Easyjet Plc · LSE:EZJ
Easyjet — Q3 2013 Earnings Presentation
10 slides from Easyjet's earnings presentation, Jul 24, 2013
Slide 1: Q3 FY'13 IMS Analyst & Investor presentation
Q3 FY’13 IMS Analyst & Investor presentation 3 months to 30 June 2013 24 July 2013 1 1
Slide 2: Progress against strategic objectives
Progress against strategic objectives 1. Drive demand, conversion and yields across Europe • Reported sales growth of 10.5%; RPS growth of 6.7% • Strong unit revenue growth driven by network optimisation and revenue initiatives 2. Maintain cost advantage • Cost per seat (excluding fuel) increase of
Slide 3: Improved revenue performance
Improved revenue performance £m Q3’13 Q3’12 Change Passengers (m) 16.4 16.0 2.6% Load factor (%) 88.2% 89.1% (0.9ppt) Seats (m) 18.6 17.9 3.6% Average sector length (km) 1,109 1,101 0.7% Total revenue (£m) 1,142 1,033 10.5% Total revenue per seat (£) 61.44 57.58 6.7% @ constant currency (£) 61.10 57
Slide 4: Strong growth in seat revenue
Strong growth in seat revenue Q3’13 Q3’12 Change @ cc Seat revenue (£m) 1,122 1,016 10.4% 9.8% per seat (£) 60.38 56.62 6.7% 6.1% Non-seat revenue (£m) 20 17 13.8% 13.3% per seat (£) 1.06 0.96 9.8% 9.4% Seat revenue Timing of Easter Network optimisation Continued competitor capacity Improvem
Slide 5: Maintain cost advantage
Maintain cost advantage Q3’13 Reported Constant currency 6.4% 4.5% Cost per seat excluding fuel increase increase Q3 performance • Cost increase driven by £36m increase in airport charges – especially at regulated airports in Spain and Italy • Additional cost from de-icing into April and May and fro
Slide 6: Hedging update
Hedging update Fuel US Dollar Euro requirement requirement surplus Three months to 30 September 2013 85% 82% 83% Average rate 1.17 $974/ tonne 1.59 Full year ending 30 September 2013 85% 83% 85% Average rate 1.18 $983/ tonne 1.60 Full year ending 30 September 2014 67% 65% 73% Average rate $984/ tonn
Slide 7: Forward bookings
Forward bookings H2 bookings in-line with prior year % Seats 89% 88% FY'12 FY'13 sold * 74% 73% Q3 Jul Aug Sep H2 * As at 18 July 2013 H2 (Apr‘13 to Sept’13) 7
Slide 8: Outlook
Outlook Capacity (seats flown) • Q4 c.+3.1% (assuming no further significant disruption) • H2 c.+3.3% (assuming no further significant disruption) Revenue per seat (constant currency) • H2 up to 6% (assuming no further significant disruption) Cost per seat ex fuel (constant currency) • H2 c.+4% (ass
Slide 9: Summary
Summary • Continued strong performance • Step change due to delivery of revenue initiatives • Allocated seating • Digital • Revenue Management System improvements • Benign capacity environment • easyJet structurally well positioned 9
Slide 10: 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