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EasyJet - 4

Old 11th Nov 2009, 01:45
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I would like to thank those crews that diverted into CWL on the 9th of November due to problems at CWL.

All that i spoke to were very pleasant and fully understood that were were doing the best we could for them during difficult circumstances.

Especially the ones that i personally dealt with which was the EDI and AMS/SXF.

Looking forward to dealing with you again the next time you come this side of the river severn.

Mathers
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Old 11th Nov 2009, 05:51
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Zippy monster,
Info came from a Basel french forum, reliable source.
But conference will be a easyjet Switzerland management, not an easyjet UK one
A 5th based machine seems to be in the wind
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Old 11th Nov 2009, 09:11
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I've read some days ago EZY Switzerland got slots for ORY-VCE. Maybe BSL-VCE-ORY-VCE-BSL or something like that is coming?

COHOR - Airport Coordination, France

Due to the bankruptcy of a carrier and the withdrawal of the operating licence of another one, COHOR constituted a pool of 6672 slots at Paris-Orly airport...easyJet Switzerland (2 daily flights to Venice)...
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Old 11th Nov 2009, 10:20
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Basel

5th aircraft for Basel from June 25th 2010, new routes to be announced soon.

Article in German:
20 Minuten Online - EasyJet schlägt zurück - und baut in Basel aus - News
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Old 11th Nov 2009, 11:02
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Great stuff.

Particularly like this bit (run through Google Translate):

"Ryanair is exaggerating its importance for the Euro Airport," said Airport Director Jürg Rämi yesterday in an interview with 20 minutes online. EasyJet was much more important, he said - probably in the knowledge of today's announcement.
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Old 11th Nov 2009, 13:05
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GVA: 9th a/c arriving 15th December (first A320 for EZY Switzerland)

Easyjet reagiert prompt auf Rckzug von Ryanair (Wirtschaft, Aktuell, NZZ Online)
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Old 17th Nov 2009, 07:18
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Easyjet's full-year profits down 65% because it hedged its fuel at a high price. Its commentary:

Total revenue per seat up 10.9% (4.1% at constant currency), driven by the strength of the easyJet network, competitor capacity reduction of around 6%, strong ancillary revenue performance and a 2.6% sector length increase
Passenger numbers up 3.4% to 45.2 million and load factor improved by 1.4ppt to 85.5%
Underlying profit before tax1 of £43.7 million delivered in line with expectation. The £79.4 million reduction in underlying pre-tax profit compared to the prior year is driven by a unit fuel cost increase equivalent to £86.1 million and interest income lower by £30.5 million
Operating costs2 per seat (excluding fuel and currency movement) increased by 3.9% for the full year. Total underlying cost per seat1 (excluding fuel and currency movement) up 6.2% partly driven by increased sector length, planned lower aircraft utilisation during the winter and a £30.5 million reduction in interest income
Significant progress on cost reduction initiatives: 19 expensive aircraft exited from the fleet; systems implemented; renegotiation of our maintenance arrangements with SRT to deliver savings of around £175 million over the 11 year life of the contract
easyJet’s position in European short-haul aviation has strengthened with market share gains in a number of valuable markets such as Paris, London Gatwick, Milan and Madrid and over a 10% increase in slots at capacity constrained airports
Sufficient resources in place through a combination of undrawn committed facilities and surplus cash to fund future aircraft deliveries for at least the next 18 months
Forward bookings broadly in line with prior year
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Old 17th Nov 2009, 07:50
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seems a solid set of results. importantly the fares holding up a lot better than Ryanair.
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Old 17th Nov 2009, 08:18
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easyJet Profits

Good news at easyJet given the circumstances:

Full Year Results for the year to 30 September 2009
RESILIENT PERFORMANCE; INCREASED YIELDS, PROFITS IMPACTED BY HIGHER FUEL COSTS

