Full year results Analyst & Investor presentation Tuesday November November

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1 Full year results Analyst & Investor presentation Tuesday 15 November

2 Introduction Carolyn McCall Chief Executive 2

3 Agenda 1. Review of F Financial review 3. Looking forward 3

4 Operational performance fixed First wave focus Firebreaks in schedule 90% 80% 70% 60% 50% 40% 30% Proactive disruption management Improved standby levels On Time Performance LGW and Network LGW Network Flightstats.com 12 months to September Better communication and engagement Note: No independent data for OTP available for Ryanair since May-11 4

5 Customer satisfaction improved Summer 2010 vs Overall satisfaction quarter on quarter has increased from 66% to 80% Satisfaction with on time performance has increased from 60% to 80% Increase in likelihood to recommend up from 74% to 83% Overall satisfaction on this occasion Satisfaction with punctuality Likelihood to recommend Source: GfK customer satisfaction tracking. Base sizes : Qtr : 20,624 Qtr : 28,511 5

6 Robust operation Returns to share holders Customer satisfaction Our people driving performance and ddelivering i the strategy Cost reduction Marketing & CRM Revenue growth 6

7 Finance review Chris Kennedy Chief Financial Officer 7

8 Summary Revenue improvement driven by: per seat Improvements in revenue management Increase in customer satisfaction Strong H2 ancillary performance Capacity investments maturing Fuel unit costs up 100m 2010 PBT per seat * Currency impact (exc fuel) Revenue Fuel (inc currency impact) Crew Disruption Other costs 2011 PBT per seat Planned crew investment has delivered operational robustness and lower disruption costs Cost savings in ground handling and maintenance but increases at regulated airports ROCE up 3.9ppt to 12.7% * 2010 profit before tax per seat excludes the impact of 27m cost of volcanic disruption and a 7m loss on the disposal of 4 A321 aircraft 8

9 Financial results m F 11 F 10 Change Total revenue 3,452 2, % Fuel (917) (733) (25.0)% Operating costs excluding fuel * (2,067) (1,851) (11.7)% EBITDAR % Ownership costs * (220) (201) (6.1)% Profit before tax (underlying) * % Underlying cost adjustments * - (34) - Profit before tax (reported) % Tax charge (23) (33) 29.4% Profit after tax % PBT margin 7.2% 6.3% 0.9 ppt Earnings per share 52.5p 28.4p 84.9% Dividend per share 45.4p - - Return on capital employed 12.7% 88% 8.8% 3.9 ppt * Underlying cost adjustments: F 10 operating costs exclude 27m cost of volcanic disruption F 10 ownership costs exclude 7m loss on the disposal of 4 A321 aircraft 9

10 Strong expansion in second half margins m F 11 F 10 Change Total revenue 2,186 1, % Fuel (534) (428) (24.8)% Operating costs* (1,139) (1,008) (12.9)% EBITDAR* % Finance and ownership* (112) (99) (13.2)% Pre-tax profit* % Seats - m % Fuel cost per seat (1.62) Pre-tax profit per seat* * Underlying number - operating costs ex fuel exclude the 27m of additional cost incurred due to volcanic disruption. Finance and ownership excludes a 7m loss-on-disposal of 4 aircraft in

11 Currency impact Currency split total revenue Currency split total costs Euro 44% 47% Sterling US Dollar 35% 35% Euro 2% 7% Other Swiss Franc 1% Other 5% Swiss Franc 24% Sterling F 11 currency impact favourable / (adverse) CHF EUR USD Revenue Fuel - - (17) Costs excluding fuel (21) - (8) 11

12 Improved revenue performance m F 11 F 10 Change Passengers (m) % Load factor (%) 87.3% 87.0% 0.3ppt Seats (m) % Average sector length (km) 1,110 1,123 (1.2)% Total revenue ( m) 3,452 2, % Total revenue per seat ( ) constant currency ( ) % 3.4% Revenue per seat at constant currency Capacity ygrowth Load factor 86.7% 77% 7.7% 0.3% 14.6% 84.1% 4.6% 17.1% 86.3% 94% 9.4% 7.3% 91.2% 3.4% 11.5% 87.3% -4.5% Q1 11 Q2 11 Q3 11 Q4 11 F 11 12

13 Passenger and ancillary revenues m F 11 F 10 Change Passenger revenue (net of passenger taxes) ( m) 2,732 2, % Gross passenger revenue per seat ( ) % Net passenger revenue per seat ( ) % Ancillary revenue incl. checked bag g( ( m) % Ancillary revenue per seat ( ) % change in ancillary revenue per seat vs. F 10 Bag charging 0.18 Fees and charges 1.27 Partner and in flight revenues (0.13) Total 1.32 Strong performance in the UK and improving performance in Europe 13

