[PDF] Annual Report and Accounts 2020

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Annual Report

and Accounts 2020
leveraging our strengths...

Who we are

easyJet aims to make travel easy, enjoyable and affordable for customers, whether it is for leisure or business.

We use our cost advantage and leading

positions in primary airports to deliver low fares on an unrivalled network, seamlessly connecting Europe with the warmest welcome in the sky.

Our well-established and proven

business model provides a strong foundation to drive long-term shareholder returns.

VISIT OUR WEBSITE FOR MORE

INVESTOR INFORMATION

http://corporate.easyjet.com/investors

Highlights2

Purpose4

COVID-19 management actions6

Chairman"s letter8

Business model10

Stakeholder engagement12

Market review16

Chief Executive"s review

and Our Strategy 20

Key Performance Indicators32

Sustainability36

Financial review56

Key statistics63

Going concern and viability statement64

Risk66

Chairman"s statement

on corporate governance 78

Board of Directors80

Airline Management Board84

Corporate Governance Report87

Directors" Remuneration Report108

Directors" Report128

Statement of Directors" responsibilities132

Independent auditors" report

to the members of easyJet plc 133

Consolidated accounts142

Notes to the accounts147

Company accounts184

Notes to the Consolidated Company

accounts 187

Five-year summary190

Glossary191

Shareholder information192

STRATEGIC REPORT

WHAT'S INSIDE

FINANCIALSGOVERNANCE

SAFE AND

RESPONSIBLE

ON OUR

CUSTOMERS'

SIDE IN IT

TOGETHER

ALWAYS

EFFICIENT

FORWARD

THINKING

‘OUR PROMISE' IS

THAT WE WILL BE:

... 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 histo ry. 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-LEADING NETWORK

REDUCING OUR

COST BASESUSTAINABILITYSAFETY IS ALWAYS OUR #1 PRIORITY see page 18see page 34 see page 54see page 36

1www.easyJet.com

HIGHLIGHTS

Our performance...

TOTAL (LOSS)/PROFIT BEFORE

TAX (£M)

TOTAL ANCILLARY

REVENUE

8 (£M)HEADLINE (LOSS)/PROFIT

BEFORE TAX (£M)

BASIC TOTAL (LOSS)/

EARNINGS PER SHARE (PENCE)

430
445
385

507(1,273)

Results have been heavily

impacted by COVID-19 related lockdowns and government travel restrictions during the second half of the 2020 financial year. ...and our strengths 56

2019: 56

981

2019: 1,051

£73m

2019: £139m

£1,125m

2019: £326m

unparalleled network

NUMBER OF PRIMARY

AIRPORTS WHERE WE

HOLD A #1 OR #2 POSITION

1 15% low-cost model

£2,316m

2019: £1,576M

robust balance sheet

REDUCTION IN EMISSIONS

AND FUEL CONSUMPTION

DUE TO NEW-GENERATION

AIRCRAFT

3

CASH & MONEY MARKET

DEPOSITS

2,5

ROUTES OPERATED

2

COST SAVINGS

4

NET DEBT

2

88.6(264.9)

90.9
77.4
110.9
FIFI FIXE FIXD FIX FIXP

427(835)

578
408
494
2020
2019
2018

2easyJet plc Annual Report and Accounts 2020

LOAD FACTOR

SEATS FLOWN

ON-TIME PERFORMANCE

87.2%
55.1M
84%

TOTAL REVENUE (£M)

BASIC HEADLINE (LOSS)/

EARNINGS PER SHARE

2 (PENCE)

2019: 91.5%

2019: 105.0m

2019: 75%

customer loyalty 87%

2019: 68%

no.1 or 2

NUMBER ONE AIRLINE

BRAND IN THE UK,

FRANCE & SWITZERLAND

2,6

RETURNING CUSTOMERS

4,7 value by efficiencyCustomer Satisfaction 165

2019: 232

UNENCUMBERED

AIRCRAFT

2,9 75%

2019: 74%

CUSTOMER

SATISFACTION SCORE

2

88.7(178.1)

118.3
82.5
108.4

6,3853,009

5,898 5,047 4,669 1. As at 30 September 2019 - airports where easyJet is the number one orM number two carrier based 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

7. Percentage of seats booked by customers who made a booking in the precedMing 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 theM 2020 financial year 10.