Results at a glance

2009 2008 Change
Total revenue (£ million) 2,667 2,363 12.9%
Profit before tax – underlying (£ million) 1 43.7 123.1 (64.5)%
Profit before tax – reported (£ million) 54.7 110.2 (50.4)%
Pre tax margin – underlying (%) 1 1.6% 5.2% (3.6)ppt
Return on equity (%) 5.5% 6.8% (1.3)ppt
Basic EPS - reported (pence) 16.9 19.8 (14.6)%

Total revenue per seat up 10.9% (4.1% at constant currency), driven by the strength of the easyJet network, competitor capacity reduction of around 6%, strong ancillary revenue performance and a 2.6% sector length increase
Passenger numbers up 3.4% to 45.2 million and load factor improved by 1.4ppt to 85.5%
Underlying profit before tax1 of £43.7 million delivered in line with expectation. The £79.4 million reduction in underlying pre-tax profit compared to the prior year is driven by a unit fuel cost increase equivalent to £86.1 million and interest income lower by £30.5 million
Operating costs2 per seat (excluding fuel and currency movement) increased by 3.9% for the full year. Total underlying cost per seat1 (excluding fuel and currency movement) up 6.2% partly driven by increased sector length, planned lower aircraft utilisation during the winter and a £30.5 million reduction in interest income
Significant progress on cost reduction initiatives: 19 expensive aircraft exited from the fleet; systems implemented; renegotiation of our maintenance arrangements with SRT to deliver savings of around £175 million over the 11 year life of the contract
easyJet’s position in European short-haul aviation has strengthened with market share gains in a number of valuable markets such as Paris, London Gatwick, Milan and Madrid and over a 10% increase in slots at capacity constrained airports
Sufficient resources in place through a combination of undrawn committed facilities and surplus cash to fund future aircraft deliveries for at least the next 18 months
Forward bookings broadly in line with prior year
Note 1: Underlying financial performance excludes an £11.0 million profit on the disposal of three aircraft in 2009 and £12.9 million of costs associated with the integration of GB Airways in 2008.

Note 2: Excludes interest income.

Commenting on the results, Andy Harrison, easyJet Chief Executive said:

“This is an extremely resilient performance making easyJet the best performing European airline based on our robust yields. We are one of the very few European airlines to make a profit during the last 12 recessionary months. This is a tribute to the strength of our business model and the quality of our people and our network. We offer the best prices to the most convenient airports.

We see a tough winter ahead. We are focussing our efforts on further cost savings and efficiency improvements together with optimising route profitability and aircraft allocation. We shall also benefit as our fuel hedges adjust to market prices. Putting all this together, at current fuel prices and exchange rates, we expect easyJet to make substantial profit improvement in 2010.”

Note 3: US$1.67/£, €1.12/£ and US$657 per metric tonne at 13 November 2009
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Old 17th Nov 2009, 09:01
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seems a solid set of results. importantly the fares holding up a lot better than Ryanair.
Profits are ok as they screwed up the hedging strategy badly.

Passenger numbers are poor as the carried 38.4 million before buying GB airways, GB carried 6 plus million so at Jan 08 total combined was 44.5 Million now its 45.2 Million or a 1.5% growth since Jan 08. Over same time frame FR have gone from 49.6 Million to 62.3 Million seats sold.

Easyjet making less than £1 per passenger over full year, FR making over £9 per passenger based on half years results.
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Old 17th Nov 2009, 09:13
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reported (£ million) 54.7 110.2 (50.4)%
Perhaps this could be translated into English for those who don't speak corporate finance jargon? How much profit? 55 or 110??? It can't be both. - and what's the percentage for/of?
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Old 17th Nov 2009, 09:17
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As detailed in the report above, that's 2009 figures, then previous year (2008) figures, then the change in percent (bracketed figures = negative)

i.e. 54.7 million is this year
110.2 million is last year
(50.4%) is a 50.4% drop in profit.

