Thread easyJet

Tiennetti

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Risultati FY18

http://otp.investis.com/clients/uk/easyjet1/rns/regulatory-story.aspx?cid=2&newsid=1208526


20 November 2018

easyJet plc

Results for the year ending 30 September 2018

Overview: easyJet announces a 43% increase in proposed dividend reflecting a successful year of delivery

Summary

Delivering profitable growth

· Record number of passengers flown at 88.5 million up +10.2% with a record load factor of 92.9% (2017 92.6%), driven by continued focus on customer offer and easyJet's primary airports strategy including expansion into Tegel and gaining seven new number one airport positions

· Market leading revenue performance with total revenue of £5,898 million, up +16.8% and revenue per seat growing 6.4% to £61.94 (8.3% growth ex-Tegel)

· Headline cost per seat excluding fuel up 5.3% to £43.43 (4.8% increase at constant currency1), mainly due to expansion into Tegel, higher levels of disruption and crew cost inflation

· Cost and efficiency programme savings of £107 million (2017 £85m) delivered, leveraging growth, scale benefits and up-gauging of fleet

· Non-headline cost of £133 million including £40 million at Tegel and £65 million from a change in approach to IT development. Total cost per seat, including the impact of non-headline items, was £57.26 (2017 £53.78)

· Headline profit before tax for the year at £578 million, up £170 million or 41.4%. Total headline profit before tax per seat increased by 28.7% to £6.07 per seat

· Reported profit before tax increased to £445 million (2017 £385m)

· As a result of this strong performance, headline ROCE2 for the year increased to 14.4%, an improvement of 2.5 percentage points on the prior year

· Proposed dividend of 58.6 pence (2017 40.9p) an increase of 43% subject to approval by shareholders

Acquisition of Tegel operations

· Acquisition of part of Air Berlin's operations at Berlin Tegel completed on 15 December for a consideration of €40 million, giving easyJet a strong number one position in Europe's third largest market

· Total loss before tax of £152 million better than originally expected on acquisition. Headline loss of £112 million higher than expected offset by lower integration costs of £40 million

· Operations transitioned to business-as-usual with over 20 easyJet aircraft now flying in Tegel, with good on-time performance and increased brand recognition in the Berlin market

Well positioned for the future

· easyJet's strategic framework has been refreshed and relaunched, building on an already strong foundation, evolving to deliver an unrivalled customer experience through its high-quality network of primary airports at great value, with the warmest welcome in the sky

· Through this strategy easyJet will continue to pursue disciplined growth, supported by the agreement today with Airbus for 17 firm orders, 18 deferrals and 25 purchase options over the next five years, providing additional delivery flexibility

· Good progress has been made on new initiatives in loyalty, holidays and business, which are expected to deliver high-return, margin-accretive contributions

· easyJet will deliver strong cost control through its focus on value by efficiency, leading the industry in proactively tackling disruption to minimise its impact on customers and cost

· Becoming the most data-driven airline in the world will improve the customer experience, drive revenue, reduce cost and improve operational reliability

· Robust cash flow generation and an investment-grade balance sheet with strong liquidity provides a solid base to withstand industry change and the agility to invest in new opportunities

· A solid hedging position provides a buffer against fuel head-winds over the next 18 months

Outlook

· easyJet is confident that its strategy and positioning will deliver substantial value for its shareholders, with a focus on return on capital, positive free cash flow and profit per seat

· easyJet's capacity growth in the first half is forecast at circa 15% and at circa 10% for the full year

· Solid demand in forward bookings of 50% for the first half, with yields ahead of loads

· Bookings for next summer promising at this very early stage, slightly ahead of summer 2018

· On a like for like accounting basis3 revenue per seat at constant currency for the first half is expected to be down by low to mid-single digits, in line with previous guidance, including the effect of annualisation of one-off revenue benefits from the 2018 financial year, dilution from Berlin and the effect of Easter moving into the second half

· On a like for like accounting basis total headline cost per seat excluding fuel at constant currency (assuming normal levels of disruption) is expected to be flat for the 12 months to 30 September 2019. This includes expenditures on the strategic initiatives to drive margin and returns in the long term

· Adjusting for the impact of IFRS 15, revenue per seat at constant currency in the first half is currently expected to be down by mid-single digits and total headline cost per seat excluding fuel at constant currency is expected to improve slightly.

