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to ensure demand remained strong.
While we are committed to offering our customers
the lowest fares and best value, we also continue to
actively manage our network to ensure revenues and
shareholder value are optimised. To that end we
discontinued 19 poorly performing routes in the year
and launched 46 new routes. In addition we made
significant improvements to the quality of our schedule
by increasing frequency by more than 15% on
58 routes and improving the timing on 65 routes.
14 easyJet plc
Annual report and accounts 2007
Summary income statement
Year ended Year ended
30 September 30 September
2007 2006 Change
£million £million %
Passenger revenue 1,626.0 1,488.4 9.2
Ancillary revenue 171.2 131.3 30.4
1,797.2 1,619.7 11.0
Operating costs (1,499.0) (1,341.2) (11.8)
EBITDAR 298.2 278.5 7.1
Ownership costs (106.9) (149.3) 28.4
Underlying* profit before tax 191.3 129.2 48.1
Reversal of prior year impairment losses on financial assets 10.6 – N/A
Profit before tax 201.9 129.2 56.3
Taxation (49.6) (35.1) (41.3)
Profit for the year 152.3 94.1 61.8
Effective tax rate 24.6% 27.2% (2.6)pp
Earnings per share
Basic 36.62 23.18 58.0
Basic underlying* 34.79 23.18 50.1
*Underlying financial performance excludes the effect of the reversal of the impairment of the Group’s investment in The Airline Group of £10.6 million.
Financial review
continued
Total
Capacity increase in 2007
Europe UK regions London
14.4% 29.9% 10.1% 7.5%
15 easyJet plc
Annual report and accounts 2007
Ancillary revenue
Ancillary revenues have continued to contribute
significantly to our profit improvement. Total ancillary
revenues increased by 30.4% to £171.2 million, or £0.47
to £3.85 per seat. The biggest contributor to this
improvement was the introduction of our speedy
boarding product which allows customers to priority
board the aircraft for a charge of between £2.50 and
£7.50. This great value product has resulted in very high
levels of repeat business.
In addition our web partners continue to contribute
positively with 19.3% unit growth, primarily coming from
increased insurance and car rental sales.
Costs
At easyJet a key part of our financial strategy is to
continue to aggressively manage our cost base; cost
management and efficiency improvement are a passion
second only to our attention to safety.
Our cost performance this year has been impressive
with total unit costs improving by £2.22 or 5.8% to
£36.12 per seat. We focus particularly on unit costs
excluding fuel because the significant volatility in
easyJet’s fuel cost is largely dictated by external
economic and political factors, and therefore we
consider unit costs, excluding fuel, are a better indicator
of underlying performance. On this basis, unit costs
excluding fuel improved by £1.81 or 6.4% to £26.55.
easyJet continues to demonstrate its ability to deliver
year over year improvements to its cost base.
Over the four years since 2003 we have, on average,
improved our cost per seat, excluding fuel, by 4.1%.
These cost performance results are a tremendous
achievement and reflect both continuing direct
management of our day-to-day costs together
with more strategic step change initiatives.
Our cost of aircraft ownership, on a per seat basis,
has improved by £1.44 or 37.5%, compared to 2006.
This significant improvement results from three
key drivers. Firstly, at the beginning of the year we
completed the return of all of our Boeing 737-300
aircraft. This programme, which has resulted in 22
Boeing 737-300s being returned over the last two
years, generates a step change in ownership costs
as they are replaced by lower cost Airbus A319s.
Additionally, these aircraft were returned with
considerably less “one-off” end of lease costs than
previously anticipated. Secondly, as most of our lease
costs are payable in US dollars we have benefited
from the continued weakness of the US dollar versus
sterling. Thirdly, we continue to look to minimise our
financing costs, resulting in the percentage of owned
aircraft increasing from 36% to 45% over the last year.
Of our 55 owned aircraft at the year end, 13 have
been purchased out of cash.
In addition we saw a benefit in 2007 compared to
our costs in 2006 due to the fact that we did not
have to take on any short-term wet leased aircraft.
This was done in 2006 to enable us to continue
　
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