Full Year Results Analyst and Investor...

Full Year Results Analyst and Investor

Presentation

Tuesday 18 November 2014

Introduction

Carolyn McCall

Chief Executive Officer

3 3

Footer box on intersect of lines line h=8.03 9 and v=8.75 with font 10pt Arial not bold

Continued execution of the strategy

Profit per seat growth

Resilient operational performance

Top quartile ROCE

Strong revenue performance

6.9%

9.8% 11.3%

17.4%

20.5%

2010 2011 2012 2013 2014

£3.97 £4.81

£7.03

£8.12

7.2% 8.2%

11.2%

12.8%

0%

2%

4%

6%

8%

10%

12%

14%

£0

£2

£4

£6

£8

2011 2012 2013 2014

PB

T /

se

at P

BT

ma

rgin

1. At constant currency 2. Cost per seat excluding fuel at constant currency

0%10%20%30%40%50%60%70%80%90%

Overallsatisfaction

Satisfaction withpunctuality

On-timeperformance

2013 20141.9% 1.9%

0.6% 0.7%

0.0%

1.0%

2.0%

FY'14 H2'14

RPS CPS1 2

4

Financial review

Chris Kennedy

Chief Financial Officer

5 5


Profit before tax increased

0.37

0.100.44

0.040.16

1.02

0.201.20

8.12

7.03

FY 2014

FX A320 Mix easyJet lean

Disruption De-icing Costs Fuel Revenue

FY 2013

Profit per seat bridge Driven by impact of longer average sector length

6 6


Financial results

£m (reported) FY 2014 FY 2013 Change Change

Total revenue 4,527 4,258 269 6.3%

Fuel (1,251) (1,182) (69) (5.8%)

Operating costs excluding fuel (2,453) (2,365) (88) (3.7%)

EBITDAR 823 711 112 15.8%

Ownership costs (242) (233) (9) (4.2%)

Profit before tax 581 478 103 21.5%

EBITDAR margin 18.2% 16.7% 1.5ppt

Profit before tax margin 12.8% 11.2% 1.6ppt

£ per passenger (constant currency) FY 2014 FY 2013 Change Change

Total revenue per passenger 70.40 70.08 0.32 0.5%

Total cost per passenger (excluding fuel) (42.40) (42.75) 0.35 0.8%

7 7


Financial results: 114.5p EPS, 20.5% ROCE

£m FY 2014 FY 2013 Change

Profit before tax 581 478 21.5%

Tax charge (131) (80) (63.8%)

Profit after tax 450 398 13.1%

Effective tax rate 22.5% 16.7% (5.8ppt)

Earnings per share 114.5p 101.3p 13.0%

Ordinary dividend per share 45.4p 33.5p 35.5%

Special dividend per share - 44.1p

Return on capital employed* 20.5% 17.4% 3.1ppt

* Return on capital employed (ROCE) measure includes leases capitalised at 7 times The ROCE measure with target liquidity included is shown in the appendix

8 8


Fleet expenditure broadly in line with current levels

2005-2012 2013-14 2015-2017 2018-2022

Additional aircraft 49% 52% 66% 26%

Replacement aircraft

42% 28% 9% 45%

Maintenance 9% 20% 25% 30%

Total 100% 100% 100% 100%

Total expected fleet acquisition and overhaul expenditure as a % of easyJet revenue

18% 9% 11% 10% - 12%

Fleet acquisition and overhauls will be funded through a combination of easyJet’s internal resources, cashflow, sale and leaseback transactions and debt

9 9


H2 margins improved due to tight cost control

Reported £m H2 2014 H2 2013 Change

Total revenue 2,825 2,657 6.3%

Fuel (714) (686) (4.0%)

Operating costs (1,352) (1,323) (2.3%)

EBITDAR 759 648 17.3%

Ownership costs (125) (109) (16.0%)

Profit before tax 634 539 17.5%

PBT margin 22.4% 20.3% 2.1ppt

Seats (m) 40.5 38.0 6.3%

Constant currency £ per seat H2 2014 H2 2013 Change

Total revenue 71.15 69.82 1.9%

Fuel (18.01) (18.04) 0.2%

Operating costs (34.78) (34.76) (0.1%)

EBITDAR 18.36 17.02 7.9%

Ownership costs (3.10) (2.85) (8.8%)

