2012 full year results analyst presentation - easyJet plc

corporate.easyjet.com

2012 full year results analyst presentation - easyJet plc

Full year results

Analyst & Investor

presentation

Tuesday 20 November 2012

1

1


Agenda

1. Review of F’12

2. Financial review

3. Business review

2


Introduction

Carolyn McCall

Chief Executive Officer

3


PBT / seat

PBT margin

Review of F’12

Excellent customer satisfaction (2)

85%

82%

80%

87%

83%

80%

87%

89%

Industry leading on-time performance (1) Improving returns (3)

82%

79% 80%

87%

82%

84%

76%

77%

77% 76%

FY'11

FY'12

KLM Lufthansa Air France British Airways Ryanair easyJet

FY'11 FY'12 FY'11 FY'12 FY'11 FY'12

Overall

Satisfaction

Satisfaction

with Punctuality

Likelihood to

recommend

Profit per seat growth

3.6%

6

5

4

3

6.3%

3 .36

7.2%

3 .97

8.2%

4.81

9%

8%

7%

6%

5%

4%

8.8%

6.9%

12.7%

9.8%

14.5%

11.3%

2

1

0

1.6%

0.83

2009 2010 2011 2012

3%

2%

1%

0%

3.6%

2009 2010 2011 2012

PBT / seat

PBT Margin

ROCE excl. operating lease adjustment

ROCE incl. operating lease adjustment

(1) On-time performance figures from flight stat.com & reflect average number of arrivals within 15 minutes for period Oct 11 to Sept 12

(2) GfK Customer Satisfaction Tracker. Data updated October 2012 reflecting 12m to end Sept 2012

(3) See appendix for details of calculation; also shows ROCE with leases capitalised on an NPV basis.

4


Financial review

Chris Kennedy

Chief Financial Officer

5


Summary

• Returns improved due to:

• management action;

• benign operating

environment

easyJet lean continuing to

deliver cost savings

• Tough decisions taken on asset

allocation

• Debt levels reduced

• Ordinary and special dividends

paid

• Cash generated from operating

activities of £457 million exceeds

capital expenditure and ordinary

dividend

PBT £ per seat

3.97

FY 11

0.12

FX (ex

fuel)

4.14

Revenue

(2.77)

Fuel

(inc FX)

(0.18)

Crew

0.22

Disruption

(0.69)

