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Annual Report and Accounts 2020

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Annual Report and Accounts 2020 leveraging our strengths... Annual Report and Accounts 2020 ‘OUR PROMISE’ IS Who we are THAT WE WILL BE: easyJet aims to make travel easy, SAFE AND enjoyable and affordable for customers, RESPONSIBLE whether it is for leisure or business. ON OUR We use our cost advantage and leading CUSTOMERS’ positions in primary airports to deliver SIDE low fares on an unrivalled network, IN IT seamlessly connecting Europe with TOGETHER the warmest welcome in the sky. Our well-established and proven ALWAYS EFFICIENT business model provides a strong foundation to drive long-term FORWARD shareholder returns. THINKING WHAT’S INSIDE STRATEGIC REPORT GOVERNANCE FINANCIALS Chairman’s statement Independent auditors’ report Highlights 2 on corporate governance 78 to the members of easyJet plc 133 Purpose 4 Board of Directors 80 Consolidated accounts 142 COVID-19 management actions 6 Airline Management Board 84 Notes to the accounts 147 Chairman’s letter 8 Corporate Governance Report 87 Company accounts 184 Business model 10 Notes to the Consolidated Company Directors’ Remuneration Report 108 accounts 187 Stakeholder engagement 12 Directors’ Report 128 Five-year summary 190 Market review 16 Statement of Directors’ responsibilities 132 Chief Executive’s review Glossary 191 and Our Strategy 20 Shareholder information 192 Key Performance Indicators 32 Sustainability 36 Financial review 56 Key statistics 63 Going concern and viability statement 64 Risk 66 VISIT OUR WEBSITE FOR MORE INVESTOR INFORMATION http://corporate.easyjet.com/investors ... for a sustainable future The 2020 financial year has been unprecedented with COVID-19 posing the most significant threat to the aviation industry in its history. Our business model means that we are well positioned for the recovery from COVID-19. easyJet has an outstanding network of #1 and #2 positions in the primary airports around Europe, which customers favour. Customers are increasingly looking for value for money and are prioritising leisure travel, where we are particularly well-placed. We are the world’s first major airline to operate carbon neutral flying across our entire network, and continue to work tirelessly to minimise carbon across our operations. PLEASE READ MORE ABOUT OUR STRENGTHS AND ACTIONS TAKEN: INDUSTRY- SAFETY IS ALWAYS LEADING OUR #1 NETWORK PRIORITY see page 18 see page 34 SUSTAINABILITY REDUCING OUR COST BASE see page 36 see page 54 www.easyJet.com 1 HIGHLIGHTS Our performance... Results have been heavily TOTAL (LOSS)/PROFIT BEFORE HEADLINE (LOSS)/PROFIT impacted by COVID-19 TAX (£M) BEFORE TAX (£M) related lockdowns and 2020 government travel (1,273) 2020 (835) restrictions during the 2019 430 2019 427 second half of the 2020 2018 445 2018 578 financial year. 2017 385 2017 408 2016 507 2016 494 TOTAL ANCILLARY BASIC TOTAL (LOSS)/ REVENUE8 (£M) EARNINGS PER SHARE (PENCE) 2020 706 (264.9) 2020 2019 1,376 2019 88.6 2018 1,210 2018 90.9 2017 77.4 2016 110.9 ...and our strengths unparalleled low-cost robust network model balance sheet REDUCTION IN EMISSIONS NUMBER OF PRIMARY AND FUEL CONSUMPTION AIRPORTS WHERE WE DUE TO NEW-GENERATION CASH & MONEY MARKET HOLD A #1 OR #2 POSITION1 AIRCRAFT3 DEPOSITS2,5 56 15% £2,316m 2019: 56 2019: £1,576M ROUTES OPERATED2 COST SAVINGS4 NET DEBT2 981 £73m £1,125m 2019: 1,051 2019: £139m 2019: £326m 2 easyJet plc Annual Report and Accounts 2020 STRATEGIC REPORT TOTAL REVENUE (£M) LOAD FACTOR 2020 3,009 2019: 91.5% 2019 6,385 87.2% 2018 5,898 2017 5,047 2016 4,669 SEATS FLOWN BASIC HEADLINE (LOSS)/ 2019: 105.0m EARNINGS PER SHARE2(PENCE) 55.1M (178.1) 2020 2019 88.7 ON-TIME PERFORMANCE 2018 118.3 2017 82.5 2019: 75% 2016 108.4 84% customer value by Customer loyalty efficiency Satisfaction NUMBER ONE AIRLINE BRAND IN THE UK, UNENCUMBERED CUSTOMER FRANCE & SWITZERLAND2,6 AIRCRAFT2,9 SATISFACTION SCORE2 no.1 or 2 165 75% 2019: 232 2019: 74% 4,7 1. As at 30 September 2019 – airports where easyJet is the number one or number two carrier based RETURNING CUSTOMERS on short-haul capacity. 2020 data not available 2. As at 30 September 2020 3. A320neo versus previous generation A320 4. In the year ended 30 September 2020 5. Excluding restricted cash 6. Millward Brown brand tracker 87% 7. Percentage of seats booked by customers who made a booking in the preceding 24 months 8. Ancillary revenue reporting was implemented from 2018 onwards 9. ROCE is no longer an efficiency metric due to this being negative in the 2020 financial year 2019: 68% 10. Within net debt, borrowings of £987 million and lease liabilities of £352 million are payable within one year www.easyJet.com 3 PURPOSE Positioned for the future our purpose strategic priorities Our purpose defines who Our strategic priorities are a plan of action which we are and guides our enables us to pursue our purpose. actions and decisions. PROTECT OUR UNIQUE CORE Seamlessly connecting NETWORK POSITIONS Europe