Interim Results
easyJet PLC
09 May 2007
easyJet plc
Interim results for the 6 months to March 2007
EASYJET IMPROVES MARGIN -
SEASONAL FIRST HALF LOSS SIGNIFICANTLY REDUCED
• Winter margin improved by 4 percentage points to -2.4% from -6.4%.
• Loss before tax, reflecting seasonality of business, down 58% to £17m
from £40m.
• Total revenue grew by 14% to £719 million.
• Return on equity for the rolling twelve month period increased to 11.9%,
up over 6 percentage points from 5.6% in March 2006.
• Full year guidance maintained: pre-tax profit for the year to September
2007 expected to be 40% to 50% higher than record profits in 2006.
• Passenger numbers up 11% to 16.4 million.
• Unit passenger revenues increased by 0.8% or £0.26 per seat to £31.70 per
seat.
• Ancillary revenues improved by 18% or £0.58 per seat to £3.81 per seat
with partner revenues from insurance and car hire driving the growth.
• Unit costs excluding fuel reduced by 2.1% or £0.57 per seat from £27.75
to £27.18.
• 16 new routes launched. Network now covers 292 routes and 75 airports in
20 countries.
• Madrid base launched with 4 new Airbus A319s in February 2007. 9 new
routes launched doubling the number of routes serving Madrid to 18
including Spanish domestic routes and routes to the UK, France, Italy,
Switzerland, Germany and Morocco.
• easyJet's fleet reinforced as one of the most modern and environmentally
friendly fleets in Europe. Average age of fleet only 2.3 years following
delivery of 10 new Airbus A319s during the period.
Commenting on the results, Andy Harrison, easyJet Chief Executive said:
'The first half of our financial year has seen growth in all areas. Our winning
combination of low cost with care and convenience on a network now covering 75
airports in 20 countries on nearly 300 routes continues to attract new
customers. In the six months to March 2007, we flew over 16 million passengers,
up 11%.
'Our interim results show continued improvements with our margin rising by 4.0
percentage points from minus 6.4% to minus 2.4%. We have grown our total revenue
per seat by 84 pence per seat and reduced our costs excluding fuel by 57 pence
per seat, allowing us to more than halve our seasonal loss from £40m to £17m.
'We continue to introduce new Airbus aircraft into our fleet, thereby
maintaining one of Europe's cleanest and greenest aircraft fleets, and in April
we collected our 100th Airbus A319. Through our investment in modern fuel
efficient aircraft we have reduced our emissions of CO2 per passenger kilometre
by 18% since 2000.
'Looking forward, our growth measured in available seats will accelerate during
the summer months leading to approximately 15% growth for the full year to
September 2007. As we stated last winter, we continue to see pressure on yields
in the summer against high comparatives from last year and due to continued
competition. Low fares underpin our growth and in the second half we have
reduced many of our lead-in fares and increased our promotional activity to
sustain high load factors in weaker market conditions. Our low fares are
supported by maintaining focus on ancillary revenues and our cost base. We
anticipate further progress on unit cost reductions, excluding fuel, in the
second half and for the full year we anticipate unit fuel costs to be slightly
down year on year. Our guidance remains unchanged, for the full year to
September 2007 we expect pre-tax profit growth of 40% to 50%.'
For further details please contact:
easyJet plc
Press:
Toby Nicol Corporate Communications +44 (0) 1582 525 339
Analysts:
Julia Collins Investor Relations +44 (0) 1582 525 258
There will be an analyst presentation at 9:00 am on 9 May 2007 at ABN AMRO, 3rd
floor, 250 Bishopsgate, EC2M 4AA. A live webcast of the presentation will be
available at www.easyJet.com.
There will be an analyst and investor conference call at 2:00 pm on 9 May 2007.
For further details, contact Katie Millett at Financial Dynamics on 020 7269
7153.
Interim Report 2007 easyJet plc
Chairman's and Chief Executive's Review
In its eleventh year of growth, easyJet is currently the fourth largest airline
within Europe and flew more than 130,000 flights and 16 million passengers in
the six months from October 2006 through March 2007. This compares with slightly
less than 120,000 flights and 15 million passengers respectively in the first
half of last year. This achievement is based on our proven model offering point
to point flying, at low cost, with care and convenience, across a growing
network of European bases and airports - a model on which we remain focused. In
the half year our results are marked by an improved margin. We have more than
halved our loss in the winter half, and reduced our loss margin by 4.0
percentage points from 6.4% to 2.4%. In absolute terms, the loss before tax for
the period has been reduced from £40m to £17m compared with the same period last
year. This improvement results from a continued focus on growth in revenue,
particularly ancillary revenues, and on managing the cost base.
Key business highlights for the six months were as follows:
• Winter margin improved by 4 percentage points to -2.4%.
• Loss before tax of £17 million, down 58% from £40 million in 2006.
• Total revenue grew by 14% to £719 million.
• Passenger numbers rose by 11% to 16.4 million.
• Unit passenger revenues increase by 0.8% or £0.26 to £31.70 per seat.
• Ancillary revenues improved with partner revenues continuing to drive
growth, rising by 18% or £0.58 per seat.
• Unit costs excluding fuel fell by 2.1% or £0.57 per seat from £27.75 to
£27.18.
• Unit fuel costs were largely flat for the period year on year.
• 16 new routes were launched bringing the network to 265 routes and 71
airports in 19 countries.
• Our 17th base was launched in Madrid in February with 4 new Airbus A319
aircraft.
• Fleet grew to 127 aircraft comprising of 97 Airbus A319s and 30 Boeing
737-700s.
• Shareholders approved our order for a further 52 Airbus A319s for
delivery during 2008 - 2010.
• Balance sheet remains strong with cash of £905 million and gearing at
21%.
• Return on equity for the rolling 12 month period rose to 11.9% up from
5.6% in March 2006 and 10.1% in September 2006.
Our principal areas of focus remain development of our network, revenue
enhancement, cost reduction and development of our people. Key developments in
these areas are outlined below.
Network
In February we launched our newest base in Madrid. Over the period we doubled
the number of routes serving Madrid from 9 to 18, and now provide direct flights
between Madrid and the UK, France, Switzerland, Italy, Morocco and Germany, as
well as some domestic Spanish destinations. In the last 12 months we have flown
1.3 million passengers in and out of Madrid, and with our increased capacity
there we look forward to flying well over two million in the coming year.
