Slide 1: Q3 FY'15 Analyst & Investor presentation
Q3 FY’15 Analyst & Investor presentation 3 months to 30 June 2015 22 July 2015 1 1
Slide 2: Q3 performance – key messages
Q3 performance – key messages 1. Good commercial performance • Good performance from UK and beach routes across Europe • Revenue management initiatives 2. Proactive approach to offsetting a difficult operational environment • External factors: o French ATC strikes o Rome Fiumicino fire o Gatwick – s
Slide 3: Solid revenue performance
Solid revenue performance Q3 ‘15 Q3 ’14 Change Passengers (m) 19.1 17.9 6.2% Load factor (%) 91.7 90.4 1.3ppt Seats (m) 20.8 19.8 4.7% Average sector length (km) 1,132 1,118 1.2% Seat revenue (£m) 1,209 1,223 (1.1)% Non-seat revenue (£m) 19 17 10.9% Total revenue (£m) 1,228 1,240 (1.0) % Total reven
Slide 4: Cost performance – impact of disruption
Cost performance – impact of disruption Q3 2015 Q3 2015 Reported Constant currency 2.1% 2.8% Cost per seat excluding fuel Decrease Increase 3.3% 0.5% Cost per seat including fuel Decrease Decrease Increases driven by: Increases offset by: • Impact of French ATC strike and • easyJet lean which delive
Slide 5: Continued focus on cost
Continued focus on cost Fleet up-gauging easyJet lean 7-8% • Expect to deliver at high end of £30 million to £40 million in FY’15 2% • Pipeline of initiatives 4-5% • Gatwick single terminal • Maintenance contracts • Airport and ground handling deals Current Current Current New generation generation
Slide 6: Strengthening the network to drive returns
Strengthening the network to drive returns Italy Netherlands • Investment in profitable and attractive markets where easyJet has strong positions and • Schipol base opened in March, 4th aircraft to returns be based from October 2015 • Strong focus on capital discipline with capital • Already #2 with
Slide 7: Hedging update
Hedging update Fuel US Dollar Euro Swiss Franc requirement requirement Surplus surplus Three months to 30 September 2015 83% 85% 91% 88% Average rate $878 metric / $1.58 €1.14 CHF1.49 tonne Full year ending 30 September 2015 88% 83% 87% 100% Average rate $922 metric / $1.59 €1.18 CHF1.48 tonne Full
Slide 8: Forward bookings
Forward bookings % Seats sold * H2 2014 H2 2015 91% 92% 77% 77% Q3 Jul Aug Sep H2 H2 (1 April 2015 to 30 September 2015) 8 As at 17-07-15
Slide 9: Outlook
Outlook Fuel • H2: unit fuel costs £65 million to £80 million favourable (1,2) • FY: unit fuel costs £100 million to £115 million favourable (1,2) Foreign exchange • H2: c. £35 million adverse movement from foreign exchange rates(3) • FY: c. £15 million adverse movement from foreign exchange rates(3
Slide 10: Summary
Summary • Improving commercial performance in a difficult operating environment • Good underlying cost performance • Exciting profitable growth opportunities across our core markets • Uncertain macro and operational environment with Greece, events in North Africa and potential industrial action • Pi
Slide 11: 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