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Contracts with Customers\u2019. The revenue is disaggregated into two main categories: passenger ticket
revenues (representing the invoiced value of flight seats) and ancillary revenues. Any compensation
payable to passengers for delays and cancellations is deducted from the revenue up to the level of the
original revenue, in accordance with IFRS 15. Any excess compensation beyond the original revenue is
accounted for as an expense. This treatment is consistent with the principle under IFRS 15 that
revenue should only be recognised to the extent that it is probable that a significant reversal of
revenue recognised will not occur when uncertainties are resolved.
Passenger ticket revenue arises from the sale of flight seats and is recognised net of government
taxes in the period in which the service is provided, that being when the aircraft has departed. Where
charges levied by airports or government authorities on a per passenger basis represent a
government tax in fact or in substance, then such amounts are presented on a net basis in the
statement of comprehensive income (netted between revenue and airport, handling and en-route
charges lines). Unearned revenue represents flight seats sold but not yet flown and is included in
deferred income. Refunds made to passengers are recorded as reductions in revenue. Refunds are
measured at initial transaction price, excluding non-refundable services.
Ancillary revenue arises from the sale of other services made by the Group and from commissions
earned in relation to services sold on behalf of other parties where the Group is an agent rather than
principal in the relationship. For details of main ancillary revenue categories see Note 5. Commission
revenue arises in relation to the sale of on-board catering, where the Group is an agent,
accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded credit
cards. Ancillary revenues are recognised as revenue when performance obligations have been satisfied
(i.e. all the benefits associated with the performance obligation have been transferred to the
customer). This, depending on the type of service, might be either the date of sale, the date of flight
or (in the case of membership fees) over the period when customers take benefit of a
paid\u00a0membership.
The Group considers if it is a principal or an agent in relation to contracts with other partners. Wizz
recognises revenue on a gross basis if it is the principal in the arrangement and on a net basis if it is
an agent. The Group recognises revenue from contracts with other partners as agent if it is the other
partners that:
\u25b6enter into contracts with the passengers/customers and bear the liability towards customers
for delivering the products and services;
\u25b6define the majority of the product portfolio, manage the inventory, are responsible for product
availability/outage, have title to the inventory and, the effect of the profit share
notwithstanding, bear the risk of loss; and
\u25b6have the discretion in establishing the prices.
The disaggregation of revenues into passenger ticket revenues and ancillary revenues, as applied in
the statement of comprehensive income, is a non-IFRS measure (or alternative performance
measure). The existing revenue presentation is considered relevant for the users of the financial
statements because: (i) it is regularly reviewed by the Chief Operating Decision Maker for evaluating
financial performance; and (ii) it mirrors disclosures presented outside of the financial statements.
Revenues under IFRS 15 are disaggregated into revenues from contracts with passengers and with
other business partners, respectively. These two categories represent revenues that are distinct from
a nature, timing and risks point of view. This split, as required under IFRS 15, is presented in Note 6.
Accounting for membership fees
The Group operates the Wizz Discount Club (WDC) loyalty programme for its customers. Under this
programme customers can pay an annual membership fee, with the key benefit being that during
most of the twelve-month membership period they get access to special fares that are lower than the
standard ticket prices.
The Group recognises the revenue from membership fees following the pattern of customers utilising
benefits from the programme. This pattern is determined by management once a year, on the basis of
the actual distribution of member flights in the preceding twelve months, and then applied
prospectively as an estimate for the future. It is unlikely that there would be a material change in the
pattern within one year, because the underlying fact patterns (for customers to buy membership, to
buy tickets and then to fly those tickets) are reasonably stable.
Maintenance
Aircraft maintenance provisions
For aircraft held under lease agreements, the Group is contractually committed to either return the
aircraft in a certain condition or to compensate the lessor based on the actual condition of the aircraft
and its major components upon return. If the condition defined in the lease contract can only be met
by performing maintenance, then provision is made for the minimum unavoidable costs of the future
maintenance obligation at the time when such obligation becomes certain. This is when the respective
aircraft component no longer meets the lease re-delivery conditions. The provision is used through the
completion of a maintenance event such that the component again meets the re-delivery conditions. If
it is probable that on returning the aircraft compensation will be payable to the lessor, because
performing maintenance is not or is no longer planned, then the Group accrues for such obligation in
line with the compensation rates defined in the lease contract and recognises the respective expense
within operating expenses (maintenance materials and repairs) in the statement of comprehensive
income.
Aircraft maintenance assets
Heavy maintenance relates to the overhaul of engines and associated components, the replacement of
life limited parts, the replacement of landing gears and the non-routine airframe inspection and
rectification works. Under normal operating conditions heavy maintenance relates to work expected to
be performed no more frequently than every two years.
The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and classified
as \u201caircraft maintenance assets\u201d) at the earlier of: (a) the time the lease re-delivery condition is no
longer met (see above under aircraft maintenance provisions); or (b) when maintenance, including
enhancement, is carried out. Other maintenance costs are expensed as incurred.
Such maintenance assets are depreciated over the period the Group benefits from the asset which is
the shorter of: (a) the estimated period until the next date when the lease re-delivery condition is no
longer met; or (b) the end of the asset\u2019s operational life; or (c) the end of the lease.
For engines and associated components, depreciation is charged on the basis of flight hours or cycles,
while for other aircraft maintenance assets depreciation is charged evenly over the period the Group
expects to derive benefit from the asset.
Components of newly leased aircraft such as life limited parts and engines are not accounted for as
separate assets, and the inherent benefit of these assets which are utilised in the period from
inception of the lease until the time the assets no longer meet the lease re-delivery condition is
reflected in the payments made to the lessor over the life of the lease.
Aircraft maintenance assets are non-monetary items. Non-EUR amounts are translated on inception to
EUR and are not retranslated.
The recognition of aircraft maintenance assets against provisions for other liabilities and charges in the
statement of financial position is a transaction not involving cash flows. In the statement of cash flows
the spending on these assets is presented as \u201cpurchase of aircraft maintenance assets\u201d in the period
when cash actually flows out of the Group. This can happen either before or after the recognition of
the asset, depending on the exact facts and circumstances associated with the relevant asset or
assets.
Please refer also to the property, plant and equipment section of accounting policies.
Other receivables from lessors \u2013 maintenance reserve
Payments for aircraft and engine maintenance, as stipulated in the respective lease agreements, are
made to certain lessors as a security for the performance of future heavy maintenance works. The
payments are recorded as receivables from the lessors until the respective maintenance event occurs
and the reimbursement with the lessor is finalised. Any payment that is not expected to be
reimbursed by the lessor is recognised within operating expenses (maintenance materials and repairs)
in the statement of comprehensive income.
Other
The Group enters into agreements with maintenance service providers that guarantee the
maintenance of major components at a rate defined in the contract, the prime example being FHAs for
aircraft engines. Such FHAs cover the cost of both scheduled and unscheduled engine overhauls. FHA
payments are accounted for as follows:
\u25b6payments for scheduled maintenance work are recognised as advances paid for aircraft
maintenance assets until the maintenance asset for the respective engine overhaul is created.
After this point any further FHA payments are either used to settle previously established
aircraft maintenance provisions (to the extent a provision for the respective FHA contract
exists) or, in the absence of a provision, are added to the amount previously capitalised within
property, plant and equipment as advances paid for aircraft maintenance assets; and
\u25b6payments that are made to provide guaranteed coverage for the performance of unscheduled
maintenance events are considered as insurance payments and are expensed as incurred.
Please refer to the property, plant and equipment section of accounting policies.
Supplier credits
The Group receives certain assets (cash contributions or aircraft spares) for nil consideration in
connection with its acquisition of aircraft and of major aircraft parts.
Cash contributions or aircraft spares received are recognised as an asset in the statement of financial
position. The corresponding credits are initially recognised as deferred income but are later, on the
delivery of the aircraft that they are connected to, applied to reduce the acquisition cost of the
aircraft. If the aircraft is then financed with a sale and leaseback transaction then the lower acquisition
cost will translate into a higher gain (or smaller loss) on the sale and leaseback transaction.
In certain cases the concessions receivable from a component manufacturer are linked to the Group\u2019s
commitment to purchase a number of new aircraft with the manufacturer\u2019s components installed on
those. In such cases, in substance, the right to the concessions is earned by the Group through the
delivery of the respective aircraft. In certain cases the concessions might be delivered by the
component manufacturer later than the date when the respective aircraft delivery is taken by the
Group. If so, then the right earned for the concession is recognised at the date of the aircraft delivery
as part of trade and other receivables, with a corresponding credit to deferred income.
Net financing expense
Net financing expense comprises interest payable, finance charges on finance and operating (under
IFRS 16) leases, interest receivable on funds invested and foreign exchange gains and losses that are
recognised in the statement of comprehensive income.
Interest income and interest payable are recognised in the statement of comprehensive income using
the effective interest method.
Non-cash elements of financial income and expenses are eliminated from the statement of cash flows
as an adjusting item whereas cash elements, e.g. realised foreign exchange gains and losses, are
included in the statement of cash flows.
Share capital
Ordinary Shares are classified as equity. Qualifying transaction costs directly attributable to the issue
of new shares are debited to equity, reducing the share premium arising on the issue of shares.
Taxation
Taxation on the profit or loss for the year comprises current and deferred tax. Income tax is
recognised in the statement of comprehensive income except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at
the statement of financial position date, and any adjustment to tax payable in respect of previous
years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of
assets or liabilities that affect neither accounting nor taxable profit other than in a business
combination; and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using
applicable tax rates enacted or substantively enacted at the statement of financial position date.
A deferred tax asset is recognised to the extent that it is probable that sufficient future taxable profits
will be available against which the asset can be utilised.
Government grants
Grants that compensate the Group for expenses incurred are recognised in profit or loss as other
income on a systematic basis in the periods in which the expenses are recognised, unless the
conditions for receiving the grant are met after the related expenses have been recognised. In this
case, the grant is recognised when it becomes receivable.
Exceptional items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to
provide further understanding of the financial performance of the Group. They are material items of
income or expense that are shown separately due to the conditions created by COVID-19 and
outbreak of the war in Ukraine and its impact on jet fuel prices.
Underlying loss after tax is a non-IFRS profit measure introduced by the Company to help investors
better understand the trading performance of the Group. Underlying loss excludes the effect of
exceptional items. This measure might occasionally be used by the Company also in determining the
variable remuneration of senior management.
Segment reporting
Operating and reportable segments
The Group is managed as a single business unit that provides point to point low-cost, low-fare
passenger air transportation services using a fleet of single-aisle aircraft. The Group has only one
reportable segment being its entire route network.
Management information is provided to the senior management team, which (in the context of IFRS 8,
\u2018Operating Segments\u2019) is the Group\u2019s Chief Operating Decision Maker (CODM). Resource allocation
decisions are made by the CODM for the benefit of the route network as a whole, rather than for
individual routes within the network. The performance of the network is assessed primarily based on
the operating profit or loss for the period.
4. Critical accounting estimates and judgments made in applying the Group\u2019s
accounting policies
a) Maintenance policy
The estimations and judgments applied in the context of the maintenance accounting policy of the
Group impact the balance of: (i) property, plant and equipment (and, within that, of aircraft
maintenance assets, as detailed in Note 14); and (ii) aircraft maintenance provisions (as detailed in
Note 29).
Estimate: For aircraft held under lease agreements, provision is made for the minimum unavoidable
costs of specific future maintenance obligations required by the lease at the time when such obligation
becomes certain. The amount of the provision involves making estimates of the cost of the heavy
maintenance work that is required to discharge the obligation, including any end of lease costs. A 5
per cent increase in the planned costs of heavy maintenance works at the 31 March 2023 year end
would increase the balance of both aircraft maintenance assets and aircraft maintenance provisions by
\u20ac7.4 million.
Estimate: The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and
classified as an \u201caircraft maintenance asset\u201d) at the earlier of:\u00a0(a) the time the lease re-delivery
condition is no longer met; or (b) when maintenance, including enhancement, is carried out. The
calculation of the depreciation charge on such assets involves making estimates primarily for the
future utilisation of the aircraft. A 31 per cent decrease in the F24 forecast aircraft utilisation would
result in the same average utilisation as in F23. This would cause \u20ac6.0 million decrease in the balance
of aircraft maintenance assets.
The basis of these estimates is reviewed annually at least, and also when information becomes
available that is capable of causing a material change to an estimate, such as renegotiation of end of
lease return conditions, increased or decreased utilisation of the assets, or changes in the cost of
heavy maintenance services.
Judgment: On a lease by lease basis the Group makes a judgment whether it would perform future
maintenance that would impact the condition of the respective aircraft or spare engine asset in a way
that eliminates the need for paying compensation to the lessor on the re-delivery of the leased asset.
When such maintenance is not expected then accrual is made for the compensation due to the lessor
in line with the terms of the respective lease contract.
Judgment: The policy adopted by the Group, as summarised above, is only one of the policies
available under IFRS in accounting for heavy maintenance for aircraft held under lease agreements. A
principal alternative policy involves recognising provisions for future maintenance obligations in
accordance with hours flown or similar measure, and not only when lease re-delivery conditions are
not met. In the judgment of the Directors the policy adopted by the Group, whereby provisions for
maintenance are recognised only when lease re-delivery conditions are not met, provides the most
reliable and relevant information about the Company's obligations to incur major maintenance
expenditure on leased aircraft and at the same time it best reflects the fact that an aircraft has lower
maintenance requirements in the early years of its operation. The average age of the Group\u2019s aircraft
fleet at 31 March 2023 was 4.6 years (5.0 years at 31 March 2022). Given the policy adopted we
currently do not consider that the impact of climate change has a material impact on maintenance
provision.
b) Hedge and derivative accounting
Estimate: The asset and liability balances at year end related to open hedge instruments can be
material. The fair value of derivatives is estimated by the contracting financial institutions as per their
industry practice. As required, the fair values ascribed to those instruments are verified also by
management using high-level models. These estimations are performed based on market prices
observed at year end and therefore, according to paragraph 128 of IAS 1, do not require further
disclosure. Such fair values might change materially within the next financial year but these changes
would not arise from assumptions made by management or other sources of estimation uncertainty at
the end of the year but from the movement of market prices. The fair value calculation is most
sensitive to movements in the jet fuel and foreign currency spot prices, their implied volatility and
respective yields. A sensitivity analysis for the jet fuel price and for the FX rate on most relevant
currency pairs is included in Note 3.
Due to the reinstated hedging policy, the open hedge instrument balances of the Group increased
significantly during the period. The net carrying amount of cash flow hedges was \u20ac(107.2) million
liability at 31 March 2023 (31 March 2022: \u20ac(3.9) million liability). There was no discontinued hedging
relationship during the financial year.
Estimate and judgment: The effectiveness of hedges is tested both prospectively and retrospectively
to determine the appropriate accounting treatment of hedge gains and losses. Prospective testing of
open hedges requires making certain estimates, the most significant one being for the future expected
level of the business activity (primarily the utilisation of fleet capacity) of the Group, that is supported
by the models used to prepare going concern assessments.
Building on these estimations of the future, management makes judgment on the accounting
treatment of open hedge instruments. Hedge accounting for jet fuel and foreign currency cash flow
hedges was discontinued where the \u201chighly probable\u201d forecast criterion was not met in accordance
with the requirements of IFRS 9.
None of the hedge counterparties had a material change in their credit status that would have
influenced the effectiveness of the hedging transactions.
c) Net presentation of government taxes and other similar levies
The Group\u2019s accounting policy stipulates that where charges levied by airports or government
authorities on a per passenger basis represent a government tax in fact or in substance, then such
amounts are presented on a net basis in the statement of comprehensive income (netted against
revenue).
Judgment: Management reviews all passenger-based charges levied by airports and government
authorities to ensure that any amounts recovered from passengers in respect of these charges are
appropriately classified within the statement of comprehensive income. Given the variability of these
charges and the number of airports and jurisdictions within which the Group operates, the assessment
of whether these items constitute taxes in nature is an inherently complex area for some airports,
requiring a level of judgment.
d) Accounting for aircraft and spare engine assets
Judgment: When the Group acquires new aircraft and spare engines, it applies the following critical
judgments in determining the acquisition cost of these assets:
\u25b6engine contracts typically include the selection of an engine type to be installed on future new
aircraft, a commitment to purchase a certain number of spare engines, and lump-sum (i.e. not
per engine) concessions from the manufacturer. Management recalculates the unit cost of
engines by allocating lump-sum credits over all engines ordered and by adjusting costs
between installed and spare engines in a way that ensures that identical physical assets have
an equal acquisition cost; and
\u25b6aircraft acquisition costs are recalculated to reflect the impacts of: (i) any adjustment on the
cost of installed engines (as above); and (ii) concessions received from the manufacturers of
other aircraft components under selection agreements. Such acquisition cost has relevance
also for leased aircraft when calculating the amount of total gain or loss on the respective sale
and leaseback agreement.
e) Accounting for leases
Judgment: Some of the Group\u2019s lease contracts contain options to extend the lease term for a period
of one to two years. The extension option is taken into account in the measurement of the lease
liability only when the Group is reasonably certain that it would later exercise the option. Such
judgment is made lease by lease, and is relevant both at inception, for the initial measurement of the
lease liability, and also for a subsequent remeasurement of the lease liability if the initial judgment is
revised at a later date.
Judgment: The Group takes the view that, as a lessee, it is not able to readily determine the interest
rate implicit in its lease contracts. Therefore, it applies its incremental borrowing rate for discounting
future lease payments.
The estimations made by management in accounting for leases do not materially impact the asset and
liability balances of the Group. The majority of aircraft and spare engine assets are leased and as such
their period of depreciation is the shorter of their useful economic lives and lease duration. As these
assets are new at the inception of the lease and typically have a useful economic life of at least twice
the duration of the lease no further estimation has been required.
f) Revenue from contracts with other partners
As explained in Note 6, revenue from contracts with other partners relates to commissions on the sale
of on-board catering, accommodation, car rental, travel insurance, bus transfers, premium calls and
co-branded cards.
Judgment: The Group considers that it is an agent (as opposed to principal) in relation to all its
contracts with other partners. Accordingly, Wizz Air recognises revenue from these contracts on a net
(commission) basis.
Out of these contracts, the one for the provision of on-board catering services is the most significant
in value and it is also the most complex from the perspective of making the \u201cagent versus principal\u201d
assessment/judgment. The Company\u2019s judgment was based on the facts that it is the partner that: (i)
enters into contracts with the passengers/customers and bears the liability towards them for
delivering the products and services; (ii) defines the majority of the product portfolio, manages the
inventory, is responsible for product availability/outage, has title to the inventory and bears the risk of
loss; and (iii) has discretion in establishing prices. The difference on this contract between gross sales
and net commission revenue (as recognised in the statement of comprehensive income) was \u20ac49.2
million (2022: \u20ac45.7 million).
) Aircraft in Ukraine
Judgement: Successful efforts have been made to repatriate one aircraft, which has already been
reintegrated into the fleet without major repairs in F23. Based on checks and maintenance work
performed on the remaining three aircraft on ground, management believes that those are in good
condition and have not been damaged. Engineers can access the aircraft to perform storage
procedures and maintenance. Management will continue to closely monitor the situation and take
necessary actions to expedite the return of these aircraft to the fleet. It is assumed that this will
happen by the end of the summer season.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xMzM3L2ZyYWc6MTQxOTU0NjI2MDhmNGJhYzg0MjA4YjNhYzZjNTc1NjAvdGV4dHJlZ2lvbjoxNDE5NTQ2MjYwOGY0YmFjODQyMDhiM2FjNmM1NzU2MF85MzQ1ODQ4ODQxMzc4_c5bbf69b-7ada-47b7-8887-61e6fbd6b4e1": {
"value": "
Basis of preparation
These consolidated financial statements combine the financial information of the Company and its
subsidiaries. The audited consolidated financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards as adopted by the EU
(\u201cAdopted IFRSs\u201d) and IFRS IC interpretations.
Based on the exemption provided in Article 105 (11) of the Companies (Jersey) Law 1991 the
Company does not present its individual financial statements and related notes.
The financial statements are presented in Euro (EUR or \u20ac).
The Company has a policy of rounding each amount and percentage individually from the fully
accurate number to the figure disclosed in the financial statements. As a result, some amounts and
percentages do not total \u2013 though such differences are all trivial.
The consolidated financial statements have been prepared under the historical cost convention, as
modified by the revaluation of financial assets and financial liabilities (including derivative
instruments) at fair value through profit or loss.
The preparation of the consolidated financial statements in conformity with adopted IFRS legislates
the use of certain critical accounting estimates and requires management to exercise judgments in the
process of applying the Group's accounting policies. The areas involving a high degree of judgment or
complexity or areas where assumptions and estimates involving significant\u00a0uncertainty that have a
risk of causing material adjustment to the carrying value of assets and liabilities in the coming year
are disclosed in Note 4.
",
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"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
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"value": "
These consolidated financial statements combine the financial information of the Company and its
subsidiaries. The audited consolidated financial statements have been prepared and approved by the
Directors in accordance with International Financial Reporting Standards as adopted by the EU
(\u201cAdopted IFRSs\u201d) and IFRS IC interpretations.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xMzM3L2ZyYWc6MTQxOTU0NjI2MDhmNGJhYzg0MjA4YjNhYzZjNTc1NjAvdGV4dHJlZ2lvbjoxNDE5NTQ2MjYwOGY0YmFjODQyMDhiM2FjNmM1NzU2MF85MzQ1ODQ4ODQxMzc5_31512483-982a-4731-8575-22a01eaded88": {
"value": "The financial statements are presented in Euro (EUR or \u20ac).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xMjgwL2ZyYWc6OTUzYjNhY2UyMzU4NGJjMWJkOGM1ODRlY2NlZDg1OWMvdGV4dHJlZ2lvbjo5NTNiM2FjZTIzNTg0YmMxYmQ4YzU4NGVjY2VkODU5Y185MzQ1ODQ5MTMwOTAw_a295716b-6ce0-4e78-aeec-770c8293e4be": {
"value": "
Basis of consolidation
The Company controls an entity when the Company is exposed, or it has rights, to variable returns
from its involvement with the entity and has the ability to affect those returns through its power over
the entity. The Company controls an entity if the Company has all of the following:
\u25b6power over the entity;
\u25b6exposure, or rights, to variable returns from its involvement with the entity; and
\u25b6the ability to use its power over the entity to affect the amount of its returns from the entity.
Generally, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee, including:
\u25b6the contractual arrangement(s) with the other vote holders of the investee;
\u25b6rights arising from other contractual arrangements; and
\u25b6the Group\u2019s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control.
Non-controlling interests (NCIs) in the results and equity of subsidiaries are shown separately in the
consolidated statement of comprehensive income, statement of changes in equity and balance sheet
respectively. NCIs are measured initially at their proportionate share of the acquiree\u2019s identifiable net
assets at the date of acquisition. Changes in the Group\u2019s interest in a subsidiary that do not result in a
loss of control are accounted for as equity transactions. The Group recognises NCIs in an acquired
entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired
entity\u2019s net identifiable assets.
Subsidiaries are all entities that from an IFRS perspective are deemed controlled by the Company. The
financial statements of subsidiaries are included in the consolidated financial statements from the date
when control commences until the date when control ceases. The results of all the subsidiaries
(including their branches) are consolidated up to 31 March, which is the financial year end of the
Company. Intra-group balances, and any unrealised gains and losses or income and expenses arising
from intra-group transactions, are eliminated in preparing the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xMzY0L2ZyYWc6OWZjY2Y5ODk0OWQ3NDM4MDk5NzgzYjhlZWQwNjFiNWYvdGV4dHJlZ2lvbjo5ZmNjZjk4OTQ5ZDc0MzgwOTk3ODNiOGVlZDA2MWI1Zl85MzQ1ODQ5MTMwNjM4_be178efd-ce09-4730-bd50-635a529752c7": {
"value": "
Going concern
Wizz Air\u2019s business activities, financial performance and financial position, together with factors likely
to affect its future development and performance, are described in the Strategic Report on pages 77 to 93. Emerging and principal risks and uncertainties facing the Group are described on pages 86 to 93. Note 3 to the financial statements sets out the Group\u2019s objectives, policies and procedures for managing its capital and liquidity and provides details of the risks related to financial instruments held
by the Group.
At 31 March 2023, the Group held cash and cash equivalents of \u20ac1,408.6 million (total cash of
\u20ac1,529.0 million including \u20ac120.4 million of restricted cash), while net current liabilities were \u20ac957.2
million and net liabilities were \u20ac357.9 million. The Group's contractual undiscounted external
borrowings comprise: \u20ac500.0 million of bonds maturing in January 2024, \u20ac500.0 million of bonds
maturing in January 2026, \u20ac257.7 million of PDP financing from Carlyle Aviation Partners group (see
Notes 3 and 32) that is repayable over 12 months but may be re-borrowed and convertible debt with
a balance of \u20ac26.0 million. In addition, borrowings include an amount of \u20ac4,192.8 million that
represents future undiscounted commitments from lease contracts accounted for under IFRS 16 and
liabilities related to JOLCO and FTL contracts (see Note 3). None of these borrowings contain any
financial covenants.