We continued our growth in Switzerland with capacity increases on a number of
routes serving our Geneva and Basel bases. In the six months to March, our Swiss
capacity increased by 17%. easyJet now flies a total of 28 daily flights between
the three London airports (Gatwick, Luton, Stansted) and Geneva and Basel and
offers 49 routes in and out of Switzerland connecting with 11 UK airports, 6
Spanish airports, 4 in France and in Italy, and 9 further cities around Europe.
Elsewhere in the network we developed the winter schedule to include growth not
only in terms of new routes but also in improved frequencies and schedule
quality on certain routes.
Revenue
Total revenue grew by 14% to £719m up from £630m in the previous year. On a per
seat basis, total revenues rose by 2.4% in the first half driven by 18% growth
per seat in ancillary revenue and a slight increase of 0.8% in passenger revenue
per seat.
The growth in passenger revenues was achieved despite continued competitive
pressures and the doubling of Air Passenger Duty ('APD') on all UK departing
flights from February 2007. Passenger revenue growth was greatest in continental
Europe where revenues from intra-European (non-UK) flying increased by £62m or
48% from £130m to £192m in the half. The growth of our network in Switzerland as
well as in our other European bases, in particular Milan Malpensa and Madrid,
supported this rise.
Ancillary revenues continued to grow with partner revenues through products such
as insurance, car hire and hotels leading the way, as well as innovations such
as our speedy boarding product which allows customers to be among the first to
board the aircraft for a small fee (between £2.50 and £7.50 per flight).
Environment
The doubling of APD was introduced as an environmental measure but it is a tax
on passengers rather than on emissions. At easyJet we support the inclusion of
aviation into the European Emissions Trading System ('ETS') and feel this is a
more appropriate way of encouraging airlines across Europe to improve their
environmental efficiency rather than by levying a national tax unconnected to
actual emissions.
easyJet takes its environmental responsibilities seriously and we are actively
engaged in monitoring our own performance and seeking effective and responsible
measures to minimise our environmental impact in the future. Our model of
providing direct point to point services, using a modern fleet of aircraft,
configured for a high seat density and flown with load factors averaging over
80%, makes easyJet one of the most environmentally friendly ways to fly. The
combination of our seat configuration and high load factors alone means that
compared to easyJet, the typical European airline operating an A319 would burn
27% more fuel per passenger. In addition, our continued investment in modern
aircraft and engines have helped us to reduce our own unit CO2 emissions (CO2
per passenger kilometre) by 18% since 2000, and to bring over 91% of our fleet
to conform with the stringent 'Chapter 4' noise standards (from 0% in 2000).
In our 2006 annual report we published our environmental code which outlines our
key priorities of being efficient in the air, efficient on the ground, and to
lead the way in shaping a greener future for aviation.
Costs and operational performance
In the first half we have seen unit costs excluding fuel fall by 2.1% year on
year. This is driven by further improvements in the areas of maintenance and
ownership. We returned our last Boeing 737-300s in the period and efficiencies
are coming through from a streamlined fleet consisting only of Airbus A319s and
Boeing 737-700s, as well as some benefit from a weaker US dollar compared to the
same period last year.
We continue to manage our airport costs through mix, effective negotiation with
our partners, and by focusing on the related costs of ground handling. In the
half year to March we saw airport and handling costs fall slightly with
continued benefits coming through from ground handling savings in Spain. Set
against this, we continue to operate a large number of aircraft from regulated
airports typified by an inflationary environment. Looking to the full year, we
face significant increases in charges at Stansted airport from April 2007 as it
lifts its pricing up to the regulatory cap.
Fuel remains the largest single item in our cost base and we have seen continued
volatility in prices; nevertheless, unit fuel costs were broadly flat for the
six months to March 2007 compared with the same period in the prior year.
Our crew costs have increased ahead of our capacity growth under the joint
impacts of the pay deals agreed last year and increased crew numbers as
described below.
People
We have recruited extensively for cabin crew and flight crew over the last six
months. In the period, we have recruited in excess of 400 pilots and 900 cabin
crew. This increase, of both operational and training personnel, should ensure
we are adequately resourced over the busy summer months ahead.
In March 2007, we moved over the road in Luton Airport from easyLand to Hangar
89. Hangar 89 provides us with maintenance facilities for our Luton base, our
largest Boeing base in the network, with 17 aircraft permanently based there. At
the front of the hangar, we have made highly effective use of the office space
already in place, turning this into a more permanent and modern low cost office
facility for easyJet today. In the short term we retain the core of our old
easyLand offices from which our call centre operates. We are in the process of
reviewing options on how to take the call centre forward and expect to make a
decision in the second half of this year.
In January 2007, Cor Vrieswijk joined easyJet as Operations Director. Cor has
over 20 years of aviation experience. Prior to joining easyJet, Cor served as
Chief Operating Officer at Transavia.com, a Dutch based airline, from 1997, and
prior to that he held a number of positions at Transavia and KLM. Cor brings
excellent skills and background to his role at easyJet and we are pleased to
have him on board. Cor's appointment completes the management team at Luton,
which is well placed to take the company forward.
easyJet's people remain a vital asset for sustaining the delivery of outstanding
performance. To all of our people, we extend our thanks and appreciation for
their significant contributions to the Company's results.
Outlook
Growth measured in available seats will accelerate during the summer months
leading to approximately 15% growth for the full year to September 2007. As we
stated last winter, we continue to see pressure on yields in the summer against
high comparatives from last year and due to continued competition. Low fares
underpin our growth and in the second half we have reduced many of our lead-in
fares and increased our promotional activity to sustain high load factors in
weaker market conditions. Our low fares are supported by maintaining focus on
ancillary revenues and our cost base. We anticipate further progress on unit
cost reductions, excluding fuel, in the second half and for the full year we
anticipate unit fuel costs to be slightly down year on year. Our guidance
remains unchanged, for the full year to September 2007 we expect pre-tax profit
growth of 40% to 50%.
