Slide 1: Quarter 1 2009 Interim Management Statement
Quarter 1 2009 Interim Management Statement January 2009 Agenda 1. First quarter performance and outlook 2. Financial position and fleet plan 3. Summary 2
Slide 2: First quarter performance and outlook: Highlights
1. First quarter performance and outlook Highlights 4 Strong revenue growth; +23% total revenue per seat 4 Good yield and load performance across the network 4 Improved ancillary performance 4 Euro benefit 9ppts 4 Strong network means resilience 4 Evidence of flight to value 4 Superior load factor p
Slide 3: Strong growth in total revenue per seat
Strong growth in total revenue per seat Q1 ‘09 Q1 ‘08 Change Passengers (m) 10.1 9.1 10.1% Load factor (%) 83.4 80.8 2.6% Seats (m) 12.1 11.3 6.7% Sector length (km) 1,075 986 9.1% Total revenue (£m) 550 418 31.5% Total revenue per seat £ 45.57 36.98 23.3% @ constant exchange 42.15 36.98 14.0% 23.3%
Slide 4: Resilient, high quality pan-European network
Resilient, high quality pan-European network Departing passengers by country of origin Q1’09 4 Passenger growth of 20% in other 9% mainland Europe France 11% 4 51% of passengers now originate outside of UK Spain 8% UK 49% 4 Diversity of customer base Italy drives resilience 11% 4 Growth in business
Slide 5: Strengthening our position in key markets
Strengthening our position in key markets 4 Gatwick – building on leadership Capacity change Q1’09 (based aircraft) position 4 Increased capacity on longer sectors e.g. 80% Sharm El Sheik 60% 4 Strengthened business product e.g. Helsinki, 40% Lyon, Copenhagen, Rome Fiumicino 20% 4 New leisure routes
Slide 6: Outlook: Hedging update
Outlook Hedging update 4 For the year to 30 September 2009: 4 73% fuel requirement hedged at $1,094 per tonne 4 Sensitivity:$10 per tonne movement impacts full year un-hedged fuel cost by $4.6m 4 72% of anticipated 2009 US$ requirement hedged with 68% forwards at $1.95 and 4% with collars between $1
Slide 7: Forward bookings in line with prior year
Forward bookings in line with prior year % Seat sold * 80 F'09 F'08 70 60 50 40 Easter 30 20 10 0 January February March Q3 4 Second quarter capacity will be down 4% versus prior year 4 Annualising acquisition GB Airways from end January 4 Easter moves to Q3 ’09 from Q2 ’08 4 Initial indication off
Slide 8: Outlook
Outlook 4 easyJet’s capacity, measured by available seats, for the first half is expected to be ahead of last year by low single digit percent. 4 Revenue growth in the first quarter was ahead of expectations and we anticipate total revenue per flown seat for the second quarter to be slightly ahead o
Slide 9: Continued focus on cash management
Continued focus on cash management £292m Cash flow from operations £261m £221m £222m £161m 2004 2005 2006 2007 2008 4 Prudent approach 4 Board approved gearing targets >25% <50% 4 Minimum liquidity of 3 months operating cash 4 Excellent treasury execution 4 No cash collateral against hedges 4 No MAC
Slide 10: Prudent approach to fleet planning
Prudent approach to fleet planning 4 Growth planned to F’11 equates to 1% increase in share of European market 4 86 aircraft due for delivery over next 3 years (107 over 5 years) 4 42 leased aircraft due for return by end F’11 4 12 aircraft held for sale assumed to be sold in F’09 4 All fleet orders
Slide 11: Summary
Summary 4 Superior loads and revenue performance in the quarter 4 Strong network, growth focused on key markets 4 Customer and geographic diversity 4 Cautious about the outlook for the summer 4 F’09 growth reduced due to higher fuel and poor economic outlook 4 First half pre-tax results will be impa