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Annual Report & Accounts 2021 Annual Report & Accounts Annual Report & Accounts 2021 27544-Jet2 plc - AR-2021 Strategic.indd 3 29/07/2021 14:27:10 27544 29 July 2021 1:58 pm proof 7 Strategic Report Audit Committee Report 63 Consolidated Statement of Jet2 plc is the home of: Our Chairman’s Statement 14 Remuneration Committee Changes in Equity 88 Business & Financial Review 20 Report 66 Notes to the Consolidated Financial Statements 89 • Jet2holidays – the UK’s leading operator of ATOL protected package holidays Key Performance Indicators 26 Directors’ Report 72 Independent Auditor’s Report 74 Parent Company Balance to destinations across the Mediterranean, Canary Islands and European Risk Management 27 Sheet 122 Leisure Cities; and Corporate Responsibility 38 Our Financials Parent Company Statement Sustainability 40 of Changes in Equity 123 • Jet2.com – our award-winning leisure airline. Consolidated Income Our People 44 Statement 84 Notes to the Parent Company Financial Statements 124 Section 172 Statement 50 Consolidated Statement of Comprehensive Income 85 Supplementary Information Our Governance Consolidated Statement of Corporate Governance Financial Position 86 Glossary of Terms 134 Statement 56 Consolidated Statement of Secretary and Advisers 135 Board of Directors 62 Cash Flows 87 Financial Calendar 136 Financial Highlights Own Cash (£m) Leisure Travel Net Assets (£m) Leisure Travel Revenue (£m) 2017 135.1 2017 375.6 2017 1,565.8 2018 230.7 2018 454.2 2018 2,223.2 2019 368.4 2019 517.6 2019 2,964.4 2020 520.4 2020 567.7 2020 3,584.7 2021 1,061.7 2021 964.2 2021 395.4 Leisure Travel pre-exceptional (loss) / profit Leisure Travel passenger sectors flown (m) before FX revaluation and taxation (£m) 2017 96.5 2017 7.10 2018 105.8 2018 10.38 2019 175.6 2019 12.82 2020 264.2 2020 14.62 (373.8) 2021 2021 1.32 Annual Report & Accounts 2021 www.jet2plc.com www.jet2plc.com Annual Report & Accounts 2021 01 Our Sustainability Strategy has three pillars, ensuring that sustainability is embedded Jet2Sustainability across our business and that the Group minimises its environmental impacts wherever they occur: On the Ground; In the Air; and In Resort. Committed to the future In September 2021, Jet2 plc will launch its Sustainability Strategy with the vision to become “one of the leading brands in sustainable air travel and package holidays”. Having signed both the UK aviation Net Zero 2050 pledge in 2020 and the European aviation industry equivalent earlier this year, we will be implementing our own more ambitious targets to ensure our Customers can enjoy Real Package Holidays from Jet2holidays® or scheduled holiday flights with Jet2.com that are more environmentally sustainable. On the Ground In the Air In Resort ‘As a socially and environmentally Includes impacts from activities carried Aviation’s long term goal is to Covers activities associated with our out by our ground handling operations, decarbonise and whilst it is not holiday product, specifically working responsible airline & tour operator our offices and in our training facilities. amongst the major contributors with hoteliers. to ‘global warming’, we recognise By focussing on energy efficiency Hotels are critical in protecting the our responsibility to reduce CO our recovery and future growth must and investing in new equipment to 2 local environment and they are key emissions. reduce