Sir Colin Chandler Andrew Harrison
Chairman Chief Executive
8 May 2007
Consolidated financial and operating data
Selected consolidated financial and operating Six months
data ended 31 March
(unaudited) 2007 2006 %
Revenues, £million 719.0 629.5 14.2
Operating costs, £million (679.5) (602.2) (12.8)
EBITDAR (i), £million 39.5 27.3 44.5
Finance and ownership costs (ii), £million (56.6) (67.6) 16.3
Loss before tax, £million (17.1) (40.3) 57.5
Loss after tax, £million (12.7) (28.9) 56.1
Net assets, £million 990.5 856.6 15.6
Loss per share (basic), pence (3.06) (7.17) 57.4
Key performance indicators
Return on equity (iii) (1.3%) (3.4%) 2.1pp
Loss before tax per seat, £ (iv) (0.85) (2.22) 61.9
Revenue per seat, £ (v) 35.51 34.67 2.4
Cost per seat, £ (vi) 36.36 36.89 (1.4)
Cost per seat excluding fuel, £ (vii) 27.18 27.75 (2.1)
Seats flown (millions) (viii) 20.2 18.2 11.5
Output measures
Passengers (millions)(ix) 16.4 14.9 10.7
Number of aircraft owned/leased at end of period (x) 127 114 11.4
Average number of aircraft owned/leased during
period(xi) 122.1 110.5 10.5
Number of aircraft operated at end of period(xii) 125 107 16.8
Average number of aircraft operated during
period(xiii) 115.2 100.8 14.3
Sectors(xiv) 131,167 118,782 10.4
Block hours(xv) 233,496 207,779 12.4
Number of routes operated at end of period 265 235 12.8
Number of airports served at end of period 71 67 6.0
Other performance measures
Load factor(xvi) 81.2% 81.8% (0.6)pp
Operated aircraft utilisation (hours per day) 11.1 11.3 (1.7)
(xvii)
Owned/leased aircraft utilisation (hours per
day)(xviii) 10.4 10.3 1.7
Available seat kilometres ('ASK') (millions) 19,108 16,672 14.6
(xix)
Revenue passenger kilometres ('RPK')(millions) 15,790 13,642 15.7
(xx)
Average sector length (kilometres) 944 918 2.8
Average fare (£)(xxi) 39.03 38.45 1.5
Revenue per ASK (pence)(xxii) 3.76 3.78 (0.3)
Cost per ASK (pence)(xxiii) 3.85 4.02 (4.1)
Footnote references are defined on page 16.
Consolidated income statement (unaudited)
Notes Six months Year ended
ended 31 March 30 September
2007 2006 2006
£million £million £million
Passenger revenue 641.8 571.0 1,488.4
Ancillary revenue (xxiv) 77.2 58.5 131.3
_______________________________________________________________________________
Revenue 719.0 629.5 1,619.7
Ground handling charges (76.1) (71.2) (144.1)
Airport charges (131.4) (115.7) (258.4)
Fuel (185.9) (165.9) (387.8)
Navigation charges (61.7) (54.6) (121.2)
Crew costs (95.5) (75.2) (160.0)
Maintenance (46.8) (51.4) (109.5)
Advertising (18.9) (17.4) (38.2)
Merchant fees and incentive pay (9.4) (8.6) (17.9)
Aircraft and passenger insurance (6.7) (8.2) (15.8)
Other costs (xxv) (47.1) (34.0) (88.3)
_______________________________________________________________________________
EBITDAR (i) 39.5 27.3 278.5
Depreciation (16.7) (10.4) (27.4)
Amortisation of intangible assets (0.4) (0.4) (0.8)
Aircraft dry lease costs (45.9) (63.5) (122.9)
Aircraft long-term wet
lease costs (1.0) - (9.6)
_______________________________________________________________________________
Group operating (loss)/profit (24.5) (47.0) 117.8
Interest and other financing
income 23.9 15.6 35.4
Interest and other financing
charges (16.6) (9.0) (24.1)
_______________________________________________________________________________
Net financing income 7.3 6.6 11.3
Share of profit after tax of
associate 0.1 0.1 0.1
_______________________________________________________________________________
(Loss)/profit before tax (17.1) (40.3) 129.2
Tax 3 4.4 11.4 (35.1)
_______________________________________________________________________________
(Loss)/profit after tax (12.7) (28.9) 94.1
===============================================================================
(Loss)/earnings per share (pence)
Basic 2 (3.06) (7.17) 23.18
Diluted 2 N/A N/A 22.64
Consolidated balance sheet (unaudited)
Notes 31 March 31 March 30 September
2007 2006 2006
£million £million £million
Goodwill 309.6 309.6 309.6
Other intangible assets 0.9 1.1 1.1
Property, plant and equipment 808.3 502.5 695.7
Financial instruments
Restricted cash 28.8 47.6 26.1
Derivative financial
instruments 3.3 - 0.4
Other non-current assets 2.7 6.0 2.9
Investments accounted for
using the equity method 0.2 0.3 0.3
Deferred tax assets 0.7 - 0.3
_______________________________________________________________________________
Non-current assets 1,154.5 867.1 1,036.4
Trade and other receivables 241.8 244.8 213.3
Financial instruments
Restricted cash 36.3 - 12.2
Derivative financial
instruments 5.6 13.0 1.0
Cash and cash equivalents 904.5 726.1 860.7
_______________________________________________________________________________
Current assets 1,188.2 983.9 1,087.2
Trade and other payables (592.6) (493.8) (414.1)
Borrowings (35.9) (18.2) (32.8)
Derivative financial instruments (18.8) - (15.3)
Current tax liabilities (44.4) (39.3) (46.8)
Provisions - (10.9) -
_______________________________________________________________________________
Current liabilities (691.7) (562.2) (509.0)
_______________________________________________________________________________
Net current assets 496.5 421.7 578.2
Borrowings greater than one year (456.9) (280.5) (446.9)
Derivative financial instruments (5.0) - (4.8)
Other non-current liabilities (93.6) (79.7) (74.8)
Provisions (79.7) (59.3) (73.2)
Deferred tax liabilities (25.3) (12.7) (32.0)
_______________________________________________________________________________
Non-current liabilities (660.5) (432.2) (631.7)
_______________________________________________________________________________
Net assets 990.5 856.6 982.9
===============================================================================
Ordinary shares 5 104.7 101.6 102.6
Share premium 5 632.9 579.2 591.4
Retained earnings 5 262.3 170.3 298.4
Other reserves 5 (9.4) 5.5 (9.5)
_______________________________________________________________________________
Shareholders' funds - equity 990.5 856.6 982.9
===============================================================================
Consolidated statement of cash flows (unaudited)
Six months Year ended
ended 31 March 30 September
Notes 2007 2006 2006
£million £million £million
Cash flows from operating
activities
Cash generated from operations 6 158.3 90.6 221.6
Interest received 23.6 13.7 32.5
Interest paid (18.0) (5.4) (24.4)
Tax paid (2.1) (0.5) (4.5)
_______________________________________________________________________________
Net cash from operating activities 161.8 98.4 225.2
Cash flows from investing
activities
Proceeds from sale of property,
plant and equipment 27.0 29.1 87.4
