wizz air annual report 2017

Senior management reports to the Board at each of the scheduled Board meetings and the Board also received a report from the Chairman of the Audit Committee at each of the scheduled Board meetings. The Audit Committee is involved in and approves each hedging decision. A formal internal Risk Council was established, involving the Company's senior management team and a number of other senior employees on a regular basis, to consider and update the risks identified in the risk universe. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day. Wizz Air relies on an air operator's certificate (AOC) and operating licence issued by Hungary in order to exercise the right to operate air services both within Europe and to and from countries with which Europe has liberalised air traffic agreements. In preparing these financial statements, the Directors are required to: -- state whether applicable IFRSs as adopted by the European Union have been followed, subject to any material departures disclosed and explained in the financial statements; and. At Wizz Air, a team of approximately 3,000 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 23 million passengers in 2016. Want details on how Wizz Air is doing? The Directors are responsible for the maintenance and integrity of the Company's website. We are a truly international business and, while we report in Euros, we transact in 20 currencies. Quiet ground operations 33 5. We have yet to see consolidation on the scale experienced in, for example, the United States and so there are a large number of airlines, including ultra-low-cost and low-cost carriers, traditional airlines and charter airlines, competing throughout our network. Our aircraft fleet is young and reliable, we use the services of world-class maintenance organisations and we have a strong safety culture. Wizz Air has maintained its guidance on full-year profits despite reporting a sharp fall in third quarter income. In addition, and as part of the Company's regular mid-term planning process, management has, where appropriately measurable, provided financial models of the possible effects of some of these key risks to the Board. Our fully audited annual reports are prepared in accordance with International Financial Reporting Standards. here to help. Pegasus Group has published its Annual Report for the 2017 / 2018 financial year up to 30th June 2018. 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. STRATEGIC REPORT . Discovering the planet’s diversity, crossing borders, experiencing new countries and cultures: we create unforgettable moments for our holidaymakers and we will tap the potential of digitalisation to enhance their enjoyment. The Companies (Jersey) Law 1991 requires the Directors to prepare financial statements for each financial year. We firmly believe that, in a tough market, lowest cost ultimately wins and the necessary cost discipline is something to which we are committed, day in, day out. Over the last year we delivered traffic growth of 13%, by cutting fares 13%, and saving our customers over €700m. Wizz Air Holdings Plc. The new ERM system enhances and develops the Company's risk management activities and internal control processes and puts them in a framework appropriate not only for the coming year but the coming decade. The Irish News. However, whatever the outcome and while we continue to have a strong United Kingdom business, we have always believed that diversification of our network and our customers is a key part of a sustainable business. Departures57 10. Our business extends beyond the borders of the EU and into countries such as Russia, Turkey and Ukraine and regions including the Caucasus, North Africa and the Middle East. COMPANY OVERVIEW . In addition to this, we collect detailed data from all aspects of our operation in order to identify. -- Our success to date has also depended on a number of key personnel, including our Chief Executive Officer, other senior managers and post holders required by regulation. ^ «London Stock Exchange today welcomed Wizz Air Holdings PLC». Air Arabia Annual Report 2015 English / Arabic. -- the Strategic Report contained in the annual report includes a fair, balanced and understandable review of the position and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces. These key risks, many of which were already the subject of regular reporting and discussion between senior management and the Board, are detailed below. More importantly, we reduced unit costs by 11% Route de l'Aeroport 10, 1216 Cointrin, Geneva, Switzerland. Feedback is an essential part of this process - both giving and receiving - and we consider direct communication between senior management and other employees as the best way of listening to our employees' concerns. the views of the author. Wizz Air has 4,550 employees across 2 locations. fy20 net profit guidane of etween €320m and €350m. Includes discontinued activities Annual report 2017 PDF, 2.24 MB . Charter; Safety & Security; Contact Us Who We Are . The new ERM methodology was then used to assess these various risks with the relevant risk owners on either a quantitative or qualitative basis, as appropriate. View the latest WZZAF financial statements, income statements and financial ratios. For the business, that means lower unit operating costs, and for our customers, lower prices. Risk management is itself a dynamic and developing area and the Company understands that what was appropriate and adequate in the past may not continue to be so as the Company continues to grow. Cyber risk is a hugely important consideration for a business such as ours and is one of the areas on which specific work has been done with the Board over the last year. Read and download Air Partner Group's financial reports, results and presentations. Our analysts