Other

costs

ex Fuel

Increasing level of dividend

Level of cover changed from 5x to 3x

4.81

FY 12

6


Financial results

£m F ’12 F ’11 Change

Total revenue 3,854 3,452 11.6%

Fuel (1,149) (917) (25.3)%

Operating costs excluding fuel (2,174) (2,067) (5.1)%

EBITDAR 531 468 13.5%

Ownership costs (214) (220) 2.7%

Profit before tax 317 248 27.9%

PBT margin 8.2% 7.2% 1.0 ppt

7


Financial results

£m F ’12 F ’11 Change

Profit before tax 317 248 27.9%

Tax charge (62) (23) (169.6)%

Profit after tax 255 225 13.3%

Effective tax rate 19.6% 9.3% (10.4) ppt

Earnings per share 62.5p 52.5p 19.0%

Ordinary dividend per share 21.5p 10.5p 104.8%

Special dividend per share - 34.9p -

Return on capital employed - excluding operating leases 14.5% 12.7% 1.8 ppt

Return on capital employed - including operating leases 11.3% 9.8% 1.5 ppt

Return on Equity 14.6% 14.0% 0.6ppt

8


H2 margins stable despite increased fuel costs

£m H2 ’12 H2 ’11 Change

Total revenue 2,389 2,186 9.2%

Fuel (666) (534) (24.7)%

Operating costs (1,192) (1,139) (4.6)%

EBITDAR 531 513 3.4%

Ownership costs (102) (112) 9.3%

Pre-tax profit 429 401 7.0%

PBT margin 18.0% 18.3% (0.3) ppt

Seats - m 36.8 34.4 7.1%

£ per seat H2 ’12 H2 ’11 Change

Total revenue 64.84 63.55 2.0%

Fuel (18.08) (15.53) (16.5)%

Operating costs (32.36) (33.11) 2.3%

EBITDAR 14.40 14.91 (3.4)%

Ownership costs (2.75) (3.25) 15.3%

Pre-tax profit 11.65 11.66 (0.1)%

9


Currency impact

Currency split

– total revenue

Currency split

– total costs

Euro

43%

47%

Sterling

US Dollar

35%

35%

Euro

Other

2%

8%

Swiss Franc

1%

Other 5%

Swiss Franc

24%

Sterling

F ‘12 currency impact favourable / (adverse)

EUR CHF USD Other Total

Revenue - Euro rate €1.19 (2011: €1.15) (65) 9 1 (5) (60)

Fuel 11 - (10) - 1

Costs excluding fuel - Euro rate €1.22 (2011: €1.15) 68 4 (5) 2 69

Total 14 13 (14) (3) 10

10


Improved revenue performance

£m F ’12 F ’11 Change

Passengers (m) 58.4 54.5 7.1%

Load factor (%) 88.7% 87.3% 1.4 ppt

Seats (m) 65.9 62.5 5.5%

Average sector length (km) 1,096 1,110 (1.3)%

Total revenue (£m) 3,854 3,452 11.6%

Total revenue per seat (£) 58.51 55.27 5.9%

@ constant currency (£) 59.41 55.27 7.5%

Revenue per seat at constant currency easyJet capacity growth Competitior capacity on easyJet markets

14.8%

7.7%

6.9%

7.5%

4.7% 5.2%

6.7%

7.5%

5.5%

0.2%

Q1 Q2 Q3 Q4 FY

(3.0%) (2.8%)

(3.6%)

(2.4%) (3.0%)

Source:

Competitor capacity from OAG using an easyJet definition of overlapping markets. This excludes charter capacity.

11


Significant increase in taxes absorbed

£ per seat F ’12 F ’11 Change Change @ CC

Gross seat revenue 64.37 60.51 6.4% 8.1%

Passenger taxes (6.76) (6.26) (8.0)% (10.7)%

Net seat revenue 57.61 54.25 6.2% 7.8%

Non-seat revenue 0.90 1.02 (10.8)% (8.4)%

Total revenue 58.51 55.27 5.9% 7.5%

Gross ticket per seat growth at constant currency

Net ticket per seat growth at constant currency

10.6%

10.6%

6.0%

4.8%

5.4%

4.9%

6.2%

5.5%

3.4%

2.5%

Q1’12

Q2’12

Q3’12

Q4’12

FY’12

12


Impact of fuel

F’12 F’11 Change B/(W)

Fuel $ per metric tonne

Market rate 1,020 959 (61)

Effective price 982 818 (164)

US dollar rate

Market rate 1.58 1.61 (3 cents)

Effective price 1.59 1.61 (2 cents)

Actual cost of fuel £ per metric tonne 618 508 (110)

£110 per metric tonne increase equal to £182m cost or £2.77 per seat,

volume impact is additional £50m

13


Management action taken to offset headwinds

Profit per seat bridge

£ per seat

0.60

0.21

0.05

4.81

3 .97

-2.77

4.14

-1.51

0.12

-0.19

2011 PBT per

seat

Fuel Inflation FX (excl fuel) Before

management

action

Revenue

Incremental

easyJet Lean

Incremental

A320 mix

Other

2012 PBT per

seat

14


Maintain cost advantage: easyJet lean

Cost

Advantage

Headwinds

• Increased fuel costs

Delivered to date

c. £100m

• Cost pressure from

regulated airports

• Ground handling inflation

and relationships

• Crew costs and flexibility

• Increasing systems

complexity

• Fleet age increasing

Lean Savings

Airports

Ground handling

Engineering

Fuel

Other

c.£100m delivered to date through easyJet lean

15


Cost per seat excluding fuel - key drivers

Movement versus F‘11

Cost per

seat (£)

Reported

Constant

currency

Drivers

Ground Operations 14.49 -2.1% +1.6% • Significant increases in charges in Spain

and Italy partially offset by relatively

benign winter.

