric tons (‘000)||703||1,452|
|Coverage in metric tons (‘000)||541||621|
|Hedge coverage for the period||77%||43%|
|Blended capped rate||$692||$661|
|Blended floor rate||$633||$603|
ABOUT WIZZ AIR
Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 119 Airbus A320 and Airbus A321 aircraft, and offers more than 710 routes from 25 bases, connecting 150 destinations across 44 countries. At Wizz Air, a team of more than 4,500 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of over 36 million passengers in the past 12 months. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. Wizz Air is registered under the International Air Transport Association (IATA), Operational Safety Audit (IOSA), the global benchmark in airline safety recognition. The company recently received the highest 7-star safety rating by airlineratings.com, the world’s only safety and product rating agency, and was recently named 2017 – European Airline of the Year by Aviation 100, a renowned annual publication that recognizes the year’s most outstanding performers in the aerospace industry.