The Group operates using a three-year planning cycle. The Directors have reviewed their latest
financial forecasts for a period of eighteen months from the date of signing these financial statements
including plans to finance committed future aircraft deliveries (see Note 32) due within this period that
are currently unfinanced and taking into account available committed financing for aircraft. After
making enquiries and testing the assumptions against different forecast scenarios including a severe
but plausible (downside) scenario (see below), the Directors have satisfied themselves that the Group
is expected to be able to meet its commitments and obligations as they fall due for a period of at least
the next twelve months from the date of signing this report.
These enquiries and the testing performed in reaching this conclusion included the review of a base
case model of how the operations of the business would develop against a backdrop of higher inflation
and continued supply chain challenges. Wizz Air expects to achieve full utilisation of its fleet with
higher load factors and RASK levels improving in F24, reflecting its ability to pass-through higher fuel
costs in a competitive arena in which Wizz Air will no longer have a competitive disadvantage, having
restored its financial risk management strategies (i.e. fuel and EUR/USD hedging). This base case was
then flexed to produce a downside forecast that reflects the potential impact of trading scenarios such
as a lower RASK, higher fuel costs and stronger USD as well as to reflect the financing required for
expected currently unfinanced aircraft deliveries (see Note 32). Both the base and downside forecasts
reflect the repayment of \u20ac500m of bonds in January 2024.
The Directors also considered the impact of climate change over the time period and concluded that it
is unlikely that material physical or transition risks that are described in our Sustainability Report page
29-40 will arise over this period. As part of our base and downside forecasts, we included somewhat higher pricing for ETS levied in Europe and the UK and included the expected costs from the CORSIA
implementation as from January 2024. Combined with an expected lower amount of \u2018free\u2019 ETS credits,
this reflects in general our expected cost increases of carbon emissions. The use of Sustainable
Aviation Fuel (SAF) with traditional fuel will likely impact the average cost of jet fuel and was modelled
as part of the downside forecast by way of increased fuel pricing.
In preparing the base and downside forecasts the Directors also considered the requirements of
security levels in its card acquirer contracts and took into account the impact of the war in Ukraine
and the three aircraft stranded in Ukraine (see Note 14) and concluded that no material adverse
impact on future cash flows is likely to result from these items. The Directors have assumed that there
will be no further significant disruption of the magnitude experienced in recent financial years.
In this downside scenario the Group is still forecasting significant liquidity (or access to liquidity)
throughout this period. Accordingly, the Directors concluded it is appropriate to retain the going
concern basis of accounting in preparing the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xMzgzL2ZyYWc6MzM5YjI5Mzc3YThiNGM0Yjk4NmY2ZDBiZmFhOGY5Y2QvdGV4dHJlZ2lvbjozMzliMjkzNzdhOGI0YzRiOTg2ZjZkMGJmYWE4ZjljZF85MzQ1ODQ5MTE5MjMz_e47b53ab-edce-4dfa-9232-631fc4274190": {
"value": "
Foreign currency
The Group\u2019s presentational currency is Euro (EUR). The functional currency of Wizz Air Hungary Ltd.
generating the vast majority of the Group\u2019s revenues is EUR. The other airline companies\u2019 functional
currency is different by entity. The functional currency of Wizz Air Abu Dhabi LLC is the United Arab
Emirates Dirham (AED), the functional currency of Wizz Air UK Ltd. is British Pound (GBP or \u00a3) and the
functional currency of Wizz Air Malta Ltd. is EUR. Transactions in foreign currencies are translated into
functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the statement of financial position date are translated
into EUR at the exchange rate ruling at that date. Foreign exchange differences arising on translation
are recognised in the statement of comprehensive income as net foreign exchange gain/loss within net
financing income/expense. Non-monetary assets and liabilities denominated in foreign currencies and
which are recognised at their historical cost are translated into EUR at the exchange rate at the date
of the transaction. Non-monetary assets and liabilities denominated in foreign currencies and which
are stated at fair value are translated into EUR at exchange rates ruling at the dates the fair value was
determined.
The results and financial position of all the Group entities that have a functional currency different
from the presentational currency are translated into the presentational currency as follows:
\u25b6assets and liabilities for each statement of financial position presented are translated at the
closing rate at the date of that statement of financial position;
\u25b6equity is translated at historical rate (except for the cash flow hedging reserve within equity);
\u25b6income and expenses for each statement of comprehensive income are translated at monthly
average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the rate on the dates of the transactions); and
\u25b6all resulting exchange differences are recognised as a separate component of equity
(cumulative translation adjustments).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNDAyL2ZyYWc6MzNjZjE5Yjk4ZjUzNDYwYjlkNjNhMmQ2OGM4ZjE3NzkvdGV4dHJlZ2lvbjozM2NmMTliOThmNTM0NjBiOWQ2M2EyZDY4YzhmMTc3OV85MzQ1ODQ5MTExMTI1_260647c7-dc0c-4296-8a9c-a9f3618c8ffe": {
"value": "Financial assets and liabilities
The Group classifies its financial assets and liabilities \u2013 in line with IFRS 9 \u201cFinancial Instruments\u201d \u2013
into the following categories:
| |
Description in the statement of\u00a0financial\u00a0position | |
Non-current assets Restricted cash Derivative financial instruments Trade and other receivables | Financial assets measured at amortised cost Fair value through profit or loss Financial assets measured at amortised cost |
Current assets Trade and other receivables Derivative financial instruments Restricted cash Short-term cash deposits Cash and cash equivalents | Financial assets measured at amortised cost Fair value through profit or loss Financial assets measured at amortised cost Financial assets measured at amortised cost Financial assets measured at amortised cost |
Non-current liabilities Borrowings Convertible debt Derivative financial instruments | Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Fair value through profit or loss |
Current liabilities Trade and other payables Borrowings Convertible debt Derivative financial instruments | Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Fair value through profit or loss |
The classification of financial assets depends on the business model for managing the financial assets
and contractual cash flow characteristics of the financial assets determined by the management at
initial recognition.
a) Financial assets measured at amortised cost
These are non-derivative financial assets held by the Group in order to collect contractual cash flows
and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables
excluding prepayments, cash and cash equivalents and restricted cash in the statement of financial
position. They are included in current assets, except for maturities greater than twelve months after
the statement of financial position date, which are classified as non-current assets. The Group invests
excess cash primarily in short-term time deposits which are also measured at amortised cost.
b) Financial assets measured at fair value through other comprehensive income
These are non-derivative financial assets held by the Group in order both to collect contractual cash
flows and sell the financial assets. The contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
c) Financial assets measured at fair value through profit or loss
Financial assets not valued either at amortised cost or at fair value through other comprehensive
income are valued at fair value through profit or loss. Derivatives are measured at fair value through
profit or loss.
d) Financial liabilities measured at amortised cost
All financial liabilities are measured at amortised cost unless they are measured at fair value through
profit or loss. The Group\u2019s other financial liabilities comprise trade and other payables and interest-
bearing loans and borrowings (including convertible debt) in the statement of financial position. They
are included in current liabilities, except for maturities greater than twelve months after the statement
of financial position date that are classified as non-current liabilities.
e) Financial liabilities measured at fair value through profit or loss
Derivatives are measured at fair value through profit and loss by the Group. The recognition and
measurement criteria for each class of asset and liability are described in the relevant accounting
policy section.
Derivative financial instruments and hedgingDerivative financial instruments
Derivative financial instruments are recognised initially at fair value. The gain or loss on
remeasurement to fair value is recognised immediately in the statement of comprehensive income
within financial income or expenses. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged (see below).
Derivatives can only be entered into with counterparties with investment-grade credit rating.
Cash flow hedges
The Group uses zero-cost collars to hedge jet fuel price and foreign exchange risks related to highly
probable future cash flows. In F23, the Group used call options to a limited extent to hedge jet fuel
price risk during the period from December to January.
The Group designates only the intrinsic value of the options as hedging instrument. Changes in time
value are accumulated in the cost of hedging reserve, within other comprehensive income, and are
recycled into profit and loss, within fuel cost, in the months when the hedged transactions take place.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a
recognised asset or liability, or a highly probable forecast transaction, the effective part of any
unrealised gain or loss on the derivative financial instrument is recognised directly in the hedging
reserve within other comprehensive income. Any ineffective portion of the hedge is recognised
immediately in the statement of comprehensive income as an exceptional income or expense in the
respective operating expense line.
The associated cumulative gain or loss on the effective part is removed from other comprehensive
income and recognised in the statement of comprehensive income in the respective operating expense
line(s) in the same period or periods as the hedged forecast transaction.
The Group considers a hedge relationship to be effective if:
\u25b6an economic relationship exists between the hedged item and the hedging instrument, and
there is an expectation that the value of the hedging instrument and the value of the hedged
item would move in the opposite direction as a result of the common underlying or hedged
risk;
\u25b6the effect of credit risk does not dominate the value changes associated with the hedged risk;
and
\u25b6the hedge ratio is aligned with the requirements of the Group\u2019s risk management strategy.
In line with IFRS 9, as long as the risk management objectives are met, the Group does not de-
designate and thereby discontinue a hedging relationship that still meets the risk management
objective and continues to meet all other qualifying criteria (after taking into account any rebalancing,
if applicable).
The hedge ratio applied by the Group is always 100 per cent. The hedge ratio is defined as the
relationship between the quantity of the hedging instrument and the quantity of the hedged item.
When a hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss at
that point remains in other comprehensive income and is recognised in accordance with the above
policy when the hedged transaction is recognised in the statement of comprehensive income. If the
hedged transaction is no longer expected to take place, from an accounting point of view the hedging
relationship is discontinued and the cumulative unrealised gain or loss recognised in other
comprehensive income is recognised in the statement of comprehensive income immediately.
Before expiry, the fair value of an option comprises: i) its intrinsic value, being a function of the
difference between contracted and market (or spot) prices; and ii) its time value, being the difference
between the fair value and the intrinsic value at any point in time. Subject to hedge effectiveness, any
increase or decrease in the fair value of the hedging instrument is taken to equity within other
comprehensive income or expense.
Accordingly:
\u25b6initial recognition: the open position on the derivative hedging instrument is recorded as an
asset or liability in the statement of financial position at fair value;
\u25b6subsequent remeasurement of unexpired options: (i) the effective portion of changes in the
fair value is recorded in other comprehensive income; and (ii) the ineffective or discontinued
portions, if any, are recorded in the statement of comprehensive income; and
\u25b6the realised gains or losses on the hedging instrument, to the extent it was not previously
classified as ineffective or discontinued, are recorded against the respective operating expense
line(s) in the statement of comprehensive income.
The qualitative technique to test the hedge effectiveness of a hedging relationship is the critical terms
match method. Hedge effectiveness testing is performed at inception, at each reporting date, and
upon a significant change in the circumstances affecting the hedge effectiveness requirements. Such
significant change can occur as follows:
\u25b6changes in timing of the payment of the hedged item;
\u25b6reduction in the total amount or price of the hedged item;
\u25b6location differences; and
\u25b6a significant change in the credit risk of either party to the hedging relationship.
The ineffective part of changes in fair value, if any, is recorded in the statement of comprehensive
income as operating income or expense.
Classification of compound instruments issued by the Group
Compound instruments issued by the Group are treated as equity (i.e. forming part of Shareholders\u2019
funds) only to the extent that they meet the following two conditions:
a.they include no contractual obligations upon the Company (or Group as the case may be) to
deliver cash or other financial assets or to exchange financial assets or financial liabilities with
another party under conditions that are potentially unfavourable to the Company (or Group);
and
b.where the instrument will or may be settled in the Company\u2019s own equity instruments, it is
either a non-derivative that includes no obligation to deliver a variable number of the
Company\u2019s own equity instruments or it is a derivative that will be settled by the Company
exchanging a fixed amount of cash or other financial assets for a fixed number of its own
equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability
measured at amortised cost. Where the instrument so classified takes the legal form of the Company\u2019s
own shares, the amounts presented in these financial statements for called up share capital and share
premium account exclude amounts in relation to those shares.
Where a compound instrument that contains both equity and financial liability components exists,
these components are separated by recognising the liability at fair value and accounted for individually
under the above policy. The finance cost on the financial liability component is correspondingly higher
over the life of the instrument.
Finance payments associated with financial liabilities are dealt with as part of finance expenses.
Finance payments associated with compound instruments that are classified in equity are dividends
and are recorded directly in equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNDAyL2ZyYWc6MzNjZjE5Yjk4ZjUzNDYwYjlkNjNhMmQ2OGM4ZjE3NzkvdGV4dHJlZ2lvbjozM2NmMTliOThmNTM0NjBiOWQ2M2EyZDY4YzhmMTc3OV85MzQ1ODQ5MTExMTI1_6639c257-0c01-4799-a7ae-56c1373a069a": {
"value": "Financial assets and liabilities
The Group classifies its financial assets and liabilities \u2013 in line with IFRS 9 \u201cFinancial Instruments\u201d \u2013
into the following categories:
| |
Description in the statement of\u00a0financial\u00a0position | |
Non-current assets Restricted cash Derivative financial instruments Trade and other receivables | Financial assets measured at amortised cost Fair value through profit or loss Financial assets measured at amortised cost |
Current assets Trade and other receivables Derivative financial instruments Restricted cash Short-term cash deposits Cash and cash equivalents | Financial assets measured at amortised cost Fair value through profit or loss Financial assets measured at amortised cost Financial assets measured at amortised cost Financial assets measured at amortised cost |
Non-current liabilities Borrowings Convertible debt Derivative financial instruments | Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Fair value through profit or loss |
Current liabilities Trade and other payables Borrowings Convertible debt Derivative financial instruments | Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Fair value through profit or loss |
The classification of financial assets depends on the business model for managing the financial assets
and contractual cash flow characteristics of the financial assets determined by the management at
initial recognition.
d) Financial liabilities measured at amortised cost
All financial liabilities are measured at amortised cost unless they are measured at fair value through
profit or loss. The Group\u2019s other financial liabilities comprise trade and other payables and interest-
bearing loans and borrowings (including convertible debt) in the statement of financial position. They
are included in current liabilities, except for maturities greater than twelve months after the statement
of financial position date that are classified as non-current liabilities.
e) Financial liabilities measured at fair value through profit or loss
Derivatives are measured at fair value through profit and loss by the Group. The recognition and
measurement criteria for each class of asset and liability are described in the relevant accounting
policy section.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNDAyL2ZyYWc6MzNjZjE5Yjk4ZjUzNDYwYjlkNjNhMmQ2OGM4ZjE3NzkvdGV4dHJlZ2lvbjozM2NmMTliOThmNTM0NjBiOWQ2M2EyZDY4YzhmMTc3OV85MzQ1ODQ5MTExMTI1_9a16506f-b023-4fd6-bfe7-06c21721d983": {
"value": "Financial assets and liabilities
The Group classifies its financial assets and liabilities \u2013 in line with IFRS 9 \u201cFinancial Instruments\u201d \u2013
into the following categories:
| |
Description in the statement of\u00a0financial\u00a0position | |
Non-current assets Restricted cash Derivative financial instruments Trade and other receivables | Financial assets measured at amortised cost Fair value through profit or loss Financial assets measured at amortised cost |
Current assets Trade and other receivables Derivative financial instruments Restricted cash Short-term cash deposits Cash and cash equivalents | Financial assets measured at amortised cost Fair value through profit or loss Financial assets measured at amortised cost Financial assets measured at amortised cost Financial assets measured at amortised cost |
Non-current liabilities Borrowings Convertible debt Derivative financial instruments | Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Fair value through profit or loss |
Current liabilities Trade and other payables Borrowings Convertible debt Derivative financial instruments | Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost Fair value through profit or loss |
The classification of financial assets depends on the business model for managing the financial assets
and contractual cash flow characteristics of the financial assets determined by the management at
initial recognition.
a) Financial assets measured at amortised cost
These are non-derivative financial assets held by the Group in order to collect contractual cash flows
and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
The Group\u2019s financial assets measured at amortised cost comprise trade and other receivables
excluding prepayments, cash and cash equivalents and restricted cash in the statement of financial
position. They are included in current assets, except for maturities greater than twelve months after
the statement of financial position date, which are classified as non-current assets. The Group invests
excess cash primarily in short-term time deposits which are also measured at amortised cost.
b) Financial assets measured at fair value through other comprehensive income
These are non-derivative financial assets held by the Group in order both to collect contractual cash
flows and sell the financial assets. The contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
c) Financial assets measured at fair value through profit or loss
Financial assets not valued either at amortised cost or at fair value through other comprehensive
income are valued at fair value through profit or loss. Derivatives are measured at fair value through
profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNTM3L2ZyYWc6OTM3N2QwZTM2MDc1NDA3ZGFhNzJkNjA4YWNkNTY3OGYvdGV4dHJlZ2lvbjo5Mzc3ZDBlMzYwNzU0MDdkYWE3MmQ2MDhhY2Q1Njc4Zl85MzQ1ODQ5MTA1ODY4_9ea5ab0d-4b81-4a7e-b9a7-20a89fa05f85": {
"value": "
Derivative financial instruments and hedgingDerivative financial instruments
Derivative financial instruments are recognised initially at fair value. The gain or loss on
remeasurement to fair value is recognised immediately in the statement of comprehensive income
within financial income or expenses. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged (see below).
Derivatives can only be entered into with counterparties with investment-grade credit rating.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNTc3L2ZyYWc6YmNjODM4NTkwYzIyNDhhZWIwMmI3ZmE2MThlZDQxYWIvdGV4dHJlZ2lvbjpiY2M4Mzg1OTBjMjI0OGFlYjAyYjdmYTYxOGVkNDFhYl85MzQ1ODQ5MTExMzE4_7b782c85-0793-4829-ac16-2a7f2859bf60": {
"value": "
Cash flow hedges
The Group uses zero-cost collars to hedge jet fuel price and foreign exchange risks related to highly
probable future cash flows. In F23, the Group used call options to a limited extent to hedge jet fuel
price risk during the period from December to January.
The Group designates only the intrinsic value of the options as hedging instrument. Changes in time
value are accumulated in the cost of hedging reserve, within other comprehensive income, and are
recycled into profit and loss, within fuel cost, in the months when the hedged transactions take place.
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a
recognised asset or liability, or a highly probable forecast transaction, the effective part of any
unrealised gain or loss on the derivative financial instrument is recognised directly in the hedging
reserve within other comprehensive income. Any ineffective portion of the hedge is recognised
immediately in the statement of comprehensive income as an exceptional income or expense in the
respective operating expense line.
The associated cumulative gain or loss on the effective part is removed from other comprehensive
income and recognised in the statement of comprehensive income in the respective operating expense
line(s) in the same period or periods as the hedged forecast transaction.
The Group considers a hedge relationship to be effective if:
\u25b6an economic relationship exists between the hedged item and the hedging instrument, and
there is an expectation that the value of the hedging instrument and the value of the hedged
item would move in the opposite direction as a result of the common underlying or hedged
risk;
\u25b6the effect of credit risk does not dominate the value changes associated with the hedged risk;
and
\u25b6the hedge ratio is aligned with the requirements of the Group\u2019s risk management strategy.
In line with IFRS 9, as long as the risk management objectives are met, the Group does not de-
designate and thereby discontinue a hedging relationship that still meets the risk management
objective and continues to meet all other qualifying criteria (after taking into account any rebalancing,
if applicable).
The hedge ratio applied by the Group is always 100 per cent. The hedge ratio is defined as the
relationship between the quantity of the hedging instrument and the quantity of the hedged item.
When a hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss at
that point remains in other comprehensive income and is recognised in accordance with the above
policy when the hedged transaction is recognised in the statement of comprehensive income. If the
hedged transaction is no longer expected to take place, from an accounting point of view the hedging
relationship is discontinued and the cumulative unrealised gain or loss recognised in other
comprehensive income is recognised in the statement of comprehensive income immediately.
Before expiry, the fair value of an option comprises: i) its intrinsic value, being a function of the
difference between contracted and market (or spot) prices; and ii) its time value, being the difference
between the fair value and the intrinsic value at any point in time. Subject to hedge effectiveness, any
increase or decrease in the fair value of the hedging instrument is taken to equity within other
comprehensive income or expense.
Accordingly:
\u25b6initial recognition: the open position on the derivative hedging instrument is recorded as an
asset or liability in the statement of financial position at fair value;
\u25b6subsequent remeasurement of unexpired options: (i) the effective portion of changes in the
fair value is recorded in other comprehensive income; and (ii) the ineffective or discontinued
portions, if any, are recorded in the statement of comprehensive income; and
\u25b6the realised gains or losses on the hedging instrument, to the extent it was not previously
classified as ineffective or discontinued, are recorded against the respective operating expense
line(s) in the statement of comprehensive income.
The qualitative technique to test the hedge effectiveness of a hedging relationship is the critical terms
match method. Hedge effectiveness testing is performed at inception, at each reporting date, and
upon a significant change in the circumstances affecting the hedge effectiveness requirements. Such
significant change can occur as follows:
\u25b6changes in timing of the payment of the hedged item;
\u25b6reduction in the total amount or price of the hedged item;
\u25b6location differences; and
\u25b6a significant change in the credit risk of either party to the hedging relationship.
The ineffective part of changes in fair value, if any, is recorded in the statement of comprehensive
income as operating income or expense.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNTk2L2ZyYWc6NzJkYjBkOGYxZTVkNGNiMmIxZjJiYTBiM2ZmMDYyMGEvdGV4dHJlZ2lvbjo3MmRiMGQ4ZjFlNWQ0Y2IyYjFmMmJhMGIzZmYwNjIwYV85MzQ1ODQ5MDk2MzQ4_0f8e5a9d-ea6b-48ba-a9ee-3c8b80238a8a": {
"value": "
Trade and other receivables
\u25b6Trade and other receivables are initially recognised at fair value when the Group becomes
party to the contractual provisions of the instrument and subsequently measured at their
amortised cost using the effective interest rate method less impairment losses.
\u25b6The carrying amount of the asset is reduced through recognising the impact of the
amortisation in the statement of comprehensive income within other expenses. Subsequent
recoveries of amounts previously written off are credited against other expenses in the
statement of comprehensive income.
\u25b6Other receivables include amounts receivable from aircraft and spare engine lessors (in the
form of security deposits and maintenance reserves paid) and also prepayments, deferred
expenses and accrued income (see Note 20). The accrued income within other receivables also
comprises insurance claims related to events that are covered by insurance contracts. The
Group recognises the income in the financial statements only from those insurance claims
which, based on management\u2019s judgment, are virtually certain to be received by the\u00a0Group.
Impairment policy of trade and other receivables
Management reviewed the Group\u2019s different customer payment channels and the receivables from
these channels. The most significant component is ticket sales and the various forms of payment for
tickets. The vast majority of tickets are paid either by bank cards or by bank transfer, in any case
prior to flight. Based on their nature, in practice there is no impairment required for these. The other,
less significant components involving credit risk are commissions receivable from non-ticket revenue
partners and marketing support receivable from airports and other parties.
In accordance with IFRS 9 requirements on expected credit loss recognition, management reviewed
historical payment and impairment statistics for transactions in these channels. The historical loss
rates were adjusted to reflect current and forward-looking information on macroeconomic factors
affecting the customers' ability to settle receivables. Based on this analysis, management concluded
that the impairment of receivables in these channels does not have a material impact on the Group's
financial statements, in compliance with IFRS 9.
Other receivables from lessors \u2013 maintenance reserve
Payments for aircraft and engine maintenance, as stipulated in the respective lease agreements, are
made to certain lessors as a security for the performance of future heavy maintenance works. The
payments are recorded as receivables from the lessors until the respective maintenance event occurs
and the reimbursement with the lessor is finalised. Any payment that is not expected to be
reimbursed by the lessor is recognised within operating expenses (maintenance materials and repairs)
in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNjM3L2ZyYWc6ODYxMTQ5Y2Q3MmU0NDYyMjkxNjgyNzc3OTNlNzBkNTAvdGV4dHJlZ2lvbjo4NjExNDljZDcyZTQ0NjIyOTE2ODI3Nzc5M2U3MGQ1MF85MzQ1ODQ5MDkwNTcz_07b7547c-4da5-4a6d-b9c8-68ed411dbe14": {
"value": "
Cash and cash equivalents
Cash and cash equivalents comprise bank balances on current accounts and on deposit accounts that
are readily convertible into cash without there being significant risk of a change in value to the Group.
