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to provide our customers with the flights we had
promised them whilst we experienced some
short-term crew shortages.
Over the next four years our Boeing 737-700 fleet is
due to be returned to lessors and we expect to see
continued improvement in our unit aircraft ownership
costs as we move more to an A320 family fleet which
enables us to reflect the full benefit of the purchase
deal we signed with Airbus in 2002.
Engineering costs per seat have improved by £0.61
or 21.7%, compared to 2006. A major driver of this
improvement was our new engine maintenance deal
with GE Aviation that we agreed at the end of June
2007. This guarantees the provision of efficient, low cost
maintenance services with the world’s leading engine
maintenance supplier. The ten year agreement with
GE Aviation covers maintenance and overhaul of our
CFM56 engines, which power our fleet of Airbus and
Boeing aircraft. The agreement, which covers as many
as 340 shop visits, was valued at around US$1 billion
and will enable us to further reduce our ongoing
engineering cost per seat. In addition to ongoing
annual cost reductions we benefited during the
current financial year from a one-off adjustment
to maintenance provisions.
03
Cost per seat excluding fuel £
04 05 06
31.41 30.63
+2.5%
28.78
+6.0%
28.36
+1.5%
07
26.55
+6.4%
16 easyJet plc
Annual report and accounts 2007
Two other specific areas of significant unit cost
improvement are in our ground handling and insurance
costs. Our ground handling cost per seat improved by
£0.19 or 5.2%, compared to 2006. This reflects tight
management of our contracts with our suppliers,
benefits from a slightly weaker euro to sterling
exchange rate and the implementation of self-handling
at some of our Spanish airports.
Our insurance cost per seat improved by £0.14 or
33.2%, compared to 2006, reflecting our successful
recent renewal. This was driven by the improving
perception by the insurance market of easyJet, the
weakening of the US dollar and the underlying recent
low loss record for the aviation insurance market.
The two cost areas where we experienced inflationary
pressures during 2007 were in our crew costs and
airport charges. Crew costs on a per seat basis
increased by £0.47 or 11.5%, compared to 2006.
During the summer in 2006 we experienced crew
shortages which required us to take on wet leased
aircraft with the associated incremental costs being
recorded in aircraft lease costs. A key priority in
this financial year has been to address these crew
shortages and it is pleasing to be able to say that we
have successfully achieved both the recovery from the
shortages and have also been able to fully resource our
current year growth without any significant disruptions
to our flying programme. During the year we recruited
some 400 pilots and 1,000 cabin crew which, after
taking account of leavers, resulted in a 20% net increase
in our crew complement.
Airport costs on a per seat basis increased in the year
by £0.23 or 3.5%, compared to 2006. The key driver
of this increase related to BAA’s decision to increase
Stansted’s charges to the regulatory cap. The effect of
this has been a doubling of Stansted airport costs from
April 2007.We continue to monitor the impact of this
rate increase and will make future asset allocation
decisions accordingly.
Fuel costs for the year totalled £425.5 million up 9.7%
from £387.8 million in 2006. On a per seat basis our
fuel costs were £9.57, down 4.1% from last year’s £9.98.
Our average cost per metric tonne increased 4.4%
from US$659 to US$688, however this rise was
more than offset by the weakening of the US dollar
against sterling.
For 2008 we anticipate increasing jet fuel prices;
we currently have 40% of our jet fuel requirements
hedged using a mix of forward contracts and caps
at a maximum price of US$735 per metric tonne.
Offsetting the impact of fuel price increases will be
the effect of a continued weak US dollar. Our average
effective exchange rate in 2007 was 1.89 and we
expect our 2008 rate to be significantly higher.
We have 68% of US dollar exposure covered at an
average rate of 1.95. Around 40% of our cost base
is denominated in US dollars.
As a result of our target to grow capacity on average
by 15% per annum we would expect our underlying
overhead cost per seat to show significant year-onyear
improvements as we necessarily invest to some
　
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本文鏈接地址：EasyJet-2007-年報(8)