easyjet results presentation

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• Is easyJet in for a bumpier ride? May 16 2024
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easyJet plc

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EasyJet : 2019 half year results analyst presentation

Results presentation

introduction

Johan Lundgren - CEO

Focusing on delivery

 H1 performance in line with expectations

 Significant focus on H2 delivery

• Customer, revenue, operations & cost

 Continuing to invest in our strategy

• Investing in the network

• Winning our customers loyalty

• easyJet Holidays, Loyalty, Business making good progress

• Investing in value by efficiency

• Investing in our people

• Underpinned by the efficient use of data

FY 2019 PBT expectations unchanged

Financial review

Andrew Findlay - CFO

Key performance indicators

Financial performance

Revenue performance

Revenue per seat bridge

Reported RPS = (6.3%)

Headline cost per seat bridge

Headline CPS @ cc = (2.5%)

£0.78 £56.66

Headline CPS ex fuel @ cc = (1.3%)

Impact of IFRS 15&16 on income statement

Impact of fuel & currency

Strong cash generation

Cash flow bridge

Cash generated from operations

(excluding dividends): £581m

Investing and financing

Liquidity of £3.7m per 100 seats is supported by two revolving credit facilities (one $500 million

facility and one £250 million facility) and a business interruption insurance policy

* Includes money market deposits but excludes restricted cash

Strong balance sheet

Fuel and foreign exchange hedging

Utilising flexibility in fleet planning

Gross capital expenditure

H2 forward bookings

H2 capacity outlook

FY 2019 headline profit before tax

> Unchanged PBT expectations, in line with current market consensus #

Capacity (seats flown)

> H2 c.7% increase

> FY c.+10% increase

Revenue per seat at constant currency

> H2 revenue per seat performance (updated for IFRS 15):

> Slightly down

Cost per seat at constant currency

> FY headline cost per seat excluding fuel (updated for IFRS 15):

> Down (assuming normal levels of disruption)

> FY: c.£10 million positive movement from foreign exchange rates on headline PBT

> FY: unit fuel costs £25 million to £60 million adverse

> Expected total fuel cost c.£1.4 billion

* Based on fuel spot price range of $600 - $700 includes impact of ETS carbon scheme prices GBP; EUR: 1.15 GBP: USD 1.29

# Internally compiled market consensus as at 15 May 2019 is £435m - Based on the 21 estimates from post 1 st April trading update

Johan Lundgren

Early Initiatives delivering results

Call centre

processing times

significantly

> Contactless payment system to increase onboard sales

> Rolling out Auto Bag Drop to 17 airports

> Call centre improvements

> Enhanced algorithms

> New customer bundles

> Increased Bag & seat options

> Operational Resilience programme

> Standby aircraft

> Schedule firebreaks

Auto bag drop

Structural Demand for travel remains resilient

*Of the major purchases you are intending to make in the next 12 months, how much of a priority is travelling for leisure for you?

It is a top priority

It is a serious priority

It is somewhat a priority

It is not a priority

Desire for leisure travel continues to be important

Our priorities - delivering our strategy

Driving value in H1 2019

#1 in Berlin

New base at Nantes

27 #1 network positions across the network, up

from 18 in FY'17

54% of easyJet capacity is flown from a #1 position at a constrained airport, up 6ppts from FY'17

Best value airline in

Most preferred and considered LCC in the UK, France, Switzerland.*

76% of seats booked by returning customers

Best Business Airline at Business Travel awards 2019

£45 million of cost

programme savings. Delivering over £100m for FY'19

Resilience plan well set for summer - 54% fewer cancellations in H1 vs 2018;

Easter OTP 86%

7% Pilot and 5% crew turnover

Highest ranked low cost carrier for customer satisfaction*

High employee satisfaction: eNPS score of 25 on Peakon

39 data team members

20+ margin accretive projects currently being developed:

Delivering projects: Pricing and ancillaries; Disruption; Cost efficiency

Better aligned with IT

*Source: Millward Brown Brand Tracker

#1 or #2 in primary airports

Slot constrained - Primary Airports

Legacy carriers are our main competitors

easyJet - 44%

Legacy / Other - 36%

Low cost carriers - 20%

Increasing No1 positions across the network

Avg CPBH increased by c.20% over the cycle*

Winning our customers' loyalty

Investing in winning our customers loyalty

Delivering results

Great offer

> Attractive fares in primary airports

> Most preferred airline with highest perceived worth in EU

> Over 1,000 routes to 157 airports in 34 countries

> Bag drop in 17 airports

> Claims processed in 2 days at Easter

CSAT scores

 Satisfaction with crew at all time high

 4.5pts more satisfied with queue management

Easter 2019:

 No cancellations

Strong Brand Scores

Good progress on easyJet Holidays, Loyalty and Business products

No1 digital innovation 2018

easyJet Holidays

The opportunity

People who flew with easyJet for leisure and

booked accommodation elsewhere

Progress so far

 Highly experienced management team and board in place

 500 direct hotel relationships in 2020

 Technology and web partners confirmed

Launching by the end of 2019 for summer 2020

Value by efficiency

Investing in value by efficiency

Results delivered

Strategic cost

Operational

Efficient fleet

> Efficiency and cost reduction projects for each cost line

> Strategic FX and fuel hedging policy

> Crew standby forecaster

> 26 A320 / 321 neo aircraft expected to be delivered in 2019

 £545m in cost reductions delivered since 2011

 Will deliver over £100m in strategic cost savings in 2019

 CPS ex fuel @cc expected down in H2 2019

 Strong operational performance over Easter period

 3hr delays down 17% in H1

Operational resilience

Investing in operational resilience

Event volumes

Data products

Built 8 new Data tools , including an ATC Slot Predictor and Crew Pairings Analyser

Targeting a decrease in disruption costs

through the summer *

Underpinned by the efficient use of data

The right people

Investing in the right people

A good place to work.

Engaging our

Giving them the

right tools

Key focus on

developing and retaining talent

> Engaging regularly and directly with our people through Peakon and Workplace

> Crew standby simulator

> Support skill development and talent progression

> Hiring the right people for the right job

> High retention

• 6% - total turnover

• 5% - crew turnover

• 7% - pilot turnover

Key skills acquired for Holidays, Loyalty, Business, IT, Data

* Employee Net Promoter Score.

Innovating with data

Investing in Data

Improve customer experience

operational

performance

Drive revenue

Reduce cost

> New bundled fare offerings

> Auto boarding gates trial

> Single Customer View

> ATC slot predictor

> OTP simulator

> Launch of additional seat bands

> Improved bag pricing algorithm to include 20+ additional factors

> Strong link to improved operational performance

 Highest ranked low cost carrier for value perception

 First choice low cost carrier brand Europe wide

 Increased offer customisation

 Reduction in ATC Slot delays and disruption costs

 Earlier visibility of flights which may cause disruption

 Clarity in pricing options and late yield performance

 Customised offers to drive revenue performance

 Strategic cost reduction programme planned to deliver over £100m in savings in 2019

delivering shareholder value

Delivering shareholder value

Loss after tax

Revenue Total and Per Seat

headline COST PER SEAT

*Favourable/(adverse)

NB. IFRS 9,15 and 16 impact on cost per seat excluding fuel is minimal £0.17.

Increasing proportion of A320's

Return on capital employed

Non-headline items

Currency impact

Adoption of IFRS 15

Change in accounting:

• Revenue recognition from certain revenue streams, principally administration and change fees, are now recognised on the date of flight rather than the date of booking.

• Some of the compensation payments made to customers (in respect of flight delays), previously recorded wholly within expenses, are now offset against revenues recognised, with the excess compensation continuing to be recorded within expenses.

Impact on adoption on 1 October 2018:

• A one-off £70 million (post-tax) increase to unearned revenues has been recognised with a corresponding charge to retained earnings (in respect of bookings made in the year ended 30 September 2018 and recognisied in revenue in FY'18, for flights which occur in FY'19). These revenues have been recognised again in FY'19 at the date of flight.

FY'19 impact:

• A higher proportion of annual revenues will now be recognised in the second half of the year (£51 million of revenue is deferred from H1 to H2).

• Revenue and cost have both decreased by £6 million in H1 as a result of the reclassification of compensation payments.

• The anticipated full year profit impact of this change is expected to be immaterial.

Adoption of IFRS 16

• All aircraft operating leases have been capitalised on the balance sheet as a right-of use asset with a corresponding lease liability representing easyJet's obligation to make lease payments. Lease costs previously recognised within the

Income Statement have been replaced by depreciation and interest expense.

• Contractual maintenance obligations which are dependent on the use of the aircraft will continue to be provided for over the term of the lease based on the estimate future costs, discounted to present value. However they have been capitalised to the right-of-use asset and depreciated immediately rather than recognised within maintenance costs in the Income Statement.

Impact on early adoption on 1 October 2018:

• £532 million of lease liabilities and £497 million of Right of Use Assets were recognised at 1 October 2018, with a corresponding net decrease to retained earnings.

HY'19 impact:

• There is no half year pre tax profit impact.

• Decreases in operating lease expenses of £86m and maintenance charges of £38m are replaced by increased levels of depreciation of £112m and interest expense of £12m.

Adoption of IFRS 9

• Some changes have been applied to the classification and measurement of financial instruments.

• easyJet does not have a material impact from changes to hedge accounting requirements or impairment due to the high credit quality of counterparties with which easyJet transacts.

• Equity investment fair value of £54m has been recognised at transition.

• Applying the cost of hedging resulted in immaterial movements within reserves

• The half year and anticipated full year profit impact of this change is expected to be immaterial.

Q2 Passenger statistics

Attachments

• Original document

easyjet plc published this content on 17 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 May 2019 07:07:04 UTC

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easyJet Results of Annual General Meeting 2024

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easyJet plc has published the following regulatory news announcement. Please click here to view the results of the Annual General Meeting .

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