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Annual Report and Accounts 2012 Easyjet Plc Annual Report and Accounts 2012 Overview Europe by Easyjet

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Annual Report and Accounts 2012 Easyjet Plc Annual Report and Accounts 2012 Overview Europe by Easyjet Annual report and accounts 2012 easyJet plc Annual report and accounts 2012 Overview europe by easyJet Overview PERFORMANCE Governance AND RISK 02s 18s 38 s easyJet at a glance 02 Key performance indicators 19 Chairman’s statement on Key performance indicators 04 Exchange rates 21 corporate governance 39 Chairman’s introduction 06 Financial performance 21 Board of Directors 40 Cash flows and financial position 23 Executive Management Team 42 Going concern 25 Corporate governance 44 Significant contracts and creditor policy 25 Shareholder information 49 Principal risks and uncertainties 26 Directors’ remuneration report 50 Statement of Directors’ responsibilities 62 BUSINESS REVIEW CORPORATE Accounts & RESPONSIBILITY other information 07 s 31s 63 s Strategic framework 08 Introduction 32 Independent auditors’ report 64 Performance during the year 09 Safety first 32 Consolidated income statement 65 Market overview 12 Our people 33 Consolidated statement of Strategic progress 13 easyJet and the environment 36 comprehensive income 66 Looking forward 16 easyJet actions 37 Consolidated statement of financial position 67 Consolidated statement of changes in equity 68 Consolidated statement of cash flows 69 Notes to the accounts 70 Company statement of financial position 98 Company statement of changes in equity 99 Company statement of cash flows 100 Notes to the Company accounts 101 Five year summary 103 Glossary 104 Directors’ report easyJet plc is incorporated as a public limited company and is registered in England with the registered number 3959649. easyJet plc’s registered office is Hangar 89, London Luton Airport, Bedfordshire LU2 9PF. The Directors present the Annual report and accounts for the year ended 30 September 2012. References to ‘easyJet’, the ‘Group’, the ‘Company’, ‘we’, or ‘our’ are to easyJet plc or to easyJet plc and its subsidiary companies where appropriate. Pages 01 to 62, inclusive, of this Annual report comprise the Directors’ report that has been drawn up and presented in accordance with English company law and the liabilities of the Directors in connection with that report shall be subject to the limitations and restrictions provided by such law. Overview easyJet at a glance 02 Key performance indicators 04 Chairman’s Introduction 06 easyJet plc 02 Annual report and accounts 2012 Overview easyJet at a glance easyJet continues to grow Seats flown Number of passengers its seats and passengers million 65.9 million 58.4 We continue to grow our capacity and 51.9 52.8 56.0 62.5 65.9 43.7 45.2 48.8 54.5 58.4 improve load factor, increasing the number of people flying with us by 7.1% in 2012. 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Our network is truly Number of routes by country pan-European We have increased the number of routes 340 151 130 12597 55 40 144 64 offered to our passengers and focused this growth across continental Europe. United Kingdom France Italy Spain Switzerland Germany Portugal Other EU Non EU Capacity growth by country % 9.38.2 7.2 4.7 2.3 Italy France SWZ UK Other We attract customers Presence on top 100 routes across Europe Ranked by primary airport In 2012, 56% of our customers did not 49 36 26 25 19 14 17 13 18 38 originate from the UK. Passengers by country 2012 % UK 44 France 14 SWZ/GER 14 Italy 13 Spain 7 Other 8 Lufthansa Air France Air Berlin easyJet IAG Group -KLM Alitalia – NIKI SAS Vuelling Norwegian Ryanair Primary airports Non-primary airports easyJet plc Annual report and accounts 2012 03 Overview Our presence 23 214 605* across Europe Bases Aircraft Routes UK Switzerland Germany Number of routes Number of routes Number of routes London Gatwick 98 Geneva 56 Berlin 41 Bristol 44 France Basel 39 Others 14 London Luton 38 Zurich 2 Number of routes Edinburgh 30 Italy Paris Charles Manchester 29 de Gaulle 36 Number of routes London Stansted 26 Lyon 29 Milan Malpensa 44 Liverpool 26 Nice 24 Rome Fiumicino 25 Belfast 23 Paris Orly 19 Sardinia 17 Glasgow 15 Toulouse 17 Venice 15 London Southend 13 Bordeaux 11 Naples 14 Newcastle 13 Corsica 11 Sicily 9 Others 16 Others 27 Others 19 Spain Number of routes Balearic Islands 41 Malaga 15 Madrid 14 Barcelona 14 Canary Islands 12 Alicante 12 Others 17 Portugal Number of routes Lisbon 21 Faro 11 Others 9 Canary Islands * The number of routes as at 30 September 2012 is 605. The above map reflects the number of routes which touch each location. easyJet plc 04 Annual report and accounts 2012 Overview Key performance indicators Safety first Composite risk value (CRV) index No compromise on safety We will never compromise our commitment 1.2 to safety, which is always the first priority 1.0 for all our people. 