Crew 6.55 +0.6% +2.8% • Average 2% increase in salaries and

disciplined winter capacity thinning.

Navigation 4.25 -6.7% -1.2% • Regulated increases of 2% more than

offset by higher proportion of A320s

and slightly shorter sector length.

Maintenance 3.08 +7.7% +8.1% • Driven by one-offs. Investment in

process improvements will partially

mitigate increases from the planned

aging of the fleet.

Overhead 4.55 +5.9% +7.1% • Investment in IT infrastructure, and

performance related employee costs

resulting from significantly improved

profitability.

Brand licence 0.08 +20.4% +20.4% • Increase in fixed royalty from £3.95m to

£4.95m.

Ownership 3.25 -7.8% -7.4% • Leasing costs lower due to the higher

proportion of owned aircraft.

Total CPS excluding fuel 36.25 -1.0% +1.8%

16


Increasing proportion of A320’s

Sep ‘12 Sep ‘11 Change

A319 (operating lease) 49 56 (7)

A319 (owned / finance lease) 111 111 -

A319 Total 160 167 (7)

A320 (operating lease) 6 6 -

A320 (owned / finance lease) 48 29 19

A320 Total 54 35 19

Main fleet 214 202 12

Sub-fleet (Boeing 737) - 2 (2)

Total fleet 214 204 10

Operating lease 26% 31% (5)ppt

Percentage unencumbered 32% 19% 13ppt

Percentage of A320s in fleet 25% 17% 8ppt

17


Flexibility in fleet planning

Fleet count

260

250

244

254 252

Max fleet

240

230

220

210

200

210

217

220

213

228

225

209

236

223

231 232

241

Growth of.

c.3% to 5%

p.a.

190

201 199

196

194

Min fleet

180

FY13 H1 FY13 H2 FY14 H1 FY14 H2 FY15 H1 FY15 H2 FY16 H1 FY16 H2

Maximum fleet - Lease extensions; options exercised

Minimum fleet - Early termination of leases; deferrals of existing orders

18


Strong balance sheet

£m Sep ‘12 Sep ‘11

Property, plant and equipment 2,395 2,149

Goodwill and other intangible assets 456 451

Other assets 561 469

Liabilities (excluding debt) (1,544) (1,464)

1,868 1,605

Debt 957 1,300

Cash and money market deposits (883) (1,400)

Net debt / (cash) 74 (100)

Shareholders’ equity 1,794 1,705

Capital employed 1,868 1,605

Gearing* 29% 28%

*Gearing defined as (debt + 7 x annual lease payments – cash) divided by (shareholders’ equity + debt +7 x

annual lease payments – cash)

19


Aircraft cashflows including overhauls

Aircraft 2012 2013

Number of aircraft deliveries 19 10

Capital expenditure (USD)