Profit before tax 15.26 14.17 7.7%

10 10


Continuing revenue per seat growth

£m FY 2014 FY 2013 Change

Passengers (m) 64.8 60.8 6.6%

Load factor (%) 90.6% 89.3% 1.3ppt

Seats (m) 71.5 68.0 5.1%

Average sector length (km) 1,112 1,091 1.9%

Total revenue (£m) 4,527 4,258 6.3%

Total revenue per seat (£) 63.31 62.58 1.2%

At constant currency (£) 63.78 62.58 1.9%

11 11


63.31

0.460.54

0.65

62.58

FY 2014 FX Initiatives Underlying trading

FY 2013

easyJet strategy delivers further revenue growth

Year on year drivers of revenue per seat change (£/seat)

• Disciplined capital allocation • Revenue Management System

initiatives • Longer sector length • Increased load factor • Digital

• Business passenger • Allocated seating

12 12


Growth in RPS

£ per seat FY 2014 FY 2013 Change

At constant currency

Gross seat revenue 69.65 68.66 1.4% 2.2%

Passenger taxes (7.25) (7.02) (3.2%) (4.4)%

Net seat revenue 62.40 61.64 1.2% 2.0%

Non-seat revenue 0.91 0.94 (2.5%) (1.6%)

Total revenue 63.31 62.58 1.2% 1.9%

1.9%1.4%

2.7%

1.5%1.4%

5.1%5.8%

6.8%

3.0%

4.1%

Q4 Q1 Q3 Q2 FY

easyJet capacity growth

RPS growth at constant currency

Easter in Q3 for 2014

Continued strength

13 13


Favourable currency impact

Currency split – total costs Currency split – total revenue

8%

Sterling

Swiss Franc

Euro

Other

47%

3%

42% 34%

1%

25%

35%

FY 2014 currency impact favourable / (adverse) EUR CHF USD Other Total

£m

Revenue (23) (4) (3) (3) (33)

Fuel 2 - (1) - 1

Costs excluding fuel 40 5 5 - 50

Total 19 1 1 (3) 18

Average effective euro rate for revenue for FY 2014 was €1.21 (FY 2013: €1.19) Average effective euro rate for costs for FY 2014 was €1.22 (FY 2013: €1.19)

35%

5%1% Swiss Franc

Sterling

USD

Other

33% 26% Euro

14 14


1.1

1.12

1.14

1.16

1.18

1.2

1.22

1.24

1.26

1.28

1.3

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

FY 2013 FY 2014

Progressive weakening of the euro

GBP: euro rates (spot)

P&L impact shown after effects of hedging cashflows

Key booking period Peak

expenditure

Impact of €/£ rate on P&L

£m H1 H2

Revenue 17 (40)

Fuel (1) 3

Costs excluding fuel (6) 46

Total 10 9

• Progressive weakening of the euro versus sterling during FY 2014

• High level of forward bookings posted at around 1.20, cost incurred at better rate

15 15


Impact of fuel

FY 2014 FY 2013 Change B/(W)

Fuel $ per metric tonne

Market rate 973 992 19

Effective price 977 980 3

US dollar rate

Market rate 1.66 1.55 11 cents

Effective price 1.59 1.58 1 cent

Actual cost of fuel £ per metric tonne 614 619 5

Cost per metric tonne was broadly flat

16 16


Cost per seat excluding fuel - key drivers

Favourable/(adverse)

Cost per seat excluding

fuel £

Variance at constant currency

£

Variance at constant currency

%

Drivers

Airports and ground Handling

15.48 0.03 0.2%

• Lean initiatives savings • Decrease in de-icing costs following milder

winter weather conditions • Regulated airport charges • Cost impact of higher load factor

Crew 6.70 (0.12) (1.8%) • Pay increase broadly in line with inflation • Longer average sector lengths • Partially offset by lean initiative savings

Navigation 4.30 (0.11) (2.4%) • Longer average sector lengths • Inflationary increases

Maintenance 2.97 0.09 2.9% • One-off benefit of new engine deal • Increase in leased aircraft • Increase in average fleet age

Overheads 4.70 (0.11) (2.3%) • Higher employee performance-related pay • Continued IT and digital platform

development

Brand licence 0.16 (0.00) (1.2%)

Ownership 3.39 (0.02) (0.5%) • Annualised lease costs • Offset by ‘other financing’

Total CPS excluding fuel 37.70 (0.24) (0.6%)

NB: Foreign exchange gains and losses incurred in the prior year are included in calculating the year-on-year movement in “cost per seat excluding fuel