Within net debt, borrowings of £987 million and lease liabilities of M£352 million are payable within

oneFyear

3www.easyJet.com

STRATEGIC REPORT

PURPOSE

Positioned for the future

Our purpose defines who

we are and guides our actions and decisions.

Seamlessly connecting

Europe with the

warmest welcome in the sky easyJet aims to make travel easy, enjoyable and affordable, whether it is for leisure or business.

PROTECT OUR UNIQUE CORE NETWORK POSITIONS

CUSTOMER PROPOSITION

OUR PEOPLE

IMPROVE OUR COST POSITION

FOCUSING ON OUR BALANCE SHEET

Maximising revenue with our network; protecting

core markets, investing in destination leaders and building focus cities

Providing a unique value proposition for the

customer; based on ease, value and reliable on-the-day experience

Delivering success through people engagement;

providing everybody with the ability to do their best; attracting the best talent

Removing cost from the business to maintain

relative cost position within the industry

A top priority to provide future resilience

FOR MORE DETAILS

PLEASE SEE PAGE 28

FOR MORE DETAILS

PLEASE SEE PAGE 30

FOR MORE DETAILS

PLEASE SEE PAGE 31FOR MORE DETAILS

PLEASE SEE PAGE 26FOR MORE DETAILS

PLEASE SEE PAGE 25

strategic prioritiesour purpose Our strategic priorities are a plan of action which enables us to pursue our purpose.

4easyJet plc Annual Report and Accounts 2020

FOR MORE DETAILS PLEASE SEE OUR KPIS ON PAGE 32

Sustainability StrategyHow we measure (KPIs)

Our promise

SAFE AND

RESPONSIBLEON OUR

CUSTOMERS"

SIDEIN IT

TOGETHERALWAYS

EFFICIENTFORWARD

THINKING

We measure our

strategic progress through a mix of financial and non-financial KPIs.

We have a set of values which

support and guide our strategy.

HEADLINE (LOSS)/PROFIT

BEFORE TAX PER SEAT

HEADLINE (LOSS)/

EARNINGS PER SHARE

HEADLINE RETURN ON

CAPITAL EMPLOYED

CUSTOMER

SATISFACTION

ON-TIME

PERFORMANCE

CO 2

EMISSIONS PER

PASSENGER KILOMETRE

FOR MORE DETAILS PLEASE SEE OUR SUSTAINABILITY SECTION ON PAGE 36

IMPROVING OUR UNDERLYING CAPABILITY

Initiatives include: recruiting a dedicated Sustainability team; increas ing the scope of environmental reporting; development of an ISO14001-complia nt Environmental Management System; and additional oversight through committees and working groups, such as on business integrity and modern slavery.

TACKLING

CARBON

EMISSIONS

We are the world"s first

major airline to offset the carbon emissions from fuel and operations across ourentire network, andwe continue to work tirelessly to minimise carbon across our operations.

STIMULATING

CARBON

INNOVATION

We are supporting

thedevelopment of new technologies to reinvent aviation as quickly as possible.

GOING BEYOND

CARBON

We are working

inarange of ways totake action on sustainability, beyond our carbon impact.To lead and challenge global aviation towards net zero emissions while positively impacting our communities and our people

5www.easyJet.com

STRATEGIC REPORT

Covid-19 Management Actions

easyJet's robust balance sheet enabled rapid access to over £2.4bn of cash since the outset of COVID-19.

Liquidity has been raised from a variety of

sources including equity, sale and lease back of owned aircraft, the drawing down of a Revolving Credit Facility, Covid

Corporate Financing Facility and Term

Loans.

Additionally, after 30 September 2020,

easyJet successfully completed transactions for further sale and leasebacks generating additional liquidity. easyJet has the ability to continue toquotesdbs_dbs9.pdfusesText_15

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