Cash and cash equivalents do not include restricted cash.
Short-term cash deposits
Short-term cash deposits comprise cash deposits maturing within three to twelve months of inception,
the balance of which was \u20acnil at 31 March 2023 (2022: \u20ac450.0 million).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNjc1L2ZyYWc6YTRiYzgyZjYzNGYwNDQ3NTk4NWMxY2IwNTY2YzM5ZDUvdGV4dHJlZ2lvbjphNGJjODJmNjM0ZjA0NDc1OTg1YzFjYjA1NjZjMzlkNV85MzQ1ODQ5MDg5NTcz_2bdddf6f-5e52-4175-950d-99f62ea59cef": {
"value": "
Restricted cash
Restricted cash represents cash deposits held by the banks that cover letters of credit, issued by the
same bank, to certain suppliers. Restricted cash is split between non-current and current assets
depending on the maturity period of the underlying letters of credit.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNjk0L2ZyYWc6MDIzZjAyMmViMzRhNDhmMzgyYmY4ZTNhMjA2YmQ3MmQvdGV4dHJlZ2lvbjowMjNmMDIyZWIzNGE0OGYzODJiZjhlM2EyMDZiZDcyZF85MzQ1ODQ5MDg4OTU0_64fed5e9-e9d4-44f7-9726-d819d96f4b24": {
"value": "
Trade and other payables
Trade and other payables are initially recognised at fair value when the Group becomes party to the
contractual provisions of the instrument and subsequently stated at amortised cost using the effective
interest rate method. Trade and other payables comprise balances payable to suppliers, authorities
and employees.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNzEzL2ZyYWc6ZDcwMWFhNjgxYTExNDQwZDkyOWI1ZmYwYmI5NjdjNjMvdGV4dHJlZ2lvbjpkNzAxYWE2ODFhMTE0NDBkOTI5YjVmZjBiYjk2N2M2M185MzQ1ODQ5MDg4MDEw_8e7e7d16-09c8-4f0b-b603-68544b68e0d4": {
"value": "
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction
costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with
any difference between cost and redemption value being recognised in the statement of
comprehensive income as a financial expense over the period of the borrowings on an effective
interest rate basis. Financial expenses also include withholding tax paid on the interest if according to
the loan agreement the payment of withholding tax is the liability of the Group.
Convertible debt
Convertible debt instruments that can be converted to share capital at the option of the holder, where
the number of shares issued does not vary with changes in their fair value, are accounted for as
compound instruments. Transaction costs that relate to the issue of a compound instrument are
allocated to the liability and equity components in proportion to the allocation of proceeds. The liability
component is recognised initially at the fair value of a similar liability that does not have an equity
conversion option. The equity component of the compound instrument is calculated as the excess of
the issue proceeds over the value of the liability component.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xNzkwL2ZyYWc6Y2FiOTcxMWY4NzdhNDRlZDgzZGZkY2M5OTA0NGQxMmMvdGV4dHJlZ2lvbjpjYWI5NzExZjg3N2E0NGVkODNkZmRjYzk5MDQ0ZDEyY185MzQ1ODQ5MDg0NzQ5_c402c100-a1e9-440b-9c12-fd8316658b7a": {
"value": "
Impairment of financial assets
The Group considers the probability of default upon initial recognition of a financial asset and whether
there has been a significant increase in credit risk on an ongoing basis throughout each reporting
period. To assess whether there is a significant increase in credit risk, the Group compares the risk of
a default occurring on the financial asset as at the reporting date with the risk of default as at the date
of initial recognition.
At each reporting date the Group measures the loss allowance for financial assets at an amount equal
to the lifetime expected credit losses; if there is a significant increase in credit risk or the financial
assets are not settled in accordance with the terms stipulated in the agreements, management
considers these financial assets as under-performing or non-performing and to be impaired.
The historical loss rates are estimated based on the historical credit losses experienced over the
expected life of the receivables and are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of the counterparties to settle the receivables.
A loss allowance is recognised on financial assets carried at amortised cost or fair value through other
comprehensive income for expected credit losses. When management considers that there is no
reasonable expectation of recovery, the financial assets will be written off.
If at the reporting date the credit risk on a financial asset has not increased significantly since initial
recognition, the Group measures the loss allowance for that asset at an amount equal to twelve-
month expected credit losses.
If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime
expected credit losses in the previous reporting period, but determines at the current reporting date
that the credit risk on a financial asset has not increased significantly since initial recognition, the
Group measures the loss allowance at an amount equal to twelve-month expected credit losses at the
current reporting date.
The Group recognises in profit or loss, as an impairment gain or loss, the amount of expected credit
losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount
that is required to be recognised in accordance with IFRS 9.
Current trade and other receivables are discounted where the effect is material.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xODI5L2ZyYWc6M2RiOTlmMmI4NWUyNDk2YWJlNDUyYjBkYTJjMzAzMWEvdGV4dHJlZ2lvbjozZGI5OWYyYjg1ZTI0OTZhYmU0NTJiMGRhMmMzMDMxYV85MzQ1ODQ5MDc3MzU1_c13b29cc-f8a8-4f08-9dd7-04b06e6c1b0f": {
"value": "Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses.
Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Depreciation is charged to the statement of comprehensive income on a straight-line basis to write off
cost to residual value over the estimated useful economic lives of each part of an item of property,
plant and equipment. In the case of certain aircraft maintenance assets, the useful economic life of
the asset can be defined in terms of flight hours or flight cycles, and in this case the depreciation
charge is determined based on the actual number of flight hours or flight cycles.
The estimated useful lives of the relevant asset categories, reflecting the Group\u2019s intention for the
period of use in the business, are as follows:
| |
Land and buildings \u2013 investments made on leased buildings | 3\u20135 years, being the shorter of useful economic life of the investment and the lease term of the building |
Aircraft (A320neo and A321neo family) | |
Aircraft spare engines (V2500 and GTF) | 20 years (part of aircraft parts in Note 14) |
Aircraft and spare engines \u2013 prepaid maintenance | 4\u201310 years (part of aircraft assets in Note 14) |
Aircraft maintenance assets (for leased aircraft or spare engine) | 1\u201310 years, or 2,000\u201310,000 flight cycles in case of aircraft engines, being the shorter of useful economic life and the lease term |
Aircraft parts (other than engines) | |
Fixtures and fittings (incl. computer hardware) | |
Right-of-use assets (from leases) | The lease term over one year (typically 8-12 years for leased aircraft, which is significantly less than its estimated useful economic life) |
The useful lives stated above correspond to nil residual value except in the case of A320neo and
A321neo aircraft where the 14-year life corresponds to 50 per cent of the residual value of the asset
component excluding the maintenance condition of the aircraft. This aircraft type is otherwise, and
having considered the impact of climate change, estimated to be capable of flying for 28 years.
The residual values and useful lives are reassessed, if applicable, annually.
Component accounting
For aircraft and for spare engines purchased, on acquisition, an element of the total cost of the asset
is attributed to its service potential, reflecting its maintenance condition. Such \u201cprepaid maintenance\u201d
asset is recognised separately because it has a shorter useful economic life than that of the underlying
aircraft or spare engine. The prepaid maintenance asset is depreciated until the estimated date of the
first heavy maintenance event that will restore the service condition to original level (and thus lend
enhancement to future periods). Such \u201csubsequent costs\u201d are capitalised as aircraft maintenance
assets and depreciated over the length of the period benefiting from these enhancements.
The residual cost of the acquisition of the aircraft or spare engine, representing the part of the total
asset value that is independent from the service condition of the asset, is depreciated until the end of
the estimated useful economic life of the asset.
Advances paid for aircraft \u2013 pre-delivery payments (PDPs)
PDPs are paid by the Group to aircraft and engine manufacturers for financing the production of the
ordered aircraft or spare engine as determined by the contractual terms. Such advance payments for
aircraft or spare engines are recognised at cost and classified as property, plant and equipment in the
statement of financial position. PDPs, when paid, are recorded at historical exchange rate at the date
of payment. As these payments are in USD and the Company\u2019s functional currency is EUR, if PDPs are
refunded, it might result in some realised foreign exchange gain or loss. The Group started converting
PDP payments to EUR in order to reduce the exposure to EUR/USD foreign currency exchange rate
significantly in the years ahead. There are no other gains or losses incurred in relation to PDPs. The
amount is not depreciated.
The Group will usually enter into sale and leaseback arrangements with lessors to finance future
aircraft or spare engine deliveries. These arrangements are structured such that the right and the
commitment to purchase the aircraft or spare engine are assigned to the lessor only on the date of
delivery (\u201cdelivery date assignment\u201d); as such, the recognition and classification of the PDP balance
does not change when the sale and leaseback contracts are signed. On the delivery of the aircraft or
spare engine the lessor pays the full purchase price of the asset to the manufacturer and the Group
receives from the manufacturer a refund of the PDPs paid in USD. At this moment the fixed asset is
derecognised from the statement of financial position and any gain or loss arising is transferred to the
statement of comprehensive income as an operating income or expense.
Advances paid for aircraft maintenance assets \u2013 engine flight hour agreements (FHAs)
Advances paid for aircraft maintenance assets represent advance payments made in relation to heavy
maintenance scheduled to be performed in the future (for the definition of heavy maintenance see the
accounting policy section on maintenance). Such advance payments are made by the Group
particularly to\u00a0the engine maintenance service provider under FHAs. Such advance payments are
recognised at cost and classified as property, plant and equipment in the statement of financial
position. This amount is not depreciated.
The balance of such assets is re-categorised into aircraft maintenance assets within property, plant
and equipment at the time when the aircraft maintenance asset is recognised in respect of the same
component and the same heavy maintenance event. This is when the component no longer meets the
conditions set out in the lease agreement. Advances paid for aircraft maintenance are not\u00a0depreciated.
In the statement of cash flows the FHA payments are shown under the purchase of maintenance
assets line together with other aircraft maintenance asset purchases.
Aircraft maintenance assets
Heavy maintenance relates to the overhaul of engines and associated components, the replacement of
life limited parts, the replacement of landing gears and the non-routine airframe inspection and
rectification works. Under normal operating conditions heavy maintenance relates to work expected to
be performed no more frequently than every two years.
The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and classified
as \u201caircraft maintenance assets\u201d) at the earlier of: (a) the time the lease re-delivery condition is no
longer met (see above under aircraft maintenance provisions); or (b) when maintenance, including
enhancement, is carried out. Other maintenance costs are expensed as incurred.
Such maintenance assets are depreciated over the period the Group benefits from the asset which is
the shorter of: (a) the estimated period until the next date when the lease re-delivery condition is no
longer met; or (b) the end of the asset\u2019s operational life; or (c) the end of the lease.
For engines and associated components, depreciation is charged on the basis of flight hours or cycles,
while for other aircraft maintenance assets depreciation is charged evenly over the period the Group
expects to derive benefit from the asset.
Components of newly leased aircraft such as life limited parts and engines are not accounted for as
separate assets, and the inherent benefit of these assets which are utilised in the period from
inception of the lease until the time the assets no longer meet the lease re-delivery condition is
reflected in the payments made to the lessor over the life of the lease.
Aircraft maintenance assets are non-monetary items. Non-EUR amounts are translated on inception to
EUR and are not retranslated.
The recognition of aircraft maintenance assets against provisions for other liabilities and charges in the
statement of financial position is a transaction not involving cash flows. In the statement of cash flows
the spending on these assets is presented as \u201cpurchase of aircraft maintenance assets\u201d in the period
when cash actually flows out of the Group. This can happen either before or after the recognition of
the asset, depending on the exact facts and circumstances associated with the relevant asset or
assets.
Please refer also to the property, plant and equipment section of accounting policies.
Supplier credits
The Group receives certain assets (cash contributions or aircraft spares) for nil consideration in
connection with its acquisition of aircraft and of major aircraft parts.
Cash contributions or aircraft spares received are recognised as an asset in the statement of financial
position. The corresponding credits are initially recognised as deferred income but are later, on the
delivery of the aircraft that they are connected to, applied to reduce the acquisition cost of the
aircraft. If the aircraft is then financed with a sale and leaseback transaction then the lower acquisition
cost will translate into a higher gain (or smaller loss) on the sale and leaseback transaction.
In certain cases the concessions receivable from a component manufacturer are linked to the Group\u2019s
commitment to purchase a number of new aircraft with the manufacturer\u2019s components installed on
those. In such cases, in substance, the right to the concessions is earned by the Group through the
delivery of the respective aircraft. In certain cases the concessions might be delivered by the
component manufacturer later than the date when the respective aircraft delivery is taken by the
Group. If so, then the right earned for the concession is recognised at the date of the aircraft delivery
as part of trade and other receivables, with a corresponding credit to deferred income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xODg4L2ZyYWc6NDNkZjg0YjQxOTUxNDY5OTk2MTQ0MDlhNjZiN2VjMTAvdGV4dHJlZ2lvbjo0M2RmODRiNDE5NTE0Njk5OTYxNDQwOWE2NmI3ZWMxMF85MzQ1ODQ5MDgxNjgx_1040ad65-367e-4b8f-8836-138de2e3f1d9": {
"value": "
Leases
The Group leases most of its aircraft and spare engines. Other than aircraft and spare engines the
Group has only a limited number of leases related to offices, flight training simulator buildings (and
earlier also equipment), and maintenance hangars.
The Group elected to use the following practical expedients permitted by IFRS 16:
\u25b6lease payments associated with short-term leases (contracts with a duration of twelve months
or less) and with leases for which the underlying asset is of low value (defined by the Group as
below \u20ac5,000) are recognised on a straight-line basis over the lease term; and
\u25b6it did not reassess whether a contract that the Group entered into before the date of initial
application was a lease or contained a lease \u2013 that is, IFRS 16 has only been applied to
contracts that were previously classified as leases.
The Group has short-term lease rentals from F23 and related expenses are recognised in the aircraft
rentals line. The Group does not apply IFRS 16 to other leases of intangible assets. Some lease
contracts contain variable payment terms that are linked to floating market interest rates.
The Group chose to treat compensation expected to be payable to lessors, either in the form of
recurring maintenance reserve payments or compensation payable at lease end, as \u201cnon-lease
components\u201d under IFRS 16. These payments are therefore not included in the measurement of the
lease liability. Contractual maintenance obligations which are not dependent on the use of the aircraft
or spare engine are recognised in full on commencement of the lease.
Lease extension options
Some of the Group\u2019s lease contracts contain lease extension options. The extension option is taken
into account in the measurement of the lease liability only when the Group is reasonably certain that it
would later exercise the option. Such judgment is relevant both at inception, for the initial
measurement of the lease liability, and also for a subsequent remeasurement of the lease liability if
the initial judgment is revised at a later date.
Sale and leaseback transactions after transition
The existing aircraft and spare engine lease contracts were all entered into by the Group through sale
and leaseback transactions.
Most of these contracts do not include a repurchase option for Wizz Air. On such contracts, where sale
proceeds received are judged to reflect the aircraft's fair value, the gain or loss arising on the disposal
is directly recognised in the statement of comprehensive income to the extent that it relates to the
rights that have been transferred to the lessor, while the gain or loss that relates to the rights that
have been retained by the Group are included in the carrying amount of the right-of-use asset
recognised at commencement of the lease. With regard to gains and losses arising from these sale
and leaseback agreements, the determination of the amounts to be deferred and to be recognised
immediately, respectively, requires estimating the fair value of these assets at the date of the
transaction. In determining fair values the Group relies on independent third-party valuation reports
prepared by specialist aircraft and engine valuation experts. The Group has not sold any aircraft above
fair value.
Some sale and leaseback contracts include a repurchase option for Wizz Air. These leases relate to
some of the aircraft that arrived after 1 April 2019 and are commonly referred to as JOLCO (special
Japanese tax lease) contracts. Such contracts do not meet the definition of a sale under IFRS 15
\u201cRevenue from Contracts with Customers\u201d, and are not accounted for as a lease contract under IFRS
16. As a result, the treatment of such contracts for Wizz Air (as the lessee) is to: (i) retain the asset
as aircraft assets and parts (as if there were no sale at all); and (ii) recognise a liability under IFRS 9
(as if the sale proceeds received from the lessor were receipts from debt financing).
Foreign exchange
The lease liability (being a monetary liability) is revalued on a monthly basis to reflect the changes in
currency exchange rates where the currency of the future lease payments differs from the functional
currency of the legal entity having the lease liability. In this respect currently the relevant currency
pairs for the Group are the USD to EUR and the USD to GBP, as most future payments under the
aircraft lease contracts of the Group are defined in USD while the functional currency of Wizz Air
Hungary Ltd. is EUR and of Wizz Air UK Limited is GBP.
Discount rate
The Group is not able to readily determine the interest rate implicit in its lease contracts; therefore,
the Group applied its incremental borrowing rate for discounting lease liabilities, as required by
paragraph 26 of IFRS 16. The incremental borrowing rate, in turn, was determined with reference to
the market rate of interest observable on financial instruments with appropriate value, term and
currency, and adjusted, as required, to reflect risks specific to the leased asset as well as the risk
specific to the entity in the Group leasing the asset. These rates have been calculated for each
identified asset, reflecting the underlying lease terms and based on observable inputs.
Right-of-use assets and depreciation
With respect to depreciation, the requirements of IAS 16 \u201cProperty, Plant and Equipment\u201d are
applicable also to the right-of-use assets (\u201cRoU assets\u201d) recognised under IFRS 16. Therefore, in case
of aircraft and spare engines, component accounting is required for the right-of-use assets, similar to
that applicable to owned aircraft or spare engine assets. The right-of-use assets associated with
aircraft and spare engine lease contracts are split into asset components on the basis of value
proportions that could be observed on an owned aircraft of the same type and age.
The useful economic life of the asset components that represent the maintenance condition of the
aircraft and of its key components is estimated to last until the respective aircraft component no
longer meets the return conditions defined in the lease contract (at which point the lease-related asset
component is derecognised and a maintenance asset is recognised \u2013 see also below). The useful
economic life of the residual asset component (which is not related to the maintenance condition of
the underlying asset) is the lease term.
The asset components related to maintenance conditions are depreciated either straight line or based
on usage, depending on their nature.
Variable lease payments
In part of the extended lease agreements, the Group has introduced a new power by the hour lease
payment scheme. The minimum payable amount in such agreements is included in the measurement
of lease liabilities. The maximum amount in such agreements is not considered in-substance
unavoidable and as such in-substance fixed lease payment based on management best estimates, and
therefore treated as variable lease payments that are not included in the measurement of the lease
liabilities.
French Tax Leases
The Group started to apply an additional aircraft financing method in F21, namely the French Tax
Leases (FTL). Since these financing arrangements are special forms of structured asset financing,
which provide local tax benefit for French investors, from an accounting point of view, they are \u201cin
substance purchases\u201d and not leases; therefore, IFRS 16 lease accounting is not applicable. The
related liability is considered as financial debt under IFRS 9 and the asset as an aeronautical asset,
according to IAS 16.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8xOTgzL2ZyYWc6ODBlOThhMTQ5MWE4NDMwZDkxYjkwZTkwN2JlZDYwNTkvdGV4dHJlZ2lvbjo4MGU5OGExNDkxYTg0MzBkOTFiOTBlOTA3YmVkNjA1OV85MzQ1ODQ5MDUyOTYz_c3ef9307-76fa-49b6-913f-87992ee2b059": {
"value": "
Intangible assets
Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and
impairment losses.
Web development costs are capitalised to the extent they are expected to generate future economic
benefits and meet the other criteria described in IAS 38 \u201cIntangible Assets\u201d.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the
future economic benefits embodied in the specific asset to which it relates. All other expenditure is
expensed as\u00a0incurred.
Amortisation is charged to the statement of comprehensive income on a straight-line basis over the
estimated useful economic lives of intangible assets, except where the asset is expected to have
indefinite useful economic life. Intangible assets are amortised from the date they are available for
use. The estimated useful lives are as follows:
| |
| |
Web and other software development costs | |
| |
Contracts with Customers\u2019. The revenue is disaggregated into two main categories: passenger ticket
revenues (representing the invoiced value of flight seats) and ancillary revenues. Any compensation
payable to passengers for delays and cancellations is deducted from the revenue up to the level of the
original revenue, in accordance with IFRS 15. Any excess compensation beyond the original revenue is
accounted for as an expense. This treatment is consistent with the principle under IFRS 15 that
revenue should only be recognised to the extent that it is probable that a significant reversal of
revenue recognised will not occur when uncertainties are resolved.
Passenger ticket revenue arises from the sale of flight seats and is recognised net of government
taxes in the period in which the service is provided, that being when the aircraft has departed. Where
charges levied by airports or government authorities on a per passenger basis represent a
government tax in fact or in substance, then such amounts are presented on a net basis in the
statement of comprehensive income (netted between revenue and airport, handling and en-route
charges lines). Unearned revenue represents flight seats sold but not yet flown and is included in
deferred income. Refunds made to passengers are recorded as reductions in revenue. Refunds are
measured at initial transaction price, excluding non-refundable services.
Ancillary revenue arises from the sale of other services made by the Group and from commissions
earned in relation to services sold on behalf of other parties where the Group is an agent rather than
principal in the relationship. For details of main ancillary revenue categories see Note 5. Commission
revenue arises in relation to the sale of on-board catering, where the Group is an agent,
accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded credit
cards. Ancillary revenues are recognised as revenue when performance obligations have been satisfied
(i.e. all the benefits associated with the performance obligation have been transferred to the
customer). This, depending on the type of service, might be either the date of sale, the date of flight
or (in the case of membership fees) over the period when customers take benefit of a
paid\u00a0membership.
The Group considers if it is a principal or an agent in relation to contracts with other partners. Wizz
recognises revenue on a gross basis if it is the principal in the arrangement and on a net basis if it is
an agent. The Group recognises revenue from contracts with other partners as agent if it is the other
partners that:
\u25b6enter into contracts with the passengers/customers and bear the liability towards customers
for delivering the products and services;
\u25b6define the majority of the product portfolio, manage the inventory, are responsible for product
availability/outage, have title to the inventory and, the effect of the profit share
notwithstanding, bear the risk of loss; and
\u25b6have the discretion in establishing the prices.
The disaggregation of revenues into passenger ticket revenues and ancillary revenues, as applied in
the statement of comprehensive income, is a non-IFRS measure (or alternative performance
measure). The existing revenue presentation is considered relevant for the users of the financial
statements because: (i) it is regularly reviewed by the Chief Operating Decision Maker for evaluating
financial performance; and (ii) it mirrors disclosures presented outside of the financial statements.
Revenues under IFRS 15 are disaggregated into revenues from contracts with passengers and with
other business partners, respectively. These two categories represent revenues that are distinct from
a nature, timing and risks point of view. This split, as required under IFRS 15, is presented in Note 6.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMTYxL2ZyYWc6ZDQ4MTg5ZjJmNjMwNGM2NGE3NmEyYTI0ZjgyNDg0Y2QvdGV4dHJlZ2lvbjpkNDgxODlmMmY2MzA0YzY0YTc2YTJhMjRmODI0ODRjZF85MzQ1ODQ5MDI5MTA5_e6d97479-26a9-410f-87e9-edd0d48afb1a": {
"value": "
Accounting for membership fees
The Group operates the Wizz Discount Club (WDC) loyalty programme for its customers. Under this
programme customers can pay an annual membership fee, with the key benefit being that during
most of the twelve-month membership period they get access to special fares that are lower than the
standard ticket prices.
The Group recognises the revenue from membership fees following the pattern of customers utilising
benefits from the programme. This pattern is determined by management once a year, on the basis of
the actual distribution of member flights in the preceding twelve months, and then applied
prospectively as an estimate for the future. It is unlikely that there would be a material change in the
pattern within one year, because the underlying fact patterns (for customers to buy membership, to
buy tickets and then to fly those tickets) are reasonably stable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMjAxL2ZyYWc6ZGI5MzJlZDVkZGM5NDgzN2E3MjU4OTM0NzhkNzliZjgvdGV4dHJlZ2lvbjpkYjkzMmVkNWRkYzk0ODM3YTcyNTg5MzQ3OGQ3OWJmOF85MzQ1ODQ5MDI2Mzg4_daeb43d8-d0ed-438d-b72d-476c223010e5": {
"value": "Maintenance
Aircraft maintenance provisions
For aircraft held under lease agreements, the Group is contractually committed to either return the
aircraft in a certain condition or to compensate the lessor based on the actual condition of the aircraft
and its major components upon return. If the condition defined in the lease contract can only be met
by performing maintenance, then provision is made for the minimum unavoidable costs of the future
maintenance obligation at the time when such obligation becomes certain. This is when the respective
aircraft component no longer meets the lease re-delivery conditions. The provision is used through the
completion of a maintenance event such that the component again meets the re-delivery conditions. If
it is probable that on returning the aircraft compensation will be payable to the lessor, because
performing maintenance is not or is no longer planned, then the Group accrues for such obligation in
line with the compensation rates defined in the lease contract and recognises the respective expense
within operating expenses (maintenance materials and repairs) in the statement of comprehensive
income.