· Capital expenditure for the financial year to 30 September 2019 is expected to be £1 billion

· easyJet has continued to prepare for Brexit, operating via airlines in the UK, Switzerland and Austria to enable ongoing flying in Europe, and is close to achieving majority EEA (excluding UK) ownership - currently at 47%
 

East End Ave

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su e giu' sull'atlantico...
Well done EZY!
Quando leggo "...with yields ahead of loads..." mi rallegro di una gestione senza clamori, ordinata, programmatica, prudente, calibrata, strategica. Redditizia...
Ho avuto le mie disavventure con loro, ma di quelle che ci si deve aspettare da una LC, senza -o quasi- punti di contatto, regole iper-rigide su un centimetro di bagaglio in piu' come su un cambio, pur dovuto ad una disavventura cosmica'; ma di nuovo, la utilizzo non meno di 4/5 volte l'anno e davvero mi ci trovo bene.
 

OneShot

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Emirates joins Worldwide by easyJet

*24 minutes ago*

easyJet has announced Emirates is set to become a new airline partner to its unique connections service, Worldwide by easyJet.

The deal is expected to be live in the coming months.

From then easyJet customers will be able to seamlessly connect between easyJet flights across its European network flying into London Gatwick Airport and onwards on Emirates flights, initially between London Gatwick and Dubai, but with plans to extend to more gateways and destinations.

Worldwide by easyJet has been consistently growing, with more than 5,000 unique origins and destinations which have been booked in combination with partner airlines.

Johan Lundgren, easyJet chief executive, said: “We will be really pleased to welcome Emirates as an easyJet Worldwide partner airline.*

“Given we both serve many popular destinations from London Gatwick, we are confident their addition to Worldwide will be very popular with our customers who are looking for an easy and seamless way to connect between Europe, the Middle East and beyond.”

He added: “We have been delighted with the appetite of partner airlines to expand Worldwide across our network and continue to broaden our focus to offer this unique connecting service at more of our biggest airports.

“Tens of millions of connecting passengers travel each year with journeys which begin or end in Europe.”

The addition compliments easyJet’s existing relationships with Virgin Atlantic, Norwegian, WestJet and Singapore Airlines and its low-cost subsidiary Scoot, which joined in September.

Thierry Antinori, Emirates executive vice president, said: “The Emirates proposition has always been about providing customers with a better flying experience both in the air and on the ground.

“We offer our customers an extensive choice of flight options not only through our own global network, but also through our partner airlines.

“We are delighted to join easyJet’s Worldwide programme, which enables us to jointly offer travellers a seamless connection experience when they fly on Emirates and easyJet combined itineraries via London Gatwick, one of our main UK gateways.”
Fonte: TravelNews
 

OneShot

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Pare che abbiano ordinato altri 17 A320neo. Non trovo la fonte, ma la notizia gira già da stamane.
 

AZ209

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Pare che abbiano ordinato altri 17 A320neo. Non trovo la fonte, ma la notizia gira già da stamane.
Da FG

EasyJet firms more A320neos but pushes back deliveries

UK budget carrier EasyJet has exercised purchase rights for another 17 Airbus A320neos, but is deferring the delivery of 18 of the type by up to two years.
The airline is also formally converting purchase rights for 25 A320neos into options – a switch which provides security on delivery slots in 2024.
EasyJet says the changes extend its fleet plans to 2023 while providing “more flexibility” in its capacity schedule.
The airline points out that Airbus has “limited availability” in its backlog, and that delivery slots – even those six years out – are “valuable”.
Its firmed orders are part of a broader agreement signed in 2013, which involved 135 Airbus jets and provides the airline with discounts.
EasyJet says the new deal with Airbus, unveiled during its full-year results presentation, gives it the flexibility to expand its fleet to 385 aircraft or reduce it to 316 by 2022.
Its fleet at the end of September stood at 315 aircraft – up from 279 at the end of the previous fiscal year – including the carrier’s first A321neos.
EasyJet took delivery of 49 aircraft over the financial year, and withdrew 13. The deliveries included 18 aircraft formerly operated by Air Berlin, which are being leased by the company, plus another 18 from Airbus.
It had received a pair of A321neos by the end of September and has since taken delivery of a third.
 

vitoque

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Cavolo complimenti a Easy. Una curiositá, come mai il calcolo annuale lo si fa da settembre a settembre?
In UK (ma anche in Italia) l'anno aziendale puo' essere scelto arbitrariamente per esempio le aziende vinicole scelgono luglio-giugno per seguire in modo più vicino il PnL derivato dai costi e ricavi di una determinata vendemmia. Le aziende di trasporto in genere tendono a scegliere un periodo che contenga tutte le variazioni naturali del traffico in esso. Per esempio non sceglierebbero mai Aprile/Marzo perché rischierebbero di non avere nessuna pasqua in esso, o averne due, e quindi rendere difficile qualsiasi confronto da un anno all'altro

L'unica differenza che in Italia se non si decide esplicitamente l'anno fiscale parte da gennaio. In UK invece dal mese dopo la registrazione della società.
 