2012

$m

Final delivery payments 479 268

Pre delivery payments 35 5

Heavy maintenance - owned fleet 14 39

Total $528m $312m

Heavy maintenance - leased fleet 120 93

Total cash flows $648m $405m

2013

$m

Total cash flows (GBP) £410m £257m

Figures based on contracted fleet commitments

20


Cashflow

109

45

28

46

389

331

£m

1,400

364

150

25

883

Sep 2011 *

Operating

Profit

Depn &

amort

Net Working

Capital

Tax, net

int & other

Ordinary

dividend

paid

CAPEX

Financing

Special

dividend

paid

FX

Sep 2012 *

* Includes money market deposits but excludes restricted cash

21


Progress against financial objectives and measures

Return Targets

Capital Structure

And Liquidity

Dividend Policy

Aircraft

Ownership

Hedging

Objectives Measures Progress

• Earn returns in excess of cost of

capital through the cycle

• Invest in growth opportunities

where returns are attractive

• Ensure robust capital structure

• Return excess capital to

shareholders

• Maintain sufficient level of liquidity

to manage through the cycle and

industry shocks

• Target consistent and continuous

payouts

• Maintain flexibility around fleet

deployment and size

• Insulate short term operating

performance against adverse

movements in fuel price and

exchange rates

• Improve PBT per seat to GBP5

• Post tax ROCE of 12% through the

cycle*

• Maximum gearing of 50%

• Minimum GBP 4m cash per aircraft

• 5x cover, subject to meeting gearing

and liquidity targets

• Annual payment based on full year

PAT; introduced for FY 2011, payable

2012

• Consider returns over 5x cover to

reduce excess capital

• Target of 70% owned aircraft, 30%

leased aircraft

• 65%-85% of the next 12 months’

anticipated requirements

• 45%-65% of the following 12 months’

anticipated requirements

Delivering on financial objectives

PBT improved by

84p to £4.81

ROCE of 14.5% (1)

(11.3% on new basis)

Gearing 29%

£4.1m cash per

aircraft




Dividend: changed

to 3x cover

Increased dividend

payment

£150m special divi

paid March 2012

26% leased (2)


In line with policy

Note:

(1) ROCE shown on “old” basis – excluding capitalised leases

(2) Will be c.30% following conclusion of sale and leaseback

22


Fuel and foreign exchange hedging

Fuel

requirement

US dollar

requirement

Euro

surplus

Half year ending 31 March 2013 86% at $986/tonne 86% at $1.61/£ 76% at €1.18/£

Full year ending 30 September 2013 78% at $985/tonne 81% at $1.60/£ 68% at €1.18/£

Full year ending 30 September 2014 55% at $993/tonne 62% at $1.58/£ 48% at €1.22/£

Sensitivities

• $10 movement per metric tonne impacts F’13 PBT by $4m

• One cent movement in £/$ impacts F’13 PBT by £1.6m

• One cent movement in £/€ impacts F’13 PBT by £1.2m

Table data as of 23 rd October

23


Forward bookings

H1 bookings in line with prior year

% seats

sold *

89%

88%

Winter 11/12 Winter 12/13

45%

46%

Oct Nov Dec Jan Feb Mar H1

H1 (Oct ‘12 to Mar ‘13)

* As at 08.11.12

24


Outlook

Capacity (seats flown)

• FY c.+3.5% (before disruption)

• H1 c.+3.5% (before disruption)

Revenue per seat (constant currency)

• H1 up low to mid single digits

Cost per seat ex fuel (constant currency)

• FY c.+3 to 4% (assuming normal disruption levels and constant load factors)

• H1 c.+4 to 5% (assuming normal disruption levels and constant load factors)

• Includes £70m increase in airport costs

Headwinds

• c.£50 million adverse movement from foreign exchange rates

• With fuel remaining within its recent $1,000/MT to $1,100/MT trading range,

easyJet’s unit fuel bill for the 2013 financial year would be up to £30m higher

“Whilst there is always the potential for unexpected events to temporarily impact financial results the Board

of easyJet is confident that its business model, strategy and people will consistently continue to generate

superior returns and growth for shareholders.”