Aircraft maintenance assets
Heavy maintenance relates to the overhaul of engines and associated components, the replacement of
life limited parts, the replacement of landing gears and the non-routine airframe inspection and
rectification works. Under normal operating conditions heavy maintenance relates to work expected to
be performed no more frequently than every two years.
The cost of heavy maintenance is capitalised and recognised as a tangible fixed asset (and classified
as \u201caircraft maintenance assets\u201d) at the earlier of: (a) the time the lease re-delivery condition is no
longer met (see above under aircraft maintenance provisions); or (b) when maintenance, including
enhancement, is carried out. Other maintenance costs are expensed as incurred.
Such maintenance assets are depreciated over the period the Group benefits from the asset which is
the shorter of: (a) the estimated period until the next date when the lease re-delivery condition is no
longer met; or (b) the end of the asset\u2019s operational life; or (c) the end of the lease.
For engines and associated components, depreciation is charged on the basis of flight hours or cycles,
while for other aircraft maintenance assets depreciation is charged evenly over the period the Group
expects to derive benefit from the asset.
Components of newly leased aircraft such as life limited parts and engines are not accounted for as
separate assets, and the inherent benefit of these assets which are utilised in the period from
inception of the lease until the time the assets no longer meet the lease re-delivery condition is
reflected in the payments made to the lessor over the life of the lease.
Aircraft maintenance assets are non-monetary items. Non-EUR amounts are translated on inception to
EUR and are not retranslated.
The recognition of aircraft maintenance assets against provisions for other liabilities and charges in the
statement of financial position is a transaction not involving cash flows. In the statement of cash flows
the spending on these assets is presented as \u201cpurchase of aircraft maintenance assets\u201d in the period
when cash actually flows out of the Group. This can happen either before or after the recognition of
the asset, depending on the exact facts and circumstances associated with the relevant asset or
assets.
Please refer also to the property, plant and equipment section of accounting policies.
Other receivables from lessors \u2013 maintenance reserve
Payments for aircraft and engine maintenance, as stipulated in the respective lease agreements, are
made to certain lessors as a security for the performance of future heavy maintenance works. The
payments are recorded as receivables from the lessors until the respective maintenance event occurs
and the reimbursement with the lessor is finalised. Any payment that is not expected to be
reimbursed by the lessor is recognised within operating expenses (maintenance materials and repairs)
in the statement of comprehensive income.
Other
The Group enters into agreements with maintenance service providers that guarantee the
maintenance of major components at a rate defined in the contract, the prime example being FHAs for
aircraft engines. Such FHAs cover the cost of both scheduled and unscheduled engine overhauls. FHA
payments are accounted for as follows:
\u25b6payments for scheduled maintenance work are recognised as advances paid for aircraft
maintenance assets until the maintenance asset for the respective engine overhaul is created.
After this point any further FHA payments are either used to settle previously established
aircraft maintenance provisions (to the extent a provision for the respective FHA contract
exists) or, in the absence of a provision, are added to the amount previously capitalised within
property, plant and equipment as advances paid for aircraft maintenance assets; and
\u25b6payments that are made to provide guaranteed coverage for the performance of unscheduled
maintenance events are considered as insurance payments and are expensed as incurred.
Please refer to the property, plant and equipment section of accounting policies.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMzE4L2ZyYWc6ODI2OWM4MjQ3ZTcyNDQ1MWIyODdjYWJiYzJjMDVmZTcvdGV4dHJlZ2lvbjo4MjY5YzgyNDdlNzI0NDUxYjI4N2NhYmJjMmMwNWZlN185MzQ1ODQ5MDEzNjg3_176f78d8-d6b3-499b-8f5c-869a86f825a0": {
"value": "
Net financing expense
Net financing expense comprises interest payable, finance charges on finance and operating (under
IFRS 16) leases, interest receivable on funds invested and foreign exchange gains and losses that are
recognised in the statement of comprehensive income.
Interest income and interest payable are recognised in the statement of comprehensive income using
the effective interest method.
Non-cash elements of financial income and expenses are eliminated from the statement of cash flows
as an adjusting item whereas cash elements, e.g. realised foreign exchange gains and losses, are
included in the statement of cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMzE4L2ZyYWc6ODI2OWM4MjQ3ZTcyNDQ1MWIyODdjYWJiYzJjMDVmZTcvdGV4dHJlZ2lvbjo4MjY5YzgyNDdlNzI0NDUxYjI4N2NhYmJjMmMwNWZlN185MzQ1ODQ5MDEzNjg3_f1ea94f2-115b-4361-8ea9-0573179ace8d": {
"value": "
Net financing expense
Net financing expense comprises interest payable, finance charges on finance and operating (under
IFRS 16) leases, interest receivable on funds invested and foreign exchange gains and losses that are
recognised in the statement of comprehensive income.
Interest income and interest payable are recognised in the statement of comprehensive income using
the effective interest method.
Non-cash elements of financial income and expenses are eliminated from the statement of cash flows
as an adjusting item whereas cash elements, e.g. realised foreign exchange gains and losses, are
included in the statement of cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMzU2L2ZyYWc6OWIzNDAzYzc1MDJhNDdkNmE2OTE2MWQyNmQwY2FkYjMvdGV4dHJlZ2lvbjo5YjM0MDNjNzUwMmE0N2Q2YTY5MTYxZDI2ZDBjYWRiM185MzQ1ODQ5MDEyNzYy_c0fd9392-f44a-43a0-b60a-9ac0c28b1d54": {
"value": "
Taxation
Taxation on the profit or loss for the year comprises current and deferred tax. Income tax is
recognised in the statement of comprehensive income except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at
the statement of financial position date, and any adjustment to tax payable in respect of previous
years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of
assets or liabilities that affect neither accounting nor taxable profit other than in a business
combination; and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using
applicable tax rates enacted or substantively enacted at the statement of financial position date.
A deferred tax asset is recognised to the extent that it is probable that sufficient future taxable profits
will be available against which the asset can be utilised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMzU2L2ZyYWc6OWIzNDAzYzc1MDJhNDdkNmE2OTE2MWQyNmQwY2FkYjMvdGV4dHJlZ2lvbjo5YjM0MDNjNzUwMmE0N2Q2YTY5MTYxZDI2ZDBjYWRiM185MzQ1ODQ5MDEyNzYz_9f25a15a-fd3d-4ade-b0d9-db099dba7f84": {
"value": "
Deferred tax is provided on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of
assets or liabilities that affect neither accounting nor taxable profit other than in a business
combination; and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using
applicable tax rates enacted or substantively enacted at the statement of financial position date.
A deferred tax asset is recognised to the extent that it is probable that sufficient future taxable profits
will be available against which the asset can be utilised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMzc1L2ZyYWc6YWU3YWY5OTYyZDNjNDY3NWEyMWU4YzgzM2QwZmFiMWMvdGV4dHJlZ2lvbjphZTdhZjk5NjJkM2M0Njc1YTIxZThjODMzZDBmYWIxY185MzQ1ODQ5MDA4ODEw_e4e8d68d-2491-4701-92f9-7a2a489602f7": {
"value": "
Government grants
Grants that compensate the Group for expenses incurred are recognised in profit or loss as other
income on a systematic basis in the periods in which the expenses are recognised, unless the
conditions for receiving the grant are met after the related expenses have been recognised. In this
case, the grant is recognised when it becomes receivable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yMzk0L2ZyYWc6ZWQ3NWU3M2ZhNDk4NGRmZGEyYWQ5YTdhYzEzMjg4Y2MvdGV4dHJlZ2lvbjplZDc1ZTczZmE0OTg0ZGZkYTJhZDlhN2FjMTMyODhjY185MzQ1ODQ5MDA4NDMx_a389dc3f-0bc2-4ca5-97f3-9129e37d5f1d": {
"value": "
Exceptional items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to
provide further understanding of the financial performance of the Group. They are material items of
income or expense that are shown separately due to the conditions created by COVID-19 and
outbreak of the war in Ukraine and its impact on jet fuel prices.
Underlying loss after tax is a non-IFRS profit measure introduced by the Company to help investors
better understand the trading performance of the Group. Underlying loss excludes the effect of
exceptional items. This measure might occasionally be used by the Company also in determining the
variable remuneration of senior management.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yNDEzL2ZyYWc6MThmNzMwNTY3YWYwNDM0MGExYzJlZjc5ZmQ3MzhiNTEvdGV4dHJlZ2lvbjoxOGY3MzA1NjdhZjA0MzQwYTFjMmVmNzlmZDczOGI1MV85MzQ1ODQ5MDA2Mjk2_e17eab73-cb61-4e3a-9569-8603f9bba7db": {
"value": "Segment reporting
Operating and reportable segments
The Group is managed as a single business unit that provides point to point low-cost, low-fare
passenger air transportation services using a fleet of single-aisle aircraft. The Group has only one
reportable segment being its entire route network.
Management information is provided to the senior management team, which (in the context of IFRS 8,
\u2018Operating Segments\u2019) is the Group\u2019s Chief Operating Decision Maker (CODM). Resource allocation
decisions are made by the CODM for the benefit of the route network as a whole, rather than for
individual routes within the network. The performance of the network is assessed primarily based on
the operating profit or loss for the period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yNDUyL2ZyYWc6NjhlMTQ0MzJhNTA0NDA4OWE2OTRlMTljZDU1MmM4M2MvdGV4dHJlZ2lvbjo2OGUxNDQzMmE1MDQ0MDg5YTY5NGUxOWNkNTUyYzgzY18yMTk5MDIzNDI0MzM1_09b324c5-0475-48f6-bf16-1b871a5fae1c": {
"value": "3. Financial risk management
Financial risk factors
The Group is exposed to market risks relating to fluctuations in commodity prices, interest rates and
currency exchange rates. The objective of financial risk management at Wizz Air is to minimise the
impact of commodity price, interest rate and foreign exchange rate fluctuations on the Group's
earnings, cash flows and equity. To manage commodity and foreign exchange risks, Wizz Air uses
foreign currency and jet fuel zero-cost collar contracts.
Risk management is carried out by the treasury department under policies approved by the Board of
Directors. The Board provides written principles for overall risk management, as well as written
policies covering specific areas, such as foreign exchange risk, fuel price risk, credit risk, use of
derivative financial instruments, adherence to hedge accounting, and hedge coverage levels. The
Board has mandated the Audit and Risk Committee of the Board to supervise the hedging activity of
the Group and the compliance with the policies approved by the Board.
Risk analysisMarket risks
Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the
Audit and Risk Committee. During the COVID-19 crisis, key players in the airline industry, including
Wizz Air, were severely impacted with significant financial hedge losses. As a result, during that time
and as agreed with its Board of Directors, Wizz Air moved to a no hedge policy to avoid hedge losses
in the future.
In Europe, however, key competitors continued to hedge, albeit at lower coverage levels versus pre-
pandemic.
During the final quarter of F22, the Board approved a temporary exception to the Group's \"no hedge\"
policy due to the high and volatile commodity environment. As part of this exception, a portion of the
fuel cost exposure for the five-month period ending in August 2022 was capped using zero-cost
collars. This decision was made to manage the risks associated with the volatile commodity market
during this period.
In F23, given the sustained and ongoing volatility in commodity prices Wizz Air has decided to
reinstate the jet fuel hedging and align the policy with its peers from F24 onwards. The hedges under
the hedge policy will be rolled forward quarterly, 18 months out, with coverage levels over time
reaching indicatively between 65 per cent for the first quarter of the hedging horizon and 15 per cent
for the last quarter of the hedging horizon. In line with the hedging policy, Wizz Air also intends to
hedge its fuel consumption related US Dollar exposure in a similar fashion.
Foreign currency risk
The Group is exposed to foreign currency risk on sales, purchases and commitments that are
denominated in a currency other than the functional currency of its operating entities. The foreign
currency exposure of the Group is predominantly attributable to: (i) only a small portion of the
Group\u2019s revenues are denominated in or linked to the USD while a significant portion of the Group\u2019s
expenses are USD denominated, including fuel and aircraft leases; and (ii) there are various
currencies in which the Group has significantly more revenues than expenses, primarily the British
Pound (GBP) and \u2013 to a smaller extent \u2013 the Polish Zloty (PLN) and the Romanian Leu (RON).
EUR/USD foreign currency rate is the most significant underlying foreign currency exposure to the
Group.
The table below analyses the financial instruments by the currencies of future receipts and payments
as follows:
| | | | |
| | | | |
| | | | |
| | | | |
Trade and other receivables | | | | |
Derivative financial assets | | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
IFRS 16 aircraft and engine lease liability | | | | |
IFRS 16 other lease liability | | | | |
JOLCO and FTL lease liability | | | | |
Loans from non-controlling interests | | | | |
| | | | |
| | | | |
Derivative financial liabilities | | | | |
| | | | |
Total financial liabilities | | | | |
| | | | |
No such hedges as at 31 March 2022.
For the movements in other comprehensive income refer to the consolidated statement of changes in
equity.
The open foreign currency cash flow hedge positions at year end can be analysed according to the
maturity periods and price ranges of the underlying hedge instruments as follows:
EUR/USD foreign exchange hedge:
| | |
| | |
| | |
Maturity profile of notional amount (million) | | |
| | |
| | |
No such hedges as at 31 March 2022.
b.Foreign exchange hedge with non-derivatives:
Non-derivatives, such as cash, are existing financial assets or liabilities that hedge highly probable
foreign currency cash flows in the future and therefore act as a natural hedge.
Fuel hedge:
| | | | | | |
| | Derivative financial instruments | |
| | Non-current assets \u20ac million | Current assets \u20ac million | Non-current liabilities \u20ac million | Current liabilities \u20ac million | Net liability \u20ac million |
Effective cash flow hedge positions | | | | | | |
Discontinued cash flow hedge positions | | | | | | |
| | | | | | |
| | | | | | |
| | Derivative financial instruments | |
| \u2018000 \u00a0 metric tonnes | Non- current assets \u20ac million | Current assets \u20ac million | Non-current liabilities \u20ac million | Current liabilities \u20ac million | Net liability \u20ac million |
Effective cash flow hedge positions | | | | | | |
Discontinued cash flow hedge positions | | | | | | |
| | | | | | |
For the movements in other comprehensive income refer to the consolidated statement of changes in
equity.
The fuel hedge positions at year end can be analysed according to the maturity periods and price
ranges of the underlying hedge instruments as follows:
| | |
| | |
| | |
Maturity profile (\u2018000 metric tonnes) | | |
| | |
| | |
| | |
| | |
| | |
Maturity profile (\u2018000 metric tonnes) | | |
| | |
| | |
Hedge effectiveness
Hedge effectiveness testing is performed at each reporting date. Ineffectiveness may arise in case of
changing in the timing of forecast transactions, or material changes in credit risk of the hedge
counterparties.
Due to COVID-19 the fuel consumption in F21 and early F22 was significantly lower than that on which
the Group hedging programme was originally based, resulting in fuel and foreign currency hedge
instruments being discontinued for hedge accounting. As a consequence, hedge accounting for certain
derivatives has been discontinued and the associated net loss or gain on these instruments (2023:
\u20acnil; 2022: \u20ac4.2 million net gain) has been recognised in the income statement.
None of the hedge counterparties had a material change in their credit status that would have
influenced the effectiveness of the hedging transactions.
Sensitivity analysis
The table below shows the sensitivity of the Group\u2019s profits to various market risks for the current and
the prior year, excluding any hedge impacts.
| | |
| | |
| Difference in profit after tax \u20ac million | Difference in profit after tax \u20ac million |
| | |
Fuel price $100 higher per metric tonne Fuel price $100 lower per metric tonne | | |
FX rate sensitivity (USD/EUR) | | |
FX rate 0.05 higher (meaning EUR stronger) FX rate 0.05 lower | | |
FX rate sensitivity (GBP/EUR) | | |
FX rate 0.03 higher (meaning EUR stronger) FX rate 0.03 lower | | |
Interest rate sensitivity (EUR) | | |
Interest rate is higher by 100 bps Interest rate is lower by 100 bps | | |
The group is primarily exposed to changes in EUR/USD foreign exchange rate. The sensitivity of profit
or loss to changes in the exchange rates arises mainly from USD lease liabilities and JET fuel related
USD exposure.
The interest rate sensitivity calculation above considers the effects of varying interest rates on the
interest income on bank deposits and floating rate leases.
The table below shows the sensitivity of the Group\u2019s other comprehensive income to various market
risks for the current and the prior year. These sensitivities relate to the impact of the market risks on
the balance of the cash flow hedging reserve (which includes gains and losses related to open cash
flow hedges both for foreign exchange rates and jet fuel price).
| | |
| | |
| Difference \u20ac million | |
| | |
Fuel price $100 higher per metric tonne Fuel price $100 lower per metric tonne | | |
FX rate sensitivity (USD/EUR) | | |
FX rate 0.05 higher (meaning EUR stronger) FX rate 0.05 lower | | |
Fuel volume sensitivity (metric tonnes) | | |
100,000 metric tonnes reduction in forecast fuel purchases 100,000 metric tonnes increase in forecast fuel purchases | | |
The Group has obligations under financial guarantee contracts as detailed in Note 31. The most
significant financial guarantee contracts relate to aircraft leases, hedging, EMTN notes, PDP financing
and convertible notes. For these items the respective underlying liabilities are reflected under the
appropriate line of the financial liabilities part of the table above (for leases the liability is presented
under borrowings). Since the liability itself is already reflected in the table, it would not be appropriate
to also include the financial guarantee provided by another Group entity for the same obligation.
Management does not expect that any payment under these guarantee contracts will be required by
the Company.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s exposure to credit risk from individual
customers is limited as the large majority of the payments for flight tickets are collected before the
service is provided.
However, the Group has significant banking, hedging, aircraft manufacturer and card acquiring
relationships that represent counterparty credit risk. The Group analysed the creditworthiness of the
relevant business partners in order to assess the likelihood of non-performance of liabilities and
therefore assets due to the Group. The credit quality of the Group\u2019s financial assets is assessed by
reference to external credit ratings (published by Standard & Poor\u2019s or similar institutions) of the
counterparties as follows:
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Cash and cash equivalents | | | | | |
| | | | | |
Trade and other receivables | | | | | |
Derivative financial assets | | | | | |
| | | | | |
policy due to the high and volatile commodity environment. As part of this exception, a portion of the
fuel cost exposure for the five-month period ending in August 2022 was capped using zero-cost
collars. This decision was made to manage the risks associated with the volatile commodity market
during this period.
In F23, given the sustained and ongoing volatility in commodity prices Wizz Air has decided to
reinstate the jet fuel hedging and align the policy with its peers from F24 onwards. The hedges under
the hedge policy will be rolled forward quarterly, 18 months out, with coverage levels over time
reaching indicatively between 65 per cent for the first quarter of the hedging horizon and 15 per cent
for the last quarter of the hedging horizon. In line with the hedging policy, Wizz Air also intends to
hedge its fuel consumption related US Dollar exposure in a similar fashion.
Foreign currency risk
The Group is exposed to foreign currency risk on sales, purchases and commitments that are
denominated in a currency other than the functional currency of its operating entities. The foreign
currency exposure of the Group is predominantly attributable to: (i) only a small portion of the
Group\u2019s revenues are denominated in or linked to the USD while a significant portion of the Group\u2019s
expenses are USD denominated, including fuel and aircraft leases; and (ii) there are various
currencies in which the Group has significantly more revenues than expenses, primarily the British
Pound (GBP) and \u2013 to a smaller extent \u2013 the Polish Zloty (PLN) and the Romanian Leu (RON).
EUR/USD foreign currency rate is the most significant underlying foreign currency exposure to the
Group.
The table below analyses the financial instruments by the currencies of future receipts and payments
as follows:
| | | | |
| | | | |
| | | | |
| | | | |
Trade and other receivables | | | | |
Derivative financial assets | | | | |
Cash and cash equivalents | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
IFRS 16 aircraft and engine lease liability | | | | |
IFRS 16 other lease liability | | | | |
JOLCO and FTL lease liability | | | | |
Loans from non-controlling interests | | | | |
| | | | |
| | | | |
Derivative financial liabilities | | | | |
| | | | |
Total financial liabilities | | | | |
| | | | |
No such hedges as at 31 March 2022.
For the movements in other comprehensive income refer to the consolidated statement of changes in
equity.
The open foreign currency cash flow hedge positions at year end can be analysed according to the
maturity periods and price ranges of the underlying hedge instruments as follows:
EUR/USD foreign exchange hedge:
| | |
| | |
| | |
Maturity profile of notional amount (million) | | |
| | |
| | |
No such hedges as at 31 March 2022.
b.Foreign exchange hedge with non-derivatives:
Non-derivatives, such as cash, are existing financial assets or liabilities that hedge highly probable
foreign currency cash flows in the future and therefore act as a natural hedge.
Fuel hedge:
| | | | | | |
| | Derivative financial instruments | |
| | Non-current assets \u20ac million | Current assets \u20ac million | Non-current liabilities \u20ac million | Current liabilities \u20ac million | Net liability \u20ac million |
Effective cash flow hedge positions | | | | | | |
Discontinued cash flow hedge positions | | | | | | |
| | | | | | |
| | | | | | |
| | Derivative financial instruments | |
| \u2018000 \u00a0 metric tonnes | Non- current assets \u20ac million | Current assets \u20ac million | Non-current liabilities \u20ac million | Current liabilities \u20ac million | Net liability \u20ac million |
Effective cash flow hedge positions | | | | | | |
Discontinued cash flow hedge positions | | | | | | |
| | | | | | |
For the movements in other comprehensive income refer to the consolidated statement of changes in
equity.
The fuel hedge positions at year end can be analysed according to the maturity periods and price
ranges of the underlying hedge instruments as follows:
| | |
| | |
| | |
Maturity profile (\u2018000 metric tonnes) | | |
| | |
| | |
| | |
| | |
| | |
Maturity profile (\u2018000 metric tonnes) | | |
| | |
| | |
Hedge effectiveness
Hedge effectiveness testing is performed at each reporting date. Ineffectiveness may arise in case of
changing in the timing of forecast transactions, or material changes in credit risk of the hedge
counterparties.
Due to COVID-19 the fuel consumption in F21 and early F22 was significantly lower than that on which
the Group hedging programme was originally based, resulting in fuel and foreign currency hedge
instruments being discontinued for hedge accounting. As a consequence, hedge accounting for certain
derivatives has been discontinued and the associated net loss or gain on these instruments (2023:
\u20acnil; 2022: \u20ac4.2 million net gain) has been recognised in the income statement.
None of the hedge counterparties had a material change in their credit status that would have
influenced the effectiveness of the hedging transactions.
Sensitivity analysis
The table below shows the sensitivity of the Group\u2019s profits to various market risks for the current and
the prior year, excluding any hedge impacts.
| | |
| | |
| Difference in profit after tax \u20ac million | Difference in profit after tax \u20ac million |
| | |
Fuel price $100 higher per metric tonne Fuel price $100 lower per metric tonne | | |
FX rate sensitivity (USD/EUR) | | |
FX rate 0.05 higher (meaning EUR stronger) FX rate 0.05 lower | | |
FX rate sensitivity (GBP/EUR) | | |
FX rate 0.03 higher (meaning EUR stronger) FX rate 0.03 lower | | |
Interest rate sensitivity (EUR) | | |
Interest rate is higher by 100 bps Interest rate is lower by 100 bps | | |
The group is primarily exposed to changes in EUR/USD foreign exchange rate. The sensitivity of profit
or loss to changes in the exchange rates arises mainly from USD lease liabilities and JET fuel related
USD exposure.
The interest rate sensitivity calculation above considers the effects of varying interest rates on the
interest income on bank deposits and floating rate leases.
The table below shows the sensitivity of the Group\u2019s other comprehensive income to various market
risks for the current and the prior year. These sensitivities relate to the impact of the market risks on
the balance of the cash flow hedging reserve (which includes gains and losses related to open cash
flow hedges both for foreign exchange rates and jet fuel price).
| | |
| | |
| Difference \u20ac million | |
| | |
Fuel price $100 higher per metric tonne Fuel price $100 lower per metric tonne | | |
FX rate sensitivity (USD/EUR) | | |
FX rate 0.05 higher (meaning EUR stronger) FX rate 0.05 lower | | |
Fuel volume sensitivity (metric tonnes) | | |
100,000 metric tonnes reduction in forecast fuel purchases 100,000 metric tonnes increase in forecast fuel purchases | | |
The Group has obligations under financial guarantee contracts as detailed in Note 31. The most
significant financial guarantee contracts relate to aircraft leases, hedging, EMTN notes, PDP financing
and convertible notes. For these items the respective underlying liabilities are reflected under the
appropriate line of the financial liabilities part of the table above (for leases the liability is presented
under borrowings). Since the liability itself is already reflected in the table, it would not be appropriate
to also include the financial guarantee provided by another Group entity for the same obligation.