with the Maximising revenue with our network; protecting warmest welcome core markets, investing in destination leaders and building focus cities in the sky FOR MORE DETAILS PLEASE SEE PAGE 25 easyJet aims to make travel easy, enjoyable CUSTOMER PROPOSITION and affordable, whether it is for leisure or business. Providing a unique value proposition for the customer; based on ease, value and reliable on-the-day experience FOR MORE DETAILS PLEASE SEE PAGE 26 OUR PEOPLE Delivering success through people engagement; providing everybody with the ability to do their best; attracting the best talent FOR MORE DETAILS PLEASE SEE PAGE 28 IMPROVE OUR COST POSITION Removing cost from the business to maintain relative cost position within the industry FOR MORE DETAILS PLEASE SEE PAGE 30 FOCUSING ON OUR BALANCE SHEET A top priority to provide future resilience FOR MORE DETAILS PLEASE SEE PAGE 31 4 easyJet plc Annual Report and Accounts 2020 STRATEGIC REPORT Sustainability Strategy How we measure (KPIs) To lead and challenge We measure our global aviation towards net zero strategic progress emissions while positively impacting our communities and our people through a mix of financial and non-financial KPIs. TACKLING STIMULATING GOING BEYOND CARBON CARBON CARBON HEADLINE (LOSS)/PROFIT EMISSIONS INNOVATION We are working BEFORE TAX PER SEAT We are the world’s first We are supporting in a range of ways major airline to offset the development of to take action on the carbon emissions new technologies to sustainability, beyond HEADLINE (LOSS)/ from fuel and reinvent aviation as our carbon impact. EARNINGS PER SHARE operations across quickly as possible. our entire network, and we continue to work tirelessly to HEADLINE RETURN ON minimise carbon across CAPITAL EMPLOYED our operations. CUSTOMER SATISFACTION IMPROVING OUR UNDERLYING CAPABILITY Initiatives include: recruiting a dedicated Sustainability team; increasing ON-TIME the scope of environmental reporting; development of an ISO14001-compliant PERFORMANCE Environmental Management System; and additional oversight through committees and working groups, such as on business integrity and modern slavery. CO2 EMISSIONS PER PASSENGER KILOMETRE FOR MORE DETAILS PLEASE SEE OUR FOR MORE DETAILS SUSTAINABILITY SECTION ON PAGE 36 PLEASE SEE OUR KPIS ON PAGE 32 Our promise We have a set of values which support and guide our strategy. SAFE AND ON OUR IN IT ALWAYS FORWARD RESPONSIBLE CUSTOMERS’ TOGETHER EFFICIENT THINKING SIDE www.easyJet.com 5 Covid-19 Management Actions MORE INFORMATION ON OUR RESPONSE TO COVID-19 CAN BE FOUND ON THE FOLLOWING PAGES: Rapid and Decisive CHAIRMAN’S page 8 LETTER Access to Liquidity page 12 STAKEHOLDER easyJet’s robust balance sheet enabled ENGAGEMENT rapid access to over £2.4bn of cash since CEO’S REVIEW page 20 the outset of COVID-19. SUSTAINABILITY page 36 Liquidity has been raised from a variety of REPORT sources including equity, sale and lease back of owned aircraft, the drawing down RISK page 66 of a Revolving Credit Facility, Covid CORPORATE page 78 Corporate Financing Facility and Term GOVERNANCE Loans. REPORT Additionally, after 30 September 2020, page 108 DIRECTORS’ easyJet successfully completed REMUNERATION REPORT transactions for further sale and leasebacks generating additional liquidity. easyJet has the ability to continue to leverage its owned aircraft for further funding if required. 6 easyJet plc Annual Report and Accounts 2020 STRATEGIC REPORT Fleet 2020 1 37% 2019 ownership September 2020 leased 30% 63% September 2019 leased September 2020 owned 70% September 2019 owned Total Liquidity Raised Since Start of Pandemic £’m2 3000 2500 400 2000 400 1500 409 2,417 1000 608 500 600 0 Covid Corporate Sale Equity Term Revolving Credit Total Liquidity Financing Facility and Leaseback Placing Loans Facility Raised Proceeds TOTAL LIQUIDITY TOTAL CASH AND MONEY RAISED IN YEAR2 MARKET DEPOSITS1 NET DEBT1 £2.4bn £2.3bn £1.1bn 2019: £1.6bn 2019: £326m 1. As at 30 September 2020 2. During the 6 months to 30 September 2020 www.easyJet.com 7 CHAIRMAN’S LETTER LEVERAGING OUR STRENGTHS The COVID-19 pandemic has had an unprecedented impact on easyJet and the wider airline industry. The entire easyJet fleet was fully grounded for 11 weeks this spring. The Board moved quickly and decisively to reduce operating costs, to defer future fleet deliveries and to secure additional funding. We had Our strong business to take the extremely difficult decision to model, robust balance cut up to 30% of headcount across the business. A small-scale flying programme sheet and unparalleled restarted on 15 June, ramping up through the summer months, with a disciplined network mean we are focus on profitable, cash-generative flying. Our strong business model, robust balance well positioned for sheet and unparalleled network mean recovery. we are well positioned for recovery. RESULTS During the first half of the year easyJet delivered strong underlying trading and our costs were in line with guidance.
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