daa Finance plc Statement
daa finance plc
EUR400,000,000 1.554 per cent notes due 2028 of daa finance plc,
guaranteed by daa plc (ISIN:XS1419674525)
COVID-19 – update
The COVID-19 crisis has continued to worsen over the past number of weeks, with aviation and travel being particularly badly affected. daa plc (“daa”) has today announced plans to move almost all of its staff to a four-day working week for the period from April 25 to June 20, with pay being reduced to 80% of its current level. It has also announced that it plans to avail of the Irish Government’s COVID-19 Temporary Wage Subsidy Scheme. The reduction in staff hours and pay will be reviewed in June.
daa Group Chief Executive Dalton Philips noted:
“This is a crisis the like of which none of us has ever seen before, and it’s still evolving. We must carefully manage the business through both the COVID-19 pandemic and the economic crisis that is likely to continue after the health crisis has been resolved.”
Addressing the ongoing uncertainty in the aviation sector, Mr Philips said that “the international recession that has been created by COVID-19 is likely to mean significantly less demand for air travel for some time after the disease has been brought under control”.
He added that daa’s “key markets of Europe, Britain and the US are badly affected and we may not get back to the traffic levels seen last year for some time”. Mr Philips noted that “we will need to look differently at how we run our business in this new reality.”
Ray Gray, Group Chief Financial Officer, daa plc
Telephone number: +353 1 944 5265/6
Catherine Gubbins, Director of Finance, daa plc
Telephone number: +353 1 944 2205