Management does not expect that any payment under these guarantee contracts will be required by
the Company.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8yNzg0L2ZyYWc6NjM2NjFmNmJmOWNmNGNlMGFkYzVlYzE0ZTk2Mjk2ZWEvdGV4dHJlZ2lvbjo2MzY2MWY2YmY5Y2Y0Y2UwYWRjNWVjMTRlOTYyOTZlYV85MzQ1ODQ4OTgwNTY4_652ec421-5dc6-41c5-ba9f-105e17c30460": {
"value": "Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s exposure to credit risk from individual
customers is limited as the large majority of the payments for flight tickets are collected before the
service is provided.
However, the Group has significant banking, hedging, aircraft manufacturer and card acquiring
relationships that represent counterparty credit risk. The Group analysed the creditworthiness of the
relevant business partners in order to assess the likelihood of non-performance of liabilities and
therefore assets due to the Group. The credit quality of the Group\u2019s financial assets is assessed by
reference to external credit ratings (published by Standard & Poor\u2019s or similar institutions) of the
counterparties as follows:
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Cash and cash equivalents | | | | | |
| | | | | |
Trade and other receivables | | | | | |
Derivative financial assets | | | | | |
| | | | | |
expenditure on leased aircraft and at the same time it best reflects the fact that an aircraft has lower
maintenance requirements in the early years of its operation. The average age of the Group\u2019s aircraft
fleet at 31 March 2023 was 4.6 years (5.0 years at 31 March 2022). Given the policy adopted we
currently do not consider that the impact of climate change has a material impact on maintenance
provision.
b) Hedge and derivative accounting
Estimate: The asset and liability balances at year end related to open hedge instruments can be
material. The fair value of derivatives is estimated by the contracting financial institutions as per their
industry practice. As required, the fair values ascribed to those instruments are verified also by
management using high-level models. These estimations are performed based on market prices
observed at year end and therefore, according to paragraph 128 of IAS 1, do not require further
disclosure. Such fair values might change materially within the next financial year but these changes
would not arise from assumptions made by management or other sources of estimation uncertainty at
the end of the year but from the movement of market prices. The fair value calculation is most
sensitive to movements in the jet fuel and foreign currency spot prices, their implied volatility and
respective yields. A sensitivity analysis for the jet fuel price and for the FX rate on most relevant
currency pairs is included in Note 3.
Due to the reinstated hedging policy, the open hedge instrument balances of the Group increased
significantly during the period. The net carrying amount of cash flow hedges was \u20ac(107.2) million
liability at 31 March 2023 (31 March 2022: \u20ac(3.9) million liability). There was no discontinued hedging
relationship during the financial year.
Estimate and judgment: The effectiveness of hedges is tested both prospectively and retrospectively
to determine the appropriate accounting treatment of hedge gains and losses. Prospective testing of
open hedges requires making certain estimates, the most significant one being for the future expected
level of the business activity (primarily the utilisation of fleet capacity) of the Group, that is supported
by the models used to prepare going concern assessments.
Building on these estimations of the future, management makes judgment on the accounting
treatment of open hedge instruments. Hedge accounting for jet fuel and foreign currency cash flow
hedges was discontinued where the \u201chighly probable\u201d forecast criterion was not met in accordance
with the requirements of IFRS 9.
None of the hedge counterparties had a material change in their credit status that would have
influenced the effectiveness of the hedging transactions.
c) Net presentation of government taxes and other similar levies
The Group\u2019s accounting policy stipulates that where charges levied by airports or government
authorities on a per passenger basis represent a government tax in fact or in substance, then such
amounts are presented on a net basis in the statement of comprehensive income (netted against
revenue).
Judgment: Management reviews all passenger-based charges levied by airports and government
authorities to ensure that any amounts recovered from passengers in respect of these charges are
appropriately classified within the statement of comprehensive income. Given the variability of these
charges and the number of airports and jurisdictions within which the Group operates, the assessment
of whether these items constitute taxes in nature is an inherently complex area for some airports,
requiring a level of judgment.
d) Accounting for aircraft and spare engine assets
Judgment: When the Group acquires new aircraft and spare engines, it applies the following critical
judgments in determining the acquisition cost of these assets:
\u25b6engine contracts typically include the selection of an engine type to be installed on future new
aircraft, a commitment to purchase a certain number of spare engines, and lump-sum (i.e. not
per engine) concessions from the manufacturer. Management recalculates the unit cost of
engines by allocating lump-sum credits over all engines ordered and by adjusting costs
between installed and spare engines in a way that ensures that identical physical assets have
an equal acquisition cost; and
\u25b6aircraft acquisition costs are recalculated to reflect the impacts of: (i) any adjustment on the
cost of installed engines (as above); and (ii) concessions received from the manufacturers of
other aircraft components under selection agreements. Such acquisition cost has relevance
also for leased aircraft when calculating the amount of total gain or loss on the respective sale
and leaseback agreement.
e) Accounting for leases
Judgment: Some of the Group\u2019s lease contracts contain options to extend the lease term for a period
of one to two years. The extension option is taken into account in the measurement of the lease
liability only when the Group is reasonably certain that it would later exercise the option. Such
judgment is made lease by lease, and is relevant both at inception, for the initial measurement of the
lease liability, and also for a subsequent remeasurement of the lease liability if the initial judgment is
revised at a later date.
Judgment: The Group takes the view that, as a lessee, it is not able to readily determine the interest
rate implicit in its lease contracts. Therefore, it applies its incremental borrowing rate for discounting
future lease payments.
The estimations made by management in accounting for leases do not materially impact the asset and
liability balances of the Group. The majority of aircraft and spare engine assets are leased and as such
their period of depreciation is the shorter of their useful economic lives and lease duration. As these
assets are new at the inception of the lease and typically have a useful economic life of at least twice
the duration of the lease no further estimation has been required.
f) Revenue from contracts with other partners
As explained in Note 6, revenue from contracts with other partners relates to commissions on the sale
of on-board catering, accommodation, car rental, travel insurance, bus transfers, premium calls and
co-branded cards.
Judgment: The Group considers that it is an agent (as opposed to principal) in relation to all its
contracts with other partners. Accordingly, Wizz Air recognises revenue from these contracts on a net
(commission) basis.
Out of these contracts, the one for the provision of on-board catering services is the most significant
in value and it is also the most complex from the perspective of making the \u201cagent versus principal\u201d
assessment/judgment. The Company\u2019s judgment was based on the facts that it is the partner that: (i)
enters into contracts with the passengers/customers and bears the liability towards them for
delivering the products and services; (ii) defines the majority of the product portfolio, manages the
inventory, is responsible for product availability/outage, has title to the inventory and bears the risk of
loss; and (iii) has discretion in establishing prices. The difference on this contract between gross sales
and net commission revenue (as recognised in the statement of comprehensive income) was \u20ac49.2
million (2022: \u20ac45.7 million).
) Aircraft in Ukraine
Judgement: Successful efforts have been made to repatriate one aircraft, which has already been
reintegrated into the fleet without major repairs in F23. Based on checks and maintenance work
performed on the remaining three aircraft on ground, management believes that those are in good
condition and have not been damaged. Engineers can access the aircraft to perform storage
procedures and maintenance. Management will continue to closely monitor the situation and take
necessary actions to expedite the return of these aircraft to the fleet. It is assumed that this will
happen by the end of the summer season.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF82OTgxL2ZyYWc6ZTA4NDFjMmZkNzJjNGIxZDk5MTM4NzhhODNiNzg3ZjEvdGV4dHJlZ2lvbjplMDg0MWMyZmQ3MmM0YjFkOTkxMzg3OGE4M2I3ODdmMV85MzQ1ODQ4ODQ4MjE4_b690d493-0ca9-4dea-ad96-2418d1a4640c": {
"value": "
b) Hedge and derivative accounting
Estimate: The asset and liability balances at year end related to open hedge instruments can be
material. The fair value of derivatives is estimated by the contracting financial institutions as per their
industry practice. As required, the fair values ascribed to those instruments are verified also by
management using high-level models. These estimations are performed based on market prices
observed at year end and therefore, according to paragraph 128 of IAS 1, do not require further
disclosure. Such fair values might change materially within the next financial year but these changes
would not arise from assumptions made by management or other sources of estimation uncertainty at
the end of the year but from the movement of market prices. The fair value calculation is most
sensitive to movements in the jet fuel and foreign currency spot prices, their implied volatility and
respective yields. A sensitivity analysis for the jet fuel price and for the FX rate on most relevant
currency pairs is included in Note 3.
Due to the reinstated hedging policy, the open hedge instrument balances of the Group increased
significantly during the period. The net carrying amount of cash flow hedges was \u20ac(107.2) million
liability at 31 March 2023 (31 March 2022: \u20ac(3.9) million liability). There was no discontinued hedging
relationship during the financial year.
Estimate and judgment: The effectiveness of hedges is tested both prospectively and retrospectively
to determine the appropriate accounting treatment of hedge gains and losses. Prospective testing of
open hedges requires making certain estimates, the most significant one being for the future expected
level of the business activity (primarily the utilisation of fleet capacity) of the Group, that is supported
by the models used to prepare going concern assessments.
Building on these estimations of the future, management makes judgment on the accounting
treatment of open hedge instruments. Hedge accounting for jet fuel and foreign currency cash flow
hedges was discontinued where the \u201chighly probable\u201d forecast criterion was not met in accordance
with the requirements of IFRS 9.
None of the hedge counterparties had a material change in their credit status that would have
influenced the effectiveness of the hedging transactions.
21. Derivative financial instruments
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total derivative financial assets | | |
| | |
| | |
| | |
| | |
| | |
| | |
Total derivative financial liabilities | | |
Derivative financial instruments represent cash flow hedges (see Note 3). The full value of a hedging
derivative is classified as a current asset or liability if the remaining maturity of the hedged item is
less than a year.
The changes in the net position of assets and liabilities in respect of open cash flow hedges are
detailed in the consolidated statement of changes in equity.
The mark-to-market gains (derivative financial assets) were generated on gains on call options bought
(as part of zero-cost collar instruments) that were in the money at year end.
The mark-to-market losses (derivative financial liabilities) were generated on losses on put options
sold (as part of zero-cost collar instruments) that were out of the money at year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMTgzL2ZyYWc6ZTZhYjI0YTk0MGE3NDY1ODliZDkwNGQ4ZDZiNDRkMTAvdGV4dHJlZ2lvbjplNmFiMjRhOTQwYTc0NjU4OWJkOTA0ZDhkNmI0NGQxMF85MzQ1ODQ4OTM2MTc2_b14cf21c-f502-4f5c-9b1f-ddf6681e4e1c": {
"value": "
d) Accounting for aircraft and spare engine assets
Judgment: When the Group acquires new aircraft and spare engines, it applies the following critical
judgments in determining the acquisition cost of these assets:
\u25b6engine contracts typically include the selection of an engine type to be installed on future new
aircraft, a commitment to purchase a certain number of spare engines, and lump-sum (i.e. not
per engine) concessions from the manufacturer. Management recalculates the unit cost of
engines by allocating lump-sum credits over all engines ordered and by adjusting costs
between installed and spare engines in a way that ensures that identical physical assets have
an equal acquisition cost; and
\u25b6aircraft acquisition costs are recalculated to reflect the impacts of: (i) any adjustment on the
cost of installed engines (as above); and (ii) concessions received from the manufacturers of
other aircraft components under selection agreements. Such acquisition cost has relevance
also for leased aircraft when calculating the amount of total gain or loss on the respective sale
and leaseback agreement.
) Aircraft in Ukraine
Judgement: Successful efforts have been made to repatriate one aircraft, which has already been
reintegrated into the fleet without major repairs in F23. Based on checks and maintenance work
performed on the remaining three aircraft on ground, management believes that those are in good
condition and have not been damaged. Engineers can access the aircraft to perform storage
procedures and maintenance. Management will continue to closely monitor the situation and take
necessary actions to expedite the return of these aircraft to the fleet. It is assumed that this will
happen by the end of the summer season.
14. Property, plant and equipment
| | | | | | | | | |
| Land and buildings \u20ac million | Aircraft maintena nce assets \u20ac million | Aircraft assets and parts \u20ac million | Fixtures and fittings \u20ac million | Advances paid for aircraft* \u20ac million | Advances paid for aircraft maintenan ce assets \u20ac million | RoU assets aircraft and spares \u20ac million | RoU assets other \u20ac million | |
| | | | | | | | | |
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| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
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| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
The Group entered into various financing arrangements in order to finance aircraft including Sale and
Leaseback, Japanese Operating Lease with Call Option (JOLCO) and French Tax Lease (FTL)
structures. Certain of these arrangements include Special Purpose Vehicles (SPV) in the financing
structure and in accordance with IFRS 10, where the Group has control of these entities, these are
consolidated in the Group balance sheet. Aircraft assets and parts leased under JOLCO as part of sale
and leaseback arrangements are not classified as leases under IFRS 16 and treated as aircraft assets
and parts (as if there were no sale at all) (Note 2).
Other right-of-use (RoU) assets include leased buildings and simulator equipment. Please refer to Note
23 for details on lease liabilities.
Additions to aircraft maintenance assets (\u20ac106.4 million in F23 and \u20ac36.1 million in F22) were fixed
assets created primarily against provision, as the Group\u2019s aircraft or their main components no longer
met the relevant return conditions under lease contracts.
Additions to \u201cadvances paid to aircraft maintenance assets\u201d reflect primarily the advance payments
made by the Group to\u00a0the engine maintenance service provider under power by the hour agreements.
Additions to \u201cadvances paid for aircraft\u201d represent PDPs made in the year, while disposals in the same
category represent PDP refunds received from the manufacturer where the respective aircraft or spare
engine was leased (i.e. not purchased) by the Group. During F23 in the statement of cash flows the
cash inflow was \u20ac463.4 million \u201crefund of advances paid for aircraft\u201d and the cash outflow was
\u20ac(475.5) million \u201cadvances paid for aircraft\u201d. In F23, the Group entered into a PDP financing loan
agreement denominated in US dollars ($), according to which PDPs in the amount of $334.4 million
were pledged as collateral (see Note 23).
The Group has reviewed the expected useful economic lives attributed to its leased aircraft fleet and
notes that the duration of its leases is significantly less than the current expected life of the aircraft.
No change as a result of climate change has been made.
Impairment assessment
An impairment assessment was performed for the Group\u2019s aircraft fleet which comprises a single cash
generating unit (CGU) that includes virtually all property, plant, equipment, and also the intangible
assets of the Group. The recoverable amount of that CGU was estimated by value in use calculations
based on cash flow projections in the plan approved by the Board for the following three financial
years up to and including March 2026.
Management\u2019s assessment of future trends includes trading and other assumptions - such as fleet
size, passenger numbers, load factors, commodity prices, foreign exchange rates - based on external
and internal inputs, as well as climate change risks and opportunities outlined in the TCFD disclosure.
Key assumptions for the jet fuel price and USD exchange rate were the following:
| | | |
| | | |
Jet fuel price (USD per metric tonne) | | | |
| | | |
Cash flow projections of the approved plan were extrapolated beyond March 2026 for a period of 12
years in total to cover all lease terms in the existing aircraft fleet. A pre-tax discount rate of 10.1%
(2022: 9.7%) was derived from the weighted average cost of capital of the Group. The risk of
significant adverse changes in cash flows were taken into account by calculating and weighting
management\u2019s base case approved plan with a downside scenario that is consistent with that used in
the Group\u2019s going concern assessment. Sensitivity analysis was performed by management to assess
the impact of changes\u00a0in its trading assumptions and the key assumptions detailed above.
Management did not identify any reasonable possible changes in assumptions that would cause an
impairment.
Aircraft in Ukraine
The above impairment assessment includes the three aircraft on the ground in Ukraine, with a total
net book value of \u20ac14.7 million. Based on photographic evidence and local employee information these
aircraft are in good condition and have not been damaged in the war. Whilst not a separate CGU cash
flow projections were estimated for these aircraft based on the average cash contribution generated
per aircraft in the Group\u2019s fleet adjusted for a downward scenario according to the plans and
calculations described above, and the cost of planned maintenance of the particular aircraft.
Management remains cautiously optimistic about the near term resolution of the war and the return of
grounded assets to Wizz Air\u2019s fleet. Its working assumption is that these aircraft will be returned to
the fleet by the end of the summer season and, if needed, the assets economic useful life can be
extended through buy-out or lease amendment to maximise their value in use. However, delays to the
date until the aircraft remain on the ground or inability to extend the period during which the assets
can generate cash flows can cause material changes to their estimated recoverable amount. If the
aircraft do not return into service for a prolonged period of time, then additional consideration will be
needed in the upcoming reporting cycles.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMjgxL2ZyYWc6ZjUzODE4NDY5NDU3NDZiOTgzMDI0ZjBjZTY2YTY1ZWIvdGV4dHJlZ2lvbjpmNTM4MTg0Njk0NTc0NmI5ODMwMjRmMGNlNjZhNjVlYl85MzQ1ODQ4OTMzODIz_c0b0744f-2c29-45fa-bd37-53e81ea9788a": {
"value": "
e) Accounting for leases
Judgment: Some of the Group\u2019s lease contracts contain options to extend the lease term for a period
of one to two years. The extension option is taken into account in the measurement of the lease
liability only when the Group is reasonably certain that it would later exercise the option. Such
judgment is made lease by lease, and is relevant both at inception, for the initial measurement of the
lease liability, and also for a subsequent remeasurement of the lease liability if the initial judgment is
revised at a later date.
Judgment: The Group takes the view that, as a lessee, it is not able to readily determine the interest
rate implicit in its lease contracts. Therefore, it applies its incremental borrowing rate for discounting
future lease payments.
The estimations made by management in accounting for leases do not materially impact the asset and
liability balances of the Group. The majority of aircraft and spare engine assets are leased and as such
their period of depreciation is the shorter of their useful economic lives and lease duration. As these
assets are new at the inception of the lease and typically have a useful economic life of at least twice
the duration of the lease no further estimation has been required.
14. Property, plant and equipment
| | | | | | | | | |
| Land and buildings \u20ac million | Aircraft maintena nce assets \u20ac million | Aircraft assets and parts \u20ac million | Fixtures and fittings \u20ac million | Advances paid for aircraft* \u20ac million | Advances paid for aircraft maintenan ce assets \u20ac million | RoU assets aircraft and spares \u20ac million | RoU assets other \u20ac million | |
| | | | | | | | | |
| | | | | | | | | |
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| | | | | | | | | |
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| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Depreciation charge for the year | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
The Group entered into various financing arrangements in order to finance aircraft including Sale and
Leaseback, Japanese Operating Lease with Call Option (JOLCO) and French Tax Lease (FTL)
structures. Certain of these arrangements include Special Purpose Vehicles (SPV) in the financing
structure and in accordance with IFRS 10, where the Group has control of these entities, these are
consolidated in the Group balance sheet. Aircraft assets and parts leased under JOLCO as part of sale
and leaseback arrangements are not classified as leases under IFRS 16 and treated as aircraft assets
and parts (as if there were no sale at all) (Note 2).
Other right-of-use (RoU) assets include leased buildings and simulator equipment. Please refer to Note
23 for details on lease liabilities.
Additions to aircraft maintenance assets (\u20ac106.4 million in F23 and \u20ac36.1 million in F22) were fixed
assets created primarily against provision, as the Group\u2019s aircraft or their main components no longer
met the relevant return conditions under lease contracts.
Additions to \u201cadvances paid to aircraft maintenance assets\u201d reflect primarily the advance payments
made by the Group to\u00a0the engine maintenance service provider under power by the hour agreements.
Additions to \u201cadvances paid for aircraft\u201d represent PDPs made in the year, while disposals in the same
category represent PDP refunds received from the manufacturer where the respective aircraft or spare
engine was leased (i.e. not purchased) by the Group. During F23 in the statement of cash flows the
cash inflow was \u20ac463.4 million \u201crefund of advances paid for aircraft\u201d and the cash outflow was
\u20ac(475.5) million \u201cadvances paid for aircraft\u201d. In F23, the Group entered into a PDP financing loan
agreement denominated in US dollars ($), according to which PDPs in the amount of $334.4 million
were pledged as collateral (see Note 23).
The Group has reviewed the expected useful economic lives attributed to its leased aircraft fleet and
notes that the duration of its leases is significantly less than the current expected life of the aircraft.
No change as a result of climate change has been made.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMzE5L2ZyYWc6NTQzYjE3OWQyZmMyNDhlZmFiNWMzODQ1MWZmM2ZjNTAvdGV4dHJlZ2lvbjo1NDNiMTc5ZDJmYzI0OGVmYWI1YzM4NDUxZmYzZmM1MF85MzQ1ODQ4OTMxNTk5_52d984ae-d8ea-4011-ab25-155a628f3843": {
"value": "
f) Revenue from contracts with other partners
As explained in Note 6, revenue from contracts with other partners relates to commissions on the sale
of on-board catering, accommodation, car rental, travel insurance, bus transfers, premium calls and
co-branded cards.
Judgment: The Group considers that it is an agent (as opposed to principal) in relation to all its
contracts with other partners. Accordingly, Wizz Air recognises revenue from these contracts on a net
(commission) basis.
Out of these contracts, the one for the provision of on-board catering services is the most significant
in value and it is also the most complex from the perspective of making the \u201cagent versus principal\u201d
assessment/judgment. The Company\u2019s judgment was based on the facts that it is the partner that: (i)
enters into contracts with the passengers/customers and bears the liability towards them for
delivering the products and services; (ii) defines the majority of the product portfolio, manages the
inventory, is responsible for product availability/outage, has title to the inventory and bears the risk of
loss; and (iii) has discretion in establishing prices. The difference on this contract between gross sales
and net commission revenue (as recognised in the statement of comprehensive income) was \u20ac49.2
million (2022: \u20ac45.7 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMzU3L2ZyYWc6MjY4NGVkYjk5MzExNDZmOWJkMTJkZDQ1NTQxOGU3ZjIvdGV4dHJlZ2lvbjoyNjg0ZWRiOTkzMTE0NmY5YmQxMmRkNDU1NDE4ZTdmMl8yMTk5MDIzMzQ2NDcz_07e42679-8dc2-4977-8491-e3fdbb96a34a": {
"value": "5. Segment information
Reportable segment information
The Chief Operating Decision Maker of the Group, as defined in IFRS 8, \u2018Operating Segments\u2019, is the
senior management team of the Group.
During F23 the Group had only one reportable segment being its entire route network. All segment
revenue was derived wholly from external customers and, as the Group had a single reportable
segment, inter-segment revenue was\u00a0zero.
Reconciliation of reportable segment revenue and operating profit to consolidated profit after income
tax:
| | |
| | |
| | |
| | |
Segment operating expenses | | |
| | |
| | |
Income tax credit/(expense) | | |
| | |
These categories are non-IFRS categories meaning that they are not necessarily distinct from a
nature, timing and risks point of view; however, management believes that these categories provide
clarity over the revenue profile of the Group to the readers of the financial statements and are in line
with airline industry practice. The categories as per the definition of IFRS 15 are disclosed in Note 6.
Ancillary revenue arises mainly from baggage charges, booking/payment currency conversion charges,
airport check-in fees, fees for various convenience services (e.g. priority boarding, extended legroom
and reserved seats), loyalty programme membership fees, commission on the sale of on-board
catering, accommodation, car rental, travel insurance, bus transfers, premium calls, co-branded cards
and repatriation.
Geographic areas
Segment revenue can be analysed by geographic area as follows:
| | |
| | |
| | |
| | |
| | |
| | |
Total revenue from external customers | | |
In the table above, other (non-EU) comprises a number of non-EU geographic areas that are all
individually less than 10 per cent of the total revenue.
Revenue was allocated to geographic areas based on the location of the first departure airport on each
ticket\u00a0booking.
The Company\u2019s revenue from external customers within the EU is mainly generated by Italy of \u20ac526.7
million (2022: \u20ac212.1 million), Romania of \u20ac438.7 million (2022: \u20ac207.4 million) and Poland of
\u20ac314.0 million (2022: \u20ac122.2 million).
he physical location of non-current assets is not tracked by the Group and is therefore not disclosed
by geographic area. This is because: (i) by value most assets are associated either with aircraft not
yet received (pre-delivery payments) or with existing leased aircraft and spare engines (RoU and
maintenance assets), the location of which changes regularly following aircraft capacity allocation
decisions; and (ii) the value of the remaining asset categories (land and buildings, fixtures and
fittings) is not material within the total non-current assets.
