I was sure it was The Times, or Financial Times. However I stand corrected, its worse:
According to The Times, 12th Feb:
https://www.thetimes.co.uk/article/j...torm-cg0zd9qsh
If you cannot access it, here is the quote in full:
"The company has cash of £479 million at present and potentially has access to Bank of England pandemic relief loans of £300 million.
It said that if it was not allowed to start flying properly again until the end of May its cash will have dwindled to about £190 million. If travel restrictions continue longer than expected it indicated that it will have run out of cash by the end of the summer."
Times are tough for all concerned
Just found this:
https://www.jet2plc.com/Investor_Rel...February_2021/
Again to quote:
"The Group's current cash position as at 31 January 2021 comprised "Own Cash" of £479m and Total Cash (inclusive of advance customer deposits) of £772m (unaudited).
Jet2 continues to take every step necessary to preserve cash and enhance liquidity to deal with this most challenging of trading environments and the Group has the ability to continue to take additional liquidity actions if required.
Management has prudently prepared three indicative "no fly" scenarios of increasing durations being: restarting flying on 22 May 2021; restarting flying on 16 July 2021; and restarting flying on 1 September 2021. All three scenarios assume a ramp up of flying operations at reduced seat capacity with average load factors that are initially below historic levels. Further, the scenarios assume a cautious outlook for Winter 2021/22 and a full, unhindered Summer 2022 flying programme for the Group's financial year ending 31 March 2023.
Excluding the net proceeds of the proposed Fundraise, any CCFF proceeds, additional debt and/or mitigating actions, the Group's indicative cash flow scenarios show the following:
Restart Flying Scenarios*
Jet2 Own Cash** scenario period low
Calendar Year 2021 Calendar Year 2022
22 May 2021 c.£185-195m in May 2021 c.£360-370m in April 2022
16 July 2021 c.£125-135m in June 2021 c.£155-165m in April 2022
1 September 2021 c.£(15)-(5)m in August 2021 c.£(70)-(60)m in April 2022
Notes:
* Management indicative cash flow scenarios, unaudited and subject to change, for the month ends during the period ending 30 June 2022
**Calculated as total Group gross cash less advance customer deposits