0.8 32–37 0.6 See Corporate responsibility 0.4 for more information 0.2 0.0 Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Sep 08 08 09 09 09 09 09 09 10 10 10 10 10 10 11 11 11 11 11 11 12 12 12 12 12 Focus on our customers Overall satisfaction On time performance Focused on network development on this occasion % We are committed to making travel easy % and affordable and provide friendly service 85 85 73 79 82 75 80 66 79 88 to our customers. 08–17 See Business review for more information 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Likely to recommend % 90 89 80 82 84 2008 2009 2010 2011 2012 Focus on our network Airports where we are Market share of airports development No.1 or No.2 airline % We are focused on improving our routes, slots and bases to build on our leading presence 16 18 19 19 21 46 38 37 13 11 across Europe. 08–17 See Business review for more information London Milan 2008 2009 2010 2011 2012 Gatwick Geneva Malpensa Lisbon Paris CDG easyJet plc Annual report and accounts 2012 05 Overview Focus on our people Employee engagement Staff turnover We are committed to listening to our people (uSay) % and engaging with them to improve what we % do and how we do it. 72 66 23* 40 37 12 6.9 7.6 9.7 7.5 Note, from 2010, we moved from measuring satisfaction to measuring engagement. 32–37 See Corporate responsibility for more information 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 * 2010: Satisfaction was 35%, engagement was 23% Financially strong Revenue per seat Cost per seat excluding fuel We are committed to improving shareholder £ +5.9% £ -1.0% returns whilst remaining prudently financed with a strong, liquid balance sheet. 45.51 50.47 53.07 55.27 58.51 29.49 34.37 36.62 36.62 36.25 19–30 See Performance and risk for more information 2008 2009 2010 2011 2012 2008* 2009* 2010* 2011 2012 * underlying Profit before tax / ROCE (including operating per seat +21.3% leases adjustment) +1.5ppt £ % 2.37 0.83 3.36 3.97 4.81 5.7 3.6 6.9 9.8 11.3 2008* 2009* 2010* 2011 2012 2008 2009 2010 2011 2012 * underlying Gearing Dividends and basic % +1ppt earnings per share pence 29 38 32 28 29 019.8 0 16.9 0 28.4 45.4 52.5 21.5 62.5 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 DPS EPS Special dividend easyJet plc 06 Annual report and accounts 2012 Overview Chairman’s introduction Dear Shareholder, I am pleased that your Company has delivered continued strong results this year despite the economic headwinds that we face. Progress this year The strength of easyJet’s business model is based around a pan European network to primary airports, delivered with friendly service, efficiency and at the lowest cost. This has enabled it to thrive, evidenced by the 27.9% increase in pre-tax profit to £317 million. Return to shareholders Due to the strength of the performance this year, and the Board’s confidence in the strength of easyJet business model, strategy and people, the Board has recommended increasing the level of ordinary dividend paid annually from a ratio of five times cover to three times cover. Consequently an ordinary dividend of 21.5 pence per share will be paid in respect of the financial year ended Our ambition is to be Europe’s 30 September 2012, an increase of 11 pence per share compared preferred short-haul airline, to the prior year. Making a strong business stronger delivering market leading returns. The easyJet team has also taken proactive steps this year to further strengthen the business. Steps have been taken to ensure that Sir Michael Rake returns are maximised from the capital deployed in our aircraft. As a Non Executive Chairman consequence the base in Madrid is being closed. The Company has redeployed the capacity released to more profitable opportunities in France, Switzerland, UK and Italy where the potential for shareholder value is improved. To ensure easyJet remains competitive on cost and aircraft performance the team are well advanced in its technical and commercial evaluation of the next generation narrow body aircraft and engine technology. The Company has stepped up investment in leadership development and succession planning ensuring it has the capabilities necessary to deliver superior returns in the future against a challenging environment. Regulatory environment It is vital that aviation operates within a regulatory environment that rewards efficient behaviour and guards against protectionism which still shields airports, airlines and ground handling from true and full competition.
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