25


Business review

Carolyn McCall

Chief Executive Officer

26

26


Headwinds for European aviation – but growth expected

Headwinds

• Austerity measures

• Slowing economic growth

• Industrial unrest

• High fuel costs

• Increased taxation on

aviation

• Rising costs at regulated

airports

Yet

Annual number

of flights (m)

9.0

8.5

8.0

7.5

7.0

Intra-European flying volume (1)

High

Low

Base

07 08 09 10 11 12 13 14 15 16 17 18

Opportunities for strong airlines such as easyJet to deliver returns and

growth

Year

Source:

(1) Eurocontrol traffic flow forecast for Europe – ESRA 8 definition (EU + Scandinavia + Turkey + Eastern Europe) Sept’12

27


Unique structural opportunity for easyJet

Capacity growth H1 ‘ F’13 (OAG)

9%

11%

Competitors - on EZJ routes

easyJet change

H1 capacity

Competitors on

EZJ routes

YOY Chg

-1.8%

3%

4%

6%

4%

Competitors in

total market

-3.6%

easyJet +3.6%

-1%

UK France Swiss Italy Spain Market

Key themes

-1%

-2%

-6% -6%

-8%

• Legacy carriers incurring significant short haul losses

• Weaker carriers retreating or exiting

• Consolidation

• Capacity discipline in the market

Source:

OAG 6 months to March ’12; based on easyJet city pairs

28


Continued structural advantage against legacies

On-going cost advantage

against legacies and charter

airlines

• Seat density

• Load factors

• Point to point vs. feeder

• Fleet

• Pensions / crew costs

• Overheads

Market share – EZJ vs legacy carriers '05 vs'12

Market share - EZJvs legacy carriers '05 vs'12

21%

UK France Switzerland Italy

vs. BA vs. AF vs. Swiss vs. Alitalia

18%

15%

21%

61%

48%

5%

13%

35% 34%

-3% +6% -13% +8% -1% +8% -5% +8%

12%

34%

29%

BA EZJ AF EZJ Swiss EZJ Alitalia EZJ

20%

2%

10%

Cost advantage and ability to offer affordable fares allows easyJet to

continue to grow profitably and to take share from legacies

Source:

OAG intra-European travel 2005 vs. .2012

29


Winning against low-cost competition

• Strength of network

• Pan-European network

and market presence

• No. 1 or 2 positions at

primary airports

• Peak slots

• Strong balance sheet

• Scale and purchasing

power

• Pan-European brand

easyJet.com

• Friendly service

60

50

40

30

20

10

-

Presence in top 100 market pairs

3

46

14 2

24

34

26

23

38% of sales due to

the power of the brand

2

19 18 17

Price

4%

Media

22%

Brand

38%

Non primary airports

Primary airports

14 13

Base

36%

Estimated Seat sale contribution

3

Source:

Market data from OAG: intra-European travel 2005 vs. .2012

Seat sale contribution from Brand Science Big 6 Market Econometrics study, Feb 2012 data

30


Strategy to drive growth and returns

Leverage easyJet’s cost advantage, leading market positions and brand to

deliver point-to-point low fares with operational efficiency and friendly

service for our customers

1. Build strong number 1 and

2 network positions

2. Maintain cost advantage

3. Drive demand, conversion

and yield across Europe

• Sustainable growth

• (slightly in excess of market c.

3% to 5% per annum)

• Improved returns

• Tangible and regular cash

returns via 3 x cover dividend

4. Disciplined use of capital

31


Build strong number 1 & 2 network positions

1.

Network

positions

Building strong number 1 or 2 positions at major airports (1)

Airport Share Position

London Gatwick 46% No.1

Geneva 38% No.1

Milan Malpensa 37% No.1

Paris Orly 13% No.2

Lisbon 13% No.2

Paris CDG 11% No.2

Amsterdam 10% No.2

• Highest returns where we have a strong relative

market share and cost advantage

• Economies of scale and market presence

(1) Market shares based on OAG capacity shares for 12 months to end September 2012

32


Actions planned to offset cost headwinds

2.

Cost

Advantage

Cost per seat excluding fuel - at constant currency

5 to 6%

Other

(Disruption,

Crew, Brand

Royalty)

c.3%

1 to 2%

c.1%

3 to 4%

Airports

c.3%

F'13 Cost headwinds Incremental Lean Incremental A320 F'13 cost per seat (excl. fuel)

Actions planned to offset headwinds and increase returns

33


Maintain cost advantage: easyJet lean

2.

