Slide 1: Quarter 3 2009 Interim Management Statement
Quarter 3 2009 Interim Management Statement 29 July 2009
Slide 2: Resilient performance
Resilient performance 4 Continued good commercial performance 4 Benefits as capacity targeted at better performing bases 4 Competitor retreat at Madrid and Belfast 4 Good load factors versus competitors 4 Underlying margin improvement in the year to date, revenue per seat +6.4% (at constant currency
Slide 3: Solid growth in total revenue per seat
Solid growth in total revenue per seat Q3 ‘09 Q3 ‘08 Change Passengers (m) 11.9 11.5 2.8% Load factor (%) 84.7 83.5 1.2ppt Seats (m) 14.0 13.8 1.4% Sector length (km) 1,116 1,109 0.6% Total revenue (£m) 721 641 12.4% Total revenue per seat (£) 51.42 46.36 10.9% @ constant exchange (£) 48.58 46.36 4.
Slide 4: Improved passenger and ancillary revenues
Improved passenger and ancillary revenues Q3 ‘09 Q3 ‘08 Change Passenger revenue (£m) 581 538 7.9% per seat (£) 42.42 38.91 6.4% Ancillary revenue (£m) 140 103 35.9% per seat (£) 10.00 7.45 34.1% Good ancillary performance due to: 4 Increased first bag charge £5 to £8 4 Market specific in-flight off
Slide 5: Costs continue in line with expectations
Costs continue in line with expectations 4 Third quarter operating costs1 ex fuel per seat up 11.3% reported, up 1.8% per seat at constant currency 4 Adverse movement of £30m for full year in net interest as previously guided 4 Unrelenting focus on delivering £125m+ cost savings: 4 Leveraging easyJe
Slide 6: Targeted growth drives superior performance
Targeted growth drives superior performance 4 Capacity reduced at underperforming bases 4 Contribution on based aircraft at LGW and mainland Europe above the network average 20% 4 Levering scale at Gatwick 15% 13% 4 Non euro routes performing well 10% 8% 4 GB slots optimised 5% 4 Superior load facto
Slide 7: Continued prudent, flexible growth
Continued prudent, flexible growth Fleet plan: 30 Sept 2009 30 Sept 2010 30 Sept 2011 30 Sept 2012 A319 140 154 171 182 A320 15 23 23 25 A320 GB spec 5 2 - - A321 GB spec 4 - - - B737 17 8 2 - Total 1811 187 196 207 Capital expenditure $’m 850 850 750 500 4 Fleet plan agreed by easyJet plc Board as
Slide 8: easyJet fleet plan well financed
easyJet fleet plan well financed 4 Undrawn financing of £m £93m £254m (£262m) 1,300 £215m $0.5billion at <100 bp above 1,200 £59m £1,131m* £26m libor; many opportunities to 1,100 £(116)m 1,000 secure further financing albeit 900 £862m* at significantly higher rates 800 700 4 Strong operating cash fl
Slide 9: Sweet spot of growth and margin improvement
Sweet spot of growth and margin improvement The easyJet strategy delivers: 4 The ability to optimise the network and exploit margin accretive opportunities to take market share 4 Positive free cash flow generation, post the Boeing replacement programme* 4 Maximum total shareholder return potential 4
Slide 10: Forward bookings in line with expectations
Forward bookings in line with expectations % seats sold * 100 TY LY 90 80 70 60 50 40 30 20 10 0 July August September Q1 10 4 Second half bookings in-line with prior year 4 75% of available summer seats now sold 4 Schedule now on sale for 12 months ahead; already has delivered £25million working ca
Slide 11: Outlook
Outlook 4 In a difficult and uncertain market, easyJet continues to perform in line with previous guidance for the year. 4 Capacity measured in seats flown is expected to increase compared to the prior year by around 4% in the fourth quarter resulting in a 3% increase for the second half of the year
Slide 12: Summary
Summary Resilient performance in a tough and uncertain environment, easyJet’s strengths continue to prevail: 1. Low cost, highly efficient and well financed 2. Europe’s No. Air 1 transport network 4 Geographic diversity, wide range of destinations with a good schedule 4 Focus on convenient airports
Slide 13: 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
Slide 14: Appendix
Appendix
Slide 15: Hedging update
Hedging update 4 For the six months to end September 2009: 4 75% fuel requirement hedged at $1,031 per tonne 4 76% of anticipated 2009 US$ requirement hedged with 74% forwards at $1.82 and 2% with collars between $1.83 and $1.92 4 71% of anticipated 2009 euro surplus hedged at €1.24/£ 4 For the year