EasyJet 2014 Annual Report Download - page 16
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14 easyJet plc Annual report and accounts 2014
Chief Executive’s review continued
Fleet
easyJet continues to build flexibility into its fleet planning
arrangements such that it can increase or decrease
capacity deployed, subject to the opportunities available
and prevailing economic conditions. easyJet uses the
flexibility it has to move aircraft between routes and
markets to improve returns.
easyJet’s total fleet as at 30 September 2014 comprised
226 aircraft, split between 156-seat Airbus A319s and
180-seat A320s. During the year, easyJet took delivery
of nine A320 aircraft under the terms of the current
generation Airbus agreement. No aircraft exited the fleet
in the year.
Fleet as at 30 September 2014:
Owned
Operating
leases
Finance
leases Total % of fleet
Changes in
year
Future
committed
deliveries
Unexercised
purchase
rights
A319 93 54 6 153 68% – – –
A320 50 18 5 73 32% 9 70 –
A320neo – – – – – 100 100
143 72 11 226 9 170 100
easyJet’s fleet plan as at 30 September 2014:
2015
financial
year
2016
financial
year
2017
financial
year
2018
financial
year
2019
financial
year
Maximum fleet(6)(7) 241 259 281 296 316
Minimum fleet(6) 241 250 261 226 204
Fleet plan – base case(6) 241 259 281 296 304
(6) Maximum, minimum and base fleet show the fleet position at the end of the relevant financial year.
(7) Does not include exercise of any of the 100 purchase rights over A320neo aircraft.
The larger A320 aircraft have been introduced over the last
few years with minimal reduction in yields, and they deliver
a per seat cost saving of approximately 7% to 8% over the
A319 aircraft through economies of scale, efficiencies in
crew, ownership, fuel and maintenance. The increase in
the proportion of A320s delivered a 10 pence per seat cost
saving in 2014.
During the year easyJet exercised:
• 31 October 2013 – six options over current generation
A320 aircraft;
• 14 February 2014 – two purchase rights over current
generation A320 aircraft; and
• 18 September 2014 – the remaining 27 purchase rights
over current generation A320 aircraft.
These aircraft are subject to a very substantial discount
from the list price, will be delivered between 2015 and 2018,
and are expected to be funded through a combination of
easyJet’s internal resources, cash flow, sale and leaseback
transactions and debt.
easyJet continues to have a high level of fleet flexibility
provided by its current fleet arrangements. As a result of
the exercise of the options and purchase rights easyJet
is expecting to have a fleet of 304 aircraft by 2019.
However, the fleet arrangements also give easyJet the
ability to manage the fleet size to between 204 and 316
aircraft by 2019 depending on economic conditions and
opportunities available.
Aircraft fitted with Sharklets improve fuel
efficiency and reduce CO2 emissions.