17 17


0.110.09

0.190.190.10

0.44

0.84

0.200.15

0.54

0.33

5 5 .19

5 5 .5 35 5 .5 5

FY 2014 Other Wet leasing

Load factor

Engine deal

A320 Mix easyJet lean

Before management

action

FX De-icing and

disruption

Fuel Inflation Regulated airports

FY 2013

Management actions taken to control costs

Cost per seat bridge

Including: Airports and ground handling – £0.26 Fuel and maintenance initiatives – £0.09

External factors Management action

18 18


Increasing proportion of A320s

FY 2014 FY 2013 Change

A319 (operating lease) 54 54 -

A319 (owned / finance lease) 99 99 -

A319 Total 153 153 -

A320 (operating lease) 18 18 -

A320 (owned / finance lease) 55 46 9

A320 Total 73 64 9

Total fleet 226 217 9

Unencumbered 94 82 12

Operating lease 32% 33% (1ppt)

Percentage of A320s in fleet 32% 29% 3ppt

19 19


Flexibility in fleet planning

Maximum, minimum and base case fleet size under the framework agreement

Flexible fleet arrangements to respond appropriately to market conditions

1. At the end of the relevant financial year 2. Based on fleet plan – base case 3. Maximum fleet does not include purchase rights

226 241

259

281 296

316 317 330 327

304 304 311 311

250 261

226

204 214

197 200

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

Contracted Max Base Case Contracted Min

20 20


Strong balance sheet

*Gearing defined as (debt + 7 x annual lease payments – cash) divided by (shareholders’ equity + debt +7 x annual lease payments – cash)

£m FY 2014 FY 2013

Property, plant and equipment 2,542 2,280

Goodwill and other intangible assets 478 467

Other assets 477 428

Liabilities (excluding debt) (1,747) (1,716)

1,750 1,459

Debt 563 679

Cash and money market deposits (985) (1,237)

Net cash (422) (558)

Shareholders' equity 2,172 2,017

Capital employed 1,750 1,459

Gearing 17% 7%

21 21


Cashflow

1376

112

175

445

1336669

118

581

Capital expenditure

Ordinary dividend

Tax, net interest

and other

Net working capital

Depreciation and

amortisation

Operating profit

Sep 2013

1,237*

Sep 2014

985*

FX Other Borrowings Special dividend

* Includes money market deposits but excludes restricted cash

£m

Self funding ordinary dividend and capex

22 22


Fuel and foreign exchange hedging

Sensitivities

• $10 per tonne change in fuel price will impact the full year pre-tax result by +/- $3.5 million

• One cent movement in the £/$ will impact the full year pre-tax result by +/- £1.3 million

• One cent movement in the £/€ will impact the full year pre-tax result by +/- £1.1 million

Fuel requirement US dollar

requirement Euro surplus

Six months ending 31 March 2015

91% at $958 / metric tonne

91% at $1.60/£ 84% at €1.19/£

Full year ending 30 September 2015


85% at $1.59/£ 77% at €1.18/£

Full year ending 30 September 2016


55% at $1.64/£ 52% at €1.21/£

As at 14 November 2014

23 23


Progress against financial policies and metrics

Capital discipline

Capital structure

Liquidity

Dividend policy

Returns

+

+

+

=

Objectives • High asset efficiency • Maintain high level of fleet flexibility

• Ensure robust capital structure • Retain ability to invest in profitable

growth opportunities

• Maintain sufficient liquidity to manage through industry shocks

• Target consistent and continuous payments

• Return excess capital to shareholders

Metric

• Maintain industry leading returns • Top quartile ROCE

• Fleet size flexibility of between 204 and 316 aircraft by 2019

• Gearing: 15% to 30% • Moving to 80:20 ratio

on owned vs. leased aircraft

• £4 million cash per aircraft

• 40% ordinary dividend payout ratio

Gearing defined as net debt (adjusted by adding seven times aircraft dry leasing payments for the year) dividend by the sum of shareholders’ equity and adjusted net debt

Progress

• ROCE of 20.5%

• 226 aircraft with 11 hours asset utilisation

• Gearing: 17% • 32% leased

• £4.4 million cash per aircraft

• Ordinary dividend payment increased by 11.9 pence or 35.5% to 45.4 pence per share

Business review

Carolyn McCall

Chief Executive Officer

25 25


Industry-leading business model to drive returns

Proven strategy, execution and returns

easyJet will continue to deliver:

A. Future profitable growth

B. Industry leading return on capital employed and margins through revenue and cost initiatives

C. Cash returns for shareholders

• Flexible seat growth

between c.5% and c.8% per annum

• Maintain top quartile ROCE

• Ordinary dividend

increased to 40% of after tax profits

• Surplus cash to be

returned to shareholders

1. Build strong #1 and #2 network positions

2. Maintain cost advantage

3. Drive demand, conversion and yields across Europe

4. Disciplined use of capital

Leading business model Strategic drivers Growth and returns

26 26


Strong position built over time

Growing market share Sustaining unit cost performance

Financial strength Strong brand affinity

Sector-length adjusted CASK incl-fuel (CAGR Sep 2011-2014)

Fe

elin

g p

osi

tiv

e a

bo

ut

the

air

line

Source: Millward Brown Brand Tracker. Data not available for Norwegian in Switzerland, France, Germany and Italy and Vueling in the UK and Switzerland

*Vueling CASK CAGR is over the period Dec-10 to Dec-13 *Air Berlin as at 30 June 2014 **IAG Balance Sheet at Sep not available, therefore Average capital employed at June used in ROCE calculation & Gearing position is at 30 June 2014

-5%

0%

5%

10%

15%

20%

25%

-5% 15% 35% 55% 75% 95% 115%

Norwegian

easyJet

AF-KLM

Air Berlin*

IAG**

Lufthansa Group

Ryanair

RO

CE

Gearing

42%

25% 21%

32% 36%

47% 49%

29% 26%

40% 41%

52%

GatwickNo1

EdinburghNo1

NiceNo1

MalpensaNo1

GenevaNo1

BaselNo1

2011 market share

2014 market share

0%10%20%30%40%50%60%70%80%

easyJet Ryanair Vueling Norwegian

2.4%

4.9%

3.3%

4.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

easyJet Ryanair Norwegian Vueling*

27

0.6%

2.2%

3.7%

0.6%

5.0%

5.9%

3.5%

7.3%

Capacity on easyJet city pairs Capacity change total shorthaul market

easyJet capacity change Capacity on easyJet city pairs

Winter 13/14

Winter 14/15

Increasing capacity environment

Source: Market share data from OAG scheduled data, as at 30 October 2014, easyJet markets based on internal easyJet definition.

Capacity growth H1’15 vs. H1’14

Short-haul market easyJet city to city pairs

Flybe slots 1.5%

Capacity growth H2’14 vs. H2’13

easyJet city to city pairs

easyJet

Ryanair

BA

Vueling

Germanwings

Transavia

CityJet

Norwegian Other

28

United Kingdom +2.7%

France +4.1 %

Italy +5.2 %

Spain -2.2 % Switzerland +6.0%

Germany +15.1 %

Source : OAG, scheduled data and Internal easyJet projection November 2014. Country capacity growth is based on network touching seats.

Disciplined investment over Winter

Overall c. 3.5% capacity growth over Winter (before disruption)

2.7% 5.5%

2.9% 4.1%

5.4% 5.2%

-2.2% 5.8% 6.0%

4.0%

15.1%

5.9%

Market growth easyJet growth in the market

easyJet

Netherlands +13.3 %

10.3% 13.3%

Portugal +0.0%

13.9%

0.0%

29

Continuing to execute in 2015

Opening Amsterdam and Porto in 2015

31 new routes launched this year1

Opportunity to deepen existing traffic flows in core markets and develop new routes

easyJet lean pipeline of initiatives to deliver £30 million to £40 million savings per year

Fleet up-gauging with 20 A320s to be delivered in the year

Engineering & Maintenance re-tender

Airport deals – structure of contracts

Continuing to drive Innovation

Ordinary dividend payout ratio from one third to 40% of profit after tax

Industry leading margins will deliver strong future cash flows

Culture & people

Continued investment in talent development

Drive demand,

conversion and yields

New brand campaign

Personalisation and data mining

Product enhancements

• Passport scanning app

Continue to develop

• Business passenger opportunity

• Dynamic packaging

• Loyalty

#1 and #2 network

positions

Maintain cost

advantage

Disciplined use of

capital

Principles of easyJet lean and return on capital embedded throughout the organisation

Continued investment in our systems and digital platform

1. 2015 routes launched as at 18 November 2014

30 30

Opportunities across the network 1.