14 Seat and non-seat revenue per seat F 11 F 10 Change Gross seat revenue % Passenger taxes (6.26) (5.22) (19.8)% Net seat revenue % Non-seat revenue (11.3)% Total revenue % Seat revenue Ticket price Booking fees Checked bags Speedy boarding Non-seat revenue Partner deals, e.g. Europcar In-flight Sales Insurance 14

15 Impact of fuel Fuel l$ per metric tonne F 11 F 10 Change B/(W) Market rate (271) Effective price (86) US dollar rate Market rate cents Effective price (3 cents) Actual cost of fuel per metric tonne (63) 63 per metric tonne increase equal to 100m cost or 1.59 per seat, volume impact is additional 84m 15

16 Fuel and foreign exchange hedging Fuel requirement US dollar requirement Euro surplus Half year ending 31 March % at $950/tonne 80% at $1.60/ 76% at 1.13/ Full year ending 30 September % at $956/tonne 69% at $1.59/ 71% at 1.13/ Full year ending 30 September % at $979/tonne 46% at $1.61/ 50% at 1.14/ Sensitivities: $10 movement per metric tonne impacts F 12 PBT by $4.7m One cent movement in /$ impacts F 12 PBT by 2.6m 16

17 ETS Exposure Granted a level of free permits annually Free permits calculation based on 2010 Revenue Tonne Kilometres (RTKs) and the EU benchmark RTK ( 000s) * Benchmark (CO 2 /RTK) = Free CO 2 (metric tonnes) 5.8 * = 4.0 Exposure driven by excess requirement and the carbon price Estimate need to buy 16m ( 14m) ETS credits in calendar 2012* ETS exposure Carbon (Metric tonnes) Value* (Euro m) Free permits Requirement Exposure *Assuming per tonne of carbon; and / 1.15 exchange rate 17

18 Cost per seat excluding fuel - key drivers cost increase shown as + ; cost decrease as a - Movement Cost per Reported** Constant versus F 10 seat ( ) currency Drivers Ground Operations % +1.5% Significant regulated price increases at LGW and AENA airports in Spain Offset by ground handling and savings in non-regulated airports Crew % +6.9% Planned increase in standby levels Pay increase averaging 2.75% Navigation % 02% -0.7% 07% Regulated price increases offset by changes in route mix Maintenance % -9.8% Cost reduction initiatives more than offset supplier price increases Overhead * % -12.8% 46% reduction in disrupted sectors (excluding volcanic eruption in 2010) Brand licence 0.06 nm nm Ownership * % -4.9% Further exits of expensive leased Boeing/GB aircraft Continuing benefit from variable rate leases priced off USD LIBOR Total CPS excluding fuel* % 0.0% - 13% 1.3% Cost reduction * Underlying cost adjustments: F 10 overhead costs exclude 27m cost of volcanic disruption F 10 ownership costs exclude 7m loss on the disposal of 4 A321 aircraft 18

19 Fleet profile Sep 11 Sep 10 Change A319 (operating lease) A319 (finance lease) A319 (owned) (2) A320 (operating lease) A320 (finance lease) A320 (owned) Main fleet Sub-fleet (Boeing 737 and GB Airways) 2 14 (12) Total fleet Owned or finance lease 69% 68% 1% Operating lease 31% 32% (1)% 19

20 Flexibility in fleet planning Fleet Count Max fleet Min fleet FY11 H2 FY12 H1 FY12 H2 FY13 H1 FY13 H2 FY14 H1 FY14 H2 FY15 H1 FY15 H2 easyjet has a high degree of flexibility in its fleet planning Fleet capped at 204 aircraft Young fleet intrinsic to business model Maximise utilisation Minimise maintenance costs and fuel burn Evaluating options for next generation of aircraft Will update progress at interim i results 20

21 Capital cash flow including overhauls New capacity deliveries Replacement deliveries PDP Payments Maintenance/ESV Capex ¹ $742m $773m Disposal of ex-gb aircraft $586m Total Aircraft Capex: 796m Total Aircraft Capex: 623m Total Aircraft Capex: 386m (118) FY2011 FY2012 FY2013 Source: easyjet management plan Capex is shown pre-financing current plan is to maintain 70%/30% owned/leased mix $118 sales proceeds for disposals of A321 s 21

22 Continuing cash flow generation m 2010* Operating profit Dep n and amort n Working capital Other Financing Capex 2011* Proposed ordinary dividend Proposed special dividend 2011 proforma * Includes money market deposits but excludes restricted cash 22

