Slide 1: Q1 FY’14 IMS Analyst & Investor presentation
Q1 FY’14 IMS Analyst & Investor presentation 3 months to 31 December 2013 23 January 2014 1 1
Slide 2: Strategy continues to deliver
Strategy continues to deliver 1. Drive demand, conversion and yields across Europe • Passenger numbers up by 4.2%; load factors remain high at 88.7% • Revenue per seat up by 1.4%(1) 2. Maintain cost advantage • Cost per seat (excluding fuel) increase of 1.2%(1) • Operational excellence delivered in
Slide 3: Revenue performance
Revenue performance Q1 ‘14 Q1 ‘13 Change Passengers (m) 14.3 13.7 4.2% Load factor (%) 88.7% 88.6% 0.1ppt Seats (m) 16.1 15.5 4.1% Average sector length (km) 1,089 1,057 3.0% Total revenue (£m) 897 833 7.7% Total revenue per seat (£) 55.71 53.87 3.4% @ constant currency (£) 54.63 53.87 1.4% 3
Slide 4: Revenue performance on track
Revenue performance on track Q1 ’13/14 Q1 ’12/13 Change @ cc Seat revenue (£m) 883 821 7.6% 5.5% per seat (£) 54.83 53.07 3.3% 1.3% Non-seat revenue (£m) 14 12 14.4% 12.7% per seat (£) 0.88 0.80 9.9% 8.2% Seat revenue Careful management of capacity Strong year on year comparators – especially in
Slide 5: Maintain cost advantage
Maintain cost advantage Q1 FY’13 Reported Constant currency 3.0% 1.2% Cost per seat excluding fuel increase increase Cost performance: Increased A320 mix easyJet lean Strong operational performance: improved OTP YOY despite events / Airports charges: slowing in rate of increase in charges a
Slide 6: Hedging update
Hedging update Fuel US Dollar Euro requirement requirement surplus Six months to 31 March 2014 77% 85% 77% Average rate $991 m/t $1.57 €1.19 Full year ending 30 September 2014 74% 84% 73% Average rate $982 m/t $1.58 €1.20 Full year ending 30 September 2015 60% 65% 55% Average rate $951 m/t $1.57 €1.
Slide 7: Forward bookings
Forward bookings % Seats sold * 89% 89% Winter 12/13 Winter 13/14 74% 74% Q1 Jan Feb Mar H1 Easter 2013: 31 March Easter 2014: 20 April H1 (Oct ‘13 to Mar ‘14) 7 * As at 21-01-14
Slide 8: Outlook
Outlook Capacity (seats flown) • H1: c.+3.5% (before disruption) • FY: c.+5.0% (before disruption) Revenue per seat (constant currency) • H1: very slightly up (assuming normal disruption levels) Cost per seat ex fuel (constant currency) • H1: c.+1.5% (assuming normal disruption levels) • FY: c.+1.5%
Slide 9: Disclaimer
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