I don't think its the full picture of the covid losses. From reading it it is the losses from fuel hedging and currency exchanges - whatever the hell that means:
"the Board estimates that the Group will record a net exceptional charge of approximately £109m relating to ineffectiveness on a proportion of FY21 fuel and foreign currency hedges in the FY20 results"
Its this hedging thats bleeding a lot of them..It means they contract to buy currency and fuel at a set price and for a set quantity well in advance of use. Normally it straightens out the ups and downs and allows airlines to financially plan better.The problem is that they are bound to buy that currency and fuel even if they don`t need it, which is the trap that all the airlines have found themselves in..Its a complicated set up but works most of the time......sadly not this time