23 Strong balance sheet m Sep 11 Sep 10 Property, plant and equipment 2,149 1,928 Goodwill and other intangible assets Other assets Liabilities (excluding debt) (1,463) (1,290) Net Assets 1,602 1,541 Debt , ,212 Cash and money market deposits (1,400) (1,172) Net debt / (cash) (100) 40 Shareholders equity 1,702 1,501 Capital employed 1,602 1,541 Gearing* 28% 33%** *Gearing defined as (debt + 7 x annual lease payments cash) divided by (shareholders equity + debt +7 x annual lease payments cash) **Sep 10 gearing restated for current year methodology (i.e. excluding restricted cash) 23

24 Business review Looking forward Carolyn McCall Chief Executive 24 24

25 Focus on return on capital employed F 11 achieved 12.7% ROCE despite 100m 12% ROCE increase in unit fuel cost through the 5 year planning cycle F 12 headwinds from higher fuel Levers to improve margins Driving revenue Smart cost management Capital discipline Returns to shareholders New framework for capital allocation Flexibility in fleet planning 25

26 LEVERS TO IMPROVE MARGINS 26

27 Passengers travelling on business Where are we? Sales teams in place FlexiFare launched Deals with GDS contracts and TMC s Pipeline of B2Bdeals Promotional and advertising campaign rolling out 27

28 Passengers travelling on business Our philosophy Be flexible On time Access the best fares At the right time make it easy keep it simple From any channel Fly to the right place Speed through the airport 28

29 Passengers travelling on business How we ll track our progress Business passenger penetration Revenue uplift from passengers travelling on business Incremental margin KPI FY11 FY15 Business passenger between penetration as % of 18% 20% & 24% easyjet seats sold RPS uplift from between 20% Business passengers 25% & 30% Incremental margin 0m 100m 29

30 Passengers travelling on leisure Building on our strength in leisure New leisure route development Improved in-flight range Family Friendly easyjet Holidays (UK) 30

31 Driving revenue through easyjet.com and CRM Rollout November 2011 to April 2012 Targeted lead banners on easyjet.com Mobile apps to be rolled out H1 Ancillary up-sell post-booking Improved targeting g By customer type By route searched By campaign By GEO IP 31

32 Driving revenue through targeted campaign Europe by easyjet campaign is delivering Much more likely A little more likely Old New Impact of advertising on likelihood to book with easyjet Customers describing themselves as muchmore more likely to buy from easyjet has increased by nearly 250%. Source: GfK Brand Tracking 32

33 Other revenue drivers Bags revenue grew +4.1% per seat Price increases Ancillary revenue per seat Peak season pricing Price bands by sector length Continuing benefit F 12 Increase in booking and credit card dfee Yield management of Speedy Boarding Allocated seating trial -3.7% 2.7% 17.0% 30.1% Q1 Q2 Q3 Q4 F 11 vs. F 10 % change 33

34 Smart cost management Off setting significant inflation and investment in F12 through 90m savings from easyjet lean Procurement deals at airport +0.8ppt Ground handling efficiency Continued focus on driving down maintenance costs 5% to 6% 3.9ppt Crew scheduling efficiencies 2% to 3% Underlying inflation increase Investing in business traveller + allocation seating easyjet lean initiatives F12 cost per seat 34

35 CAPITAL DISCIPLINE 35

36 Returns to shareholders Objectives Measures Achievement F11 Return targets Earn returns in excess of cost of Improve PBT per seat to GBP5 PBT per seat 3.97 capital through the cycle Invest in growth opportunities where returns are attractive Post tax ROCE of 12% through the cycle ROCE of 12.7% Capital structure and liquidity Ensure robust capital structure Return excess capital to shareholders Maintain sufficient level of liquidity to manage through the cycle and industry shocks Maximum gearing of 50%* Cap of GBP 10m adjusted net debt per aircraft Minimum GBP 4m cash per aircraft Gearing of 28% Adjusted net debt of 3.3m per aircraft Cash per aircraft of 6.9m Dividend policy Targeting consistent and continuous dividend payout 5 x cover subject to meeting gearing and liquidity targets Consider one off returns in addition to 5x dividend cover to reduce excess liquidity Ordinary dividend of 10.5 pence per share Special dividend of 34.9 pence per share 36

37 Portfolio approach to managing network performance easyjet s network is a competitive advantage Network managed as a portfolio Routes assessed against 12% ROCE target In a dynamic market place important to constantly monitor route performance Aim to raise network returns through initiatives such as passengers travelling business New routes are not less profitable than old ones 37

38 Network development Building network for business traveller Strengthen French position with new regional bases Launching base at Lisbon Clinical approach to reviewing route performance Average daily frequency on A/B routes H Av verage freque ency per day No. A/B routes A/B routes = high frequency, time-sensitive, low-seasonality routes typical of the business market 38