AZ209

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Lundgren su flight disruptions a margine della presentazione dei risultati. In effetti e' un problema che sta peggiorando di anno in anno per tutte le compagnie aeree.

EasyJet chief predicts another year of flight chaos

Airline benefits from collapse of rivals but outlook remains the same for 2019
Low-cost carrier easyJet’s chief executive has predicted that flight disruption next year will be as bad as this year, when the airline had to cancel 6,800 flights, nearly three times the number in 2017.
Johan Lundgren, speaking after announcing on-target full-year results, said: “We are assuming that the situation will not improve.”
He said airlines had suffered from factors outside their control, such as air traffic controller strikes and “inefficient use of the airspace”. FT
 

LH243

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EDDF, LIRF, LIVD
In UK (ma anche in Italia) l'anno aziendale puo' essere scelto arbitrariamente per esempio le aziende vinicole scelgono luglio-giugno per seguire in modo più vicino il PnL derivato dai costi e ricavi di una determinata vendemmia. Le aziende di trasporto in genere tendono a scegliere un periodo che contenga tutte le variazioni naturali del traffico in esso. Per esempio non sceglierebbero mai Aprile/Marzo perché rischierebbero di non avere nessuna pasqua in esso, o averne due, e quindi rendere difficile qualsiasi confronto da un anno all'altro

L'unica differenza che in Italia se non si decide esplicitamente l'anno fiscale parte da gennaio. In UK invece dal mese dopo la registrazione della società.
Interassante, grazie per la spiegazione.
 

OneShot

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Lundgren su flight disruptions a margine della presentazione dei risultati. In effetti e' un problema che sta peggiorando di anno in anno per tutte le compagnie aeree.
He said airlines had suffered from factors outside their control, such as air traffic controller strikes and “inefficient use of the airspace

Non tutti i fattori erano incontrollabili: su molti voli i cui piani di volo interessavano la FIR di Marsiglia, si sarebbe potuto pianificare evitando quelle specifiche rotte "minimum time and fuel track". Questa opzione è stata proposta all'OCC di ezy i quali hanno risposto che fosse impossibile che 2 o 3 operatori lavorassero più di 2000 piani di volo manualmente. Le rotte proposte, talvolta, aumentavano di poche decine di miglia (20, massimo 30) il percorso, ma non generavano gli slot di 2/3 ore che hanno ammorbato i voli tra giugno, luglio e agosto.
 

speedbird001

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sapete che non ben capito l ultima politica di Ezy sui bagagli ?
Praticamente puoi portare in cabina solo uno zainetto, se invece compri l upfront con lo speedy boarding 2 zainetti ??
ho capito male ma non c'è modo di imbarcare un trolley a bordo neanche pagando ?
Scusate se faccio confusione, ma ho dato una letta dal cell e ci ho capito poco.
 

speedbird001

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Il bagaglio a mano “grande” è sempre incluso, se vuoi portare uno zainetto devi comprare il posto upfront.
Hai ragione te, siccome volo molto spesso easy e ieri stavo prenotando , mi è caduto l'occhio sulle misure dei bagagli in cabina e loro di fianco mettono il disegno di uno zainetto, ho pensato che le misure 56x45x25 non fossero quelle di un trolley.

Meglio :)
 

East End Ave

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su e giu' sull'atlantico...
approfitto per confermare ancora nuovamente che EZY si e' resa decisamente affidabile come compagnia LC; senza i clamori e gli eccessi teatrali di FR (incluso il chiasso a bordo), senza complicare troppo la vita del pax circa il trolley in cabina, sito web chiaro e funzionale, app ancora meglio con tutto sotto controllo, notifiche precise e puntuali, non piu' cosi' cani da guardia cattivi al gate (che prima se arrivavi anche solo con una bustina di the in mano ti dicevano che era considerata un extra-piece), gentilezza e pazienza del crew a bordo, cibo e bevande a pagamento a prezzi inferiori di quelli aeroportuali, on time.
Bravi!
 