The distribution of the non-current assets between the key operating entities of the Group is as
follows:
| | |
| | |
| | |
| | |
| | |
Wizz Air Fleet Management* | | |
| | |
| | |
| | |
| | |
These categories are non-IFRS categories meaning that they are not necessarily distinct from a
nature, timing and risks point of view; however, management believes that these categories provide
clarity over the revenue profile of the Group to the readers of the financial statements and are in line
with airline industry practice. The categories as per the definition of IFRS 15 are disclosed in Note 6.
Ancillary revenue arises mainly from baggage charges, booking/payment currency conversion charges,
airport check-in fees, fees for various convenience services (e.g. priority boarding, extended legroom
and reserved seats), loyalty programme membership fees, commission on the sale of on-board
catering, accommodation, car rental, travel insurance, bus transfers, premium calls, co-branded cards
and repatriation.
Geographic areas
Segment revenue can be analysed by geographic area as follows:
| | |
| | |
| | |
| | |
| | |
| | |
Total revenue from external customers | | |
In the table above, other (non-EU) comprises a number of non-EU geographic areas that are all
individually less than 10 per cent of the total revenue.
Revenue was allocated to geographic areas based on the location of the first departure airport on each
ticket\u00a0booking.
The Company\u2019s revenue from external customers within the EU is mainly generated by Italy of \u20ac526.7
million (2022: \u20ac212.1 million), Romania of \u20ac438.7 million (2022: \u20ac207.4 million) and Poland of
\u20ac314.0 million (2022: \u20ac122.2 million).
Major customers
The Group derives the vast majority of its revenues from its passengers and sells most of its tickets
directly to the passengers as final customers rather than through corporate intermediaries (tour
operators, travel agents or similar).
6. Revenue
The split of total revenue presented in the consolidated statement of comprehensive income, being
passenger ticket revenue and ancillary revenue, is a non-IFRS measure (or alternative performance
measure). The existing revenue presentation is considered relevant for the users of the financial
statements because: (i) it mirrors disclosures presented outside of the financial statements; and (ii) it
is regularly reviewed by the Chief Operating Decision Maker for evaluating financial performance of
the (now only one) operating segment.
Revenue from contracts with customers can be disaggregated as follows based on IFRS 15:
| | |
| | |
| | |
Revenue from contracts with passengers | | |
Revenue from contracts with other partners | | |
Total revenue from contracts with customers | | |
These two categories represent revenues that are distinct from a nature, timing and risks point of
view. Revenue from contracts with other partners relates to commissions on the sale of on-board
catering, accommodation, car rental, travel insurance, bus transfers, premium calls and co-branded
cards, where the Group acts as an agent.
The contract assets reported at 31 March 2023 as part of trade and other receivables amounted to
\u20ac5.9 million (31 March 2022: \u20ac2.3 million) and the contract liabilities (unearned revenues) reported as
part of deferred income were \u20ac761.1 million (31 March 2022: \u20ac326.6 million). Out of the \u20ac3,833.7
million revenue from contracts with passengers recognised in F23 (2022: \u20ac1,627.1 million), \u20ac326.6
million (2022: \u20ac65.0 million) was included in the contract liability balance at the beginning of the year
(see unearned revenue in Note 26).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zNzE0L2ZyYWc6MmExODc5MTNkNDE4NDhkNmI4N2IxODg4YzMyM2M1MzkvdGV4dHJlZ2lvbjoyYTE4NzkxM2Q0MTg0OGQ2Yjg3YjE4ODhjMzIzYzUzOV85MzQ1ODQ4OTA0MTQ1_05e4271f-1fd1-4332-a6b2-e2dd54aadd23": {
"value": "he physical location of non-current assets is not tracked by the Group and is therefore not disclosed
by geographic area. This is because: (i) by value most assets are associated either with aircraft not
yet received (pre-delivery payments) or with existing leased aircraft and spare engines (RoU and
maintenance assets), the location of which changes regularly following aircraft capacity allocation
decisions; and (ii) the value of the remaining asset categories (land and buildings, fixtures and
fittings) is not material within the total non-current assets.
The distribution of the non-current assets between the key operating entities of the Group is as
follows:
| | |
| | |
| | |
| | |
| | |
Wizz Air Fleet Management* | | |
| | |
| | |
| | |
| | |
The tax effects of the adjustments made above are insignificant.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zODkxL2ZyYWc6ODAxYWIyMDU3N2Y4NDE3NGEyYzA3MGMzMzI1NTQ4NjAvdGV4dHJlZ2lvbjo4MDFhYjIwNTc3Zjg0MTc0YTJjMDcwYzMzMjU1NDg2MF85MzQ1ODQ4ODk4MzUw_cbb88a97-00a5-4772-904c-4f10f0d941be": {
"value": "
Auditors\u2019 remuneration
| | |
| | |
| | |
Fees payable to Company\u2019s auditors for the audit of the consolidated financial\u00a0statements | | |
Audit of financial statements of subsidiaries pursuant to legislation | | |
Audit-related assurance services | | |
| | |
| | |
Total remuneration of auditors | | |
9. Directors\u2019 emoluments
| | |
| | |
| | |
Salaries and other short-term benefits | | |
| | |
| | |
Directors\u2019 services and related expenses | | |
Total Directors\u2019 emoluments | | |
| | |
| | |
Directors receiving emoluments | | |
The number of Directors who in respect of their services received LTIP share options under long-term incentive schemes during the year | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zOTI5L2ZyYWc6ODU0ZTgxOWQzMzVlNDFhMWIyZDk1OWZhMWM3ZjYyZGQvdGV4dHJlZ2lvbjo4NTRlODE5ZDMzNWU0MWExYjJkOTU5ZmExYzdmNjJkZF85MzQ1ODQ4ODk3NzU3_420f9375-6fba-43f3-9a91-dfd21013fc0e": {
"value": "
8. Staff numbers and costs
The monthly average number of persons employed during the year, including Non-Executive Directors
but excluding inactive employees and subcontracted staff such as rented pilots, analysed by category,
was as follows:
| | |
| |
| | |
| | |
| | |
Administration and other staff | | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MDUwL2ZyYWc6M2U3M2E0NmExNjk2NDliY2EwYTdlMTg5YjZjZThiMzIvdGV4dHJlZ2lvbjozZTczYTQ2YTE2OTY0OWJjYTBhN2UxODliNmNlOGIzMl8yMTk5MDIzMzE2MzM0_04c2611d-9db5-435a-af9d-5c071f68bc09": {
"value": "10. Net financing income and expense
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
JOLCO and FTL lease liability | | |
| | |
| | |
| | |
| | |
Net foreign exchange gain/(loss) | | |
| | |
Interest income and expense include interest on financial instruments. Interest income is earned on
cash and cash equivalents and short-term deposits.
Net foreign exchange gain in net amount of \u20ac5.4 million (F22: \u20ac96.0 million loss) relates to the
remeasurement of lease liabilities denominated in USD (Note 3). While the\u00a0 USD/EUR exchange rate
decreased in the first half of the financial period, there was a significant increase in the second half,
which resulted in a decrease (F22: increase) in lease liabilities and related recognition of foreign
exchange gain (F22: loss).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MDUwL2ZyYWc6M2U3M2E0NmExNjk2NDliY2EwYTdlMTg5YjZjZThiMzIvdGV4dHJlZ2lvbjozZTczYTQ2YTE2OTY0OWJjYTBhN2UxODliNmNlOGIzMl8yMTk5MDIzMzE2MzM0_14d9a6cb-3850-4e62-9f10-e3e652ba6cf9": {
"value": "10. Net financing income and expense
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
JOLCO and FTL lease liability | | |
| | |
| | |
| | |
| | |
Net foreign exchange gain/(loss) | | |
| | |
Interest income and expense include interest on financial instruments. Interest income is earned on
cash and cash equivalents and short-term deposits.
Net foreign exchange gain in net amount of \u20ac5.4 million (F22: \u20ac96.0 million loss) relates to the
remeasurement of lease liabilities denominated in USD (Note 3). While the\u00a0 USD/EUR exchange rate
decreased in the first half of the financial period, there was a significant increase in the second half,
which resulted in a decrease (F22: increase) in lease liabilities and related recognition of foreign
exchange gain (F22: loss).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MDUwL2ZyYWc6M2U3M2E0NmExNjk2NDliY2EwYTdlMTg5YjZjZThiMzIvdGV4dHJlZ2lvbjozZTczYTQ2YTE2OTY0OWJjYTBhN2UxODliNmNlOGIzMl8yMTk5MDIzMzE2MzM0_22101208-d32f-4901-9ba4-e8c99064ccc5": {
"value": "10. Net financing income and expense
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
JOLCO and FTL lease liability | | |
| | |
| | |
| | |
| | |
Net foreign exchange gain/(loss) | | |
| | |
Interest income and expense include interest on financial instruments. Interest income is earned on
cash and cash equivalents and short-term deposits.
Net foreign exchange gain in net amount of \u20ac5.4 million (F22: \u20ac96.0 million loss) relates to the
remeasurement of lease liabilities denominated in USD (Note 3). While the\u00a0 USD/EUR exchange rate
decreased in the first half of the financial period, there was a significant increase in the second half,
which resulted in a decrease (F22: increase) in lease liabilities and related recognition of foreign
exchange gain (F22: loss).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MDUwL2ZyYWc6M2U3M2E0NmExNjk2NDliY2EwYTdlMTg5YjZjZThiMzIvdGV4dHJlZ2lvbjozZTczYTQ2YTE2OTY0OWJjYTBhN2UxODliNmNlOGIzMl8yMTk5MDIzMzE2MzM0_7930f505-0d6a-4586-8a95-da4e85667cb3": {
"value": "10. Net financing income and expense
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
JOLCO and FTL lease liability | | |
| | |
| | |
| | |
| | |
Net foreign exchange gain/(loss) | | |
| | |
Interest income and expense include interest on financial instruments. Interest income is earned on
cash and cash equivalents and short-term deposits.
Net foreign exchange gain in net amount of \u20ac5.4 million (F22: \u20ac96.0 million loss) relates to the
remeasurement of lease liabilities denominated in USD (Note 3). While the\u00a0 USD/EUR exchange rate
decreased in the first half of the financial period, there was a significant increase in the second half,
which resulted in a decrease (F22: increase) in lease liabilities and related recognition of foreign
exchange gain (F22: loss).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MDUwL2ZyYWc6M2U3M2E0NmExNjk2NDliY2EwYTdlMTg5YjZjZThiMzIvdGV4dHJlZ2lvbjozZTczYTQ2YTE2OTY0OWJjYTBhN2UxODliNmNlOGIzMl8yMTk5MDIzMzE2MzM0_919fb581-253f-426a-9c47-26592b6fc340": {
"value": "10. Net financing income and expense
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
JOLCO and FTL lease liability | | |
| | |
| | |
| | |
| | |
Net foreign exchange gain/(loss) | | |
| | |
Interest income and expense include interest on financial instruments. Interest income is earned on
cash and cash equivalents and short-term deposits.
Net foreign exchange gain in net amount of \u20ac5.4 million (F22: \u20ac96.0 million loss) relates to the
remeasurement of lease liabilities denominated in USD (Note 3). While the\u00a0 USD/EUR exchange rate
decreased in the first half of the financial period, there was a significant increase in the second half,
which resulted in a decrease (F22: increase) in lease liabilities and related recognition of foreign
exchange gain (F22: loss).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MDUwL2ZyYWc6M2U3M2E0NmExNjk2NDliY2EwYTdlMTg5YjZjZThiMzIvdGV4dHJlZ2lvbjozZTczYTQ2YTE2OTY0OWJjYTBhN2UxODliNmNlOGIzMl8yMTk5MDIzMzE2MzM0_a6fe8d9b-9f3a-4249-bd2d-168d00671489": {
"value": "10. Net financing income and expense
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
JOLCO and FTL lease liability | | |
| | |
| | |
| | |
| | |
Net foreign exchange gain/(loss) | | |
| | |
Interest income and expense include interest on financial instruments. Interest income is earned on
cash and cash equivalents and short-term deposits.
Net foreign exchange gain in net amount of \u20ac5.4 million (F22: \u20ac96.0 million loss) relates to the
remeasurement of lease liabilities denominated in USD (Note 3). While the\u00a0 USD/EUR exchange rate
decreased in the first half of the financial period, there was a significant increase in the second half,
which resulted in a decrease (F22: increase) in lease liabilities and related recognition of foreign
exchange gain (F22: loss).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80NzkxL2ZyYWc6NzdlNDQ4MjQ0ZWVlNDBlNjgzYWUxZDkyNjc1ZTQzMzIvdGV4dHJlZ2lvbjo3N2U0NDgyNDRlZWU0MGU2ODNhZTFkOTI2NzVlNDMzMl8yMTk5MDIzMzAzMjkx_63931af1-614f-4463-a143-31c645e32399": {
"value": "12. Income tax expenseRecognised in the statement of comprehensive income:
| | |
| | |
| | |
Current tax on loss for the year | | |
Adjustment for current tax of prior years | | |
Other income-based taxes for the year | | |
Adjustment for income-based taxes of prior years | | |
Total current tax expense | | |
Increase/(decrease) in deferred tax liability | | |
Deferred tax increase in deferred tax asset | | |
Total deferred tax credit | | |
Total tax charge/(credit) | | |
The Company, that is Wizz Air Holdings Plc., has a local corporate tax rate of 13.97 per cent (2022:
13.97 per cent). The tax rate relates to Switzerland, where the Company is tax resident. The income
tax expense/benefit is fully attributable to continuing operations. The deferred tax benefit in F23 of
\u20ac29.7 million (shown also in the tax reconciliation table below) is a one-off credit impact attributable
to the change of the tax residency of Wizz Air Hungary Ltd. from Switzerland to Hungary effective
from 1 April 2023, as temporary differences will be reversed at a higher tax rate in the future.
Reconciliation of effective tax rate
The tax benefit for the year (including both current and deferred tax charges and credits) is different
to the Company\u2019s standard rate of corporation tax of 13.97 per cent (2022:\u00a013.97 per cent). The
difference is explained below.
| | |
| | |
| | |
| | |
Tax at the corporation tax rate of 13.97 per cent (2022: 13.97 per cent) | | |
Adjustment for current tax of prior years | | |
Adjustment for income-based taxes of prior years | | |
Effect of the change of tax residency of Wizz Air Hungary from 1 April 2023 | | |
Effect of different tax rates of subsidiaries versus the parent company | | |
Effect of current year losses not being eligible for utilisation against taxable profits in future years | | |
Other income-based foreign tax | | |
Total tax (credit)/charge | | |
| | |
The effect of different tax rates of subsidiaries is a composition of impacts primarily in Switzerland,
Hungary, the UK and Malta, relating to the airline subsidiaries of the Group. The Company paid \u20ac6.8
million tax in the year (2022: \u20ac4.9 million). Substantially all the losses of the Group, both in the
current and in the prior financial year, were made by the airline subsidiaries of the Group, and
substantially all the tax charges and credits presented in this Note were incurred by these entities.
Other income-based foreign tax represents the local business tax and the \u201cinnovation contribution\u201d
payable in Hungary in F23 and F22 by the Hungarian subsidiaries of the Group, primarily Wizz Air
Hungary Ltd. Hungarian local business tax and innovation contribution are levied on an adjusted profit
basis.
On 20 December 2021, the OECD released a framework for Pillar Two Model Rules which will introduce
a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global
revenue over \u20ac750 million. On 15 December 2022, the EU Council formally adopted the EU minimum
tax directive by written procedure and rules are expected to apply for accounting periods starting on
or after 31 December 2023 (i.e. the year ending 31 March 2025 for the Group). Management is
reviewing this legislation and monitoring the status of implementation outside of the EU to understand
the potential impact on the Group\u2019s future tax position.
Tax residency change
Wizz Air Hungary Ltd. moved its place of effective management from Switzerland to Hungary with an
effective date of 1 April 2023. As a consequence, its tax residency is Hungarian from F24 onwards
Recognised in the statement of other comprehensive income
| | |
| | |
| | |
Deferred tax related to movements in cash flow hedging reserve | | |
| | |
Interpretation 23, \u2018Uncertainty over Income Tax Treatments\u2019 (IFRIC 23)
The Group has open tax periods in a number of jurisdictions involving uncertainties of different nature
and materiality, the most important open ones being for F20\u2013F23. The Group assessed the impact of
uncertainty of each of its tax positions in line with the requirements of IFRIC 23. The outcome of this
assessment in F23 was to release \u20ac0.9 million of provisions (F22: release \u20ac0.8 million of provisions)
previously made, resulting in an F23 year-end balance of \u20ac0.1 million. The F23 reversal was due to
the facts that during the year: (i) some prior tax periods expired for tax authority examination; or (ii)
there was a tax examination that confirmed the treatment applied by the Company. For all other tax
returns the Group concluded that it was probable that the tax authority would accept the uncertain tax
treatment that has been taken or is expected to be taken in those tax returns and therefore accounted
for income taxes consistently with that tax treatment. The final liabilities, as later assessed by the tax
authorities, is not expected to materially vary from the amounts that have been recognised by the
Group.
Taxation
Under the terms of both programmes all taxes payable on share options are the liability of the
recipients of these benefits. However, in certain cases the Company or its subsidiaries have a legal
obligation to pay the employer social security on the income realised by the recipients. To the extent
the additional social security obligations can be estimated, the Group makes a provision for these
already during the vesting period of the\u00a0instruments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80OTg3L2ZyYWc6NzVlNWYwODJiYTRkNDEyMjkwNzJlMTkyOTM5Y2QzN2QvdGV4dHJlZ2lvbjo3NWU1ZjA4MmJhNGQ0MTIyOTA3MmUxOTI5MzljZDM3ZF8yMTk5MDIzMjk2ODA3_8f94b25d-22d3-48b0-8817-0f2a6a294d5c": {
"value": "13. Loss per shareBasic and diluted loss per share
Basic earnings or loss per share is calculated by dividing the profit or loss attributable to equity
holders of the Company by the weighted average number of Ordinary Shares in issue during each
year. There is no difference between the basic and diluted loss per share for F23 and F22 as potential
Ordinary Shares are anti-dilutive due to incurred loss.
| | |
| | |
Loss for the year, \u20ac million | | |
Weighted average number of Ordinary Shares in issue | | |
Basic and diluted loss per share, \u20ac | | |
There were no Convertible Shares in issue at 31 March 2023 (nil at 31 March 2022) (see Note 28).Underlying loss per share
The underlying earnings per share is a fully diluted non-IFRS measure defined by the Company,
calculated as\u00a0follows:
| | |
| | |
Underlying loss for the year (see Note 11), \u20ac million | | |
Weighted average number of Ordinary Shares for underlying earnings per share | | |
Underlying loss per share, \u20ac | | |
The calculation of the underlying EPS is different from the calculation of the IFRS diluted EPS measure
in that for earnings the underlying loss for the year was used (see Note 11) as opposed to the
statutory (IFRS) loss for the year. The underlying EPS measure was introduced by the Company to
better reflect the underlying earnings performance of the business.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81MzIxL2ZyYWc6YTgxNGUwNzA4MjgzNDNmNjkzOGY5OTA0OGYwNDljYzYvdGV4dHJlZ2lvbjphODE0ZTA3MDgyODM0M2Y2OTM4Zjk5MDQ4ZjA0OWNjNl83MTQ2ODI1NjE5OTA5_b991d797-f236-40eb-996f-62fa12857773": {
"value": "-463400000",
"decimals": -5,
"dimensions": {
"concept": "wizzair:RefundOfAdvancesPaidForAircraftClassifiedAsFinancingActivities",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81MzIxL2ZyYWc6YTgxNGUwNzA4MjgzNDNmNjkzOGY5OTA0OGYwNDljYzYvdGV4dHJlZ2lvbjphODE0ZTA3MDgyODM0M2Y2OTM4Zjk5MDQ4ZjA0OWNjNl83MTQ2ODI1NjE5OTI1_1275077b-a5b2-4c20-84f5-be14fe08ce4f": {
"value": "475500000",
"decimals": -5,
"dimensions": {
"concept": "wizzair:AdvancesPaidForAircraftClassifiedAsInvestingActivities",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81MzU5L2ZyYWc6ZmFiNTFiMDM1ZjI4NDg5ZmE4Y2ZjNTYwZGMxYzgxYzgvdGV4dHJlZ2lvbjpmYWI1MWIwMzVmMjg0ODlmYThjZmM1NjBkYzFjODFjOF85MzQ1ODQ4ODY5NDc3_54ca9264-c635-4b36-b70a-530d235c45c4": {
"value": "
Impairment assessment
An impairment assessment was performed for the Group\u2019s aircraft fleet which comprises a single cash
generating unit (CGU) that includes virtually all property, plant, equipment, and also the intangible
assets of the Group. The recoverable amount of that CGU was estimated by value in use calculations
based on cash flow projections in the plan approved by the Board for the following three financial
years up to and including March 2026.
Management\u2019s assessment of future trends includes trading and other assumptions - such as fleet
size, passenger numbers, load factors, commodity prices, foreign exchange rates - based on external
and internal inputs, as well as climate change risks and opportunities outlined in the TCFD disclosure.
Key assumptions for the jet fuel price and USD exchange rate were the following:
| | | |
| | | |
Jet fuel price (USD per metric tonne) | | | |
| | | |
Cash flow projections of the approved plan were extrapolated beyond March 2026 for a period of 12
years in total to cover all lease terms in the existing aircraft fleet. A pre-tax discount rate of 10.1%
(2022: 9.7%) was derived from the weighted average cost of capital of the Group. The risk of
significant adverse changes in cash flows were taken into account by calculating and weighting
management\u2019s base case approved plan with a downside scenario that is consistent with that used in
the Group\u2019s going concern assessment. Sensitivity analysis was performed by management to assess
the impact of changes\u00a0in its trading assumptions and the key assumptions detailed above.
Management did not identify any reasonable possible changes in assumptions that would cause an
impairment.
Aircraft in Ukraine
The above impairment assessment includes the three aircraft on the ground in Ukraine, with a total
net book value of \u20ac14.7 million. Based on photographic evidence and local employee information these
aircraft are in good condition and have not been damaged in the war. Whilst not a separate CGU cash
flow projections were estimated for these aircraft based on the average cash contribution generated
per aircraft in the Group\u2019s fleet adjusted for a downward scenario according to the plans and
calculations described above, and the cost of planned maintenance of the particular aircraft.
Management remains cautiously optimistic about the near term resolution of the war and the return of
grounded assets to Wizz Air\u2019s fleet. Its working assumption is that these aircraft will be returned to
the fleet by the end of the summer season and, if needed, the assets economic useful life can be
extended through buy-out or lease amendment to maximise their value in use. However, delays to the
date until the aircraft remain on the ground or inability to extend the period during which the assets
can generate cash flows can cause material changes to their estimated recoverable amount. If the
aircraft do not return into service for a prolonged period of time, then additional consideration will be
needed in the upcoming reporting cycles.
The impairment review for intangible assets was performed together with property, plant and
equipment, as described in Note 14.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81NDAyL2ZyYWc6YWI0ZTI3MzUwNTE0NGQ3OGE2N2I1NjE0MzAwMjhkMTQvdGV4dHJlZ2lvbjphYjRlMjczNTA1MTQ0ZDc4YTY3YjU2MTQzMDAyOGQxNF85MzQ1ODQ4ODY1NjQ0_7c8abf24-1534-4bb6-9082-132ab59cb3d4": {
"value": "15. Intangible assets
| | | | |
| | | CIP intangible assets \u20ac million | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Accumulated amortisation and impairment | | | | |
| | | | |
Amortisation charge for the year | | | | |
| | | | |
| | | | |
Amortisation charge for the year | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Out of the licences, \u20ac5.2 million (31 March 2022: \u20ac4.4 million) relates to landing slots at London Luton
Airport, purchased from Monarch Airlines and TUI. In 2023 the Company purchased further landing
slots at Gatwick Airport from Air Norway AS and Norwegian Air Shuttle ASA (\u201cNorwegian\u201d) in the
amount of \u20ac5.7 million. The total balance of landing slots at Gatwick Airport as at 31 March 2023
amounted to \u20ac30.7 million (31 March 2022: \u20ac23.7 million). As these landing slots have no expiry date
and are expected to be used in perpetuity, they are considered to have an indefinite life and
accordingly are not amortised.