Cost

Advantage

F’13 target areas

Targeting an additional £35m in FY’13

• Optimise turn-time further

c.£11m

c.£5m

c.£135m

• Further optimise Ground

Operations contracts and costs

• Opportunities from mini-base

openings

c.£13m

c.£6m

• Merchant acquisition fees

• Head office efficiency

c.£100m

To date

Ground Engineering Fuel Other Cumulative

Operations

FY'13

c.£100 million delivered to date; further opportunities to deliver savings

to offset inflation, maintain easyJet’s cost advantage and to protect

margins

34


Driving demand, conversion & yield across Europe

3.

Drive

Demand

• Network optimisation

• Progressing the business initiative

• Allocated seats

• Driving leisure

• Brand

• Digital / Web

• Revenue management

35


Network optimisation

3.

Drive

demand

Overall 3.6% capacity growth in H1 (adjusting for disruption (1) )

United Kingdom

2.7%

Netherlands

flat

Germany

flat

France

8.8%

Italy

5.9%

Portugal

5.0%

Switzerland

11.5%

Spain

-5.8%

Source : OAG for 6 months to end March 2013

36


Progressing Business initiative

3.

Drive

Drive

Demand

Demand

Building blocks being put in place

• Business routes added to network

• Partnerships with Global Distribution

System providers (GDS)

• Agreements with Travel Management

Companies (TMC)

• Large scale customers signed

• In-country Sales teams delivering

Improving functionality & accessibility

• Work with GDS & TMCs to improve

technology & functionality (mid-2013)

37


Allocated seating roll-out is on plan

3.

Drive

Drive

Demand

Demand

A319

• ‘Extra Legroom’ = 18

seats

• ‘Up front’ = 24 seats

• Remaining = 114 seats

‘Up front’ seats

A320

• ‘Extra Legroom’ = 18

seats

• ‘Up front’ = 30 seats

• Remaining = 132 seats

‘Extra Legroom’

seats

‘Up front’ seats

Allocating seating roll-out is on track

to Oct 11 th Oct 11 th Oct 16 th Nov 13 th Nov 20 th Nov 27 th

Route / base

description

Existing trial

routes

Rolled out to all London airports, and all flights touching Bristol,

Glasgow, Edinburgh, Rome, Paris

Rest of

Network

38


Driving leisure

3.

Drive

Drive

Demand

Demand

Exciting new destinations

• E.g. Reykjavik

Improved product

• Inflight offer

• Partner offers

• Allocated seating

Innovative distribution

• Inspire Me

• Series seat sales

39


Brand: europe by easyJet

3.

Drive

Drive

Demand

Demand

Pan-European campaign

Increasingly stronger

awareness in our

newer markets:

86% Italy, 92% France

Significant growth in

consideration, both

among business and

leisure fliers

New advertising

taking effect – high

ad recall and

recognition

Brand messaging

getting stronger

40


Conversion drivers

3.

Drive

Drive

Demand

Demand

US homepage

Swiss homepages

Inspire Me

Abandon Basket Email

Step 5

Destination Guides

41


Revenue management system

3.

Drive

Drive

Demand

Demand

• Cutting edge, bespoke revenue management system

• Further benefit from yield managing ancillaries

• Improved effectiveness using latest artificial intelligence techniques

Prices as at per 19 November 2012

42


Disciplined use of capital

4.

Capital

Discipline

Key principles

• Strong balance sheet is a source of competitive advantage

easyJet committed to covering cost of capital

easyJet will self fund dividend, fleet replacement and growth

• Rigorous approach to capital allocation embedded throughout easyJet

Returns

Improved returns year on year

FY11 FY12 12% ROCE

Routes

43


Fleet order framework

4.

