EasyJet 2014 Annual Report Download - page 24

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22 easyJet plc Annual report and accounts 2014
Financial review continued
EXCHANGE RATES
The proportion of revenue and costs denominated in currencies other than sterling was little changed year-on-year.
Revenue Costs
2014 2013 2014 2013
Sterling 47% 48% 26% 25%
Euro 42% 41% 33% 35%
US dollar 1% 1% 35% 34%
Other (principally Swiss franc) 10% 10% 6% 6%
Average exchange rates
2014 2013
Euro – revenue €1.21 €1.19
Euro – costs €1.22 €1.19
US dollar $1.59 $1.59
Swiss franc CHF 1.49 CHF 1.45
Over the year as a whole, movements in average effective exchange rates were relatively small.
The net favourable impact on profit of changes in exchange rates was mainly driven by a weaker average euro rate as follows:
Favourable / (adverse)
Euro
£ million
Swiss franc
£ million
US dollar
£ million
Other
£ million
Total
£ million
Revenue (23) (4) (3) (3) (33)
Fuel 2 – (1) – 1
Costs excluding fuel 40 5 5 – 50
Total 19 1 1 (3) 18
Although easyJet has a surplus of euro revenue over euro costs, on average, revenue cash inflows occur several months
before cost cash outflows, resulting in a short-term benefit to the income statement that will not continue into the next
financial year.