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OverviewDirectors’ reportReport on Directors’ remunerationFinancial informationOther information
easyJet plc
Annual report and accounts 2008
05
Business review
Andrew Harrison
Chief Executive
Highlights of the year
Underlying profit before tax of £123 million1(2007: £191
million1), equivalent to £2.37 (2007: £4.30) per seat flown
Reported profit before tax of £110 million
(2007: £202 million)
Total revenue up 31.5% to £2,363 million
Passenger numbers up 17.3% to 43.7 million and load
factor improved 0.4pp to 84.1%
Total revenue per seat up 12.6% (7.3% at constant currency)
for the full year and 15.2% (9.3% at constant currency)
for the second half, driven by improved ancillary revenue
performance and increased sector length associated with
the acquisition of GB Airways on 31 January 2008
Total cost per seat1(excluding fuel and exchange movement)
up 5.6% partly driven by increased sector length
Over half of the £210 million or £4.08 fuel cost per seat
increase recovered through revenue improvements
The fleet grew to 165 aircraft at 30 September 2008 (2007:
137) including 16 as part of the acquisition of GB Airways
Strong liquidity with cash and money market deposits of
£863 million (excluding restricted cash of £66 million)
Nearly half of passengers now originate outside the UK
Results at a glance
2008 2007 Change
Total revenue (£ million) 2,362.8 1,797.2 31.5%
Profit before tax – underlying (£ million)1123.1 191.3 (35.7)%
Profit before tax – reported (£ million) 110.2 201.9 (45.4)%
Pre tax margin – underlying (%)15.2 10.6 (5.4)pp
Return on equity – underlying (%)17.6 13.6 (6.0)pp
Basic EPS – reported (pence) 19.8 36.6 (45.9)%
Note 1: Underlying financial performance excludes £12.9 million of costs associated with
the integration of GB Airways in 2008 and excludes the reversal of the impairment of the
investment in The Airline Group of £10.6 million in 2007.