Good results in the current climate!
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Old 17th Nov 2009, 11:15
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Announced at the Dubai Airshow today that EZY has signed a deal with SR Technic that will see it's Airbus fleet being maintained at a new facility in Malta frm Q3 2010...
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Old 17th Nov 2009, 11:28
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That'll fit in nicely tax wise with the new company easyJet Malta.... which appeared a few months ago in the certificates in the aircraft library.
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Old 17th Nov 2009, 12:34
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Hi BPM

Thanks for a nice day out on friday...hope you are enjoying your days off

Paolo
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Old 17th Nov 2009, 12:51
  #496 (permalink)  
 
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Easyjet making less than £1 per passenger over full year, FR making over £9 per passenger based on half years results.
EZJ mess up its fuel hedge just like FR did one year before. You also need to look at the same half year when looking at the two airlines. That means looking at the second half numbers of EZJ that cover the same period as the first half of FRs accounting year. Easyjet made £5.90 per pax in its H2 even with a very high fuel price due to poor hedging. These effect will work out the system and the next 6 months should see both airlines make very little per pax over the winter. Next summer will see FR running with less income per PAX and EZJ running with more. If you were a shareholder you would like to own an airline that can increase fares and grow slowly to one that has to discount to the point were it is not profitable. EZJ is one of the few profitable airlines at the moment and it is the only one that is investable in.
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Old 17th Nov 2009, 13:56
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EZJ mess up its fuel hedge just like FR did one year before. You also need to look at the same half year when looking at the two airlines. That means looking at the second half numbers of EZJ that cover the same period as the first half of FRs accounting year. Easyjet made £5.90 per pax in its H2 even with a very high fuel price due to poor hedging. These effect will work out the system and the next 6 months should see both airlines make very little per pax over the winter. Next summer will see FR running with less income per PAX and EZJ running with more. If you were a shareholder you would like to own an airline that can increase fares and grow slowly to one that has to discount to the point were it is not profitable. EZJ is one of the few profitable airlines at the moment and it is the only one that is investable in.
So growing slowly is what 1.5% over 20 months

Yup invest where largest shareholder decides what he want to do and tell the board and kicks out those who don't agree with him.

You have failed to show why FR will be running with less Pax income but sadly this is the norm in attempts at analysis, on each occasion FR is always going bust and everyone else is succeeding.
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Old 17th Nov 2009, 15:15
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Ryanair have said they are going to see a fall in the yeild per pax in the next year. They are going for growth in pax numbers and as a result they need to drop fares. They have only kept total income the same by rougthly carrying 15% more pax at 15% lower fares.

FR are not going to go bust in the short or medium term, they are going to have less income than expenditure i.e. make a loss, in my view. They do have vast assets which will shrink over time as they get trashed. Ryanair will always have a large part of the bottom sector of the market. Easyjet will have a good part of the next sector of the market where fares are higher and less obsure airports are used. Even small amounts of airport departure tax can shrink the bottom of the market. FR have to sell seats below the cost of the tax to get the pax numbers.

my analysis is good enougth to make real money and predict quite a lot of what has happened. The founder of Easyjet was very smart in getting EZJ to slow growth and keep fares up.
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Old 17th Nov 2009, 15:31
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FR dropped fare per passenger but as 20% of their revenues come from ancillary revenues (and increasing) other than tickets and bags and that is increasing I struggle to see how you can claims its going down.

Add to the elimination of check in desks, baggage handling and think you will find that profits are heading upwards.

Founder of EZJ sold company onto to market yet decides to come back in and meddle with duly appointed management when ever he wishes as his other businesses haven't worked..........not a professional way to run a company.
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Old 17th Nov 2009, 21:59
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Haven't noticed a post on this topic about it, but does anyone know if EZY stopping airport check-in over the next few months is airport specific, country specific or airline specific?

I was told by a handler that they'll be rolling this out at at least 1 UK airport in the next few months.
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