have selected this fund for the Wealth Shortlist. A rise in fuel prices could significantly affect our operating costs. We know that our people are the backbone of our business and it is their dedication, day in, day out, that allows us to deliver our low-cost, quality service. ^ «Wizz Air launches London Gatwick – Katowice flight». During the 2017 financial year, 95 per cent. Following the completion and implementation of the ERM process, the Company has a more robust process in place to review and monitor both existing and new risks that may arise. We know that we need to ensure that we continue to motivate our colleagues. Reports & Presentations. The principal risk report will be comprehensively reviewed by the Risk. The Company is preparing itself for the implementation of the General Data Protection Regulation in May 2018 through a cross-functional working group which will review the Company's existing, comprehensive data protection processes and policies. Our in-house IT security department will continue to review emerging threats and the Board will be kept up to date on the actions being taken by the Company to safeguard its systems. The statement relates to the full 2017. Menu. Our competitors may seek to protect or gain market share in markets in which we operate, perhaps by offering discounted fares or more attractive schedules. agencies. Wizz Air Holdings PLC Annual stock financials by MarketWatch. Wizz Air is registered under the International Air Transport Association (IATA), Operational Safety Audit (IOSA), the global benchmark in airline safety recognition. Our security team also maintains close contact with relevant authorities in order to assess any potential security or other threats to our operations. (WIZZ.L) including details of assets, liabilities and shareholders’ equity. Revenue also improved going from £22.95m to £25.66m. We mitigate this risk by operating primarily from secondary airports which have significant spare capacity and, where we do fly to congested airports, our flights often constitute in-bound traffic for such airports and take up off-peak capacity. View Online > Download PDF > 2017 Annual Report. The annual report with all facts and figures about 2019 can be found here.Facts and figures about previous years can be found in the annual reports below. Wizz Air Hungary или Виз Ер Унгарија (унгарски: Wizz Air Hungary Légiközlekedési Kft.) Wizz Air Holdings Plc Annual report and accounts 2019 6 STRATEGIC REPORT COMPANY OVERVIEW CONTINUED Milestones and Achievements FY 2019 Wizz Air received two CESAAR awards: The Company was named 2018 “The Best Low-Cost Airline of the Year in CEE region” and was given the “Best Cabin Crew” award by the Central and Eastern European passengers. The aviation industry is one where reputations and businesses can be lost quickly if a risk is not anticipated and dealt with effectively and the Company is committed to ensuring that it employs best practice in order to identify and mitigate risks as best it can. However, in order to do so, we need capacity and that means that we need an appropriate supply contract for new aircraft which manufacturers are able to deliver. These reports include detailed assessment of, for example, commercial and operational risks which may have arisen or been dealt with during the reporting period. Get a release, presentation and recordings on the latest annual and quarterly reports from Wizz Air here. The company was recently named 2016 Value Airline of the Year by the editors of Air Transport World, one of the leading airline trade magazines, as well as 2016 Low Cost Airline of the Year by the Center for Aviation (CAPA), a leading provider of independent aviation market intelligence. The Company's Head of Internal Audit reports directly to the Chairman of the Audit Committee. In December 2015, Wizz Air Hungary Ltd. was named as a company of strategic importance by the Hungarian Parliament and, as such, the Company now enjoys enhanced security information and protection under the auspices of the Hungarian Constitution Protection Office. Each year, a risk universe exercise is undertaken by the Head of Internal Audit with the Company's senior and operational management. In order to ensure that the principles and methodology underpinning the ERM process and the ERM manual enjoyed a common understanding throughout the Company, a comprehensive and practical training programme was rolled out across the Company from senior management down, with the actual training being tailored to each colleague's position in the risk management process. These and other countries in the region have experienced, and may still be subject to, potential political and economic instability caused by changes in governments, political deadlock in the legislative process, contested election results, tension and conflict between federal and regional authorities, corruption among governmental officials, social and ethnic unrest and currency instability. Wizz Air firmly believes that the liberalised air market has significant benefits for both the United Kingdom and the European Union and urges all parties to settle as a matter of priority on the continuation of access to the liberalised market. Annual and quarterly financial reports, income statements and balance sheets for Wizz Air Holdings PLC (WIZZ) on MSN Money. At Wizz Air, our number one priority is the safety of our aircraft, passengers and crew. We achieved an operating profit of £4.017m which is an improvement of 2.3% on the previous year. The AOC requires the Company to be majority owned and effectively controlled by qualifying nationals, which currently means nationals of the European Economic Area and Switzerland. See insights on Wizz Air including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Carbon management 47 8. -- From time to