emissions, we will produce partners in ensuring more sustainable meaningful changes throughout our destinations. Working with them, we be sustainable’ Our airline remains the main workplaces, enabling and encouraging will embed sustainability throughout contributor to Jet2 plc’s environmental our colleagues to carry out their work our supply chain to deliver high quality footprint and as such, we are pursuing in a more sustainable manner. services with minimised environmental initiatives to reduce our airline’s impacts, keeping our resorts and environmental impacts through destinations special. operational means, with a primary focus on lowering our CO2 emissions. Our Brands Jet2.com is the UK’s third largest airline, flying from ten UK bases to over 70 destinations across Europe and beyond and Jet2holidays is the UK’s leading tour operator to We relish the trust our Customers destinations across the Mediterranean and Canary Islands. But, that’s not all we are... place in us to give them a fantastic holiday experience. Friendly low fares, great flight times and award-winning service We lead the way with our great-value, ABTA and ATOL protected is what we’re all about at Jet2.com. Jet off to more than 70 sun, holidays. You’ll get a huge choice of hotels, return flights, 22kg city and ski destinations across Europe from our ten UK airports. baggage and transfers for just a £60pp deposit. For the freedom of your own space and the perks of a package Treat yourself to one of our ultra-luxurious holidays. All our holiday, choose Jet2Villas®. Your villa, return flights, 22kg baggage Indulgent Escapes® include a swanky five-star hotel, return and hire car are all included to make things easier for you! flights, 25kg baggage and private hotel transfers. Get ready to explore Europe’s best cities with Jet2CityBreaks®. From party pads to chilled spots, we’ve clubbed getaways into We wrap up return flights, accommodation and 22kg baggage groups to help you find your match. And your return flights, into one super-easy ATOL protected package. transfers, hotel and 22kg baggage are all included. 04 Annual Report & Accounts 2021 www.jet2plc.com www.jet2plc.com Annual Report & Accounts 2021 05 Operational Highlights Our Destinations LEISURE TRAVEL UK’S LEADING TOUR OPERATOR TO DESTINATIONS 21 COUNTRIES NEW FOR S21 NEW ACROSS THE MEDITERRANEAN AND CANARY ISLANDS SANTORINI BRISTOL OVER 550 RESORTS AWARD–WINNING AIRLINE JET2.COM EDINBURGH GLASGOW 10 UK BASES NEWCASTLE W21 SEASONAL FLIGHTS BELFAST INT’L COPENHAGEN OVER 450 ROUTES FROM OUR 10 UK BASES LEEDS BRADFORD TO OVER 70 SUN, CITY AND SKI DESTINATIONS 71 OVERSEAS DESTINATIONS MANCHESTER EAST MIDLANDS BIRMINGHAM W21 SEASONAL FLIGHTS AMSTERDAM BERLIN 453 ROUTES NEW WE OPERATE A FLEET OF OVER 90 AIRCRAFT LONDON STANSTED NEW FOR S22 BRISTOL ATHENS W21 SEASONAL FLIGHTS PRAGUE KRAKOW JERSEY COLOGNE AWARD-WINNING CUSTOMER HELPERS NEW FOR W21 NEW FOR W21 IN RESORTS AND AIRPORTS PARIS CHAMBERY INNSBRUCK VIENNA SALZBURG LA ROCHELLE LYON GENEVA MORE THAN 15 MILLION CUSTOMERS SINCE VERONA GRENOBLE BUDAPEST WE LAUNCHED JET2HOLIDAYS IN 2007 BERGERAC HALKIDIKI NEWNEW FOR FORS22 S22 VENICE NEW FOR S22 BOURGAS TOULOUSE TURIN TIVAT OVER 4,600 2-5* HOTELS IN OUR EVER SPLIT NEW FOR S21 GIRONA NICE DUBROVNIK KALAMATA NEW FOR S21 EXPANDING PORTFOLIO PISA LESVOS BARCELONA NEW FOR S21 PREVEZA SKIATHOS IZMIR ROME 3,000+ HOTELS RATED 4* PLUS NEW FOR W21 REUS MENORCA NEW