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AIRBUS SE

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Real-time Euronext Paris  -  11:35 2022-08-05 am EDT
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Wizz Air aims to catch Ryanair on costs over next year or so

01/18/2016 | 02:16pm EDT
The new design of Wizz Air's aircraft is presented on the tarmac at Budapest Airport

DUBLIN (Reuters) - Wizz Air (>> Wizz Air Holdings PLC) expects to replace Ryanair (>> Ryanair Holdings plc) as the airline with the lowest costs in Europe over the next year or so, the chief executive of the eastern European low-cost carrier told Reuters on Monday.

DUBLIN (Reuters) - Wizz Air (>> Wizz Air Holdings PLC) expects to replace Ryanair (>> Ryanair Holdings plc) as the airline with the lowest costs in Europe over the next year or so, the chief executive of the eastern European low-cost carrier told Reuters on Monday.

Jozsef Varadi said its rival's costs were creeping up as it flies to more primary airports and invests in customer service.

"Our costs keep coming down, their costs creep up, so I think in the course of the next year or so, the lines will cross," he said on the sidelines of the Airline Economics conference in Dublin on Monday.

Varadi was relaxed about Ryanair's plans to open up a base in Timisoara airport, Romania, from November.

"Ryanair has been in central and eastern Europe for seven years," he said, adding he thought there was plenty of space in the eastern European market for them both. "Competing with Ryanair just makes us more formidable as a competing force."

As part of its growth plans, Wizz Air floated in London last year and has ordered 110 A321neo (>> Airbus Group) aircraft, with revamped engines, which will be delivered from 2019. The carrier will also take delivery of over 40 A321ceo aircraft, between now and mid-2018.

"With regard to the ceo aircraft we would finance on the basis of sale and leaseback, but with the neo we would take a more diverse view of financing," Varadi said.

He said lease rates had fallen significantly for the ceo and that leasing was a good way to ensure the financier, not the airline, carried the risk of the aircraft value falling while the manufacturer Airbus transitions from the ceo to the neo.

"But this is two, three years down the line so we have time to take a view on what we want to do," he said, referring to financing for the neos.

(Reporting by Victoria Bryan; editing by Susan Thomas)

By Victoria Bryan

Stocks treated in this article : Airbus Group, Ryanair Holdings plc, Wizz Air Holdings PLC

© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.91% 104.78 Real-time Quote.-6.75%
RYANAIR HOLDINGS PLC 0.36% 12.63 Real-time Quote.-17.18%
WIZZ AIR HOLDINGS PLC -7.34% 2185 Delayed Quote.-47.83%
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Sales 2022 58 803 M 59 723 M 59 723 M
Net income 2022 4 068 M 4 131 M 4 131 M
Net cash 2022 7 318 M 7 432 M 7 432 M
P/E ratio 2022 20,0x
Yield 2022 1,78%
Capitalization 82 513 M 83 804 M 83 804 M
EV / Sales 2022 1,28x
EV / Sales 2023 1,01x
Nbr of Employees 128 873
Free-Float 74,0%
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Dominik Asam Chief Financial Officer
René Richard Obermann Chairman
Sabine Klauke Chief Technical Officer
Alberto Jose Gutierrez Moreno Chief Operating Officer
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