39 Focused approach to H1 capacity growth Overall flat capacity for winter (before disruption) Netherlands 6.9% U it d Kingdom United Ki d 1.5% Germany 0.1% F France 2.6% Italy 1.3% Switzerland 2.7% Spain 0.6% 39

40 Measuring our progress Our business passengers are contributing to our revenues 40

41 Measuring our progress Consistent metrics across all bases and departments Bonus targets aligned: OTP, customer satisfaction, cost per seat and Profit before Tax Longer term incentives aligned to ROCE United team pulling in the same direction Our business passengers are contributing to our revenues 41

42 OUTLOOK 42

43 Forward bookings in line First half bookings in-line with prior year c. 45% of available winter* seats now sold** % seats sold * F'12 F'11 89% 88% 80% 79% 54% 53% 28% 29% 17% 17% 12% 12% October November December January February March % monthly capacity change +7.1% +0.6% +13.8% -3.4% 34% +2.7% +2.1% * Winter = H1 (Oct 11 to Mar 11) ** As at

44 Outlook Capacity (seats flown) FY c.+4% reported H1 flat (assuming normal disruption levels) Revenue per seat (constant currency) H1 up mid single digits it Cost per seat ex fuel (constant currency) FY up 2% to 3% (assuming normal disruption levels) H1 up 4% (assuming normal disruption levels) Fuel bill anticipated to increased by around 220 million compared to prior year at current fuel and exchange rates Despite the headwinds of higher fuel costs and a weak and uncertain economic outlook our focus on customers, robust operational performance, the strength th of the easyjet s network combined with cost control and capital discipline means that easyjet is well placed to succeed. 44

45 Summary Strategy is delivering strong operational and financial results Significant headwinds: fuel and weak consumer environment Key focus areas F 12: 1. easyjet lean 2. Driving revenue 3. Capital discipline easyjet well positioned to deliver a 12% ROCE through the five year planning cycle 45

46 Q & A 46

47 APPENDIX 47

48 Return on capital employed Reported m Sep 11 Sep 10 Earnings before interest and tax Normalised operating profit after tax (NOPAT) * Average shareholders equity 1,603 1,402 Average net debt / (cash) (30) 43 Average capital employed 1,573 1,445 Return on capital employed 12.7% 8.8% Proforma (operating leases capitalised) m Sep 11 Sep 10 Earnings before interest and tax reported Interest element of operating lease payments ** Earnings before interest and tax Normalised operating profit after tax (NOPAT) Average shareholders equity reported 1,603 1,402 Average net debt / (cash) reported (30) 43 Average capitalised leases *** Average capital employed 1,933 1,776 Return on capital employed 11.7% 8.6% * NOPAT calculated using deferred UK tax rate of 26% (2010: 27%) ** Assuming one-third of operating lease payments represents the interest element *** Estimated net present value, not seven times operating lease payment 48

49 Contracted fleet position Sep 11 Sep 12 Sep 13 A A Boeing 2 Total Change in fleet size

50 RASK and CASK F 11 F 10 Change B/(W) Total revenue per seat % at constant currency % RASK at constant currency (pence) % Total cost per seat ex fuel* flat at constant currency* % CASK ex fuel at constant currency % 1.7% (pence)* * Underlying number 2010 cost per seat and CASK exclude the impact of 27m of additional cost incurred due to volcanic disruption and a 7m loss on the disposal of 4 A321 aircraft. 50

51 Disclaimer This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of investment professionals in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001; or (ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order Persons within the United Kingdom who receive this communication (other than those falling within (i) and (ii) above) should not rely on or act upon the contents of this communication. Nothing in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion contained in the Financial Services and Markets Act This presentation has been furnished to you solely for information and may not be reproduced, redistributed or passed on to any other person, nor may it be published in whole or in part, for any other purpose. This presentation does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of easyjet plc ( easyjet ) in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of easyjet. Without limitation to the foregoing, these materials do not constitute an offer of securities for sale in the United States. Securities may not be offered or sold into the United States absent registration under the US Securities Act of 1933 or an exemption there from. easyjet has not verified any of the information set out in this presentation. Without prejudice to the foregoing, g, neither easyjet nor its associates nor any officer, director, employee or representative of any of them accepts any liability whatsoever for any loss however arising, directly or indirectly, from any reliance on this presentation or its contents. This presentation is not being issued, and is not for distribution in, the United States (with certain limited exceptions in accordance with the US Securities Act of 1933) or in any jurisdiction where such distribution ib ti is unlawful l and is not for distribution to publications with a general circulation in the United States. By attending or reading this presentation you agree to be bound by the foregoing limitations. 51

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