EasyJet 2009 Annual Report Download - page 3

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01 easyJet plc
Overview
Business review
Governance
Accounts
Other information
q
OVERVIEW
2009 BUSINESS HIGHLIGHTS
Annual report and accounts 2009
2009 2008 Change
Total revenue (£ million) 2,667 2,363 12 .9%
Prot before tax – underlying1 (£ million) 43.7 123.1 (64.5)%
Prot before tax – reported (£ million) 54.7 110 . 2 (50.4)%
Pre-tax margin – underlying1 (%) 1.6% 5.2% (3.6)ppt
Return on equity – reported (%) 5.5% 6.8% (1.3)ppt
Basic EPS – reported (pence) 16.9 19.8 (14.6)%
Total revenue per seat up 10.9% (4.1% at constant currency), q
driven by the strength of the easyJet network, competitor capacity
reduction of around 6%, strong ancillary revenue performance
and a 2.6% sector length increase
Passenger numbers up 3.4% to 45.2 million and load factor
q
improved by 1.4ppt to 85.5%
Underlying profit before tax q1 of £43.7 million delivered in line with
expectation. The £79.4 million reduction in underlying pre-tax profit
compared to the prior year is driven by a unit fuel cost increase
equivalent to £86.1 million and interest income lower by £30.5 million
Operating costs
q2 per seat (excluding fuel and currency movement)
increased by 3.9% for the full year. Total underlying cost per seat1
(excluding fuel and currency movement) up 6.2% partly driven by
increased sector length, planned lower aircraft utilisation during
the winter and a £30.5 million reduction in interest income
Significant progress on cost reduction initiatives: 19 expensive
q
aircraft exited from the fleet; systems implemented; renegotiation
of our maintenance arrangements with SRT to deliver savings of
around £175 million over the 11 year life of the contract
easyJet’s position in European short-haul aviation has strengthened
q
with market share gains in a number of valuable markets such as
Paris, London Gatwick, Milan and Madrid and over a 10% increase
in slots at capacity constrained airports
Sufficient resources in place through a combination of undrawn
q
committed facilities and surplus cash to fund future aircraft
deliveries for at least the next 18 months
Forward bookings broadly in line with prior year
q
Note 1: Underlying nancial performance excludes an £11.0 million prot on the disposal of three aircraft in 2009, and £12.9 million of costs associated
with the integration of GB Airways in 2008.
Note 2: Excludes interest income.
Highlights
Results at a glance