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Introduction Johan Lundgren - CEO 2018 building on strong - PowerPoint PPT Presentation

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Introduction Johan Lundgren - CEO 2018 building on strong foundations Structural advantages deliver strong performance New initiatives to drive margins and returns > Headline PBT growth of 41% > Holidays, Business, Loyalty, Data >

  2. Introduction Johan Lundgren - CEO

  3. 2018 – building on strong foundations Structural advantages deliver strong performance New initiatives to drive margins and returns > Headline PBT growth of 41% > Holidays, Business, Loyalty, Data > Operational Resilience Programme > Strong revenue, up 17%  RPS Up 4.7% (@cc) Investing in people  Ancillary revenue per seat (@cc) up 9.9% > New leadership team in place > Strong pipeline of Pilot and Crew recruitment > Cost programme delivers £107m in savings > Strong employee engagement scores (eNPS) > #1 airline for value in Europe* > Tegel successfully executed Well positioned for the future > Customer satisfaction up despite unprecedented > Strong balance sheet disruption levels in the industry > Well prepared for Brexit > Best performing airline in Europe in 2018 > Flexible fleet position > Advantaged fuel hedge > 43% increase in ordinary dividend easyJet – A structural winner * Skyscanner award 3 3

  4. Financial review Andrew Findlay - CFO

  5. performance highlights FY 2018 FY 2017 Change* Seats flown (m) 95.2 86.7 9.8% Passengers (m) 88.5 80.2 10.2% Load factor (%) 92.9% 92.6% +0.3ppt Average sector length (km) 1,101 1,105 (0.4%) Revenue per seat - reported currency (£) 61.94 58.23 6.4% Revenue per seat - constant currency (£) 60.96 58.23 4.7% Headline cost per seat incl fuel - reported currency (£) 55.87 53.52 (4.4%) Headline cost per seat incl fuel - constant currency (£) 54.97 53.52 (2.7%) Headline cost per seat excl fuel - reported currency (£) 43.43 41.27 (5.3%) Headline cost per seat excl fuel - constant currency (£) 43.25 41.27 (4.8%) Headline profit before tax per seat 6.07 4.71 28.7% * Favourable/(adverse) 5

  6. Financial performance FY 2018 FY 2017 Change* £ m £ m Total revenue 5,898 5,047 851 Headline costs: Headline costs excluding fuel (4,136) (3,577) (559) Fuel (1,184) (1,062) (122) Headline profit before tax 578 408 170 Headline ROCE – including 7x lease 14.4% 11.9% 2.5ppt Headline diluted EPS (pence) 117.4 81.9 35.5 Non-headline items: Commercial IT platform charge (65) - (65) Tegel integration (40) - (40) Sale and leaseback charge (19) (16) (3) Other (9) (7) (2) Total profit before tax 445 385 60 * Favourable/(adverse) 6

  7. Revenue performance – ex-Tegel RPS bridge +8.3% +1.6% £63.09 +6.7% £0.95 +1.0% £62.14 +2.3% £0.59 £1.34 +3.4% 12% growth in ancillary RPS £1.98 versus 2017 £58.23 Monarch exit Ancillary Passenger FX FY 2017 FY 2018 FY 2018 Ryanair cancellations revenue revenue @ CC FR industrial action 7

  8. Controlled costs in a disrupted year Headline CPS bridge (ex-T egel) > Ex-Tegel headline cost per seat at constant currency: 2.0% increase > Ex-Tegel headline cost per seat ex fuel at constant currency: 3.8% increase CPS ex fuel increased by 1.1% (in-line with original guidance) £0.53 £0.29 £0.88 £55.45 £1.05 £0.75 £55.09 £0.52 £0.18 £0.56 £0.22 £0.67 £53.52 FY 2017 Regulated Crew pay and Ownership Other and Fleet mix easyJet cost Employee Disruption FY 2018 Fuel P&L FX FY 2018 headline airports productivity costs inflation programme incentive and headline cost headline cost per inflation savings costs de-icing per seat at cost per seat CC before seat fuel variance 8

  9. Tegel operation > Recruitment and training executed to plan FY 2018 > Now 23 easyJet aircraft based at Tegel: Seats flown (m) 4.9 Passengers (m) 3.9  Replacing wet-leases with own fleet Load factor (%) 80.6% > As at 30 September 2018, 665 pilots and Average sector length (km) 836 cabin crew were working from the base FY 2018 > FY OTP = 82% £m (reported) Revenue 198 > Total loss less than original expectation at £152m Headline cost including fuel (310) Headline cost excluding fuel (250) > Progress continues:  Schedule optimisation Headline loss before tax (112)  More leisure, SXF-TXL swaps Non-headline integration costs (40) Total loss before tax (152) 9

  10. Impact of fuel & currency FY 2018 fuel impact FY 2018 FY 2017 Change* Fuel $ per metric tonne Market price 664 501 (163) Effective price 590 596 6 US dollar rate Advantaged Market price 1.34 1.27 7 cents hedge Effective price 1.36 1.45 (9 cents) Difference 0.02 0.18 Actual cost of fuel £ per metric tonne 434 412 (22) FY 2018 currency impact on headline PBT* EUR CHF USD Other Total £m Revenue 96 (1) (3) 1 93 Fuel - - (68) - (68) Headline costs excluding fuel (24) 14 (6) (1) (17) Total 72 13 (77) - 8 * Favourable/(adverse) 10