Purchase of property, plant and
equipment (154.8) (143.3) (408.3)
Proceeds from sale of asset held
for resale - 7.1 7.1
Purchase of other intangible
assets (0.2) (0.1) (0.5)
Dividends received from associate 0.2 - -
_______________________________________________________________________________
Net cash used in investing
activities (127.8) (107.2) (314.3)
Cash flows from financing
activities
Net proceeds from issue of
ordinary share capital 15.8 10.8 17.9
Purchase of shares for employee
share schemes (4.3) (0.1) (0.6)
Net proceeds from drawdown of new
bank loans 46.7 24.4 201.2
Net proceeds from sale and finance
leasebacks - 74.5 108.6
Repayment of bank loans (14.8) (21.3) (30.4)
Repayment of capital elements of
finance leases (1.3) - (1.0)
Management of liquid resources (28.1) (19.6) (11.2)
_______________________________________________________________________________
Net cash generated in financing
activities 14.0 68.7 284.5
Effects of exchange rate changes (4.2) (0.8) (1.7)
_______________________________________________________________________________
Net increase in cash and cash
equivalents 43.8 59.1 193.7
Cash and cash equivalents at
beginning of period 860.7 667.0 667.0
_______________________________________________________________________________
Cash and cash equivalents at end
of period 904.5 726.1 860.7
===============================================================================
Consolidated statement of recognised income and expense (unaudited)
Six months Year ended
ended 31 March 30 September
2007 2006 2006
£million £million £million
Cash flow hedges
Fair value losses in period, net of
tax (13.9) (3.3) (17.6)
Transfers to net profit 14.0 (2.0) (2.7)
Translation differences on foreign
currency net investments - (0.1) -
_______________________________________________________________________________
Income and expense recognised
directly in equity 0.1 (5.4) (20.3)
(Loss)/profit for the period (12.7) (28.9) 94.1
_______________________________________________________________________________
Total recognised income and expense
for the period attributable to
shareholders of the Company (12.6) (34.3) 73.8
===============================================================================
Operating and financial review
Half year 2007 compared with half year 2006
Key Performance Indicators
Return on equity
The Board has set return on equity as the key financial measure at easyJet,
since it best represents the return attributable to the equity shareholders.
Return on equity for the half year ended 31 March 2007 was (1.3)%, improved from
(3.4)% for the half year ended 31 March 2006. This was driven by a significant
reduction in the loss for the period partially offset by an increase in other
equity components, principally £15.8 million relating to the exercise of
employee share options.
Return on equity for the year to 31 March 2007 was 11.9%, improved from 5.6% for
the year to 31 March 2006.
Management is incentivised through the Long Term Incentive Plan to deliver
increases in return on equity to 15% by 2008.
Loss before tax per seat, revenue per seat and cost per seat
Loss before tax per seat is a measure used internally to allow all our people to
understand and focus on the return on equity target, since the measures are
closely related. It is the difference between revenue per seat and cost per
seat, which are important measures that are used to monitor certain areas of the
business. Loss before tax per seat improved in half year 2007 by 61.9% from
£2.22 to £0.85 as a result of a 2.4% increase in revenue per seat from £34.67 to
£35.51 (explained in more detail in 'Revenue' below), and a decrease in cost per
seat of 1.4% from £36.89 to £36.36.
Cost per seat, excluding fuel
Even after the mitigation provided by easyJet's hedging activities, there is
significant volatility in fuel costs which is largely dictated by external
economic and political factors, we consider that the movement in cost per seat
excluding fuel is the best indicator of management's performance in keeping unit
costs low.
Cost per seat excluding fuel decreased by 2.1% from £27.75 in half year 2006 to
£27.18 in half year 2007. This was mainly a result of direct management action
to control overheads, in addition to the benefit from weaker US dollar and Euro
foreign exchange rates.
Seats flown
Seats flown is considered by management to be the best measure of output units
of production. The number of seats flown in half year 2006 increased by 11.5%
from 18.2 million in half year 2006 to 20.2 million in half year 2007, as a
result of the introduction of new aircraft into the fleet.
Income statement
Revenue
easyJet's revenue increased 14.2% from £629.5 million to £719.0 million, from
half year 2006 to half year 2007. Revenue per seat increased 2.4% from £34.67 to
£35.51.
Passenger revenue, the largest component, comprises the price paid for the seat
less government taxes, such as Air Passenger Duty and VAT. It increased by 12.4%
from £571.0 million to £641.8 million, driven by a 10.7% growth in passenger
numbers from 14.9 million to 16.4 million, and a 0.8% increase in passenger
revenue per seat. This was despite the effect of the UK Government's decision to
double Air Passenger Duty with effect from 1 February 2007, which resulted in
additional taxes of £12.4 million. The number of passengers carried reflected a
14.3% increase in the size of the easyJet fleet in operation from an average of
100.8 aircraft to an average of 115.2 aircraft offset by a small decrease in the
average load factor achieved from 81.8% to 81.2%.
Growth was particularly strong in continental Europe, with intra-European
revenues growing by 47.7%.
Ancillary revenue includes fees and charges (including credit card fees, excess
baggage charges, speedy boarding, sporting equipment fees, infant fees, change
fees and rescue fees), profit share from in-flight sales (including food,
beverages, and boutique items), and commissions received from products and
services sold (such as hotel bookings, car hire bookings and travel insurance),
less chargebacks from credit cards. In half year 2007, £77.2 million was earned
from ancillary revenues, up 32.0% from half year 2006. This has been driven by
the 10.7% growth in passengers carried, the positive effect of changes in
arrangements for car hire, insurance and in flight catering and increases in
rates for change fees and credit card fees. It was also driven by the
introduction of speedy boarding as a new product. Ancillary revenue per seat
increased by 18.2% from £3.23 to £3.81.