Network

This slide contains a selection of new routes

31

Strong position in London

Uniquely positioned Compelling network

“Serious consideration” by consumers

Source: Millward Brown. Brand scores for ‘Serious consideration’

63%

66%

50%

55%

60%

65%

70%

2013 2014

London

1. Network

Catchment size (millions) Market share

Gatwick 12 49%

Luton 11 44%

Stansted 10 15%

Southend 7 88%

Heathrow 14 N/A

108

48

25 12

0

20

40

60

80

100

120

Gatwick Luton Stansted Southend

Number of routes

32 32

Successful execution in Italy

Focus on higher yielding airports Opportunity

“Serious consideration” by consumers

1. Network

60%

55%

67%

63%

50%

55%

60%

65%

70%

Milan Rome

2013 2014

MXP

FCO

NAP

VCE

PSA

PMO

CIA

CTA

OLB

BRI

CAG

BDS

BLQ

VRN

LIN

SUF

GOA

TRN

AHO

REG

AOI

PSR

FLR

BGY

TRS

TPS

CRV

1. Build on strong market share in major catchment areas

2. Focus on business passengers and those with higher disposable incomes

3. Keep on building the brand and differentiating the product

Source: Millward Brown. Brand scores for ‘Serious consideration’

33 33


2. Cost

Advantage Maintaining the cost advantage

easyJet lean will deliver £30 million - £40 million in sustainable savings per annum over the next 5 years

Governance and milestones

Embedded throughout easyJet culture

Long and short term

savings

Covers the total cost

base

easyJet lean Capacity deployed on easyJet network(1)

(1) OAG full year 2014 – easyJet airport pairs capacity (2) IAG CASK includes Vueling, capacity excludes Vueling (3) CASK data for LTM to 31 December 2013

CASK graph: - Source: Airline Analyst - Data based on 12 month period ending 31 March 2014 - CASK converted using opening period fx rates

easyJet

Legacy carrier

Low cost carrier

Charter

0.0

2.0

4.0

6.0

2.94

0.99 1.65 1.98

5.60

3.11 2.14

4.60

500

Seats

(m)

CASK ex fuel, Airport; ground handling, navigation and en-route charges( p)

250 0

34 34


2. Cost

Advantage Pipeline of initiatives

Benchmarking process

Engineering & Maintenance

Fleet up-gauging and fuel savings

Savings across the cost base

• Costs benchmarked

against key competitors

• Revealed a further pipeline of saving initiatives

Engine selection

Engineering & Maintenance

Up-gauging

Airport deals

2015 2016 2017 2018 2019

easyJet lean initiatives will continue to deliver

• Airport deals • Ground Handling deals • Asset utilisation

35 35


Continuing to drive demand & conversion 3.

Demand

36 36


Continuing to drive demand & conversion 3.

Demand

37 37


Loyalty 3.

Demand

38 38


£46m £85m

£133m £180m

£150m

£175m

2010 2011 2012 2013 2014

Capital allocation continues to drive returns R

etu

rns

Routes

CPBH FY13

CPBH FY14

Improved returns year on year

ROCE for route performance and improved returns analysis defined as normalised profit after tax divided by average net debt plus average shareholders’ equity

4. Capital

Discipline

£769 million returned to shareholders

Top quartile ROCE

Special dividend (m)

Ordinary dividend (m)

6.9%

9.8% 11.3%

17.4%

20.5%

2010 2011 2012 2013 2014

39 39


H1 forward bookings

% seats sold *

H1 (October 2014 to March 20114) as at 12 November 2014

H1 bookings slightly ahead of prior year

FY’15 Outlook

89.1%

48.6%

90.9%

49.2%

Oct Nov Dec Jan Feb Mar H1

Winter 13/14

Winter 14/15

40 40


Outlook FY’15

Outlook

Capacity (seats flown)

• H1 c.+3.5% (before disruption)

• FY c.+5% (before disruption)

Revenue per seat (constant currency)

• H1: flat to very slightly up on the prior year

Cost per seat ex fuel (constant currency)

• H1 c.+2.5% (assuming normal disruption levels and constant load factors)

• FY c.+2% (assuming normal disruption levels and constant load factors)

FX

• H1: c.£5 million favourable movement from foreign exchange rates

• FY: c.£20 million adverse movement from foreign exchange rates

Fuel

• H1: unit fuel costs £12 million to £22 million favourable

• FY: unit fuel costs £22 million to £70 million favourable

Rates at 15 November 2014 £/USD: 1.5633; £/EUR: 1.2540 Unit fuel guidance based on Jet fuel trading range of $800 / metric tonne to $1,000 / metric tonne

easyJet is successfully executing its strategy of offering its customers low fares to great destinations with friendly service so that it will continue to win in a more competitive

market. This means easyJet is well placed to continue to deliver sustainable returns and growth for shareholders.