  11. Strong cash generation Cash flow bridge > Net cash: £396m (FY’17: £357m) > Adjusted net debt: £738m (FY’17: £413m)* Cash generated from operations (excluding dividends): £1,215m Investing and financing 151 106 326 74 2,307 Growth 35 162 64 214 460 Replacement / other 17 1,373 1,328 977 4 41 Cash & MMDs Operating Depreciation Loss on disposal Net Other Tax paid Ordinary Cash & Sale & Tegel CAPEX Increase in Other FX Cash & MMDs at at 1 October profit & amortisation of Intangibles working operating dividend MMDs post leaseback consideration restricted 30 September 2017** and PP&E capital (FY’17) div & tax paid proceeds cash 2018** *Leases capitalised at 7x ** Includes money market deposits but excludes restricted cash 11

  12. Strong balance sheet Baa1 / BBB+ £m 30 September 2018 30 September 2017 Goodwill and other intangible assets 546 544 Property, plant and equipment 4,140 3,525 Derivative financial instruments 364 92 Other assets (excluding cash and money market deposits) 541 356 Unearned revenue (877) (727) Other liabilities (excluding debt) (1,851) (1,345) Capital employed 2,863 2,445 Cash and money market deposits* 1,373 1,328 Debt (977) (971) Net cash 396 357 Net assets 3,259 2,802 Liquidity is supported by two revolving credit facilities (one $500 million facility and one £250 million facility) and a business interruption insurance policy * Excludes restricted cash 12

  13. Fuel and foreign exchange hedging Fuel requirement US dollar requirement Euro surplus Six months ending March 2019 69% @ $567/MT 70% @ 1.31 69% @ 1.14 Full year ending 30 September 2019 65% @ $571/MT 66% @ 1.33 68% @ 1.13 Full year ending 30 September 2020 45% @ $654/MT 46% @ 1.38 47% @ 1.10 As at 30 September 2018 13

  14. Utilising flexibility in fleet planning Fleet announcement 395 385 Max fleet plan • Exercise of purchase rights to firm orders 375 for 17 A320neo 367 • Deferral of delivery dates of 18 A320neo 359 355 aircraft by up to 24 months; and 352 • Conversion of 25 purchase rights for 335 329 338 A320neo into purchase options 316 315 315 • Securing delivery slots in 2024. Min fleet plan In Increa eased sed flex exibility ibility 295 FY FY2018 2018 FY FY2019 2019 FY FY2020 2020 FY FY2021 2021 FY FY2022 2022 - Downside cases assume sale at 16 years of age 14

  15. Gross capital expenditure c. £1,000m c. £1,000m c. £1,000m Fleet capex Owned maintenance & Other c. £800m FY’19 FY’20 FY’21 FY’22 - Not including impact from IFRS 16 accounting standard 15

  16. 2019 forward bookings 93% 91% 86% FY18 FY19 82% Would be in-line with H1’17 when excluding Tegel & 2018 one-offs 60% 55% 51% 50% 22% 21% 11% 11% 8% 7% Oct Nov Dec Q2 H1 Q3 H2 H1 2019 (October 2018 to March 2019) as at 16 November 2018 (Including Tegel bookings) 16

  17. H1’19 market capacity outlook 15.0% H1 FY18 H1 FY19 7.8% 7.5% 6.1% 6.0% 4.3% 3.2% 0.6% Capacity change total SH Market Competitors on easyJet markets Capacity Change easyJet markets easyJet capacity change H1 2019 (October 2018 to March 2019) as at 7 November 2018 – Source OAG 17

  18. H1’19 easyJet growth 7.0% 15.0% 4.9 Non-flying growth 1.0% 3.0% 1.9% Organic Strategic growth growth 1.1% 8.0% 4.0% 4.9% Annualisation & Winter’17 Up-gauging Manchester Tegel Winter’18 underlying growth Cancellations growth capacity growth H1 2019 (October 2018 to March 2019) 18

  19. 2019 Outlook Capacity (seats flown) > FY c.+10% increase; H1 c.15% increase FX / Fuel* > FY: c.£10 million adverse movement from Revenue per seat at constant currency foreign exchange rates on headline PBT > H1 revenue per seat performance: Down low to mid single digits > FY: unit fuel costs £50 million to £100 million adverse > Updated for IFRS 15 : > Expected total fuel cost c.£1.5 billion H1 revenue per seat performance:  Down mid single digits T otal Capex > Total capex spend c.£1.0 billion Cost per seat at constant currency > FY headline cost per seat excluding fuel: c. Flat (assuming normal levels of disruption) > Updated for IFRS 15 : FY headline cost per seat excluding fuel: Slight  decrease (assuming normal levels of disruption) H1 2019 (1 Oct 2018 to 31 Mar 2019) * Based on fuel spot price range of $675 - $760 includes impact of ETS carbon scheme prices GBP; EUR: 1.12 GBP: USD 1.28 19

  20. strategic review Johan Lundgren - CEO

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