Ground handling charges
easyJet's ground handling charges include the salaries of self handling staff in
Spain. These costs increased by 6.8% from £71.2 million to £76.1 million, from
half year 2006 to half year 2007. The increase in ground handling charges
reflects the 10.4% increase in the number of sectors flown, alongside mix costs
as a result of network expansion decisions. Cost savings were achieved as a
result of self-handling and renegotiated third-party handling in Spain. As a
result, ground handling cost per seat decreased by 4.3% from £3.92 to £3.76.
Airport charges
easyJet's external airport charges increased by 13.6% from £115.7 million to
£131.4 million from half year 2006 to half year 2007. This increase was
attributable to the growth in passengers carried of 10.7% and inflationary cost
increases at regulated airports. On a per seat basis, costs increased by 1.8%
from £6.37 to £6.49.
Fuel
easyJet's fuel costs increased by 12.1% from £165.9 million to £185.9 million
from half year 2006 to half year 2007. A 2.7% decrease in easyJet's average US
dollar fuel cost per tonne (excluding hedging) resulted in reduced costs to
easyJet of £4.7 million. The strengthening of the value of sterling against the
US dollar, the currency in which fuel prices are denominated, over the course of
half year 2007 reduced costs by approximately £17.9 million. The impact of a
significant increase in flying and our hedging activities amounted to £42.6
million additional fuel costs. On a per seat basis, costs increased by 0.5% from
£9.14 to £9.18.
Navigation charges
easyJet's navigation charges increased by 13.0% from £54.6 million to £61.7
million from half year 2006 to half year 2007. This increase was principally
attributable to a 14.6% increase in the ASKs flown in half year 2007. Cost
savings were derived from a weaker Euro. On a per seat basis, costs increased by
1.3% from £3.01 to £3.05.
Crew costs
easyJet's crew costs increased by 26.9% from £75.2 million to £95.5 million from
half year 2006 to half year 2007. The increase in crew costs resulted from an
increase in headcount during the half year 2007 to service the additional
sectors and aircraft operated by easyJet during the half year, the increase in
salaries, following a new pay deal agreed with our flight crew and cabin crew
employees, and the subsequent costs of recruitment and training. In addition,
investments in crew have been made to ensure that the crew shortages experienced
in summer 2006 are not repeated. Encouragingly, the business has experienced
significantly less attrition compared to half year 2006. On a per seat basis,
costs increased by 13.8% from £4.14 to £4.71.
Maintenance
Maintenance expenses decreased by 8.8% from £51.4 million to £46.8 million from
half year 2006 to half year 2007. easyJet's maintenance expenses consist
primarily of the cost of routine maintenance and spare parts and provisions for
the estimated future cost of heavy maintenance and engine overhauls on aircraft
operated by easyJet pursuant to dry operating leases. The extent of the required
annual maintenance reserve charges is determined by reference to the number of
flight hours and cycles permitted between each engine shop visit and heavy
maintenance overhaul on aircraft airframes. The decrease in maintenance costs
was largely due to the exit of the Boeing 737-300 fleet and the benefits of new
contractual arrangements being negotiated with lower prices, offset by the
additional cost of a 10.4% increase in the number of sectors flown. On a per
seat basis, costs reduced by 18.3% from £2.83 to £2.31.
Advertising
easyJet continues to advertise to consolidate the awareness of the brand and its
low fares philosophy. Advertising costs increased by 8.9% from £17.4 million to
£18.9 million from half year 2006 to half year 2007. Advertising cost per seat
decreased by 2.3% from £0.96 to £0.94.
Merchant fees and incentive pay
Merchant fees and incentive pay increased by 8.8% from £8.6 million to £9.4
million from half year 2006 to half year 2007. Merchant fees and incentive pay
includes the costs of processing fees paid for all of easyJet's credit and debit
card sales and the per-seat sold/transferred commission paid as incentive pay to
easyJet's telesales staff. The increase is reflective of a larger volume of
transactions but on a per seat basis, costs have reduced marginally by 2.4% from
£0.47 to £0.46.
Aircraft and passenger insurance
Aircraft and passenger insurance costs reduced by 18.4% from £8.2 million in
half year 2006 to £6.7 million in half year 2007, despite a 10.7% increase in
passenger numbers. This was as a result of lower rates being negotiated and the
effect of the strengthening of sterling against the US dollar. On a per seat
basis, costs reduced by 26.8% from £0.45 to £0.33.
Other costs
Other costs increased by 38.5% from £34.0 million to £47.1 million from half
year 2006 to half year 2007. Items in this cost category include administrative
costs and operational costs not included elsewhere including some salary
expenses. This cost category also includes compensation paid to passengers and
other related disruption costs, the cost of share option schemes and management
bonuses. On a per seat basis, costs increased by 24.2% from £1.87 to £2.33.
Depreciation
Depreciation charges increased by 60.5% from £10.4 million to £16.7 million from
half year 2006 to half year 2007. The depreciation charge reflects depreciation
on owned and finance leased aircraft and capitalised aircraft maintenance
charges, and also includes depreciation on computer hardware and other assets.
easyJet has owned or leased under a finance lease an average of 47.2 Airbus A319
aircraft during the half year 2007 (half year 2006: 22.3 Airbus A319 aircraft).
The increase in depreciation reflects the introduction of new owned Airbus
aircraft. On a per seat basis, depreciation increased by 44.6% from £0.57 to
£0.82.
Aircraft dry lease costs
easyJet's aircraft dry lease costs comprise the lease payments paid by easyJet
in respect of those aircraft in its fleet operated pursuant to dry operating
leases and end of operating lease return costs. Aircraft dry lease costs
decreased by 27.9% from £63.5 million to £45.9 million from half year 2006 to
half year 2007. During the period 2 new Airbus A319 aircraft were added to the
fleet on lease agreements, 2 Boeing 737-700s and 3 Boeing 737-300s were retired.
The average number of leased aircraft in half year 2007 decreased by 15.1% to
74.9 by comparison to half year 2006. Half year over half year, easyJet has
benefited from the strengthening of the value of sterling against the US dollar,
the currency in which lease costs are denominated set off against rising dollar
interest rates. There was also a reduction in the costs of lease returns.
easyJet has seen its average leasing cost per aircraft decrease by around 15.0%
half-year on half-year. On a per seat basis aircraft dry lease costs decreased
by 35.3% from £3.49 to £2.26.