FOR S22 LISBON NAPLES CORFU ATHENS BODRUM ON TRIPADVISOR NEW FOR S22 ALICANTE MAJORCA NEW FOR S21 SARDINIA KEFALONIA DALAMAN IBIZA MYKONOS KOS ALMERIA LARNACA FARO (ALGARVE) NEW FOR S22 ZANTE NEW FOR S21 ANTALYA MORE THAN 2,200 VILLAS AVAILABLE SICILY SANTORINI RHODES MALAGA PAPHOS CHANIA HERAKLION COVID-19 RESPONSE MALTA MADEIRA INDUSTRY-LEADING AND PROMPT REFUNDING OF £1.4BN TO CUSTOMERS AFFECTED BY PROGRAMME CHANGES GRAN CANARIA JET2.COM AND JET2HOLIDAYS – BEST TRAVEL FIRMS FOR OUR BASES TENERIFE LANZAROTE NEW FOR W21/S22 PROVIDING REFUNDS (MONEY SAVING EXPERT) REYKJAVIK (ICELAND) CITY BREAK FUERTEVENTURA SKI ONLY UK AIRLINE TO PROMPTLY PROVIDE REFUNDS (CAA) SUN NEW FOR S22 NEW FOR S22 SICILY SARDINIA 06 Annual Report & Accounts 2021 www.jet2plc.com www.jet2plc.com Annual Report & Accounts 2021 07 www.jet2plc.com Annual Report & Accounts 2021 08 Alicante Almeria Amsterdam Antalya Athens Barcelona Our Awards You don’t just have to take our word for it – our award-winning customer service has won us an ever-growing trophy cabinet of awards from some Bergerac Berlin Bodrum Bourgas Budapest Chambery Chania of the most trusted names in the industry. Cologne Copenhagen Corfu Dalaman Dubrovnik Faro (Algarve) Geneva Girona Fuerteventura Gran Canaria Jet2holidays, Jet2.com & Jet2CityBreaks Recommended Provider ‘taking the bar for package holidays and raising it through the roof’ Grenoble Halkidiki Heraklion Ibiza Innsbruck Izmir Jersey Kalamata Kefalonia Kos Krakow La Rochelle Lanzarote BEST ECONOMY BEST AIRLINE BEST AIRLINE TOP 10 AIRLINES BEST LOW COST CLASS EUROPE UK EUROPE OF THE WORLD AIRLINE EUROPE Larnaca Lesvos Lisbon Lyon Madeira Majorca Malaga “We are committed to our core principles of being family friendly, offering value for money, and providing great customer service.” Malta Menorca Mykonos Naples Nice Paphos Paris Pisa Prague Preveza Reus Reykjavik Rhodes Rome Salzburg Santorini Sardinia Sicily Skiathos Split Tenerife Jet2holidays – Jet2.com – Platinum Trusted Service Award Trusted Service Award These are just the latest additions to our ever-growing awards cabinet. We continue to impress customers and industry insiders alike with our VIP service, and have been voted ‘Best Short Haul Airline’ seven times in the last nine years at the prestigious Globe Travel Tivat Toulouse Turin Venice Verona Vienna Zante Awards. Check out the best of the rest at jet2plc.com/our_awards. www.jet2plc.com Annual Report & Accounts 2021 11 Strategic Report WE TAKE PEOPLE ON HOLIDAY! Our Chairman’s Statement 14 Business & Financial Review 20 Key Performance Indicators 26 Risk Management 27 Corporate Responsibility 38 Sustainability 40 Our People 44 Section 172 Statement 50 Our Chairman’s Statement When the financial year began, very few Strategy people could have foreseen the prolonged Our “Customer First” strategy has remained impact of the Covid-19 pandemic. Having “We take people on holiday!” delivered record financial results for the Jet2holidays is the UK’s largest package Jet2 plc’s financial year ended 31 March 2020 and holiday operator to many Mediterranean consistent and is what has driven Jet2’s with strong advance booking momentum and Canary Islands leisure destinations strong financial ahead of Summer 2020, plus a healthy and Jet2.com is the UK’s 3rd largest ‘Own Cash’ (excluding advance customer airline by number of passengers flown.
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