Slide 1: Q3 2021 analyst & investor presentation
Q3 2021 analyst & investor presentation 20 July 2021
Slide 2: Building back stronger
Building back stronger > Q3 financials in line ▪ Cash burn improving, no change to net debt ▪ Strong liquidity position of £2.9bn, no change vs H1 2021 ▪ Cost programme delivering & on track to improve margins > Strong navigation through the pandemic ▪ Raised £5.5bn in liquidity ▪ Driven down costs
Slide 3: Q3 2021 key stats
Q3 2021 key stats Q3 ‘21 Q3 ‘20 Passengers (000s) 2,985 117 Seats flown (000s) 4,495 132 Load factor 66% 89% Passenger revenue (£ million) 151.9 3.6 Ancillary revenue (£ million) 61.0 3.6 Total revenue (£ million) 212.9 7.2 Total group headline cost (£ million)1, 2 (531.2) (354.0) Headline loss befo
Slide 4: Q3 revenue & costs
Q3 revenue & costs Revenue > Focused on cash generative flying Q3 Revenue per seat @CC > Positive momentum in revenue per seat through the quarter > Ancillary revenue performing well £45.89 > Schedule flexibility allowing for demand across the network to be met 26.7% improvement on Q2 2021 Cost > Ca
Slide 5: Strong cash management
Strong cash management £m Q1 Q2 Q3 Proceeds from Eurobond and UKEF - 1,804 - Proceeds from sale and leasebacks 748 62 - Q3 period end liquidity Repayment of debt - (1,043) - Net cash from Financing Activity 748 823 - £2.9bn Refunds Paid1 (108) (146) (122) In line with H1 2021 Working Capital movemen
Slide 6: Utilising flexibility in Fleet
Utilising flexibility in Fleet > Base fleet growing to 317 aircraft in FY22 driven by: 345 342 ▪ Meeting pent up demand expectations 335 331 331 ▪ Taking advantage of post pandemic network growth 325 323 opportunities 318 317 > Flexibility maintained 315 310b > A320neo family: 310a 305 307a ▪ 8 in F
Slide 7: Navigating through the pandemic
navigating through the pandemic Balance sheet strength Network flexibility > Raise £5.5bn in liquidity > Focused on profitable flying schedule > Cash burn of less than £40m per week in past 3qtrs > Developed an agile scheduling process that can flex > Investment grade balance sheet with constantly c
Slide 8: Europe leading the way
Europe leading the way Intra-European schedule Latest market updates > Currently represents 60% of Q4’21 flying > Lack of transparency around decision making UK-touching schedule > Currently represents 40% of Q4’21 flying (13% UK domestic +3 UK around restrictions Green + 23% UK amber list + 1% UK r
Slide 9: Transforming the airline
Transforming the airline Cost base delivering Network / schedule flexibility > 6% aircraft reduction with 30% reduction in crew full > Industry leading schedule flexibility time equivalents > Able to flex schedule depending on market conditions > New lower cost part time, seasonal and destination >
Slide 10: Outlook
outlook > Based on current travel restrictions in the markets in which we operate, easyJet expects to fly up to 60% of 2019 capacity levels in Q4: ▪ Late announcements of changes to travel restrictions will impact load factors due to late capacity additions/cancellations to meet surges in demand, dr
Slide 11: Navigated the pandemic / transformed the airline
navigated the pandemic / transformed the airline > Q3 numbers in line with management expectations > Strong liquidity, cash burn and net debt > easyJet navigated through the pandemic: ▪ £5.5bn of liquidity raised ▪ Cost programme delivering sustainable savings ▪ Focus on profitable flying and develo
Slide 12: Q&A
Q&A
Slide 13: Appendix
Appendix
Slide 14: Q3 Passenger Statistics
Q3 Passenger Statistics April 2021 2020 Change1 Passengers (000s) 524 - 524 Load Factor 52.2% 0% 52.2 ppt May 2021 2020 Change1 Passengers (000s) 870 - 870 Load Factor 68.1% 0% 68.1 ppt June 2021 2020 Change1 Passengers (000s) 1,591 117 1,474 Load Factor 71.8% 88.9% (17.1 ppt) 14 1) Favourable/(adve