time, pilots and others can be in short supply. wellbeing and our community we're The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991 and the Directors' Remuneration Report complies with the Companies Act 2006. (WIZZ.L). First half financial report 2018; Registration document 2017 PDF, 11.87 MB . Safety events. ^ «Hungarian Wizz Air Opens Fifth Hub in Poland». Download the press release Watch the broadcast of the analyst presentation at 8:30 am CET Download the financial presentation Download the consolidated financial statements 25 May 2017 . Get a release, presentation and recordings on the latest annual and quarterly reports from Wizz Air here. The risks and uncertainties set out below are extracted from the pages 26 to 30 of the 2017 Annual Report and are repeated herein solely for the purpose of complying with DTR 6.3.5: Wizz Air operates in a dynamic, fast-paced and competitive industry. The Board is therefore satisfied that it has carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. Air France - KLM Conference presentation PDF, 3.77 MB . The key risks identified by the Risk Committee fall into six broad groupings: -- information technology and cyber risk, including website availability, protection of our own and our customers' data and ensuring the availability of operations-critical systems; -- external factors, such as the default of a partner financial institution, fuel cost, foreign exchange rates, competition and geopolitical risk; -- product development, making sure that we are making the best use of our capacity and ensuring that we have access to the right airport infrastructure at the right price so that we can keep on delivering the superior Wizz Air service at low fares across an ever wider network; -- fleet development, to ensure the Company has the right number of aircraft available at the right time to take advantage of commercial opportunities and grow in a disciplined way; -- regulatory risk, ensuring that we remain compliant with regulations affecting our business and operations; -- human resources, ensuring we are able to recruit the right number of colleagues of the right quality to continue to grow or, once recruited, that they remain sufficiently engaged and motivated and ensuring that the Company has appropriate succession management for key colleagues in place. The Company's AGM will be held at 1.00pm (CET) on Tuesday 18 July 2017 at World Trade Center I. Wizz Air. Fuel accounted for 28.3 per cent. Our entry standards for operating crew are high and our own Approved Training Organisation (ATO) ensures that all of our pilots are trained to the same exacting standards. New Hori­zons. b. of the Company's total revenues, the Company's Board-approved hedging policy was amended during the course of the 2017 financial year to allow for the possibility of hedging Pound Sterling against the Euro. Newsroom articles are published by leading news The closures resulted in … We are now starting to consider the best options for financing the first A321neo deliveries from 2019 - we are confident that, given the aircraft's desirability as a result of its superior operating economics and Wizz Air's established strong financial track record, finance will be readily available on competitive terms. Quite apart from immediate commercial loss, any loss of customer data is likely to result in considerable loss of confidence of our customers. Coronavirus - we're here to help Find out the revenue, expenses and profit or loss over the last fiscal year. -- European Flight Academy to provide cadet pilots to Wizz Air. The Company's success to date reflects not only its ability to identify and capitalise upon opportunities, but also its ability to react and deal effectively with risks and challenges. Our website is our shop window and therefore it is critical that it is secure and reliable. a. Created with sketchtool. Competition can, however, adversely affect revenues and so we constantly monitor our competitors' actions and the performance of our route network to ensure that we take both reactive and proactive actions in a timely manner, as required. access. Get the detailed quarterly/annual income statement for WIZZ AIR HOLDINGS PLC ORD GBP0. ... 2017 Annual Report Presentation. Including assets due in more than one year Wizz Air Holdings Plc Company Number: 103356 44 Esplanade, St. Helier JE4 9WG Jersey, Channel Islands 1 Wizz Air Holdings Plc Notice of Annual General Meeting EU-DOCS\17826964.5 25 May 2017 Dear Shareholder, ANNUAL GENERAL MEETING OF THE COMPANY – 18 July 2017 Council at least every quarter and will form the basis of regular, specific risk reports to the Audit Committee, with any changes to the principal risk report and emerging risks being highlighted. The outcome of the ERM methodology employed for each risk leads to a decision as to whether to transfer, avoid, reduce or accept the particular risk. Even in a liberalised air traffic right environment, aviation remains a highly regulated industry. Air traffic movement controls 53 9. 2017 Annual Report and Notice of Annual General Meeting. Wizz Air has 4,550 employees across 2 locations. Wizz Air. FY . Wizz Air Holdings Plc Annual report and accounts 2018 4 STRATEGIC REPORT FINANCIAL HIGHLIGHTS 2018 2017 Financial year € million € million Change Total revenue 1,948.0 1,571.2 +24% Profit for the year* 275.1 225.3 +22% Profit margin 14.1% 14.3% (0.2)ppt Financial year 2018 2017 Change Passengers** 29.6m 23.8m +25% and stylised as W!ZZ Air, is a European ultra low-cost airline with its head office in Budapest.The airline serves many cities across Europe, as well as some destinations in North Africa and the Middle East. Trends and relevant personnel from our Operations department meet twice a year to discuss any trends identified in their sphere of operation and how they are being dealt with.