EasyJet 2011 Annual Report Download - page 4

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02
easyJet plc
Annual report
and accounts 2011
£3,452m
Total revenue
(2010: £2,973m) + 16.1%
12.7%
Return on Capital Employed
(2010: 8.8%) +3.9ppt
34.9p
Proposed dividend –
special (pence per share)
(2010: nil)
£248m
Profit before tax – reported
(2010: £154m) +60.8%
£248m
Profit before tax – underlying1
(2010: £188m) +31.5%
52.5p
Basic earnings per share (pence)
(2010: 28.4p) +84.9%
7. 2%
Pre-tax margin – underlying1
(2010: 6.3%) +0.9ppt
10.5p
Proposed dividend –
ordinary (pence per share)
(2010: nil)
– easyJet has made excellent progress over the past year
and has delivered a strong set of results with underlying
profit before tax up by £60 million to £248 million
despite a £100 million increase in unit fuel costs. This
strong performance is due to firm control of costs,
effective yield management, the strength of easyJet's
network and focus on customers
– Return on Capital Employed (ROCE) improved by
3.9percentage points to 12.7%
– On time performance improved by 13 percentage
points to 79% with the strong performance across the
network leading to a six percentage point improvement
in customer satisfaction
– Total revenue per seat up 4.1% (3.4% at constant
currency) to £55.27, as capacity investments made
inFY’10 and the first half of FY’11 matured combined
with a strong performance from ancillary revenue, up
12.9% to £11.52 per seat following decisive management
action in the second quarter
– Passenger numbers rose 11.8% to 54.5 million and
loadfactor improved by 0.3 percentage points to
87.3%. Passengers originating outside of the UK now
account for 56%, an increase of 3 percentage points
compared to the prior year. Passengers travelling with
easyJet on business increased by almost one million to
9.5 million
– Underlying cost1 per seat (excluding fuel and currency
movement) fell by 1.3% for the full year and was flat on
a reported basis with strong performances in ground
handling, maintenance and disruption related costs
– The year saw strong operating cash generation of
£424million, resulting in net cash of £100 million as at
30 September 2011
– The Board has recommended a one-off return to
shareholders, structured as a special dividend, of
£150million. Taken together with the ordinary dividend
of10.5 pence per share, this provides an estimated total
cash return to shareholders for the year of £195 million
or45.4 pence per share to be paid on 23 March 2012
tothose shareholders on the register at the close of
business on 2 March 2012 with an ex dividend date of
29February 2012
– Earnings per share improved by 24.1 pence to
52.5pence per share, of which around nine pence
resulted from changes in the UK corporation tax rate
and the resolution of various tax enquiries
– Forward bookings are in line with the prior year.
Witharound 45% of winter seats now booked, first half
total revenue per seat at constant currency is expected
to be up by mid single digits
Note 1: Underlying measures exclude £27 million of cost relating to
thevolcanic ash cloud and £7 million loss on disposal of A321 aircraft
in 2010. There were no underlying adjustments in 2011.
Highlights
Our results
Operational highlights