Aircraft long-term wet lease costs
easyJet's aircraft wet lease costs comprise the lease payments paid by easyJet
in respect of aircraft pursuant to wet leases (that is, leases of aircraft plus
crew, maintenance, and insurance) of a duration of one month or more. The £1.0
million charge in 2007 relates to the costs incurred of leasing aircraft for the
end of the summer 2006 season. Wet leased aircraft are not included in fleet
numbers discussed elsewhere in the interim report.
Interest and other finance income
Interest and other finance income represents interest received or receivable by
easyJet. Interest and other finance income increased by 52.9% from £15.6 million
in half year 2006 to £23.9 million in half year 2007. This reflects an increase
in the cash and restricted cash balances from £773.7 million at 31 March 2006 to
£969.6 million at 31 March 2007.
Interest and other finance charges
Interest and other finance charges represents interest paid or payable by
easyJet offset by the revaluation of financing assets and liabilities. Finance
charges relate predominantly to easyJet borrowings through either loans or sale
and finance leasebacks. Interest and other finance charges increased by 84.4%
from £9.0 million in half year 2006 to £16.6 million in half year 2007. This
primarily reflects an increase in borrowings from £298.7 million at 31 March
2006 to £492.8 million at 31 March 2007 due to the financing of new Airbus
aircraft. In addition there was an increase in US dollar and sterling interest
rates. Foreign exchange revaluations on financing items produced net income of
£1.0 million during half year 2007.
Share of profit after tax of The Big Orange Handling Company
The Big Orange Handling Company Limited is a company owned by Menzies Aviation
Limited and easyJet. It was set up in January 2004 to provide ground handling
services at London Luton airport. During the half year 2007, the share (26%) of
the profit after tax attributable to easyJet was £0.1 million (2006: £0.1
million).
Taxation
In half year 2007, easyJet recognised a tax credit of £4.4 million (half year
2006 - tax credit of £11.4 million). The decrease in tax credit recognised is
due to the decrease in pre-tax losses.
The net deferred tax liability decreased by £7.1 million from £31.7 million at
30 September 2006 to £24.6 million at 31 March 2007, primarily due to capital
allowances taken being in excess of depreciation charges.
Loss after tax
For the reasons described above, easyJet's loss after tax decreased by 56.1%
from £28.9 million in half year 2006 to £12.7 million in half year 2007.
Loss per share
The basic loss per share decreased by 57.4% from 7.17 pence in the half year
2006 to 3.06 pence in the half year 2007.
Balance sheet
Goodwill
Goodwill relates to the purchases of TEA Basel and Go Fly.
Property, plant and equipment
Property, plant and equipment comprises principally owned aircraft, spares and
deposits paid to Airbus in respect of the delivery of future aircraft which are
not to be financed according to sale and leaseback arrangements. The net book
amount attributable to property, plant and equipment increased from £695.7
million at 30 September 2006 to £808.3 million at 31 March 2007. The increase is
due to capital expenditure of £156.1 million, set out in more detail in 'capital
expenditure' below, set off against disposals of £26.8 million and depreciation
of £16.7 million.
Other non-current assets
Other non-current assets comprise principally capitalised software and software
development costs, restricted cash, deposits paid in respect of Airbus aircraft
to be financed by sale and leaseback which deliver in more than one year. The
total of other non-current assets has increased from £31.1 million at 30
September 2006 to £36.6 million at 31 March 2007.
Cash and cash equivalents
Cash and cash equivalents, excluding restricted cash, has increased by 5.1% from
£860.7 million to £904.5 million.
Other current assets
Other current assets comprise trade and other receivables, restricted cash and
derivative financial instruments. Other current assets increased by 25.3% from
£226.5 million at 30 September 2006 to £283.7 million at 31 March 2007.
Trade and other receivables comprise principally trade receivables, amounts due
from credit card companies in respect of seat sales, supplier and lease deposits
and prepayments. Trade and other receivables have increased by 13.4% from £213.3
million at 30 September 2006 to £241.8 million at 31 March 2007, principally due
to the growth of the business.
Current liabilities
Current liabilities have increased by 35.9% from £509.0 million at 30 September
2006 to £691.7 million at 30 September 2007, principally due to growth and the
cyclicality of the business, which means there are more sales in advance at 31
March compared with 30 September each year.
Non-current borrowings
Non-current borrowings all relate to debt related to owned aircraft and aircraft
sold to lessors and leased back under finance leases. The amount increased by
2.2% from £446.9 million at 30 September 2006 to £456.9 million at 31 March
2007, due to the acquisition of more owned aircraft subject to debt finance
arrangements, set off against the weakening of the US dollar compared to
sterling.
Other non-current liabilities
Other non-current liabilities include provisions for maintenance liabilities,
deferred surpluses on the sale and leaseback of aircraft, derivative financial
instruments and deferred tax liabilities. The amount increased by 10.2% from
£184.8 million at 30 September 2006 to £203.6 million at 31 March 2007. The
deferred tax provision decreased by £6.7 million, the deferred surplus on sale
and leaseback reduced due to the small number of aircraft taken under sale and
leaseback during half year 2007, offset by increases in maintenance provisions
and other maintenance liabilities.
Cash flow
Capital expenditure
Group capital expenditure on property, plant and equipment is summarised as
follows:
2007 2006
£million £million
Aircraft 107.2 111.0
Prepayments on account - aircraft deposits 39.5 30.8
Leasehold improvements 4.8 0.8
Fixtures, fittings and equipment 3.3 0.7
_______________________________________________________________________________
Total cash capital expenditure 154.8 143.3
Aircraft spares received free of charge (non-cash
capital expenditure) 1.3 1.9
_______________________________________________________________________________
Total capital expenditure 156.1 145.2
===============================================================================
As a result of a purchase agreement approved by shareholders in March 2003 and
the Class 1 circular approved by shareholders in December 2006, the Group is
contractually committed to the acquisition of a further 95 new Airbus A319
aircraft with a list price of approximately US$4.2 billion, being approximately
£2.1 billion (before escalations, discounts and deposits already paid). In
respect of those aircraft deposit payments amounting to US$181.4 million or
£97.3 million had been made as at 31 March 2007 (30 September 2006 US$164.3
million, £90.9 million) for commitments for acquisition of Airbus A319 aircraft.