41 41


Industry-leading business model to drive returns

Proven strategy, execution and returns

easyJet will continue to deliver:

A. Future profitable growth

B. Industry leading return on capital employed and margins through revenue and cost initiatives

C. Cash returns for shareholders

• Flexible seat growth

between c.5% and c.8% per annum

• Maintain top quartile ROCE

• Ordinary dividend

increased to 40% of after tax profits

• Surplus cash to be

returned to shareholders

1. Build strong #1 and #2 network positions

2. Maintain cost advantage

3. Drive demand, conversion and yields across Europe

4. Disciplined use of capital

Leading business model Strategic drivers Growth and returns

Q & A

42

APPENDIX

43

44 44


H2 margins improved due to tight cost control

Reported £ per seat H2 2014 H2 2013 Change

Total revenue 69.85 69.82 -

Fuel (17.64) (18.04) 2.2%

Operating costs (33.44) (34.76) 3.8%

EBITDAR 18.77 17.02 10.3%

Ownership costs (3.11) (2.85) (9.1%)

Pre-tax profit 15.66 14.17 10.5%

45 45


ROCE Calculation – including 7x lease adjustment

Reported £m FY 2014 FY 2013

Earnings before interest and tax – reported 581 497

Interest element of operating lease payments 41 34

Earnings before interest and tax – adjusted 622 531

Tax 21% 23%

Normalised operating profit after tax (NOPAT) 492 409

Average shareholders’ equity – reported 2,095 1,906

Average net cash – reported (490) (242)

Average capitalised leases 791 690

Average capital employed 2,396 2,354

Return on capital employed – 7x basis 20.5% 17.4%

46 46


ROCE Calculation – NPV and target liquidity

Proforma £m FY 2014 FY 2013

Earnings before interest and tax – reported 581 497

Interest element of operating lease payments 25 31

Earnings before interest and tax – adjusted 606 528

Tax 21% 23%

Normalised operating profit after tax (NOPAT) 479 407

Average shareholders’ equity – reported 2,095 1,906

Adjustment to shareholders’ equity (25) (27)

Average shareholder’s equity – adjusted 2,070 1,879

Average net cash – reported (490) (242)

Increase in debt associated with capitalising leases 392 356

Target liquidity adjustment 886 862

Average net debt – adjusted 788 976

Average capital employed 2,858 2,855

Return on capital employed – NPV basis 16.8% 14.3%

47 47


RASK and CASK

FY 2014 FY 2013 Change

Total revenue per seat (£) 63.31 62.58 1.2%

At constant currency (£) 63.78 62.58 1.9%

RASK at constant currency (pence) 5.73 5.74 -

Total cost per seat excluding fuel (£) 37.70 38.17 1.2%

At constant currency (£) 38.41 38.17 (0.6%)

CASK excluding fuel at constant currency (pence) 3.45 3.51 1.3%

48 48


Aircraft cashflows including overhauls

Figures based on contracted fleet commitments

Aircraft FY 2015 FY 2014

Number of aircraft deliveries 20 9

Cashflows (USD) $m FY 2015 FY 2014

Final delivery payments 555 246

Pre delivery payments 110 290

Heavy maintenance - owned fleet 122 38

Total 787 574

Heavy maintenance - leased fleet 114 121

Total cash flows 901 695

Total cash flows (GBP) £564m £419m

49 49


Disclaimer

Certain statements in this presentation constitute or may constitute forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company’s future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this presentation. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this presentation and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this presentation should be construed as a profit forecast or profit estimate and no statement in this presentation should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company.

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 net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. Persons within the United Kingdom who receive this communication (other than those falling within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion contained in the Financial Services and Markets Act 2000.

This presentation has been furnished to you solely for information and may not be reproduced, redistributed or passed on to any other person, nor may it be published in whole or in part, for any other purpose.

This presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyJet plc (“easyJet”) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyJet. Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933 or an exemption there from.

easyJet has not verified any of the information set out in this presentation. Without prejudice to the foregoing, neither easyJet nor its associates nor any officer, director, employee or representative of any of them accepts any liability whatsoever for any loss however arising, directly or indirectly, from any reliance on this presentation or its contents.

This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution is unlawful and is not for distribution to publications with a general circulation in the United States.

By attending or reading this presentation you agree to be bound by the foregoing limitations.

Full Year Results Analyst and Investor...

Documents

Transcript of Full Year Results Analyst and Investor...