Capital

Discipline

• Commercial and technical evaluation progressing well

• New gen offer significant cost saving opportunities

• RFP to five suppliers:

• Engines: Pratt & Whitney, CFMi (GE & Snecma)

• Aircraft: Airbus, Boeing, Bombardier

• No further update expected before the second quarter

• Plan will include details on ‘bridge’ period to next generation

Contracted aircraft @ end Sept'12 @ end Sept'13

A320 family 214 217

% of A320s 25% 29%

44


Summary

1. Record of delivery

• Financial & operational performance

2. Structural winner

• Against legacies

• Against charters

• Against low cost

3. Opportunity to deliver sustainable

returns and growth

Delivery against strategy

Operational resilience

Dividend

Improving network

returns

easyjet lean

Driving revenue

Passengers travelling on

business

A unique structural opportunity in the market; easyJet to

take advantage to deliver sustainable returns and growth

45


Q & A

46


APPENDIX

47


ROCE Calculation – including 7x lease adjustment

Reported £m Sep ‘12 Sep ’11

Earnings before interest and tax – reported 331 269

Interest element of operating lease payments 32 36

Earnings before interest and tax - adjusted 363 305

Tax 24% 26%

Normalised operating profit after tax (NOPAT) 276 226

Average shareholders’ equity – reported 1,750 1,603

Average net cash – reported (13) (30)

Opening capitalised leases 763 714

Closing capitalised leases 665 763

Average capitalised leases 714 739

Average capital employed 2,451 2,312

Return on capital employed – 7x basis 11.3% 9.8%

48


ROCE Calculation – NPV and Target liquidity

Proforma £m Sep ‘12 Sep ’11

Earnings before interest and tax – reported 331 269

Interest element of operating lease payments 25 27

Earnings before interest and tax – adjusted 356 296

Tax 24% 26%

Normalised operating profit after tax (NOPAT) 270 219

Average shareholders’ equity – reported 1,750 1,603

Adjustment to shareholders’ equity (35) (40)

Average shareholder’s equity – adjusted 1,715 1,563

Average net cash – reported (13) (30)

Increase in debt associated with capitalising leases 355 362

Target liquidity adjustment 836 800

Average net debt – adjusted 1,178 1,132

Average capital employed 2,893 2,695

Return on capital employed – NPV basis 9.3% 8.1%

49


RASK and CASK

£m F ’12 F ’11 Change B/(W)

Total revenue per seat 58.51 55.27 5.9%

at constant currency 59.41 55.27 7.5%

RASK at constant currency (pence) 5.42 4.98 8.9%

Total cost per seat ex fuel 36.25 36.62 1.0%

at constant currency 37.28 36.62 (1.8%)

CASK ex fuel at constant currency (pence) 3.40 3.30 (3.1%)

50


Disclaimer

This communication is directed only at (i) persons having professional experience in matters relating to investments

who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000

(Financial Promotion) Order 2001; or (ii) high net worth bodies corporate, unincorporated associations and partnerships

and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2001. Persons within the United Kingdom who receive this communication (other than those falling

within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation

is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition

on financial promotion contained in the Financial Services and Markets Act 2000.

This presentation has been furnished to you solely for information and may not be reproduced, redistributed or

passed on to any other person, nor may it be published in whole or in part, for any other purpose.

This presentation does not constitute or form part of, and should not be construed as, an offer for sale or

subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyJet plc (“easyJet”) in any

jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or

commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyJet.

Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States.

Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933 or an

exemption there from.

easyJet has not verified any of the information set out in this presentation. Without prejudice to the foregoing,

neither easyJet nor its associates nor any officer, director, employee or representative of any of them accepts any

liability whatsoever for any loss however arising, directly or indirectly, from any reliance on this presentation or its

contents.

This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions

in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution is unlawful and is not for

distribution to publications with a general circulation in the United States.

By attending or reading this presentation you agree to be bound by the foregoing limitations.

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