AlicorporateUK

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Nuove Rotte

EasyJet torna a Danzica (rotta da/per Berlino) ed annuncia l'espansione in Croazia (tutte le rotte operative dall'estate 2019):

London Gatwick-Zadar
Berlin-Dubrovnik
Nantes-Dubrovnik
Amsterdam-Pula
Geneva-Pula

G
 

Tiennetti

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Oggi è stato pubblicato anche un "Trading Statement" per il Q1
http://otp.investis.com/clients/uk/easyjet1/rns/regulatory-story.aspx?cid=2&newsid=1226828

EASYJET TRADING STATEMENT FOR THE QUARTER ENDED31 DECEMBER 2018

easyJet delivers a good start to the year, in line with expectations

Summary
easyJet has delivered a good performance in the quarter with robust customer demand driving passenger and ancillary revenue which is in line with expectations. Underlying revenue per seat was positive, including good ancillary revenue growth. This was offset, as expected, by the impact from last year's one-off revenue benefits, the dilutive impact of flying at Tegel and new accounting standards delaying the recognition of revenue. easyJet has made good progress with its cost and operational performance but both were affected by the impact of drone activity at London Gatwick over the Christmas period.
Commenting; Johan Lundgren, easyJet Chief Executive said:
"easyJet has made a good start to the 2019 financial year with robust customer demand and ancillary sales, driving solid revenue generation. This was underpinned by good operating and on-time performance across the network, with the exception of the disruption caused by the Gatwick closures due to drone sightings. There has been be a one-off cost impact from this incident, but underlying cost progress is in line with expectations. I am proud of the way our teams worked around the clock to mitigate the impact of the incident and looked after affected customers.
"Recognition of the easyJet brand continues to grow. We made good progress on our strategic initiatives; holidays, business, loyalty and data during the quarter.
"For the first half of 2019, booking levels currently remain encouraging despite the lack of certainty around Brexit for our customers. Second half bookings continue to be ahead of last year and our expectations for the full year headline profit before tax are broadly in line with current market expectations."
Revenue
Total revenue in the first quarter to 31 December 2018 increased by 13.7% to £1,296 million. Passenger revenue increased by 12.2% to £1,025 million and ancillary revenue increased by 19.9% to £271 million.
Passenger[SUP]1[/SUP] numbers in the quarter increased by 15.1% to 21.6 million, driven by an increase in capacity[SUP]2[/SUP] of 18.2% to 24.1 million seats which was slightly lower than originally planned due in part to the drone issues at London Gatwick and to late A321 deliveries from Airbus.
Load factor[SUP]3[/SUP] decreased by two percentage points to 89.7%, as anticipated, due to the one-off increase in prior year late demand and the dilutive impact of Tegel flying.
Total revenue per seat decreased by 4.2% at constant currency, in line with expectations. This performance has been driven by:
· An increase in underlying revenue per seat of 1.5% due to:
- Robust underlying demand and disciplined capacity growth by competitors on easyJet's markets, supported by easyJet's increasing brand recognition
- Continued growth in ancillary revenue per seat through better bag and allocated seating sales
· The negative impact from:
- The dilutive impact of first time flying in Q1 at Berlin Tegel (where the schedule is still in the early stages of optimisation)
- One-off benefits experienced in 2018 not being repeated:
§ Air Berlin and Monarch bankruptcies (Q1 2018 benefit of c.£30m)
§ Ryanair winter schedule cancellations last year (Q1 2018 benefit of c.£20m)
- The impact of the move to IFRS 15 accounting standards (c.£8m revenue impact in Q1)
- Cancelled flights and lost revenue resulting from the drone issue at London Gatwick (c.£5m revenue impact)
Cost
easyJet's underlying cost performance has been solid and in line with expectations, before the cost impact of the drones at Gatwick. Headline cost per seat excluding fuel at constant currency increased by 1.0% in the quarter reflecting:
- A £10 million cost impact of the drones at Gatwick relating to customer welfare costs (representing c.1ppt of cost per seat in Q1). The incident affected around 82,000 customers and led to over 400 flights being cancelled
- Annualisation of crew pay deals; better than expected crew retention; and some additional inefficiency relating to Gatwick disruption
- Ownership costs reflecting new aircraft year on year, some additional leasing costs resulting from late Airbus aircraft deliveries and the impact of IFRS 16 accounting
easyJet's cost programme has continued to deliver substantial savings in particular in:
- Airport costs, driven by discounts on additional passenger volumes, and
- Fleet up-gauging from A319 ceo to A320 neo and A321 neo, albeit this has been marginally impacted by Airbus delivery delays
- Reduced level of cancellations and delays over 3 hours despite the drone issue at Gatwick
Customer and operational performance
easyJet has improved its On-Time Performance (OTP) since the difficult 2018 summer. The closure of Gatwick airport due to the drone issues had a negative impact on OTP but after adjusting for this December network OTP was better at 81%.