The impairment review for intangible assets was performed together with property, plant and
equipment, as described in Note 14.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81NTIzL2ZyYWc6MTQ2NmFhMDM0ODBhNGZlMThmYjhkZGI0MjEyNTNlZWMvdGV4dHJlZ2lvbjoxNDY2YWEwMzQ4MGE0ZmUxOGZiOGRkYjQyMTI1M2VlY18yMTk5MDIzMjgzNTk5_727677ce-cda5-42c9-964a-6e337a34d4bc": {
"value": "16. Tax assets and liabilitiesDeferred tax assets and liabilities recognised
| | | | | | | | |
| RoU assets and lease liabilities | Provisions for other liabilities and charges | Property, plant and equipment | Advances paid for aircraft maintenanc e assets | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Other comprehensive income | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Other comprehensive income | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Assets: + / Liabilities: -
The total balance of the deferred taxes is \u20ac47.4 million asset (2022: \u20ac1.7 million liability) that consist
of \u20ac50.6 million deferred tax assets and \u20ac3.2 million deferred tax liabilities (2022: \u20ac1.7 million
deferred tax assets and \u20ac3.4 million deferred tax liabilities).
The \u20ac20.0 million deferred tax asset recognised in relation to IFRS 16 RoU assets and lease liabilities
is driven by the fact that the relevant subsidiaries of the Group are not currently applying IFRS 16 for
their statutory financial statements and the respective income tax returns, and therefore they
recognise leasing fees in line with contracts, on a straight-line basis. Under IFRS 16 the lease-related
expenses are forward loaded, i.e. throughout the lease period the Group IFRS financial statements
cumulatively include more expense and a lower profit (or higher loss) than the tax returns.
The \u20ac18.4 million deferred tax asset was recognised in relation to provisions (e.g. for carbon quota
submission obligation in the EU Emissions Trading System) that are not deductible for tax purposes.
This temporary difference will be reversed when the Company makes payments to settle the provision
and receives the tax deductions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81NjAyL2ZyYWc6OWIyNzZkNGE0NzM5NGQ2ZWIwMmQ5YTUxZjE4NDEzZjMvdGV4dHJlZ2lvbjo5YjI3NmQ0YTQ3Mzk0ZDZlYjAyZDlhNTFmMTg0MTNmM18yMTk5MDIzMjgxODAw_b4acddd9-da7b-4beb-88d4-39c6f784c83d": {
"value": "17. Subsidiaries
The Group has the following principal subsidiaries as at 31 March 2023: | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Cabin Crew Professionals Sp. Z.o.o. | | | | | | |
| | | | | | |
Wizz Air Netherland Holding B.V. | | | | | | |
| | | | | | |
Wizz Air Ukraine Airlines LLC | | | | | | |
Wizz Aviation Professionals | | | | | | |
WA Pilot Academy Sp. Z.o.o. | | | | | | |
| | | | | | |
Wizz Air Finance Company B.V. | | | | | | |
Wizz Air Fleet Management Ltd.* | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
*Previously called Wizz Air Leasing Ltd.
Registered offices
1.1103 Budapest, K\u0151\u00e9r utca 2/A. B. \u00e9p. II-V, Hungary
2.ul. Wolnosci 90, 42-625 Pyrzowice, Poland
3.Tuzla International Airport, Passenger Terminal Building, first floor-room No.12, Gornje
Dubrave b.b., \u017divinice
4.Luna ArenA, Herikerbergweg 238, 1101 CM Amsterdam, the Netherlands
5.Bulv. Tarasa Shevchenko 33-B, 3rd floor, 01032 Kyiv, Ukraine
6.MD-2062, bd. Dacia, 49/8, municipiul CHI\u015eIN\u0102U, R.MOLDOVA
7.26 Jasna Street, 00-054 Warszawa, Poland
8.Main Terminal Building, London Luton Airport, Luton LU2 9LY, United Kingdom
9.PO Box 35665, 34th & 35th Floor, Al Maqam Tower, Regus Adgm Square, Al Maryah Island,
Abu Dhabi, United Arab Emirates
10.Business Park 01, Plot P6, Office number 208, Abu Dhabi International Airport, Abu Dhabi, Abu
Dhabi, United Arab Emirates
11.171 Old Bakery Street, Valetta, VLT 1455, Malta
On 5 May 2022 WAM Ventures Holding Ltd, a wholly owned subsidiary of Wizz Air Holdings Plc, and its
wholly owned subsidiary Wizz Air Malta Ltd. were incorporated.
The Group entered into various financing arrangements in order to finance aircraft including Sale and
Leaseback, Japanese Operating Lease with Call Option (JOLCO) and French Tax Lease (FTL)
structures. Certain of these arrangements include Special Purpose Vehicles (SPV) in the financing
structure and in accordance with IFRS 10, where the Group has control of these entities, these are
consolidated in the Group balance sheet.
Certain subsidiaries have a financial year end different from the Group\u2019s financial year end due to the
requirements of local legislation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81NzM4L2ZyYWc6NTMyYWFkODY0YzRiNDg4Yjk4NDEwNTI0NzUxODczNzQvdGV4dHJlZ2lvbjo1MzJhYWQ4NjRjNGI0ODhiOTg0MTA1MjQ3NTE4NzM3NF8yMTk5MDIzMjc4NzIw_628fcefc-dda5-48dc-b8c7-65f1f3231b5f": {
"value": "18. Non-controlling interests
The following table summarises the information relating to Wizz Air Abu Dhabi Ltd. and Wizz Air Abu
Dhabi LLC that has material NCI, before any intra-group eliminations.
| | | | |
| | | | |
| \u20ac million Abu Dhabi LLC | \u20ac million Abu Dhabi LLC | \u20ac million Abu Dhabi Limited | \u20ac million Abu Dhabi Limited |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net assets attributable to NCI | | | | |
| | | | |
| | | | |
| | | | |
Total comprehensive income | | | | |
| | | | |
| | | | |
Cash flows from operating activities | | | | |
Cash flows from investment activities | | | | |
Cash flows from financing activities (dividends to NCI: \u20acnil) | | | | |
Net increase/(decrease) in cash and cash equivalents | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81ODc2L2ZyYWc6Y2Q3OTU3ZTNjZDUwNGE1M2E2MTU2YWY3MWY5ZTBmODUvdGV4dHJlZ2lvbjpjZDc5NTdlM2NkNTA0YTUzYTYxNTZhZjcxZjllMGY4NV8yMTk5MDIzMjc3ODQ3_83f4a0d6-9bc5-45ec-9b46-ff5712e3604f": {
"value": "20. Trade and other receivables
| | |
| | |
| | |
| | |
| | |
| | |
Non-current trade and other receivables | | |
| | |
| | |
| | |
| | |
Total current other receivables | | |
Prepayments, deferred expenses and accrued income | | |
Current trade and other receivables | | |
Total trade and other receivables | | |
Receivables from lessors (both current and non-current) represent the deposits provided by the Group
to lessors as security in relation to the lease contracts and in relation to the funding of future
maintenance events.
Trade receivables included \u20ac127.0 million receivables from contracts with customers (31 March 2022:
\u20ac52.3 million).
Total trade and other receivables as at 31 March 2023 included financial instruments in the amount of
\u20ac270.4 million (31 March 2022: \u20ac141.6 million).
Impairment of trade and other receivables
| | |
| | |
| | |
| | |
| | |
Allowances on impaired receivables | | |
| | |
The Group recorded \u20ac2.1 million of receivables from Warsaw Modlin Airport during 2013 as
compensation for damages which was immediately impaired in full. However, the Group is legally
claiming the full amount in court. The compensation claimed by the Group, plus interest, was awarded
by the District Court of Warsaw in June 2018. However, the airport appealed against the decision,
which is currently pending. There was no transaction regarding this receivable in this financial year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF81OTczL2ZyYWc6YTMxMWI1NDMzNTYwNDk2MmFiNTc5OGYxOGZlNzhkMDkvdGV4dHJlZ2lvbjphMzExYjU0MzM1NjA0OTYyYWI1Nzk4ZjE4ZmU3OGQwOV85MzQ1ODQ4ODU2OTM3_4410075f-9724-415a-a68b-ae50c1e007cd": {
"value": "Impairment of trade and other receivables
| | |
| | |
| | |
| | |
| | |
Allowances on impaired receivables | | |
| | |
The Group recorded \u20ac2.1 million of receivables from Warsaw Modlin Airport during 2013 as
compensation for damages which was immediately impaired in full. However, the Group is legally
claiming the full amount in court. The compensation claimed by the Group, plus interest, was awarded
by the District Court of Warsaw in June 2018. However, the airport appealed against the decision,
which is currently pending. There was no transaction regarding this receivable in this financial year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF82MDkwL2ZyYWc6ZWQ4Yzc3ZDNjM2M3NDAwODljN2JkNDgxMTQ1ZTAyYjgvdGV4dHJlZ2lvbjplZDhjNzdkM2MzYzc0MDA4OWM3YmQ0ODExNDVlMDJiOF8yMTk5MDIzMjczODM1_ca450396-2583-4356-ae34-c44f1052a5f8": {
"value": "22. Restricted cash
| | |
| | |
| | |
Non-current financial assets | | |
| | |
| | |
Restricted cash is not accessible by the Group. It comprises cash in bank against which there are
letters of credit issued or other restrictions in place governing the use of that cash, resulting from
agreements with aircraft lessors or other business partners. Restricted cash is excluded from cash and
cash equivalents in the cash flow statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF82MTQ5L2ZyYWc6ZTk5ZDU5ODhlMzBkNDY4ZGE4ODU3Mjc5MDQwOTUzZmUvdGV4dHJlZ2lvbjplOTlkNTk4OGUzMGQ0NjhkYTg4NTcyNzkwNDA5NTNmZV8yMTk5MDIzMjczMTU3_a9a8a7dd-b05c-44bc-b0a2-6db5dee8f986": {
"value": "23. Borrowings
| | |
| | |
| | |
Lease liability under IFRS 16 | | |
| | |
| | |
Liability related to JOLCO and FTL contracts | | |
| | |
Lease liability under IFRS 16 | | |
| | |
Loans from non-controlling interests | | |
Liability related to JOLCO and FTL contracts | | |
Total non-current borrowings | | |
| | |
On 19 January 2021, Wizz Air Finance Company B.V., a 100 per cent owned subsidiary of Wizz Air
Holdings Plc, issued \u20ac500.0 million 1.35 per cent Eurobond, fully and irrevocably guaranteed by the
Company, under the \u20ac3,000.0 million EMTN programme with a maturity in January 2024. Further to
that, on 19 January 2022, Wizz Air Finance Company B.V., a 100 per cent owned subsidiary of Wizz
Air Holdings Plc, issued \u20ac500.0 million 1.00 per cent Eurobond, fully and irrevocably guaranteed by
the Company, under the \u20ac3,000.0 million EMTN programme with a maturity in January 2026. These
Eurobonds do not contain any financial covenants.
In February 2023, the Group entered into a PDP financing loan agreement, according to which a part
of the PDPs made have been financed and at the same time pledged as collateral, through the
novation of the PDPs and the associated aircraft purchase rights to an orphan SPV. At 31 March 2023
$274.3 million is borrowed, and PDPs in the amount of $334.4 million are collateralised. The Group
has an obligation to repay the financed amount, its interest and other costs related to the transaction
within one year. When all obligations are settled, the aircraft purchase rights and the PDPs are
automatically re-novated to Wizz Air. In case of default, the Group bears the potential risk of losing
the purchase rights and the related PDP amounts. The PDP refinancing credit facility is available for
further financing for a maximum of three years and does not contain any financial covenants.
The maturity profile of borrowings as at 31 March 2023 is as follows:
| | | | | | | |
| IFRS 16 aircraft and engine lease liability | IFRS 16 other lease liability | JOLCO and FTL lease liability | | | Loans from non- controlling interests | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Between one and three months | | | | | | | |
Between three months and one year | | | | | | | |
Between one and two years | | | | | | | |
Between two and three years | | | | | | | |
Between three and four years | | | | | | | |
Between four and five years | | | | | | | |
| | | | | | | |
| | | | | | | |
of his service agreement are materially the same as his previous agreement with the exception of a
new long-term incentive arrangement, the Value Creation Plan (VCP), which targets a 20 per cent
CAGR in the Group's share price over the next five years. The VCP together with a revised LTIP and
new Senior Leadership Growth Plan (SLGP) were approved by Shareholders at the Group's recent
AGM.
The fair value of the awards has been calculated using a Monte Carlo simulation. This model simulates
the share price of Wizz Air over the performance period, based on a number of assumptions, to
calculate the proportion of an award which might vest and the value at the vesting date. By averaging
the results of thousands of simulations, a robust valuation can be calculated with adjustment to the
volatility assumption used for the impact of COVID-19 on the Wizz Air share price. To account for the
exclusion of the seven-month COVID-19 period, date ranges have been expanded to ensure a full
period of three or five years is covered. Had there not been a global pandemic, the assumptions would
likely be three or five years to date of grant; however, COVID-19 has caused significant volatility in
particular within the industry in which Wizz Air operates.
The reason behind the assumptions on volatility is to make an estimate about the future; however, as
a base principle we apply the same volatility assumptions for the awards made on the same day. The
past is considered as IFRS 2 states that the historical levels should be observed for the same length of
time as we are looking forward to model the awards being valued. Risk free rates as defined:
\u25b6F23 LTIP \u2013 Yield on a zero-coupon UK government bond over three years: 1.83 per cent
\u25b6SLGP \u2013 Yield on a zero-coupon UK government bond over five years: 1.91 per cent
In accordance with IFRS 2, the resulting cost is charged to staff costs in the statement of
comprehensive income and a corresponding increase in equity over the vesting period of the awards.
The total amount is determined by reference to the fair value of the awards granted including any
market performance conditions, which are those that are based on the Wizz Air share price, and the
individual remaining an employee over a specified time period. The Group plans to settle the awards
on vesting in equity. Non-market-based performance conditions in general are not incorporated into
the fair value per share at the date of grant. Instead, the value recognised is adjusted at each
reporting date to take into account current expectations of the number of shares due to vest. At the
end of the performance period this value is trued up to reflect the actual vesting level. The Group
assumes management rotation of 19 per cent for LTIP and 23 per cent for SLGP to calculate the
number of shares to be forfeited during the vesting period.\u00a0
Value Creation Plan (VCP)
Share options issued during the financial year
Terms and conditions:
Share price at grant date: \u00a332.53.
Senior Leadership Growth Plan (SLGP)
Share options issued during the financial year
Terms and conditions:
Share price at grant date: \u00a332.53
Long-term Incentive Plan (LTIP)
Share options issued during the financial year
Terms and conditions:
Share price at grant date: \u00a332.53.
Share options in issue
The number of VCP, SLGP and LTIP share options in issue at year end is as follows:
| | | |
| | | |
Outstanding at the beginning of the year | | | |
| | | |
Exercised during the year | | | |
Forfeited during the year | | | |
Outstanding at the end of the year | | | |
Exercisable at the end of the year | | | |
| | | | | | | |
Equity: 170,000,000 (2022: 170,000,000) Ordinary Shares of \u00a30.0001 each and 80,000,000 (2022: 80,000,000) non-voting, non-participating Convertible Shares of \u00a30.0001 each | | | | |
Allotted, called up and fully paid | | | | |
Equity: 103,282,854 (2022: 103,072,739) shares of \u00a30.0001 each | | | | |
| | | | |
| | | | |
During both F23 and F22 the increase in the total number of issued shares was due to the exercise of
certain employee share options.
Ordinary Shares
The holders of Ordinary Shares are entitled to receive dividends as declared and are entitled to one
vote per share at meetings of the Company.
Convertible Shares
In March 2015, linked to the listing of the Company\u2019s shares on the London Stock Exchange, certain
convertible loans and notes (including accrued interest) were converted into non-voting, non-
participating Convertible Shares of the Company. There were nil Convertible Shares in issue at 31
March 2023 (2022: nil shares). The Company informed Indigo Hungary LP and Indigo Maple Hill LP
(together \"Indigo\") on 1 June 2021 that the Company has elected to convert Indigo's entire holding of
17,377,203 convertible shares of \u00a30.0001 each in the capital of the Company (\"Convertible Shares\")
into Ordinary Shares of \u00a30.0001 each in the capital of the Company (\"Ordinary Shares\"), on a one for
one basis, in accordance with the Company's articles of association.
Share premium
Share premium has two main components. \u20ac207.2 million was recognised as a result of the Group
reorganisation in October 2009. It represents the estimated fair value of the Group at the date of the
transaction. The remaining \u20ac174.0 million (as at 31 March 2023) was recognised as a result of new
share issues made since October 2009. These new share issues comprised the primary offering on the
initial public offering of the Company\u2019s shares on the London Stock Exchange in March 2015, the
conversion of some of the convertible debt instruments into shares and the conversion of certain
employee share options into shares. During F23 \u20acnil (2022: \u20acnil) was recorded in the share premium,
all related to the conversion of employee share options.
Reorganisation reserve
A reorganisation reserve of \u20ac193.0 million was recognised as a result of the Group reorganisation in
October\u00a02009. It is equal to the difference between the fair value of the Group at the date of
reorganisation of \u20ac209.0\u00a0million and the share capital of the Group at the same date (\u20ac16.0 million).
Equity part of convertible debt
The equity part of convertible debt comprises the equity component of compound instruments issued
by the Company. The amount of the convertible debt classified as equity of \u20ac8.3 million
(2022:\u00a0\u20ac8.3\u00a0million) is net of attributable transaction costs of \u20ac8.3 million.
Share-based payment charge
The share-based payment balance of \u20ac27.4 million credit (2022: \u20ac25.2 million credit) corresponds to
the recognised cumulative charges of share options and share awards provided to the employees and
Directors under long-term incentive schemes. This balance is recognised directly in retained earnings.
Cash flow hedging reserve
The hedging reserve comprises the effective portion of the cumulative unrealised net change in the
fair value of cash flow hedging instruments related to hedged transactions that have not yet\u00a0occurred.
The gross amount of unrealised change in the fair value of cash flow hedging instruments was\u00a0\u20ac112.6
million loss (2022: \u20ac10.9 million gain), while the deferred tax effect was \u20ac9.9 million (2022: \u20acnil).
\u20ac33.2 million loss (2022: \u20ac12.5 million\u00a0 gain) was recycled to profit or loss related to cash flow
hedging instruments. Cost of hedging was \u20ac30.0 million loss (2022: \u20acnil). \u20ac6.0 million loss was
recycled to profit or loss (2022: \u20acnil).Cumulative translation adjustments
Cumulative translation adjustments included currency translation differences amounting to \u20ac4.7
million gain (2022: \u20ac2.5 million loss), from which \u20ac0.6 million related to Non-controlling interest
(2022: \u20ac0.7 million).
Retained earnings
There were no dividends paid or declared in F23 or F22. Share-based payments are credited to
retained earnings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80NDM0L2ZyYWc6NTg3YWQ3ZGIwZWY0NDUwZjlkMWEyODA5MGVlNmEyZWEvdGV4dHJlZ2lvbjo1ODdhZDdkYjBlZjQ0NTBmOWQxYTI4MDkwZWU2YTJlYV85MzQ1ODQ4ODQyODY0_abd0da7e-c44a-418a-a757-c6f8db193410": {
"value": "Share capital
| | |
| | |
In issue at the beginning of the year | | |
Issued during the year for cash | | |
In issue at the end of the year \u2013 fully paid | | |
| | |
| | |
| | | | |
| | | | |
| | | | |
| | | | |
Equity: 170,000,000 (2022: 170,000,000) Ordinary Shares of \u00a30.0001 each and 80,000,000 (2022: 80,000,000) non-voting, non-participating Convertible Shares of \u00a30.0001 each | | | | |
Allotted, called up and fully paid | | | | |
Equity: 103,282,854 (2022: 103,072,739) shares of \u00a30.0001 each | | | | |
| | | | |
| | | | |
During both F23 and F22 the increase in the total number of issued shares was due to the exercise of
certain employee share options.
Ordinary Shares
The holders of Ordinary Shares are entitled to receive dividends as declared and are entitled to one
vote per share at meetings of the Company.
Convertible Shares
In March 2015, linked to the listing of the Company\u2019s shares on the London Stock Exchange, certain
convertible loans and notes (including accrued interest) were converted into non-voting, non-
participating Convertible Shares of the Company. There were nil Convertible Shares in issue at 31
March 2023 (2022: nil shares). The Company informed Indigo Hungary LP and Indigo Maple Hill LP
(together \"Indigo\") on 1 June 2021 that the Company has elected to convert Indigo's entire holding of
17,377,203 convertible shares of \u00a30.0001 each in the capital of the Company (\"Convertible Shares\")
into Ordinary Shares of \u00a30.0001 each in the capital of the Company (\"Ordinary Shares\"), on a one for
one basis, in accordance with the Company's articles of association.
Share premium
Share premium has two main components. \u20ac207.2 million was recognised as a result of the Group
reorganisation in October 2009. It represents the estimated fair value of the Group at the date of the
transaction. The remaining \u20ac174.0 million (as at 31 March 2023) was recognised as a result of new
share issues made since October 2009. These new share issues comprised the primary offering on the
initial public offering of the Company\u2019s shares on the London Stock Exchange in March 2015, the
conversion of some of the convertible debt instruments into shares and the conversion of certain
employee share options into shares. During F23 \u20acnil (2022: \u20acnil) was recorded in the share premium,
all related to the conversion of employee share options.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF82ODU0L2ZyYWc6ODc2YjkyODkwYWM3NDEzOGEzMzQxZWNlNjM0YmQ0MzMvdGV4dHJlZ2lvbjo4NzZiOTI4OTBhYzc0MTM4YTMzNDFlY2U2MzRiZDQzM185MzQ1ODQ4ODM4Nzgw_0e018d18-9866-4f5c-8c45-4eb3c02047d5": {
"value": "
Reorganisation reserve
A reorganisation reserve of \u20ac193.0 million was recognised as a result of the Group reorganisation in
October\u00a02009. It is equal to the difference between the fair value of the Group at the date of
reorganisation of \u20ac209.0\u00a0million and the share capital of the Group at the same date (\u20ac16.0 million).
Equity part of convertible debt
The equity part of convertible debt comprises the equity component of compound instruments issued
by the Company. The amount of the convertible debt classified as equity of \u20ac8.3 million
(2022:\u00a0\u20ac8.3\u00a0million) is net of attributable transaction costs of \u20ac8.3 million.
Share-based payment charge
The share-based payment balance of \u20ac27.4 million credit (2022: \u20ac25.2 million credit) corresponds to
the recognised cumulative charges of share options and share awards provided to the employees and
Directors under long-term incentive schemes. This balance is recognised directly in retained earnings.
Cash flow hedging reserve
The hedging reserve comprises the effective portion of the cumulative unrealised net change in the
fair value of cash flow hedging instruments related to hedged transactions that have not yet\u00a0occurred.
The gross amount of unrealised change in the fair value of cash flow hedging instruments was\u00a0\u20ac112.6
million loss (2022: \u20ac10.9 million gain), while the deferred tax effect was \u20ac9.9 million (2022: \u20acnil).
\u20ac33.2 million loss (2022: \u20ac12.5 million\u00a0 gain) was recycled to profit or loss related to cash flow
hedging instruments. Cost of hedging was \u20ac30.0 million loss (2022: \u20acnil). \u20ac6.0 million loss was
recycled to profit or loss (2022: \u20acnil).Cumulative translation adjustments
Cumulative translation adjustments included currency translation differences amounting to \u20ac4.7
million gain (2022: \u20ac2.5 million loss), from which \u20ac0.6 million related to Non-controlling interest
(2022: \u20ac0.7 million).