It is intended that these aircraft will be financed partly by cash holdings and
internal cash flow and partly through external financing including committed
facilities arranged prior to delivery. In addition certain of the aircraft will
be sold and leased back under operating leases.
Working capital
At 31 March 2007, net current assets were £496.5 million, down £81.7 million
from £578.2 million at 30 September 2006. This change principally reflects an
increase in cash, an increase in debtors due to increased sales volumes offset
by an increase in creditors. The increased sales volumes are due to the
cyclicality of the business and growth.
Unearned revenue increased from £179.4 million to £356.0 million due to
increased sales volumes.
Cash flow
Net cash inflow from operating activities totalled £161.8 million, an increase
of £63.4 million from £98.4 million in half year 2006 primarily due to changes
in working capital
Financing arrangements
The following table sets out the movements in financing for the two half years
ended 31 March 2007 and 31 March 2006:
2007 2006
£million £million
Balance at 1 October 479.7 217.3
New loans and finance leases raised 46.7 98.9
Capital repayments of loans and finance leases (16.1) (21.3)
Effect of exchange rates (17.4) 3.8
Effect of deferred financing fees (0.1) -
_______________________________________________________________________________
Balance at 31 March 492.8 298.7
===============================================================================
Of the 10 Airbus A319s that were delivered during the period, two were financed
through US Dollar or sterling mortgage loans, one was temporarily cash acquired
with mortgage finance drawn after year-end, two were sold to lessors and leased
back under operating leases, and five were cash acquired.
Share capital
The number of shares allotted, called up and fully paid on 31 March 2007 was
418.8 million (30 September 2006: - 410.5 million). During half year 2007, 8.3
million shares were issued on exercise of options under employee share option
schemes (half year 2006: 6.5 million).
Fleet
At the end of March 2007, the fleet comprised 30 Boeing 737s and 97 Airbus
A319s, giving a total of 127 aircraft, up from the 35 Boeing 737s and 87 Airbus
A319s at the start of the financial year. Details of the fleet at 31 March 2007
are as follows:
Future
Changes deliveries
Under Under in (including Unexercised
operating finance half exercised options
Owned lease lease Total year options) (note 1)
Airbus A319s 46 45 6 97 10 95 123
Boeing 737-700s - 30 - 30 (2) - -
Boeing 737-300s - - - - (3) - -
_________________________________________________________________________________________________
46 75 6 127 5 95 123
=================================================================================================
Notes:
1. Options may be taken as any Airbus A320 family aircraft and are valid until
2015.
A further 95 Airbus A319 aircraft are planned to be delivered through to
December 2010. This will give us a modern fleet of aircraft that will underpin
our high levels of asset utilisation and increase our operational efficiency.
The average fleet age is currently 2.3 years (30 September 2006: 2.2 years).
Footnotes
i) Earnings before interest, taxes, depreciation,
amortisation, share of profits of associates and lease payments (excluding the
maintenance reserve component of operating lease payments). Maintenance reserve
costs are charged to the cost heading 'maintenance'.
ii) Represents depreciation, amortisation of intangible
assets, aircraft dry lease costs, aircraft long-term wet lease costs, share of
profit after tax of associates and net financing income.
iii) Represents the loss after tax divided by the average of
opening and closing shareholders' funds
iv) Represents loss before tax divided by the number of flown
seats available for passengers
v) Represents total revenues divided by the number of seats
flown available for passengers
vi) Represents total revenues less loss before tax, divided by
the number of seats flown available for passengers
vii) Represents total revenues less loss before tax plus fuel
costs, divided by the number of seats flown available for passengers
viii) Represents the number of seats flown available for
passengers
ix) Represents the number of earned seats flown by easyJet.
Earned seats include seats that are flown whether or not the passenger turns up,
because easyJet is generally a no-refund airline and once a flight has departed
a no-show customer is generally not entitled to change flights or seek a refund.
Earned seats also include seats provided for promotional purposes and to easyJet
staff for business travel.
x) Represents the number of aircraft owned plus those held on
lease arrangements of more than one month's duration at the end of the relevant
period.
xi) Represents the average number of aircraft owned plus those
held on lease arrangements of more than one month's duration during the relevant
period.
xii) Represents the number of owned/leased aircraft in service
at the end of the relevant period.
xiii) Represents the average number of owned/leased aircraft in
service during the relevant period.
xiv) Represents the number of one-way revenue flights.
xv) Represents the number of hours that aircraft are in actual
service, measured from the time that each aircraft leaves the terminal at the
departure airport to the time that such aircraft arrives at the terminal at the
arrival airport.
xvi) Represents the number of passengers as a proportion of the
number of seats available for passengers. No weighting of the load factor is
carried out to recognise the effect of varying flight (or 'stage') lengths.
xvii) Represents the average number of block hours per day per
aircraft operated during the relevant period.
xviii) Represents the average number of block hours per day per
aircraft owned / leased during the relevant period.
xix) Represents the sum by route of seats available for passengers
multiplied by the number of kilometres those seats were flown.
xx) Represents the sum by route of passengers multiplied by the
number of kilometres those passengers were flown.
xxi) Represents the passenger revenue divided by the number of
passengers carried.
xxii) Represents the total revenue divided by the total number of
ASK's.
xxiii) Represents the difference between total revenue and loss
before tax, divided by the total number of ASK's.
xxiv) Includes credit card fees, excess baggage charges, extra bag
charges, sporting equipment fees, speedy boarding fees, infant fees, changes
fees, profit share from in-flight sale of food, beverages and boutique items,
commissions received from products and services sold such as hotel bookings, car
hire bookings and travel insurance, less chargebacks.
xxv) Includes principally administrative costs and operational costs
not included elsewhere, including some salary expenses, compensation paid to
passengers and certain other items such as currency exchange gains and losses
and the profit or loss on the disposal of fixed assets.
Notes to the financial statements
For the six months ended 31 March 2007 (unaudited)
1. Basis of preparation
The unaudited financial information included in this statement has been prepared
in accordance with the FSA listing rules, accounting policies, methods of
computation and presentation set out in the Annual Report and Accounts for the
year ended 30 September 2006. These accounting policies are in accordance with
International Financial Reporting Standards (IFRS).