OTP % arrivals within 15 minutes
Oct
Nov
Dec
Q1
Q1 '19
76%
86%
77%
79%
Q1 '18
81%
88%
74%
81%

Traffic statistics
As announced at the full year results in November, easyJet will now be reporting monthly passenger statistics within its quarterly reports. Load factor was slightly lower than Q1 2018 due to one-off prior year benefits and the dilutive impact of Tegel flying.
easyJet experienced 764 cancellations in Q1 2019 compared to 1,051 cancellations in Q1 2018, with the biggest number of cancellations due to the drone issue at London Gatwick.


Oct
Nov
Dec
Q1
Passengers ('000)
8,578
6,182
6,831
21,592
Passenger growth
14.1%
15.6%
16.1%
15.1%
Load factor
90.5%
89.2%
89.2%
89.7%

Sale and Leaseback
easyJet has entered into another planned sale and leaseback arrangement for 10 A319 aircraft which has generated £120 million in cash and further facilitates our fleet management strategy. Six were completed during the quarter and a further four were finalised on 8 January. This will be disclosed as a non-headline item in the income statement and is currently expected to be a small loss on disposal.
Brexit
easyJet is well prepared for Brexit. It now has 130 aircraft registered in Austria and has made good progress in ensuring it has a spare parts pool in the EU27 and in transferring crew licences, both of which will be completed by 29 March. Both the EU and the UK have committed to ensure that flights between the UK and EU will continue in the event of a no-deal Brexit. In order to remain owned and controlled by EEA qualifying nationals, as required by EU regulations, easyJet has a number of options, including the use of the provisions contained in its Articles of Association which would permit it to suspend rights to attend and vote at meetings of shareholders and/or forcing the sale of shares owned by non-qualifying nationals as well as other potential actions. easyJet has increased its ownership by qualifying EEA (excluding UK) nationals to around 49%.
Outlook
Despite the consumer and economic uncertainty created by Brexit, demand currently remains solid and forward bookings for the period after 29[SUP]th[/SUP] March are robust.
For the year ending 30 September 2019, easyJet expects:
· Full Year capacity to grow by c.10%; H1 2019 growth of c.15%
· With approximately 40% of forward bookings secured for the second quarter, revenue per seat at constant currency for the first half is expected to decrease by mid to high single digits. This update reflects:
- Continued positive underlying trading in line with Q1, but larger than previously anticipated phasing impact from H1 to H2 from the impact of new IFRS 15 accounting standards and the shift of Easter into H2. IFRS 15 is expected to have a negative impact of around £50 million in the first half and Easter is expected to have a negative impact of around £50 million in the first half. Both of these will reverse in the second half
- A more competitive market in Berlin as well as constraints on our ability to deliver network optimisation as quickly as anticipated. easyJet now expects a loss in FY 2019 in Berlin
· Full Year headline cost per seat excluding fuel at constant currency to be circa flat (assuming normal levels of disruption), using new IFRS 15 and 16 accounting standards and including the £10m cost impact from the drones issue at London Gatwick
· Full Year unit fuel bill is likely to be £10 million to £60 million adverse[SUP]4[/SUP]. The total fuel bill is expected to be c.£1.46 billion, reflecting a reduction in the price of oil since November and continued higher carbon pricing.
· Foreign exchange[SUP]4[/SUP] movements will have a c.£10 million adverse impact on headline profit before tax
· easyJet expectations for the full year are broadly in line with current market expectations[SUP]5[/SUP]
 

AZ209

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Insomma. I numeri parlano chiaro e quelli quotati non mi sembrano particolarmente positivi.

Passenger revenue increased by 12.2% to £1,025 million
Passenger numbers in the quarter increased by 15.1% to 21.6 million, driven by an increase in capacity of 18.2% to 24.1 million seats
Load factor decreased by two percentage points to 89.7%, as anticipated, due to the one-off increase in prior year late demand and the dilutive impact of Tegel flying.
Total revenue per seat decreased by 4.2% at constant currency, in line with expectations.
 

Fewwy

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Ma nel piano flotta di U2 è prevista la dismissione dei 319 per focalizzarsi solo su macchine più capienti, oppure no?