Retained earnings
There were no dividends paid or declared in F23 or F22. Share-based payments are credited to
retained earnings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MzE2L2ZyYWc6MjFiNTIyNDRjZmNhNGUyYmJiOWU0MGI5MGZhYWMzZDYvdGV4dHJlZ2lvbjoyMWI1MjI0NGNmY2E0ZTJiYmI5ZTQwYjkwZmFhYzNkNl8yMTk5MDIzMjU3ODA2_459bf993-62dc-4777-aa36-bf5e3dee23e5": {
"value": "29. Provisions for other liabilities and charges
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Capitalised within property, plant and equipment | | | |
Charged to comprehensive income | | | |
| | | |
| | | |
| | | |
| | | |
Transfer to Trade and other payables and Deferred income | | | |
Capitalised within property, plant and equipment | | | |
Charged to comprehensive income | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Non-current provisions mainly relate to future aircraft maintenance obligations of the Group on leased
aircraft and spare engines, falling due typically between one and five years from the balance sheet
date. Current aircraft maintenance provisions relate to heavy maintenance obligations expected to be
fulfilled in the coming financial year. The amount of provision reflects management\u2019s estimates of the
cost of heavy maintenance work that will be required in the future to discharge obligations under the
Group\u2019s lease agreements (see Note 4). Maintenance provisions in relation to engines and APUs
covered by power by the hour agreements are netted off with the prepayments made to the\u00a0
maintenance service provider under those agreements in respect of the same group of engines and
APUs.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zNjU0L2ZyYWc6MWE2ZWZkNGI0NzM0NDhjZWI2YWNmNDJhMjE2ZmIzZGYvdGV4dHJlZ2lvbjoxYTZlZmQ0YjQ3MzQ0OGNlYjZhY2Y0MmEyMTZmYjNkZl8yMTk5MDIzMjYzNDQw_ba7240e4-a8f1-4b36-8f05-e7ee86334535": {
"value": "30. Financial instruments
Fair values
The fair values of the financial instruments of the Group together with their carrying amounts shown
in the statement of financial position are as follows:
| | | | |
| | | | |
| | | | |
| | | | |
Trade and other receivables due after more than one year | | | | |
| | | | |
Derivative financial assets | | | | |
Trade and other receivables due within one year | | | | |
Cash and cash equivalents | | | | |
| | | | |
Trade and other payables due after more than one year | | | | |
Trade and other payables due within one year | | | | |
Derivative financial liabilities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net balance of financial instruments (liability) | | | | |
The fair value of the Eurobonds is estimated using quoted prices (Level 1), derivatives (Note 3) and
lease liabilities are valued using Level 2 methodology and the fair value of all other financial assets
and financial liabilities is estimated using Level 3 in the fair value hierarchy.
Financial assets measured at fair value through profit or loss:
| | |
| | |
| | |
| | |
Derivative financial assets | | |
| | |
Financial liabilities measured at fair value through profit or loss:
| | |
| | |
| | |
| | |
Derivative financial liabilities | | |
| | |
Where available, the fair values of financial instruments have been determined by reference to
observable market prices, where the instruments are traded. The fair value of financial instruments
that are not traded in an active market (such as long-term deposits among the non-current other
receivables) is determined by estimated discounted cash flows.
The carrying value less impairment provision of trade receivables and payables is assumed to
approximate their fair values due to the short-term nature of trade receivables and payables. Long-
term financial assets and liabilities which are classified as fair value through profit and loss are
recognised on fair value.
Trade and other receivables due after more than one year are almost exclusively maintenance
reserves, with an average term of approximately four years. The fair value of these assets is
determined by discounting at a rate of interest of four years\u2019 USD swap rate prevailing on the last day
of the financial year. The carrying value of the Level 3 instruments within trade and other receivables
is considered to be the fair value as discounting has an immaterial effect.
The fair value of derivative financial instruments is determined by the financial institutions that issued
the respective derivative. The financial institutions are using generally accepted valuation techniques,
principally the Black-Scholes model and discounted cash flow models.
The fair value of lease liabilities is determined by discounting the future contractual cash flows with
the discount rate (incremental borrowing rate) prevailing at the year end.
Gains and losses
The following net realised FX gains or losses were recognised in the statement of comprehensive
income in relation to derecognition of financial assets measured at amortised cost:
\u25b6during the year \u20ac4.1 million gain (2022: \u20ac37.4 million gain) on cash and cash equivalents;
\u25b6during the year zero loss/gain (2022: \u20ac0.5 million loss) on short-term cash deposits; and
\u25b6no material realised FX on restricted cash and trade and other receivables.
See Note 10 for details of interest income recognised in F23 and F22.
Effective interest rates analysis
Interest-bearing financial liabilities
The following table indicates the effective interest rate of the interest-bearing liabilities of the Group
on the statement of financial position date and the periods in which they mature. Lease liability and
secured debt are denominated in USD, while unsecured debt and convertible debt are denominated in
EUR (see Note 3).
| | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
IFRS 16 aircraft engine lease liability | | | | | | | | | | | | |
IFRS 16 other lease liability | | | | | | | | | | | | |
JOLCO and FTL lease liability | | | | | | | | | | | | |
| | | | | | | | | | | | |
Interest earning financial assets
The Group invested excess cash primarily in EUR and USD denominated short-term time deposits at
market rates at major banking groups.
Changes in liabilities arising from financing activities
The following table includes changes in net borrowings (including convertible debt) reconciled with
their effects on the consolidated statement of cash flows.
| | |
| | |
| | |
Net borrowings at the beginning of the year | | |
| | |
| | |
Proceeds from unsecured debt* | | |
Repayment of unsecured debt | | |
Proceeds from secured debt | | |
| | |
| | |
Change in net borrowings from cash flows | | |
| | |
| | |
| | |
| | |
Net borrowings at the end of the year | | |
31. Financial guarantees
The Company has provided parent guarantees to certain lessors of its aircraft fleet, to guarantee the
performance of its airline subsidiaries under the respective lease contracts.
The Company has provided a parent guarantee to certain hedging counterparties, to guarantee the
performance of Wizz Air Hungary Ltd., under the respective hedge contracts.
The Company has provided a parent guarantee to Airbus S.A.S connected to its PDP financing
arrangement\u00a0 to guarantee the performance of Wizz Air Hungary Ltd.
The Company in April 2018 provided a parent guarantee to the UK Civil Aviation Authority, to
guarantee the performance of Wizz Air UK Ltd. in the context of the UK operating licence application
process of Wizz Air UK Ltd.
The note purchase agreement (for Convertible Notes) contains a guarantee and indemnity, pursuant
to which Wizz Air Hungary Ltd., inter alia, guarantees to Indigo Hungary LP and Indigo Maple Hill LP
the punctual performance by the Company of its obligations under the note purchase agreement.
The issue of \u20ac500.0 million 1.35 per cent Eurobond in January 2021 and the issue of \u20ac500.0 million
1.00 per cent Eurobond in January 2022 by Wizz Air Finance Company B.V. is fully and irrevocably
guaranteed by the Company.
The Company has provided a guarantee to Runway Five Lender LLC and Airbus S.A.S, to guarantee
the performance of Wizz Air Hungary and the SPV involved, under the PDP financing loan related
agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zNjU0L2ZyYWc6MWE2ZWZkNGI0NzM0NDhjZWI2YWNmNDJhMjE2ZmIzZGYvdGV4dHJlZ2lvbjoxYTZlZmQ0YjQ3MzQ0OGNlYjZhY2Y0MmEyMTZmYjNkZl8yMTk5MDIzMjYzNDQw_d13e23bb-a415-4569-8966-d76a2fbb0314": {
"value": "30. Financial instruments
Fair values
The fair values of the financial instruments of the Group together with their carrying amounts shown
in the statement of financial position are as follows:
| | | | |
| | | | |
| | | | |
| | | | |
Trade and other receivables due after more than one year | | | | |
| | | | |
Derivative financial assets | | | | |
Trade and other receivables due within one year | | | | |
Cash and cash equivalents | | | | |
| | | | |
Trade and other payables due after more than one year | | | | |
Trade and other payables due within one year | | | | |
Derivative financial liabilities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net balance of financial instruments (liability) | | | | |
The fair value of the Eurobonds is estimated using quoted prices (Level 1), derivatives (Note 3) and
lease liabilities are valued using Level 2 methodology and the fair value of all other financial assets
and financial liabilities is estimated using Level 3 in the fair value hierarchy.
Financial assets measured at fair value through profit or loss:
| | |
| | |
| | |
| | |
Derivative financial assets | | |
| | |
Financial liabilities measured at fair value through profit or loss:
| | |
| | |
| | |
| | |
Derivative financial liabilities | | |
| | |
Where available, the fair values of financial instruments have been determined by reference to
observable market prices, where the instruments are traded. The fair value of financial instruments
that are not traded in an active market (such as long-term deposits among the non-current other
receivables) is determined by estimated discounted cash flows.
The carrying value less impairment provision of trade receivables and payables is assumed to
approximate their fair values due to the short-term nature of trade receivables and payables. Long-
term financial assets and liabilities which are classified as fair value through profit and loss are
recognised on fair value.
Trade and other receivables due after more than one year are almost exclusively maintenance
reserves, with an average term of approximately four years. The fair value of these assets is
determined by discounting at a rate of interest of four years\u2019 USD swap rate prevailing on the last day
of the financial year. The carrying value of the Level 3 instruments within trade and other receivables
is considered to be the fair value as discounting has an immaterial effect.
The fair value of derivative financial instruments is determined by the financial institutions that issued
the respective derivative. The financial institutions are using generally accepted valuation techniques,
principally the Black-Scholes model and discounted cash flow models.
The fair value of lease liabilities is determined by discounting the future contractual cash flows with
the discount rate (incremental borrowing rate) prevailing at the year end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80MTA5L2ZyYWc6NzE3NzMxZjMzNTI4NDE3MmI3ZTM1ZWFjYTdhNjcxMjAvdGV4dHJlZ2lvbjo3MTc3MzFmMzM1Mjg0MTcyYjdlMzVlYWNhN2E2NzEyMF85MzQ1ODQ4ODQyMzEy_f2ed7173-1da2-44a6-a6db-6ec029af2683": {
"value": "
Financial assets measured at fair value through profit or loss:
| | |
| | |
| | |
| | |
Derivative financial assets | | |
| | |
Financial liabilities measured at fair value through profit or loss:
| | |
| | |
| | |
| | |
Derivative financial liabilities | | |
| | |
Where available, the fair values of financial instruments have been determined by reference to
observable market prices, where the instruments are traded. The fair value of financial instruments
that are not traded in an active market (such as long-term deposits among the non-current other
receivables) is determined by estimated discounted cash flows.
The carrying value less impairment provision of trade receivables and payables is assumed to
approximate their fair values due to the short-term nature of trade receivables and payables. Long-
term financial assets and liabilities which are classified as fair value through profit and loss are
recognised on fair value.
Trade and other receivables due after more than one year are almost exclusively maintenance
reserves, with an average term of approximately four years. The fair value of these assets is
determined by discounting at a rate of interest of four years\u2019 USD swap rate prevailing on the last day
of the financial year. The carrying value of the Level 3 instruments within trade and other receivables
is considered to be the fair value as discounting has an immaterial effect.
The fair value of derivative financial instruments is determined by the financial institutions that issued
the respective derivative. The financial institutions are using generally accepted valuation techniques,
principally the Black-Scholes model and discounted cash flow models.
The fair value of lease liabilities is determined by discounting the future contractual cash flows with
the discount rate (incremental borrowing rate) prevailing at the year end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80Mjc1L2ZyYWc6NzQwMGZkZTgwN2RhNDc5NGIwMzUwYzMzMGU3MTYxZTAvdGV4dHJlZ2lvbjo3NDAwZmRlODA3ZGE0Nzk0YjAzNTBjMzMwZTcxNjFlMF85MzQ1ODQ4ODM2NzU5_88a21bd9-2c5f-4ba4-ad1c-e583b7de6ca7": {
"value": "
Changes in liabilities arising from financing activities
The following table includes changes in net borrowings (including convertible debt) reconciled with
their effects on the consolidated statement of cash flows.
| | |
| | |
| | |
Net borrowings at the beginning of the year | | |
| | |
| | |
Proceeds from unsecured debt* | | |
Repayment of unsecured debt | | |
Proceeds from secured debt | | |
| | |
| | |
Change in net borrowings from cash flows | | |
| | |
| | |
| | |
| | |
Net borrowings at the end of the year | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80Mjk2L2ZyYWc6NDMwOTdiMjQyOWM2NDhlZWE3ODM0ZTAwZjRjMGFlNjEvdGV4dHJlZ2lvbjo0MzA5N2IyNDI5YzY0OGVlYTc4MzRlMDBmNGMwYWU2MV85ODk1NjA0NjUwMDE4_708464c8-664f-4d4b-89e7-1f219f79ad4f": {
"value": "6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2023-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80Mjk2L2ZyYWc6NDMwOTdiMjQyOWM2NDhlZWE3ODM0ZTAwZjRjMGFlNjEvdGV4dHJlZ2lvbjo0MzA5N2IyNDI5YzY0OGVlYTc4MzRlMDBmNGMwYWU2MV85ODk1NjA0NjUwMDIz_79992252-622d-452b-ac39-d02d19227c85": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF80Mjk2L2ZyYWc6NDMwOTdiMjQyOWM2NDhlZWE3ODM0ZTAwZjRjMGFlNjEvdGV4dHJlZ2lvbjo0MzA5N2IyNDI5YzY0OGVlYTc4MzRlMDBmNGMwYWU2MV85ODk1NjA0NjUwMDIz_e67bc981-a884-4567-8eb3-319dcefec356": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2021-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zNTkzL2ZyYWc6MWNjZDQxZTcwMGJiNGNmZjk1NmY0MjZlZTMzYWM5NWEvdGV4dHJlZ2lvbjoxY2NkNDFlNzAwYmI0Y2ZmOTU2ZjQyNmVlMzNhYzk1YV85MzQ1ODQ4ODQzMDc4_f0d14969-5134-4f2b-8215-0e2337cafa1a": {
"value": "
32. Capital commitments
At 31 March 2023 the Group had the following contracted capital commitments:
\u25b6A commitment to purchase 290 Airbus aircraft of the A320 family in the period 2023\u20132028.
The total commitment is valued at US$42.2 billion (\u20ac38.8 billion) based on list prices last
published in 2018 and escalated annually until the reporting date based on contract terms
(2022: US$45.8 billion (\u20ac41.1 billion) to purchase 325 Airbus aircraft of the A320 family in the
period 2022\u20132027). As at the date of approval of this document out of the 290 aircraft 42 are
to be delivered in F24 and for 29 financing is already contracted. The Group uses various
financing arrangements in order to finance aircraft including Sale and Leaseback, Japanese
Operating Lease with Call Option (JOLCO) and French Tax Lease (FTL) structures.
\u25b6In line with Wizz Air\u2019s ambition to become a 500-aircraft airline by the end of the decade, the
Group has exercised its purchase rights in relation to 75 A321neo aircraft to be delivered in
calendar years 2028\u20132029. As at 31 March 2023, this commitment is subject to Shareholder
approval and is valued at US$11.0 billion (\u20ac10.1 billion) based on list prices last published in
2018 and escalated annually until the reporting date based on contract terms.
\u25b6A commitment to purchase 27 IAE \u201cneo\u201d (GTF) spare engines in the period 2023\u20132026. The
total commitment is valued at US$572.5 million (\u20ac525.7 million) at list prices in 2023 US$
terms (2022: US$534.7 million (\u20ac480.4 million), valued at 2022 list prices, to purchase 32 IAE
\u201cneo\u201d (GTF) spare engines in the period 2022\u20132026). As at the date of approval of this
document out of the 27 engines 11 are to be delivered in F24 and none of them are financed
yet.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zNTczL2ZyYWc6MTY1M2QyZjU5MzBkNDEzZjhlOTcxMTdiNjIwYTFlYmYvdGV4dHJlZ2lvbjoxNjUzZDJmNTkzMGQ0MTNmOGU5NzExN2I2MjBhMWViZl85MzQ1ODQ4ODQ2NTgw_4f16cada-3dc1-4f0a-aced-3361a9b147c5": {
"value": "33. Contingent liabilities
Legal disputes
European Commission state aid investigations
Between 2011 and 2015, the European Commission has initiated state aid investigations with respect
to certain arrangements made between Wizz Air and the following airports, respectively: Timi\u015foara,
Cluj-Napoca, T\u00e2rgu Mure\u015f, Beauvais and Girona. In the context of these investigations, Wizz Air has
submitted its legal observations and supporting economic analyses of the relevant arrangements to
the European Commission, which are currently under review. The European Commission has given
notice that the state aid investigations involving Wizz Air will be assessed on the basis of the new \u201cEU
Guidelines on state aid to airports and airlines\u201d which were adopted by the European Commission on
20 February 2014. Where relevant, Wizz Air has made further submissions to the European
Commission in response to this notification. In relation to the Timi\u015foara arrangements, the European
Commission confirmed on 24 February 2020 that the arrangements did not constitute state aid. We
are awaiting decisions in relation to the other airport arrangements mentioned herein above.
Ultimately, an adverse decision by the European Commission could result in a repayment order for the
recovery from Wizz Air of any amount determined by the European Commission to constitute illegal
state aid. None of these ongoing investigations are expected to lead to exposure that is material to
the Group.
No provision has been made by the Group in relation to these issues because there is currently no
reason to believe that the Group will incur charges from these cases.
",
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"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMTQ1L2ZyYWc6NWIwNTc0NWQ0ZTIwNGRjNTk0ODkzMGM3ZTA3MWYwZGEvdGV4dHJlZ2lvbjo1YjA1NzQ1ZDRlMjA0ZGM1OTQ4OTMwYzdlMDcxZjBkYV85MzQ1ODQ4ODQwODA0_30758727-d98b-4a6c-b721-fefd8317edb6": {
"value": "34. Related parties
Identity of related parties
Related parties are:
\u25b6Indigo Hungary LP and Indigo Maple Hill LP (collectively referred to as \u201cIndigo\u201d here), because
it has appointed two Directors to the Board of Directors (all in service at 31 March 2023); and
\u25b6key management personnel (Directors and Officers).
Indigo, Directors and Officers altogether held 25.6 per cent of the voting shares of the Company at 31
March 2023 (2022: 25.6 per cent).
Transactions with related parties
Transactions with Indigo
At 31 March 2023 Indigo held 24,684,895 Ordinary Shares, equal to 23.9 per cent of the Company\u2019s
issued share capital (2022: 24,684,895 Ordinary Shares, 23.9 per cent).
Indigo has an interest in convertible debt instruments issued by the Company (see Note 24). The
Company\u2019s liability to Indigo, including principal and accrued interest, was \u20ac26.0 million at 31 March
2023 (2022: \u20ac26.4 million).
During the year ended 31 March 2023 the Company entered into transactions with Indigo as follows:
\u25b6the Company recognised interest expense on convertible debt instruments held by Indigo in
the amount of \u20ac1.7 million (2022: \u20ac2.0 million); and
\u25b6fees of \u20ac0.4 million (2022: \u20ac0.3 million) were paid to Indigo in respect of the remuneration of
two of the Directors who were delegated by Indigo to the Board of Directors of the Company.
Transactions with key management personnel
Officers (members of executive management) and Directors of the Board are considered to be key
management personnel. The compensation of key management personnel, including Non-Executive
Directors, is as follows:
| | |
| | |
| | |
Salaries and other short-term employee benefits | | |
| | |
| | |
Amounts paid to third parties in respect of Directors\u2019 service | | |
Total key management compensation expense | | |
There were no termination benefits paid to any key management personnel in the year or the prior
year.
There were no post-employment benefits and other long-term benefits provided to any key
management personnel in the year or the prior year.
There were no material transactions with related parties during the financial year except as indicated
below.
In addition, the Group has contracted an IT company, which is a related party to the CEO, to provide\u00a0
machine learning capabilities with regard to ticket and ancillary sales. The amount paid for this service
in F23 was \u20ac2.5 million (F22: \u20ac1.2 million), which in the judgment of the Board was not material.
37. Ultimate controlling party
In the opinion of the Directors there is no individual controlling party in relation to the Company's
issued Ordinary Shares.
Shareholders and potential investors are reminded that the Group\u2019s Hungarian operating licence
depends, inter alia, on Qualifying Nationals owning more than 50 per cent of the Ordinary Shares. The
Company\u2019s articles of association enable the Directors to take action to ensure that the amount of
Ordinary Shares held by Non-Qualifying Nationals does not reach a level that could jeopardise the
Group\u2019s entitlement to continue to hold or enjoy the benefit of any operating licence that benefits the
Group.
On 29 December 2020, Wizz Air Holdings Plc announced its decision to treat as Restricted Shares
certain Ordinary Shares held by Non-Qualifying Nationals and to issue to such Shareholders Restricted
Share Notices (\u201cthe Disenfranchisement\"). This is because from 1 January 2021 UK nationals are no
longer to be treated as Qualifying Nationals with regard to ongoing European airline ownership
requirements, notwithstanding the UK-EU Trade and Cooperation Agreement. Therefore, the Board
has resolved to exercise its power under the articles to serve Restricted Share Notices on Non-
Qualifying National shareholders specifying that, from 1 January 2021, in respect of their Restricted
Shares they cannot attend or speak or vote at any general meetings of the Company. The rights to
attend (whether in person or by proxy), to speak and to demand and vote on a poll in respect of the
Restricted Shares shall vest in the chairman of such meeting, who will be a Director who is a
Qualifying National. Each such Director will give an irrevocable undertaking not to vote any such
Restricted Shares.
The Board has determined, pursuant to the articles, that the fairest and most appropriate method to
implement the Disenfranchisement is for the same proportion of each Non-Qualifying National's
(including each UK national's) shareholding to be designated as Restricted Shares. Qualifying
Nationals include: (i) EEA nationals; (ii) nationals of Switzerland; and (iii) in respect of any
undertaking, an undertaking that satisfies the conditions as to nationality of ownership and control of
undertakings granted an operating licence contained in Article 4(f) of the Air Services Regulation, 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).
A Non-Qualifying National is any person who is not a Qualifying National as per the definition above.
To protect the EU airline operating licence of Wizz Air Hungary Ltd. and Wizz Air Malta Ltd
(subsidiaries of the Company), the Board has resolved to continue to apply a disenfranchisement of
Ordinary Shares held by non-EEA shareholders in the capital of the Company. This will continue to be
done on the basis of a \u201cPermitted Maximum\u201d of 45 per cent pursuant to the Company\u2019s articles of
association (\u201cthe Permitted Maximum\u201d). In preparation for the 2022 Annual General Meeting (AGM),
on 13 September 2022 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. We will provide further details on or before 3 July 2023, simultaneously with the notice of
Annual General Meeting that is scheduled to take place on 2 August 2023.
",
"dimensions": {
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"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMjYxL2ZyYWc6NGQ3NGQzYTg0NDczNGQ0YTlmYTI1ZGRhNTNmYjJjOWQvdGV4dHJlZ2lvbjo0ZDc0ZDNhODQ0NzM0ZDRhOWZhMjVkZGE1M2ZiMmM5ZF85MzQ1ODQ4ODM4MTQy_102ac354-b9e3-4657-ab4f-227669c1539e": {
"value": "
Transactions with key management personnel
Officers (members of executive management) and Directors of the Board are considered to be key
management personnel. The compensation of key management personnel, including Non-Executive
Directors, is as follows:
| | |
| | |
| | |
Salaries and other short-term employee benefits | | |
| | |
| | |
Amounts paid to third parties in respect of Directors\u2019 service | | |
Total key management compensation expense | | |
There were no termination benefits paid to any key management personnel in the year or the prior
year.
There were no post-employment benefits and other long-term benefits provided to any key
management personnel in the year or the prior year.
There were no material transactions with related parties during the financial year except as indicated
below.
In addition, the Group has contracted an IT company, which is a related party to the CEO, to provide\u00a0
machine learning capabilities with regard to ticket and ancillary sales. The amount paid for this service
in F23 was \u20ac2.5 million (F22: \u20ac1.2 million), which in the judgment of the Board was not material.
",
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}
},
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"value": "35. Prior period restatements
| | | |
| 2022 As previously stated | Impact of sale and leaseback gain\u00a0 reclassification | |
| | | |
Changes in working capital | | | |
Increase in trade and other payables | | | |
Increase in deferred income | | | |
Cash generated by operating activities before tax | | | |
Net cash generated by operating activities | | | |
Cash flows from investing activities | | | |
Proceeds from the sale of tangible assets | | | |
Net cash used in investing activities | | | |
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjhmNWYwYzY0ZmMxZDQ3Yzg4YTI0NDA5YmMzZmRkMGQwL3NlYzo4ZjVmMGM2NGZjMWQ0N2M4OGEyNDQwOWJjM2ZkZDBkMF8zMDE5L2ZyYWc6NWIzNGJmOGM1MzA0NDkyYTk1YTllOTI3YmUwMzVhZjUvdGV4dHJlZ2lvbjo1YjM0YmY4YzUzMDQ0OTJhOTVhOWU5MjdiZTAzNWFmNV85MzQ1ODQ4ODM3NDA1_7fc05b52-b3a5-4d85-ad5e-94429635adbb": {
"value": "36. Subsequent events
Tax residency change of Wizz Air Hungary Ltd.
Wizz Air Hungary Ltd. moved its place of effective management from Switzerland to Hungary with an
effective date of 1 April 2023. As a result, its tax residency is Hungarian from F24 onwards.
Commercial operations of Wizz Air Malta
During F23, crew and aircraft were transferred to Wizz Air Malta and the entity provided wet-lease
capacity to Wizz Air Hungary Ltd. From 1 April 2023, Wizz Air Malta commenced commercial
operations and started to sell tickets for its own flights in addition to its wet-lease operations.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800COXGZCORLJZA85",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}