As permitted under IFRS, easyJet has chosen not to adopt IAS 34 'Interim
Financial Statements' in preparing its 2007 interim statement, and therefore
this interim financial information is not in full compliance with the
presentational and disclosure requirements of IFRS.
The financial information included in this statement does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the year ended 30 September 2006 included in this
Interim Report is based upon easyJet's consolidated financial statements for
that year. Those financial statements were reported on by easyJet's auditors and
have been delivered to the Registrar of Companies. The report of the auditors
was unqualified and did not contain a statement under section 237 (2) or (3) of
the Companies Act 1985.
2. Earnings per share
The earnings per share are based on the following:
Six months Year ended 30
ended 31 March
2007 2006 September 2006
(Loss)/profit for the period
retained for equity shareholders
(£million) (12.7) (28.9) 94.1
Number Number Number
Weighted average number of
ordinary shares in issue during
the period used to calculate
basic earnings per share
(millions) 414.1 403.4 405.7
Weighted average number of
dilutive share options used to
calculate diluted earnings per
share (millions) N/A N/A 9.7
There are no diluted earnings per share for the six months ended 31 March 2006
and 2007 as the impact of share options on the basic earnings per share is
antidilutive.
3. Taxation
a) Tax on profit on ordinary activities
The taxation charge is made up as follows:
Six months Year ended
ended 31 March 30 September
2007 2006 2006
£million £million £million
Current taxation (0.3) 0.9 17.3
Deferred taxation (4.1) (12.3) 17.8
______________________________________________________________________________
Total taxation (credit)/charge (4.4) (11.4) 35.1
==============================================================================
Effective tax rate 25.7% 28.2% 27.2%
3. Taxation (continued)
The charge for deferred taxation has been calculated at a rate of 30% which
represents the current UK rate of tax since the timing differences almost
exclusively relate to UK capital allowances. In the 2007 budget, the Chancellor
announced the rate of UK corporation tax would reduce to 28%. The deferred tax
provision will be recalculated on the lower rate once Royal Assent has been
achieved for the Finance Act. This is expected to be before September 2007.
The effective tax rate in the six months ended 31 March 2007 is different from
the standard rate of tax principally due to overseas profits having been taxed
at lower effective tax rates in those countries (2%), and the release of
accruals from prior years following agreement of tax computations (2%). Due to
the loss making position of the Group, a tax credit has been recognised, as
these losses are expected to be more than matched by profits in the second half
of the year ending 30 September 2007.
b) Tax on items charged to equity comprises:
Six months Year ended
ended 31 March 30 September
2007 2006 2006
£million £million £million
Deferred tax credit on share options 4.7 1.3 5.9
Deferred tax (charge) / credit on
fair value movements of cash flow
hedges (1.7) 2.3 8.7
Current tax - - 4.9
_______________________________________________________________________________
Tax credit reported directly in
reserves 3.0 3.6 19.5
===============================================================================
4. Dividends
No dividends have been paid or proposed in the period ended 31 March 2007 or
during the comparative accounting periods.
5. Consolidated reconciliation of movements in shareholders' funds - equity
Ordinary Share Other Retained Total
shares premium reserves earnings
£million £million £million £million £million
At 1 October 2006 102.6 591.4 (9.5) 298.4 982.9
Loss for the period - - - (12.7) (12.7)
Cash flow hedges
Fair value gains in
period, net of
deferred tax - - (13.9) - (13.9)
Transfers to net profit,
net of tax - - 14.0 - 14.0
Share options
Proceeds from shares
issued 2.1 41.5 - (27.8) 15.8
Value of employee
services, net of
deferred tax - - - 8.7 8.7
Employee share schemes -
purchase of shares - - - (4.3) (4.3)
____________________________________________________________________________________
At 31 March 2007 104.7 632.9 (9.4) 262.3 990.5
====================================================================================
6. Reconciliation of net (loss) / profit to net cash inflow from operating
activities
Six months ended 31 March Year ended
2007 2006 30 September
2006
£million £million £million
(Loss) / profit after tax (12.7) (28.9) 94.1
Adjustments for:
Tax (credit) / charge (4.4) (11.4) 35.1
Depreciation charge 16.7 10.4 27.4
Profit on disposal of property, plant
and equipment (0.2) (0.9) (1.3)
Amortisation of other intangibles 0.4 0.4 0.8
Interest income (23.9) (15.6) (35.4)
Interest expense 17.6 8.9 22.7
Share based payments 4.0 2.3 4.7
Share of results of associate after
taxation (0.1) (0.1) (0.1)
Financial instruments - time value
(gains) / losses (3.0) 0.9 9.8
Foreign exchange (gains) / losses (13.7) 1.1 (17.3)
Changes in working capital:
Increase in trade and other
receivables (29.4) (33.0) (6.9)
Increase in payables 181.5 147.9 79.0
Increase in provisions 6.5 0.2 3.2
(Increase) / decrease in other
non-current assets (0.3) 3.5 5.7
Decrease in financial instruments 0.5 0.3 0.4
Increase / (decrease) in other
non-current liabilities 18.8 4.6 (0.3)
______________________________________________________________________________
Cash generated from operations 158.3 90.6 221.6
==============================================================================
7. Contingent liabilities
The Group is involved in a number of disputes or litigation in the normal course
of business. Whilst the results of such disputes cannot be predicted with
certainty, easyJet believes that the ultimate resolution of these disputes will
not have a material effect on the Group's financial position or results.
Independent review report from PricewaterhouseCoopers LLP
Independent review report to easyJet plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 March 2007 which comprises consolidated income
statement, consolidated balance sheet, consolidated statement of cash flows,
consolidated statement of recognised income and expense and related notes. We
have read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing Rules
of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
This interim report has been prepared in accordance with the basis set out in
Note 1.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of easyJet plc management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the disclosed accounting policies have
been applied. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit and therefore provides a lower level of assurance.
Accordingly we do not express an audit opinion on the financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 March 2007.
PricewaterhouseCoopers LLP
Chartered Accountants
St Albans
8 May 2007
Notes:
(a) The maintenance and integrity of the easyJet plc web site is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the interim report
since it was initially presented on the web site.
This information is provided by RNS
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